Centuri Holdings, Inc. · NYSE:CTRI
Centuri — Q2 2026 Earnings Presentation
41 slides from Centuri's earnings presentation, Aug 4, 2026
Slide 1: Investor Presentation
Investor Presentation August 2026 Centuri.com 1
Slide 2: Forward Looking Statements Disclaimer
Forward Looking Statements Disclaimer Unless the context otherwise requires, in this presentation, references to "we," "us," and "our" are to Centuri Holdings, Inc. (NYSE: CTRI) ("Centuri" or the "Company"), together with its consolidated subsidiaries, which include, among others, Centuri Group, Inc
Slide 3: Company Overview
Company Overview Who We Are Representative Utility Customers Centuri (NYSE: CTRI) is a strategic infrastructure services company that partners with regulated utilities and energy providers to help build and maintain the energy network that powers millions of homes and businesses across the United St
Slide 4: Infrastructure Services Overview
Infrastructure Services Overview Electric Infrastructure Distributed Power Natural Gas Infrastructure Power Large Generation RNG / LNG Diameter Distribution Battery Storage Distribution Substation City Gate Emergency and Response Data Centers Transmission Utility-scale End User Compression Transmiss
Slide 5: Comprehensive Capabilities & Expertise
Comprehensive Capabilities & Expertise Electric Natural Gas Distributed Power, Underground Emergency Response Infrastructure Infrastructure Renewable & Industrial Infrastructure and Storm Restoration » Transmission » Distribution » Data Centers » Water » Emergency Response » Distribution » HDD, Unde
Slide 6: Q2 2026 Results & Highlights
Q2 2026 Results & Highlights Key Results Q2 2026 Highlights Revenue $962 MM Record quarterly Revenue, up 33% year-over-year Base Gross Profit(1) Growth (y-o-y) 21% Base Revenue up 36% year-over-year (1) Trailing 12-months Base Gross Profit Margin(1) 7.8% Adjusted EPS of $0.24, up 26% year-over
Slide 7: Base Gross Profit Margin Year-Over-Year
Base Gross Profit Margin Year-Over-Year Fuel Price Impact » Elevated fuel prices from ongoing conflict in Middle East increase fuel costs by 48% » Approximately $7 million year-over-year impact U.S. Gas Capacity Growth » Increased US Gas capacity by 25%, adding 1,200+ employees in 1H 2026 » Investme
Slide 8: Margin Expansion
Margin Expansion Our strategy is focused on expanding Base Gross Profit Margin Base Gross Profit Margin 10.0% 70 – 170 basis point forecasted improvement in 9.5% Base Gross Profit Margin from 2025 to 2029(1) 9.0% 8.5% Operational excellence, Mitigating first optimize portfolio 8.0% quarter seasonali
Slide 9: Q2 2026 Commercial Highlights
Q2 2026 Commercial Highlights Summary New Award Highlights ~$850MM New Bid Work (~$0.4B) » Data center electrical award Total Bookings » Electrical infrastructure for wind farm project in Canada » Gas distribution pipeline in the Midwest $0.25B $0.6B » Electric transmission install in Northeast MSA
Slide 10: Bookings Momentum
Bookings Momentum Bookings MSAs 2024 2025 Q2 2026 YTD » ~100% renewal rate MSA Renewals $0.6B $2.1B $1.2B » Multi-decade relationships with investment grade, blue-chip utility customers New MSAs(1) - $0.9B $0.4B New Bid Work $0.6B $1.5B $0.6B Estimated Billing Timeline(2) Total $1.2B $4.5B $2.2B 202
Slide 11: Foundation for Growth
Foundation for Growth Backlog of $6.4B Double-Digit Growth in 2026 » 21% increase year-over-year 2026 Guidance Range Anticipated New Award $3.5B - $3.7B Wins in 2026 » 66% Gas / 34% Electric Anticipated MSA » 83% MSA / 17% Bid Work Renewals in 2026 » $4.2MM average bid work value Bid Work in Backlog
Slide 12: Foundation for Growth
Foundation for Growth Coverage(1) at each Year-End Driving Sustainable Growth $4.0 » Further derisking business performance through greater annual coverage $3.5 » Forecasting a ~20% increase in coverage $3.0 for 2027 $2.5 » Enhances visibility and predictability $ Billions $2.0 » Allows for quality
Slide 13: Leverage and Capital Efficiency
Leverage and Capital Efficiency Net Debt to Adj. EBITDA(1) Ratio Capital Efficiency » Fleet management program established • Nearly all equipment was purchased prior to 2025 • Now targeting 50/50 lease vs buy • Optimize asset utilization & useful life • Supply chain efficiencies • Improve free cash
