Centuri Holdings, Inc. · NYSE:CTRI
Centuri — Q3 2026 Earnings Presentation
36 slides from Centuri's earnings presentation, Nov 5, 2026
Slide 1: Investor Presentation
Investor Presentation November 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 Energy Transition Infrastructure Natural Gas Infrastructure Power Generation RNG / LNG Large Diameter Broadband/5G Distribution and Substation Small Cell Transmission Compression Emergency Data Centers Response Battery Water Utility-scale City
Slide 5: Comprehensive Capabilities & Expertise
Comprehensive Capabilities & Expertise Electric Natural Gas Energy Transition Underground Emergency Response Infrastructure Infrastructure Infrastructure Infrastructure and Storm Restoration » Overhead Transmission » Distribution and Transmission » Power Generation » Horizontal Directional Drilling
Slide 6: Q3 2026 Results & Highlights
Q3 2026 Results & Highlights Key Results Q3 2026 Highlights Revenue $1.2 B Record quarterly Revenue, up 40% year-over-year Gross Profit $113 MM Record quarterly Gross Profit, up 45% year-over-year Gross Profit Margin 9.5% Gross Profit Margin of 9.5%, up from 7.2% in Q2 2026 $73 MM Adjusted E
Slide 7: Q3 2026 Commercial Highlights
Q3 2026 Commercial Highlights Summary New Award Highlights New Bid Work (~$445 MM) ~$730MM » Data center tenant mechanical improvement Total Bookings » High pressure gas pipeline upgrade » Electric transmission line rebuild in the Southeast $100MM $630MM New / Growth MSAs (~$185 MM) MSA Renewals New
Slide 8: Bookings Momentum
Bookings Momentum Bookings MSAs 2024 2025 Q3 2026 YTD » Approximately $2 billion of MSA renewals expected in Q4 2026 MSA Renewals $0.6B $2.1B $1.3B » Multi-decade relationships with investment grade, blue-chip utility New MSAs(1) - $0.9B $0.6B customers New Bid Work $0.6B $1.5B $1.0B Estimated Billi
Slide 9: Foundation for Growth
Foundation for Growth Backlog of $6.2B Coverage(2) at each Year-End » 5% increase year-over-year Derisking business performance through » 66% Gas / 34% Electric greater annual coverage » 81% MSA / 19% Bid Work » $4.4MM average bid work value 20%+ increase in year-over-year coverage ~$19B Opportunity
Slide 10: Focused Strategy on Margin Expansion
Focused Strategy on Margin Expansion 12% – 15% Driven by pricing and project selectivity, higher-margin bid work, fleet Incremental Gross Profit Margin Target efficiency and mitigating first quarter seasonality POSITIONING FOR MARGIN GROWTH Capital Efficiency • Pricing aligned to the 50/50 lease vs
Slide 11: 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 Low ~2x range • Optimize asset utilization & useful life • Supply chain efficiencies • Impr
Slide 12: Financial Outlook
Financial Outlook 2026 Outlook Preliminary 2027 Targets » Deliver high-growth while maintaining lower » Mid-teens Revenue risk profile percent growth » Capture end-market growth through core capabilities » 8.5% to 9% Gross » Allocate capital to expand scale & scope Profit Margin » Full-year Guidance
Slide 13: Investment Highlights
Investment Highlights Lower Risk Profile Through Contract World-Class Mix & Size 115+ Years Safety and Operating Performance History Track Agile and Record ~$19B Efficient Opportunity Operating Pipeline Companies Multi- Extensive Decade Footprint Secular Across Tailwind North Blue-Chip America Utili
Slide 14: Appendix
Appendix 14 14
Slide 15: Supplemental Materials
Supplemental Materials 15 15
Slide 16: JJ White Acquisition
JJ White Acquisition Deal Summary JJ White is a leading provider of union industrial mechanical » ~$58MM all-cash acquisition closed in July 2026 and electrical maintenance and construction services across power generation, industrial, datacenters, and other industrial » Expands scale of Union Elect
Slide 17: Data Center Opportunities
Data Center Opportunities Summary Data Center Scopes of Works » Directly transferable skills and service offerings » Aggregate award value to date of ~$370MM » ~40 data center opportunities in the pipeline with aggregate value of ~$4.9 billion Data Center Capabilities Power Core Building Mechanical
Slide 18: 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-$180MM 32% 32% 40%
Slide 19: Earnings Materials
Earnings Materials 19 19
Slide 20: Q3 | 2026 vs. 2025
Q3 | 2026 vs. 2025 ($MM, except per share amounts) Q3 2026 Q3 2025 $ Change % Change GAAP Metrics Total Revenue, Net $ 1,192.0 $ 850.0 $ 342.0 40.2 % Gross Profit 113.4 78.0 35.4 45.4 % Net Income Attributable to Common Stock 26.9 2.1 24.8 1,180.1 % Diluted Earnings Per Share 0.27 0.02 0.25 1,250.0
Slide 21: Q3 2026 YTD vs. Q3 2025 YTD
