Dycom Industries, Inc. · NYSE:DY
Dycom Industries — Q2 2027 Earnings Presentation
47 slides from Dycom Industries's earnings presentation, Aug 26, 2026
Slide 1: Investor Presentation Q2 2027
THE PEOPLE CONNECTING AMERICA ® INVESTOR PRESENTATION Q2 2027
Slide 2: Important Information
IMPORTANT INFORMATION CAUTION CONCERNING FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements can be identif ied with words such as “believe,” “expect,” “anticipate,” “e
Slide 3: Fiscal 2026 & Recent Highlights
FISCAL 2026 & RECENT HIGHLIGHTS $5.5B FY 2026 CONTRACT REVENUE $738M FY 2026 ADJUSTED EBITDA +28% Y/Y THE PEOPLE CONNECTING 17.9% FY 2026 REVENUE GROWTH 13.3% FY 2026 ADJUSTED EBITDA MARGIN AMERICA ® +105 bps Y/Y $12.2B TOTAL BACKLOG1 AS OF Q2 2027 $11.97 FY 2026 ADJUSTED DILUTED EPS2 +30% Y/Y Recon
Slide 4: The People Connecting America
THE PEOPLE CONNECTING AMERICA ® Leading provider of specialty contracting National presence with 20,000+ services to the telecommunications and employees in f ield off ices digital inf rastructure industries throughout all 50 states 50+ year track record and strong reputation for quality service acr
Slide 5: Why Invest in Dycom
WHY INVEST IN Largest specialty Decades- Prof itable revenue Resilient Strong ROIC driven contracting long customer growth fueled by operating model by disciplined services provider partnerships multiple long-term supports sustained capital allocation focused on U.S. underpinned by demand drivers pe
Slide 6: Proven Record of Profitable Growth Across Cycles
PROVEN RECORD OF PROFITABLE GROWTH ACROSS CYCLES Revenue AGR $5,546M Adjusted EBITDA DAC B IT d E Resiliency across ste d ju A 3. 5% a wide range of n d1 R a CAG macroeconomic u e ven and demand % re 11.8 $738M 13.3% environments reflects the durability of the $1,036M business $110M 10.6% FY11 FY12
Slide 7: Our Strategy
OUR STRATEGY Partner with Customers Drive Margin Expansion Deploy Capital to to Capitalize on and Free Cash Flow Maximize Returns and Secular Growth Generation through Value Creation for and Maintenance Operating Leverage and Shareholders Opportunities Eff iciency WELL POSITIONED VISIBILITY TO DISCI
Slide 8: Scale Is Local: The Dycom Family of Companies
SCALE IS LOCALTM THE DYCOM FAMILY OF COMPANIES Combination of national reach and local knowledge makes Dycom the partner of choice 39 TRUSTED BRANDS ACROSS THE NATION for increasingly large and complex projects WA ME MT ND MN OR NY VT ID WI NH SD MI MA WY RI CT IA PA NE OH NJ NV IL DE UT IN MD MO WV
Slide 9: Sustainable Growth Backed by Multiple Demand Drivers
SUSTAINABLE GROWTH BACKED BY MULTIPLE DEMAND DRIVERS Increased capital spending for high-capacity telecommunications and digital inf rastructure across multiple and diverse demand drivers FIBER TO FIBER DATA CENTER GOVERNMENT WIRELESS THE HOME INFRASTRUCTURE BUILDING PROGRAMS BACKBONE SYSTEMS Multi-
Slide 10: Persistent Growth in Consumer Data Usage Bolsters Demand
PERSISTENT GROWTH IN CONSUMER DATA USAGE BOLSTERS DEMAND FOR HIGH- SPEED, RELIABLE CONNECTIVITY • A Self-Reinforcing Cycle: Faster networks WEIGHTED AVERAGE DATA enable new technologies, which in turn CONSUMED PER MONTH drive the need for even faster, more reliable GIGABYTES networks G R CA . 8% 711
Slide 11: CEO Quote on Demand
“ Demand across our portfolio remains robust. We see heightened activity across fiber-to-the-home, long-haul, data center interconnects, and data center electrical and structured cabling systems. This generational deployment of infrastructure is projected to go well into the next decade. Dycom conti
Slide 12: Connecting America: Infrastructure for the Digital Age