Slide 14: 2026 Outlook & Financial Guidance
2026 Outlook & Financial Guidance 2026 Outlook 2026 Financial Guidance Base Revenue(1) and Base Gross Profit(1) do not include contributions from » Guidance includes contributions from JJ White, which storm restoration services, which are unpredictable. Management believes these non-GAAP measures ar
Slide 15: Investment Highlights
Investment Highlights Lower Risk Profile Through Contract World-Class Mix & Size 115+ Years Safety and Operating Performance History Track Agile and Record ~$16B Efficient Opportunity Operating Pipeline Companies Multi- Extensive Decade Footprint Secular Across Tailwind North Blue-Chip America Utili
Slide 16: Appendix
Appendix THINK AHEAD »
Slide 17: Supplemental Materials
Supplemental Materials 17 17
Slide 18: JJ White Acquisition
JJ White Acquisition Deal Summary JJ White is a leading provider of union industrial mechanical » ~$62MM all-cash acquisition closed in July 2026 and electrical maintenance and construction services across power generation, industrial, datacenters, and other industrial » Expands scale of Union Elect
Slide 19: Data Center Opportunities
Data Center Opportunities Summary Data Center Scopes of Works » Directly transferable skills and service offerings » Aggregate award value to date of ~$300MM » 25+ data center opportunities in the pipeline with aggregate value of ~$2 billion Data Center Capabilities Power Core Building Mechanical De
Slide 20: Fleet Funding Mix
Fleet Funding Mix In 2025, Centuri initiated a balanced funding approach for fleet investments to improve free cash flow generation and provide additional balance sheet flexibility. Long-term funding goal of 50% Lease and 50% Buy. 2024 2025 2026E Fleet Investment $89MM $135MM $150-$180MM 32% 40% Fun
Slide 21: Storm and Emergency Restoration Services
Storm and Emergency Restoration Services Summary Storm Restoration Revenue » Key capability and service offering for utility customers » Generates strong gross profit margins » Services focused on bringing customers’ above- ground electric utility infrastructure back online » Opportunity for increas
Slide 22: Earnings Materials
Earnings Materials THINK AHEAD »
Slide 23: Q2 | 2026 vs. 2025
Q2 | 2026 vs. 2025 ($MM, except per share amounts) Q2 2026 Q2 2025 $ Change % Change GAAP Metrics Total Revenue, Net $ 962.0 $ 724.1 $ 237.9 32.9 % Gross Profit 69.1 67.8 1.3 2.0 % Net Income Attributable to Common Stock 6.1 8.1 (2.0) (24.3)% Diluted Earnings Per Share 0.06 0.09 (0.03) (33.3)% Non-G
Slide 24: Q2 2026 YTD vs. Q2 2025 YTD
Q2 2026 YTD vs. Q2 2025 YTD ($MM, except per share amounts) Q2 2026 YTD Q2 2025 YTD $ Change % Change GAAP Metrics Total Revenue, Net $ 1,685.2 $ 1,274.1 $ 411.0 32.3 % Gross Profit 104.9 88.1 16.8 19.0 % Net Loss Attributable to Common Stock (3.4) (9.9) 6.5 NM Diluted Loss Per Share (0.03) (0.11) 0
Slide 25: Q2 2026 vs. Q2 2025 Key Differences
Q2 2026 vs. Q2 2025 Key Differences Revenue and Base Revenue (1) ($ in millions) Year-over-year drivers include: favorable impact unfavorable impact Revenues • ~$238 million — Total increase • ~$253 million — Base increase Primarily driven by – $188 million — Higher gas revenue due to increased MSA
Slide 26: Base Revenue & Base Gross Profit By Segment
Base Revenue & Base Gross Profit By Segment Q2 2025 – Q2 2026 (1) Base Gross Profit by Segment (1) ($MM) Q2 2026 Q2 2025 $ Change % Change Non-Union Electric $ 13.2 $ 12.2 $ 1.0 8% Union Electric 19.9 14.7 5.2 35 % Canadian Operations 13.0 9.5 3.5 37 % U.S. Gas 29.6 26.4 3.2 12 % Total $ 75.7 $ 62.8
Slide 27: Project Case Studies
Project Case Studies Visit www.centuri.com/capabilities for more information and additional project case studies 27 27
Slide 28: Natural Gas Infrastructure
Natural Gas Infrastructure Kokomo Fusion Project | Indiana System Upgrade for Reliable Energy Project (SURE) | Maine Installed an 18-mile natural gas pipeline to power a $2.5 billion EV battery Served as primary contractor for a 14-year natural gas distribution system plant for a long-term utility c
