Slide 1: Fourth Quarter & Full Year 2025 Earnings Call
FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS Fourth Quarter & Full Year 2025 Earnings Call February 26, 2026 1
Slide 2: Forward-Looking Statements & Non-GAAP Disclosures
FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS FORWARD-LOOKING STATEMENTS & NON-GAAP DISCLOSURES Forward-Looking Statements This presentation and related press release contain forward-looking statements. Such statements speak only as of the date on the cover of this slide deck, and EMCOR assume
Slide 3: EMCOR Participants
FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS EMCOR PARTICIPANTS Tony Guzzi Chairman, President, & Chief Executive Officer Jason Nalbandian SVP & Chief Financial Officer Maxine Mauricio EVP, Chief Administrative Officer, & General Counsel Lucas Sullivan Director, Financial Planning & Analysis
Slide 4: Executive Summary – Fourth Quarter 2025
FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS EXECUTIVE SUMMARY – FOURTH QUARTER 2025 Change ($ Millions, except per share information) (Unaudited) 4Q25 4Q24 ($) (%) Revenues $ 4,513 $ 3,770 $ 743 19.7% Operating Income $ 574 $ 389 $ 185 47.7% Operating Margin 12.7% 10.3% Non-GAAP Operating In
Slide 5: Executive Summary – Full Year 2025
FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS EXECUTIVE SUMMARY – FULL YEAR 2025 Change ($ Millions, except per share information) FY25 FY24 ($) (%) Revenues $ 16,986 $ 14,566 $ 2,420 16.6% Operating Income $ 1,713 $ 1,345 $ 368 27.4% Operating Margin 10.1% 9.2% Non-GAAP Operating Income* $ 1,
Slide 6: Remaining Performance Obligations
FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS REMAINING PERFORMANCE OBLIGATIONS » Diverse RPOs of $13.25 billion; +$3.15 billion year-over-year* By Market Sector ($ Millions) (Unaudited) By Segment ($ Millions) (Unaudited) $14,000 $14,000 $13,254 $13,254 $13,000 $12,614 $13,000 $12,614 $12,000
Slide 7: Remaining Performance Obligations
FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS REMAINING PERFORMANCE OBLIGATIONS » Supported by strategic investments, our business remains broad-based and well positioned with growth opportunities across a number of resilient sectors CAGR 2019-2025 By Market Sector ($ Millions) (Unaudited) Key
Slide 8: Key Financial Data – Income Statement
FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS KEY FINANCIAL DATA – INCOME STATEMENT ($ Thousands, except per share information) For the Year Ended December 31, Variance 2025 2024 $ % Revenues $ 16,986,422 $ 14,566,116 $ 2,420,306 16.6% Gross Profit 3,282,988 2,765,051 517,937 18.7% 19.3% 19.0%
Slide 9: Fourth Quarter – Revenues
FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS FOURTH QUARTER – REVENUES » Record quarterly revenues of $4.51 billion Variance from Fourth Quarter 2024 ($ Millions) (Unaudited) 4Q25 $ % United States Electrical Construction & Facilities Services $ 1,360.9 $ 427.7 45.8% United States Mechanical
Slide 10: Fourth Quarter – Operating Income
FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS FOURTH QUARTER – OPERATING INCOME » Operating Income of $573.8 million or 12.7% of revenues; +$185.2 million year-over-year » Non-GAAP Operating Income* of $439.6 million or 9.7% of revenues; +$51.0 million year-over-year Variance from Fourth Quart
Slide 11: Key Financial Data – Income Statement
FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS KEY FINANCIAL DATA – INCOME STATEMENT ($ Thousands, except per share information) (Unaudited) For the Quarter Ended December 31, Variance 2025 2024 $ % Revenues $ 4,513,121 $ 3,770,019 $ 743,102 19.7% Gross Profit 891,186 757,015 134,171 17.7% 19.7
Slide 12: Key Financial Data – Balance Sheet & Cash Flow
FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS KEY FINANCIAL DATA – BALANCE SHEET & CASH FLOW ($ Thousands) December 31, December 31, 2025 2024 Cash $ 1,111,968 $ 1,339,550 Working Capital $ 1,072,405 $ 1,235,326 Goodwill $ 1,412,414 $ 1,018,415 Identifiable Intangible Assets, Net $ 1,108,828 $
Slide 13: 2026 Guidance and Summary
FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS 2026 GUIDANCE AND SUMMARY Guidance Revenues $17.75 billion – $18.50 billion Operating Margin 9.0% – 9.4% Diluted EPS $27.25 – $29.25 » Outlook supported by diverse record RPOs of $13.25 billion along with a healthy project pipeline » Opportunities
Slide 14: Capital Allocation Trends
FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS CAPITAL ALLOCATION TRENDS EMCOR Capital Allocation by Year (%) 100% 4.9% 90% 13.2% 24.4% 36.7% 33.2% 80% 38.1% 44.9% 49.3% 51.7% ~50% 5.0% 70% 61.7% 58.5% 10.3% 2.5% 60% 7.5% 79.0% 6.4% 9.7% 4.7% 50% 13.6% 7.7% 9.9% 7.4% 40% 81.9% 23.4% 5.2% 5.3% 9