Core Viewpoint - MYR Group Inc. has appointed Aurelie Richard to its Board of Directors, effective August 26, 2025, enhancing the board's strategic and financial expertise [1][2]. Group 1: Appointment Details - Aurelie Richard will serve as a director and on the Audit Committee of MYR Group [1]. - Kenneth M. Hartwick, Chair of the Board, expressed confidence in Richard's leadership and her commitment to the company's growth strategy [2]. Group 2: Background of Aurelie Richard - Ms. Richard has over thirty years of experience in finance and management, currently serving as Chief Financial and Strategy Officer for S&C Electric Company [2]. - She has held various executive positions in Finance, Strategy, and Human Resources, with expertise in energy management and electrical distribution systems [2]. - Richard's educational background includes an undergraduate degree in accounting and finance, a CPA certification, and an MBA from EM Lyon Business School [3]. Group 3: Company Overview - MYR Group is a holding company of specialty electrical contractors operating in the U.S. and Canada, with two main business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I) [4]. - The T&D segment provides services related to electric transmission, distribution networks, and clean energy projects, serving a diverse range of customers including utilities and private developers [4]. - The C&I segment offers services for commercial and industrial wiring, including installations for data centers, hospitals, and electric vehicle charging infrastructure [4].

Core Viewpoint - MYR Group Inc. will participate in the D.A. Davidson 24th Annual Diversified Industrials & Services investor conference, where its CEO and CFO will engage with institutional investors [1] Company Overview - MYR Group Inc. is a holding company specializing in electrical contracting services across the United States and Canada, operating through two main segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I) [2] - The T&D segment offers services related to electric transmission, distribution networks, substations, clean energy projects, and electric vehicle charging infrastructure, catering to a diverse clientele including utilities and independent power producers [2] - The C&I segment provides a wide range of services such as design, installation, maintenance, and repair of commercial and industrial wiring, serving clients like general contractors and government agencies [2]

Company Overview - MYR Group Inc. is a holding company of leading specialty electrical contractors serving the electric utility infrastructure, commercial, and industrial construction markets in the United States and Canada [1] - The company operates through two business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I) [1] Business Segments - The T&D segment provides services on electric transmission, distribution networks, substation facilities, clean energy projects, and electric vehicle charging infrastructure [1] - Comprehensive T&D services include design, engineering, procurement, construction, upgrade, maintenance, and repair services [1] - C&I segment offers a broad range of services including design, installation, maintenance, and repair of commercial and industrial wiring for various facilities such as data centers, airports, hospitals, and clean energy projects [1] Recent Events - MYR Group will participate in the KeyBanc Taking Charge: Energy Transition Symposium investor conference on September 18, 2025 [1] - The CEO Rick Swartz and CFO Kelly Huntington will meet with institutional investors during this virtual event [1]

Company Performance - MYR Group (MYRG) has gained approximately 26% year-to-date, outperforming the Utilities sector, which has returned an average of 12.8% [4] - The Zacks Consensus Estimate for MYRG's full-year earnings has increased by 5.8% in the past quarter, indicating improved analyst sentiment and earnings outlook [3] - MYR Group holds a Zacks Rank of 2 (Buy), reflecting its potential to beat the market in the near term [3] Industry Context - MYR Group is part of the Electric Construction industry, which currently ranks 1 in the Zacks Industry Rank, with an average year-to-date gain of 26% [5] - The Utilities sector includes 108 individual stocks and has a Zacks Sector Rank of 3, indicating a relatively strong performance compared to other sectors [2] - Another stock in the Utilities sector, Telenor ASA (TELNY), has shown a year-to-date return of 42.1%, highlighting the competitive landscape within the sector [4][6]

MYR Group (MYRG) Q2 2025 Earnings Call July 31, 2025 10:00 AM ET Company ParticipantsJennifer Harper - VP - IR & TreasurerRichard Swartz - President, CEO & DirectorKelly Huntington - SVP & CFOBrian Stern - SVP & COO - Transmission & DistributionDon Egan - SVP & COO - Commercial and IndustrialAtidrip Modak - Vice President - Energy Services & E&PsJustin Hauke - Senior Equity Research AssociateJonathan Braatz - PartnerBrian Brophy - AVPConference Call ParticipantsSangita Jain - Director & Equity Research Anal ...

