Construction Partners, Inc. · NASDAQ:ROAD
Construction Partners — Investor Day (October 2025)
65 slides from Construction Partners's investor day presentation, Oct 22, 2025
Slide 1: Analyst Day
Analyst Day October 22, 2025 , CPI y 7 |
Slide 2: Forward-Looking Statements
Forward-Looking Statements Certain statements contained herein that are not statements of historical or current fact constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and 21E of the Securities Exchange Act of 1934. These statements may be identif
Slide 3: Today's Agenda
Today’s Agenda Rick Black Welcome Investor Relations Ned Fleming Opening Remarks Founder & Executive Chairman Jule Smith The Next Mile Marker Chief Executive Officer Strong Foundations for Greg Hoffman Sustained Growth Chief Financial Officer Nelson Fleming The Route to ROAD 2030 SVP of Strategy & B
Slide 4: Opening Remarks
Opening Remarks Ned Fleming Founder & Executive Chairman
Slide 5: Road-Tested Investment Thesis
Road-Tested Investment Thesis Founded in 2001 with a Simple, 3-Point Thesis Focus on a highly Partner with experienced Offer infrastructure services fragmented industry with a operators who know how to that meet an essential and long runway of growth build a great company growing societal need oppor
Slide 6: Strong & Recurring Demand to Maintain Infrastructure
Strong & Recurring Demand to Maintain Infrastructure Large addressable market with 94% of roads made with asphalt (1) Roadways in poor condition across the U.S. with an average road grade of D+ (2) F0 D1 C2 B3 A4 Roadway system continues to deteriorate and requires regular maintenance 10-15 Years Cy
Slide 7: Growing Addressable Market
Growing Addressable Market From CPI’s founding in 2001 to 2023... U.S. lane miles increased by 8%, expanding the addressable market of roadways requiring regular maintenance (1) +8% U.S. vehicle miles traveled increased by 16%, accelerating roadway deterioration (1) +16% Average weight of U.S. manuf
Slide 8: Structural Tailwinds Driving Continued Demand
Structural Tailwinds Driving Continued Demand CPI operates in 6 of the 10 states with (1) the highest population growth in the U.S. Top-10 States by Population Growth (2020-2024) Texas 2.1mm Florida 1.8mm North Carolina 0.6mm Georgia 0.4mm Arizona 0.4mm South Carolina 0.3mm Tennessee 0.3mm Washingto
Slide 9: Experienced Leadership Team
Experienced Leadership Team Corporate Leadership Jule Smith Greg Hoffman Robert Baugnon Nelson Fleming Ryan Brooks Chief Executive Chief Financial SVP Personnel & SVP Strategy & SVP Legal Officer Officer Administration Business Development Regional Presidents Brett Armstrong Mike Crenshaw Dean Lundq
Slide 10: The Next Mile Marker
The Next Mile Marker Jule Smith Chief Executive Officer
Slide 11: Analyst Day 2023 – CPI Then
Analyst Day 2023 – CPI Then 4000+ ~60% 6 67 13 2 Employees Publicly-funded State Footprint Hot Mix Asphalt Aggregate Plants Liquid AC Terminals Project Revenue (HMA) Plants Page 11
Slide 12: ROAD-Map 2027 Achieved
ROAD-Map 2027 Achieved Adj. EBITDA Margin (2) Revenue Adj. EBITDA (2) ✓ $2.81bn $2.7-3.2bn . ✓ 15.05% . ✓ $423mm $351- 448mm . 13-14% 12.1% 11.0% $1.8bn $1.6bn +296bps $221mm +54% $173mm +92% +105bps +17% +28% FY 23A FY 24A FY 25E(1) ROAD-Map FY 23A FY 24A FY 25E(1) ROAD-Map FY 23A FY 24A FY 25E(1)
Slide 13: A Leading Infrastructure Company
a r CONSTRUCTIC ING, A LEADING INFRASTRUCTURE COMPANY
Slide 14: Analyst Day 2025 – CPI Now
Analyst Day 2025 – CPI Now 6800+ ~60% 8 109 17 3 Employees Publicly-funded State Footprint Hot Mix Asphalt Aggregate Facilities Liquid AC Terminals Project Revenue (HMA) Plants Since Oct. 2023 53 New Facilities 3 New Platforms 7 New Brands Page 14
