Everus Construction Group, Inc.

Previous wording

We focus on safely executing projects; providing a superior return on investment by building new and strengthening existing customer relationships; ensuring quality service; effectively managing costs; retaining, developing and recruiting talented employees; growing through organic and strategic acquisition opportunities; and focusing efforts on projects that will permit higher margins while properly managing risk. The growth we have experienced in recent years is due in part to the project awards in the end markets and submarkets served and the ability to support national customers in most of the regions in which we operate. Our strong presence in the Western, Midwestern and Eastern regions of the United States has driven opportunities in data centers, high tech, hospitality and utilities, while customer expansion nationwide continues to extend our reach through partnerships through our 16 wholly owned operating companies, including SE&M, which was acquired on April 1, 2026. SE&M expands our geographic footprint in the Southeast region of the United States.

Current wording

We focus on safely executing projects; providing a superior return on investment by building new and strengthening existing customer relationships; ensuring quality service; effectively managing costs; retaining, developing and recruiting talented employees; growing through organic and strategic acquisition opportunities; and focusing efforts on projects that will permit higher margins while properly managing risk. The growth we have experienced in recent years is due in part to the project awards in the end markets and submarkets served and the ability to support national customers in most of the regions in which we operate. Our strong presence in the Western, Midwestern and Eastern regions of the United States has driven opportunities in data center, high tech, hospitality and utilities work, while customer expansion nationwide continues to extend our reach through partnerships through our 16 wholly owned operating companies, including SE&M, which was acquired on April 1, 2026. SE&M expands our geographic footprint in the Southeast region of the United States.

Previous wording

We continued to have bidding opportunities in the specialty contracting markets we have operated in during 2026, as evidenced by our backlog, even with our revenue growth during the fiscal year thus far. We believe our backlog supports our strong project pipeline across our diverse service offerings, particularly for data center, hospitality and high tech work. With our successful track record of executing on complex projects, our long-term customer relationships, safe and skilled workforce, quality of service and effective cost management, we believe we remain well-positioned to benefit from favorable demand drivers, including high tech reshoring, data center construction and utility infrastructure investments, giving us the opportunity to continue securing and executing profitable projects in the future.

Current wording

We continued to have bidding opportunities in the specialty contracting markets we have operated in during 2026, as evidenced by our backlog, even with our revenue growth during the fiscal year thus far. We believe our backlog supports our strong project pipeline across our diverse service offerings, particularly for data center, high tech and hospitality work. With our successful track record of executing on complex projects, our long-term customer relationships, safe and skilled workforce, quality of service and effective cost management, we believe we remain well-positioned to benefit from favorable demand drivers, including high tech reshoring, data center construction and utility infrastructure investments, giving us the opportunity to continue securing and executing profitable projects in the future.

Previous wording

Operating revenues for the three months ended March 31, 2026, were $1.04 billion, an increase of $210.3 million, or 25.4%, from $826.6 million for the three months ended March 31, 2025. E&M revenues grew $186.9 million, or 28.8%, and T&D revenues increased $19.5 million, or 10.5%. See “Segment Results of Operations–Three Months Ended March 31, 2026, Compared to Three Months Ended March 31, 2025” for further comparative analysis of segment revenues for the periods indicated.

Current wording

Operating revenues for the three months ended June 30, 2026, were $1.23 billion, an increase of $310.1 million, or 33.7%, from $921.5 million for the three months ended June 30, 2025. E&M revenues rose $296.7 million, or 41.6%, with SE&M contributing $33.4 million. T&D revenues increased $15.1 million, or 7.1%. See Segment Results of Operations–Three Months Ended June 30, 2026, Compared to Three Months Ended June 30, 2025 for further comparative analysis of segment revenues for the periods indicated.

Previous wording

For the three months ended March 31, 2026, the changes in estimates mentioned above favorably accounted for approximately 6.4% of revenues, compared to 6.0% of revenues for the three months ended March 31, 2025. Favorable impacts to revenues were primarily due to project pull forward, labor efficiencies and favorable impacts from projected cost changes, including material costs, project risk mitigation and change orders. However, these changes in estimates unfavorably accounted for approximately 1.0% of revenues for the three months ended March 31, 2026, compared to 1.4% of revenues for the three months ended March 31, 2025. Unfavorable impacts to revenues were primarily due to labor inefficiencies related to sequencing on projects and unfavorable impacts from project delays and cost overruns.

