Everus Construction Group, Inc.
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 5, 2026
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5. Goodwill and Other Intangible Assets
Note 5 –Goodwill and Other Intangible Assets, Net
Goodwill
Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. Changes to goodwill during the period are a result of the SE&M acquisition, which primarily consisted of acquiring a highly skilled workforce and future business growth opportunities, along with other expected synergies resulting from the acquisition.
Changes in the Company’s carrying amount of goodwill were as follows:
| E&M | T&D | Total | |
|---|---|---|---|
| (In thousands) | |||
| Balance as of December 31, 2025 | $115,959 | $27,265 | $143,224 |
| Goodwill acquired | 69,029 | — | 69,029 |
| Balance as of June 30, 2026 | $184,988 | $27,265 | $212,253 |
The Company’s reporting units are E&M, T&D, and Wagner Smith Equipment (“WSE”). WSE is within the T&D reportable segment. No impairments of goodwill were recorded for the three and six months ended June 30, 2026 and 2025.
Other Intangible Assets, Net
Finite-Lived Intangible Assets
As of June 30, 2026, finite-lived intangible assets, which were within Other intangible assets, net on the condensed consolidated balance sheet consisted of:
| Remaining Weighted Average Amortization Period | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |
|---|---|---|---|---|
| (In years) · (In thousands) | ||||
| Customer relationships | 19.8 | $39,200 | $490 | $38,710 |
| Backlog | 1.5 | 19,300 | 2,757 | 16,543 |
| Total | $58,500 | $3,247 | $55,253 | |
Amortization expense for finite-lived intangible assets was $3.2 million for both the three and six months ended June 30, 2026.
As a result of the finite-lived intangible assets balance being fully amortized during the first quarter of 2025, there wasno amortization expense during the second quarter of 2025. Hence, amortization expense for finite-lived intangible assets was $0.1 million for the six months ended June 30, 2025.
Amortization expense is recognized in Selling, general and administrative expenses in the unaudited condensed consolidated statements of income.
As of June 30, 2026, future amortization expense for finite-lived intangible assets was estimated to be as follows:
| June 30, 2026 | |
|---|---|
| (In thousands) | |
| Remainder of 2026 | $6,494 |
| 2027 | 12,989 |
| 2028 | 1,960 |
| 2029 | 1,960 |
| 2030 | 1,960 |
| Thereafter | 29,890 |
| Total | $55,253 |
No impairments of finite-lived intangible assets were recorded for the three and six months ended June 30, 2026 and 2025.
Indefinite-Lived Intangible Assets
Changes in the Company’s indefinite-lived intangible assets, consisting of trade names and trademarks, and were within Other intangible assets, net on the condensed consolidated balance sheet, were as follows:
| Total | |
|---|---|
| (In thousands) | |
| Balance as of December 31, 2025 | $— |
| Trade names and trademarks acquired | 15,000 |
| Balance as of June 30, 2026 | $15,000 |
No impairments of indefinite-lived intangible assets were recorded for the three and six months ended June 30, 2026 and 2025.
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