Construction Partners : Summer 2023 Investor Presentation

SUMMER 2023

INVESTOR PRESENTATION

Construction Partners, Inc. (CPI)

NASDAQ: ROAD

FORWARD-LOOKING STATEMENTS

This presentation contains "forward‐looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding Construction Partners, Inc. (the "Company"), its financial condition, its results of operations and the Company's current views based on information currently available. This information is, where applicable, based on estimates, assumptions and analysis that the Company believes, as of the date hereof, provides a reasonable basis for the information contained herein. Forward‐looking statements generally can be identified by the use of forward‐looking words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates," "foresees" or the negative version of those words or other comparable words and phrases, and include statements relating to the Company's beliefs or expectations regarding its future performance, strategic plans and cash flows, as well as any other statements that do not directly relate to any historical or current facts. Forward‐looking statements involve known and unknown risks and uncertainties, including those set forth in the Company's most recent Annual Report on Form 10-K, its subsequently filed Quarterly Reports on Form 10-Q, its Current Reports on Form 8-K and other documents filed with the Securities and Exchange Commission (the "SEC"), many of which are outside of the Company's control. Actual results, performance or achievements may differ materially from forward‐looking statements and the assumptions on which forward-looking statements are based. There can be no assurance that the information contained herein is reflective of future performance, and investors are cautioned not to place undue reliance on forward‐looking statements as a predictor of future performance. Unless otherwise specified, all information contained in this presentation speaks only as of the date hereof. The Company undertakes no duty to update or revise the information contained herein, publicly or otherwise, whether as a result of new information, future events or otherwise, except as required by law.

The Company's fiscal year is the 52-week period ending on September 30. Reference to a particular "fiscal year" or "FY" in this presentation refers to such period. This presentation contains estimates and other statistical data made by independent parties relating to, among other things, market size and growth. These data involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. The Company has not independently verified the statistical and other industry data generated by independent parties and, accordingly, it cannot guarantee their accuracy or completeness. In addition, projections, assumptions and estimates of the Company's future performance and the future performance of the markets in which it competes are necessarily subject to uncertainty and risk due to a variety of factors. These and other factors could cause results or outcomes to differ materially from those expressed in the estimates made by the independent parties.

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Experienced Leaders

Jule Smith		Greg Hoffman
President and CEO		Chief Financial Officer

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LEADING INFRASTRUCTURE CONSTRUCTION SERVICES COMPANY

6 67

STATE FOOTPRINT

ASPHALT PLANTS

6

PLATFORM COMPANIES

4,000+

EMPLOYEES

24

ACQUISITIONS

SINCE IPO IN 2018

Strategic Hot-Mix Asphalt

Plant Footprint

Revenue				Adjusted EBITDA**
	$1.55bn				$165mm
$1.30bn				$111mm
$911mm
			$91mm

FY21 FY22 FY23*FY21 FY22 FY23*

FY22 Customer		FY22 Growth Mix
Project Mix		Drivers
39%	Publicly Funded	44% FY22		Organic
FY22	Privately Funded	56%	Acquisitive
61%

Note: Annual data represent a September 30 fiscal year end.
* FY23 represents midpoint of management guidance for fiscal year 2023.	4
**Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation of Adjusted EBITDA to Net Income, the most directly comparable GAAP financial measure, see the appendix.

COMPELLING GROWTH INVESTMENT THESIS

DIFFERENTIATED MODEL

• Local Workforce
• Construction Services Mgmt. of Public & Private Projects
• Vertical Integration Strategy
• Shorter Duration/Low Risk Projects

STRONG PROJECT DEMAND & RECURRING REVENUE SOURCES

• Significant Road & Infrastructure Demand
• Robust Public Funding
• Strong Commercial Markets Across Geographic Footprint

FRAGMENTED SEGMENT

• Leading acquirer in the Southeast U.S.
• High Relative Market Share
• Integration Benefits of Scale
• Margin Expansion of Acquired Companies

LONG-TERM GROWTH HORIZON

• Historic and Projected Revenue Growth
• High Free Cash Flow Conversion Rate
• Long-TermMargin Expansion

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