We participated in a site tour with NWPX management on June 1, 2026, where we visited a flagship Water Transmission Systems (WTS) plant, and a Precast facility that showcased new RCP equipment and management's focus on replicating operating successes to other locations. Management's tone was upbeat on its demand prospects across the portfolio, reaffirming that it expects a sustained level of higher demand over a longer time horizon rather than a short-lived spike in demand. We came away with a stronger appreciation of how NWPX is positioning itself to support elevated demand, by focusing on key differentiators across both segments. Overall, we continue to view NWPX as becoming a more consistent growth story. NWPX ended 1Q:26 in a net cash position; we think it is well positioned to support growth initiatives and broader capital allocation flexibility. The current valuation reflects this positive progress and more, in our view, with the shares trading at about 23x our street-high 2027 EPS estimate of $5.16, and about 25x the FactSet consensus 2027 estimate of $4.83 (comprised of two estimates, including Sidoti). Our unchanged $108 price target continues to be based on 21x our 2027 EPS estimate of $5.16. Although our estimates and price target remain unchanged, our estimates could prove conservative if NWPX benefits from new product introductions, additional phases of the unplanned WTS project, or incremental data center-related awards across water infrastructure and dry utility infrastructure.