Financial Data and Key Metrics Changes - The company's second quarter revenue increased by 31% year-over-year, reaching $921.5 million, driven by strong performance in the Electrical and Mechanical (E and M) segment and improved results in the Transmission and Distribution (T and D) segment [5][14] - EBITDA for the second quarter rose by 36% to $84.2 million, with EBITDA margins increasing to 9.1% from 8.8% in the prior year [6][14] - Total backlog at the end of the second quarter was $3 billion, up 24% from the same period last year [6][15] Business Line Data and Key Metrics Changes - E and M segment revenues increased by 42% to $713.6 million, with EBITDA rising by 53% to $63.7 million, resulting in an EBITDA margin of 8.9% [17] - T and D segment revenues grew by 3% to $212.4 million, with EBITDA increasing by 19% to $30.4 million, leading to an EBITDA margin of 14.3% [18] Market Data and Key Metrics Changes - The company noted strong demand trends in key end markets, particularly in data centers and hospitality, with no significant weather impacts reported during the quarter [10][32] - The utility end market showed increased activity, especially in the underground submarket, contributing to the growth in the T and D segment [7][18] Company Strategy and Development Direction - The company aims for long-term organic revenue growth of 5% to 7% compounded annually, with EBITDA growth of 7% to 9% on a compound annual basis [12] - The focus remains on attracting and retaining key talent, with a record employment level achieved during the quarter [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate continued backlog growth, citing strong customer relationships and favorable trends in key markets [7][23] - The company raised its 2025 revenue guidance to a range of $3.3 billion to $3.4 billion, reflecting strong execution and favorable demand drivers [20] Other Important Information - The company is pursuing several larger projects in the T and D segment, indicating a shift in trend and potential for growth [45] - The company is actively exploring inorganic growth opportunities, with a focus on companies that align with its values and operational standards [54] Q&A Session Summary Question: Capability to convert backlog and fill gaps with book and burn work - Management highlighted the importance of timing and resource allocation in project execution, emphasizing their strong position to support growth [26][27] Question: Weather impact on T and D and hospitality outlook - No weather impacts were reported in the second quarter, and there was an uptick in hospitality work in Las Vegas, although it has not yet returned to pre-pandemic levels [32] Question: Sustainability of gross margin improvements - Management noted that efficiency gains from prefab investments and strong project execution contributed to gross margin improvements, with ongoing investments planned [38] Question: Book to bill ratio and demand environment - The book to bill ratio was slightly below one, attributed to the lumpiness of backlog and timing of project awards, with a year-to-date ratio of 1.1 indicating strong demand [41][42] Question: Growth rates in the back half of the year - Management indicated that growth rates may be tempered in the second half due to tougher comparisons, with E and M expected to grow at a faster rate than T and D [48] Question: Pipeline for M&A opportunities - The company is actively pursuing M&A opportunities, bolstered by the hiring of a new vice president of corporate development, with a focus on geographic expansion [54] Question: Cash flow and working capital management - Management expressed confidence in their ability to generate cash flow in the second half of the year, despite increased working capital needs for new projects [57]

Second Quarter 2025 Performance - Revenue grew by 31% year-over-year, reaching $921.5 million in the second quarter of 2025, driven by strong performance in the E&M segment[29] - Backlog increased by 24% year-over-year, reaching $30 billion, with E&M backlog up 24% and T&D backlog up 21%[30, 34] - EBITDA increased by 36% year-over-year, reaching $842 million in the second quarter of 2025, driven by strong revenue growth and margin expansion[31, 34] - EBITDA margin expanded by 30 basis points to 91% in the second quarter of 2025[10, 33] Segment Performance - E&M revenues increased by 42% in the second quarter of 2025, driven by continued momentum in data center work, reaching $7136 million[13, 37] - E&M EBITDA increased by 53% with a 70 bps margin expansion[13, 39] - T&D revenues increased by 3% in the second quarter of 2025, driven by growth in both transportation and utility end markets, reaching $2124 million[13, 40] - T&D EBITDA increased by 19%, driven by a 200 bps margin expansion[13, 43] Financial Position and Guidance - The company had $274 million in total unrestricted cash and cash equivalents and revolver availability as of June 30, 2025, with a net leverage of 08x[14, 52] - The company is raising its 2025 revenue guidance to $33 billion - $34 billion and EBITDA guidance to $240 million - $255 million[53]

