\nEverus Construction Group (NYSE: ECG) today reported financial results for the first quarter 2026.<\/p>\n
First Quarter 2026 Summary<\/span><\/b><\/p>\n (all comparisons versus the prior-year period unless otherwise noted, and results denoted with * are quarterly records)<\/i><\/p>\n \nSee the Non-GAAP Measures sections for definitions and reconciliations of the non-GAAP financial measures used in this news release.<\/p>\n Management Commentary<\/span><\/b><\/p>\n \n\u201cWe are very pleased with our strong start to the year, highlighted by another quarter of record revenues, disciplined execution and continued momentum across our key end markets,\u201d said Jeffrey S. Thiede, president and CEO of Everus. \u201cFirst quarter revenues increased 25%, driven by growth across both E&M and T&D. Our EBITDA increased 44% as the strong execution we delivered during 2025 carried into this year, reflecting the ongoing focus, dedication and hard work of our team.<\/p>\n \n\u201cWe also generated another quarter of record backlog, further evidence of our deep customer relationships, successful track record and strong market tailwinds. Our backlog at quarter-end was $3.7 billion, an increase of 20% year-over-year. While we expect backlog will continue to be lumpy, we are very encouraged by the strength in our business and remain confident in our ability to grow.<\/p>\n \n\u201cWe are excited to have completed our first acquisition as a stand-alone public company. SE&M Constructors expands our geographic footprint in the attractive Southeast region, deepens our expertise in key end markets and increases our customer base, while adding a talented, experienced management team. Following the transaction, our pro forma net leverage as of April 2 was approximately 0.5x, providing ample financial flexibility to continue pursuing our strategic growth initiatives that prioritize investment in organic opportunities and acquisitions aligned with our long-term objectives.<\/p>\n \n\u201cBased on our strong first quarter results and the acquisition of SE&M, which closed in the second quarter, we are raising our 2026 guidance. We now expect revenues to be in the range of $4.3 billion to $4.4 billion and EBITDA to be in the range of $345 million to $360 million. We remain committed to our 4EVER strategic priorities and are confident in our ability to deliver on our long-term financial goals.\u201d<\/p>\n First Quarter 2026 Consolidated Results<\/span><\/b><\/p>\n \nRevenues increased 25.4% to $1.04 billion in the first quarter of 2026, compared to $826.6 million in the first quarter of 2025. Electrical and mechanical (E&M) revenues expanded $186.9 million, or 28.8%, and transmission and distribution (T&D) revenues grew $19.4 million, or 10.5%.<\/p>\n \nGross profit increased 41.3% to $130.7 million in the first quarter of 2026, compared to $92.5 million in the first quarter of 2025. The increase was primarily from revenue growth and gross margin improvement due to increased workloads, project timing and solid project execution. Gross margin was 12.6% in the first quarter of 2026, up compared to 11.2% in the first quarter of 2025.<\/p>\n \nSelling, general and administrative (SG&A) expenses increased 27.7% to $53.0 million in the first quarter of 2026, compared to $41.5 million in the first quarter of 2025. The increase was primarily from higher labor expenses to support operational growth of the business.<\/p>\n \nNet income increased 58.9% to $58.3 million, or diluted EPS of $1.14, in the first quarter of 2026, compared to $36.7 million, or diluted EPS of 72 cents, in the first quarter of 2025. The increase was primarily from increased gross profit, partially offset by higher SG&A expenses and higher income taxes on greater pretax income. Net income margin was 5.6% in the first quarter of 2026, up compared to 4.4% in the first quarter of 2025.<\/p>\n \nEBITDA increased 43.9% to $88.9 million in the first quarter of 2026, compared to $61.8 million in the first quarter of 2025. The increase was primarily from higher gross profit, partially offset by higher SG&A expenses. EBITDA margin was 8.6%, up compared to 7.5% in the first quarter of 2025.<\/p>\n \nBacklog increased to $3.68 billion as of March 31, 2026, up 14.0% compared to $3.23 billion as of Dec. 31, 2025, and up 20.4% compared to $3.06 billion as of March 31, 2025.<\/p>\n First Quarter 2026 Segment Results<\/span><\/b><\/p>\n Electrical and Mechanical<\/b><\/p>\n \nE&M segment revenues increased 28.8% to $835.1 million in the first quarter of 2026, compared to $648.2 million in the first quarter of 2025. The increase was primarily driven by higher workloads in the commercial end market, particularly continued growth in the data center submarket, partially offset by lower project activity due to decreased demand for services in the institutional and industrial submarkets.<\/p>\n \nE&M segment net income increased 54.9% to $56.7 million in the first quarter of 2026, compared to $36.6 million in the first quarter of 2025. The increase was primarily driven by segment revenue growth and gross margin improvement due to project timing and efficient project execution, partially offset by higher SG&A expenses, particularly labor, and higher income taxes on greater pretax income. E&M segment net income margin was 6.8%, up compared to 5.6% in the first quarter of 2025.<\/p>\n \nE&M segment EBITDA increased 52.1% to $75.3 million in the first quarter of 2026, compared to $49.5 million in the first quarter of 2025. The increase was primarily driven by segment revenue growth and higher gross margin due to project timing and efficient project execution, partially offset by higher SG&A expenses as previously mentioned. E&M segment EBITDA margin was 9.0%, up compared to 7.6% in the first quarter of 2025.<\/p>\n \nE&M backlog increased to $3.29 billion as of March 31, 2026, up 15.7% compared to $2.84 billion as of Dec. 31, 2025, and up 21.7% compared to $2.70 billion as of March 31, 2025.<\/p>\n Transmission and Distribution<\/b><\/p>\n \nT&D segment revenues increased 10.5% to $204.4 million in the first quarter of 2026, compared to $185.0 million in the first quarter of 2025. The increase was primarily driven by higher workloads in the utility end market, particularly transmission and storm submarkets.<\/p>\n \nT&D segment net income increased 42.9% to $15.0 million in the first quarter of 2026, compared to $10.5 million in the first quarter of 2025. The increase was primarily driven by segment revenue growth and gross margin expansion from strong project execution, partially offset by higher income taxes on greater pretax income. T&D segment net income margin was 7.3%, up compared to 5.7% in the first quarter of 2025.