Construction Partners, Inc.

Previous wording

At March 31, 2026, our contract backlog was $3.1 billion. Contract backlog is a financial measure that reflects the dollar value of work that the Company expects to perform in the future. We include a construction project in our contract backlog at the time it is awarded and to the extent we believe funding is probable. Our backlog consists of uncompleted work on contracts in progress and contracts for which we have executed a contract but have not commenced the work. For uncompleted work on contracts in progress, we include (i) executed change orders, (ii) pending change orders for which we expect to receive confirmation in the ordinary course of business and (iii) claims that we have made against our customers for which we have determined we have a legal basis under existing contractual arrangements and as to which we consider collection to be probable. Backlog of uncompleted work on contracts under which work was either in progress or had not yet begun was $2.6 billion at March 31, 2026. Our contract backlog also includes low bid/no contract projects, which consist of (i) public bid projects for which we were the low bidder and no contract has been executed and (ii) private work projects for which we have been notified that we are the low bidder or have been given a notice to proceed, but no contract has been executed. Low bid/no contract backlog was $0.5 billion at March 31, 2026.

Current wording

At June 30, 2026, our contract backlog was $3.4 billion. Contract backlog is a financial measure that reflects the dollar value of work that the Company expects to perform in the future. We include a construction project in our contract backlog at the time it is awarded and to the extent we believe funding is probable. Our backlog consists of uncompleted work on contracts in progress and contracts for which we have executed a contract but have not commenced the work. For uncompleted work on contracts in progress, we include (i) executed change orders, (ii) pending change orders for which we expect to receive confirmation in the ordinary course of business and (iii) claims that we have made against our customers for which we have determined we have a legal basis under existing contractual arrangements and as to which we consider collection to be probable. Backlog of uncompleted work on contracts under which work was either in progress or had not yet begun was $2.7 billion at June 30, 2026. Our contract backlog also includes low bid/no contract projects, which consist of (i) public bid projects for which we were the low bidder and no contract has been executed and (ii) private work projects for which we have been notified that we are the low bidder or have been given a notice to proceed, but no contract has been executed. Low bid/no contract backlog was $0.7 billion at June 30, 2026.

Previous wording

On April 1, 2026, we acquired substantially all of the assets of Four Star Paving, LLC (“Four Star”), a commercial paving contractor in the Nashville, Tennessee metro area. The transaction added construction crews and equipment, expanding the Company’s operations in middle Tennessee. For further discussion regarding this transaction, see Note 20 - Subsequent Events to the unaudited consolidated financial statements included elsewhere in this report.

Current wording

On April 1, 2026, we acquired substantially all of the assets of Four Star Paving, LLC (“Four Star”), a commercial paving contractor in the Nashville, Tennessee metro area. The transaction added construction crews and equipment, expanding the Company’s operations in middle Tennessee. For further discussion regarding this transaction, see Note 4 - Business Acquisitions to the unaudited consolidated financial statements included elsewhere in this report.

Previous wording

Interest expense, net primarily represents interest incurred on our long-term debt, such as the Term Loans and the Revolving Credit Facility, fees associated with debt modifications and amortization of deferred debt issuance costs. These amounts are partially offset by interest income earned on short-term investments of cash balances in excess of our current operating needs.

Current wording

Interest expense, net primarily represents interest incurred on our long-term debt, such as the Term Loan A, the TLB Loans and the Revolving Credit Facility, fees associated with debt modifications and amortization of deferred debt issuance costs. These amounts are partially offset by interest income earned on short-term investments of cash balances in excess of our current operating needs.

Previous wording

Revenues. Revenues for the three months ended March 31, 2026 increased $197.5 million, or 34.6%, to $769.2 million from $571.7 million for the three months ended March 31, 2025. The increase included $134.8 million of revenues attributable to acquisitions completed during or subsequent to the three months ended March 31, 2025 and $62.7 million of revenues in our existing markets from contract work and sales of HMA and aggregates to third parties. The 11.0% increase in revenues in our existing markets was due to strong demand in both public and private work.

