MYR : 1Q MYRG Investor Presentation 05.14.26 FINAL
MYRG
Published on 05/14/2026 at 05:33 pm EDT
1
Q 1 | MAY 2026 | NASDAQ: MYRG
MYR Group Inc.
3
65+
OFFICE LOCATIONS
MYR Group Inc. is a holding company of subsidiaries that has delivered some of
the largest and most notable electrical infrastructure and commercial and industrial projects throughout the United States and Canada since 1891.
CONTINUED GROWTH
Strong market presence with sustained organic and acquisitive growth
STRONG FINANCIALS
Strong balance sheet supporting projects of any scale with proven execution
STRONG SAFETY CULTURE
Industry-leading safety performance (2025: TCIR - 0.92, LTIR - 0.14)
EXTENSIVE RESOURCES & EXPERTISE
9,000+ employees and one of the
industry's largest specialized fleets
LONG-STANDING CUSTOMERS
50+ year partnerships across the U.S. and Canada with 90%+ repeat clients
EXPERIENCED LEADERSHIP
Executive team averaging 30+ years of industry experience
TRANSMISSION & DISTRIBUTION (T&D)
COMMERCIAN & INDUSTRIAL (C&I)
Transmission
Distribution Substation
Street Lighting
Storm Restoration Energy Storage
Healthcare
Transportation Manufacturing
Data Centers
Clean Energy Warehousing
U.S. SPECIALTY ELECTRICAL CONTRACTORS
LTM 3/31/2026
$3.66B
2025
2024
30 YEARS IN A ROW1 $3.36B
$3.64B
2023
$3.01B
REVENUE
$2.50B
2021
2022
CAGR 10.5%
4
1. Engineering News-Record
What We See
T&D primarily consists of small to medium-sized projects, with some larger High Voltage Direct Current (HVDC) transmission projects. We execute routine maintenance work under long-term Master Service Agreements (MSAs). Strong, longterm drivers are expected to continue to increase T&D spending.
The core markets we serve in C&I remain active, with multiple growth drivers and notable strength in data center and transportation opportunities.
Reshoring of manufacturing continues to create opportunities in our markets, and we
believe both MYR Group business segments are well positioned to benefit from this.
AI is driving growth in data centers and power demand. Data centers have been an important and growing end market for our C&I segment for a long time, while new interconnections, substations and infrastructure upgrades to data centers present additional opportunities for our T&D segment.
Strong balance sheet with $460M in availability under our $490M credit facility, and debt to LTM EBITDA leverage of 0.04x and $163M cash and equivalents, which management believes will enable us to meet our working capital needs, support organic growth, pursue acquisitions, and opportunistically repurchase shares.
Electrical Construction Project Delivery
Industry leader and trusted partner
Strong, long-standing customer relationships
Experience with small to large, fast-track projects
Deliver highest quality services with skilled experts
Strong execution of large projects on stand-alone basis and with JV partners
Experience with voltages up to 765kV
Maintain one of the largest specialized fleets
CENTRAL
DEN CONCOURSE EXPANSIONS
Colorado; $190M+, 3-year project; 55-gate concourse expansion program
Expertise delivering some of the largest, most complex, electrical construction projects
Decades of experience in our core C&I markets including data centers, transportation, healthcare, manufacturing, warehousing, and clean energy
70 TRANSPORTATION
Colorado; $100M+;
4.5-year project; electrical construction services
CENTRAL EAST
ENERGY CONNECT
New York; $300M+; 3.5-year project; nearly 100 miles of 345kV transmission
MAINE POWER
RELIABILITY PROGRAM
Maine; $200M+; 4-year project; 210 miles of 345kV & 115kV transmission line
INTUIT DOME
California; $130M+ project; 18,000-seat L.A. Clippers arena
Business Segment Update
REPRESENTATIVE CUSTOMERS
LTM revenue of $2.08B as of March 31, 2026
Backlog of $981M as of March 31, 2026*
