ALAMO GROUP INC.A C O M P A N Y F O R A L L S E A S O N S

I N V E S T O R P R E S E N T A T I O N

Ju ly 2020

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This presentation contains statements that may be considered “forward-looking statements” within the

meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not

historical facts and represent only the Company’s beliefs and expectations. Forward-looking statements

involve known and unknown risks and uncertainties, which may cause the Company’s actual results in future

periods to differ materially from forecasted results. Among those factors which could cause actual results to

differ materially are the following: market demand, impact of the current COVID-19 pandemic, competition,

weather, disease outbreaks, seasonality, changes in U.S. trade policy, negative economic impacts resulting from

geopolitical events, acquisition risks, financial issues, and other risks and uncertainties, including (but not

limited to) those described under the captions “Forward-Looking Information” in Part I, Item 1 and “Risk

Factors” in Item 1A of the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020

and the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, as well as other risks

and uncertainties listed from time to time in the Company’s SEC filings. The Company does not undertake any

obligation to update the information contained herein, which reflects management’s beliefs and expectations

only as of this date. More information about factors that potentially could affect Alamo Group’s financial

results are included in the Company’s public filings. This presentation also contains non -GAAP financial

measures. These measures are included to facilitate meaningful comparisons of our results to those in prior

periods and future periods and to allow a better evaluation of our operating performance, in management’s

opinion. Our reference to these non-GAAP measures should not be considered as a substitute for results that

are presented in a manner consistent with GAAP. These non-GAAP measures are provided to enhance

investors’ overall understanding of our financial performance.

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SAFE HARBOR STATEMENT

Organizational Highlights

Alamo Group is a global leader in the design and

manufacture of high quality infrastructure

maintenance equipment for governmental and

industrial markets and agricultural equipment for

farms and ranches

• Founded in 1969• Corporate Headquarters Seguin, Texas• IPO 1993 (NYSE: ALG)• Quarterly dividend paid since 1993

– current annual rate $0.52

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WHO WE ARE

• Two Operating Divisions

• Industrial

• Agricultural

• 30 manufacturing locations in the U.S.,

Canada, England, France, the Netherlands,

Australia and Brazil

• Approximately 4,070 employees

• Primarily sell through an international

network of approximately 7,000 independent

dealers and distributorsBomford Mulcher Mower

Alamo Industrial Under Guardrail Mower

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Alamo Group Inc., like most manufacturing companies in the world today, is being affected by the COVID-19 pandemic. While the Company and most of its businesses are deemed essential, we have experienced challenges both internally and externally that have constrained our operations. Despite these challenges, Alamo continues to conduct business and meet most of its customer requirements in a timely fashion. In doing so, the Company is committed to the safety and wellbeing of our employees and we are following all the recommended standards for safety and hygiene.

As a result of this unprecedented situation, it is difficult to predict exactly how our business will be affected in the nearterm, but we believe we have the financial stability to maintain operations and conduct business in an orderly fashion during this pandemic and will be capable of supporting our customers as business returns to more normal operating conditions.

We appreciate this is a difficult situation for all concerned and want to thank everyone for their understanding and support.

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COVID-19

Alamo Group is dedicated to enhancing shareholder value over the long term in a manner that is consistent with the

highest standards of good corporate governance and business ethics. We have implemented policies and procedures

that are designed to support this commitment which apply to all of our directors, officers and employees worldwide .

These policies reflect our expectation that our Company always acts with integrity in a legal, ethical and responsible

way for the benefit of our customers, employees and shareholders. Our Corporate Governance Guidelines, Code of

Business Conduct and Ethics and Board Committee Charters can be found under the “Our Company/Our Commitment”

tab of our website at www.alamo-group.com.

CORPORATE GOVERNANCE

Alamo is committed to a sustainable model for growth and profitability. This applies to both our internal

processes as well as the products we manufacture. Through investments, incentives, process redesign and

product development, we have targeted continuous improvements including reductions in non-renewable

energy consumption, non-recycled waste production and green house gas emissions. As part of our

commitment, employee health and safety is a priority and the safety performance of each of our operations

is stringently monitored. More details concerning our sustainability program can be found in our

Sustainability Report which may be viewed on the Company's website under the "Our Commitment" tab.

