IES Holdings, Inc.

Previous wording

Entering fiscal 2026, our business has benefited from strong demand continuing across many of our key end markets. Backlog across our business segments in the aggregate remains high, reflecting strong demand. Demand with respect to data centers, a key end market served by our Communications, Infrastructure Solutions, and Commercial & Industrial segments, remains particularly strong. However, availability of labor and capacity could constrain the rate at which we are able to grow our business in this end market. While demand is strong for much of our business, our operating segments each have their own unique set of factors influencing demand for our services. Housing affordability challenges from elevated mortgage rates and inflation, concerns around the availability and cost of insurance, and the impact of overall economic uncertainty on consumer confidence have persisted from fiscal 2025 into 2026. As a result, many large home builders have increased their offerings of customer incentives as they focus on maintaining volume through fluctuations in consumer demand. Recently, some home builders have focused on reducing existing inventory of homes rather than starting new projects. Both of these strategies have put pressure on our revenues and gross margins in our single-family business. In the multi-family residential business, higher borrowing costs for project owners in recent years resulted in a reduction in backlog entering fiscal 2026, which we expect to drive a reduction in multi-family residential revenues for fiscal 2026.

Current wording

Entering the second half of fiscal 2026, we have significantly expanded our backlog. Demand with respect to data centers, a key end market served by our Communications, Infrastructure Solutions, and Commercial & Industrial segments, has continued to grow. We expect the continuing investments in capacity we have made in recent years, combined with our increased backlog, will drive growth in our business in the second half of the year. Availability of labor remains challenging, and will continue to be an area of focus for us. While demand is strong for much of our business, our operating segments each have their own unique set of factors influencing demand for our services. Housing affordability challenges from elevated mortgage rates and inflation, concerns around the availability and cost of insurance, and the impact of overall economic uncertainty on consumer confidence have persisted from fiscal 2025. The large national and regional home builders continue to put pressure on suppliers such as IES to reduce our pricing, which has continued to impact our revenues and gross margins in our single-family business. In the multi-family residential business, higher borrowing costs for project owners in recent years resulted in a reduction in backlog during fiscal 2025, which we expect to drive a reduction in multi-family residential revenues for fiscal 2026. Multi-family backlog recently has begun to increase, which we expect will benefit us in fiscal 2027.

Previous wording

Consolidated revenues for the three months ended December 31, 2025 were $121.4 million higher than for the three months ended December 31, 2024, an increase of 16.2%, with increases at our Communications, Infrastructure Solutions and Commercial & Industrial segments and a decrease at our Residential segment. See further discussion below of changes in revenues for our individual segments.

Current wording

Consolidated revenues for the three months ended March 31, 2026, were $140.3 million higher than for the three months ended March 31, 2025, an increase of 16.8%, with increases at our Communications, Infrastructure Solutions and Commercial & Industrial segments and a decrease at our Residential segment. See further discussion below of changes in revenues for our individual segments.

Previous wording

Consolidated gross profit for the three months ended December 31, 2025 increased $42.0 million compared to the three months ended December 31, 2024. Our overall gross profit percentage increased to 25.3% during the three months ended December 31, 2025 as compared to 23.8% during the three months ended December 31, 2024. Gross profit as a percentage of revenue increased at our Communications, Infrastructure Solutions and Commercial & Industrial segments and decreased at our Residential segment. See further discussion below of changes in gross margin for our individual segments.

Current wording

Consolidated gross profit for the three months ended March 31, 2026 increased $45.9 million compared to the three months ended March 31, 2025. Our overall gross profit percentage was 26.2% during the three months ended March 31, 2026, as compared to 25.0% during the three months ended March 31, 2025. Gross profit as a percentage of revenue increased at our Communications and Commercial & Industrial and decreased at our Residential and Infrastructure Solutions segments. See further discussion below of changes in gross margin for our individual segments.

