Centuri Holdings, Inc. · NYSE:CTRI
Centuri — Q1 2025 Earnings Presentation
21 slides from Centuri's earnings presentation, May 12, 2025
Slide 1: 1st Quarter 2025 Earnings Presentation
1 Quarter 2025 st Earnings Presentation May 12, 2025 Centuri.com 1
Slide 2: Forward Looking Statements Disclaimer
Forward Looking Statements Disclaimer Unless the context otherwise requires, in this presentation, references to “we,” “us,” and “our” are to Centuri Holdings, Inc. (NYSE: CTRI) (“Centuri” or the “Company”), together with its consolidated subsidiaries, which include, among others, Centuri Group, Inc
Slide 3: Today's Speakers
Today’s Speakers Christian Brown Gregory Izenstark President and Chief EVP, Chief Executive Officer Financial Officer 3
Slide 4: Company Overview
Company Overview Geographic Footprint Representative Utility Customers Operating Footprint Gas Locations (53 Locations) Electric Locations (35 Locations) Other (1 Location) Business Mix (1) Other (2) Revenue Revenue by by Customer Segment(1) Type Notes: 1. Based on fiscal three months ended March 30
Slide 5: Investment Highlights
Investment Highlights Who We Are Compelling Investment Drivers » 115+ years of operating history and a track record of delivering world-class safety and quality performance A leading North » Scalable platform with extensive North American footprint supporting profitable American utility delivery of
Slide 6: Strategic Focus Areas
Strategic Focus Areas Underpinned by world-class safety performance, an agile, customer-focused approach, and top-tier execution PRIORITIES ACTION ITEMS Harness Collective Strength » Initiated a strategic business development review in late » Foster a growth mindset and leverage company-wide 2024, w
Slide 7: 1Q 2025 Results Overview
1Q 2025 Results Overview Notable Drivers Impacting 1Q 2025 » Non-union Electric revenues +42% year-over-year, driven by higher crew counts and work hours in the core business; segment gross margin increased to 11.9% versus 2.9% in 1Q24 $550.1 $24.2 • Non-union Storm Restoration revenues increased $1
Slide 8: Commercial Highlights
Commercial Highlights Financial Metrics Notable Awards New MSAs ($257MM) 2.2x $1.2B » Large, multi-year award to provide essential grid resiliency for an Total electric utility in the Southwest Book to Bill » Two awards for a new utility client geography in the Pacific Bookings Northwest for gas inf
Slide 9: 1Q 2025 vs. 2024
1Q | 2025 vs. 2024 ($MM, except per share amounts) 1Q 2025 1Q 2024 YOY GAAP Metrics Revenue $ 550.1 $ 528.0 Net Loss Attributable to Common Stock $ (17.9) $ (25.1) Diluted Loss Per Share $ (0.20) $ (0.35) Non-GAAP Metrics(1) Adjusted EBITDA $ 24.2 $ 20.2 Adjusted Net Loss $ (10.5) $ (14.4) Adjusted
Slide 10: 1Q2024 vs. 1Q2025 Key Differences
1Q | 1Q2024 vs. 1Q2025 Key Differences Revenue ($ in millions) Year-over-year drivers include: favorable impact unfavorable impact Revenues • ~$22.1 million - Total increase Primarily driven by • $66 million – Increased volumes on Non- Union Electric MSAs and Union Electric bids • $29 million – Decr
Slide 11: Revenue & Gross Profit By Segment 1Q2024 – 1Q2025
Revenue & Gross Profit By Segment 1Q2024 – 1Q2025 11
Slide 12: Leverage Overview
Leverage Overview Net Debt ($MM)(1) Net Debt to Adj. EBITDA Ratio (1)(2) Notes: 1. These are non-GAAP measures and as such, may not be comparable to a similarly titled measure of other companies. Please refer to the appendix to this presentation for the most comparable GAAP financial measure, and in
Slide 13: Affirm 2025 Outlook
Affirm 2025 Outlook FY 2025 FY 2025 Adj. Net Capex Revenue (MM) EBITDA (MM)(1) (MM)(2) $2,600 - $2,800 $240 - $275 $65 - $80 Major assumptions underpinning outlook (3): » Gas: modest growth, margins improve to approximate historical average » Core Electric: double-digit growth in Non-Union crew coun
Slide 14: Near Term Strategic Priorities
Near Term Strategic Priorities » Enhance business predictability through robust forecasting and organizational accountability » Implement structured business development approach to drive long-term, profitable growth » Optimize equipment sourcing, fleet management, and working capital » Enhance gas
Slide 15: Appendix
Appendix THINK AHEAD »
Slide 16: Use of Non-GAAP Measures
Use of Non-GAAP Measures We prepare and present our financial statements in accordance with GAAP. However, management believes that EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Net Debt to Adjusted EBITDA ratio, Free Cash Flow, Adjusted Net Loss, and Adjusted Diluted Loss per Share, all of which
Slide 17: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation $mm 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 Net (loss) income $ (25.2) $ 11.7 $ (3.6) $ 10.3 $ (17.9) Net interest deductions 24.1 22.6 23.9 19.9 17.9 Income tax (benefit) expense (20.8) (0.5) 21.8 2.9 (13.1) Depreciation expense 27.7 27.7 26.5 26.8 27.6 Amortization of int
Slide 18: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation $mm 1Q2024 1Q2025 Net cash provided by operating activities $ (26.5) $ 16.7 Less: Net capital expenditures: Capital expenditures (26.3) (24.4) Proceeds from sale of property and equipment 1.6 1.2 Net capital expenditures (24.6) (23.2) Free cash flow $ (51.1) $ (6.5) Not
Slide 19: Net Debt Reconciliation
Net Debt Reconciliation $mm (except Net Debt to Adj. EBITDA ratio) 4Q2024 1Q2025 Debt Current portion of long-term debt $ 30.0 $ 28.9 Current portion of finance lease liabilities 9.3 8.6 Long-term debt, net of current portion 730.3 724.7 Line of credit 113.5 97.8 Finance lease liabilities, net of cu
Slide 20: Adjusted Net Loss
Adjusted Net Loss $mm 1Q2024 1Q2025 Net loss $ (25.2) $ (17.9) Separation-related costs — 1.6 Strategic review costs 3.9 — Severance costs 4.5 — Amortization of intangible assets 6.7 6.7 Non-cash stock-based compensation (0.6) 1.6 Income tax impact of adjustments (1) (3.6) (2.5) Adjusted Net Loss $
Slide 21: 19820 North 7th Avenue, #120 • Phoenix, Arizona 85027 • investors@centuri.com investors@centuri.com Centuri.com
19820 North 7th Avenue, #120 • Phoenix, Arizona 85027 • investors@centuri.com investors@centuri.com Centuri.com 21