Centuri Holdings, Inc. (NYSE: CTRI)

Centuri Holdings, Inc. is a leading North American utility and energy infrastructure services company that partners with regulated utilities to maintain, upgrade, and expand the energy network that powers millions of homes and businesses. The company delivers a wide range of infrastructure solutions focused on the modernization of electric and natural gas distribution and transmission systems, as well as supporting distributed power projects and data centers. Its services enhance the safety, reliability, and environmental sustainability of energy networks for customers across the United States and Canada.

Centuri Holdings, Inc. generates revenue primarily through infrastructure service contracts with electric, gas, and combination utilities, including maintenance, replacement, repair, and installation work. The majority of its revenue comes from long-term master service agreements, which accounted for approximately 78% of total revenue in fiscal 2025, while the remainder is derived from bid contracts, including variable priced unit and time and materials arrangements. The company serves a diverse customer base of regulated utilities and related energy providers.

The company operates through the following segments: U. S. Gas, Canadian Operations, Union Electric, and Non Union Electric.

• U. S. Gas: This segment provides comprehensive services including maintenance, replacement, repair, and installation for local natural gas distribution utilities focused on the modernization of customer infrastructure throughout the United States, including distribution, utility-scale transmission, end user infrastructure, underground services such as water and fiber, and in house fabrication.

• Canadian Operations: This segment provides comprehensive services for local gas and electric utilities with a focus on distribution, urban transmission, and end user interface under master service agreements, plus storm response services and construction of electrical systems for renewable energy projects.

• Union Electric: This segment provides a comprehensive set of electric utility services including maintenance, replacement, repair, upgrade, and expansion for urban transmission and local distribution infrastructure within union markets, emphasizing recurring local distribution and urban transmission services under master service agreements, plus heavy industrial work such as civil, mechanical, electrical, and fabrication services.

• Non Union Electric: This segment provides a comprehensive set of electric utility services including maintenance, replacement, repair, upgrade, and expansion for urban transmission and local distribution infrastructure within non union markets, focusing almost exclusively on recurring local distribution and urban transmission services under master service agreements, with services primarily between the substation and end user meter.

Centuri Holdings, Inc. holds a strong position in the fragmented utility infrastructure services industry as one of the few providers that is maintenance oriented, distribution focused, and has no exposure to cross country pipeline projects. The company leverages its scale, brand, and extensive service offerings to compete effectively against national peers such as Quanta Services, MYR Group, MasTec, Primoris Services Corporation, and Everus Construction Group. Its competitive advantages include a long operating history, a broad geographic footprint, and a preference for variable priced contracts that reduce execution risk.

Centuri Holdings, Inc. serves over 400 customers, with its top twenty customers being investment-grade utilities that together accounted for 65% of revenue in fiscal 2025. Notable customers include American Electric Power, Enbridge, Entergy, Exelon, NiSource, National Grid, Sempra Energy, and Southern Company, among others.