Previous wording

During the three months ended December 31, 2025, our selling, general and administrative expenses were $121.8 million, an increase of $18.8 million, or 18.2%, over the three months ended December 31, 2024, driven primarily by increased personnel costs across our operating segments to support their growth, increased incentive compensation in connection with higher earnings than in the prior fiscal year and continued investment in technology to support the scalability of the business. Selling, general and administrative expenses as a percentage of revenue increased from 13.7% for the three months ended December 31, 2024 to 14.0% for the three months ended December 31, 2025.

Current wording

During the six months ended March 31, 2026, our selling, general and administrative expenses were $264.3 million, an increase of $45.2 million, or 20.6%, over the six months ended March 31, 2025, driven primarily by increased personnel costs across our operating segments to support their growth, increased incentive compensation in connection with higher earnings than in the prior fiscal year and continued investment in technology to support the scalability of the business. Selling, general and administrative expenses as a percentage of revenue increased from 13.8% for the six months ended March 31, 2025 to 14.3% for the six months ended March 31, 2026.

Previous wording

Selling, General and Administrative Expenses. Our Communications segment’s selling, general and administrative expenses increased by $8.2 million, or 40.5%, during the three months ended December 31, 2025, compared to the three months ended December 31, 2024. The increase primarily reflects higher personnel cost to support business growth and higher incentive compensation as a result of higher earnings. Selling, general and administrative expenses as a percentage of revenue was 8.1% for the three months ended December 31, 2025 compared with 8.7% during the three months ended December 31, 2024 as we benefited from the increased scale of our operations.

Current wording

Selling, General and Administrative Expenses. Our Communications segment’s selling, general and administrative expenses increased by $9.1 million, or 38.9%, during the three months ended March 31, 2026 compared to the three months ended March 31, 2025. The increase primarily reflects higher personnel costs to support business growth and higher incentive compensation as a result of higher earnings. Selling, general and administrative expenses as a percentage of revenue was 8.9% during the three months ended March 31, 2026, compared to 8.6% during the three months ended March 31, 2025 as the increase in selling, general and administrative expenses was generally consistent with the Communications segment's revenue growth during the period.

Previous wording

Revenues. Our Communications segment’s revenues increased by $119.0 million, or 51.1%, during the three months ended December 31, 2025, compared to the three months ended December 31, 2024. Continued strong demand in the data center market was the primary driver of the increase, while demand in the distribution center market also continued to grow.

Current wording

Revenues. Our Communications segment’s revenues increased by $213.6 million, or 42.2%, during the six months ended March 31, 2026, compared to the six months ended March 31, 2025. Continued strong demand in the data center market was the primary driver of the increase, while demand in the distribution center market also continued to grow.

Previous wording

Gross Profit. Our Communications segment’s gross profit during the three months ended December 31, 2025 increased by $37.6 million, or 77.0%, as compared to the three months ended December 31, 2024. Gross profit as a percentage of revenue increased from 21.0% to 24.5%. The increase in gross profit and gross margin primarily reflects strong demand as discussed above, successful project execution and improved margins on projects well-suited to our skilled workforce.

Current wording

Gross Profit. Our Communications segment’s gross profit during the six months ended March 31, 2026 increased by $68.3 million, or 61.0%, as compared to the six months ended March 31, 2025. Gross profit as a percentage of revenue increased from 22.1% to 25.0%. The increase in gross profit and gross margin primarily reflects strong demand as discussed above, successful project execution and improved margins on projects well-suited to our skilled workforce.

Previous wording

Revenues. Our Residential segment’s revenues decreased by $35.9 million, or 11.2%, during the three months ended December 31, 2025, compared to the three months ended December 31, 2024. Our single-family electrical revenues decreased by $32.2 million compared to the prior year period. Consumer demand in the single-family housing market was impacted by housing affordability challenges, availability and cost of insurance, and overall economic uncertainty, leading to a decline in construction volumes and pressure on pricing during the period. Our multi-family revenues also decreased by $12.4 million, driven by a reduction in backlog resulting from the impact of elevated interest rates on demand. Our single-family plumbing and HVAC revenue increased by $8.7 million compared to the prior year period as the general decrease in demand for single-family housing was offset by continued expansion of our plumbing and HVAC business into new markets, as well as improved market conditions for these services in certain markets.

