Centuri Holdings, Inc. · NYSE:CTRI
Centuri — Q4 2025 Earnings Presentation
37 slides from Centuri's earnings presentation, Feb 25, 2026
Slide 1: Investor Presentation
Investor Presentation February 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: 2025 Results & Highlights
2025 Results & Highlights Key Results 2025 Highlights Revenue $3B Robust growth fueled by $13 billion Opportunity Pipeline Achieved company record annual Revenue Increased Backlog by 59% to $5.9 billion (2) Base Gross Profit 35% Growth(1) Base Gross Profit Completed full separation from former
Slide 7: 2025 Commercial Highlights
2025 Commercial Highlights Summary New Award Highlights New Bid Work (~$1.5B) ~$4.5B » Natural gas steel pipe replacement project for existing Midwest customer (PHMSA Gas Mega Rule-driven) Total Bookings » Additional work scopes for data center campus projects in the Northeast » EPC contract for an
Slide 8: Bookings Momentum
Bookings Momentum Bookings MSAs 2024 2025 2026 YTD(2) » 100% renewal rate MSA Renewals $0.6B $2.1B $0.8B » Multi-decade relationships with investment grade, blue-chip utility customers New MSAs(1) - $0.9B $0.1B New Bid Work $0.6B $1.5B $0.2B Estimated Billing Timeline(3) Total Bookings $1.2B $4.5B $
Slide 9: Foundation for Growth
Foundation for Growth Record Backlog of $5.9B Double-Digit Growth in 2026 » 59% increase from YE 2024 » 71% Gas / 29% Electric 2026 Guidance Range Anticipated New Award $3.15B - $3.45B Wins in 2026 » 82% MSA / 18% Bid Work » $3.8MM average bid work value Anticipated MSA Renewals in 2026 ~$13B Opport
Slide 10: Leverage and Capital Efficiency
Leverage and Capital Efficiency Net Debt to Adj EBITDA(1) Ratio Capital Efficiency » Enhance equipment & fleet management • Nearly all equipment was purchased prior to 2025 • Targeting 50/50 lease vs buy • Optimize asset utilization & useful life • Supply chain efficiencies • Improve free cash flow
Slide 11: 2026 Outlook & Financial Guidance
2026 Outlook & Financial Guidance 2026 Outlook 2026 Financial Guidance Base Revenue and Base Gross Profit do not include contributions from storm » Deliver high-growth while maintaining lower restoration services, which are unpredictable. Management believes these non- GAAP measures are more suitabl
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 ~$140MM » 20+ data center opportunities in the pipeline with aggregate value of $1.4 billion Data Center Capabilit
Slide 16: Connect Acquisition
Connect Acquisition Deal Summary Connect Atlantic Utility Services (Connect) is a leading provider of maintenance, construction, and storm services to » ~$58MM all-cash acquisition closed in November 2025 electric utilities and renewable developers in the Atlantic Canada provinces » Immediately accr
Slide 17: 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% Funding
Slide 18: 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 19: Earnings Materials
Earnings Materials THINK AHEAD »
Slide 20: Q4 2025 Commercial Highlights
Q4 2025 Commercial Highlights Summary Notable New Awards ~$814MM Strategic Bids (~$368MM) Total Bookings » Natural gas storage and compression facility » Comprehensive pipeline and compressor station upgrade » Multi-year pipeline replacement project in a major urban $60MM $754MM center » Major subst
Slide 21: 2025 vs. 2024 Financial Summary
2025 vs. 2024 Financial Summary ($MM, except per share amounts) 2025 2024 $ Change % Change GAAP Metrics Total Revenue, Net $ 2,982.8 $ 2,637.2 $ 345.6 13.1 % Gross Profit 246.6 220.7 25.9 11.7 % Net Income (Loss) Attributable to Common Stock 22.4 (6.7) 29.1 (433.1)% Diluted Earnings (Loss) Per Shar
Slide 22: 2025 vs. 2024 Key Differences
