Centuri Reports Third Quarter 2025 Results, Achieves Record Quarterly Revenue

PHOENIX--( BUSINESS WIRE)--Centuri Holdings, Inc. (NYSE: CTRI) ("Centuri" or the "Company") today announced financial and operating results for the third quarter, ended September 28, 2025, and updated its full year 2025 outlook.

Third Quarter 2025 Financial and Other Business Highlights

“We delivered strong year-over-year revenue expansion in our base operations alongside meaningful profitability improvements,” said Centuri President & CEO Christian Brown. “Our commercial achievements underscore the underlying strength of our market position, while we continue to execute improvements in operational efficiency. Our booking activity of $815 million during the quarter brought our year-to-date awards to over $3.7 billion with nearly 80% of new awards secured in the third quarter representing new opportunities. This commercial momentum, combined with our robust sales pipeline of $13 billion, including near-term MSA renewals and strategic bids of $3.0 billion, provides clear visibility into sustained growth trajectory and positions us well to achieve double-digit base revenue and base gross profit growth in 2026.

“We're making strides in optimizing our operational foundation through our strategic fleet initiative, where we've lined up several leasing partners and remain on track to achieve our balanced capital expenditure funding mix goal over the next couple of quarters. Concurrently, our comprehensive multi-year strategic planning process is underway, focused on establishing Centuri as a top-tier standalone infrastructure services provider. This framework emphasizes sustainable earnings growth, enhanced organizational integration under our 'One Centuri' vision, and world-class resource delivery capabilities. These initiatives collectively position us to capitalize on the substantial opportunities within North America's expanding energy infrastructure landscape, and we look forward to elaborating on these various facets of our strategy in the months ahead.”

Management Commentary

Third quarter 2025 consolidated revenue increased by $130.0 million, or 18.1%, to $850.0 million, with Gross Profit of $78.0 million compared to $75.8 million in the prior year quarter. Revenue growth was broad-based across all segments, with Canadian Gas leading at nearly 40% growth, followed by Union Electric at 25%, Non-Union Electric at 16%, and U.S. Gas at 13%. Net income (loss) attributable to common stock in the third quarter was $2.1 million compared to $(3.7) million in the prior year. Adjusted EBITDA in the third quarter was $75.2 million compared to $78.8 million in the prior year quarter.

Base Revenue, Base Gross Profit, and Base Gross Profit Margin are new non-GAAP measures that exclude the impact of storm restoration services, which are highly unpredictable. While storm restoration services remain a key capability of the Company, management believes these non-GAAP measures are more suitable disclosures for evaluating fundamental business performance and for comparison purposes. Base Revenue in the third quarter 2025 was $848.6 million versus $678.7 million in the prior year quarter, a 25% increase. Base Revenue growth was driven by expansion of crew counts and work hours under MSA across segments and a market for bid project activity that remains highly active, especially in the industrial and electrical substation infrastructure end-markets. Base Gross Profit was $77.6 million in the third quarter, a 28% increase from $60.5 million reported in the same quarter last year. Base Gross Profit Margin increased to 9.1% in the third quarter from 8.9% in the year prior, driven primarily by improved performance in the Union Electric segment and the Gas segments.

During the third quarter of 2025, Centuri secured approximately $815 million in total bookings, comprised of approximately $645 million of new customer contracts and MSA awards (79% of total) and $170 million of MSA renewals (21% of total). These bookings drove a book-to-bill ratio of 1.8x through the first three quarters of 2025, with the Company now having already significantly exceeded its full-year 2025 book-to-bill target of at least 1.1x. The Company has a current backlog of approximately $5.9 billion, compared to $5.3 billion last quarter. The increase in backlog reflects growing customer relationships and incremental expected volume of work under existing MSAs.

Centuri's Net Debt to Adjusted EBITDA Ratio was 3.8x as of September 28, 2025, which compares to 3.7x as of June 29, 2025. The leverage ratio was impacted primarily by the timing of accounts receivable collections, which is expected to normalize prior to the end of the fourth quarter. During the third quarter, Centuri successfully completed a refinancing of its existing debt arrangements. The refinancing included extending the maturity date of the Company's revolver from August 27, 2026 to July 9, 2030 and increasing its size from $400 million to $450 million, extending the Term Loan B maturity to 2032 at improved interest rates, and eliminating legacy change in control provisions to enhance financial flexibility.

