Centuri Holdings Inc 2025年度报告

Table ofContents Our Business04 Centuri at a Glance05A Letter from our President and CEO06Financial Performance08World-Class Safety08Market Outlook09Business Strategy09Project Spotlight: Powering Data Centers10Project Spotlight:Feeder Line Project11Governance12Sustainability12CenturiBoard of Directors13CenturiExecutive Officers15 We operate in 46 U.S. states and 6 Canadianprovinces where our more than 9,600 skilledprofessionals build and modernize essentialnaturalgas and electric infrastructure.Weprioritizequality,safety,and integrity inevery decision. Our portfolio spans electricand natural gas systems, renewable energy,and next generation infrastructure solutionsthat support growing energy demand whilemeetingourcustomers’environmental,operational, and capital planning goals. NorthAmerica continues to experienceunprecedentedenergy demand driven bypopulationgrowth,economic expansion,Artificial Intelligence (AI) advancements, andother large-load customer demands. Centuriis helping to meet that demand—serving as along term strategic partner to North America’sleading energy providers. We deliver electricand natural gas infrastructure solutions thatensuresafe,reliable and environmentallysustainable operations across the entire energyvalue chain. Note: Information presented is as of the fiscal year ended December 28, 2025. Corporate HeadquartersOperating Locations A Letter from our President and CEOChristian Brown After finalizing our separation from our formerparentcompany,we completed a primaryoffering and used the proceeds to reduce netdebt and to fund the acquisition of ConnectAtlanticUtility Services Corporation,whichexpanded our electric operations into Canada.These actions, paired with our proactive fleetleasing strategy, enabled us to increase freecashflow,reduce debt,and enhance theoverall health of our balance sheet. 2025 marked the beginning of a new andtransformationalchapter at Centuri.Withthe full separation from our former parentcompanycomplete,we established ourintentions for the next phase: unlocking thepotentialof our entire enterprise throughcapitaldiscipline,operations performancemanagement, and working as One Centuri tocapitalize on the tremendous tailwinds in oursector and deliver value for all stakeholders. Throughout the year, and to great success, wefocused on realizing our stated commitmentsand delivering predictable, consistent results.We are proud of our accomplishments in 2025and will move decisively throughout this yearwith an emphasis on growing our business anddelivering for our stakeholders, including ourshareholders. I want to thank our employees, customers,suppliers, partners, investors, and Board. It isyour belief in our business that enables us toconnect energy providers with communitiesand people with the essential power they needto lead fulfilling lives. Most importantly, our people on the job sitehad a healthier 2025, thanks to our focus oninjury prevention and other continuing safetyinitiatives.These measures have produceddividends that extend far beyond any statisticalmeasure. Safety and quality are and will alwaysbe the foundation of how we work. “In 2025, thanks to thecommitment and disciplineof our more than 9,600 teammembers, we positionedourselves for success in2026 and beyond.” Sincerely, Christian BrownPresident & CEOCenturi Holdings, Inc. We also made meaningful progress on theimportant work of developing Centuri’s multi-year strategic plan and associated initiatives.Underpinned by four strategic objectives, thiswork is intended to sharpen our target marketsand customers, strengthen capital allocation,enhancemargins,mitigate seasonality,andbuildthe talent and resources required tosupportour ambitious growth agenda andassociated customer needs. We believe theoutcome will be a sustainable strategic planthat enables a stronger, more unified enterprisecapable of delivering consistent, scalable, top-tier performance. In 2025, thanks to the commitment anddiscipline of our more than 9,600 teammembers,we positioned ourselves forsuccess in 2026 and beyond. The pastyear was full of notable achievements—in the field, on the balance sheet, and inpursuit of our long-term strategic plans.This includes achieving record revenueat nearly $3B, improving overall businessprofitability,and booking$4.5 billioninwork to provide strong revenuecoverage as we head into 2026. FinancialPerformance MarketOutlook In2025,Centuri improved its financialperformance in almost every category acrossevery business segment. Gross revenue for2025 nearly reached $3 billion for the firsttime, and gross profit was $247 million. Annualbookings were $4.5 billion, or nearly 4x 2024bookings, and included new bid work of $1.5billion and new and expanded MSA awards of$0.9 billion. We believe these significant resultshavealso primed the company for futuregrowth. In addition, our backlog increased by59% to a record $5.9 billion. Demandfor reliable utility and energyinfrastructure is accelerat