Legence Corp. · NASDAQ:LGN
Legence — Investor Presentation (April 2026)
42 slides from Legence's investor presentation, April 2026
Slide 1: Investor Presentation April 2026
LGN | NASDAQ Investor Presentation April 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 regarding
Slide 3: Disclaimer (Cont'd) - Non-GAAP Financial Measures
Disclaimer (Cont’d) Non-GAAP Financial Measures We disclose and discuss Adjusted EBITDA and Adjusted EBITDA Margin and Net Debt and Net Leverage as non-GAAP financial measures in this Presentation. Such financial measures are not presented in accordance with GAAP but are intended to provide useful a
Slide 4: Disclaimer (Cont'd) - Backlog and Book-to-Bill
Disclaimer (Cont’d) Backlog and Awarded Contracts and Book-to-Bill Ratio We also track backlog and awarded contracts and our book-to-bill ratio. We believe that backlog and awarded contracts and book-to-bill ratio enable us to more effectively forecast our future results and working capital needs, a
Slide 5: Agenda
Agenda 01 Overview 02 Business 03 Financials 04 Bowers 05 Wrap-Up 5
Slide 6: 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 7: Leading provider of engineering, installation and maintenance services
Leading provider of engineering, installation $2.6B ~1.2K ~7K Revenues Engineers and Technicians and and maintenance services… (2025) energy consultants Craftspeople …for mission-critical Mechanical, Electrical and Top 5 Top 5 20K+ Pure-play MEP engineering Industrial & commercial Number of Plumbing
Slide 8: Who We Serve
Who We Serve ~61% Other(3) Data Centers & Technology High-Growth Industries State & Local Government of 2025 revenues from 14% High Growth Industries(1) 4% 5% Mixed-Use $2.6B 43% 2025 Data Centers Technology Life Sciences Healthcare Revenues(4) 17% 60%+ Life Sciences & Education 18% Healthcare of th
Slide 9: 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 10: 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 Engineering Firm ◼ In-house Engineering At Scale Independent engineer designs the MEP system, typically on ─ ~1,200 En
Slide 11: 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 12: 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 13: 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 14: 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 15: Our Segments
Our Segments Engineering & Consulting Installation & Maintenance 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 Engineering & systems in new and existing usage and make
Slide 16: Engineering & Consulting Segment
Engineering & Consulting Segment Engineering & Design 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 projects and s
Slide 17: Installation & Maintenance Segment
Installation & Maintenance Segment Installation & Fabrication 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-fix serv
Slide 18: Repeat "Blue Chip" Client Base
Repeat “Blue Chip” Client Base Clients Length of Client End-Market % of 2022 – 2025 Relationship Total Revenue Data Centers & 7 Years 8.7% Technology 23 year average relationship with top 6 Years Data Centers & 3.8% Technology 10 clients, with many over 40 years Data Centers & 20 Years 3.7% Technolo
Slide 19: 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 20: 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 21: Financial Highlights
Financial Highlights Scale Growth Visibility Risk Management $2.6B 27% $3.7B 60% 2025 2022-2025 Backlog and Awarded Percentage of 2025 Revenues CAGR in Revenues Contracts as of Revenues from Jobs in Dec 31, 2025 Existing Buildings $536M 32% 1.6x ~60% 2025 2022-2025 CAGR in Book-to-Bill Ratio(1) Perc
Slide 22: Historical Financial Summary
Historical Financial Summary Revenue Adjusted EBITDA(1) Adjusted EBITDA Margin(1) (US$ millions) (US$ millions) 27% 36% $299 +210 bps 11.7% $2,550 CAGR CAGR $2,099 10.9% $230 10.3% $1,615 $166 $1,247 9.6% $120 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 YoY 30% 30% 22% YoY 39% 38% 30
Slide 23: Backlog and Awarded Contracts Detail
Backlog and Awarded Contracts Detail Backlog & Awarded Contracts Total Backlog & Awarded Contracts by Segment (as of December 31, 2025) (US$ millions) Awarded Engineering & Consulting $3,674 Contracts Installation & Maintenance 24% $994 $3.7B $2,472 $856 $1,704 $1,487 $712 $2,680 $598 Backlog 76% $1
