SOLV Energy, Inc.

Greetings. Welcome to Solve Energy's fourth quarter and full year 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Anthony Rasmus with Investor Relations. Thank you. You may begin.

Good morning, everyone, and thanks for joining us for Solve Energy's fourth quarter and full year 2025 earnings conference call. Before we begin, we would like to remind you that this conference call may include forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements, which are subject to various risks, uncertainties, and assumptions, could cause our actual results to differ materially from these statements. These risks, uncertainties, and assumptions are detailed in this morning's press release, as well as our filings with the SEC, which can be found on our website at investors.solvenergy.com. We undertake no obligation to revise or update any forward-looking statements or information except as required by law. During our call today, we'll also reference certain non-GAAP financial information. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Reconciliations of GAAP to non-GAAP measures can be found in this morning's press release and in our SEC filings. Joining me on the call today is Solve Energy CEO, George Hirschman, and CFO, Chad Plotkin. Following our prepared remarks, we'll open the line for your questions. As a reminder, there will be a replay of this call posted on our IR website. With that, I'll turn the call over to George. Thank you, Anthony.

Good morning, everyone. We're thrilled to be here today to give an update on our fourth quarter and full year 2025 performance. This also marks our first earnings call since becoming a public company, and we want to extend our sincere gratitude to everyone who supported us through this process. To our Solve Energy team, thank you for the amazing work that you do and your tireless efforts that got us to this point. Let me start today by grounding us in something that defines who we are as a company, safety. Safety isn't just a metric to us. It's a fundamental part of how we operate. The most important job we do at Solve is to get our people home safely every day. A TRIR of 0.48 is 70% below the industry average, and an LTIR of 0.19 is also well below benchmarks. These results reflect disciplined process, strong leadership in the field, and the investment we've made in dedicated site and corporate safety personnel. It's why customers trust us, and our employees feel valued. A safe job is a profitable job, and our track record directly contributes to loyalty and repeat business. With safety as the foundation of everything we do, let's shift to the market environment we're operating in today. Moving to the next slide. Across the U.S., we are experiencing an unprecedented surge in electricity demand driven by data center growth and reshoring of manufacturing. Digital infrastructure and manufacturing investment are running at roughly three times historical average. Solar and storage build rates have nearly tripled, and expected load growth has increased almost fivefold. Traditional generation gas and coal cannot meet this level of demand, and customers increasingly expect carbon-free solutions. Solar remains the lowest cost source of new generation, with or without tax incentives. And paired with battery storage, it is uniquely positioned to meet near-term reliability needs, not to mention the speed in which it is deployed. Let me walk you through how Solve is positioned to capitalize on the rising demand on slide six. Solve Energy is a leading provider of lifecycle infrastructure services to the U.S. power sector and is a recognized market leader in utility-scale solar, battery storage, operations and maintenance, and high-voltage substations. Our lifecycle service approach focuses on the full 35-year life of a power plant. Through delivery of services during the build, operate, maintain, and future augmentation and repowering of plants, our business model is differentiated in the industry. Our backlog as of December 31, 2025, was over $8 billion. a strong signal of the demand environment. In 2025, we delivered nearly $2.5 billion in revenue and $342 million of adjusted EBITDA, all records for the business. These results reflect a healthy demand environment and deep trust our customers place in SOLVE as a long-term partner to deliver critical solutions. We operate across all 48 continental U.S. states, supported by more than 2,600 employees, including 1,950 in the field. We also manage over 2,000 local hired or union dispatch workers on a temporary basis each day. We've completed more than 500 projects and constructed over 21 gigawatts of capacity. Today, we are under contract to manage more than 20 gigawatts of generation across 150 power plants. This scale gives us deep visibility into the market and into long-term customer needs.