Additional Renewables Cost Overruns and Delays<\/span><\/b><\/p>\n \nAdditional challenges and cost overruns were identified as a result of continued progress on projects in the Company\u2019s Renewables business, including through an ongoing assessment by a third-party industry expert. The expected cost overruns are primarily related to six projects previously discussed by the Company. Two of the six identified projects have been substantially completed in the second quarter, one is expected to be substantially completed early in the third quarter, two are expected to reach substantial completion later in the third quarter and one is expected to be substantially completed in the fourth quarter of 2026.<\/p>\n \nThe Company is also anticipating lower revenue and gross profit for the full year 2026, primarily driven by lower expected revenue and gross profit in the Renewables business. The Company now expects revenue in the Renewables business for the full year 2026 to be approximately $2.1 billion, compared to approximately $3.0 billion for the full year of 2025.<\/p>\n \nAs a result of these temporary headwinds, the Company is issuing updated guidance for the full year 2026. The majority of the developments are expected to be reflected in the Company\u2019s second quarter of 2026 results. For the full year of 2026, net income is expected to be between $71.0 million and $101.0 million. Earnings per share (\u201cEPS\u201d) is expected to be between $1.30 and $1.85 per fully diluted share. Adjusted EPS is estimated in the range of $2.05 to $2.60 per fully diluted share, and Adjusted EBITDA is expected to range from $275.0 to $325.0 million.<\/p>\n Chief Operating Officer Transition<\/span><\/b><\/p>\n \nPrimoris also announced today the departure of Jeremy Kinch from the COO role. \u201cThe Company thanks Jeremy for his contributions and wishes him well on his future endeavors. The management team is committed to pulling together and focusing on enhancements across the enterprise to drive consistent execution and sustainable profitable growth,\u201d said President and Chief Executive Officer, Koti Vadlamudi. While the Company conducts a search for a permanent successor, Mr. Vadlamudi will manage most of the COO responsibilities.<\/p>\n Recent Project Awards<\/span><\/b><\/p>\n \nThe Company has been awarded several projects during the second quarter of 2026 with a combined value of approximately $2.0 billion, which were secured by the Company\u2019s Energy segment. This positive trend in backlog is primarily focused on the engineering and construction of natural gas generation, industrial, and electric construction services to support power load growth and data centers.<\/p>\n Share Purchase Update<\/span><\/b><\/p>\n \nAdditionally, the Company announced that it purchased approximately $50 million of common stock during the second quarter, with an average price of approximately $111.29 per share. As of June 22, 2026, the Company had approximately $100 million available for purchase under the authorized share purchase program, which expires on April 30, 2028.<\/p>\n \n\u201cWhile we are disappointed by the additional costs experienced on a limited number of projects in our Renewables business, we remain confident in the long-term growth opportunities in our Renewables business and Primoris broadly,\u201d said Koti Vadlamudi, President and Chief Executive Officer. \u201cWe are actively bringing the six challenging projects to completion and have taken action to strengthen our pre-construction planning, project management, and project controls processes in the Renewables business. These enhancements position us to better mitigate risk and improve visibility essential for successful project execution going forward.\u201d<\/p>\n \nMr. Vadlamudi continued, \u201cImportantly, we are seeing strong demand across our end markets, highlighted by the approximately $2.0 billion in new awards in the Energy segment during the second quarter. We continue to benefit from durable secular tailwinds driving investment in essential infrastructure across North America. Reflecting our confidence in the business and in the future of Primoris, we purchased $50 million of stock during the quarter, and we will continue to be opportunistic in purchasing shares as part of our capital allocation strategy.\u201d<\/p>\n Upcoming Investor Conference Participation<\/span><\/b><\/p>\n \nPrimoris management expects to participate in the following upcoming investor conferences:<\/p>\n \nA copy of the Company\u2019s most recent investor presentation as well as links to any webcasts will be available in the \u201cEvents and Presentations\u201d section of the Company\u2019s Investor Relations website, www.prim.com<\/a>.<\/p>\n Updated Full Year 2026 Outlook<\/span><\/b><\/p>\n\n
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