Quanta Services, Inc. · NYSE:PWR
Quanta Services — Investor Presentation (November 2025)
53 slides from Quanta Services's investor presentation, Nov 10, 2025
Slide 1: Investor Presentation November 10, 2025
I N V E STO R P R E S E N TAT I O N November 10, 2025 OUR PEOPLE POWER MODERN LIFE
Slide 2: Notice to Investors
. . . NOTICE TO INVESTORS This presentation (and oral statements regarding the subject matter of this presentation) includes forward-looking statements intended to qualify under the “safe harbor” from liability established by the Private Securities Litigation Reform Act of 1995. These forward-lookin
Slide 3: Key Takeaways
. . . KEY TAKEAWAYS Quanta is a leading specialty infrastructure solutions provider for the utility, 1 power generation, technology, communications and energy industries Our differentiated, self-perform infrastructure solutions position Quanta as a 2 trusted partner that provides exceptional labor a
Slide 4: Consistent Track Record of Compounding Profitable Growth
. . . CONSISTENT TRACK RECORD OF COMPOUNDING PROFITABLE GROWTH Adjusted EPS (1)(2) +25% 2015-2025E CAGR Adjusted EBITDA (1)(2) +18% 2015-2025E CAGR Revenue (1) ~14% 2015-2025E CAGR Adjusted EBITDA margin (1)(2) 310bps 2015-2025E expansion ROIC(2) 760bps 2015-2024 expansion (1) (2) Based on the midpo
Slide 5: Who Is Quanta Services?
. . . WHO IS QUANTA SERVICES? Leading Specialty Infrastructure Solutions Provider Largest and preferred employer of craft skilled Growing Total Addressable labor in the industry. We Industry leading Market (TAM) driven typically self-perform safety and Recognized market leader in by megatrends with
Slide 6: Quanta Is Focused on Long-Term Corporate Responsibility and Sustainability
. . . QUANTA IS FOCUSED ON LONG-TERM CORPORATE RESPONSIBILITY AND SUSTAINABILITY PEOPLE PLANET PRINCIPLES • Safety drives everything we • Facilitating efficient and • Board-level oversight of do – our employees are safe delivery of clean sustainability-related our #1 asset energy and the migration m
Slide 7: Key Strategies for Sustainable Success
. . . KEY STRATEGIES FOR SUSTAINABLE SUCCESS Improve Expand Solutions Disciplined & Value Grow Base Develop Craft Margins and Offerings Creating Capital Business Skilled Labor Deployment Returns ~$18B Consolidated Acquired one of the largest +$150M strategic Working capital to support Adjusted mecha
Slide 8: How We Are Driving Long-Term, Sustainable Value Creation
. . . HOW WE ARE DRIVING LONG-TERM, SUSTAINABLE VALUE CREATION Key Strategies Improve Expand Solutions Disciplined & Value Grow Base Develop Craft Creating Capital Business Margins and Offerings Skilled Labor Returns Deployment Portfolio Approach ◄ Target Double Digit Adjusted EBITDA ◄ 5% to 8% Orga
Slide 9: High-Quality and Diverse Customer Base with Critical Assets
. . . HIGH-QUALITY AND DIVERSE CUSTOMER BASE WITH CRITICAL ASSETS We Provide Services Across Our Reporting Segments to Many of These Customers SELECT CUSTOMERS – Many of Our Customer Relationships Span Decades LOW CUSTOMER CONCENTRATION Electric Power Largest customer accounted for Renewable Generat
Slide 10: Collaborative and Comprehensive Solutions
. . . COLLABORATIVE AND COMPREHENSIVE SOLUTIONS RANGE OF OUTCOMES INTERMEDIARY/ • Higher total cost to • Greater risk for sub-optimal Customer EXTERNAL COMPANY customer (margin on a project outcome – change TRADITIONAL identifies need for Customer would often choose margin) order disputes and remedi
Slide 11: Consistent and Growing Spend from Top Customers
. . . CONSISTENT AND GROWING SPEND FROM TOP CUSTOMERS Driving Repeatable, Consistent Revenue Through Deep and Collaborative Customer Relationships BASE BUSINESS: Top 20 Customers Based on 2024 Top 20 Utility Customers Based on 2024 Base Business Revenues(1) Base Business Revenues • Repeatable, susta
Slide 12: Convergence of Key Growth Drivers and Megatrends
. . . Convergence of Key Growth Drivers and Megatrends Quanta Uniquely Positioned With Critical Path Capabilities at Scale From End-to-End, Providing Multiple Paths for Long Duration Profitable Growth Utility Inside Electric / Pipeline, Convergence Across Transmission & Power Generation Our Customer
Slide 13: Aging Utility Workforce Contributes to Outsourcing Trend
. . . AGING UTILITY WORKFORCE CONTRIBUTES TO OUTSOURCING TREND Additive Long-Term Tailwind Outsourcing is expected to increase across electric and gas utilities over the next five years • Tight labor market for lineman and other skilled employees • Quanta is focused on recruiting, training and devel
