IES : Investor Presentation January 30, 2023

I E S H O L D I N G S , I N C . ( N A S D A Q : I E S C ) |	I N V E S T O R P R E S E N T A T I O N |	J a n u a r y 3 0 , 2 0 2 3

Disclosures

Forward-Looking Statements

Certain statements in this release may be deemed "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, all of which are based upon various estimates and assumptions that the Company believes to be reasonable as of the date hereof. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "could," "should," "expect," "plan," "project," "intend," "anticipate," "believe," "seek," "estimate," "predict," "potential," "pursue," "target," "continue," the negative of such terms or other comparable terminology. These statements involve risks and uncertainties that could cause the Company's actual future outcomes to differ materially from those set forth in such statements. Such risks and uncertainties include, but are not limited to, the impact of the COVID-19 outbreak or future pandemics on our business, including the potential for job site closures or work stoppages, supply chain disruptions, delays in awarding new projects, construction delays, reduced demand for our services, delays in our ability to collect from our customers, the impact of third party vaccine mandates on employee recruiting and retention, or illness of management or other employees; the ability of our controlling shareholder to take action not aligned with other shareholders; the possibility that certain tax benefits of our net operating losses may be restricted or reduced in a change in ownership or a change in the federal tax rate; the potential recognition of valuation allowances or write-downs on deferred tax assets; the inability to carry out plans and strategies as expected, including our inability to identify and complete acquisitions that meet our investment criteria in furtherance of our corporate strategy, or the subsequent underperformance of those acquisitions; competition in the industries in which we operate, both from third parties and former employees, which could result in the loss of one or more customers or lead to lower margins on new projects; fluctuations in operating activity due to downturns in levels of construction or the housing market, seasonality and differing regional economic conditions; the possibility of inaccurate estimates used when entering into fixed-price contracts and our ability to successfully manage projects, as well as other risk factors discussed in this document, in the Company's annual report on Form 10-K for the year ended September 30, 2022 and in the Company's other reports on file with the SEC. You should understand that such risk factors could cause future outcomes to differ materially from those experienced previously or those expressed in such forward-looking statements. The Company undertakes no obligation to publicly update or revise any information, including information concerning its controlling shareholder, net operating losses, borrowing availability, or cash position, or any forward-looking statements to reflect events or circumstances that may arise after the date of this release.

Forward-looking statements are provided in this document pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of the estimates, assumptions, uncertainties, and risks described herein.

Non-GAAP Financial Measures and Other Adjustments

This document includes adjusted net income attributable to IES, adjusted diluted earnings per share attributable to common stockholders, and backlog, and, in the non-GAAP reconciliation tables included herein, adjusted net income attributable to common stockholders, adjusted EBITDA and adjusted net income before taxes, each of which is a financial measure not calculated in accordance with generally accepted accounting principles in the U.S. ("GAAP"). Management believes that these measures provide useful information to our investors by, in the case of adjusted net income attributable to common stockholders, adjusted earnings per share attributable to common stockholders, adjusted EBITDA and adjusted net income before taxes, distinguishing certain nonrecurring events such as litigation settlements or significant expenses associated with leadership changes, or noncash events, such as impairment charges or our valuation allowances release and write-down of our deferred tax assets, or, in the case of backlog, providing a common measurement used in IES's industry, as described further below, and that these measures, when reconciled to the most directly comparable GAAP measures, help our investors to better identify underlying trends in the operations of our business and facilitate easier comparisons of our financial performance with prior and future periods and to our peers. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information calculated in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures, which has been provided in the financial tables included in this document. Remaining performance obligations represent the unrecognized revenue value of our contract commitments. While backlog is not a defined term under GAAP, it is a common measurement used in IES's industry and IES believes this non-GAAP measure enables it to more effectively forecast its future results and better identify future operating trends that may not otherwise be apparent. IES's remaining performance obligations are a component of IES's backlog calculation, which also includes signed agreements and letters of intent which we do not have a legal right to enforce prior to work starting. These arrangements are excluded from remaining performance obligations until work begins. IES's methodology for determining backlog may not be comparable to the methodologies used by other companies.

For further details on the Company's financial results, please refer to the Company's annual report on Form 10-K for the fiscal year ended September 30, 2022, filed with the Securities and Exchange Commission ("SEC") on December 6, 2022, and any amendments thereto.

General information about IES Holdings, Inc. can be found at http://www.ies-co.com under "Investor Relations." The Company's annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, as well as any amendments to those reports, are available free of charge through the Company's website as soon as reasonably practicable after they are filed with, or furnished to, the SEC.

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IES Holdings at a Glance (NASDAQ: IESC)

Revenue ($ million) (1)	$2,167
5-Year Revenue CAGR (2)	22%
5-Year Operating Income CAGR (2)	23%
Acquisitions (since 2015)	15
Operating Locations	100+
Employees	8,000+

Provider of Electrical, Communication and Other Infrastructure Services

COM M UNIC ATI ONS		R E SIDE NTIAL		INFR AS TR UC TUR E SOLUTIONS		COM M E R CIAL & INDUSTR I AL
Technology & Data Center		Electrical, HVAC & Plumbing Services for		Custom Power Solutions, Electrical & Mechanical		Electrical & Mechanical
Infrastructure Services		Residential Construction		Apparatus Services		Contracting and Services
FY22 Revenue: $560M		FY22 Revenue: $1,131M		FY22 Revenue: $167M		FY22 Revenue: $309M

1. For the Fiscal Year Ended September 30, 2022
2. Includes organic growth, as well as benefit or addition from acquisitions made

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End Markets and Capabilities

Markets	Capabilities
Housing	Electrical

Revenue Breakdown

FY2022 revenue of $2.2 billion

Data Centers	Technology
	Infrastructure
E-Commerce
	Custom Power
Industrial & Manufacturing	Solutions
Commercial & Institutional	Industrial Services
Power	Mechanical &
Plumbing
Transportation

($ in millions)

INFRASTRUCTURE SOLUTIONS

COMMERCIAL & INDUSTRIAL

COMMUNICATIONS

RESIDENTIAL

	14%
8%	14%	26%
8%

52%

52%

$1,077

$811 $877

$2,167

$1,536

$1,191

FY17

FY18

FY19

FY20

FY21

FY22

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Profitable Growth Strategy

Demonstrated Growth

• Capitalize on our scale, expertise and end market exposure to achieve long-termtop-line growth
• Leverage customer relationships and acquisition strategy to open new opportunities in attractive end markets

REVENUE

OPERATING INCOME

Accretive Acquisitions

• Utilize market exposure to pursue acquisition opportunities that fit into existing segment platforms
• Focused on specific geographic additions, products and services

6 RECENT ACQUISITIONS

Strong Financial Position

• Maintain a strong and flexible capital position
• Preserve operational flexibility, liquidity and free cash flow for organic growth and acquisitions

($ in millions)

	$2,167
$811
FY17	FY22

	$56.0
$20.3
FY17	FY22

$149 MILLION

of free cash flow

since 2017 (excl. M&A) (1)

$149 MILLION

of acquisitions since 2017 (1)

$150 MILLION

revolving credit facility

1. As of September 30, 2022

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