Slide 1: Primoris Services Corporation 4Q 2025 Earnings
Primoris Services Corporation 4Q 2025 Earnings February 24, 2026
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: Full Year 2025 Highlights
Full Year 2025 Highlights Record revenue, earnings, and total backlog Improved Utilities margins driven by increased productivity and favorable revenue mix, partially offset by lower storm response activity Renewables revenue of $3.0 billion, including over $250 million of battery storage revenue Fu
Slide 4: 4Q 2025 Financial Summary
4Q 2025 Financial Summary ($ millions, except per share amounts) 4Q 2025 4Q 2024 GAAP Metrics Revenue $ 1,857.7 $ 1,741.3 Net Income $ 51.8 $ 54.0 Diluted EPS $ 0.95 $ 0.99 Non-GAAP Metrics Adjusted EBITDA $ 108.2 $ 116.6 Adjusted Net Income $ 59.3 $ 61.8 Adjusted EPS $ 1.08 $ 1.13 4
Slide 5: Full Year 2025 Financial Summary
Full Year 2025 Financial Summary ($ millions, except per share amounts) 2025 2024 GAAP Metrics Revenue $ 7,574.9 $ 6,366.8 Net Income $ 274.9 $ 180.9 Diluted EPS $ 5.02 $ 3.31 Non-GAAP Metrics Adjusted EBITDA $ 531.1 $ 435.2 Adjusted Net Income $ 308.2 $ 211.4 Adjusted EPS $ 5.62 $ 3.87 5
Slide 6: Backlog Summary at 12/31/2025
Backlog Summary at 12/31/2025 Total Backlog by Segment Total Backlog ($M) $11,865 $11,945 $12,000 $10,895 $10,000 $9,095 $4,986 $6,095 $8,000 $5,199 $3,575 46% $6,000 54% $4,000 $6,959 $5,520 $5,696 $5,771 $2,000 $0 2022 2023 2024 2025 Energy Utilities MSA Fixed • Balanced backlog split between segm
Slide 7: 4Q 2025 vs. 4Q 2024 Segment Results
4Q 2025 vs. 4Q 2024 Segment Results $ in millions Corporate % of % of % of and non- 4Q 2025 Utilities Segment Energy Segment Consolidated Consolidated allocated Revenue Revenue Revenue costs Revenue $ 697.8 $ 1,187.8 $ (27.9) $ 1,857.7 Gross Profit $ 73.5 10.5% $ 101.5 8.5% $ 175.0 9.4% Operating In
Slide 8: Full Year 2025 vs. 2024 Segment Results
Full Year 2025 vs. 2024 Segment Results $ in millions Corporate % of % of % of and non- 2025 Utilities Segment Energy Segment Consolidated Consolidated allocated Revenue Revenue Revenue costs Revenue $ 2,691.7 $ 5,018.6 $ (135.4) $ 7,574.9 Gross Profit $ 308.7 11.5% $ 504.4 10.1% $ 813.1 10.7% Opera
Slide 9: 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 $8.0 $7.6 8.0% $2.1 $2.0 $7.0 $2.0 $6.4 7.0% 6.6% $6.0 6.4% $5.7 $1.6 6.1% $1.5 5.8% % of Revenue $1.4 $1.4 6.0% $5.0 $ Billions $ Billions $4.4 6.0% 5.8% $4.0 $1.0
Slide 10: Investor Day Targets and 2024 Performance
Investor Day Targets and 2024 Performance 2024 to 2026 Targets Results through 2025 On / Off Track 4% to 6% Revenue Growth ~15% Revenue Growth (Compound Annual Growth Rate) 9% to 12% Gross Profit Growth ~18% Gross Profit Growth (Compound Annual Growth Rate) 9% to 12% Adjusted EBITDA ~19% Adjusted EB
Slide 11: 2026 Guidance
2026 Guidance As of February 24, 2026 Full Year 2026 Earnings Per Share (“EPS”): Full Year Effective Tax Rate: ̶ $5.35 to $5.55 per diluted share ̶ Approximately 29% Full Year 2026 Adjusted EPS: 2026 Capital Expenditures: ̶ $5.80 to $6.00 per diluted share ̶ $120 million to $140 million ̶ In
Slide 12: Reg G Reconciliation
Reg G Reconciliation 12 P= Primoris
Slide 13: Reconciliation of Adjusted Net Income & Adjusted EPS
Schedule 1: Reconciliation of Adjusted Net Income & Adjusted EPS 4Q 2025 vs. 4Q 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 14: Reconciliation of Adjusted Net Income & Adjusted EPS
Schedule 1: Reconciliation of Adjusted Net Income & Adjusted EPS 2025 vs. 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 related co
Slide 15: Reconciliation of EBITDA & Adjusted EBITDA
Schedule 2: Reconciliation of EBITDA & Adjusted EBITDA 4Q 2025 vs. 4Q 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 16: Reconciliation of EBITDA & Adjusted EBITDA
Schedule 2: Reconciliation of EBITDA & Adjusted EBITDA 2025 vs. 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 stock‐bas
Slide 17: Reconciliation of Non-GAAP Forecasted Guidance
Schedule 3: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2026 Adjusted Net Income Forecast & EPS to Adjusted EPS for the year ending December 31, 2026 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 18: Reconciliation of Non-GAAP Forecasted Guidance
Schedule 4: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2026 Adjusted EBITDA Forecast for the year ending December 31, 2026 The following table sets forth a reconciliation of the forecasted GAAP net income to Adjusted Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA)