Legence Corp. · NASDAQ:LGN
Legence — Q1 2026 Earnings Presentation
18 slides from Legence's earnings presentation, May 14, 2026
Slide 1: First Quarter 2026 Earnings Presentation
First Quarter 2026 Earnings Presentation May 14, 2026 1
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation (this “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) Non-GAAP Financial Measures We disclose and discuss Adjusted EBITDA and Adjusted EBITDA Margin, Adjusted Gross Profit and Adjusted Gross Margin and Net Debt and Net Leverage as non-GAAP financial measures in this Presentation. Such financial measures are not presented in accordan
Slide 4: Disclaimer (cont'd)
Disclaimer (cont’d) Non-GAAP Financial Measures (cont’d) Our non-GAAP financial measures may not be comparable to similarly titled measures used by other companies, have limitations as analytical tools and should not be considered in isolation, or as substitutes for analysis of our operating results
Slide 5: First Quarter 2026 Performance Highlights
First Quarter 2026 Performance Highlights Record quarterly revenue of $1.04 billion, increasing 105% year-over-year Revenues, excluding the Bowers acquisition, grew 57% year-over-year (non-GAAP)(1) Quarterly Adjusted Gross Profit (non-GAAP) increasing 75% year-over-year Quarterly Adjusted EBITDA (no
Slide 6: First Quarter 2026 Performance Summary
First Quarter 2026 Performance Summary Backlog & Awarded Contracts Revenue Adjusted Gross Profit Adjusted EBITDA ($ in millions) ($ in millions) ($ in millions) ($ in millions) $5,383 $1,038 $194 $118 $111 $2,640 $506 $51 Q1'26A Q1'25A Q1'26A Q1'25A Q1'26A Q1'25A Q1'26A Q1'25A % Adjusted % Adjusted
Slide 7: Revenue by Segment and Service Line
Revenue by Segment and Service Line Legence Corp. Consolidated Results Three Months Ended March 31, Year over Year ($ in thousands) 2026 2025 Change $ % $ % $ % Engineering & Consulting: Engineering & Design ….............................................................. $ 97,571 9.4% $ 106,542 21.1
Slide 8: Revenue by Building Type and End Market
Revenue by Building Type and End Market Legence Corp. Consolidated Results ($ in thousands) Three Months Ended March 31, Year over Year 2026 2025 Change $ % $ % $ % Revenue by Building Type Existing building …...................................…....................................... $ 409,602 39.5%
Slide 9: Backlog and Awarded Contracts by Service Line
Backlog and Awarded Contracts by Service Line $5.4 billion $2.6 billion March 2026 Backlog & Awarded Contracts March 2025 Backlog & Awarded Contracts March 2026 March 2025 Project & Program Management Project & Program Installation & Installation & 12% Management Fabrication Engineering Fabrication
Slide 10: Backlog and Awarded Contracts by Building Type
Backlog and Awarded Contracts by Building Type $5.4 billion $2.6 billion March 2026 Backlog & Awarded Contracts March 2025 Backlog & Awarded Contracts March 2026 March 2025 Existing Building New 31% Building 47% New Existing Building Building 69% 53% 10
Slide 11: Backlog and Awarded Contracts by End Market
Backlog and Awarded Contracts by End Market $5.4 billion $2.6 billion March 2026 Backlog & Awarded Contracts March 2025 Backlog & Awarded Contracts March 2026 March 2025 Other Other 12% State & Local 16% Data Centers & Government Data Centers & Technology 6% Technology State & Local 34% 59% Governme
Slide 12: Capitalization
Capitalization ($ in millions) March 31, 2026 December 31, 2025 Cash $ 245 $ 230 Term Loan 995 798 Notes Payable 26 27 Total Debt (1) 1,021 825 (1) Net debt $ 777 $ 595 Legence LTM adjusted EBITDA $ 366 $ 299 Net leverage 2.1 2.0 LTM combined adjusted EBITDA (2) $ 439 Adjusted net leverage 1.8 (1) E
Slide 13: Guidance as of May 14, 2026
Guidance as of May 14, 2026 Second Quarter 2026 Full Year 2026 Total Revenue $1.05 - 1.1 billion $4.1 - 4.3 billion Adjusted EBITDA $115 - 125 million $470 - 490 million Note: Adjusted EBITDA is a non-GAAP financial measure. Refer to appendix and the Disclaimer at the beginning of this Presentation
Slide 14: Appendix
Appendix ZEISS INNOVATION CENTER (Dublin, CA) - Mission-critical R&D and production facilities - Powered by solar energy and supported by light & air controls and a heat recovery system
Slide 15: Adjusted Gross Profit and Adjusted Gross Margin Reconciliation
Adjusted Gross Profit and Adjusted Gross Margin Reconciliation Legence Corp. Consolidated Results ($ in thousands) Three Months Ended March 31, 2026 2025 Gross Profit Engineering & Consulting Segment Gross Pofit $ 50,413 $ 59,653 Installation & Maintenance Segment Gross Pofit 135,741 52,051 Consolid
Slide 16: Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation
Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation Twelve (1) Represents costs incurred in connection with our debt refinancings in each of the periods presented. Legence Corp. Consolidated Results Three Months Ended Year Ended Months Ended (2) Refer to the “Part II, Item 8. Financial Stateme
Slide 17: Bowers EBITDA Reconciliation
Bowers EBITDA Reconciliation The Bowers Group, Inc. Consolidated Results Nine Months Ended ($ in thousands) December 31, 2025 Net Income $ 69,991 Interest Income (1,872) Income tax expense 3,532 Depreciation and Amortization 1,325 EBITDA $ 72,976 LTM Combined Adjusted EBITDA Three Months Ended Nine
Slide 18: Subcontractor and Equipment Expense Overview
Subcontractor and Equipment Expense Overview Subcontractor Expense Equipment Expense ($ in millions) ($ in millions) $283 $156 $72 $110 Q1'26A Q1'25A Q1'26A Q1'25A Subcontractor Equipment % of Revenue 15.0% 14.1% % of Revenue 27.2% 21.7% Note: Subcontractor Expense represents the cost of third-party