Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation © 2026 Granite Construction. All Rights Reserved.
Slide 2: Safe Harbor
Safe Harbor Any statements contained in this presentation that are including organic revenue growth, adjusted EBITDA are beyond our control, which could result in our not based on historical facts, including statements margin, free cash flow margin, operating cash flow expectations not being realize
Slide 3: Kenny Seng Construction at-a-Glance
Idaho Kenny Seng Construction at-a-Glance Logan Wyoming Nevada • Completed the acquisition of Kenny Seng Construction in April 2026 • Leading provider of infrastructure construction services and construction materials in Utah County, UT • Operates a vertically integrated business model SALT LAKE CIT
Slide 4: Construction Segment
Construction Segment • CAP increased $200M sequentially to new Granite CAP History record of $7.2B Other Tactical Infrastructure $7.2 $7.0 2% • Bidding environment remains robust at the Design Build 2% Best Value federal, state, local and private levels Bid Build $5.7 2% 9% $5.5 1% • Federal CAP at
Slide 5: Materials Segment
Materials Materials Segment Segment • On track to meet or exceed full-year sales volume and pricing growth expectations, supported by solid demand • Proactively mitigating energy price fluctuations (fixed forward contracts, physical storage, financial hedges, energy surcharges) o Presently, expect i
Slide 6: Q1 2026 Results
Q1 2026 Results Q1 2026 YOY Change Total Revenue Total Revenue $912 M + $212 M Construction Revenue Construction Revenue $766 M + $151 M Materials Revenue Materials Revenue $146 M + $61 M Adjusted Net Income Adjusted Net Income $12 M + $12 M Adjusted Diluted EPS Adjusted Diluted EPS $0.26 + $0.25 Ad
Slide 7: 2026 Guidance Updated and 2027 Financial Targets
2026 Guidance Updated and 2027 Financial Targets 6%- 8% Organic CAGR & Revenue Several Acquisitions Annually Adjusted EBITDA Margin $5.2B - $5.4B 2027 Target 12.5%-14.5% Free Cash Flow Margin* 6.5% - 8.5% 12.25% - 13.25% 2026 2027 Annual 2026 Guidance includes CAPEX of approximately $140M to $160M,
Slide 8: Concluding Remarks
Concluding Remarks • Strong start of the year demonstrates the strength of our people and ability to achieve 2026 and 2027 financial goals • Federal, state and local, and private markets continue to fuel growth in CAP • Years of investment in our capabilities and relationships across federal, rail,
Slide 9: Thank you. Questions?
Thank you. Questions? © 2026 Granite Construction. All Rights Reserved.
Slide 10: Appendix
Appendix The tables below contain financial information calculated other than occurred on August 5, 2025, (b) the acquisition of Papich securities analysts, institutional investors and other interested parties, in accordance with U.S. generally accepted accounting principles Construction, which occu
Slide 11: 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. (2) Represents net income/loss, EBITDA and adjusted EBITDA divided by consolidated revenue of $4.4 billion, $4.0 bi
Slide 12: 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 months ended March 31, 2026 excludes the convertible debt inducement expense and related charges as they were non-tax
Slide 13: 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
Slide 14: 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 15: Founded in 1922, Headquartered in Watsonville, CA
• Founded in 1922 • 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. • Geographically diverse public and private client base • Thoughtful project pursui
Slide 16: Our Markets & Customers
Our Markets & Customers Granite serves customers in both public and private sectors within our reportable business segments: Construction and Materials. Our expertise allows us to provide infrastructure solutions in a range of markets as a diversified civil contractor and materials producer. ENR | E
Slide 17: Where We Work
Where We Work © 2026 Granite Construction. All Rights Reserved. 17
Slide 18: Home Market Strategy a Key Differentiator
Home Market Strategy a Key Differentiator Client Centric Focus Home Market Community Engagement Market Intelligence & Insight Blended Project Portfolio Owner and Regulator Relationships Readily Available Resources We will focus on home markets where these attributes exist, among others. With these a
Slide 19: Vertical Integration Empowers Home Markets
Vertical Integration Empowers Home Markets Why Vertical Integration? » Compete in markets where owning materials is necessary External AGG Sales External HMA Sales » Maximize productivity and scheduling Aggregate Production HMA Production Construction » Ensure quality materials Operations » Leverage
Slide 20: High-Quality CAP with Risk-adjusted Procurement Types
Bid-Build Procurement High-Quality CAP with • Project duration typically several months to 3 years Risk-adjusted Procurement Types • Traditional method with owners preparing the design and construction and transportation management plans • Contractors compete on a competitive low-bid process • Proje
Slide 21: Materials Segment Results
Materials Segment Results Pricing (Internal and External Sales) Volume (Internal and External Sales) Average Selling Price* Q1’25 Q1’26 YOY FY’24 FY’25 YOY Sales Volume Q1’25 Q1’26 YOY FY’24 FY’25 YOY (per ton) Change Change (tons) Change Change Aggregates $15.64 $19.65 25.6% $15.98 $17.63 10.3% Agg
Slide 22: Caltrans Transportation Budget History
Caltrans Transportation Budget History ◼ Local Assistance ◼ Capital Outlay Projects Caltrans Expenditure Allocations $10.7 $10.6 $9.6 $9.8 $8.3 4.0 $7.9 4.1 3.7 4.1 2.9 2.5 $5.8 2.0 6.7 6.5 6.1 5.3 5.5 5.4 3.8 FY21/22A FY22/23A FY23/24A FY24/25A FY25/26F (Original) FY25/26F (Revised) FY26/27F $ in b
Slide 23: Investment Framework Supports Long-term Growth
Investment Framework Supports Long-term Growth SUPPORT & Solidify and Bolster EXPAND & Expand Into New Core Competencies STRENGTHEN and Strengths TRANSFORM Geographies INVESTMENT CATEGORIES INVESTMENT CATEGORIES Strengthen & Bolt-on: Civil Automation Expand Home Construction & & Reserve VI Expansion
Slide 24: 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