Granite Construction Incorporated · NYSE:GVA
Granite Construction — Q3 2026 Earnings Presentation
30 slides from Granite Construction's earnings presentation, October 2026
Slide 1: Q3 2026 Earnings Presentation
Q3 2026 Earnings Presentation © 2026 Granite Construction Incorporated. All rights reserved.
Slide 2: Safe Harbor
Safe Harbor Any statements contained in this presentation that are flow, CAPEX and operating cash flow as a percent of expectations may not be realized. In addition, our not based on historical facts, including statements revenue, revenue and adjusted EBITDA margin, business and operations involve n
Slide 3: 2029 Financial Targets
2029 Financial Targets © 2026 Granite Construction Incorporated. All rights reserved. 3
Slide 4: 2029 Targets: Near-Term Financial Growth Formula
2029 Targets: Near-Term Financial Growth Formula Strategic Drivers Revenue • 10 – 12% Organic CAGR • Sustained high levels of public highway & bridge funding expected through IIJA successor bill or funding extensions • Expect market-share gains and disciplined expansion within our Home Markets SG&A
Slide 5: Key Growth Markets Complement Core Public Transportation Business
Key Growth Markets Complement Core Public Transportation Business National client coverage and end-market expertise connect shared resources and national leadership to key clients across geographies MISSION CRITICAL FEDERAL RAIL INFRASTRUCTURE • Airfield paving, roads, and site • Intermodal and logi
Slide 6: Q3'26 Results
Q3’26 Results © 2026 Granite Construction Incorporated. All rights reserved. 6
Slide 7: Construction Segment
Construction Segment Construction Committed and Awarded Projects (CAP) $7.5B RECORD CAP $ in billions CAP History CAP increased $37M sequentially to a new Granite record of $7.5B as bidding opportunities and wins continue to grow year over year Construction Revenue & Profitability RECORD SEGMENT Rec
Slide 8: Materials Segment
Materials Segment Aggregate Reserves and Resources Tons in millions 2,126 2025 1,552 1,290 2024 1,126 2023 45 996 2022 2021 698 495 277 231 247 1,383 879 1,013 1,057 765 ◼ Newly Announced Acquisition in 2026 ◼ Measured, indicated and inferred resources ◼ Proven and probable reserves • Construction m
Slide 9: Q3 2026 Results
Q3 2026 Results Q3 2026 YOY Change Total Revenue Total Revenue $1,766 M + $333 M Construction Revenue Construction Revenue $1,474 M + $312 M Materials Revenue Materials Revenue $292M + $21 M Adjusted Net Income* Adjusted Net Income* $173 M + $49 M SFO Runway IR Opening Adjusted Diluted EPS* Adjusted
Slide 10: 2026 Guidance & 2027 Targets
2026 Guidance & 2027 Targets 10%-12% 2026 Organic Growth Operating Cash Flow Margin Revenue 11% $5.4B - $5.5B Revenue 12.5% - 14.5% Adj. EBITDA Margin 12.25% - 13.25% 2027 12.5% Adj. EBITDA- Margin 14.5% Free Cash Flow Margin* 6.5% - 8.5% Strong free cash flow funds growth, M&A, and shareholder retu
Slide 11: Concluding Remarks
Concluding Remarks • Delivered record third quarter Revenue and Adjusted EBITDA, expanded Construction Segment margins and generated strong operating cash flow • Opportunities for profitable organic growth, supported by record CAP, healthy public infrastructure markets and our growing positions in F
Slide 12: Thank you. Questions?
Thank you. Questions? © 2026 Granite Construction Incorporated. All rights reserved.
