Centuri Holdings Reports Strong 2025 Financial Turnaround, Completes Debt Refinancing and Icahn Stake Increases

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This 10-K provides comprehensive details following a preliminary revenue announcement, confirming a strong financial performance for fiscal year 2025 with a 13.1% revenue increase to $2.98 billion and a return to net income of $22.4 million from a prior-year loss. The company successfully raised $250.9 million through a public offering and private placement, which, while dilutive by approximately 10.8% of outstanding shares, was used to repay debt and fund the strategic $58.0 million acquisition of Connect Atlantic Utility Services. Further strengthening its financial position, Centuri completed a debt refinancing that extended maturities and reduced interest rates, and remains in compliance with all covenants. The full divestment by Southwest Gas Holdings and the appointment of an independent board chair mark significant corporate governance changes, with activist investor Icahn Partners increasing its beneficial ownership to 14.2%. Investors should monitor the ongoing City of Chicago legal dispute, which carries a risk of significant loss, and upcoming union contract renegotiations.

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• Strong Fiscal 2025 Performance

  Reported a 13.1% increase in total revenue to $2.98 billion and a return to net income of $22.4 million, reversing a prior-year loss.

• Successful Capital Raise & Debt Refinancing

  Completed a $250.9 million public offering and private placement, and refinanced $800 million in term loans, extending maturities and reducing interest rates.

• Strategic Acquisition

  Acquired Connect Atlantic Utility Services for $58.0 million, expanding electric service offerings into Canada.

• Corporate Governance Shift

  Southwest Gas Holdings fully divested its ownership, leading to Centuri no longer being a 'controlled company' and the appointment of an independent Board Chair.

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This 10-K provides comprehensive details following a preliminary revenue announcement, confirming a strong financial performance for fiscal year 2025 with a 13.1% revenue increase to $2.98 billion and a return to net income of $22.4 million from a prior-year loss. The company successfully raised $250.9 million through a public offering and private placement, which, while dilutive by approximately 10.8% of outstanding shares, was used to repay debt and fund the strategic $58.0 million acquisition of Connect Atlantic Utility Services. Further strengthening its financial position, Centuri completed a debt refinancing that extended maturities and reduced interest rates, and remains in compliance with all covenants. The full divestment by Southwest Gas Holdings and the appointment of an independent board chair mark significant corporate governance changes, with activist investor Icahn Partners increasing its beneficial ownership to 14.2%. Investors should monitor the ongoing City of Chicago legal dispute, which carries a risk of significant loss, and upcoming union contract renegotiations.