Granite Construction (GVA) Investor presentation summary

Company overview and strategy

• Founded in 1922, headquartered in Watsonville, CA, and publicly traded since 1990 on NYSE.

• Operates as a leading diversified, vertically integrated civil contractor and materials producer in the U.S.

• Focuses on a home market strategy, leveraging local engagement, market intelligence, and resource availability.

• Accelerates growth through organic initiatives and materials-led M&A, with recent expansion in the Southeast via acquisitions.

• Recognized for responsible business practices and a geographically diverse client base.

Market presence and operations

• Serves both public and private sectors across construction and materials segments, including highways, bridges, rail, renewables, and commercial projects.

• Operates in numerous U.S. states, with significant materials operations in aggregates and asphalt.

• Vertical integration enables control over materials, cost efficiency, and quality assurance.

• Holds substantial aggregate reserves, with recent acquisitions adding over 100 million tons in the Southeast.

• Awarded for excellence by industry associations and recognized as a top highway contractor.

Financial performance and guidance

• Q1 2025 revenue reached $700M, up 4% YOY, with construction and materials segments both growing.

• Adjusted EBITDA for Q1 2025 was $28M (4% margin), up 190 bps YOY; adjusted net income was $0.2M.

• Aggregate and asphalt volumes increased 17% and 34% YOY, respectively, with higher average selling prices.

• 2025 revenue guidance is $4.2–$4.4B, with adjusted EBITDA margin targeted at 11–12%.

• 2027 targets include 6–8% organic growth CAGR, 12–14% adjusted EBITDA margin, and 9–11% operating cash flow margin.