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INVESTOR PRESENTATION Q4 FY26 Results | September 2026
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2 This presentation contains forward-looking statements that are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are generally accompanied by words such as “anticipate,” “continues,” “expect,” “forecast,” “outlook,” “believe,” “estimate,” “should” and “will” and words of similar effect that convey future meaning, concerning the Company’s operations, economic performance, financial guidance, sustained profitable growth and management’s best judgment as to what may occur in the future. Future events involve risks and uncertainties that may cause actual results to differ materially from those we currently anticipate. The actual results for the current and future periods and other corporate developments will depend upon a number of economic, competitive and other influences, including the successful implementation of the Company's business improvement plan and the factors discussed in the “Risk Factors” and “Forward Looking Statements” sections and elsewhere in the Company’s reports and filings made from time to time with the Securities and Exchange Commission. Many of these risks and uncertainties are beyond the control of the Company, and any one of which, or a combination of which, could materially and adversely affect the results of the Company's operations and its financial condition. We undertake no obligation to update information contained in this presentation, except as required by law. Investors should note that the Company announces material financial information in SEC filings, press releases, presentations and public conference calls. Based on guidance from the SEC, the Company may use the Investors section of its website (www.matrixservicecompany.com) to communicate with investors, and the Company intends to post presentations there, among other things. It is possible that the financial and other information posted there could be deemed to be material information. The information on the Company’s website is not part of, and is not incorporated into, this presentation. Safe Harbor Statement © Matrix Service Company. All rights reserved.
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3 Investor Corporate Access Patrick Roberts, Director of Corporate Development and Investor Relations T • 918 359-8249 E • ir@matrixservicecompany.com © Matrix Service Company. All rights reserved. 3 SCAN QR CODE TO SIGN UP FOR MTRX NEWS Investor Conference September 23-25, 2026 25th Annual Diversified Industrials & Services Conference Nashville, Tennessee
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Investing in MTRX 4 • Leading EPC contractor with a 40+ year history serving critical energy and industrial infrastructure markets • Unique cryogenic storage, terminal, and specialty fabrication capabilities supporting both traditional and emerging energy markets • Significant exposure to attractive long-term growth markets including LNG, NGL, data centers, advanced manufacturing, utilities, and mining • Successfully executing the WIN, EXECUTE, DELIVER strategy through organizational simplification, commercial discipline, and improved project execution • Strong backlog and pipeline visibility support continued revenue growth, operating leverage, and margin expansion • Financial strength and disciplined capital allocation position the company for organic and inorganic growth
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BUSINESS OVERVIEW
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6 Who we are Leading heavy industrial contractor We engineer, construct, and maintain critical energy, power, and industrial infrastructure. Core expertise within complex, technical engineering We focus on complex energy and industrial projects that require an integrated solutions expertise Growing geographic footprint of scale We serve customers across North America and other international markets – approximately 90% of revenue is with recurring customers Balanced Exposure Across Growing Energy & Infrastructure Markets (TTM revenue by segment(2)) 53% of TTM revenue Storage & Terminal Solutions. Storage tanks and terminals: • Specialty vessels including complex cryogenic infrastructure • Back-up fuel storage • Atmospheric storage tanks (flat bottom) • Maintenance and upgrades Specialty tank products 32% of TTM revenue Utility & Power Infrastructure. LNG peak shaving storage facilities Traditional electrical: • Substations • Facility electrical & instrumentation Power generation 15% of TTM revenue Process & Industrial Facilities. Refinery maintenance, repair, and turnarounds Upgrades and retrofits for renewable fuels Natural gas facilities Thermal vacuum chambers Mining and minerals infrastructure MTRX NASDAQ Listed 1984 Year Founded $953 billion Backlog(1) 2,000+ Employees (1) and (2) As of June 30, 2026
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Midstream O&G Full lifecycle solutions to support multi-year investments in core end-markets 7© Matrix Service Company. All rights reserved. Storage & Terminal Solutions End Market Exposure Utility & Power Infrastructure End Market Exposure Process & Industrial Facilities End Market Exposure Storage Tanks & Terminals Power Generation Power Delivery LNG Peak Shaving Industrial / Manufacturing Renewable Fuels Matrix provides full-lifecycle project support to domestic and global customers LNG Bunkering Refined Product Crude Oil NGLs Ammonia Hydrogen Renewable Fuels Carbon Capture Other Downstream O&G Chemical / Petrochemical *Includes all projects with a storage component regardless of end market, except for LNG Peak Shaving which is accounted for in Utility & Power Infrastructure Data Centers/ Critical Facility Electrical Mining & Minerals Aerospace / Thermal Vacuum Chambers MAINTAIN CONSTRUCT ENGINEER Feasibility/ FEL and FEED Technology Integration Detailed Engineering Inspection, Maintenance, Repair, and Upgrades Procurement Fabrication and Construction Commissioning
