UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-43004 Cardinal Infrastructure Group Inc. (I.R.S. Employer Identification No.) (Address of principal executive offices) (Zip Code) Reg ...

Cardinal Infrastructure Group Announces Appointment of Erik West as President of the Carolinas Accessibility StatementSkip Navigation RALEIGH, N.C., March 20, 2026 /PRNewswire/ -- Cardinal Infrastructure Group Inc. (NASDAQ: CDNL) ("Cardinal" or the "Company"), today announced the appointment of Erik West as President of the Carolinas. West, a construction industry veteran who has been with Cardinal since 2016, will oversee all operations across North and South Carolina with a focus on continued growth and c ...

Company Overview - Cardinal Infrastructure Group, Inc. (NASDAQ: CDNL) is recognized as one of the Southeast's fastest-growing, full-service infrastructure service providers, delivering integrated civil and site development solutions across high growth markets [4] - The company operates through a self-performing model supported by skilled labor, specialized fleets, and market-leading subsidiaries, enabling efficient project execution while focusing on long-term client relationships [4] Index Inclusion - Cardinal Infrastructure Group will be added to the Russell 2000® and Russell 3000® Indexes, effective March 23, 2026, as part of FTSE Russell's first quarter Initial Public Offering (IPO) addition [1][2] - The inclusion in these indexes is seen as a significant milestone for the company, enhancing its visibility within the institutional investor community and expanding its reach to a broader set of investors [2] Market Impact - Russell indexes are widely utilized by investment managers and institutional investors for index funds and as benchmarks for active investment strategies, indicating that Cardinal's inclusion may lead to increased investment interest [2] - Approximately $18.1 trillion is benchmarked to FTSE Russell indexes, highlighting the substantial market influence and potential for Cardinal to attract institutional investment [5]

Financial Data and Key Metrics Changes - For the full year 2025, revenue increased by 45% to $456 million, with organic growth of approximately 33% year-over-year [4][11] - Gross profits were $64 million compared to $47 million in the prior year, with adjusted gross profits of $96 million, reflecting a margin of 21.1%, up 40 basis points year-over-year [11] - EBITDA for the full year was approximately $72 million, with adjusted EBITDA of $81.5 million, a 44% increase compared to 2024, resulting in an adjusted EBITDA margin of 17.9% [12][14] Business Line Data and Key Metrics Changes - Revenue growth was broad-based across residential, commercial, DOT municipal, and paving end markets, indicating diversification in end-use markets and customer base [4] - The company closed three acquisitions in 2025, which contributed to the growth and operational capacity [6][8] Market Data and Key Metrics Changes - The demand environment in the Southeast is strong, with population migration outpacing national averages, leading to robust project pipelines [5] - The company has a record backlog of $682 million, representing 1.5 times its 2025 revenue, providing strong coverage for 2026 guidance [16] Company Strategy and Development Direction - The company aims to build density through expansion and vertical integration in high-growth Southeast markets, with a focus on integrating recent acquisitions [8] - The acquisition of A.L. Grading Contractors marks the company's first expansion outside of the Carolinas, aligning with its strategic growth plan [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand environment and visibility into the year ahead, citing a robust pipeline of projects [9][21] - The company anticipates full-year 2026 revenues in the range of $664.9 million to $678.3 million, with adjusted EBITDA margins above 20% [8][15] Other Important Information - The company raised nearly $140 million through financing activities, including IPO proceeds, and ended the year with a net leverage of 0.4x [13][14] - Capital expenditures for 2026 are expected to be approximately $58 million as the company completes its asphalt manufacturing facility [17] Q&A Session Summary Question: Demand environment, particularly on the housing side - Management noted that while headlines indicate softness in housing, their backlog activity remains healthy, driven by positive net migration and undersupply of housing in the Carolinas and Georgia [20][22] Question: Diesel as a percentage of COGS and protection from price rises - Management confirmed that they have clauses in contracts to adjust for major cost changes, but do not expect significant impacts on guidance from recent diesel price increases [24] Question: Fourth quarter revenue and EBITDA confirmation - Management confirmed fourth quarter revenue of approximately $146 million and EBITDA of $26 million, discussing factors contributing to projected margins exceeding 20% [27][28] Question: Breakdown of organic growth by geography - Management indicated that Raleigh is expected to grow over 20%, Charlotte is growing at 45%, and ALGC in Georgia is expected to grow similarly to Raleigh, with significant growth opportunities in the Carolinas [30][31][33]