Our Bush Hog plant in Alabama

utilizes movable fixtures to

improve assembly process

ergonomics and employee safety

Our Alamo Industrial plant in

Texas has operated over 12

years with no lost time

accidents

Many of our vacuum truck products

offer water recycling technology,

allowing our customers to operate

more efficiently, burn less fuel and

conserve water resources

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SUSTAINABILITY

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SALES AND EARNINGS OVERVIEW

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$361 $342 $320 $349 $371 $351

$478 $538$525

$563

$638$768

0

100

200

300

400

500

600

700

800

900

1,000

1,100

2014 2015 2016 2017 2018 2019

Agricultural Industrial

$839$880

$845

$912

$1,009

(U.S. $ Millions)Net Sales

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SALES BY DIVISION

$$1,119

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The Industrial Division provides

equipment for maintenance on

and around highways, airports,

military installations, industrial

properties, parks and recreational

facilities, commercial landscapes,

and other specialty markets.

Gradall Highway Speed Wheeled Excavator

Super Products Sewer Cleaner

Alamo Industrial Wide Area Mower Tiger Triple Flail Mower

Schwarze Updraft Sweeper

Henke Front & Wing Snow Plows

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INDUSTRIAL DIVISION

Products

• Tractor Mounted Mowers• Forestry Mulchers• Brush Cutters• Horizontal Grinders• Street Sweepers and Debris

Collectors• Mechanical Excavators• Hydro-Excavators/Jetting

Equipment• Snow Removal Equipment• Trenchers• Compact Loaders• Replacement Parts and Technical

Services

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End Users

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INDUSTRIAL DIVISION

Rivard Trencher

Votex Flail Mower

Rivard Vacuum Truck

• State, county and local authorities and other governmental agencies in the United States and internationally

• Contractors

• Other specialty markets

Rayco Forestry Mulchers

Conver Weed Harvester Work Boat Morbark Brush Chippers

Tenco Snow Plow

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• Sold direct and through approximately 1,300 dealers with over 3,300 sales outlets

• Marketed under Alamo Industrial®, Boxer®, Conver, Denis Cimaf®, Everest®, Gradall®, H.P. Fairfield™, Henke®, Herder®, Morbark®, NiteHawk®, Old Dominion Brush™, Precision Makers®, R.P.M. Tech™, Rayco®, Rivard®, Roberine®, Schwarze®, Super Products®, Tenco®,Terrain King®, Tiger®, Vacall®, Votex®, Wausau® and other brand names

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INDUSTRIAL DIVISIONSales and Distribution

Vacall Sweeper/Vacuum

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RECENT ACQUISTIONMorbark, LLC

On October 24, 2019 Alamo Group Inc. completed the acquisition of Morbark, LLC, the company’s largest acquisition to date.

Morbark is a leading manufacturer of equipment and aftermarket parts for the forestry tree maintenance, biomass, land management and recycling markets. Their products include a broad range of tree chippers, grinders, flails, debarkers, stump grinders, mulchers and brush cutters plus related aftermarket spare and wear parts. Morbark products are marketed under the Morbark, Rayco, Boxer and Denis Cimaf brand names and are sold through a network of independent dealers with about 300 sales locations. The company, with approximately 690 employees, is based in Winn, Michigan, with subsidiary operations in Wooster, Ohio and Roxton Falls, Quebec.

Morbark Horizontal Grinder

Denis Cimaf Excavator Mulcher

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The Agricultural Division provides

equipment for farmers, ranchers,

contractors and landscapers

primarily aimed at vegetation

maintenance, turf and landscaping

markets, as well as supporting

production agriculture and the

livestock industry.

Rhino Flex Flail Mower

Schulte Rock Picker

Schulte 42 Foot Rotary Cutter

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AGRICULTURAL DIVISION

Dixie Chopper ZT Mower McConnel Agribuggy

McConnel Reach Arm Mower

Products

• Rotary & flail mowers• Zero turn mowers• Tractor mounted reach arm mowers• Rock pickers• Hay processing tools• Remote controlled mowers• Tillage tools• Sprayers• Landscape tools• General agricultural implements• Aftermarket replacement parts

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Sales and Distribution

• Sold primarily through approximately 6,000 dealers, distributors, OEMs and other outlets

• Marketed under Bomford®, Bush Hog®, Dixie Chopper®, Earthmaster®, Faucheux™, Fieldquip®,Forges Gorce™, Herder®, Herschel®, McConnel®, M&W®, Rhino®, Rousseau™, Santa Izabel®, Schulte®, SMA®, Spearhead™, Twose™,Valu-Bilt®, and other brand names

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AGRICULTURAL DIVISION

Bush Hog Multi Spindle Rotary Mower

Bomford Rotary Mower

End Users

• Farmers• Ranchers• Mowing contractors

• Commercial landscapers• Residential homeowners• Hobby farmers

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STRATEGIC OBJECTIVES DRIVE SHAREHOLDER VALUE

Continuous

Operational

Improvement

Strategic

Acquisitions

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Organic Growth

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Types of Targeted Acquisitions

