Legence Corp. · NASDAQ:LGN
Legence — Q3 2025 Earnings Presentation
15 slides from Legence's earnings presentation, Nov 14, 2025
Slide 1: Third Quarter 2025 Earnings Presentation
Third Quarter 2025 Earnings Presentation November 14, 2025 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, and Net Debt and Net Leverage, as non-GAAP financial measures in this Presentation. Adjusted EBITDA and Adjusted EBITDA Margin, and Net Debt and Net Leverage, are financial measures no
Slide 4: Third Quarter 2025 Performance Highlights
Third Quarter 2025 Performance Highlights Record quarterly revenue of $708.0 million, increasing 26% year-over-year (all organic) Record gross profit of $151.9 million, increasing 25% year-over-year Quarterly Adjusted EBITDA (non-GAAP) increasing 39% year-over-year Record backlog and awarded contrac
Slide 5: Third Quarter 2025 Performance Summary
Third Quarter 2025 Performance Summary Backlog & Awarded Contracts Revenue Gross Profit Adjusted EBITDA ($ in millions) ($ in millions) ($ in millions) ($ in millions) $3,065 $708 $148 $89 $2,370 $561 $119 $64 Q3'25A Q3'24A Q3'25A Q3'24A Q3'25A Q3'24A Q3'25A Q3'24A % Gross % Adjusted Book-to-Bill %
Slide 6: Revenue by Segment and Service Line
Revenue by Segment and Service Line Three Months Ended September 30, Year over Year ($ in thousands) 2025 2024 Change $ % $ % $ % Engineering & Consulting: Engineering & Design ….............................................................. $ 110,939 15.7% $ 99,712 17.8% $ 11,227 11.3% Program & Pro
Slide 7: Revenue by Building Type and End Market
Revenue by Building Type and End Market Legence Corp. Consolidated Results ($ in thousands) Three Months Ended September 30, Year over Year 2025 2024 Change $ % $ % $ % Revenue by Building Type Existing building …...................................…....................................... $ 414,200 5
Slide 8: Backlog and Awarded Contracts by Service Line
Backlog and Awarded Contracts by Service Line $3.1 billion $2.4 billion September 2025 Backlog & Awarded Contracts September 2024 Backlog & Awarded Contracts September 2025 September 2024 Project & Program Project & Program Installation & Management Installation & Management Fabrication 18% Fabricat
Slide 9: Backlog and Awarded Contracts by Building Type
Backlog and Awarded Contracts by Building Type $3.1 billion $2.4 billion September 2025 Backlog & Awarded Contracts September 2024 Backlog & Awarded Contracts September 2025 September 2024 New Building New 57% Building 35% Existing Building 43% Existing Building 65% 9
Slide 10: Backlog and Awarded Contracts by End Market
Backlog and Awarded Contracts by End Market $3.1 billion $2.4 billion September 2025 Backlog & Awarded Contracts September 2024 Backlog & Awarded Contracts September 2025 September 2024 Other Other Data Centers & 13% Data Centers & 17% Technology Technology 24% State & Local 42% Government State & L
Slide 11: Capitalization
Capitalization ($ in millions) December 31, 2024 September 30, 2025 Cash $ 81 $ 176 Term Loan 1,590 798 Notes Payable 27 28 Total Debt (1) 1,617 826 Net Debt (1) $ 1,536 $ 650 LTM Adj. EBITDA $ 230 $ 269 Net Leverage Ratio 6.7 2.4 (1) Excludes $7.2 million and $10.1 million of finance leases in Dece
Slide 12: Guidance as of November 14, 2025
Guidance as of November 14, 2025 Q4 2024 Full Year 2026 Total Revenue $600 million – $630 million $2.65 billion – $2.85 billion Adjusted EBITDA $60 million – $65 million $295 million – $315 million Note: Adjusted EBITDA is a non-GAAP financial measure. Refer to appendix and the Disclaimer at the beg
Slide 13: Appendix
Appendix ZEISS INNOVATION CENTER (Dublin, CA) - Mission-critical R&D and production facilities - Powered by solar energy and supported by light & air controls and a heat recovery system
Slide 14: Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation
Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation ($ in millions) Three Months Ended Nine Months Ended Twelve Months Ended September 30, September 30, December 31, 2025 2024 2025 2024 2024 Net income (loss) $0.4 $(0.7) $(22.6) $(9.4) $(27.6) Interest expense 28.2 23.7 88.2 65.4 91.6 Interest
Slide 15: Subcontractor and Equipment Expense Overview
Subcontractor and Equipment Expense Overview Subcontractor Expense Equipment Expense ($ in millions) ($ in millions) $138.3 $172.7 $117.2 $107.9 Q3'25A Q3'24A Q3'25A Q3'24A Subcontractor Equipment % of Revenue 19.5% 20.9% % of Revenue 24.4% 19.2% Note: Subcontractor Expense represents the cost of th