Slide 15: Macro Environment Supporting Growth
Macro Environment Supporting Growth Migration to the Sunbelt increasing demand for both public and private construction Reshoring disproportionately to Sunbelt states driving industrial and commercial projects Historic Public Infrastructure Investment from federal, state & local governments to maint
Slide 16: Paving the Way for Opportunity
Paving the Way for Opportunity Infrastructure spending boosts employment and strengthens the economy Federal Highway Program Funding Bipartisan Support for Reauthorization $365bn ~1.0mm Estimated jobs created over (4) five years of IIJA $226bn and $82bn $90bn Impact on GDP by 2027(4) MAP-21(1) FAST
Slide 17: Same Proven Strategy
Same Proven Strategy Asphalt-centered Infrastructure Company Regionally Focused in Sunbelt Local Markets & Workforce Reoccurring Public & Private Revenue Short Duration, Low Risk Projects Multiple Avenues for Growth in Fragmented Industry Page 17
Slide 18: The CPI Way
The CPI Way Culture of the Local Company Power of the Parent Innovative Mindset Page 18
Slide 19: Growing Top and Bottom Lines
Growing Top and Bottom Lines 29% Revenue CAGR from FY 20 to FY 25 Revenue Growth Margin Expansion Building Better 1 Organic 1 Markets 2 Greenfield 2 Vertical Integration 3 Acquisitive 3 Scale Page 19
Slide 20: Margin Expansion Levers
Margin Expansion Levers • Leveraging growth to spread fixed costs over a larger revenue base • Targeting 5-10bps annual impact during ROAD 2030 Scale • Unlocking purchasing power and streamlining shared services to reduce costs • Expanding internal asphalt terminals and aggregate production to secur
Slide 21: Building Better Markets
Building Better Markets Entering the right markets with the right partners Page 21
Slide 22: Right Market, Right Partner – P&S Paving
Right Market, Right Partner – P&S Paving DeFuniak Springs The Right Market Pensacola Tallahassee Established player with dominant market share Panama City in fast-growing corridor of Florida’s East Coast Daytona The Right Partner Wildwood Strong management team led by Tim Phillips and Curtis Long, w
Slide 23: Right Market, Right Partner – Durwood Greene
Right Market, Right Partner – Durwood Greene The Right Market Houston is one of the largest and fastest- (1) growing metros in the U.S. The Right Partner Experienced third-generation management team with first-rate reputation in Houston Growth Opportunities Future organic and bolt-on acquisition opp
Slide 24: Margin Expansion Levers – Case Study
Margin Expansion Levers – Case Study Scale Eight-plant bolt on meaningfully increasing geographic reach in Houston metro, driving down unit costs and increasing margin Vertical Integration Adds significant volumes for LSP Liquid AC Terminal in Houston, capturing additional margin in paving value cha
Slide 25: ROAD 2030 – Revenue
ROAD 2030 Revenue $6.03bn +15% CAGR $3.45bn $2.81bn $1.82bn $1.56bn +23% +54% +17% (1) (3) FY 23A FY 24A FY 25E FY 26 FY 30F Outlook(2) For endnote information, refer to Appendix Page 25
Slide 26: ROAD 2030 – Adj. EBITDA Margin
ROAD 2030 Adj. EBITDA Margin (1) 17% 15.05% 15.36% +30-50bps per year 12.09% 11.04% +296bps +31bps +105bps (2) (4) FY 23A FY 24A FY 25E FY 26 FY 30F Outlook(3) For endnote information, refer to Appendix Page 26
Slide 27: ROAD 2030 – Adj. EBITDA
ROAD 2030 Adj. EBITDA (1) $1.03bn +18% CAGR $530mm $423mm $221mm +25% $173mm +92% +28% (2) (4) FY 23A FY 24A FY 25E FY 26 FY 30F Outlook(3) For endnote information, refer to Appendix Page 27
Slide 28: ROAD 2030: A Five-Year Plan to More Than Double