Current wording

Revenues. Our Residential segment’s revenues decreased by $66.3 million, or 10.4%, during the six months ended March 31, 2026, compared to the six months ended March 31, 2025. Our single-family electrical revenues decreased by $58.1 million compared to the prior year period. Consumer demand in the single-family housing market was impactedby housing affordability challenges, availability and cost of insurance, and overall economic uncertainty, leading to a decline in construction volumes and pressure on pricing during the period. Our multi-family revenues also decreased by $27.7 million, driven by a reduction in backlog during fiscal 2025 resulting from the impact of elevated interest rates on demand. Our single-family plumbing and HVAC revenue increased by $19.6 million compared to the prior year period asthe general decrease in demand for single-family housing was offset by continued expansion of our plumbing and HVAC business into new markets, as well as improved market conditions for these services in certain markets.

Previous wording

Gross Profit. During the three months ended December 31, 2025, our Residential segment’s gross profit decreased by $16.2 million, or 20.5%, compared to the three months ended December 31, 2024. The decrease in gross profit reflects the decline in volume as discussed above and reduced pricing to our customers. Gross profit as a percentage of revenue was 22.2% during the three months ended December 31, 2025, compared to 24.7% during the three months ended December 31, 2024.

Current wording

Gross Profit. During the six months ended March 31, 2026, our Residential segment’s gross profit decreased by $34.1 million, or 21.5%, compared to the six months ended March 31, 2025. The decrease in gross profit reflects the decline in volume as discussed above and reduced pricing to our customers. Gross profit as a percentage of revenue was 21.8% during the six months ended March 31, 2026, compared to 24.9% during the six months ended March 31, 2025.

Previous wording

Selling, General and Administrative Expenses. Our Residential segment’s selling, general and administrative expenses decreased by $1.2 million, or 2.2%, during the three months ended December 31, 2025, compared to the three months ended December 31, 2024. The decrease was primarily driven by reduced incentive compensation expense in connection with lower profitability, partly offset by investments to support the future scalability of our business. Selling, general and administrative expenses as a percentage of revenue increased to 19.0% during the three months ended December 31, 2025, compared to 17.3% during the three months ended December 31, 2024. The increase as a percentage of revenue was primarily driven by the decrease in revenues as discussed above.

Current wording

Selling, General and Administrative Expenses. Our Residential segment’s selling, general and administrative expenses decreased by $3.0 million, or 2.7%, during the six months ended March 31, 2026, compared to the six months ended March 31, 2025. The decrease was primarily driven by reduced incentive compensation expense in connection with lower profitability, partly offset by investments to support the future scalability of our business. Selling, general and administrative expenses as a percentage of revenue increased to 19.1% during the six months ended March 31, 2026, compared to 17.6% during the six months ended March 31, 2025. The increase as a percentage of revenue was primarily driven by the decrease in revenues as discussed above.

Previous wording

Revenues. Revenues in our Infrastructure Solutions segment increased by $32.1 million, or 29.6%, during the three months ended December 31, 2025 compared to the three months ended December 31, 2024. The increase in revenue was driven primarily by continued strong demand in our custom engineered solutions manufacturing businesses, including generator enclosures for data center customers, as well as expansion of our field services offerings.

Current wording

Revenues. Revenues in our Infrastructure Solutions segment increased by $106.9 million, or 47.3%, during the six months ended March 31, 2026 compared to the six months ended March 31, 2025. The increase in revenue was driven primarily by continued strong demand in our custom engineered solutions manufacturing businesses, improved pricing and the impact of investments we have made over the last several years to increase capacity to meet increasing demand, as well as expansion of our field services offerings and the acquisition of Gulf Island as discussed above.