Current wording

For the three months ended June 30, 2026, the changes in estimates mentioned above favorably accounted for approximately 7.5% of revenues, compared to 7.2% of revenues for the three months ended June 30, 2025. Favorable impacts to revenues were primarily due to labor efficiencies and favorable impacts from projected cost changes, including material costs, project risk mitigation and change orders. However, these changes in estimates unfavorably accounted for approximately 1.3% of revenues for the three months ended June 30, 2026, compared to 1.9% of revenues for the three months ended June 30, 2025. Unfavorable impacts to revenues were primarily due to labor inefficiencies related to sequencing on projects and unfavorable impacts from project delays and cost overruns.

Previous wording

Cost of sales for the three months ended March 31, 2026, was $906.2 million, an increase of $172.1 million, or 23.4%, from $734.1 million for the three months ended March 31, 2025. This increase primarily related to higher E&M and T&D operating costs due to increased workloads and changes in project mix, partially offset by efficient project execution. Subcontractor, labor, material, and equipment and tools costs increased $53.5 million, $51.6 million, $35.2 million and $17.4 million, respectively, along with higher other job expenses of $14.4 million.

Current wording

Cost of sales for the three months ended June 30, 2026, was $1,048.6 million, an increase of $247.0 million, or 30.8%, from $801.6 million for the three months ended June 30, 2025. This increase primarily related to higher E&M and T&D operating costs due to increased workloads and changes in project mix, partially offset by efficient project execution. Labor, material, subcontractor, and equipment and tools costs increased $110.5 million, $67.2 million, $30.3 million and $18.0 million, respectively, along with higher other job expenses of $21.0 million.

Previous wording

Gross profit for the three months ended March 31, 2026, was $130.7 million, an increase of $38.2 million, or 41.3%, from $92.5 million for the three months ended March 31, 2025. The increase was primarily due to continued revenue growth from increased workloads, project timing and efficient project execution, partially offset by changes in project mix. Gross margin improved to 12.6% for the three months ended March 31, 2026, compared to 11.2% for the three months ended March 31, 2025.

Current wording

Gross profit for the three months ended June 30, 2026, was $183.0 million, an increase of $63.1 million, or 52.6%, from $119.9 million for the three months ended June 30, 2025. The increase was primarily from revenue growth and gross margin expansion due to workloads, project timing and efficient project execution, partially offset by changes in project mix. Gross margin increased to 14.9% for the three months ended June 30, 2026, compared to 13.0% for the three months ended June 30, 2025.

Previous wording

Operating income for the three months ended March 31, 2026 was $77.7 million, an increase of $26.7 million, or 52.4%, from $51.0 million for the three months ended March 31, 2025. The increase was primarily driven by increased gross profit, partially offset by increased SG&A expenses, both of which are discussed above. Operating income margin increased to 7.5% for the three months ended March 31, 2026, compared to 6.2% for the three months ended March 31, 2025. See “Segment Results of Operations–Three Months Ended March 31, 2026, Compared to Three Months Ended March 31, 2025” for further comparative analysis of segment operating income and “Corporate and Other” category operating income for the periods indicated.

Current wording

Operating income for the three months ended June 30, 2026, was $111.8 million, an increase of $39.3 million, or 54.2%, from $72.5 million for the three months ended June 30, 2025. The increase was primarily driven by increased gross profit, partially offset by increased SG&A expenses, both of which are discussed above. Operating income margin increased to 9.1% for the three months ended June 30, 2026, compared to 7.9% for the three months ended June 30, 2025. See Segment Results of Operations–Three Months Ended June 30, 2026, Compared to Three Months Ended June 30, 2025 for further comparative analysis of segment operating income and “Corporate and Other” category operating income for the periods indicated.

Previous wording

Interest income for the three months ended March 31, 2026 was$2.3 million, an increase of $1.4 million, from $0.9 million forthe three months ended March 31, 2025. The increase was primarily driven by increased interest income of $1.3 million from our central cash management program, including daily cash sweep and money market deposit account programs, as well as $0.1 million of earned interest income from our captive insurance arrangementfor thethree months ended March 31, 2026.

