What Centuri Holdings, Inc. told the SEC could break it.

Centuri provides gas and electric utility-infrastructure construction and maintenance services, and although it served over 400 customers in fiscal 2025, its revenue is concentrated in large utility clients: its top 20 customers — almost exclusively investment-grade utilities — represented approximately 65% of revenue. Named customers include American Electric Power, Enbridge, Entergy, Exelon, NiSource, National Grid, Sempra and Southern Company (captured as edges), plus former parent Southwest Gas (~$97.6M). Much of the work runs under multi-year master service agreements (MSAs) — ~82% of its ~$5.9B backlog is MSA-related — so non-renewal, volume reduction, or in-sourcing by a few top utility customers would meaningfully affect revenue and backlog utilization. A utility-customer concentration mitigated somewhat by investment-grade counterparties and long MSAs.

“Our top 20 customers are almost exclusively investment-grade utilities and represented 65% of our revenues during fiscal 2025.”

Centuri has Canadian operations (~8% of revenue), so escalating U.S. trade policy is a direct exposure: it cites the 2025 tariff actions and a 150-day 10% 'global tariff' (effective February 2026, with a desire to raise to 15%), and warns these could prompt Canadian retaliatory tariffs and restrict its ability to provide services to Canadian customers or operate its Canadian business profitably. On the materials side, projects' copper and steel are generally customer-provided (limiting Centuri's direct price risk), but it and its customers remain exposed to the availability of those materials, which has been impacted by geopolitical/supply-chain disruptions — a shortage could delay project schedules. To date it reports no material tariff impact, so this is a monitored, moderate trade-policy/material-availability exposure.

“These risks could restrict our ability to provide services to Canadian customers or to operate our Canadian business profitably”