Slide 14: Industry-Leading Training Is a Competitive Differentiator
. . . INDUSTRY-LEADING TRAINING IS A COMPETITIVE DIFFERENTIATOR Dedicated Training Facilities Northwest Lineman College (NLC) – Postsecondary education institution that has provided world-class electric training curriculum for +25 years. Added communications and gas distribution curriculum Quanta Ad
Slide 15: Construction-Led Infrastructure Solutions Through Portfolio Approach
. . . CONSTRUCTION-LED INFRASTRUCTURE SOLUTIONS THROUGH PORTFOLIO APPROACH Revenues - 2025E(1) 81% Electric Infrastructure Solutions 19% Underground Utility & Infrastructure Solutions Gas Pipeline Downstream Energized Distribution Integrity Industrial Transmission Distribution Substation Services Se
Slide 16: Supplemental Revenue Disclosure
. . . Supplemental Revenue Disclosure % of 2024 Quanta 2025E Revenue Key Markets Outlook Commentary Revenue Growth • Load growth and infrastructure modernization is driving base business Electric Grid & Gas Utility ~50% ~10% growth; electric grid activity greater than gas utility. Larger high-voltag
Slide 17: Revenue Mix – Strategically Focused, Operationally Diverse
. . . REVENUE MIX – STRATEGICALLY FOCUSED, OPERATIONALLY DIVERSE ~83% of 2024 revenues from utility, power, technology, manufacturing and communications customers, which provide visible and growing multi-year capital programs 2024 Consolidated Revenues = $ 23.7 Billion 2024 Revenues By Segment (1) 2
Slide 18: Portfolio Approach and Diversity of Revenue Helps Mitigate Risk
. . . PORTFOLIO APPROACH AND DIVERSITY OF REVENUE HELPS MITIGATE RISK Superior Risk Profile Fiscal Year 2024(1) Estimated Revenue by Geography Estimated Revenue by Project Type Estimated Revenue by Contract Type Large Unit Price Cost Plus Project 27% & Other Repair, Replace New 17% United States & U
Slide 19: Electric Infrastructure Solutions Segment
. . . Electric Infrastructure Solutions Segment 19
Slide 20: Evolving Utility Model Is Driving Spending
. . . EVOLVING UTILITY MODEL IS DRIVING SPENDING Utility Industry is a Large, Growing and Visible Addressable Market U.S. Investor-Owned Electric Company CapEx $208 B +$195 B $13B Growing $29B 25% supply chain solutions 5% 5% $63B Quanta Core Addressable Annual Market Quanta $38B Core +$195B 65% Sol
Slide 21: Electric Load Growth Is Accelerating
. . . ELECTRIC LOAD GROWTH IS ACCELERATING Load Growth Forecasts Have Increased Massively, Increasing the Need for Electric Grid Investment • Load growth forecasts from grid operators and utilities have been upwardly revised by nearly five-fold in the past two years, which reflects an end to a two-d
Slide 22: Significant Grid Modernization and Hardening
. . . SIGNIFICANT GRID MODERNIZATION AND HARDENING Widespread Need for Grid Modernization and Hardening – Maintenance, Upgrade, Repair and Replacement Estimated U.S. Aging-Asset Refurbishment Need Grid Hardening is a Significant and Growing Capex Driver • Transmission that needs to be replaced after
Slide 23: Electrification
. . . ELECTRIFICATION Movement Towards A Reduced-Carbon Economy Will Require Significant Power Grid Investment Electrification Adoption Rates(1) • Over the coming decades, developed economies are expected to increasingly utilize electricity to meet carbon reduction/neutrality goals • Vehicle electri
Slide 24: Power Generation Solutions
. . . POWER GENERATION SOLUTIONS Significant Upgrading of Transmission and Grid Infrastructure Required to Support All Forms of Generation 5-year U.S. Load Growth Forecast U.S. Investor-Owned Utility Electric Transmission Spend Source: GridStrategies Source: Power Insights 24
Slide 25: Differentiated Total Solutions in Power Generation
. . . DIFFERENTIATED TOTAL SOLUTIONS IN POWER GENERATION Market Leading Position and Extensive Track Record Across Generation Technologies and Transmission • Strong alignment to accelerating energy demand trends and the convergence of the utility, power generation and technology/large load center in
Slide 26: Technology & Load Center Infrastructure Solutions
. . . TECHNOLOGY & LOAD CENTER INFRASTRUCTURE SOLUTIONS Quanta Can Address ~60% of the Project Scope Inside Data Centers and Other Mission Critical Facilities ✓ Cupertino Electric (CEI) broadened Quanta’s core craft-skill led technical capabilities with its leading inside electrical and power system
