Slide 1: Second Quarter 2026 Earnings
Second Quarter 2026 Earnings AUGUST 13, 2026
Slide 2: Disclaimer: Forward Looking Statements
Disclaimer Forward Looking Statements This presentation contains forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, which are subject to known and unknown risks, uncertainties and other important factors that may cause ac
Slide 3: Management Presenters & Agenda
MANAGEMENT PRESENTERS & AGENDA Speakers Agenda GEORGE HERSHMAN 01 Business Update Chief Executive Officer CHAD PLOTKIN 02 Financial Summary Chief Financial Officer 03 Wrap-Up 2
Slide 4: 01 Business Update
01 Business Update GEORGE HERSHMAN - CEO 3
Slide 5: Business Highlights
BUSINESS HIGHLIGHTS SAFETY FIRST LTM 2Q26 metrics continue to be below industry benchmarks RECORD PERFORMANCE IN 1H26 Sustained execution with risk management focus Year-over-year: Revenue +72%, Adj. Gross Profit +56%, Adj. EBITDA +75% MARKET FUNDAMENTALS REMAIN FAVORABLE Step-change in powe
Slide 6: Strong Market Fundamentals
STRONG MARKET FUNDAMENTALS 28% $518B 3.8× U.S. Load Growth Solar & BESS Investment Growth in Operating 2024 – 2034 2025 – 2034 Solar GWs 2024 – 2034 vs. only 5% the prior decade – driven ~430 GW of new capacity – 3× Every GW built creates decades by AI infrastructure, electrification and the prior d
Slide 7: Focused Risk Management Philosophy
FOCUSED RISK MANAGEMENT PHILOSOPHY Comprehensive risk management – designed to drive performance, from estimating through project close-out Disciplined Cost Validated Site Localized Contractual Continuous Estimating Conditions Expertise Safeguards Monitoring Cross-functional teams We enter LNTP1 agr
Slide 8: Targeted M&A Strategy…
TARGETED M&A STRATEGY… COMPLETED MERGERS & ACQUISITIONS Oct 2024 1 Jun 2025 Regional EPC HV T&D Contractor Jan 2025 July 2026 Specialized Drilling Contractor HV Utility Substations SOLV is actively engaged in targeted, disciplined, accretive M&A 1) On October 7, 2024, we merged with ASP Endeavor Acq
Slide 9: …Tied to SOLV's Lifecycle Approach
…TIED TO SOLV’S LIFECYCLE APPROACH SOLV aims to be the energy industry’s preferred lifecycle services provider 8
Slide 10: 02 Financial Summary
02 Financial Summary CHAD PLOTKIN - CFO 9
Slide 11: 2Q26 & 1H26 Financial Results
2Q26 & 1H26 FINANCIAL RESULTS ($ in millions, where applicable) YEAR-OVER-YEAR GROWTH: REVENUE NET INCOME1 Three months Six months ended ended June 30 June 30 $1,628 Revenue ↑77% ↑72% $951 Adj. Gross Profit ↑28% ↑56% $944 Adj. EBITDA ↑36% ↑75% $536 $67 $45 $44 $39 KEY DRIVERS: 2Q25 2Q26 1H25 1H26 2Q
Slide 12: Backlog Update
BACKLOG UPDATE QUARTERLY BACKLOG HIGHLIGHTS ($ billions) 44% growth over the last twelve months. $0.6 $8.9 $0.2 $8.2 ~$2.5 Bn of backlog attributable to projects with a BESS $1.3 $8.0 component. $0.5 $6.7 $6.2 Quarterly bookings and net backlog change may be ‘lumpy’ due to sales cycle and time
Slide 13: 2026 Financial Guidance Update
2026 FINANCIAL GUIDANCE UPDATE ($ in millions, where applicable) UPDATED PREVIOUS GUIDANCE ASSUMPTIONS: Revenue $3,870 - $3,970 $3,720 - $3,820 New construction execution: Adjusted Gross Profit 1,2 $620 - $660 $610 - $650 Reflects current plan for pacing on new construction projects. Adjusted Gros
Slide 14: 03 Wrap-Up
03 Wrap-Up GEORGE HERSHMAN - CEO 13
Slide 15: Investment Highlights
INVESTMENT HIGHLIGHTS Why this Market Why SOLV Energy Why Now A generational infrastructure Leadership across the power Executing at scale and building buildout is underway infrastructure lifecycle durable recurring revenue U.S. load growth 2024–2034 28% vs. 5% the prior decade 1 22GW+ Capacity inst
Slide 16: Appendix
Appendix 15
Slide 17: Backlog by Contract Type
BACKLOG BY CONTRACT TYPE As of June 30, 2026 (% of Backlog) 4% 3% Signed Backlog: EPC Contracts & LNTP Agreements 40% Awarded Backlog: EPC Contracts & LNTP Agreements $8.9B Signed Backlog: O&M Agreements 53% Estimated Corrective Maintenance Note: LNTP = Limited Notice to Proceed. Signed backlog repr
Slide 18: SG&A Details
SG&A DETAILS Selling, general and administrative expense $ in thousands Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Selling, general and administrative expense $ 52,649 $ 41,157 $ 164,024 $ 77,227 Less: Non-cash compensation expense (9,418) (1,260) (68,979) (1,972) Less
Slide 19: Reconciliation to Non-GAAP Financial Measures: Gross Profit
RECONCILIATION TO NON-GAAP FINANCIAL MEASURES Gross Profit $ in thousands Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Gross Profit $ 139,613 $ 113,061 $ 258,686 $ 172,160 Add-back: Non-cash compensation expense 5,378 ― 10,693 ― Adj Gross Profit $ 144,991 $ 113,061 $ 269
Slide 20: Reconciliation to Non-GAAP Financial Measures: Adjusted EBITDA
RECONCILIATION TO NON-GAAP FINANCIAL MEASURES Adjusted EBITDA $ in thousands Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Net income $ 66,833 $ 44,632 $ 39,419 $ 44,130 Interest expense 1,402 14,062 8,299 26,753 Interest income (1,843) (1,583) (3,293) (4,855) Provision f