Slide 1: Investor Presentation
THE PEOPLE CONNECTING AMERICA ® INVESTOR PRESENTATION November 2025
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. These forward-looking statements include those related to the Company’s current assumptions regarding
Slide 3: Fiscal 2025 Highlights
FISCAL 2025 HIGHLIGHTS $4.7B CONTRACT REVENUE $576M ADJUSTED EBITDA THE PEOPLE CONNECTING 12.6% REVENUE GROWTH 12.3% ADJUSTED EBITDA MARGIN AMERICA ® 13.7% RETURN ON INVESTED CAPITAL (ROIC) $8.44 ADJUSTED DILUTED EPS Reconciliations of Non-GAAP measures begin on slide 38. 3
Slide 4: The People Connecting America
THE PEOPLE CONNECTING AMERICA ® Leading provider of specialty contracting National presence with 16,000+ 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 $4,702M Revenue Adjusted EBITDA AGR A C BITD Resiliency across d E s te d j u % A a wide range of 13.5 d an macroeconomic AGR ueC even and demand %r 11.0 $576M environments reflects 12.3% the durability of the $989M business $86M 8.7% FY10 FY11 FY12 F
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 37 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 Drivers
SUSTAINABLE GROWTH BACKED BY MULTIPLE DRIVERS Increased capital spending for high-capacity telecommunications and digital infrastructure across multiple and diverse demand drivers SERVICE AND MAINTENANCE Recurring Core Maintenance and Operations Services Provide Operational Resiliency and a Persiste
Slide 10: Persistent Growth in Consumer Data Usage Bolsters Demand
PERSISTENT GROWTH IN CONSUMER DATA USAGE BOLSTERS DEMAND FOR HIGH- SPEED, RELIABLE CONNECTIVITY WEIGHTED AVERAGE DATA CONSUMED PER MONTH GIGABYTES • A Self-Reinforcing Cycle: 640.8 Faster networks enable new GR 590.1 technologies, which in turn drive CA 550.2 15 .9% the need for even faster, more 49
Slide 11: CEO Quote on Demand Drivers
“The demand drivers for telecommunications and digital infrastructure have never been stronger. Dycom’s unique scale, expertise, and deep customer relationships, position us to lead this significant, long- term deployment of digital infrastructure and deliver “ substantial value to our shareholders.
Slide 12: Connecting America: Infrastructure for the Digital Age
CONNECTING AMERICA: INFRASTRUCTURE FOR THE DIGITAL AGE As the digital economy expands, the demand for robust and reliable infrastructure—from high-speed fiber to next-generation wireless networks—is growing at an unprecedented rate. Our comprehensive suite of services positions us to capitalize on t
Slide 13: Strategic Workforce Management Is a Core Differentiator
DYCOM’S STRATEGIC WORKFORCE MANAGEMENT IS A CORE DIFFERENTIATOR Dycom’s 16,000+ 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 Well-Established Customers
GROWTH ANCHORED BY LONG- TERM AGREEMENTS WITH WELL- ESTABLISHED CUSTOMERS BACKLOG3 Multi-year agreements built on long-term $ BILLIONS partnerships and proven execution Next 12 Month Backlog $8.222 • Deeply embedded, decades-long partnerships with $7.760 major telecom, cable, and network service pro
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: 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) $349.1 $259.0 $164.8 1.7x 1.4x 1.5x FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY
Slide 17: Financial Update
ODYCOM FINANCIAL UPDATE
Slide 18: Financial Highlights
FINANCIAL HIGHLIGHTS Delivered strong revenue growth and margin expansion $ MILLIONS, except EPS Fiscal 2025 Fiscal 2024 Y/Y “ Dycom’s strong fiscal year results Contract Revenues $4,702.0 $4,175.6 12.6% reflect the successful execution of our strategy and our ability to meet Organic Revenue Growth
Slide 19: Annual Trends
ANNUAL TRENDS CONTRACT REVENUES NON-GAAP ADJUSTED EBITDA $ MILLIONS $ MILLIONS $4,702 $576 $4,176 $4814 $3,808 12.3% $366 11.6%4 9.6% FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 NON-GAAP ADJUSTED EBITDA NON-GAAP ADJUSTED EBITDA % CONTRACT REVENUE GROWTH % NON-GAAP ADJUSTED DILUTED EPS 21.7% 21.7
Slide 20: Quarterly Trends
