• Like a CRH plc, but concentrated on asphalt production and road construction across the Southeastern U.S.
• Waste Management (WM), but for road construction and paving services.

• Hot-Mix Asphalt Paving: Production and installation of hot-mix asphalt for public roads, highways, and commercial parking lots.
• Heavy Civil Construction: Comprehensive construction services for new road builds, road reconstruction, and infrastructure improvements.
• Site Preparation: Earthwork, grading, and drainage solutions essential for groundwork before paving or construction projects.

Major Customers of Construction Partners (ROAD)

Construction Partners (ROAD) primarily serves governmental entities and private developers, rather than selling directly to individual consumers. Due to the nature of their business in civil infrastructure and roadway construction, their major customers are typically governmental agencies, which are not publicly traded companies, and a diverse group of private commercial enterprises.

Therefore, while they sell to "other companies" and entities, specific publicly traded customer companies with stock symbols are not typically identified as major customers representing a significant portion of ROAD's revenue in their financial disclosures. Instead, their customer base can be categorized as follows:

• State Departments of Transportation (DOTs): These are governmental agencies responsible for the planning, construction, and maintenance of state highway systems. Construction Partners often performs significant work for the DOTs in the Southeastern states where it operates (e.g., Florida DOT, Georgia DOT, Alabama DOT, South Carolina DOT, North Carolina DOT). These agencies are not public companies and do not have stock symbols.
• Local Governments: This category includes county and municipal (city) governments that contract for road construction and maintenance within their jurisdictions. Like state DOTs, these are governmental entities without stock symbols.
• Private Developers and Commercial Entities: Construction Partners also undertakes projects for private sector clients, such as general contractors, land developers, and commercial businesses requiring infrastructure for new developments (e.g., residential subdivisions, commercial properties, industrial parks). While these are "companies," they are numerous and diversified, and individual publicly traded companies within this category are generally not reported as major customers representing a significant portion of ROAD's overall revenue.

In their financial filings, Construction Partners often notes that a substantial portion of their revenue comes from State Departments of Transportation, but no single customer typically accounts for 10% or more of their total revenue, indicating a diversified customer base within these categories.

Jule Smith, President and Chief Executive Officer

Mr. Smith has served as President and Chief Executive Officer of Construction Partners since April 2021. Prior to this, he was the company's Chief Operating Officer from October 2020 to March 2021 and a Senior Vice President since 2017. He also held various management roles for Fred Smith Company, Construction Partners' North Carolina subsidiary, including serving as its President from 2009 to 2020. Before joining Fred Smith Company, he held various positions within Fred Smith Construction, Inc. and served in the Supply Corps of the U.S. Navy. He possesses over 25 years of construction management experience. Mr. Smith earned a Master of Business Administration and a Bachelor of Arts in History from Wake Forest University.

Greg Hoffman, Senior Vice President and Chief Financial Officer

Mr. Hoffman assumed the role of Chief Financial Officer in April 2023. Before this, he was the Senior Vice President, Finance from April 2021 to March 2023. From 2009 to 2021, he served as Chief Financial Officer of Wiregrass Construction Company, an Alabama subsidiary of Construction Partners. His experience also includes various roles of increasing responsibility at Corporate Express, Inc., a Staples company, such as Division Controller and Vice President, Operations, and as Division Controller for APAC-Georgia, Inc., a heavy civil infrastructure company. Mr. Hoffman also worked as a Manager at Ernst & Young LLP, leading audit engagement teams for diverse industries, including construction. He holds a Bachelor of Science in Accounting from the University of Alabama.

Ned N. Fleming, III, Executive Chairman of the Board

Mr. Fleming is a founder of Construction Partners and has served as Executive Chairman since the company's inception. He is also a Founding Partner and the Managing Partner of SunTx Capital Partners, a private equity firm which he co-founded in 2001. He serves on the boards of multiple portfolio companies. Prior to co-founding SunTx, Mr. Fleming was President and Chief Operating Officer of Spinnaker Industries, Inc., a publicly traded materials manufacturing company, until its sale in 1999. He also worked at a Dallas-based private investment firm, where he directed acquisitions in the food and beverage and defense industries. Mr. Fleming received an MBA from Harvard Business School and a B.A. in Political Science from Stanford University. His role as a founding partner and managing partner of SunTx Capital Partners demonstrates a pattern of managing and being involved with companies backed by private equity firms.

