Centuri Holdings, Inc. · NYSE:CTRI
Centuri — Q3 2025 Earnings Presentation
23 slides from Centuri's earnings presentation, Nov 5, 2025
Slide 1: 3rd Quarter 2025 Earnings Presentation
3 Quarter 2025 rd Earnings Presentation November 5th, 2025 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: Today's Speakers
Today’s Speakers Christian Brown Gregory Izenstark President and Chief EVP, Chief Executive Officer Financial Officer 3
Slide 4: Company Overview
Company Overview Who We Are Representative Utility Customers A leading North American utility infrastructure services company offering recurring, technical solutions to maintain, upgrade and expand energy networks. Geographic Footprint Business Mix (1) Other (2) Operating Footprint Gas Locations (53
Slide 5: Investment Highlights
Investment Highlights Lower Risk Profile Through MSAs(1) World-Class 115+ Years Safety and Operating Performance History Track Agile and Record ~$13B Efficient Opportunity Operating Pipeline(2) Companies Multi- Extensive Decade Footprint Secular Across Tailwind North Blue-Chip America Utility Custom
Slide 6: Commercial Highlights
Commercial Highlights Summary Notable Q3 Awards MSA Renewals (~$170MM) ~$815MM » Extension with long-standing utility partner in the Northeast Q3 Total Bookings » Multi-year contract with a long-tenured customer to support natural gas distribution replacement, system improvement, and growth across m
Slide 7: Bookings Momentum
Bookings Momentum Bookings MSAs FY 2024 2025 YTD » 100% renewal rate MSA Renewals $0.6B $2.0B » Multi-decade relationships with investment grade, blue-chip utility customers New MSAs(1) - $0.6B Strategic Bids $0.6B $1.1B Estimated Billing Timeline(2) Total Awards $1.2B $3.7B 2025 2026 2027+ ~45% ~35
Slide 8: Foundation for Growth
Foundation for Growth Record High Backlog of $5.9B Primed for Top-tier Growth in 2026 » 59% increase from YE 2024 » 29% Electric / 71% Gas » 86% MSA / 14% Strategic Bid Anticipated Near-Term Strategic Bid Wins » $3.2MM average strategic bid project value Anticipated MSA Renewals in Q4 2025 & 2026 ~$
Slide 9: 3Q | 2024 vs. 2025
3Q | 2024 vs. 2025 ($MM, except per share amounts) 3Q 2025 3Q 2024 $ Change GAAP Metrics Total Revenue, net $ 850.0 $ 720.1 $ 130.0 Gross Profit 78.0 75.8 2.2 Net Income (Loss) Attributable to Common Stock 2.1 (3.7) 5.8 Diluted Earnings (Loss) Per Share 0.02 (0.04) 0.06 Non-GAAP Metrics (1) Base (ex
Slide 10: 3Q2024 vs. 3Q2025 Key Differences
3Q | 3Q2024 vs. 3Q2025 Key Differences Revenue and Base Revenue(1) ($ in millions) Year-over-year drivers include: favorable impact unfavorable impact Revenues • ~$130 million — Total increase • ~$170 million — Base increase Primarily driven by • $67 million — Higher gas revenue due to increased MSA
Slide 11: Base Revenue & Base Gross Profit By Segment 3Q2024 – 3Q2025
Base Revenue & Base Gross Profit By Segment 3Q2024 – 3Q2025 (1)(2) (1)(2) Notes: (1) Base Revenue, Base Union Electric Revenue, Base Non-Union Electric Revenue, Base Gross Profit, Base Union Electric Gross Profit and Base Non-Union Electric Gross Profit are non-GAAP measures and as such, may not be
Slide 12: 2025 Outlook: Raising Revenue Guidance