<\/p>\n \nT&D segment EBITDA increased 34.8% to $27.1 million in the first quarter of 2026, compared to $20.1 million in the first quarter of 2025. The increase was primarily driven by increased gross profit and gross margin from higher revenues and strong project execution. T&D segment EBITDA margin was 13.3%, up compared to 10.9% in the first quarter of 2025.<\/p>\n \nT&D backlog increased to $388.9 million as of March 31, 2026, up 1.1% compared to $384.5 million as of Dec. 31, 2025, and up 10.1% compared to $353.1 million as of March 31, 2025.<\/p>\n Balance Sheet and Cash Flow Commentary<\/span><\/b><\/p>\n Balance Sheet<\/b><\/p>\n \nAs of March 31, 2026, the company had $275.0 million of unrestricted cash and cash equivalents and $281.2 million of gross debt, compared to $152.7 million and $285.0 million, respectively, as of Dec. 31, 2025.<\/p>\n \nAs of both March 31, 2026 and Dec. 31, 2025, the company had $222.8 million available under the revolving credit facility, net of $2.2 million of outstanding standby letters of credit.<\/p>\n \nNet leverage, defined as net debt-to-trailing 12-month EBITDA, was 0.0x as of March 31, 2026, compared to 0.4x as of Dec. 31, 2025. Following the acquisition of SE&M (described later in this news release), pro forma net leverage as of April 2 was approximately 0.5x.<\/p>\n \nWorking capital, defined as current assets minus current liabilities, was $617.2 million as of March 31, 2026, compared to $560.2 million as of Dec. 31, 2025. The working capital changes were primarily driven by project timing, workload activity and billing fluctuations, with increased cash and receivables, partially offset by increased net contract liabilities and accounts payables.<\/p>\n Cash Flow<\/b><\/p>\n \nOperating cash flows were $143.7 million for the first quarter of 2026, compared to $7.1 million for the first quarter of 2025. The increase was driven primarily by favorable changes in operating assets and liabilities to support company growth, including revenue growth, and increased operating results.<\/p>\n \nCapital expenditures were $15.5 million for the first quarter of 2026, compared to $18.5 million for the first quarter of 2025. The decrease was primarily from a prefabrication investment during the first quarter of 2025, partially offset by increased vehicle and equipment investments to support the company’s growth.<\/p>\n \nEverus had free cash flow of $131.9 million for the first quarter of 2026, compared to negative free cash flow of $8.1 million for the first quarter of 2025. The increase was primarily from higher operating cash flows.<\/p>\n SE&M Acquisition<\/span><\/b><\/p>\n \nOn April 2, Everus announced that it had acquired SE&M Constructors, Inc., SE&M of the Triangle, Inc. and SECO Rentals, LLC (collectively SE&M) for $158 million, subject to certain closing adjustments. SE&M, founded in 1923 and headquartered in Elm City, North Carolina, provides mechanical, electrical and plumbing services to customers across a variety of sectors, including pharmaceutical, complex industrial and health care. Led by an experienced management team, SE&M has more than 200 skilled craft laborers who enable the company to deliver on highly specialized and complex projects. The company focuses on end markets where unique capabilities and expertise are required to successfully execute projects, resulting in deep customer relationships.<\/p>\n Forecast for 2026<\/span><\/b><\/p>\n \nAs a result of strong first quarter results, coupled with the SE&M acquisition, Everus is raising its revenues and EBITDA guidance and now expects:<\/p>\n \nEverus still expects gross capital expenditures to be in the range of $90 million to $100 million, representing between 2.0% to 2.3% of forecasted revenues, consistent with the company’s long-term framework.<\/p>\n Non-GAAP Financial Measures<\/span><\/b><\/p>\n \nThroughout this news release, Everus presents financial information prepared in accordance with U.S. generally accepted accounting principles (GAAP), as well as non-GAAP financial measures, including EBITDA, EBITDA margin, net debt, net leverage and free cash flow, and, in some cases, applicable measures by segment. The use of these non-GAAP financial measures should not be construed as alternatives to net income, net income margin, total debt, gross leverage and cash provided by (used in) operating activities. Everus believes the use of these non-GAAP financial measures are beneficial in evaluating the company’s financial performance. Please refer to the Non-GAAP Financial Measures sections contained in this news release for additional information.<\/p>\n Conference Call<\/span><\/b><\/p>\n \nManagement will discuss Everus’ first quarter 2026 results on a webcast at 10:30 a.m. EDT May 6. The webcast and accompanying presentation materials can be accessed at investors.everus.com<\/a> by selecting \u201cEvents & Presentations\u201d and \u201cEverus Q1 Earnings Call.\u201d The webcast also can be directly accessed at https:\/\/events.q4inc.com\/attendee\/890675182<\/a>. After the conclusion of the webcast, a replay will be available at the same location.<\/p>\n About Everus Construction Group<\/span><\/b><\/p>\n Everus Construction Group, Inc., a member of the S&P SmallCap 600\u00ae<\/sup> index, is Building America’s Future\u00ae<\/sup> by providing a full spectrum of construction services through its electrical and mechanical, and transmission and distribution specialty contracting services across the United States. These specialty contracting services are provided to commercial, industrial, institutional, renewables, service, transportation, utility and other customers. Its E&M contracting services include construction and maintenance of electrical and communication wiring and infrastructure, fire suppression systems and mechanical piping and services. Its T&D contracting services include construction and maintenance of overhead and underground electrical, gas and communication infrastructure, as well as the manufacture and distribution of overhead and underground transmission line construction equipment. For more information about Everus, visit everus.com<\/a> or email investors@everus.com<\/a>.<\/i><\/p>\n Forward-Looking Statements<\/span><\/b><\/p>\n Information in this news release includes certain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this news release, including statements about the company’s future performance, financial guidance, long-term targets and statements made by the CEO, are expressed in good faith and are believed by the company to have a reasonable basis. This news release highlights key growth strategies, projections and certain assumptions for the company and its subsidiaries and other matters for each of the company\u2019s segments. Many of these highlighted statements and other statements not historical in nature are \u201cforward-looking statements.