CONNECTING AMERICA: INFRASTRUCTURE FOR THE DIGITAL AGE Poised to Capture Outsized Share of Digital Inf rastructure Spending with Diversif ied Offering As the digital economy expands, the demand for robust and reliable inf rastructure—f rom high-speed f iber networks across the country to electrical
Slide 13: Strategic Workforce Management Is a Core Differentiator
DYCOM’S STRATEGIC WORKFORCE MANAGEMENT IS A CORE DIFFERENTIATOR Dycom’s 20,000+ person skilled craft workforce underpins our ability to consistently deliver services to our customers and communities at safety and quality levels that def ine the industry SKILLED CRAFT WORKFORCE AND ROBUST TRAINING AN
Slide 14: Growth Anchored by Long-Term Agreements with Established Customers
GROWTH ANCHORED BY LONG- TERM AGREEMENTS WITH WELL- ESTABLISHED CUSTOMERS TOTAL BACKLOG1 Multi-year agreements built on long-term $ BILLIONS partnerships and proven execution Next 12 Months Backlog • Deeply embedded, decades-long partnerships with $12.242 $11.906 leading telecommunications providers
Slide 15: Balanced Approach to Capital Allocation
BALANCED APPROACH TO CAPITAL ALLOCATION TO MAXIMIZE RETURNS OVER THE CYCLE ORGANIC SHARE GROWTH M&A REPURCHASES • Focus on organic • Selectively acquire businesses that • Consistent and growth opportunities further customer relationships, opportunistic share through strategic capital geographic scop
Slide 16: Dycom Acquires Power Solutions
DYCOM ACQUIRES POWER SOLUTIONS ON DEC 23, 2025 Positions Dycom at the Center of Durable, Long-Term Inf rastructure Trends 1 Expands Exposure to Rapidly Growing, Mission-Critical Data Center Demand 2 Extends Platform for Long-Term Growth and Diversif ication + 3 Unlocks Signif icant Opportunity to Sc
Slide 17: Power Solutions Overview
POWER SOLUTIONS OVERVIEW Premier Leader in Data Center Electrical Contracting 27 3,000+ 90% Founded in 1998, Power Solutions is one of the largest electrical contractors in the Mid-Atlantic. The Company of revenues specializes in mission-critical years in highly skilled from data electrical construc
Slide 18: Dycom Acquires National Technology Integrators
DYCOM ACQUIRES NATIONAL TECHNOLOGY INTEGRATORS IN Q2 FY2027 Enhances Dycom’s capabilities in the fast-growing digital inf rastructure industry 17 300+ National Technology Integrators is a tenured and fast-growing low-voltage engineering and construction f irm specializing in inside-plant structured
Slide 19: Strong Financial Position Enables Accretive Capital Deployment
STRONG FINANCIAL POSITION ENABLES ACCRETIVE CAPITAL DEPLOYMENT Increasing Operating Cash Flow and Low Net Leverage Enable Strategic Flexibility OPERATING CASH FLOW NET LEVERAGE RATIO $ MILLIONS (NET DEBT/ADJUSTED EBITDA) $642.5 $349.1 2.3x* 1.4x 1.5x $259.0 FY 2024 FY 2025 FY 2026 FY 2024 FY 2025 FY
Slide 20: Financial Update
ODYCOM FINANCIAL UPDATE
Slide 21: FY 2026 Financial Highlights
FY 2026 FINANCIAL HIGHLIGHTS “ Record annual revenue and strong margin expansion Our strong fourth quarter performance closed a record $ MILLIONS, except EPS FY 2026 FY 2025 Y/Y year for Dycom, with ramping organic growth, meaningful Total Contract Revenues $5,545.9 $4,702.0 17.9% margin expansion a
Slide 22: FY 2026 Segment Results
FY 2026 SEGMENT RESULTS As of Q4 2026, the Company reports its business in two reportable segments: Communications and Building Systems. This new segment reporting reflects how Dycom’s business is managed and the positioning of the Company’s strategies and expanding platform to provide comprehensive
Slide 23: Q2 2027 Financial Highlights
Q2 2027 FINANCIAL HIGHLIGHTS Record Second Quarter Revenue and Strong Organic Growth “ Dycom delivered record organic f irst half revenue and increased prof itability. Demand across our portfolio is stronger $ MILLIONS, except EPS Q2 2027 Q2 2026 Y/Y than ever, fueled by a generational Total Contrac
