Slide 1: Spring 2025 Investor Presentation
Spring 2025 Investor Presentation
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements contained herein that are not statements of historical or current fact constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and 21E of the Securities Exchange Act of 1934. These statements may be identif
Slide 3: Investment highlights
• ~94% of all paved roads in the U.S. are surfaced with asphalt(2) & require maintenance, on average every ~10 years. • Strategically positioned to win recurring, asphalt-driven projects let to contract by public and private customers • Meaningful population and business migration to Sunbelt region,
Slide 4: A Family of Companies
A Family of Companies 4 5 4 5 Ardmore, OK Milan, TN January 20250 May 20250 x } r ‘\ Austin, TX Raleigh, NC tonesrar —- November 2024” FRED SMITH COMPANY january 20110 q PAVING J r ‘\ WIREGRASS Dothan, AL Greenville, SC CONSTRUCTION — December 2002” October 2021 L y, r ‘\ Tallahassee, FL Valdosta, G
Slide 5: An Enduring Growth Story
An Enduring Growth Story Supported by sustained demand and recurring funding sources Founded in 2001 with a Simple, 3-Point Thesis: @ ... Sunbelt focus on asphalt-led D+ 10-15 Years infrastructure projects through local Average Road Gradew WY°1G (Or Routine Road markets with recurring revenue source
Slide 6: Same Proven Strategy
Same Proven Strategy an) wy Recurring Public & Private Revenue Short Duration, Low-Risk Projects KA »~ Multiple Avenues for Growth in Fragmented Industry Page 6
Slide 7: Vertical integration enhances supply chain control and ability to capture margin
Vertical integration enhances supply chain control and ability to capture margin
Slide 8: Strong Infrastructure Funding
Strong Infrastructure Funding Federal Aid Funding! IA $0.8 $0.8 [ Exension | $3.4 5 5 Extension 2.4 $1.0 =O $58.1 $58.8 $60.1 $60.3 $62.7 $47.1 FY21 FY22 FY23 FY24 FY25 FY26 Federal-Aid Highways - Highway Trust Fund Federal-Aid-Highways - General Fund mI Advance Appropriations ™ BUILD/RAISE DOT Gran
Slide 9: Local Markets & Workforce
Local Markets & Workforce Favorable Local Market Dynamic * Local market knowledge and relationships provides competitive moat * Hiring and retention advantage as a local operator building jobs where our employees live * Flexibility to optimize utilization of crews & equipment within adjacent markets
Slide 10: Public and private end markets served
• Highways • Highways • Data Centers • Residential • Airports • Airports • Distribution • Shopping • Municipal • Municipal Centers Centers Roads Roads • Warehouses • Office Parks • Residential • Residential • Retail Roads Roads Businesses • Parking Lots • Industrial Sites
Slide 11: Vertical Integration Driving Higher Margin Profile
Vertical Integration Driving Higher Margin Profile Aggregate Liquid Hot-Mix Asphalt Paving Production Asphalt Production Services (v) (v) (v) ss a sl Reduces Captures Value Boosts Volatility Flexibility Maintains Control of Supply Chain Enhances Margins Optionality in Supplier Agreements CPI y 7 | P
Slide 12: Multiple Avenues for Growth in Fragmented Industry
Multiple Avenues for Growth in Fragmented Industry . . + Paving crews Lea] = Expansion of services, ian ip Or anic or facilities in existing Utilities crews oA ey ~3x Multiple of markets * Grading crews _ EBITDA * Facility upgrades Fal q Woy) ( Establishment of 7 manufacturing facility Gr eentield t
Slide 13: Adjusted EBITDA margin progression
• • • • • • • • 8.4% 11.0% 12.1% 13.2%
Slide 14: Financial Performance
Fiscal Year Returns Financial Performance MME Revenue $2.8bn = Adj. EBITDA === Adj, EBITDA Margin® $1.82bn $1.56bn $1.3bn , 15% 11% 12% 9% $420mm $141mm $174mm 221mm FY22 FY23 FY24 FY25E” Contract Backlog (bn) $2.66 $2.84 $1.96 $1.52 $1.59 $1.60 $1.62 $1.79 $1.86 / Q2 FY23 Q3 FY23 O4 FY23 Q1 FY24 Q2
