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Primoris Services Corporation 4Q 2025 Earnings February 24, 2026
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Notice to Investors This presentation contains forward-looking statements within the meaning of the federal securities laws. These statements give the current expectations of the Company’s management. Words such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “should”, “will”, “would” and similar expressions are used to identify forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this presentation include the Company’s expectations regarding the possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, projections, effects of regulation and the economy, generally. Forward-looking statements can be affected by the assumptions used or known or unknown risks or uncertainties. The Company’s forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond the Company’s control or are subject to change. Consequently, no forward-looking statement can be guaranteed, and actual results may differ materially and adversely from those reflected in the forward-looking statements. In addition to the factors described in this presentation, other factors that could cause actual results to differ materially from those indicated in the forward-looking statements include, among other things, those set forth in the Company’s earnings release dated February 23, 2026, which is included as an exhibit to the Company’s Form 8-K furnished to the U.S. Securities and Exchange Commission (“SEC”) on such date, and in the Company’s SEC filings, including the Company’s most recent reports on Forms 10-K and 10-Q. Copies of the Company’s SEC filings may be obtained by visiting our Investor Relations website at www.prim.com or the SEC’s website at www.sec.gov. All information in this presentation reflects management’s views as of February 24, 2026. The Company does not undertake, and expressly disclaims any duty, to update any statement made in this presentation, whether as a result of new information, new developments, or otherwise, except as may be required by law. Non-GAAP Measures This presentation contains certain financial measures that are not recognized under generally accepted accounting principles in the United States (“GAAP”). Primoris uses earnings before interest, income taxes, depreciation and amortization (“EBITDA”), Adjusted EBITDA, Adjusted Net Income, and Adjusted EPS as important supplemental measures of the Company’s operating performance. The Company believes these measures enable investors, analysts, and management to evaluate Primoris’ performance excluding the effects of certain items that management believes impact the comparability of operating results between reporting periods. In addition, management believes these measures are useful in comparing the Company’s operating results with those of its competitors. The non-GAAP measures presented in this presentation are not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, Primoris’ method of calculating these measures may be different from methods used by other companies, and, accordingly, may not be comparable to similarly titled measures as calculated by other companies that do not use the same methodology as Primoris. Please see the accompanying tables to this presentation for reconciliations of the following non‐GAAP financial measures for Primoris’ current and historical results: EBITDA, Adjusted EBITDA, Adjusted Net Income and Adjusted EPS. 2
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Full Year 2025 Highlights Record revenue, earnings, and total backlog Improved Utilities margins driven by increased productivity and favorable revenue mix, partially offset by lower storm response activity Renewables revenue of $3.0 billion, including over $250 million of battery storage revenue Full year cash flow from operations of $470 million and trailing twelve-month net debt to EBITDA ratio of -0.1x 3
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4Q 2025 Financial Summary ($ millions, except per share amounts) 4Q 2025 4Q 2024 GAAP Metrics Revenue $ 1,857.7 $ 1,741.3 Net Income $ 51.8 $ 54.0 Diluted EPS $ 0.95 $ 0.99 Non-GAAP Metrics Adjusted EBITDA $ 108.2 $ 116.6 Adjusted Net Income $ 59.3 $ 61.8 Adjusted EPS $ 1.08 $ 1.13 4
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Full Year 2025 Financial Summary ($ millions, except per share amounts) 2025 2024 GAAP Metrics Revenue $ 7,574.9 $ 6,366.8 Net Income $ 274.9 $ 180.9 Diluted EPS $ 5.02 $ 3.31 Non-GAAP Metrics Adjusted EBITDA $ 531.1 $ 435.2 Adjusted Net Income $ 308.2 $ 211.4 Adjusted EPS $ 5.62 $ 3.87 5