QUARTERLY TRENDS CONTRACT REVENUES NON-GAAP ADJUSTED EBITDA $ MILLIONS $ MILLIONS $219 $206 $1,452 $1,378 $1,272 $1,259 $171 $1,203 $158 $1,142 $150 $1,085 $952 $131 $116 14.9% 15.1% $94 13.4% 13.2% 11.5% 11.9% 10.7% 9.8% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2024 Q1 202
Slide 21: Debt and Liquidity Overview
DEBT SUMMARY Q3 2026 Q2 2026 $ MILLIONS 4.50% Senior Notes, mature April 2029 $ 500.0 $ 500.0 Senior Credit Facility, matures January 2029:6 DEBT AND Term Loan Facility 445.0 450.0 LIQUIDITY Revolving Facility - 85.0 OVERVIEW Total Notional Amount of Debt $ 945.0 $ 1,035.0 Debt maturity profile and
Slide 22: Cash Flow Overview
CASH FLOW SUMMARY Q3 2026 Q3 2025 $ MILLIONS Operating cash flows $ 220.0 $ 65.8 Capital expenditures, net of proceeds from $ (47.6) $ (66.4) sale of assets CASH FLOW Cash paid for acquisitions, net of cash acquired $ - $ (150.1) OVERVIEW Capital allocation prioritizes organic (Repayments) Borrowing
Slide 23: Fiscal 2026 Outlook
This slide was used on November 19, 2025 in connection with the Company’s conference call for its fiscal 2026 third quarter results. This information is provided for your reference only and should not be interpreted as a reiteration of these projections by the Company at any time after the date orig
Slide 24: Q4 2026 Outlook
This slide was used on November 19, 2025 in connection with the Company’s conference call for its fiscal 2026 third quarter results. This information is provided for your reference only and should not be interpreted as a reiteration of these projections by the Company at any time after the date orig
Slide 25: Dycom to Acquire Power Solutions, LLC
DYCOM TO ACQUIRE POWER SOLUTIONS, LLC
Slide 26: Dycom Acquisition of Power Solutions
DYCOM ACQUISITION OF POWER SOLUTIONS 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 Operation
Slide 27: Transaction Overview
TRANSACTION OVERVIEW • Total purchase price of $1.95 billion, consisting of approximately $293 million payable in Dycom common stock and the remainder of the consideration payable in cash, subject to certain closing and post-closing adjustments Transaction • Purchase price represents a multiple of a
Slide 28: Power Solutions Overview
POWER SOLUTIONS OVERVIEW Premier Leader in Data Center Electrical Contracting 27 2,800+ 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 29: Power Solutions Overview: Track Record of Performance
POWER SOLUTIONS OVERVIEW A Strong Track Record of Performance Power Solutions has ~$1.0B 15%+ $1.0B+ Revenues Revenue CAGR Current consistently generated CY2025E 2020-2024 Backlog strong top and bottom- line growth, while increasing project size and scope due to high demand for its services Mid-to-H
Slide 30: Power Solutions Overview: Differentiated Ability to Scale
POWER SOLUTIONS OVERVIEW Differentiated in Ability to Scale and Deliver the Highest Level of Service in a Highly Complex, Technical Space MV Power LV Power Distribution Distribution LV switchgear & MCCs MV switchgear & MCCs Intelligent PDUs Protection relays Active filters Distribution transformer P
Slide 31: Expands Exposure to Rapidly Growing Data Center End Market
EXPANDS DYCOM’S EXPOSURE TO RAPIDLY GROWING DATA CENTER END MARKET Immediately Deepens Exposure to one of the Fastest-Growing Infrastructure Sectors Data center infrastructure is poised for significant CURRENT AND EXPECTED DATA CENTER CAPACITY (GW) growth. While traditional non-gen-AI drivers, like
Slide 32: Diversifies Business and Extends Platform
DIVERSIFIES BUSINESS AND EXTENDS PLATFORM INTO COMPELLING ADJACENCY FOR LONG-TERM GROWTH Power Solutions Brings Leading Electrical Contracting Capabilities, Diversifying Business and Extending Platform For Long-Term Growth POWER SOLUTIONS DYCOM COMBINED* Robust electrical contracting capabilities De
Slide 33: Opportunity to Scale Operations and Cross-Sell Services
UNLOCKS SIGNIFICANT OPPORTUNITY TO SCALE POWER SOLUTIONS’ OPERATIONS AND CROSS-SELL SERVICES Primed to Deliver an Expanded Solutions Set to Customers Across a Nationwide Footprint DYCOM NATIONWIDE FOOTPRINT POWER SOLUTIONS REGIONAL FOOTPRINT 37 3 WA COMPANIES MT ME STATES ND MN OR VT 50 4 ID NY WI N
Slide 34: Adds Substantial Skilled Labor Capacity
