On this page of StockholderLetter.com we present the latest annual shareholder letter from Centuri Holdings, Inc. — ticker symbol CTRI. Reading current and past CTRI letters to shareholders can bring important insights into the investment thesis.

 •  4/6/2026 Letter Continued (Full PDF)
 •  3/5/2025 CTRI Stockholder Letter
 •  More "Gas Utilities" Category Stockholder Letters
 •  CTRI Benford's Law Stock Score = 97

CTRI Shareholder/Stockholder Letter Transcript:

2025
ANNUAL REPORT
Creating Value,
Deepening Trust

Table of Contents
Our Business        04
Centuri at a Glance      05
A Letter from our President and CEO  
06
Financial Performance     08
World-Class Safety      08
Market Outlook      09
Business Strategy       09
Project Spotlight: Powering Data Centers
10
Project Spotlight: Feeder Line Project  
11
Governance       12
Sustainability       12
Centuri Board of Directors     
13
Centuri Executive Officers    15
www.Centuri.com
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Centuri Holdings, Inc.
2025 Annual Report
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Our Business
North America continues to experience
unprecedented energy demand driven by
population growth, economic expansion,
Artificial Intelligence (AI) advancements, and
other large-load customer demands. Centuri
is helping to meet that demand   serving as a
long term strategic partner to North America   s
leading energy providers. We deliver electric
and natural gas infrastructure solutions that
ensure safe, reliable and environmentally
sustainable operations across the entire energy
value chain.
Centuri at a Glance
We operate in 46 U.S. states and 6 Canadian
provinces where our more than 9,600 skilled
professionals build and modernize essential
natural gas and electric infrastructure. We
prioritize quality, safety, and integrity in
every decision. Our portfolio spans electric
and natural gas systems, renewable energy,
and next generation infrastructure solutions
that support growing energy demand while
meeting our customers    environmental,
operational, and capital planning goals.
46
Note: Information presented is as of the fiscal year ended December 28, 2025.
115+
9,600+
46/6
4
Years of
Operating History
Employees
States/Provinces
100+
82%
$5.9B
Million Customers
Served by our Clients
Backlog Related
to MSA
Total
Work Backlog
$13B
$3B