Slide 27: Puerto Rico Electric T&D System Operation & Maintenance
. . . PUERTO RICO ELECTRIC T&D SYSTEM OPERATION & MAINTENANCE LUMA Energy – A Transformative Opportunity • LUMA Energy, LLC (LUMA), 50% owned by Quanta and 50% owned by ATCO, was selected in June 2020 for this historic opportunity – the transformation and modernization of the Puerto Rico electric tr
Slide 28: Underground Utility & Infrastructure Solutions
. . . UNDERGROUND UTILITY & INFRASTRUCTURE SOLUTIONS 28
Slide 29: Underground Utility & Infrastructure Solutions
. . . UNDERGROUND UTILITY & INFRASTRUCTURE SOLUTIONS Strategic Focus on Base Business and Capabilities that Can be Utilized Across the Portfolio Gas LDC Services Mechanical, Plumbing & Civil Solutions Process Systems • Gas utilities are in the early stages of • Dynamic Systems specializes in the • C
Slide 30: Underground Utility & Infrastructure Solutions: Base Business Focus
. . . UNDERGROUND UTILITY & INFRASTRUCTURE SOLUTIONS Strategic Focus on Base Business Strategy Has Increased Focus Services Expectations Consistency Mechanical, 2025E Underground Utility & Pipeline Downstream Infrastructure Solutions Gas LDC(1) Plumbing & Integrity Industrial Services • Created a di
Slide 31: Acquisition of Dynamic Systems
. . . For additional information regarding Quanta’s acquisition of Dynamic Systems, see Quanta’s Investor Relations website https://investors.quantaservices.com/company-information/presentations 31
Slide 32: Strategic Rationale
. . . STRATEGIC RATIONALE Strengthens Quanta’s Craft-Led Critical Path Technology and Load Center Infrastructure Solutions Platform Highly-synergistic mechanical workforce and diversified customer base provides growth 1 opportunities and expansion of TAM across several strategic verticals • Broadens
Slide 33: Dynamic Systems Overview
. . . DYNAMIC SYSTEMS OVERVIEW Focused On Attractive and Diverse Load Center Growth Markets, Including Technology and Manufacturing Revenue by End-Market – 2025E Core Capabilities & Value Proposition Dynamic Systems specializes in the execution of advanced mechanical, plumbing and process 4% 3% sy
Slide 34: Complementary Infrastructure Solutions
. . . COMPLEMENTARY INFRASTRUCTURE SOLUTIONS Comprehensive End-to-End Infrastructure Solution from Electron Generation to Transmission to Consumption Generation Transmission Consumption Utility Utility Utility Scale Front Front Scale Scale Battery End Transmission Energized End Inside Fabrication/ T
Slide 35: Complementary Infrastructure Solutions
. . . COMPLEMENTARY INFRASTRUCTURE SOLUTIONS Enhances Quanta’s Comprehensive Electron Generation to Transmission to Consumption Solutions Strategy Power Power Grid Power Generation Transmission Consumption Critical Enabler of Key Mega Trends • Increasing power • Manufacturing and • Load growth gener
Slide 36: Balance Sheet, Cash Flow and Capital Deployment
. . . BALANCE SHEET, CASH FLOW AND CAPITAL DEPLOYMENT 36
Slide 37: Balance Sheet Strength Provides Flexibility
. . . BALANCE SHEET STRENGTH PROVIDES FLEXIBILITY Strong Financial Foundation ($ in millions) 12/31/2022 12/31/2023 12/31/2024 09/30/2025 Cash and Equivalents $429 $1,290 $742 $610 Net Debt / Adj. EBITDA(2) (September 30, 2025) 1.9X Other Debt 70 126 176 196 0.95% Sr. Notes due Oct. 2024 500 500 --
Slide 38: Cash Flow Is Counter Cyclical
. . . CASH FLOW IS COUNTER CYCLICAL Change in Revenue vs Free Cash Flow(1)/Adjusted EBITDA(1) For the Years Ending December 31, 35% 90% • Quanta’s cash flow generation is typically counter to revenue 30% Guidance 80% growth, primarily due to working capital demands and to a lesser 25% Midpoint(3) ex
Slide 39: Debt Maturities and Capital Structure
. . . DEBT MATURITIES AND CAPITAL STRUCTURE Investment Grade With Attractive Capital Structure Debt Maturities(1) • Well positioned balance sheet with long-term capital Amounts shown in millions structure at attractive interest rates 2.90% Senior Notes • Cash flow should provide the means to efficie
Slide 40: Flexible and Strategic Capital Allocation
. . . FLEXIBLE AND STRATEGIC CAPITAL ALLOCATION Opportunistic and Disciplined Approach 2020 – 2024 Sources & Uses of Cash (Amounts in millions) Capital Deployment Preference $9,571 $8,995 2.1% $186 Investments • Working Capital 2.3% Organic Growth $206 Dividends • Capital Expenditures 4.9% $442 Stoc
Slide 41: Financial Goals for Growing Long-Term Stockholder Value