Current wording

Interest income for the three months ended June 30, 2026 was $1.3 million, an increase of $0.7 million, from $0.6 million for the three months ended June 30, 2025. The increase was primarily driven by increased interest income of$0.6 million from our central cash management program, including daily cash sweep and money market deposit account programs, as well as $0.1 million of earned interest income from our captive insurance arrangementfor thethree months ended June 30, 2026.

Previous wording

Interest expense for the three months ended March 31, 2026, was $4.6 million, a decrease of $1.0 million, or 17.9%, from $5.6 million for the three months ended March 31, 2025. The decrease is primarily related to average lower debt balances under the Term Loan (as defined below) and average lower interest rates during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.

Current wording

Interest expense for the three months ended June 30, 2026, was $4.6 million, a decrease of $0.8 million, or 14.8%, from $5.4 million for the three months ended June 30, 2025. The decrease was primarily related to lower debt balances under the Term Loan (as defined below) and average lower interest rates during the three months ended June 30, 2026, compared to the three months ended June 30, 2025.

Previous wording

Other income, net for the three months ended March 31, 2026, was $0.6 million, flat from $0.6 million for the three months ended March 31, 2025. Other income, net contained miscellaneous income and expense activities, including rebates and bank fees.

Current wording

Other income, net for the three months ended June 30, 2026, was $1.5 million, a decrease of $0.4 million, or 21.1%, from $1.9 million for the three months ended June 30, 2025. Other income, net contained miscellaneous income and expense activities, including rebates and bank fees.

Previous wording

Income taxes for the three months ended March 31, 2026, were $20.3 million, an increase of $6.7 million, or 49.3%, from $13.6 million for the three months ended March 31, 2025, reflecting higher income taxes from greater pretax income for the period. The effective tax rate was 25.8% for the three months ended March 31, 2026, compared to 27.0% for the three months ended March 31, 2025.

Current wording

Income taxes for the three months ended June 30, 2026, were $29.4 million, an increase of $10.0 million, or 51.5%, from $19.4 million for the three months ended June 30, 2025, reflecting higher income taxes from greater pretax income for the period. The effective tax rate was 25.9% for the three months ended June 30, 2026, compared to 26.9% for the three months ended June 30, 2025.

Previous wording

Income from equity method investments for the three months ended March 31, 2026, was $2.6 million, a decrease of $0.8 million, or 23.5%, from $3.4 million for the three months ended March 31, 2025. The decrease primarily related to decreased activity on joint ventures for the period.

Current wording

Income from equity method investments for the three months ended June 30, 2026, was $3.3 million, an increase of $0.7 million, or 26.9%, from $2.6 million for the three months ended June 30, 2025. This increase primarily related to increased activity on joint ventures during the period.

Previous wording

Net income for the three months ended March 31, 2026, was $58.3 million, an increase of $21.6 million, or 58.9%, from $36.7 million for the three months ended March 31, 2025. The increase was primarily from increased gross profit, partially offset by higher SG&A expenses, and higher taxes on greater pretax income. Net income margin increased to 5.6% for the three months ended March 31, 2026, compared to 4.4% for the three months ended March 31, 2025.

Current wording

Net income for the three months ended June 30, 2026, was $83.9 million, an increase of $31.1 million, or 58.9%, from $52.8 million for the three months ended June 30, 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 increased to 6.8% for the three months ended June 30, 2026, compared to 5.7% for the three months ended June 30, 2025.

Previous wording

Changes in estimates associated with performance obligations that were satisfied or partially satisfied in prior periods positively net impacted revenues and accounted for approximately 5.4% of revenues for the three months ended March 31, 2026, compared to 4.6% of revenues for the three months ended March 31, 2025.

Current wording

Changes in estimates associated with performance obligations that were satisfied or partially satisfied in prior periods positively net impacted revenues and accounted for approximately 5.1% of revenues for the six months ended June 30, 2026, compared to 4.2% of revenues for the six months ended June 30, 2025.