The Company completed its separation from Southwest Gas Holdings on September 5, 2025, resulting in a fully independent public company, and appointed Christopher Krummel, who brings over 30 years of executive experience, as Chair of Centuri's Board of Directors.

Full Year 2025 Outlook

Please review the third quarter earnings slides for more information related to our Full Year 2025 Outlook.

Centuri Holdings, Inc.

Supplemental Segment Data

(In thousands, except percentages)

(Unaudited)

Segment Results

Fiscal three months ended September 28, 2025 compared to the fiscal three months ended September 29, 2024

Fiscal Three Months Ended

Change

(dollars in thousands)

September 28, 2025

September 29, 2024

Revenue:

U.S. Gas

412,407

48.5

366,070

50.8

46,337

12.7

Canadian Gas

74,153

8.8

53,473

7.5

20,680

38.7

Union Electric

214,499

25.2

171,666

23.8

42,833

25.0

Non-Union Electric

148,985

17.5

128,844

17.9

20,141

15.6

Consolidated revenue

850,044

100.0

720,053

100.0

129,991

18.1

Gross profit:

U.S. Gas

31,650

7.7

27,960

7.6

3,690

13.2

Canadian Gas

16,218

21.9

10,969

20.5

5,249

47.9

Union Electric

19,490

9.1

15,427

9.0

4,063

26.3

Non-Union Electric

10,602

7.1

21,437

16.6

(10,835

)

(50.5

Consolidated gross profit

77,960

9.2

75,793

10.5

2,167

2.9

Fiscal nine months ended September 28, 2025 compared to the fiscal nine months ended September 29, 2024

Fiscal Nine Months Ended

Change

(dollars in thousands)

September 28, 2025

September 29, 2024

Revenue:

U.S. Gas

946,935

44.6

933,334

48.6

13,601

1.5

Canadian Gas

169,048

8.0

141,118

7.4

27,930

19.8

Union Electric

572,206

26.9

499,728

26.0

72,478

14.5

Non-Union Electric

435,988

20.5

345,971

18.0

90,017

26.0

Consolidated revenue

2,124,177

100.0

1,920,151

100.0

204,026

10.6

Gross profit:

U.S. Gas

43,218

4.6

49,140

5.3

(5,922

)

(12.1

Canadian Gas

32,782

19.4

21,087

14.9

11,695

55.5

Union Electric

46,658

8.2

38,875

7.8

7,783

20.0

Non-Union Electric

43,431

10.0

40,474

11.7

2,957

7.3

Consolidated gross profit

166,089

7.8

149,576

7.8

16,513

11.0

Conference Call Information

Centuri will conduct a conference call today, Wednesday, November 5th, 2025 at 10:00 AM ET / 8:00 AM MT to discuss its third quarter 2025 financial results and other business highlights. The conference call will be webcast live on the Company's investor relations (IR) website at https://investor.centuri.com. The conference call can also be accessed via phone by dialing (800) 549-8228, or for international callers, (289) 819-1520. A supplemental investor presentation will also be available on the IR website prior to the start of the conference call. The earnings call will also be archived on the IR website and a replay of the call will be available by dialing (888) 660-6264 in the U.S., or (289) 819-1325 internationally and entering passcode 77965 #. The replay dial-in feature will be made available one hour after the call’s conclusion and will be active for one month.

About Centuri

Centuri Holdings, Inc. is a strategic utility infrastructure services company that partners with regulated utilities to build and maintain the energy network that powers millions of homes and businesses across the United States and Canada.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can often be identified by the use of words such as “will,” “predict,” “continue,” “forecast,” “expect,” “believe,” “anticipate,” “outlook,” “could,” “target,” “project,” “intend,” “plan,” “seek,” “estimate,” “should,” “may” and “assume,” as well as variations of such words and similar expressions referring to the future. The specific forward-looking statements made herein include (without limitation) statements regarding sustaining our growth trajectory and achieving double-digit base business revenue expansion in 2026; our ability to execute a more balanced funding mix; our ability to achieve sustainable earnings growth and enhance organization integration; our expectations around the North American energy infrastructure industry and the market for bid project activity; our estimation of the value of our sales pipeline; our expectation that we will deliver a book-to-bill ratio in excess of 1.1x in 2025; our expectation that our leverage ratio will improve year-over-year from the end of 2024 to the end of 2025; and the number ranges presented in our Full Year 2025 Outlook. A number of important risks, uncertainties and other factors affecting the business and financial results of Centuri could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, capital market risks and the impact of general economic or industry conditions and those detailed from time to time in Centuri’s reports filed with the U.S. Securities and Exchange Commission, including Item 1A. Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 29, 2024. The statements in this press release are (i) made as of the date of this press release, even if subsequently made available by Centuri on its website or otherwise, and (ii) based on assumptions and assessments made by our management in light of their experience and perceptions of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Except to the extent required by applicable law, Centuri does not assume any obligation to update or revise the forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise. You are cautioned not to place undue reliance on these forward-looking statements.