Strong, long-standing relationships with a diverse customer base where approximately 70% of business is performed under Master Service Agreements
Acquired the Powerline Plus Companies in January 2022
03/31/26
LTM
2025
2024
2023
2022
2021
$1,000
$500
$0
$1,302
$1,500
$1,881
$1,746
$2,000
$2,082
$2,002
$2,089
$2,500
T&D Revenue
T&D Revenue 11.7% CAGR
Millions
*T&D backlog only includes 90 days of MSA work; typically, these agreements are multi-year in duration
U.S. electricity usage is expected to grow by 1 percent in 2026 and 3 percent in 2027, following two years of consumption growth. This would be the strongest four-year growth period since 2000. The driving factor is increased demand from "large computing centers." (EIA.gov, January 2026)
J.P. Morgan anticipates the more than $1 trillion grid investment planned for the coming decade will be
split between 37 percent transmission and 63 percent distribution. (jpmorgan.com; March 2026)
S&P Global forecasts aggregated energy utility investments will continue reaching new heights. They anticipate $259B will be spent in 2026, $276B in 2027, and $277B in 2028, an approximate 29% increase from roughly $200B spent in 2025. Electric utilities will invest in infrastructure modernization, reliability and new generation capacity to meet heightened energy demand from new large-load customers, particularly data centers. (SPGlobal.com, April 2026)
Investor-owned utilities spent $32.6 billion on transmission investment in 2024, compared to $30.0 billion in 2023, and were projected to spend $39.9 billion in 2025 and $178 billion between 2025-2028. They spent $60.2 billion on distribution investment in 2024, compared to $56.7 billion in 2023. (eei.org; January 2026)
Strong, Long-Term Drivers
INVESTMENT DRIVERS
System Reliability & Resiliency Programs Aging Electric Grid
Connecting New Generation Sources Plant Retirements
System Hardening Electrification
Data Centers & Reshoring
Distributed Energy Resources
Actual and Projected Transmission Investment by Investor-Owned Electric Companies
Business Segment Update
REPRESENTATIVE CUSTOMERS
LTM revenue of $1.74B as of March 31, 2026
Backlog of $1.86B as of March 31, 2026
Growth in our core markets is driven by increasing investments in data centers, transportation, clean energy, and healthcare, as well as reshoring of manufacturing, and we remain well diversified across our core markets
2025 03/31/26
LTM
2024
2023
2022
2021
$0
$500
$1,000
$1,263
$1,197
$1,500
$1,482
$1,655
$1,555
$1,743
$2,000
9.3% CAGR
C&I Revenue
C&I Revenue
Millions
Strong, long-standing customer relationships
Strong, Long-Term Drivers
Data Centers Transportation Healthcare
Clean Energy, Storage & EV Charging E-Commerce Manufacturing
Industrial Facilities
MYR GROUP CORE C&I MARKETS
MYR Group's C&I segment sees steady bidding opportunities in its core markets
FMI's latest nonresidential construction index (NRCI) eased slightly to 53.4 in the second quarter of 2026, compared to 54.5 in the first quarter. Scores above 50 indicate expansion. Backlog expectations pulled back somewhat but were "well into expansion territory and signaling solid workload visibility." (FMIcorp.com, March 2026)
The Dodge Momentum index rose by almost 2 percent in March to 250.5 (2000=100) and remained 25.8 percent higher year over year. The month's momentum was driven "almost entirely by data center projects," while other sectors are easing back. (construction.com, April 2026)
The Associated Builders and Contractors Association's Construction Backlog Indicator rose to 8.6 months in March. The readings for sales, profit margins and staffing are all higher than they were one year ago and remain above the threshold of 50, indicating expectations for growth over the next six months. (ABC.org, April 2026)
and continues to be well diversified.