Previous wording

Selling, general and administrative (“SG&A”) expenses for the three months ended March 31, 2026, were $53.0 million, an increase of $11.5 million, or 27.7%, from $41.5 million for the three months ended March 31, 2025. The increase was driven primarily by higher labor of $5.9 million, to support operational growth of the business, higher other SG&A expenses of $5.0 million, and lower net credit loss reversals of $1.7 million, partially offset by lower professional service-related expenses of $1.1 million.

Current wording

SG&A expenses for the six months ended June 30, 2026, were $124.2 million, an increase of $35.3 million, or 39.7%, from $88.9 million for the six months ended June 30, 2025. The increase was driven primarily by higher labor of $20.5 million, to support operational growth and performance of the business, higher business development expenses of $3.6 million, higher amortization expenses of $3.1 million largely from the SE&M acquisition, higher net credit loss expenses of $2.1 million, higher insurance expenses of $1.9 million and higher other SG&A expenses of $5.8 million, including higher insurance, rent, and office expenses, partially offset by lower professional service-related expenses of $1.7 million.

Previous wording

•Commercial revenues grew $235.5 million primarily from higher data center and hospitality submarket activity due to increased workloads from increased demand for services.

Current wording

•Commercial revenues grew $245.4 million, primarily from higher data center and hospitality submarket activity due to increased workloads from increased demand for services, partially offset by lower project activity in the commercial submarket.

Previous wording

Operating income was also impacted by higher SG&A expenses, primarily including increased labor expenses of $3.3 million and lower expected credit loss reversals of $1.6 million. Operating income margin for our E&M segment increased to 8.5% for the three months ended March 31, 2026, compared to 6.8% for the three months ended March 31, 2025.

Current wording

Operating income was also impacted by higher SG&A expenses primarily from increased labor expenses of $11.6 million, to support the operational growth and performance of the business, higher amortization expenses of $3.2 million from the SE&M acquisition and higher other SG&A expenses of $5.0 million. Operating income margin for our E&M segment increased to 9.9% for the three months ended June 30, 2026 compared to 8.3% for the three months ended June 30, 2025.

Previous wording

Operating income was also impacted by higher SG&A expenses, primarily from increased labor expenses of $1.0 million. Operating income margin for our T&D segment increased to 9.9% for the three months ended March 31, 2026, compared to 7.8% for the three months ended March 31, 2025.

Current wording

SG&A expenses remained relatively consistent period over period, primarily from decreased professional service-related expenses of $0.8 million, partially offset by higher other general SG&A expenses of $0.4 million. Operating income margin for our T&D segment increased to 11.3% for the three months ended June 30, 2026, compared to 11.1% for the three months ended June 30, 2025.

Previous wording

E&M segment revenues for the three months ended March 31, 2026, were $835.1 million, an increase of $186.9 million, or 28.8%, from $648.2 million for the three months ended March 31, 2025. The increase was primarily driven by higher revenues in the commercial and renewables end markets, particularly continued growth in the data center submarket, partially offset by decreased revenues in the institutional, industrial and service & other end markets.

Current wording

E&M segment revenues for the six months ended June 30, 2026, were $1.85 billion, an increase of $483.6 million, or 35.5%, from $1.36 billion for the six months ended June 30, 2025. The increase was primarily driven by higher revenues in the commercial and industrial end markets, particularly continued growth in the data center submarket, partially offset by decreased revenues in the institutional end market. SE&M contributed $33.4 million for the six months ended June 30, 2026.

Previous wording

•Industrial revenues decreased $8.0 million with reduced project activity in the oil & gas and manufacturing submarkets, partially offset by higher workloads in the high tech submarket.

Current wording

•Industrial revenues increased $62.4 million, primarily from increased project activity in the high tech and manufacturing submarkets, partially offset by lower workloads in the oil & gas submarket.

Previous wording

•Service & other revenues were lower by $1.8 million due to decreased repair and maintenance demand.

Current wording

•Service & other revenues increased by $1.7 million, due to increased repair and maintenance demand.

Previous wording

•Institutional revenues declined $41.6 million from lower project activity due to project timing and decreased demand for services in the healthcare, education and government submarkets.

Current wording

•Institutional revenues declined $61.0 million, from lower project activity due to project timing and decreased demand for services in the education, government and healthcare submarkets.

