Aemetis California Ethanol Plant Drives Substantial Carbon Intensity Reduction using Praj Low-Carbon MVR System Leading Industrial Biotechnology Company Delivers Key Equipment For Aemetis ProjectCUPERTINO, Calif., October 7, 2025 – PRISM MediaWire (Press Release Service – Press Release Distribution) – Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and biofuels company, announced today that it is advancing decarbonization at its 65 million gallon per year ethanol plant in Keyes, California with a $30 ...

Group 1 - Centuri Holdings, Inc. (CTRI) is positioned as a compelling investment opportunity due to improving end markets, accelerating fundamentals, and a resilient business model supported by long-term Master Service Agreements (MSAs) with blue-chip utility customers [2][3] - The company focuses on modernization, maintenance, and expansion of electric and natural gas distribution and transmission networks, with over 80% of revenue coming from long-term, high-visibility MSA relationships, resulting in stable cash flows and low project risk [3] - Centuri has historically achieved an 8.5% organic revenue CAGR through 2024, driven by factors such as aging infrastructure, increased utility capital expenditures, and additional demand from data center projects and storm restoration work [3] Group 2 - Following challenges post-IPO, including a CEO resignation, Chris Brown was appointed as CEO in December 2024, leading to accelerated growth initiatives and an expanded sales pipeline exceeding $12 billion [4] - Under new leadership, the company is transitioning from a maintenance-focused operation to a growth-oriented service provider, with significant bookings and a record backlog of $4.5 billion [4] - CTRI trades at approximately 10.5x 2025e EBITDA, which is a discount compared to peers, despite its lower risk profile and recurring revenue base, with expectations of reaching $300 million EBITDA in 2026, indicating nearly 50% upside from current prices [5] Group 3 - Key catalysts for CTRI include upcoming 2Q earnings, potential investor day guidance, and 2026 consensus-beating guidance, which could further enhance its growth outlook [6] - The company combines a resilient, recurring revenue model with strong growth potential under transformative leadership, making it an attractive opportunity in the utility services sector [6]

Group 1 - Centuri Holdings Inc. has announced customer awards totaling over $300 million, building on a previous $550 million in awards, indicating strong demand for its energy solutions [1][2] - The recent awards reflect a strategic focus on capturing end-market opportunities and delivering profitable growth, as stated by the company's President and CEO [2] - The awarded contracts include work to support data centers in Pennsylvania, a renewal with a utility customer in the Northeast, and new contracts for gas and electric utilities in the Midwest and Southeast [3] Group 2 - Centuri Holdings Inc. operates as a utility infrastructure services firm, providing essential services for building and maintaining energy networks in the U.S. and Canada [4]

Group 1 - Centuri Holdings (CTRI) is currently outperforming its peers in the Utilities sector, with a year-to-date return of approximately 12.3% compared to the sector average of 10.4% [4] - The Zacks Rank for Centuri Holdings is 2 (Buy), indicating a favorable outlook based on earnings estimate revisions and improving earnings outlooks [3] - The Zacks Consensus Estimate for CTRI's full-year earnings has increased by 11.1% over the past three months, reflecting positive analyst sentiment [4] Group 2 - Centuri Holdings is part of the Utility - Electric Power industry, which consists of 59 companies and currently ranks 87 in the Zacks Industry Rank, with an average gain of 9.5% this year [6] - Another outperforming stock in the Utilities sector is Consolidated Water (CWCO), which has seen a year-to-date increase of 29.5% and has a Zacks Rank of 2 (Buy) [5] - The Utility - Water Supply industry, where Consolidated Water belongs, has 11 stocks and is ranked 23, with an industry gain of 18.1% since the beginning of the year [7]

Core Viewpoint - Southwest Gas Holdings has successfully completed the public offering of Centuri Holdings, selling 27,362,210 shares at $19.60 per share, resulting in net proceeds of approximately $525 million, and has exited its investment in Centuri [1][2][3]. Group 1: Financial Impact - The company received net proceeds of approximately $525 million from the offering after deducting underwriter's discounts and commissions [2]. - Following the offering, Southwest Gas Holdings has no remaining shares of Centuri's common stock [2]. Group 2: Strategic Transformation - The exit from Centuri positions Southwest Gas Holdings as a fully regulated natural gas company, enhancing transparency and aligning with long-term value creation in the utility sector [3]. - The company has fully repaid all holding company debt, including a term loan, and has about $600 million in cash on hand, providing significant financial flexibility for future capital investments [3]. Group 3: Future Plans - The resources from the offering are expected to primarily support future capital investments at Southwest Gas Corporation, including a potential expansion of Great Basin Gas Transmission Company in 2028 [3].