ADDS SUBSTANTIAL SKILLED LABOR CAPACITY, COMBINING TWO LEADING WORKFORCES 2,800+ Highly Skilled Employees Provide Self-Perform Electrical Contracting Capabilities, Extending Capacity to Execute Large, Complex Projects Preserves what A proven culture Deepens bench and Unites two people- makes Power o
Slide 35: Enhances Positioning in Durable Infrastructure Trends
ENHANCES DYCOM’S POSITIONING AT THE CENTER OF DURABLE, LONG-TERM INFRASTRUCTURE TRENDS 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 acro
Slide 36: Power Solutions Is Immediately Accretive to Dycom's Performance
POWER SOLUTIONS IS IMMEDIATELY ACCRETIVE TO DYCOM’S PERFORMANCE Power Solutions Financial Outlook: Immediate Expected • Power Solutions CY2025 annual revenue expected to Financial Benefits: be approximately $1.0 billion • Incremental revenue growth • Company’s 4-year revenue CAGR trajectory of ~15%
Slide 37: Key Step in Execution of Dycom's Strategic Vision
POWER SOLUTIONS IS A KEY STEP IN THE EXECUTION OF DYCOM’S STRATEGIC VISION FOR SIGNIFICANT LONG-TERM GROWTH Expands Dycom’s exposure to rapidly-growing, mission- critical data center demand Extends platform for long-term growth and diversification + as a natural extension of current operations
Slide 38: Non-GAAP Reconciliations
ODYCOM NON-GAAP RECONCILIATIONS
Slide 39: 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 the Company’s quarterly results releases, slide presentations, conference calls, and webcasts, it may use or discuss Non-GAAP financial me
Slide 40: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GA AP FINANCIAL MEASURES TO COMPARABLE GA AP FINANCIAL MEASURES Quarterly Non-GAAP Organic Contract Revenues Unaudited $ Millions Growth % Impacts of a change Contract Revenues - Revenues from order and closeout of Non-GAAP - Organic Non-GAAP - Quarter Ended GAAP acquired busin
Slide 41: 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 % Impacts of a change Contract Revenues - Revenues from order and closeout of Non-GAAP - Organic Non-GAAP - Fiscal Year Ended GAAP a
Slide 42: 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 October 25, July 26, April 26, January 25, October 26, July 27, April 27, January 27, 2025 2025 2025 2025 2024 2024 2024 2024 Net in
Slide 43: 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 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, 2017 Jul 30, 20
Slide 44: 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 October 25, July 26, April 26, January 25, October 26, July 27, April 27, January 27, 2025 2025 2025 2025
Slide 45: 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 25, 2025 January 27, 2024 January 28, 2023 Net income $ 233.4 $ 218.9 $ 142.2 Pre-Tax Adjustment
Slide 46: 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 $ Millions Fiscal Year Ended January 25, 2025 January 27, 2024 January 28, 2023 Non-GAAP Adjusted EBITDA $ 576.3 $ 504.8 $ 366.1 Total Notional Amount of Debt $ 950.0 $ 815.0 $
Slide 47: Reconciliation of Non-GAAP Financial Measures (Continued)
RECONCILIATION OF NON-GA AP FINANCIAL MEASURES TO COMPARABLE GA AP FINANCIAL MEASURES (CONTINUED) Return On Invested Capital $ Millions Fiscal Year Ended January 25, 2025 January 27, 2024 Non-GAAP Adjusted EBITDA $ 576.3 Less: Depreciation expense (167.2) Less: Stock-based compensation expense, excl
Slide 48: Notes
NOTES 1. In January 2018, the company changed it’s fiscal year end from the last Saturday in July to the last Saturday in January. TTM18 represents the trailing twelve months ending January 2018. FY10 through FY17 represent fiscal years ending in July and FY19 through FY25 represent fiscal years end
Slide 49: Notes (Cont.)
NOTES (CONT.) 9. Source: McKinsey & Company, 8 Aug. 2025 10. Source: Cushman & Wakefield Data Center Advisory Group, 2025 11. Amounts represent contract revenues from acquired businesses that were not owned for the entirety of both the current and prior year periods. 12. The Company incurred costs o
Slide 50: 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 51: The People Connecting America
THE PEOPLE CONNECTING AMERICA ®