Current wording

Revenues. Revenues for the three months ended June 30, 2026 increased $220.1 million, or 28.2%, to $999.4 million from $779.3 million for the three months ended June 30, 2025. The increase included $151.0 million of revenues attributable to acquisitions completed during or subsequent to the three months ended June 30, 2025 and $69.1 million of revenues in our existing markets from contract work and sales of HMA and aggregates to third parties. The 8.9% increase in revenues in our existing markets was due to strong demand in both public and private work.

Previous wording

Gross Profit. Gross profit for the six months ended March 31, 2026 increased $72.4 million, or 49.0%, to $220.4 million from $147.9 million for the six months ended March 31, 2025. The increase in gross profit was primarily the result of a 39.3% increase in revenues for the six months ended March 31, 2026 compared to the six months ended March 31, 2025 and a higher gross profit margin. The higher gross profit margin was due to efficient utilization of our plants, terminals and equipment fleet.

Current wording

Gross Profit. Gross profit for the three months ended June 30, 2026 increased $36.6 million, or 27.8%, to $168.4 million from $131.8 million for the three months ended June 30, 2025. The increase in gross profit was primarily the result of a 28.2% increase in revenues for the three months ended June 30, 2026 compared to the three months ended June 30, 2025.

Previous wording

General and Administrative Expenses. General and administrative expenses for the six months ended March 31, 2026 increased $34.2 million, or 37.6%, to $125.1 million from $90.9 million for the six months ended March 31, 2025. The increase was attributable to general and administrative expenses associated with the operations of businesses acquired during or subsequent to March 31, 2025 and an increase in share-based compensation expense.

Current wording

General and Administrative Expenses. General and administrative expenses for the three months ended June 30, 2026 increased $12.1 million, or 23.8%, to $63.1 million from $51.0 million for the three months ended June 30, 2025. The increase was primarily attributable to general and administrative expenses associated with the operations of businesses acquired during or subsequent to the three months ended June 30, 2025.

Previous wording

Gain on Sale of Property, Plant and Equipment. Gain on sale of property, plant and equipment for the three months ended March 31, 2026 increased $1.2 million, or 35.2%, to $4.6 million from $3.4 million for the three months ended March 31, 2025. The increase was primarily the result of higher disposals of equipment and components during the three months ended March 31, 2026.

Current wording

Gain on Sale of Property, Plant and Equipment. Gain on sale of property, plant and equipment for the three months ended June 30, 2026 increased $1.9 million, or 48.7%, to $5.9 million from $4.0 million for the three months ended June 30, 2025. The increase was primarily the result of higher amounts realized upon disposals of equipment and components during the three months ended June 30, 2026.

Previous wording

Interest Expense, Net. Interest expense, net for the three months ended March 31, 2026 increased $4.0 million, or 18.5%, to $25.6 million compared to $21.6 million for the three months ended March 31, 2025. The increase in interest expense, net was primarily related to additional borrowings under our Term Loan A / Revolver Credit Agreement.

Current wording

Interest Expense, Net. Interest expense, net for the three months ended June 30, 2026 increased $5.1 million, or 20.0%, to $30.3 million compared to $25.2 million for the three months ended June 30, 2025. The increase in interest expense, net was primarily related to additional borrowings under our credit facilities and fees associated with the amendments to our Term Loan A / Revolver Credit Agreement and Term Loan B Credit Agreement.

Previous wording

Provision for Income Taxes. Our effective tax rate increased to 23.9% for the three months ended March 31, 2026, from 23.7% for the three months ended March 31, 2025. Our higher effective tax rate during the three months ended March 31, 2026 was due to differences in state tax rates at our operating subsidiaries.

Current wording

Provision for Income Taxes. Our effective tax rate increased to 24.7% for the three months ended June 30, 2026, from 24.0% for the three months ended June 30, 2025. Our higher effective tax rate during the three months ended June 30, 2026 was due to differences in state tax rates at our operating subsidiaries.

Previous wording

Net Income. Net income increased $5.0 million to $9.2 million for the three months ended March 31, 2026, compared to $4.2 million for the three months ended March 31, 2025. The increase in net income was primarily a result of higher gross profit and gain on sale of property, plant and equipment, partially offset by an increase in general and administrative expenses, acquisition-related expenses, interest expense, net and provision for income taxes, all as described above.

