PWR – Quick Take – Live from the Truist Securities Industrials Conference

Research evidence excerpt

PWR – Quick Take – Live from the Truist Securities Industrials Conference

t $851.00 center projects.

Unchanged

Labor remains key differentiator and PWR does not see craft labor availability as a

gating factor: PWR believes its foundation of craft skilled labor is key to its differentiation

in the market and sees no risk from labor availability to achieving the LT financial targets.

4 Page Document PWR has significantly grown its workforce over the last 20 years which now sits at ~75K

employees (up from 14,800 in 2008 and 40,300 in 2019). PWR expects the headcount to

increase by as much as ~11K employees per year through 2030, including from acquisitions.

Reasons for this report While there are shortages in certain specialized fields including inside electricians in certain

regions (e.g. more isolated/rural areas where some large data centers are planned), PWR

✓ Truist Securities Hosted Event Takeaways is actively investing in build the craft workforce organically. PWR sees permitting, supply

✓ Quick Reaction to Newsflow/Volatility chain availability, and interconnection as far larger constraints on growth (and is actively

addressing those constraints e.g. investing in supply chain capabilities).

Backlog and bookings growth are broad-based: PWR's backlog reached a record $48.5B

last quarter, up 37.5% y/y with Electric backlog up 35.1% y/y to $40.1B and Underground

up 50.6% to $8.4B. Notably, 765 kV represented less than 25% of the total backlog

increase, and backlog still excludes a significant majority of the NiSource (NI, NR) power

generation and grid program (a $5B–$7B revenue opportunity over 5–7 years) which layers

in over multiple quarters starting later in the year. PWR believes its visibility for base and