[Everus Q2 2025 Earnings Release](index=1&type=section&id=Everus%20Q2%202025%20Earnings%20Release) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management attributes strong Q2 results to market momentum and project execution, highlighting significant growth and raising full-year 2025 guidance - CEO Jeffrey S. Thiede attributed the strong Q2 performance to end-market momentum, excellent project execution, and long-term customer relationships[5](index=5&type=chunk) - Backlog grew **24% year-over-year**, with balanced growth in both Transmission & Distribution (T&D) and Electrical & Mechanical (E&M) segments, driven by opportunities in commercial, utility, renewables, and institutional markets[6](index=6&type=chunk) - The company **raised its 2025 guidance** based on strong first-half results, efficient project execution, and favorable project timing[7](index=7&type=chunk) [Financial Performance](index=1&type=section&id=Financial%20Performance) The company reported record Q2 and H1 2025 results, with significant year-over-year growth in revenue, net income, and EBITDA [Second Quarter 2025 Consolidated Results](index=1&type=section&id=Second%20Quarter%202025%20Consolidated%20Results) Q2 2025 saw record results with revenue up 31.0% to $921.5 million and net income growing 35.4% to $52.8 million Q2 2025 Consolidated Financial Highlights (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $921.5M | $703.3M | +31.0% | | Gross Profit | $119.9M | $88.5M | +35.5% | | Net Income | $52.8M | $39.0M | +35.4% | | Diluted EPS | $1.03 | $0.76 | +35.5% | | EBITDA | $84.2M | $62.1M | +35.6% | | Backlog (as of June 30) | $3.0B | $2.4B | +23.9% | - Gross profit margin improved to **13.0%** from 12.6% in Q2 2024, primarily due to project timing and efficiency gains[8](index=8&type=chunk) - Selling, general and administrative (SG&A) expenses increased to **$47.4 million**, up from $37.2 million, to support operational growth[9](index=9&type=chunk) [Second Quarter 2025 Segment Results](index=2&type=section&id=Second%20Quarter%202025%20Segment%20Results) The Electrical & Mechanical segment drove growth with a 41.6% revenue increase, while the Transmission & Distribution segment also saw solid growth E&M Segment Q2 2025 Results (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $713.6M | $503.8M | +41.6% | | Net Income | $47.3M | $29.3M | +61.4% | | EBITDA | $63.7M | $41.5M | +53.5% | | Backlog | $2.6B | $2.1B | +24.4% | T&D Segment Q2 2025 Results (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $212.4M | $206.8M | +2.7% | | Net Income | $17.8M | $14.8M | +20.3% | | EBITDA | $30.4M | $25.5M | +19.2% | | Backlog | $410.1M | $339.6M | +20.8% | [Six Months Ended June 30, 2025 Consolidated Results](index=2&type=section&id=Six%20Months%20Ended%20June%2030%2C%202025%20Consolidated%20Results) First-half 2025 revenues grew 31.5% to $1.75 billion, with net income rising 33.2% to $89.5 million compared to the prior year First Half 2025 Consolidated Financial Highlights (vs. H1 2024) | Metric | H1 2025 | H1 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenues | $1.75B | $1.33B | +31.5% | | Gross Profit | $212.4M | $163.3M | +30.1% | | Net Income | $89.5M | $67.2M | +33.2% | | Diluted EPS | $1.75 | $1.32 | +32.6% | | EBITDA | $146.0M | $108.9M | +34.1% | [Financial Position and Cash Flow](index=3&type=section&id=Financial%20Position%20and%20Cash%20Flow) The company maintained a strong financial position with reduced net leverage, and operating cash flow increased substantially year-over-year Balance Sheet and Leverage Summary | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Unrestricted Cash | $64.5M | $69.9M | | Gross Debt | $292.5M | $300.0M | | Working Capital | $474.7M | $403.9M | | Net Leverage | 0.8x | 1.0x | Cash Flow Summary (Six Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Operating Cash Flow | $32.5M | $3.7M | | Capital Expenditures | $31.6M | $16.5M | | Free Cash Flow | $6.5M | ($7.4M) | [Business Outlook](index=3&type=section&id=Business%20Outlook) Everus raised its full-year 2025 guidance for revenue and EBITDA, reflecting confidence in its project pipeline and operational execution Updated Full-Year 2025 Guidance | Metric | New Guidance | Previous Guidance | | :--- | :--- | :--- | | Revenues | $3.3B - $3.4B | $3.0B - $3.1B | | EBITDA | $240M - $255M | $210M - $225M | - The company affirmed its full-year 2025 gross capital expenditures guidance to be in the range of **$65 million to $70 million**[35](index=35&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) The unaudited condensed consolidated financial statements detail significant year-over-year growth in revenue, profitability, and cash generation [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) The income statement details significant revenue and net income growth for both the second quarter and first half of 2025 Income Statement Highlights (in thousands) | Line Item | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenues | $921,466 | $703,373 | $1,748,095 | $1,329,062 | | Gross Profit | $119,869 | $88,577 | $212,362 | $163,294 | | Operating Income | $72,507 | $51,309 | $123,491 | $90,193 | | Net Income | $52,843 | $38,972 | $89,515 | $67,186 | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet reflects growth in total assets to $1.48 billion, driven by higher business activity and increased stockholders' equity Balance Sheet Highlights (in thousands) | Line Item | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Current Assets | $1,089,026 | $917,229 | | Total Assets | $1,481,377 | $1,288,463 | | Total Current Liabilities | $614,314 | $513,370 | | Total Liabilities | $966,968 | $865,851 | | Total Stockholders' Equity | $514,409 | $422,612 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities improved significantly to $32.5 million for the first half of 2025, driven by higher net income Cash Flow Highlights (Six Months Ended June 30, in thousands) | Line Item | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $32,470 | $3,751 | | Net cash used in investing activities | ($25,686) | ($11,496) | | Net cash provided by (used in) financing activities | ($8,088) | $6,500 | | Decrease in cash, cash equivalents and restricted cash | ($1,304) | ($1,245) | [Supplementary Information](index=8&type=section&id=Supplementary%20Information) This section provides detailed segment performance data and reconciliations of GAAP to non-GAAP financial measures like EBITDA and Free Cash Flow [Segment and Other Financial Information](index=8&type=section&id=Segment%20and%20Other%20Financial%20Information) Total backlog grew 23.9% year-over-year to nearly $3.0 billion, with the E&M segment contributing the majority at $2.6 billion Revenues by Segment (in millions) | Segment | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Electrical & Mechanical | $713.6 | $503.8 | +41.6% | | Transmission & Distribution | $212.4 | $206.8 | +2.7% | Backlog by Segment (in millions) | Segment | June 30, 2025 | Dec 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | | Electrical & Mechanical | $2,568.1 | $2,507.0 | $2,063.8 | | Transmission & Distribution | $410.1 | $273.6 | $339.6 | | **Total** | **$2,978.2** | **$2,780.6** | **$2,403.4** | [Non-GAAP Financial Measures](index=9&type=section&id=Non-GAAP%20Financial%20Measures) This section provides reconciliations for key non-GAAP metrics, including EBITDA, Net Debt, Net Leverage, and Free Cash Flow Reconciliation of Net Income to EBITDA (Q2 2025, in millions) | Line Item | Amount | | :--- | :--- | | Net income | $52.8 | | Interest expense, net | $4.8 | | Income taxes | $19.4 | | Depreciation and amortization | $7.2 | | **EBITDA** | **$84.2** | Calculation of Net Leverage (as of June 30, 2025, in millions) | Line Item | Amount | | :--- | :--- | | Total gross debt | $292.5 | | Less: cash and cash equivalents | ($64.5) | | **Total net debt** | **$228.0** | | Trailing 12-month EBITDA | $269.3 | | **Net leverage** | **0.8x** | Reconciliation to Free Cash Flow (H1 2025, in millions) | Line Item | Amount | | :--- | :--- | | Net cash provided by operating activities | $32.5 | | Purchases of property, plant and equipment | ($31.6) | | Cash proceeds from sale of property | $5.6 | | **Free cash flow** | **$6.5** |