Slide 24: Communications Segment
COMMUNICATIONS SEGMENT Q2 2027 Q2 2026 Y/Y Q2 2027 Key Performance Drivers $ MILLIONS • Strong revenue growth driven by robust f iber-to-the-home programs, Total Contract Revenues $ 1,608.4 $ 1,377.9 16.7% increased long-haul, middle-mile and inside-the-fence f iber inf rastructure Adjusted EBITDA $
Slide 25: Building Systems Segment
BUILDING SYSTEMS SEGMENT Q2 2027 Q2 2027 Key Performance Drivers $ MILLIONS • Robust quarterly results were driven by continued strong operational execution, Total Contract Revenues $ 397.5 increased operating leverage, and favorable changes in cost estimates on Adjusted EBITDA $ 97.2 projects and s
Slide 26: Annual Trends
ANNUAL TRENDS CONTRACT REVENUES NON-GAAP ADJUSTED EBITDA $ MILLIONS $ MILLIONS $5,546 $738 $4,702 $576 $4,176 13.3% $4815 12.3% 11.6%5 FY 2024 FY 2025 FY 2026 FY 2024 FY 2025 FY 2026 NON-GAAP ADJUSTED EBITDA NON-GAAP ADJUSTED EBITDA % CONTRACT REVENUE GROWTH % NON-GAAP ADJUSTED DILUTED EPS2 17.9% 12
Slide 27: Quarterly Trends
QUARTERLY TRENDS CONTRACT REVENUES NON-GAAP ADJUSTED EBITDA $ MILLIONS $ MILLIONS $316 $1,965 $2,006 $263 $219 $206 $1,452 $1,458 $1,378 $1,272 $1,259 $171 $162 $1,085 $150 15.7% $116 15.1% 14.9% 13.4% 13.4% 11.9% 11.1% 10.7% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2025 Q4
Slide 28: Debt and Liquidity Overview
DEBT SUMMARY Q2 2027 Q1 2027 $ MILLIONS 4.50% Senior Notes, mature April 2029 $ 500.0 $ 500.0 Senior Credit Facility:7 DEBT AND Term Loan Facility A, matures December 2030 1,540.0 1,540.0 LIQUIDITY Term Loan Facility B, matures January 2033 800.0 800.0 OVERVIEW Revolving Facility, matures December 2
Slide 29: Cash Flow Overview
CASH FLOW SUMMARY $ MILLIONS FY 2026 FY 2025 Operating cash flows $ 642.5 $ 349.1 Capital expenditures, net of proceeds from sale of assets $ (207.2) $ (211.3) CASH FLOW Cash paid for acquisitions, net of cash acquired $ (1,628.6) $ (183.9) OVERVIEW Borrowings (Repayments) on Senior Credit Facility
Slide 30: Outlook (used August 26, 2026)
This slide was used on August 26, 2026 in connection with the Company’s conference call for its f iscal 2027 second quarter results. This information is provided for reference only and should not be interpreted as a reiteration of these projections by the Company at any time after the date originall
Slide 31: Outlook (used August 26, 2026)
This slide was used on August 26, 2026 in connection with the Company’s conference call for its f iscal 2027 second quarter results. This information is provided for reference only and should not be interpreted as a reiteration of these projections by the Company at any time after the date originall
Slide 32: Non-GAAP Reconciliations
ODYCOM NON-GAAP RECONCILIATIONS
Slide 33: Explanation of Non-GAAP Financial Measures
EXPLANATION OF NON-GA AP FINANCIAL MEASURES The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). In quarterly results releases, conference calls, webcasts, slide presentations and other materials, the Company may use or discuss non-GAAP f
Slide 34: Reconciliation of Non-GAAP Measures: Quarterly Organic Revenues
RECONCILIATION OF NON-GA AP FINANCIAL MEASURES TO COMPARABLE GA AP FINANCIAL MEASURES Quarterly Non-GAAP Organic Contract Revenues Unaudited Additional week of revenue as Impacts of a $ Millions Growth % Contract Revenues a result of the change order Non-GAAP Revenues - from acquired Company’s 52/53
Slide 35: Reconciliation: Annual Organic Contract Revenues
RECONCILIATION OF NON-GA AP FINANCIAL MEASURES TO COMPARABLE GA AP FINANCIAL MEASURES (CONTINUED) Annual Non-GAAP Organic Contract Revenues Unaudited $ Millions Growth % Additional week of revenue as a result Impacts of a Revenues of the Company’s change order and Non- Contract Revenues from acquire
