Slide 1: Investor Presentation
Investor Presentation November 2025
Slide 2: Notice to Investors
Notice to Investors This presentation contains forward-looking statements within the meaning of the federal securities laws. These statements give the current expectations of the Company’s management. Words such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”
Slide 3: Investment Rationale
Investment Rationale Leading provider of critical infrastructure services and solutions Balanced portfolio of projects and services designed to reduce risk and increase predictability Well-positioned in renewables, natural gas generation and power delivery markets with strong secular tailwinds Diver
Slide 4: Leading Provider of Critical Infrastructure Services and Solutions
Leading Provider of Critical Infrastructure Services and Solutions Utilities Energy Power Generation Renewables Pipeline Services Power Delivery Communications Gas Operations Highways & Bridges Refining & Petrochemical » Transmission, Distribution & » Gas Main & Service » Natural Gas Generation » Ba
Slide 5: Utilities Segment
Utilities Segment POWER DELIVERY Sales ($M) $2,658 $2,410 $2,439 $2,034 2022 2023 2024 TTM Q3 '25 COMMUNICATIONS Total Backlog ($M) $6,593 GAS OPERATIONS $5,521 $5,150 $5,190 • Capturing long-term electrification tailwinds in Power Delivery and fiber Communications build out, including data centers
Slide 6: Energy Segment
Energy Segment INDUSTRIAL Sales ($M) RENEWABLES $4,931 $4,032 $3,346 $2,397 HEAVY CIVIL 2022 2023 2024 TTM Q3 '25 Total Backlog ($M) PIPELINE SERVICES $6,344 $5,705 $4,470 $3,945 • Solar EPC growing profitably while expanding service offerings, regulatory clarity providing increased visibility and s
Slide 7: Balanced Project Portfolio
Balanced Project Portfolio Contract Size Benefits Master Service Agreement Revenue $2.3 $2.4 $2.5 $2.0 $2.1 » Average project size is less than $3 million $2.0 $1.6 » Unit price and reimbursable contracts $1.5 $1.4 $1.4 $ Billions (representing >80%) lower the risk of project cost over-runs $1.0 » F
Slide 8: Well-positioned in Markets with Strong Tailwinds
Well-positioned in Markets with Strong Tailwinds Energy Electrification and Reshoring and Transition Modernization Reindustrialization Transition to lower-carbon Growing electrical demand Growth of domestic economy driving rapid and an aging grid driving industrial capacity driving adoption of utili
Slide 9: Secular Tailwinds Support Growth
Secular Tailwinds Support Growth Multiple positive trends fueling infrastructure spend in both the near- and long-term Market Opportunity Growth Drivers Power Delivery » Grid upgrade and maintenance requirements » Increased load demand from reindustrialization $145 Billion(1) and emerging technologi
Slide 10: Valued Partner to Blue Chip Customer Base
Valued Partner to Blue Chip Customer Base Segment Select Primoris Customers Average Tenure 2024 Revenue Breakdown by Customer Customer 1, 6.4% Customer 2, 4.9% Customer 3, +27 4.7% Utilities Customer 4, Years 4.6% Customer 5, 4.3% Customer 6, Other, 58.7% 3.7% Customer 7, 3.3% Customer 8, 3.3% Custo
Slide 11: Track Record of Consistent Execution
Track Record of Consistent Execution Leveraging service portfolio and 12-MONTH BACKLOG REVENUE SG&A ($ BILLIONS) ($ BILLIONS) (% OF REVENUE) geographic footprint to address large +15% +16% (CAGR) growing market opportunity (CAGR) $7.5 5.8% 5.3% $5.0 $2.5 $3.5 Managing support cost structure Q3' 20 Q
Slide 12: Primoris Strategy Statement
Primoris Strategy Statement Grow gross profit …by investing in growth engines …with consistent execution, at 9% to 12% compound while sustaining foundational focused capital allocation, and annual rate through 2026… business performance… purposeful customer growth Prioritizing profitability over All
Slide 13: Primoris Strategy Roadmap to 2026 Goals
Primoris Strategy Roadmap to 2026 Goals Drive Deliver Direct Operational Consistent Capital to Improvements Performance High Growth to Support in Foundational Opportunities Margins and Businesses Cash Flow Our foundational Operational excellence Strict capital allocation businesses with and efficien
Slide 14: Consistent Performance in Foundational Business
Consistent Performance in Foundational Business Market Trends Foundational Businesses Revenue by End Market $3,500 $3,087 Energy demand in North America requires continued investment in $2,919 $2,982 $3,000 natural gas power generation $2,220 $2,387 $2,500 Supply chain reshoring and reindustrializat
Slide 15: Optimize Service Line and Customer Mix
Optimize Service Line and Customer Mix Multi-year End Market Trends • Targeted increase of transmission / substation mix while growing MSA revenue in power Communications delivery Renewables • Allocate skilled human capital resources Target Gross Margin Profile High Gas Operations Power Delivery tow
Slide 16: High Growth Markets - Power Delivery
High Growth Markets - Power Delivery Power Delivery Primary Service Markets 2024 Market Trends Generation capacity expected to grow more than 300 GW by 2030 and 500 GW by 2035 Retirement of aging power plants and increased load growth from data centers, industrial reshoring and residential demand Gr
