Quanta Services (PWR) investor relations material

Strategic positioning and market leadership

• Leading provider of integrated infrastructure solutions with North America's largest craft-skilled labor force and strategic supply chain capabilities.

• Maintains a strong track record of operational excellence, accretive capital deployment, and consistent profitable growth.

• Positioned at the center of a growing total addressable market (TAM) across utility, power generation, and technology sectors.

• Differentiated self-perform model delivers labor, cost, and schedule certainty at scale.

• Growth strategy focuses on programmatic customer partnerships and repeatable revenue streams.

Financial performance and growth

• Achieved a 25% adjusted EPS CAGR, 19% adjusted EBITDA CAGR, and 14% revenue CAGR from 2015-2025.

• 2025 consolidated revenues reached $28.5B, with 81% from electric infrastructure and 19% from underground utility solutions.

• Total backlog at 1Q26 was $48.5B, reflecting strong demand and visibility.

• Maintains an investment-grade balance sheet with ~$2.8B liquidity as of March 31, 2026.

• Free cash flow conversion expected to reach 55-60% by 2030, supporting ongoing capital deployment.

Market opportunities and TAM expansion

• Addresses a $2.4T converging TAM opportunity from 2026-2030, with significant growth in utility, generation, and large load sectors.

• Utility and grid modernization represent a ~$1.5T TAM through 2030, driven by aging infrastructure and electrification.

• Large-load facilities, including data centers and advanced manufacturing, represent an $885B TAM for 2026-2030.

• Electric grid & gas utility markets account for ~50% of 2025 revenue, with 10-20% growth expected in 2026.

• Technology and load centers expected to see 100-120% revenue growth in 2026.