Slide 1: Third Quarter 2025 Earnings Call
THIRD QUARTER 2025 FINANCIAL RESULTS THIRD QUARTER 2025 EARNINGS CALL OCTOBER 30, 2025 1
Slide 2: Forward-Looking Statements and Non-GAAP Financial Disclosures
THIRD QUARTER 2025 FINANCIAL RESULTS FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL 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 assumes n
Slide 3: EMCOR Participants
THIRD QUARTER 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 3
Slide 4: Executive Summary – Third Quarter 2025
THIRD QUARTER 2025 FINANCIAL RESULTS EXECUTIVE SUMMARY – THIRD QUARTER 2025 ($ Millions, except per share information) (Unaudited) 3Q25 3Q24 Change ($) Change (%) Revenues $4,302 $3,697 $605 16.4% Operating Income $406 $364 $42 11.6% Operating Margin 9.4% 9.8% Diluted EPS $6.57 $5.80 $0.77 13.3% » G
Slide 5: Remaining Performance Obligations
THIRD QUARTER 2025 FINANCIAL RESULTS REMAINING PERFORMANCE OBLIGATIONS » Diverse RPOs of $12.61 billion; +$2.82 billion Y/Y* By Segment ($ Millions) (Unaudited) By Market Sector ($ Millions) (Unaudited) $14,000 $14,000 $13,000 $12,614 $13,000 $12,614 $12,000 $12,000 $11,000 $11,000 $10,102 $10,102 $
Slide 6: Third Quarter – Revenues
THIRD QUARTER 2025 FINANCIAL RESULTS THIRD QUARTER – REVENUES » Record third quarter revenues of $4.30 billion Variance from Third Quarter 2024 ($ Millions) (Unaudited) 3Q25 $ % U.S. Electrical Construction & Facilities Services $ 1,285.2 $ 440.2 52.1% U.S. Mechanical Construction & Facilities Servi
Slide 7: Third Quarter – Operating Income
THIRD QUARTER 2025 FINANCIAL RESULTS THIRD QUARTER – OPERATING INCOME » $405.7 million or 9.4% of revenues; +$42.2 million Y/Y Variance from Third Quarter 2024 ($ Millions) (Unaudited) 3Q25 $ % U.S. Electrical Construction & Facilities Services $ 145.2 $ 26.1 21.9% U.S. Mechanical Construction & Fac
Slide 8: Key Financial Data – Income Statement
THIRD QUARTER 2025 FINANCIAL RESULTS KEY FINANCIAL DATA – INCOME STATEMENT ($ Thousands, except per share information) (Unaudited) For the Quarter Ended September 30, Variance 2025 2024 $ % Revenues $ 4,301,529 $ 3,696,924 $ 604,605 16.4% Gross Profit 835,313 734,726 100,587 13.7% 19.4% 19.9% Sellin
Slide 9: Key Financial Data – Income Statement
THIRD QUARTER 2025 FINANCIAL RESULTS KEY FINANCIAL DATA – INCOME STATEMENT ($ Thousands, except per share information) (Unaudited) For the Nine Months Ended September 30, Variance 2025 2024 $ % Revenues $ 12,473,301 $ 10,796,097 $ 1,677,204 15.5% Gross Profit 2,391,802 2,008,036 383,766 19.1% 19.2%
Slide 10: Key Financial Data – Balance Sheet
THIRD QUARTER 2025 FINANCIAL RESULTS KEY FINANCIAL DATA – BALANCE SHEET ($ Thousands) (Unaudited) 09/30/25 12/31/24 Cash $ 655,104 $ 1,339,550 Working Capital $ 878,374 $ 1,235,326 Goodwill $ 1,359,323 $ 1,018,415 Identifiable Intangible Assets, Net $ 1,056,913 $ 648,180 Total Debt (excludes operati
Slide 11: Strategic Update: Divestiture of EMCOR UK
THIRD QUARTER 2025 FINANCIAL RESULTS STRATEGIC UPDATE: DIVESTITURE OF EMCOR UK Transaction Overview and Financial Implications $255M divestiture Supports EMCOR’s expected to close by ‘local execution, Rationale and the end of 2025, national reach’ Valuation subject to U.K. National strategy by focus
Slide 12: 2025 Guidance and Summary
THIRD QUARTER 2025 FINANCIAL RESULTS 2025 GUIDANCE AND SUMMARY Current Guidance (10/30/25) Previous Guidance (7/31/25) Revenues $16.7 billion – $16.8 billion $16.4 billion – $16.9 billion Non-GAAP Operating Margin* 9.2% – 9.4% 9.0% – 9.4% Non-GAAP Diluted EPS* $25.00 – $25.75 $24.50 – $25.75 » Outlo
Slide 13: Capital Allocation Trends
THIRD QUARTER 2025 FINANCIAL RESULTS CAPITAL ALLOCATION TRENDS EMCOR Capital Allocation by Year (%) 100% 4.9% 90% 24.4% 13.2% 29.9% 80% 36.7% 38.1% ~50% 44.7% 5.0% 49.3% 51.7% 70% 61.7% 58.5% 2.3% 10.3% 5.6% 60% 7.5% 79.0% 9.7% 4.8% 50% 13.6% 7.7% 7.4% 9.8% 40% 81.9% 23.4% 5.2% 5.3% 9.6% 21.0% 9.0%