\u201d Although the company believes that its expectations are based on reasonable assumptions as of the date they are made, there is no assurance that the company\u2019s projections, including estimates for growth, shareholder value creation and financial guidance, will be achieved. Readers are encouraged to refer to assumptions contained in this news release, as well as the various important factors listed in Part I, Item 1A. Risk Factors in the company’s most recent Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission.<\/i><\/p>\n Changes in such assumptions and factors could cause actual future results to differ materially from growth and financial guidance. All forward-looking statements in this news release are expressly qualified by such cautionary statements and by reference to the underlying assumptions. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Except as required by law, the company does not undertake any obligation to update or revise any forward-looking or cautionary statements to reflect changes in assumptions, the occurrence of events, unanticipated or otherwise, and changes in future operating results over time or otherwise.<\/i><\/p>\n Everus Construction Group, Inc.<\/b><\/p>\n Condensed Consolidated Statements of Income<\/b><\/p>\n (Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three months ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n (In thousands, except per share amounts)<\/b><\/p>\n<\/td>\n<\/tr>\n \nOperating revenues<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,036,953<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n826,629<\/p>\n<\/td>\n<\/tr>\n \nCost of sales<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n906,224<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n734,136<\/p>\n<\/td>\n<\/tr>\n \nGross profit<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n130,729<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n92,493<\/p>\n<\/td>\n<\/tr>\n \nSelling, general and administrative expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n53,045<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n41,509<\/p>\n<\/td>\n<\/tr>\n \nOperating income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n77,684<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n50,984<\/p>\n<\/td>\n<\/tr>\n \nInterest income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,324<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n937<\/p>\n<\/td>\n<\/tr>\n \nInterest expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,620<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,631<\/p>\n<\/td>\n<\/tr>\n \nOther income, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n552<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n567<\/p>\n<\/td>\n<\/tr>\n \nIncome before income taxes and income from equity method investments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n75,940<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n46,857<\/p>\n<\/td>\n<\/tr>\n \nIncome taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20,252<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13,573<\/p>\n<\/td>\n<\/tr>\n \nIncome from equity method investments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,628<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,388<\/p>\n<\/td>\n<\/tr>\n \nNet income<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n58,316<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n36,672<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEarnings per share:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nBasic<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.14<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.72<\/p>\n<\/td>\n<\/tr>\n \nDiluted<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1.14<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n0.72<\/p>\n<\/td>\n<\/tr>\n \nWeighted average common shares outstanding:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nBasic<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n51,082<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n51,042<\/p>\n<\/td>\n<\/tr>\n \nDiluted<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n51,189<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n51,091<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Everus Construction Group, Inc.<\/b><\/p>\n Condensed Consolidated Balance Sheets<\/b><\/p>\n (Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n March 31, 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n December 31, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n (In thousands, except share and per share amounts)<\/b><\/p>\n<\/td>\n<\/tr>\n Assets<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCurrent assets:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash, cash equivalents and restricted cash<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n293,356<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n170,500<\/p>\n<\/td>\n<\/tr>\n \nReceivables, net of allowance for credit losses of $5,125 and $5,282, respectively<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n781,563<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n769,828<\/p>\n<\/td>\n<\/tr>\n \nContract assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n258,058<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n255,767<\/p>\n<\/td>\n<\/tr>\n \nInventories, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n47,978<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n45,271<\/p>\n<\/td>\n<\/tr>\n \nPrepaid expenses<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21,998<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n38,161<\/p>\n<\/td>\n<\/tr>\n \nOther current assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18,304<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16,854<\/p>\n<\/td>\n<\/tr>\n \nTotal current assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,421,257<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,296,381<\/p>\n<\/td>\n<\/tr>\n \nNoncurrent assets:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInvestments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n22,182<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n27,082<\/p>\n<\/td>\n<\/tr>\n \nProperty, plant and equipment, net of accumulated depreciation of $180,742 and $174,914, respectively<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n174,161<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n168,498<\/p>\n<\/td>\n<\/tr>\n \nOperating lease right-of-use assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n82,504<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n88,705<\/p>\n<\/td>\n<\/tr>\n \nGoodwill<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n143,224<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n143,224<\/p>\n<\/td>\n<\/tr>\n \nOther noncurrent assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,419<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,841<\/p>\n<\/td>\n<\/tr>\n \nTotal noncurrent assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n426,490<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n432,350<\/p>\n<\/td>\n<\/tr>\n \nTotal assets<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,847,747<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,728,731<\/p>\n<\/td>\n<\/tr>\n Liabilities and Stockholders’ Equity<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCurrent liabilities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCurrent portion of long-term debt<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n15,000<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n15,000<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n259,869<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n226,264<\/p>\n<\/td>\n<\/tr>\n \nContract liabilities, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n344,959<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n305,111<\/p>\n<\/td>\n<\/tr>\n \nTaxes payable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n22,127<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,483<\/p>\n<\/td>\n<\/tr>\n \nAccrued compensation<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n70,200<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n86,960<\/p>\n<\/td>\n<\/tr>\n \nAccrued payroll-related liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n48,935<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n47,189<\/p>\n<\/td>\n<\/tr>\n \nCurrent portion of operating lease liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n32,900<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n33,905<\/p>\n<\/td>\n<\/tr>\n \nOther accrued liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,048<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15,278<\/p>\n<\/td>\n<\/tr>\n \nTotal current liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n804,038<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n736,190<\/p>\n<\/td>\n<\/tr>\n \nNoncurrent liabilities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLong-term debt, net of unamortized issuance costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n263,024<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n266,549<\/p>\n<\/td>\n<\/tr>\n \nDeferred income taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14,910<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14,869<\/p>\n<\/td>\n<\/tr>\n \nOperating lease liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n51,665<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n56,634<\/p>\n<\/td>\n<\/tr>\n \nOther noncurrent liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n27,166<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n24,671<\/p>\n<\/td>\n<\/tr>\n \nTotal noncurrent liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n356,765<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n362,723<\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,160,803<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,098,913<\/p>\n<\/td>\n<\/tr>\n \nCommitments and contingent liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nStockholders’ equity:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPreferred stock, 10,000,000 shares authorized, $0.01 par value, none issued and outstanding<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n<\/tr>\n \nCommon stock, 300,000,000 shares authorized, $0.01 par value, 51,041,606 and 51,006,719 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n510<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n510<\/p>\n<\/td>\n<\/tr>\n \nOther paid-in capital<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n142,376<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n143,566<\/p>\n<\/td>\n<\/tr>\n \nRetained earnings<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n544,058<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n485,742<\/p>\n<\/td>\n<\/tr>\n \nTotal stockholders’ equity<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n686,944<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n629,818<\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities and stockholders’ equity<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,847,747<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,728,731<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Everus Construction Group, Inc.<\/b><\/p>\n Condensed Consolidated Statements of Cash Flows<\/b><\/p>\n (Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three months ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n (In thousands)<\/b><\/p>\n<\/td>\n<\/tr>\n \nOperating activities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet income<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n58,316<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n36,672<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdjustments to reconcile net income to net cash provided by operating activities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDepreciation<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,071<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,774<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAmortization of intangible assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n116<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDeferred income taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n41<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,048<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet credit loss reversals<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(24<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,729<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nAmortization of debt issuance costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n394<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n394<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nStock-based compensation costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,004<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,747<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet unrealized losses on investments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n247<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n117<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGain on sale of assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,970<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,371<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nEquity in earnings of unconsolidated affiliates, net of distributions<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,203<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,743<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nChanges