Solv Energy, Inc. · NASDAQ:MWH
Solv Energy — Q1 2026 Earnings Presentation
22 slides from Solv Energy's earnings presentation, May 12, 2026
Slide 1: First Quarter 2026 Earnings
First Quarter 2026 Earnings MAY 12, 2026
Slide 2: Disclaimer
Disclaimer Forward Looking Statements This presentation contains forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, which are subject to known and unknown risks, uncertainties and other important factors that may cause ac
Slide 3: Management Presenters & Agenda
MANAGEMENT PRESENTERS & AGENDA Speakers Agenda GEORGE HERSHMAN 01 Company Update Chief Executive Officer CHAD PLOTKIN 02 First Quarter 2026 Financial Results Chief Financial Officer 03 Wrap-Up 2
Slide 4: 01 Company Update
01 Company Update GEORGE HERSHMAN - CEO 3
Slide 5: Business Update
BUSINESS UPDATE Safety First ▪ Continued strength with LTM1Q26 metrics below benchmarks Robust 1Q26 Financial Performance ▪ Strong execution and overall profitability Market Conditions Continue to Underscore Growth ▪ Significant load growth, need for new supply and competitiveness of solar and BESS
Slide 6: Who We Are
WHO WE ARE Lind WA; 2 Gaston SalemOR; OR;33 Sheridan OR; 3 Sandy OR; 3 Gervais OR; 3OR; Woodburn Madras OR; 2 3 Salem OR; 3 Madras OR; 3 Madras Bend OR; 3 OR; 1 Prineville OR; Prineville1OR; 3 Prineville OR; Rumford ME; Rockport 1 Ogdensburg Lunenburg 1 ME; 1 Bend OR; Prineville OR;12 NY; 1 Ogdensbu
Slide 7: Market Dynamics and Drivers
MARKET DYNAMICS AND DRIVERS Accelerating Investment in Data Centers and Reshoring of Manufacturing Is Driving Unprecedented Load Growth Which Has Created Tremendous Demand for New Power Generation Current Market Dynamics Digital infrastructure and manufacturing Nearly 3x increase in average solar an
Slide 8: Our Growth Strategy
OUR GROWTH STRATEGY 01 Focus on the fastest growing segments of the market → >200 MW solar and BESS 02 Grow the O&M business to build recurring revenues 03 Leverage existing capabilities to expand into new markets 04 Harness innovation to grow faster and increase margins 05 Make strategic acquisitio
Slide 9: Strategic Acquisition - Roberson Waite Electric
STRATEGIC ACQUISITION - ROBERSON WAITE ELECTRIC STRATEGIC RATIONALE ▪ Expands SOLV’s utility infrastructure platform and accelerates entry into the regulated utility market, aligned with long-term grid modernization and resilience investment ▪ Adds differentiated substation capabilities across const
Slide 10: 02 Financial Results
02 Financial Results CHAD PLOTKIN - CFO 9
Slide 11: 1Q26 Financial Results
1Q26 FINANCIAL RESULTS ($ in millions, where applicable) REVENUE NET LOSS(1) YEAR-OVER-YEAR HIGHLIGHTS First Quarter: 1Q25 1Q26 $677 Revenue up 66% ($1) $408 Adj. Gross Profit up 110% Adj. EBITDA up 174% Key Drivers: 1Q25 1Q26 ($27) ▪ Significant increase in new construction revenue from backl
Slide 12: Backlog Update
BACKLOG UPDATE QUARTERLY BACKLOG BACKLOG HIGHLIGHTS ($ billions) ▪ Momentum continues across the business with 82% growth over the last twelve months and $1.3 $8.0 $0.2 $8.2 sequential net growth per quarter since year- $0.5 $6.7 end 2024. $1.7 $6.2 ▪ Quarterly bookings and net backlog change $4.3 $
Slide 13: 2026 Financial Guidance
2026 FINANCIAL GUIDANCE ($ in millions, where applicable) UPDATED Revenue $3,720 - $3,820 Adjusted Gross Profit(1) $610 – $650 Adjusted Gross Margin %(1) 16.4% - 17.0% Adjusted EBITDA $435 - $455 KEY FINANCIAL GOALS AND OBJECTIVES • Deliver on financial targets • Execute on accretive growth to expan
Slide 14: 03 Wrap-Up
03 Wrap-Up GEORGE HERSHMAN - CEO 13
Slide 15: Investment Highlights
INVESTMENT HIGHLIGHTS Positioned to Benefit from Growth in …Through a Leading Pure-play …With a Business Model That U.S. Power Infrastructure… Power EPC… Supports Long-Term Growth U.S. load projected to grow 28% Focused exclusively on 45% larger revenue opportunity than over the next decade co
Slide 16: Appendix
Appendix 15
Slide 17: SOLV Energy Value Proposition
SOLV ENERGY VALUE PROPOSITION SOLV Provides Comprehensive Lifecycle Management Services over the Life of the Project and Beyond New Construction Existing Infrastructure EPC Services O&M Services We Build “35-Year Annuities” Receive 40%+ of the Spend… Illustrative Unit Economics for a Typical PV + BE
Slide 18: Embedded Revenue Opportunity
EMBEDDED REVENUE OPPORTUNITY… SOLV’s existing O&M customers are expected to spend approximately $8.1 billion on PMs, CMs and inverter replacements over the life of their projects Embedded Revenue Opportunity in SOLV’s Current “Installed Base”(1) ($ in billions over a 35-year life) $1.5 $8.1 Potentia
Slide 19: Backlog by Contract Type
BACKLOG BY CONTRACT TYPE As of March 31, 2026 (% of Backlog) 4% 3% Signed Backlog: 30% EPC Contracts & LNTP Agreements Awarded Backlog: EPC Contracts & LNTP Agreements $8.2B Signed Backlog: O&M Agreements 63% Estimated Corrective Maintenance Note: LNTP = Limited Notice to Proceed. Signed backlog rep
Slide 20: SG&A Details
SG&A DETAILS Selling, general and administrative expense $ in thousands Three Months Ended March 31 2026 2025 Total Selling, general and administrative expense $ 111,375 $ 36,070 Less: Non-cash compensation expense (59,560) (712) Less: Transaction, integration, and non-capitalized IPO related costs
Slide 21: Reconciliation to Non-GAAP Gross Profit
RECONCILIATION TO NON-GAAP GROSS PROFIT Gross Profit $ in thousands Three Months Ended March 31 2026 Gross Profit $ 119,073 Add-back: Non-cash compensation expense 5,314 Adj Gross Profit $ 124,387 Gross Margin % 17.6% Adj Gross Margin % 18.4% 20
Slide 22: Reconciliation to Non-GAAP Financial Measures
RECONCILIATION TO NON-GAAP FINANCIAL MEASURES Adjusted EBITDA $ in thousands Three Months Ended March 31 2026 2025 Net loss $(27,414) $(502) Interest expense 6,897 12,691 Interest income (1,450) (3,272) Provision for income taxes 4,166 262 Depreciation and amortization 23,730 19,572 EBITDA $ 5,929 $