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Here are a few analogies to describe MYR Group (MYRG):

• Imagine a Lockheed Martin for the power grid, building and maintaining critical electrical infrastructure instead of defense systems.
• Like a specialized Fluor, focusing primarily on large-scale electrical construction for utilities and industrial clients.
• The equivalent of a heavy civil contractor like Skanska, but dedicated to electrical infrastructure and utility-scale projects.

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• Electrical Transmission Services: Construction and maintenance of high-voltage electrical transmission lines and related infrastructure.
• Electrical Distribution Services: Construction, upgrade, and maintenance of local electrical distribution networks and utility infrastructure.
• Substation Construction: Building and upgrading electrical substations, which are critical components for power grid stability and voltage transformation.
• Commercial & Industrial Electrical Construction: Providing comprehensive electrical construction services for commercial, industrial, data center, and renewable energy facilities.

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MYR Group Inc. (MYRG) primarily operates as a business-to-business (B2B) company, providing electrical construction services to other companies and governmental entities.

According to its most recent SEC filings (10-K), MYR Group Inc. serves a diverse customer base. For the years ended December 31, 2023, 2022, and 2021, its largest customer accounted for approximately 7%, 8%, and 10% of its consolidated revenues, respectively. Due to this diversification and the fact that no single customer consistently accounts for 10% or more of its revenue, MYR Group Inc. does not publicly disclose the names of specific major customer companies.

However, MYRG identifies the following categories of organizations as its primary customers, which collectively represent its major customer base:

• Electric Utilities: This category includes large investor-owned utilities, cooperatives, and municipalities that own and operate electric transmission and distribution infrastructure. MYRG provides services for building, upgrading, and maintaining these critical systems. Examples of public companies in this sector that MYRG could serve include:
  • Southern Company (SO)
  • NextEra Energy, Inc. (NEE)
  • Duke Energy Corporation (DUK)
• Renewable Energy Developers: MYRG works with companies developing large-scale solar, wind, and battery storage projects. They provide services for the electrical infrastructure required for these projects, including substations and transmission lines. Examples of public companies or significant players in this sector that MYRG could serve include:
  • NextEra Energy Resources (a subsidiary of NextEra Energy, Inc. NEE)
  • AES Corporation (AES)
• Commercial and Industrial (C&I) Clients: This segment includes a wide range of large businesses, such as manufacturing plants, data centers, and other industrial facilities that require complex electrical infrastructure and maintenance. Specific public company names are not disclosed, but these clients represent significant industrial players.
• Governmental Entities and Independent Power Producers (IPPs): MYRG also serves various federal, state, and local government agencies for infrastructure projects, as well as IPPs that own and operate power generation facilities. Examples of public IPPs that MYRG could serve include:
  • NRG Energy, Inc. (NRG)
  • Vistra Corp. (VST)

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Richard S. Swartz, Jr. President and Chief Executive Officer

Appointed President and Chief Executive Officer on January 1, 2017, Mr. Swartz brings over 40 years of experience in the electrical construction industry. He began his career in field operations with Sturgeon Electric, a MYR Group subsidiary. Prior to his CEO appointment, he served for seven years as the company's executive vice president and chief operating officer, guiding the strategic and operational leadership of the Transmission & Distribution (T&D) and Commercial & Industrial (C&I) divisions. Mr. Swartz held various senior management positions within MYR Group, including Vice President of Sturgeon Electric's C&I division, Vice President of Sturgeon Electric's T&D – Midwest division, and Group Vice President C&I and T&D – West. He was instrumental in developing project management and productivity improvement programs, as well as several corporate safety initiatives.

Kelly M. Huntington Senior Vice President and Chief Financial Officer

Ms. Huntington was appointed Senior Vice President and Chief Financial Officer in 2023, with her role becoming effective on February 24, 2023. She has 20-25 years of experience in power generation, utilities, and infrastructure services. Most recently, she served as Senior Vice President and Chief Financial Officer of USIC LLC, an infrastructure services company. Ms. Huntington also held multiple leadership roles at The AES Corporation, including Senior Vice President and Chief Financial Officer, and later President and Chief Executive Officer of its subsidiary Indianapolis Power & Light Co. (IPL). She was also Senior Vice President of Enterprise Strategy for OneAmerica Financial Partners, Inc. Ms. Huntington began her career in investment banking and private equity investment.

Brian K. Stern Senior Vice President and Chief Operating Officer, Transmission and Distribution

Mr. Stern was appointed Senior Vice President and Chief Operating Officer of the Transmission and Distribution (T&D) division in 2024. He has over 20 years of industry experience. Prior to his current role, he served as Group Vice President of MYR Group's Western region from 2017-2023. Mr. Stern began his career with MYR Group in 2001 as a market analyst, and later held positions as a district manager and regional vice president with MYR Group subsidiary The L.E. Myers Co.

Don A. Egan Senior Vice President and Chief Operating Officer, Commercial and Industrial

Mr. Egan was named Senior Vice President and Chief Operating Officer of the Commercial and Industrial (C&I) division in 2023. In this role, he is responsible for the division's overall growth, strategies, and day-to-day operations. He previously served as Group Vice President of C&I since 2017.

