Cardinal Infrastructure Group Inc. · NASDAQ:CDNL
Cardinal Infrastructure — Merger or Acquisition (February 2026)
9 slides from Cardinal Infrastructure's merger presentation, Feb 19, 2026
Slide 1: Accelerating Growth: Acquisition of A.L. Grading Contractors, Inc. and Interim Financial Update
ACCELERATING GROWTH: ACQUISITION OF A.L. GRADING CONTRACTORS, INC. AND INTERIM FINANCIAL UPDATE NASDAQ: CDNL
Slide 2: Disclaimer: Forward Looking Statements
DISCLAIMER: FORWARD LOOKING STATEMENTS 2 This presentation contains forward - looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning, among other things, Cardinal Infrastructure Group, Inc . ’s (“Cardinal”) acquisition (the “ALGC Acquisition”) of A .
Slide 3: Disclaimer: Non-GAAP Measures
DISCLAIMER: NON - GAAP MEASURES 3 This presentation includes a discussion of Adjusted EBITDA and Adjusted EBITDA Margin which are “Non - GAAP” financial measures as defined in Regulation G under the Securities Exchange Act of 1934 . Cardinal and ALGC report financial results in accordance with U . S
Slide 4: Accelerating Our Southeast Expansion
ACCELERATING OUR SOUTHEAST EXPANSION 4 Annual Revenue 1 ALGC Financial Profile $160M 26.3% Adj EBITDA Margin 1 $151M Project Backlog 2 17.2% 10 - Year Revenue CAGR 1 A Fourth - Generation Site Development Leader Serving Complex Commercial, Industrial, and Residential Projects with Expansion Runway A
Slide 5: Strategic Highlights
STRATEGIC HIGHLIGHTS 5 LEADING POSITION IN A HIGH GROWTH MARKET Provides an expansion opportunity for Cardinal into Georgia, which follows broader Southeast 1 trends supporting development investment, including ~2 î U.S. population growth 2 and 13.4% manufacturing job growth in 2025 3 . MARGIN ACCRE
Slide 6: Transaction Overview
TRANSACTION OVERVIEW 6 Purchase Consideration Cash + Term Loan Cardinal Equity 1 Total Consideration $128.6M $116.9M $245.5M Adj. EBITDA Multiple 2 5.8 x Pro Forma Net Leverage 3 1.27 x 1 Composed of 4,186,062 limited liability company units of Cardinal Civil Contracting Holdings LLC and an equal nu
Slide 7: 2025 Preliminary Estimated Results
2025 PRELIMINARY ESTIMATED RESULTS 7 Expected Full Year 2025 Ranges - CDNL 1 $452.3M - $459.7M Revenue 17.8% - 18.0% Adj. EBITDA Margin 2 Highlights 1 The preliminary estimated financial results for the year ended December 31, 2025 are based on currently available information an d reflect Cardinal’s
Slide 8: 2026 Consolidated Guidance
• Robust project backlog signals strong momentum for turnkey civil services. • Continue to recognize the operational and financial benefits from 2025 acquisitions. • Strong Southeast commercial market tailwinds driven by manufacturing onshoring. • Southeast states remain national leaders in populati
Slide 9: Appendix A: Reconciliation of Net Income Attributable to ALGC to Adjusted EBITDA
APPENDIX A: RECONCILIATION OF NET INCOME ATTRIBUTABLE TO ALGC TO ADJUSTED EBITDA 9 $ in Thousands Unaudited Trailing 12 Months Ended September 30, 2025 Revenue $ 159,851 Net income 33,347 Interest expense, net 46 Income tax expense 1,489 Depreciation and amortization expense 7,138 EBITDA $ 42,020 Ot
Cardinal Infrastructure Group — Merger or Acquisition (February 2026) on 6ix