SOLV Energy (MWH) investor relations material

Market opportunity and growth drivers

• U.S. power demand is projected to grow 28% from 2024 to 2034, with solar and storage as the fastest solutions to meet this demand.

• Over $518 billion is expected to be invested in solar and battery energy storage systems (BESS) in the U.S. from 2025 to 2034.

• The company has installed more than 22 GW of capacity and manages over 23 GW under O&M agreements.

• Backlog reached a record $8.9 billion as of June 30, 2026, reflecting 44% year-over-year growth.

• The company operates debt-free, providing significant capital allocation flexibility.

Business model and service offering

• Provides full lifecycle services: engineering, procurement, construction (EPC), commissioning, and ongoing O&M for solar, BESS, substations, and transmission.

• Recurring revenue is driven by 5-year O&M contracts with annual renewals, compounding growth from new installations and the installed base.

• O&M business offers a 45% greater lifetime revenue opportunity compared to EPC alone.

• Embedded revenue opportunity from existing O&M contracts is estimated at $8.6 billion over project lifetimes.

• Over 500 power plants have been built, with projects across the U.S.

Financial performance and backlog

• Revenue for 2Q26 grew 77% year-over-year to $1.63 billion; first half 2026 revenue up 72%.

• Adjusted EBITDA for 2Q26 was $120 million, up 36% year-over-year.

• Adjusted gross margin for 2Q26 was 15.2%, impacted by a shift in incentive compensation classification.

• Backlog includes $2.5 billion attributable to projects with a BESS component.

• Only $600 million of the $8.6 billion embedded O&M opportunity is currently in backlog.