Group 1 - Carl Icahn's equity book is valued at $7.89 billion, with top 10 holdings comprising 98.76% of assets as of June 30, 2025 [1] - Centuri Holdings Inc (CTRI) saw a significant increase in Icahn's stake by 157.55% to 6.4 million shares, valued at approximately $144 million, representing 1.82% of the portfolio [2] - Icahn has completely exited his position in Dana Inc (DAN) and sold off his stake in Illumina Inc (ILMN), indicating a strategic shift in his investment approach [2][3] Group 2 - The second-quarter changes reflect a focus on steady infrastructure and utility-linked earnings while maintaining positions in consumer and healthcare sectors [3] - International Flavors & Fragrances Inc (IFF) remains unchanged with 3.75 million shares valued at $276 million, indicating confidence in its turnaround potential [5] - Bausch Health Companies Inc (BHC) holds 34.7 million shares worth $231 million, representing a long-term bet on healthcare recovery [5]

Financial Data and Key Metrics Changes - Consolidated revenues for Q2 2025 totaled $724.1 million, a 7.7% increase from the prior year [19] - Consolidated gross profit was $67.8 million, which is 12.1% higher than the previous year, with a gross profit margin of 9.4% [19][20] - Net income attributable to common stock was $8.1 million or $0.09 per share, compared to $11.7 million or $0.14 per share in the same period last year [20] - Adjusted EBITDA for Q2 was $71.8 million, approximately 5% higher than the prior year [20] Business Segment Data and Key Metrics Changes - U.S. Gas segment revenue was $338.8 million, flat compared to the prior year, with a gross profit margin of 7.8%, up from 7.4% [21] - Canadian Gas segment revenues increased by 18.1% to $55.1 million, with a segment margin of 17.2%, improved by 210 basis points [22] - Union Electric revenue was $182.2 million, an 11% year-over-year improvement, with core operations growing by 26.4% [23] - Nonunion Electric segment revenue increased by 24.4% to $149.9 million, with a gross profit margin of 11% [25] Market Data and Key Metrics Changes - The company reported strong bookings performance with $3 billion in total bookings through the first half of the year, achieving a book-to-bill ratio of 2.3 times [7] - The near-term addressable market of differentiated opportunities has increased to nearly $14 billion, with approximately 20% related to distributed power and data centers [8][56] Company Strategy and Development Direction - The company is focused on improving capital efficiency and fleet management, with a new senior vice president hired to drive these initiatives [14] - The "One Century" approach aims to enhance customer engagement and align resources to capture a larger share of existing customer relationships [9] - The company anticipates a moderate booking trend for the remainder of 2025, while positioning for 2026 opportunities [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving improved margins in the second half of 2025, supported by a stronger backlog and better resource utilization [37][39] - The overall market environment is described as favorable, with customers increasing capital budgets and focusing on quality resource delivery [51] - The company has increased its full-year revenue guidance to between $2.7 billion and $2.85 billion, reflecting strong bookings [28] Other Important Information - The company initiated a refinancing of its debt arrangements, extending the maturity of its revolver to 2030 and increasing the facility size to $450 million [27] - Free cash flow improved significantly, and the company ended the quarter with $28.3 million in cash and cash equivalents [26] Q&A Session Summary Question: What are the margins embedded in the new backlog? - Management indicated that the backlog has higher margins than those delivered in the first half of the year, with expectations for improved margins across all businesses in the second half [35][37] Question: How much hiring is needed for upcoming projects? - Management stated that current resources are sufficient for the next 3 to 12 months, but strategic planning for future talent acquisition will be necessary [42][44] Question: What is the timeline for achieving targeted fleet management balance? - Significant progress has been made, with expectations for continued improvements in capital efficiency and fleet utilization [47][49] Question: How is the $14 billion pipeline split between MSAs and bid work? - Approximately two-thirds of the pipeline consists of new project work, while one-third is near-term MSA renewals [55][56] Question: What is the expected cadence for revenue growth in the back half of the year? - Management acknowledged headwinds from last year's storm revenues but expects improved performance in core business to offset these challenges [75][76]

分组1 - Centuri Holdings reported quarterly earnings of $0.19 per share, missing the Zacks Consensus Estimate of $0.21 per share, and showing a decrease from $0.20 per share a year ago, resulting in an earnings surprise of -9.52% [1] - The company posted revenues of $724.05 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 6.66%, and an increase from $672.08 million year-over-year [2] - Centuri has outperformed the market with a 13.2% increase in shares since the beginning of the year, compared to the S&P 500's gain of 7.1% [3] 分组2 - The current consensus EPS estimate for the coming quarter is $0.27 on revenues of $752.75 million, and for the current fiscal year, it is $0.60 on revenues of $2.71 billion [7] - The Zacks Industry Rank for Utility - Electric Power is in the top 35% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