Previous wording

Gross Profit. Our Infrastructure Solutions segment’s gross profit during the three months ended December 31, 2025 increased by $15.6 million, or 44.5%, compared to the three months ended December 31, 2024, and gross profit as a percentage of revenue increased to 36.1% for the three months ended December 31, 2025 compared to 32.3% for the three months ended December 31, 2024. The improvement in gross profit and gross margin primarily reflects the impact of investments we have made over the last several years to increase capacity to meet increasing demand. In addition, improved pricing and productivity improvements as our newer facilities ramped up production contributed to increased profitability.

Current wording

Gross Profit. Our Infrastructure Solutions segment’s gross profit during the six months ended March 31, 2026 increased by $39.4 million, or 53.0%, compared to the six months ended March 31, 2025, and gross profit as a percentage of revenue increased to 34.2% for the six months ended March 31, 2026 compared to 32.9% for the six months ended March 31, 2025. The improvement in gross profit and gross margin primarily reflects improved pricing and productivity improvements as our newer facilities ramped up production, partly offset by the lower gross margin at Gulf Island as we reposition its operations to better utilize available manufacturing capacity.

Previous wording

Selling, General and Administrative Expenses. Our Infrastructure Solutions segment’s selling, general and administrative expenses during the three months ended December 31, 2025 increased by $3.6 million, or 32.3%, compared to the three months ended December 31, 2024, primarily as a result of the growth of the business. Selling, general and administrative expenses as a percentage of revenue increased from 10.4% for the three months ended December 31, 2024 to 10.6% for the three months ended December 31, 2025.

Current wording

Selling, General and Administrative Expenses. Our Infrastructure Solutions segment’s selling, general and administrative expenses during the six months ended March 31, 2026 increased by $12.2 million, or 51.4%, compared to the six months ended March 31, 2025, as a result of the growth of the business, as well as $5.4 million of expense, including amortization of acquired intangible assets, incurred at Gulf Island. Selling, general and administrative expenses as a percentage of revenue increased from 10.5% for the six months ended March 31, 2025 to 10.8% for the six months ended March 31, 2026, primarily reflecting the acquisition of Gulf Island.

Previous wording

Gross Profit. Our Commercial & Industrial segment’s gross profit during the three months ended December 31, 2025 increased by $5.0 million, or 33.3%, compared to the three months ended December 31, 2024. Gross profit as a percentage of revenue was 21.3% for the three months ended December 31, 2025 compared with 17.1% for the three months ended December 31, 2024 as we benefitted from strong execution on certain large projects.

Current wording

Gross Profit. Our Commercial & Industrial segment’s gross profit during the three months ended March 31, 2026 increased by $9.3 million, or 34.6%, compared to the three months ended March 31, 2025. Gross profit as a percentage of revenue increased from 21.4% for the three months ended March 31, 2025 to 28.6% for the thee months ended March 31, 2026, as we benefited from strong execution on certain large data center projects.

Previous wording

Selling, General and Administrative Expenses. Our Commercial & Industrial segment’s selling, general and administrative expenses during the three months ended December 31, 2025 increased by $2.5 million, or 30.4%, compared to the three months ended December 31, 2024 primarily as a result of increased employee compensation cost, including higher incentive compensation as a result of successful project execution, as we continue to invest in growth of the business. Selling, general and administrative expenses as a percentage of revenue increased to 11.1% for the three months ended December 31, 2025 compared with 9.1% for the three months ended December 31, 2024.

Current wording

Selling, General and Administrative Expenses. Our Commercial & Industrial segment’s selling, general and administrative expenses during the three months ended March 31, 2026 increased by $3.7 million, or 33.8%, compared to the three months ended March 31, 2025 primarily as a result of increased employee compensation cost as we continue to invest in the growth of the business and higher incentive compensation as a result of successful project execution. Selling, general and administrative expenses as a percentage of revenue increased from 8.8% for the three months ended March 31, 2025 to 11.7% for the three months ended March 31, 2026 as a result of the increased compensation expense discussed above.

