Primoris Services (PRIM) Investor presentation summary

Investment rationale and market positioning

• Leading provider of critical infrastructure services with a balanced project and service portfolio reducing risk and increasing predictability.

• Well-positioned in renewables, natural gas generation, and power delivery, benefiting from strong secular tailwinds.

• Diversified offerings and deep customer relationships support recurring revenue and margin stability.

• Experienced management emphasizes disciplined capital allocation and execution.

Segment performance and revenue mix

• Utilities segment TTM Q2 2026 revenue: $2.8B with 11% gross margin; energy segment TTM Q2 2026 revenue: $4.6B with 6.9% gross margin.

• Utilities backlog reached $7.7B and energy backlog $6.2B by Q2 2026, reflecting robust demand.

• PayneCrest acquisition expands electrical construction services, targeting $260–$280M revenue and $28–$32M adjusted EBITDA in 2026.

• Revenue by end market: 45% industrial/power/renewables, 40% data center, 15% commercial.

Growth drivers and market opportunities

• Secular tailwinds include electrification, grid modernization, and reindustrialization, driving long-term demand.

• Addressable market opportunities: $145B in power delivery, $30B in utility-scale solar, $79B in communications (2026–2028 estimates).

• Data center development supported by integrated solutions in gas, solar, BESS, and power delivery.