Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation © 2025 Granite Construction. All Rights Reserved.
Slide 2: Safe Harbor
Safe Harbor Any statements contained in this presentation that are capital allocation priorities, aggregate reserves and Due to the inherent risks and uncertainties associated not based on historical facts, including statements resources constitute forward-looking statements within with our forward-
Slide 3: Q3'25 Results
Q3’25 Results © 2025 Granite Construction. All Rights Reserved.
Slide 4: Investment Framework Supports Long-term Growth
Investment Framework Supports Long-term Growth SUPPORT & Solidify and Bolster EXPAND & Expand Into New Core Competencies STRENGTHEN and Strengths TRANSFORM Geographies INVESTMENT CATEGORIES INVESTMENT CATEGORIES Strengthen & Bolt-on: Civil Automation Expand Home Construction & & Reserve VI Expansion
Slide 5: Materials Segment
Materials Materials Segment Segment • Legacy business top and bottom-line growth, bolstered by recent acquisitions • Expect volume growth in both aggregate and asphalt into 2026, supported by strong demand • Driving price increases while focusing on minimizing cost per ton increases ◼ Cash Gross Pro
Slide 6: Construction Segment
Construction Segment • CAP increased $273M sequentially to new Granite record of $6.3B • Q3 bidding environment continues to be robust, led by public markets across the country • Market strength to support CAP growth in Q4 and in 2026 • Revenue expected to accelerate in Q4 and into 2026 as projects
Slide 7: Q3 2025 Results
Q3 2025 Results Q3 2025 YOY Change Total Revenue Total Revenue $1,433 M + $158 M Construction Revenue Construction Revenue $1,162 M + $82 M Materials Revenue Materials Revenue $271 M + $76 M Adjusted Net Income Adjusted Net Income $124 M + $33 M Adjusted Diluted EPS Adjusted Diluted EPS $2.70 + $0.6
Slide 8: Updated 2025 Guidance and 2027 Financial Targets
Updated 2025 Guidance and 2027 Financial Targets 6%- 8% Organic CAGR Revenue 2-3 Acquisitions Annually Adjusted EBITDA Margin $4.35B - $4.45B 2027 Target 12.5%-14.5% Free Cash Flow Margin* 6.5% - 8.5% 11.5%-12.5% 2025 2027 Annual 2025 Guidance includes CAPEX of approximately $130M, SG&A as a percent
Slide 9: Concluding Remarks
Concluding Remarks • Q3’2025 and YTD performance demonstrate the strength of our people and earnings power • New record CAP fueled by public market opportunities; Expect CAP to continue to grow in Q4 and in 2026 • CAP quality and bidding opportunities support growth towards the 2027 financial target
Slide 10: Appendix
Appendix Non-GAAP Financial Information We also provide materials segment cash gross profit and accordance with GAAP. Items that may have a significant materials segment cash gross profit by product line and the impact on our financial position, results of operations and The tables below contain fin
Slide 11: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (1) We define EBITDA as GAAP net income attributable to Granite Construction Incorporated, adjusted for net interest expense, taxes, depreciation, depletion and amortization. Adjusted EBITDA and adjusted EBITDA margin exclude the impact of other costs, net, stock-based
Slide 12: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation (1) tax effect of adjusting items was calculated using our estimated annual statutory tax rate. The tax effect of adjusting items for the three and nine months ended September 30, 2025 excludes $9 million of acquisition costs in Other costs, net that were non-tax d
Slide 13: Materials Segment Product Line Information
Materials Segment Product Line Information NM - not meaningful (1) The Aggregate product line includes aggregates, barge delivery and recycled materials. The Asphalt product line includes asphalt concrete and liquid asphalt. External revenue includes freight and delivery costs that we pass along to
Slide 14: Materials Segment Product Line Information
Materials Segment Product Line Information NM - not meaningful (1) The Aggregate product line includes aggregates, barge delivery and recycled materials. The Asphalt product line includes asphalt concrete and liquid asphalt. External revenue includes freight and delivery costs that we pass along to
Slide 15: Thank you. Questions?
Thank you. Questions? © 2025 Granite Construction. All Rights Reserved.
Slide 16: Where We Work
Where We Work © 2025 Granite Construction. All Rights Reserved. 16
Slide 17: Founded in 1922, Headquartered in Watsonville, CA
• Founded in 1922 • Headquartered in Watsonville, CA • Publicly traded since 1990, NYSE: GVA • One of the largest diversified, vertically integrated civil contractors and construction materials producers in the U.S. • Geographically diverse public and private client base • Thoughtful project pursui
Slide 18: Our Markets & Customers
Our Markets & Customers Granite serves customers in both public and private sectors within our reportable business segments: Construction and Materials. Our expertise allows us to provide infrastructure solutions in a range of markets as a diversified civil contractor and materials producer. ENR | E
Slide 19: Home Market Strategy a Key Differentiator
Home Market Strategy a Key Differentiator Client Centric Focus Home Market Community Engagement Market Intelligence & Insight Blended Project Portfolio Owner and Regulator Relationships Readily Available Resources We will focus on home markets where these attributes exist, among others. With these a
Slide 20: Vertical Integration Empowers Home Markets
Vertical Integration Empowers Home Markets Why Vertical Integration? » Compete in markets where owning materials is necessary External AGG Sales External HMA Sales » Maximize productivity and scheduling Aggregate Production HMA Production Construction » Ensure quality materials Operations » Leverage
Slide 21: California Senate Bill 1 (SB-1) 10 Year Revenue and Allocation
California Senate Bill 1 (SB-1) 10 Year Revenue and Allocation 10 Year SB-1 Revenue and Allocation $7,263 $6,947 $6,653 $7,163 $6,313 $6,847 $6,553 $6,213 $5,245 $5,235 $5,079 $5,169 $5,314 $4,280 $4,257 $4,980 $3,673 $4,180 $4,157 $3,384 $3,515 $3,199 $2,840 $2,844 $3,490 $2,489 $2,617 $3,332 $3,16
Slide 22: High-Quality CAP with Risk-adjusted Procurement Types
Bid-Build Procurement High-Quality CAP with • Project duration typically several months to 3 years Risk-adjusted Procurement Types • Traditional method with owners preparing the design and construction and transportation management plans • Contractors compete on a competitive low-bid process • Proje
Slide 23: Materials Segment Results
Materials Segment Results Pricing (Internal and External Sales) Volume (Internal and External Sales) Average Selling Price* Q3’24 Q3’25 YOY YTD’24 YTD’25 YOY Sales Volume Q3’24 Q3’25 YOY YTD’24 YTD’25 YOY (per ton) Change Change (tons) Change Change Aggregates $16.36 $20.54 25.6% $16.07 $18.20 13.3%
Slide 24: Aggregate Reserves and Resources
Aggregate Reserves and Resources 2,092 540 1,290 495 1,126 277 996 247 231 1,013 1,057 879 765 2021 2022 2023 2024* Proven and probable reserves Measured, indicated and inferred resources Newly Annouced Acquisitions Tons in millions *2024 actual plus acquired reserves through acquisitions in 2025 ©
Slide 25: Capital Allocation Priorities
Capital Allocation Priorities 1 Maintain current level of dividend 2 Support business operations via maintenance capex (1.5% - 2.0% of annual revenue) 3 Focused growth capex and M&A to drive growth and efficiencies 4 Target 2.5x long-term net leverage ratio 5 Opportunistic share repurchase when cash