in operating assets and liabilities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nReceivables<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(11,711<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,052<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nContract assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,291<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(54,861<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nInventories, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,707<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3,663<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nOther current assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14,713<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4,464<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n33,539<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n43,625<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nContract liabilities, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n39,848<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(20,733<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nOther current liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4,640<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,579<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther noncurrent changes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,642<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n672<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet cash provided by operating activities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n143,675<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,128<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInvesting activities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCapital expenditures<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(15,470<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(18,539<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNet proceeds from sale or disposition of property, plant and equipment<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,719<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,310<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nProceeds from insurance contracts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,174<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInvestments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,550<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,766<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNet cash used in investing activities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(14,301<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(14,821<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nFinancing activities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRepayments of long-term debt<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3,750<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3,750<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nTax withholding on stock-based compensation<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,768<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(588<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNet cash used in financing activities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6,518<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4,338<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nIncrease (decrease) in cash, cash equivalents and restricted cash<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n122,856<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(12,031<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nCash, cash equivalents and restricted cash – beginning of period<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n170,500<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n86,012<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash, cash equivalents and restricted cash – end of period<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n293,356<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n73,981<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Everus Construction Group, Inc. Revenues<\/b><\/p>\n \nThe following table sets forth segment revenues for the periods indicated, as well as the percentage change from the prior period:<\/p>\n \n\u00a0<\/p>\n<\/td>\n Three months ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n % Change<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n (In millions, except percentages)<\/b><\/p>\n<\/td>\n<\/tr>\n \nOperating revenues:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nE&M<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n835.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n648.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n28.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nT&D<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n204.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n185.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10.5<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nEliminations<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2.6<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6.6<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(60.6<\/p>\n<\/td>\n \n)%<\/p>\n<\/td>\n<\/tr>\n \nTotal operating revenues<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,036.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n826.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n25.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Backlog<\/b><\/p>\n \nBacklog is a common measurement in the construction services industry. Everus’ determination of backlog can include projects that have a written award, a letter of intent, a notice to proceed, an agreed upon work order to perform work on mutually accepted terms, and conditions and change orders or claims to the extent management believes additional contract revenues will be earned and are deemed probable of collection. Contracts are subject to delays, defaults or cancellations; changes in scope of services to be provided; and adjustments to costs. Backlog also may be affected by project delays or cancellations resulting from weather conditions, external market factors and economic factors beyond Everus’ control, among other things. Accordingly, there is no assurance that backlog will be realized. For the periods presented in the following backlog table, Everus did not experience any material impacts related to delays or cancellations of planned projects included in backlog. The timing of contract awards, including contracts awarded pursuant to master service agreements, duration of large new contracts and the mix of services can significantly affect backlog. Backlog at any given point in time may not accurately represent revenue or net income realized in any period, and backlog as of the end of the year may not be indicative of revenue or net income expected to be realized in the following year. Backlog should not be relied upon as a stand-alone indicator of future results.