Legence Corp. · NASDAQ:LGN
Legence — Investor Presentation (January 2026)
42 slides from Legence's investor presentation, January 2026
Slide 1: Investor Presentation January 2026
LGN | NASDAQ Investor Presentation January 2026 1
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements. This presentation (the “Presentation”) of Legence Corp. (“Legence,” “LGN,” the “Company,” “we,” “us” or “our”) contains forward-looking statements that express the Company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regardin
Slide 3: Disclaimer (Cont'd)
Disclaimer (Cont’d) Management believes that the exclusion of these items from net loss enables the Company and our investors to more effectively evaluate our operations period over period and to identify operating trends that might not be apparent due to, among other reasons, the variable nature of
Slide 4: Overview
1 Overview IRON MOUNTAIN DATA CENTER (Edison, NJ) - 7.2 MW of solar, the largest rooftop solar system on a data center in the U.S. - Generates enough electricity annually to power more than 1,000 homes a year
Slide 5: Leading provider of engineering, installation and maintenance services
Leading provider of $2.4B ~1.2K 6.2K+ engineering, installation Q3 2025 LTM Engineers and Technicians and Revenues energy consultants craftspeople and maintenance services… …for mission-critical Top 5 Top 5 ~19K Mechanical, Electrical and Pure-play MEP engineering firm in the U.S.(1) Industrial & co
Slide 6: Who We Serve
Who We Serve ~57% Other(3) Data Centers & Technology High-Growth Industries State & Local Government of Q3 2025 LTM revenues from 15% High Growth Industries(1) 4% 39% Mixed-Use 6% $2.4B Q3 2025 LTM Data Centers Technology Life Sciences Healthcare Revenues(4) 18% 60%+ Life Sciences & Education 18% He
Slide 7: Our Services
Our Services End-to-end MEP solutions from initial design of the system through maintenance of existing facilities Engineering & Design Program & Project Management ◼ MEP engineering ◼ Strategic facility planning ◼ Zero energy engineering ◼ Construction management ◼ Commissioning and retro-commissio
Slide 8: Our Unique One-Stop Solution Appeals to High Growth Clients
Our Unique One-Stop Solution Appeals to High Growth Clients… Traditional Project Delivery Model Separates Engineering, Installation & Maintenance ’s Design-Install-Maintain Approach ◼ In-house Engineering At Scale Engineering Firm ─ ~1,200 Engineers and consultants with licenses in all 50 states Ind
Slide 9: Competitive Edge at Every Point in the Customer Relationship
…and Gives Us a Competitive Edge at Every Point in the Customer Relationship Design Installation Engage with the client earlier than Accurately estimate job costs and offer installation-only competitors Higher Win Rates more competitive pricing Demonstrate value-add by optimizing Minimize change ord
Slide 10: Our National Competitors
Our National Competitors Key Legence Differentiators Engineering & Consulting Installation & Maintenance Company Engineering & Program & Project Installation & Maintenance & Design Management Fabrication Service We provide a comprehensive suite of engineering, consulting, installation ✓ ✓ ✓ ✓ and ma
Slide 11: Our Growth Strategy
Our Growth Strategy Focus on High Growth End- Grow Wallet Share with Markets and Essential Services Existing, High-Value Clients Concentrate on markets benefitting Increase wallet share with fast from megatrends or that have low growing customers where we have correlation to GDP an established relat
Slide 12: Business
2 Business BOSTON MEDICAL CENTER (Brockton, MA) - Nation’s first zero carbon behavioral health hospital(1) - New England Best Healthcare Project 2023 (Engineering News-Record) - Boston Society of Architects, Social Impact Advancement Commendation 2023 (1) Based on New Building Institute, Getting to
Slide 13: Our Segments
Our Segments Engineering & Consulting Installation & Maintenance LTM Q3 2025 Gross Profit Design HVAC and other MEP by Segment Fabricate and install HVAC systems, systems for buildings, develop process piping and other MEP strategies to reduce energy systems in new and existing Engineering & usage a
Slide 14: Engineering & Consulting Segment
Engineering & Consulting Segment Engineering & Design LTM Q3 2025 Engineering & Consulting Program & Project Mgmt. Planning, design and engineering services Segment Revenue by Service Line Construction management and related for HVAC, process piping and other MEP services for both individual project
Slide 15: Installation & Maintenance Segment
Installation & Maintenance Segment Installation & Fabrication LTM Q3 2025 Installation & Maintenance Maintenance & Service We provide HVAC, electrical, plumbing, Segment Revenue by Service Line We provide preventative maintenance, process and control system installation, emergency repair and break-f
Slide 16: How Our Segments Work Together
How Our Segments Work Together Engineering & Consulting Revenue from Clients that Engage Legence in Both Segments(1) Manage Revenue ($M) Provide program Revenue as a % of Total Revenue and project mgmt. from All Clients services for installs performed by third 28% party contractors $545 CAGR Consult
Slide 17: Repeat Blue Chip Client Base
Repeat “Blue Chip” Client Base Clients Length of Client End-Market % of 2021 – 2024 Relationship Total Revenue ~121% Data Centers & 6 Years 4.3% Technology Data Centers & 43 Years 3.1% Technology Data Centers & 5 Years 2.8% Technology Data Centers & Client net revenue retention 19 Years Technology 2
Slide 18: Execution Track Record and Risk Management
Execution Track Record and Risk Management Our Disciplined Bidding and Risk Management Process ~80% Project Origination Led by our seller-doer technical team, and supported by our sales and account managers Pre-Bid Diligence Pre-Bid Detailed review of scope of work and of jobs meet or exceed initial
Slide 19: Financials
3 Financials BENJAMIN BANNEKER ACADEMIC HIGH SCHOOL (Washington, DC) - District of Columbia’s first net zero high school(1) - ENR Mid-Atlantic Best K-12 Project 2022 & IES Illumination Award 2023 - LEED Platinum certified (1) New Building Institute, Getting to Zero Buildings Database.
