Takeaways from Dinner with Management; JPM Natural Resources Conference Webcast Tomorrow

研报英文原文证据摘录

Takeaways from Dinner with Management; JPM Natural Resources Conference Webcast Tomorrow

J P M O R G A N North America Equity Research

23 June 2026

Primoris Neutral

PRIM, PRIM US

Takeaways from Dinner with Management; JPM Natural Price (23 Jun 26):$84.95

Resources Conference Webcast Tomorrow

Clean Energy, Power Infrastructure,

We hosted PRIM’s CEO, CFO, and IR at a dinner at the J.P. Morgan Natural and Sustainable Investing

Resources Conference, one day after the company's business update (link to our Mark Strouse, CFA AC

first take here). Management addressed the renewables execution challenges, (1-212) 622-8244

citing new learnings from an outside consultant as the primary catalyst for the mark.w.strouse@jpmorgan.com

negative earnings revision, and continues to believe the issues have been ring- Michael G Fairbanks

fenced with updated guidance baking in “conservatism and then some.” The (1-212) 622-4908

michael.fairbanks@jpmchase.com

outlook was much more upbeat for the remainder of the portfolio across nat gas

Anna Zhu

generation, power delivery, and transmission. Below are our key takeaways. We

(1-212) 622-0012

expect further details in our webcasted fireside chat with PRIM tomorrow (6/24) anna.zhu@jpmorgan.com

at 9:10am ET. Please find a link to register here. J.P. Morgan Securities LLC

• Six problem projects, reportedly ring-fenced. The CEO was direct in

characterizing the renewables issues as mostly isolated to six projects out of a

portfolio of approximately 30. Total estimated combined revenue from the six

projects is ~$1.2bn. The projects range in size from ~$125mm on the low end

to slightly above $400mm on the high end. The larger, ~$400mm project, is

responsible for the lion’s share of the earnings revision. Two projects reached