Cardinal Infrastructure Group Inc. · NASDAQ:CDNL
Cardinal Infrastructure — Q1 2026 Earnings Presentation
15 slides from Cardinal Infrastructure's earnings presentation, May 12, 2026
Slide 1: Q1 2026 Earnings
Q1 2026 Earnings May 12, 2026 1
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 & Key Performance Indicators
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: Q1 2026: Solid Execution Across All Metrics
Q1 2026: Solid Execution Across All Metrics Diversified End-Market Demand Continues to Broaden Revenue Net Income Results reflect growth in all regions and solid execution on projects across residential, commercial, municipal and industrial end markets. $167.5M $11.5M +105% YoY; +64% organically +73
Slide 5: The Vertical Integration Advantage
The Vertical Integration Advantage While competitors outsource key scopes and buy materials at market, Cardinal controls the full project stack; capturing margin, compressing timelines and delivering with single-source accountability A CARDINAL PROJECT — one team, turnkey delivery Business Developme
Slide 6: Built in the Carolinas, Expanding Across the Southeast
Built in the Carolinas, Expanding Across the Southeast Deep density across the Carolinas and Georgia: operating at the center of one of the fastest-growing and most durable construction regions in the U.S CARDINAL TODAY EXPANDING THE FOOTPRINT $854M 2,500+ 160+ 3 Adjacent Southeast states (VA, TN, A
Slide 7: Disciplined Acquisition Strategy & Economics
Disciplined Acquisition Strategy & Economics Cardinal has built a repeatable, value-accretive acquisition model, targeting companies that fill geographic or service line gaps, integrating rapidly and immediately deploying a proven growth playbook. ACQUISITION CRITERIA TRANSACTION ECONOMICS ✓ Strong
Slide 8: Q1 2026: Sustained Revenue & Adj. EBITDA Expansion
Q1 2026: Sustained Revenue & Adj. EBITDA Expansion Revenue ($M) Adj. EBITDA ($M) Backlog ($M) 16.0% Adj. EBITDA Margin $854 $167.5 +105% Total +64% Organic +84% $26.8 +60% $532 $81.8 $14.6 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Vertical Integration End Market Diversification Disciplined M&A
Slide 9: 2026 Guidance: Raising Full Year Outlook
2026 Guidance: Raising Full Year Outlook 2026 Consolidated Revenue Guidance 2026 Adj. EBITDA Margin Target $675M – $685M 20%+ Raised from previous $665M-$678M range Maintained Q1 Outperformance ALGC tracking to Underwriting Record Backlog & Strong Visibility First quarter revenue, Adjusted Updated g
Slide 10: Investment Thesis
Investment Thesis Cardinal is a differentiated, high-growth infrastructure services platform positioned to capture the multi-decade buildout of the Southeastern United States Differentiated Turnkey Model Proven, Repeatable, Growth Flywheel One of the few scaled, full-service site prep providers in t
Slide 11: Integrity from the ground up
Integrity from the ground up 11
Slide 12: Non-GAAP Financial Measures
Non-GAAP Financial Measures 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
Slide 13: Non-GAAP Financial Measure Reconciliations
Non-GAAP Financial Measure Reconciliations The table directly below reconciles Adjusted Gross Profit to Gross Profit, the most directly comparable to GAAP measure and shows Gross Profit calculated as revenues less cost of revenues (excluding depreciation and amortization) and depreciation and amorti
Slide 14: Non-GAAP Financial Measure Reconciliations
Non-GAAP Financial Measure Reconciliations We define EBITDA as net income for the period adjusted for interest expense, net income tax expense, depreciation and amortization expense. Adjusted EBITDA further adjusts EBITDA for certain expenses associated with non-cash related stock-based compensation
Slide 15: Cardinal Infrastructure Group
>) CARDINAL INFRASTRUCTURE GROUP
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