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Deepened expertise, scaled up projects to include full balance of plant and turnkey facilities, and expanded into new end- markets and capture greater market share KEY ACCQUISITIONS (2008-2019): • PDM Engineering • Kvaerner NAC • Baillie Tank Products • Houston Interests -2.0% 3.9% 5.6% 5.2% 7.3% 10% FY22 FY23 FY24 FY25 FY26 LT Target Long-term value creation 8 Deliver Performance Excellence Culture of safety Drive Capabilities Expansion Expand solutions set Build high-quality project pipeline Multi-year visibility Deliver Targeted Margin Performance Improved operating leverage Disciplined Capital Allocation Maximize total return We are committed to building and fostering safe and reliable operations that deliver optimal outcomes for our clients and employees Our Focus Safety Focus We are committed to expanding our services into higher-margin, high growth end-markets Our Focus Expanded Capabilities We are committed to growing our backlog – and long-term business visibility – across a diverse base of high value short and long-term projects Our Focus We are committed to delivering on our backlog through quality project execution, resulting in strong, consistent margin realization Our Focus LT Margin Target (Gross Margin % of Revenue) Prioritize smart capital allocation strategies within a returns-focused framework to maximize shareholder returns Our Focus Strong Balance Sheet (Net Cash in $mms) Increasing Safety Observations allow for proactive mitigation of potential injuries and incidents Enhanced Safety Orientation ensures alignment to Matrix Life Saving Rules Our Total Recordable Incident Rate (TRIR) was 0.92 at June 30, 2026 0.92 TRIR $62 $70 $141 $250 $248 FY22 FY23 FY24 FY25 FY26 No debt at June 30, 2026 FY22 Our Days Away, Transferred or Restricted (DART) was 0.33 at June 30, 2026. 0.33 DART RATE $1,382.0 $953.0 4Q FY25 4Q FY26 Backlog ($s in MMs)
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51% 38% 11% Storage & Terminal Solutions Utility & Power Infrastructure Process & Industrial Facilities Robust opportunity pipeline 9 $7.4B Consistent, strong opportunity pipeline across core operating segments ~$7.4 billion opportunity pipeline at June 30, 2026, the majority of which is driven by natural gas infrastructure Opportunity pipeline As of June 30, 2026 Strong project opportunity pipeline supports sustainable backlog and revenue growth. Opportunity pipeline driven by robust infrastructure investment Utility investment in LNG infrastructure Significant new development activity in mining and minerals Strong investment in domestic energy, power, data centers and other industrial infrastructure Project pipeline data is as of 06/30/26 and includes projects greater than or equal to $5 million that have been or are expected to be bid. Does not include small construction projects or maintenance and repair
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10 STRATEGIC ROADMAP
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11 Our strategic framework Underpinned by our core values, this framework represents a deliberate shift toward a culture of performance and value creation. • Drive profitable growth and diversify revenue • Achieve consistent operational excellence • Build a high-performing organization through greater accountability, effectiveness, and operational discipline • Deliver the consist results and sustainable value expected by our stakeholders
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Return-centric capital allocation INVESTING IN GROWTH AND CREATING SHAREHOLDER VALUE 12 Deliver organic and inorganic growth through investment in expanded service offerings and geographic footprint Core service offerings. Add capacity services and clients to grow market share and geographic reach in providing E&C services in our core liquid storage and terminals, domestically and in select international markets. Operations depth, reach, and capabilities. Enhance engineering, project/construction management, business development, geographic footprint and craft resources. Identifiable revenue synergies. Target businesses that add skills, support growth, capture, and execution in infrastructure investment themes in Energy, Power, and Industrials. Targeted approach. Focus on opportunities that expand our scope of work and enhance existing competencies. Fixed-based maintenance operations. Add businesses that expand our core process plant maintenance and repair offering to more clients and wider geography. Gain scale in core and related markets Drive bench strength, geographic expansion and operating leverage Prioritize energy, power, and industrial infrastructure offerings Find New High Growth Market businesses to accelerate entry Acquire businesses that are immediately accretive BUILDING SHAREHOLDER VALUE Acquisition Criteria
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Q4 FY26 PERFORMANCE