. . . FINANCIAL GOALS FOR GROWING LONG-TERM STOCKHOLDER VALUE Multi-Year Profitable Growth Return of Capital Strategic Acquisitions Double-Digit ROIC Sustainable Cash Flow Generation EPS Growth > Revenue Growth Improving Adjusted EBITDA Margins 5% to 10%+ Revenue CAGR Actual Performance Through the
Slide 42: 2024 Sustainability Report
. . . 2024 Sustainability Report • Quanta's 2024 Sustainability Report provides information about our sustainability strategy and how we are measuring the continued progress we made in 2024. • Titled “Power," the report highlights how Quanta is a leader in an industry that is going through its most
Slide 43: Our Sustainability Strategy
. . . Our Sustainability Strategy • Through our leading role in building critical energy infrastructure, our vision is to leave a measurable, sustainable legacy on people and our planet with a steadfast focus on our customers, employees, and communities. • At Quanta, sustainability means creating a
Slide 44: 2024 Highlights
. . . 2024 Highlights IMPACT OUR FOOTPRINT SOCIAL In 2024, Quanta added 12 GW of Driven by a change in business mix, 47% decrease in “Stuff That Kills utility-scale renewable capacity we met our goal to reduce our You” (STKY) actual rate since 2019 (wind, solar, battery energy storage Scope 1 CO₂ in
Slide 45: Connect With Quanta Services Social Media Channels
. . . Connect With Quanta Services Social Media Channels @QuantaIR @Quanta_Services Quanta Services, Inc. Investor Contact Corporate Office Kip Rupp, CFA, IRC 2727 North Loop West Vice President – Investor Relations Houston, TX 77008 713-341-7260 713-629-7600 Sean Eastman www.quantaservices.com Dire
Slide 46: Appendix: Reconciliation Tables and Cautionary Statement
. . . APPENDIX RECONCILIATION TABLES AND CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION 46
Slide 47: Reconciliation of Non-GAAP Financial Measures
QUANTASERVICES.COM Reconciliation of Non-GAAP Financial Measures Adjusted Net Income and Adjusted Diluted Earnings Per Share Attributable to Common Stock Nat income trom confining operations attibulable to common stock (GAAP as reported) [Asset impairment charges Increare in far value of contingent
Slide 48: Reconciliation of EBITDA and Adjusted EBITDA
QUANTASERVICES.COM RECONCILIATION OF EBITDA AND ADJUSTED EBITDA For the Years Ended December 31, (in thousands) (Unaudited) [As of October 30, 2025 Estimated Guidance Range 2025 2010 2014 2015 2016 2017 2018 2019 2000 2021 2022 2008 2004 Tow Midpoint High ‘Net Income rom continuing operations atibut
Slide 49: Reconciliation of Free Cash Flow
QUANTASERVICES.COM RECONCILIATION OF FREE CASH FLOW Free cash flow is dafined as net cash provided by operating activities less net capital expenditures. Net capital expenditures is defined as capital expencitues less proceeds from sale of property and equipment and from insurance settiements relate
Slide 50: Reconciliation of NOPAT, Average Invested Capital and ROIC
QUANTASERVICES.COM Reconciliation of Net operating profit after tax, Average invested capital and Return on Invested Capital 2014 2015 2023 2024 Net income fram continuing operations attributable to common stock (as defined by GAAP) $120,286 $904,824 Interest expense, net of interest income 6,531 17
Slide 51: Cautionary Statement About Forward-Looking Statements and Information
. . . CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS AND INFORMATION This presentation (and oral statements regarding the subject matter of this presentation) contains forward-looking statements intended to qualify for the “safe harbor” from liability established by the Private Securities Lit
Slide 52: Cautionary Statement About Forward-Looking Statements and Information
. . . CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS AND INFORMATION • Trends and growth opportunities in relevant markets, including Quanta's ability to obtain future project awards; • Delays, deferrals, reductions in scope or cancellations of anticipated, pending or existing projects as a r
Slide 53: Cautionary Statement About Forward-Looking Statements and Information
. . . CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS AND INFORMATION • The potential that Quanta's participation in joint ventures or similar structures exposes Quanta to liability or harm to its reputation as a result of acts or omissions by partners; • The inability or refusal of customers
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