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Tutor Perini CORPORATION Investor Presentation August 2026 TPC LISTED NYSE 1-74 Mississippi River Bridge , Bettendorf , IA Moline , IL
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Forward-Looking Statements Statements contained in this presentation that are not purely historical are forward -looking statements within the meaning of th e Private Securities Litigation Reform Act of 1995, including without limitation, statements regarding the Company’s expectations, hopes, beliefs, intentions or strategies regarding the future and statements regarding future guidance or estimates and non -historical performance. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. While the Company ’s expectations, beliefs and projections are expressed in good faith and the Company believes there is a reasonable basis for them, there can be no assura nce that future developments affecting the Company will be those that we have anticipated. These forward -looking statements involve risks and uncertainties ( some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from tho se expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, revisions of estimates of contract risks, revenue or costs; unfavorable outcomes of existing or future litigation or dispute resolution proceedings against us or customers (project owners, develope rs, general contractors, etc.), subcontractors or suppliers, as well as failure to promptly recover significant working capital invested in projects subject to such matters; contract requirements to perform extra work beyond the initial project scope, which has and, in the future, could result in disputes o r claims and adversely affect our working capital, profits and cash flows; economic factors, such as inflation, tariffs, the timing of new awards, or the pace of project execution, which have resulted and may continue to result in losses or lower than anticipated profit; risks and other uncertainties associated with estimates and assumptions used to prepare our financial statements; a significant slowdown or decline in economic conditions, such as those presented during a recession; failure to meet contractual schedule requirements, which could result in higher costs and reduced profits or, in some cases, exposure to fina ncial liability for liquidated damages and/or damages to customers, as well as damage to our reputation; decreases or delays in the level of federal, state and local government spending for infrastructure and other public projects; possible systems and information technology interruptions and breaches in data security and/or privacy; risks related to our international operations, such as uncertainty of U.S. government funding, as well as economic, political, regu latory and other risks, including risks of loss due to acts of war, labor conditions, and other unforeseeable events in countries where we do business, which c ould adversely affect our revenue and earnings; the impact of inclement weather conditions, disasters and other catastrophic events outside of our control; ris ks related to government contracts (including government shutdowns and funding considerations) and related procurement regulations; inability to attract and ret ain our key officers, and to adequately plan for their succession, and hire and retain personnel required to execute and perform on our contracts; failure of our joint venture partners to perform their venture obligations, which could impose additional financial and performance obligations on us, resulting in re duced profits or losses and/or reputational harm; client cancellations of, delays in, or reductions in scope under contracts reported in our backlog, as wel l as prospective project opportunities, including as a result of government-related mandates; increased competition and failure to secure new contracts; significant fluctuations in the market price of our common stock, which could result in substantial losses for shareholders and potentially subject us to sec urities litigation; violations of the U.S. Foreign Corrupt Practices Act and similar worldwide anti -bribery laws; public health crises, such as COVID -19, have adversely impacted, and could in the future adversely impact, our business, financial condition and results of operations by, among other things, delaying the tim ing of project bids and/or awards and the timing of dispute resolutions and associated collections; an inability to obtain bonding could have a negative impact on our operations and results; failure to meet our obligations under our debt agreements; we cannot guarantee the timing, amount, or payment of dividends on our common stock or that we will repurchase our common stock pursuant to our stock repurchase program; downgrades in our credit ratings; the exertion of influence over the Company by our executive chairman due to his position and significant ownership interests; impairment of goodwill or other indefinite -lived intangible assets; physical and regulatory risks related to climate change; and other risks and uncertainties discussed under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed on February 26, 2026 and in subsequent reports that we file with the Securities an d Exchange Commission from time to time. The Company undertakes no obligation to publicly update or revise any forward -looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. 2
