4Q MYRG Investor Presentation 03.03.26 FINAL

INVESTOR PRESENTATION

1

Q 4 | MARCH 2026 | NASDAQ: MYRG

MYR GROUP INC. - A MARKET LEADER IN

ELECTRICAL CONSTRUCTION.

INVESTMENT HIGHLIGHTS

65+

MYR Group Inc. is a holding company of subsidiaries that has delivered some of the largest and most notable electrical infrastructure and commercial and industrial projects throughout the United States and Canada, since 1891.

TRANSMISSION & DISTRIBUTION (T&D)

OFFICE LOCATIONS

3

CONTINUED GROWTH

Strong presence in key markets with healthy organic and acquisitive growth opportunities

SUPERIOR SAFETY CULTURE

Performance that exceeds industry standards;

2025 stats: TCIR - 0.92 LTIR - 0.14

STRONG FINANCIALS

Strong balance sheet to support future growth and projects of any magnitude with proven execution of corporate strategy

EXTENSIVE RESOURCES & EXPERTISE

Dedicated workforce of 9,000+ employees, centralized operations for greater efficiency and cross-collaboration and one of the largest centralized, specialized fleets in the industry

LONG-STANDING CUSTOMERS

Established client relationships and alliance partnerships across the U.S. and Canada (some held for 50+ years), and more than 90% return clients in both segments

ESSENTIAL CLEAN ENERGY CONTRACTOR

Superior electrical services that support the clean energy transformation and growing electricity demand

EXPERIENCED LEADERSHIP

Executive team that averages more than 30 years of industry experience

COMMERCIAL & INDUSTRIAL (C&I)

HEALTHCARE DATA CENTERS TRANSPORTATION CLEAN ENERGY WATER/WASTEWATER WAREHOUSING

TRANSMISSION STREET LIGHTING DISTRIBUTION STORM RESTORATION SUBSTATION ENERGY STORAGE

RANKED AMONG TOP 5

U.S. SPECIALTY ELECTRICAL CONTRACTORS

30 YEARS IN A ROW $3.66B

2025

$3.36B

2024

$3.01B

$3.64B

2023

$2.25B

2020

$2.50B

2021

2022

4

CAGR 10.2%

WHAT WE SEE

OUTLOOK.

• T&D primarily consists of small to medium-sized projects, with some larger High Voltage Direct Current (HVDC) transmission projects. We execute routine maintenance work under long-term Master Service Agreements (MSAs). Strong, long-term drivers will continue to increase T&D spending.

• The core markets we serve in C&I remain active, with multiple growth drivers and notable strength in data center and transportation opportunities.

• Reshoring of manufacturing continues to create opportunities in our markets, and both MYR Group business segments are well positioned to benefit from this.

• AI is driving growth in data centers and power demand. Data centers have been an important and growing end market for our C&I segment for a long time, while new interconnections, substations and infrastructure upgrades to data centers present additional opportunities for our T&D segment.

• Strong balance sheet with $408M in availability under our $490M credit facility, and debt to LTM EBITDA leverage of 0.25x and $150M cash and equivalents, which management believes will enable us to meet our working capital needs, support organic growth, pursue acquisitions, and opportunistically repurchase shares.

ELECTRICAL CONSTRUCTION PROJECT DELIVERY

DEPTH & BREADTH OF EXPERTISE.

Industry leader and trusted partner

Strong, long-standing customer alliances

Experience with small to large, fast-track projects

Deliver highest quality services with skilled experts

Strong execution of large projects on stand-alone basis and with JV partners Experience with voltages up to 765kV

Maintain one of the largest specialized fleets

Expertise delivering some of the largest, most complex, electrical construction projects

Decades of experience in our core C&I markets including data centers, transportation,

healthcare, airports, and water treatment facilities

CENTRAL 70 TRANSPORTATION

Colorado; $100M+; 4 ½ year project Electrical construction services

MAINE POWER RELIABILITY PROG.

