Everus Construction Group, Inc. · NYSE:ECG
Everus Construction — Investor Presentation (September 2026)
35 slides from Everus Construction's investor presentation, September 2026
Slide 1: Investor Presentation
Investor Presentation September 2026
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, ot
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: Leading Construction Services Provider
Leading Construction Services Provider National Platform of 21 (1) Market-Leading Local Brands ~9,400 ~85% ~4,000 ~44,000 No. 12 of 600 Employees Employees in Unions Customers Projects in 2025 Specialty Contractors Electrical & Mechanical Transmission & Distribution T&D Electrical and Revenues: Util
Slide 5: Electrical & Mechanical ("E&M")
Electrical & Mechanical (“E&M”) $3,404M $4,163M(1) $319M 9.4% Revenues Backlog EBITDA EBITDA Margin Segment Overview Services End Markets(2) Construction and maintenance of electrical and Electrical construction communication wiring and infrastructure, fire Fire protection suppression systems, renew
Slide 6: Transmission & Distribution ("T&D")
Transmission & Distribution (“T&D”) $883M ~54% $389M(1) $124M 14.1% Revenues MSA Revenues % Backlog EBITDA EBITDA Margin Segment Overview Services End Markets(2) Construction and maintenance services for Equipment utility and communication infrastructure, as well as transportation-related lighting E
Slide 7: Strong Positioning Across Diversified End Markets
Strong Positioning Across Diversified End Markets Commercial Utility Industrial Institutional Service & Transportation Renewables Other $2,555M $789M $379M $292M $116M $94M $62M LTM Revenues LTM Revenues LTM Revenues LTM Revenues LTM Revenues LTM Revenues LTM Revenues 60% 18% 9% 7% 3% 2% 1% % of Con
Slide 8: Scaled National Platform of Market-Leading Local Brands
Scaled National Platform of Market-Leading Local Brands National Platform Operations across the United States Proven ability to deploy capital for innovation and to set industry standards Systematic platform-wide sharing of best practices and expertise Local Expertise 21 market-leading local brands
Slide 9: 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 9
Slide 10: Value Creation Framework
Value Creation Framework Targeted Commercial Growth Operational Excellence Disciplined Capital Allocation Grow share within existing Strategically deploy assets in Invest in high-return organic end markets higher-margin projects and growth initiatives end markets Further penetrate Pursue strategic a
Slide 11: Multiple Levers to Drive Growth
Multiple Levers to Drive Growth Grow Share Within Further Penetrate Existing End Markets Higher-Growth Submarkets Increase local share through strong Leverage expertise with critical customer relationships and a and complex projects to expand proven track record of execution within higher-growth sub
Slide 12: Operational Excellence Drives Repeatable High-Quality Results
Operational Excellence Drives Repeatable High-Quality Results HIGH-QUALITY OUTCOMES High Employee Leverage Unique Retention Continuously Position Safety as Pre-Construction Train and Develop a Core Value, Design-Assist Workforce Skills Not Only a Priority High Customer Capabilities Retention New Pro
Slide 13: Pre-Fabrication and Modular Construction Drive Productivity and Cost Savings
Pre-Fabrication and Modular Construction Drive Productivity and Cost Savings Benefits of Pre-Fabrication Early Adopter of Pre-Fabrication Why Everus Wins Improved safety Project-planning standards that identify pre-fabrication opportunities Greater labor efficiency Robust communication and knowl
Slide 14: Disciplined Capital Allocation For Long-Term Value Creation
Disciplined Capital Allocation For Long-Term Value Creation NEAR-TERM PRIORITIES 1 Grow share within existing end markets and higher-growth submarkets Organic Growth Grow with existing customers in new geographies Investment CapEx target between 2.0% and 2.5% of revenues Complementary busine
Slide 15: Epsilon Industries – Premier Off-Site Construction Provider
Epsilon Industries – Premier Off-Site Construction Provider Compelling Transaction Rationale Meaningfully enhances Everus' off-site construction offerings Company Overview Epsilon Industries is a premier off-site designer and manufacturer of Adds an extensive footprint of modular prefabrication comp
Slide 16: 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 16
Slide 17: Second Quarter 2026 Results
SECOND QUARTER 17 2026 RESULTS
Slide 18: Second Quarter 2026 Highlights – Strong Momentum
Second Quarter 2026 Highlights – Strong Momentum Solid Revenue Growth Strong EBITDA Growth Revenue growth of 34% (+30% organic) Total EBITDA increased 53% from prior driven by continued momentum in E&M year, driven by strong revenue growth, (+42%), particularly data center submarket, continued effic