Backlog

Backlog represents contracted revenue on existing bid agreements as well as estimates of revenue to be realized over the contractual life of existing long-term MSAs. The contractual life of an MSA is defined as the stated length of the contract including any renewal options stated in the contract that we believe our customers are reasonably certain to execute.

Book-to-bill Ratio

Book-to-bill ratio represents the ratio of total awards won in a period to total revenue recognized in the same period.

Sales Pipeline

Sales pipeline represents our current unweighted bids and opportunities tracked in our sales database.

Non-GAAP Financial Measures

We prepare and present our financial statements in accordance with GAAP. However, management believes that EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Net Debt to Adjusted EBITDA Ratio, Base Revenue, Base Gross Profit, and Base Gross Profit Margin, all of which are measures not presented in accordance with GAAP, provide investors with additional useful information in evaluating our performance. We use these non-GAAP measures internally to evaluate performance and to make financial, investment and operational decisions. We believe that presentation of these non-GAAP measures provides investors with greater transparency with respect to our results of operations and that these measures are useful for period-to-period comparisons of results. Management also believes that providing these non-GAAP measures helps investors evaluate the Company’s operating performance, profitability and business trends in a way that is consistent with how management evaluates such matters. Because these non-GAAP metrics, as defined, exclude some, but not all, items that affect comparable GAAP financial measures, these non-GAAP metrics may not be comparable to similarly titled measures of other companies. We are unable to provide reconciliations for forward-looking non-GAAP metrics without unreasonable efforts due to our inability to project non-recurring expenses and events.

EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for (i) non-cash stock-based compensation, (ii) separation-related costs, (iii) strategic review costs, (iv) severance costs, (v) securitization facility transaction fees, (vi) other professional fees, and (vii) CEO transition costs. Adjusted EBITDA Margin is defined as the percentage derived from dividing Adjusted EBITDA by revenue. Management believes that EBITDA helps investors gain an understanding of the factors affecting our ongoing cash earnings from which capital investments are made and debt is serviced, and that Adjusted EBITDA provides additional insight by removing certain expenses that are non-recurring and/or non-operational in nature. Management believes that Adjusted EBITDA Margin is useful for the same reason as Adjusted EBITDA, and also provides an additional understanding of how Adjusted EBITDA is impacted by factors other than changes in revenue.

Net Debt to Adjusted EBITDA Ratio is calculated by dividing net debt as of the latest balance sheet date by the trailing twelve months of Adjusted EBITDA. Net debt is defined as the sum of all bank debt on the balance sheet and finance lease liabilities, net of cash. Management believes this ratio helps investors understand our leverage.

Adjusted Net Income is defined as net income (loss) adjusted for (i) separation-related costs, (ii) strategic review costs, (iii) severance costs, (iv) amortization of intangible assets, (v) securitization facility transaction fees, (vi) other professional fees, (vii) CEO transition costs, (viii) loss on debt modification and extinguishment, (ix) non-cash stock-based compensation, and (x) the income tax impact of adjustments that are subject to tax, which is determined using the incremental statutory tax rates of the jurisdictions to which each adjustment relates for the respective periods. Management believes that Adjusted Net Income helps investors understand the profitability of our business when excluding certain expenses that are non-recurring and/or non-operational in nature. Adjusted Diluted Earnings per Share is defined as Adjusted Net Income divided by weighted average diluted shares outstanding.

Base Revenue is defined as revenue, net adjusted to exclude revenue and attributable to storm restoration services. Base Gross Profit is defined as gross profit adjusted to exclude gross profit attributable to storm restoration services. Base Gross Profit Margin is calculated by dividing Base Gross Profit by Base Revenue. Revenue derived from storm restoration services varies from period to period due to the unpredictable nature of weather-related events, and when this type of work is performed, it typically generates a higher profit margin than base infrastructure services projects due to higher contractual hourly rates given the nature of services provided and improved operating efficiencies related to equipment utilization and absorption of fixed costs.

