Primoris Services : Q2 2022 Conference Call Presentation

Primoris Services

Corporation

Building M o m e n t u m

2Q 2022 Earnings

August 9, 2022

Notice to Investors

This presentation contains forward-looking statements within the meaning of the federal securities laws. These statements give the current expectations of the Company's management. Words such as "anticipates", "believes", "could", "estimates", "expects", "intends", "may", "plans", "potential", "predicts", "projects", "should", "will", "would" and similar expressions are used to identify forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this presentation include the

Company's expectations regarding the possible or assumed future results of operations, business strategies, financing plans, competitive

position, industry environment, potential growth opportunities, projections, effects of regulation and the economy, generally.

Forward-looking statements can be affected by the assumptions used or known or unknown risks or uncertainties. The Company's forward- looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond the Company's control or are subject to change. Consequently, no forward-looking statement can be guaranteed, and actual results may differ materially and adversely from those reflected in the forward-looking statements. In addition to the factors described in this presentation, other factors that could cause actual results to differ materially from those indicated in the forward-looking statements include, among other things, those set forth in the Company's earnings release dated August 8, 2022, which is

included as an exhibit to the Company's Form 8-K furnished to the U.S. Securities and Exchange Commission ("SEC") on such date, and in the Company's SEC filings, including the Company's most recent reports on Forms 10-K and 10-Q. Copies of the Company's SEC filings may be obtained by visiting our Investor Relations website at www.primoriscorp.com or the SEC's website at www.sec.gov.

All information in this presentation reflects management's views as of August 8, 2022. The Company does not undertake, and expressly disclaims any duty, to update any statement made in this presentation, whether as a result of new information, new developments, or otherwise, except as may be required by law.

Non-GAAP Measures

This presentation contains certain financial measures that are not recognized under generally accepted accounting principles in the United States

("GAAP"). Primoris uses earnings before interest, income taxes, depreciation and amortization ("EBITDA"), Adjusted EBITDA, Adjusted Net Income, and Adjusted EPS as important supplemental measures of the Company's operating performance. The Company believes these measures enable investors, analysts, and management to evaluate Primoris' performance excluding the effects of certain items that management believes impact the comparability of operating results between reporting periods. In addition, management believes these measures are useful in comparing the Company's operating results with those of its competitors. The non-GAAP measures presented in this presentation are not intendedto be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, Primoris' method of calculating these measures may be different from methods used by other companies, and, accordingly, may not be comparable to similarly titled measures as calculated by other companies that do not use the same methodology as Primoris. Please see the accompanying tables to this presentation for reconciliations of the following non‐GAAP financial measures for Primoris' current and historical results: EBITDA,

Adjusted EBITDA, Adjusted Net Income and Adjusted EPS.

2

2Q 2022 Highlights

Record Revenue of $1,022.9 million

Record Backlog of $4.6 billion, an increase of

59 percent over prior year

Building momentum in higher-growth,higher-margin

end markets with strong secular tailwinds:

Utilities & Energy/Renewables Segments drove

approximately 94% of 2Q 2022 revenue

3

2Q 2022 Summary

($ thousands, except per share amounts)	2Q 2022	2Q 2021
GAAP Metrics
Revenue	$ 1,022,948	$ 881,610
Net Income	50,154	36,295
Diluted EPS	0.93	0.67
Non-GAAP Metrics
Adjusted EBITDA	56,142	83,375
Adjusted Net Income	26,084	40,507
Adjusted EPS	0.48	0.75

4

MSA Revenue

$MMs

$1,800

$1,600

$1,400

$1,200

$1,000

$800

$600

$400

$200

$-

										50%
					47%
					46%
44%
45%
					39%
38%			40%

35%

29%	28%	30%
			25%

20%

15%

2016	2017	2018	2019	2020	2021	2Q 2022 LTM
		MSA Revenue				% Total Revenue

Revenue Total %

5