William F. Fry Senior Vice President, Chief Legal Officer and Secretary

Mr. Fry serves as Senior Vice President, Chief Legal Officer and Secretary. He received his Bachelor of Science in Engineering from Texas A&M University, his Jurisprudence Doctorate in Law and Engineering from the University of Houston, and a Master of Business Administration degree from Rice University.

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The key risks to MYR Group Inc. (NASDAQ: MYRG) primarily revolve around the execution of its construction projects and the associated cost and labor management, particularly given its reliance on fixed-price contracts.

1. Project Execution and Backlog Realization Risks: MYR Group's ability to realize revenue and profits from its substantial project backlog is a significant risk. Factors such as "lumpy commercial backlog," unexpected delays in large project starts (some anticipated until 2027 and beyond), and challenges in project execution can pressure margins and earnings visibility. This includes potential cost overruns, project inefficiencies, and unfavorable change orders, which have partially offset margin improvements in the past.
2. Labor and Material Availability and Cost Fluctuations: The company faces ongoing operational headwinds from sustained labor cost inflation and the availability of skilled labor, as well as material shortages. These factors can directly impact the pace of project execution, increase operational costs, and subsequently pressure profit margins. Management has described this environment as "a balancing act between labor availability and material availability."
3. Exposure to Fixed-Price Contracts: A considerable portion of MYR Group's revenue is derived from fixed-price contracts (65.2% of total revenue in 2023). While these contracts can offer advantages, they expose the company to significant financial risks if actual project costs (labor, materials, and other operational expenses) exceed original estimates due to unforeseen circumstances, delays, or fluctuations in resource costs. This risk is amplified in an environment of volatile labor and material availability and pricing.

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MYR Group Inc. (MYRG) operates primarily in two segments: Transmission and Distribution (T&D) and Commercial and Industrial (C&I) electrical construction services.

The addressable markets for their main products and services are as follows:

• Transmission and Distribution (T&D) Electrical Construction Services: The U.S. electric power transmission and distribution market was valued at approximately USD 89.9 billion in 2024. This market is projected to reach USD 110.4 billion by 2032, with a compound annual growth rate (CAGR) of 2.7% from 2025 to 2032.
• Commercial and Industrial (C&I) Electrical Construction Services: The U.S. electrical services market, which encompasses commercial and industrial applications, was valued at USD 163.9 billion in 2024. This market is expected to grow to USD 294.6 billion by 2034, exhibiting a CAGR of 6.3% from 2025 to 2034. Within this broader market, the industrial electrical services segment is projected to reach USD 100 billion by 2034, while the commercial electrical services market was valued at over USD 25 billion in 2024.

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Expected Drivers of Future Revenue Growth for MYR Group Inc. (MYRG)

Over the next 2-3 years, MYR Group Inc. (MYRG) is expected to experience revenue growth driven by several key factors across its Transmission & Distribution (T&D) and Commercial & Industrial (C&I) segments:

1. Increased Investment in Electrical Infrastructure and Grid Modernization: MYR Group anticipates sustained demand for its T&D services due to the ongoing need to upgrade and modernize aging electrical grids, enhance system reliability and resiliency, and integrate new generation sources. Industry forecasts project significant spending on U.S. transmission and grid upgrades in the coming years.
2. Booming Data Center Construction: The explosive growth in data centers, primarily fueled by advancements in artificial intelligence, is a significant driver for MYR's C&I segment. The company is strategically positioned to capitalize on the substantial electrical infrastructure investments required for these facilities.
3. Expansion into Clean Energy and Related Infrastructure: MYR Group is actively involved in clean energy projects, including services for new generation sources, substation facilities, and electric vehicle charging infrastructure. This segment continues to present long-term growth opportunities.
4. Diversification and Growth in Core Commercial & Industrial Markets: Beyond data centers, MYR's C&I segment is expected to grow through continued demand in core markets such as healthcare, transportation (including airport projects), education, and wastewater construction. The company’s strategy involves expanding customer relationships and securing new project awards in these areas.

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Share Repurchases

• MYR Group authorized a new share repurchase program in October 2020 for up to $50.0 million.
• In May 2024, the company announced a new authorization to repurchase up to $75.0 million of common stock, replacing a prior program of the same amount that was largely exhausted.
• A subsequent $75.0 million share repurchase program was authorized in July 2025, effective until February 4, 2026, superseding a previous program that was substantially exhausted.

Share Issuance

• The number of shares issued and outstanding decreased from 16,121,901 as of December 31, 2024, to 15,522,834 as of June 30, 2025.
• The company made payments of $2,653 related to tax withholding for stock-based compensation in Q3 2025, and $5,866 year-to-date 2025.

Outbound Investments

• In January 2022, MYR Group's Canadian subsidiary acquired Powerline Plus Companies, a full-service electrical distribution construction company.
• The Powerline Plus Companies had combined average annual revenues of approximately $80 million over the two years prior to the acquisition.

Capital Expenditures

• Capital expenditures have varied, with lower expenditures contributing to improved free cash flow in Q1 2025, while higher expenditures partially offset operating cash flow in Q2 and Q3 2025.
• The company aims to meet working capital needs, support organic growth, pursue acquisitions, and opportunistically repurchase shares.
• Capital expenditures are primarily focused on supporting future growth, including benefiting from increased infrastructure spending in data centers, clean energy initiatives, and grid modernization and transmission upgrades.