CTRI Mgmt. Dinner: Visibility Improves as “One Centuri” Takes Shape

Research evidence excerpt

CTRI Mgmt. Dinner: Visibility Improves as “One Centuri” Takes Shape

Power Technology

Centuri Holdings, Inc. (CTRI)

EQUITY RESEARCH Quick Take

June 17, 2026

CTRI Mgmt. Dinner: Visibility Improves as “One Price: $31.09

Price Target: $46.00 Centuri” Takes Shape

Rating: Overweight Takeaways

Key Statistics: Takeaways

Symbol NYSE: CTRI

Following our investor dinner with CTRI CEO Christian Brown and CFO 52-Week Range 19.04 - 42.99

Market Cap 3,138.1 Greg Izenstark in Houston, we came away with increased conviction

ADV (3 mo) 1,328,651 that CTRI is progressing from post-spin stabilization toward a more

Shares Out (M) 100.9 predictable, utility-focused infrastructure services model. An important

takeaway from the dinner was about the cultural transformation underway

Research Analysts: and how it is increasingly translating into operational improvements.

Manish A. Somaiya Management emphasized that the company is no longer being run

212-915-1051 as a collection of operating companies under its prior ownership, but Manish.Somaiya@Cantor.com

rather as an integrated “One Centuri” platform with common planning,

One-Year Price History common KPIs, coordinated go-to-market efforts, resource sharing, cross-

45 selling incentives, and compensation increasingly tied to collaboration and

40 shareholder value.

25 Management believes the upside case is not predicated on a pivot into

20 large or unfamiliar project risk; it is based on better visibility, disciplined

06/25 09/25 12/25 03/26 06/26 execution, pricing/bid mix, mitigation of gas seasonality, fleet capital

CTRI Created by BlueMatrix efficiency, and improved EBIT/FCF conversion. Management’s message

was that the commercial environment remains strong and that the

company’s internal operating model is now better aligned with the