• A diversified infrastructure construction firm, like a smaller Quanta Services, handling everything from pipelines and power grids to roads and communication networks.
• MasTec for a broader range of vital North American infrastructure, including heavy civil construction and industrial facilities.

• Utilities Services: Installation, maintenance, and upgrade of natural gas, electric power, and telecommunications infrastructure.
• Energy Services: Engineering, procurement, and construction (EPC) of oil and gas pipelines, processing facilities, and conventional power generation.
• Renewables Services: Engineering, procurement, and construction (EPC) for large-scale solar farms, wind power, and other renewable energy infrastructure.
• Civil Services: Construction of highways, bridges, airports, and other large-scale public and private infrastructure projects.

Primoris Services (symbol: PRIM) primarily sells its services to other companies and governmental entities, not directly to individuals.

Primoris Services does not disclose the specific names of its major customers in its public filings (such as its 10-K annual reports). This is primarily because its customer base is diversified, and no single customer accounts for more than 10% of its total revenue in any given year. Instead, Primoris identifies its customers by categories of organizations it serves across the utility, energy, and infrastructure markets.

The major categories of customers that Primoris Services serves, based on their public disclosures, include:

• Large Public Utility Companies: These include electric, gas, and water utilities across North America. Primoris provides infrastructure services for their transmission, distribution, and generation needs.
  • Examples of companies that operate in this sector (these are illustrative of the types of customers Primoris serves and are not confirmed major customers of Primoris):
    • Dominion Energy (NYSE: D)
    • Duke Energy (NYSE: DUK)
    • NextEra Energy (NYSE: NEE)
    • Southern Company (NYSE: SO)
• Private Energy Companies: This category includes companies involved in oil & gas exploration and production, midstream operations (pipelines, processing, storage), refining, and petrochemicals.
  • Examples of companies that operate in this sector (these are illustrative of the types of customers Primoris serves and are not confirmed major customers of Primoris):
    • Energy Transfer LP (NYSE: ET)
    • Kinder Morgan, Inc. (NYSE: KMI)
    • Dow Inc. (NYSE: DOW)
• Governmental Entities: Primoris performs work for various state and local governmental agencies, primarily related to civil infrastructure projects.
  • Examples include:
    • State Departments of Transportation (e.g., Caltrans, Texas DOT)
    • Local Municipalities
• Railroads: Primoris provides construction and maintenance services for railroad infrastructure.
  • Examples of companies that operate in this sector (these are illustrative of the types of customers Primoris serves and are not confirmed major customers of Primoris):
    • Union Pacific Corporation (NYSE: UNP)
    • CSX Corporation (NASDAQ: CSX)
• Renewable Energy Developers: Companies developing solar farms, wind farms, and other renewable energy infrastructure.
  • Examples of companies that operate in this sector (often utilities or specialized developers; these are illustrative of the types of customers Primoris serves and are not confirmed major customers of Primoris):
    • NextEra Energy Resources (a subsidiary of NextEra Energy, NEE)
    • Various private solar and wind development firms

Koti Vadlamudi, President and Chief Executive Officer

Mr. Vadlamudi was appointed President and Chief Executive Officer in November 2025. He brings over 30 years of global experience in engineering and construction, with expertise in leading operations, business development, and strategic growth across public and private sectors. Prior to joining Primoris, he served as Executive Vice President at Jacobs, overseeing multi-billion-dollar global business segments. Mr. Vadlamudi is recognized for his expertise in driving enterprise growth, acquisition integration, project delivery, and operational leadership.

Ken Dodgen, Executive Vice President, Chief Financial Officer

Mr. Dodgen has served as Executive Vice President, Chief Financial Officer since November 2018. He has over 30 years of experience in finance and accounting across various industries. Prior to Primoris, Mr. Dodgen served as Chief Financial Officer at Baker Hill Solutions (2016-2017), PLH Group, Inc. (2011-2015), and Fulcrum Power Services (2006-2011). From 1996 to 2006, he spent ten years in investment banking with JPMorgan and Merrill Lynch, focusing predominantly on mergers and acquisitions. Mr. Dodgen is also the President of LNZ Capital, a position held since 2004.

Jeremy Kinch, Executive Vice President, Chief Operating Officer

Mr. Kinch was appointed Executive Vice President, Chief Operating Officer in March 2025. He has over 25 years of experience in the infrastructure construction services industry. Mr. Kinch joined Primoris in June 2018 through the Willbros acquisition, where he previously served as President and Chief Operating Officer of Willbros Canada.

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

Mr. Perisich has served as Executive Vice President, Chief Legal and Administrative Officer since March 2024, and as Chief Legal Officer since May 2013. He joined ARB, Inc., a predecessor entity of Primoris, in 1995, and prior to that, he practiced law at Klein, Wegis, a full-service law firm.

Travis Stricker, Senior Vice President of Finance, Chief Accounting Officer

Mr. Stricker has served as Senior Vice President of Finance, Chief Accounting Officer since October 2018. He has over 30 years of experience in finance and accounting, with more than 20 years in the engineering, procurement, construction, and specialty contractor verticals. Prior to joining Primoris, Mr. Stricker held various senior management roles with CB&I from 2001 to 2017, including Segment Chief Financial Officer and Corporate Controller/Chief Accounting Officer.