Maine; $200M+; 4-year project

210 miles of 345kV & 115kV transm. line

CENTRAL EAST ENERGY CONNECT

New York; $300M+; 3 ½ year project Nearly 100 miles of 345kV transmission

INTUIT DOME

California; $130M+ project 18,000-seat L.A. Clippers arena

DEN CONCOURSE EXPANSIONS

Colorado; $190M+ project

55-gate concourse expansion program

BUSINESS SEGMENT UPDATE

TRANSMISSION & DISTRIBUTION (T&D).

• Full-year 2025 revenue of $2.00B

• Backlog of $1.02B as of December 31, 2025*

• Strong, long-standing relationships with a diverse customer base where

  approximately 60% of business is performed under Master Service Agreements

  
  
  
  
  
  
  
  
  
  
  

• Acquired the Powerline Plus Companies in January 2022

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

  T&D Revenue

  T&D Revenue

  $2,200

  $2,000

  $1,800

  $1,600

  $1,400

  $1,200

  $1,000

  $800

  $600

  $400

  $200

  $0

  $1,746

  11.6% CAGR

  $2,089

  $1,881

  $2,002

  $1,154

  $1,302

  2020 2021 2022 2023 2024 2025

  Millions

  *T&D backlog only includes 90 days of MSA work; typically, these agreements are multi-year in duration

  
  
  
  
  

  STRONG LONG-TERM DRIVERS

  • U.S. electricity usage is expected to grow by 1 percent in 2026 and 3 percent in 2027, following two years of consumption growth. This would be the strongest four-year growth period since 2000. The driving factor is increased demand from "large computing centers." (EIA.gov, January 2026)

  • An analysis by ICF International anticipates U.S. electricity demand will grow 25 percent by 2030 and 78 percent by 2050 from 2023 levels. (ICF.com, June 2025)

  • S&P Global forecasts aggregated energy utility investments will continue reaching new heights. They anticipate $227B will be spent in 2026, $233B in 2027, $214B in 2028, and $164B in 2029. Electric utilities will invest in infrastructure modernization, transmission expansion for new generation and customer growth, distribution investments to support reliability, and new energy technology. (SPGlobal.com, September 2025)

  • Investor-owned utilities spent $32.6 billion on transmission investment in 2024, compared to $30.0 billion in 2023, and were projected to spend $39.9 billion in 2025 and $178 billion between 2025-2028. They spent $60.2 billion on distribution investment in 2024, compared to $56.7 billion in 2023. (eei.org; January 2026)

  T&D MARKET OUTLOOK.

  INVESTMENT DRIVERS

  System Reliability & Resiliency Programs Aging Electric Grid

  Connecting New Generation Sources Plant Retirements

  System Hardening Electrification

  Data Centers & Reshoring

  Distributed Energy Resources

  
  
  
  
  
  
  

  Actual and Projected Transmission Investment by Investor-Owned Electric Companies

  
  
  
  
  
  
  

  BUSINESS SEGMENT UPDATE

  COMMERCIAL & INDUSTRIAL (C&I).

  REPRESENTATIVE CUSTOMERS

STRONG, DIVERSE CORE MARKETS

C&I MARKET OUTLOOK.

MYR GROUP CORE C&I MARKETS

MYR Group's C&I segment sees steady bidding opportunities in its core markets

• FMI's latest survey of nonresidential construction sentiment climbed to 54.5 in the first quarter of 2026 compared to 47.9 in the fourth quarter of 2025, as sentiment improved across all components. The backlog component made the strongest jump to 70.4 from

54.6. (FMIcorp.com, January 2026)

• The Dodge Momentum Index (DMI) declined 6.3% to 272.7 (2000=100) in January from a downward revised reading of 291. However, the DMI was up 29% year over year compared to January 2025. "Planning momentum cooled in January across most commercial and institutional sectors," Dodge's spokesperson said. (construction.com, February 2026)

• The Associated Builders and Contractors Association's Construction Backlog Indicator fell to

8.0 months in January, but contractor confidence grew. The ABC's Construction Confidence Index improved for all three categories profit margins, sales, and staffing levels (sales 64.7, profit margins 53.4, and staffing 61.2). All three components remained above 50, the threshold for expected growth over the next six months (ABC.org, February 2026)

Data Centers Airport Projects Transportation Healthcare

Clean Energy, Storage & EV Charging E-Commerce

Water/Wastewater Facilities

Industrial Facilities

and continues to be well diversified.

