Centuri Holdings, Inc. · NYSE:CTRI
Centuri — Q1 2026 Earnings Presentation
35 slides from Centuri's earnings presentation, May 7, 2026
Slide 1: Investor Presentation
Investor Presentation May 2026 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: Company Overview
Company Overview Who We Are Representative Utility Customers Centuri (NYSE: CTRI) is a strategic infrastructure services company that partners with regulated utilities and energy providers to help build and maintain the energy network that powers millions of homes and businesses across the United St
Slide 4: Infrastructure Services Overview
Infrastructure Services Overview Electric Infrastructure Distributed Power Natural Gas Infrastructure Power Large Generation RNG / LNG Diameter Distribution Battery Storage Distribution Substation City Gate Emergency and Response Data Centers Transmission Utility-scale End User Compression Transmiss
Slide 5: Comprehensive Capabilities & Expertise
Comprehensive Capabilities & Expertise Electric Natural Gas Distributed Power, Underground Emergency Response Infrastructure Infrastructure Renewable & Industrial Infrastructure and Storm Restoration » Transmission » Distribution » Data Centers » Water » Emergency Response » Distribution » HDD, Unde
Slide 6: Q1 2026 Results & Highlights
Q1 2026 Results & Highlights Key Results Q1 2026 Highlights Revenue $723 MM Revenue up 31% year-over-year Base Gross Profit(1) 96% Base Revenue up 29% year-over-year (1) Growth Trailing 12-months Base Gross Profit up 76% year-over-year Gross Profit Margin(1) 8.0% Adjusted year EPS of $(0.02)
Slide 7: Q1 2026 Commercial Highlights
Q1 2026 Commercial Highlights Summary New Award Highlights New Bid Work (~$0.25B) ~$1.33B » Substation installation work for a data center Total Bookings » Mechanical work for a data center » 46-mile pipeline retrofit program in the Midwest » Electrical replacement line work in the Southeast » Sever
Slide 8: Bookings Momentum
Bookings Momentum Bookings MSAs 2024 2025 Q1 2026 » ~100% renewal rate MSA Renewals $0.6B $2.1B $0.90B » Multi-decade relationships with investment grade, blue-chip utility customers New MSAs(1) - $0.9B $0.18B New Bid Work $0.6B $1.5B $0.25B Estimated Billing Timeline(2) Total $1.2B $4.5B $1.33B 202
Slide 9: Foundation for Growth
Foundation for Growth Record Backlog of $6.5B Double-Digit Growth in 2026 » 44% increase year-over-year 2026 Guidance Range $3.15B - $3.45B Anticipated New Award » 66% Gas / 34% Electric Wins in 2026 » 85% MSA / 15% Bid Work Anticipated MSA Renewals in 2026 » $3.9MM average bid work value Bid Work i
Slide 10: Leverage and Capital Efficiency
Leverage and Capital Efficiency Net Debt to Adj. EBITDA(1) Ratio Capital Efficiency » Fleet management program established • Nearly all equipment was purchased prior to 2025 • Now targeting 50/50 lease vs buy • Optimize asset utilization & useful life • Supply chain efficiencies • Improve free cash
Slide 11: 2026 Outlook & Financial Guidance
2026 Outlook & Financial Guidance 2026 Outlook 2026 Financial Guidance Base Revenue(1) and Base Gross Profit(1) do not include contributions from » Deliver high-growth while maintaining lower storm restoration services, which are unpredictable. Management believes these non-GAAP measures are more su
Slide 12: Investment Highlights
Investment Highlights Lower Risk Profile Through Contract World-Class Mix & Size 115+ Years Safety and Operating Performance History Track Agile and Record ~$13B Efficient Opportunity Operating Pipeline Companies Multi- Extensive Decade Footprint Secular Across Tailwind North Blue-Chip America Utili
Slide 13: Appendix
Appendix THINK AHEAD »
Slide 14: Supplemental Materials
Supplemental Materials 14 14
Slide 15: Data Center Opportunities
Data Center Opportunities Summary Data Center Scopes of Works » Directly transferable skills and service offerings » Awarded work at several data center sites • Aggregate award value of ~$170MM » 20+ data center opportunities in the pipeline with aggregate value of ~$1 billion Data Center Capabiliti
Slide 16: Fleet Funding Mix
Fleet Funding Mix In 2025, Centuri initiated a balanced funding approach for fleet investments to improve free cash flow generation and provide additional balance sheet flexibility. Long-term funding goal of 50% Lease and 50% Buy. 2024 2025 2026E Fleet Investment $89MM $135MM $150-$180MM 32% 32% 32%
Slide 17: Storm and Emergency Restoration Services
Storm and Emergency Restoration Services Summary Storm Restoration Revenue » Key capability and service offering for utility customers » Generates strong gross profit margins » Services focused on bringing customers’ above- ground electric utility infrastructure back online » Opportunity for increas
Slide 18: Earnings Materials
Earnings Materials THINK AHEAD »
Slide 19: Q1 | 2026 vs. 2025
Q1 | 2026 vs. 2025 ($MM, except per share amounts) Q1 2026 Q1 2025 $ Change % Change GAAP Metrics Total Revenue, Net $ 723.2 $ 550.1 $ 173.1 31.5 % Gross Profit 35.8 20.3 15.4 75.9 % Net Loss Attributable to Common Stock (9.5) (17.9) 8.4 NM Diluted Loss Per Share (0.09) (0.20) 0.11 NM Non-GAAP Metri
Slide 20: Q1 2026 vs. Q1 2025 Key Differences
Q1 2026 vs. Q1 2025 Key Differences Revenue and Base Revenue (1) ($ in millions) Year-over-year drivers include: favorable impact unfavorable impact Revenues • ~$173 million — Total increase • ~$157 million — Base increase Primarily driven by • $87 million — Higher gas revenue due to increased MSA a
Slide 21: Base Revenue & Base Gross Profit By Segment Q1 2025 – Q1 2026
Base Revenue & Base Gross Profit By Segment Q1 2025 – Q1 2026 (1)(2) Base Gross Profit by Segment (1)(2) ($MM) Q1 2026 Q1 2025 $ Change % Change Non-Union Electric $9.5 $10.5 $(1.0) (9%) Union Electric 17.2 11.6 5.5 47% Canadian Operations 7.7 7.1 0.6 9% U.S. Gas (6.3) (14.9) 8.5 NM Total $28.0 $14.
