Core Viewpoint - Centuri Holdings, Inc. has appointed Steven Nielsen as an independent director to its Board of Directors, bringing extensive experience in specialty contracting services to the company [1][3]. Group 1: Appointment Details - Steven Nielsen served as Chairman and CEO of Dycom Industries from 2000 to 2024, leading the company through significant growth from under $200 million in revenue to over $4.5 billion [2][4]. - Nielsen's appointment expands the Centuri Board of Directors to nine members, and he will stand for election at the 2026 Annual Meeting of Shareholders [3]. Group 2: Company Background - Centuri Holdings, Inc. is a leading North American utility and energy infrastructure services company that partners with regulated utilities to build and maintain energy networks across the United States and Canada [5].

Quick Read Centuri Holdings (CTRI) ended 2025 with a $5.9 billion backlog, up 59% year-over-year, with $1.1 billion in 2026 year-to-date bookings covering over 85% of base revenue guidance; net debt to adjusted EBITDA fell to 2.5x from 3.6x at year-end 2024, with a 2.0x target by end of 2026. The company achieved a 1.5x book-to-bill ratio in 2025 and identified $1.3 billion in “real” data center contracts being tendered. Grid modernization demand and data center power needs are driving Centuri’s surgin ...

On February 17, 2026, Tensile Capital Management LP disclosed in a Securities and Exchange Commission (SEC) filing that it increased its stake in Centuri Holdings (NYSE:CTRI) by 1,054,155 shares, an estimated $23.57 million buy based on quarterly average pricing. What Happened Tensile Capital Management LP reported in a Securities and Exchange Commission (SEC) filing dated February 17, 2026, that it bought an additional 1,054,155 shares of Centuri Holdings during the fourth quarter. The estimated transac ...

Core Insights - Centuri (NYSE:CTRI) achieved record revenue of $3.0 billion in 2025, marking a 13% year-over-year increase, and improved base profitability with an adjusted net income of $39 million, a 49% increase from the previous year [2][3][4] Financial Performance - In 2025, Centuri reported a gross profit of $247 million, up from $221 million, resulting in a gross margin of 8.3%. On a base revenue basis, the company generated $2.9 billion, an 18% increase, with a base gross profit of $234 million, up 35%, leading to a base gross margin of 8.0%, compared to 6.9% in 2024 [3][4][7] - For the fourth quarter, revenue reached $859 million, a 20% increase year-over-year, with base revenue at $855 million, up 28%. The gross profit for the quarter was $80 million, with a gross margin of 9.4% [5][6] Net Income and Adjusted Metrics - Net income attributable to common stock for 2025 was $23 million, or $0.25 per share, compared to a loss of $7 million in 2024. Adjusted net income was $39 million, or $0.43 per share, versus $26 million, or $0.32 per share, in 2024 [4][6] - The fourth-quarter net income attributable to common stock was $30 million, or $0.32 per share, compared to $10 million, or $0.12 per share, a year ago. Adjusted net income for the quarter was $16 million, or $0.17 per share, compared to $18 million, or $0.21 per share, in the prior-year quarter [6] Backlog and Future Guidance - Centuri's backlog surged to approximately $5.9 billion, a 59% increase, after over $4.5 billion in bookings in 2025. Management indicated that the year-end backlog should cover over 85% of 2026 base revenue, with a total pipeline of roughly $13 billion [7] - For 2026, Centuri's guidance targets base revenue of $3.15–3.45 billion, adjusted EBITDA of $280–310 million, and adjusted net income of $55–75 million. The company also plans to lower leverage to 2.5x net debt/EBITDA and shift fleet funding to a 50/50 buy/lease mix with a planned fleet investment of $150–180 million [7]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K _________________________ Table of Contents (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 28, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission file number 001-42022 _________________________ Centuri Holdings, Inc. (Exact name of registrant ...

分组1 - Centuri Holdings reported quarterly earnings of $0.17 per share, missing the Zacks Consensus Estimate of $0.20 per share, and down from $0.21 per share a year ago, representing an earnings surprise of -12.82% [1] - The company posted revenues of $858.6 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 19.67%, compared to year-ago revenues of $717.08 million [2] - Centuri has surpassed consensus revenue estimates four times over the last four quarters, indicating a strong performance in revenue generation [2] 分组2 - The stock has gained approximately 22.6% since the beginning of the year, significantly outperforming the S&P 500's gain of 0.7% [3] - The current consensus EPS estimate for the coming quarter is -$0.05 on revenues of $583.8 million, and for the current fiscal year, it is $0.71 on revenues of $3.04 billion [7] - The Utility - Electric Power industry, to which Centuri belongs, is currently in the top 32% of over 250 Zacks industries, suggesting a favorable outlook for the sector [8]