Source: The Dodge Momentum Index, February 6, 2026

MARKET OPPORTUNITIES FOR BOTH T&D AND C&I

DATA CENTER MARKET EXPANSION.

DATA CENTER DRIVERS

AI Driven Demand Increased Cloud Services Greater Data Storage Needs

Deceleration of Power Efficiency Gains

Crypto Mining Operations

MYR Group's C&I segment has decades of experience providing services for new construction, expansion build-outs, upgrades and maintenance of data center facilities. The T&D segment builds and upgrades lines and substations to interconnect new data centers, working for our utility customers.

DATA CENTERS DRIVING INCREMENTAL INFRASTRUCTURE INVESTMENT

C Three's 2024 North American Electric Transmission Market

Forecast reports that AI is "supercharging" data center growth and is a major driver of increasing load growth projections. They noted that data centers are chasing cheap power for their locations, while hyperscale data center owners are also chasing renewable power. The report noted there are more than 170 hyperscale and co-location data centers planned, representing more than 45GW of capacity. (C Three, Sept. 2024)

CLEAN ENERGY

TRANSFORMATION PARTNER.

We don't just create connections that empower people - we create connections that help our partners achieve their energy goals.

BUILDING A SUSTAINABLE FUTURE WITH

CORPORATE RESPONSIBILITY.

Reducing Our Impact On Projects

• Recycling scrap material

• Environmental compliance

  Clean Energy Transformation Partner
  
  
  
  

• Clean energy interconnect work

• Solar & energy storage projects

• Electric vehicle charging installations

  Equity & Inclusion
  
  
  
  

• 25% racially/ethnically diverse Board of Directors

• 38% of the Board of Directors is female

• Established Veteran Employee Resource Group

• Varied vendor utilization and partnerships

  Policy & Guidance
  
  
  
  

• Established corporate policies

• Promote honest and ethical conduct

• Develop employee awareness and compliance

  Corporate Governance
  
  

• Conduct annual evaluations

• Effective executive compensation best practices

  Board Composition
  
  

• Independent Chair of the Board

• Committees comprised solely of independent directors

• Majority voting standard for directors in uncontested elections

  Keeping Safety at Our Core

• Behavioral commitment to safety

• Strong culture built on leadership, employee dedication, top-notch training programs, industry involvement, and a focus on constant innovation and improvement

  Investing in our People

• 50,900+ workhours of training

• 1,143 employee development courses completed

• Robust benefits and wellness program

  Giving Back to our Communities

• In the last three years:

  • Raised and donated more than $3.5M

  • Supported more than 130 non-profit organizations

    Operating Sustainably

• GHG emissions tracking and goals

• Waste recycling and reduction

• Water and energy stewardship

VIEW REPORT

Online at myrgroup.com/sustainability

DELIVERING STRONG RETURNS

DIVIDEND-ADJUSTED STOCK RETURN.

Dividend-Adjusted Stock Return

(01/02/2020 - 12/31/2025)

1200.0%

MYRG Div.-Adj. Return EME Div.-Adj. Return PWR Div.-Adj. Return MTZ Div.-Adj. Return DY Div. Adj.-Return

Dividend Adjusted Stock Return

Stock Price as of: MYRG EME PWR MTZ DY

1000.0%

1/2/2020

12/31/2025

$ 32.43

$ 218.50

$ 84.56

$ 611.43

$ 40.54

$ 421.95

$ 63.69

$ 217.37

$ 46.90

$ 337.90

PWR - CAGR 47.76%

Div. Adj. Stock Return 573.8% 623.0% 940.9% 241.3% 620.5%

800.0%

EME - CAGR 39.06%

600.0%

DY - CAGR 38.97%

MYRG - CAGR 37.43%

400.0%

MTZ - CAGR 22.70%

200.0%

0.0%

-200.0%

DELIVERING STRONG RETURNS

Q4 2025 RESULTS

$973.5M

Revenue

$36.5M

Net Income (1) or

$2.33 Per Diluted Share (1)

$2.82B

Backlog (1)

(1) Record Highs

FINANCIAL SNAPSHOT.