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Company Overview ➢ Leading provider of diversified general contracting, design-build and self-perform construction services for public and private clients • Civil segment infrastructure projects drive profitability • Substantially increased infrastructure spending already underway, boosted by strong state, local and federal funding ➢ Over 130 years of successful project execution ➢ Headquartered in Los Angeles with operations throughout the U.S. and in select international locations ➢ Approximately 7,400 employees worldwide The Cosmopolitan Resort and Casino, Las Vegas I-74 Mississippi River Bridge, Bettendorf, IA – Moline, IL East Side Access Project, New York 3
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Diverse Geographic Footprint Well positioned to capture work in all 50 states and in targeted international markets 4 Other international projects in: ❑ Canada ❑ United Kingdom ❑ Saudi Arabia ❑ Indo-Pacific
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Representative Significant Projects (approximate contract values; Newark Terminal A completed) Leading market position and scale allows TPC to win large, complex projects 5 ➢ California High-Speed Rail (JV) – $4.0B ➢ Los Angeles MTA Purple Line Sections 2 & 3 (JV) – $3.82B ➢ Manhattan Jail, NY (JV) – $3.76B ➢ Brooklyn Jail, NY – $2.96B ➢ Midtown Bus Terminal Replacement - Phase 1, NY – $1.86B ➢ City Center Guideway & Stations, HI – $1.66B ➢ Newark International Airport Terminal A, NJ (JV) – $1.6B ➢ Minneapolis Southwest Light Rail (JV) – $1.3B ➢ Newark International Airport AirTrain Replacement (JV) - $1.2B ➢ Kensico-Eastview Connection Tunnel, NY – $1.1B ➢ Manhattan Tunnel, NY – $1.0B California High-Speed Rail Project, Central California City Center Guideway & Stations, Honolulu Newark Airport Terminal A, Newark Brooklyn Jail, New York
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Segment Overview (Revenue figures are LTM through Q2-26; backlog as of quarter-end) Civil Revenue: $3.0B Q2-26 Backlog: $9.8B ◼ Commonly uses guaranteed maximum price and cost plus fee contracts ◼ Specializes in: ▪ Healthcare ▪ Hospitality and Gaming ▪ Detention Facilities ▪ Education ▪ Municipal/Government ▪ Corporate Offices ◼ Commonly uses fixed price and unit price contracts ◼ Specializes in: ▪ Mass-Transit Systems ▪ Military Facilities ▪ Detention Facilities ▪ Bridges and Tunnels ▪ Highways Specialty Contractors Revenue: $1.0B Q2-26 Backlog: $3.0B ◼ Commonly uses fixed price, unit price and cost plus fee contracts ◼ Specializes in: ▪ Electrical ▪ Mechanical (HVAC) ▪ Plumbing Building Revenue: $1.9B Q2-26 Backlog: $7.0B ---------------------------------------- Segments ------------------------------------------- A Leading Construction Services Firm Revenue: $5.9B Q2-26 Backlog: $19.9B 6 Note: segment backlog figures do not sum to total backlog due to rounding.
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Civil Segment Drives TPC’s Profitability $9.8B of higher-margin Civil segment backlog (50% of total backlog) ◼ Construction and rehabilitation of critical infrastructure, including mass-transit systems, highways, bridges, tunnels and military defense facilities ◼ TPC’s highest-margin segment (12% to 15% margin expected in 2026) ◼ Focused on large-scale, complex projects (including many megaprojects that are $1B+) ◼ One of the few leaders in the industry positioned to capture the largest projects — Fewer competitors; others lack technical experience, bonding capacity for large projects — Strong, differentiated self-performance capabilities — Centralized, experienced cost estimating capabilities and sizeable equipment fleet Civil Construction Success Drivers ◼ Strong Civil segment backlog – driven by $4.2B of new awards in 2025 (inc. $1.86B Midtown Bus Terminal Phase 1 and $1.0B Manhattan Tunnel), following $6.7B of new awards in 2024 ◼ Continued robust bidding pipeline over the next several years ◼ Substantial infrastructure spending already underway due to voter-approved long-term funding measures passed over the past 10 years ◼ Experience and past performance on projects ◼ Financial strength key to obtaining bonding and pre-bid qualification ◼ Major new work in Guam/Indo-Pacific region due to Pacific Deterrence Initiative; only major U.S. or international contractor with an office in Guam (continuous presence for approximately 65 years) CA High-Speed Rail, CA Purple Line Extension, Section 2, CA Focused on Large and Highly Visible Projects 7 Q2-26 Backlog by End Market: $9.8B Mass Transit (inc. certain transportation projects) 58%Military Facilities 16% Water 10% Detention Facilities 9% Bridges 5% Other 2%
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Building Segment Sustained solid demand for building projects, especially in California Building Construction Success Drivers ◼ Large and active bid pipeline across diverse end markets ◼ Strong customer relationships and end market expertise ◼ Integrated business model with significant self-perform capabilities ◼ Segment’s operating margin expected to be 3% to 6% in 2026 ◼ Brooklyn and Manhattan Jail megaprojects are long-duration with higher margins comparable to other large, complex fixed-price building projects ◼ Leading Builder in California ◼ Large Corporate Customer Base ◼ Private / Non-Residential and Public Projects ◼ Expertise in Hospitality and Gaming, Design-Build and Accelerated Delivery ◼ Southeastern U.S. Focus ◼ Private / Non-Residential and Public Projects ◼ Construction and design-build services worldwide for U.S. military and government agencies and surety companies CityCenter Las Vegas 8 The Cosmopolitan Resort & Casino, Las Vegas Q2-26 Backlog by End Market: $7.0B Detention Facilities 43% Healthcare Facilities 42% Government 6% Education Facilities 4% Other 3% Mass Transit (incl. transportation) 2%
