ECG · Everus Construction Group, Inc.

This acquisition represents Everus’ first strategic M&A transaction as a stand-alone public company and materially advances its growth-by-acquisition strategy. The purchase of SE&M — a 103-year-old mechanical, electrical, and plumbing contractor headquartered in Elm City, North Carolina — directly strengthens Everus’ core mechanical services offering, which constitutes approximately 65% of SE&M’s revenue, and embeds deep expertise in highly regulated, quality-sensitive industrial and pharmaceutical construction. With $109 million in 2025 revenue and high-teens EBITDA margins, SE&M brings an attractive, low-capital-intensity profile (2025 capex <1% of revenue) and strong free cash flow conversion. Its revenue base is diversified across maintenance, retrofit, and new construction, delivering recurring visibility through long-term customer relationships — particularly with blue-chip global health care firms and medical research institutions. Geographically, the deal expands Everus’ footprint into the high-growth Southeast region, where favorable capital spending trends and elevated backlog support near-term execution. Critically, SE&M’s leadership team remains intact, mitigating integration risk and preserving institutional knowledge. Financially, the all-cash transaction preserves Everus’ balance sheet strength, with pro forma net leverage at 0.8x, signaling continued capacity for disciplined capital allocation. Management explicitly ties the deal to its 4EVER strategic priorities — especially safety, operational excellence, and end-market diversification — and positions it as the foundation for further accretive acquisitions.