Previous wording

Revenues. Revenues in our Commercial & Industrial segment increased by $6.3 million, or 7.2%, during the three months ended December 31, 2025, compared to the three months ended December 31, 2024. The increase was primarily driven by continued strong demand and successful execution of backlog, particularly in the data center end market, as well as expansion of one of our operations in the Midwest market.

Current wording

Revenues. Revenues in our Commercial & Industrial segment increased by $7.5 million, or 3.5%, during the six months ended March 31, 2026, compared to the six months ended March 31, 2025. The increase was prim arily driven by continued strong demand and successful execution of backlog, particularly in the data center end market, as well as expansion of one of our operations in the Midwest market.

Previous wording

During the three months ended December 31, 2025, we incurred interest expense of $0.5 million primarily comprised of interest on our finance lease agreements and fees on an average letter of credit balance of $9.1 million under our revolving credit facility and an average unused line of credit balance of $290.9 million. This compares to interest expense of $0.5 million for the three months ended

Current wording

During the three months ended March 31, 2026, we incurred interest expense of $1.5 million primarily comprised of interest on our revolving credit facility, which had an average outstanding balance of $83.9 million, interest on our finance lease agreements and fees on an average letter of credit balance of $11.3 million under our revolving credit facility and an average unused line of credit balance of $204.8 million. This compares to interest expense of $0.3 million for the three months ended March 31, 2025, primarily comprised of interest on our finance lease agreements and fees on an average letter of credit balance of $5.5 million under our revolving credit facility and an average unused line of credit balance of $264.9 million.

Previous wording

We recorded a net gain on marketable securities of $16.9 million for the three months ended December 31, 2025 compared to $2.4 million for the three months ended December 31, 2024 as a result of an increase in the market value of our holdings.

Current wording

We recorded a net gain on marketable securities of $37.3 million for the three months ended March 31, 2026 compared to $5.5 million for the three months ended March 31, 2025 reflecting both realized gains and an increase in the market value of our holdings.

Previous wording

We recorded income tax expense of $28.4 million for the three months ended December 31, 2025, compared to $20.0 million for the three months ended December 31, 2024, driven primarily by increased pretax income.

Current wording

We recorded income tax expense of $38.3 million for the three months ended March 31, 2026, compared to $26.1 million for the three months ended March 31, 2025, driven primarily by increased pretax income.

Previous wording

During the three months ended December 31, 2025, working capital exclusive of cash, cash equivalents and restricted cash increased by $80.5 million from September 30, 2025, reflecting a $62.7 million increase in current assets excluding cash and a $17.8 million decrease in current liabilities during the period.

Current wording

During the six months ended March 31, 2026, working capital exclusive of cash, cash equivalents and restricted cash increased by $87.4 million from September 30, 2025, reflecting a $287.0 million increase in current assets excluding cash and restricted cash and a $199.6 million increase in current liabilities during the period.

Previous wording

During the three months ended December 31, 2025, our current assets exclusive of cash, cash equivalents and restricted cash increased to $1,021.0 million, as compared to $958.3 million as of September 30, 2025. The increase was primarily driven by a $65.3 million increase in marketable securities, as a portion of our excess cash was invested in trading securities. In addition, costs and estimated earnings in excess of billings increased by $16.6 million, driven by the timing of contract billings. These increases were partly offset by a $23.2 million decrease in accounts receivable including retainage due to the timing of customer billings and project execution at the end of the period.

Current wording

During the six months ended March 31, 2026, our current assets exclusive of cash, cash equivalents and restricted cash increased to $1,245.3 million, as compared to $958.3 million as of September 30, 2025. The increase was primarily driven by a $121.9 million increase in accounts receivable including retainage associated with an increase in activity, and a $109.4 million increase in marketable securities. In addition, costs and estimated earnings in excess of billings increased by $31.6 million, driven by increased activity and the timing of contract billings.

Previous wording

During the three months ended December 31, 2025, our total current liabilities decreased by $17.8 million to $615.6 million, compared to $633.4 million as of September 30, 2025, primarily driven by a $53.7 million decrease in accounts payable and accrued expenses as a result of the timing of certain large payments, partly offset by a $35.9 million increase in billings in excess of costs and estimated earnings, driven by the timing of contract billings.