Slide 13: Appendix
Appendix The tables below contain financial information calculated other than We also provide cash gross profit and cash gross profit per ton for for, our reported results prepared in accordance with GAAP. Items in accordance with U.S. generally accepted accounting principles the materials segment a
Slide 14: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation 1) We define EBITDA as GAAP net income/loss attributable to Granite, adjusted for net interest expense, taxes, depreciation, depletion and amortization. Adjusted EBITDA and adjusted EBITDA margin exclude the impact of stock-based compensation, (gain) loss on convertibl
Slide 15: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation 1) The 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, 2026 excludes the (gain) loss on convertible debt transactions, net and amortizati
Slide 16: 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 o
Slide 17: 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 o
Slide 18: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation 1) We define EBITDA as GAAP net income attributable to Granite, 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 compensation and loss on d
Slide 19: 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 o
Slide 20: Why Invest in Granite
Why Invest in Granite: We build what matters—careers, communities, and America’s infrastructure. Durable Demand & Growth Visibility Margin Expansion & Structural Earnings Free Cash Flow Strength & Capital Power Allocation Discipline Record, high-quality CAP and capability to serve Disciplined projec
Slide 21: Materials Capital Investment Priorities
Materials Capital Investment Priorities Four initiatives targeting higher volumes, stronger margins and greater cash generation INVESTMENT PRIORITY CAPITAL DEPLOYMENT INTENDED BENEFIT Western aggregate Add asphalt capacity and silos, distribution Increase aggregate sales across 01 Western Home Marke
Slide 22: Investing for Long-Term Growth
Investing for Long-Term Growth Generate Cash Reinvest + Acquire Grow Cash Repeat $1.4B+ Total Acquisition Spend (2023-Q3’26) at High Teens Acquired Adjusted EBITDA Margins Deal pipeline under active consideration for the remainder of 2026 SUPPORT & STRENGTHEN EXPAND & TRANSFORM Strengthen Bolt-on: C
Slide 23: Materials Segment Results
Materials Segment Results Pricing (Internal and External Sales) Volume (Internal and External Sales) Average Selling Price* Q3’25 Q3’26 YOY YTD’25 YTD’26 YOY Sales Volume Q3’25 Q3’26 YOY YTD’25 YTD’26 YOY (per ton) Change Change (tons) Change Change Aggregates $18.40 $19.29 4.8% $17.24 $18.34 6.4% A
Slide 24: We build what matters—careers, communities, and America's infrastructure.
We build what matters—careers, communities, and America’s • Founded in 1922 infrastructure. • 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. • Geograp
Slide 25: Our Markets & Customers
Strong Core: Transportation Our Markets & Customers Highway & Road Airports Bridges Growing Markets: Managed Across Geographies Federal Mission Critical Rail Shared expertise. Consistent Approach. Greater Impact. Materials Aggregate Asphalt Concrete Recycled Materials HOME MARKET STRENGTH END MARKET
Slide 26: Vertical Integration Empowers Home Markets
Vertical Integration Empowers Home Markets Why Vertical Integration? Compete in markets where owning materials is necessary Improve margins by reducing reliance on third-party pricing Increase schedule certainty and productivity Ensure consistent quality across projects Capture value across the full
Slide 27: High-Quality CAP with Risk-adjusted Procurement Types
High-Quality CAP with Risk-adjusted Procurement Types Collaborative contracting brings Granite in before design is complete — shifting risk and setting price at 100% design ▼ Granite joins here BID-BUILD Owner designs 100% Bid Award Construction Contractor joins AFTER design Owner-led design · Singl
Slide 28: High-Quality CAP with Risk-adjusted Procurement Types Q3'26 $7.5B
High-Quality CAP with Risk-adjusted Procurement Types ◼ Bid Build $3,752 $2,960 ◼ Collaborative Contracting 50% Q3’26 40% $7.5B ◼ Tactical Infrastructure ◼ Other $569 ◼ Design Build 8% $67 1% $107 1% © 2026 Granite Construction Incorporated. All rights reserved. 28
Slide 29: 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
Slide 30: Caltrans Expenditure Allocations
$ in billions Caltrans Expenditure Allocations $11.2 $10.7 $9.6 $9.8 $4.2 $3.8 $8.3 $7.9 $4.1 $3.7 $5.8 $2.9 $2.5 $6.9 $7.0 $6.1 $2.0 $5.3 $5.5 $5.4 $3.8 FY21/22A FY22/23A FY23/24A FY24/25A FY25/26F (Original) FY25/26F (Revised) FY26/27F ◼ Local Assistance ◼ Capital Outlay projects © 2026 Granite Co