Centuri (CTRI) Investor presentation summary

Company overview and business mix

• Strategic infrastructure services provider for utilities and energy providers in the US and Canada, with 80% of revenue from regulated utilities.

• Operates across gas and electric utility services, with 55% of revenue from gas and 45% from electric segments.

• Maintains a broad geographic footprint with 56 gas and 41 electric locations, plus Canadian operations.

• Offers comprehensive capabilities in electric, gas, distributed power, underground infrastructure, and emergency response.

Financial performance and growth

• Q2 2026 revenue reached $962M, up 33% year-over-year, with base revenue up 36%.

• Adjusted EBITDA for Q2 2026 was $76M, and adjusted EPS rose 26% to $0.24.

• Backlog increased 21% year-over-year to $6.4B, and the opportunity pipeline grew 23% to $16B.

• Book-to-bill ratio YTD was 1.3x, indicating strong bookings momentum.

Margin improvement and operational initiatives

• Underlying incremental gross profit margin in 1H 2026 was 11.6%, with a target of 12–15%.

• Near-term headwinds included elevated fuel prices and resource ramp-up costs, but initiatives are in place to optimize fleet, pricing, and contract terms.

• Forecasted 70–170 basis point improvement in base gross profit margin from 2025 to 2029.

• Operational excellence initiatives include granular margin analytics and improved crew/fleet utilization.