Accelerated decline in demand for new fossil fuel infrastructure projects due to evolving environmental policies and increasing investor pressures against fossil fuel development.

Primoris Services (PRIM) operates across several key market segments, primarily within the United States and Canada, offering a range of specialty construction and infrastructure services. The addressable markets for their main products and services are sizable:

• Utilities: The U.S. power infrastructure market, which includes electricity, natural gas, and oil infrastructure, was valued at approximately USD 264.2 billion in 2024 and is projected to reach USD 455.6 billion by 2032, growing at a CAGR of 7.2% from 2025 to 2032. Within this, the U.S. electricity transmission and distribution market was valued at USD 82.96 billion in 2022 and is projected to grow at a CAGR of 2.95% through 2030. The broader U.S. Utilities industry revenue is estimated to reach $1.1 trillion in 2025.
• Energy & Renewables: The U.S. renewable energy market is estimated to be USD 98.30 billion in 2025 and is projected to reach USD 122.0 billion by 2032, with a CAGR of 3.13%. Another estimate places the U.S. renewable energy market size at USD 237.2 billion in 2024, with a projection to reach USD 549.7 billion by 2033 at a CAGR of 9.79% during 2025-2033. In terms of installed capacity, the U.S. renewable energy market is expected to grow from 507.67 gigawatts in 2025 to 737.37 gigawatts by 2030.
• Pipeline Services: The U.S. pipeline construction market is estimated at USD 7.1 billion in 2025 and is projected to grow to USD 11.37 billion by 2035, at a compound annual growth rate (CAGR) of 4.82%. For North America, the oil & gas pipeline market was valued at USD 6.52 billion in 2022 and is anticipated to grow to USD 9.88 billion by 2028, with a CAGR of 7.01%.
• Heavy Civil: The U.S. infrastructure market is estimated to reach USD 1.42 trillion in 2025 and is projected to reach USD 2.15 trillion by 2033, growing at a CAGR of 5.30% from 2025 to 2033. The broader U.S. construction market is valued at USD 2.12 trillion in 2025, with projections to reach USD 2.52 trillion by 2030. Specific to water infrastructure, spending on water supply is forecasted to be $30 billion in 2024, and sewage and wastewater disposal spending will be $46 billion in 2024.

Primoris Services (PRIM) is anticipated to drive future revenue growth over the next 2-3 years through several key areas:

1. Expansion in the Renewables Sector: Primoris is experiencing robust growth in its renewables business, particularly in solar projects. The company has seen significant revenue pulled forward from future periods within its renewables segment, with expectations of achieving approximately $3 billion in renewables revenue for the full year 2025. This growth is supported by a strong backlog in the sector, indicating continued momentum.
2. Growth in Natural Gas Generation and Pipeline Services: The demand for natural gas generation projects is exceptionally strong, and Primoris is strategically positioned to capitalize on this trend. The company expects continued revenue growth in its gas generation and pipeline segments, with significant bookings projected in late 2025 and early 2026. This area is identified as a vital new driver for overall growth.
3. Increased Demand in the Utilities Segment: The Utilities segment is expected to contribute consistently to revenue growth across its service lines, including gas operations, communications infrastructure, and power delivery. Specifically, the outlook for gas operations is trending favorably, with increasing activity and resilient margins. The communications business is also seeing double-digit growth driven by fiber-to-the-home programs and new network builds supporting data centers, with targeted projects in data center networks exceeding $100 million.
4. Leveraging a Strong and Growing Backlog: Primoris consistently reports a substantial backlog, which provides significant revenue visibility and underpins future growth. For example, the total backlog was reported at $11.4 billion in Q1 2025, and a large portion of both Utilities and Energy backlog is expected to convert into revenue over the coming quarters, ensuring a steady stream of projects.

Share Repurchases

• In May 2025, Primoris Services announced a share purchase authorization of up to $150 million of common shares over a three-year period.

Share Issuance

• Primoris issued 4.5 million shares in 2021 to finance the acquisition of Future Infrastructure Holdings.
• Non-employee directors received restricted stock awards in October 2025, with a value of $37,500, corresponding to 302 shares.

Outbound Investments

• In 2021, Primoris acquired Future Infrastructure Holdings, funded by the issuance of 4.5 million shares.
• The Utilities segment's growth in 2023 included contributions from acquisitions made in 2022.
• Primoris actively evaluates acquisitions that offer growth opportunities and leverage resources, particularly in renewable energy, communications, gas distribution, and power generation markets.

Capital Expenditures

• For the nine months ended September 30, 2025, capital expenditures totaled $108.2 million, including $64.2 million for construction equipment purchases.
• Expected capital expenditures for the remaining three months of 2025 are projected to be between $15.0 million and $20.0 million, with $5.0 million to $10.0 million allocated for equipment.
• Capital allocation is focused on supporting organic growth by disproportionately investing in attractive markets such as Renewables and Power Delivery.