Primoris Services (PRIM) investor relations material

Executive summary

• Achieved record Q3 2025 revenue and earnings, driven by strong growth in Energy and Utilities segments, with Utilities backlog reaching a record $6.6 billion and robust demand across key markets.

• Operating cash flow for Q3 exceeded $180 million, with year-to-date cash flow over $327 million, a $117 million improvement year-over-year.

• Focused on quality execution, free cash flow generation, and efficient capital allocation, positioning for generational infrastructure opportunities.

• Confident in adding to backlog, especially in solar and natural gas generation, heading into 2026.

• Leadership transition announced, with Cody Daddaloudi named as the next CEO.

Financial highlights

• Q3 2025 revenue was $2,178.4 million, up 32.1% year-over-year, with net income of $94.6 million and diluted EPS of $1.73, both up over 61% year-over-year.

• Adjusted EPS was $1.88, up 54.3%; adjusted EBITDA was $168.7 million, up 32.1% year-over-year.

• Gross profit for Q3 was $235.7 million (10.8% margin), with gross margin down from 12% year-over-year due to lower storm work and project mix.

• SG&A expense for Q3 was $97.7 million (4.5% of revenue), down from 5.9% year-over-year.

• Interest expense for Q3 was $7.0 million, down from $17.9 million year-over-year.

Outlook and guidance

• Raised full-year 2025 EPS guidance to $4.75–$4.95 and adjusted EPS to $5.35–$5.55; net income guidance to $260.5–$271.5 million.

• Adjusted EBITDA guidance increased to $510–$530 million; gross capital expenditures guidance raised to $110–$130 million.

• SG&A expense targeted in the mid-to-high 5% range of revenue; gross margins targeted at 10–12% for both segments.

• Effective tax rate for 2025 expected to be approximately 28.5%.

• Expect strong Q4 energy bookings, with book-to-bill potentially reaching 1.2–1.3; Q4 energy revenue projected at ~$1.2 billion.