Slide 24: Acquisition Track Record
Acquisition Track Record (1) 2026 2025 2024 2023 ◼ Expanded Installation & Maintenance 2022 ◼ Expanded capabilities in the Engineering & 2021 ◼ Expanded Design presence in Northern Virginia / DC metro area, the Engineering & Design Phoenix, AZ Expanded largest concentration ◼ markets in Los Engineer
Slide 25: Capitalization
Capitalization ($ in millions) December 31, 2025 September 30, 2025 December 31, 2024 Cash $ 230 $ 176 $ 81 Term Loan 798 798 1,590 Notes Payable 27 28 27 (1) Total Debt 825 826 1,617 Net Debt (1) $ 595 $ 650 $ 1,536 LTM Adj. EBITDA $ 299 $ 269 $ 230 Net Leverage Ratio 2.0 2.4 6.7 (1) Excludes $10.6
Slide 26: 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 27: 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 $898M $85M ~$1.5B Northern Virginia/DC Metro Area 2025 2025 Backlog & Awards Revenues EBITDA(1) Dec. 31,2025 Northern
Slide 28: 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 29: 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 common stock Overview • Additional $50 million in deferred consideration, to be paid in eit
Slide 30: Pro Forma Revenue & Gross Profit
Pro Forma Revenue & Gross Profit Legence (stand-alone)(1) Bowers (stand-alone)(1) Pro Forma (1) Revenue by Segment 21% 28% $2.6B $0.9B $3.4B 72% 79% 100% Installation & Maintenance Engineering & Consulting Gross Profit by Segment 34% 45% $0.5B 55% $0.2B $0.7B 66% 100% Installation & Maintenance Engi
Slide 31: Pro Forma Revenue
Pro Forma Revenue Legence (stand-alone)(1) Bowers (stand-alone)(1) Pro Forma (1) By End Market 14% 6% 4% 11% 4% 4% 5% 3% 5% 43% 14% $2.6B $0.9B 13% $3.4B 50% 17% 72% 17% 18% Data Centers & Technology Life Sciences & Healthcare Education Mixed-Use State & Local Government Other By Building Type 40% 4
Slide 32: Pro Forma Backlog & Awards
Pro Forma Backlog & Awards Legence (stand-alone)(1) Bowers (stand-alone)(1) Pro Forma (1) By Segment 27% 19% $3.7B $1.5B $5.2B 73% 81% 100% Installation & Maintenance Engineering & Consulting By End Market 12% 13% 12% 2% 7% 6% 1% 1% 5% $3.7B 49% $1.5B 12% $5.2B 17% 58% 11% 14% 81% Data Centers & Tec
Slide 33: 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 34: 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 35: Appendix
6 Appendix STANFORD GRADUATE SCHOOL OF BUSINESS (Stanford, CA) First business school to achieve LEED Platinum certification
Slide 36: 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 37: 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 ~9.8K Employees across 46 states and the District of Columbia Data Center, Technology and Life Sciences Hubs(1)(2) Top 5 State for High Growth Companies(3) States with L
Slide 38: 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 39: Core Financial Objectives
Core Financial Objectives Objective Tactics Results ▪ Focus on high growth industries and essential 61%+ of 2025 revenues from high growth Grow faster than services markets industries(1) the market ▪ Take market share 15% Organic Revenue CAGR 2022-2025(2) Increase recurring ~23% CAGR in Mainte
Slide 40: Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation
Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation Legence Corp. ($ in thousands) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 2023 2022 Net loss $(54,674) $(18,200) $(77,303) $(27,643) $(46,026) $(82,274) Interest expense, net of capitalized interest 13,550 26,
Slide 41: Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation
Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation (1) Represents costs incurred in connection with our debt refinancings in each of the periods presented. (2) Refer to “Note 5—Goodwill and Intangible Assets” in Notes to Consolidated Financial Statements for details on the nature of the impai
Slide 42: LTM Bowers EBITDA Reconciliation
LTM Bowers EBITDA Reconciliation Nine Months Ended Three Months Ended Twelve Months Ended ($ in thousands) September 30, 2025 December 31, 2025 December 31, 2025 Net income $59,147 $22,031 $81,178 Depreciation and amortization 1,311 442 1,754 Interest income (1,893) (608) (2,501) Income tax expense