{"id":910107,"date":"2025-11-14T07:54:50","date_gmt":"2025-11-14T12:54:50","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/legence-reports-third-quarter-2025-financial-results\/"},"modified":"2025-11-14T07:54:50","modified_gmt":"2025-11-14T12:54:50","slug":"legence-reports-third-quarter-2025-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/legence-reports-third-quarter-2025-financial-results\/","title":{"rendered":"Legence Reports Third Quarter 2025 Financial Results"},"content":{"rendered":"
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Record Quarterly Revenues of $708.0 Million, a 26% Increase from a Year Ago<\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
Quarterly Adjusted EBITDA (non-GAAP) Increased 39% from Prior Year<\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
Record Total Backlog and Awards of $3.1 Billion, 29% Increase from a Year Ago, with Robust Book-to-Bill of 1.5x<\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
Signed Definitive Agreement to Acquire Bowers, a Premier Mechanical Contractor in the Northern Virginia\/DC Metro
Area for Total Consideration of $475 Million<\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
Tuck-In Acquisitions of Engineering Firm and Mechanical Contractor Provide Cross Selling Opportunities and
Access to Strategic End Markets<\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
Total Debt and Net Debt (non-GAAP) Declines to $836 Million and $650 Million, respectively, on IPO Proceeds
and Strong Cash Generation1<\/sup><\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
Establish Fourth Quarter 2025 Guidance for Revenue of $600 Million – $630 Million and Non-GAAP Adjusted
EBITDA of $60 Million – $65 Million<\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n
Establish Full Year 2026 Guidance for Revenue of $2.65 Billion – $2.85 Billion and Non-GAAP Adjusted EBITDA
of $295 Million – $315 Million<\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n<\/table>\n

SAN JOSE, Calif., Nov. 14, 2025 (GLOBE NEWSWIRE) — Legence Corp. (Nasdaq: LGN) (\u201cLegence\u201d or the \u201cCompany\u201d) today reported financial results for the third quarter ended September 30, 2025.<\/p>\n

Jeff Sprau, Chief Executive Officer of Legence, commented, \u201cI am extremely proud of our entire Legence team for the successful initial public offering, and extend my sincere gratitude to the many investors who have placed their trust and confidence with us. In our inaugural quarterly report as a public company, we are pleased to deliver exceptional results, highlighted by robust organic revenue, Adjusted EBITDA and backlog growth, fueled by strong demand for our services across key end markets. We are also delivering on our strategic commitment to reduce leverage, through a combination of debt paydown with proceeds from the IPO and operational execution that resulted in healthy cash generation. We remain optimistic about our future, as the comprehensive capabilities of our Legence team coupled with the market trends that have propelled our success to date, provide a firm basis for our positive outlook.\u201d<\/p>\n

\n Third Quarter 2025 Consolidated Results:<\/strong>\n <\/p>\n

Revenues for the third quarter of 2025 totaled $708.0 million, an increase of 26.2% from $560.8 million for the third quarter of 2024. Gross profit for the third quarter of 2025 was $148.1 million with gross margin of 20.9%, compared to gross profit of $118.5 million and gross margin of 21.1% for the third quarter of 2024. Net loss attributable to Legence for the third quarter of 2025 was $(0.6) million, or $(0.02) per diluted share, compared to a net loss of $1.1 million for the third quarter of 2024. Non-GAAP Adjusted EBITDA for the third quarter of 2025 was $88.8 million, an increase of 38.9% from $64.0 million for the third quarter of 2024. Refer to \u201cNon-GAAP Financial Measures\u201d for a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure.<\/p>\n