2025 vs. 2024 Key Differences Revenue and Base Revenue (1) ($ in millions) Year-over-year drivers include: favorable impact unfavorable impact Revenues • ~$346 million — Total increase • ~$442 million— Base increase Primarily driven by (2) – $115 million — Higher gas revenue due to increased MSA vol
Slide 23: Base Revenue & Base Gross Profit By Segment
Base Revenue & Base Gross Profit By Segment 2024 – 2025 (1)(2) (1)(2) (1) Base Revenue, Base Union Electric Revenue, Base Non-Union Electric Revenue, Base Gross Profit, Base Union Electric Gross Profit and Base Non-Union Electric Gross Profit are non-GAAP measures and as such, may not be comparable
Slide 24: Project Case Studies
Project Case Studies Visit www.centuri.com/capabilities for more information and additional project case studies 24 24
Slide 25: 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 26: 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 27: 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 28: Non-GAAP Measures & Reconciliations
Non-GAAP Measures & Reconciliations 28 28
Slide 29: 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, Adjusted Diluted Earnings per Share, Base Reven
Slide 30: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation $mm 4Q2025 3Q2025 2Q2025 1Q2025 4Q2024 3Q2024 2Q2024 1Q2024 Net income (loss) $ 30.4 $ 2.1 $ 8.1 $ (17.9) $ 10.3 $ (3.6) $ 11.7 $ (25.2) Interest expense, net 16.1 26.2 18.2 17.9 19.9 23.9 22.6 24.1 Income tax (benefit) expense (9.0) 7.9 6.2 (13.1) 2.9 21.8 (0.5) (20.8
Slide 31: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation $mm 2025 2024 Net cash provided by operating activities $ 78.1 $ 158.2 Less: Net capital expenditures: Capital expenditures (86.3) (99.3) Proceeds from sale of property and equipment 44.0 10.0 Net capital expenditures (42.4) (89.4) Free Cash Flow $ 35.7 $ 68.9 Note: Cer
Slide 32: Net Debt Reconciliation
Net Debt Reconciliation Note: Certain totals may not foot due to rounding (1) To calculate Adjusted EBITDA for the last twelve months ended September 28, 2025, we sum Adjusted EBITDA for the last four fiscal quarters. 32 (2) This Net Debt to Adjusted EBITDA ratio may differ slightly from the net lev
Slide 33: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation $mm 4Q2025 4Q2024 2025 2024 Net income (loss) $ 30.4 $ 10.3 $ 22.7 $ (6.8) Separation-related costs — — 5.5 — Strategic review costs — — — 2.0 Severance costs — 0.8 — 8.0 Amortization of intangible assets 7.2 6.7 27.3 26.6 Securitization facility transaction fees —
Slide 34: Adjusted Diluted Earnings Per Share Reconciliation
Adjusted Diluted Earnings Per Share Reconciliation 4Q2025 4Q2024 2025 2024 Diluted earnings (loss) per share attributable to common stock $ 0.32 $ 0.12 $ 0.25 $ (0.08) Separation-related costs — — 0.06 — Strategic review costs — — — 0.02 Severance costs — 0.01 — 0.10 Amortization of intangible asset
Slide 35: Base Revenue Reconciliation
Base Revenue Reconciliation $mm 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 Base Revenue Union Electric Revenue, Net $ 236.1 $ 214.5 $ 182.2 $ 175.5 $ 193.8 $ 171.7 $ 164.2 $ 163.9 Less: Storm Restoration Services (1.7) (1.5) (3.5) (1.6) (9.3) (6.7) (6.1) (7.5) Revenue Base Union
Slide 36: Base Gross Profit Reconciliation
Base Gross Profit Reconciliation $mm 4Q 2025 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 Base Gross Profit Union Electric Gross Profit $ 24.4 $ 19.5 $ 15.4 $ 11.8 $ 19.1 $ 15.4 $ 12.1 $ 11.4 Less: Storm Restoration Services (0.5) (0.4) (0.6) (0.2) (2.9) (2.0) (1.4) (1.6) Gross Profit Bas
Slide 37: Centuri.com
19820 North 7th Avenue, #120 • Phoenix, Arizona 85027 • investors@centuri.com Centuri.com 37