Centuri Holdings, Inc. · NYSE:CTRI
Centuri — Q1 2026 Earnings Presentation
32 slides from Centuri's earnings presentation, May 7, 2026
Slide 1: Vision One Centuri Strategy Overview
Vision One Centuri Strategy Overview May 2026 Centuri.com 1
Slide 2: Where We’ve Been
Where We’ve Been More than 115 years of client-focused, industry-leading experience • NPL founded (1967) • Centuri formed • SWX buys NPL (1996) • Canadian gas businesses acquired • Geographic expansion begins • Revenue reaches $1B 1967-1996 2014-2015 1997-2013 1909 • Further geographic expansion 201
Slide 3: An Inflection Point – Leading to the Next Stage of Growth
An Inflection Point – Leading to the Next Stage of Growth • Capturing end-market tailwinds • Balancing growth with profit improvement • Maintaining lower risk profile • IPO in April • Producing predictable earnings growth • New investors bring new expectations • Delivering value to shareholders • SW
Slide 4: Strategic Objectives
Strategic Objectives Today, our One Centuri approach is anchored in four strategic objectives Growth Objectives Top-Tier Revenue Top-Tier Earnings Growth Growth Enabling Objectives Integrated Customer- World-Class Resource Facing Organization Delivery & Learning 4
Slide 5: The Energy Infrastructure Build-Out Creates Durable, Decade-Long Tailwinds
The Energy Infrastructure Build-Out Creates Durable, Decade-Long Tailwinds Grid Modernization 1 Utilities are investing a trillion dollars to replace aging transmission and distribution networks. This is a multi-decade capital program with no near-term end. Electrification 2 Digital infrastructure a
Slide 6: Where We Are Today
Where We Are Today In this large, attractive market, Centuri is well positioned to deliver sustainable growth Electric Distribution $254 Electric Transmission $152 Gas Distribution $83 Core End Markets Centuri ~$625 Billion Gas Transmission $16 Addressable Cumulative Industrial $44 Market 2026-2029
Slide 7: Substantial Opportunity – Core End Markets
Substantial Opportunity – Core End Markets Our core end markets provide plenty of opportunity for growth CAGR Core End Market Growth 2025-2029 Total Addressable Markets $160 Cumulative 2026-2029 $140 9.8% $ in billions $120 6.7% Electric Gas $100 $ in Billions 8.2% $407 $123 $80 Distribution Transmi
Slide 8: Substantial Opportunity – Adjacent End Markets
Substantial Opportunity – Adjacent End Markets The adjacent markets we serve represent significant opportunity, require a disciplined approach, and can drive margin expansion CAGR Adjacent End Market Growth 2025-2029 $500 Total Addressable Markets Cumulative 2026-2029 $450 $ in billions $400 16.6% $
Slide 9: Centuri Strategy
Centuri Strategy Become North America’s most trusted and highest-performing utility and STRATEGIC energy infrastructure company. Growing profitably, operating as one, and AMBITION delivering exceptional value to customers, employees, and shareholders. 2025-2029 Base Base Gross Delivering top-tier gr
Slide 10: Protect & Deepen the Core
Protect & Deepen the Core Recurring MSAs remain the foundation of Centuri, while growth in high-value bid work is creating a more balanced portfolio CORE MARKETS STRATEGY IMPACT • Electric T&D • Maintain 100% MSA renewal • Stable, recurring revenue rate coming from a robust pipeline • Gas T&D • Win
Slide 11: Grow the Portfolio
Grow the Portfolio INITIATIVE Expansion of Electric Geographic Expansion Portfolio Diversification Transmission Services • Growing adjacent markets offers significant • Significant end-market demand exists, • Several major geographic areas offer opportunity to expand bid work with opportunity to exp
Slide 12: Strategic M&A
Strategic M&A Through strategic, tuck-in acquisitions we can reach into new markets, serve a wider range of customers, diversify our portfolio, and expand our core business MARKETS STRATEGY IMPACT • Electric transmission • Promote further commercial execution • Grow in new markets and geographies •
Slide 13: Strategic M&A – Case Study
Strategic M&A – Case Study Connect Atlantic Utility Services (Connect) was acquired in 2025, representing a tuck-in acquisition that fit Centuri criteria MARKETS STRATEGY IMPACT Atlantic Canada Provinces Established electric services in Canada Grow in new markets and geographies Complementary
Slide 14: Drivers of Top-Tier Growth
Drivers of Top-Tier Growth Our Vision One Centuri strategy is built to drive meaningful, quality base revenue growth Base Revenue CAGR 2025-2029 15% » Balancing the portfolio with recurring MSAs and higher-value bid work Strategic M&A » Selectively pursuing growth initiatives underpinned 12% by core
Slide 15: Laying the Groundwork
Laying the Groundwork In 2025 we put in place several processes and initiatives needed to support our growth Talent & Learning Engine Fleet Initiatives Sales Pipeline • Targeted talent development, key • 50/50 buy vs lease model • Established comprehensive talent hires and internal mobility enhances
