Energy Services of America (ESOA) The 15th Annual East Coast IDEAS Conference summary

Key milestones and business overview

• Set to join the Russell 2000 index in two weeks, marking a significant milestone.

• Focuses on utility, industrial, and general contracting services, with a strong emphasis on water and gas distribution.

• Largest backlog in company history, reaching $280 million as of March 2025.

• Revenue for fiscal 2024 was $352 million, with adjusted EBITDA just under $29 million.

• Workforce peaks at 1,600–1,700 employees during construction season.

Growth strategy and acquisitions

• Pursues both organic growth and acquisitions, integrating several companies since 2020.

• Recent acquisitions include Tribute Contracting (Dec 2024), expanding wastewater capabilities.

• Water distribution is a primary growth focus, considered low risk and profitable.

• Nitro Electric startup targets automotive plant work in Michigan.

• Acquisitions have doubled the size of some subsidiaries, such as West Virginia Pipeline.

Customer base and service diversification

• Major customers include American Water, TC Energy, NiSource, Marathon, Dow, and Toyota.

• Services span utility, automotive, power, chemical, and steel manufacturing sectors.

• Subsidiaries specialize in gas/water distribution, transmission, industrial, and commercial contracting.

• Tri-State Paving supports utility restoration, complementing core construction services.

• New technologies like horizontal/directional drilling minimize environmental disruption.