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1 1st Quarter 2025 Earnings Presentation May 12, 2025 Centuri.com
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2 2 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. This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can often be identified by the use of words such as “will,” “predict,” “continue,” “forecast,” “expect,” “believe,” “anticipate,” “outlook,” “could,” “target,” “project,” “intend,” “plan,” “seek,” “estimate,” “should,” “may” and “assume,” as well as variations of such words and similar expressions referring to the future. The specific forward-looking statements made herein include (without limitation) statements regarding our estimation that awards secured in the most recent quarter represents more than $1.2 billion in potential revenue; our belief that our capabilities and decades of experience have situated us well for continued expansion; our plans to develop and implement a growth strategy and evaluate growth opportunities; our estimation of the value of our backlog; and the number ranges, including the major assumptions underpinning the outlook, presented in our Full Year 2025 Outlook. A number of important factors affecting the business and financial results of Centuri could cause actual results to differ materially from those stated in the forward-looking statements. These factors include, but are not limited to, capital market risks and the impact of general economic or industry conditions. Factors that could cause actual results to differ also include (without limitation) those discussed in Centuri’s filings filed from time to time with the U.S. Securities and Exchange Commission. The statements in this presentation are made as of the date of this presentation, even if subsequently made available by Centuri on its website or otherwise. Centuri does not assume any obligation to update the forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.
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3 Today’s Speakers Gregory Izenstark EVP, Chief Financial Officer Christian Brown President and Chief Executive Officer
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4 Company Overview Notes: 1. Based on fiscal three months ended March 30, 2025 2. Includes clean energy providers, independent transmission companies, home builders, municipalities and industrial customers Geographic Footprint Revenue by Customer Type Revenue by Segment(1) Representative Utility Customers Business Mix (1) Other (2) Operating Footprint Gas Locations (53 Locations) Electric Locations (35 Locations) Other (1 Location)
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5 Investment Highlights Who We Are A leading North American utility infrastructure services company offering recurring, technical solutions to maintain, upgrade and expand energy networks. Compelling Investment Drivers » 115+ years of operating history and a track record of delivering world -class safety and quality performance » Scalable platform with extensive North American footprint supporting profitable delivery of organic growth » Agile and efficient operating company model and cost base supporting growth opportunities » Multi-decade secular tailwinds underpin strong demand in utility and energy capex growth » Lower risk profile focused on Master Service Agreements (MSA) and smaller contracts providing a recurring revenue profile and visibility over time » Large, blue chip utility customer base that is diversified and well -tenured » Long-term track record of delivering consistent and resilient , profitable growth and multiple levers to drive continued expansion
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6 Strategic Focus Areas Underpinned by world-class safety performance, an agile, customer-focused approach, and top-tier execution » Initiated a strategic business development review in late 2024, which was completed in 2Q 2025 » Implement review learnings to formulate and implement growth strategy starting in 2Q 2025 » Onboarding industry experts to scout new growth opportunities in emerging and adjacent sectors » Realigned U.S. Gas leadership, restructured business, and improved contract pricing; agile workforce alignment » Evaluating a shift to a more balanced mix of equipment rentals/leases versus equipment owned » Focusing on collecting Accounts Receivables to improve working capital PRIORITIES ACTION ITEMS Harness Collective Strength » Foster a growth mindset and leverage company -wide expertise to deliver full set of capabilities Enhance Business Development » Company-wide review of business development activities; institutionalize structured approach to opportunity pipeline development, market positioning, win strategies, and securing of awards Improve Financial Performance » Prioritize high-margin projects and improve profitability of underperforming contracts » Enhance capital efficiency through improved fleet management and equipment sourcing strategies
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7 1Q 2025 Results Overview Notable Drivers Impacting 1Q 2025 $550.1 Revenue (MM) 4.4% Adjusted EBITDA Margin(1) $24.2 Adjusted EBITDA (MM) $20.3 » Non-union Electric revenues +42% year-over-year, driven by higher crew counts and work hours in the core business; segment gross margin increased to 1 1.9% versus 2.9% in 1Q24 • Non-union Storm Restoration revenues increased $14.8 million from 1Q24, another boost to margins beyond benefit from improvement in core business » Union Electric revenues higher year-over-year on sizeable increase in bid activity in industrial and electrical substation infrastructure, more than offsetting anticipated slowdown in offshore wind project work » U.S. Gas revenue lower on impact from a more challenging winter across most operating territories and sluggish start to the calendar year in spending by certain customers • Significant activity improvement experienced in March • Net leverage ratio(2) reduced to 3.5x as of 1Q25 from 3.6x as of YE24 Gross Profit (MM) Notes: 1. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by revenue. This is a non-GAAP measure and as such, may not be comparable to a similarly titled measure of other companies. Please refer to the appendix to this presentation for the most comparable GAAP financial measure, and information reconciling the GAAP and non-GAAP financial measures. 2. Net leverage ratio is defined as net debt as of the balance sheet date divided by trailing twelve months of adjusted EBITDA . Please refer to the appendix to this presentation for the most comparable GAAP financial measure, and information reconciling the GAAP and non-GAAP financial measures.