Group 1: TransMedics Group - TransMedics Group reported Q1 2025 sales of over $143 million, exceeding analyst expectations by approximately 16% [2] - The company achieved adjusted earnings per share (EPS) of $0.70, more than double the expected amount [3] - TransMedics increased its full-year revenue guidance by $34 million, now forecasting $575 million, which implies a growth of 30% compared to 2024 [4] Group 2: Everus - Everus reported Q1 sales of nearly $827 million, beating forecasts by over $150 million, resulting in a sales beat of over 22% [6] - The company's non-adjusted EPS rose by 31% to $0.72, contrary to analyst expectations of a decline [6] - Everus's order backlog increased by 41% to $3.1 billion, providing a solid revenue floor for future growth [8] Group 3: Excelerate Energy - Excelerate Energy's Q1 sales reached $315 million, surpassing estimates by over 51% [11] - Revenues grew by over 57%, significantly higher than the expected growth of just 4% [11] - The company is positioned to benefit from rising global demand for LNG, with Jefferies initiating coverage with a $39 price target [11]

Core Viewpoint - Rosen Law Firm is reminding investors who purchased common stock of Everus Construction Group, Inc. during the specified Class Period of the upcoming lead plaintiff deadline for a class action lawsuit [1][2]. Group 1: Class Action Details - The Class Period for the lawsuit is defined as October 31, 2024, to February 11, 2025, and includes those who held MDU Resources common stock and acquired Everus Construction common stock during the spinoff [1]. - Investors may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties must move the Court to serve as lead plaintiff by June 3, 2025 [3]. Group 2: Law Firm Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest settlement against a Chinese company at the time and being ranked No. 1 for securities class action settlements in 2017 [4]. - The firm has recovered hundreds of millions of dollars for investors, including over $438 million in 2019 alone [4]. Group 3: Case Allegations - The lawsuit alleges that during the Class Period, Everus Construction made false or misleading statements regarding its backlog conversion cycle, which had become elongated due to larger, more complex projects [5]. - It is claimed that this led to delays in revenue recognition and that the positive statements made by the defendants about the company's business and prospects were materially misleading [5].