Current wording

Net Income. Net income increased $15.5 million to $59.6 million for the three months ended June 30, 2026, compared to $44.0 million for the three months ended June 30, 2025. The increase in net income was primarily a result of higher gross profit and gain on sale of property, plant and equipment, partially offset by an increase in general and administrative expenses, interest expense, net and provision for income taxes, all as described above.

Previous wording

Adjusted EBITDA and Adjusted EBITDA Margin. Adjusted EBITDA and Adjusted EBITDA margin were $93.3 million and 12.1%, respectively, for the three months ended March 31, 2026, compared to $69.3 million and 12.1%, respectively, for the three months ended March 31, 2025. The increase in Adjusted EBITDA and Adjusted EBITDA margin resulted from a $5.0 million increase in net income as described above, a $9.0 million increase in depreciation, depletion, accretion and amortization, a $4.0 million increase in interest expense, net, and a $3.1 million increase in share-based compensation expense. For a description of Adjusted EBITDA and Adjusted EBITDA margin, as well as a reconciliation of Adjusted EBITDA to net income and the calculation of Adjusted EBITDA margin, see above under the heading “How We Assess Performance of Our Business — Other Key Performance Indicators — Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Net Income.”

Current wording

Adjusted EBITDA and Adjusted EBITDA Margin. Adjusted EBITDA and Adjusted EBITDA margin were $163.0 million and 16.3%, respectively, for the three months ended June 30, 2026, compared to $131.7 million and 16.9%, respectively, for the three months ended June 30, 2025. The increase in Adjusted EBITDA resulted from a $15.5 million increase in net income as described above, a $4.7 million increase in depreciation, depletion, accretion and amortization, a $5.1 million increase in interest expense, net and a $5.7 million increase in provision for income taxes. For a description of Adjusted EBITDA and Adjusted EBITDA margin, as well as a reconciliation of Adjusted EBITDA to net income and the calculation of Adjusted EBITDA margin, see above under the heading “How We Assess Performance of Our Business — Other Key Performance Indicators — Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Net Income.”

Previous wording

Adjusted Net Income. Adjusted net income increased $6.0 million to $10.4 million for the three months ended March 31, 2026, compared to $4.4 million for the three months ended March 31, 2025. The increase in Adjusted net income was primarily a result of higher gross profit and gain on sale of property, plant and equipment, partially offset by an increase in general and administrative expenses, acquisition-related expenses, interest expense and provision for income taxes, all as described above. For a description of Adjusted net income, as well as a reconciliation of Adjusted net income to net income, see above under the heading “How We Assess Performance of Our Business — Other Key Performance Indicators — Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Net Income.”

Current wording

Adjusted Net Income. Adjusted net income increased $15.3 million to $60.6 million for the three months ended June 30, 2026, compared to $45.3 million for the three months ended June 30, 2025. The increase in Adjusted net income was primarily a result of higher gross profit and gain on sale of property, plant and equipment, partially offset by an increase in general and administrative expenses, interest expense, net and provision for income taxes, all as described above. For a description of Adjusted net income, as well as a reconciliation of Adjusted net income to net income, see above under the heading “How We Assess Performance of Our Business — Other Key Performance Indicators — Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Net Income.”

Previous wording

The following table sets forth selected financial data for the six months ended March 31, 2026 and 2025 (unaudited, in thousands, except percentages):

Current wording

The following table sets forth selected financial data for the nine months ended June 30, 2026 and 2025 (unaudited, in thousands, except percentages):

Previous wording

Revenues. Revenues for the six months ended March 31, 2026 increased $445.4 million, or 39.3%, to $1.6 billion from $1.1 billion for the six months ended March 31, 2025. The increase included $363.0 million of revenues attributable to acquisitions completed during or subsequent to the six months ended March 31, 2025 and $82.4 million of revenues attributable to our existing markets from contract work and sales of HMA and aggregates to third parties. The 7.3% increase in revenues in our existing markets was due to strong demand in both public and private work.

Current wording

Revenues. Revenues for the nine months ended June 30, 2026 increased $0.7 billion, or 34.8%, to $2.6 billion from $1.9 billion for the nine months ended June 30, 2025. The increase included $514.1 million of revenues attributable to acquisitions completed during or subsequent to the nine months ended June 30, 2025 and $151.5 million of revenues attributable to our existing markets from contract work and sales of HMA and aggregates to third parties. The 7.9% increase in revenues in our existing markets was due to strong demand in both public and private work.

