Everus Construction Group, Inc. · NYSE:ECG
Everus Construction — Q4 2024 Earnings Presentation
21 slides from Everus Construction's earnings presentation, Feb 12, 2025
Slide 1: Fourth Quarter 2024 Results Conference Call
FOURTH QUARTER 2024 RESULTS CONFERENCE CALL February 12, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation, and oral comments that Everus may make, contain or incorporate by reference certain “forward-looking statements” within the meaning of the securities laws. All statements that reflect Everus’ expectations, assumptions or projections about the future, oth
Slide 3: Our Mission and Values
OUR MISSION Safely Building America’s Future as an industry-leading construction services provider while achieving sustained growth OUR VALUES INTEGRITY RESPECT SAFETY TEAMWORK 3
Slide 4: Fourth Quarter 2024 Key Messages
Fourth Quarter 2024 Key Messages Performance highlighted ❖ Strong Backlog Growth ❖ E&M Momentum Backlog of $2.8 billion, up 38% from E&M revenue increased 21% driven by by strong backlog December 31, 2023, reflecting strong continued momentum in data center work; growth, end market momentum in E&M b
Slide 5: Employees, Value, Execution, Relationships
Employees Value Execution Relationships Attract, retain Create long-term Lead the industry Maintain and grow and train value with sustained in safety and consistent customer premier talent profitable growth high-quality execution relationships 5
Slide 6: Value Creation Framework
Value Creation Framework Targeted Commercial Growth Operational Excellence Disciplined Capital Allocation Grow share within existing Strategically deploy assets Invest in high-return organic end markets in higher-margin projects growth initiatives and end markets Further penetrate Pursue strategic h
Slide 7: Long-Term Expectations
Employees Value Execution Relationships LONG-TERM EXPECTATIONS 5%–7% 7%–9% Organic Revenue CAGR EBITDA CAGR 2.0%–2.5% 1.5x–2.0x CapEx as % of Revenue Net Leverage 7
Slide 8: Fourth Quarter and Full-Year 2024 Results
FOURTH QUARTER AND FULL-YEAR 2024 RESULTS
Slide 9: Fourth Quarter 2024 Performance Summary
Fourth Quarter 2024 Performance Summary 19.5% y/y Fourth Quarter Revenue Growth Flat y/y Fourth Quarter EBITDA Performance ($MM) $2,854 $2,850 $250.0 ($MM) $232 $223 highlighted by $200.0 continued backlog growth, project $150.0 execution, strong $760 $100.0 $58 $58 $636 revenue expansion $50.0 $0.0
Slide 10: Fourth Quarter Segment Performance Summary
Fourth Quarter Segment Performance Summary E&M Revenue T&D Revenue E&M Highlights ($MM) ($MM) • Fourth quarter revenue $837 increased 21% as strength in $2,135 $2,032 $735 data center submarket work was partially offset by project timing • Fourth quarter EBITDA $455 $550 $185 $213 increased 17% on s
Slide 11: 4Q24 Balance Sheet and Liquidity
4Q24 Balance Sheet and Liquidity Net Debt and Availability Full-Year Free Cash Flow Financial flexibility $274 ($MM) $279 ($MM) $251 to pursue strategic $230 $152.0 objectives $129.0 • Net debt of $230 million, down from $274.0 million at Net Debt Cash and Availability spinoff; cash and availability
Slide 12: 2025 Financial Guidance
2025 Financial Guidance 2025 Drivers 2025 Guidance Strong demand for E&M driven by data center, high-tech re-shoring; T&D Revenue driven by grid modernization and grid $3.0B – $3.1B hardening Strong momentum with backlog of $2.8 billion, up 38% year-over-year EBITDA Margin realization impacted by $2
Slide 13: Compelling Investment Thesis
Compelling Investment Thesis Benefit From Multiple Proven Leadership Team Scaled National Platform Skilled Workforce, Diversified Revenue Base Growth Drivers and Executing 4EVER of Market-Leading Local People-First Culture & & Disciplined Capital Industry Megatrends Strategy Brands Repeatable Playbo
Slide 14: Appendix
3 Appendix
Slide 15: Non-GAAP Financial Guidance
Non-GAAP Financial Guidance We are unable to reconcile forward-looking non-GAAP financial guidance relating to full-year 2025 EBITDA margin and long-term targets of organic revenue, organic revenue growth and EBITDA to their respective nearest U.S. GAAP measure because we are unable to predict the t
Slide 16: Reconciliation of net income to EBITDA and EBITDA margin
Reconciliation of net income to EBITDA and EBITDA margin Reconciliation of net income to EBITDA and EBITDA Margin Three months ended December 31, Years ended December 31, 2024 2023 % change 2024 2023 % change (In millions, except percentages) Net income $ 34.4 $ 36.4 (5.5)% $ 143.4 $ 137.2 4.5 % Int
Slide 17: Reconciliation of free cash flow and net debt
Reconciliation of free cash flow and net debt Reconciliation between Operating Activities and Free Cash Net leverage Flows Twelve months ended December 31, 2024 (In millions) Net income $ 143.4 Years ended December 31, Interest expense 14.0 2024 2023 Income taxes 49.5 Depreciation and amortization 2
Slide 18: Reconciliation of net income to EBITDA by segment
Reconciliation of net income to EBITDA by segment Reconciliation of net income to EBITDA by Segment. Three months ended December 31, 2024 Year ended December 31, 2024 Corporate Corporate E&M T&D and Other Total E&M T&D and Other Total (In millions) (In millions) Net income $ 31.9 $ 17.9 $ (15.4) $ 3
Slide 19: Reconciliation of margin by segment
Reconciliation of margin by segment Reconciliation of net income to EBITDA and EBITDA Margin by Segment. Three months ended December 31, Years ended December 31, 2024 2023 % change 2024 2023 % change (In millions, except percentages) Operating revenues: Electrical & Mechanical $ 549.8 $ 454.7 20.9 %
Slide 20: Reconciliation of full year 2025 EBITDA guidance
Reconciliation of full year 2025 EBITDA guidance EBITDA guidance reconciliation Low High (In millions) Net income $ 120.0 $ 130.0 Interest expense 25.0 25.0 Income taxes 40.0 45.0 Depreciation and amortization 25.0 25.0 EBITDA $ 210.0 $ 225.0 20
Slide 21: Contact: investors@everus.com
Contact: investors@everus.com 21
Everus Construction Group — Q4 2024 Earnings Presentation on 6ix