Using EBITDA as a performance measure has material limitations as compared to net income (loss), or other financial measures as defined under GAAP, as it excludes certain recurring items, which may be meaningful to investors. EBITDA excludes interest expense net of interest income; however, as we have borrowed money to finance transactions and operations, or invested available cash to generate interest income, interest expense and interest income are elements of our cost structure and can affect our ability to generate revenue and returns for our stockholders. Further, EBITDA excludes depreciation and amortization; however, as we use capital and intangible assets to generate revenue, depreciation and amortization are necessary elements of our costs and ability to generate revenue. Finally, EBITDA excludes income taxes; however, as we are organized as a corporation, the payment of taxes is a necessary element of our operations. As a result of these exclusions from EBITDA, any measure that excludes interest expense net of interest income, depreciation and amortization and income taxes has material limitations as compared to net income (loss). When using EBITDA as a performance measure, management compensates for these limitations by comparing EBITDA to net income (loss) in each period, to allow for the comparison of the performance of the underlying core operations with the overall performance of the Company on a full-cost, after-tax basis.

As to certain of the items related to these non-GAAP metrics: (i) non-cash stock-based compensation varies from period to period due to changes in the estimated fair value of performance-based awards, forfeitures and amounts granted; (ii) separation-related costs represent expenses incurred post-Centuri IPO in connection with the separation and stand up of Centuri as its own public company, including costs incurred in association with Southwest Gas Holdings’ sale of its holdings of our common stock and costs incurred in connection with the establishment of Centuri’s Unutilized Tax Assets Settlement Agreement with Southwest Gas Holdings and under other separation-related agreements, which are not reflective of our ongoing operations and will not recur following the full separation from Southwest Gas Holdings; (iii) strategic review costs represent expenses incurred during the Centuri IPO and related costs incurred to establish Centuri as a public company leading up to the IPO; (iv) severance costs relate to non-recurring restructuring activities; (v) securitization facility transaction fees represent legal and other professional fees incurred to establish our accounts receivable securitization facility; (vi) CEO transition costs represent incremental costs incurred to find and hire a replacement CEO; (vii) other professional fees are non-recurring costs associated with certain one-time events; and (viii) loss on debt modification and extinguishment represents non-recurring professional fees expensed as part of our credit facility refinance as well as the non-cash write-off of unamortized debt issuance costs associated with debt extinguishments.

Centuri Holdings, Inc.

Reconciliation of Non-GAAP Financial Measures

(In thousands unless otherwise noted)

(Unaudited)

The most comparable GAAP financial measure and information reconciling the GAAP and non-GAAP financial measures are set forth below.

Fiscal Three Months Ended

Fiscal Nine Months Ended

Fiscal Year Ended

(dollars in thousands)

September 28, 2025

September 29, 2024

September 28, 2025

September 29, 2024

December 29, 2024

Net income (loss)

2,114

(3,617

)

(7,731

)

(17,153

)

(6,822

)

Interest expense, net

26,205

23,925

62,314

70,653

90,515

Income tax expense

7,918

21,770

973

523

3,466

Depreciation expense

27,805

26,546

82,901

81,921

108,703

Amortization of intangible assets

6,685

6,662

20,034

19,991

26,642

EBITDA

70,727

75,286

158,491

155,935

222,504

Non-cash stock-based compensation

2,143

1,318

5,893

810

2,231

Separation-related costs

2,343

—

5,518

—

Strategic review costs

—

2,010

Severance costs

—

531

—

7,188

8,028

Securitization facility transaction fees

—

1,393

—

1,393

Other professional fees

—

1,379

—

CEO transition costs

—

233

—

233

2,060

Adjusted EBITDA

75,213

78,761

171,281

167,569

238,226

Adjusted EBITDA Margin (% of revenue)

8.8

10.9

8.1

8.7

9.0

Centuri Holdings, Inc.

Reconciliation of Non-GAAP Financial Measures

(In thousands unless otherwise noted)

(Unaudited)

Fiscal Three Months Ended

Fiscal Nine Months Ended

(dollars in thousands)

September 28, 2025

September 29, 2024

September 28, 2025

September 29, 2024

Net income (loss)

2,114

(3,617

)

(7,731

)

(17,153

)

Separation-related costs

2,343

—

5,518

—

Strategic review costs

—

2,010

Severance costs

—

531

—

7,188

Amortization of intangible assets

6,685

6,662

20,034

19,991

Securitization facility transaction fees

—

1,393

—

1,393

Other professional fees

—

1,379

—

CEO transition costs

—

233

—

233

Loss on debt modification and extinguishment

8,240

1,726

8,240

1,726

Non-cash stock-based compensation

2,143

1,318

5,893

810

Income tax impact of adjustments (1)

(4,853

)

(2,966

)

(10,267

)

(8,339

)

Adjusted Net Income

16,672

5,280

23,066

7,859

Calculated based on a blended statutory tax rate of 25%.