Financial Performance - Centuri's Q2 2025 revenue reached $724.1 million [23], compared to $672.1 million in Q2 2024 [30], representing an increase of approximately $52 million [38] - The adjusted EBITDA for Q2 2025 was $71.8 million [30], compared to $68.6 million in Q2 2024 [30] - The adjusted EBITDA margin was 9.9% [23] for Q2 2025 - The company is raising its revenue guidance for FY 2025 to $2.7 billion - $2.85 billion [46] from a previous range of $2.6 billion - $2.8 billion [47] - FY 2025 Adjusted EBITDA is projected to be between $250 million and $270 million [46] Commercial Achievements - Total bookings for the quarter amounted to $1.8 billion [3] - New awards totaled $619 million [26], including $244 million in new MSAs [27] - MSA renewals reached $1.2 billion [25, 27] - The book-to-bill ratio is 2.3x [25] for the six-month period ended June 29, 2025 [29] Segment Performance - Non-Union Electric revenues increased by 24% year-over-year [24], with core electric revenues up by 51% [24] - Union Electric revenues increased by 11% year-over-year [24], with core electric revenues up by 26% [24] - Canadian Gas revenue increased by 18% year-over-year [24], and segment gross margins increased by 210 bps [24]

Executive Summary & Outlook This section summarizes Centuri's Q2 2025 financial highlights, management's strategic commentary, and the updated full-year 2025 outlook [Second Quarter 2025 Financial and Other Business Highlights](index=1&type=section&id=Second%20Quarter%202025%20Financial%20and%20Other%20Business%20Highlights) Centuri reported solid Q2 2025 performance with revenue growth, strong electric operations, significant new awards, and increased full-year guidance - Centuri's Q2 2025 performance showed **solid execution** across all business segments, with electric operations being **particularly strong**, and meaningful progress made in its U.S. Gas segment through margin-enhancing initiatives[3](index=3&type=chunk) - Strong commercial momentum led to approximately **$1.8 billion** in new awards during the quarter and a nearly **$14 billion** sales pipeline, positioning the company for maximized revenue potential and strategic expansion[3](index=3&type=chunk) Q2 2025 Key Financial Highlights (YoY) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | Change ($M) | Change (%) | | :--------------------------------- | :-------- | :-------- | :--------- | :--------- | | Revenue | $724.1 | $672.1 | $52.0 | 7.7% | | Net Income Attributable to Common Stock | $8.1 | $11.7 | ($3.6) | -30.8% | | Diluted EPS | $0.09 | $0.14 | ($0.05) | -35.7% | | Adjusted Net Income | $16.9 | $17.0 | ($0.1) | -0.6% | | Adjusted Diluted EPS | $0.19 | $0.20 | ($0.01) | -5.0% | | Adjusted EBITDA | $71.8 | $68.6 | $3.2 | 4.7% | - The company achieved a book-to-bill ratio of **2.3x** in the first half of 2025, including a new bookings record of approximately **$1.8 billion** in Q2, contributing to a cumulative **$3.0 billion** in awards for the first half of the year[4](index=4&type=chunk) [Management Commentary](index=2&type=section&id=Management%20Commentary) Management highlighted Q2 2025 financial improvements from strong revenue growth, improved segment profit, substantial bookings, and debt refinancing - Q2 2025 revenue increased by **$52.0 million (7.7%)** and Adjusted EBITDA improved by **$3.2 million (4.7%)** year-over-year, reflecting growth across Canadian Gas, Non-Union Electric, and Union Electric segments, and improved profit across all four reportable segments[5](index=5&type=chunk) - Core Union Electric revenue grew by **$33.4 million (26.4%)** and Non-Union Electric by **$46.1 million (51.1%)** year-over-year, driven by robust bid project activity in industrial and electrical substation infrastructure, and increasing crew counts and work hours under MSAs, respectively[5](index=5&type=chunk) - Centuri booked approximately **$1.8 billion** in Q2 2025, comprising over **$600 million** in new customer contracts and MSAs (**34%**) and nearly **$1.2 billion** in MSA renewals (**66%**), leading to a **2.3x** book-to-bill ratio in H1 2025 and an increase in backlog to **$5.3 billion**[6](index=6&type=chunk) - Subsequent to Q2-end, Centuri refinanced existing debt, extending the revolver maturity to July 9, 2030, increasing