EMCOR Group (EME) Corporate presentation summary

Business model and positioning

• 2025 revenue of $16.99B; 2025 revenue mix: Construction Services ~72%, Building Services ~21%, and Industrial Services ~7%.

• Services span mechanical and electrical construction, building operations and maintenance, and industrial services across critical infrastructure and non-residential facilities.

• Platform includes ~53,000 employees, ~450 U.S. locations, and ~100 operating subsidiaries; operating cash flow conversion exceeded 80% for the 12 months ended Dec. 31, 2025.

Markets and demand

• RPO reached a record $18.57B as of Sept. 30, 2026, up from $4.0B at Dec. 31, 2019; presentation cites a 25% CAGR.

• Demand spans data centers and connectivity, high-tech manufacturing, healthcare, water and wastewater, institutional, and manufacturing and industrial markets; exposure to new office construction is limited.

• Data center projects require substantial electrical infrastructure and increasingly sophisticated cooling; fire and life safety demand remains robust, with warehousing, distribution, and logistics projects resuming.

• Building automation, controls, and HVAC service growth supports aftermarket projects and retrofit opportunities, including efficiency, energy consumption, and indoor air quality improvements.

Financial performance

• Q3 2026 revenue was $5,541,520 thousand, up 28.8% YoY; gross profit rose 32.7% to $1,108,218 thousand, with gross margin of 20.0% vs. 19.4%.

• Q3 GAAP operating income was $545,792 thousand, up 34.5%, at a 9.8% margin vs. 9.4%; diluted EPS was $9.04 vs. $6.57.

• Q3 non-GAAP operating income was $579,792 thousand at a 10.5% margin; non-GAAP diluted EPS was $9.60, excluding the $34,000 thousand intangible-asset impairment.

• 9M 2026 revenue rose 22.9% YoY to $15,324,645 thousand; GAAP operating income increased 31.4% to $1,496,977 thousand, with a 9.8% margin vs. 9.1%.

• 9M diluted EPS was $24.93 vs. $18.53; non-GAAP diluted EPS was $25.48 vs. $18.68, excluding the Q3 2026 impairment and Miller Electric acquisition transaction expenses in Q1 2025.