Financial Data and Key Metrics Changes - In 2025, the company achieved a record revenue of $3 billion, representing a 13% increase from 2024 [17] - Adjusted net income for 2025 was $39 million, a 49% increase year-over-year [5] - Base revenue increased by 18% year-over-year, while base gross profit rose by 35% [5][18] - The gross profit margin for 2025 was reported at 8.3%, up from 6.9% in the previous year [18] Business Line Data and Key Metrics Changes - U.S. Gas revenue was $1.3 billion, a 5% increase compared to 2024, with a gross profit margin of 5.4% [19] - Canadian operations revenue was CAD 247 million, up 25% over 2024, with a gross profit margin of 18.6% [19] - Union Electric base revenue increased by 21% year-over-year to $800 million, with a base gross profit margin of 8.7% [20] - Non-Union Electric segment saw a 51% increase in base revenue to $569 million, with a gross profit margin of 8.5% [20] Market Data and Key Metrics Changes - The company maintained a 100% MSA renewal rate and secured over $4.5 billion in bookings, with a book-to-bill ratio of 1.5 times [6][9] - The year-end backlog was approximately $5.9 billion, an increase of 59% from the previous year [11] Company Strategy and Development Direction - The company aims to achieve a book-to-bill ratio of 1.1 to 1.2 times for 2026, with a focus on expanding MSA work and reducing seasonality in the gas business [9][12] - The company is targeting fleet efficiency improvements and plans to invest $150 million to $180 million in fleet assets in 2026 [21][24] - The company is focused on capital efficiency and has shifted to a balanced approach of 50/50 buy versus lease for fleet investments [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong market backdrop and the company's ability to capture growth opportunities, with a forecast of base revenue for 2026 between $3.15 billion and $3.45 billion [24][25] - The company anticipates continued strong bookings due to multi-year tailwinds within its end markets [9] - Management highlighted the importance of operational excellence and customer service in maintaining a low-risk profile while pursuing growth [27] Other Important Information - The company completed the acquisition of Connect Atlantic Utility Services, enhancing its Canadian electric service platform [15] - The net debt to adjusted EBITDA ratio improved to 2.5x, down from 3.6x at year-end 2024 [22] Q&A Session Summary Question: How much of the storm revenue was realized in the January storm? - Management indicated that the storm impact thus far has been minor and largely in line with the previous year [29][30] Question: Can you clarify the gross margin expectations in guidance? - Management stated that the gross profit margin would be largely in line with the previous year, with slight improvements expected [33] Question: What are the expectations for margin improvement in the gas segment? - Management expressed confidence in narrowing the seasonality gap and improving margins through various initiatives [37][39] Question: What is the status of the data center pipeline and win rates? - Management noted that win rates have improved and highlighted a $1.4 billion pipeline for data center opportunities [45][47] Question: What changes were implemented to drive growth in 2025? - Management emphasized the importance of an effective sales pipeline and capital efficiency initiatives as key drivers of growth [51][52] Question: How does the company plan to improve cash flow from operations? - Management is focused on reducing days sales outstanding (DSO) and improving billing and collection processes [74][75]

Financial Data and Key Metrics Changes - In 2025, the company achieved a record revenue of $3 billion, representing a 13% increase from 2024 [17] - Adjusted net income for 2025 was $39 million, a 49% increase year-over-year [5][19] - Base revenue increased by 18% year-over-year, while base gross profit rose by 35% [5][18] - The gross profit margin for 2025 was reported at 8.3%, up from 6.9% in the previous year [18] Business Line Data and Key Metrics Changes - U.S. Gas revenue was $1.3 billion, a 5% increase compared to 2024, with a gross profit margin of 5.4% [19] - Canadian operations revenue increased by 25% to $247 million, with a gross profit margin of 18.6% [19] - Union Electric base revenue grew by 21% to $800 million, with a base gross profit margin of 8.7% [20] - Non-Union Electric segment saw a 51% increase in base revenue to $569 million, with a gross profit margin of 8.5% [20] Market Data and Key Metrics Changes - The company maintained a 100% MSA renewal rate and secured over $4.5 billion in bookings, achieving a book-to-bill ratio of 1.5x [6][9] - The backlog at year-end was approximately $5.9 billion, a 59% increase from the previous year [11] - The opportunity pipeline includes about 590 bid opportunities valued at $6.7 billion [10] Company Strategy and Development Direction - The company aims to address seasonality in its gas business over three years, with 2026 being the first year of this initiative [12] - Focus on improving fleet efficiency and crew productivity to enhance margins [13] - The company is positioned for growth with a strong emphasis on core capabilities and maintaining a low-risk profile [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong market backdrop and the company's ability to deliver growth in 2026 [25] - The company anticipates continued strong bookings due to multi-year tailwinds within its end markets [9] - Management highlighted the importance of operational excellence and customer service in maintaining its reputation [27] Other Important Information - The company ended 2025 with a net debt to adjusted EBITDA ratio of 2.5x, down from 3.6x in 2024 [22] - Fleet investments in 2025 totaled $135 million, with a shift towards a balanced buy/lease approach [21] Q&A Session Summary Question: Impact of January storm on guidance - Management indicated that the storm impact thus far has been minor and in line with last year [29][30] Question: Guidance on gross margin expectations - Management clarified that gross profit margin expectations are largely in line with the previous year, with slight improvements anticipated [33][34] Question: Seasonality in gas segment margins - Management is optimistic about reducing seasonality and improving margins in the gas business, with positive signs observed in January [37][39] Question: Data center project pipeline and win rates - Management noted that win rates have improved and highlighted a $1.4 billion pipeline for data center opportunities [45][46] Question: Key changes implemented for growth - Management emphasized the importance of an effective sales pipeline and capital efficiency initiatives as key drivers of growth [51][52] Question: Free cash flow and working capital improvements - Management is focused on reducing days sales outstanding (DSO) to improve cash flow from operations [74][75] Question: Growth expectations from communications and fiber projects - Management clarified that fiber work is mainly complementary to data center projects and not a standalone focus [82][83]

