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 high-growth markets such as renewables, natural gas generation, and power delivery, supported by strong secular tailwinds.

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

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

Financial performance and segment highlights

• 2025 revenue reached $7.6 billion, with utilities contributing $2.7 billion at 11.5% gross margin and energy $5.0 billion at 10.1% gross margin.

• Utilities segment backlog remained strong, with consistent growth in gas operations and power delivery.

• Energy segment sales grew to $5.0 billion in 2025, driven by renewables and industrial construction activity.

• Average project size under $3 million, with over 85% of contracts being unit price or reimbursable, lowering cost overrun risk.

Strategic focus and growth drivers

• Strategy targets 9–12% compound annual gross profit growth through 2026, prioritizing profitability over revenue growth.

• Capital allocated to high-return markets, especially renewables and power delivery.

• Operational improvements and selective bidding aim to expand margins and optimize cash flow.

• Foundational businesses in gas operations, industrial, and heavy civil continue to generate solid cash flow.