ROAD 2030 A Five-Year Plan to More Than Double Revenue and Adj. EBITDA Adj. EBITDA Margin (4) (4) Revenue Adj. EBITDA $6.03bn 17% $1.03bn 15.05% 15.36% $3.45bn $530mm $2.81bn $423mm (1) (3) (1) (3) (1) (3) FY 25E FY 26 (2) FY 30F FY 25E FY 26 (2) FY 30F FY 25E FY 26 (2) FY 30F Outlook Outlook Outloo
Slide 29: ROAD 2030 – Continued Execution of Proven Strategy
ROAD 2030 Big Picture 1 Continued Execution of Proven Strategy Pursue operational excellence and steady margin improvement 2 Disciplined Capital Allocation for Sustainable Growth Invest in high-return acquisitions and organic opportunities 3 Focus on Culture to Attract and Retain Workforce Core Valu
Slide 30: Strong Foundations for Sustained Growth
Strong Foundations for Sustained Growth Greg Hoffman Chief Financial Officer
Slide 31: FY 25 Results
FY 25 Results A transformational year with record results Adj. EBITDA Margin (2) (2) Revenue Adj. EBITDA $2.81bn $423mm 15.05% $1.8bn 12.1% 11.0% $1.6bn $221mm +92% +54% +296bps $173mm +17% +105bps +28% (1) (1) (1) FY 23A FY 24A FY 25E FY 23A FY 24A FY 25E FY 23A FY 24A FY 25E For endnote informatio
Slide 32: FY 26 Outlook
FY 26 Outlook Midpoint implies 16% revenue growth from closed acquisitions and 7% from organic growth Adj. EBITDA Margin (3) (3) Revenue Adj. EBITDA $3.45bn $530mm 15.05% 15.36% $2.81bn $423mm 12.1% $1.8bn +23% +31bps +25% +296bps $221mm +54% +92% +105bps +17% +28% (1) (1) (1) FY 24A FY 25E FY 26 FY
Slide 33: Robust Backlog Supporting Growth
Robust Backlog Supporting Growth 18 consecutive quarters of backlog growth Construction Project Backlog (bn) $2.94 $3.00 $2.84 $2.66 $1.86 $1.96 $1.79 $1.60 $1.62 Q4 FY23 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Page 33
Slide 34: ROAD 2030: A Five-Year Plan to More Than Double
ROAD 2030 A Five-Year Plan to More Than Double Revenue and Adj. EBITDA Adj. EBITDA Margin (4) (4) Revenue Adj. EBITDA $6.03bn 17% $1.03bn 15.05% 15.36% $3.45bn $530mm $2.81bn $423mm (1) (3) (1) (3) (1) (3) FY 25E FY 26 (2) FY 30F FY 25E FY 26 (2) FY 30F FY 25E FY 26 (2) FY 30F Outlook Outlook Outloo
Slide 35: History of Consistent Organic Growth
History of Consistent Organic Growth 8.1% average annual organic growth rate since IPO Organic Growth Percentage 8.7% 7-8% 8.4% Annual Average 6.8% FY 23A FY 24A FY 25E(1) FY 26 - FY 30 For endnote information, refer to Appendix Page 35
Slide 36: Generating Strong & Consistent Cash Flow
Generating Strong & Consistent Cash Flow Strong cash generation to fund growth initiatives Cash Flow from Operations ~$658mm Generated since 2023 75-85% of Adj. EBITDA 75-85% of Adj. EBITDA $292mm $209mm $157mm (1) (3) FY 23A FY 24A FY 25E FY 26 FY 30F Outlook(2) For endnote information, refer to Ap
Slide 37: Robust Balance Sheet Funding Growth
Robust Balance Sheet Funding Growth Gradual stepdown toward target leverage range following transformational acquisition in FY 25 (1) Net Leverage Ratio 3.17x 2.5-2.75x 1.5-2.5x 1.72x 1.81x FYE 23A FYE 24A FY 25 Q3 FYE 26 ROAD 2030 FYE 30F Outlook(2) Target (3) For endnote information, refer to Appe
Slide 38: Break
Break Page 38
Slide 39: The Route to ROAD 2030
The Route to ROAD 2030 Nelson Fleming SVP of Strategy & Business Development
Slide 40: Accelerating M&A Story
Accelerating M&A Story Differentiated Operating Model is attractive to owners and distinguishes CPI Larger Opportunity Set than ever before 35 with added geographies, name recognition, and Acquisitions Since 2020 collaborative deal-sourcing approach Eight Growth Engines with four newly added platfor
Slide 41: Long Acquisitive Runway in Core Business