Previous wording

•Renewables revenues increased $2.8 million with increased project activity within the commercial submarket, partially offset by lower project activity in the generation submarket due to the timing of projects.

Current wording

•Renewables revenues were largely flat, with decreased project activity within the generation submarket, offset by higher project activity in the commercial submarket due to the timing of projects.

Previous wording

Changes in estimates associated with performance obligations that were satisfied or partially satisfied in prior periods positively net impacted E&M revenues and accounted for approximately 5.6% of E&M revenues for the three months ended March 31, 2026, compared to 4.6% of E&M revenues for the three months ended March 31, 2025.

Current wording

Changes in estimates associated with performance obligations that were satisfied or partially satisfied in prior periods positively net impacted E&M revenues and accounted for approximately 5.7% of E&M revenues for the six months ended June 30, 2026, compared to 4.0% of E&M revenues for the six months ended June 30, 2025.

Previous wording

T&D segment revenues for the three months ended March 31, 2026, were $204.4 million, an increase of $19.4 million, or 10.5%, from $185.0 million for the three months ended March 31, 2025. The increase was primarily driven by increased workloads in the utility end market.

Current wording

T&D segment revenues for the six months ended June 30, 2026, were $431.9 million, an increase of $34.5 million, or 8.7%, from $397.4 million for the six months ended June 30, 2025. The increase was primarily driven by increased workloads in the utility end market.

Previous wording

•Utility revenues increased $19.3 million from increased project activity across the transmission and storm submarkets due to timing of project availability.

Current wording

•Utility revenues increased $39.3 million, primarily from increased project activity across several submarkets, particularly transmission, distribution and storm, partially offset by decreased submarket activity in the gas submarket due to the timing of project availability.

Previous wording

Changes in estimates associated with performance obligations that were satisfied or partially satisfied in prior periods positively net impacted T&D revenues and accounted for approximately 4.4% of T&D revenues for the three months ended March 31, 2026, compared to 4.3% of T&D revenues for the three months ended March 31, 2025.

Current wording

Changes in estimates associated with performance obligations that were satisfied or partially satisfied in prior periods positively net impacted T&D revenues and accounted for approximately 2.4% of T&D revenues for the six months ended June 30, 2026, compared to 4.0% of T&D revenues for the six months ended June 30, 2025.

Previous wording

For the three months ended March 31, 2026, the changes in estimates mentioned above favorably accounted for approximately 6.3% of T&D revenues, compared to 6.9% of T&D revenues for the three months ended March 31, 2025. However, these changes in estimates unfavorably accounted for approximately 1.9% of T&D revenues for the three months ended March 31, 2026, compared to 2.6% of T&D revenues for the three months ended March 31, 2025. The primary drivers of favorable and unfavorable impacts to revenues were previously mentioned in the consolidated results of operations sections above.

Current wording

For the six months ended June 30, 2026, the changes in estimates mentioned above favorably accounted for approximately 4.3% of T&D revenues, compared to 5.3% of T&D revenues for the six months ended June 30, 2025. However, these changes in estimates unfavorably accounted for approximately 1.3% of T&D revenues for the six months ended June 30, 2026, compared to 1.9% of T&D revenues for the six months ended June 30, 2025. The primary drivers of favorable and unfavorable impacts to revenues were previously mentioned in the consolidated results of operations sections above.

Previous wording

E&M segment operating income for the three months ended March 31, 2026, was $70.6 million, an increase of $26.3 million, or 59.4%, from $44.3 million for the three months ended March 31, 2025. The increase was primarily driven by E&M segment revenue growth and higher gross profit in the commercial and renewables end markets, due to solid project execution and project timing, partially offset by changes in project mix and lower gross profit within the industrial end market. As a result, gross margin increased to 12.0% for the three months ended March 31, 2026, compared to 10.6% for the three months ended March 31, 2025.

Current wording

E&M segment operating income for the six months ended June 30, 2026, was $171.1 million, an increase of $67.6 million, or 65.3%, from $103.5 million for the six months ended June 30, 2025. The increase was primarily from E&M segment revenue growth and higher gross profit across multiple end markets, particularly commercial and institutional, due to solid project execution and project timing, partially offset by changes in project mix and lower gross profit within the industrial end market. As a result, gross margin increased to 13.4% for the six months ended June 30, 2026, compared to 11.3% for the six months ended June 30, 2025.