MYR Group (MYRG) Q2 2025 Earnings Call July 31, 2025 10:00 AM ET Speaker0Good morning, everyone, and welcome to the MYR Group second quarter two thousand twenty five earnings results conference call. At this time, all participants are in listen only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during this session, you would need to press 11 on your telephone. You would then hear an automated message advising your hand is raised.To withdraw your quest ...

分组1 - MYR Group (MYRG) reported quarterly earnings of $1.7 per share, exceeding the Zacks Consensus Estimate of $1.56 per share, and showing a significant improvement from a loss of $0.91 per share a year ago, resulting in an earnings surprise of +8.97% [1] - The company achieved revenues of $900.33 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 8.74%, and reflecting a year-over-year increase from $828.89 million [2] - MYR has consistently outperformed consensus EPS estimates over the last four quarters, achieving this four times [2] 分组2 - The stock has gained approximately 33.2% since the beginning of the year, significantly outperforming the S&P 500's gain of 8.3% [3] - The current consensus EPS estimate for the upcoming quarter is $1.92 on revenues of $921.83 million, while for the current fiscal year, it is $6.59 on revenues of $3.46 billion [7] - The Electric Construction industry, to which MYR belongs, is currently ranked in the top 37% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 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: 1-08325 _____________________________________________________________ MYR GROUP INC. (Exact name of registrant as specified i ...

Core Insights - MYR Group Inc. reported strong financial performance in the second quarter of 2025, with revenues of $900.3 million, a net income of $26.5 million, and a backlog of $2.64 billion, indicating growth compared to the same period in 2024 [2][8][10]. Financial Performance - Second quarter 2025 revenues increased by $71.4 million compared to the second quarter of 2024, driven by growth in both the Transmission and Distribution (T&D) segment, which saw revenues of $506.3 million, and the Commercial and Industrial (C&I) segment, which reported revenues of $394.1 million [3][10]. - Consolidated gross profit for the second quarter of 2025 rose to $103.7 million, up from $40.8 million in the same quarter of 2024, with gross margin improving to 11.5% from 4.9% [4][11]. - For the first half of 2025, MYR reported revenues of $1.73 billion, an increase of $89.4 million compared to the first half of 2024, with net income reaching $49.8 million [10][15]. Cost and Expenses - Selling, general and administrative expenses (SG&A) increased to $63.3 million in the second quarter of 2025, primarily due to higher employee compensation costs [5][12]. - Interest expense rose to $1.9 million in the second quarter of 2025, attributed to higher average outstanding debt balances [6][13]. Tax and Net Income - The income tax expense for the second quarter of 2025 was $10.9 million, with an effective tax rate of 29.2%, compared to a tax benefit of $6.9 million in the same quarter of 2024 [7][14]. - Net income for the second quarter of 2025 was $26.5 million, or $1.70 per diluted share, a significant recovery from a net loss of $15.3 million in the second quarter of 2024 [8][29]. Backlog and Future Outlook - As of June 30, 2025, MYR's backlog stood at $2.64 billion, reflecting a 3.8% increase from the previous year, with T&D backlog at $926.5 million and C&I backlog at $1.72 billion [16]. - The company announced a new $75 million share repurchase program, replacing the previous program, which had been exhausted [18]. Balance Sheet - As of June 30, 2025, MYR had total assets of $1.59 billion and total shareholders' equity of $583.2 million [26][32].

