Cardinal Infrastructure Group Inc. · NASDAQ:CDNL
Cardinal Infrastructure — FY2025 Earnings Presentation
14 slides from Cardinal Infrastructure's earnings presentation, Mar 19, 2026
Slide 1: 2025 Full-Year Earnings March 2026
2025 Full-Year Earnings March 2026
Slide 2: Forward-Looking Statements
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the Company's future performance. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that in
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures We present our results of operations in a way that we believe will be the most meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of our financial measures are not prepared in accord
Slide 4: Full Year 2025: Execution Across All Key Metrics
Full Year 2025: Execution Across All Key Metrics Strong End Market Demand Shining Through Results Broad based growth across all four end markets; residential, commercial, DOT and paving drove strong full-year revenue growth. Acquisitions Expanding Capabilities and Reach Three acquisitions closed and
Slide 5: Full Year 2025: Sustained Revenue & Adj. EBITDA Expansion
+38% CAGR Full Year 2025: Sustained Revenue & Adj. EBITDA Expansion Residential ~66% of FY2025 Revenue Southeastern population growth continues to outpace the national average. Cardinal's full site-prep suite drives sustained, multi-year project pipelines across core markets. Commercial & Industrial
Slide 6: Full Year 2025: Record Backlog at Year End
Full Year 2025: Record Backlog at Year End ~$682M 2025 Year-End Backlog +33% 2025 YoY Backlog Growth 1.5x Backlog/Revenue Ratio +44% 2021-25 Backlog Growth CAGR (EOY)
Slide 7: A.L. Grading Contractors (ALGC) Acquisition
Closed February 18, 2026 | First Market Outside the Carolinas | Immediately Accretive About A.L. Grading Contractors (ALGC) Founded: 1993, Fourth-generation family business HQ: Sugar Hill, Georgia (Atlanta metro) Services: Underground utilities, grading, erosion control, clearing Geography: Majority
Slide 8: 2026 Guidance
2026 Consolidated Revenue Guidance $665M – $678M 2026 Adj. EBITDA Margin Target 20%+ Organic Growth Momentum Core Cardinal markets continue to demonstrate strong organic growth. Record $682M backlog provides high revenue visibility and supports confidence. Proven M&A Engine Three 2025 acquisitions o
Slide 9: CDNL Investment Thesis
CDNL Investment Thesis Cardinal is a differentiated, high-growth infrastructure services platform positioned to capture the multi-decade buildout of the Southeastern United States I Differentiated Turnkey Model One of the few scaled, full-service site prep providers in the Southeast. 97% of revenue
Slide 10: Integrity from the ground up
Integrity from the ground up
Slide 11: Non-GAAP Financial Measure Definitions
This presentation contains references to “Adjusted Gross Profit,” “Adjusted Gross Profit Margin,” “EBITDA,” “Adjusted EBITDA,” and “Adjusted EBITDA Margin” financial measures which are, in each case, Non-GAAP financial measures. Adjusted Gross Profit: We define Adjusted Gross Profit as total revenue
Slide 12: Non-GAAP Financial Measure Reconciliations
Non-GAAP Financial Measure Reconciliations Years ended December 31, 2025 2024 2023 Revenue $ 456,045,369 $ 315,187,523 $ 247,924,063 Cost of revenues, exclusive of depreciation and amortization shown separately (359,897,579) (249,888,575) (199,080,030) Depreciation and amortization expense (32,374,7
Slide 13: Non-GAAP Financial Measure Reconciliations
Non-GAAP Financial Measure Reconciliations Years ended December 31, 2025 2024 2023 Net income $ 31,093,483 $ 28,297,234 $ 24,296,792 Interest expense, net 6,825,542 4,828,058 3,990,288 Income tax expense 1,966,678 1,352,509 — Depreciation and amortization expense 32,374,761 18,663,746 13,181,191 EBI
Slide 14: Cardinal Infrastructure Group
>) CARDINAL INFRASTRUCTURE GROUP
Cardinal Infrastructure Group — FY2025 Earnings Presentation on 6ix