Long Acquisitive Runway in Core Business M&A Runway By the Numbers (1) Privately-Owned HMA Plants (1) ~325 HMA-producing companies in these 15 states ~94% of these companies are privately-owned 1000+ Additional acquisition opportunities in vertical integration For endnote information, refer to Appen
Slide 42: Spotlight on Florida
Spotlight on Florida America’s fastest-growing state boasts the second-largest highway program • $9.7 billion in state and local Growing HMA Plant Network in Florida government awards in 2024, second- most behind only Texas(1) DeFuniak Springs Tallahassee • $7 billion of additional investment Pensac
Slide 43: Spotlight on Texas
Spotlight on Texas The Lone Star State has the most lane miles and largest transportation program in the U.S. • $17.4 billion in state and local Market Leader in “Texas Triangle” government awards in 2024, $7.7 billion Major TX Population more than second-place Florida(1) City Growth Rate(5) • ~$3 b
Slide 44: Investing in Growing Markets
Investing in Growing Markets Metropolitan Statical Area Growth(1) 35% 30% Austin, TX 25% Real GDP Growth Nashville, TN Huntsville, AL Raleigh, NC 2019-2023 20% Daytona Beach, FL Knoxville, TN Panama City, FL Myrtle Beach, SC Wilmington, NC 15% Charlotte, NC San Francisco, CA Pensacola, FL Houston, T
Slide 45: Growing Markets Fuel Organic Growth
Growing Markets Fuel Organic Growth Sunbelt capitalized on its strategic position in a high-growth corridor of a high-growth state to deliver exceptional results in its inaugural year 4-Year Population ~50% Growth Rate(1) Revenue Growth in first full year Atlanta ~66% HMA Tonnage Growth Increase in
Slide 46: Lanes of Organic Growth
Lanes of Organic Growth Disciplined approach and competitive process for allocating Growth CapEx Greenfields Crews/Services Facility Upgrades Adding facilities in strategic Adding crews and expanding Upgrading our facilities to meet locations our range of services growing demand Page 46
Slide 47: Organic Growth in Focus
Organic Growth in Focus Casey Schwager Darren Ratajski Ty Johnson Brandon Owens Greg Morisey President President President President President
Slide 48: Gastonia, NC Greenfield
Gastonia, NC Greenfield Total Investment $10.1mm Estimated Year 1 Revenue $21mm Estimated Payback Period 3.7 Years Page 48
Slide 49: North Texas Paving Crew
North Texas Paving Crew Total Investment $3.2mm Estimated Year 1 Revenue $13.9mm Estimated Payback Period 2.3 Years Page 49
Slide 50: Greenville, NC Grading Crew
Greenville, NC Grading Crew Total Investment $1.6mm Estimated Year 1 Revenue $3.25mm Estimated Payback Period 3.4 Years Page 50
Slide 51: Alabama Sand & Gravel Expansion
Alabama Sand & Gravel Expansion Total Investment $7.7mm Added Annual Throughput +170k Tons Estimated Payback Period 3.5 Years Page 51
Slide 52: Houston, TX Terminal Expansion
Houston, TX Terminal Expansion Total Investment $7.3mm Added Annual Throughput +50k Tons Estimated Payback Period 2.9 Years Page 52
Slide 53: Q&A and Closing Remarks
Q&A and Closing. Remarks CONSTRUCTION PA,
Slide 54: Appendix
Appendix
Slide 55: State & Local Governments Stepping Up
State & Local Governments Stepping Up Passed in 2022, NC HB 130 $930mm in the 2026-2030 reallocated up to 6% of sales County Improvements for $600mm tax revenues to the state $930mm Roads & Bridges (CIRB) Plan, highway fund, a measure that a 7.6% period over period is expected to contribute an incre
Slide 56: Appendix: Endnotes
Appendix: Endnotes Slide 6 (Strong & Recurring Demand to Maintain Infrastructure) (1) National Asphalt Pavement Association. Engineering. Retrieved October 18, 2025, from https://www.asphaltpavement.org/expertise/engineering (2) American Society of Civil Engineers. (2025). Report Card for America’s
Slide 57: Appendix: Endnotes Cont.
