SOLV Energy, Inc.

Good morning and welcome to Solve Energy's first quarter earnings results conference call. Today's call is being recorded and we have allocated one hour for prepared remarks and Q&A. At this time, I would like to turn the conference over to Anthony Rosmers, Investor Relations of Solve Energy. Thank you and you may begin.

Good morning everyone and thank you for joining us for Solve Energy's first quarter 2026 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.sovenergy.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 will 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's CEO, George Hirschman, and CFO, Chad Plotkin. Following our prepared remarks, we'll open the call for your questions. As a reminder, there will be a replay of this call posted on the IR website. With that, I'll turn it over to George. Thank you, Anthony.

Good morning, everyone. We're excited to be here today to give an update on our first quarter performance. Before we begin, I'd like to officially welcome Mike Adams as Vice President of Investor Relations to the Solve Energy team. Mike brings over 20 years' experience with a broad background spanning investor relations, capital markets, and corporate finance. Mike is here with us this morning, and we are thrilled to have him on board. With that, let me begin with a few key highlights from the quarter. First, safety remains top of mind across the organization. We continue to perform well against industry benchmarks, and our last 12 months resolved. through the first quarter reflect a strong and consistent safety culture across our field operations. Our focus on safety remains steadfast, and we will continue to work across the entire organization for continued improvement in this critical area. Turning to performance, in which Chad will provide more color, our first quarter results reflect strong execution across the business. with profitability coming in above expectations. From a market standpoint, conditions remain as constructive as we've outlined previously. We continue to see no change in the underlying outlook. Demand for power is accelerating. The need for new supply is clear, and solar and battery storage remain among the most competitive solutions to meet that demand. Against that backdrop, we are executing on our growth strategy. We expanded the number of megawatts under O&M contracts during the quarter, further extending our long-term reoccurring revenue base. We also announced the exciting acquisition of Roberson-Waite Electric, which strengthens our capabilities in utility infrastructure and supports our continued expansion into the regulated market. That execution, combined with our differentiated value proposition, continues to drive backlog momentum. We ended the quarter with approximately $8.2 billion of backlog, providing strong visibility into future revenue. And finally, Given the strength of our first quarter results, the evolving business mix, and additional projects reaching full notice to proceed, we are increasing our full-year guidance for both adjusted gross profit and adjusted EBITDA. Overall, we believe the quarter underscores both the durability of the market and our continued ability to execute and capture that opportunity. As we turn to slide five, we will give a quick reminder of who we are. Solve Energy is a leading provider of lifecycle infrastructure services to the U.S. power sector, with a strong position across utility-scale solar, storage, O&M, and high-voltage infrastructure. What differentiates us is our lifecycle models. We support assets from initial design and build through long-term operations and future repowering opportunities, looking out over a 35-year horizon. That integrated approach drives deeper customer relationships and more durable revenue streams. We build and operate at scale with over 21 gigawatts constructed to date and nearly 22 gigawatts under management. This is supported by a national footprint of a large, experienced workforce. That scale gives us strong visibility into both market demand and customer needs. Importantly, our model combines EPC execution with long-duration O&M contracts. allowing us to extend each project into a reoccurring long-term revenue opportunity. Overall, our breadth of capabilities, execution track record, and lifecycle approach positions us well to capture continued growth as investment in power infrastructure and grid reliability remains a national priority. Moving to slide six. The demand backdrop for our business remains compelling and continues to strengthen. We're seeing a step change in the U.S. power demand, with load expected to grow approximately 28% over the next decade, well above the roughly 5% growth seen over the prior decade. That acceleration is being driven by structural trends including AI infrastructure build-out, and the reshoring of industrial manufacturing capacity. At the same time, the expectations are for over $500 billion of investment in solar and battery storage over the same period, translating to roughly 430 gigawatts of new capacity, about three times the level of the prior decade. Battery storage in particular continues to scale rapidly with growth in the mid 20% range annually. Importantly, that build out creates a long duration opportunity for our lifecycle model. We expect operating solar capacity to more than triple over the next decade. And each gigawatt deployed represents decades of ongoing operations maintenance upgrade, and repowering activity. Taken together, these dynamics reinforce our confidence in a long-term growth trajectory of the market and positions solved to participate across both the upfront build cycle and reoccurring life cycle opportunity that follows. Let's move to slide seven for a reminder of our growth strategy. Against the market demand backdrop, we have a clear and disciplined growth strategy. First, we continue focusing on the fastest-growing segment of the US PV and storage market, projects above 200 megawatts, where our scale matters most and is resulting in ongoing growth in our backlog. Second, we are expanding our O&M business to deepen our reoccurring revenue base with nearly 22 gigawatts under contract. Third, we are leveraging our capabilities to move into adjacent markets where we can add immediate value. Fourth, we are investing in innovation, digital tools, construction methods, and predictive maintenance to accelerate growth and expand margins. And finally, strategic acquisitions that strengthen our capabilities and extend our reach will be important to our growth strategy. In fact, as we turn to the next page, we can see that following the end of first quarter, we announced the strategic acquisition of Roberson Weight Electric. which further advances our long-term positioning in utility infrastructure. Roberson-Waite Electric is a California-based high-voltage and utility substation contractor founded in 1975 with deep, long-standing relationships across the major California utilities. The business brings an experienced workforce of approximately 100 employees and specialized capabilities in turnkey substation construction as well as battery energy storage system deployments. From a strategic standpoint, this transaction expands our utility infrastructure platform and accelerates entry into the regulated utility market, an area where we see sustained investment driven by grid modernization and resilient of resiliency priorities. Importantly, RWE adds differentiated substation capabilities across construction, testing, and commissioning. This enhances our ability to offer a more complete lifecycle-oriented solution alongside our existing solar, storage, and high voltage infrastructure services. We also see a strong cultural and operational fit. Their experienced team and established utility relationships are highly complementary to our platform and should provide incremental operating leverage as we scale these capabilities across the business. From a transaction perspective, total consideration is approximately $45 million subject to customary closing adjustments and will be funded with cash on hand. We currently expect the transaction to close in the third quarter of 2026. Thank you, and now I'll turn the call over to Chad to provide a summary of our first quarter results and updated guidance.