Financial Data and Key Metrics Changes - In 2025, the company achieved a record revenue of $3 billion, representing a 13% increase from 2024 [16] - Adjusted net income for 2025 was $39 million, a 49% increase year-over-year [4] - Base revenue increased by 18% year-over-year, while base gross profit rose by 35% [4][17] - The gross profit margin for 2025 was reported at 8.3%, up from 6.9% in the previous year [17] Business Line Data and Key Metrics Changes - U.S. Gas revenue was $1.3 billion, a 5% increase compared to 2024, with a gross profit margin of 5.4% [18] - Canadian operations revenue was CAD 247 million, up 25% over 2024, with a gross profit margin of 18.6% [18] - Union Electric base revenue reached $800 million, a 21% increase year-over-year, with a base gross profit margin of 8.7% [19] - Non-Union Electric segment had base revenue of $569 million, a 51% increase over 2024, with a base gross profit margin of 8.5% [20] Market Data and Key Metrics Changes - The company maintained a 100% MSA renewal rate and secured over $4.5 billion in bookings, with a book-to-bill ratio of 1.5 times [5][8] - The year-end backlog was approximately $5.9 billion, an increase of 59% from the previous year [10] - The opportunity pipeline includes about 580 bid opportunities valued at $6.7 billion [9] Company Strategy and Development Direction - The company aims to achieve a book-to-bill ratio of 1.1 to 1.2 times for 2026, with a focus on securing new customers and expanding existing scopes of work [8] - The strategy includes addressing seasonality in the gas business and improving fleet efficiency [12][20] - The company is focused on capital efficiency and plans to invest $150 million to $180 million in fleet assets for 2026 [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong market backdrop and the company's ability to deliver growth while maintaining a low-risk profile [24] - The company anticipates continued strong bookings due to multi-year tailwinds within its end markets [7] - Management highlighted the importance of operational excellence and customer service in maintaining its reputation [26] Other Important Information - The company completed the acquisition of Connect Atlantic Utility Services, enhancing its Canadian electric service platform [13] - The net debt to adjusted EBITDA ratio improved to 2.5x, down from 3.6x at year-end 2024 [21] Q&A Session Summary Question: How much of the storm revenue was realized in the January storm? - Management indicated that the storm impact thus far has been minor and in line with last year [28][31] Question: Can you clarify the gross margin expectations in guidance? - Management stated that the gross profit margin would be largely in line with the previous year, with slight improvements expected [32] Question: What are the expectations for margin improvement in the gas segment? - Management expressed confidence in narrowing the gap in seasonality and improving margins through various initiatives [36][38] Question: What is the status of the data center pipeline? - Management confirmed that the win rates have improved and that there are significant opportunities in the data center sector, with $1.3 billion currently tendered [44][94] Question: What initiatives were implemented to drive growth in 2025? - Key changes included establishing a more effective sales pipeline and improving capital efficiency [50][52] Question: What are the plans for tuck-in acquisitions? - Management indicated a focus on geographic presence in the Midwest and electrical transmission for potential acquisitions [90] Question: How is the company addressing working capital to improve cash flow? - Management is focused on reducing Days Sales Outstanding (DSO) and improving billing and collection processes [73]

Centuri.com 1 Investor Presentation February 2026 Forward Looking Statements Disclaimer Unless the context otherwise requires, in this presentation, references to "we," "us," and "our" are to Centuri Holdings, Inc. (NYSE: CTRI) ("Centuri" or the "Company"), together with its consolidated subsidiaries, which include, among others, Centuri Group, Inc. This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securi ...