SOLV Energy (MWH) Registration Filing summary

Financial performance and metrics

• Revenue for the nine months ended September 30, 2025 was $1.70 billion, up from $1.41 billion in the prior year period, driven by growth in new construction and acquisitions.

• Gross profit for the nine months ended September 30, 2025 was $320.4 million, with a gross margin of 18.9%, compared to $177.7 million and 12.6% in the prior year period.

• Net income attributable to controlling interests for the nine months ended September 30, 2025 was $113.6 million, compared to $0.1 million in the prior year period.

• Adjusted EBITDA for the nine months ended September 30, 2025 was $241.3 million, up from $112.1 million in the prior year period.

• As of September 30, 2025, cash and cash equivalents were $208.1 million, and total assets were $1.75 billion.

• Backlog as of September 30, 2025 was approximately $6.7 billion, with 93% related to EPC services and 7% to O&M services.

Company overview and business model

• Provides engineering, procurement, construction (EPC), operations, maintenance (O&M), and repowering services for utility-scale solar and battery storage projects, as well as related transmission and distribution infrastructure.

• Has constructed over 500 power plants representing 20 GW of generating capacity since 2008 and provides O&M services to 146 plants totaling over 18 GW.

• Employs approximately 2,300 people and operates in 40 states, with a NERC-compliant control center in San Diego.

• Lifecycle approach integrates EPC and O&M services, creating recurring revenue and long-term customer relationships.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used to purchase LLC Interests from SOLV Energy Holdings LLC at the IPO price, less underwriting discounts and commissions.

• SOLV Energy Holdings LLC will use the proceeds to repay approximately $402.2 million of outstanding term loan debt, with the remainder for general corporate purposes, including growth initiatives and potential M&A.