Granite Construction (GVA) Investor presentation summary

Company overview and strategy

• Founded in 1922, headquartered in Watsonville, CA, and publicly traded since 1990 on NYSE; one of the largest diversified, vertically integrated civil contractors and materials producers in the U.S.

• Operates with a geographically diverse client base across public and private sectors, focusing on infrastructure solutions in construction and materials.

• Employs a home market strategy, emphasizing client-centric focus, community engagement, and market intelligence to create competitive advantages.

• Vertical integration enables control over aggregate and asphalt production, maximizing productivity, quality, and cost efficiency.

• Investment framework supports long-term growth through strengthening home markets, bolt-on acquisitions, automation, and expansion into new geographies.

Market presence and operations

• Serves a wide range of markets including highways, bridges, federal, rail, renewables, mining, water, wastewater, commercial, and tunneling.

• Operations span across the U.S., with significant materials production and distribution capabilities in aggregate and asphalt.

• Recent acquisition of Kenny Seng Construction in Utah enhances vertical integration and is immediately accretive to EBITDA margin.

• Federal, state, local, and private markets continue to drive growth in committed and awarded projects (CAP), with a record $7.2B CAP in Q1 2026.

• Federal business expected to contribute over 15% of construction segment revenue, with strong state funding and private market opportunities.

Financial performance and segment results

• Q1 2026 total revenue was $912M, up 30% year-over-year, with construction revenue at $766M and materials revenue at $146M.

• Adjusted EBITDA for Q1 2026 was $58M (6.3% margin), up 230 basis points year-over-year.

• Materials segment saw significant growth: aggregate sales volume up 39.6% and asphalt up 41.5% year-over-year in Q1 2026.

• Average selling prices increased for both aggregates (25.6%) and asphalt (2.7%) in Q1 2026.

• Gross profit and cash gross profit margins improved across both product lines, supported by higher prices and volumes.