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Backlog Summary at 12/31/2025 • Balanced backlog split between segments, including ~$7 billion in total MSA backlog • Total backlog increase driven by MSA backlog in growth Utilities segment, partially offset by renewables revenue acceleration in 2025 54% 46% Energy Utilities Total Backlog by Segment $5,520 $5,696 $5,771 $6,959 $3,575 $5,199 $6,095 $4,986 $9,095 $10,895 $11,865 $11,945 $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 2022 2023 2024 2025 MSA Fixed Total Backlog ($M) 6
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4Q 2025 vs. 4Q 2024 Segment Results $ in millions 4Q 2025 Utilities % of Segment Revenue Energy % of Segment Revenue Corporate and non- allocated costs Consolidated % of Consolidated Revenue Revenue $ 697.8 $ 1,187.8 $ (27.9) $ 1,857.7 Gross Profit $ 73.5 10.5% $ 101.5 8.5% $ 175.0 9.4% Operating Income $ 43.7 6.3% $ 61.0 5.1% $ (27.2) $ 77.5 4.2% 7 4Q 2024 Utilities % of Segment Revenue Energy % of Segment Revenue Corporate and non- allocated costs Consolidated % of Consolidated Revenue Revenue $ 664.1 $ 1,100.0 $ (22.8) $ 1,741.3 Gross Profit $ 80.3 12.1% $ 104.3 9.5% $ 184.6 10.6% Operating Income $ 50.5 7.6% $ 66.6 6.1% $ (29.5) $ 87.6 5.0%
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Full Year 2025 vs. 2024 Segment Results $ in millions 8 2025 Utilities % of Segment Revenue Energy % of Segment Revenue Corporate and non- allocated costs Consolidated % of Consolidated Revenue Revenue $ 2,691.7 $ 5,018.6 $ (135.4) $ 7,574.9 Gross Profit $ 308.7 11.5% $ 504.4 10.1% $ 813.1 10.7% Operating Income $ 182.5 6.8% $ 341.0 6.8% $ (112.0) $ 411.5 5.4% 2024 Utilities % of Segment Revenue Energy % of Segment Revenue Corporate and non- allocated costs Consolidated % of Consolidated Revenue Revenue $ 2,439.0 $ 4,032.0 $ (104.2) $ 6,366.8 Gross Profit $ 257.9 10.6% $ 445.3 11.0% $ 703.2 11.0% Operating Income $ 139.7 5.7% $ 295.1 7.3% $ (117.4) $ 317.4 5.0%
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Driving Revenue Predictability and Monitoring SG&A • Steadily growing MSA revenue to improve stability and predictability • Support structure costs trending down as a percentage of revenue driving operating leverage $3.1 $3.5 $3.5 $4.4 $5.7 $6.4 $7.6 6.1% 5.8% 6.6% 6.4% 5.8% 6.0% 5.3% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 2019 2020 2021 2022 2023 2024 2025 % of Revenue $ Billions SG&A Expense as % of Revenue Total Revenue SG&A % of Revenue $1.4 $1.4 $1.6 $2.0 $2.1 $2.3 $2.4 $- $0.5 $1.0 $1.5 $2.0 $2.5 2019 2020 2021 2022 2023 2024 2025 $ Billions Annual Master Service Agreement Revenue MSA Revenue 9
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Investor Day Targets and 2024 Performance 4% to 6% Revenue Growth (Compound Annual Growth Rate) 9% to 12% Gross Profit Growth (Compound Annual Growth Rate) 9% to 12% Adjusted EBITDA Growth (Compound Annual Growth Rate) Operating Cash Flow Margin 4% to 5% by 2026 Net Debt / Adjusted EBITDA Target of 1.5x by 2026 ~15% Revenue Growth ~18% Gross Profit Growth ~19% Adjusted EBITDA Growth Operating Cash Flow Margin of 7% Net Debt / Adjusted EBITDA of -0.1x 2024 to 2026 Targets Results through 2025 On / Off Track
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2026 Guidance As of February 24, 2026 Full Year 2026 Earnings Per Share (“EPS”): ̶ $5.35 to $5.55 per diluted share Full Year 2026 Adjusted EPS: ̶ $5.80 to $6.00 per diluted share Full Year 2026 Adjusted EBITDA: ̶ $560 million to $580 million 2026 SG&A as a percentage of revenue: ̶ Mid-to-high 5% Full Year Effective Tax Rate: ̶ Approximately 29% 2026 Capital Expenditures: ̶ $120 million to $140 million ̶ Including $90 million to $110 million for construction equipment Full Year 2026 Interest Expense: ̶ $23 million to $26 million Targeted Gross Margins by segment 2026: ̶ Utilities: 10% - 12% ̶ Energy: 10% - 12% 11
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12 Reg G Reconciliation
