MWH

• Safety Culture

  • Trailing 12-month safety metrics continue to outperform industry benchmarks
  • Safety is framed as the company's top core responsibility, aligned with stronger profitability

• Overall Financial & Operational Performance

  • Record first-half 2026 results: Q2 revenue grew 77% YoY to $951 million, bringing first-half 2026 revenue to ~$1.63 billion (up 72% YoY vs H1 2025)
  • Adjusted gross profit grew 28% YoY to $145 million in Q2, reaching $269 million for H1 2026 (up 56% YoY)
  • Adjusted EBITDA hit $117 million in Q2, bringing H1 2026 adjusted EBITDA to $210 million (up 75% YoY), for an adjusted EBITDA margin of nearly 13% in H1
  • A presentation change was made to move a portion of annual incentive expense previously in SG&A to cost of revenue; this reduced adjusted gross margin by 60+ bps through H1 but has no impact on adjusted EBITDA, net income, or cash flow
  • End-Q2 backlog reached $8.9 billion, up 44% YoY, with 100% of backlog classified as safe harbors; average project size entering backlog in Q2 was ~450 MW, up from just over 200 MW in Q2 2025

• Market Dynamics & Long-Term Tailwinds

  • U.S. electricity demand is projected to grow 28% over the next decade (vs 5% growth in the prior decade), driven by data infrastructure growth, industrial reshoring, and electrification
  • Expected $518 billion in total investment in U.S. solar and battery storage between 2025 and 2034, supporting ~430 GW of new capacity with 26% annual growth projected for battery storage
  • Domestic solar supply chain capacity has grown dramatically: 70 GW of current domestic module manufacturing capacity, up from just 8 GW a few years ago; a stronger domestic supply chain reduces execution risk and improves market resiliency
  • Operating solar capacity is expected to increase 3.8x over the next decade, creating long-term recurring revenue opportunities from O&M, repowering, upgrades, and other lifecycle services

• Execution & Risk Management Framework

  • Consistent large project execution relies on a refined multi-layered risk management process
  • Disciplined pre-construction cross-functional planning, use of multiple LNTP agreements to validate site conditions, test systems, advance engineering/procurement to de-risk projects
  • Active performance monitoring via the proprietary Sunscreen platform and regular reviews by project teams and senior leadership
  • Regionalized workforce with deep local knowledge of permitting, labor, weather, and other site-specific factors to improve decision-making

• M&A & Platform Strategy

  • Acquisitions remain a core part of long-term growth strategy, focused on targets that strengthen the company's full lifecycle ecosystem, expand service offerings, and complement existing capabilities
  • Recent acquisition Roberson-Waite Electric closed July 1, 2026, adding deep California utility relationships, specialized substation construction and urban battery storage expertise that complements the existing utility infrastructure platform
  • Past acquisitions (CS Energy, SDI Services, Spartan Infrastructure) have each strategically expanded core capabilities in EPC, foundations, and transmission/distribution
  • The company's strategic goal is to build a full ecosystem of capabilities spanning generation, delivery, and lifecycle services to become the preferred end-to-end partner for customers across the energy infrastructure value chain

• Based on strong H1 2026 execution and continued business momentum, management raised full-year 2026 financial guidance
• New full-year 2026 guidance: Revenue of $3.87 to $3.97 billion, adjusted gross profit of $620 to $660 million, and adjusted EBITDA of $485 to $505 million
• The new adjusted gross margin guidance range is 16% to 16.6%, down from the prior 16.4% to 17% range; this change is solely due to the accounting presentation shift for incentive compensation, not underlying performance issues
• The new full-year adjusted EBITDA margin guidance range is 12.5% to 12.7%, reflecting better than previously forecast underlying performance
• Guidance includes the expected contribution from the Roberson-Waite Electric acquisition, closed after quarter-end
• Management expects Q3 2026 to generate higher revenue than Q4 2026, due to fewer workdays in Q4 from holiday schedules and typical weather seasonality

The transcript does not break out financial performance for distinct formal product segments, but provides high-level business breakdowns:

• New construction: Drove 77% YoY revenue growth in Q2 2026, with ~75% of Q2 new construction revenue coming from projects less than 50% complete. Approximately $2.5 billion of the total $8.9 billion end-Q2 backlog relates to standalone or hybrid energy storage projects, up from $1.9 billion at end-Q1 2026.
• Operations & Maintenance (O&M): Solve Energy currently manages 23 gigawatts of capacity under O&M contracts, which delivers higher margin repair work and recurring revenue over multi-decade asset lifecycles.

• The recently implemented Section 232 trade policy for solar products creates potential long-term uncertainty, though management reports no visible near-term impact to current projects, as most late-stage projects have already secured module supply; the company is working closely with customers to monitor the evolving situation and does not currently expect project schedule delays for signed contracts
• Large, complex utility-scale energy infrastructure projects carry inherent execution risk, which the company mitigates through its multi-layered pre-construction and active project monitoring risk management framework
• Module procurement is handled directly by customers, so any upstream pricing or supply disruptions from Section 232 are dependent on customer contractual arrangements, which the company is still evaluating

Q: What drove the strong backlog growth this quarter, and what is driving the growth in storage backlog specifically? / A: Backlog growth comes from a large expanding late-stage project funnel continuing to convert to LNTP (which adds projects to reported backlog), aligned with broad strong market demand. The growth in storage backlog comes from a surge in both standalone and hybrid solar-plus-storage opportunities, which now make up the majority of the company's project pipeline.

Q: How much revenue visibility does the current backlog provide into 2027 and 2028, and how will O&M attach rates trend? / A: Solve Energy's backlog typically covers 24 to 30 months of work, providing strong visibility into 2027 and 2028 with a large portion of 2027 revenue already booked. O&M revenue lags EPC construction because it only starts once projects enter operation; attach rates fluctuate slightly by customer, but the company is seeing continued incremental contracted quarterly growth in O&M, which also creates optional high-margin revenue from non-recurring maintenance and upgrade work.

Q: Why is the full-year revenue guidance increase smaller than the quarter's backlog growth, and is there long-term upside to EBITDA margins? / A: New backlog added in a quarter typically does not generate immediate full revenue, as revenue recognition only ramps up after projects receive final notice to proceed, so most new backlog will drive revenue in 2027 and 2028 rather than 2026. For margins, larger average project size (now 450 MW per new project vs smaller sizes previously) creates fixed-cost operating leverage, as incremental support cost growth is lower than revenue growth, supporting long-term margin expansion.

Q: How have past M&A deals performed relative to expectations, and will future tuck-in acquisitions deliver similar synergies? / A: All past acquisitions have outperformed underwriting expectations, because the real value comes from integrating the acquired specialized expertise into Solve's full ecosystem rather than standalone performance. Management expects the same synergies from future complementary tuck-in acquisitions, and continues to target regional labor expertise and expanded O&M capabilities that strengthen the company's end-to-end service platform.