On this page of StockholderLetter.com we present the latest annual shareholder letter from MYR GROUP INC. — ticker symbol MYRG. Reading current and past MYRG letters to shareholders can bring important insights into the investment thesis.

 •  3/4/2026 Letter Continued (Full PDF)
 •  3/6/2023 MYRG Stockholder Letter
 •  3/7/2024 MYRG Stockholder Letter
 •  3/6/2025 MYRG Stockholder Letter
 •  More "Construction" Category Stockholder Letters
 •  MYRG Benford's Law Stock Score = 74

MYRG Shareholder/Stockholder Letter Transcript:

2025 ANNUAL REPORT
2025
REPORT
ANNUAL
REPORT

Disciplined growth and
operational readiness position
us to deliver long-term value in a
rapidly evolving energy landscape.

FUTURE
Paving the Way for a More
Electrified Future
We are positioned to meet the dynamic needs of an evolving
power and energy infrastructure landscape. As a leading
electrical construction provider, MYR Group combines
disciplined growth with deep technical expertise to deliver
solutions that matter.
Our operating model blends local field knowledge with shared resources, enabling
us to respond quickly and consistently to our customers    most complex challenges.
Across electrical transmission, distribution, commercial, industrial, and clean
energy markets, we bring the experience, scale, and flexibility required to manage
construction projects of any size.
By investing in advanced equipment, innovative processes, and specialized
capabilities, we remain ready as grid demands rise and project scopes expand.
This commitment to readiness allows us to pursue opportunities thoughtfully, align
resources efficiently, and deliver reliable, long-term value for our customers and
stakeholders. For us, being prepared isn   t just a strategy     it   s how we lead
a rapidly changing energy world.
STRONG
SAFETY
TOP-TIER
GOVERNANCE
Total Case Incident
Rate     0.92
Received a Quality Score of 2
(Second-Highest Rating) by
Institutional Shareholder
Services (ISS) for Our
Governance Practices
Lost Time Incident
Rate     0.14
*As of January 2026
TOP 5 ENR
U.S. Specialty
Electrical Contractors
for 25+ Years in a
Row with Engineering
News-Record (ENR)
$3.66B
2025 Annual Revenue
1891
130+ Years of Building
& Maintaining Critical
Electrical Infrastructure
9,000+
Employees Throughout
U.S. & Canada
65+
Office Locations
Throughout
U.S. & Canada

letter
February 25, 2026
Dear Shareholders,
As we look ahead to a new year, the strength of our
company continues to come from the same place it always
has: the people who work here and the customers who
partner with us.
The progress we made throughout
We take pride in being a company
2025 reflects our disciplined approach
our employees are proud of; one
to growth and our focus on delivering
where training, safety, and long-term
sustained value. By prioritizing
development guide every decision.
operational discipline, organizational
In the coming year, we will continue
excellence, and a customer-first
to invest in robust technical training
mindset, we strengthened our ability
and leadership development while
to execute complex work across an
reinforcing what has always set us
evolving energy landscape. With
apart: our commitment to operating
expanding and growing power
safely and responsibly.
demands, advancing technologies,
and increasing expectations for
Our strong safety record and relentless
reliability and sustainability, our role
focus on quality continue to reflect
has never been more vital     nor
the skill of our teams within our
has the opportunity for responsible
Transmission & Distribution (T&D) and
growth and attractive returns been
Commercial & Industrial (C&I) business
more compelling.
segments. Their expertise     supported
by the collective strength of our
Investing in Our People
and Sustaining Our
Standards of Excellence
integrated network of companies    
Year after year, our foundation remains
demanding work. This coordinated
the same: developing and training a
structure remains one of our greatest
skilled, supported, and empowered
advantages, offering our customers
workforce. As a parent company to
the benefits of our depth and breadth
13 electrical construction companies,
of experience and resources.
our teams provide the expertise and
gives our customers confidence
in our ability to deliver complex,
commercial and industrial facilities,
Meeting Accelerating
Power Demand with
Proven Expertise
and clean energy projects that power
The U.S. and Canada   s demand for
modern life.
electricity is rising at a pace not seen
resources behind the transmission
and distribution lines, substations,
   As one employee put it    We take
pride in doing business the right way
    every project, every day.    That belief
is deeply ingrained in our culture and
essential to our long-term success.   
in decades, and this load growth is
reshaping long-term plans across
the industry. Reliability, capacity,
and modernization have become
essential priorities, and companies
are planning further ahead for

These partnerships are strengthened
through multi-year agreements, repeat
business, and the confidence that
comes from consistent performance.
In 2025, we remained committed
to deepening these relationships
while expanding opportunities with
both new and existing customers.
The shared expertise across our
subsidiaries enhances our ability to
an era defined by electrification,
serve customers with comprehensive,
decarbonization, and rapid
integrated solutions; something we
technological change.
believe will become increasingly
important as projects grow in
Artificial intelligence is accelerating
this trend, driving large-scale data
airports, hospitals, commercial buildings,
center development throughout the
transportation corridors, manufacturing,
markets we serve. These facilities
and clean energy facilities.
require substantial, dependable power,
and our teams are supporting this
growth by helping build and expand
data centers while delivering the grid
improvements and interconnections
   Customers are seeking strategic
partners who are positioned to help
them deliver on complex portfolios
of projects.   
necessary to serve these new loads
safely and reliably.
Both our T&D and C&I businesses
are well-positioned with healthy
   Power demand is accelerating,
and the need for new and
reliable infrastructure has never
been greater.   
backlogs and are actively pursuing
and bidding new opportunities. While
long-term forecasts point to increases
in infrastructure spending, market
cycles naturally evolve. The broader
In our T&D segment, we maintain
market outlook remains positive,
a steady and diverse pipeline of
which fortifies our belief that the years
transmission, distribution, and
ahead will bring steady, sustainable
substation projects of varied size,
growth supported by a mix of new
location, and capacity. Aging
development and upgrades to existing
infrastructure, system hardening,
infrastructure.
and new power generation and
grid, and our teams are focused on
Deepening Customer
Partnerships and Building
for the Future
consistently delivering projects with
Long-term success in our industry isn   t
exceptional results.
just about the work we perform     it   s
energy storage needs continue
to spur investment in our electric
rooted in the relationships we build. For
Our C&I teams continue to deliver
more than a century, our company has
high-quality and complex work across
earned the trust of customers by being
our core markets such as data centers,
reliable, adaptable, and transparent.
scale and complexity. Whether
strengthening the grid, powering
essential facilities, or responding
when our communities need us most,
we are focused on being the partner
of choice for those who rely on us.
   As one customer recently
shared,    We value a partner that
communicates openly and delivers
every time.      
We closed 2025 with optimism,
resolve, and appreciation for the
people who make our success
possible. While the years ahead will
bring challenges and opportunity, we
are confident that our values and our
partnerships will continue to guide us
forward. Thank you for being part of
our journey.
Best regards,
RICK SWARTZ
President and Chief
Executive Officer
KEN HARTWICK
Chair of the Board

3/4/2026 Letter Continued (Full PDF)

 

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