SOLV Energy (MWH) investor relations material

Company overview and business model

• Leading provider of infrastructure services to the power industry, specializing in utility-scale solar and battery storage projects and related T&D infrastructure.

• Offers integrated EPC (engineering, procurement, construction) and O&M (operations and maintenance) services, with a lifecycle approach to maximize customer value and recurring revenues.

• Headquartered in San Diego, with 14 additional U.S. locations and over 2,000 employees as of March 31, 2026.

• Customers include project developers, independent power producers, and utilities; largest customer accounted for 21% of revenues, top ten for 81%.

• Operates under an UP-C structure, with SOLV Energy, Inc. as a holding company owning a majority interest in SOLV Energy Holdings LLC.

Financial performance and metrics

• FY2025 revenue: $2.49 billion, up 34.8% from $1.85 billion in 2024; gross profit margin increased to 18.6%.

• Net income attributable to controlling interests for 2025: $149.2 million, compared to $9.9 million in 2024.

• Adjusted EBITDA for 2025: $341.7 million; net cash provided by operating activities: $331.6 million.

• As of March 31, 2026: cash and cash equivalents of $384.9 million; total assets of $1.96 billion.

• Backlog as of March 31, 2026: $8.2 billion, with $2.5 billion expected to be recognized as revenue over the next 12–18 months.

Use of proceeds and capital allocation

• Net proceeds from the offering will be used to purchase LLC Interests from Redeeming Holders at the public offering price, less underwriting discounts and commissions.

• No proceeds will be received from shares sold by selling stockholders; offering expenses (approx. $2 million) will be borne by SOLV Energy Holdings LLC.

• IPO proceeds previously used to repay $405.6 million in term loans and for general corporate purposes, including growth initiatives and M&A.