GVA Q3 2025 Earnings Presentation

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© 2025 Granite Construction. All Rights Reserved. 2 Any statements contained in this presentation that are not based on historical facts, including statements regarding future events, occurrences, circumstances, opportunities, targets, activities, performance, growth, demand, strategy, strategic goals, shareholder value, outcomes, outlook, macro-economic uncertainties, Committed and Awarded Projects (CAP), results, our investment framework and related investment categories, that we expect volume growth in both aggregate and asphalt into 2026, supported by strong demand, that market strength will support CAP growth in Q4 and 2026, that revenue is expected to accelerate in Q4 and into 2026 as projects ramp up, that we are positioned to act on future M&A opportunities, 2025 guidance, including revenue, adjusted EBITDA margin, CAPEX, SG&A as a percent of revenue and our expected adjusted effective tax rate, 2027 financial targets, including revenue, 2-3 acquisitions annually, adjusted EBITDA margin, free cash flow margin, operating cash flow as percent of revenue and CAPEX as a percent of revenue, that we expect our strong cash generation, upsized credit facility and numerous organic and inorganic investment opportunities to drive higher returns and shareholder value, that we expect to outperform our target of 9% of operating cash flows as a percentage of revenue in 2025, SB-1 revenue and allocations and our capital allocation priorities, aggregate reserves and resources constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by words such as “future,” “outlook,” “assumes,” “believes,” “expects,” “estimates,” "target," “anticipates,” “intends,” “plans,” “appears,” “may,” “will,” “should,” “could,” “would,” "guidance," “continue,” and the negatives thereof or other comparable terminology or by the context in which they are made. These forward looking statements are based on management’s current beliefs, assumptions and estimates. These expectations may or may not be realized. Some of these expectations may be based on beliefs, assumptions or estimates that may prove to be incorrect. In addition, our business and operations involve numerous risks and uncertainties, many of which are beyond our control, which could result in our expectations not being realized or otherwise materially affect our business, financial condition, results of operations, cash flows and liquidity. Such risks and uncertainties include, but are not limited to, those described in greater detail in our filings with the Securities and Exchange Commission, particularly those described in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Due to the inherent risks and uncertainties associated with our forward-looking statements, the reader is cautioned not to place undue reliance on them. The reader is also cautioned that the forward-looking statements contained herein speak only as of the date of this presentation and, except as required by law; we undertake no obligation to revise or update any forward- looking statements for any reason. Safe Harbor

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4 Investment Framework Supports Long-term Growth SUPPORT & STRENGTHEN Solidify and Bolster Core Competencies and Strengths Automation & Reserve Expansion Bolt-on: Civil Construction & Materials VI Expansion & Platforms Strengthen & Expand Home Markets EXPAND & TRANSFORM Expand Into New Geographies INVESTMENT CATEGORIES INVESTMENT CATEGORIES 30% of eligible plants automated

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© 2025 Granite Construction. All Rights Reserved. 17.5% 22.4% 13.8% 16.9% 1.7% 1.8% 2.2% 2.4% 19.2% 24.2% 16.0% 19.3% Q3'24 Q3'25 YTD'24 YTD'25 Product-Level Gross Profit Margin and Cash Gross Profit Margin* (Internal and External Sales) 18.7% 21.2% 16.5% 19.4% 7.0% 7.0% 8.5% 8.8% 25.7% 28.2% 25.0% 28.2% Q3'24 Q3'25 YTD'24 YTD'25 Materials Segment 5 • Legacy business top and bottom-line growth, bolstered by recent acquisitions • Expect volume growth in both aggregate and asphalt into 2026, supported by strong demand • Driving price increases while focusing on minimizing cost per ton increases Materials Segment *See appendix for a reconciliation of this non-GAAP measure. AGGREGATE ASPHALT ◼ Cash Gross Profit Margin ◼ Depreciation, depletion and amortization as a % of Revenue ◼ Gross Profit Margin

