June 2021

2

Safe Harbor Statement

All statements in this presentation that are not historical are forward-looking statementswithin the meaning of Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements, including those related to the potential effects of the COVID-19pandemic on our business, financial position and results of operations, may be identifiedby words such as “believe,” “intend,” “expect,” “may,” “could,” “would,” “will,”“should,” “plan,” “project,” “contemplate,” “anticipate,” or similar statements. Becausethese statements reflect the current views of Argan, Inc. (“Argan” or the “Company”)concerning future events, these forward-looking statements are subject to risks anduncertainties. Argan’s actual results could differ materially from those anticipated in theseforward-looking statements as a result of many factors, which are described under thecaption “Risk Factors” in Argan’s most recent Form 10-K filed with the Securities andExchange Commission. Argan undertakes no obligation to update publicly any forward-looking statements contained in this presentation.

3

Company Overview – NYSE: AGX

Holding company for four 100% owned subsidiaries

Market capitalization – $765 million(1)

Annual total rate of return 5yr/3yr/1yr – 10%/12%/15%(1)

Regular quarterly dividend of $0.25 per share

Paid two special dividends of $1.00 per share each in 2020

Strong balance sheet at 4/30/21– No leverage– Cash & short-term investments - $467 million– Net liquidity - $276 million

RUPO(2) (4/30/21) – $0.5 billion

Signed EPC services contracts for approximately 6.4 GW of rated power represented by natural gas-fired power plants, including the Guernsey Power Station and certain plants that will adopt integrated green hydrogen solution packages, with an aggregate initial contract value of approximately $3.0 billion

Strong safety record with RIR(3) of 0.55 and 0.40 the last two years(1) As of June 3, 2021.(2) The amount of remaining unsatisfied performance obligations (“RUPO”) represents the project backlog related to active contracts with customers, as

determined under revenue recognition rules. (3) OSHA reportable incident rates weighted by hours worked for all of our subsidiaries, with results significantly below national averages.(4) Attributable to the stockholders of AGX.

Quarter Ended April 30, 2021

(in millions, except per share data)

Revenues $ 126.3

Net Income(4) 10.8

EBITDA(4) 15.6

EPS(4) 0.67

4

Business Overview – Holding Company

Gemma Power Systems (“GPS”) provides engineering, procurement and construction (“EPC”) services to the power generation market, including the renewable energy sector

The Roberts Company (“TRC”) is principally an industrial fabricator and field services provider to both light and heavy industrial organizations

Atlantic Projects Company (“APC”) provides turbine, boiler, large rotating equipment installation, commissioning and outage services primarily to the power industries of Ireland and the UK

SMC Infrastructure Solutions (“SMC”) provides telecommunications data infrastructure services

TTM Revenues by Subsidiary

68.1%

1.8%

12.1%

18.0%

5

Revenues

$142

$279 $227

$383 $413

$675

$893

$482

$239

$392

$458

$-

$100

$200

$300

$400

$500

$600

$700

$800

$900

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

$ M

illion

s

NOTE: Except where noted otherwise, the years presented throughout this presentation relate to Argan’s fiscal years, which end on January 31.

(1) TTM through April 30, 2021.

(1)

6

Net Income(1)

$9.3

$23.3

$40.1

$30.4 $36.3

$70.3 $72.0

$52.0

($42.7)

$23.9

$35.4

$(50)

$(40)

$(30)

$(20)

$(10)

$-

$10

$20

$30

$40

$50

$60

$70

$80

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

$ M

illion

s

(1) Attributable to the stockholders of AGX.(2) The net loss, includes the effect of the TeesREP subcontract loss and impairment losses at APC and TRC, which totaled $39.2

million for Fiscal 2020.(3) TTM through April 30, 2021.

(2) (3)

7

Signed Contract Value / RUPO (Active Jobs)

RUPO $1.0

RUPO $0.4 RUPO $0.1

RUPO $0.8 RUPO $0.6 RUPO $0.5

$1.0

$0.4

$1.1

$3.5

$3.0 $3.0

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

2017 2018 2019 2020 2021 April 30, 2021

$ Bi

llions

As of January 31,

CO

NTR

ACT

VALU

E

8

Book Value

$1.46 $4.13 $4.83 $5.61 $5.87 $7.16

$9.50 $11.29 $11.58

$16.08

$20.34 $22.83

$19.59 $18.23 $18.62

$0.50

$1.10

$1.85

$2.55 $3.25

$4.25

$5.25

$6.25

$7.25 $10.25 $10.50

$-

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022**

Tangible Book Value* & Cumulative Dividends Per Share

Tangible Book Value Cumulative Dividends

* Tangible Book Value = Total Stockholders’ Equity – Goodwill – Other Intangible Assets** As of April 30, 2021

