Primoris Services (PRIM) The 38th Annual Roth Conference summary

Renewables and battery storage outlook

• 2026 revenue expected to be flat or slightly down compared to 2025, following a significant pull-forward of projects into 2025, including $500 million of accelerated work.

• Bookings are strong, with many contracts expected to be signed in the latter half of the year; backlog only counted upon contract signing.

• No significant project cancellations or suspensions due to Section 48E ITC tax equity challenges; some delays from LNTP to NTP may occur but are not expected to impact long-term demand.

• Completed roughly 4 GW of solar EPC and 2 GWh of batteries in 2025, with similar solar volume in 2024 but much lower battery storage.

• Battery storage projects ramped up from one in 2024 to eight in 2025, with standalone storage accounting for 30% of execution and further growth expected.

Technology, supply chain, and manufacturing

• Top tracker suppliers include Nextracker, Array, and GameChange, with additional AVL options like PVHardware and Nevados.

• Developed an in-house eBOS system, supplying both internal projects and third-party EPCs; external sales now represent 30%-45% of output.

• Manufacturing capacity at Crossett facility is 1.5 GW, with a $30 million investment to add 4.5 GW in Dallas-Fort Worth, coming online in Q4 2026 and 2027.

Strategic priorities and business mix

• Renewables contribute about 40% of total revenue, with T&D at 25%, natural gas generation at $480 million, communications at $400 million, gas utility at $1 billion, and midstream/heavy civil at $900 million.

• Strategic focus on enhancing execution, estimating, project controls, and change management to drive predictable margins and growth.

• Natural gas generation and pipeline businesses are margin-accretive, with a $6 billion opportunity funnel and $1.5-$2 billion in bookings expected in the first half of the year.

• Margin profiles: natural gas generation and pipeline bid margins are typically 10%-12%, with potential upside from strong execution.