The Proper EPC Approach... - NDR Takeaways

Research evidence excerpt

The Proper EPC Approach... - NDR Takeaways

Energy | Sustainable Technologies & Clean Energy

July 10, 2026

SOLV Energy, Inc. Nicholas Amicucci, CFA Sharon Wang 212-812-2931 212-653-8999

MWH | $28.43 nicholas.amicucci@evercoreisi.com Sharon.Wang@evercoreisi.com

Outperform | Target Price/Base Case: $51.00 Alexander Virgo

Company Update 44 20 7847 3520

Alexander.Virgo@evercoreisi.com

The Proper EPC Approach... - NDR

Company Statistics

Takeaways Market Capitalization (M) $6,077

Enterprise Value (M) $5,940 Earlier this week we had the privilege of hosting Helena Kimball (Chief

52-Week Range $26.42 - $48.40 Revenue Officer), Chad Plotkin (Chief Financial Officer) and Mike

Adams (Head of Investor Relations) in San Francisco. The rhetoric from

management remains positive, with the team emphasizing their project

Earnings Summary visibility through 2030+ given the significant demand for speed and

certainty. Management also reiterated the durability of its business

2026E 2027E 2028E

model, highlighting its bid, build and maintain approach. The company

EBITDA (M) $461 $525 $555 was also quick to point out that while its O&M business does not

currently account for a meaningful portion of its revenues, it provides

both meaningful margin drop-through benefits as well as a continual

1 Year Price History feedback loop that further enhances its abilities and opportunities within

its EPC business. Importantly, the developers SOLV contracts with

continue to see its specialization within solar and storage as a benefit

and believe any incremental regulatory noise only further enhances

their value offering. Management outlined that as tax incentives are

eliminated, more emphasis is placed on asset performance which will

drive incremental growth within its offerings as an independent O&M