9

CEO Comment on Quarter

“We are continuing the momentum from Fiscal 2021 into the first quarter of Fiscal 2022 with our third consecutive quarter of earnings per share equal to or in excess of $0.60,” Rainer Bosselmann, Chairman and Chief Executive Officer of Argan, said. “All of our business segments continue to rebound from the beginning of the COVID-19 pandemic and produce increasing revenues and profit quarter over quarter. In addition, we were pleased to announce in May the award and start of an EPC services contract to build one of the largest solar power plants in Pennsylvania, which complements our core gas-fired power plant business, where we are executing on the Guernsey Power Station, which is the largest single-phase gas-fired power plant construction project in the US.”

10

Financial Results

(1) We define Net Liquidity, or working capital, as our total current assets less our total current liabilities.

(in thousands, except per share data)For the Quarter Ended: 2021 2020 Change

Revenues 126,341$ 60,148$ 66,193$ Gross profit 23,714 4,009 19,705 Gross margin % 18.8 % 6.7 % 12.1 %Net income (loss) attributable to stockholders of the Company 10,766$ (763)$ 11,529$

Diluted per share 0.67 (0.05) 0.72 EBITDA attributable to stockholders of the Company 15,644 (4,055) 19,699

Diluted per share 0.98 (0.26) 1.24 Cash dividends per share 0.25 0.25 -

April 30, January 31,As of: 2021 2021

Cash, cash equivalents and short-term investments 466,750$ 456,726$ 10,024$ Net Liquidity (1) 275,966 270,133 5,833 RUPO 478,743 552,531 (73,788)

April 30,

11

Quarterly Financial Drivers

Increasing revenues at GPS associated with the construction of the Guernsey Power Station.

APC recently concluded construction activities on the TeesREP project.

Overall gross profit as a percent of revenues increased to 18.8%, reflecting increases from all three reportable business segments.

SG&A costs were under $10.0 million for the quarter and were 7.8% of our corresponding consolidated revenue.

Our balance sheet remains strong. As of April 30, 2021, our cash, cash equivalents and short-term investments totaled $467 million and adjusted net liquidity was $276 million; plus, we had no debt.

In May 2021, we announced that GPS entered into an engineering, procurement and construction services contract with an affiliate of Competitive Power Ventures, Inc., to construct the 100 MW Maple Hill Solar facility in Pennsylvania. GPS also received Notice to Proceed with project activities immediately. The project will be added to the Company’s RUPO in the second quarter and completion is scheduled to occur during the second half of 2022.

12

Overview of Gemma Power Systems

History – acquired by Argan in December 2006 for $33 million and has generated cumulative EBITDA since acquisition of approximately $669 million, or ~20x cash on cash and an IRR of ~75%

Business – engineering, procurement and construction of natural gas-fired and alternative power energy facilities throughout the United States

Track Record – Installed capacity exceeding 15 gigawatts of mostly domestic power-generating capacity

Safety Record – 10 million safe hours achieved over the past seven years - Gemma’s OSHA recordable injury rate is significantly below the national average

Employees – Many of our employees are veterans

Customers – Independent power producers and utilities

13

Extensive Energy Project Portfolio

Power facilities – combined cycle solution– Guernsey Power Station– Caithness Moxie Freedom Generating Plant– CPV Towantic Energy Center– NTE Kings Mountain Energy Center– NTE Middletown Energy Center– Panda Liberty Energy Project– Panda Patriot Energy Project– Colusa Generating Station – Roseville Energy Park– Hines PB-2 Power Project– Rowan County Power Project– Effingham County Power Project– Richmond County Phase II Power Project– Dighton Power Project

Pollution solutions– Brayton Point Power Station

– La Rosita SCR Project

Biomass power facilities

– Woodville, Texas Solar facilities

– CPV Maple Hill Solar Project– Canton, MA– Carver, MA– Beaumont Solar

Power facilities – simple cycle solution– Exelon West Medway II Facility– CPV Sentinel Energy Project – A.L. Pierce Re-powering Project– Vandolah Power Project– DeSoto County Power Project– Indigo Energy Facility– Larkspur Energy Facility– Richmond County Phase I Power – Monroe Power Project – Richland Peaking Project – Rocky Road Unit 4 Project – Broad River Energy Center– Middletown, CT Project

Process facilities – biodiesel– Renewable BioFuels Port Neches – Galena Park – Green Earth Fuels Houston LLC

Process facilities – ethanol– Carleton Ethanol Facility

Wind Facilities– LaSalle County, Illinois– Vantage, Washington– Henry County, Illinois– Vantage, Washington– Ebensburg, Pennsylvania

14

Corporate Data

Websites

NYSE Listing

Common: AGX

Investor Relations

Investor Relations301-315-0027

info@arganinc.com

Argan, Inc.www.arganinc.com

Gemma Power Systemswww.gemmapower.com

The Roberts Companywww.robertscompany.com

Atlantic Projects Companywww.atlanticprojects.com

SMC Infrastructure Solutionswww.smcinc.biz

Corporate HeadquartersArgan, Inc.