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Schedule 1: Reconciliation of Adjusted Net Income & Adjusted EPS 4Q 2025 vs. 4Q 2024 Adjusted Net Income & Adjusted EPS Primoris defines Adjusted Net Income as net income (loss) adjusted for certain items including, (i) non‐cash stock‐based compensation expense; (ii) transaction/integration and related costs; (iii) asset impairment charges; (iv) changes in fair value of the Company’s interest rate swap; (v) change in fair value of contingent consideration liabilities; (vi) amortization of intangible assets; (vii) amortization of debt discounts and debt issuance costs; (viii) losses on extinguishment of debt; (ix) severance and restructuring changes; (x) selected (gains) charges that are unusual or non-recurring; and (xi) impact of changes in statutory tax rates. The Company defines Adjusted EPS as Adjusted Net Income divided by the diluted weighted average shares outstanding. Management believes these adjustments are helpful for comparing the Company’s operating performance with prior periods. Because Adjusted Net Income and Adjusted EPS, as defined, exclude some, but not all, items that affect net income and diluted earnings per share, they may not be comparable to similarly titled measures of other companies. The most comparable GAAP financial measures, net income and diluted earnings per share, and information reconciling the GAAP and non‐GAAP financial measures, are included in the table below. 13 ($ millions, except per share amounts) 4Q 2025 4Q 2024 Net income as reported (GAAP) $ 51.8 $ 54.0 Non-cash stock-based compensation 5.6 4.8 Transaction/integration and related costs 0.1 0.4 Amortization of intangible assets 4.1 4.7 Amortization of debt issuance costs 0.6 0.5 Unrealized loss on interest rate swap - 0.3 Impairment of assets - 0.3 Income tax impact of adjustments (2.9) (3.2) Adjusted net income $ 59.3 $ 61.8 Weighted average shares (diluted) 54.8 54.7 Diluted earnings per share $ 0.95 $ 0.99 Adjusted diluted earnings per share $ 1.08 $ 1.13
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Schedule 1: Reconciliation of Adjusted Net Income & Adjusted EPS 2025 vs. 2024 Adjusted Net Income & Adjusted EPS Primoris defines Adjusted Net Income as net income (loss) adjusted for certain items including, (i) non‐cash stock‐based compensation expense; (ii) transaction/integration and related costs; (iii) asset impairment charges; (iv) changes in fair value of the Company’s interest rate swap; (v) change in fair value of contingent consideration liabilities; (vi) amortization of intangible assets; (vii) amortization of debt discounts and debt issuance costs; (viii) losses on extinguishment of debt; (ix) severance and restructuring changes; (x) selected (gains) charges that are unusual or non-recurring; and (xi) impact of changes in statutory tax rates. The Company defines Adjusted EPS as Adjusted Net Income divided by the diluted weighted average shares outstanding. Management believes these adjustments are helpful for comparing the Company’s operating performance with prior periods. Because Adjusted Net Income and Adjusted EPS, as defined, exclude some, but not all, items that affect net income and diluted earnings per share, they may not be comparable to similarly titled measures of other companies. The most comparable GAAP financial measures, net income and diluted earnings per share, and information reconciling the GAAP and non‐GAAP financial measures, are included in the table below. 14 ($ millions, except per share amounts) 2025 2024 Net income as reported (GAAP) $ 274.9 $ 180.9 Non-cash stock-based compensation 20.6 15.1 Transaction/integration and related costs 2.4 2.5 Amortization of intangible assets 17.7 19.6 Amortization of debt issuance costs 2.3 2.3 Unrealized loss on interest rate swap - 1.6 CEO severance costs 2.1 - Impairment of assets 1.4 1.9 Income tax impact of adjustments (13.2) (12.5) Adjusted net income $ 308.2 $ 211.4 Weighted average shares (diluted) 54.8 54.6 Diluted earnings per share $ 5.02 $ 3.31 Adjusted diluted earnings per share $ 5.62 $ 3.87
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Schedule 2: Reconciliation of EBITDA & Adjusted EBITDA 4Q 2025 vs. 4Q 2024 EBITDA and Adjusted EBITDA Primoris defines EBITDA as net income (loss) before interest, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for certain items including, (i) non‐cash stock‐based compensation expense; (ii) transaction/integration and related costs; (iii) asset impairment charges; (iv) severance and restructuring changes; (v) change in fair value of contingent consideration liabilities; and (vi) selected (gains) charges that are unusual or non-recurring. The Company believes the EBITDA and Adjusted EBITDA financial measures assist in providing a more complete understanding of the Company’s underlying operational measures to manage its business, to evaluate its performance compared to prior periods and the marketplace, and to establish operational goals. EBITDA and Adjusted EBITDA are non‐GAAP financial measures and should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. These non‐GAAP financial measures may not be computed in the same manner as similarly titled measures used by other companies. The most comparable GAAP financial measure, net income, and information reconciling the GAAP and non‐GAAP financial measures are included in the table below. 