Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 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: 1-12911 GRANITE CONSTRUCTION INCORPORATED State of Incorporation: I.R.S. Employer Identification Numb ...

Financial Data and Key Metrics Changes - In Q2 2025, revenue increased by $43 million or 4%, gross profit increased by $34 million or 21%, adjusted net income improved by $9 million or 12%, and adjusted EBITDA improved by $22 million or 17% [22][27] - Year-to-date operating cash flow reached $5 million, aligning with the 2025 target [22][26] Business Line Data and Key Metrics Changes - In the construction segment, revenue increased by $19 million or 2% year-over-year to $937 million, driven by acquisitions and a strong backlog [22][19] - The construction segment's gross profit improved by $18 million to $154 million, with a gross profit margin of 16%, reflecting a 170 basis point increase due to improved execution [23] - In the materials segment, aggregate volumes increased by 11% for the quarter and 13% year-to-date, leading to improved cash gross profit margins [25][24] Market Data and Key Metrics Changes - The public market environment continues to drive growth, with strong transportation funding in California increasing budgeted allocations by 9% over the previous fiscal year [19][20] - The Southeast market is experiencing growth due to increased public funding and private investment, particularly in infrastructure [12][13] Company Strategy and Development Direction - The company is focused on raising construction margins and driving organic growth through strategic acquisitions, particularly in materials [6][7] - The recent acquisitions of Warm Paving and Pabich Construction are expected to enhance the company's vertical integration and expand its geographic reach [10][16] - The company aims to maintain a disciplined approach to M&A, targeting materials-focused companies to support its strategic plan [8][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong performance for the second half of the year, anticipating revenue growth acceleration as projects progress [20][36] - The company expects to achieve gross margin expansion of greater than 1% during 2025, supported by improved project performance [20][28] Other Important Information - The company amended its credit facility to support future M&A opportunities, with total debt outstanding approximately $1.35 billion [26][27] - Revised revenue guidance for 2025 is now between $4.35 billion and $4.55 billion, reflecting contributions from recent acquisitions [27][28] Q&A Session Summary Question: Comments on construction segment growth and project pace - Management noted that revenue growth is tied to project starts and finishes, with expectations for acceleration in the second half of the year due to a record backlog [36] Question: Insights on materials profit margin expansion - Management highlighted volume improvements in both asphalt and aggregate, with expectations for continued margin expansion [38][39] Question: Details on Pabich Construction's strengths - Pabich is primarily a public works contractor, complementing the company's existing footprint in California and expected to enhance overall business performance [42][44] Question: Comparison of cap trends between regions - Management indicated that the record cap is consistent across the entire footprint, with strong market support from federal funding [47][49] Question: Quality of assets from Warren Paving acquisition - Warren Paving is a high-performing business with a strong materials focus, expected to provide significant opportunities for growth in the Southeast [53][56] Question: Clarification on 2027 targets and acquisition impacts - Management confirmed that 2027 targets include organic growth expectations and potential contributions from future acquisitions, with a focus on maintaining a strong balance sheet [59][61]

Acquisitions and Financial Performance - Granite acquired Warren Paving and Papich Construction for a combined $710 million[8] - The acquisitions are expected to contribute approximately $425 million in annual revenue with an Adjusted EBITDA margin of approximately 18%[8] - Granite's Materials segment aggregate sales volumes are expected to increase approximately 27% annually due to the acquisitions[8] - Granite's aggregates reserves and resources are expected to increase by approximately 30% due to the acquisitions[8] - Q2 2025 total revenue was $1,126 million, an increase of $43 million year-over-year[34] - Adjusted EBITDA for Q2 2025 was $152 million, with an Adjusted EBITDA margin of 135%, representing a 150 basis points increase year-over-year[34] Market and Operational Highlights - Warren Paving has estimated aggregates reserves and resources of over 400 million tons[11, 14] - Papich Construction has estimated aggregates reserves and resources of over 40 million tons[21] - Mississippi and Louisiana are expected to receive a combined $30 billion in data center investments[19] Guidance and Targets - The company updated its 2025 revenue guidance to $435 billion - $455 billion[40] - The company is targeting a 65%-85% free cash flow margin in 2027[40]

Exhibit 99.1 Granite Reports Second Quarter 2025 Results WATSONVILLE, Calif. - Granite Construction Incorporated (NYSE: GVA) today announced results for the quarter ended June 30, 2025. Second Quarter 2025 Results Net income attributable to Granite totaled $72 million, or $1.42 per diluted share, compared to net income attributable to Granite of $37 million, or $0.76 per diluted share, for the same period in the prior year. Adjusted net income attributable to Granite (2) totaled $86 million, or $1.93 per di ...