Source: The Dodge Momentum Index, April 7, 2026
Market Opportunities for Both T&D and C&I
Data centers, a subsegment of the office sector, has the highest anticipated growth according to FMI's first quarter engineering and construction outlook. They estimated that data center market spending was 35% higher in 2025 than 2024 and will continue growing over the next four years by 23%, 21%, 13% and 11%, respectively. (FMI 2026 North American Engineering and Construction Outlook, January 2026)
Dodge Construction Network found that nonresidential building starts improved 17.8 percent in February, with commercial starts up 48.5 percent "solely driven" by the 159.6 percent growth in offices and data centers. On a year-over-year basis, commercial and industrial construction was up 22.9 percent. (construction.com, March 2026)
U.S. data centers currently consume 4.5 percent of the nation's power, but the Electric Power Research Institute (EPRI) anticipates that share could double by 2030. EPRI forecasts data centers could consume 9 to 17 percent of the nation's electricity by then - 60 percent more demand than their forecast two years earlier. (E&E News, February 2026)
The North American Electric Reliability Corp. (NERC) forecasted that summer peak demand will grow by 224 GW over the next 10 years, and winter peak demand by 246 GW, driven by new data centers. The new summer peak forecast was a 69%
increase compared NERC's 2024 forecast. (energy.gov, January 2026)
DATA CENTER DRIVERS
AI Driven Demand Increased Cloud Services Greater Data Storage Needs
Deceleration of Power Efficiency Gains
Crypto Mining Operations
MYR Group's C&I segment has decades of experience providing services for new construction, expansion build-outs, upgrades and maintenance of data center facilities. The T&D segment builds and upgrades lines and substations to interconnect new data centers, working for our utility customers.
DATA CENTERS DRIVING INCREMENTAL INFRASTRUCTURE INVESTMENT
C Three's 2024 North American Electric Transmission Market Forecast reports that AI is "supercharging" data center growth
and is a major driver of increasing load growth projections. They noted that data centers are chasing cheap power for their locations, while hyperscale data center owners are also chasing renewable power. The report noted there are more than 170 hyperscale and co-location data centers planned, representing more than 45GW of capacity.
Clean Energy
12
We don't just create connections that empower people - we create connections that help our partners achieve their energy goals.
Building a Sustainable Future with
Reducing Our Impact on Projects
Scrap material recycling
Environmental compliance
Clean Energy Transformation Partner
Clean energy interconnect work
Solar & energy storage projects
Electric vehicle charging installations
Equity & Inclusion
25% racially/ethnically diverse Board of Directors
38% of the Board of Directors is female
Established Veteran Employee Resource Group
Varied vendor utilization and partnerships
Policy & Guidance
Established corporate policies
Promote honest and ethical conduct
Develop employee awareness and compliance
Corporate Governance
Conduct annual evaluations
Effective executive compensation best practices
Board Composition
Independent Chair of the Board
Committees comprised solely of independent directors
Majority voting standard for directors in uncontested elections
Keeping Safety at Our Core
Behavioral commitment to safety
Strong culture built on leadership, employee dedication, top-notch training programs, industry involvement, and a focus on constant innovation and improvement
Investing in Our People
92,900+ workhours of training
1,510 employee development courses completed
Robust benefits and wellness program
Giving Back to Our Communities
Raised and donated more than $3.5M in last three years
Supported more than 130 non-profit organizations in last three years
Operating Sustainably
GHG emissions tracking and goals
Waste recycling and reduction
Water and energy stewardship
VIEW REPORT
Online atmyrgroup.com/sustainability
Stock Price Performance
Dividend-Adjusted Stock Return
(01/04/2021 - 03/31/2026)
900.0%
800.0%
700.0%
600.0%
MYRG Div.-Adj. Return EME Div.-Adj. Return PWR Div.-Adj. Return MTZ Div.-Adj. Return PRIM Div. Adj.-Return
Dividend Adjusted Stock Return
Stock Price as of:
MYRG
EME
PWR
MTZ
PRIM
1/4/2021
$ 58.14
$ 87.56
$ 67.63
$ 67.29
$ 26.64
3/31/2026
$ 282.32
$ 737.94
$ 548.91
$ 321.74
$ 143.04
Div. Adj. Stock Return
385.6%
742.8%
711.6%
378.1%
437.0%
EME - CAGR 50.22%
PWR - CAGR 49.14%
500.0%
PRIM - CAGR 37.83%
MYRG - CAGR 35.21%
400.0%
300.0%
MTZ - CAGR 34.81%
200.0%
100.0%
0.0%
-100.0%
Delivering Strong Returns
Q1 2026 RESULTS
$1.00B
Revenue
$46.8M
Net Income (1) or
$2.99 Per Diluted Share (1)
$2.84B
Backlog (1)
(1) Record Highs
performance, disciplined execution, and favorable market outlook position us well to sustain this momentum through the remainder of 2026.