[Company Overview](index=1&type=section&id=1.%20Company%20Overview) [Business Description](index=1&type=section&id=1.1%20Business%20Description) MYR Group Inc. is a leading specialty electrical contractor providing comprehensive services across power utility infrastructure and commercial & industrial markets in the US and Canada - MYR Group Inc. is a specialty electrical contractor holding company serving the US and Canadian power utility infrastructure and C&I construction markets[1](index=1&type=chunk)[22](index=22&type=chunk) - The company provides services through its T&D and C&I segments, encompassing design, engineering, construction, maintenance, and clean energy projects[22](index=22&type=chunk) [Executive Summary & Highlights](index=1&type=section&id=2.%20Executive%20Summary%20%26%20Highlights) [Management Commentary](index=1&type=section&id=2.1%20Management%20Commentary) CEO Rick Swartz highlighted strong Q2 2025 performance with $900 million revenue, $2.64 billion backlog, and year-over-year growth across key profitability metrics - MYR Group CEO Rick Swartz highlighted **Q2 2025 revenue of $900 million** and **backlog of $2.64 billion**, with year-over-year growth in net income, gross profit, gross margin, and EBITDA[2](index=2&type=chunk) - The company expanded its business reach through new master service agreements and projects, focusing on future growth[2](index=2&type=chunk) [Key Financial Highlights (Q2 2025)](index=1&type=section&id=2.2%20Key%20Financial%20Highlights%20(Q2%202025)) In Q2 2025, MYR Group achieved $900.3 million in quarterly revenue, a record $26.5 million net income ($1.70 diluted EPS), and a record $55.6 million EBITDA, with backlog reaching $2.64 billion Q2 2025 Key Financial Metrics | Metric | Amount (million USD) | | :--- | :--- | | Quarterly Revenue | 900.3 | | Quarterly Net Income | 26.5 | | Diluted EPS | 1.70 | | Quarterly EBITDA | 55.6 | | Backlog | 2,640.0 | [Financial Results](index=1&type=section&id=3.%20Financial%20Results) [Second Quarter 2025 Results](index=1&type=section&id=3.1%20Second%20Quarter%202025%20Results) MYR Group's Q2 2025 revenue reached $900.3 million, with gross profit significantly increasing to $103.7 million and net income turning profitable at $26.5 million, alongside $55.6 million EBITDA Q2 2025 Financial Performance Comparison (million USD) | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | Revenue | 900.3 | 828.9 | +71.4 | | Gross Profit | 103.7 | 40.8 | +62.9 | | Gross Margin | 11.5% | 4.9% | +6.6 pp | | Net Income | 26.5 | (15.3) | +41.8 | | Diluted EPS | 1.70 | (0.91) | +2.61 | | EBITDA | 55.6 | (4.7) | +60.3 | [Revenues by Segment](index=1&type=section&id=3.1.1%20Revenues%20by%20Segment) Q2 2025 T&D segment revenue grew to $506.3 million, driven by distribution and transmission projects, while C&I segment revenue increased to $394.1 million Q2 2025 Revenues by Segment (million USD) | Segment | Q2 2025 Revenue (million USD) | Q2 2024 Revenue (million USD) | YoY Change (million USD) | | :--- | :--- | :--- | :--- | | Transmission & Distribution (T&D) | 506.3 | 458.2 | 48.1 | | Commercial & Industrial (C&I) | 394.1 | 370.7 | 23.4 | | **Total** | **900.3** | **828.9** | **71.4** | - T&D segment revenue growth was primarily driven by **distribution projects (+$25.1 million)** and **transmission projects (+$22.9 million)**[3](index=3&type=chunk) [Gross Profit and Margin](index=1&type=section&id=3.1.2%20Gross%20Profit%20and%20Margin) Consolidated gross profit increased to $103.7 million in Q2 2025, with gross margin rising to 11.5%, driven by improved productivity and favorable project settlements Q2 2025 Gross Profit and Margin (million USD) | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | Consolidated Gross Profit | 103.7 | 40.8 | +62.9 | | Gross Margin | 11.5% | 4.9% | +6.6 pp | - Gross margin growth was primarily driven by the elimination of prior-year negative impacts, better-than-expected productivity, and favorable project settlements[4](index=4&type=chunk) - Gross margin growth was partially offset by increased labor costs, project inefficiencies, and unfavorable change orders[4](index=4&type=chunk) [Operating Expenses (SG&A, Amortization)](index=1&type=section&id=3.1.3%20Operating%20Expenses%20(SG%26A%2C%20Amortization)) Q2 2025 SG&A expenses increased to $63.3 million, mainly due to higher employee incentive compensation and staff-related costs supporting future growth Q2 2025 SG&A Expenses (million