\n Legence Corp. Consolidated Results<\/strong>
\n
\n ($ in thousands)<\/em>
\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Three Months Ended September 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2025<\/strong>
\n \n <\/td>\n		\u00a0<\/td>\n\n 2024<\/strong>
\n \n <\/td>\n		\u00a0<\/td>\n\n Year over Year Change<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n$<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Revenues:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Engineering & Consulting<\/td>\n$<\/td>\n212,172<\/td>\n\u00a0<\/td>\n30.0<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n193,797<\/td>\n\u00a0<\/td>\n34.6<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n18,375<\/td>\n\u00a0<\/td>\n9.5<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
Installation & Maintenance<\/td>\n\u00a0<\/td>\n495,834<\/td>\n\u00a0<\/td>\n70.0<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n367,007<\/td>\n\u00a0<\/td>\n65.4<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n128,827<\/td>\n\u00a0<\/td>\n35.1<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
Consolidated Revenues<\/td>\n$<\/td>\n708,006<\/td>\n\u00a0<\/td>\n100.0<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n560,804<\/td>\n\u00a0<\/td>\n100.0<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n147,202<\/td>\n\u00a0<\/td>\n26.2<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n Three Months Ended September 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2025<\/strong>
\n \n <\/td>\n		\u00a0<\/td>\n\n 2024<\/strong>
\n \n <\/td>\n		\u00a0<\/td>\n\n Year over Year Change<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n$<\/td>\n\u00a0<\/td>\n% Margin<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0<\/td>\n% Margin<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Gross Profit:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Engineering & Consulting<\/td>\n$<\/td>\n67,326<\/td>\n\u00a0<\/td>\n31.7<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n63,945<\/td>\n\u00a0<\/td>\n33.0<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n3,381<\/td>\n\u00a0<\/td>\n5.3<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
Installation & Maintenance<\/td>\n\u00a0<\/td>\n80,733<\/td>\n\u00a0<\/td>\n16.3<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n54,601<\/td>\n\u00a0<\/td>\n14.9<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n26,132<\/td>\n\u00a0<\/td>\n47.9<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
Consolidated Gross Profit<\/td>\n$<\/td>\n148,059<\/td>\n\u00a0<\/td>\n20.9<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n118,546<\/td>\n\u00a0<\/td>\n21.1<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n29,513<\/td>\n\u00a0<\/td>\n24.9<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Non-GAAP Adjusted EBITDA<\/td>\n$<\/td>\n88,821<\/td>\n\u00a0<\/td>\n12.5<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n63,956<\/td>\n\u00a0<\/td>\n11.4<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n24,865<\/td>\n\u00a0<\/td>\n38.9<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n Engineering & Consulting Segment Results:<\/strong>\n <\/p>\n

Engineering & Consulting segment revenue for the third quarter of 2025 totaled $212.2 million, an increase of 9.5% from $193.8 million for the third quarter of 2024, driven by higher demand for Engineering & Design service line, primarily from state & local government and life sciences & healthcare clients, and higher demand for Program & Project Management service line, primarily from hospitality & entertainment, partially offset by lower revenue from state & local government, education, and mixed-use clients.<\/p>\n

Engineering & Consulting segment gross profit for the third quarter of 2025 totaled $67.3 million, an increase of 5.3% from $63.9 million for the third quarter of 2024. The increase was driven by organic revenue growth, partially offset by a slightly lower gross margin. The modest decrease in gross margin was driven by a higher percentage of subcontractor expenses and lower margin for the Engineering & Design service line, primarily from life sciences & healthcare and education clients, partially offset by a modest revenue mix shift towards the Engineering & Design service line.<\/p>\n

\n Engineering & Consulting Segment Results
<\/strong>
\n ($ in thousands)<\/em>
\n
\n
\n <\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Three Months Ended September 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2025<\/strong>
\n \n <\/td>\n		\u00a0<\/td>\n\n 2024<\/strong>
\n \n <\/td>\n		\u00a0<\/td>\n\n Year over Year Change<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n$<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Segment Revenues:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Engineering & Design<\/td>\n$<\/td>\n110,939<\/td>\n\u00a0<\/td>\n52.3<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n99,712<\/td>\n\u00a0<\/td>\n51.5<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n11,227<\/td>\n\u00a0<\/td>\n11.3<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
Program & Project Management<\/td>\n\u00a0<\/td>\n101,233<\/td>\n\u00a0<\/td>\n47.7<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n94,085<\/td>\n\u00a0<\/td>\n48.5<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,148<\/td>\n\u00a0<\/td>\n7.6<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
Engineering & Consulting Revenues<\/td>\n$<\/td>\n212,172<\/td>\n\u00a0<\/td>\n100.0<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n193,797<\/td>\n\u00a0<\/td>\n100.0<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n18,375<\/td>\n\u00a0<\/td>\n9.5<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n Three Months Ended September 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2025<\/strong>
\n \n <\/td>\n		\u00a0<\/td>\n\n 2024<\/strong>
\n \n <\/td>\n		\u00a0<\/td>\n\n Year over Year Change<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n$<\/td>\n\u00a0<\/td>\n% Margin<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0<\/td>\n% Margin<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Engineering & Consulting Gross Profit<\/strong>\n <\/td>\n$<\/td>\n67,326<\/td>\n\u00a0<\/td>\n31.7<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n63,945<\/td>\n\u00a0<\/td>\n33.0<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n3,381<\/td>\n\u00a0<\/td>\n5.3<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n Installation & Maintenance Segment Results:<\/strong>\n <\/p>\n

