Slide 1: Investor Presentation August 2025
THE PEOPLE CONNECTING AMERICA ® INVESTOR PRESENTATION AUGUST 2025
Slide 2: Important Information
IMPORTANT INFORMATION CAUTION CONCERNING FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the 1995 Private Securities Litigation Reform Act. These forward-looking statements include those related to the Company’s current assumptions regarding fut
Slide 3: Fiscal 2025 Highlights
FISCAL 2025 HIGHLIGHTS $4.7B CONTRACT REVENUE $576M ADJUSTED EBITDA THE PEOPLE CONNECTING 12.6% REVENUE GROWTH 12.3% ADJUSTED EBITDA MARGIN AMERICA ® 13.7% RETURN ON INVESTED CAPITAL (ROIC) $8.44 ADJUSTED DILUTED EPS Reconciliations of Non-GAAP measures begin on slide 26. 3
Slide 4: The People Connecting America
THE PEOPLE CONNECTING AMERICA ® Leading provider of specialty contracting National presence with 15,000+ services to the telecommunications and employees in field offices digital infrastructure industries throughout all 50 states 50+ year track record and strong reputation for quality service across
Slide 5: Why Invest in Dycom
WHY INVEST IN Largest specialty Decades- Profitable revenue Resilient Strong ROIC driven contracting long customer growth fueled by operating model by disciplined services provider partnerships multiple long-term supports sustained capital allocation focused on U.S. underpinned by demand drivers per
Slide 6: Proven Record of Profitable Growth Across Cycles
PROVEN RECORD OF PROFITABLE GROWTH ACROSS CYCLES $4,702M Revenue Adjusted EBITDA AGR A C BITD Resiliency across d E s te d j u % A a wide range of 13.5 d an macroeconomic AGR ueC even and demand %r 11.0 $576M environments reflects 12.3% the durability of the $989M business $86M 8.7% FY10 FY11 FY12 F
Slide 7: Our Strategy
OUR STRATEGY Partner with Customers Drive Margin Expansion Deploy Capital to to Capitalize on and Free Cash Flow Maximize Returns and Secular Growth Generation through Value Creation for and Maintenance Operating Leverage Shareholders Opportunities and Efficiency WELL POSITIONED VISIBILITY TO DISCIP
Slide 8: National Capability, Local Credibility
NATIONAL CAPABILITY, LOCAL CREDIBILITY THE DYCOM FAMILY OF COMPANIES Combination of national reach and local knowledge makes Dycom the partner of choice 36 TRUSTED BRANDS ACROSS THE NATION for increasingly large and complex projects WA ME MT ND MN OR NY VT ID WI NH SD MI MA WY RI CT IA PA NE OH NJ N
Slide 9: Sustainable Growth Backed by Multiple Drivers
SUSTAINABLE GROWTH BACKED BY MULTIPLE DRIVERS Increased capital spending for high-capacity telecommunications and digital infrastructure across multiple and diverse demand drivers SERVICE AND MAINTENANCE Recurring Core Maintenance and Operations Services Provide Operational Resiliency and a Persiste
Slide 10: Persistent Growth in Consumer Data Usage Bolsters Demand
PERSISTENT GROWTH IN CONSUMER DATA USAGE BOLSTERS DEMAND FOR HIGH- SPEED, RELIABLE CONNECTIVITY WEIGHTED AVERAGE DATA CONSUMED PER MONTH GIGABYTES • A Self-Reinforcing Cycle: 664.2 Faster networks enable new GR 585.8 technologies, which in turn drive CA 6 . 3% 533.8 the need for even faster, more 1
Slide 11: CEO Quote
“As customer projects increase in scope and complexity, our proven performance, scale and financial strength position us well to “ anticipate and meet the growing demand. - Dan Peyovich President and Chief Executive Officer 11
Slide 12: Connecting America: Infrastructure for the Digital Age
CONNECTING AMERICA: INFRASTRUCTURE FOR THE DIGITAL AGE As the digital economy expands, the demand for robust and reliable infrastructure—from high-speed fiber to next-generation wireless networks—is growing at an unprecedented rate. Our comprehensive suite of services positions us to capitalize on t
Slide 13: Strategic Workforce Management Is a Core Differentiator
