Slide 1: Q4 2025 Earnings Presentation
Q4 2025 Earnings Presentation © 2026 Granite Construction. All Rights Reserved.
Slide 2: Safe Harbor
Safe Harbor Any statements contained in this presentation that are priorities, including long term net leverage ratio and our Due to the inherent risks and uncertainties associated not based on historical facts, including statements aggregate reserves and resources constitute forward- with our forwa
Slide 3: Strategic Update – Driving Growth and Delivering Shareholder Value
Strategic Update – Driving Growth and Delivering Shareholder Value Solidify and Bolster EXPAND & Expand Into New DISCIPLINED Core Competencies INVESTING IN ACQUISITIONS TO and Strengths MATERIALS BUSINESS TRANSFORM Geographies EXPAND & STRENGTHEN PROJECT SELECTION • Highly selective project pursuits
Slide 4: Construction Segment
Construction Segment ◼ Bid Build CAP History ◼ Best Value • CAP increased $632M sequentially to new Granite $7.0 ◼ Design Build $6.3 2% record of $7.0B ◼ Other $5.5 $5.3 1% 3% 3% $4.5 2% 4% 1% 3% 3% 48% • Q4’25 revenue accelerated as expected despite 5% 47% 42% some project delays and wet weather im
Slide 5: Materials Segment
Materials Materials Segment Segment • Delivered organic top and bottom-line growth and expanded footprint through acquisitions • Materials reserves more than doubled over the past five years, serving as a strong foundation for margin expansion • Expect to grow Southeast platform through distribution
Slide 6: Q4 & FY 2025 Results
Q4 & FY 2025 Results Q4 2025 FY 2025 Total Revenue Total Revenue $1,165 M $4,424 M + 19% YOY +10% YOY Construction Revenue Construction Revenue $940 M $3,655 M + 15% YOY + 7% YOY Materials Revenue Materials Revenue $225 M $769 M + 44% YOY + 30% YOY Adjusted Net Income Adjusted Net Income $65 M $276
Slide 7: 2026 Guidance and 2027 Financial Targets
2026 Guidance and 2027 Financial Targets 6%- 8% Organic CAGR & Revenue Several Acquisitions Annually Adjusted EBITDA Margin $4.9B - $5.1B 2027 Target 12.5%-14.5% Free Cash Flow Margin* 6.5% - 8.5% 12%-13% 2026 2027 Annual 2026 Guidance includes CAPEX of approximately $140M to $160M, SG&A as a percen
Slide 8: Concluding Remarks
Concluding Remarks • Strong 2025 performance demonstrates the strength of our people and ability to deliver sustainable, long- term value creation • New record CAP fueled by public market opportunities; Expect CAP to continue to grow in 2026 • Private markets, such as rail and commercial site develo
Slide 9: Appendix
Appendix The tables below contain financial information calculated other We also provide materials segment cash gross profit, materials alternatives for, our reported results prepared in accordance than in accordance with U.S. generally accepted accounting segment cash gross profit and cash gross pr
Slide 10: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation 1) We define EBITDA as GAAP net income attributable to Granite, adjusted for net interest expense, taxes, depreciation, depletion and amortization. Adjusted EBITDA and adjusted EBITDA margin exclude the impact of other costs, net, stock-based compensation and loss on d
Slide 11: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation 1) The tax effect of adjusting items was calculated using our estimated annual statutory tax rate. The tax effect of adjusting items for the fiscal year ended December 31, 2025 excludes $9 million of acquisition costs in Other costs, net that were non-tax deductibl
Slide 12: Materials Segment Product Line Information
Materials Segment Product Line Information NM - not meaningful 1) The Aggregate product line includes aggregates, barge delivery and recycled materials. The Asphalt product line includes asphalt concrete and liquid asphalt. External revenue includes freight and delivery costs that we pass along to o
Slide 13: Materials Segment Product Line Information
Materials Segment Product Line Information NM - not meaningful 1) The Aggregate product line includes aggregates, barge delivery and recycled materials. The Asphalt product line includes asphalt concrete and liquid asphalt. External revenue includes freight and delivery costs that we pass along to o
Slide 14: Materials Segment Product Line Information
Materials Segment Product Line Information NM - not meaningful 1) The Aggregate product line includes aggregates and recycled materials. The Asphalt product line includes asphalt concrete and liquid asphalt. External revenue and average selling price include freight and delivery costs that we pass a
Slide 15: Thank you. Questions?
Thank you. Questions? © 2026 Granite Construction. All Rights Reserved.
Slide 16: Where We Work
Where We Work © 2026 Granite Construction. All Rights Reserved. 16
Slide 17: Founded in 1922, Headquartered in Watsonville, CA, NYSE: GVA
• Founded in 1922 • Headquartered in Watsonville, CA • Publicly traded since 1990, NYSE: GVA • One of the largest diversified, vertically integrated civil contractors and construction materials producers in the U.S. • Geographically diverse public and private client base • Thoughtful project pursui
Slide 18: Our Markets & Customers
Our Markets & Customers Granite serves customers in both public and private sectors within our reportable business segments: Construction and Materials. Our expertise allows us to provide infrastructure solutions in a range of markets as a diversified civil contractor and materials producer. ENR | E
Slide 19: Home Market Strategy a Key Differentiator
Home Market Strategy a Key Differentiator Client Centric Focus Home Market Community Engagement Market Intelligence & Insight Blended Project Portfolio Owner and Regulator Relationships Readily Available Resources We will focus on home markets where these attributes exist, among others. With these a
Slide 20: Vertical Integration Empowers Home Markets
Vertical Integration Empowers Home Markets Why Vertical Integration? » Compete in markets where owning materials is necessary External AGG Sales External HMA Sales » Maximize productivity and scheduling Aggregate Production HMA Production Construction » Ensure quality materials Operations » Leverage
Slide 21: Investment Framework Supports Long-term Growth
Investment Framework Supports Long-term Growth SUPPORT & Solidify and Bolster EXPAND & Expand Into New Core Competencies STRENGTHEN and Strengths TRANSFORM Geographies INVESTMENT CATEGORIES INVESTMENT CATEGORIES Strengthen & Bolt-on: Civil Automation VI Expansion & Platforms Expand Home Construction
Slide 22: High-Quality CAP with Risk-adjusted Procurement Types
Bid-Build Procurement High-Quality CAP with • Project duration typically several months to 3 years Risk-adjusted Procurement Types • Traditional method with owners preparing the design and construction and transportation management plans • Contractors compete on a competitive low-bid process • Proje
Slide 23: Materials Segment Results
Materials Segment Results Pricing (Internal and External Sales) Volume (Internal and External Sales) Average Selling Price* Q4’24 Q4’25 YOY FY’24 FY’25 YOY Sales Volume Q4’24 Q4’25 YOY FY’24 FY’25 YOY (per ton) Change Change (tons) Change Change Aggregates $15.69 $18.67 19.0% $15.98 $17.63 10.3% Agg
Slide 24: Capital Allocation Priorities
Capital Allocation Priorities 1 Maintain current level of dividend 2 Support business operations via maintenance capex (1.5% - 2.0% of annual revenue) 3 Focused growth capex and M&A to drive growth and efficiencies 4 Target 2.5x long-term net leverage ratio 5 Opportunistic share repurchase when cash