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$329.4 $127.0 $185.3 $641.2 $145.7 $166.3 $641.7M Project Awards $953.2M Backlog Storage & Terminal Solutions Utility & Power Infrastructure Process & Industrial Infrastructure Fiscal year project awards and backlog continues to support multi-year visibility and revenue growth 14 Our diversified end-markets are anchored by longstanding customer relationships ~ 90% Recurring Customer Revenue FY 2026 ($M) FY 2026 REVENUE $874M Q1 $211.9 Project Awards Backlog Q2 $210.5 Q3 $206.7 Q4 $244.5
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$165.6 $187.2 $200.2 $216.4 $211.9 $210.5 $206.7 $244.5 Financial performance 15 Q2 FY26 HIGHLIGHTSQ4 FY26 | Highlights • Revenue increased 13% compared to the prior year, attributable to higher revenue volumes in the Storage + Terminal Solutions segment, partially offset by reduced revenue in Process + Industrial Facilities • Gross margin was 8% in the fourth quarter of fiscal 2026, compared to 3.8% in the prior year, driven by improved direct project margins and lower under- recovery of construction overhead costs • The strong quarterly revenue growth produced earnings per share of $0.04, compared to a loss of $0.40 earnings per share for the same period a year ago; excluding restructuring costs, adjusted earnings were a positive $0.16 per share in the fourth quarter of fiscal 2026 compared to a $0.28 loss in the prior year quarter • Adjusted EBITDA improved to $6.3 million compared to a $4.8 million loss in the same period a year ago • Liquidity remains strong at $283.9 million with no outstanding debt REVENUE $244.5 Million DILUTED EARNINGS PER SHARE $0.04 ADJUSTED DILUTED EARNINGS PER SHARE* $0.16 ADJUSTED EBITDA* $6.3 Million FY25, Q4 *Non-GAAP reconciliations for Adjusted Earnings Per Share and Adjusted EBITDA are provided in the Appendix FY26, Q4
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Proven end to end EPC heavy industrial contractor with full lifecycle expertise Track record of excellence with deep base of recurring energy, power, and industrial clients Well capitalized balance sheet enables returns-focused capital allocation strategy Inflection point in profitability driven by strong project execution and conversion of backlog Benefitting from a multi-year infrastructure investment cycle Focused strategy prioritizing commercial excellence, cost structure efficiency, profitable growth and disciplined capital allocation Key Catalysts Investment summary 16
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Disciplined balance sheet management FORTIFIED BALANCE SHEET TO SUPPORT WORKING CAPITAL NEEDS AND INVEST IN LONG-TERM GROWTH 17 Capital Allocation Priorities • Maximize balance sheet flexibility to support project working capital needs • Strategic capex to support operations and organic growth • Return-focused M&A strategy: ‒ Gain scale in core and related markets ‒ Drive bench strength and operating leverage ‒ Prioritize energy and industrial infrastructure offerings ‒ Geographic expansion of existing service offerings • Long-term consideration for return of capital to shareholders as strategic objectives are met • No debt at June 30, 2026 • Excludes $25M of restricted cash utilized to support the company’s credit facility $181.3 $211.7 $247.1 $284.5 $248.9 $257.6 $297.2 $283.9 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 Liquidity ($MM)
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APPENDIX
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Quarterly results | Consolidated (In thousands except %) Q4 FY26 Q4 FY25 VARIANCE Revenue $ 244,531 $ 216,377 $ 28,154 Storage and Terminal Solutions 137,364 96,091 41,273 Utility and Power Infrastructure 73,520 73,027 493 Process and Industrial Facilities 33,647 47,259 (13,612) Gross Profit 19,482 8,122 11,360 Gross Margin 8.0% 3.8% 4.2% SG&A Expense 16,946 17,581 (635) Restructuring Costs 3,427 3,448 (21) Operating Income (Loss) (891) (12,907) 12,016 Operating Income (Loss) % (0.4)% (6.0) % 5.6 % Net Income (Loss) $ 1,142 $ (11,272) $ 12,414 Net Income (Loss) Per Share $ 0.04 $ (0.40) $ 0.44 Adjusted Net Income (Loss) Per Share $ 0.16 $ (0.28) $ 0.44 Adjusted EBITDA $ 6,273 $ (4,817) $ 11,090 Activity continues to accelerate as a result of progressing work on large projects currently in backlog • Storage and Terminal Solutions revenue increased 43% due to increased volume of work for specialty storage. • Process and Industrial Facilities revenue decreased 29% primarily due to lower revenue volumes for refinery work.
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(In thousands except per share amounts) Q4 FY26 Q4 FY25 YTD Q4 FY26 YTD Q4 FY25 Net Income (Loss), as reported $ 1,142 $ (11,272) $ (2,580) $ (29,462) Restructuring costs 3,427 3,448 9,963 3,572 Tax impact of adjustments _ _ _ _ Adjusted Net Income (Loss) $ 4,569 $ (7,824) $ 7,383 $ (25,890) Net Income (Loss) per Fully Diluted Share $ 0.04 $ (0.40) $ (0.09) $ (1.06) Adjusted Net Income (Loss) per Fully Diluted Share $ 0.16 $ (0.28) $ 0.26 $ (0.93) Adjusted net income (loss)
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(In thousands) Q4 FY26 Q4 FY25 YTD Q4 FY26 YTD Q4 FY25 Net Income (Loss), as reported $ 1,142 $ (11,272) $ (2,580) $ (29,462) Interest expense 107 150 437 518 Interest income (2,182) (1,984) (7,717) (6,652) Provision (benefit) for federal, state and foreign income taxes 89 448 356 464 Depreciation and amortization 1,936 2,474 8,640 10,012 Restructuring costs* 3,512 3,217 9,748 3,341 Stock-based compensation expense** 1,669 2,150 7,145 8,90 Adjusted EBITDA $ 6,273 $ (4,817) $ 16,029 $ (12,875) *Restructuring costs excludes equity-settled stock-based compensation expense incurred in conjunction with employee terminations **Represents only the equity-settled portion of our stock-based compensation expense Adjusted EBITDA