Slide 36: Reconciliation: Quarterly Adjusted EBITDA
RECONCILIATION OF NON-GA AP FINANCIAL MEASURES TO COMPARABLE GA AP FINANCIAL MEASURES (CONTINUED) Quarterly Non-GAAP Adjusted EBITDA Unaudited $ Millions Quarter Ended August 1, May 2, January 31, October 25, July 26, April 26, January 25, October 26, 2026 2026 2026 2025 2025 2025 2025 2024 Net inco
Slide 37: Reconciliation: Annual Adjusted EBITDA
RECONCILIATION OF NON-GA AP FINANCIAL MEASURES TO COMPARABLE GA AP FINANCIAL MEASURES (CONTINUED) Annual Non-GAAP Adjusted EBITDA Unaudited $ Millions Fiscal Year Ended Jan 31, 2026 Jan 25, 2025 Jan 27, 2024 Jan 28, 2023 Jan 29, 2022 Jan 30, 2021 Jan 25, 2020 Jan 26, 2019 TTM Jan 27, 2018 Jul 29, 20
Slide 38: Reconciliation: Quarterly Adjusted EBITDA by Segment
RECONCILIATION OF NON-GA AP FINANCIAL MEASURES TO COMPARABLE GA AP FINANCIAL MEASURES (CONTINUED) Quarterly Non-GAAP Adjusted EBITDA by Reportable Segment Unaudited $ Millions COMMUNICATIONS SEGMENT BUILDING SYSTEMS SEGMENT Quarter Ended Quarter Ended August 1, July 26, August 1, July 26, 2026 2025
Slide 39: Reconciliation: Annual Adjusted EBITDA by Segment
RECONCILIATION OF NON-GA AP FINANCIAL MEASURES TO COMPARABLE GA AP FINANCIAL MEASURES (CONTINUED) Annual Non-GAAP Adjusted EBITDA by Reportable Segment Unaudited $ Millions COMMUNICATIONS SEGMENT BUILDING SYSTEMS SEGMENT Fiscal Year Ended Fiscal Year Ended January 31, January 25, January 31, January
Slide 40: Reconciliation: Quarterly Adjusted Net Income
RECONCILIATION OF NON-GA AP FINANCIAL MEASURES TO COMPARABLE GA AP FINANCIAL MEASURES (CONTINUED) Quarterly Non-GAAP Adjusted Net Income Unaudited $ and Shares Millions, Except EPS Quarter Ended August 1, May 2, January 31, October 25, July 26, April 26, January 25, October 26, 2026 2026 2026 2025 2
Slide 41: Reconciliation: Annual Adjusted Net Income
RECONCILIATION OF NON-GA AP FINANCIAL MEASURES TO COMPARABLE GA AP FINANCIAL MEASURES (CONTINUED) Annual Non-GAAP Adjusted Net Income Unaudited $ and Shares Millions, Except EPS Fiscal Year Ended January 31, 2026 January 25, 2025 January 27, 2024 Net income $ 281.2 $ 233.4 $ 218.9 Pre-Tax Adjustment
Slide 42: Reconciliation: Annual Net Leverage Ratio
RECONCILIATION OF NON-GA AP FINANCIAL MEASURES TO COMPARABLE GA AP FINANCIAL MEASURES (CONTINUED) Annual Net Leverage Ratio Unaudited $ Millions Fiscal Year Ended January 31, 2026 January 25, 2025 January 27, 2024 Non-GAAP Adjusted EBITDA $ 737.7 $ 576.3 $ 504.8 Total Notional Amount of Debt $ 2,840
Slide 43: Reconciliation: Free Cash Flow
RECONCILIATION OF NON-GA AP FINANCIAL MEASURES TO COMPARABLE GA AP FINANCIAL MEASURES (CONTINUED) Free Cash Flow Unaudited $ Millions Fiscal Year Ended January 31, 2026 January 25, 2025 Net cash provided by operating activities $ 642.5 $ 349.1 Less: Net capital expenditures Capital expenditures (240
Slide 44: 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 their terms. These estimates are based on contract terms and evaluations regarding the timing of the services to be provided. In the case of m
Slide 45: Notes (Cont.)
NOTES (CONT.) 9. Amounts represent contract revenues f rom acquired businesses that were not owned for the entirety of both the current and prior year periods. 10. The Company has a 52/53 week f iscal year. The f iscal year ended January 25, 2025 contained 52 weeks, while the quarter and f iscal yea
Slide 46: Contact Us
CONTACT US Callie Tomasso Investor VP Investor Relations & Corporate and Media Communications Contact (561) 799-2260 InvestorRelations@dycomind.com Corporate 300 Banyan Boulevard, Suite 1101 West Palm Beach, FL 33401 Off ice (561) 627-7171 dycomind.com dycom-industries
Slide 47: The People Connecting America
THE PEOPLE CONNECTING AMERICA ®