Slide 1: First Quarter 2025 Results Conference Call
FIRST QUARTER 2025 RESULTS CONFERENCE CALL May 14, 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: First Quarter 2025 Highlights – Backlog Strength
First Quarter 2025 Highlights – Backlog Strength Strong Backlog Growth Segment EBITDA Growth Backlog of $3.1 billion, up 41% from prior Total EBITDA increased 32% from prior year, reflecting growth in both T&D (+8%) year, despite incremental stand-alone and E&M (+46%) segments operating costs, drive
Slide 5: First Quarter 2025 Highlights – End Market Momentum
First Quarter 2025 Highlights – End Market Momentum E&M Momentum Free Cash Flow E&M revenue increased 47% driven by First quarter 2025 free cash flow was a use continued momentum in data center work; of ($8) million due to project timing EBITDA increased 51% T&D Margin Expansion Financial Flexibilit
Slide 6: Employees, Value, Execution, Relationships
Employees Value Execution Relationships Attract, retain Create long-term Lead the industry Maintain and grow and train value with sustained in safety and consistent customer premier talent profitable growth high-quality execution relationships 6
Slide 7: Value Creation Framework
Value Creation Framework Targeted Commercial Growth Operational Excellence Disciplined Capital Allocation Grow share within existing end Strategically deploy assets in Invest in high-return organic markets higher-margin projects and growth initiatives end markets Further penetrate Pursue strategic a
Slide 8: Long-Term Expectations
Employees Value Execution Relationships LONG-TERM EXPECTATIONS 5% – 7% 7% – 9% Organic Revenue CAGR EBITDA CAGR 2.0% – 2.5% 1.5x – 2.0x CapEx as % of Revenue Net Leverage 8
Slide 9: First Quarter 2025 Results
FIRST QUARTER 2025 9 RESULTS
Slide 10: First Quarter 2025 Performance Summary
First Quarter 2025 Performance Summary 32.1% y/y First Quarter Revenue Growth 31.8% y/y First Quarter EBITDA Growth Performance ($MM) ($MM) highlighted by $826.6 $61.8 continued backlog $46.9 momentum, project $625.7 execution, strong E&M growth • 32% first quarter revenue 1Q24 1Q25 1Q24 1Q25 growth
Slide 11: First Quarter Segment Performance Summary
First Quarter Segment Performance Summary E&M Revenue T&D Revenue E&M Highlights ($MM) ($MM) • First quarter revenue increased $648.2 47% due to strength in key $188.5 $185.0 submarkets within commercial $441.0 and institutional • First quarter EBITDA increased 51% on strong revenue growth; margin i
Slide 12: First Quarter 2025 Balance Sheet and Liquidity
First Quarter 2025 Balance Sheet and Liquidity Net Debt Net Leverage Ample financial ($MM) ($MM) flexibility $274 1.0x 1.0x to pursue strategic $230 $242 objectives • 1Q25 net debt of $242 million, up from 4Q24 reflecting Spinoff Date 4Q24 1Q25 4Q24 1Q25 seasonal working capital usage and investment
Slide 13: 2025 Financial Guidance
2025 Financial Guidance 2025 Drivers Affirming 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 $3.1 billion as of March 31, 2025, up EBITDA 41% year-over-year $2
Slide 14: 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 15: Appendix
APPENDIX 15
Slide 16: 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 17: Reconciliations of net income to EBITDA and EBITDA margin
Reconciliations of net income to EBITDA and EBITDA margin Reconciliations of net income to EBITDA and EBITDA margin. Three months ended March 31, 2025 2024 Change (In millions, except percentages) Net income $ 36.7 $ 28.2 30.1 % Interest 4.7 2.7 74.1 % Income taxes 13.6 10.0 36.0 % Depreciation and
Slide 18: Reconciliations of net income to EBITDA by segment
Reconciliations of net income to EBITDA by segment Reconciliations of net income to EBITDA by segment. Three months ended March 31, 2025 Three months ended March 31, 2024 Corporate and Corporate E&M T&D Other Total E&M T&D and Other Total (In millions) (In millions) Net income $ 36.6 $ 10.5 $ (10.4)
Slide 19: Reconciliations of EBITDA and EBITDA margin by segment
Reconciliations of EBITDA and EBITDA margin by segment Reconciliations of net income to EBITDA and EBITDA margin by segment. Three months ended March 31, 2025 2024 % change (In millions, except percentages) Operating revenues: Electrical & Mechanical $ 648.2 $ 441.0 47.0 % Transmission & Distributio
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: Reconciliations of trailing 12-month EBITDA and net leverage
Reconciliations of trailing 12-month EBITDA and net leverage Reconciliations of trailing-twelve-month EBITDA as of March 31, 2025 and December 31, 2024. Twelve months Three months Twelve months Three months ended March 31, ended March 31, ended December ended March 31, 2025 2025 31, 2024 2024 (In mi
Slide 22: Reconciliations of free cash flow
Reconciliations of free cash flow Reconciliations of cash provided by operating activities to free cash flow Three months ended March 31, 2025 2024 (In millions) Net cash used in investing activities $ (14.8) $ (6.4) Net cash used in financing activities $ (4.3) $ (16.5) Net cash provided by operati
Slide 23: Contact: investors@everus.com
Contact: investors@everus.com 23