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Everus Construction Group, Inc. regarding a class action lawsuit due to alleged misleading statements and omissions during a specified class period [1][3]. Group 1: Class Action Details - The class period for the lawsuit is from October 31, 2024, to February 11, 2025 [3]. - Allegations include that the company’s backlog conversion cycle has elongated due to larger, more complex projects, leading to delayed revenue recognition [3]. - The lawsuit claims that the defendants made positive statements about the company's business that were materially misleading and lacked a reasonable basis [3]. Group 2: Shareholder Actions - Shareholders are encouraged to register for the class action by June 3, 2025, to potentially be appointed as lead plaintiffs [4]. - Once registered, shareholders will receive updates through a portfolio monitoring software regarding the case [4]. - Participation in the case incurs no cost or obligation for shareholders [4]. Group 3: Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm focused on protecting investors' rights against deceit and fraud [5]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements [5].

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Everus Construction Group, Inc. regarding a class action lawsuit due to alleged misleading statements and failure to disclose critical information during a specified class period [1][2]. Group 1: Allegations and Class Period - The class period for the allegations is from October 31, 2024, to February 11, 2025 [1]. - Allegations include that the company's backlog conversion cycle has become elongated due to larger, more complex projects, leading to delayed revenue recognition [1]. - The positive statements made by the defendants about the company's business and prospects were claimed to be materially misleading and lacked a reasonable basis [1]. Group 2: Next Steps for Shareholders - Shareholders who purchased shares during the class period are encouraged to register for the class action by June 3, 2025 [2]. - Upon registration, shareholders will be enrolled in a portfolio monitoring software to receive updates throughout the case lifecycle [2]. - There is no cost or obligation for shareholders to participate in the case [2]. Group 3: Law Firm's Mission - The Gross Law Firm is a nationally recognized class action law firm focused on protecting investors' rights against deceit and fraud [3]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements [3].

Core Points - A shareholder class action lawsuit has been filed against Everus Construction Group, Inc. alleging materially false and misleading statements regarding the company's business and operations [1] - The lawsuit claims that Everus's backlog conversion cycle has become elongated due to larger, more complex projects, leading to delays in revenue recognition [1] Legal Context - Shareholders who purchased shares of Everus between October 31, 2024, and February 11, 2025, or held MDU Resources Group, Inc. common stock as of October 21, 2024, and experienced significant losses are encouraged to discuss their legal rights [2] - The deadline to request appointment as lead plaintiff in the case is June 3, 2025 [3]

Core Viewpoint - Rosen Law Firm is reminding investors who purchased common stock of Everus Construction Group, Inc. during the specified Class Period of the upcoming lead plaintiff deadline for a class action lawsuit [1][2]. Group 1: Class Action Details - Investors who acquired Everus Construction common stock between October 31, 2024, and February 11, 2025, may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties must move the Court to serve as lead plaintiff by June 3, 2025 [3]. Group 2: Case Background - The lawsuit alleges that during the Class Period, defendants made false or misleading statements regarding Everus Construction's backlog conversion cycle, which had become elongated due to larger, more complex projects [5]. - It is claimed that as a result of these issues, revenue recognition for Everus Construction would be delayed, and positive statements about the company's business and prospects were materially misleading [5]. Group 3: Rosen Law Firm's Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company at the time and being ranked No. 1 for the number of settlements in 2017 [4]. - The firm has recovered hundreds of millions of dollars for investors, securing over $438 million in 2019 alone [4].

Core Viewpoint - A class action securities lawsuit has been filed against Everus Construction Group, Inc. for alleged securities fraud affecting investors between October 31, 2024, and February 11, 2025 [1][2]. Group 1: Lawsuit Details - The lawsuit claims that the defendants made false statements and concealed information regarding the Company's backlog conversion cycle, which had become elongated due to larger and more complex projects [2]. - It is alleged that this elongation would lead to delays in revenue recognition, making the defendants' positive statements about the Company's business and prospects materially misleading [2]. Group 2: Investor Information - Investors who suffered losses during the specified timeframe have until June 3, 2025, to request appointment as lead plaintiff, although participation in any recovery does not require serving as a lead plaintiff [3]. - Class members may be entitled to compensation without any out-of-pocket costs or fees, with no obligation to participate [3]. Group 3: Firm Background - Levi & Korsinsky, LLP has a history of securing hundreds of millions of dollars for shareholders and has been recognized as one of the top securities litigation firms in the United States for seven consecutive years [4].