Slide 15: Q2 FY25 Results
Q@2 FY25 Results OA. CPI y 7 | Revenuel!) +54% Growth — a Q2FY24 Q2FY25 Adj. EBITDA) +130% Growth $69mm $30mm Q2FY24 Q2FY25 (1) FY25 represents ranges of management guidance for fiscal year 2025. Net Income!) +500% Growth $4mm Q2FY24 QoFY25 ($1)mm Adj. EBITDA Margin) +51% Growth 12% 8% Q2FY24 Q2FY25
Slide 16: FY25 Outlook
FY25 Outlook Revenuel!) Net Income!) +55% | Midpoint Growth +72% | Midpoint Growth $2.77-2.83bn 06-117mm 1 | FY24A FY25E” FY24A FY25E” “ah CPI MOB (1) FY25€ represents ranges of management guidance for fiscal year 2025, Page 16
Slide 17: FY25 Outlook
FY25 Outlook Sena Adjusted EBITDA?! Margin +27% | Midpoint Growth +96% | Midpoint Growth 14,8-15.2% $410-430m is 1 12.1% FY24A FY25E” (1) FY25 represents ranges of management guidance for fiscal year 2025. GPT 2) Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. For a recon
Slide 18: A Family of Companies
A of Companies YF cnsrverin INC. 7 | A LEADING INFRASTRUCTURE COMPANY CYR CONTRACTING, INC. V WIREGRASS CONSTRUCTION COMPANYING. & FRED SMITH COMPANY. CONSTRUCTION ROBINSON PAVINGCO.
Slide 19: Appendix
alix Appen
Slide 20: Risk Management Framework
Risk Management Framework Key Risk Management Principles Contract Structure — (_ Commodity Risk ——_Y * Focus on short-duration, low-risk, repeatable paving projects * Labor flexibility allows CPI to leverage the same crews for both private and public projects, with the ability to quickly pivot Compl
Slide 21: Strong Cash Flow Conversion Model
Strong Cash Flow Conversion Model Investing in Growth Adjusted EBITDA,,, Stable and growing cash flow base with reoccurring revenue sources. Progressing © Maintenance Capex (3.25% of Revenue) back to double-digit EBITDA margins. oO Interest Predictable maintenance capital requirements on existing as
Slide 22: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted EBITDA represents net income before, as applicable from time to time, (i) interest expense, net, (ii) provision (benefit) for income taxes, (iii) depreciation, depletion, accretion and amortization, (iv) share-based compensation expense, (v) loss on the extinguis
Slide 23: Fiscal Year Q2 2025 Reconciliation
Fiscal Year Q2 2025 Reconciliation (Unaudited, in thousands, except percentages) Net income Interest expense, net Provision for income taxes Depreciation, depletion, accretion and amortization Share-based compensation expense Transformative acquisition expenses Adjusted EBITDA Revenues Adjusted EBIT
Slide 24: Fiscal Year 2025 Outlook Reconciliation
Fiscal Year 2025 Outlook Reconciliation (Unaudited, in thousands, except percentages) Net income Interest expense, net Provision for income taxes Depreciation, depletion, accretion and amortization Share-based compensation expense Transformative acquisition expenses Adjusted EBITDA Revenues Adjusted
Slide 25: LTM Q2 '25 Reconciliation
LTM @2 ‘25 Reconciliation (Unaudited, in thousands, except percentages) For the Last Twelve Months Ended March 31, 2025 Net income $ 61,380 Interest expense, net 50,479 Provision for income taxes 20,825 Depreciation, depletion, accretion and amortization 117,406 Share-based compensation expense 18,0
Slide 26: Fiscal Years '22 - '24 Reconciliation
Fiscal Years ‘22 - ’24 Reconciliation (Unaudited, in thousands, except percentages) For the Fiscal Year Ended September 30 2024 2023 2022 Net income $ 68,935 $ 49,001 $ 21,376 Interest expense, net 19,071 17,346 7,701 Provision for income taxes 23,161 16,403 6,915 Depreciation, depletion, accretion
Slide 27: Contact
CPI y 7 | hi ome) Rick Black CONSTRUCTION INC. Page 27