Previous wording

Operating income in the T&D segment for the three months ended March 31, 2026, was $20.3 million, an increase of $5.8 million, or 40.0%, from $14.5 million for the three months ended March 31, 2025. The increase was the result of higher gross profit due to T&D segment revenue growth and efficient project execution, particularly within the utility end market, with T&D gross margin expansion of 14.7% for the three months ended March 31, 2026, compared to 12.7% for the three months ended March 31, 2025.

Current wording

Operating income in the T&D segment for the six months ended June 30, 2026, was $46.1 million, an increase of $7.9 million, or 20.7%, from $38.2 million for the six months ended June 30, 2025. The increase was the result of higher gross profit due to T&D segment revenue growth and efficient project execution within the utility end market, with T&D gross margin improvement of 15.3% for the six months ended June 30, 2026, compared to 14.5% for the six months ended June 30, 2025.

Previous wording

The increase in Corporate and Other costs during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, was primarily due to higher labor expenses of $1.6 million to support the operational growth of the business and $2.4 million of acquisition-related costs during the current period, along with higher other general SG&A expenses of $2.1 million.

Current wording

The increase in Corporate and Other costs during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, was primarily due to higher labor expenses of $4.8 million, to support the operational growth and performance of the business, higher business development expenses of $3.6 million, along with higher other SG&A expenses of $1.9 million, including higher insurance and office expenses.

Previous wording

All financial information presented in this Quarterly Report has been prepared in U.S. dollars in accordance with generally accepted accounting principles in the United States (“GAAP”), except for the presentation of the following non-GAAP financial measures: EBITDA, EBITDA margin and free cash flow. We evaluate our operating performance using EBITDA and EBITDA margin, and we evaluate our liquidity using free cash flow. These non-GAAP financial measures are not intended as alternatives to GAAP financial measures and have limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results as reported under GAAP. Because of these limitations, EBITDA, EBITDA margin and free cash flow should not be considered as replacements for net income, net income margin or cash provided by (used in) operating activities, the most comparable GAAP measures, respectively. Our non-GAAP financial measures are not standardized; therefore, it may not be possible to compare them with other companies’ EBITDA, EBITDA margin and free cash flow having the same or similar names.

Current wording

All financial information presented in this Quarterly Report has been prepared in U.S. dollars in accordance with generally accepted accounting principles in the United States (“GAAP”), except for the presentation of the following non-GAAP financial measures: EBITDA, EBITDA margin and free cash flow. We evaluate our operating performance using EBITDA and EBITDA margin, and we evaluate our liquidity using free cash flow. These non-GAAP financial measures are not intended as alternatives to GAAP financial measures and have limitations as an analytical tool and should not be considered in isolation or as substitutes for an analysis of our results as reported under GAAP. Because of these limitations, EBITDA, EBITDA margin and free cash flow should not be considered as replacements for net income, net income margin or cash provided by (used in) operating activities, the most comparable GAAP measures, respectively. Our non-GAAP financial measures are not standardized; therefore, it may not be possible to compare them with other companies’ EBITDA, EBITDA margin and free cash flow having the same or similar names.

Previous wording

As of March 31, 2026 and December 31, 2025, we had $293.4 million and $170.5 million of cash, cash equivalents and restricted cash, respectively, including $18.4 million and $17.8 million of restricted cash held by the Captive Cell, respectively.

Current wording

As of June 30, 2026 and December 31, 2025, we had $176.7 million and $170.5 million of cash, cash equivalents and restricted cash, respectively, including $19.3 million and $17.8 million of restricted cash largely held by the Captive Cell, respectively.

Previous wording

On April 2, 2026, we announced the acquisition of SE&M for $158 million, subject to certain closing adjustments, funded by cash on hand.

Current wording

On April 2, 2026, we announced the acquisition of SE&M for initial base consideration of $158 million, subject to certain closing adjustments, funded by cash on hand.

Previous wording

The Term Loan requires quarterly amortization payments of 5.00% per annum of the original principal amount thereof. We repaid our required quarterly amortization payments totaling $3.8 million of the Term Loan during each of the three months ended March 31, 2026 and 2025.