Slide 19: Second Quarter 2026 Highlights – End-Market Strength
Second Quarter 2026 Highlights – End-Market Strength E&M Momentum Free Cash Flow E&M revenues increased 42% (+37% Free cash flow during the first six months organic) driven by continued momentum in of 2026 was $167.0 million, compared to data center, high tech, and hospitality; $6.5 million last yea
Slide 20: Second Quarter 2026 Performance Summary
Second Quarter 2026 Performance Summary Performance Second Quarter Revenues Second Quarter EBITDA ($MM) highlighted by strong ($MM) $1,231.6 E&M growth, $128.6 continued backlog $921.5 $84.2 momentum, project + 33.7% + 52.7% execution 34% second quarter revenue growth (+30% organic) driven 2Q25 2Q26
Slide 21: Second Quarter 2026 Segment Summary
Second Quarter 2026 Segment Summary E&M Revenues T&D Revenues E&M Highlights ($MM) ($MM) $227.5 $1,010.3 Second quarter revenues $212.4 increased 42% (+37% organic) $713.6 due to strength in the commercial + 41.6% and industrial markets, and + 7.1% contribution from SE&M Second quarter EBITDA increa
Slide 22: Second Quarter 2026 Balance Sheet and Liquidity
Second Quarter 2026 Balance Sheet and Liquidity Ample financial Net Debt Net Leverage ($MM) flexibility to pursue $228 strategic objectives $159 2Q26 net debt of $120 million $132 $120 0.8x was up from 1Q26, as strong operating results were offset by the funding of the SE&M acquisition $6 2Q25 3Q25
Slide 23: 2026 Financial Guidance
(1) 2026 Financial Guidance 2026 Drivers 2026 Guidance Guidance reflects strong backlog trends, continued business momentum, and SE&M Revenues $4.5B – $4.7B Strong demand for E&M driven by (up from $4.3B - $4.4B) data center, high tech and hospitality; T&D driven by grid modernization and hardening
Slide 24: 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 25: Appendix
APPENDIX 25
Slide 26: Non-GAAP Financial Guidance
Non-GAAP Financial Guidance Everus has completed its preliminary purchase price allocation for the SE&M acquisition, but these amounts are dependent upon, among other things, finalizing the fair values of acquired tangible and intangible assets, which are inherently uncertain and subject to material
Slide 27: Reconciliations of Organic Revenues and Organic Revenue Growth
Reconciliations of Organic Revenues and Organic Revenue Growth Reconciliations of organic revenues and organic revenue growth. Three months ended June 30, Six months ended June 30, 2026 2025 Change 2026 2025 Change Consolidated: (In millions, except percentages) Total operating revenues $ 1,231.6 $
Slide 28: 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 June 30, Six months ended June 30, 2026 2025 Change 2026 2025 Change (In millions, except percentages) Net income $ 83.9 $ 52.8 58.9% $ 142.2 $ 89.5 58.9% Interest
Slide 29: 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 June 30, 2026 Six months ended June 30, 2026 Corporate and Corporate and E&M T&D Other Total E&M T&D Other Total (In millions) Net income $ 80.6 $ 19.1 $ (15.8) $ 83.9 $ 137.3 $
Slide 30: 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 June 30, Six months ended June 30, 2026 2025 % change 2026 2025 % change Operating revenues: E&M $ 1,010.3 $ 713.6 41.6% $ 1,845.4 $ 1,361.8 35.5% T&D 227.5
Slide 31: 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 June 30, 2026 and Dec. 31, 2025. Twelve months Six months Twelve months Six months ended June 30, ended June 30, ended December ended June 30, 2026 2026 31, 2025 2025 (In millions) Net inco
Slide 32: Reconciliations of trailing 12-month EBITDA by segment
Reconciliations of trailing 12-month EBITDA by segment Reconciliation of trailing 12-month EBITDA as of June 30, 2026 – E&M. Twelve months Six months Twelve months Six months ended June 30, ended June 30, ended December ended June 30, 2026 2026 31, 2025 2025 (In millions) Net income $ 238.8 $ 137.3
Slide 33: Reconciliations of trailing 12-month EBITDA and EBITDA margin by segment
Reconciliations of trailing 12-month EBITDA and EBITDA margin by segment Reconciliations of net income to EBITDA and EBITDA margin by segment. Twelve months ended June 30, 2026 (In millions, except percentages) Operating revenues: E&M $ 3,404.3 T&D 883.0 Eliminations (20.5) Total operating revenues
Slide 34: Reconciliations of free cash flow
Reconciliations of free cash flow Reconciliations of cash provided by operating activities to free cash flow Six months ended June 30, 2026 2025 (In millions) Net cash used in investing activities $ (180.1) $ (25.7) Net cash used in financing activities $ (10.5) $ (8.1) Net cash provided by operatin
Slide 35: Contact: investors@everus.com
Contact: investors@everus.com 35
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