UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K _________________________ Table of Contents (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 28, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission file number 001-42022 _________________________ Centuri Holdings, Inc. (Exact name of registrant ...

Centuri Holdings (CTRI) came out with quarterly earnings of $0.17 per share, missing the Zacks Consensus Estimate of $0.2 per share. This compares to earnings of $0.21 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -12.82%. A quarter ago, it was expected that this utility infrastructure services provider would post earnings of $0.32 per share when it actually produced earnings of $0.19, delivering a surprise of -40.63%.Over t ...

Centuri (NYSE:CTRI) Q4 2025 Earnings call February 25, 2026 10:00 AM ET Company ParticipantsChris Brown - President and CEOChris Ellinghaus - Managing DirectorGregory Izenstark - Chief Financial OfficerJoseph O'Dea - Managing DirectorManish Somaiya - Managing Director and Senior EquityNate Tetlow - Vice President of Investor RelationsConference Call ParticipantsAvi Jaroslawicz - Director and Equity Research AnalystJustin Hauke - Senior Research AnalystSangita Jain - Senior Equity Research AnalystSherif El-S ...

Centuri (NYSE:CTRI) Q4 2025 Earnings call February 25, 2026 10:00 AM ET Company ParticipantsChris Brown - President and CEOChris Ellinghaus - Managing DirectorGregory Izenstark - CFOJoseph O'Dea - Managing DirectorManish Somaiya - Managing Director and Senior EquityNate Tetlow - Vice President of Investor RelationsConference Call ParticipantsAvi Jaroslawicz - Director and Equity Research AnalystJustin Hauke - Senior Research AnalystSangita Jain - Senior Equity Research AnalystSherif El-Sabbahy - Vice Presid ...

Centuri (NYSE:CTRI) Q4 2025 Earnings call February 25, 2026 10:00 AM ET Speaker7Welcome to Centuri's fourth quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Nate Tetlow, Vice President, Investor Relations. Please, you may begin.Speaker6Thank you, Angeline. Hello, everyone. This morning, we issued and post ...

Centuri.com 1 Investor Presentation February 2026 Forward Looking Statements Disclaimer Unless the context otherwise requires, in this presentation, references to "we," "us," and "our" are to Centuri Holdings, Inc. (NYSE: CTRI) ("Centuri" or the "Company"), together with its consolidated subsidiaries, which include, among others, Centuri Group, Inc. This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securi ...

Financial Performance - Achieved record annual revenue of $3 billion for fiscal year 2025, a 13% increase compared to 2024[4] - Fourth quarter revenue reached $858.6 million, a 20% increase year-over-year, with gross profit of $80.5 million, up 13.2%[4] - Base revenue for the year was $2.943 billion, an 18% increase from 2024, with base gross profit of $234 million, representing a 35% increase[7] - Total revenue for the fiscal year ended December 28, 2025, was $2,982,781,000, an increase from $2,637,229,000 in the previous year, representing a growth of 13.1%[41] - Base revenue for the fiscal three months ended December 28, 2025, was $855,067,000, compared to $667,369,000 for the same period in 2024, reflecting a year-over-year increase of 28.1%[41] - Gross profit for the fiscal year ended December 28, 2025, was $246,566,000, compared to $220,672,000 in 2024, indicating an increase of 11.7%[43] - Adjusted EBITDA for the fiscal year ended December 28, 2025, was $249.0 million, compared to $238.2 million for the previous year, reflecting a growth of approximately 4.0%[38] - Adjusted EBITDA Margin for the fiscal year ended December 28, 2025, was 8.3%, compared to 9.0% for the previous year[38] - Net income for the fiscal year ended December 28, 2025, was $22.7 million, compared to a net loss of $6.8 million for the previous year[38] - Adjusted Net Income for the fiscal year ended December 28, 2025, was $39.0 million, compared to $26.2 million for the previous year, indicating a significant increase[38] - Adjusted diluted earnings per share for the fiscal year ended December 28, 2025, was $0.43, up from $0.32 in the previous year, marking a 34.4% increase[41] Bookings and Backlog - Secured total bookings of $4.5 billion for 2025, with a book-to-bill ratio of 1.5x, exceeding the target of 1.1x[10] - Expanded backlog to $5.9 billion, a 59% increase year-over-year, with a $13 billion opportunity pipeline[11] - The company expects that year-end 2025 backlog and 2026 year-to-date bookings will provide over 85% of its 2026 Base Revenue at the mid-point of guidance[20] - The company aims to achieve a book-to-bill ratio of 1.1x to 1.2x in 2026[20] Debt and Cash Flow - Net debt to adjusted EBITDA ratio improved to 2.5x from 3.6x year-over-year[8] - The net debt as of December 28, 2025, was $627,594,000, down from $849,202,000 in the previous year, showing a reduction of 26.0%[46] - Free Cash Flow is defined as cash flow from operations less net capital expenditures, indicating the cash available for the company after capital purchases[29] - Net cash provided by operating activities decreased to $78,121 from $158,230, a decline of approximately 50.7% year-over-year[49] - Free cash flow for the fiscal year ended December 28, 2025, was $35,749,000, compared to $68,855,000 in the previous year, reflecting a decrease of 48.0%[43] - The net increase in cash and cash equivalents was $79,040, compared to an increase of $15,612 in the prior year[49] Capital Expenditures and Investments - Management anticipates net capital expenditures of $75 to $90 million in 2026[14] - Capital expenditures were $86,325, down from $99,333, reflecting a reduction of about 13.5%[49] - The company reported proceeds from long-term debt borrowings of $242,936, with no previous comparable figure available[49] Other Financial Metrics - The company recognized a $23.7 million increase in deferred tax assets allocable to it due to a change in Southwest Gas Holdings' estimate of 2025 taxable income[34] - The total assets as of December 28, 2025, were $2,407,706,000, an increase from $2,074,390,000 in the previous year, representing a growth of 16.0%[46] - The trailing twelve-month adjusted EBITDA for the fiscal year ended December 28, 2025, was $249,015,000, compared to $238,226,000 in 2024, an increase of 4.5%[46] - The net cash flow provided by operating activities for the fiscal three months ended December 28, 2025, was $83,890,000, compared to $60,998,000 in the same period last year, representing a growth of 37.4%[43] - Proceeds from public offerings and private placements totaled $250,923, compared to $327,667, indicating a decrease of approximately 23.4%[49] - Net cash used in investing activities was $88,204, slightly down from $89,375, a decrease of about 1.3%[49] - Net cash provided by financing activities increased to $88,758 from a net cash used of $52,619, marking a significant turnaround[49] - Cash, cash equivalents, and restricted cash at the end of the period rose to $128,059 from $49,019, an increase of approximately 161.5%[49] - Principal payments on long-term debt increased to $364,680 from $318,668, reflecting a rise of about 14.5%[49] - The effects of foreign exchange translation contributed $365, contrasting with a loss of $624 in the previous period[49]