Centuri Holdings, Inc.

Reconciliation of Non-GAAP Financial Measures

(In thousands unless otherwise noted)

(Unaudited)

Fiscal Three Months Ended

Fiscal Nine Months Ended

(dollars per share)

September 28, 2025

September 29, 2024

September 28, 2025

September 29, 2024

Diluted earnings (loss) per share attributable to common stock

0.02

(0.04

)

(0.09

)

(0.21

)

Separation-related costs

0.03

—

0.06

—

Strategic review costs

—

0.02

Severance costs

—

0.01

—

0.09

Securitization transaction fees

—

0.02

—

0.02

Other professional fees

—

0.02

—

Loss on debt modification and extinguishment

0.09

0.02

0.09

0.02

Amortization of intangible assets

0.08

0.07

0.23

0.25

Non-cash stock-based compensation

0.02

0.01

0.07

0.01

Income tax impact of adjustments

(0.05

)

(0.03

)

(0.12

)

(0.10

)

Adjusted Diluted Earnings per Share

0.19

0.06

0.26

0.10

Note: The CEO transition costs adjustment is excluded from the table above as it has no impact on Adjusted Diluted Earnings per Share when rounded.

(dollars in thousands, except Net Debt to Adjusted EBITDA Ratio)

September 28,

2025

June 29,

2025

Debt

Current portion of long-term debt

34,304

28,101

Current portion of finance lease liabilities

7,359

7,923

Long-term debt, net of current portion

797,621

718,400

Line of credit

95,777

172,230

Finance lease liabilities, net of current portion

9,551

11,265

Total debt

944,612

937,919

Less: Cash and cash equivalents

(16,133

)

(28,332

)

Net debt

928,479

909,587

Trailing twelve month Adjusted EBITDA (1)

241,938

245,486

Net Debt to Adjusted EBITDA Ratio (2)

3.8

3.7

To calculate Adjusted EBITDA for the last twelve months ended September 28, 2025, we aggregate the results for the fiscal year ended December 29, 2024 with the results for the fiscal nine months ended September 28, 2025 less the results for the fiscal nine months ended September 29, 2024.

This Net Debt to Adjusted EBITDA Ratio may differ slightly from the net leverage ratio calculated for the purposes of the revolving credit facility.

Centuri Holdings, Inc.

Reconciliation of Non-GAAP Financial Measures

(In thousands unless otherwise noted)

(Unaudited)

Fiscal Three Months Ended

Fiscal Nine Months Ended

(dollars in thousands)

September 28, 2025

September 29, 2024

September 28, 2025

September 29, 2024

Total revenue, net

850,044

720,053

2,124,177

1,920,151

Less: Storm restoration services revenue

(1,491

)

(41,385

)

(36,660

)

(87,020

)

Base Revenue

848,553

678,668

2,087,517

1,833,131

Fiscal Three Months Ended

Fiscal Nine Months Ended

(dollars in thousands)

September 28, 2025

September 29, 2024

September 28, 2025

September 29, 2024

Gross profit

77,960

75,793

166,089

149,576

Less: Storm restoration services gross profit

(353

)

(15,256

)

(11,345

)

(29,640

)

Base Gross Profit

77,607

60,537

154,744

119,936

Base Gross Profit Margin

9.1

8.9

7.4

6.5

Centuri Holdings, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share information)

(Unaudited)

Fiscal Three Months Ended

Fiscal Nine Months Ended

September 28, 2025

September 29, 2024

September 28, 2025

September 29, 2024

Revenue

825,228

692,821

2,052,152

1,840,960

Revenue, related party - former parent

24,816

27,232

72,025

79,191

Total revenue, net

850,044

720,053

2,124,177

1,920,151

Cost of revenue (including depreciation)

748,926

620,751

1,891,342

1,699,359

Cost of revenue, related party - former parent (including depreciation)

