Dycom Industries, Inc. · NYSE:DY
Dycom Industries — Q1 2026 Earnings Presentation
32 slides from Dycom Industries's earnings presentation, May 2025
Slide 1: Investor Presentation
Investor Presentation May 2025
Slide 2: Important Information
Important Information Caution Concerning Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the 1995 Private Securities Litigation Reform Act. These forward-looking statements include those related to the outlook for the fiscal year ending January
Slide 3: Who We Are
Who We Are Leading provider of Nationwide Significant scale Durable customer specialty contracting footprint with $4.7 Billion relationships with well services to the established, leading 15,000+ employees of contract revenues & telecommunications across field offices $576 Million telecommunications
Slide 4: Servicing all Aspects of the Telecommunications Market
Servicing all Aspects of the Telecommunications Market Program Management Dycom Industries is a Engineering leading provider of specialty contracting services to the telecommunications infrastructure Wireline and Wireless Construction and utility industries throughout the United States with 90%+ of
Slide 5: Financial Highlights
Financial Highlights Delivered strong revenue growth and margin expansion “Dycom’s strong fourth Fiscal Fiscal quarter and fiscal year 2025 2024 Y/Y results reflect the Contract Revenues $4,702.0 $4,175.6 12.6% successful execution of Organic Revenue Growth1 6.8% our strategy and our Adjusted EBITDA
Slide 6: Strong Secular Demand for High-Speed Connectivity
Strong Secular Demand for High-Speed Connectivity Dramatically increased speeds for consumers are being provisioned and consumer data usage is growing • In 4Q24, the percentage of users consuming 1 TB or more Provisioned Speed Tiers Weighted Average Data per month increased to 24.3% of Broadband Sub
Slide 7: Sustainable Growth Backed by Multiple Industry Drivers
Sustainable Growth Backed by Multiple Industry Drivers Increasing amounts of capital in the industry for the deployment and operation of high-capacity telecommunications and digital infrastructure Multi-Year Capital Commitments for Fiber-to-the-Home Deployments Increasing Demand for Fiber Infrastruc
Slide 8: Key Driver: Fiber-to-the-Home
Key Driver: Fiber-to-the-Home Increasing consumer demand for bandwidth continues to drive fiber deployments • Private capital estimated to U.S. Homes fund fiber deployments that Fiber First Passings ultimately address ~80% of In Millions homes in the U.S. Approx. 148M Total Homes* 150 • Certain urba
Slide 9: Key Driver: Fiber Infrastructure to Support AI-Enabled DC Growth
Key Driver: Fiber Infrastructure to Support AI-Enabled DC Growth Increasing demand for fiber infrastructure to support AI-enabled data center growth • In 2025, MAMAA* is set to invest $320 billion in CapEx, primarily fueling AI infrastructure. This marks a $100 billion increase from last year, under
Slide 10: Key Driver: State and Federal Spending on Communications Infrastructure
Key Driver: State and Federal Spending on Communications Infrastructure Government programs are providing unprecedented levels of capital for rural deployments More than Select US Government Programs: State Broadband Programs $90 billion Substantial state level broadband expansion programs, ~$20 bil
Slide 11: Local Credibility, National Capability
Local Credibility, National Capability Dycom combines local knowledge with national reach Our Companies Corporate headquarters Subsidiary headquarters Field location 11
Slide 12: Durable Customer Relationships
Durable Customer Relationships Increased revenues across a diverse set of customers demonstrates the depth and breadth of our business serving well-established investment grade customers Dycom’s Total Revenues $ Millions 12
Slide 13: Stable Revenue Base Anchored by Long-Term Agreements
Stable Revenue Base Anchored by Long-Term Agreements FY 2025 Revenue by Contract Type Backlog1 $ billions • Dycom is party to hundreds of MSA’s and other agreements with customers that extend for periods of one or more years • Generally multiple agreements maintained with each customer • Master Serv
Slide 14: Capital Allocated to Maximize Returns
Capital Allocated to Maximize Returns Dycom is committed to maximizing its long-term returns through prudent capital allocation Fiscal 2015 – Fiscal 2025 Invest in Organic Growth Focus on organic growth opportunities through strategic capital investments in the business Pursue Complementary Acquisit
Slide 15: Financial Update
Financial Update
Slide 16: Annual Trends
Annual Trends Contract Revenues Non-GAAP Adjusted EBITDA $4,702 $4,176 $576 $3,808 11.6%? FY 2023, FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 mnt Non-GAAP Adjusted EBITDA —=#=Non-GAAP Adjusted EBITDA % Contract Revenue Growth %? Non-GAAP Adjusted Diluted EPS $8.44 $6.78? 21.7% $4.74 > y 21.7% 9.6% 12.6