Company Overview - Centuri Holdings is a leading utility infrastructure services provider in North America, focusing on gas and electric segments, and has a diversified portfolio [5] - The company emphasizes infrastructure modernization and critical utility support, positioning itself as a key partner in the evolving energy landscape [5] - As of February 12, 2026, Centuri's market capitalization is $3.14 billion, with a revenue of $2.84 billion and a net income of $2.51 million [4] Recent Developments - On February 13, 2026, ACK Asset Management LLC disclosed it fully exited its position in Centuri Holdings, selling 1,375,000 shares for approximately $29.11 million [2] - The sale resulted in a decline of $29.11 million in the quarter-end value for the position, and the fund no longer holds any Centuri shares [2] Financial Performance - Centuri reported record quarterly revenue of $850 million in November, representing an 18.1% year-over-year increase [6] - Base revenue, excluding storm work, increased by 25%, while base gross profit rose by 28% [6] - Adjusted EBITDA was reported at $75.2 million, and adjusted diluted EPS improved to $0.19 from $0.06 a year ago [6] - The company secured $815 million in quarterly bookings, achieving a book-to-bill ratio of 1.8x and raising its backlog to a record $5.9 billion [6] Stock Performance - Centuri shares have increased by 45.9% over the past year, significantly outperforming the S&P 500 by 33.0 percentage points [7] - As of February 12, 2026, the share price was $31.11 [7] Industry Context - Centuri's services include maintenance, replacement, repair, and installation for gas and electric utilities, with a focus on modernization and expansion of energy infrastructure [8] - The company serves a variety of utility companies and has exposure to end markets such as renewable energy, data centers, and telecommunications [8] - The growth in backlog indicates durable demand linked to utility modernization, although leverage and margin discipline will be crucial for sustained shareholder returns [9]

Core Viewpoint - Centuri Holdings Inc. (NYSE:CTRI) is highlighted as a strong IPO stock to consider for investment, supported by a robust investment cycle in the Engineering & Construction sector [1][3]. Group 1: Investment Ratings and Price Targets - Cantor Fitzgerald initiated coverage on Centuri with an Overweight rating and a price target of $34, citing a strong multi-year investment cycle in the sector [1]. - Wells Fargo analyst Joseph O'Dea raised the price target for Centuri from $25 to $30, maintaining an Overweight rating, while noting a cautious approach in setting market expectations for 2026 [3]. Group 2: Growth Drivers - The growth of Centuri is driven by factors such as grid modernization, electrification, energy transition efforts, and increased power demand from data centers and reshoring, which contribute to record backlogs and long-term revenue visibility [2]. - Cantor Fitzgerald emphasized Centuri's highly recurring, MSA-driven utility revenue and accelerating electric growth, along with rapid post-spin deleveraging that supports significant valuation upside [2]. Group 3: Company Overview - Centuri Holdings Inc. operates as a utility infrastructure services company in North America, with four segments: US Gas Utility Services, Canadian Gas Utility Services, Union Electric Utility Services, and Non-Union Electric Utility Services [4].

Core Insights - Centuri Holdings, Inc. (CTRI) has reported $870 million in new billings for the first quarter of FY26, indicating a robust start and setting a positive outlook for the fiscal year [1] Company Performance - The new billings of $870 million reflect a significant growth trajectory for Centuri Holdings, positioning the company favorably within the power transmission industry [1] Industry Context - The power transmission industry is currently experiencing substantial growth to meet increasing power demands, which is beneficial for companies like Centuri Holdings [1]