Our objective is to acquire

businesses or products that

command or have potential to be

major players in their niche markets

and are complementary to Alamo’s

existing range

• Consolidation of similar products in current markets

• New products that are complementary to the markets and customers we currently serve

• Similar products to those we currently offer in new geographical markets

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ACQUISITION STRATEGY

Conver Mowing Boat

Bomford Rotary Mower

Complementary Products

for Existing Markets

Schwarze, Twose, Schulte, Gradall, Vacall, Henke, Tenco, Kellands, Old Dominion Brush,

R.P.M. , Conver, Herder, Roberine, Precision Makers,

Votex, Dixie Chopper, Morbark, Rayco, Boxer, Denis Cimaf

Type of Acquisition Acquisitions

Market Share Consolidation

Schulte, Twose, Valu-Bilt, Rousseau, Tenco, Nite-Hawk, Bush Hog, Spearhead, Super Products, Wausau-Everest,

Dixie Chopper

International Expansion of Existing Products

Schulte, Faucheux, Spearhead, Rivard, Tenco, Superior, Herder,

Santa Izabel, R.P.M., Conver, Roberine, Precision Makers,

Votex, Denis Cimaf

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ALAMO ACQUISITIONS

RPM Rail Mounted Snow Removal System

Votex Flail Slope & Bank Mower

Henke Plow Wing Combo

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ACQUISTION TIMELINE

We have completed 27

acquisitions since 2000

ORGANIC GROWTH

Organic Growth Drivers

Our objective is to grow organically

at rates in excess of core market

growth rates

• Geographical expansion

• Product development

• Cross selling opportunities

• Strength of multiple distribution networks

• Pricing leadership

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McConnel Robotic Flail Mower

Schulte Disc Harrow

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Our new product development

is focused on the needs of

customers, both large and small,

for more efficient, safer and

user-friendly equipment

Improving customer operating

efficiencies, as well as product

functionality, manufacturability,

serviceability, ergonomics,

safety and aesthetics are key

objectives of our product

development strategy

Super Products Camel 1200 Vacuum

Truck with improved water recycling

technology reduces water use and

improves productivity

The redesigned Wausau SnoDozer

grows sales by meeting a wider range

of airport snow removal applications

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NEW PRODUCT DEVELOPMENT ENHANCES ORGANIC GROWTH

Gradall Discovery – a new truck-

mounted excavator reduces ownership

costs for municipalities

Alamo Industrial Mantis wide area

mower

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Our objective is to continuously improve our operating efficiencies

Investments in Technology

• The Company has continually invested in

more automated production equipment to

improve quality and efficiency and has all

operating units on, or moving to, a

common ERP platform to ensure timely

flow of information

Lean

• The Company has an ongoing lean

manufacturing program aimed at reducing

lead times, improving asset utilization,

improving flow through plants and

increasing manufacturing efficiencies

CONTINUOUS OPERATIONAL IMPROVEMENT

Group Purchasing Initiatives

• The Company takes advantage of the

combined group’s procurement power

through corporate purchasing initiatives

available to all units on a number of

purchased components, supplies and services

Plant Consolidations

• The Company has consolidated 16

manufacturing plants in the past 20 years

NiteHawk Parking Lot Sweeper

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The Company sources raw

materials and components

globally to ensure

competitiveness

Alamo Group has a global

manufacturing presence in close

proximity to our major markets

Our improvement initiatives

enhance our margins which

benefit further from growing

economies of scale

Our manufacturing

capabilities provide us better

control over costs, quality, on-

time deliveries and safety

McConnel – Ludlow, England

Alamo Industrial – Seguin, Texas

Bush Hog – Selma, Alabama Rivard – Daumeray, France

Gradall – New Philadelphia, Ohio

CONTINUOUS IMPROVEMENT FOCUS DRIVES OUR PRODUCTION STRATEGY

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CONTINUOUS IMPROVEMENT FOCUS DRIVES OUR PRODUCTION STRATEGY

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We make capital investments to

continuously improve the

efficiency and productive capacity

of our manufacturing facilities, as

well as the quality of the products

we manufacture

Alamo has a long term strategy to

have fewer but larger plants to

provide the scale necessary to

justify more automation. More

reliable output, reduced cycle

times, efficiency gains, and

greater flexibility are positive

outcomes from these investments

Fiber laser plate cutting center

Robotic welder used to fabricate large tanks and frames

Laser tube cutter

Automatic plate handling system

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Sales Per Employee

2009$194,000

2019$305,000

+57%

RESULTS OF OPERATIONAL IMPROVEMENTS

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INCOME STATEMENT

(2) EBITDA is a non-GAAP financial measure defined for this purpose as the sum of operating income and depreciation and amortization. Adjusted EBITDA for 2019 also excludes $3.3 million of an inventory step up charge related to the Morbark acquisition.