its size to **$450 million**, and extending Term Loan B maturity to 2032 at improved interest rates, enhancing financial flexibility[7](index=7&type=chunk) [Full Year 2025 Outlook](index=2&type=section&id=Full%20Year%202025%20Outlook) Centuri updated its full-year 2025 outlook, increasing revenue guidance and narrowing the Adjusted EBITDA outlook, while also increasing projected net capital expenditures Full Year 2025 Outlook Updates | Metric | Previous Outlook | Updated Outlook | Change | | :-------------------------- | :----------------- | :---------------- | :----- | | Revenue | $2.60 to $2.80 billion | $2.70 to $2.85 billion | Increased | | Adjusted EBITDA | $240 to $275 million | $250 to $270 million | Narrowed | | Net Capital Expenditures | $65 to $80 million | $75 to $90 million | Increased | Segment Performance This section details Centuri's financial performance across its U.S. Gas, Canadian Gas, Union Electric, and Non-Union Electric segments for Q2 and H1 2025 [Q2 2025 Segment Results](index=3&type=section&id=Q2%202025%20Segment%20Results) In Q2 2025, Centuri's consolidated revenue increased by **7.7%** year-over-year, driven primarily by strong growth in the Non-Union Electric and Union Electric segments, with consolidated gross profit also seeing a significant increase of **12.1%** Q2 2025 Segment Revenue (YoY) | Segment | Q2 2025 Revenue ($K) | Q2 2024 Revenue ($K) | Change ($K) | Change (%) | | :---------------- | :------------------- | :------------------- | :---------- | :--------- | | U.S. Gas | 336,834 | 340,686 | (3,852) | (1.1%) | | Canadian Gas | 55,111 | 46,666 | 8,445 | 18.1% | | Union Electric | 182,239 | 164,211 | 18,028 | 11.0% | | Non-Union Electric | 149,868 | 120,512 | 29,356 | 24.4% | | **Consolidated** | **724,052** | **672,075** | **51,977** | **7.7%** | Q2 2025 Segment Gross Profit (YoY) | Segment | Q2 2025 Gross Profit ($K) | Q2 2024 Gross Profit ($K) | Change ($K) | Change (%) | | :---------------- | :------------------------ | :------------------------ | :---------- | :--------- | | U.S. Gas | 26,424 | 25,156 | 1,268 | 5.0% | | Canadian Gas | 9,485 | 7,032 | 2,453 | 34.9% | | Union Electric | 15,355 | 12,079 | 3,276 | 27.1% | | Non-Union Electric | 16,537 | 16,237 | 300 | 1.8% | | **Consolidated** | **67,801** | **60,504** | **7,297** | **12.1%** | [H1 2025 Segment Results](index=3&type=section&id=H1%202025%20Segment%20Results) For the first six months of 2025, Centuri's consolidated revenue increased by **6.2%** year-over-year, primarily driven by substantial growth in the Non-Union Electric and Union Electric segments, with consolidated gross profit seeing an even stronger increase of **19.4%**, despite a decline in U.S. Gas gross profit H1 2025 Segment Revenue (YoY) | Segment | H1 2025 Revenue ($K) | H1 2024 Revenue ($K) | Change ($K) | Change (%) | | :---------------- | :------------------- | :------------------- | :---------- | :--------- | | U.S. Gas | 534,528 | 567,264 | (32,736) | (5.8%) | | Canadian Gas | 94,895 | 87,645 | 7,250 | 8.3% | | Union Electric | 357,707 | 328,062 | 29,645 | 9.0% | | Non-Union Electric | 287,003 | 217,127 | 69,876 | 32.2% | | **Consolidated** | **1,274,133** | **1,200,098** | **74,035** | **6.2%** | H1 2025 Segment Gross Profit (YoY) | Segment | H1 2025 Gross Profit ($K) | H1 2024 Gross Profit ($K) | Change ($K) | Change (%) | | :---------------- | :------------------------ | :------------------------ | :---------- | :--------- | | U.S. Gas | 11,568 | 21,180 | (9,612) | (45.4%) | | Canadian Gas | 16,564 | 10,118 | 6,446 | 63.7% | | Union Electric | 27,168 | 23,448 | 3,720 | 15.9% | | Non-Union Electric | 32,829 | 19,037 | 13,792 | 72.4% | | **Consolidated** | **88,129** | **73,783** | **14,346** | **19.4%** | Financial Position & Capital Structure This section outlines Centuri's commercial momentum through bookings and backlog, alongside its debt structure and efforts to enhance financial flexibility [Bookings, Backlog, and Sales Pipeline](index=2&type=section&id=Bookings,%20Backlog,%20and%20Sales%20Pipeline) Centuri achieved record bookings in Q2 2025, contributing to a strong book-to-bill ratio for the first half of the year and a significant increase in backlog, indicating robust future revenue potential - Centuri booked approximately **$1