Everus Construction Group, Inc.

Note 12 –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, renewables infrastructure 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, communication infrastructure and transportation-related lighting, as well as the manufacture 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.

During the first quarter of 2026, the Company updated the information regularly provided to the CODM. Specifically, the CODM reviews gross segment revenues and elimination activity to reconcile to consolidated results (“New CODM basis”), whereas previously the CODM reviewed segment revenues on a net basis (“Old CODM basis”). The Company's segments, significant segment expenses, and segment measure of profit or loss are unchanged. Accordingly, current-period segment information is presented under both the New CODM basis and Old CODM basis, while prior-period segment information is retained under the Old CODM basis.

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:

New CODM basis:

Old CODM basis:

Old CODM basis (continued from previous page):

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:

1. Amounts shown are included in Interest expense on the unaudited condensed consolidated statements of income. Also, the amounts include intercompany transactions related to the Company’s cash management and financing program.

2. Capital expenditures for the three months ended June 30, 2026 and 2025 include noncash transactions for capital expenditure-related Accounts payable.

1. Amounts shown are included in Interest expense on the unaudited condensed consolidated statements of income. Also, the amounts include intercompany transactions related to the Company’s cash management and financing program.

2. Capital expenditures for the six months ended June 30, 2026 and 2025 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.

Revenues from a single customer accounted for approximately 17.6% and 18.3% of total operating revenues for the three and six months ended June 30, 2026, respectively, which was included in the E&M segment. Revenues from a single customer accounted for approximately 17.4% and 15.5% of total operating revenues for the three and six months ended June 30, 2025, respectively, which was included in the E&M segment.

At a segment level, revenues from a single E&M customer accounted for approximately 21.5% and 22.4% of total E&M segment revenues for the three and six months ended June 30, 2026, respectively. Revenues from two separate E&M customers accounted for approximately 22.4% and 11.7% of total E&M segment revenues for the three months ended June 30, 2025, respectively, and for approximately 19.8% and 11.4% of total E&M segment revenues for the six months ended June 30, 2025, respectively.

As for T&D, revenues from a single T&D customer accounted for approximately 16.9% and 15.6% of total T&D segment revenues for the three and six months ended June 30, 2026, respectively. Revenues from two separate T&D customers accounted for approximately 16.9% and 9.7% of total T&D segment revenues for the three months ended June 30, 2025, respectively, and for approximately 17.6% and 10.0% of total T&D segment revenues for the six months ended June 30, 2025, respectively.

Trade receivables from a single customer accounted for approximately 17.0% of total trade receivables as of June 30, 2026, which was included in the E&M segment. Trade receivables from a single customer accounted for approximately 16.3% of total trade receivables as of December 31, 2025, which was included in the E&M segment.

At a segment level, trade receivables from a single E&M customer accounted for approximately 20.3% of total E&M segment trade receivables as of June 30, 2026. Trade receivables from a single E&M customer accounted for approximately 19.9% of total E&M segment trade receivables as of December 31, 2025.

As for T&D, trade receivables from a single T&D customer accounted for approximately 11.6% of total T&D segment trade receivables as of June 30, 2026. No single customer accounted for more than 10% of total T&D segment trade receivables as of December 31, 2025.