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3125/22. 9:42 AM road -20210930 <br />Table of Contents <br />Stock Performance Graph <br />The following graph compares the cumulative three-year total return provided to the Company's Class A common stock holders <br />relative to the cumulative total returns of the NASDAQ Composite index and the Dow Jones U.S. Heavy Construction index. The <br />graph tracks the performance of a $100 investment in our Class A common stock and in each index (with the reinvestment of all <br />dividends) from September 30, 2018 through September 30, 2021. <br />S300 <br />5250 <br />5200 <br />L! <br />L <br />R <br />ZZ S150 <br />A <br />SIM <br />550 <br />S- <br />COMPARISON OF 3 YEAR CUMULATIVE TOTAL RETURN <br />2018 2019 2020 20_'1 <br />Fiscal Year Ended September 30, <br />-f- Construction Partner:. Inc. -*- NASDAQ Composiu Index <br />f Dow lone. US HeavN Constnietion Index <br />Item 6. Selected Financial Data. <br />For fiscal years ending on or after August 9, 2021, registrants are no longer required to provide the information in this Item. <br />Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. <br />This discussion and analysis of our financial condition and results of operations is intended to assist in understanding and assessing <br />the trends and significant changes in our results of operations and financial condition. Historical results may not be indicative of fi ture <br />performance. This discussion includes forward-looking statements that reflect our plans, estimates and beliefs. Such statements involve <br />risks and uncertainties. Our actual results may differ materially from those contemplated by these forward-looking statements as a <br />result of various factors, including those set forth under the headings `Risk Factors" and "Cautionary Statement Regarding Forward - <br />Looking Statements. " This discussion should be read in conjunction with our audited consolidated financial statements and the notes <br />thereto included elsewhere in this report. In this discussion, we use certain non -GAAP financial measures. An explanation of these non - <br />GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measures are included in this <br />"Management's Discussion and Analysis of Financial Condition and Results of Operations. " Investors should not consider non -GAAP <br />financial measures in isolation or as substitutes for financial information presented in compliance with GAAP. <br />https://www.sec.gov/Archives/edgar/data/0001718227/000171822721000107/road-20210930.htm 49/144 <br />Value as of September 30, <br />2018 <br />2019 2020 <br />2021 <br />Construction Partners, Inc. $100.00 <br />$128.76 $150.41 <br />$275.79 <br />NASDAQ Composite Index $100.00 <br />$99.42 $138.79 <br />$179.57 <br />Dow Jones US Heavy Construction index $100.00 <br />$97.52 $94.70 <br />$162.83 <br />Item 6. Selected Financial Data. <br />For fiscal years ending on or after August 9, 2021, registrants are no longer required to provide the information in this Item. <br />Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. <br />This discussion and analysis of our financial condition and results of operations is intended to assist in understanding and assessing <br />the trends and significant changes in our results of operations and financial condition. Historical results may not be indicative of fi ture <br />performance. This discussion includes forward-looking statements that reflect our plans, estimates and beliefs. Such statements involve <br />risks and uncertainties. Our actual results may differ materially from those contemplated by these forward-looking statements as a <br />result of various factors, including those set forth under the headings `Risk Factors" and "Cautionary Statement Regarding Forward - <br />Looking Statements. " This discussion should be read in conjunction with our audited consolidated financial statements and the notes <br />thereto included elsewhere in this report. In this discussion, we use certain non -GAAP financial measures. An explanation of these non - <br />GAAP financial measures and a reconciliation to the most directly comparable GAAP financial measures are included in this <br />"Management's Discussion and Analysis of Financial Condition and Results of Operations. " Investors should not consider non -GAAP <br />financial measures in isolation or as substitutes for financial information presented in compliance with GAAP. <br />https://www.sec.gov/Archives/edgar/data/0001718227/000171822721000107/road-20210930.htm 49/144 <br />