Q3 2026 YTD vs. Q3 2025 YTD ($MM, except per share amounts) Q3 2026 YTD Q3 2025 YTD $ Change % Change GAAP Metrics Total Revenue, Net $ 2,877.2 $ 2,124.2 $ 753.0 35.5 % Gross Profit 218.3 166.1 52.2 31.4 % Net Income (Loss) Attributable to Common Stock 23.4 (7.8) 31.2 NM Diluted Earnings (Loss) Per
Slide 22: Revenue & Gross Profit By Segment Q3 2025 – Q3 2026
Revenue & Gross Profit By Segment Q3 2025 – Q3 2026 Revenues by Segment ($MM) Gross Profit by Segment ($MM) ($MM) Q3 2026 Q3 2025 $ Change % Change Non-Union Electric $ 15.2 $ 10.6 $ 4.6 43 % Union Electric 31.4 19.5 11.9 61 % Canadian Operations 19.3 16.2 3.1 19 % U.S. Gas 47.5 31.7 15.8 50 % Total
Slide 23: Project Case Studies
Project Case Studies Visit www.centuri.com/capabilities for more information and additional project case studies 23 23
Slide 24: Natural Gas Infrastructure
Natural Gas Infrastructure Kokomo Fusion Project System Upgrade for Reliable Energy Project (SURE) Indiana Maine Installed an 18-mile natural gas pipeline to power a $2.5 billion EV battery Served as primary contractor for a 14-year natural gas distribution system plant for a long-term utility custo
Slide 25: Electric Infrastructure
Electric Infrastructure Flatiron to Estes Park Transmission Line Rebuild Aries Linden Biosolids Gasification Plant Colorado New Jersey Rebuilt a 16-mile transmission line between Flatiron Reservoir and Estes Constructed a biosolids gasification plant near Linden, New Jersey, that Park, replacing two
Slide 26: Distributed Power & Data Center
Distributed Power & Data Center Connecting to Data Center Alley Andover BESS Project Maryland New Jersey Installed 16 miles of fiber conduit connecting a Maryland data center to Installed a 20 MWh Battery Energy Storage System for a global technology Northern Virginia’s Data Center Alley. company's
Slide 27: Non-GAAP Measures & Reconciliations
Non-GAAP Measures & Reconciliations 27 27
Slide 28: 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 EBIT, Adjusted EBIT, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBIT Margin, Adjusted Net Income, Adjusted Diluted Earnings per share ("Adjusted EPS"), Free Cash
Slide 29: Use of Non-GAAP Measures (continued)
Use of Non-GAAP Measures (continued) Using EBIT, Adjusted EBIT, and Adjusted EBITDA as performance measures has material limitations as compared to net income (loss), or other financial measures as defined under GAAP, as they exclude certain recurring items, which may be meaningful to investors. The
Slide 30: EBIT, Adjusted EBIT, and Adjusted EBITDA Reconciliation
EBIT, Adjusted EBIT, and Adjusted EBITDA Reconciliation $mm Q3 2026 Q3 2026 YTD Q3 2025 Q3 2025 YTD Net income (loss) $ 26.9 $ 23.6 $ 2.1 $ (7.7) Interest expense, net 13.2 37.8 26.2 62.3 Income tax expense 21.8 20.2 7.9 1.0 EBIT $ 62.0 $ 81.6 $ 36.2 $ 55.6 Non-cash stock-based compensation 2.2 8.5
Slide 31: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation $mm Q3 2026 Q3 2026 YTD Q3 2025 Q3 2025 YTD Net cash (used in) provided by operating activities $ (27.6) $ (42.6) $ 5.2 $ (5.8) Less: Net capital expenditures: Capital expenditures (22.6) (70.8) (23.6) (68.7) Proceeds from sale of property and equipment 19.9 22.5 2.1 4.
Slide 32: Net Debt to Adjusted EBITDA Ratio Reconciliation
Net Debt to Adjusted EBITDA Ratio Reconciliation $mm (except Net Debt to Adj. EBITDA Ratio) Q3 2026 Q3 2025 Debt Current portion of long-term debt $ 16.3 $ 34.3 Current portion of finance lease liabilities 6.6 7.4 Long-term debt, net of current portion 609.1 797.6 Line of credit 178.6 95.8 Finance l
Slide 33: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation $mm Q3 2026 Q3 2026 YTD Q3 2025 Q3 2025 YTD Net Income (loss) $ 26.9 $ 23.6 $ 2.1 $ (7.7) Separation-related costs — — 2.3 5.5 Strategy implementation costs 1.0 2.7 — — Severance costs 3.7 3.7 — — Amortization of intangible assets 8.1 23.6 6.7 20.0 Other profession
Slide 34: Adjusted EPS Reconciliation
Adjusted EPS Reconciliation Q3 2026 Q3 2026 YTD Q3 2025 Q3 2025 YTD Diluted earnings (loss) per share attributable to common stock $ 0.27 $ 0.23 $ 0.02 $ (0.09) Separation-related costs — — 0.03 0.06 Strategy implementation costs 0.01 0.03 — — Severance costs 0.04 0.04 — — Other professional fees 0.
Slide 35: Adjusted Revenue and Adjusted Gross Profit Reconciliation
Adjusted Revenue and Adjusted Gross Profit Reconciliation $mm Q3 2026 YTD Q3 2025 YTD Total revenue, net $ 2,877.2 $ 2,124.2 Add: City of Chicago reversal 9.0 — Adjusted Revenue $ 2,886.2 $ 2,124.2 $mm Q3 2026 YTD Q3 2025 YTD Gross profit $ 218.3 $ 166.1 Add: City of Chicago reversal 9.0 — Adjusted
Slide 36: 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 36