Financial Data and Key Metrics Changes - For the full year 2025, revenue increased by 45% to $456 million, with organic growth of approximately 33% year-over-year [4][11] - Gross profits were $64 million compared to $47 million in the prior year, with adjusted gross profits of $96 million, reflecting a 21.1% margin, up 40 basis points year-over-year [11] - EBITDA for the full year was approximately $72 million, or 15.8% margins, with adjusted EBITDA of $81.5 million, a 44% increase compared to 2024, and an adjusted EBITDA margin of 17.9% [12][14] - Cash flow from operating activities was approximately $38 million, with capital expenditures of approximately $44 million [12][13] Business Line Data and Key Metrics Changes - Revenue growth was broad-based across residential, commercial, DOT municipal, and paving end markets, indicating diversification in end-use markets and customer base [4] - The company closed three acquisitions in 2025, which contributed to the growth and operational capacity [6][8] Market Data and Key Metrics Changes - The demand environment in the Southeast is strong, with population migration outpacing national averages, leading to robust project pipelines [5] - The company has a record backlog of $682 million, representing 1.5 times the 2025 revenue, providing strong coverage for 2026 guidance [16] Company Strategy and Development Direction - The company aims to build density through expansion and vertical integration in high-growth Southeast markets [8] - The acquisition of A.L. Grading Contractors marks the company's first expansion outside of the Carolinas, aligning with its strategy to enhance service capabilities [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand environment and visibility into the year ahead, despite broader economic uncertainties [5][21] - The company is guiding for 2026 revenues in the range of $664.9 million to $678.3 million, with adjusted EBITDA margins above 20% [8][15] Other Important Information - The company raised nearly $140 million through financing activities, including IPO proceeds, and ended the year with a net leverage of 0.4x [13][14] - The asphalt manufacturing plant is expected to come online towards the end of the second quarter, which is part of the vertical integration initiative [13] Q&A Session Summary Question: Demand environment, particularly on the housing side - Management noted that the Southeast markets are attractive with positive net migration and an undersupply of housing, leading to strong backlog and project visibility [20][21] Question: Diesel as a percentage of COGS and protection from price rises - Management indicated that they have clauses in contracts to adjust for major cost changes but do not expect significant impacts on guidance from diesel price increases [24] Question: Fourth quarter revenue and EBITDA confirmation - Management confirmed fourth quarter revenue of approximately $146 million and EBITDA of $26 million, discussing factors contributing to projected margins above 20% [27][28] Question: Breakdown of organic growth by geography - Management provided insights into growth rates in Raleigh, Charlotte, and Georgia, indicating strong growth potential in all regions, particularly in Charlotte and through the ALGC acquisition [30][31][32]

Financial Data and Key Metrics Changes - For the full year 2025, revenue increased by 45% to $456 million, with organic growth of approximately 33% year-over-year [5][11] - Gross profits rose to $64 million from $47 million in the prior year, with adjusted gross profits at $96 million, reflecting a 21.1% margin, up 40 basis points year-over-year [11] - EBITDA for the full year was approximately $72 million, with adjusted EBITDA of $81.5 million, a 44% increase compared to 2024, and an adjusted EBITDA margin of 17.9% [12][14] - Cash flow from operating activities was approximately $38 million, with capital expenditures around $44 million [12][13] Business Line Data and Key Metrics Changes - Revenue growth was broad-based across residential, commercial, DOT municipal, and paving end markets, indicating diversification in end-use markets and customer base [5][6] - The company closed three acquisitions in 2025, enhancing its capabilities and operational capacity [7][8] Market Data and Key Metrics Changes - The demand environment in the Southeast remains strong, with population migration outpacing national averages [6] - The company has a record backlog of $682 million, representing 1.5 times its 2025 revenue, providing strong coverage for 2026 guidance [16] Company Strategy and Development Direction - The company aims to build density through expansion and vertical integration in high-growth Southeast markets [8] - The acquisition of A.L. Grading Contractors marks a strategic expansion outside the Carolinas, enhancing service capabilities [8][14] - The company is focused on reducing reliance on third-party suppliers through vertical integration, which is expected to improve input cost control and expand self-performance capabilities [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand environment and visibility into the year ahead, despite broader economic uncertainties [6][9] - The company anticipates full-year 2026 revenues in the range of $664.9 million to $678.3 million, with adjusted EBITDA margins above 20% [14][16] Other Important Information - The company raised nearly $140 million through financing activities, including IPO proceeds, and ended the year with a net leverage of 0.4x [13][14] - Capital expenditures for 2026 are expected to be approximately $58 million as the company completes its asphalt manufacturing facility [17] Q&A Session Summary Question: Demand environment, particularly on the housing side - Management noted that while headlines indicate softness in housing, their backlog and bidding environment remain strong due to positive net migration and undersupply of housing in the Southeast [19][20] Question: Diesel as a percentage of COGS and protection from price rises - Management confirmed that they have clauses in contracts to adjust for major cost changes, but do not expect significant impacts on guidance from recent diesel price increases [23][24] Question: Fourth quarter revenue and EBITDA confirmation - Management confirmed fourth quarter revenue of approximately $146 million and EBITDA of $26 million, discussing factors contributing to guidance for margins above 20% [27][28] Question: Breakdown of organic growth by geography - Management indicated that Raleigh is expected to grow over 20%, Charlotte is growing at 45%, and ALGC in Georgia is anticipated to grow similarly to Raleigh [30][31]