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8 Commercial Highlights $505MM New Awards(2) $700MM Renewals(1) $1.2B Total Bookings 2.2x Book to Bill Notable Awards New MSAs ($257MM) » Large, multi-year award to provide essential grid resiliency for an electric utility in the Southwest » Two awards for a new utility client geography in the Pacific Northwest for gas infrastructure » Midwest water infrastructure project MSA Renewals ($700MM) » Three very large, multi-year awards with long-tenured utility customers in the Northeast for gas infrastructure » Award with long-standing utility customer in the Midwest for gas infrastructure Strategic Bids ($248MM) » Electric infrastructure projects supporting data center development projects in the Northeast » Numerous industrial, generation, and mechanical contracts for utility and energy clients in the Northeast Financial Metrics Notes: (1) MSA Renewals (2) New MSAs and Strategic Bid Awards $1.4B Near-Term Opportunities ~$12B Opportunity Pipeline
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9 1Q | 2025 vs. 2024 ($MM, except per share amounts) 1Q 2025 1Q 2024 YOY GAAP Metrics Revenue $ 550.1 $ 528.0 Net Loss Attributable to Common Stock $ (17.9) $ (25.1) Diluted Loss Per Share $ (0.20) $ (0.35) Non-GAAP Metrics(1) Adjusted EBITDA $ 24.2 $ 20.2 Adjusted Net Loss $ (10.5) $ (14.4) Adjusted Diluted Loss Per Share $ (0.12) $ (0.20) Notes: (1) These are non-GAAP measures and as such, may not be comparable to a similarly titled measure of other companies. Please refer to the appendix to this presentation for the most comparable GAAP financial measure, and information reconciling the GAAP and non-GAAP financialmeasures.
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10 1Q | 1Q2024 vs. 1Q2025 Key Differences Primarily driven by • $66 million – Increased volumes on Non- Union Electric MSAs and Union Electric bids • $29 million – Decreased U.S. Gas MSA volumes due to weather and customer budget constraints • $22 million – Planned decrease in offshore wind revenue Revenue ($ in millions) Year-over-year drivers include: favorable impact unfavorable impact Revenues • ~$22.1 million - Total increase Operating profit Adjusted EBITDA(1) ($ in millions) • ~9.2 million - Total increase Notes: (1) This is a non-GAAP measure and as such, may not be comparable to a similarly titled measure of other companies. Please referto the appendix to this presentation for the most comparable GAAP financial measure, and information reconciling the GAAP and non-GAAP financial measures. Primarily driven by • Higher volumes and more efficient overhead utilization in Electric business • Margin challenges at U.S. Gas due to weather delays
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11 Revenue & Gross Profit By Segment 1Q2024 – 1Q2025
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12 Leverage Overview Net Debt to Adj. EBITDA Ratio (1)(2)Net Debt ($MM)(1) Notes: 1. These are non-GAAP measures and as such, may not be comparable to a similarly titled measure of other companies. Please refer tothe appendix to this presentation for the most comparable GAAP financial measure, and information reconciling the GAAP and non-GAAP financial measures. 2. Based on trailing twelve months ended March30, 2025 and March31, 2024, respectively.
