ECG · Everus Construction Group, Inc.

Everus Construction Group delivered a stellar start to 2026 with record Q1 revenues of $1.04 billion, a 25.4% increase from $826.6 million in Q1 2025, fueled by robust growth in both segments: E&M revenues surged 28.8% to $835.1 million on higher commercial workloads, especially data centers, while T&D grew 10.5% to $204.4 million from utility transmission and storm projects. Gross profit jumped 41.3% to $130.7 million, lifting gross margin to 12.6% from 11.2%, thanks to increased workloads, favorable project timing, and strong execution. SG&A rose 27.7% to $53.0 million to support growth, but net income still climbed 58.9% to $58.3 million (margin 5.6%), with diluted EPS at a record $1.14. EBITDA soared 43.9% to $88.9 million (margin 8.6%), reflecting operational leverage. Backlog hit a record $3.68 billion, up 20.4% YoY, with E&M at $3.29 billion and T&D at $388.9 million, signaling sustained demand. CEO Jeffrey S. Thiede highlighted disciplined execution, deep customer ties, and market tailwinds. The $158 million acquisition of SE&M Constructors, closed April 2, expands Southeast footprint, adds expertise in mechanical, electrical, and plumbing for pharma, industrial, and healthcare, with pro forma net leverage at 0.5x, maintaining flexibility. Strong Q1 cash generation—$143.7 million operating cash flow and $131.9 million free cash flow—bolsters the balance sheet, with $275 million cash and 0.0x net leverage. Management raised 2026 guidance to $4.3-$4.4 billion revenues (from $4.1-$4.2 billion) and $345-$360 million EBITDA (from $320-$335 million), underscoring confidence in organic growth and M&A amid favorable end markets.