Everus Construction Group, Inc.

As of September 30, 2026, except as described below, there were no material changes to the Company's risk factors that were previously disclosed in the Company’s 2025 Annual Report. Please refer to the below and the Company's 2025 Annual Report for the risk factors that could materially harm the Company's business, prospects, financial results and/or financial condition if they occur.

Our international operations expose us to legal, political, and economic risks in Canada as well as currency exchange rate fluctuations that could harm our business, financial results and/or cash flows. We could also be adversely affected by our failure to comply with laws applicable to our foreign activities.

During the third quarter of 2026, the Company completed an acquisition with foreign operations. The revenues and net loss from Canadian operations were immaterial to our third quarter 2026 consolidated results. However, to the extent our Canadian operations grow as a proportion of our consolidated results, our exposure to the risks described below will increase.

There are risks inherent in doing business internationally, including, among others:

•Imposition of governmental controls and changes in laws, regulations, policies, practices, taxes, and imposed and proposed tariffs;

•Political and economic instability;

•Changes in United States and other national government import/export requirements, imposed and proposed tariffs, trade policies and relations affecting the market for our services, including arising from policy initiatives implemented by governmental administrations and any retaliatory or responsive actions by foreign governments, which could increase our cost of materials, equipment and components;

•Potential non-compliance with a wide variety of laws and regulations, including among others, the Foreign Corrupt Practices Act, Canada’s Corruption of Foreign Public Officials Act, customs and trade laws, and similar laws, regulations, or international agreements;

•Currency exchange rate fluctuations, devaluations and other conversion restrictions;

•Delays, disruptions and increased costs associated with transporting materials, components and products across borders, and the risk that customs authorities disagree with our tariff classifications or other customs treatment, which could result in fines and penalties;

•Difficulties in enforcing contractual and intellectual property rights in foreign jurisdictions;

•Restrictions on, or fees or taxes associated with, repatriating foreign profit and assets back to the United States; and

•Difficulties in staffing and managing international operations, including integrating any acquired business, managing foreign operations effectively from the United States, and understanding and complying with local laws, regulations and customs, including labor and employment laws.

There is no assurance that our policies or procedures will protect us against liability under certain laws for actions taken by or on behalf of our Company. If we are found to be liable for violations (either due to our own acts or our inadvertence, or due to the acts or inadvertence of others), the Company could suffer severe criminal or civil penalties or other sanctions, which could have a material adverse effect on the Company’s reputation, business, financial results and/or cash flows.