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13 Affirm 2025 Outlook FY 2025 Revenue (MM) FY 2025 Adj. EBITDA (MM)(1) Net Capex (MM)(2) $2,600 - $2,800 $240 - $275 $65 - $80 Notes: (1) This is a non-GAAP measure and as such, may not be comparable to a similarly titled measure of other companies. Please refer to the appendix to this presentation for the definition of adjusted EBITDA. We are unable to provide reconciliations for forward-looking non-GAAP metrics without unreasonable efforts due to our inability to project non-recurring expenses. (2) Net Capex is defined as cash paid for capital expenditures net against any proceeds from the sale of property and equipment. (3) Additional Company-wide assumptions include minimal inflationary or foreign exchange impacts. (4) Excludes 2024 results, in which revenues were $137MM; 2021-2023 average revenues were $74MM Major assumptions underpinning outlook(3): » Gas: modest growth, margins improve to approximate historical average » Core Electric: double-digit growth in Non-Union crew counts + workhours and Union bid work » Storm Restoration Services: 2021-2023 3-year average(4) » Offshore Wind: execute modest backlog (full year ~$40 million)
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14 Near Term StrategicPriorities » Enhance business predictability through robust forecasting and organizational accountability » Implement structured business development approach to drive long-term, profitable growth » Optimize equipment sourcing, fleet management, and working capital » Enhance gas business performance through margin improvement
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1515 Appendix
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16 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 Loss, and Adjusted Diluted Loss per Share, all of which are measures not presented in accordance with GAAP, provide investors with additional useful information in evaluating our performance. We use these non-GAAP measures internally to evaluate performance and to make financial, investment and operational decisions. We believe that presentation of these non-GAAP measures provides investors with greater transparency with respect to our results of operations and that these measures are useful for period-to-period comparisons of results. Management also believes that providing these non-GAAP measures helps investors evaluate the Company’s operating performance, profitability and business trends in a way that is consistent with how management evaluates such matters. EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for (i) non-cash stock-based compensation expense, (ii) separation- related costs, (iii) strategic review costs, (iv) severance costs, (v) securitization facility transaction fees, and (vi) CEO transition costs. Adjusted EBITDA Margin is defined as the percentage derived from dividing Adjusted EBITDA by revenue. Net Debt to Adjusted EBITDA Ratio is calculated by dividing net debt as of the latest balance sheet date by the trailing twelve months of adjusted EBITDA. Net debt is defined as the sum of all bank debt on the balance sheet and finance lease liabilities, net of cash. Free Cash Flow is defined as cash flow from operations less net capital expenditures. Net capital expenditures is defined as capital expenditures, net of proceeds from sale of property and equipment. We used to define Free Cash Flow as Adjusted EBITDA less net capital expenditures. Management believes our new definition of Free Cash Flow is a better indicator of how much cash is provided by or used by operations after factoring in capital purchases. Adjusted Net Loss is defined as net loss adjusted for (i) separation-related costs, (ii) strategic review costs, (iii) severance costs, (iv) amortization of intangible assets, (v) non-cash stock-based compensation expense, and (ix) the income tax impact of adjustments that are subject to tax, which is determined using the incremental statutory tax rates of the jurisdictions to which each adjustment relates for the respective periods. Adjusted Dilutive Earnings per Share is defined as Adjusted Net Income divided by weighted average diluted shares outstanding. Using EBITDA as a performance measure has material limitations as compared to net income (loss), or other financial measures as defined under GAAP, as it excludes certain recurring items, which may be meaningful to investors. EBITDA excludes interest expense net of interest income; however, as we have borrowed money to finance transactions and operations, or invested available cash to generate interest income, interest expense and interest income are elements of our cost structure and can affect our ability to generate revenue and returns for our stockholders. Further, EBITDA excludes depreciation and amortization; however, as we use capital and intangible assets to generate revenues, depreciation and amortization are necessary elements of our costs and ability to generate revenue. Finally, EBITDA excludes income taxes; however, as we are organized as a corporation, the payment of taxes is a necessary element of our operations. As a result of these exclusions from EBITDA, any measure that excludes interest expense net of interest income, depreciation and amortization and income taxes has material limitations as compared to net income (loss). When using EBITDA as a performance measure, management compensates for these limitations by comparing EBITDA to net income (loss) in each period, to allow for the comparison of the performance of the underlying core operations with the overall performance of the company on a full-cost, after-tax basis. As to certain of the items related to these non-GAAP metrics: (i) non-cash stock-based compensation expense varies from period to period due to changes in the estimated fair value of performance-based awards, forfeitures and amounts granted; (ii) separation-related costs represent expense incurred post-Centuri IPO in connection with the separation and stand up of Centuri as its own public company, including costs incurred in connection with the establishment of Centuri’s Unutilized Tax Assets Agreement with Southwest Gas Holdings and under other separation-related agreements, which are not reflective of our ongoing operations and will not recur following the full separation from Southwest Gas Holdings; (iii) strategic review costs represent costs incurred during the Centuri IPO and related costs incurred to establish Centuri as a public company leading up to the IPO, (iv) severance costs relate to non-recurring restructuring activities; (v) securitization facility transaction fees represent legal and other professional fees incurred to establish our accounts receivable securitization facility that was put in place in September 2024; and (vi) CEO transition costs represent incremental costs incurred to find and hire a replacement CEO. Because these non-GAAP metrics as defined, exclude some, but not all, items that affect net income (loss), such measures may not be comparable to similarly titled measures of other companies. The most comparable GAAP financial measure and information reconciling the GAAP and non-GAAP financial measures are set forth below. We are unable to provide reconciliations for forward-looking non-GAAP metrics without unreasonable efforts due to our inability to project non-recurring expenses.
