Solv Energy, Inc. · NASDAQ:MWH
Solv Energy — Investor Presentation (June 2026)
20 slides from Solv Energy's investor presentation, June 2026
Slide 1: Investor Presentation
Investor Presentation JUNE 2026
Slide 2: Disclaimer
Disclaimer Forward Looking Statements This presentation contains forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, which are subject to known and unknown risks, uncertainties and other important factors that may cause ac
Slide 3: Solv Energy Company Overview
SOLV ENERGY COMPANY OVERVIEW Direct beneficiary of power demand growth ▪ 28% projected load growth(1) ▪ Solar + storage fastest to deploy to meet incremental demand Market leadership ▪ #2 Solar(2) | #2 BESS(2) | #2 O&M provider(3) Visible Revenue Growth ▪ $8.2B backlog → 82% year-over-year growth(4)
Slide 4: Strong Market Dynamics
STRONG MARKET DYNAMICS 28% $518B 3.8× U.S. Load Growth Solar & BESS Investment Growth in Operating 2024 – 2034 2025 – 2034 Solar GWs 2024 – 2034 vs. only 5% the prior decade – driven by ~430 GW of new capacity – 3× the prior Every GW built creates decades of O&M, data centers, AI infrastructure and
Slide 5: Who We Are
WHO WE ARE Lind WA; 2 Gaston SalemOR; OR;33 Sheridan OR; 3 Sandy OR; 3 Gervais OR; 3OR; Woodburn Madras OR; 2 3 Salem OR; 3 Madras OR; 3 Madras Bend OR; 3 OR; 1 Prineville OR; Prineville1OR; 3 Prineville OR; Rumford ME; Rockport 1 Ogdensburg Lunenburg 1 ME; 1 Bend OR; Prineville OR;12 NY; 1 Ogdensbu
Slide 6: Full Lifecycle Service Offering
FULL LIFECYCLE SERVICE OFFERING DESIGN & BUILD MONITOR, MAINTAIN & UPGRADE Engineering Equipment Construction Commissioning Monitoring and Corrective Procurement Preventative Maintenance Maintenance & Upgrades ▪ Modeling ▪ SBOS(1) ▪ Civil (including drilling ▪ Trackers ▪ 24/7 Remote monitoring ▪ Exp
Slide 7: Solv Energy Value Proposition
SOLV ENERGY VALUE PROPOSITION EPC O&M Services Illustrative Unit Economics for a Typical PV + BESS Project(1) (Cumulative $ per Watt DC over a 35-year life) O&M business ▪ EPC + O&M model delivers compounding provides $0.07 $1.19 growth (new installations + installed base) $0.10 $0.20 ▪ Recurring re
Slide 8: Our Growth Strategy
OUR GROWTH STRATEGY 01 Focus on the fastest growing segments of the market → >200 MW solar and BESS 02 Grow the O&M business to build recurring revenues 03 Leverage existing capabilities to expand into new markets 04 Harness innovation to grow faster and increase margins 05 Make strategic acquisitio
Slide 9: Backlog Update as of 3/31/26
BACKLOG UPDATE AS OF 3/31/26 QUARTERLY BACKLOG BACKLOG HIGHLIGHTS ($ billions) ▪ Momentum continues across the business with 82% growth over the last twelve months and $1.3 $8.0 $0.2 $8.2 sequential net growth per quarter since year- $0.5 $6.7 end 2024. $1.7 $6.2 ▪ Quarterly bookings and net backlog
Slide 10: Embedded Growth Opportunity
EMBEDDED GROWTH OPPORTUNITY… $1.5 $8.1 Potential Spending On: $2.3 ▪ Repowering $4.3 ▪ BESS Additions ~22 GW(1) Under Management ▪ Phased Expansions and Growing (as of 3/31/26)(2) ▪ T&D Upgrades Preventative(2) Inverter Major Total Maintenance Replacements Corrective Opportunity Maintenance Only ~$6
Slide 11: ...That Continues to Grow
…THAT CONTINUES TO GROW SOLV GWs Under Management (Gigawatts DC) ~22(1) 9 2020 March 31, 2026 ~2.4x increase in GWs managed by SOLV since 2020 1) Includes projects under contract that have yet to commence service 10
Slide 12: Targeted Acquisition Strategy
TARGETED ACQUISITION STRATEGY COMPLETED ACQUISITIONS KEY M&A TARGETS Jun 2025 Oct 2024 BESS / Storage Specialists CS Energy Spartan Infrastructure Regional EPC HV T&D Contractor T&D Contractors Substation & Switchyard EPC Utility / Regulated Work Platforms Civil / Earthwork Contractors Jan 2025 May
Slide 13: Strategic Acquisition - Roberson Waite Electric
STRATEGIC ACQUISITION - ROBERSON WAITE ELECTRIC STRATEGIC RATIONALE ▪ Expands SOLV’s utility infrastructure platform and accelerates entry into the regulated utility market, aligned with long-term grid modernization and resilience investment ▪ Adds differentiated substation capabilities across const
Slide 14: Three Reasons to Invest in Solv Energy
THREE REASONS TO INVEST IN SOLV ENERGY Gain Exposure to Step-Change …Through a Leading Pure- …With a Business Model That Growth in U.S. Power Infrastructure… play Power EPC… Compounds Growth U.S. load projected to grow 28% #2 Solar · #2 BESS · #2 O&M 45% larger revenue opportunity than over th
Slide 15: Appendix
Appendix 14
Slide 16: 1Q26 Financial Results
1Q26 FINANCIAL RESULTS ($ in millions, where applicable) REVENUE NET LOSS(1) YEAR-OVER-YEAR HIGHLIGHTS First Quarter: 1Q25 1Q26 $677 Revenue up 66% ($1) $408 Adj. Gross Profit up 110% Adj. EBITDA up 172% Key Drivers: 1Q25 1Q26 ($27) ▪ Significant increase in new construction revenue from backl
Slide 17: Backlog by Contract Type
BACKLOG BY CONTRACT TYPE As of March 31, 2026 (% of Backlog) 4% 3% Signed Backlog: 30% EPC Contracts & LNTP Agreements Awarded Backlog: EPC Contracts & LNTP Agreements $8.2B Signed Backlog: O&M Agreements 63% Estimated Corrective Maintenance Note: LNTP = Limited Notice to Proceed. Signed backlog rep
Slide 18: SG&A Details
SG&A DETAILS Selling, general and administrative expense $ in thousands Three Months Ended March 31 2026 2025 Total Selling, general and administrative expense $ 111,375 $ 36,070 Less: Non-cash compensation expense (59,560) (712) Less: Transaction, integration, and non-capitalized IPO related costs
Slide 19: Reconciliation to Non-GAAP Gross Profit
RECONCILIATION TO NON-GAAP GROSS PROFIT Gross Profit $ in thousands Three Months Ended March 31 2026 Gross Profit $ 119,073 Add-back: Non-cash compensation expense 5,314 Adj Gross Profit $ 124,387 Gross Margin % 17.6% Adj Gross Margin % 18.4% 18
Slide 20: Reconciliation to Non-GAAP Financial Measures
RECONCILIATION TO NON-GAAP FINANCIAL MEASURES Adjusted EBITDA $ in thousands Three Months Ended March 31 2026 2025 Net loss $(27,414) $(502) Interest expense 6,897 12,691 Interest income (1,450) (3,272) Provision for income taxes 4,166 262 Depreciation and amortization 23,730 19,572 EBITDA $ 5,929 $