Slide 20: Financial Highlights
Financial Highlights Scale Growth Visibility Risk Management $2.4B 30% $3.1B 68% Q3 2025 LTM 2022-2024 Backlog and Awarded Percentage of 2024 Revenues CAGR in Revenues Contracts as of Revenues from Jobs in Sept 30, 2025 Existing Buildings $501M 36% 1.3x ~70% Q3 2025 LTM 2022-2024 CAGR in Book-to-Bil
Slide 21: Historical Financial Summary
Historical Financial Summary Revenue Adjusted EBITDA(1) Adjusted EBITDA Margin(1) (US$ millions) (US$ millions) $2,361 $269 11.4% 30% 39% $2,099 $230 +130 bps 10.9% CAGR CAGR $1,615 10.3% $166 $1,247 $120 9.6% 2022 2023 2024 Q3 2025 2022 2023 2024 Q3 2025 LTM LTM 2022 2023 2024 Q3 2025 LTM YoY 30% 3
Slide 22: Third Quarter 2025 Performance Highlights
Third Quarter 2025 Performance Highlights Record quarterly revenue of $708.0 million, increasing 26% year-over-year (all organic) Record gross profit of $151.9 million, increasing 25% year-over-year Quarterly Adjusted EBITDA (non-GAAP) increasing 39% year-over-year Record backlog and awarded contrac
Slide 23: Third Quarter 2025 Performance Summary
Third Quarter 2025 Performance Summary Backlog & Awarded Contracts Revenue Gross Profit Adjusted EBITDA ($ in millions) ($ in millions) ($ in millions) ($ in millions) $3,065 $708 $148 $89 $2,370 $561 $119 $64 Q3'25A Q3'24A Q3'25A Q3'24A Q3'25A Q3'24A Q3'25A Q3'24A % Gross % Adjusted Book-to-Bill %
Slide 24: Backlog and Awarded Contracts Detail
Backlog and Awarded Contracts Detail Backlog & Awarded Contracts Total Backlog & Awarded Contracts by Segment (as of September 30, 2025) (US$ millions) $3,065 Awarded Engineering & Consulting Contracts Installation & Maintenance 24% $2,472 $895 $3.1B $1,704 $856 $1,487 $712 $598 $2,171 Backlog $1,61
Slide 25: Acquisition Track Record
Acquisition Track Record (1) 2026 2025 2024 2023 ◼ Expanded Installation & Maintenance 2022 ◼ Expanded capabilities in the Engineering & Northern Virginia / DC 2021 ◼ Expanded Design presence in metro area, the Engineering & Design Phoenix, AZ largest concentration ◼ Expanded markets in Los of data
Slide 26: Capitalization and Leverage
Capitalization and Leverage ($ in millions) December 31, 2024 June 30, 2024 September 30, 2025 Cash $ 81 $ 98 $ 176 Term Loan 1,590 1,582 798 Notes Payable 27 30 28 (1) Total Debt 1,617 1,612 826 Net Debt $ 1,536 $ 1,514 $ 650 LTM Adj. EBITDA $ 230 $ 244 $ 269 Net Leverage Ratio 6.7 6.2 2.4 (1) Excl
Slide 27: Bowers
Note: Picture represents an illustrative data center facility. 4 Bowers DIGITAL REALTY DATA HALL (Ashburn, VA) Recipient of Washington Building Congress Craftmanship Award
Slide 28: Bowers Overview
Bowers Overview Key Metrics Founded in 1984 and headquartered in Beltsville, MD, Bowers is a scaled, industry-leading mechanical contractor serving high growth end markets across the $767M $72M $1.3B Northern Virginia/DC Metro Area Q3 2025 LTM Q3 2025 LTM Q3 2025 Revenues EBITDA(1) Backlog & Awards
Slide 29: Strategic Rationale
Strategic Rationale Expansion of Mechanical and Plumbing Services to Northern Virginia/DC Area with Leading Mechanical Contractor • Complements Legence’s existing electrical contracting services and opens meaningful cross-selling opportunities across combined 1 clients, end markets, and services • E
Slide 30: Transaction Summary
Transaction Summary • Upfront consideration of approximately $475 million, consisting of approximately $325 million in cash Transaction and the issuance of approximately 2.55 million shares of Legence’ Class A stock Overview • Additional $50 million in deferred consideration, to be paid in either ca
Slide 31: Pro Forma Revenue & Gross Profit
