PRIM

EX-99

2 prim-ex99.htm

EX-99

For your information, please see the attached earnings release of Primoris Corporation (“Primoris”) for the three months ended March 31, 2008

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Exhibit 99.1

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Primoris Services Corporation Reports Third Quarter 2026 Results

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Dallas, TX – November 3, 2026 – Primoris Services Corporation (NYSE: PRIM) (“Primoris” or the “Company”) today announced financial results for its third quarter ended September 30, 2026 and provided comments on the Company’s operational performance and outlook for the remainder of 2026.

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For the third quarter of 2026, Primoris reported the following highlights (1):

●Revenue of $2.0 billion, down $0.2 billion, or 10.4%, compared to the third quarter of 2025;

●Net income of $51.3 million, or $0.95 per diluted share, a decrease of $43.3 million, or $0.78 per diluted share, from the third quarter of 2025;

●Adjusted net income of $64.9 million, or $1.20 per diluted share, a decrease of $38.2 million, or $0.68 per diluted share, from the third quarter of 2025;

●Adjusted earnings before interest, income taxes, depreciation, and amortization (“Adjusted EBITDA”) of $134.4 million, down $34.3 million, or 20.3%, from the third quarter of 2025;

●Record total backlog of $14.1 billion, including $8.5 billion of total master service agreement (“MSA”) backlog;

●Updating net income and Adjusted EBITDA guidance ranges to $65.2 million to $73.2 million and $290.0 million to $310.0 million, respectively, for the full year 2026; and

●Updating diluted earnings per share (“EPS”) and Adjusted EPS guidance ranges to $1.20 to $1.35 and $2.10 to $2.25 per diluted share, respectively, for the full year 2026;

●Announced share purchase authorization of up to $250 million of common shares.

(1)Please refer to “Non-GAAP Measures” and Schedules 1, 2, 3 and 4 for the definitions and reconciliations of our Non-GAAP financial measures, including “Adjusted Net Income,” “Adjusted EPS” and “Adjusted EBITDA.”

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“Our third quarter results reflect meaningful progress in completing the renewable energy projects that have weighed on our margins this year, while highlighting the continued strength and resilience of the broader Primoris platform,” said Koti Vadlamudi, President and Chief Executive Officer of Primoris. “As the last of our six previously discussed challenged projects moves closer to completion, we are increasingly confident that these impacts are soon to be behind us and that Primoris is well positioned to capitalize on the significant opportunities ahead.”

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“We remain confident in the long-term fundamentals of the renewables market and Primoris’ position as a leading provider of utility-scale solar and battery storage solutions. Demand for reliable and affordable energy infrastructure remains robust, and we continue to see attractive opportunities across our end markets.”

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“As we approach the end of a challenging year, we believe the foundation is in place for a return to growth in 2027. Supported by a record backlog, improved project execution, and sustained demand for power generation and utility infrastructure services, we are well positioned to return to profitable growth, expand margins, and create sustainable value for our customers, employees and shareholders,” he added.

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Third Quarter 2026 Results Overview

Revenue was $2.0 billion for the three months ended September 30, 2026, a decrease of $0.2 billion, or 10.4%, compared to the same period in 2025. The decrease was primarily due to lower renewables revenue in the Energy segment, partially offset by growth in our Utilities segment. Operating income was $94.9 million for the three months ended September 30, 2026, a decrease of $42.1 million, or 30.7%, compared to the same period in 2025. The decrease was primarily due to lower revenue and margin in the Energy segment, partially offset by an increase in margin in the

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Utilities segment. Gross profit as a percentage of revenue decreased to 10.5% for the three months ended September 30, 2026, compared to 10.8% for the same period in 2025. The decrease was primarily a result of lower margins in the Energy segment.

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During the third quarter of 2026, net income was $51.3 million compared to net income of $94.6 million in the prior year. Diluted EPS was $0.95 for the third quarter of 2026 compared to $1.73 for the same period in 2025. The decrease in net income and EPS can be largely attributed to lower operating income, from lower revenue and gross profit, and higher interest expense. Adjusted net income was $64.9 million for the third quarter of 2026, compared to $103.1 million for the same period in 2025. Adjusted diluted EPS was $1.20 for the third quarter of 2026, compared to $1.88 for the third quarter of 2025. Adjusted EBITDA was $134.4 million for the third quarter of 2026, compared to $168.7 million for the same period in 2025.

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Operating performance by segment for the three and nine months ended September 30, 2026, and 2025 was as f

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