Slide 16: World-Class Resource Planning & Delivery
World-Class Resource Planning & Delivery We are implementing a focused, industry-leading plan to build the workforce needed to scale Mapping workforce resourcing Building robust workforce pipelines Developing talent plans to business forecasts • Tying workforce planning to market • Aligning the lead
Slide 17: Risk Management (Project Management Office)
Risk Management (Project Management Office) Our increased bid work focus will require greater attention to structured risk management Operational Excellence & Continuous Improvement & Operational Governance Business Intelligence Knowledge Management • Enterprise gatekeeper for all at-risk project •
Slide 18: Impact
> IMPACT )» THINK AHEAD »
Slide 19: The Balanced Portfolio
The Balanced Portfolio Strategic execution leads to a more diverse and balanced portfolio Base Revenue Mix 2025 2029 Electric Bid Work Electric Bid 12% Work ~19% Gas MSA Gas MSA ~35% 43% Electric Electric MSA MSA 35% ~30% Gas Bid Work Gas Bid ~16% Work 10% Base Revenue and Base Gross Profit are non-
Slide 20: Segment Financial Framework
Segment Financial Framework Base Revenue 2029 Target CAGR (2025-2029) Base Gross Profit Margin U.S. Gas 9% - 10% 7.0% - 8.0% Canadian Operations 8% - 9% 15.5% - 16.5% Union Electric 10% - 13% 9.0% - 10.0% Non-Union Electric 11% - 15% 9.0% - 10.0% Potential M&A not included in Base Revenue CAGR and T
Slide 21: Margin Expansion
Margin Expansion Our strategy is focused on expanding Base Gross Profit Margin Base Gross Profit Margin 10.0% 70 – 170 basis point improvement in Base Gross Profit Margin from 2025 to 2029(1) 9.5% 9.0% Operational excellence, 8.5% Mitigating first optimize portfolio quarter seasonality through incre
Slide 22: Consolidated Financial Targets
Consolidated Financial Targets 2025 Actual 2025 - 2029 CAGR Base Revenue $2.9B 10% - 15% Base Gross Profit $234MM 12% - 19% Adjusted EBITDA $249MM 9% - 17% Adjusted EPS $0.43 30% - 45% 2025 Actual 2029 Target Base Gross Profit Margin 8.0% 8.7% - 9.7% Net Debt to Adjusted EBITDA Ratio 2.5x 1.0x – 2.0
Slide 23: Differentiation - Why Centuri Wins
Differentiation - Why Centuri Wins Scale with Local Delivery The reach of a $3B+ enterprise with the benefits of size and scale, and the agility and accountability of locally positioned teams and leadership. Capability Across the Utility Value Chain The ability to serve gas and electric, union and n
Slide 24: Forward Looking Statements Disclaimer
Forward Looking Statements Disclaimer Unless the context otherwise requires, in this presentation, references to “we,” “us,” and “our” are to Centuri Holdings, Inc. (NYSE: CTRI) (“Centuri” or the “Company”), together with its consolidated subsidiaries, which include, among others, Centuri Group, Inc
Slide 25: Appendix
Appendix THINK AHEAD» —
Slide 26: Use of Non-GAAP Measures
Use of Non-GAAP Measures We prepare and present our financial statements in accordance with GAAP. However, management believes that EBITDA, Adjusted EBITDA, Net Debt to Adjusted EBITDA Ratio, Free Cash Flow, Free Cash Flow conversion from Adjusted EBITDA, Adjusted EPS, Base Revenue, Base Gross Profi
Slide 27: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation $mm 2025 Net income $ 22.7 Interest expense, net 78.4 Income tax benefit (8.1) Depreciation expense 111.5 Amortization of intangible assets 27.3 EBITDA $ 231.8 Non-cash stock-based compensation 8.1 Acquisition costs 2.2 Separation-related costs 5.5 Other professional f
Slide 28: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation $mm 2025 Net cash provided by operating activities $ 78.1 Less: Net capital expenditures: Capital expenditures (86.3) Proceeds from sale of property and equipment 44.0 Net capital expenditures (42.4) Free Cash Flow $ 35.7 Free Cash Flow Conversion 14.4% (% of Adjusted E
Slide 29: Net Debt Reconciliation
Net Debt Reconciliation $mm (except Net Debt to Adj. EBITDA Ratio) Q4 2025 Debt Current portion of long-term debt $ 29.5 Current portion of finance lease liabilities 7.5 Long-term debt, net of current portion 616.9 Line of credit 91.2 Finance lease liabilities, net of current portion 9.2 Total Debt
Slide 30: Adjusted EPS Reconciliation
Adjusted EPS Reconciliation 2025 Diluted earnings per share attributable to common stock $ 0.25 Amortization of intangible assets 0.30 Separation-related costs 0.06 Non-cash stock-based compensation 0.09 Loss on debt modification and extinguishment 0.09 Other professional fees 0.02 Tax asset allocat
Slide 31: Base Gross Profit Margin Reconciliation
Base Gross Profit Margin Reconciliation $mm 2025 2024 Base Revenue Total revenue, net $ 2,983.8 $ 2,637.2 Less: Storm Restoration Services Revenue (40.2) (136.7) Base Revenue $ 2,942.6 $ 2,500.5 Base Gross Profit Gross Profit $ 246.6 $ 220.7 Less: Storm Restoration Services Gross Profit (12.3) (47.5
Slide 32: Centuri.com contact details
19820 North 7th Avenue, #120 • Phoenix, Arizona 85027 • investors@centuri.com investors@centuri.com Centuri.com 32