2025 Outlook: Raising Revenue Guidance FY 2025 FY 2025 Adj. Net Capex Revenue (B) EBITDA (MM)(1) (MM)(2) $2.80 - $2.90** $240 - $250** $75 - $90 $2.70 - $2.85 Prev. $250 - $270 Prev. Unchanged **FY 2025 Revenue guidance increase driven by base business growth which is expected to more than offset lo
Slide 13: Leverage and Capital Efficiency
Leverage and Capital Efficiency Net Debt to Adj EBITDA(1) Ratio(2) Capital Efficiency » Enhance equipment & fleet management • Historically purchased nearly all equipment • Targeting 50/50 lease vs buy Expect YE 2025 • Anticipate $50MM of operating leases in 2025 Leverage Ratio to be 3.3x to 3.4x, d
Slide 14: Appendix
Appendix THINK AHEAD »
Slide 15: 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 EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Net Debt to Adjusted EBITDA Ratio, Free Cash Flow, Adjusted Net Income, Adjusted Diluted Earnings per Share, Base Reven
Slide 16: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation $mm 3Q2025 2Q2025 1Q2025 4Q2024 3Q2024 Net income (loss) $ 2.1 $ 8.1 $ (17.9) $ 10.3 $ (3.6) Interest expense, net 26.2 18.2 17.9 19.9 23.9 Income tax expense (benefit) 7.9 6.2 (13.1) 2.9 21.8 Depreciation expense 27.8 27.5 27.6 26.8 26.5 Amortization of intangible ass
Slide 17: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation $mm 3Q2025 3Q2024 Net cash provided by operating activities $ 5.2 $ 180.2 Less: Net capital expenditures: Capital expenditures (23.6) (19.5) Proceeds from sale of property and equipment 2.1 2.6 Net capital expenditures (21.5) (17.0) Free Cash Flow $ (16.3) $ 163.3 Note:
Slide 18: Net Debt Reconciliation
Net Debt Reconciliation $mm (except Net Debt to Adj. EBITDA Ratio) 3Q2025 2Q2025 Debt Current portion of long-term debt $ 34.3 $ 28.1 Current portion of finance lease liabilities 7.4 7.9 Long-term debt, net of current portion 797.6 718.4 Line of credit 95.8 172.2 Finance lease liabilities, net of cu
Slide 19: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation $mm 3Q2025 3Q2024 Net income (loss) $ 2.1 $ (3.6) Separation-related costs 2.3 — Severance costs — 0.5 Amortization of intangible assets 6.7 6.7 Securitization facility transaction fees — 1.4 CEO transition costs — 0.2 Loss on debt modification and extinguishment 8
Slide 20: Adjusted Diluted Earnings Per Share Reconciliation
Adjusted Diluted Earnings Per Share Reconciliation 3Q2025 3Q2024 Diluted earnings (loss) per share attributable to common stock $ 0.02 $ (0.04) Separation-related costs 0.03 — Severance costs — 0.01 Securitization facility transaction fees — 0.02 Loss on debt modification and extinguishment 0.09 0.0
Slide 21: Base Revenue Reconciliation
Base Revenue Reconciliation $mm 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 Base Revenue Union Electric Revenue, Net $ 214.5 $ 182.2 $ 175.5 $ 193.8 $ 171.7 $ 164.2 $ 163.9 Less: Storm Restoration Services Revenue (1.5) (3.5) (1.6) (9.3) (6.7) (6.1) (7.5) Base Union Electric Revenue $ 21
Slide 22: Base Gross Profit Reconciliation
Base Gross Profit Reconciliation $mm 3Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 1Q 2024 Base Gross Profit Union Electric Gross Profit $ 19.5 $ 15.4 $ 11.8 $ 19.1 $ 15.4 $ 12.1 $ 11.4 Less: Storm Restoration Services Gross Profit (0.4) (0.6) (0.2) (2.9) (2.0) (1.4) (1.6) Base Union Electric Gros
Slide 23: Centuri Holdings contact details
19820 North 7th Avenue, #120 • Phoenix, Arizona 85027 • investors@centuri.com investors@centuri.com Centuri.com 23