Appendix: Endnotes Cont. Slide 16 (Paving the Way for Opportunity) Cont. (4)Bonakdarpour, M., Campbell, K. A., Newport, P., & Eiseman, N. (2021, September). Economic Impacts of Transportation Infrastructure: Macroeconomic, industry and state-level impact analysis of the additional highway, bridge, a
Slide 58: Appendix: Endnotes Cont.
Appendix: Endnotes Cont. Slide 28 (ROAD 2030 Summary) (1) FY 25 represents the midpoint of management guidance for fiscal year 2025 (2) FY 26 represents the midpoint of management’s outlook for fiscal year 2026 (3) FY 30 represents the midpoint of management’s target for fiscal year 2030. Key assump
Slide 59: Appendix: Endnotes Cont.
Appendix: Endnotes Cont. Slide 36 (Generating Strong & Consistent Cashflow) (1) FY 25 represents the midpoint of management guidance for fiscal year 2025 (2) FY 26 represents a range of management’s outlook for fiscal year 2026 (3) FY 30 represents a range of management’s target for fiscal year 2030
Slide 60: Appendix: Endnotes Cont.
Appendix: Endnotes Cont. Slide 43 (Spotlight on Texas) (1) American Road & Transportation Builders Association. Airport, Bridget & Tunnel, and Highway & Pavement State & Local Govt Contract Awards. Retrieved October 18, 2025 (2) Texas Department of Transportation. Proposition 1 funding. Retrieved Oc
Slide 61: Appendix: Endnotes Cont.
Appendix: Endnotes Cont. Slide 54 (State & Local Governments Stepping Up) (1) Oklahoma Department of Transportation. (2025, July 8). Counties Across Oklahoma to Benefit from Nearly $930 Million in Road and Bridge Improvement Plan. Retrieved October 20, 2025, from https://oklahoma.gov/odot/about-us/n
Slide 62: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted EBITDA represents net income before, as applicable from time to time, (i) interest expense, net, (ii) provision (benefit) for income taxes, (iii) depreciation, depletion, accretion and amortization, (iv) share-based compensation expense, (v) loss on the extinguis
Slide 63: Net Income to Adjusted EBITDA Reconciliation
Net Income to Adjusted EBITDA Reconciliation Fiscal Years Ended September 30, 2023 and 2024 (In thousands) Fiscal Year Ended September 30, 2023 2024 Net income 49,001 68,935 Interest expense, net 17,346 19,071 Provision for income taxes 16,403 23,161 Depreciation, depletion, accretion and amortizati
Slide 64: Net Income to Adjusted EBITDA Reconciliation
Net Income to Adjusted EBITDA Reconciliation Fiscal Year 2025 Updated Outlook (Unaudited, in thousands) Fiscal Year Ended September 30, 2025 Low Midpoint High Net income $101,000 101,400 101,800 Interest expense, net 90,000 90,350 90,700 Provision for income taxes 32,600 32,750 32,900 Depreciation,
Slide 65: Net Income to Adjusted EBITDA Reconciliation
Net Income to Adjusted EBITDA Reconciliation Fiscal Year 2026 Outlook (Unaudited, in thousands) Fiscal Year Ending September 30, 2026 Low Midpoint High Net income $150,000 $152,500 $155,000 Interest expense, net 106,000 108,000 110,000 Provision for income taxes 48,500 49,250 50,000 Depreciation, de