Everus Construction Group, Inc. · NYSE:ECG
Everus Construction — Q3 2025 Earnings Presentation
23 slides from Everus Construction's earnings presentation, Nov 5, 2025
Slide 1: Third Quarter 2025 Results Conference Call
THIRD QUARTER 2025 RESULTS CONFERENCE CALL November 5, 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: Third Quarter 2025 Highlights – Continued Strength
Third Quarter 2025 Highlights – Continued Strength Efficient Execution Solid EBITDA Growth EBITDA margin of 9.0%, up 50 basis points Total EBITDA increased 37% from prior from the prior year, reflecting margin growth year, even with incremental stand-alone in both E&M (+110 bps) and T&D (+180 bps) o
Slide 5: Third Quarter 2025 Highlights – End-Market Momentum
Third Quarter 2025 Highlights – End-Market Momentum E&M Momentum Free Cash Flow E&M revenues increased 43% driven by Nine months ended 2025 free cash flow continued momentum in data center work; was $74.8 million, an improvement from EBITDA increased 64% with 110 bps $57.8 million last year margin g
Slide 6: Employees Value Execution Relationships
Employees Value Execution Relationships Attract, retain Create long-term Lead the industry Maintain and grow and train value with sustained in safety and consistent customer premier talent profitable growth high-quality execution relationships 6
Slide 7: Value Creation Framework
Value Creation Framework Targeted Commercial Growth Operational Excellence Disciplined Capital Allocation Grow share within existing end Strategically deploy assets in Invest in high-return organic markets higher-margin projects and growth initiatives end markets Further penetrate Pursue strategic a
Slide 8: Long-Term Expectations
Employees Value Execution Relationships LONG-TERM EXPECTATIONS 5% – 7% 7% – 9% Organic Revenue CAGR EBITDA CAGR 2.0% – 2.5% 1.5x – 2.0x CapEx as % of Revenue Net Leverage 8
Slide 9: Third Quarter 2025 Results
THIRD QUARTER 2025 9 RESULTS
Slide 10: Third Quarter 2025 Performance Summary
Third Quarter 2025 Performance Summary Third Quarter Revenue Third Quarter EBITDA Performance ($MM) ($MM) highlighted by strong $986.8 $89.0 E&M growth, 30% $65.0 37% $761.0 continued backlog momentum, project execution • 30% third quarter revenue growth driven by strong E&M 3Q24 3Q25 3Q24 3Q25 resu
Slide 11: Third Quarter 2025 Segment Performance Summary
Third Quarter 2025 Segment Performance Summary E&M Revenues T&D Revenues E&M Highlights ($MM) ($MM) • Third quarter revenues $228.5 $767.3 (2)% $223.4 increased 43% due to strength in commercial, particularly the 43% data center submarket $536.9 • Third quarter EBITDA increased 64% on strong revenue
Slide 12: Third Quarter 2025 Balance Sheet and Liquidity
Third Quarter 2025 Balance Sheet and Liquidity Net Debt Net Leverage Ample financial ($MM) ($MM) flexibility to pursue $242 1.0x 1.0x $230 strategic objectives $228 0.8x $159 0.5x • 3Q25 net debt of $159 million, down from 2Q25 reflecting strong operating results and 4Q24 1Q25 2Q25 3Q25 disciplined
Slide 13: 2025 Financial Guidance
2025 Financial Guidance 2025 Drivers Raising 2025 Guidance Raised guidance to reflect strong year- to-date results, continued business Revenues momentum $3.55B – $3.65B Strong demand for E&M driven by data center, high tech re-shoring; T&D driven by grid modernization and hardening EBITDA Strong mom
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, EBITDA, EBITDA growth and net leverage to their respective nearest U.S. GAAP measure because w
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 September 30, Nine months ended September 30, 2025 2024 Change 2025 2024 Change (In millions, except percentages) Net income $ 57.0 $ 41.8 36.4% $ 146.5 $ 109.0 34.
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 September 30, 2025 Nine months ended September 30, 2025 Corporate and Corporate and E&M T&D Other Total E&M T&D Other Total (In millions) Net income $ 50.9 $ 20.3 $ (14.2) $ 57.0
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 September 30, Nine months ended September 30, 2025 2024 % change 2025 2024 % change Operating revenues: E&M $ 767.3 $ 536.9 42.9% $ 2,129.1 $ 1,481.7 43.7%
Slide 20: Reconciliations of EBITDA guidance
Reconciliations of EBITDA guidance Increased EBITDA guidance reconciliation, as well as the previous EBITDA guidance reconciliation, for full -year 2025. As Further Revised on As Revised on August 12, November 4, 2025 2025 Low High Low High Net income $ 179.0 $ 186.5 $ 145.0 $ 150.0 Interest expense
Slide 21: Reconciliations of trailing 12-month EBITDA and net leverage
Reconciliations of trailing 12-month EBITDA and net leverage Reconciliations of trailing 12-month EBITDA as of Sept. 30, 2025 and Dec. 31, 2024. Twelve months Nine months Nine months ended ended Twelve months ended September 30, September 30, ended December September 30, 2025 2025 31, 2024 2024 (In
Slide 22: Reconciliations of free cash flow
Reconciliations of free cash flow Reconciliations of cash provided by operating activities to free cash flow. Nine months ended September 30, 2025 2024 (In millions) Net cash used in investing activities $ (33.6) $ (25.5) Net cash used in financing activities $ (11.8) $ (58.2) Net cash provided by o
Slide 23: investors@everus.com
Contact: investors@everus.com 23
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