Current wording

During the six months ended March 31, 2026, our total current liabilities increased by $199.6 million to $833.0 million, compared to $633.4 million as of September 30, 2025, primarily driven by a $109.8 million increase in billings in excess of costs and estimated earnings associated with increased activity and the timing of contract billings. We also incurred $35.0 million of debt, which we have classified as a current liability as a result of our intention to repay it within the next 12 months, in connection with our acquisition of Gulf Island. Finally, accounts payable increased by $54.8 million as a result of increased activity.

Previous wording

We believe the bonding capacity provided by our sureties is adequate for our current operations and will be adequate for our operations for the foreseeable future. As of December 31, 2025, the estimated cost to complete our bonded projects was approximately $183.8 million.

Current wording

We believe the bonding capacity provided by our sureties is adequate for our current operations and will be adequate for our operations for the foreseeable future. As of March 31, 2026, the estimated cost to complete our bonded projects was approximately $312.4 million.

Previous wording

At December 31, 2025, we had $11.3 million in outstanding letters of credit and no outstanding borrowings under our revolving credit facility.

Current wording

At March 31, 2026, we had $11.3 million in outstanding letters of credit and $35.0 million of outstanding borrowings under our revolving credit facility.

Previous wording

Net cash provided by operating activities was $27.7 million during the three months ended December 31, 2025, as compared to $37.3 million in the three months ended December 31, 2024. The decrease in operating cash flow resulted from an increase in cash used for working capital during the three months ended December 31, 2025 as compared with the three months ended December 31, 2024, partly offset by increased earnings in the three months ended December 31, 2025.

Current wording

Net cash provided by operating activities was $131.0 million during the six months ended March 31, 2026, as compared to $62.1 million in the six months ended March 31, 2025. The increase in operating cash flow primarily resulted from increased earnings in the six months ended March 31, 2026 as compared with the six months ended March 31, 2025.

Previous wording

Net cash used in investing activities was $46.2 million for the three months ended December 31, 2025, compared to $58.4 million used in investing activities in the three months ended December 31, 2024. During the three months ended December 31, 2025, we used $46.6 million for capital expenditures in support of the growth of our business. During the three months ended December 31, 2024, we paid $44.9 million to acquire a membership interest in Jett Texas Company LLC (“Jett”), an investment company, as part of the financing of Jett's investment in the CB&I storage solutions business. We also made capital expenditures of $13.2 million as we continued to purchase new assets instead of entering into new lease agreements at our Communications segment and made other capital expenditures to support the growth of our business.

Current wording

Net cash used in investing activities was $221.1 million for the six months ended March 31, 2026, compared to $97.1 million used in investing activities in the six months ended March 31, 2025. During the six months ended March 31, 2026, we used $143.1 million to fund the purchase of Gulf Island and $78.4 million for capital expenditures in support of the growth of our business. During the six months ended March 31, 2025, we paid $44.9 million to acquire a membership interest in Jett Texas Company LLC (“Jett”), an investment company, as part of the financing of Jett's investment in the CB&I storage solutions business. We also made capital expenditures of $30.1 million as we continued to purchase new assets instead of entering into new lease agreements at our Communications segment and made other capital expenditures to support the growth of our business.

Previous wording

Net cash used in financing activities for the three months ended December 31, 2025 was $19.8 million, compared to $20.6 million for the three months ended December 31, 2024. Net cash used in financing activities for the three months ended December 31, 2025 included $17.7 million used to repurchase our common stock to satisfy statutory withholding requirements upon the vesting of employee stock compensation. Net cash used in financing activities for the three months ended December 31, 2024 included $15.7 million used to repurchase our common stock, including repurchases to satisfy statutory withholding requirements upon the vesting of employee stock compensation, and $4.0 million in distributions to noncontrolling interests under operating agreements in connection with certain acquisitions.