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Specialty Contractors Segment TPC’s specialty construction capabilities provide a strong competitive advantage Specialty Contractors Success Drivers ◼ Strong electrical and mechanical proficiencies ◼ Work in California and the Northeast largely driven by substantial work being performed for the Civil and Building groups (approx. two-thirds of the segment’s backlog represents such work) — Positions TPC as a full-service contractor with greater control over scheduled work, project delivery, and cost and risk management ◼ Continuing to serve existing external customers ◼ Focused primarily on California, Texas, the Northeast and Florida ◼ Segment returned to profitability in Q3-25; segment operating margin expected to eventually reach 5% to 8% 9 East Side Access Queens Tunnels, NY World Trade Center, NY ◼ One of the largest electrical contractors in New York City ◼ Electrical contractor with offices in Houston, Dallas, Miami, Las Vegas and Los Angeles ◼ Mechanical contractor with offices in New York City and Miami ◼ Mechanical contractor with offices in Los Angeles and Las Vegas Q2-26 Backlog by End Market: $3.0B Detention Facilities 46% Mass Transit (incl. transportation) 16% Healthcare Facilities 12% Commercial and Industrial Facilities 8% Multi-Unit Residential 7% Other 6% Government 5%
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Vertical Integration: A Competitive Advantage 10 TPC’s Civil, Building and Specialty Contracting groups provide a differentiated, one-stop-shop competitive advantage Integrated civil, building and specialty service capabilities provide: • Greater schedule control • Increased price visibility • Collaborative bidding approach LAMTA Purple Line Sections 2 & 3 Tunnels, Stations, & Systems Los Angeles, CA PROJECT VALUE: $3.82B Newark Liberty International Airport Terminal A Newark, NJ PROJECT VALUE: $1.6B California High-Speed Rail CP1 Madera-Fresno, CA PROJECT VALUE: $4.0B
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Core Strengths Provide Significant Advantages 11 TPC’s competitive strengths provide opportunities for higher margins Strengths Advantages ➢ Cost estimating ➢ Self-perform capabilities ➢ Diverse and extensive construction experience – Civil, Building, and Specialty Contractors ➢ Project selectivity ➢ Construction risk management ➢ Project management talent, depth, and experience ➢ Sizeable equipment fleet ➢ Broad domestic geographic footprint ➢ Strong balance sheet and bonding capacity ➢ Greater project cost and schedule certainty ➢ Durable competitive advantage ➢ Higher profit margin opportunities ➢ Larger project pursuits with fewer competitors ➢ Profitable fixed-price execution ➢ Rapid mobilization of resources ➢ Public-private partnership project opportunities
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Financial Highlights (Q2 2026) 12 Outstanding Q2 and 1H 2026 results, reflecting strong contributions from large, higher-margin projects, many still ramping up Q2-26 Q2-25 1H-26 1H-25 Revenue $1.64B (highest revenue of any quarter ever) $1.37B $3.03B (highest 1H revenue ever) $2.62B Operating Income $117.7M (highest op. income of any Q2 ever) $76.4M $176.9M (highest 1H op. income ever) $141.8M Operating Margin 7.2% 5.6% 5.8% 5.4% GAAP EPS $1.23 $0.38 $1.71 $0.90 Adjusted EPS* $1.74 $1.41 $2.77 $2.06 Operating Cash Flow $187.3M (second-highest Q2 result ever) $262.4M (highest Q2 result ever) $334.1M (highest 1H result ever) $285.3M (second- highest 1H result ever) * This is a non-GAAP financial measure; please see Appendix for more information and a reconciliation of this measure to the most comparable GAAP financial measure.
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$19.9B Backlog at Q2-26 Expected to Drive Double-Digit Revenue and Earnings Growth in 2026 and 2027 $200B+ pipeline of prospective projects over the next several years – largest pipeline ever 13 ✓ Bidding numerous major new projects this year and in 2027 ✓ Anticipating approx. $1B of additional finished trades scope later this year for the Midtown Bus Terminal – Phase 1 project ✓ Several Building segment projects in pre-construction phase are anticipated to advance to construction phase later this year and beyond, generating substantial new backlog Private 16% $3.1B Federal Gov't 11% $2.2B State and Local Government 73% $14.5B Note: segment backlog figures do not sum to total backlog due to rounding. Civil 50% $9.8B Building 35% $7.0B Specialty Contractors 15% $3.0B Backlog by CustomerBacklog by Segment
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Raised 2026 Guidance (as of August 5, 2026) 14 FY26 Guidance* Adjusted EPS** $5.15 - $5.45 (up from $4.90 - $5.30 previously) * Assumptions: ➢ $380M to $400M of general and administrative expense in 2026 ➢ $45M of depreciation and amortization expense ➢ $42M to $44M of interest expense, of which $3M will be non-cash ➢ Approximately 26% - 29% effective income tax rate ➢ Approximately $70M - $80M of non-controlling interests ➢ Approximately 54M weighted-average diluted shares outstanding ➢ Approximately $125M to $135M of capital expenditures in 2026 (the vast majority of which is owner-funded) (Adjusted EPS for 2026 will exclude the impact of share-based compensation expense, net of related tax benefit, as well as certain pension settlement, debt extinguishment and refinancing costs, net of tax, which are not reflective of ongoing business operations.) ** This is a non-GAAP financial measure; see Appendix for information. The Company is not providing forward-looking GAAP EPS guidance or a quantitative reconciliation of Adjusted EPS guidance to GAAP EPS guidance due to the difficulty in forecasting share-based compensation expense, which fluctuates with future share price movements. Variations in share-based compensation expense could have a material impact on GAAP EPS in 2026.
