Everus Construction Group, Inc.

Note 11 –Segment Information

The Company’s reportable segments are those that are based on the Company’s method of internal reporting and management of the business. The Company provides a full spectrum of construction services across most of the United States throughtwo reportable, operating segments:

E&M: Contracting services for the construction and maintenance of electrical and communication wiring and infrastructure, fire suppression systems, and mechanical piping and services to customers in both the public and private sectors.

T&D: Contracting services for the construction and maintenance of overhead and underground electrical, gas and communication infrastructure, as well as design, manufacturing and distribution of overhead and underground transmission line construction equipment and tools.

The Company’s Chief Operating Decision Maker (“CODM”) is the Company’s chief executive officer (“CEO”). The Company’s CEO evaluates each reportable segment’s performance, allocates resources and makes decisions based on segment operating income, which is the segment measure of profitability. The CODM uses segment operating income to analyze the results of each reportable segment individually and by comparing the results of the segments with each other. This comparison between segments helps drive decision-making regarding resource allocation and compensation of employees. Segment operating income is also considered when creating the annual budget plan, as well as the forecasting process, including the allocation of capital for uses such as capital expenditures.

All intercompany balances and transactions between the businesses comprising the Company have been eliminated in the unaudited condensed consolidated financial statements.

Reconciliations of reportable segment operating revenues, inclusive of the Company’s significant segment expenses of Cost of sales and Selling, general and administrative expenses, to consolidated Income before income taxes and income from equity method investments for the Company’s reportable segments and “Corporate and Other” category were as follows:

Additional financial information on the Company’s reportable segments is shown below, which follows the same accounting policies as those described in Note 2 – Basis of Presentation and Summary of Significant Accounting Policies:

*Capital expenditures for the three months ended March 31, 2025 and 2024 include noncash transactions for capital expenditure-related Accounts payable.

Reconciliations of reportable segment assets to consolidated assets were as follows as of:

For more information about the disaggregation of the Company’s revenue by contract type and customer type for each reportable segment, refer to Note 3 – Revenue from Contracts with Customers.

Revenue from a single customer accounted for approximately 13% of total operating revenues for the three months ended March 31, 2025, which was included in the E&M segment. No single customer accounted for more than 10% of total operating revenues for the three months ended March 31, 2024.

At a segment level, revenue from two E&M customers that individually accounted for approximately 17% and 11% of total E&M segment revenues, respectively, for the three months ended March 31, 2025. No single E&M customer accounted for more than 10% of total E&M segment revenues for the three months ended March 31, 2024.

As for T&D, revenue from two T&D customers that individually accounted for approximately 18% and 10% of total T&D segment revenues, respectively, for the three months ended March 31, 2025. A single T&D customer accounted for approximately 22% of total T&D segment revenues for the three months ended March 31, 2024.

Trade receivables from a single customer accounted for approximately 16% of total trade receivables as of March 31, 2025, which was included in the E&M segment. No single customer accounted for more than 10% of total trade receivables as of December 31, 2024.

At a segment level, trade receivables from two E&M customers that individually accounted for approximately 20% and 11% of total E&M segment trade receivables, respectively, as of March 31, 2025. Trade receivables from a single customer accounted for approximately 10% of total E&M segment trade receivables as of December 31, 2024.

As for T&D, trade receivables from a single customer accounted for approximately 14% of total T&D segment trade receivables as of March 31, 2025. No single T&D customer accounted for more than 10% of total E&M segment trade receivables as of December 31, 2024.