Slide 1: Fourth Quarter and Fiscal Year 2026 Results
Fourth Quarter P R E S E N T A T I Oand N Fiscal Year 2026 Results
Slide 2: Safe Harbor Statement
Safe Harbor Statement All statements in this presentation that are not historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may be identified by words such as “believe,” “intend,” “expect,” “may,” “could,”
Slide 3: Q4 and Full Year 2026 Highlights
Q4 and Full Year 2026 Highlights • Record Revenue, EPS & EBITDA for the Q4 and Full Year • Consolidated revenues increased 13% in Q4 and 8% for Full Year • Gross margin of 25.0% in Q4 and 20.5% for Full Year • Record earnings per diluted share of $3.47 for Q4 and $9.74 for Full Year • Record Q4 EBIT
Slide 4: Argan At-A-Glance
Argan At-A-Glance Power Industrial Teledata Building innovative power solutions for the Servicing heavy and light industrial Constructing and connecting transition to low-carbon/zero-carbon emissions: clients, particularly in new industries technology, telecommunications efficient gas-fired power pl
Slide 5: Business Segments
Business Segments Power Industrial Teledata 78% 20% 2% Q4 Revenues: $204M Q4 Revenues: $53M Q4 Revenues: $5M Pre-Tax Income: $55M Pre-Tax Income: $4M Pre-Tax Loss: $0.3M Revenues breakdown for quarter ended January 31, 2026 5
Slide 6: Demand in Electricity Projected to Surge
Demand in Electricity Projected to Surge “Electrification of Everything” and a Near Decade of Underinvestment in Energy Infrastructure Driving Demand for Reliable Power Resources AI & Data Centers Electric Vehicles & Charging Onshoring of US Manufacturing EIA forecasts strongest four-year growth in
Slide 7: Growing Annual Backlog
Growing Annual Backlog $2.9B 3000 2500 2000 $1.4B $2.7B $ Millions 1500 $0.8B 1000 $1.3B $626M 500 $253M $128M $53M 0 $3M $4M $8M FY 2024 FY 2025 FY 2026 Teledata Industrial Power • Project backlog as of January 31, 2026, is fully committed by customers and actively being worked on today 7
Slide 8: Enabling the Electrification of Everything
Enabling the Electrification of Everything Industry Drivers • Growing demand for reliable and affordable electricity • Massive infrastructure replacement needed as Industrial decades-old power assets require urgent 9% upgrades or replacements • Electricity demand is expected to increase 25% by Renew
Slide 9: Strong Backlog Composition
Strong Backlog Composition Project Estimated Business Segment Project Description Location Size Start Completion CPV Basin Ranch Energy Full notice to proceed on 2-1x1 combined-cycle Texas 1,350 MW 2025 2029 Center power plant Sandow Lakes Power Full notice to proceed on ultra-efficient combined- Te
Slide 10: Consolidated Financial Results
Consolidated Financial Results Three Months Ended Twelve Months Ended January 31, January 31, 2026 2025 2026 2025 Revenues $262 $232 $945 $874 Gross Profit $66 $48 $194 $141 Gross margin % 25.0% 20.5% 20.5% 16.1% SG&A $18 $15 $59 $53 Net Income $49 $31 $138 $85 Diluted per share $3.47 $2.22 $9.74 $6
Slide 11: Further Strengthening Balance Sheet
Further Strengthening Balance Sheet Balance Sheet Data January 31, 2026 January 31, 2025 Cash, cash equivalents, and investments $895 M $525 M Net liquidity1 $421 M $301 M Debt — — Shareholders’ equity $462 M $352 M Shares outstanding 13,951,000 13,634,000 1 Total current assets minus total current
Slide 12: Fiscal 2026 Net Liquidity Bridge
Fiscal 2026 Net Liquidity Bridge Flexible business model with minimal capital expenditures $24.4 $450 $137.8 ($24.3) $421.0 Given the variability of $400 ($18.3) our cash balance due to prepayments and the $350 cash flow cycle of our $300 $301.4 Return of Capital long-term projects, we Millions beli
Slide 13: Disciplined Capital Allocation
Disciplined Capital Allocation Invest in organic growth - Strategically increase headcount to meet demand and staff projects appropriately Increased quarterly dividend 33% to $0.50 per common share during 3Q26 - Annual dividend rate of $2.00 per common share - Third consecutive dividend raise in thr
Slide 14: Long-Term Value Creation
Long-Term Value Creation Tangible Book Value1 & Cumulative Dividends Per Share FY2026 $31.02 $16.45 FY2025 $23.62 $14.70 FY2024 $19.69 $13.35 FY2023 $18.62 $12.25 FY2022 $19.34 $11.25 FY2021 $18.38 $10.25 $12.25 FY2020 $19.59 $7.25 FY2019 $22.83 $6.25 FY2018 $20.34 $5.25 FY2017 $16.08 $4.25 FY2016 $
Slide 15: Outlook
Outlook • Partner of choice for innovative energy solutions as demand on power grid intensifies • Annual record backlog of diversified projects positions the Company for continued growth • Electrification of everything, AI Data Center needs and onshoring of manufacturing activities creating a strong
Slide 16: Long-Term Growth Strategy
Long-Term Growth Strategy Organic growth and thoughtful expansion via disciplined M&A Partner of choice for the low carbon economy and growing power demands Disciplined risk management Leverage core platform to address market opportunity 16
Slide 17: Q&A
Q&A
Slide 18: Appendix
APPENDIX
Slide 19: Reconciliation of Consolidated Net Income to EBITDA
Reconciliation of Consolidated Net Income to EBITDA Three Months Ended Year Ended January 31, January 31, ($ in thousands) 2026 2025 2026 2025 Net income, as reported $49,212 $ 31,369 $ 137,774 $ 85,459 Provision for income taxes 6,181 7,263 22,735 25,745 Depreciation 501 529 1,912 1,905 Amortizatio