Rick Swartz President and CEO
MARCH 31, 2026 LTM
Total Revenue (1)
$3.82B
Net Income (1)
$141.9M
Earnings per Diluted Share (1)
$9.07
EBITDA * (1)
$264.1M
Free Cash Flow *
$230.6M
* See reconciliation of non-GAAP measures on slide 20
(1) Record Highs
March 31, 2026 LTM FINANCIAL OVERVIEW
Business Segment Revenue
C&I
$1.74B
T&D
$2.08B
Total Revenue $3.82B
Well-Positioned to Support Additional Growth
Millions
$120
$100
$80
$60
$40
$20
$0
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
CAPEX Investment
$94.4
$97.4
$84.7
$77.1
$75.9
$52.4
2021 2022 2023 2024 2025 03/31/26
LTM
47.1%
15.5%
13.4%
12.8%
9.2%
3-Year Average ROIC
EME MYRG PRIM PWR MTZ
3.0%
2.8%
2.6%
2.4%
2.2%
2.0%
Low debt leverage
Strong balance sheet with $460M in availability under our $490M credit facility and $163M in cash and equivalents
Substantial bonding capacity
Investment in specialty equipment supporting future organic growth
Liquidity
Millions
$700
$600
$500
$400
$300
$200
$100
$-
$(100)
$(200)
MYR, PWR, MTZ, PRIM, and EME 3-year period is March 2023 - March 2026 2021 2022 2023 2024 2025 03/31/26
Demonstrated Strong, Long-Term Execution
Millions
$5,000
Revenue by Segment
T&D C&I 10.5% CAGR
Millions
$3,000
Backlog
Backlog > 12 Mo
$2,502
$2,512
$2,576
$1,789
$2,824 $2,843
$4,000
$3,000
$2,498
$3,009
$3,644
$3,362
$3,658 $3,825
$2,000
$2,000
$1,000
$1,000
$-
$-
4
4
4
4
4
1
QTR
2021
2022
2023
2024
2025
2026
YEAR
2021 2022 2023 2024 2025 03/31/26
LTM
Millions
$300
$200
$100
$-
EBITDA *
$232.7
$264.1
$164.2
$175.8
$188.2
$117.8
2021 2022 2023 2024 2025 03/31/26
LTM
$10.00
$9.00
$8.00
$7.00
$6.00
$5.00
$4.00
$3.00
$2.00
$1.00
$-
Diluted EPS - Attributable to MYR Group Inc.
$9.07
$7.53
$4.95
$4.91
$5.40
$1.83
2021 2022 2023 2024 2025 03/31/26
LTM
* For reconciliation of EBITDA to net income, see page 20
Executives & Board of Directors
MYR Group Inc. has a strong team of experienced leaders that make up our executive team and Board of Directors. We believe diversity of our leadership is a critical component of creating long-term value for our shareholders. We seek individuals who bring extensive experience and unique perspectives to both our Company and our Board.
