<div id="readability-page-1"><div>Overview<ul><li>Pipe systems maker's fiscal Q3 net sales rose 46.9% yr/yr, driven by higher sales volumes</li><li>Net income for fiscal Q3 increased 152% yr/yr, reflecting better project execution</li><li>Company's backlog rose 7.8% since January 2025, indicating strong demand</li></ul>Outlook<ul><li>Perma-Pipe sees sustained demand for solutions in North America and MENA region</li></ul>Result Drivers<ul><li>SALES VOLUME INCREASE - Higher sales volumes in the Middle East and North America drove a 46.9% increase in net sales for the quarter</li><li>BACKLOG GROWTH - Backlog increased 7.8% since January 2025, indicating strong demand, particularly in North America and MENA region</li><li>HIGHER EXPENSES - General and administrative expenses rose due to increased payroll and professional fees, including compliance costs</li></ul>Key Details<div><table><tbody><tr><td>Metric</td><td>Beat/Miss</td><td>Actual</td><td>Consensus Estimate</td></tr><tr><td>Q3 Sales</td><td></td><td>$61.15 mln</td><td></td></tr><tr><td>Q3 EPS</td><td></td><td>$0.77</td><td></td></tr><tr><td>Q3 Net Income</td><td></td><td>$7.91 mln</td><td></td></tr><tr><td>Q3 Gross Profit</td><td></td><td>$21.005 mln</td><td></td></tr><tr><td>Q3 Income From Operations</td><td></td><td>$11.40 mln</td><td></td></tr><tr><td>Q3 Operating Expenses</td><td></td><td>$9.60 mln</td><td></td></tr><tr><td>Q3 Pretax Profit</td><td></td><td>$10.90 mln</td><td></td></tr></tbody></table></div>Analyst Coverage<ul><li>The one available analyst rating on the shares is &#34;buy&#34;</li><li>The average consensus recommendation for the iron &amp; steel peer group is &#34;buy&#34;</li><li>Wall Street's median 12-month price target for Perma-Pipe International Holdings Inc is $29.00, about 1% below its December 11 closing price of $29.29</li></ul>Press Release: For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.</div></div>

PPIH

Perma-Pipe's Q3 net sales rose 46.9% year-over-year due to higher sales volumes, with net income increasing by 152% reflecting improved project execution. The company's backlog grew 7.8% since January 2025, indicating strong demand, especially in North America and MENA regions. Despite higher general and administrative expenses, the outlook remains positive with sustained demand. Analyst coverage suggests a 'buy' rating, with a median price target of $29.00.

Perma-Pipe Q3 sales rise 46.9% on higher volumes