Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Investor Presentation (May 2026)
20 slides from Comfort Systems Usa's investor presentation, May 1, 2026
Slide 1: Quality People. Building Solutions.
QUALITY PEOPLE. BUILDING SOLUTIONS. NYSE: FIX May 1, 2026
Slide 2: Safe Harbor / Non-GAAP Measures
SAFE HARBOR Certain statements and information in this presentation may constitute forward-looking statements regarding our future business expectations, which are subject to applicable securities laws and regulations. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should
Slide 3: Comfort Systems USA
COMFORT SYSTEMS USA • Leading national mechanical, electrical, and plumbing (“MEP”) installation and service provider • $10.0+ billion yearly revenue • 75% industrial • 23,000+ employees • History of profitable growth and cash flow • Unmatched modular capabilities • Financial stability with a strong
Slide 4: National Footprint
NATIONAL FOOTPRINT Mechanical Electrical 197 LOCATIONS | 143 CITIES | 23,000+ EMPLOYEES 3
Slide 5: Market Outlook
MARKET OUTLOOK STRONG MARKETS • Technology – Data Centers and Chip Manufacturing • Life Sciences – Pharmaceuticals • Food Processing • Manufacturing • Healthcare • Energy Storage TRENDS • Technology • On-Shoring • Modular • Service 4
Slide 6: Segment Breakdown – YTD 2026
SEGMENT BREAKDOWN – YTD 2026 ELECTRICAL ELECTRICAL 28% 27% MECHANICAL MECHANICAL 72% 73% REVENUE GROSS PROFIT YTD 2026 Revenue = $2,865.3 million YTD 2026 Gross Profit = $754.4 million 5
Slide 7: Revenue Breakdown – YTD 2026
REVENUE BREAKDOWN – YTD 2026 HEALTHCARE OFFICE BUILDINGS EDUCATION SERVICE PROJECTS 8% RETAIL 3% 5% GOVERNMENT 4% 3% SERVICE & MAINTENANCE OTHER 5% 6% 2% MODULAR 17% EXISTING MANUFACTURING CONSTRUCTION 19% 15% TECHNOLOGY NEW CONSTRUCTION 56% 57% MARKET ACTIVITY 6
Slide 8: Backlog
BACKLOG ($ in millions) (Unaudited) $13,000 $12,000 $11,000 $10,000 $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $763 $948 $1,166 $1,602 $1,511 $2,312 $4,064 $5,157 $5,994 $11,945 $12,455 $- 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 7
Slide 9: Service Maintenance Base
SERVICE MAINTENANCE BASE ($ in millions) (Unaudited) $200 $180 $160 $140 $120 $100 $80 $60 $40 $20 $111 $116 $123 $127 $130 $147 $161 $165 $174 $182 $184 $0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 2026 8
Slide 10: Recent Financial Performance
RECENT FINANCIAL PERFORMANCE THREE MONTHS ENDED TWELVE MONTHS (Unaudited) ENDED ($ in millions, except per share information) 3/31/26 3/31/25 12/31/25 Revenue $2,865.3 $1,831.3 $9,101.6 Net Income $370.4 $169.3 $1,022.6 Diluted EPS $10.51 $4.75 $28.88 Adjusted EBITDA (1) $524.4 $242.7 $1,454.6 Opera
Slide 11: Financial Strength
FINANCIAL STRENGTH • Positive free cash flow for 27 consecutive years • Increased dividend for 14 consecutive years • Debt/TTM EBITDA = 0.02 • $1.05B cash at March 31, 2026 • $39.1M total debt at March 31, 2026 • Debt capacity – No borrowings at March 31, 2026 – $1.10B senior credit facility – 2030
Slide 12: Capital Discipline
CAPITAL DISCIPLINE ($ in thousands) AVERAGE 2007 - 2025 $16,408 11% $28,588 18% $108,384 71% Acquisitions Share Repurchases Dividends 11
Slide 13: Capital Returned
CAPITAL RETURNED ($ in thousands) FISCAL PERIOD SHARE REPURCHASES DIVIDENDS CAPITAL RETURNED 2016 $13,088 $10,264 $23,352 2017 $9,007 $10,987 $19,994 2018 $28,533 $12,268 $40,801 2019 $19,550 $14,543 $34,093 2020 $30,120 $15,499 $45,619 2021 $27,054 $17,384 $44,438 2022 $38,216 $20,077 $58,293 2023
Slide 14: Modular Off-Site Construction
MODULAR OFF-SITE CONSTRUCTION
Slide 15: Sustainability Overview
SUSTAINABILITY OVERVIEW Our sustainability goals are embedded in how we operate as a business – they are part of our very foundation and core values of being safe, honest, respectful, collaborative, and innovative – and we have diligently sought to develop transparent disclosures to support our sust
Slide 16: Innovation with an Emphasis on Productivity
INNOVATION WITH AN EMPHASIS ON PRODUCTIVITY FUTURE • Pilots of emerging technologies • Partnerships with industry leading tech firms • Practical, broad-based deployment of AI INNOVATION 2015 – PRESENT • Investments in advanced BIM technologies • EAS & TAS modular construction • Mobile technology dep
Slide 17: Our Values
OUR VALUES Be safe Be honest Be respectful Be innovative Be collaborative 16
Slide 18: Our Strengths
OUR STRENGTHS • Unmatched workforce • Consistent free cash flow • Strong Balance Sheet • Strong acquisition record • Attractive geographies • Leading innovation 17
Slide 19: Thank You
THANK YOU 23,000+ EMPLOYEES 23,000+ of the most qualified HVAC and electrical contracting personnel in America 197 LOCATIONS $10.0+ BILLION 50 operating companies across Approximately $10.0+ billion in America at 197 locations in 143 cities yearly revenue CONTACT: Chrissy Nelson Director – Investor
Slide 20: Appendix I – GAAP Reconciliation to Adjusted EBITDA
APPENDIX I – GAAP RECONCILIATION TO ADJUSTED EBITDA Twelve Months Three Months Ended March 31, Ended December 31, ($ in thousands) (Unaudited) 2026 2025 2025 Net Income $370,378 $169,289 $1,022,558 Provision for Income Taxes 111,768 38,723 270,895 Other Expense (Income), Net (464) (24) 258 Changes i
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