<\/p>\n \nThe following table provides estimated backlog as of the dates indicated:<\/p>\n \n\u00a0<\/p>\n<\/td>\n March 31, 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n December 31, 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n March 31, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n (In millions)<\/b><\/p>\n<\/td>\n<\/tr>\n \nE&M<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3,291.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,843.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n2,704.4<\/p>\n<\/td>\n<\/tr>\n \nT&D<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n388.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n384.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n353.1<\/p>\n<\/td>\n<\/tr>\n \nTotal<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3,680.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3,228.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n3,057.5<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Everus Construction Group, Inc. \nIn addition to information prepared in accordance with GAAP, the company evaluates operating performance using the non-GAAP financial measures of EBITDA, EBITDA margin, net debt and net leverage, and, in some cases, applicable measures by segment, and evaluates its liquidity using the non-GAAP financial measure of free cash flow. These non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the company’s results as reported under GAAP. Because of these limitations, EBITDA, EBITDA margin, net debt, net leverage and free cash flow should not be considered as replacements for net income, net income margin, total debt, gross leverage and cash provided by (used in) operating activities, the most comparable GAAP measures, respectively. Non-GAAP financial measures are not standardized; therefore, it may not be possible to compare them with other companies\u2019 EBITDA, EBITDA margin, net debt, net leverage and free cash flow having the same or similar names.<\/p>\n EBITDA and EBITDA Margin<\/b><\/p>\n \nEverus utilizes EBITDA and EBITDA margin to consistently assess its operating performance and as a basis for strategic planning and forecasting, since the company believes EBITDA closely correlates to long-term enterprise value. Everus believes that measuring performance on an EBITDA basis is useful to investors because it enables a more consistent evaluation of its period-to-period operational performance. Everus also believes these non-GAAP financial measures, in addition to the corresponding GAAP measures of net income and net income margin, are useful to investors and provide meaningful information about operational efficiency by excluding the impacts of differences in tax jurisdictions and structures, debt levels and capital investment. Investors also may use EBITDA to calculate leverage as a multiple of EBITDA. Management uses EBITDA and EBITDA margin, in addition to GAAP metrics, to evaluate the company’s operating results, calculate compensation packages and determine leverage as a multiple of EBITDA to establish the appropriate funding of operations.<\/p>\n \nEBITDA is calculated by adding back interest expense, net of interest income, income taxes, and depreciation and amortization to net income. EBITDA margin is calculated by dividing EBITDA by operating revenues.<\/p>\n \nThe following table reconciles net income to EBITDA and provides the calculation of EBITDA margin.<\/p>\n \n\u00a0<\/p>\n<\/td>\n Three months ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n % Change<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n (In millions, except percentages)<\/b><\/p>\n<\/td>\n<\/tr>\n \nNet income<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n58.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n36.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n58.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nInterest expense, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(51.1<\/p>\n<\/td>\n \n)%<\/p>\n<\/td>\n<\/tr>\n \nIncome taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n49.3<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n17.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nEBITDA<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n88.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n61.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n43.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal operating revenues<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,036.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n826.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n25.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nNet income margin<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEBITDA margin<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7.5<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe following tables reconcile net income to EBITDA by segment.<\/p>\n \n\u00a0<\/p>\n<\/td>\n Three months ended March 31, 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three months ended March 31, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n E&M<\/b><\/p>\n<\/td>\n T&D<\/b><\/p>\n<\/td>\n Corporate Total<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n E&M<\/b><\/p>\n<\/td>\n T&D<\/b><\/p>\n<\/td>\n Corporate Total<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n (In millions)<\/b><\/p>\n<\/td>\n<\/tr>\n \nNet income<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n56.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n15.0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(13.4<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n58.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n36.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n10.5<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(10.4<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n36.7<\/p>\n<\/td>\n<\/tr>\n \nInterest expense, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2.1<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1.8<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4.7<\/p>\n<\/td>\n<\/tr>\n \nIncome taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n19.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3.8<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3.1<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13.6<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.1<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.1<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.8<\/p>\n<\/td>\n<\/tr>\n \nEBITDA<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n75.