Legence Corp. · NASDAQ:LGN
Legence — Investor Presentation (May 2026)
40 slides from Legence's investor presentation, May 2026
Slide 1: Investor Presentation May 2026
LGN | NASDAQ Investor Presentation May 2026 1
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation (this “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 regardin
Slide 3: Disclaimer (Cont'd)
Disclaimer (Cont’d) Non-GAAP Financial Measures We disclose and discuss Adjusted EBITDA and Adjusted EBITDA Margin, Adjusted Gross Profit, net debt and net leverage and adjusted net leverage as non-GAAP financial measures in this Presentation. Such financial measures are not presented in accordance
Slide 4: Disclaimer (Cont'd)
Disclaimer (Cont’d) This Presentation also discloses EBITDA of Bowers (“Bowers EBITDA”) for the twelve-month period ended December 31, 2025, which is based, in part, on certain unaudited financial information of Bowers for the three months ended December 31, 2025 and audited financial information of
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 $3.1B ~1.2K ~7.4K Q1 2026 LTM Engineers and Technicians and and maintenance services… Revenues energy consultants Craftspeople …for mission-critical Mechanical, Electrical and Top 2 Top 5 20K+ Pure-play MEP engineering Industrial & commercial Number of P
Slide 8: Who We Serve
Who We Serve ~66% Data Centers & Technology Other(3) High-Growth Industries of Q1 2026 LTM revenues from State & Local Government High Growth Industries(1) 13% 50% 4% $3.1B Mixed-Use Q1 2026 LTM 4% Revenues(4) Data Centers Technology Life Sciences Healthcare 60%+ 14% Education 16% Life Sciences & He
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: A 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 Q1 2026 LTM 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 a
Slide 16: Engineering & Consulting Segment
Engineering & Consulting Segment Engineering & Design Q1 2026 LTM 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 project
Slide 17: Installation & Maintenance Segment
Installation & Maintenance Segment Installation & Fabrication Q1 2026 LTM 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-f
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 $3.1B 27% $5.4B 60% Q1 2026 LTM 2022-2025 Backlog and Awarded Percentage of 2025 Revenues CAGR in Revenues Contracts as of Revenues from Jobs in March 31, 2026 Existing Buildings $610M 32% 1.2x ~60% Q1 2026 LTM 2022-2025 CAGR in Book-to-Bi
Slide 22: Historical Financial Summary
Historical Financial Summary Revenue Adjusted EBITDA(1) Adjusted EBITDA Margin(1) (US$ millions) (US$ millions) $3,082 $366 11.9% +210 bps 11.7% 27% 36% $2,550 $299 CAGR CAGR 10.9% $2,099 $230 10.3% $1,615 $166 $1,247 9.6% $120 2022 2023 2024 2025 Q1 2026 2022 2023 2024 2025 Q1 2026 2022 2023 2024 2
Slide 23: Backlog and Awarded Contracts Detail
Backlog and Awarded Contracts Detail Backlog & Awarded Contracts Total Backlog & Awarded Contracts by Segment (as of March 31, 2026) (US$ millions) Awarded Engineering & Consulting Contracts 22% Installation & Maintenance $5,383 $1,012 $5.4B $3,674 $994 $2,472 $4,371 $856 $1,704 Backlog $1,487 78% $
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: First Quarter 2026 Performance Highlights
First Quarter 2026 Performance Highlights Record quarterly revenue of $1.04 billion, increasing 105% year-over-year Revenues, excluding the Bowers acquisition, grew 57% year-over-year (non-GAAP)(1) Quarterly Adjusted Gross Profit (non-GAAP) increasing 75% year-over-year Quarterly Adjusted EBITDA (no
Slide 26: Capitalization
Capitalization ($ in millions) March 31, 2026 December 31, 2025 Cash $ 245 $ 230 Term Loan 995 798 Notes Payable 26 27 Total Debt (1) 1,021 825 (1) Net debt $ 777 $ 595 Legence LTM adjusted EBITDA $ 366 $ 299 Net leverage 2.1 2.0 LTM combined adjusted EBITDA (2) $ 439 Adjusted net leverage 1.8 (1) E
Slide 27: 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 28: 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 $902M $90M ~$1.5B Northern Virginia/DC Metro Area 2025 2025 Backlog & Awards Revenues EBITDA(1) Dec. 31,2025 Northern
Slide 29: 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 30: 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 31: 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 32: 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 33: Appendix
6 Appendix STANFORD GRADUATE SCHOOL OF BUSINESS (Stanford, CA) First business school to achieve LEED Platinum certification
Slide 34: 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 35: 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 10K+ Employees across 47 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 Le
Slide 36: 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 37: 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 38: Adjusted Gross Profit Reconciliation
Adjusted Gross Profit Reconciliation Legence Corp. Consolidated Results ($ in thousands) Three Months Ended March 31, 2026 2025 Gross Profit Engineering & Consulting Segment Gross Pofit $ 50,413 $ 59,653 Installation & Maintenance Segment Gross Pofit 135,741 52,051 Consolidated 186,154 111,704 Non-G
Slide 39: Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation
Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation Twelve (1) Represents costs incurred in connection with our debt refinancings in each of the periods Legence Corp. Consolidated Results Three Months Ended Year Ended Months Ended presented. ($ in thousands) March 31, December 31, March 31, (2
Slide 40: Bowers EBITDA Reconciliation
Bowers EBITDA Reconciliation The Bowers Group, Inc. Consolidated Results Nine Months Ended Twelve Months Ended ($ in thousands) December 31, 2025 December 31, 2025 Net Income $ 69,991 $ 85,506 Interest Income (1,872) (2,501) Interest tax expense 3,532 4,942 Depreciation and amortization 1,325 1,754