Slide 1: Investor Presentation
I NVE STOR P R E S E N TA T I O N PRESENTATION NYSE: A GX Sept e mb er 202 6
Slide 2: Safe Harbor Statement & Non-GAAP Financial Measures
SAFE HARBOR STATEMENT & NON-GAAP FINANCIAL MEASURES 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 su
Slide 3: Investment Highlights
INVESTMENT HIGHLIGHTS • Growing energy demand and aging power-generating infrastructure driving increased opportunities • Record 2Q27 revenue of $384M; increase of 62% with gross margin of 19.3% Argan • Record earnings per diluted share of $3.76 in Q2, up $1.26 year over year Argan Positioned • Reco
Slide 4: Business Segments
BUSINESS SEGMENTS Power Industrial Teledata 78% 20% 2% Q2 Fiscal 2027 Revenues: $301M Q2 Fiscal 2027 Revenues: $76M Q2 Fiscal 2027 Revenues: $7M Growth Drivers: Growth Drivers: Growth Drivers: • Electrification of economy • Alternative, diverse end markets • Increased demand for • Data center power
Slide 5: Significant Backlog
SIGNIFICANT BACKLOG $2.9B 3000 $2.5B 2500 2000 $1.4B $ Millions $2.7B $2.3B 1500 $0.8B 1000 $1.3B $626M 500 $253M $210M $128M $53M 0 $3M $4M $8M $9M FY 2024 FY 2025 FY 2026 2Q 2027 Teledata Industrial Power • Project backlog as of July 31, 2026, is fully committed by customers and actively being wor
Slide 6: Enabling The Electrification Of Everything
ENABLING THE ELECTRIFICATION OF EVERYTHING Arga n’s Industry Drivers ba ck lo g • Growing demand for reliable and affordable su Industrial electricity driven by data centers, EVs, and pp 8% manufacturing ort • U.S. data center power demand is projected to Renewable s mul nearly triple to 134.4GW by
Slide 7: 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 8: Power
POWER 78% Percent of 2Q27 revenues 8
Slide 9: Project Spotlight: CPV Basin Ranch Energy Center - Texas
PROJECT SPOTLIGHT: CPV Basin Ranch Energy Center - Texas • Gemma building a 1,350 MW combined-cycle power plant in Ward County, Texas • 2–1×1 combined-cycle power plant will feature GE 7HA.03 turbines • Expected to create 5,200 jobs in the local community • CPV Basin Ranch will contribute more than
Slide 10: Project Spotlight: Solar Project – Illinois
PROJECT SPOTLIGHT: Solar Project – Illinois • Gemma is executing on an EPC services contract for a 405 MW utility-scale solar field • Teams are erecting panels on a site encompassing 2,123 acres; our largest solar project to date • Multi-phased project includes solar-tracking panels that can be stow
Slide 11: Project Spotlight: Biofuel Project – Tarbert Next Generation Power Station
PROJECT SPOTLIGHT: Biofuel Project – Tarbert Next Generation Power Station • APC is building on a 300 MW biofuel plant in Ireland for SSE Thermal • The Tarbert Next Generation Power Station will feature an Ansaldo Energia AE94.3A turbine that runs on 100% biofuels, with the potential to convert to h
Slide 12: Industrial
INDUSTRIAL 20% Percent of 2Q27 revenues 12
Slide 13: Driving Sustained Success Of Industrial Construction Services Segment
DRIVING SUSTAINED SUCCESS OF INDUSTRIAL CONSTRUCTION SERVICES SEGMENT • Industry leader providing full-service turnkey heavy industrial construction services • Expertise in emergency and scheduled plant turnarounds • Custom industrial pipe and vessel fabrication in 90,000 sq. ft. ASME code productio
Slide 14: Teledata
TELEDATA 2% Percent of 2Q27 revenues 14
Slide 15: Comprehensive Technology Cabling And Utility Construction Solutions