Previous wording

Gross Profit. Gross profit for the three months ended March 31, 2026 increased $27.5 million, or 38.5%, to $98.9 million from $71.4 million for the three months ended March 31, 2025. The increase in gross profit was primarily the result of a 34.6% increase in revenues for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 and a higher gross profit margin. The higher gross profit margin was due to efficient utilization of our plants, terminals and equipment fleet.

Current wording

Gross Profit. Gross profit for the nine months ended June 30, 2026 increased $109.0 million, or 39.0%, to $388.7 million from $279.7 million for the nine months ended June 30, 2025. The increase in gross profit was primarily the result of a 34.8% increase in revenues for the nine months ended June 30, 2026 compared to the nine months ended June 30, 2025 and a higher gross profit margin. The higher gross profit margin was due to efficient utilization of our plants, terminals and equipment fleet.

Previous wording

General and Administrative Expenses. General and administrative expenses for the three months ended March 31, 2026 increased $16.9 million, or 36.3%, to $63.6 million from $46.7 million for the three months ended March 31, 2025. The increase was attributable to general and administrative expenses associated with the operations of businesses acquired during or subsequent to March 31, 2025 and an increase in share-based compensation expense.

Current wording

General and Administrative Expenses. General and administrative expenses for the nine months ended June 30, 2026 increased $46.3 million, or 32.6%, to $188.2 million from $142.0 million for the nine months ended June 30, 2025. The increase was attributable to general and administrative expenses associated with the operations of businesses acquired during or subsequent to the nine months ended June 30, 2025 and an increase in share-based compensation expense.

Previous wording

Acquisition-Related Expenses. Acquisition-related expenses for the six months ended March 31, 2026 decreased $6.2 million to $14.1 million from $20.4 million for the six months ended March 31, 2025. The decrease was primarily due to higher transformative acquisition expenses in the six months ended March 31, 2025 associated with the Lone Star Acquisition.

Current wording

Acquisition-Related Expenses. Acquisition-related expenses for the nine months ended June 30, 2026 decreased $6.3 million to $15.9 million from $22.2 million for the nine months ended June 30, 2025. The decrease was primarily due to higher transformative acquisition expenses in the nine months ended June 30, 2025 associated with the Lone Star Acquisition.

Previous wording

Gain on Sale of Property, Plant and Equipment. Gain on sale of property, plant and equipment for the six months ended March 31, 2026 increased $2.1 million, or 48.9%, to $6.6 million from $4.5 million for the six months ended March 31, 2025. The increase was primarily the result of higher disposals of equipment and components during the six months ended March 31, 2026.

Current wording

Gain on Sale of Property, Plant and Equipment. Gain on sale of property, plant and equipment for the nine months ended June 30, 2026 increased $4.1 million, or 48.8%, to $12.6 million from $8.5 million for the nine months ended June 30, 2025. The increase was primarily the result of higher amounts realized upon disposals of equipment and components during the nine months ended June 30, 2026.

Previous wording

Interest Expense, Net. Interest expense, net for the six months ended March 31, 2026 increased $13.2 million, or 33.3%, to $53.0 million compared to $39.7 million for the six months ended March 31, 2025. The increase in interest expense, net was primarily related to borrowings under the Term Loan B Credit Agreement that was entered into on November 1, 2024 and additional borrowings under our Term Loan A / Revolver Credit Agreement.

Current wording

Interest Expense, Net. Interest expense, net for the nine months ended June 30, 2026 increased $18.3 million, or 28.2%, to $83.3 million compared to $65.0 million for the nine months ended June 30, 2025. The increase in interest expense, net was primarily related to additional borrowings under our credit facilities and fees associated with the amendments to our Term Loan A / Revolver Credit Agreement and Term Loan B Credit Agreement.

Previous wording

Provision for Income Taxes. Our effective tax rate decreased to 24.3% for the six months ended March 31, 2026, from 28.4% for the six months ended March 31, 2025. Our lower effective tax rate during the six months ended March 31, 2026 was due to differences in state tax rates at our operating subsidiaries.