23,158

23,509

66,746

71,216

Total cost of revenue

772,084

644,260

1,958,088

1,770,575

Gross profit

77,960

75,793

166,089

149,576

Selling, general and administrative expenses

34,960

27,213

90,294

76,461

Amortization of intangible assets

6,685

6,662

20,034

19,991

Operating income

36,315

41,918

55,761

53,124

Interest expense, net

26,205

23,925

62,314

70,653

Other expense (income), net

(160

)

205

(899

)

Income (loss) before income taxes

10,032

18,153

(6,758

)

(16,630

)

Income tax expense

7,918

21,770

973

523

Net income (loss)

2,114

(3,617

)

(7,731

)

(17,153

)

Net income (loss) attributable to noncontrolling interests

(130

)

Net income (loss) attributable to common stock

2,099

(3,652

)

(7,785

)

(17,023

)

Earnings (loss) per share attributable to common stock:

Basic

0.02

(0.04

)

(0.09

)

(0.21

)

Diluted

0.02

(0.04

)

(0.09

)

(0.21

)

Shares used in computing earnings per share:

Weighted average basic shares outstanding

88,649

88,518

88,585

81,679

Weighted average diluted shares outstanding

88,989

88,518

88,585

81,679

Centuri Holdings, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share information)

(Unaudited)

September 28,

2025

December 29,

2024

ASSETS

Current assets:

Cash and cash equivalents

16,133

49,019

Accounts receivable, net

272,257

271,793

Accounts receivable, related party - former parent, net

8,819

9,648

Contract assets

387,665

235,546

Contract assets, related party - former parent

2,378

2,623

Prepaid expenses and other current assets

53,244

32,755

Total current assets

740,496

601,384

Property and equipment, net

494,843

511,314

Intangible assets, net

321,492

340,901

Goodwill, net

371,203

368,302

Right-of-use assets under finance leases

26,054

33,790

Right-of-use assets under operating leases

106,520

104,139

Other assets

116,724

114,560

Total assets

2,177,332

2,074,390

LIABILITIES, TEMPORARY EQUITY AND EQUITY

Current liabilities:

Current portion of long-term debt

34,304

30,018

Current portion of finance lease liabilities

7,359

9,331

Current portion of operating lease liabilities

20,570

18,695

Accounts payable

146,620

125,726

Accrued expenses and other current liabilities

201,269

173,584

Contract liabilities

32,057

24,975

Total current liabilities

442,179

382,329

Long-term debt, net of current portion

797,621

730,330

Line of credit

95,777

113,533

Finance lease liabilities, net of current portion

9,551

15,009

Operating lease liabilities, net of current portion

92,539

91,739

Deferred income taxes

72,552

115,114

Other long-term liabilities

77,054

66,115

Total liabilities

1,587,273

1,514,169

Temporary equity:

Redeemable noncontrolling interests

4,891

4,669

Equity:

Common stock, $0.01 par value, 850,000,000 shares authorized, 88,649,154 and 88,517,521 shares issued and outstanding at September 28, 2025 and December 29, 2024, respectively.

886

885

Additional paid-in capital

752,413

718,598

Accumulated other comprehensive loss

(9,549

)

(13,209

)

Accumulated deficit

(158,582

)

(150,722

)

Total equity

585,168

555,552

Total liabilities, temporary equity and equity

2,177,332

2,074,390

Centuri Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Fiscal Nine Months Ended

September 28, 2025

September 29, 2024

Net cash (used in) provided by operating activities

(5,769

)

97,232

Cash flows from investing activities:

Capital expenditures

(68,738

)

(66,093

)

Proceeds from sale of property and equipment

4,577

6,802

Net cash used in investing activities

(64,161

)

(59,291

)

Cash flows from financing activities:

Proceeds from initial public offering and private placement, net of offering costs paid

—

327,967

Proceeds from line of credit borrowings

142,008

280,408

Payment of line of credit borrowings

(162,309

)

(239,704

)

Proceeds from long-term debt borrowings, net

242,936

—

Principal payments on long-term debt

(174,085

)

(285,807

)

Principal payments on finance lease liabilities

(7,452

)

(8,574

)

Redemption of redeemable noncontrolling interest

—

(92,839

)

Payment of debt issuance costs

(3,214

)

—

Other

(931

)

(198

)

Net cash provided by (used in) financing activities

36,953

(18,747

)

Effects of foreign exchange translation

(142

)

Net (decrease) increase in cash and cash equivalents

(32,886

)

19,052

Cash and cash equivalents, beginning of period

49,019

33,407

Cash and cash equivalents, end of period

16,133

52,459