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Legence (LGN) investor relations material
Legence Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Achieved record Q3 2025 results with $708 million revenue (up 26% year-over-year), 39% Adjusted EBITDA growth, and backlog reaching $3.1 billion, all organic.
Completed a successful IPO in September 2025, raising $780.2 million in net proceeds, used primarily to repay debt and reduce net leverage to 2.4x.
Announced the pending $475 million acquisition of Bowers Group and completed two tuck-in acquisitions (AZPE and IMD) for $22 million to expand capabilities.
Net loss attributable to the company for Q3 2025 was $0.6 million, an improvement from a $1.1 million loss in Q3 2024.
Backlog and awarded contracts reached $3.1 billion as of September 30, 2025, up 29% year-over-year, with a book-to-bill ratio of 1.5x.
Financial highlights
Q3 2025 revenue was $708 million, up $147 million (26%) from Q3 2024, entirely organic.
Adjusted EBITDA for Q3 was $88.8 million (12.5% margin), up 39% year-over-year.
Gross profit increased 25% to $148.1 million; consolidated gross margin was 20.9%.
Installation & Maintenance segment revenue grew 35% to $495.8 million; Engineering & Consulting up 9.5% to $212.2 million.
Book-to-bill ratio was 1.5x; backlog at quarter-end was $3.1 billion, up 29% year-over-year.
Outlook and guidance
Q4 2025 standalone revenue guidance: $600–$630 million; Adjusted EBITDA: $60–$65 million.
Full-year 2026 standalone revenue guidance: $2.65–$2.85 billion; Adjusted EBITDA: $295–$315 million.
Bowers expected to add $825–$875 million revenue and $75–$85 million EBITDA in 2026 (full year); partial year impact expected due to Q1 closing.
Data center and technology end market expected to continue 30% CAGR growth.
Backlog and awarded contracts support continued revenue growth; book-to-bill ratio above 1.0 in both segments.
Bowers acquisition impact on 2026 guidance?
E&C gross margin trend and drivers
Future capital allocation post-IPO debt paydown?
Future M&A strategy and leverage comfort
Impact of Bowers' fabrication on market reach
Bowers integration and cross-sell strategy
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