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© 2025 Granite Construction. All Rights Reserved. Construction Segment $ in millions • CAP increased $273M sequentially to new Granite record of $6.3B • Q3 bidding environment continues to be robust, led by public markets across the country • Market strength to support CAP growth in Q4 and in 2026 • Revenue expected to accelerate in Q4 and into 2026 as projects ramp up 6 $2,063 , 51% $2,973 , 53% $2,974 , 53% $3,195 , 53% $3,325 , 52% $1,741 , 43% $2,345 , 42% $2,376 , 42% $2,496 , 41% $2,667 , 42%$222 , 5% $179 , 3% $159 , 3% $259 , 4% $253 , 4% $52 , 1% $88 , 2% $111 , 2% $114 , 2% $93 , 2% $4,078 $5,585 $5,620 $6,064 $6,338 Q3'22 Q3'23 Q3'24 Q2'25 Q3'25 CAP History ◼ Bid Build ◼ Best Value ◼ Design Build ◼ Other

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© 2025 Granite Construction. All Rights Reserved. Q3’2025 Highlights • Revenue increased 12% YOY, driven by growth in both Construction and Materials segments • Construction gross profit margin was 16.5%, driven by improved project execution across our higher quality project portfolio • Materials revenue, gross profit and cash gross profit increased YOY driven by higher sales volumes and higher sales prices in both aggregates and asphalt, and recent acquisitions • Adjusted EBITDA margin was 15%, increasing 330 bps YOY • Cash generation and amended credit facility position us to act on future M&A opportunities Q3 2025 Results 7 Q3 2025 Total Revenue $1,433 M Construction Revenue $1,162 M Materials Revenue $271 M Adjusted Net Income $124 M Adjusted Diluted EPS $2.70 Adjusted EBITDA $216 M Adjusted EBITDA Margin 15.0% Cash and Marketable Securities $617 M YTD Operating Cash Flow $290 M CAP $6.3 B YOY Change Total Revenue + $158 M Construction Revenue + $82 M Materials Revenue + $76 M Adjusted Net Income + $33 M Adjusted Diluted EPS + $0.65 Adjusted EBITDA + $67 M Adjusted EBITDA Margin + 330 bps Cash and Marketable Securities +$145 M YTD Operating Cash Flow + $6 M CAP + $718 M See appendix for a presentation of the most directly comparable GAAP measure and a reconciliation of these Non-GAAP figures.

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© 2025 Granite Construction. All Rights Reserved. 2025 2027 Revenue $4.35B - $4.45B 6%- 8% Organic CAGR 2-3 Acquisitions Annually Adjusted EBITDA Margin 11.5%-12.5% Updated 2025 Guidance and 2027 Financial Targets 8 Annual 2025 Guidance includes CAPEX of approximately $130M, SG&A as a percent of revenue of 9%, and an expected adjusted effective tax rate in the mid-20’s *Target Free Cash Flow Margin is calculated by subtracting CAPEX of 3% of revenuefrom Operating Cash Flow Margin of a range of 9.5% to 11.5% Adjusted EBITDA margin and free cash flow margin are non-GAAP measures. See Appendix for a discussion regarding these measures 12.5%-14.5% 2027 Target Free Cash Flow Margin* 6.5% - 8.5%

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© 2025 Granite Construction. All Rights Reserved. Concluding Remarks • Q3’2025 and YTD performance demonstrate the strength of our people and earnings power • New record CAP fueled by public market opportunities; Expect CAP to continue to grow in Q4 and in 2026 • CAP quality and bidding opportunities support growth towards the 2027 financial targets • Recent acquisitions add high quality businesses to both strengthen our existing markets and to expand into new markets. • Expect our strong cash generation, upsized credit facility and numerous organic and inorganic investment opportunities to drive higher returns and shareholder value • Expect to outperform our target of 9% operating cash flow as a percentage of revenue in 2025 9

