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© 2026 Granite Construction. All Rights Reserved. February 2026 Investor Presentation
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© 2026 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 strategic update, including our home market strategy, significant public and private opportunities, materials cap ex in 2026, that acquisitions are expected to continue being a major growth component, Caltrans expenditure allocations, CAP growth in Q1 2026 and throughout the year, expectation that gross profit will continue to improve in 2026 consistent with 2027 financial targets, the expectation that we grow our Southeast platform organically with target investments to expand its distribution network, 10% target operating cash flow margin for 2026, 2026 guidance for revenue, adjusted EBITDA margin, cap ex, SG&A as a percent of revenue and adjusted effective tax rate, 2027 financial targets, including organic revenue growth, adjusted EBITDA margin, free cash flow margin and cap ex as a percent of revenue, that private markets represent attractive incremental growth avenues, growth in the materials business is expected to continue, that we expect several more acquisitions in 2026, our capital allocation priorities, including long term net leverage ratio and our 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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© 2026 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 3
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© 2026 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 4
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© 2026 Granite Construction. All Rights Reserved. 5 Where We Work
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© 2026 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. 6
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© 2026 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 7
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8 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 & PlatformsStrengthen & Expand Home Markets EXPAND & TRANSFORM Expand Into New Geographies INVESTMENT CATEGORIES INVESTMENT CATEGORIES 30% of eligible plants automated
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© 2026 Granite Construction. All Rights Reserved. Strategic Update – Driving Growth and Delivering Shareholder Value Solidify and Bolster Core Competencies and Strengths EXPAND & TRANSFORM Expand Into New GeographiesDISCIPLINED PROJECT SELECTION • Highly selective project pursuits • Emphasizing best value and high- quality bid-build opportunities • Record CAP of $7B at YE’25 • Home market strategy as a key differentiator to consistently deliver higher margins • Positive outlook with significant public and private opportunities in our home markets INVESTING IN MATERIALS BUSINESS • Unlocking value through market- based pricing and through improving efficiencies • Shifted Capex focus to Materials Segment • Initiatives to increase materials pull-through to the Construction Segment • $50M Materials strategic Capex expected in 2026 ACQUISITIONS TO EXPAND & STRENGTHEN • Completed 3 margin accretive acquisitions in 2025 • Expanded Southeast platform and strengthened in California and Nevada • Focus on materials-led, vertically integrated businesses • Expect acquisitions to continue being a major growth component
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© 2026 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 10 $3,273 47% $3,307 48% $229 3%$160 2% Q4’25 $7.0B 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 98 best value projects with total project value of $6.6B over the past 17 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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© 2026 Granite Construction. All Rights Reserved. $79 $154 $324 $480 $152 $179 $592 $697 $231 $333 $916 $1,177 Q4'24 Q4'25 FY'24 FY'25 Aggregates Asphalt 11 Materials Segment Results Average Selling Price* (per ton) Q4’24 Q4’25 YOY Change FY’24 FY’25 YOY Change Aggregates $15.69 $18.67 19.0% $15.98 $17.63 10.3% Asphalt $78.14 $82.01 5.0% $79.33 $82.45 3.9% Sales Volume (tons) Q4’24 Q4’25 YOY Change FY’24 FY’25 YOY Change Aggregates 5,032 6,781 34.8% 20,284 24,629 21.4% Asphalt 1,943 2,183 12.4% 7,456 8,450 13.3% Aggregate and Asphalt Sales (Internal and External Sales)** Pricing (Internal and External Sales) Volume (Internal and External Sales) $ in millions ***See appendix for a reconciliation of this non-GAAP measure. *Aggregate average sales price for the year ended December 31, 2025 and the three months ended December 31, 2025 was calculated by dividing total aggregate revenue less revenues associated with barge delivery. There was no adjustment in the year ended December 31, 2024 or the three months ended December 31, 2024. **Includes both intersegment and interproduct revenues. See appendix for reconciliation to total materials segment revenue. Product-Level Gross Profit Margin and Cash Gross Profit Margin*** (Internal and External Sales) 12.7% 13.4% 16.1% 1.5% 2.4% 2.4%14.2% 15.8% 18.5% FY'23 FY'24 FY'25 13.5% 16.1% 16.0% 6.6% 9.5% 10.0% 20.1% 25.6% 26.0% FY'23 FY'24 FY'25 AGGREGATE ASPHALT ◼ Cash Gross Profit Margin ◼ Depreciation, depletion and amortization as a % of Revenue ◼ Gross Profit Margin