ENR Top 600
Utility Category
24+
Years Average Tenure of
Customer Relationships
U.S. States
6
Canadian Provinces
9,600+
Employees
Opportunity Pipeline
Annual Revenue
Corporate Headquarters
Operating Locations
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Centuri Holdings, Inc.
$249M / 8%
20,900,000+
Adjusted EBITDA / Margin
Hours Worked by our Crews
77%
27%
BLS Industry Comparison (TRIR)
BLS Industry Comparison (DART)
% below industry classification average
% below industry classification average
2025 Annual Report
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A Letter from our President and CEO
Christian Brown
2025 marked the beginning of a new and
transformational chapter at Centuri. With
the full separation from our former parent
company complete, we established our
intentions for the next phase: unlocking the
potential of our entire enterprise through
capital discipline, operations performance
management, and working as One Centuri to
capitalize on the tremendous tailwinds in our
sector and deliver value for all stakeholders.
   In 2025, thanks to the
commitment and discipline
of our more than 9,600 team
members, we positioned
ourselves for success in
2026 and beyond.   
In 2025, thanks to the commitment and
discipline of our more than 9,600 team
members, we positioned ourselves for
success in 2026 and beyond. The past
year was full of notable achievements   
in the field, on the balance sheet, and in
pursuit of our long-term strategic plans.
This includes achieving record revenue
at nearly $3B, improving overall business
profitability, and booking $4.5 billion
in work to provide strong revenue
coverage as we head into 2026.
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Centuri Holdings, Inc.
After finalizing our separation from our former
parent company, we completed a primary
offering and used the proceeds to reduce net
debt and to fund the acquisition of Connect
Atlantic Utility Services Corporation, which
expanded our electric operations into Canada.
These actions, paired with our proactive fleet
leasing strategy, enabled us to increase free
cash flow, reduce debt, and enhance the
overall health of our balance sheet.
Most importantly, our people on the job site
had a healthier 2025, thanks to our focus on
injury prevention and other continuing safety
initiatives. These measures have produced
dividends that extend far beyond any statistical
measure. Safety and quality are and will always
be the foundation of how we work.
We also made meaningful progress on the
important work of developing Centuri   s multiyear strategic plan and associated initiatives.
Underpinned by four strategic objectives, this
work is intended to sharpen our target markets
and customers, strengthen capital allocation,
enhance margins, mitigate seasonality, and
build the talent and resources required to
support our ambitious growth agenda and
associated customer needs. We believe the
outcome will be a sustainable strategic plan
that enables a stronger, more unified enterprise
capable of delivering consistent, scalable, toptier performance.
2025 Annual Report
Throughout the year, and to great success, we
focused on realizing our stated commitments
and delivering predictable, consistent results.
We are proud of our accomplishments in 2025
and will move decisively throughout this year
with an emphasis on growing our business and
delivering for our stakeholders, including our
shareholders.
I want to thank our employees, customers,
suppliers, partners, investors, and Board. It is
your belief in our business that enables us to
connect energy providers with communities
and people with the essential power they need
to lead fulfilling lives.
Sincerely,
Christian Brown
President & CEO
Centuri Holdings, Inc.
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Financial
Performance
Market
Outlook
In 2025, Centuri improved its financial
performance in almost every category across
every business segment. Gross revenue for
2025 nearly reached $3 billion for the first
time, and gross profit was $247 million. Annual
bookings were $4.5 billion, or nearly 4x 2024
bookings, and included new bid work of $1.5
billion and new and expanded MSA awards of
$0.9 billion. We believe these significant results
have also primed the company for future
growth. In addition, our backlog increased by
59% to a record $5.9 billion.
Demand for reliable utility and energy
infrastructure is accelerating as consumption
grows across numerous sectors. While
artificial intelligence is a significant contributor,
with global data-center electricity demand
projected to reach roughly 134.4 GW by 20301,
so too, is the need to update the electric grid
and modernize aging natural gas distribution
systems. Electricity consumption is also
projected to grow at least 2.5 times faster
than overall energy demand through 20302.
And with natural gas expected to provide 40%
of U.S. power by 20403, the importance of
strengthening and expanding gas infrastructure
will only continue to grow.
Bolstered by the strong operational and
governance foundation we built in 2025, and
complemented by bookings momentum, an
opportunity pipeline of approximately $13
billion and market tailwinds, we are focused on
achieving our stated financial targets in 2026.
World-Class
Safety
Nothing is more important than the safety
and well-being of our teams. That begins with
a Zero Harm mindset that emphasizes injury
prevention across all operations. To achieve
this, we employ processes, practices, and
systems aligned with industry-leading best
practices. We also encourage an environment
of continuous improvement and employee
empowerment. See more about our safety
culture below:
Click here to see our
Safety Video
There is undeniable demand,
and opportunity, associated
with this once-in-a-generation
energy boom.
Given these favorable market dynamics, we
see an extended runway of opportunities to
sustain and grow our business for the long
term. Our strong customer base with reliable
capital investment and enduring relationships
position us to deliver unique value as we
continue to harness the strength of our
integrated services platform. This is matched
by a track record of safe, reliable execution
that can be delivered at scale.
Business
Strategy
In 2025, we achieved meaningful commercial
and financial milestones that set the
foundation for our future. Today, our multiyear strategic plan is progressing with purpose.
Underpinned by four strategic objectives, this
work is intended to sharpen our target markets
and customers, strengthen capital allocation,
enhance margins, mitigate seasonality, and
build the talent and resources to support our
ambitious growth agenda and associated
customer needs. The outcome will be a
strategic plan that ensures we can operate
as a unified enterprise capable of delivering
consistent, scalable, top-tier performance.
S&P Global (October 2025)
International Energy Agency (2026)
3
McKinsey & Company (January 2026)
1
2
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Centuri Holdings, Inc.
2025 Annual Report
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4/6/2026 Letter Continued (Full PDF)

 

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