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© 2025 Granite Construction. All Rights Reserved. Appendix 10 Non-GAAP Financial Information The tables below contain financial information calculated other than in accordance with U.S. generally accepted accounting principles (“GAAP”). Specifically, management believes that non-GAAP financial measures such as EBITDA and EBITDA margin are useful in evaluating operating performance and are regularly used by securities analysts, institutional investors and other interested parties, and that such supplemental measures facilitate comparisons between companies that have different capital and financing structures and/or tax rates. We are also providing adjusted EBITDA and adjusted EBITDA margin, non-GAAP measures, to indicate the impact of stock-based compensation expense, (gain) loss on debt extinguishment in 2024 and other costs, net, which include legal fees for the defense of a former company officer in his ongoing civil litigation with the Securities and Exchange Commission, reorganization costs, strategic acquisition and integration expenses and, in 2024, non-cash impairment charges. We provide adjusted income before income taxes, adjusted provision for income taxes, adjusted net income attributable to Granite, adjusted diluted weighted average shares of common stock and adjusted diluted earnings per share attributable to common shareholders, non-GAAP measures, to indicate the impact of the following: • Other costs, net as described above; • Acquired intangible asset amortization and acquisition- related depreciation; • Stock-based compensation expense; and • (Gain) loss on debt extinguishment. We also provide materials segment cash gross profit and materials segment cash gross profit by product line and the related margins to exclude the impact of the segment’s and product line’s depreciation, depletion and amortization from the segment’s and product line’s gross profit. To better illustrate the operational performance generated by the assets of the materials segment, and its product lines, our calculation adds back all depreciation, depletion and amortization to the materials segment and its product lines and does not eliminate any in consolidation. In addition, we exclude barge delivery revenue from our calculation of average selling price per ton to improve comparability with prior periods. The acquisition of Warren Paving introduced barge delivery revenue starting in the third quarter of 2025. Management believes that non-GAAP financial measures such as materials segment cash gross profit and materials segment cash gross profit by product line and the related margins, and average selling price per ton are useful in evaluating operating performance and are regularly used by securities analysts, institutional investors and other interested parties, and that such supplemental measures facilitate comparisons to prior periods and between companies that have different capital and financing structures. Management believes that these additional non-GAAP financial measures facilitate comparisons between industry peer companies, and management uses these non-GAAP financial measures in evaluating performance. However, the reader is cautioned that any non-GAAP financial measures provided by us are provided in addition to, and not as alternatives for, our reported results prepared in accordance with GAAP. Items that may have a significant impact on our financial position, results of operations and cash flows must be considered when assessing our actual financial condition and performance regardless of whether these items are included in non-GAAP financial measures. The methods used by us to calculate non-GAAP financial measures may differ significantly from methods used by other companies to compute similar measures. As a result, any non-GAAP financial measures provided by us may not be comparable to similar measures provided by other companies.

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© 2025 Granite Construction. All Rights Reserved. 11 (1) We define EBITDA as GAAP net income attributable to Granite Construction Incorporated, adjusted for net interest expense, taxes, depreciation, depletion and amortization. Adjusted EBITDA and adjusted EBITDA margin exclude the impact of other costs, net, stock-based compensation and (gain) loss on debt extinguishment as described above. (2) Represents net income, EBITDA and adjusted EBITDA divided by consolidated revenue of $1.43 billion and $1.28 billion for the three months ended September 30, 2025 and 2024, respectively, and $3.26 billion and $3.03 billion for the nine months ended September 30, 2025 and 2024, respectively. (3) Amount includes the sum of depreciation, depletion and amortization which are classified as cost of revenue and selling, general and administrative expenses in the condensed consolidated statements of operations. Adjusted EBITDA Reconciliation

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© 2025 Granite Construction. All Rights Reserved. 12 (1) tax effect of adjusting items was calculated using our estimated annual statutory tax rate. The tax effect of adjusting items for the three and nine months ended September 30, 2025 excludes $9 million of acquisition costs in Other costs, net that were non -tax deductible and the nine months ended September 30, 2024 excludes $26 million of loss on debt extinguishment as it was almost entirely non-tax deductible. (2) When calculating diluted net income attributable to common shareholders, GAAP requires that we include potential share dilution from the convertible notes when not antidilutive. We entered into capped call transactions relating to both the 3.75% and 3.25% convertible notes to offset the dilutive impact of the convertible notes. The impact of the capped call transactions was excluded from the GAAP diluted net income attributable to common shareholders calculation as the impact would be antidilutive. For the purpose of calculating our adjusted diluted net income per share attributable to common shareholders, the dilutive effect of the convertible notes is removed to reflect the impact of the capped call transactions. Adjusted Net Income Reconciliation