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© 2026 Granite Construction. All Rights Reserved. 2026 2027 Revenue $4.9B - $5.1B 6%- 8% Organic CAGR & Several Acquisitions Annually Adjusted EBITDA Margin 12%-13% 2026 Guidance and 2027 Financial Targets 12 Annual 2026 Guidance includes CAPEX of approximately $140M to $160M, SG&A as a percent of revenue of 8.5% to 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%. The company believes free cash flow is useful in evaluating the company’s ability to generate cash from business operations. Adjusted EBITDA margin and free cash flow margin are non-GAAP measures. See Appendix for a discussion regarding adjusted EBITDA margin. 12.5%-14.5% 2027 Target Free Cash Flow Margin* 6.5% - 8.5%
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© 2026 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 13
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© 2026 Granite Construction. All Rights Reserved. Q4’25 Results
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© 2026 Granite Construction. All Rights Reserved. 3.8 5.3 5.5 5.4 6.1 6.7 6.5 2.0 2.9 4.1 2.5 3.7 4.0 4.1 $5.8 $8.3 $9.6 $7.9 $9.8 $10.7 $10.6 FY21/22A FY22/23A FY23/24A FY24/25A FY25/26F (Original) FY25/26F (Revised) FY26/27F Caltrans Expenditure Allocations Construction Segment $ in billions • CAP increased $632M sequentially to new Granite record of $7.0B • Q4’25 revenue accelerated as expected despite some project delays and wet weather impact • Proposed FY26/27 California budget increases YOY in Capital Outlay and Local Assistance spending over the original FY25/26 budget • Broad market strength to support CAP growth in Q1’26 and throughout the year • High quality best value project portfolio contributes to margin expansions • Expect continued gross profit improvement in 2026, consistent with our 2027 Financial Targets 15 53% 47% 50% 52% 47% 41% 47% 45% 42% 48% 5% 3% 3% 4% 3% 1% 3% 2% 1% 2% $4.5 $5.5 $5.3 $6.3 $7.0 Q4'22 Q4'23 Q4'24 Q3'25 Q4'25 CAP History◼ Bid Build ◼ Best Value ◼ Design Build ◼ Other ◼ Local Assistance ◼ Capital Outlay Projects
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© 2026 Granite Construction. All Rights Reserved. 12.7% 13.4% 16.1% 1.5% 2.4% 2.4%14.2% 15.8% 18.5% FY'23 FY'24 FY'25 Product-Level Gross Profit Margin and Cash Gross Profit Margin* (Internal and External Sales) 13.5% 16.1% 16.0% 6.6% 9.5% 10.0% 20.1% 25.6% 26.0% FY'23 FY'24 FY'25 Materials Segment 16 • Delivered organic top and bottom-line growth and expanded footprint through acquisitions • Materials reserves more than doubled over the past five years, serving as a strong foundation for margin expansion • Expect to grow Southeast platform through distribution network expansion, logistics efficiency improvement Materials Segment *See appendix for a reconciliation of this non-GAAP measure. AGGREGATE ASPHALT ◼ Cash Gross Profit Margin 765 879 1,013 1,057 1,383 231 247 277 495 698 996 1,126 1,290 1,552 2,081 2021 2022 2023 2024 2025 Measured, indicated and inferred resources Proven and probable reserves Tons in millions Aggregate Reserves and Resources ◼ Depreciation, depletion and amortization as a % of Revenue ◼ Gross Profit Margin
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© 2026 Granite Construction. All Rights Reserved. FY’25 Highlights • Revenue increased 10% YOY, driven by organic growth in both Construction and Materials segments as well as acquisitions • Construction gross profit margin was 15.7%, up 130 bps YOY, driven by improved project execution across our higher quality project portfolio, as well as favorable claim resolutions • Materials revenue, gross profit and cash gross profit increased YOY driven by higher sales prices in both aggregates and asphalt, and recent acquisitions • Adjusted EBITDA margin was 11.9%, increasing 190 bps YOY • Operating cash flow of $469M, or 10.6% of revenue, including non-recurring cash collections • Strong cash generation and balance sheet with disciplined capital allocation Q4 & FY 2025 Results 17 See appendix for a presentation of the most directly comparable GAAP measure and a reconciliation of these Non-GAAP figures. Q4 2025 Total Revenue $1,165 M + 19% YOY Construction Revenue $940 M + 15% YOY Materials Revenue $225 M + 44% YOY Adjusted Net Income $65 M +17% YOY Adjusted Diluted EPS $1.40 + 14% YOY Adjusted EBITDA $131 M + 21% YOY Adjusted EBITDA Margin 11.2% + 10bps YOY CAP $7 B + 32% YOY FY 2025 Total Revenue $4,424 M +10% YOY Construction Revenue $3,655 M + 7% YOY Materials Revenue $769 M + 30% YOY Adjusted Net Income $276 M + 29% YOY Adjusted Diluted EPS $6.07 + 26% YOY Adjusted EBITDA $527 M + 31% YOY Adjusted EBITDA Margin 11.9% + 190bps YOY Operating Cash Flow $469 M + 3% YOY