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17 Adjusted EBITDA Reconciliation Note: Certain totals may not foot due to rounding Figures are as adjusted in S-1 filing and differ from Centuri adjusted EBITDA figures presented in Southwest Gas Holdings, Inc. (SWX) filings $mm 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 Net (loss) income $ (25.2) $ 11.7 $ (3.6) $ 10.3 $ (17.9) Net interest deductions 24.1 22.6 23.9 19.9 17.9 Income tax (benefit) expense (20.8) (0.5) 21.8 2.9 (13.1) Depreciation expense 27.7 27.7 26.5 26.8 27.6 Amortization of intangible assets 6.7 6.7 6.7 6.7 6.7 EBITDA $ 12.4 $ 68.2 $ 75.3 $ 66.6 $ 21.0 Non-cash share-based compensation (0.6) 0.1 1.3 1.4 1.6 Separation-related costs — — — — 1.6 Strategic review costs 3.9 (1.9) — — — Severance costs 4.5 2.2 0.5 0.8 — Securitization transaction fees — — 1.4 — — CEO transition costs — — 0.2 1.8 — Adjusted EBITDA $ 20.2 $ 68.6 $ 78.8 $ 70.6 $ 24.2 Adjusted EBITDA margin 3.8 % 10.2 % 10.9 % 9.9 % 4.4 %
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18 Free Cash Flow Reconciliation Note: Certain totals may not foot due to rounding $mm 1Q2024 1Q2025 Net cash provided by operating activities $ (26.5) $ 16.7 Less: Net capital expenditures: Capital expenditures (26.3) (24.4) Proceeds from sale of property and equipment 1.6 1.2 Net capital expenditures (24.6) (23.2) Free cash flow $ (51.1) $ (6.5)
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19 Net Debt Reconciliation $mm (except Net Debt to Adj. EBITDA ratio) 4Q2024 1Q2025 Debt Current portion of long -term debt $ 30.0 $ 28.9 Current portion of finance lease liabilities 9.3 8.6 Long-term debt, net of current portion 730.3 724.7 Line of credit 113.5 97.8 Finance lease liabilities, net of current portion 15.0 13.1 Total Debt $ 898.2 $ 873.2 Less: Cash and cash equivalents (49.0) (15.3) Net Debt $ 849.2 $ 857.9 Trailing twelve months Adjusted EBITDA $ 238.2 $ 242.3 Net Debt to Adj. EBITDA (1) 3.6 3.5 Note: Certain totals may not foot due to rounding (1) This net debt to adjusted EBITDA ratio may differ slightly from the net leverage ratio calculated for the purposes of therevolving credit facility.
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20 Adjusted Net Loss Note: Certain totals may not foot due to rounding $mm 1Q2024 1Q2025 Net loss $ (25.2) $ (17.9) Separation-related costs — 1.6 Strategic review costs 3.9 — Severance costs 4.5 — Amortization of intangible assets 6.7 6.7 Non-cash stock-based compensation (0.6) 1.6 Income tax impact of adjustments(1) (3.6) (2.5) Adjusted Net Loss $ (14.4) $ (10.5) (1) Calculated based on a blended statutory tax rate of 25%.
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21 investors@centuri.com 19820 North 7th Avenue, #120 • Phoenix, Arizona 85027 • investors@centuri.com Centuri.com 21