Slide 1: Fourth Quarter and Year End 2025 Earnings
Fourth Quarter and Year End 2025 Earnings MARCH 19, 2026
Slide 2: Disclaimer
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 Company Overview Chief Executive Officer CHAD PLOTKIN 02 Financial Results Chief Financial Officer 03 Wrap-Up Appendix: Reconciliation to Non-GAAP Financial Measures 2
Slide 4: Company Overview
01 Company Overview 3
Slide 5: Safety Is Our Priority
SAFETY IS OUR PRIORITY BEST-IN-CLASS PERFORMANCE 0.48 0.19 Total Recordable Lost Time Incident Rate(1) Incident Rate(1) 70% 62% Below Industry Below Industry Average(2) Average(3) Track record of safe operations increases customer loyalty 1) Last twelve months December 31, 2025 2) BLS. Power and Com
Slide 6: Market Dynamics and Drivers
MARKET DYNAMICS AND DRIVERS Accelerating Investment in Data Centers and Reshoring of Manufacturing Is Driving Unprecedented Load Growth Which Has Created Tremendous Demand for New Power Generation Current Market Dynamics Digital infrastructure and manufacturing Nearly 3x increase in average solar an
Slide 7: SOLV Energy Overview
SOLV ENERGY OVERVIEW Who We Are Completed and Managed Project Locations Leading Provider of Infrastructure Life Cycle Services to Lind WA; 2 Gaston SalemOR; OR; 33 Sheridan Sandy OR; Gervais OR; OR; 33Woodburn3 Madras OR; OR; 3 OR; Salem 2 Madras 3 OR; 3 BendMadras OR; 3 OR;Prineville 1 Prineville t
Slide 8: Full Lifecycle Service Offering
FULL LIFECYCLE SERVICE OFFERING DESIGN & BUILD MONITOR, MAINTAIN & UPGRADE Engineering Equipment Construction Commissioning Monitoring and Corrective Procurement Preventative Maintenance Maintenance & Upgrades ▪ Modeling ▪ SBOS(1) ▪ Civil (including drilling ▪ Trackers ▪ 24/7 Remote monitoring ▪ Exp
Slide 9: SOLV Energy Value Proposition
SOLV ENERGY VALUE PROPOSITION SOLV Provides Comprehensive Lifecycle Management Services over the Life of the Project and Beyond New Construction Existing Infrastructure EPC Services O&M Services We Build “35-Year Annuities” Receive 40%+ of the Spend… Illustrative Unit Economics for a Typical PV + BE
Slide 10: Embedded Revenue Opportunity
EMBEDDED REVENUE OPPORTUNITY… SOLV’s existing O&M customers are expected to spend approximately $7.4 billion on PMs, CMs and inverter replacements over the life of their projects Embedded Revenue Opportunity in SOLV’s Current “Installed Base”(1) ($ in billions over a 35-year life) $1.3 $7.4 Potentia
Slide 11: ...That Continues to Grow
…THAT CONTINUES TO GROW SOLV GWs Under Management Operating Utility-Scale Solar and Storage Projects(1) (Gigawatts DC) (Gigawatts AC) 2024 to 2034 ~2.2 X 3.8X GROW TH GROW TH 580 20+ 9 151 2020 December 31, 2025 2024 2034 3.8x increase in operating GWs that will need to be ~2.2x increase in GWs mana
Slide 12: Our Growth Strategy
OUR GROWTH STRATEGY 01 Focus on the fastest growing segments of the market → >200 MW solar and BESS 02 Grow the O&M business to build recurring revenues 03 Leverage existing capabilities to expand into new markets 04 Harness innovation to grow faster and increase margins 05 Make strategic acquisitio
Slide 13: Financial Results
02 Financial Results 12
Slide 14: Q4 & FY25 Financial Results
Q4 & FY25 FINANCIAL RESULTS ($ in millions, where applicable) REVENUE NET INCOME(1) Year-Over-Year Highlights: ▪ Fourth Quarter: $2,490 $149 $1,848 Revenue up 80% Adj. EBITDA up 89% $794 $441 $36 $10 $10 ▪ Full Year: 4Q24 4Q25 FY 2024 FY 2025 4Q24 4Q25 FY 2024 FY 2025 Revenue up 35% Adj. EBI
Slide 15: Excellent Near-Term Visibility
EXCELLENT NEAR-TERM VISIBILITY Backlog Growth Total Backlog by Contract Type as of ($ in billions) December 31, 2025 (% of Backlog) $8.0 4% 3% 25% $8.0B $4.3 68% December 31, 2024 December 31, 2025 Signed Backlog: Signed Backlog: EPC Contracts & LNTP Agreements O&M Agreements 100% of backlog as of D
Slide 16: 2026 Outlook & IPO Summary
2026 OUTLOOK & IPO SUMMARY ($ in millions, where applicable) INITIATING 2026 FINANCIAL GUIDANCE KEY FINANCIAL GOALS AND OBJECTIVES Revenue $3,720 - $3,820 • Deliver on financial targets Gross Profit $580 – $620 • Execute on accretive growth to expand service offerings • Drive ongoing professionaliza
Slide 17: Wrap-Up
03 Wrap-Up 16
Slide 18: Key Investment Considerations
KEY INVESTMENT CONSIDERATIONS Positioned to Benefit from Growth in …Through a Leading Pure-play …With a Business Model That U.S. Power Infrastructure… Power EPC… Supports Long-Term Growth U.S. load projected to grow 28% over the Focused exclusively on infrastructure 45% larger revenue opportun
Slide 19: Appendix
Appendix 18
Slide 20: Reconciliation to Non-GAAP Financial Measures
RECONCILIATION TO NON-GAAP FINANCIAL MEASURES Adjusted EBITDA $ in thousands 2024 2025 4Q FY 4Q FY Net income attributable to controlling interests $ 9,781 $ 9,922 $ 35,535 $ 149,183 Interest expense (net of interest income) 11,088 50,793 11,045 45,574 Provision for income taxes (399) 598 1,801 3,64