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© 2025 Granite Construction. All Rights Reserved. Materials Segment Product Line Information 13 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 our customers. (2) Represents our other product line which is comprised of immaterial amounts of products and services that are not considered core product lines, as well as eliminations of interproduct and intersegment transactions. (3) Includes both intersegment and interproduct revenues. Intersegment revenues for the three months ended September 30, 2025 and September 30, 2024 were $105.6 million and $102.6 million, respectively. (4) Aggregate average selling price per ton for the three months ended September 30, 2025 was calculated by dividing total aggregate revenue of $183.9 million, less $18.7 million of revenues associated with barge delivery, or $165.2 million, by sales tons for the period. There was no adjustment in the three months ended September 30, 2024.

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© 2025 Granite Construction. All Rights Reserved. Materials Segment Product Line Information 14 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 our customers. (2) Represents our other product line which is comprised of immaterial amounts of products and services that are not considered core product lines, as well as eliminations of interproduct and intersegment transactions. (3) Includes both intersegment and interproduct revenues. Intersegment revenues for the nine months ended September 30, 2025 and September 30, 2024 were $189.5 million and $189.2 million, respectively. (4) Aggregate average selling price per ton for the nine months ended September 30, 2025 was calculated by dividing total aggregate revenue of $348.3 million, less $18.7 million of revenues associated with barge delivery, or $329.6 million, by sales tons for the period. There was no adjustment in the nine months ended September 30, 2024. Contacts: Investors Wenjun Xu, 831-761-7861 Media Erin Kuhlman, 831-768-4111 Source: Granite Construction Incorporated

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© 2025 Granite Construction. All Rights Reserved. • 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 pursuit and risk assessment strategy • Home Market based strategy creating competitive advantages • Accelerating organic growth and M&A strategy 17

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© 2025 Granite Construction. All Rights Reserved. Our Markets & Customers MATERIALS AGGREGATE ASPHALT CONCRETE RECYCLED MATERIALS ENR | Engineering News-Record Ranked #1 Highways NSSGA National Stone, Sand, and Gravel Association Excellence 8 Awards of 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. CONSTRUCTION BRIDGES COMMERCIAL RENEWABLES MINING HIGHWAYS AND ROADS TUNNELING WATER AND WASTEWATER FEDERAL RAIL 18

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© 2025 Granite Construction. All Rights Reserved. Home Market Strategy a Key Differentiator Client Centric Focus Home Market Community Engagement Market Intelligence & Insight Readily Available ResourcesOwner and Regulator RelationshipsBlended Project Portfolio We will focus on home markets where these attributes exist, among others. With these attributes, we believe we will succeed. 19

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© 2025 Granite Construction. All Rights Reserved. HMA Production Vertical Integration Empowers Home Markets External AGG Sales RAP Liquid Asphalt Construction Operations Aggregate Production Millings Why Vertical Integration? » Compete in markets where owning materials is necessary » Maximize productivity and scheduling » Ensure quality materials » Leverage lower production costs compared to external pricing » Leverage dump and recycle logistics » Tax advantages Backhaul External HMA Sales 20

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© 2025 Granite Construction. All Rights Reserved. 21 California Senate Bill 1 (SB-1) 10 Year Revenue and Allocation $2,840 $4,280 $4,257 $5,079 $5,245 $5,235 $6,313 $6,653 $6,947 $7,263 $1,432 $2,003 $1,965 $2,491 $2,552 $2,470 $3,014 $3,169 $3,332 $3,490 $1,308 $2,177 $2,192 $2,489 $2,617 $2,844 $3,199 $3,384 $3,515 $3,673 $2,740 $4,180 $4,157 $4,980 $5,169 $5,314 $6,213 $6,553 $6,847 $7,163 FY17/18A FY18/19A FY19/20A FY20/21A FY21/22A FY22/23F FY23/24F FY24/25F FY25/26F FY26/27F 10 Year SB-1 Revenue and Allocation Total SB-1 Revenue Local Expenditures State Expenditures Total Expenditures ($ in millions) Source: California Department of Finance, 2024-25 Governor’s Budget

