Slide 1: First Quarter Fiscal 2026 Results Presentation
Fir st Q uar ter Fiscal P R E S E N T A2026 T ION Resul ts
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: Q1 2026 Highlights
Q1 2026 Highlights • Consolidated Q1 revenues increased 23% year over year with gross margin of 19% • Q1 earnings per diluted share of $1.60, up $1.02 year over year • Q1 EBITDA of $30M, or 15.6% as a percentage of revenue • Record project backlog of $1.9 billion at April 30, 2025 • Q1 backlog addit
Slide 4: Argan At-A-Glance
Argan At-A-Glance Power Industry Servic es Industrial Co nstruc tion Teleco mmunications Se rvice s Infrastructure S ervic es Building innovative power solutions for the Servicing heavy and light industrial Constructing and connecting transition to low-carbon/zero-carbon emissions: clients, particul
Slide 5: Business Segments
Business Segments Industrial Construction Telecommunications Power Industry Services Services Infrastructure Services 83% 15% 2% Q1 Revenues: $160M Q1 Revenues: $29M Q1 Revenues: $4M Pre-Tax Income: $31M Pre-Tax Income: $2M Pre-Tax Loss: $(0.1M) Revenues breakdown for quarter ended April 30, 2025 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 Solar & Battery Factories The growth of generative AI is driving the Feder
Slide 7: Enabling the Electrification of Everything
Enabling the Electrification of Everything Arga n’s Industry Drivers Industrial ba 5% ck • Growing demand for reliable and affordable lo electricity g su • Massive infrastructure replacement needed as pp decades-old power assets require urgent upgrades ort or replacements s mul • 65% jump in plant r
Slide 8: Substantial and Growing Project Backlog
Substantial and Growing Project Backlog $1.86B 2000 $2M 1800 $1.36B 1600 $3M 1400 1200 $757M $ Millions 1000 $1.8B $7M $1.3B 800 600 $619M 400 200 $128M $91M $53M 0 $3M $4M $5M FY 2024 FY 2025 Q1 2026 Telecom Industrial Power Non-RUPO • Remaining Unsatisfied Performance Obligations (“RUPO”) is a mea
Slide 9: Strong Backlog Composition
Strong Backlog Composition Project Estimated Business Segment Project Description Location Size Start Completion • Natural gas-fired combined cycle power station Trumbull Energy Center • 2 gas-fired turbines with heat recovery steam Ohio 950 MW 2022 2026 generators and one steam turbine Sandow Lakes
Slide 10: Condensed Consolidated Financial Results
Condensed Consolidated Financial Results Three Months Ended April 30, (Unaudited) ($ in millions, except per share amounts) 2025 2024 Revenues $194 $158 Gross Profit $37 $18 Gross margin % 19.0% 11.4% SG&A $13 $11 Net Income $23 $8 Diluted per share $1.60 $0.58 EBITDA $30 $12 EBITDA as a % of revenu
Slide 11: Further Strengthening Balance Sheet
Further Strengthening Balance Sheet Balance Sheet Data April 30, 2025 January 31, 2025 Cash, cash equivalents, and investments $546 M $525 M Net liquidity1 $315 M $301 M Debt --- --- Shareholders’ equity $364 M $352 M Shares outstanding 13,639,000 13,634,000 1 Total current assets minus total curren
Slide 12: Fiscal Q1 2026 Net Liquidity Bridge
Fiscal Q1 2026 Net Liquidity Bridge Flexible business model with minimal capital expenditures $350 $22.6 $9.1 ($5.1) $315.1 Given the variability of $300 $301.4 ($12.9) our cash balance due to prepayments and the $250 cash flow cycle of our Operations long-term projects, we Return of Capital Million
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 25% to $0.375 per common share during Fiscal Year 2025 - Annual dividend rate of $1.50 per common share Opportunistic share repurcha
Slide 14: Long-Term Value Creation
Long-Term Value Creation Tangible Book Value1 & Cumulative Dividends Per Share Q12026 $24.50 $15.08 FY2025 $23.62 $14.70 FY2024 $19.69 $13.35 FY2023 $18.62 $12.25 FY2022 $19.34 $11.25 FY2021 $10.25 $12.25 $18.38 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 • Well-positioned for growth with strong and diversified backlog • Multiple industry growth drivers • Strong balance sheet also supports M&A opportunities • Argan remains confident in its strategy to prom
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 April 30, ($ in thousands) 2025 2024 Net income, as reported $ 22,550 $ 7,882 Income tax expense 7,236 3,431 Depreciation 415 480 Amortization of intangible assets 98 97 EBITDA $30,299 $11,890 19