DYCOM’S STRATEGIC WORKFORCE MANAGEMENT IS A CORE DIFFERENTIATOR Dycom’s 15,000+ person skilled craft workforce underpins our ability to consistently deliver services to our customers and communities at safety and quality levels that define the industry SKILLED CRAFT WORKFORCE AND ROBUST TRAINING AND
Slide 14: Growth Anchored by Long-Term Agreements with Established Customers
GROWTH ANCHORED BY LONG- TERM AGREEMENTS WITH WELL- ESTABLISHED CUSTOMERS BACKLOG3 Multi-year agreements built on long-term $ BILLIONS partnerships and proven execution Next 12 Month Backlog $7.989 • Deeply embedded, decades-long partnerships with $7.760 major telecom, cable, and network service pro
Slide 15: Balanced Approach to Capital Allocation
BALANCED APPROACH TO CAPITAL ALLOCATION TO MAXIMIZE RETURNS OVER THE CYCLE ORGANIC SHARE GROWTH M&A REPURCHASES • Focus on organic • Selectively acquire businesses that • Consistent and growth opportunities further customer relationships, opportunistic share through strategic capital geographic scop
Slide 16: Strong Financial Position
STRONG FINANCIAL POSITION ENABLES ACCRETIVE CAPITAL DEPLOYMENT Increasing Operating Cash Flow and Low Net Leverage Enable Strategic Flexibility OPERATING CASH FLOW NET LEVERAGE RATIO $ MILLIONS (NET DEBT/ADJUSTED EBITDA) $349.1 $259.0 $164.8 1.7x 1.4x 1.5x FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY
Slide 17: Financial Update
ODYCOM FINANCIAL UPDATE
Slide 18: Financial Highlights
FINANCIAL HIGHLIGHTS Delivered strong revenue growth and margin expansion $ MILLIONS, except EPS Fiscal 2025 Fiscal 2024 Y/Y “ Dycom’s strong fiscal year results Contract Revenues $4,702.0 $4,175.6 12.6% reflect the successful execution of our strategy and our ability to meet Organic Revenue Growth
Slide 19: Annual Trends
ANNUAL TRENDS CONTRACT REVENUES NON-GAAP ADJUSTED EBITDA $ MILLIONS $4,702 $ MILLIONS $576 $4,176 $4814 $3,808 12.3% $366 11.6%4 9.6% FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 NON-GAAP ADJUSTED EBITDA NON-GAAP ADJUSTED EBITDA % CONTRACT REVENUE GROWTH % NON-GAAP ADJUSTED DILUTED EPS 21.7% 21.7
Slide 20: Quarterly Trends
QUARTERLY TRENDS CONTRACT REVENUES NON-GAAP ADJUSTED EBITDA $206 $ MILLIONS $ MILLIONS $1,378 $1,272 $1,259 $171 $1,203 $158 $1,136 $1,142 $150 $1,085 $1434 $952 $131 $116 14.9% $94 13.4% 12.9%4 13.2% 11.5% 11.9% 10.7% 9.8% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2024 Q4 2
Slide 21: Debt and Liquidity Overview
DEBT SUMMARY Q2 2026 Q1 2026 $ MILLIONS 4.50% Senior Notes, mature April 2029 $ 500.0 $ 500.0 Senior Credit Facility, matures January 2029:6 DEBT AND Term Loan Facility 450.0 450.0 LIQUIDITY Revolving Facility 85.0 89.0 OVERVIEW Total Notional Amount of Debt $ 1,035.0 $ 1,039.0 Debt maturity profile
Slide 22: Cash Flow Overview
CASH FLOW SUMMARY Q2 2026 Q2 2025 $ MILLIONS Operating cash flows $ 57.4 $ (7.5) Capital expenditures, net of proceeds from $ (39.1) $ (55.9) sale of assets CASH FLOW Cash paid for acquisitions, net of cash acquired $ - $ (20.8) OVERVIEW Capital allocation prioritizes organic (Repayments) Borrowings
Slide 23: Fiscal 2026 Outlook
This slide was used on August 20, 2025 in connection with the Company’s conference call for its fiscal 2026 second quarter results. This information is provided for your reference only and should not be interpreted as a reiteration of these projections by the Company at any time after the date origi
Slide 24: Q3 2026 Outlook
This slide was used on August 20, 2025 in connection with the Company’s conference call for its fiscal 2026 second quarter results. This information is provided for your reference only and should not be interpreted as a reiteration of these projections by the Company at any time after the date origi
Slide 25: Non-GAAP Reconciliations
ODYCOM NON-GAAP RECONCILIATIONS
Slide 26: Explanation of Non-GAAP Financial Measures