Current wording

Provision for Income Taxes. Our effective tax rate increased to 24.6% for the nine months ended June 30, 2026, from 24.1% for the nine months ended June 30, 2025. Our higher effective tax rate during the nine months ended June 30, 2026 was due to differences in state tax rates at our operating subsidiaries.

Previous wording

Net Income. Net income increased $25.2 million to $26.4 million for the six months ended March 31, 2026, compared to $1.2 million for the six months ended March 31, 2025. The increase in net income was primarily a result of higher gross profit, decrease in acquisition-related expenses and gain on sale of property, plant and equipment, partially offset by an increase in general and administrative expenses, interest expense, net and provision for income taxes, all as described above.

Current wording

Net Income. Net income increased $40.7 million to $85.9 million for the nine months ended June 30, 2026, compared to $45.2 million for the nine months ended June 30, 2025. The increase in net income was primarily a result of higher gross profit, decrease in acquisition-related expenses and increased gain on sale of property, plant and equipment, partially offset by an increase in general and administrative expenses, interest expense, net and provision for income taxes, all as described above.

Previous wording

Adjusted EBITDA and Adjusted EBITDA Margin. Adjusted EBITDA and Adjusted EBITDA margin were $205.5 million and 13.0%, respectively, for the six months ended March 31, 2026, compared to $138.1 million and 12.2%, respectively, for the six months ended March 31, 2025. The increase in Adjusted EBITDA and Adjusted EBITDA margin resulted from a $25.2 million increase in net income as described above, a $22.9 million increase in depreciation, depletion, accretion and amortization, a $13.2 million increase in interest expense, net, and a $4.0 million increase in share-based compensation expense, offset by a decrease of $5.8 million in transformative acquisition expenses. For a description of Adjusted EBITDA and Adjusted EBITDA margin, as well as a reconciliation of Adjusted EBITDA to net income and the calculation of Adjusted EBITDA margin, see above under the heading “How We Assess Performance of Our Business — Other Key Performance Indicators — Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Net Income.”

Current wording

Adjusted EBITDA and Adjusted EBITDA Margin. Adjusted EBITDA and Adjusted EBITDA margin were $368.5 million and 14.3%, respectively, for the nine months ended June 30, 2026, compared to $269.8 million and 14.1%, respectively, for the nine months ended June 30, 2025. The increase in Adjusted EBITDA and Adjusted EBITDA margin resulted from a $40.7 million increase in net income as described above, a $27.5 million increase in depreciation, depletion, accretion and amortization, a $18.3 million increase in interest expense, net, a $13.7 million increase in provision for income taxes, and a $3.6 million increase in share-based compensation expense, offset by a decrease of $5.1 million in transformative acquisition expenses. For a description of Adjusted EBITDA and Adjusted EBITDA margin, as well as a reconciliation of Adjusted EBITDA to net income and the calculation of Adjusted EBITDA margin, see above under the heading “How We Assess Performance of Our Business — Other Key Performance Indicators — Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Net Income.”

Previous wording

Adjusted Net Income. Adjusted net income increased $19.1 million to $36.8 million for the six months ended March 31, 2026, compared to Adjusted net income of $17.7 million for the six months ended March 31, 2025. The increase in Adjusted net income was primarily a result of higher gross profit, decrease in acquisition-related expenses and gain on sale of property, plant and equipment, partially offset by an increase in general and administrative expenses, interest expense, net and provision for income taxes, all as described above. For a description of Adjusted net income, as well as a reconciliation of Adjusted net income to net income, see above under the heading “How We Assess Performance of Our Business — Other Key Performance Indicators — Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Net Income.”

Current wording

Adjusted Net Income. Adjusted net income increased $34.5 million to $97.4 million for the nine months ended June 30, 2026, compared to Adjusted net income of $62.9 million for the nine months ended June 30, 2025. The increase in Adjusted net income was primarily a result of higher gross profit, decrease in acquisition-related expenses and increased gain on sale of property, plant and equipment, partially offset by an increase in general and administrative expenses, interest expense, net and provision for income taxes, all as described above. For a description of Adjusted net income, as well as a reconciliation of Adjusted net income to net income, see above under the heading “How We Assess Performance of Our Business — Other Key Performance Indicators — Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Net Income.”

