Slide 1: 2nd Quarter 2025 Earnings Presentation
2nd Quarter 2025 Earnings Presentation August 6th, 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) Revenue by Customer Type Notes: 1. Based on fiscal six months ended June 29, 2025 4 2. Includes clean energy p
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, c
Slide 7: 2Q 2025 Results Overview
2Q 2025 Results Overview Notable Drivers Impacting 2Q 2025 » Non-Union Electric revenues +24% YoY; meaningful margin improvement in core business • Core electric revenues +51% YoY, driven by an increase in $724.1 $17.0 MSA volumes (higher crew count + work hours) Revenue Storm Restoration » Union El
Slide 8: Commercial Highlights
Commercial Highlights Operating Metrics(1) Notable Awards New MSAs ($244MM) 2.3x $BB $1.8 » Expansion in Midwest with long-standing combination utility customer Book to Bill(3) Total NewBookings Awards » Scope expansion into additional operating areas with a gas utility in the Northeast MSA Renewals
Slide 9: 2Q 2025 vs. 2024
2Q | 2025 vs. 2024 ($MM, except per share amounts) 2Q 2025 2Q 2024 GAAP Metrics Revenue $ 724.1 $ 672.1 Net Income Attributable to Common Stock $ 8.1 $ 11.7 Diluted Earnings Per Share $ 0.09 $ 0.14 Non-GAAP Metrics(1) Adjusted EBITDA $ 71.8 $ 68.6 Adjusted Net Income $ 16.9 $ 17.0 Adjusted Diluted E
Slide 10: 2Q 2024 vs. 2Q 2025 Key Differences
2Q | 2Q2024 vs. 2Q2025 Key Differences Revenue ($ in millions) Year-over-year drivers include: favorable impact unfavorable impact Revenues • ~$52.0 million — Total increase Primarily driven by • $33 million — Increased Core Union Electric revenue due to new bid projects • $46 million — Increased Co
Slide 11: Revenue & Gross Profit By Segment 2Q2024 – 2Q2025
Revenue & Gross Profit By Segment 2Q2024 – 2Q2025 11
Slide 12: Leverage Overview
Leverage Overview Net Debt ($MM)(1) Net Debt to Adj. EBITDA(2) Ratio (1) 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: 2025 Outlook: Raising Revenue Guidance
2025 Outlook: Raising Revenue Guidance FY 2025 FY 2025 Adj. Net Capex Revenue (B) EBITDA (MM)(1) (MM)(2) $2.7b - $2.85b $250m-$270m $75m-$90m $2.6b - $2.8b Prev. $240m - $275m Prev. $65m - $80m Prev. Major assumptions underpinning outlook(3): » Gas: modest growth, margins improve to closer to histor
Slide 14: Strategic Priorities
Strategic Priorities » Enhance business predictability through robust forecasting and organizational accountability » Execute structured business development approach to drive long-term, profitable growth » Optimize equipment sourcing, fleet management, and working capital » Enhance gas business per
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 Income, and Adjusted Diluted Earnings per Share, all of
Slide 17: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation $mm 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 Net income (loss) $ 11.7 $ (3.6) $ 10.3 $ (17.9) $ 8.1 Net interest deductions 22.6 23.9 19.9 17.9 18.2 Income tax expense (benefit) (0.5) 21.8 2.9 (13.1) 6.2 Depreciation expense 27.7 26.5 26.8 27.6 27.5 Amortization of intangibl
Slide 18: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation $mm 2Q2024 2Q2025 Net cash used in operating activities $ (56.6) $ (27.7) Less: Net capital expenditures: Capital expenditures (20.3) (20.8) Proceeds from sale of property and equipment 2.6 1.4 Net capital expenditures (17.7) (19.4) Free Cash Flow $ (74.2) $ (47.1) Note
Slide 19: Net Debt Reconciliation
Net Debt Reconciliation $mm (except Net Debt to Adj. EBITDA ratio) 1Q2025 2Q2025 Debt Current portion of long-term debt $ 28.9 $ 28.1 Current portion of finance lease liabilities 8.6 7.9 Long-term debt, net of current portion 724.7 718.4 Line of credit 97.8 172.2 Finance lease liabilities, net of cu
Slide 20: Adjusted Net Income
Adjusted Net Income $mm 2Q2024 2Q2025 Net income $ 11.7 $ 8.1 Separation-related costs — 1.6 Strategic review costs (1.9) — Severance costs 2.2 — Amortization of intangible assets 6.7 6.7 Other professional fees — 1.4 Non-cash stock-based compensation 0.1 2.2 Income tax impact of adjustments (1) (1.
Slide 21: Adjusted Diluted Earnings Per Share
Adjusted Diluted Earnings Per Share 2Q2024 2Q2025 Diluted earnings per share attributable to common stock (GAAP as reported) $ 0.14 $ 0.09 Separation-related costs — 0.02 Strategic review costs (0.02) — Severance costs 0.03 — Other professional fees — 0.02 Amortization of intangible assets 0.07 0.07
Slide 22: Centuri contact details
19820 North 7th Avenue, #120 • Phoenix, Arizona 85027 • investors@centuri.com Centuri.com 22