BOARD OF DIRECTORS STATISTICS
38%
Female
25%
Racially / Ethnically Diverse Directors
88%
Majority Independent
EXECUTIVE LEADERSHIP
5:3
Varied Tenure
5 of 8 have 0-9 years
3 of 8 have 10+ years
Rick Swartz, CEO
MYRG: 43 years
Industry: 43 years
Kelly Huntington, CFO Brian Stern, COO - T&D Don Egan, COO - C&I
MYRG: 3 years MYRG: 20 years MYRG: 34 years
Industry: 23 years Industry: 25 years Industry: 34 years
William Fry, CLO
MYRG: 7 years
Industry: 28 years
EXECUTIVES AVERAGE:
21 Years
With MYR Group
30 Years
Industry Experience
Creating
ORGANIC GROWTH
Expand in new and existing markets that align with core capabilities
Strategic expansion of geographic footprint into new markets in the U.S. and Canada
Invest in additional fleet and labor resources to expand capacity
Leverage extensive bid knowledge and long-term customer relationships
From 2024-2025, the Company repurchased 1.3 million shares for approximately $150 million at an average share price of $117 under multiple repurchase programs
PRUDENT CAPITAL RETURNS
Opportunistically
repurchase shares
STRATEGIC ACQUISITIONS
Evaluate opportunities to expand and hone business expertise
Identify and evaluate strategic opportunities in the U.S. and Canada that achieve long-term growth objectives and leverage our core capabilities
Focus on acquisitions that meet clear, long-term return thresholds and are
compatible with MYR Group's values
and culture
Focus on integration of processes,
people, technology, and equipment
Demonstrated Strong Long-Term Execution
EBITDA
2021 2022 2023 2024 2025
3/31/2026
Net Income
$ 85.0
$ 83.4
$ 91.0
$ 30.3
$ 118.4
$ 141.9
Interest Expense, net
1.7
3.4
4.1
6.1
4.9
3.5
Income Tax Expense
31.3
30.8
34.0
16.2
42.9
50.6
Depreciation and Amortization
46.2
58.2
59.1
65.2
66.5
68.1
EBITDA
$ 164.2
$ 175.8
$ 188.2
$ 117.8
$ 232.7
$ 264.1
$ In Millions FY LTM
FREE CASH FLOW
Net cash flow from operating activities
Less: cash used in purchasing property and equipment Free Cash Flow
LTM
$ 328.0
(97.4)
$ 230.6
3/31/2026
EBITDA is a non-GAAP financial measure that is defined as Earnings Before Interest, Taxes, Depreciation and Amortization.
Free cash flow is a non-GAAP measure that is defined as cash flow provided by operating activities minus cash flow used in purchasing property and equipment
Note:
EBITDA is not recognized under GAAP and does not purport to be an alternative to net income as a measure of operating performance or to net cash flows provided by operating activities as a measure of liquidity. EBITDA is a component of the debt to EBITDA covenant that we must report to our bank on a quarterly basis. In addition, management considers EBITDA a useful measure because it eliminates differences which are caused by different capital structures as well as different tax rates and depreciation schedules when comparing our measures to our peers' measures.
Free cash flow is not recognized under GAAP and does not purport to be an alternative to net income attributable to MYR Group Inc., cash flow from operations or the change in cash on the balance sheet. Management views free cash flow as a measure of operational performance, liquidity, and financial health.
ROIC Definition
Net Income (LTM) [A] + [(Net Interest Expense + Amortization of Intangibles) * (1-Effective Tax Rate)] [A] Net Income excludes noncontrolling interest and discontinued operations
รท [Book Value (Total Stockholders' Equity [B] + Net Debt] @ beginning and ending period average [B] Total Stockholders' Equity excludes minority interests and discontinued operations
= Return on Invested Capital
20
Three-year averages are derived from calculating the return metric for each twelve-month period and then averaging the three-period metrics
myrgroup.com
NASDAQ: MYRG
HEADQUARTERS
12121 Grant Street, Suite 610
21
Thornton, CO 80241 [email protected]
JENNIFER HARPER
MYR Group Inc., Vice President, Investor Relations and Treasurer
Disclaimer
MYR Group Inc. published this content on May 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2026 at 21:32 UTC.