Previous wording

During the six months ended March 31, 2026, cash provided by operating activities, net of acquisitions, was $147.8 million, primarily as a result of:

Current wording

During the nine months ended June 30, 2026, cash provided by operating activities, net of acquisitions, was $240.9 million, primarily as a result of:

Previous wording

•net income of $1.2 million, including $68.4 million of depreciation, depletion, accretion and amortization, $18.9 million of share-based compensation expense and $4.5 million of gain on sale of property, plant and equipment;

Current wording

•net income of $85.9 million, including $135.3 million of depreciation, depletion, accretion and amortization, $31.2 million of share-based compensation expense, $22.7 million of deferred income tax expense and $12.6 million of gain on sale of property, plant and equipment;

Previous wording

•a decrease in contracts receivable including retainage, net of $49.3 million due to normal fluctuations resulting from the timing of processing transactions in our accounts receivable cycle;

Current wording

•an increase in contracts receivable including retainage, net of $13.9 million due to normal fluctuations resulting from the timing of processing transactions in our accounts receivable cycle;

Previous wording

•an increase in inventories of $9.8 million due to increased inventories from acquisitions, growth in existing markets, higher inventory costs and normal fluctuations in our inventory cycle;

Current wording

•an increase in inventories of $18.3 million due to increased inventories from acquisitions, growth in existing markets, higher inventory costs and normal fluctuations in our inventory cycle;

Previous wording

•a decrease in accounts payable and accrued expenses and other current liabilities of $20.2 million due to the timing of processing transactions in our accounts payable cycle; and

Current wording

•an increase in accounts payable and accrued expenses and other current liabilities of $15.5 million due to the timing of processing transactions in our accounts payable cycle; and

Previous wording

•a net decrease in the difference between costs and estimated earnings in excess of billings on uncompleted contracts and billings in excess of costs and estimated earnings on uncompleted contracts of $17.8 million due to the timing of performing and closing projects.

Current wording

•a net decrease in the difference between costs and estimated earnings in excess of billings on uncompleted contracts and billings in excess of costs and estimated earnings on uncompleted contracts of $2.8 million due to the timing of performing and closing projects.

Previous wording

During the six months ended March 31, 2025, cash provided by operating activities, net of acquisitions, was $96.3 million, primarily as a result of:

Current wording

During the nine months ended June 30, 2025, cash provided by operating activities, net of acquisitions, was $179.3 million, primarily as a result of:

Previous wording

•net income of $26.4 million, including $91.3 million of depreciation, depletion, accretion and amortization, $22.4 million of share-based compensation expense and $6.6 million of gain on sale of property, plant and equipment;

Current wording

•net income of $45.2 million, including $107.7 million of depreciation, depletion, accretion and amortization, $28.0 million of share-based compensation expense and $8.4 million of gain on sale of property, plant and equipment;

Previous wording

•a decrease in contracts receivable including retainage, net of $58.8 million due to normal fluctuations resulting from the timing of processing transactions in our accounts receivable cycle;

Current wording

•a decrease in contracts receivable including retainage, net of $6.2 million due to normal fluctuations resulting from the timing of processing transactions in our accounts receivable cycle;

Previous wording

•an increase in inventories of $4.4 million due to increased inventories from acquisitions, growth in existing markets, higher inventory costs and normal fluctuations in our inventory cycle;

Current wording

•an increase in inventories of $4.9 million due to acquisitions, growth in existing markets, higher inventory costs and normal fluctuations in our inventory cycle;

Previous wording

•a decrease in accounts payable and accrued expenses and other current liabilities of $27.0 million due to the timing of processing transactions in our accounts payable cycle; and

Current wording

•an increase in accounts payable and accrued expenses and other current liabilities of $33.5 million due to the timing of processing transactions in our accounts payable cycle; and

Previous wording

•a net decrease in the difference between costs and estimated earnings in excess of billings on uncompleted contracts and billings in excess of costs and estimated earnings on uncompleted contracts of $9.7 million due to the timing of performing and closing projects.

Current wording

•a net decrease in the difference between costs and estimated earnings in excess of billings on uncompleted contracts and billings in excess of costs and estimated earnings on uncompleted contracts of $32.1 million due to the timing of performing and closing projects.

