Everus Construction Group, Inc.
For the period ended Sep 30, 2026. Filed Nov 6, 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.
Sep 30, 2026 · Filed Nov 6, 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 business combinations that are not individually identified and separately recognized. Changes to goodwill during the period were a result of the acquisitions completed during the nine months ended September 30, 2026, relating to acquiring highly skilled workforces and future business growth opportunities, along with other expected synergies resulting from the acquisitions. Changes in goodwill also reflect foreign currency translation adjustments and measurement period adjustments to preliminary purchase accounting.
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 | 232,416 | — | 232,416 |
| Measurement period adjustments | (3) | — | (3) |
| Foreign currency translation adjustments | (3,075) | — | (3,075) |
| Balance as of September 30, 2026 | $345,297 | $27,265 | $372,562 |
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 nine months ended September 30, 2026 and 2025.
Other Intangible Assets, Net
Finite-Lived Intangible Assets
As of September 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 | Foreign Currency Translation Adjustments | Net Carrying Amount | |
|---|---|---|---|---|---|
| (In years) · (In thousands) | |||||
| Customer relationships | 12.8 | $131,200 | $(1,745) | $(704) | $128,751 |
| Backlog | 1.7 | 53,300 | (6,930) | (99) | 46,271 |
| Trade names and trademarks | 6.9 | 18,000 | (214) | (137) | 17,649 |
| Total | 9.3 | $202,500 | $(8,889) | $(940) | $192,671 |
Amortization expense for finite-lived intangible assets was $5.7 million and $8.9 million for the three and nine months ended September 30, 2026, respectively.
Finite-lived intangible assets held in 2025 were fully amortized during the first quarter, resulting inno amortization expense during the third quarter of 2025, and amortization expense of $0.1 million for the nine months ended September 30, 2025.
Amortization expense is recognized in Selling, general and administrative expenses in the unaudited condensed consolidated statements of income.
As of September 30, 2026, future amortization expense for finite-lived intangible assets was estimated to be as follows:
| September 30, 2026 | |
|---|---|
| (In thousands) | |
| Remainder of 2026 | $10,404 |
| 2027 | 41,618 |
| 2028 | 24,941 |
| 2029 | 13,641 |
| 2030 | 13,641 |
| Thereafter | 88,426 |
| Total | $192,671 |
No impairments of finite-lived intangible assets were recorded for the three and nine months ended September 30, 2026 and 2025.
Indefinite-Lived Intangible Assets
As of September 30, 2026, indefinite-lived intangible assets, which consisted of trade names and trademarks, were within Other intangible assets, net on the condensed consolidated balance sheet. Changes in the Company’s indefinite-lived assets were as follows:
| Total | |
|---|---|
| (In thousands) | |
| Balance as of December 31, 2025 | $— |
| Trade names and trademarks | 15,000 |
| Balance as of September 30, 2026 | $15,000 |
No impairments of indefinite-lived intangible assets were recorded for the three and nine months ended September 30, 2026 and 2025.
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