One Church Street, Suite 201Rockville, Maryland 20850

301-315-0027

15

AppendixConsolidated Income Statements – Quarter

(in thousands except per share amounts)

Revenues $ 126,341 $ 117,235 $ 127,331 $ 87,492 $ 60,148 Cost of revenues 102,627 95,150 106,988 71,862 56,139

Gross profit 23,714 22,085 20,343 15,630 4,009Gross margin % 18.8% 18.8% 16.0% 17.9% 6.7%

Selling, general and administrative expenses 9,892 10,214 9,398 9,085 10,344 Income (loss) from operations 13,822 11,871 10,945 6,545 (6,335)

Other income, net 712 145 175 451 1,088 Income (loss) before income taxes 14,534 12,016 11,120 6,996 (5,247)

Income tax expense (benefit) 3,768 2,465 1,666 1,397 (4,454)Net income (loss) 10,766 9,551 9,454 5,599 (793)

Net loss attributable to noncontrolling interests — — — (10) (30)

Net income (loss) attributable to the stockholders of AGX $ 10,766 $ 9,551 $ 9,454 $ 5,609 $ (763)

EPS attributable to the stockholders of AGXBasic $ 0.68 $ 0.61 $ 0.60 $ 0.36 $ (0.05)

Diluted $ 0.67 $ 0.60 $ 0.60 $ 0.36 $ (0.05)

Weighted average number of shares outstandingBasic 15,726 15,697 15,680 15,653 15,643

Diluted 15,961 15,880 15,833 15,788 15,643

Cash dividends per share $ 0.25 $ 1.25 $ 0.25 $ 1.25 $ 0.25

31-Oct-20 30-Apr-2031-Jul-2031-Jan-2130-Apr-21

Three Months Ended

16

AppendixReconciliations to EBITDA – Consolidated

(in thousands except per share amounts)

30-Apr-21 31-Jan-21 31-Oct-20 31-Jul-20 30-Apr-20

Net income (loss) $ 10,766 $ 9,551 $ 9,454 $ 5,599 $ (793)

Less EBITDA attributable to noncontrolling interests - - - 10 30

Income tax expense (benefit) 3,768 2,465 1,666 1,397 (4,454)

Depreciation 882 917 940 921 937

Amortization of purchased intangible assets 228 227 226 226 225

EBITDA attributable to the stockholders of AGX 15,644$ 13,160$ 12,286$ 8,153$ (4,055)$

Weighted average diluted shares 15,961 15,880 15,833 15,788 15,643

EBITDA per diluted share 0.98$ 0.83$ 0.78$ 0.52$ (0.26)$

Three Months Ended

17

AppendixConsolidated Balance Sheets – Assets

(in thousands) April 30, 2021 January 31, 2021ASSETS

CURRENT ASSETSCash and cash equivalents $ 396,675 $ 366,671 Short-term investments 70,075 90,055 Accounts receivable, net 32,379 28,713 Contract assets 26,158 26,635 Other current assets 33,744 34,146

TOTAL CURRENT ASSETS 559,031 546,220 Property, plant and equipment, net 19,944 20,361 Goodwill 27,943 27,943 Other purchased intangible assets, net 3,869 4,097 Deferred taxes - 249 Right-of-use and other assets 7,185 3,760

TOTAL ASSETS $ 617,972 $ 602,630

18

AppendixConsolidated Balance Sheets – Liabilities and Equity

(in thousands) April 30, 2021 January 31, 2021LIABILITIES AND EQUITY

CURRENT LIABILITIESAccounts payable $ 41,467 $ 53,295 Accrued expenses 42,050 50,750Contract liabilities 199,548 172,042

TOTAL CURRENT LIABILITIES 283,065 276,087Deferred taxes 350 - Other noncurrent liabilities 3,741 4,135TOTAL LIABILITIES 287,156 280,222

STOCKHOLDERS’ EQUITYCommon stock 2,366 2,356 Additional paid-in capital 154,974 153,282 Retained earnings 172,934 166,110 Accumulated other comprehensive loss (1,199) (1,081)

TOTAL STOCKHOLDERS’ EQUITY 329,075 320,667 Non-controlling interests 1,741 1,741

TOTAL EQUITY 330,816 322,408 TOTAL LIABILITIES AND EQUITY $ 617,972 $ 602,630