Granite Construction (GVA) Investor presentation summary

Company overview and strategy

• Operates as a leading diversified civil contractor and materials producer with a nationwide presence and a focus on both public and private clients.

• Employs a home market strategy, leveraging local market intelligence, community engagement, and strong owner/regulator relationships to drive competitive advantage.

• Pursues vertical integration to maximize productivity, ensure quality, and lower production costs in core markets.

• Growth is driven by organic expansion and strategic, margin-accretive acquisitions, particularly in the Southeast and California/Nevada regions.

• Investment framework prioritizes strengthening home markets, expanding into new geographies, and automation of eligible plants.

Market segments and operations

• Serves construction and materials markets, including highways, bridges, rail, renewables, mining, water, and commercial sectors.

• Recognized as a top-ranked contractor in highways and recipient of multiple industry awards for materials excellence.

• Operates across a broad U.S. footprint, with materials operations in aggregates, asphalt, and recycled materials.

• Home market strategy enables a blended project portfolio and access to readily available resources.

Financial performance and results

• FY 2025 revenue reached $4,424M (+10% YOY), with construction revenue at $3,655M (+7% YOY) and materials revenue at $769M (+30% YOY).

• Adjusted EBITDA for FY 2025 was $527M (+31% YOY), with a margin of 11.9% (+190bps YOY).

• Adjusted net income for FY 2025 was $276M (+29% YOY), and adjusted diluted EPS was $6.07 (+26% YOY).

• Operating cash flow for FY 2025 was $469M, representing 10.6% of revenue.

• Q4 2025 saw total revenue of $1,165M (+19% YOY) and adjusted EBITDA of $131M (+21% YOY).