Solv Energy, Inc. · NASDAQ:MWH
Solv Energy — Investor Presentation (September 2026)
19 slides from Solv Energy's investor presentation, September 2026
Slide 1: Investor Presentation
Investor Presentation SEPTEMBER 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: Investment Highlights
INVESTMENT HIGHLIGHTS Why this Market Why SOLV Energy Why Now A generational infrastructure Leadership across the power Executing at scale and building buildout is underway infrastructure lifecycle durable recurring revenue U.S. load growth 2024–2034 28% vs. 5% the prior decade 1 22GW+ Capacity inst
Slide 4: SOLV Energy Company Overview
SOLV ENERGY COMPANY OVERVIEW Direct beneficiary of power demand growth ▪ 28% projected load growth 1 ▪ Solar + storage fastest to deploy to meet incremental demand Market leadership ▪ 22+ GW capacity installed 2 ▪ 500+ power plants build 2 ▪ 23+ GW under O&M agreements 3 Visible Revenue Growth ▪ $8.
Slide 5: Where We Operate
WHERE WE OPERATE 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 Og
Slide 6: Full Lifecycle Service Offering
FULL LIFECYCLE SERVICE OFFERING DESIGN & BUILD MONITOR, MAINTAIN & UPGRADE Engineering Equipment Construction Commissioning Monitoring and Corrective Procurement Preventative Maintenance Maintenance & Upgrades ▪ Modeling ▪ SBOS(1) ▪ Civil (including drilling ▪ Trackers ▪ 24/7 Remote monitoring ▪ Exp
Slide 7: Focused Risk Management Philosophy
FOCUSED RISK MANAGEMENT PHILOSOPHY Comprehensive risk management – designed to drive performance, from estimating through project close-out Disciplined Cost Validated Site Localized Contractual Continuous Estimating Conditions Expertise Safeguards Monitoring Cross-functional teams We enter LNTP1 agr
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: SOLV Energy Value Proposition
SOLV ENERGY VALUE PROPOSITION EPC O&M Services Illustrative Unit Economics for a Typical PV + BESS Project 1 (Cumulative $ per Watt DC over a 35-year life) O&M business ▪ EPC + O&M model delivers compounding provides $0.07 $1.19 growth (new installations + installed base) $0.10 $0.20 ▪ Recurring rev
Slide 10: Backlog Update
BACKLOG UPDATE 1 QUARTERLY BACKLOG HIGHLIGHTS ($ billions) ▪ 44% growth over the last twelve months. $0.6 $8.9 $0.2 $8.2 ▪ ~$2.5 Bn of backlog attributable to projects with a BESS $1.3 $8.0 component. $0.5 $6.7 $6.2 ▪ Quarterly bookings and net backlog change may be ‘lumpy’ due to sales cycle and ti
Slide 11: Embedded Growth Opportunity
EMBEDDED GROWTH OPPORTUNITY $1.6 $8.6 Potential Spending On: $2.4 ▪ Repowering 23 GW 1 $4.6 ▪ BESS Additions Under Management and Growing ▪ Phased Expansions (as of 6/30/26)(2) ▪ T&D Upgrades Preventative 2 Inverter Major Total Maintenance Replacements Corrective Opportunity Maintenance Only ~$600 m
Slide 12: Targeted M&A Strategy
TARGETED M&A STRATEGY… COMPLETED MERGERS & ACQUISITIONS KEY M&A TARGETS Jun 2025 Oct 2024 1 BESS / Storage Specialists T&D Contractors Regional EPC HV T&D Contractor Substation & Switchyard EPC Utility / Regulated Work Platforms Jan 2025 July 2026 Civil / Earthwork Contractors Foundation / Drilling
Slide 13: Tied to SOLV's Lifecycle Approach
…TIED TO SOLV’S LIFECYCLE APPROACH SOLV aims to be the energy industry’s preferred lifecycle services provider 12
Slide 14: Appendix
Appendix 13
Slide 15: 2Q26 & 1H26 Financial Results
2Q26 & 1H26 FINANCIAL RESULTS ($ in millions, where applicable) YEAR-OVER-YEAR GROWTH: REVENUE NET INCOME1 Three months Six months ended ended June 30 June 30 $1,628 Revenue ↑77% ↑72% $951 $944 Adj. Gross Profit ↑28% ↑56% Adj. EBITDA ↑36% ↑75% $536 $67 $45 $44 $39 KEY DRIVERS: 2Q25 2Q26 1H25 1H26 2Q
Slide 16: Backlog by Contract Type
BACKLOG BY CONTRACT TYPE As of June 30, 2026 (% of Backlog) 4% 3% Signed Backlog: EPC Contracts & LNTP Agreements 40% Awarded Backlog: EPC Contracts & LNTP Agreements $8.9B Signed Backlog: O&M Agreements 53% Estimated Corrective Maintenance Note: LNTP = Limited Notice to Proceed. Signed backlog repr
Slide 17: SG&A Details
SG&A DETAILS Selling, general and administrative expense $ in thousands Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Selling, general and administrative expense $ 52,649 $ 41,157 $ 164,024 $ 77,227 Less: Non-cash compensation expense (9,418) (1,260) (68,979) (1,972) Less
Slide 18: Reconciliation to Non-GAAP Financial Measures
RECONCILIATION TO NON-GAAP FINANCIAL MEASURES Gross Profit $ in thousands Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Gross Profit $ 139,613 $ 113,061 $ 258,686 $ 172,160 Add-back: Non-cash compensation expense 5,378 ― 10,693 ― Adj Gross Profit 1 $ 144,991 $ 113,061 $ 2
Slide 19: Reconciliation to Non-GAAP Financial Measures
RECONCILIATION TO NON-GAAP FINANCIAL MEASURES Adjusted EBITDA $ in thousands Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Net income $ 66,833 $ 44,632 $ 39,419 $ 44,130 Interest expense 1,402 14,062 8,299 26,753 Interest income (1,843) (1,583) (3,293) (4,855) Provision f