Previous wording

During the six months ended March 31, 2026, cash used in investing activities was $337.1 million, of which $275.9 million related to acquisitions completed or finalized in the period, $81.7 million was invested in property, plant and equipment and $2.4 million was used to purchase restricted investments, partially offset by $13.5 million of proceeds from the sale of property, plant and equipment and $9.4 million of proceeds from the sale of restricted investments.

Current wording

During the nine months ended June 30, 2026, cash used in investing activities was $445.0 million, of which $337.4 million related to acquisitions completed or finalized in the period, $144.2 million was invested in property, plant and equipment and $3.8 million was used to purchase restricted investments, partially offset by $24.4 million of proceeds from the sale of property, plant and equipment and $16.0 million of proceeds from the sale of restricted investments.

Previous wording

During the six months ended March 31, 2025, cash used in investing activities was $893.2 million, of which $828.7 million related to acquisitions completed or finalized in the period, $68.2 million was invested in property, plant and equipment and $6.2 million was invested in restricted investments, partially offset by $6.0 million of proceeds from the sale of property, plant and equipment and $3.9 million of proceeds from the sale of restricted investments.

Current wording

During the nine months ended June 30, 2025, cash used in investing activities was $1.0 billion, of which $935.7 million related to acquisitions completed or finalized in the period, $104.9 million was invested in property, plant and equipment and $12.2 million was invested in restricted investments, partially offset by $11.3 million of proceeds from the sale of property, plant and equipment and $8.4 million of proceeds from the sale of restricted investments.

Previous wording

During the six months ended March 31, 2026, cash provided by financing activities was $107.3 million. We received $185.0 million of net proceeds from our Revolving Credit Facility, which were used for acquisitions completed in the period. This cash flow was partially offset by $49.3 million of principal payments on long-term debt, $26.0 million for the purchase of treasury stock and $2.5 million for settlement of performance share awards.

Current wording

During the nine months ended June 30, 2026, cash provided by financing activities was $139.8 million. We received $294.9 million of net proceeds from the Incremental Term Loans, which were used to pay down the Revolving Credit Facility, and $263.5 million of net proceeds from the Revolving Credit Facility, which were used for acquisitions completed in the period. This cash flow was partially offset by $386.4 million of principal payments on long-term debt, $29.8 million for the purchase of treasury stock and $2.5 million for settlement of performance share awards.

Previous wording

During the six months ended March 31, 2025, cash provided by financing activities was $823.8 million. We received $835.0 million of net proceeds from our Term Loan B, which were primarily used for the Lone Star Acquisition completed in the period, and $145.0 million of net proceeds from our Revolving Credit Facility, which were primarily used for other acquisitions completed during the period. This cash flow was partially offset by $135.6 million of principal payments on long-term debt and purchase of treasury stock of $20.1 million.

Current wording

During the nine months ended June 30, 2025, cash provided by financing activities was $893.4 million. We received $835.0 million of net proceeds from our Initial Term Loan B, which were primarily used for the Lone Star Acquisition completed in the period, and $218.4 million of net proceeds from our Revolving Credit Facility, which were primarily used for other acquisitions completed during the period. This cash flow was partially offset by $137.7 million of principal payments on long-term debt and purchase of treasury stock of $20.8 million.

Previous wording

During the six months ended March 31, 2026 and 2025, our capital expenditures were approximately $81.7 million and $68.2 million, respectively. Our capital expenditures are typically made during the fiscal year in which they are approved. At March 31, 2026, our commitments for capital expenditures were not material to our financial condition or results of operations on a consolidated basis. For fiscal 2026, we expect total capital expenditures to be approximately $165.0 million to $185.0 million. Our capital expenditure budget is an estimate and is subject to change.

Current wording

During the nine months ended June 30, 2026 and 2025, our capital expenditures were approximately $144.2 million and $104.9 million, respectively. Our capital expenditures are typically made during the fiscal year in which they are approved. At June 30, 2026, our commitments for capital expenditures were not material to our financial condition or results of operations on a consolidated basis. For fiscal 2026, we expect total capital expenditures to be approximately $185.0 million to $205.0 million. Our capital expenditure budget is an estimate and is subject to change.