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n27.1<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(13.5<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n88.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n49.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n20.1<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(7.8<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n61.8<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe following table provides EBITDA and the calculation of EBITDA margin by segment.<\/p>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three months ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n % Change<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n (In millions, except percentages)<\/b><\/p>\n<\/td>\n<\/tr>\n \nOperating revenues:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nE&M<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n835.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n648.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n28.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nT&D<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n204.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n185.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10.5<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nEliminations<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2.6<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6.6<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(60.6<\/p>\n<\/td>\n \n)%<\/p>\n<\/td>\n<\/tr>\n \nTotal operating revenues<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n1,036.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n826.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n25.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet income:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nE&M<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n56.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n36.6<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n54.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nT&D<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n42.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nCorporate and Other<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(13.4<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(10.4<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(28.8<\/p>\n<\/td>\n \n)%<\/p>\n<\/td>\n<\/tr>\n \nTotal net income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n58.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n36.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n58.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEBITDA:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nE&M<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n75.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n49.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n52.1<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nT&D<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n27.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n34.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nCorporate and Other<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(13.5<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(7.8<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(73.1<\/p>\n<\/td>\n \n)%<\/p>\n<\/td>\n<\/tr>\n \nTotal EBITDA<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n88.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n61.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n43.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet income margin:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nE&M<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.8<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nT&D<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7.3<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal net income margin<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4.4<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEBITDA margin:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nE&M<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nT&D<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13.3<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10.9<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal EBITDA margin<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.6<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7.5<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Net Debt and Net Leverage<\/b><\/p>\n \nEverus uses net debt and net leverage as a measure of assessing its borrowing capacity and achieving its optimal capital structure. The company believes these non-GAAP financial measures, in addition to the corresponding GAAP measures of total debt and gross leverage, are useful to investors because they provide insight into how long it would take the company to pay back its debt if net debt and EBITDA were constant.<\/p>\n \nNet debt is calculated by adding unamortized debt issuance costs to the total debt balance on the balance sheet, less any unrestricted cash. Net leverage is calculated by dividing net debt by trailing 12-month EBITDA.<\/p>\n \nThe following table provides the reconciliations of trailing 12-month EBITDA as of March 31, 2026, and Dec. 31, 2025.<\/p>\n \n\u00a0<\/p>\n<\/td>\n Twelve months ended March 31, 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three months ended March 31, 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Twelve months ended December 31, 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three months ended March 31, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n (In millions)<\/b><\/p>\n<\/td>\n<\/tr>\n \nNet income<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n223.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n58.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n201.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n36.7<\/p>\n<\/td>\n<\/tr>\n \nInterest expense, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4.7<\/p>\n<\/td>\n<\/tr>\n \nIncome taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n79.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n72.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13.6<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n30.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n28.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6.8<\/p>\n<\/td>\n<\/tr>\n \nEBITDA<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n346.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n88.