Everus Construction Group, Inc.

Note 14 –Related-Party Transactions

Transition Services Agreement

On October 31, 2024, the separation of Everus from MDU Resources Group, Inc. (“MDU Resources”) and its other businesses was completed and Everus became an independent publicly traded company (the “Separation”). As part of the Separation, both parties entered into a transition services agreement (“TSA”) whereby the Company and MDU Resources provided certain transition services to each other. The TSA outlined services that were provided between parties related to tax, legal, treasury, human resources, information technology, risk management and other general and administrative functions.

The transition services were completed over a period of 17 months, and as of March 31, 2026, there were no further obligations for services that existed for either party.

The Company incurred $1.2 million of transition services expenses related to services from MDU Resources for the six months ended June 30, 2026, and $1.3 million and $2.6 million for the three and six months ended June 30, 2025, respectively. The transition services expenses were reflected in Selling, general and administrative expenses on the unaudited condensed consolidated statements of income. During the second quarter of 2025, the Company deemed $0.5 million of expenses that were previously recognized as transition services expenses in the first quarter of 2025 to be recurring in nature and thus, not transition services expenses and have been excluded from the year-to-date disclosed amount above.

The Company did not provide any services to MDU Resources for the six months ended June 30, 2026, and received an immaterial amount for its services to MDU Resources for the three and six months ended June 30, 2025, respectively, which was reflected in Other income, net on the unaudited condensed consolidated statements of income.