Centuri is an infrastructure services provider similar to Quanta Services (PWR), focused on building, maintaining, and upgrading North America's electric, gas, and 5G utility networks.

Centuri is like AECOM or Jacobs, but specializing in the maintenance, upgrade, and expansion of electric, gas, and 5G utility distribution infrastructure.

• Utility Infrastructure Modernization and Maintenance: Centuri provides comprehensive services for the maintenance, retrofitting, installation, and modernization of electric and natural gas distribution networks for utilities.
• Clean Energy Transition Infrastructure: The company develops and upgrades infrastructure to support the transition to clean energy, including grid connectivity for renewables, renewable natural gas transport, and electric vehicle (EV) charging facilities.
• 5G Datacom Infrastructure Services: Centuri offers infrastructure services for 5G datacom providers, supporting network expansion and increased utilization, including C-band and small cell additions.

Centuri (CTRI) primarily sells its services to other companies, specifically regulated utilities and large-scale 5G datacom providers.

Its major identified customers include leading electric, gas, and combination utility companies:

• American Electric Power (AEP)
• Enbridge (ENB)
• Entergy (ETR)
• Exelon (EXC)
• NiSource (NI)
• National Grid (NGG)
• Sempra Energy (SRE)
• Southern Company (SO)

Christian Brown, President and Chief Executive Officer

Christian Brown is the President and CEO of Centuri Holdings, Inc., where he is responsible for setting the strategic vision and leading day-to-day operations. He assumed this role effective December 3, 2024. Prior to joining Centuri, Brown served as Chief Executive Officer of EnerMech, a global energy and infrastructure services company, from 2020 to 2024, where he led significant operational changes and diversified the business into new high-growth markets. From 2011 to 2015, he was the Chief Executive Officer and Executive Director of Kentz Engineers & Constructors, a FTSE 250 listed company, which he led to nearly a sixfold increase in revenue over five years and successfully guided its sale to SNC-Lavalin (now AtkinsRéalis). Brown's career spans over 30 years in the energy and infrastructure sectors, including senior roles at Foster Wheeler Corporation and KBR.

Gregory A. Izenstark, Executive Vice President, Chief Financial Officer

Gregory A. Izenstark is the Executive Vice President and Chief Financial Officer for Centuri, overseeing all financial activities, including strategy, management, reporting, and capital allocations. Before becoming CFO, Izenstark served as Senior Vice President and Chief Accounting Officer for Centuri, responsible for corporate FP&A, accounting, tax, reporting, and integration activities. He joined Centuri as Controller in 2014 and played a key role in managing the complexities of the company's initial and subsequent acquisitions, and the organizational changes required to establish Centuri as a corporate holding company. His background includes extensive experience in accounting, public company financial reporting, mergers and acquisitions (M&A), and internal controls, having held financial auditor positions with Arthur Andersen and KPMG. Izenstark has also worked for CF Industries, Brunswick Corporation, and Swift Transportation.

Jason S. Wilcock, Executive Vice President, Chief Legal and Administrative Officer & Corporate Secretary

Jason S. Wilcock serves as the Executive Vice President, Chief Legal and Administrative Officer & Corporate Secretary for Centuri Holdings, Inc. He is a key member of the executive management team.

Catherine M. Berry, Chief Human Resources Officer

Catherine M. Berry is the Chief Human Resources Officer at Centuri Holdings, Inc. Her expertise includes a deep lean culture background, which she applies to talent life cycle development and optimization. She holds a M.A. in Organizational Learning and a PhD in Business Organizational Management IT, along with certifications as an MHS Emotional Intelligence (EQ)® Leadership and Team Assessment Coach and Six Sigma certification.

Kendra L. Chilton, Senior Vice President, Chief Accounting Officer

Kendra L. Chilton is the Senior Vice President, Chief Accounting Officer for Centuri. In this role, she oversees Centuri's external reporting, internal accounting, tax, and internal controls functions. Chilton joined Centuri as Vice President, Corporate Controller in 2022 and was instrumental in the company's Initial Public Offering (IPO) in 2024, managing the complexities of the IPO process and ensuring robust financial governance. Before joining Centuri, she spent twelve years at PricewaterhouseCoopers (PwC), specializing in audits of public and private companies.

Centuri (CTRI) faces several key risks to its business operations:

1. Significant Customer Concentration: A substantial portion of Centuri's revenue is derived from a limited number of top customers. In fiscal year 2023, the top 10 customers accounted for 49% of revenues, and the top 20 customers represented 71% of revenues. This concentration makes Centuri vulnerable to a reduction in demand or loss of business from these key utility partners.

2. Highly Fragmented and Competitive Industry: The utility services industry is highly fragmented, with numerous providers ranging from small regional companies to larger scaled firms like Centuri, as well as work self-performed by utilities. The top five largest utility service providers, including Centuri, collectively generated only 18% of the industry's revenues in 2022, indicating intense competition for contracts and market share against a wide array of competitors.

Centuri (CTRI) anticipates several key drivers for its future revenue growth over the next two to three years:

• Conversion of Robust Backlog and Opportunity Pipeline: Centuri possesses a substantial year-end 2025 backlog of approximately $5.9 billion and a broad opportunity pipeline totaling $13 billion, with roughly $2.8 billion in near-term opportunities. This significant backlog is projected to cover over 85% of the company's 2026 base revenue guidance, providing strong revenue visibility.
• Ongoing Modernization and Expansion of Utility Infrastructure: The company's core business of maintaining, upgrading, and expanding electric and natural gas distribution networks continues to be a primary growth engine. This is driven by the aging infrastructure across North America and increased regulatory stringency aimed at enhancing safety, reliability, and environmental sustainability.
• Expansion into Attractive End Markets, particularly Data Centers: Beyond its traditional utility services, Centuri is actively pursuing and securing opportunities in complementary and growing end markets. Notably, the company has identified a significant opportunity in the data center market, with an active pipeline of $1.4 billion and an additional $2.0 billion identified as potential early-stage projects. Additionally, the company is positioned to support the transition to clean energy sources, including infrastructure for renewable energy and electric vehicle (EV) charging stations.
• Strategic Acquisitions and Geographic Growth: Centuri's growth strategy includes targeted acquisitions to expand its footprint and service capabilities. The recent acquisition of Connect Atlantic Utility Services, for example, has broadened the company's electric services in its Canadian operations and enhanced its geographic reach.
• Securing New Master Services Agreements (MSAs) and Bid Contract Awards: Centuri relies heavily on long-term MSAs with its diverse utility customer base, which provide a stable and recurring revenue stream. The company's strong commercial momentum is demonstrated by its 2025 annual bookings of $4.5 billion, achieving a 1.5x book-to-bill ratio, and securing new MSAs across various states.