Slide 1: Primoris Services Corporation 1Q 2026 Earnings
Primoris Services Corporation 1Q 2026 Earnings May 6, 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: Q1 2026 Takeaways
Q1 2026 Takeaways Q1 2026 revenue and margins lower year-over-year driven by solar project cost pressures and delays Utilities segment revenue and margins up year-over-year driven by increased power delivery and gas operations activity Completed acquisition of PayneCrest Electric, Inc. on May 1, 202
Slide 4: 1Q 2026 Financial Summary
1Q 2026 Financial Summary ($ millions, except per share amounts) 1Q 2026 1Q 2025 GAAP Metrics Revenue $ 1,559.9 $ 1,648.1 Net Income $ 17.4 $ 44.2 Diluted EPS $ 0.32 $ 0.81 Non-GAAP Metrics Adjusted EBITDA $ 60.5 $ 99.1 Adjusted Net Income $ 32.2 $ 53.5 Adjusted EPS $ 0.59 $ 0.98 4
Slide 5: Backlog Summary at 3/31/2026
Backlog Summary at 3/31/2026 Total Backlog by Segment Total Backlog ($M) $11,945 $11,641 $12,000 $11,386 $11,494 $11,063 $10,000 $4,986 $4,183 $5,025 $4,103 $5,539 $8,000 41% $6,000 59% $4,000 $7,458 $6,469 $6,960 $6,959 $5,847 $2,000 $0 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Energy Utilities MSA F
Slide 6: 1Q 2026 vs. 1Q 2025 Segment Results
1Q 2026 vs. 1Q 2025 Segment Results $ in millions Corporate % of % of % of and non- 1Q 2026 Utilities Segment Energy Segment Consolidated Consolidated allocated Revenue Revenue Revenue costs Revenue $ 632.9 $ 955.4 $ (28.4) $ 1,559.9 Gross Profit $ 62.0 9.8% $ 72.7 7.6% $ 134.7 8.6% Operating Income
Slide 7: 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 $2.5 $2.4 $2.3 $8.0 10.0% $7.6 $7.5 $2.1 $2.0 $2.0 $7.0 9.0% $6.4 $1.6 $6.0 $5.7 8.0% $1.5 $1.4 % of Revenue $ Billions $5.0 $ Billions $4.4 7.0% 6.6% $1.0 $4.0 $3.5 $3.5 6.4%
Slide 8: 2026 Guidance
2026 Guidance As of May 6, 2026 Full Year 2026 Earnings Per Share (“EPS”): Full Year Effective Tax Rate: ̶ $4.05 to $4.25 per diluted share ̶ Approximately 28% to 29% Full Year 2026 Adjusted EPS: Remaining Nine Months 2026 Capital ̶ $4.80 to $5.00 per diluted share Expenditures: ̶ $90 millio
Slide 9: Reg G Reconciliation
Reg G Reconciliation P= Primoris
Slide 10: Reconciliation of Adjusted Net Income & Adjusted EPS
Schedule 1: Reconciliation of Adjusted Net Income & Adjusted EPS 1Q 2026 vs. 1Q 2025 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 11: Reconciliation of EBITDA & Adjusted EBITDA
Schedule 2: Reconciliation of EBITDA & Adjusted EBITDA 1Q 2026 vs. 1Q 2025 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 12: 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 13: 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)