Slide 17: High Growth Markets - Renewables
High Growth Markets - Renewables Primoris Solar Projects Market Trends One Big Beautiful Bill and Treasury department tax guidance provides stability and visibility for safe harboring of solar projects through 2030 Utility-scale solar supply chain dynamics and project economics continue to improve s
Slide 18: Emerging Opportunities to Support Data Center Development
Emerging Opportunities to Support Data Center Development Premier partner for powering data centers–planning, building, and connecting natural gas, solar PV/BESS, and power delivery infrastructure along with maintenance and comprehensive network services solutions. NETWORK CONSTRUCTION NETWORK CONST
Slide 19: Capital Allocation Priorities
Capital Allocation Priorities Capital allocation focused on four primary areas to drive shareholder value: Support organic growth by disproportionately Investing in the allocating capital toward our most attractive, highest Business return markets Deploy cash flow to pay down debt, reduce Balance Sh
Slide 20: Managing Leverage
Managing Leverage Achieving leverage ratio target will enable future investments 1 Trailing 12-month Net Debt / Adjusted EBITDA • Well ahead of target trailing twelve-month 3.5x Net debt / Adjusted EBITDA multiple of 1.5x 3.0x • Working capital needs, seasonality or 2.5x tuck-in acquisitions expecte
Slide 21: Accelerating Our Strategy Through Disciplined Acquisitions
Accelerating Our Strategy Through Disciplined Acquisitions Legacy Primoris Inorganic Growth Go Forward M&A Strategy Evaluate and score targets Focus on supporting on key financial metrics growth businesses including: with bolt-on • Margin and cash flow acquisitions that Acquisitions Wealth of accret
Slide 22: Acquisition Drivers and Criteria
Acquisition Drivers and Criteria Acquisitions will continue to play a role in the growth of Primoris Financial Metrics Current Targets STRATEGIC FIT Accretive to Revenue Growth >7% Aligns with one or more Accretive to Operating Income Margins >5% strategic initiatives Cost Synergies Year 1 Attra
Slide 23: Safety Performance
Safety Performance Primoris Historical Performance vs. Industry Average 3.5 40 3.0 3.0 2.8 35 3.2 3.1 2.5 2.5 2.4 30 2.5 2.3 2.3 25 2.0 • Lowered Total Recordable Incident Rate (“TRIR”) to 0.50, 20 or ~78% below the industry average 1.5 15 • Over 260 dedicated Health, Safety, and Environmental profe
Slide 24: Building Long-term Customer Relationships
Strengthening Customer Centricity Target and Understand the Bid selectively Allocate people Execute with prioritize clients’ needs and deliver on and resources safety, quality, customers that and objectives commitments to expanding and productivity value our with discipline opportunities partnership
Slide 25: Summary of Target Financial Metrics 2024 to 2026
Summary of Target Financial Metrics 2024 to 2026 REVENUE GROSS PROFIT ADJUSTED TARGET GROWTH GROWTH EBITDA OPERATING NET DEBT / GROWTH OF CASH FLOW ADJUSTED 4% TO 6% 9% TO 12% MARGIN OF EBITDA TARGET 9% TO 12% UTILITIES 4% TO 5% OF 2% TO 4% BY 2026 1.5x ENERGY 8% TO 10% 2024 Actual 2024 Actual 2024
Slide 26: Investment Case in Primoris
Investment Case in Primoris 1 OPPORTUNITY TO EXPAND GROSS MARGINS in high growth markets 2 IMPROVING CASH FLOW PROFILE and leverage ratio 3 FOCUSED ALLOCATION of resources toward highest returns in service portfolio 4 ATTRACTIVE VALUATION compared to companies with comparable end markets Focused on
Slide 27: 2025 Guidance
2025 Guidance As of November 4, 2025 Increased Full Year 2025 Earnings Per Full Year Effective Tax Rate: Share (“EPS”): ̶ Approximately 28.5% ̶ $4.75 to $4.95 per diluted share Q4 2025 Capital Expenditures: Increased Full Year 2025 Adjusted EPS: ̶ $15 million to $20 million ̶ $5.35 to $5.55
Slide 28: Reg G Reconciliation
Reg G Reconciliation 28
Slide 29: Reconciliation of Adjusted Net Income & Adjusted EPS
Schedule 1: Reconciliation of Adjusted Net Income & Adjusted EPS 3Q 2025 vs. 3Q 2024 Adjusted Net Income & Adjusted EPS Primoris defines Adjusted Net Income as net income (loss) adjusted for certain items including, (i) non‐cash stock‐based compensation expense; (ii) transaction/integration and rela
Slide 30: Reconciliation of EBITDA & Adjusted EBITDA
Schedule 2: Reconciliation of EBITDA & Adjusted EBITDA 3Q 2025 vs. 3Q 2024 EBITDA and Adjusted EBITDA Primoris defines EBITDA as net income (loss) before interest, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for certain items including, (i) non‐cash sto
Slide 31: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2025
Schedule 3: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2025 Adjusted Net Income Forecast & EPS to Adjusted EPS for the year ending December 31, 2025 The following table sets forth a reconciliation of the forecasted GAAP net income to Adjusted Net Income and EPS to Adjusted EPS for the
Slide 32: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2025
Schedule 4: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2025 Adjusted EBITDA Forecast for the year ending December 31, 2025 The following table sets forth a reconciliation of the forecasted GAAP net income to Adjusted Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA)