Here are 1-2 brief analogies for Primoris Services (PRIM):

• Like a smaller, more regional Quanta Services.
• Similar to MasTec, specializing in critical infrastructure construction.

Primoris Services provides the following major services:

• Utility Infrastructure Services: Installation and maintenance for natural gas, electric, and communications distribution and transmission systems.
• Energy & Industrial Construction Services: Engineering, procurement, construction (EPC), retrofits, and maintenance for facilities in renewable energy, energy storage, and traditional energy industries.
• Heavy Civil Construction Services: Engages in highway and bridge construction, demolition, site work, and flood control projects.
• Pipeline Services: Construction, maintenance, and integrity services for pipelines, compressor stations, and metering facilities across various utilities and industries.

• Utility Companies: This includes natural gas distribution companies, electric utility distribution and transmission companies, communications companies, and water and sewer utilities.
• Energy and Industrial Companies: Clients within the renewable energy, energy storage, renewable fuels, petroleum, refining, and petrochemical industries.
• Government Entities: Primarily state departments of transportation for various infrastructure projects, including highway and bridge construction.

Koti Vadlamudi President and Chief Executive Officer

Koti Vadlamudi was appointed President and Chief Executive Officer of Primoris Services Corporation effective November 10, 2025. He is an experienced engineering and construction executive with over 30 years of global leadership experience in operations, business development, and strategic growth across public and private sectors. Before joining Primoris, Mr. Vadlamudi spent 30 years at Jacobs, a global advisory and consultancy for critical infrastructure and advanced manufacturing, where he most recently served as Executive Vice President of Operations, overseeing multi-billion-dollar global business segments. His industry expertise spans energy and power, oil and gas, mission-critical facilities, consumer products, and life sciences.

Kenneth M. Dodgen Executive Vice President, Chief Financial Officer

Kenneth M. Dodgen has served as Primoris Services Corporation's Executive Vice President and Chief Financial Officer since November 2018, having previously been Senior Vice President and Corporate Controller since May 2017. He brings over 30 years of experience in finance and accounting across various industries, including pipeline, power plant, electric transmission construction, retail, and power marketing. Prior to joining Primoris, he held CFO positions at Baker Hill Solutions (2016-2017), PLH Group, Inc. (2011-2015), and Fulcrum Power Services (2006-2011). From 1996 to 2006, Mr. Dodgen worked in investment banking with JPMorgan and Merrill Lynch, where he focused primarily on mergers and acquisitions. He began his career at PricewaterhouseCoopers and is a licensed CPA.

Jeremy Kinch Executive Vice President, Chief Operating Officer

Jeremy Kinch was promoted to Executive Vice President, Chief Operating Officer of Primoris Services Corporation in March 2025. He joined Primoris in June 2018 through the acquisition of Willbros and possesses over 25 years of experience in the infrastructure construction services industry across the United States and Canada. Before his promotion to COO, Mr. Kinch served as Chief Operations Support Officer and President of Energy, overseeing strategic growth, project delivery, and safety performance for that segment. Prior to his tenure at Primoris, he was President and Chief Operating Officer of Willbros Canada, a subsidiary of Willbros Group, Inc.

John M. Perisich Executive Vice President, Chief Legal and Administrative Officer and Secretary

John M. Perisich has served as Executive Vice President, Chief Legal and Administrative Officer of Primoris Services Corporation since March 2024, and as Chief Legal Officer since May 2013. He previously held the role of Senior Vice President and General Counsel starting in July 2008. Mr. Perisich joined ARB, a predecessor to Primoris, in 1995. Before his time with ARB, he practiced law at Klein, Wegis, a full-service law firm.

Travis Stricker Senior Vice President, Finance and Chief Accounting Officer

Travis Stricker has served as Primoris Services Corporation's Senior Vice President, Finance and Chief Accounting Officer since October 2018. He joined the company as Vice President of Finance in June 2017. Mr. Stricker has over 30 years of experience in finance and accounting, with more than 20 years specifically in the engineering, procurement, construction, and specialty contractor industries. Prior to Primoris, he held various senior management positions at CB&I from 2001 to 2017, including Segment Chief Financial Officer for its largest operating segment and Corporate Controller/Chief Accounting Officer. He began his career at PricewaterhouseCoopers and is a licensed CPA.

