Slide 1: Investor Presentation Q4 2026
THE PEOPLE CONNECTING AMERICA ® INVESTOR PRESENTATION Q4 2026
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 identified with words such as “believe,” “expect,” “anticipate,” “es
Slide 3: Fiscal 2026 Highlights
FISCAL 2026 HIGHLIGHTS $5.5B CONTRACT REVENUE $738M ADJUSTED EBITDA THE PEOPLE CONNECTING 17.9% REVENUE GROWTH 13.3% ADJUSTED EBITDA MARGIN AMERICA ® $9.5B TOTAL BACKLOG4 AS OF Q4 2026 $11.97 ADJUSTED DILUTED EPS1 Reconciliations of non-GAAP measures begin on slide 28. 3
Slide 4: The People Connecting America
THE PEOPLE CONNECTING AMERICA ® Leading provider of specialty contracting National presence with 19,500+ services to the telecommunications and employees in field offices digital infrastructure industries throughout all 50 states 50+ year track record and strong reputation for quality service across
Slide 5: Why Invest in Dycom
WHY INVEST IN Largest specialty Decades- Profitable 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 per
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 Efficiency WELL POSITIONED VISIBILITY TO DISCIP
Slide 8: National Capability, Local Credibility
NATIONAL CAPABILITY, LOCAL CREDIBILITY THE DYCOM FAMILY OF COMPANIES Combination of national reach and local knowledge makes Dycom the partner of choice 38 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 N
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 infrastructure across multiple and diverse demand drivers FIBER TO FIBER DATA CENTER GOVERNMENT WIRELESS THE HOME INFRASTRUCTURE BUILDING PROGRAMS BACKBONE SYSTEMS Multi-Y
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 767.4 networks G R CA 69
Slide 11: CEO Quote on Fiscal 2027
“ Asleverage we move into fiscal 2027, we will continue to our scale and technical sophistication to solve the industry’s most complex challenges and meet commercial opportunities —from the massive FTTH build- out to the critical infrastructure requirements of the data center and AI economy. We rema
Slide 12: Connecting America: Infrastructure for the Digital Age
CONNECTING AMERICA: INFRASTRUCTURE FOR THE DIGITAL AGE Poised to Capture Outsized Share of Digital Infrastructure Spending with Diversified Offering As the digital economy expands, the demand for robust and reliable infrastructure—from high-speed fiber networks across the country to electrical syste
Slide 13: Strategic Workforce Management Is a Core Differentiator
DYCOM’S STRATEGIC WORKFORCE MANAGEMENT IS A CORE DIFFERENTIATOR Dycom’s 19,500+ person skilled craft workforce underpins our ability to consistently deliver services to our customers and communities at safety and quality levels that define the industry SKILLED CRAFT WORKFORCE AND ROBUST TRAINING AND
Slide 14: Growth Anchored by Long-Term Agreements with Established Customers
GROWTH ANCHORED BY LONG- TERM AGREEMENTS WITH WELL- ESTABLISHED CUSTOMERS BACKLOG4 Multi-year agreements built on long-term $ BILLIONS partnerships and proven execution Next 12 Months Backlog $9.542 • Deeply embedded, decades-long partnerships with leading telecommunications providers and general co
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 on Dec 23, 2025
DYCOM ACQUIRES POWER SOLUTIONS ON DEC 23, 2025 Positions Dycom at the Center of Durable, Long-Term Infrastructure Trends 1 Expands Exposure to Rapidly Growing, Mission-Critical Data Center Demand 2 Extends Platform for Long-Term Growth and Diversification + 3 Unlocks Significant Opportunity to Scale
Slide 17: Power Solutions Overview
POWER SOLUTIONS OVERVIEW Premier Leader in Data Center Electrical Contracting 27 2,900+ 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: 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 19: Financial Update
ODYCOM FINANCIAL UPDATE
Slide 20: Financial Highlights
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 and incre
Slide 21: Segment Results
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 solutio
Slide 22: 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 EPS1 17.9% 12
Slide 23: Quarterly Trends
QUARTERLY TRENDS CONTRACT REVENUES NON-GAAP ADJUSTED EBITDA $ MILLIONS $ MILLIONS $219 $206 $1,452 $1,458 $1,378 $1,272 $1,259 $171 $1,203 $158 $162 $1,142 $150 $1,085 $131 $116 14.9% 15.1% 13.2% 13.4% 11.9% 11.5% 11.1% 10.7% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2025 Q2
Slide 24: Debt and Liquidity Overview
DEBT SUMMARY Q4 2026 Q3 2026 $ 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 1,540.0 445.0 LIQUIDITY Term Loan Facility B, matures January 2033 800.0 - OVERVIEW Revolving Facility, matures December 2030 -
Slide 25: 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 paid for acquisitions, net of cash acquired $ (1,628.6) $ (183.9) CASH FLOW Borrowings (Repayments) on Senior Credit Facility $ 1,890.0
Slide 26: Outlook (slide used March 4, 2026)
This slide was used on March 4, 2026 in connection with the Company’s conference call for its fiscal 2026 fourth quarter and annual 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 o
Slide 27: Outlook (slide used March 4, 2026)
This slide was used on March 4, 2026 in connection with the Company’s conference call for its fiscal 2026 fourth quarter and annual 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 o
Slide 28: Non-GAAP Reconciliations
ODYCOM NON-GAAP RECONCILIATIONS
Slide 29: 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 30: Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Financial Measures
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 31: Reconciliation of Non-GAAP Financial Measures (Continued)
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 32: Reconciliation of Non-GAAP Financial Measures (Continued)
RECONCILIATION OF NON-GA AP FINANCIAL MEASURES TO COMPARABLE GA AP FINANCIAL MEASURES (CONTINUED) Quarterly Non-GAAP Adjusted EBITDA Unaudited $ Millions Quarter Ended January 31, October 25, July 26, April 26, January 25, October 26, July 27, April 27, 2026 2025 2025 2025 2025 2024 2024 2024 Net in
Slide 33: Reconciliation of Non-GAAP Financial Measures (Continued)
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 34: Reconciliation of Non-GAAP Financial Measures (Continued)
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 35: Reconciliation of Non-GAAP Financial Measures (Continued)
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 January 31, October 25, July 26, April 26, January 25, October 26, July 27, April 27, 2026 2025 2025 2025
Slide 36: Reconciliation of Non-GAAP Financial Measures (Continued)
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 37: Reconciliation of Non-GAAP Financial Measures (Continued)
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 38: Reconciliation of Non-GAAP Financial Measures (Continued)
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 39: Notes
NOTES 1. The Company excludes amortization of intangible assets from its Non-GAAP Adjusted Net Income beginning with the results reported for the fourth quarter and fiscal year ended January 31, 2026. Amortization of intangible assets are impacted by the Company’s acquisition activities and therefor
Slide 40: Notes (Cont.)
NOTES (CONT.) 9. DSO is calculated as the summation of current and non-current accounts receivable (including unbilled receivables), net of allowance for doubtful accounts, plus current contract assets, less contract liabilities, divided by average revenue per day during the respective quarter, incl
Slide 41: 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 Office (561) 627-7171 dycomind.com dycom-industries
Slide 42: The People Connecting America
THE PEOPLE CONNECTING AMERICA ®