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© 2025 Granite Construction. All Rights Reserved. Bid-Build Procurement • Project duration typically several months to 3 years • Traditional method with owners preparing the design and construction and transportation management plans • Contractors compete on a competitive low-bid process • Projects awarded to the lowest-priced qualified bidder 22 $3,325 52% $2,667 42% $253 4%$93 2% Q3’25 $6.3B Best Value Procurement • Innovative method includes construction management/general contractor (CMGC), Construction management at-risk (CMAR), and progressive design build projects • Granite has worked on 91 best value projects with total project value of $6.0B over the past 16 years • Projects typically awarded in two phases (construction management and construction) based on a combination of price and the contractor’s qualification Bid Build Best Value Design Build Other High-Quality CAP with Risk-adjusted Procurement Types 1-2 years 2-3 years Construction Management Construction Construction contract utilizes knowledge and relationship built during the CM Phase to capture opportunities and mitigate risks Contractor works with owner to prepare the design, management plans, and pricing.

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© 2025 Granite Construction. All Rights Reserved. 17.5% 22.4% 13.8% 16.9% 1.7% 1.8% 2.2% 2.4% 19.2% 24.2% 16.0% 19.3% Q3'24 Q3'25 YTD'24 YTD'25 $104 $184 $245 $348 $220 $269 $440 $517 $325 $453 $685 $865 Q3'24 Q3'25 YTD'24 YTD'25 Aggregates Asphalt 23 Materials Segment Results Average Selling Price* (per ton) Q3’24 Q3’25 YOY Change YTD’24 YTD’25 YOY Change Aggregates $16.36 $20.54 25.6% $16.07 $18.20 13.3% Asphalt $78.66 $84.00 6.8% $79.76 $82.44 3.4% Sales Volume (tons) Q3’24 Q3’25 YOY Change YTD’24 YTD’25 YOY Change Aggregates 6,366 8,041 26.3% 15,252 18,108 18.7% Asphalt 2,801 3,205 14.4% 5,513 6,267 13.7% Aggregate and Asphalt Sales (Internal and External Sales)** Pricing (Internal and External Sales) Volume (Internal and External Sales) $ in millions Product-Level Gross Profit and Cash Gross Profit Margin*** (Internal and External Sales) Aggregate Asphalt ***See appendix for a reconciliation of this non-GAAP measure. ◼ Cash Gross Profit Margin ◼ Depreciation, depletion and amortization as a % of Revenue ◼ Gross Profit Margin 18.7% 21.2% 16.5% 19.4% 7.0% 7.0% 8.5% 8.8% 25.7% 28.2% 25.0% 28.2% Q3'24 Q3'25 YTD'24 YTD'25 *Aggregate average sales price for the nine months ended September 30, 2025 and the three months ended September 30, 2025 was calculated by dividing total aggregate revenue less revenues associated with barge delivery. There was no adjustment in the nine months ended September 30, 2024 or the three months ended September 30, 2024. **Includes both intersegment and interproduct revenues.

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© 2025 Granite Construction. All Rights Reserved. Aggregate Reserves and Resources 24 Tons in millions *2024 actual plus acquired reserves through acquisitions in 2025 765 879 1,013 1,057 231 247 277 495 540 996 1,126 1,290 2,092 2021 2022 2023 2024* Proven and probable reserves Measured, indicated and inferred resources Newly Annouced Acquisitions

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© 2025 Granite Construction. All Rights Reserved. Capital Allocation Priorities Focused growth capex and M&A to drive growth and efficiencies 1 Support business operations via maintenance capex (1.5% - 2.0% of annual revenue) 3 Maintain current level of dividend 2 Target 2.5x long-term net leverage ratio 4 Opportunistic share repurchase when cash is in excess of operational and growth requirements, and highly accretive5 25

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