Slide 1: Primoris Services Corporation 1Q 2025 Earnings
Primoris Services Corporation 1Q 2025 Earnings May 6, 2025
Slide 2: Notice to Investors
Notice to Investors This presentation contains forward-looking statements within the meaning of the federal securities laws. These statements give the current expectations of the Company’s management. Words such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”
Slide 3: Q1 2025 Highlights
Q1 2025 Highlights Improved Utilities margins driven by growth across all business lines and increased productivity in power delivery Record renewables revenue and increased contribution from Premier PV, battery storage and operations and maintenance Record first quarter cash flow from operations of
Slide 4: 1Q 2025 Financial Summary
1Q 2025 Financial Summary ($ thousands, except per share amounts) 1Q 2025 1Q 2024 GAAP Metrics Revenue $ 1,648,112 $ 1,412,707 Net Income $ 44,240 $ 18,943 Diluted EPS $ 0.81 $ 0.35 Non-GAAP Metrics Adjusted EBITDA $ 99,412 $ 73,758 Adjusted Net Income $ 53,536 $ 25,784 Adjusted EPS $ 0.98 $ 0.47 4
Slide 5: Backlog Summary at 3/31/2025
Backlog Summary at 3/31/2025 Total Backlog by Segment Total Backlog ($M) $11,865 $12,000 $11,261 $11,386 $10,454 $10,000 $6,095 $5,539 $5,576 $8,000 $4,867 51% 49% $6,000 $4,000 $5,587 $5,685 $5,771 $5,847 $2,000 $0 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Energy Utilities MSA Fixed • Balanced backlog betwee
Slide 6: 1Q 2025 vs. 1Q 2024 Segment Results
1Q 2025 vs. 1Q 2024 Segment Results $ in thousands Corporate % of % of % of and non- 1Q 2025 Utilities Segment Energy Segment Consolidated Consolidated allocated Revenue Revenue Revenue costs Revenue $ 563,407 $ 1,108,341 $ (23,636) $ 1,648,112 Gross Profit $ 51,578 9.2% $ 119,079 10.7% $ 170,657 10
Slide 7: Driving Revenue Predictability and Monitoring SG&A
Driving Revenue Predictability and Monitoring SG&A Annual Master Service Agreement Revenue SG&A Expense as % of Revenue $2.5 $2.4 $2.3 $7.0 10.0% $6.6 $2.1 $6.5 $6.4 $2.0 $2.0 $6.0 $5.7 9.0% $5.5 $1.6 $5.0 8.0% $1.5 $1.4 $1.4 $4.4 % of Revenue $4.5 $ Billions $ Billions $4.0 7.0% $3.5 $3.5 $1.0 $3.5
Slide 8: 2025 Guidance
2025 Guidance As of May 6, 2025 Full Year 2025 Earnings Per Share (“EPS”): Full Year Effective Tax Rate: ̶ $3.70 to $3.90 per diluted share ̶ Approximately 29% Full Year 2025 Adjusted EPS: 2025 Capital Expenditures: ̶ $4.20 to $4.40 per diluted share ̶ $90 million to $110 million ̶ Including
Slide 9: Reg G Reconciliation
Reg G Reconciliation P= Primoris
Slide 10: Reconciliation of Adjusted Net Income & Adjusted EPS 1Q 2025 vs. 1Q 2024
Schedule 1: Reconciliation of Adjusted Net Income & Adjusted EPS 1Q 2025 vs. 1Q 2024 Adjusted Net Income & Adjusted EPS Primoris defines Adjusted Net Income as net income (loss) adjusted for certain items including, (i) non‐cash stock‐based compensation expense; (ii) transaction/integration and rela
Slide 11: Reconciliation of EBITDA & Adjusted EBITDA 1Q 2025 vs. 1Q 2024
Schedule 2: Reconciliation of EBITDA & Adjusted EBITDA 1Q 2025 vs. 1Q 2024 EBITDA and Adjusted EBITDA Primoris defines EBITDA as net income (loss) before interest, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for certain items including, (i) non‐cash sto
Slide 12: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2025
Schedule 3: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2025 Adjusted Net Income Forecast & EPS to Adjusted EPS for the year ending December 31, 2025 The following table sets forth a reconciliation of the forecasted GAAP net income to Adjusted Net Income and EPS to Adjusted EPS for the
Slide 13: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2025
Schedule 4: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2025 Adjusted EBITDA Forecast for the year ending December 31, 2025 The following table sets forth a reconciliation of the forecasted GAAP net income to Adjusted Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA)