Construction Partners, Inc. is a civil infrastructure company specializing in the construction and maintenance of roadways across Alabama, Florida, Georgia, North Carolina, Oklahoma, South Carolina, Tennessee and Texas. The company provides a variety of products and services to both public and private infrastructure projects with an emphasis on highways, roads, bridges, airports and commercial and residential developments. Its core operations include manufacturing and distributing hot mix asphalt for internal use and third-party sales, paving activities, site development including utility and drainage systems installation, mining aggregates for use in hot mix asphalt production and third-party sales, and distributing liquid asphalt cement for internal use and third-party sales in connection with hot mix asphalt production.

Construction Partners, Inc. generates revenue through the sale of construction products and services to public and private infrastructure projects. Primary revenue sources include hot mix asphalt production and distribution, paving and roadway construction, site development work such as utility and drainage installation, aggregates mining and sales, and liquid asphalt cement distribution. The company serves a diverse customer base comprising federal agencies, state departments of transportation, local municipalities, commercial and residential developers and businesses. Publicly funded projects and third-party sales accounted for approximately 65% of fiscal 2025 revenues while privately funded projects and third-party sales accounted for approximately 35%. For the fiscal year ended September 30, 2025, projects performed for all state departments of transportation accounted for 43.4% of revenues with no single customer exceeding 10% of total revenues.

The company operates through the following segments: Hot Mix Asphalt, Paving, Site Development, Aggregates and Liquid Asphalt Cement.

• The Hot Mix Asphalt segment involves manufacturing and distributing hot mix asphalt for both internal use in construction projects and sales to third parties. This includes production using virgin aggregates, liquid asphalt and reclaimed asphalt pavement to serve internal paving operations and external customers in connection with construction projects.

• The Paving segment encompasses roadway base layer construction and application of asphalt pavement for new construction and maintenance services on highways, roads, bridges, airports and commercial and residential developments.

• The Site Development segment includes installation of utility and drainage systems as part of broader land preparation and infrastructure projects.

• The Aggregates segment involves mining sand, gravel and construction stone that are used as raw materials in hot mix asphalt production and sold to third parties.

• The Liquid Asphalt Cement segment focuses on distributing liquid asphalt cement for both internal use in hot mix asphalt production and sales to third parties in connection with construction projects.

Construction Partners, Inc. operates in the large and growing highway and road construction industry, specifically within the asphalt paving materials and services segment. The company competes against a fragmented market of thousands of participants ranging from small family-owned operators to multinational corporations. Competitive advantages include vertical integration across materials production and construction services, extensive geographic footprint in the Sunbelt region, strong relationships with state departments of transportation, and expertise in estimating, project management and local market knowledge. The non-discretionary nature of highway and road construction supported by consistent federal, state and local infrastructure funding provides a stable demand environment for the company’s products and services.

Construction Partners, Inc. serves public and private infrastructure projects across its operating states. Public customers include federal agencies, state departments of transportation and local municipalities. Private customers consist of commercial and residential developers and businesses. The company’s largest customers are state departments of transportation which collectively accounted for 43.4% of fiscal 2025 revenues. No single customer accounted for more than 10% of revenues during the fiscal year ended September 30, 2025.