We closed out 2025 with strong fourth quarter financial results, delivering annual revenues of $3.66 billion. Fourth quarter net income was $36.5 million, representing a 129.1 percent increase over the fourth quarter of 2024, with revenues, consolidated gross profit, income from operations and EBITDA all increasing year over year. Backlog at the end of the fourth quarter totaled $2.82 billion, reflecting a steady bidding environment across both our T&D and C&I business segments. Overall, increased electrification demand and continued investment in electrical infrastructure remain encouraging and reinforce our confidence that our end markets are positioned for continued success in 2026 and beyond.

Rick Swartz President and CEO

Full-year 2025 FINANCIAL OVERVIEW

Business Segment Revenue

C&I

$1.66B

T&D

$2.00B

Total Revenue $3.66B

WELL-POSITIONED TO SUPPORT ADDITIONAL GROWTH

BALANCE SHEET STRENGTH.

Millions

$100

$80

$60

$40

$20

$0

CAPEX Investment

CAPEX Spend CAPEX % of Rev

$94.4

$84.7

$77.1 $75.9

$44.4 $52.4

2020 2021 2022 2023 2024 2025

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

• Low debt leverage

• Strong balance sheet with $408M in availability under our $490M credit facility and $150M cash and equivalents

• Substantial bonding capacity

• Investment in specialty equipment supports future organic growth

60.0%

50.0%

40.0%

30.0%

20.0%

10.0%

0.0%

56.0%

3-Year Average ROIC

14.9% 14.0%

12.8%

8.9%

Liquidity

Credit Facility Cash LOC Bank Debt Total Liquidity

Millions

$700

$650

$600

$550

$500

$450

$400

$350

$300

$250

$200

$150

$100

$50

$-

$(50)

EME DY MYRG PWR MTZ

MYR, PWR, MTZ, and EME 3-year period is December 2022 - December 2025 DY 3-year period is October 2022 - October 2025

$(100)

$(150)

2020 2021 2022 2023 2024 2025

DEMONSTRATES STRONG, LONG-TERM EXECUTION

FINANCIAL PERFORMANCE.

Backlog

s $4,000

o

n $3,500

il

Revenue by Work Type

Trans. Dist. C&I 10.2% CAGR

$3,644 $3,658

$3,362

$3,009

$3,000

Millions

$2,500

$2,000

Backlog > 12 Mo 12 Mo. Backlog 11.3% CAGR

$2,824

$2,502 $2,512 $2,576

$1,789

$1,649

li $3,000

$2,498

$1,500

M$2,500

$2,000

$1,500

$1,000

$500

$-

$2,247

2020 2021 2022 2023 2024 2025

$1,000

$500

$0

4 4 4 4 4 4

2020 2021 2022 2023 2024 2025

QTR YEAR

Millions

$250

$200

$150

$100

$50

$-

$132.4

EBITDA *

EBITDA 11.9% CAGR

$175.8 $188.2

$164.2

$117.8

$232.7

$8.00

$7.50

$7.00

$6.50

$6.00

$5.50

$5.00

$4.50

$4.00

$3.50

$3.00

$2.50

$2.00

$1.50

$1.00

$0.50

$-

Diluted EPS - Attributable to MYR Group Inc.

Diluted EPS 16.7% CAGR

$7.53

$5.40

$4.95 $4.91

$3.48

$1.83

2020 2021 2022 2023 2024 2025

* For reconciliation of EBITDA to net income, see page 20

2020 2021 2022 2023 2024 2025

EXECUTIVES & BOARD OF DIRECTORS

EXPERIENCED LEADERSHIP TEAM.

