Everus Construction (ECG) investor relations material

Executive summary

• Q3 revenue reached a record $1,384.2M, up 40.3% YoY; net income rose 61.2% to $91.9M and diluted EPS increased to $1.79 from $1.11.

• EBITDA set a quarterly record at $140.2M, up 57.5%, while margin expanded 110 bps to 10.1%.

• Record backlog reached $5.48B, up 86.1% YoY, with strong E&M and T&D demand.

• FY2026 revenue and EBITDA guidance increased to $5.0B–$5.1B and $485M–$495M, respectively.

Financial highlights

• Q3 revenue grew 40.3% to $1,384.2M; organic growth excluding acquisitions was 35.8%.

• Q3 gross profit rose 65.1% to $205.0M, with gross margin expanding to 14.8% from 12.6%; operating income increased 69.1% to $122.4M.

• Nine-month revenue rose 33.6% to $3,652.7M; net income increased 59.8% to $234.1M and diluted EPS was $4.57 versus $2.87.

• Nine-month EBITDA rose 52.2% to $357.7M; EBITDA margin was 9.8% versus 8.6%.

• Nine-month operating cash flow was $267.3M versus $108.6M; free cash flow was $221.2M versus $74.8M.

Outlook and guidance

• FY2026 revenue guidance rose to $5.0B–$5.1B from $4.5B–$4.7B; EBITDA guidance rose to $485M–$495M from $410M–$425M.

• Guidance reflects strong first-three-quarter results, acquisition contributions, backlog and continued momentum.

• FY2026 gross capital expenditures are expected to be $90M–$100M, or 1.8%–2.0% of forecast revenue.

• Long-term targets include organic revenue CAGR of 5%–7%, EBITDA CAGR of 7%–9%, CapEx of 2.0%–2.5% of revenue and net leverage of 1.5x–2.0x.

• Approximately 80% of backlog is expected to burn over 12 months; Epsilon modular work typically converts more slowly.