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n319.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n61.8<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe following table provides the reconciliations of net leverage as of March 31, 2026 and Dec. 31, 2025.<\/p>\n \n\u00a0<\/p>\n<\/td>\n March 31, 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n December 31, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n (In millions, except net leverage)<\/b><\/p>\n<\/td>\n<\/tr>\n \nCurrent portion of long-term debt<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n15.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n15.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLong-term debt<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n263.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n266.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal debt<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n278.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n281.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdd: Unamortized debt issuance costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.5<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal gross debt<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n281.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n285.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLess: cash and cash equivalents, excluding restricted cash<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(275.0<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(152.7<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nTotal net debt<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n6.2<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n132.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTrailing 12-month EBITDA for the periods indicated<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n346.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n319.8<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet leverage<\/p>\n<\/td>\n \n0.0x<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.4x<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Free Cash Flow<\/b><\/p>\n \nEverus uses free cash flow as a measure of liquidity that indicates how much cash the company can produce after taking cash outflows from operations and assets into consideration. The company believes this non-GAAP financial measure, in addition to the corresponding GAAP measure of cash provided by (used in) operating activities, is useful to investors because it provides meaningful information about the company\u2019s financial health and ability to generate cash, support additional debt obligations, pay potential future dividends and fund growth. Free cash flow does not represent residual cash flow available for discretionary purposes.<\/p>\n \nFree cash flow is defined as net cash provided by (used in) operating activities less net capital expenditures.<\/p>\n \nThe following table provides reconciliations of cash provided by operating activities to free cash flow.<\/p>\n \n\u00a0<\/p>\n<\/td>\n Three months ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n (In millions)<\/b><\/p>\n<\/td>\n<\/tr>\n \nNet cash used in investing activities<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(14.3<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(14.8<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNet cash used in financing activities<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(6.5<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(4.3<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet cash provided by operating activities<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n143.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n7.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCapital expenditures<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(15.5<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(18.5<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNet proceeds from sale or disposition of property, plant and equipment<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.3<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nFree cash flow<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n131.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$<\/p>\n<\/td>\n \n(8.1<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Non-GAAP Financial Guidance<\/b><\/p>\n \nEverus is unable to reconcile forward-looking non-GAAP financial guidance relating to full-year 2026 EBITDA and pro forma net leverage to the respective nearest GAAP measure without unreasonable efforts. Specifically, due to the limited time since the acquisition of SE&M, which was announced April 2, Everus has not yet completed its initial accounting for the acquisition or otherwise obtained sufficiently reliable estimates of certain components necessary to reconcile these non-GAAP measures. These amounts are dependent upon, among other things, finalizing the fair values of acquired tangible and intangible assets, which are inherently uncertain and subject to material change as Everus completes its valuation work during the measurement period. Everus is still gathering the necessary information for these disclosures and, as a result, is unable to estimate these amounts with a reasonable degree of accuracy at this time. Therefore, Everus is unable to provide a reconciliation of its forward-looking non-GAAP financial guidance relating to full-year 2026 EBITDA and, in turn, pro forma net leverage, in each case, without unreasonable efforts.<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20260505292080\/en\/<\/a><\/span><\/p>\n Media Contact Investor Contact KEYWORDS:<\/b> North Dakota United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Commercial Building & Real Estate Utilities Construction & Property Energy Machinery Building Systems Other Construction & Property Manufacturing<\/p>\n\n
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\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
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<\/b>Segment and Other Financial Information
\n
<\/b>(Unaudited)<\/b><\/p>\n\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
<\/b>Non-GAAP Financial Measures
\n
<\/b>(Unaudited)<\/b><\/p>\n\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n
\n
and Other<\/b><\/p>\n<\/td>\n\n \n \n \n \n
\n
and Other<\/b><\/p>\n<\/td>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/p>\n
\n<\/span><\/b>
Laura Lueder, director of communications, 701-221-6444<\/p>\n
\n<\/span><\/b>
Paul Bartolai, Vallum Advisors, Paul.Bartolai@everus.com<\/a><\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20260505292080\/en\/2446037\/3\/Everus_WordMark%C2%AE_Vertical_PMS.jpg\")
<\/td>\n<\/tr>\n