Slide 22: Project Case Studies
Project Case Studies Visit www.centuri.com/capabilities for more information and additional project case studies 22 22
Slide 23: Natural Gas Infrastructure
Natural Gas Infrastructure Feeder Line Natural Gas Project | Utah Bridge Street Bridge Gas Upgrade | Massachusetts Long-term partnership with a Utah utility to replace aging natural gas Upgraded and relocated a critical natural gas line across an active pipelines and ensure reliable energy delivery
Slide 24: Electric Infrastructure
Electric Infrastructure 115kV Transmission Line Rebuild | Colorado 69kV Substation Interconnect | Arizona Rebuilt 3.5 miles of transmission line between two substations serving Built a new substation interconnect for a copper mine, expanding the Denver metro area, increasing grid reliability and cap
Slide 25: Distributed Power & Data Center
Distributed Power & Data Center Continued RNG Growth | New Jersey Connecting to Data Center Alley | Maryland Constructed a renewable natural gas facility that captures landfill Installed 16 miles of fiber conduit connecting a Maryland data center to gas and converts it into usable energy, reducing m
Slide 26: Non-GAAP Measures & Reconciliations
Non-GAAP Measures & Reconciliations 26 26
Slide 27: 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 (Loss), Adjusted EPS, Base Revenue, Base Union E
Slide 28: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation $mm Q1 2026 Q1 2025 Net loss $ (9.5) $ (17.9) Interest expense, net 12.4 17.9 Income tax benefit (7.8) (13.1) Depreciation expense 27.4 27.6 Amortization of intangible assets 7.8 6.7 EBITDA $ 30.3 $ 21.0 Non-cash stock-based compensation 2.2 1.6 Separation-related cost
Slide 29: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation $mm Q1 2026 Q1 2025 Net cash (used in) provided by operating activities $ (35.0) $ 16.7 Less: Net capital expenditures: Capital expenditures (20.2) (24.4) Proceeds from sale of property and equipment 1.6 1.2 Net capital expenditures (18.6) (23.2) Free Cash Flow $ (53.6)
Slide 30: Net Debt Reconciliation
Net Debt Reconciliation $mm (except Net Debt to Adj. EBITDA Ratio) Q1 2026 Q1 2025 Debt Current portion of long-term debt $ 29.7 $ 28.9 Current portion of finance lease liabilities 7.1 8.6 Long-term debt, net of current portion 609.2 724.7 Line of credit 89.7 97.8 Finance lease liabilities, net of c
Slide 31: Adjusted Net Loss Reconciliation
Adjusted Net Loss Reconciliation $mm Q1 2026 Q1 2025 Net loss $ (9.5) $ (17.9) Separation-related costs — 1.6 Amortization of intangible assets 7.8 6.7 Non-cash stock-based compensation 2.2 1.6 Income tax impact of adjustments(1) (2.5) (2.5) Adjusted Net Loss $ (2.0) $ (10.5) (1) Calculated based on
Slide 32: Adjusted EPS Reconciliation
Adjusted EPS Reconciliation Q1 2026 Q1 2025 Diluted loss per share attributable to common stock $ (0.09) $ (0.20) Separation-related costs — 0.02 Amortization of intangible assets 0.07 0.07 Non-cash stock-based compensation 0.02 0.02 Income tax impact of adjustments (0.02) (0.03) Adjusted EPS $ (0.0
Slide 33: Base Revenue Reconciliation
Base Revenue Reconciliation $mm Q1 2026 Q1 2025 Union Electric Revenue, Net $ 204.1 $ 175.5 Less: Storm Restoration Services Revenue (5.4) (1.6) Base Union Electric Revenue $ 198.7 $ 173.9 Non-Union Electric Revenue, Net $ 174.6 $ 137.1 Less: Storm Restoration Services Revenue (23.5) (16.6) Base Non
Slide 34: Base Gross Profit Reconciliation
Base Gross Profit Reconciliation $mm Q1 2026 Q1 2025 Union Electric Gross Profit $ 18.2 $ 11.8 Less: Storm Restoration Services Gross Profit (1.1) (0.2) Base Union Electric Gross Profit $ 17.2 $ 11.6 Non-Union Electric Gross Profit $ 14.8 $ 16.3 Less: Storm Restoration Services Gross Profit (5.3) (5
Slide 35: 19820 North 7th Avenue, #120 • Phoenix, Arizona 85027 • investors@centuri.com Centuri.com
19820 North 7th Avenue, #120 • Phoenix, Arizona 85027 • investors@centuri.com investors@centuri.com Centuri.com 35