Charles E. Owens, Vice Chairman of the Board

Mr. Owens is a founder of Construction Partners. He transitioned from President and Chief Executive Officer of Construction Partners to Vice Chairman of the board in March 2021. From 1990 until its sale in 1999, Mr. Owens was President and Chief Executive Officer of Superfos Construction U.S., Inc. During his tenure at Superfos, he oversaw the successful acquisition and integration of more than 35 companies, contributing to it becoming one of the largest highway construction companies in the United States. Before 1990, he was President of Couch Construction, Inc., a subsidiary of Superfos. He holds a Bachelor of Business Administration degree from Troy University. His leadership in the acquisition and integration of numerous companies, culminating in the sale of Superfos Construction U.S., Inc., indicates experience with selling companies and managing growth through strategic acquisitions.

Ryan Brooks, Senior Vice President and General Counsel

Mr. Brooks has served as Construction Partners' Senior Vice President and General Counsel since 2018. Prior to joining the company, he practiced law at Maynard, Cooper & Gale, P.C. in Birmingham, Alabama. In this role, he represented both public and private companies in various corporate matters, including mergers and acquisitions, securities offerings, and regulatory compliance. Mr. Brooks earned a Juris Doctor from Vanderbilt University Law School and a Bachelor of Science in Accounting from Auburn University.

The key risks to Construction Partners (ROAD) are:

1. Dependence on Public Funding: A significant portion of Construction Partners' revenue is derived from publicly funded infrastructure projects at federal, state, and local government levels. Reductions or fluctuations in government funding for these projects could materially and adversely affect the company's financial condition and results of operations.
2. Input Price Volatility and Labor Shortages: The company faces risks associated with the variability in costs of essential materials such as diesel fuel, liquid asphalt, and cement. Additionally, labor shortages and increasing labor costs in the construction industry can lead to project delays, increased operational expenses, and reduced profitability.
3. Acquisition Strategy and Associated Risks: Construction Partners has pursued an aggressive acquisition strategy to drive growth, which entails significant risks. These include challenges in successfully integrating acquired businesses, realizing anticipated synergies, and managing increased goodwill. This strategy has also led to a significant increase in the company's debt and leverage.

The accelerating adoption of advanced automation, robotics, and artificial intelligence in heavy civil construction equipment and project management processes. Companies that do not sufficiently invest in and integrate these technologies risk being outcompeted on efficiency, cost, and project delivery speed by rivals who embrace them, potentially disrupting traditional operational models and competitive advantages.

• Road & Highway Construction: The market size for Road & Highway Construction in the U.S. was approximately $188.0 billion in 2024 and is projected to reach $193.4 billion in 2025. Another estimate for the U.S. road & highway infrastructure market projects a value of USD 166.47 billion by 2030.
• Bridge & Elevated Highway Construction: The U.S. bridge and elevated highway construction market was valued at USD 16.1 billion in 2024 and is anticipated to grow to $17.0 billion in 2025.
• Asphalt Market (Hot Mix Asphalt - HMA): The U.S. asphalt market size, which includes hot mix asphalt, was USD 32.6 million in 2024 and is expected to grow to USD 52.9 million by 2032. Hot mix asphalt accounted for 65% of this market in 2024.
• Overall Transportation Infrastructure Construction: The broader United States Transportation Infrastructure Construction Market is estimated at USD 233.03 billion in 2025 and is expected to reach USD 286.86 billion by 2030. This market encompasses highways, roads, bridges, and airports.

Share Repurchases

• In fiscal year 2024, Construction Partners repurchased 173,741 shares of Class A common stock for an aggregate purchase price of $10.0 million.
• Future share repurchases are at the discretion of the board of directors and depend on market conditions and capital allocation alternatives.

Share Issuance

• Shares outstanding for Construction Partners have generally increased, with 0.052 billion outstanding in 2022, rising to 0.053 billion in 2024, and 0.056 billion by June 30, 2025.
• Issuances include Class A shares for the settlement of performance-based restricted stock units (PSUs) and time-based restricted Class A shares for insiders. For example, on November 6, 2025, 4,689 Class A shares were issued upon PSU settlement.

Outbound Investments

• In fiscal year 2024, the company completed eight acquisitions across four states, adding 11 asphalt plants and related equipment for approximately $231.7 million.
• Fiscal year 2025 saw five strategic acquisitions, which contributed to an 8.4% organic revenue growth and entry into two new states.
• The company acquired eight hot-mix asphalt plants along with associated crews and equipment in Houston, Texas, from affiliates of Vulcan Materials Company, integrating them into existing operations in August and October 2025.

Capital Expenditures

• Growth in invested capital significantly slowed to 5.51% in 2023 and 8.62% in the first half of 2024, a contrast to over 30% growth in 2021 and 2022.
• The primary focus of capital allocation includes an acquisitive growth strategy, aiming to expand operations by adding asphalt plants, equipment, and skilled professionals.