Slide 1: Q2 2026 Earnings
Q2 2026 Earnings August 11, 2026 1
Slide 2: Forward-Looking Statements
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the Company's future performance. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that in
Slide 3: Non-GAAP Financial Measures & Key Performance Indicators
Non-GAAP Financial Measures We present our results of operations in a way that we believe will be the most meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of our financial measures are not prepared in accord
Slide 4: Q2 2026: Record Revenue and Backlog Fuel Higher Outlook
Q2 2026: Record Revenue and Backlog Fuel Higher Outlook Acquisition of Allied Paving Bolsters ALGC Position Revenue Net Income Our 9th acquisition since 2021 and 3rd acquisition of 2026 $226.9M $11.1M Meaningfully accretive transaction purchased at ~5.5x adj. EBITDA +114% YoY; +64% organic +18% YoY
Slide 5: Allied Paving Acquisition
Allied Paving Acquisition Allied Paving verticalizes ALGC’s Atlanta operations supporting synergy-driven margin capture across Atlanta and North Georgia. C O M PA N Y O V E R V I E W S T R AT EG I C R AT I O N A L E ▪ Heavy site and roadway construction specialist ▪ Executed by local management thro
Slide 6: Q2 2026: Scaling the Platform
Q2 2026: Scaling the Platform (1) Revenue ($M) Adj. EBITDA ($M) Backlog ($M) 12.4% Adj. EBITDA Margin $226.9 +114% Total $866 $28.1 +64% Organic +43% +35% $643 $19.7 $106.1 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 • 64% organic growth, plus contributions including • One-time subcontractor/ren
Slide 7: Updating Full-Year 2026 Outlook
Updating Full-Year 2026 Outlook 2026 Consolidated Revenue Guidance 2026 Adj. EBITDA Margin Target $880M – $900M 16% - 18% ▪ Q2 revenue accelerated to +114% YoY; H1’26 revenues +110% ▪ Reflects one-time incremental subcontracted labor and ▪ Record backlog of $866M (+35% YoY) lends strong visibility e
Slide 8: Investment Thesis
Investment Thesis Cardinal is a differentiated, high-growth infrastructure services platform positioned to capture the multi-decade buildout of the Southeastern United States Differentiated Turnkey Model Proven, Repeatable, Growth Flywheel One of the few scaled, full-service site prep providers in t
Slide 9: Integrity from the ground up
Integrity from the ground up 9
Slide 10: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation contains references to “Adjusted Gross Profit,” “Adjusted Gross Profit Margin,” “EBITDA,” “Adjusted EBITDA,” and “Adjusted EBITDA Margin” financial measures which are, in each case, Non-GAAP financial measures. Adjusted Gross Profit: We define Adjusted
Slide 11: Non-GAAP Financial Measure Reconciliations
Non-GAAP Financial Measure Reconciliations The table directly below reconciles Adjusted Gross Profit to Gross Profit, the most directly comparable to GAAP measure and shows Gross Profit calculated as revenues less cost of revenues (excluding depreciation and amortization) and depreciation and amorti
Slide 12: Non-GAAP Financial Measure Reconciliations
Non-GAAP Financial Measure Reconciliations We define EBITDA as net income for the period adjusted for interest expense, net income tax expense, depreciation and amortization expense. Adjusted EBITDA further adjusts EBITDA for certain expenses associated with non-cash related stock-based compensation
Slide 13: Cardinal Infrastructure Group
>) CARDINAL INFRASTRUCTURE GROUP