Current wording

Net cash provided by financing activities for the six months ended March 31, 2026 was $12.5 million, compared to net cash used in financing activities of $43.4 million for the six months ended March 31, 2025. Net cash provided by financing activities for the six months ended March 31, 2026 included net borrowings of $35.0 million on our revolving credit facility, partly offset by $19.4 million used to repurchase our common stock, primarily to satisfy statutory withholding requirements upon the vesting of employee stock compensation. Net cash used in financing activities for the six months ended March 31, 2025 included $36.3 million used to repurchase our common stock, including repurchases to satisfy statutory withholding requirements upon the vesting of employee stock compensation, and $5.0 million in distributions to noncontrolling interests under operating agreements in connection with certain acquisitions.

Previous wording

On July 31, 2024, our Board authorized a stock repurchase program for the purchase from time to time of up to $200.0 million of the Company’s common stock after the previous stock repurchase program was fully utilized. Share purchases are made for cash in open market transactions at prevailing market prices or in privately negotiated transactions or otherwise. The timing and amount of purchases under the program are determined based upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. All or part of the repurchases may be implemented under a Rule 10b5-1 trading plan, which allows repurchases under pre-set terms at times when the Company might otherwise be prevented from purchasing under insider trading laws or because of self-imposed blackout periods. The program does not require the Company to purchase any specific number of shares and may be modified, suspended, reinstated, or terminated at any time at the Company’s discretion and without notice. We made no repurchases of common stock in open market transactions during the three months ended December 31, 2025.

Current wording

On July 31, 2024, our Board authorized a stock repurchase program for the purchase from time to time of up to $200.0 million of the Company’s common stock after the previous stock repurchase program was fully utilized. Share purchases are made for cash in open market transactions at prevailing market prices or in privately negotiated transactions or otherwise. The timing and amount of purchases under the program are determined based upon prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. All or part of the repurchases may be implemented under a Rule 10b5-1 trading plan, which allows repurchases under pre-set terms at times when the Company might otherwise be prevented from purchasing under insider trading laws or because of self-imposed blackout periods. The program does not require the Company to purchase any specific number of shares and may be modified, suspended, reinstated, or terminated at any time at the Company’s discretion and without notice. We repurchased 4,112 shares of our common stock in open market transactions during the six months ended March 31, 2026.

Previous wording

From time to time, we may enter into firm purchase commitments for materials, such as copper or aluminum wire, which we expect to use in the ordinary course of business. These commitments are typically for terms of less than one year and require us to buy minimum quantities of materials at specific intervals at a fixed price over the term. As of December 31, 2025, we had firm commitments of $17.0 million outstanding under agreements to purchase materials in the next 12 months in the ordinary course of business. In January 2026, we funded our purchase of Gulf Island with a combination of borrowings on our revolving line of credit and cash on hand. There have been no other material changes in our material cash requirements from those disclosed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025. We expect that cash and cash equivalents, cash flow from operations and availability under our revolving credit facility will be sufficient to satisfy cash requirements during at least the next 12 months.

Current wording

From time to time, we may enter into firm purchase commitments for materials, such as copper or aluminum wire, which we expect to use in the ordinary course of business. These commitments are typically for terms of less than one year and require us to buy minimum quantities of materials at specific intervals at a fixed price over the term. As of March 31, 2026, we had firm commitments of $15.8 million outstanding under agreements to purchase materials in the next 12 months in the ordinary course of business. In January 2026, we funded our purchase of Gulf Island with a combination of borrowings on our revolving line of credit and cash on hand. In connection with the purchase of Gulf Island and the planned expansion of products produced there, as well as continuing investment in expanded customer offerings and capacity across our business, we have raised our expected capital expenditure forecast for fiscal 2026 to a range of $145 million to $160 million. There have been no other material changes in our material cash requirements from those disclosed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025. We expect that cash and cash equivalents, cash flow from operations and availability under our revolving credit facility will be sufficient to satisfy cash requirements during at least the next 12 months.