Comfort Systems Usa, Inc. · NYSE:FIX
Comfort Systems Usa — Investor Presentation (July 2025)
20 slides from Comfort Systems Usa's investor presentation, Jul 29, 2025
Slide 1: Quality People. Building Solutions.
QUALITY PEOPLE. BUILDING SOLUTIONS. NYSE: FIX July 29, 2025
Slide 2: Safe Harbor / Non-GAAP Measures
SAFE HARBOR Certain statements and information in this presentation may constitute forward-looking statements within the meaning of applicable securities laws and regulations. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” or other similar expre
Slide 3: Comfort Systems USA
COMFORT SYSTEMS USA • Leading national mechanical, electrical, and plumbing (“MEP”) installation and service provider • $7.0+ billion yearly revenue • 63% industrial • 20,000+ employees • History of profitable growth and cash flow • Leading mechanical, electrical, and modular construction and servic
Slide 4: National Footprint: 180 Locations, 135 Cities, 20,000+ Employees
NATIONAL FOOTPRINT 180 LOCATIONS | 135 CITIES | 20,000+ 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 2025
SEGMENT BREAKDOWN – YTD 2025 ELECTRICAL ELECTRICAL 24% 26% MECHANICAL MECHANICAL 76% 74% REVENUE GROSS PROFIT YTD 2025 Revenue = $4,004.6M YTD 2025 Gross Profit = $913.3M 5
Slide 7: Revenue Breakdown – YTD 2025
REVENUE BREAKDOWN – YTD 2025 RETAIL OTHER SERVICE PROJECTS HEALTHCARE 10% 4% 3% OFFICE BUILDINGS 7% SERVICE AND MAINTENANCE MODULAR EDUCATION 6% 18% 8% 9% GOVERNMENT 5% EXISTING CONSTRUCTION NEW MANUFACTURING 23% 27% CONSTRUCTION TECHNOLOGY 40% 40% MARKET SECTOR ACTIVITY 6
Slide 8: Backlog
BACKLOG ($ in millions) $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 $8,124 $- 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q2 2025 7
Slide 9: Service Maintenance Base
SERVICE MAINTENANCE BASE ($ in millions) $200 $180 $160 $140 $120 $100 $80 $60 $40 $20 $111 $116 $123 $127 $130 $147 $161 $165 $174 $178 $0 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q2 2025 8
Slide 10: Recent Financial Performance
RECENT FINANCIAL PERFORMANCE THREE MONTHS ENDED SIX MONTHS ENDED ($ in millions, except per share information) 6/30/25 6/30/24 6/30/25 6/30/24 Revenue $2,173.3 $1,810.3 $4,004.6 $3,347.3 Net Income $230.8 $134.0 $400.1 $230.3 Diluted EPS $6.53 $3.74 $11.28 $6.43 Adjusted EBITDA (1) $334.1 $222.7 $57
Slide 11: Financial Strength
FINANCIAL STRENGTH • Positive free cash flow for 26 consecutive years • Increased dividend for 13 consecutive years • Debt/TTM EBITDA = 0.07 • $331.7M cash at 6/30/25 • $73.0M total debt at 6/30/25 • Debt capacity – No borrowings at 6/30/25 – $850M senior credit facility – 2027 maturity 10
Slide 12: Capital Allocation
CAPITAL ALLOCATION ($ in thousands) AVERAGE 2007 - 2024 $13,496 11% $18,176 14% $93,906 75% Acquisitions Share Repurchases Dividends 11
Slide 13: Capital Returned
CAPITAL RETURNED ($ 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 • Data analytics to drive business insights INNOVATION 2014 – PRESENT • Investments in advanced BIM technologies • EAS & TAS modular construction • Mobile technology d
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 20,000+ EMPLOYEES 20,000+ of the most qualified HVAC and electrical contracting personnel in America 180 LOCATIONS $7.0+ BILLION 48 operating companies across Approximately $7.0+ billion in America at 180 locations in 135 cities yearly revenue CONTACT: Julie Shaeff Chief Accounting Officer
Slide 20: Appendix I – GAAP Reconciliation to Adjusted EBITDA
APPENDIX I – GAAP RECONCILIATION TO ADJUSTED EBITDA Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2025 2024 2025 2024 Net Income $230,848 $134,009 $400,137 $230,328 Provision for Income Taxes 65,636 35,646 104,359 62,383 Other Expense (Income), net 530 (119) 506 (236) Change
Comfort Systems USA — Investor Presentation (July 2025) on 6ix