COMPREHENSIVE TECHNOLOGY CABLING AND UTILITY CONSTRUCTION SOLUTIONS IN MID-ATLANTIC REGION Services include: • Trenchless directional boring • Installation of buried lines • Structural cabling • Termination and connectivity for high-speed data, voice and security networks Segment is seeing significa
Slide 16: Financial Review
FINANCIAL REVIEW 16
Slide 17: Delivering Revenue Growth And Enhanced Profitability
DELIVERING REVENUE GROWTH AND ENHANCED PROFITABILITY 1,000 $945M 50% 900 $874M 45% 800 40% 700 $675M 35% 600 $573M 30% $ in Millions 500 $455M 25% 20.5% 20.1% 400 19.0% 20% 16.1% 14.1% 18.7% 300 18.1% 15% 200 13.5% 10% 11.4% 9.7% 100 5% 0 0% FY 2023 FY 2024 FY 2025 FY 2026 1H FY 2027 1 Revenue Gross
Slide 18: Summary Income Statement: Second Quarter Fiscal 2027
SUMMARY INCOME STATEMENT: Second Quarter Fiscal 2027 Three Months Ended Six Months Ended July 31, July 31, ($ in millions, shares in thousands) 2026 2025 2026 2025 Revenues $384 $238 $675 $431 Gross Profit $74 $44 $135 $81 Gross margin % 19.3% 18.6% 20.1% 18.8% SG&A $17 $14 $33 $27 SG&A as a % of re
Slide 19: Strong Balance Sheet
STRONG BALANCE SHEET $1,100 $1,028 $974 $1,000 $895 $900 $800 $727 $700 $ in Millions $572 $600 $525 $546 $485 $506 $507 $500 $462 $474 $416 $420 $421 $421 $440 $393 $377 $400 $352 $364 $344 $308 $329 $315 $293 $281 $301 $300 $247 $260 $200 $100 $0 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 1Q27 2Q27 N
Slide 20: Fiscal Q2 2027 Net Liquidity Bridge
FISCAL Q2 2027 NET LIQUIDITY BRIDGE Flexible business model with minimal capital expenditures $550 $99.4 $500 Given the variability of ($20.3) ($8.0) ($14.0) $440.4 our cash balance due to $450 $421.0 ($37.7) prepayments and the $400 cash flow cycle of our $350 long-term projects, we $ in Millions $
Slide 21: Disciplined Capital Allocation
DISCIPLINED CAPITAL ALLOCATION Invest in organic growth - Strategically increasing headcount to meet demand and staff projects appropriately - Constructing new fabrication facility within Industrial segment to address demand Increased the quarterly dividend 40% in September to $0.70 per share or $2.
Slide 22: Long-Term Value Creation
LONG-TERM VALUE CREATION Tangible Book Value1 & Cumulative Dividends Per Share 2Q FY2027 $33.50 $17.45 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 $12.25 FY2021 $18.38 $10.25 FY2020 $19.59 $7.25 FY2019 $22.83 $6.25 FY2018 $20.34 $5.25 FY20
Slide 23: Outlook
OUTLOOK • Partner of choice for innovative energy solutions as demand on power grid intensifies • Backlog of diversified projects positions the Company for continued growth • Proven track record of exceptional execution; disciplined risk management • Electrification of everything, AI data center nee
Slide 24: Appendix
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Slide 25: Reconciliation Of Consolidated Net Income To Adjusted EBITDA
RECONCILIATION OF CONSOLIDATED NET INCOME TO ADJUSTED EBITDA Three Months Ended Six Months Ended July 31, July 31, ($ in thousands) 2026 2025 2026 2025 Revenues $383,976 $237,743 $674,930 $431,403 Net income, as reported $53,302 $35,275 $99,365 $57,825 Provision for income taxes 13,586 361 21,292 7,
Slide 26: Reconciliation Of Consolidated Net Income To Adjusted EBITDA Cont.
RECONCILIATION OF CONSOLIDATED NET INCOME TO ADJUSTED EBITDA CONT. Twelve Months Ended January 31, ($ in thousands) 2026 2025 2024 2023 Revenues $944,606 $874,179 $573,333 $455,040 Net income, as reported $137,774 $85,459 $32,358 $33,098 Provision for income taxes 22,735 25,745 16,575 11,296 Depreci