MYR Group Inc. has a strong team of experienced leaders that make up our executive team and Board of Directors. We believe diversity of our leadership is a critical component of creating long-term value for our shareholders. We select

individuals who bring extensive experience and unique perspectives to both our

Company and our Board.

BOARD OF DIRECTORS STATISTICS

38%

Female

25%

Racially / Ethnically Diverse Directors

88%

Majority

Independent

EXECUTIVE LEADERSHIP

5:3

Varied Tenure

5 of 8 have 0-8 years

3 of 8 have 9+ years

William Fry, CLO

MYRG: 7 years

Industry: 28 years

Kelly Huntington, CFO Brian Stern, COO - T&D Don Egan, COO - C&I

MYRG: 3 years MYRG: 20 years MYRG: 34 years

Industry: 23 years Industry: 25 years Industry: 34 years

Rick Swartz, CEO

MYRG: 43 years

Industry: 43 years

EXECUTIVES AVERAGE:

21 Years

With MYR Group

30 Years

Industry Experience

CREATING

SHAREHOLDER VALUE.

Strategic expansion of geographic footprint into new markets in the U.S. and Canada

ORGANIC GROWTH

Expand in new and existing markets that align with core capabilities

Invest in additional fleet and labor resources to expand capacity

Leverage extensive bid knowledge and long-term customer relationships

From 2024-2025, the Company repurchased 1.3 million shares for approximately $150 million at an average share price of $117 under multiple repurchase programs

PRUDENT CAPITAL RETURNS

Opportunistically

repurchase shares

STRATEGIC ACQUISITIONS

Evaluate opportunities to expand and hone business expertise

Identify and evaluate strategic opportunities in the U.S. and Canada that achieve long-term growth objectives and leverage our core capabilities

Focus on acquisitions that meet clear, long-term return thresholds and are

compatible with MYR Group's values

and culture

Focus on integration of processes,

people, technology, and equipment

DEMONSTRATES STRONG LONG-TERM EXECUTION

RECONCILIATION OF NON-GAAP MEASURES.

EBITDA FREE CASH FLOW

($ In Millions, Except Per Share Amounts)* FY FY

2020 2021 2022 2023 2024 2025 2025

EBITDA is a non-GAAP financial measure that is defined as Earnings Before Interest, Taxes, Depreciation and Amortization. Free cash flow is a non-GAAP measure that is defined as cash flow provided

by operating activities minus cash flow used in purchasing property and equipment

Note:

EBITDA is not recognized under GAAP and does not purport to be an alternative to net income as a measure of operating performance or to net cash flows provided by operating activities as a measure of liquidity. EBITDA is a component of the debt to EBITDA covenant that we must report to our bank on a quarterly basis. In addition, management considers EBITDA a useful measure because it eliminates differences which are caused by different capital structures as well as different tax rates and depreciation schedules when comparing our measures to our peers' measures.

Free cash flow is not recognized under GAAP and does not purport to be an alternative to net income attributable to MYR Group Inc., cash flow from operations or the change in cash on the balance sheet. Management views free cash flow as a measure of operational performance, liquidity, and financial health.

ROIC Definition

Net Income (LTM) [A] + [(Net Interest Expense + Amortization of Intangibles) * (1-Effective Tax Rate)] [A] Net Income excludes noncontrolling interest and discontinued operations

÷ [Book Value (Total Stockholders' Equity [B] + Net Debt] @ beginning and ending period average [B] Total Stockholders' Equity excludes minority interests and discontinued operations

= Return on Invested Capital

20

Three-year averages are derived from calculating the return metric for each twelve-month period and then averaging the three-period metrics

NASDAQ: MYRG

myrgroup.com

HEADQUARTERS

12121 Grant Street, Suite 610

Thornton, CO 80241 Investorinfo@myrgroup.com

JENNIFER HARPER

MYR Group Inc., Vice President, Investor Relations and Treasurer

Investorinfo@myrgroup.com