Slide 1: Fourth Quarter 2025 Earnings Presentation
Fourth Quarter 2025 Earnings Presentation March 27, 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 and Adjusted Gross Margin and Net Debt and Net Leverage as non-GAAP financial measures in this Presentation. Such financial measures are not presented in accordan
Slide 4: Disclaimer (cont’d)
Disclaimer (cont’d) Backlog and Awarded Contracts We also track backlog and awarded contracts and our book-to-bill ratio. We believe that backlog and awarded contracts and book-to-bill ratio enable us to more effectively forecast our future results and working capital needs, as well as better identi
Slide 5: Fourth Quarter 2025 Performance Highlights
Fourth Quarter 2025 Performance Highlights Record quarterly revenue of $737.6 million, increasing 35% year-over-year Quarterly Adjusted Gross Profit (non-GAAP) increasing 39% year-over-year Quarterly Adjusted EBITDA (non-GAAP) increasing 53% year-over-year Record backlog and awarded contracts of $3.
Slide 6: Fourth Quarter 2025 Performance Summary
Fourth Quarter 2025 Performance Summary Backlog & Awarded Contracts Revenue Adjusted Gross Profit Adjusted EBITDA ($ in millions) ($ in millions) ($ in millions) ($ in millions) $3,674 $738 $87 $157 $548 $112 $57 $2,472 Q4'25A Q4'24A Q4'25A Q4'24A Q4'25A Q4'24A Q4'25A Q4'24A % Adjusted % Adjusted Bo
Slide 7: Revenue by Segment and Service Line - Quarter
Revenue by Segment and Service Line - Quarter Legence Corp. Consolidated Results Three Months Ended December 31, Year over Year ($ in thousands) 2025 2024 Change $ % $ % $ % Engineering & Consulting: Engineering & Design ….............................................................. $ 100,848 13.7%
Slide 8: Revenue by Segment and Service Line – Full Year
Revenue by Segment and Service Line – Full Year Legence Corp. Consolidated Results Twelve Months Ended December 31, Year over Year ($ in thousands) 2025 2024 Change $ % $ % $ % Engineering & Consulting: Engineering & Design ….............................................................. $ 425,014 16
Slide 9: Revenue by Building Type and End Market - Quarter
Revenue by Building Type and End Market - Quarter Legence Corp. Consolidated Results ($ in thousands) Three Months Ended December 31, Year over Year 2025 2024 Change $ % $ % $ % Revenue by Building Type Existing building …...................................…....................................... $
Slide 10: Revenue by Building Type and End Market – Full Year
Revenue by Building Type and End Market – Full Year Legence Corp. Consolidated Results ($ in thousands) Twelve Months Ended Dec 31, Year over Year 2025 2024 Change $ % $ % $ % Revenue by Building Type Existing building …...................................…....................................... $ 1,
Slide 11: Backlog and Awarded Contracts by Service Line
Backlog and Awarded Contracts by Service Line $3.7 billion $2.5 billion December 2025 Backlog & Awarded Contracts December 2024 Backlog & Awarded Contracts December 2025 December 2024 Project & Program Project & Program Installation & Management Installation & Management Fabrication 17% Fabrication
Slide 12: Backlog and Awarded Contracts by Building Type
Backlog and Awarded Contracts by Building Type $3.7 billion $2.5 billion December 2025 Backlog & Awarded Contracts December 2024 Backlog & Awarded Contracts December 2025 December 2024 New New Building Building 36% 63% Existing Building 37% Existing Building 64% 12
Slide 13: Backlog and Awarded Contracts by End Market
Backlog and Awarded Contracts by End Market $3.7 billion $2.5 billion December 2025 Backlog & Awarded Contracts December 2024 Backlog & Awarded Contracts December 2025 December 2024 Other 12% Other Data Centers & 17% State & Local Data Centers & Technology Government Technology 31% 7% 49% State & Lo
Slide 14: Capitalization
Capitalization ($ in millions) December 31, 2025 September 30, 2025 December 31, 2024 Cash $ 230 $ 176 $ 81 Term Loan 798 798 1,590 Notes Payable 27 28 27 (1) Total Debt 825 826 1,617 Net Debt (1) $ 595 $ 650 $ 1,536 LTM Adj. EBITDA $ 299 $ 269 $ 230 Net Leverage Ratio 2.0 2.4 6.7 (1) Excludes $10.6
Slide 15: Guidance as of March 27, 2026
Guidance as of March 27, 2026 First Quarter 2026 Full Year 2026 Total Revenue $925 million – $950 million $3.7 billion – $3.9 billion Adjusted EBITDA $90 million – $100 million $400 million – $430 million Note: Adjusted EBITDA is a non-GAAP financial measure. Refer to appendix and the Disclaimer at
Slide 16: Appendix
Appendix ZEISS INNOVATION CENTER (Dublin, CA) - Mission-critical R&D and production facilities - Powered by solar energy and supported by light & air controls and a heat recovery system
Slide 17: Adjusted Gross Profit and Adjusted Gross Margin Reconciliation
Adjusted Gross Profit and Adjusted Gross Margin Reconciliation Legence Corp. Consolidated Results ($ in thousands) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Gross Profit Engineering & Consulting Segment Gross Pofit $ 47,779 $ 51,518 $ 238,869 $ 205,085 Inst
Slide 18: Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation
Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation ($ in thousands) Three Months Ended Year Ended December 31, (1) Represents costs incurred in connection with our debt refinancings in each of the periods 2025 2024 2025 2024 presented. (2) Refer to “Note 5—Goodwill and Intangible Assets” in t
Slide 19: Subcontractor and Equipment Expense Overview
Subcontractor and Equipment Expense Overview Subcontractor Expense Equipment Expense ($ in millions) ($ in millions) $110.4 $185.0 $90.3 $123.2 Q4'25A Q4'24A Q4'25A Q4'24A Subcontractor Equipment % of Revenue 15.0% 16.5% % of Revenue 25.1% 22.5% Note: Subcontractor Expense represents the cost of thi