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Why Invest in Tutor Perini? 15 ➢ Market leader with strong résumé of successfully completed projects ➢ Well-positioned to benefit from years of pent-up demand and substantial new investments in U.S. infrastructure projects ➢ Near-record backlog of $19.9B (largely comprised of higher-margin, longer-duration projects) ➢ Expecting double-digit revenue and earnings growth in 2026 and 2027 ➢ Strong, sustained civil project bidding activity and largest-ever pipeline of prospective projects, reflecting continued strong market demand in the areas of our greatest strengths and profitability ➢ Focused on strong cash generation and delivering best-in-class shareholder value • Record 1H operating cash of $334M in 2026, following a record 2025 operating cash flow of $748M (and prior records of $504M in 2024, $308M in 2023, and $207M in 2022) • Strong balance sheet – cash balance exceeded total debt by $542M (as of 6/30/26) • Expecting continued strong operating cash flow in 2026 and beyond • $200M share repurchase program (85% remains available for future buybacks) and increased quarterly cash dividend 50% (to $0.09 per share) to return capital to investors and create long-term shareholder value East Side Access Project, New York
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Appendix – Non-GAAP Financial Measures 16 To supplement our unaudited Condensed Consolidated Financial Statements presented under GAAP, we are presenting certain non-GAAP financial measures. These non- GAAP financial measures exclude items that are not reflective of ongoing business operations, including share-based compensation expense for the three and six months ended June 30, 2026 and 2025 (as well as the associated tax benefit), and for the second half of 2026, adjustments will also include certain pension settlement, debt extinguishment and refinancing costs (as well as the associated tax impacts). These non-GAAP financial measures are intended to provide additional insights that facilitate the comparison of our past and present performance, and they are among the indicators management uses to assess the Company’s financial performance and to forecast future performance. By presenting these non-GAAP financial measures, we aim to provide investors and stakeholders with a clearer understanding of our operating results and enhance transparency with respect to the key financial metrics used by our management in its financial and operational decision-making. Adjusted EPS for the periods presented below excludes share-based compensation expense (as well as the tax benefit associated with the expense). We exclude share- based compensation expense because this expense could result in significant volatility in our reported earnings, driven primarily by fluctuations in the expense recognized for certain long-term incentive compensation awards with payouts that are indexed to the Company’s common stock. By adjusting for share-based compensation, Adjusted EPS presents a supplemental depiction of our operational performance and financial health. This approach allows stakeholders to focus on our core operational efficiency and profitability without the variable impact to earnings caused by significant changes in our stock price. This non-GAAP measure is intended to offer a consistent basis for evaluating the Company’s performance, which management believes is meaningful to stakeholders. The non-GAAP financial measure included herein as calculated by the Company is not necessarily comparable to similarly titled measures reported by other companies. Additionally, this non-GAAP financial measure is not meant to be considered as indicators of performance in isolation from or as a substitute for the most directly comparable measure prepared in accordance with GAAP and should be read only in conjunction with financial information presented on a GAAP basis. The Company is not providing forward-looking guidance for GAAP EPS or a quantitative reconciliation of Adjusted EPS guidance to GAAP EPS guidance due to the difficulty in forecasting share-based compensation expense, which fluctuates with future share price movements. Variations in share-based compensation expense could have a material impact on GAAP EPS in 2026. Reconciliation of Non-GAAP Financial Measure (in millions, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 GAAP EPS, as reported $1.23 $0.38 $1.71 $0.90 Plus: Share-based compensation expense impact per diluted share $0.52 $1.04 $1.08 $1.17 Less: Tax benefit provided on share-based compensation expense per diluted share $(0.01) ($0.01) $(0.02) ($0.01) Adjusted EPS $1.74 $1.41 $2.77 $2.06
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Contact: Jorge Casado Senior Vice President, Investor Relations (818) 408-5746 Jorge.Casado@tutorperini.com 17