Financial Data and Key Metrics Changes - Consolidated revenues for Q1 2025 totaled $550.1 million, a 4.2% increase from Q1 2024 [22] - Consolidated gross profit was $20.3 million, reflecting a 53.1% increase year-over-year, with a gross profit margin of 3.7% compared to 2.5% in Q1 2024 [22] - Net loss attributable to common stock was $17.9 million, or a diluted loss per share of $0.20, improved from a net loss of $25.1 million or $0.35 per share in the same period last year [23] - Adjusted EBITDA for Q1 2025 was $24.2 million, approximately 20% higher than the prior year [23] Business Line Data and Key Metrics Changes - U.S. Gas segment revenue totaled $197.7 million, a year-over-year decrease of 12.7%, with a gross profit margin declining to -7.5% from -1.8% [24][25] - Canadian Gas segment revenue was $39.8 million, down 2.9% year-over-year, but the segment margin improved to 17.8% from 7.5% [26] - Union Electric segment revenue increased by 7.1% year-over-year to $175.5 million, with core Union Electric segment growth of 32.7% [26] - Nonunion Electric segment revenue rose by 41.9% to $137.1 million, with gross profit margin increasing to 11.9% from 2.9% [27] Market Data and Key Metrics Changes - The U.S. Gas segment faced adverse weather conditions early in the year but showed improvement in March [20] - The nonunion electrical segment benefited from strong market trends in the Sunbelt and Southeast regions [21] Company Strategy and Development Direction - The company is focused on implementing a unified business development strategy aimed at high growth pipeline development and securing new awards [12][14] - The sales pipeline is approaching $12 billion in revenue opportunities, with a record booking quarter of $1.2 billion in Q1 2025 [15] - The company aims to enhance capital efficiency and reduce working capital levels to improve free cash flow [29] Management's Comments on Operating Environment and Future Outlook - Management does not anticipate significant impacts from the global trade war or tariffs in 2025, citing a resilient business model [8][30] - The outlook for full-year 2025 remains unchanged, with expectations to deliver between $2.6 billion and $2.8 billion in revenues [29][30] - Management expressed confidence in maintaining a positive trajectory across segments and delivering strong growth in upcoming quarters [22] Other Important Information - The company has made significant progress in enhancing its pipeline management and sales strategies [31] - The first quarter is typically the slowest period due to seasonal winter weather, but the company expects to see improved performance in subsequent quarters [22] Q&A Session Summary Question: Can you discuss the trajectory for 2025 despite the weaker Q1 in U.S. Gas? - Management noted that the gas business faced weather-related challenges in January and February but recovered in March and April, with expectations to meet budgeted performance for the year [35][36] Question: What were the key findings of the strategic review? - Key findings included the need for a fully integrated sales pipeline, improved cross-selling capabilities, a cultural shift towards identifying more work for customers, and aligning KPIs with growth and profitability [38][39][40][41] Question: How does the U.S. Gas segment's loss compare to expectations? - Management acknowledged that weather impacts profitability, but efforts are being made to migrate the business to regions less affected by adverse weather [45][46] Question: What is the visibility on bookings moving forward? - Management indicated strong visibility on bookings for Q2 and expects to achieve the 1.1 times book-to-bill target for the full year [48][49] Question: Can you clarify guidance on adjusted EBITDA? - Management confirmed that while they are cautious, the strong bookings and backlog are pushing towards the upper end of revenue guidance, with no expected margin erosion [54][56] Question: What is the risk profile of new MSAs? - Management stated that the new work aligns with existing services and does not change the risk profile, focusing on maintaining the same type of contracts with established customers [58][60] Question: What is the outlook for margins based on the strategic review? - Management indicated that no radical changes are needed to achieve full-year EBITDA margin guidance, as the backlog and expected bookings are on track [65][66]

Table of Contents As filed with the Securities and Exchange Commission on April 8, 2024 Registration No. 333-278178 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Centuri Holdings, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 1623 93-1817741 (Primary Standard Industrial Classification Code Number) 19820 North 7th A ...