Installation & Maintenance segment revenue for the third quarter of 2025 totaled $495.8 million, an increase of 35.1% from $367.0 million for the third quarter of 2024. The increase was primarily due to greater demand in the Installation & Fabrication service line, primarily from data centers & technology as well as life sciences & healthcare clients, partially offset by lower revenue from mixed-use clients and hospitality & entertainment clients. Additionally, the revenue increase in our Maintenance & Service business was primarily due to strong demand from data centers & technology as well as life sciences & healthcare clients.<\/p>\n

Installation & Maintenance segment gross profit for the third quarter of 2025 totaled $80.7 million, an increase of 47.9% from $54.6 million for the third quarter of 2024. The increase was primarily driven by strong revenue growth in both the Installation & Fabrication and Maintenance & Service service lines, as well as higher margins in the Installation & Fabrication service line, driven by strong project execution, partially offset by a revenue mix shift towards the Installation & Fabrication service line.<\/p>\n

\n Installation & Maintenance Segment Results
<\/strong>
\n ($ in thousands)<\/em>
\n
\n
\n <\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n Three Months Ended September 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2025<\/strong>
\n \n <\/td>\n		\u00a0<\/td>\n\n 2024<\/strong>
\n \n <\/td>\n		\u00a0<\/td>\n\n Year over Year Change<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n$<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Segment Revenues:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Installation & Fabrication<\/td>\n$<\/td>\n408,717<\/td>\n\u00a0<\/td>\n82.4<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n289,428<\/td>\n\u00a0<\/td>\n78.9<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n119,289<\/td>\n\u00a0<\/td>\n41.2<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
Maintenance & Service<\/td>\n\u00a0<\/td>\n87,117<\/td>\n\u00a0<\/td>\n17.6<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n77,579<\/td>\n\u00a0<\/td>\n21.1<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,538<\/td>\n\u00a0<\/td>\n12.3<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
Installation & Maintenance Revenues<\/td>\n$<\/td>\n495,834<\/td>\n\u00a0<\/td>\n100.0<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n367,007<\/td>\n\u00a0<\/td>\n100.0<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n128,827<\/td>\n\u00a0<\/td>\n35.1<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n Three Months Ended September 30,<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n 2025<\/strong>
\n \n <\/td>\n		\u00a0<\/td>\n\n 2024<\/strong>
\n \n <\/td>\n		\u00a0<\/td>\n\n Year over Year Change<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n$<\/td>\n\u00a0<\/td>\n% Margin<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0<\/td>\n% Margin<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Installation & Maintenance Gross Profit<\/strong>\n <\/td>\n$<\/td>\n80,733<\/td>\n\u00a0<\/td>\n16.3<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n54,601<\/td>\n\u00a0<\/td>\n14.9<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n26,132<\/td>\n\u00a0<\/td>\n47.9<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n Backlog and Awarded Contracts<\/strong>
\n
\n 2<\/strong>
\n <\/sup>\n <\/p>\n

Backlog and awarded contracts totaled $3.1 billion at September\u00a030, 2025, an increase of 29.4% from $2.4 billion at September\u00a030, 2024. The consolidated book-to-bill ratio was 1.5x for the three month period ended September\u00a030, 2025. Engineering & Consulting segment backlog and awarded contracts increased by 1.5% year over year, as growth in the state & local government end market was largely offset by education, data centers & technology and mixed-use end markets. Installation & Maintenance segment backlog and awarded contracts increased by 45.9% year over year, primarily driven by new projects within the data center & technology and life science & healthcare end markets, partially offset by the education end market.<\/p>\n

