Argan outlines $2.9B backlog strength and signals continued demand for large power projects

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• Opportunities for new projects are across the country and pricing model remains consistent, taking into account market conditions, inflation, labor and various risks

  60% confidence

• Fourth quarter revenues increased 13% to $262.1 million, primarily due to the timing of certain projects in Power segment, with Trumbull Energy Center reaching substantial completion

  60% confidence

• Non-craft workforce is at the highest level ever and company continues to add personnel

  60% confidence

• Record revenue of $262.1 million in Q4 2026 and $944.6 million for fiscal 2026, with Q4 gross margin of 25% and full year gross margin of 20.5%

  60% confidence

• Optimistic about continuing demand environment for expertise and capabilities in building large complex gas-fired power facilities

  60% confidence

• Too early to determine fiscal year 2027 gross margin, but encouraged by backlog makeup and progress on current projects

  60% confidence

• Strong demand pipeline driven by rapid growth in AI and data centers, electrification of everything, need to replace aging power facilities and years of underinvestment in power infrastructure

  60% confidence

• Company expects to add a handful of new projects over the next 12 to 20 months and is confident in the ability to execute 10 to 12 jobs simultaneously

  60% confidence

• Consolidated project backlog of more than $2.9 billion at year-end, composed of approximately 77% natural gas projects, 14% renewable and 9% industrial

  60% confidence

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