15 ($ millions) 4Q 2025 4Q 2024 Net income as reported (GAAP) $ 51.8 $ 54.0 Interest expense, net 6.4 12.3 Provision for income taxes 20.2 22.2 Depreciation and amortization 24.1 22.6 EBITDA $ 102.5 $ 111.1 Non-cash stock-based compensation 5.6 4.8 Transaction/integration and related costs 0.1 0.4 Impairment of assets - 0.3 Adjusted EBITDA $ 108.2 $ 116.6
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Schedule 2: Reconciliation of EBITDA & Adjusted EBITDA 2025 vs. 2024 EBITDA and Adjusted EBITDA Primoris defines EBITDA as net income (loss) before interest, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for certain items including, (i) non‐cash stock‐based compensation expense; (ii) transaction/integration and related costs; (iii) asset impairment charges; (iv) severance and restructuring changes; (v) change in fair value of contingent consideration liabilities; and (vi) selected (gains) charges that are unusual or non-recurring. The Company believes the EBITDA and Adjusted EBITDA financial measures assist in providing a more complete understanding of the Company’s underlying operational measures to manage its business, to evaluate its performance compared to prior periods and the marketplace, and to establish operational goals. EBITDA and Adjusted EBITDA are non‐GAAP financial measures and should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. These non‐GAAP financial measures may not be computed in the same manner as similarly titled measures used by other companies. The most comparable GAAP financial measure, net income, and information reconciling the GAAP and non‐GAAP financial measures are included in the table below. 16 ($ millions) 2025 2024 Net income as reported (GAAP) $ 274.9 $ 180.9 Interest expense, net 28.7 65.3 Provision for income taxes 109.1 74.0 Depreciation and amortization 91.9 95.5 EBITDA $ 504.6 $ 415.7 Non-cash stock-based compensation 20.6 15.1 Transaction/integration and related costs 2.4 2.5 CEO severance costs 2.1 - Impairment of assets 1.4 1.9 Adjusted EBITDA $ 531.1 $ 435.2
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Schedule 3: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2026 Adjusted Net Income Forecast & EPS to Adjusted EPS for the year ending December 31, 2026 The following table sets forth a reconciliation of the forecasted GAAP net income to Adjusted Net Income and EPS to Adjusted EPS for the year ending December 31, 2026. 17 ($ millions, except per share amounts) Estimated Range Full Year Ending December 31, 2026 Net income as reported (GAAP) $ 294.0 $ 305.0 Non-cash stock-based compensation 20.5 20.5 Amortization of intangible assets 15.5 15.5 Income tax impact of adjustments1 (10.8) (10.8) Adjusted net income $ 319.2 $ 330.2 Weighted average shares (diluted) 55.0 55.0 Diluted earnings per share $ 5.35 $ 5.55 Adjusted diluted earnings per share $ 5.80 $ 6.00 1 Adjustments above are reported on a pre-tax basis before the income tax impact of adjustments. The income tax impact for each adjustment is determined by calculating the tax impact of the adjustment on the Company's quarterly and annual effective tax rate, as applicable, unless the nature of the item and/or the tax jurisdiction in which the item has been recorded requires application of a specific tax rate or tax treatment, in which case the tax effect of such item is estimated by applying such specific tax rate or tax treatment.
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Schedule 4: Reconciliation of Non-GAAP Forecasted Guidance Full Year 2026 Adjusted EBITDA Forecast for the year ending December 31, 2026 The following table sets forth a reconciliation of the forecasted GAAP net income to Adjusted Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) for the year ending December 31, 2026. 18 ($ millions) Estimated Range Full Year Ending December 31, 2026 Net income as reported (GAAP) $ 294.0 $ 305.0 Interest expense, net 23.0 26.0 Provision for income taxes 123.5 127.5 Depreciation and amortization 99.0 101.0 EBITDA $ 539.5 $ 559.5 Non-cash stock-based compensation 20.5 20.5 Adjusted EBITDA $ 560.0 $ 580.0