(1) For year ended 2017, 2018 and 2019, Adjusted Net Income and Adjusted Diluted Earnings Per Share are each adjusted for the following: 2017 excludes a one-time net charge of $10.2 million relating to the 2017 U.S. tax reform bill enacted in December 2017; 2018 results include a $3.3 million favorable adjustment to the provisional tax reform expense originally recorded in 2017; 2019 results excludes a $1.5 million impact of the recently completed acquisitions and related transaction costs of $1.4 million and related interest expense of $4.0 million.

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(In U.S. $ Thousands) 6/30/2020 6/30/2019 12/31/2019 12/31/2018 12/31/2017

Revenue $ 583,083 $ 547,120 $ 1,119,138 $ 1,008,822 $ 912,380

Gross Margin $ 146,765 $ 136,441 $ 273,227 $ 256,115 $ 234,693

% of Revenue 25.2 % 24.9 % 24.4 % 25.4 % 25.7 %

Operating Expenses $ 100,248 $ 84,486 $ 178,579 $ 155,027 $ 145,955

Operating Income $ 46,517 $ 51,955 $ 94,648 $ 101,088 $ 88,738

% of Revenue 8.0 % 9.5 % 8.5 % 10.0 % 9.7 %

Depreciation - PP&E $ 9,407 $ 6,868 $ 14,934 $ 12,884 $ 11,616

Depreciation - Rental $ 5,158 $ 4,323 $ 9,373 $ 6,725 $ 5,531

Amortization $ 7,783 $ 2,079 $ 5,953 $ 3,726 $ 3,520

Net Income $ 28,517 $ 35,920 $ 62,906 $ 73,486 $ 44,315

Diluted Earnings Per Share $ 2.41 $ 3.05 $ 5.33 $ 6.25 $ 3.79

Adjusted Net Income (1) $ 28,517 $ 35,920 $ 62,906 $ 70,155 $ 54,551

Adjusted Diluted Earnings Per Share (1) $ 2.41 $ 3.05 $ 5.33 $ 5.97 $ 4.67

EBITDA (2) $ 68,865 $ 65,225 $ 124,908 $ 124,423 $ 109,405

Six Months Ended Fiscal Year Ended

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BALANCE SHEET

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(In U.S. $ Thousands)6/30/2020 6/30/2019 12/31/2019 12/31/2018 12/31/2017

Current Assets $ 572,113 $ 536,104 $ 570,828 $ 452,843 $ 392,527

Total Assets $ 1,189,688 $ 866,579 $ 1,212,763 $ 721,633 $ 639,671

Current Liabilities $ 133,723 $ 117,155 $ 162,874 $ 100,852 $ 101,363

Working Capital $ 438,390 $ 418,949 $ 407,954 $ 351,991 $ 291,164

Total Debt $ 438,795 $ 166,363 $ 443,981 $ 85,298 $ 60,082

Total Debt Net of Cash $ 356,793 $ 118,173 $ 401,670 $ 51,255 $ 34,709

Shareholders' Equity $ 577,151 $ 542,832 $ 569,757 $ 507,371 $ 449,108

Debt as a % of Capitalization 43.2 % 23.5 % 43.8 % 14.4 % 11.8 %

Debt Net of Cash as % of Capitalization 38.2 % 17.9 % 41.3 % 9.2 % 7.2 %

Net Cash from Operating Activities $ 58,710 $ 899 $ 88,813 $ 12,910 $ 70,804

Capital Expenditures $ 12,545 $ 12,423 $ 31,337 $ 26,587 $ 13,490

Dividends Paid $ 3,059 $ 2,808 $ 5,626 $ 5,124 $ 4,614

Period Ended Fiscal Year Ended

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WHY ALAMO, WHY NOW?

A Proven Recipe For Growth

Long-term growing

demand for agricultural

products

Leadership position in

niche markets

An incentive system

aligned with performance

Financial strength to

support strategic

objectives

An integrated strategy for long-term

revenue and earnings growth

Stability in government spending on

infrastructure maintenance

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CONTACT INFORMATION

ALAMO GROUP INC.A company for all seasons…

Corporate Office

1627 East Walnut St., Seguin, Texas 78155

Ron Robinson, President & CEO

Phone: 830-372-9615Email: rrobinson@alamo-group.com

Dan Malone, Executive Vice President,

CFO & Investor Relations Director

Phone: 830-372-9581Email: dmalone@alamo-group.com

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