Everus Construction Group, Inc. · NYSE:ECG
Everus Construction — Q4 2025 Earnings Presentation
23 slides from Everus Construction's earnings presentation, Feb 25, 2026
Slide 1: Fourth Quarter and Full-Year 2025 Results Conference Call
FOURTH QUARTER AND FULL-YEAR 2025 RESULTS CONFERENCE CALL February 25, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation, and oral comments that Everus may make, contain or incorporate by reference certain “forward -looking statements” within the meaning of the securities laws. All statements that reflect Everus’ expectations, assumptions or projections about the future, ot
Slide 3: Our Mission and Values
OUR MISSION Safely Building America’s FutureⓇ as an industry-leading construction services provider while achieving sustained growth. OUR VALUES INTEGRITY RESPECT SAFETY TEAMWORK 3
Slide 4: Fourth Quarter 2025 Highlights – Continued Strength
Fourth Quarter 2025 Highlights – Continued Strength Strong Revenue Growth Solid EBITDA Growth Revenue growth of 33% driven by Total EBITDA increased 45% from prior continued momentum in E&M, particularly year, inclusive of incremental stand-alone data center submarket, and growth in T&D operating co
Slide 5: Fourth Quarter 2025 Highlights – End Market Momentum
Fourth Quarter 2025 Highlights – End Market Momentum E&M Momentum Free Cash Flow E&M revenues increased 44% driven by 2025 free cash flow was $100.0 million, down continued momentum in data center work; from $128.8 million last year, as strong operating EBITDA increased 57% with 70 bps results were
Slide 6: Employees, Value, Execution, Relationships
Employees Value Execution Relationships Attract, retain Create long-term Lead the industry Maintain and grow and train value with sustained in safety and consistent customer premier talent profitable growth high-quality execution relationships 6
Slide 7: Value Creation Framework
Value Creation Framework Targeted Commercial Growth Operational Excellence Disciplined Capital Allocation Grow share within existing end Strategically deploy assets in Invest in high-return organic markets higher-margin projects and growth initiatives end markets Further penetrate Pursue strategic a
Slide 8: Long-Term Expectations
Employees Value Execution Relationships LONG-TERM EXPECTATIONS 5% – 7% 7% – 9% Organic Revenue CAGR EBITDA CAGR 2.0% – 2.5% 1.5x – 2.0x CapEx as % of Revenue Net Leverage 8
Slide 9: Fourth Quarter and Full-Year 2025 Results
FOURTH QUARTER AND 9 FULL-YEAR 2025 RESULTS
Slide 10: Fourth Quarter and Full-Year 2025 Performance Summary
Fourth Quarter and Full-Year 2025 Performance Summary Performance Fourth Quarter and Full-Year Revenues Fourth Quarter and Full-Year EBITDA ($MM) highlighted by strong ($MM) $319.8 E&M growth, $3,746.4 continued backlog $2,849.7 + 31.5% $232.2* + 37.7% momentum, project execution $58.3 $84.8 $1,011.
Slide 11: Fourth Quarter and Full-Year 2025 Segment Summary
Fourth Quarter and Full-Year 2025 Segment Summary E&M Revenues T&D Revenues E&M Highlights ($MM) ($MM) $837.1 $848.5 • Fourth quarter revenues $2,920.7 increased 44% due to strength in commercial, particularly in data + 1.4% $2,031.5 center submarket + 43.8% • Fourth quarter EBITDA increased $791.6
Slide 12: Fourth Quarter 2025 Balance Sheet and Liquidity
Fourth Quarter 2025 Balance Sheet and Liquidity Ample financial Net Debt Net Leverage ($MM) flexibility to pursue strategic objectives $230 $242 $228 1.0x 1.0x 0.8x $159 $132 0.5x • 4Q25 net debt of $132 million, 0.4x down from 3Q25 reflecting strong operating results and disciplined capital managem
Slide 13: 2026 Financial Guidance
2026 Financial Guidance 2026 Drivers 2026 Guidance Guidance reflects strong backlog trends, continued business momentum Revenues $4.1B – $4.2B Strong demand for E&M driven by data center, hospitality and high tech re-shoring; T&D driven by grid modernization and hardening EBITDA Strong momentum with
Slide 14: Compelling Investment Thesis
Compelling Investment Thesis Benefit From Multiple Proven Leadership Team Scaled National Platform Skilled Workforce, Diversified Revenue Base Growth Drivers and Executing 4EVER of Market-Leading Local People-First Culture & & Disciplined Capital Industry Megatrends Strategy Brands Repeatable Playbo
Slide 15: Appendix
APPENDIX 15
Slide 16: Non-GAAP Financial Guidance
Non-GAAP Financial Guidance We are unable to reconcile forward-looking non-GAAP financial guidance relating to full-year 2026 EBITDA margin and long-term targets of organic revenue, organic revenue growth, EBITDA, EBITDA growth and net leverage to their respective nearest U.S. GAAP measure because w
Slide 17: Reconciliations of net income to EBITDA and EBITDA margin
Reconciliations of net income to EBITDA and EBITDA margin Reconciliations of net income to EBITDA and EBITDA margin. Three months ended December 31, Year ended December 31, 2025 2024 Change 2025 2024 Change (In millions, except percentages) Net income $ 55.3 $ 34.4 60.8% $ 201.8 $ 143.4 40.7% Intere
Slide 18: Reconciliations of net income to EBITDA by segment
Reconciliations of net income to EBITDA by segment Reconciliations of net income to EBITDA by segment. Three months ended December 31, 2025 Year ended December 31, 2025 Corporate and Corporate and E&M T&D Other Total E&M T&D Other Total (In millions) Net income $ 50.6 $ 17.4 $ (12.7) $ 55.3 $ 185.4
Slide 19: Reconciliations of EBITDA and EBITDA margin by segment
Reconciliations of EBITDA and EBITDA margin by segment Reconciliations of net income to EBITDA and EBITDA margin by segment. Three months ended December 31, Year ended December 31, 2025 2024 % change 2025 2024 % change Operating revenues: (In millions, except percentages) E&M $ 791.6 $ 549.8 44.0% $
Slide 20: Reconciliation of EBITDA guidance
Reconciliation of EBITDA guidance EBITDA guidance reconciliation for the full-year 2026. Low High (In millions) Net income $ 205.0 $ 215.0 Interest expense, net 15.0 15.0 Income taxes 70.0 75.0 Depreciation and amortization 30.0 30.0 EBITDA $ 320.0 $ 335.0 20
Slide 21: Reconciliations of trailing 12-month EBITDA and net leverage
Reconciliations of trailing 12-month EBITDA and net leverage Reconciliations of trailing-twelve-month EBITDA as of December 31, 2025 and 2024. Twelve months Twelve months ended December ended December 31, 2025 31, 2024 (In millions) Net income $ 201.8 $ 143.4 Interest expense, net 16.9 14.0 Income t
Slide 22: Reconciliations of free cash flow
Reconciliations of free cash flow Reconciliations of cash provided by operating activities to free cash flow Year ended December 31, 2025 2024 (In millions) Net cash used in investing activities $ (56.8) $ (37.1) Net cash used in financing activities $ (15.5) $ (41.9) Net cash provided by operating
Slide 23: Contact: investors@everus.com
Contact: investors@everus.com 23
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