Record 2025 revenue of $3.0 billion was driven by an 18% increase in base revenue, reflecting strong demand across U.S. and Canadian utility markets.

Achieved a 1.5x book-to-bill ratio, significantly exceeding the 1.1x target, with over half of the $4.5 billion in bookings representing incremental, accretive work.

Maintained a 100% Master Service Agreement (MSA) renewal rate while expanding geographic footprints into Texas, Oklahoma, Arizona, and several other states.

Nonunion electric segment revenue grew 51% year-over-year, supported by a massive mobilization of resources and improving crew productivity as jobs matured.

Strategic shift in fleet management toward a 50/50 buy-versus-lease model improved free cash flow and provided greater balance sheet flexibility.

Successfully completed full separation from former parent company and reduced net debt to adjusted EBITDA from 3.6x to 2.5x by year-end.

Performance attribution for the 100 basis point expansion in base gross margin includes improved crew efficiency and a higher mix of favorable bid work.

2026 base revenue guidance of $3.15 billion to $3.45 billion is supported by a $5.9 billion backlog that covers over 85% of the forecast.

Management initiated a three-year program to eliminate gas business seasonality by expanding work in warmer geographies and increasing indoor service volumes.

Targeting a 20% improvement in fleet efficiency through enhanced supplier pricing, optimized allocation, and improved utilization rates across business units.

Interest expense is expected to decrease by approximately 30% in 2026 following a Term Loan B repricing and significant debt reduction in late 2025.

Capital allocation will prioritize organic growth and deleveraging to a target of 2.0x net debt to adjusted EBITDA by the end of 2026.

Acquired Connect Atlantic Utility Services in November 2025, establishing a Canadian electric service platform for future geographic expansion.

Fourth quarter net income included a $23.7 million one-time income tax benefit related to deferred tax asset allocations from the former parent.

The $13.0 billion opportunity pipeline includes $6.7 billion in bid opportunities, with a focus on higher-margin work to drive further expansion.

Management highlighted a $2.0 billion data center opportunity pipeline, specifically noting that $1.3 billion of that total consists of projects with confirmed funding and permits in place to mitigate development risk.

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Management reported being on track for year-over-year improvement in Q1 2026, marking the first year of a three-year plan to stabilize quarterly margins.

The long-term goal is to achieve consistent 7%+ gross profit margins in the gas business across all four quarters.

Of the $2.0 billion in identified data center leads, $1.3 billion is considered 'real' with active tenders and confirmed client funding.

Management expects the first significant share of bookings from this pipeline to occur within the first six months of 2026.

Headcount increased by nearly 15% over the last 13 months; management aims to maintain or exceed this hiring rate to support double-digit growth.

The company is transitioning to a 'one Centuri' approach for resourcing to optimize labor across the entire North American footprint.

Future M&A will focus on tuck-in acquisitions to fill geographic gaps in the Midwest and expand capabilities in electrical transmission.

Management emphasized that the current platform has sufficient scale for organic growth, making them highly selective regarding acquisitions.

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