The key risks to Primoris Services (PRIM) are:

1. Economic and Market Risks: Primoris Services is highly susceptible to economic slowdowns and volatile economic cycles, which can significantly decrease the demand for construction projects, particularly those obtained through competitive bidding. The company faces challenges in predicting the location and timing of these new projects, contributing to uncertainty in its forecasts and guidance.
2. Customer Concentration: The company has a concentrated customer base, with its ten largest customers accounting for a substantial portion of its total revenue (approximately 46% in FY2022 and 53.1% in FY2025). Although the specific customers comprising the top ten can change annually, the loss of a key customer could lead to significant negative impacts on the company's financial results.
3. Regulatory and Climate-Related Risks: Primoris Services operates in highly regulated industries, including utilities, energy, and pipelines. It is exposed to risks from rapid technological and regulatory changes, particularly those imposed by federal and state agencies such as FERC and FCC. Changes in regulations, new mandates concerning greenhouse gas emissions, or shifts in policies related to renewable energy could increase operational costs, affect project scopes and timelines, and impact the demand for its services.

Primoris Services Corporation operates in several significant addressable markets across the United States and Canada.

U.S. Addressable Markets:

• Utilities:
  • The U.S. electric power transmission and distribution market was valued at approximately USD 89.9 billion in 2024.
  • The U.S. natural gas distribution market was valued at USD 222.5 billion in 2025.
• Energy/Renewables:
  • The U.S. solar market was valued at USD 67.6 billion in 2024.
  • The U.S. wind turbine market size was valued at USD 24.53 billion in 2024.
  • Highway and bridge construction in the U.S. is expected to increase to USD 147.1 billion in 2024.
  • Specific addressable market size for petrochemical construction in North America was not readily available in the search results.
• Pipeline Services:
  • The U.S. oil and gas pipeline construction market was valued at USD 52.5 billion in 2024.

Canada Addressable Markets:

• Utilities:
  • The energy and utilities construction sector in Canada had an output value of CAD 105,500.43 million (approximately USD 77.8 billion based on a 1.35 CAD/USD exchange rate) in 2021.
  • The broader Canada infrastructure market, which includes utilities, was valued at USD 125.5 billion in 2023.
• Energy/Renewables:
  • The renewable energy market in Canada generated a revenue of USD 100.4 billion in 2025.
• Pipeline Services:
  • The oil and gas pipeline construction industry in Canada is estimated to reach USD 12.0 billion in 2025.

Here are the expected drivers of future revenue growth for Primoris Services (PRIM) over the next 2-3 years:

1. Growth in Natural Gas Power Generation: Primoris anticipates natural gas power generation to be its highest percentage growth driver, with management actively engaged in or bidding on a substantial amount of awards in this sector. The company's natural gas generation revenue for 2025 was $480 million, and the broader opportunity funnel has line-of-sight to approximately $6 billion in potential projects.
2. Resurgence in Pipeline Services: The pipeline business is expected to contribute significantly to revenue in 2026 and 2027. Primoris is tracking about $4.5 billion in pipeline projects, indicating a strong resurgence in this segment.
3. Continued Expansion in Renewable Energy and Battery Storage: While solar PV is projected to be flat to slightly down in 2026 before returning to growth in 2027, the overall renewable energy segment, including battery storage, remains a key driver. Renewables revenue reached $3.0 billion in 2025, including over $250 million from battery storage, and the company is strategically positioned in markets with strong secular tailwinds in renewables.
4. Development of Electric Utility and Communications Infrastructure: The Utilities segment is expected to continue its growth trajectory, driven by power delivery projects, particularly higher-margin transmission and substation work, as well as an increase in communications systems installations and maintenance. This segment showed strong growth across all business lines in 2025.

Share Repurchases

• As of December 31, 2025, Primoris Services had $150.0 million available under a share purchase program, which is set to expire on April 30, 2028.
• The company did not purchase any shares of common stock under its share purchase program during the twelve months ended December 31, 2025, or in the third quarter of 2025.
• In November 2023, Primoris increased its equity buyback authorization by $25 million, extending the plan duration until December 31, 2024.

Share Issuance

• In 2021, Primoris issued 4.5 million shares to help finance the acquisition of Future Infrastructure Holdings.

Outbound Investments

• Primoris completed the acquisition of PLH Group, Inc. in an all-cash transaction valued at $470 million in August 2022, which expanded its capabilities in utility markets, including power delivery, communications, and gas utilities.
• In January 2021, the company closed the acquisition of Future Infrastructure Holdings, LLC for $620 million in an all-cash transaction, expanding its utility services in telecommunications, regulated gas utility, and infrastructure markets.
• The company is actively pursuing tuck-in acquisitions in high-growth, accretive margin areas such as power delivery and electrical construction and industrial (C&I).

Capital Expenditures

• Capital expenditures for the full year ended December 31, 2025, were $129.9 million, with $75.8 million allocated to construction equipment and $35.3 million for facilities.
• For 2026, Primoris estimates capital expenditures to be between $120 million and $140 million, including $90 million to $110 million for construction equipment.
• Capital allocation is strategically focused on supporting organic growth through investments in attractive markets, particularly Renewables and Power Delivery.