Current wording

The Term Loan requires quarterly amortization payments of 5.00% per annum of the original principal amount thereof. We repaid our required quarterly amortization payments totaling $7.5 million of the Term Loan during each of the six months ended June 30, 2026 and 2025.

Previous wording

As of March 31, 2026 and December 31, 2025, we had $281.2 million and $285.0 million outstanding under the Term Loan, respectively, with $228.2 million of available capacity under the Revolving Credit Facility, net of $2.2 million of outstanding standby letters of credit, for each period presented.

Current wording

As of June 30, 2026 and December 31, 2025, we had $277.5 million and $285.0 million outstanding under the Term Loan, respectively, with $228.2 million of available capacity under the Revolving Credit Facility, net of $2.2 million of outstanding standby letters of credit, for each period presented.

Previous wording

Working capital, defined as current assets minus current liabilities, was $617.2 million and $560.2 million as of March 31, 2026 and December 31, 2025, respectively. Our working capital requirements may increase when we commence multiple projects or particularly large projects because labor, subcontractor, inventory and certain other costs typically become payable before the receivables resulting from work performed are collected. Working capital may also increase when we incur costs for work that is the subject of unpaid retainage, change orders and claims. The typical payment billing terms are due within 30 days but may differ depending on contract terms. Retention on receivables can impact the cash collection cycle beyond expenses incurred. The timing of billings and project completions can contribute to changes in unbilled revenue. As of March 31, 2026, we expect that substantially all unbilled receivables will be billed to customers in the normal course of business within the next 12 months.

Current wording

Working capital, defined as current assets minus current liabilities, was $546.4 million and $560.2 million as of June 30, 2026 and December 31, 2025, respectively. Our working capital requirements may increase when we commence multiple projects or particularly large projects because labor, subcontractor, inventory and certain other costs typically become payable before the receivables resulting from work performed are collected. Working capital may also increase when we incur costs for work that is the subject of unpaid retainage, change orders and claims. The typical payment billing terms are due within 30 days but may differ depending on contract terms. Retention on receivables can impact the cash collection cycle beyond expenses incurred. The timing of billings and project completions can contribute to changes in unbilled revenue. As of June 30, 2026, we expect that substantially all unbilled receivables will be billed to customers in the normal course of business within the next 12 months.

Previous wording

Our cash capital expenditures for thethree months ended March 31, 2026, were$15.5 million, or $11.8 million net of proceeds from asset disposals, compared to$18.5 million, or$15.2 million net of proceeds from asset disposals, for thethree months ended March 31, 2025. Capital expenditures were primarily used for vehicle, equipment and building investments to support the growth of our business. For the three months ended March 31, 2026 and 2025, capital expenditures were funded by internal sources and borrowings under our credit and financing arrangements.

Current wording

Our cash capital expenditures for thesix months ended June 30, 2026, were$35.6 million, or $29.8 million net of proceeds from asset disposals, compared to$31.6 million, or$26.0 million net of proceeds from asset disposals, for thesix months ended June 30, 2025. Capital expenditures were primarily used for vehicle, equipment and building investments to support the growth of our business. For the six months ended June 30, 2026 and 2025, capital expenditures were funded by internal sources and borrowings under our credit and financing arrangements.

Previous wording

The following table summarizes our net cash provided by (used in) operating, investing and financing activities for the three months ended March 31, 2026 and 2025:

Current wording

The following table summarizes our net cash provided by (used in) operating, investing and financing activities for the six months ended June 30, 2026 and 2025:

Previous wording

Cash provided by operating activities totaled $143.7 million for the three months ended March 31, 2026, compared to $7.1 million for the three months ended March 31, 2025, an increase of $136.6 million. The increase in cash provided by operating activities was primarily driven by favorable changes in operating assets and liabilities to support company growth, including revenue growth, and increased operating results.

Current wording

Cash provided by operating activities totaled $196.8 million for the six months ended June 30, 2026, compared to $32.5 million for the six months ended June 30, 2025, an increase of $164.3 million. The increase in cash provided by operating activities was primarily driven by favorable changes in operating assets and liabilities to support company growth and performance, including revenue growth, and increased operating results.