Primoris Services Corporation Provides Business Update

Progress on Renewables Projects

Announces New Renewables Leadership

$100 Million of Common Stock Purchased in the Third Quarter

DALLAS, September 28, 2026--Primoris Services Corporation (NYSE: PRIM) ("Primoris" or the "Company") today provided a series of business updates, including progress toward the completion of several utility-scale solar projects.

Renewables Update

The Company announced it continues to make meaningful progress toward completing the limited number of utility-scale solar projects that have experienced margin pressure and impacted its 2026 financial results. Five of the six projects have achieved mechanical completion with the remaining project on track for mechanical completion in the fourth quarter.

The Company also announced that Matt Tetrault has been named President, Renewables, effective September 28, 2026. Mr. Tetrault joins Primoris from Apex Clean Energy ("Apex"), where he served as Executive Vice President leading engineering, procurement, and construction activities for the company's renewable energy portfolio. Prior to Apex, he held senior leadership positions with NextEra Energy and MasTec Renewables, building extensive experience in utility-scale renewable energy development, construction, project execution, and operations. Mr. Tetrault succeeds Tim Healy who served as Interim President, Renewables since June 8, 2026.

Share Purchase Update

The Company also announced that it purchased approximately $100 million of common stock during the third quarter, with an average price of approximately $75.15 per share. As of September 28, 2026, the Company had purchased $150 million of stock, with an average price of approximately $84.27 and exhausted the capacity available under its share purchase program authorized by its Board of Directors on April 30, 2025.

"I want to thank our operations teams for their continued commitment to delivering high-quality solar assets for our customers as we work through the cost challenges on these projects," said Koti Vadlamudi, President and Chief Executive Officer of Primoris. "As we approach completion of these projects, we believe the challenges impacting our 2026 results are increasingly behind us. We remain confident in the underlying strength of our Renewables business and, more broadly, in Primoris' ability to generate sustainable, profitable growth. With experienced leadership, strong customer relationships, and attractive opportunities across our markets, we are optimistic about the future of the enterprise. Our purchase of an additional $100 million of Primoris stock during the quarter underscores that confidence."