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© 2026 Granite Construction. All Rights Reserved. Why Granite? • Strong 2025 performance demonstrates the strength of our people and ability to deliver sustainable, long- term value creation • New record CAP fueled by public market opportunities; Expect CAP to continue to grow in 2026 • Private markets, such as rail and commercial site development, remain robust and represent attractive incremental growth avenues • Materials business growth expected to continue • Recent acquisitions add high quality businesses to both strengthen our existing markets and to expand into new markets • Expect to add several more acquisitions in 2026 to further strengthen our competitive position • On track to deliver 2027 financial targets 18
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© 2026 Granite Construction. All Rights Reserved. Appendix 19 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, 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 incomeattributable 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 • Loss on debt extinguishment. We also provide materials segment cash gross profit, materials segment cash gross profit and cash gross profit per ton 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, cash gross profit per ton 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. We do not provide a reconciliation of forward-looking adjusted EBITDA margin or the most directly comparable forward- looking GAAP measure of net income attributable to Granite Construction Incorporated because we cannot predict with a reasonable degree of certainty and without unreasonable efforts certain components or excluded items that are inherently uncertain and depend on various factors. For these reasons, we are unable to assess the potential significance of the unavailable information. We also do not provide a reconciliation of target net leverage ratio or the most directly comparable forward-looking GAAP measure because we cannot predict with a reasonable degree of certainty and without unreasonable efforts certain components or excluded items that are inherently uncertain and depend on various factors. For these reasons, we are unable to assess the potential significance of the unavailable information.
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© 2026 Granite Construction. All Rights Reserved. 20 1) We define EBITDA as GAAP net income attributable to Granite, 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 loss on debt extinguishment as described above. 2) Represents net income, EBITDA and adjusted EBITDA divided by consolidated revenue of $1.2 billion and $977 million, for the three months ended December 31, 2025 and 2024, respectively, and $4.4 billion and $4.0 billion for the fiscal year ended December 31, 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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© 2026 Granite Construction. All Rights Reserved. 21 1) The tax effect of adjusting items was calculated using our estimated annual statutory tax rate. The tax effect of adjusting items for the fiscal year ended December 31, 2025 excludes $9 million of acquisition costs in Other costs, net that were non -tax deductible and the fiscal year ended December 31, 2024 excludes $26 million 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 up to the cap call price is removed to reflect the impact of the capped call transactions. Adjusted Net Income Reconciliation
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© 2026 Granite Construction. All Rights Reserved. Materials Segment Product Line Information 22 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 December 31, 2025 and December 31, 2024 were $85.7 million and $57.7 million, respectively. 4) Aggregate average selling price per ton for the three months ended December 31, 2025 was calculated by dividing total aggregate revenue of $154.3 million, less $27.7 million of revenues associated with barge delivery, or $126.6 million, by sales tons for the period. There was no adjustment in the three months ended December 31, 2024.
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© 2026 Granite Construction. All Rights Reserved. Materials Segment Product Line Information 23 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 years ended December 31, 2025 and December 31, 2024 were $275.2 million and $246.8 million, respectively. 4) Aggregate average selling price per ton for the year ended December 31, 2025 was calculated by dividing total aggregate revenue of $480.3 million, less $46.0 million of revenues associated with barge delivery, or $434.2 million, by sales tons for the period. There was no adjustment in the year ended December 31, 2024.
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© 2026 Granite Construction. All Rights Reserved. Materials Segment Product Line Information 24 NM - not meaningful 1) The Aggregate product line includes aggregates and recycled materials. The Asphalt product line includes asphalt concrete and liquid asphalt. External revenue and average selling price include 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 year ended December 31, 2023 was $200.5 million. Contacts: Investors Wenjun Xu, 831-761-7861 Media Erin Kuhlman, 831-768-4111 Source: Granite Construction Incorporated