Core Insights - Cardinal Infrastructure Group Inc. reported a significant revenue growth of 45% for the full year 2025, reaching $456.0 million compared to $315.2 million in 2024, with organic revenue growth at 33% [2][7] - The company affirmed its guidance for 2026, expecting continued organic growth and project execution, bolstered by the recent acquisition of A.L. Grading Contractors [9][8] Financial Performance - Gross profit for 2025 was $63.8 million, with a gross profit margin of 14%, up from $46.6 million in 2024 [3][7] - Adjusted gross profit was $96.1 million, resulting in an adjusted gross profit margin of 21.1%, an increase of 37 basis points from the previous year [3][7] - Net income increased by 10% to $31.1 million, while EBITDA was reported at $72.3 million, reflecting an EBITDA margin of 15.8% [4][7] Backlog and Growth Indicators - The total backlog as of December 31, 2025, was $682 million, a 33% increase from $512 million at the end of 2024, indicating strong bid activity and project momentum [5][7] - The company raised $139.8 million through its initial public offering and allocated $101.5 million towards acquisitions and capital expenditures [6][7] Strategic Expansion - The acquisition of A.L. Grading Contractors marks Cardinal's first geographic expansion beyond North Carolina and South Carolina, expected to enhance consolidated margins in 2026 [8][7] - The leadership team from A.L. Grading Contractors has been integrated into Cardinal's management structure, with key appointments made to support growth [8][7] 2026 Guidance - Cardinal's guidance for 2026 anticipates revenues in the range of $665 million to $678 million, with an adjusted EBITDA margin of over 20% [13][9] - The guidance is based on current economic conditions and does not account for potential future acquisitions or significant weather events [9][7]

Market Overview - U.S. stock markets have experienced a downturn over the past three weeks due to geopolitical conflicts in the Middle East, particularly between the U.S.-Israel joint force and Iran, leading to increased crude oil and natural gas prices [1] - The Strait of Hormuz, a major oil supply line controlled by Iran, remains severely disturbed, raising concerns about global inflation [1] Stock Performance - A limited number of stocks have shown price strength during this downturn, with a focus on those that have recently been on a bull run [2] - Five stocks identified with strong price gains are Cardinal Infrastructure Group Inc. (CDNL), Escalade Inc. (ESCA), Century Aluminum Co. (CENX), BrightSpring Health Services Inc. (BTSG), and Constellium SE (CSTM) [2][7] Stock Analysis - Cardinal Infrastructure Group (CDNL) has seen a stock price increase of 34% in four weeks, with earnings estimates rising by 29.9% [7][8] - Escalade Inc. (ESCA) has experienced a price increase of 28.9% over the same period, with an expected earnings growth of 6.1% [10] - Century Aluminum Co. (CENX) has surged 15.6% in stock price, with an expected earnings growth rate exceeding 100% [13] - BrightSpring Health Services Inc. (BTSG) has advanced 9.5% in stock price, with an expected earnings growth rate of 61% [14] - Constellium SE (CSTM) has gained 7.5% in stock price, with an expected earnings growth rate of 6.8% [16] Investment Screening Criteria - Stocks were screened based on several parameters, including a percentage change in price over the last four weeks greater than zero and a percentage change over 12 weeks greater than 10% [4] - Additional criteria included a Zacks Rank of 1 (Strong Buy), an average broker rating of 1, a current price greater than $5, and a current price/52-week high-low range greater than 85% [5][6]

Core Viewpoint - The article emphasizes the importance of identifying and maintaining trends in short-term investing, highlighting that sound fundamentals and positive earnings estimates are crucial for sustaining momentum in stocks. Group 1: Trend Analysis - The trend is a critical factor for successful short-term investing, but it can reverse unexpectedly, leading to potential losses for investors [1] - A predefined "Recent Price Strength" screen helps identify stocks with strong fundamentals that can maintain their upward trend [2] Group 2: Company Spotlight - Cardinal (CDNL) - Cardinal (CDNL) has shown a solid price increase of 40% over the past 12 weeks, indicating strong investor interest [3] - The stock has also increased by 34% in the last four weeks, suggesting that the upward trend is still intact [4] - CDNL is currently trading at 81.9% of its 52-week high-low range, indicating a potential breakout [5] Group 3: Fundamental Strength - CDNL holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises [5][6] - The stock has an Average Broker Recommendation of 1 (Strong Buy), reflecting high optimism from the brokerage community regarding its near-term performance [6] Group 4: Additional Opportunities - Besides CDNL, there are other stocks that meet the criteria of the "Recent Price Strength" screen, suggesting further investment opportunities [7] - The article mentions the availability of over 45 Zacks Premium Screens tailored to different investing styles, which can help identify winning stock picks [7]

Group 1 - Cardinal Infrastructure Group, Inc. will release its financial results for the full year 2025 on March 19, 2026, before market open, followed by a conference call at 10:30 AM ET on the same day [1] - The company is recognized as one of the Southeast's fastest-growing full-service infrastructure service providers, delivering integrated civil and site development solutions across high-growth Sunbelt markets [1] - Cardinal's operational model is self-performing, supported by skilled labor and specialized fleets, which enables efficient and scalable project execution [1] Group 2 - The company emphasizes a strategy grounded in operational discipline, market expansion, and a commitment to integrity [1]