EXPLANATION OF NON-GA AP FINANCIAL MEASURES The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). In the Company’s quarterly results releases, slide presentations, conference calls, and webcasts, it may use or discuss Non-GAAP financial me
Slide 27: Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures
RECONCILIATION OF NON-GA AP FINANCIAL MEASURES TO COMPARABLE GA AP FINANCIAL MEASURES Quarterly Non-GAAP Organic Contract Revenues Unaudited $ Millions Growth % Impacts of a change Non-GAAP Contract Revenues - Revenues from order and closeout of Non-GAAP - Organic - Organic Quarter Ended GAAP acquir
Slide 28: Reconciliation of Non-GAAP Financial Measures (Continued)
RECONCILIATION OF NON-GA AP FINANCIAL MEASURES TO COMPARABLE GA AP FINANCIAL MEASURES (CONTINUED) Annual Non-GAAP Organic Contract Revenues Unaudited $ Millions Growth % Impacts of a change Non-GAAP Contract Revenues - Revenues from order and closeout of Non-GAAP - Organic - Organic Fiscal Year Ende
Slide 29: Reconciliation of Non-GAAP Financial Measures (Continued)
RECONCILIATION OF NON-GA AP FINANCIAL MEASURES TO COMPARABLE GA AP FINANCIAL MEASURES (CONTINUED) Quarterly Non-GAAP Adjusted EBITDA Unaudited $ Millions Quarter Ended July 26, April 26, January 25, October 26, July 27, April 27, January 27, October 28, 2025 2025 2025 2024 2024 2024 2024 2023 Net in
Slide 30: Reconciliation of Non-GAAP Financial Measures (Continued)
RECONCILIATION OF NON-GA AP FINANCIAL MEASURES TO COMPARABLE GA AP FINANCIAL MEASURES (CONTINUED) Annual Non-GAAP Adjusted EBITDA Unaudited $ Millions Fiscal Year Ended Jan 25, 2025 Jan 27, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Jan 25, 2020 Jan 26, 2019 TTM Jan 27, 2018 Jul 29, 2017 Jul 30, 20
Slide 31: Reconciliation of Non-GAAP Financial Measures (Continued)
RECONCILIATION OF NON-GA AP FINANCIAL MEASURES TO COMPARABLE GA AP FINANCIAL MEASURES (CONTINUED) Quarterly Non-GAAP Adjusted Net Income Unaudited $ and Shares Millions, Except EPS Quarter Ended July 26, April 26, January 25, October 26, July 27, April 27, January 27, October 28, 2025 2025 2025 2024
Slide 32: Reconciliation of Non-GAAP Financial Measures (Continued)
RECONCILIATION OF NON-GA AP FINANCIAL MEASURES TO COMPARABLE GA AP FINANCIAL MEASURES (CONTINUED) Annual Non-GAAP Adjusted Net Income Unaudited $ and Shares Millions, Except EPS Fiscal Year Ended January 25, 2025 January 27, 2024 January 28, 2023 Net income $ 233.4 $ 218.9 $ 142.2 Pre-Tax Adjustment
Slide 33: Reconciliation of Non-GAAP Financial Measures (Continued)
RECONCILIATION OF NON-GA AP FINANCIAL MEASURES TO COMPARABLE GA AP FINANCIAL MEASURES (CONTINUED) Annual Net Leverage Ratio $ Millions Fiscal Year Ended January 25, 2025 January 27, 2024 January 28, 2023 Non-GAAP Adjusted EBITDA $ 576.3 $ 504.8 $ 366.1 Total Notional Amount of Debt $ 950.0 $ 815.0 $
Slide 34: Reconciliation of Non-GAAP Financial Measures (Continued)
RECONCILIATION OF NON-GA AP FINANCIAL MEASURES TO COMPARABLE GA AP FINANCIAL MEASURES (CONTINUED) Return On Invested Capital $ Millions Fiscal Year Ended January 25, 2025 January 27, 2024 Non-GAAP Adjusted EBITDA $ 576.3 Less: Depreciation expense (167.2) Less: Stock-based compensation expense, excl
Slide 35: Notes
NOTES 1. In January 2018, the company changed it’s fiscal year end from the last Saturday in July to the last Saturday in January. TTM18 represents the trailing twelve months ending January 2018. FY10 through FY17 represent fiscal years ending in July and FY19 through FY25 represent fiscal years end
Slide 36: Notes (Cont.)
NOTES (CONT.) 9. Amounts represent contract revenues from acquired businesses that were not owned for the entirety of both the current and prior year periods. 10. The Company recognized a loss on debt extinguishment of approximately $1.0 million in connection with the amendment of its credit agreeme
Slide 37: The People Connecting America
THE PEOPLE CONNECTING AMERICA ®