Primoris Services (PRIM) investor relations material

Business performance and outlook

• Revenue for 2026 is expected to be flat to slightly down compared to 2025, following a significant pull-forward of projects into 2025, which swelled revenue and utilized experienced execution teams.

• Bookings are strong, with many contracts expected to be signed in the latter half of the year, and verbal awards in Q1 converting to contracts in Q2, Q3, and Q4.

• Battery storage projects ramped up from one in 2024 to eight in 2025, with further growth opportunities anticipated through 2028.

• Standalone storage accounted for 30% of battery execution last year, with projects across multiple states.

• The average size of solar projects has increased, and demand for large projects continues to grow, especially from tier one IPPs.

Industry dynamics and challenges

• No significant project cancellations or suspensions are seen due to Section 48E ITC tax equity challenges, though some delays from LNTP to NTP may occur.

• The typical duration from verbal award to contract signing is about eight months, potentially stretching due to financing complexities.

• ITC extension discussions are ongoing, but visibility into projects beyond 2028 remains limited; bookings for 2026-2028 are robust.

Product and supplier strategy

• Top tracker suppliers include Nextracker, Array, and GameChange, with additional AVL suppliers such as PVHardware and Nevados.

• Developed an in-house eBOS system, now supplying both internal projects and third-party EPCs, with manufacturing capacity expanding to 6 GW by 2027 after a $30 million investment in a new facility.