Pro Forma Revenue & Gross Profit Legence (stand-alone)(1) Bowers (stand-alone)(1) Combined (1) Revenue by Segment 23% 30% $2.4B $0.8B $3.1B 70% 77% 100% Installation & Maintenance Engineering & Consulting Gross Profit by Segment 40% 48% $0.5B 52% $0.1B $0.6B 60% 100% Installation & Maintenance Engin
Slide 32: Pro Forma Revenue
Pro Forma Revenue Legence (stand-alone)(1) Bowers (stand-alone)(1) Combined (1) By End Market 4% 15% 7% 12% 5% 0% 4% 6% 3% 39% 6% 13% $2.4B $0.8B $3.1B 47% 15% 18% 70% 18% 17% Data Centers & Technology Life Sciences & Healthcare Education Mixed-Use State & Local Government Other By Building Type 36%
Slide 33: Pro Forma Backlog & Awards
Pro Forma Backlog & Awards Legence (stand-alone)(1) Bowers (stand-alone)(1) Combined (1) By Segment 29% 20% $3.1B $1.3B $4.4B 71% 80% 100% Installation & Maintenance Engineering & Consulting By End Market 13% 17% 14% 6% 1% 0% 1% 2% 5% 2% 42% 9% $3.1B $1.3B 13% $4.4B 51% 19% 72% 15% 17% Data Centers
Slide 34: Wrap-Up
5 Wrap-Up ZEISS INNOVATION CENTER (Dublin, CA) - Mission-critical R&D and production facilities - Powered by solar energy and supported by light & air controls and a heat recovery system
Slide 35: Why Invest in Legence?
Why Invest in Legence? …Through a Company Gain Exposure to that’s Positioned to …with Less Risk Four Megatrends… Grow Faster than the Market… Investment in Digital Infrastructure Growth in Facilities Investment Small Average Job Sizes Plus Reshoring No Significant Client Concentration
Slide 36: Appendix
05 Appendix STANFORD GRADUATE SCHOOL OF BUSINESS (Stanford, CA) First business school to achieve LEED Platinum certification
Slide 37: MEP is an Attractive Sector
MEP is an Attractive Sector Creates… Not Dependent on Benefits from new construction, but majority of the market Demand in all economic New Construction is existing buildings environments More Technically Mission-critical systems that require specialized Barriers to entry Demanding than engineering,
Slide 38: National Footprint with Established Presence in Major Hubs
National Footprint with Established Headquartered in Presence in Major Data Center, San Jose, CA Technology and Life Sciences Hubs ~9.2K 70 Employees Offices in across 45 states the U.S. Data Center, Technology and Life Sciences Hubs(1)(2) Top 5 State for High Growth Companies(3) States with Legence
Slide 39: Example Clients and Projects
Example Clients and Projects Length of Relationship 40+ yrs 6+ yrs 50+ yrs Services Provided Number of Jobs Since 2019 1,650+ 25+ 1,700+ CAGR in Revenue (%) 36%(1) 110%(2) 16%(1) % of Total Revenue(3) ~3% ~4% ~2% Selected Projects ◼ Design engineering for semiconductor ◼ Specialty fabrication suppor
Slide 40: Drivers of Annual Revenue
Drivers of Annual Revenue Beginning of Year Non-Backlog In-Year Backlog & Awarded Revenue Awards Contracts ▪ Backlog and Awarded ▪ Projects with durations ▪ New awards won during Contracts as of of less than one month the year December 31 of the prior year ▪ Consists primarily of ▪ Can be partially
Slide 41: Core Financial Objectives
Core Financial Objectives Objective Tactics Results ▪ Focus on high growth industries and essential 50%+ of 2024 revenues from high growth Grow faster than services markets industries(1) the market ▪ Take market share ~16% Organic Revenue CAGR 2021-2024(2) Increase recurring ~32% CAGR in Maint
Slide 42: Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation
Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation ($ in millions) Three Months Ended Nine Months Ended Twelve Months Ended September 30, September 30, December 31, 2025 2024 2025 2024 2024 Net income (loss) $0.4 $(0.7) $(22.6) $(9.4) $(27.6) Interest expense 28.2 23.7 88.2 65.4 91.6 Interest