Slide 29: Electric Infrastructure
Electric Infrastructure Flatiron to Estes Park Transmission Line Rebuild | Colorado Aries Linden Biosolids Gasification Plant | New Jersey Rebuilt a 16-mile transmission line between Flatiron Reservoir and Estes Constructed a biosolids gasification plant near Linden, New Jersey, that Park, replacing
Slide 30: Distributed Power & Data Center
Distributed Power & Data Center Connecting to Data Center Alley | Maryland Andover BESS Project | New Jersey Installed 16 miles of fiber conduit connecting a Maryland data center to Installed a 20 MWh Battery Energy Storage System for a global technology Northern Virginia’s Data Center Alley. compan
Slide 31: Non-GAAP Measures & Reconciliations
Non-GAAP Measures & Reconciliations 31 31
Slide 32: Use of Non-GAAP Measures
Use of Non-GAAP Measures We prepare and present our financial statements in accordance with GAAP. However, management believes that EBIT, Adjusted EBIT, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income (Loss), Adjusted Diluted Earnings per share ("Adjusted EPS"), Net Debt to Adjusted EBI
Slide 33: Use of Non-GAAP Measures (continued)
Use of Non-GAAP Measures (continued) Using EBIT, Adjusted EBIT, and Adjusted EBITDA as performance measures has material limitations as compared to net income (loss), or other financial measures as defined under GAAP, as they exclude certain recurring items, which may be meaningful to investors. The
Slide 34: EBIT, Adjusted EBIT, and Adjusted EBITDA Reconciliation
EBIT, Adjusted EBIT, and Adjusted EBITDA Reconciliation $mm Q2 2026 Q2 2026 YTD Q2 2025 Q2 2025 YTD Net income (loss) $ 6.1 $ (3.3) $ 8.1 $ (9.8) Interest expense, net 12.1 24.5 18.2 36.1 Income tax expense (benefit) 6.2 (1.6) 6.2 (6.9) EBIT $ 24.4 $ 19.6 $ 32.5 $ 19.3 Non-cash stock-based compensat
Slide 35: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation $mm Q2 2026 Q2 2026 YTD Q2 2025 Q2 2025 YTD Net cash provided by (used in) operating activities $ 20.0 $ (15.0) $ (27.7) $ (11.0) Less: Net capital expenditures: Capital expenditures (27.9) (48.1) (20.8) (45.2) Proceeds from sale of property and equipment 1.0 2.6 1.4 2.
Slide 36: Net Debt to Adjusted EBITDA Ratio Reconciliation
Net Debt to Adjusted EBITDA Ratio Reconciliation $mm (except Net Debt to Adj. EBITDA Ratio) Q2 2026 Q2 2025 Debt Current portion of long-term debt $ 22.9 $ 28.1 Current portion of finance lease liabilities 7.1 7.9 Long-term debt, net of current portion 609.0 718.4 Line of credit 85.9 172.2 Finance l
Slide 37: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation $mm Q2 2026 Q2 2026 YTD Q2 2025 Q2 2025 YTD Net Income (loss) $ 6.1 $ (3.3) $ 8.1 $ (9.8) Separation-related costs — — 1.6 3.2 Strategy implementation costs 1.7 1.7 — — Amortization of intangible assets 7.8 15.6 6.7 13.3 Other professional fees — — 1.4 1.4 City of
Slide 38: Adjusted EPS Reconciliation
Adjusted EPS Reconciliation Q2 2026 Q2 2026 YTD Q2 2025 Q2 2025 YTD Diluted earnings (loss) per share attributable to common stock $ 0.06 $ (0.03) $ 0.09 $ (0.11) Separation-related costs — — 0.02 0.04 Strategy implementation costs 0.02 0.02 — — Other professional fees — — 0.02 0.02 City of Chicago
Slide 39: Base Revenue Reconciliation
Base Revenue Reconciliation $mm Q2 2026 Q2 2026 YTD Q2 2025 Q2 2025 YTD U.S. Gas Revenue, Net $ 489.5 $ 774.0 $ 336.8 $ 534.5 Add: City of Chicago reversal 9.0 9.0 — — Base U.S. Gas Revenue 498.5 783.0 336.8 534.5 Union Electric Revenue, Net $ 224.2 $ 428.2 $ 182.2 $ 357.7 Less: Storm Restoration Se
Slide 40: Base Gross Profit Reconciliation
Base Gross Profit Reconciliation $mm Q2 2026 Q2 2026 YTD Q2 2025 Q2 2025 YTD U.S. Gas Gross Profit $ 20.6 $ 14.3 $ 26.4 $ 11.6 Add: City of Chicago reversal 9.0 9.0 — — Base U.S. Gas Gross Profit 29.6 23.3 26.4 11.6 Union Electric Gross Profit $ 20.2 $ 38.4 $ 15.4 $ 27.2 Less: Storm Restoration Serv
Slide 41: 19820 North 7th Avenue, #120 • Phoenix, Arizona 85027 • investors@centuri.com Centuri.com
19820 North 7th Avenue, #120 • Phoenix, Arizona 85027 • investors@centuri.com Centuri.com 41