Slide 17: Quarterly Trends
Quarterly Trends Contract Revenues giraz_ $1203 $1,272 $1,259 $1,085 ; | L l lJ : 12025 922025 Q32025 Q42025 Q12026 $1,042 $1136 Q22024 Q32024 42026 $ Millions Non-GAAP Adjusted EBITDA 1437 $183 $131 $ Millions $131 Q22024 © Q32024 — Q42024 912025 mes Non-GAAP Adjusted EBITDA Q22025 Q32025 _Q42025 9
Slide 18: Debt and Liquidity Overview
Debt and Liquidity Overview Debt maturity profile and strong liquidity position provide financial flexibility Debt Summary Q1 2026 Q4 2025 $ Millions 4.50% Senior Notes, mature April 2029 $ 500.0 $ 500.0 Senior Credit Facility, matures January 2029:5 Term Loan Facility 450.0 450.0 Revolving Facility
Slide 19: Cash Flow Overview
Cash Flow Overview Capital allocation prioritizes organic growth, followed by M&A and opportunistic share repurchases, within the context of the Company’s historical range of net leverage Cash Flow Summary Q1 2026 Q1 2025 $ Millions Operating Cash Flow Operating cash flow $ (54.0) $ (37.4) $ Million
Slide 20: Outlook slide used May 21, 2025 for Q1 call
This slide was used on May 21, 2025 in connection with the Company’s conference call for its fiscal 2026 first quarter results. This information is provided for your reference only and should not be interpreted as a reiteration of these projections by the Company at any time after the date originall
Slide 21: Outlook slide used May 21, 2025 for Q1 call
This slide was used on May 21, 2025 in connection with the Company’s conference call for its fiscal 2026 first quarter results. This information is provided for your reference only and should not be interpreted as a reiteration of these projections by the Company at any time after the date originall
Slide 22: Non-GAAP Reconciliations
= Non-GAAP Reconciliations
Slide 23: Explanation of Non-GAAP Financial Measures
Explanation of Non-GAAP Financial Measures The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). In the Company’s quarterly results releases, trend schedules, conference calls, slide presentations, and webcasts, it may use or discuss Non-G
Slide 24: Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures Quarterly Non-GAAP Organic Contract Revenues2 Unaudited Revenues Impacts of a $ Millions Growth % Contract from change order and Non-GAAP - Revenues - acquired closeout of Organic Non-GAAP - Quarter Ended GAAP busine
Slide 25: Reconciliation of Non-GAAP Financial Measures (continued)
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures (continued) Annual Non-GAAP Organic Contract Revenues2 Unaudited Revenues Impacts of a $ Millions Growth % Contract from change order and Non-GAAP - Revenues - acquired closeout of Organic Non-GAAP - Fiscal Year Ende
Slide 26: Reconciliation of Non-GAAP Financial Measures (continued)
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures (continued) Quarterly Non-GAAP Adjusted EBITDA Unaudited $ Millions Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Ended Ended Ended Ended Ended Ended Ended Ended April 26, January 25, October 26, Ju
Slide 27: Reconciliation of Non-GAAP Financial Measures (continued)
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures (continued) Annual Non-GAAP Adjusted EBITDA Unaudited $ Millions Fiscal Year Fiscal Year Fiscal Year Ended Ended Ended January 25, January 27, January 28, 2025 2024 2023 Net income $ 233.4 $ 218.9 $ 142.2 Interest ex
Slide 28: Reconciliation of Non-GAAP Financial Measures (continued)
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures (continued) Quarterly Non-GAAP Adjusted Net Income Unaudited $ and Shares Millions, Except EPS Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter Ended Ended Ended Ended Ended Ended Ended Ended April 26,
Slide 29: Reconciliation of Non-GAAP Financial Measures (continued)
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures (continued) Annual Non-GAAP Adjusted Net Income Unaudited $ and Shares Millions, Except EPS Fiscal Year Fiscal Year Fiscal Year Ended Ended Ended January 25, 2025 January 27, 2024 January 28, 2023 Net income $ 233.4
Slide 30: Reconciliation of Non-GAAP Financial Measures (continued)
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures (continued) Calculation of Cumulative Cash Flows Fiscal 2015 through Fiscal 2025 Unaudited $ Millions Total Amount Provided by Net Cash Capital Borrowings (Used in) Other Provided by Expenditures, net Cash Paid for a
Slide 31: Notes
Notes 1. The Company’s backlog represents an estimate of services to be performed pursuant to master service agreements and other contractual agreements over the terms of those contracts. These estimates are based on contract terms and evaluations regarding the timing of the services to be provided.
Slide 32: The People Connecting America
® The People Connecting America