\n Backlog and Awarded Contracts
<\/strong>
\n ($ in thousands)<\/em>
\n
\n
\n <\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n As of September 30,<\/strong>
\n
\n
\n <\/strong>\n <\/td>\n		\u00a0<\/td>\n\n Year over Year Change<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n2025<\/td>\n\u00a0<\/td>\n2024<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
Engineering & Consulting<\/td>\n$<\/td>\n894,734<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n881,469<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n13,265<\/td>\n\u00a0<\/td>\n1.5<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
Installation & Maintenance<\/td>\n\u00a0<\/td>\n2,170,714<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,488,102<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n682,612<\/td>\n\u00a0<\/td>\n45.9<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total Backlog and Awarded Contracts<\/td>\n$<\/td>\n3,065,448<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2,369,571<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n695,877<\/td>\n\u00a0<\/td>\n29.4<\/td>\n%<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Book-to-bill ratio for the three months ended
\u00a0 \u00a0 September 30<\/td>\n		\u00a0<\/td>\n1.5<\/td>\nx<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.3<\/td>\nx<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Book-to-bill ratio for the nine months ended
\u00a0 \u00a0 September 30<\/td>\n		\u00a0<\/td>\n1.3<\/td>\nx<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.4<\/td>\nx<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n Acquisitions <\/strong>\n <\/p>\n

On October 1, 2025, Legence completed the acquisitions of Arizona Pinnacle Engineering, LLC. (\u201cAZPE\u201d) and Innovative Mechanical & Design, LLC (\u201cIMD\u201d). AZPE, founded in 2000, is a Phoenix, Arizona-based MEP engineering firm providing expertise to the data center and industrial markets, along with other mission critical end markets. IMD, founded in 2016, is a Colorado-based mechanical contractor primarily serving the healthcare, industrial and education end markets in the Mountain West region. Combined revenues from AZPE and IMD for the full calendar year 2025, including the period prior to the acquisition by the Company, are estimated to be approximately $25 million. Total consideration for IMD and AZPE was approximately $22 million, of which approximately 21% was paid in equity.<\/p>\n

Jeff Sprau, Chief Executive Officer of Legence, commented, \u201cLegence is thrilled to welcome both Arizona Pinnacle Engineering and Innovative Mechanical & Design to our growing platform. AZPE has established itself as a well-respected, specialized engineering firm in the Phoenix, Arizona area that has successfully partnered with our Installation & Maintenance business on past projects. IMD expands our capabilities in the attractive Colorado and surrounding region marketplace, adds to our healthcare and education client base, and offers an additional area to expand our fabrication capacity. Both companies are examples of our thoughtful M&A strategy, offering strategic and cultural fit, strong returns and clear cross-selling opportunities.\u201d<\/p>\n

Additionally, the Company today announced that it has entered into a definitive agreement to acquire The Bowers Group, Inc. (\u201cBowers\u201d), a premier mechanical contractor headquartered in Beltsville, Maryland. Bowers specializes in providing comprehensive mechanical and plumbing solutions for complex building systems, serving a broad customer base primarily in the Northern Virginia and DC Metro region. Information about the transaction can be found on the Company\u2019s investor relations website: https:\/\/investors.wearelegence.com\/.<\/p>\n

\n Balance Sheet<\/strong>\n <\/p>\n

Upon successful completion of the Company\u2019s initial public offering (\u201cIPO\u201d), including the partial exercise of the over-allotment option, Legence applied net proceeds of $780.2 million, after deducting underwriting discounts and commissions, to pay down a portion of our outstanding term loan facility. As a result, net debt as of September 30, 2025 was approximately $650 million and net leverage was 2.4 times, based on non-GAAP Adjusted EBITDA for the last 12 months ended September 30, 2025. See \u201cNon-GAAP Financial Measures\u201d for information regarding net debt and net leverage. As previously disclosed, on October 30, 2025, we entered into an amendment to our existing credit agreement, extending the maturity date of the term loan facility by three years to December 16, 2031 and reducing the applicable interest rate to Secured Overnight Financing Rate (SOFR) by 25 basis points. We also amended our revolving credit facility to increase the aggregate commitment amount to $200.0 million, extend the maturity date by approximately four years to September 22, 2030, and conform the interest rate applicable to the revolving credit facility to that of the term loan credit facility.<\/p>\n

\n Guidance<\/strong>\n <\/p>\n

Legence announces the following guidance for the fourth quarter of 2025:<\/p>\n