Group 1 - Granite Construction operates in the construction industry, providing infrastructure solutions for both public and private clients [1] - The company has shown impressive performance and continues to attract attention in the market [1] Group 2 - Crude Value Insights focuses on the oil and natural gas sector, emphasizing cash flow and the potential for value and growth [1] - Subscribers benefit from a stock model account, detailed cash flow analyses of exploration and production firms, and live discussions about the sector [2]

Company Overview - Fluor (FLR) is a notable stock in the Construction sector, which consists of 88 individual stocks and currently holds a Zacks Sector Rank of 14 out of 16 groups [2] - Fluor has a Zacks Rank of 1 (Strong Buy), indicating a positive earnings outlook based on earnings estimates and revisions [3] Performance Analysis - The Zacks Consensus Estimate for Fluor's full-year earnings has increased by 0.4% over the past quarter, reflecting improved analyst sentiment [4] - Year-to-date, Fluor has returned approximately 4.2%, outperforming the average loss of 1.7% in the Construction sector [4] - In comparison, Granite Construction (GVA) has also returned 4.2% this year, with an 8.2% increase in the consensus EPS estimate over the past three months, and holds a Zacks Rank of 2 (Buy) [5] Industry Context - Fluor is part of the Engineering - R and D Services industry, which includes 17 companies and is currently ranked 74 in the Zacks Industry Rank, with an average gain of 8.5% this year, indicating that Fluor is slightly underperforming its industry [6] - Granite Construction belongs to the Building Products - Heavy Construction industry, which is ranked 3 and has seen an increase of 11.8% this year [7]

Core Insights - Tutor Perini Corporation (TPC) and Granite Construction Incorporated (GVA) are benefiting from a strong cycle of infrastructure investment, particularly in large-scale civil and transportation contracts [1][2] Company Overview - Both companies specialize in large-scale public infrastructure projects, including highways, bridges, and rail systems, often supported by state and federal funding [2] - Their operations align closely with national infrastructure initiatives, positioning them as key players in upcoming federally funded projects [2] Current Market Environment - Infrastructure spending remains robust, with public funding supporting long-term project pipelines, prompting both companies to focus on expanding backlog, winning contracts, and improving execution efficiency [3] - Strong demand is anticipated from both public and private markets, making operational scaling and project visibility central to their strategies [3] Tutor Perini Corporation (TPC) - TPC is leveraging the surge in infrastructure spending to enhance its backlog and diversify its exposure to large-scale projects across various sectors [5] - In Q1 2025, TPC secured approximately $2 billion in new awards, increasing its backlog to a record $19.4 billion, nearly doubling from the previous year [6] - The company raised its 2025 earnings guidance, indicating strong performance and a favorable project environment [7] - TPC's projected EPS for 2025 suggests a significant year-over-year increase of 155.9% [17] Granite Construction Incorporated (GVA) - GVA is experiencing momentum in both public and private markets, with a disciplined focus on core markets and risk-managed project selection [8] - In Q1 2025, GVA's Committed and Awarded Projects (CAP) reached a record $5.7 billion, reflecting a 7.5% sequential increase and a 3.6% year-over-year rise [9] - GVA expects to maintain its growth trajectory, with projected revenues of $4.2-$4.4 billion and adjusted EBITDA margins of 11-12% for 2025 [11] Stock Performance and Valuation - TPC's stock has surged 82.3% over the past three months, outperforming the industry average of 30.1%, while GVA shares have risen 21% [12] - TPC is trading at a premium compared to GVA based on the forward 12-month price-to-earnings (P/E) ratio [13] Final Assessment - Both companies are well-positioned to benefit from strong infrastructure spending and multi-year project pipelines [20] - TPC stands out with a record backlog, stronger earnings growth outlook, and rising momentum in civil and commercial markets [21] - GVA, while maintaining steady growth, is viewed as less compelling in the near term due to its more measured pace and valuation [22]

Group 1 - Dream Finders Homes Inc. (DFH) has outperformed the Construction sector with a year-to-date gain of approximately 5.4%, while the sector has returned an average of -2.1% [4] - DFH currently holds a Zacks Rank of 2 (Buy), indicating a positive earnings outlook and strong analyst sentiment, with the consensus estimate for full-year earnings moving 2.9% higher in the past quarter [3][4] - The company is part of the Building Products - Home Builders industry, which has seen an average loss of 12% this year, further highlighting DFH's relative strength [6] Group 2 - Granite Construction (GVA) is another stock in the Construction sector that has outperformed, with a year-to-date increase of 2.5% and a Zacks Rank of 2 (Buy) [5] - The Building Products - Heavy Construction industry, to which Granite Construction belongs, is currently ranked 3 and has gained 3.7% this year [6] - Investors are encouraged to monitor both Dream Finders Homes Inc. and Granite Construction for potential continued strong performance in the Construction sector [7]

Granite Construction Incorporated (GVA) stock’s performance has been impressive in the past year, with a 41.4% rise compared with the Zacks Building Products - Heavy Construction industry’s 16.8% growth. Meanwhile, the Zacks Construction sector declined 3.4%, while the overall market, represented by the Zacks S&P 500 composite, has risen 9.3%.This Watsonville, CA-based infrastructure contractor expects strong opportunities across both public and private markets to support its growth in the upcoming period. ...

Granite Construction Incorporated (GVA) secured an approximately $26-million contract from San Francisco International Airport (“SFO”). The project involves upgrades to Taxiway Z and a section of Taxiway S. Funding for the project will be provided by SFO and included in the company’s second-quarter CAP.The work is expected to improve the condition of key taxiways used for aircraft movement between terminals, maintenance and cargo areas. The project aims to support ongoing airport operations by enhancing tax ...