GRANITE CONSTRUCTION Business Summary

Granite Construction Inc. (GVA) operates as a vertically integrated heavy civil infrastructure contractor and construction materials producer in the United States. The company generates revenue through two primary segments: Construction and Materials. The Construction segment, which accounts for the majority of total revenue, focuses on large-scale public and private infrastructure projects including roads, highways, bridges, airports, and water-related facilities, primarily through fixed-price and bid-build contracts. The Materials segment produces and sells aggregates and asphalt for both internal project use and third-party sales, leveraging strategic quarry locations to drive margin expansion. As of February 2026, Granite projects annual revenues between $4.9 billion and $5.1 billion, supported by a record $7 billion in committed and awarded projects (CAP) and robust federal funding from the Infrastructure Investment and Jobs Act (IIJA). Its primary direct competitors include MasTec, Inc., AECOM, Sterling Infrastructure, Inc., and Primoris Services Corporation, with Granite distinguishing itself through its deep vertical integration and dominant market share in the Western United States. The company was founded in 1922 by Arthur Roberts Wilson (A.R. Wilson) in Watsonville, California, following the strategic spin-off of construction operations from the Granite Rock Company. Today, Granite is led by President and CEO Kyle Larkin, a seasoned executive who has been with the firm since 1996 and was appointed to the top role in 2021. The leadership team includes Executive Vice President and CFO Staci Woolsey, who oversees the company’s financial strategy and recent margin-accretive acquisitions like Warren Paving and Papich Construction, and Senior Vice President and CTO Malcolm Jack, who directs the firm’s technological and operational innovation. The Board of Directors is chaired by Michael McNally, former President and CEO of Skanska USA, and includes notable members such as former Secretary of the Army Louis Caldera and former Fluor CEO Carlos Hernandez. This veteran leadership team is currently executing a multi-year strategic plan aimed at achieving 2027 financial targets through disciplined project selection and geographic expansion into the Southeast.