Slide 1: Primoris Services Corporation 3Q 2025 Earnings
Primoris Services Corporation 3Q 2025 Earnings November 4, 2025
Slide 2: Notice to Investors
Notice to Investors This presentation contains forward-looking statements within the meaning of the federal securities laws. These statements give the current expectations of the Company’s management. Words such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”
Slide 3: 3Q 2025 Highlights
3Q 2025 Highlights Record quarterly revenue, operating income and earnings Record Utilities backlog of nearly $6.6 billion driven by increase in demand, particularly power delivery Operating cash flow up over $100 million year-to-date compared to the prior year Raising full year 2025 earnings guidan
Slide 4: 3Q 2025 Financial Summary
3Q 2025 Financial Summary ($ thousands, except per share amounts) 3Q 2025 3Q 2024 GAAP Metrics Revenue $ 2,178,422 $ 1,649,086 +32.1% Net Income $ 94,617 $ 1.07 +61.9% Diluted EPS $ 1.73 $ 1.07 +61.5% Non-GAAP Metrics Adjusted EBITDA $ 168,691 $ 127,731 +32.1% Adjusted Net Income $ 103,095 $ 66,669
Slide 5: Backlog Summary at 9/30/2025
Backlog Summary at 9/30/2025 Total Backlog by Segment Total Backlog ($M) $11,865 $12,000 $11,386 $11,494 $11,063 $10,000 $6,095 $5,025 $4,103 $5,539 40% $8,000 $6,000 60% $4,000 $6,469 $6,960 $5,771 $5,847 $2,000 $0 Q4 2024 Q1 2025 Q2 2025 Q3 2024 Energy Utilities MSA Fixed • MSA backlog growth driv
Slide 6: 3Q 2025 vs. 3Q 2024 Segment Results
3Q 2025 vs. 3Q 2024 Segment Results $ in thousands Corporate % of % of % of and non- 3Q 2025 Utilities Segment Energy Segment Consolidated Consolidated allocated Revenue Revenue Revenue costs Revenue $ 737,473 $ 1,485,726 $ (44,777) $ 2,178,422 Gross Profit $ 86,033 11.7% $ 149,681 10.1% $ 235,714 1
Slide 7: Driving Revenue Predictability and Monitoring SG&A
Driving Revenue Predictability and Monitoring SG&A Annual Master Service Agreement Revenue SG&A Expense as % of Revenue $2.5 $2.4 $2.3 $7.5 $7.5 7.0% $2.1 $7.0 6.6% $2.0 $6.5 6.4% $6.4 $2.0 $6.0 6.1% $5.7 $1.6 $5.5 5.8% 6.0% $1.5 $1.4 $1.4 $5.0 6.0% % of Revenue $ Billions $4.4 $ Billions $4.5 5.8%
Slide 8: 2025 Guidance
2025 Guidance As of November 4, 2025 Increased Full Year 2025 Earnings Per Full Year Effective Tax Rate: Share (“EPS”): ̶ Approximately 28.5% ̶ $4.75 to $4.95 per diluted share Q4 2025 Capital Expenditures: Increased Full Year 2025 Adjusted EPS: ̶ $15 million to $20 million ̶ $5.35 to $5.55
Slide 9: Reg G Reconciliation
Reg G Reconciliation P= Primoris
Slide 10: Reconciliation of Adjusted Net Income & Adjusted EPS
Schedule 1: Reconciliation of Adjusted Net Income & Adjusted EPS 3Q 2025 vs. 3Q 2024 Adjusted Net Income & Adjusted EPS Primoris defines Adjusted Net Income as net income (loss) adjusted for certain items including, (i) non‐cash stock‐based compensation expense; (ii) transaction/integration and rela
Slide 11: Reconciliation of EBITDA & Adjusted EBITDA
Schedule 2: Reconciliation of EBITDA & Adjusted EBITDA 3Q 2025 vs. 3Q 2024 EBITDA and Adjusted EBITDA Primoris defines EBITDA as net income (loss) before interest, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for certain items including, (i) non‐cash sto
Slide 12: Reconciliation of Non-GAAP Forecasted Guidance
Schedule 3: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2025 Adjusted Net Income Forecast & EPS to Adjusted EPS for the year ending December 31, 2025 The following table sets forth a reconciliation of the forecasted GAAP net income to Adjusted Net Income and EPS to Adjusted EPS for the
Slide 13: Reconciliation of Non-GAAP Forecasted Guidance
Schedule 4: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2025 Adjusted EBITDA Forecast for the year ending December 31, 2025 The following table sets forth a reconciliation of the forecasted GAAP net income to Adjusted Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA)