Primoris Services (PRIM) Investor presentation summary

Investment rationale and market positioning

• Leading provider of critical infrastructure services with a balanced project portfolio across utilities, energy, renewables, and communications.

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

• Diversified service offerings and deep customer relationships reduce risk and increase predictability.

• Experienced management team focused on disciplined execution and capital allocation.

Financial performance and guidance

• TTM Q3 2025 revenue reached $7.5 billion, with gross margins of 11.9% in utilities and 10.3% in energy segments.

• 2025 full-year guidance: EPS of $4.75–$4.95, adjusted EPS of $5.35–$5.55, and adjusted EBITDA of $510–$530 million.

• Targeted gross margins for 2025: 10–12% for both utilities and energy segments.

• Net debt/adjusted EBITDA at 0.1x as of Q3 2025, well below the 1.5x target.

Strategic priorities and growth drivers

• Focused on margin expansion, improving cash flow, and allocating resources to high-return service lines.

• Capital allocation prioritizes organic growth, balance sheet flexibility, strategic acquisitions, and shareholder returns.

• Growth engines include renewables and power delivery, with foundational businesses supporting reinvestment.

• Multi-year contracts and master service agreements drive revenue stability and customer retention.