USD) | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | SG&A Expenses | 63.3 | 61.8 | +1.5 | - SG&A expenses increased primarily due to higher employee incentive compensation and staff-related costs supporting future growth[5](index=5&type=chunk) [Interest Expense](index=1&type=section&id=3.1.4%20Interest%20Expense) Q2 2025 interest expense rose to $1.9 million, mainly due to an increased average outstanding debt balance, partially offset by lower interest rates Q2 2025 Interest Expense (million USD) | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | Interest Expense | 1.9 | 1.2 | +0.7 | - Interest expense increased primarily due to a higher average outstanding debt balance[6](index=6&type=chunk) [Income Tax Expense](index=1&type=section&id=3.1.5%20Income%20Tax%20Expense) Q2 2025 income tax expense was $10.9 million with an effective tax rate of 29.2%, a change from a $6.9 million benefit in Q2 2024, mainly due to reduced GILTI impact Q2 2025 Income Tax Expense and Effective Tax Rate (million USD) | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | | :--- | :--- | :--- | | Income Tax Expense/(Benefit) | 10.9 | (6.9) | | Effective Tax Rate | 29.2% | 31.0% | - The change in tax rate was primarily due to a reduction in the impact of Global Intangible Low-Taxed Income (GILTI)[7](index=7&type=chunk) [Net Income and EPS](index=1&type=section&id=3.1.6%20Net%20Income%20and%20EPS) Q2 2025 net income was $26.5 million with diluted EPS of $1.70, a significant improvement from a net loss of $15.3 million (diluted EPS of -$0.91) in Q2 2024 Q2 2025 Net Income and EPS (million USD) | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | Net Income | 26.5 | (15.3) | +41.8 | | Diluted EPS | 1.70 | (0.91) | +2.61 | [EBITDA](index=1&type=section&id=3.1.7%20EBITDA) Q2 2025 EBITDA, a non-GAAP financial measure, significantly increased to $55.6 million, compared to a negative $4.7 million in Q2 2024 Q2 2025 EBITDA (million USD) | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | EBITDA | 55.6 | (4.7) | +60.3 | [First-Half 2025 Results](index=2&type=section&id=3.2%20First-Half%202025%20Results) MYR Group's H1 2025 revenue reached $1.73 billion, with gross profit increasing to $200.6 million and net income significantly growing to $49.8 million H1 2025 Financial Performance Comparison (million USD) | Metric | H1 2025 (million USD) | H1 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | Revenue | 1,733.9 | 1,644.5 | +89.4 | | Gross Profit | 200.6 | 127.1 | +73.5 | | Gross Margin | 11.6% | 7.7% | +3.9 pp | | Net Income | 49.8 | 3.7 | +46.1 | | Diluted EPS | 3.15 | 0.22 | +2.93 | [Revenues by Segment](index=2&type=section&id=3.2.1%20Revenues%20by%20Segment) H1 2025 T&D segment revenue grew to $968.0 million, driven by distribution projects, while C&I segment revenue increased to $765.9 million H1 2025 Revenues by Segment (million USD) | Segment | H1 2025 Revenue (million USD) | H1 2024 Revenue (million USD) | YoY Change (million USD) | | :--- | :--- | :--- | :--- | | Transmission & Distribution (T&D) | 968.0 | 948.6 | 19.4 | | Commercial & Industrial (C&I) | 765.9 | 695.8 | 70.1 | | **Total** | **1,733.9** | **1,644.5** | **89.4** | - T&D segment revenue growth was primarily driven by **distribution projects (+$40.6 million)**, partially offset by a decrease in **transmission projects (-$21.2 million)**, mainly related to clean energy[10](index=10&type=chunk) [Gross Profit and Margin](index=2&type=section&id=3.2.2%20Gross%20Profit%20and%20Margin) Consolidated gross profit increased to $200.6 million in H1 2025, with gross margin rising to 11.6%, driven by improved productivity and favorable project settlements H1 2025 Gross Profit and Margin (million USD) | Metric | H1 2025 (million USD) | H1 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | Consolidated Gross Profit | 200.6 | 127.1 | +73.5 | | Gross Margin | 11.6% | 7.7% | +3.9 pp | - Gross margin growth was primarily due to the elimination of prior-year negative impacts, better-than-expected productivity, favorable change orders, and project settlements[11](index=11&type=chunk) [Operating Expenses (SG&A, Amortization)](index=2&type=section&id=3.2.3%20Operating%20Expenses%20(SG%26A%2C%20Amortization)) H1 2025 SG&A expenses increased to $125.8 million, mainly due to higher employee incentive compensation and staff-related costs supporting future growth H1 2025 SG&A Expenses (million USD) | Metric | H1 2025 (million USD) | H1 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | SG&A Expenses | 125.8 | 124.1 | +1.7 | - SG&A expenses increased primarily due to higher employee incentive compensation and staff-related costs supporting future growth[12](index=12&type=chunk) [Interest Expense](index=2&type=section&id=3.2.4%20Interest%20Expense) H1 2025 interest expense rose to $3.3 million, mainly due to an increased average outstanding debt balance, partially offset by lower interest rates H1 2025 Interest Expense (million USD) | Metric | H1 2025 (million USD) | H1 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | Interest Expense | 3.3 | 2.3 | +1.0 | - Interest expense increased primarily due to a higher average outstanding debt balance[13](index=13&type=chunk) [Income Tax Expense](index=2&type=section&id=3.2.5%20Income%20Tax%20Expense) H1 2025 income tax expense was $20.4 million with an effective tax rate of 29.1%, a change from a $2.7 million benefit in H1 2024, mainly due to increased pre-tax income H1 2025 Income Tax Expense and Effective Tax Rate (million USD) | Metric | H1 2025 (million USD) | H1 2024 (million USD) | | :--- | :--- | :--- | | Income Tax Expense/(Benefit) | 20.4 | (2.7) | | Effective Tax Rate | 29.1% | -281.9% | - The tax rate change was primarily due to increased pre-tax income, reduced permanent differences, and lower excess tax benefits from share-based compensation[14](index=14&type=chunk) [Net Income and EPS](index=2&type=section&id=3.2.6%20Net%20Income%20and%20EPS) H1 2025 net income was $49.8 million with diluted EPS of $3.15, a significant increase from $3.7 million net income (diluted EPS of $0.22) in H1 2024 H1 2025 Net Income and EPS (million USD) | Metric | H1 2025 (million USD) | H1 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | Net Income | 49.8 | 3.7 | +46.1 | | Diluted EPS | 3.15 | 0.22 | +2.93 | [Backlog](index=2&type=section&id=4.%20Backlog) [Backlog Overview](index=2&type=section&id=4.1%20Backlog%20Overview) As of June 30, 2025, MYR Group's total backlog was $2.64 billion, consistent with March 31, 2025, and a 3.8% increase from June 30, 2024 Backlog Status (million USD) | Metric | June 30, 2025 (million USD) | March 31, 2025 (million USD) | June 30, 2024 (million USD) | | :--- | :--- | :--- | :--- | | Total Backlog | 2,640.0 | 2,640.0 | 2,542.3 | | T&D Backlog | 926.5 | - | - | | C&I Backlog | 1,720.0 | - | - | - As of June 30, 2025, total backlog increased by **3.8%** compared to June 30, 2024[16](index=16&type=chunk) [Financial Position & Liquidity](index=2&type=section&id=5.%20Financial%20Position%20%26%20Liquidity) [Balance Sheet Overview](index=4&type=section&id=5.1%20Balance%20Sheet%20Overview) As of June 30, 2025, MYR Group's total assets were $1.587 billion, with cash and cash equivalents significantly increasing to $22.956 million, while total shareholders' equity was $583.234 million Balance Sheet Key Data (thousand USD) | Metric | June 30, 2025 (thousand USD) | December 31, 2024 (thousand USD) | | :--- | :--- | :--- | | Total Assets | 1,586,982 | 1,574,059 | | Cash and Cash Equivalents | 22,956 | 3,464 | | Total Liabilities | 1,003,748 | 973,699 | | Total Shareholders' Equity | 583,234 | 600,360 | [Borrowing Availability](index=2&type=section&id=5.2%20Borrowing%20Availability) As of June 30, 2025, MYR Group had $383.3 million in borrowing availability under its $490 million revolving credit facility, indicating strong liquidity Borrowing Availability (million USD) | Metric | Amount (million USD) | | :--- | :--- | | Revolving Credit Facility | 490.0 | | Borrowing Availability (June 30, 2025) | 383.3 | [Share Repurchase Program](index=2&type=section&id=6.%20Share%20Repurchase%20Program) [New Share Repurchase Program Approval](index=2&type=section&id=6.1%20New%20Share%20Repurchase%20Program%20Approval) MYR Group's board approved a new $75 million share repurchase program, replacing a prior one, to be funded by cash on hand and credit facility - The Board approved a new **$75 million share repurchase program**, replacing a substantially depleted prior program of the same size[18](index=18&type=chunk) - Repurchases will occur at management's discretion via open market or private transactions, funded by cash on hand and the credit facility[18](index=18&type=chunk) - The program is set to expire on **February 4, 2026**, or when authorized funds are exhausted[18](index=18&type=chunk) [Consolidated Financial Statements](index=4&type=section&id=7.%20Consolidated%20Financial%20Statements) [Consolidated Balance Sheets](index=4&type=section&id=7.1%20Consolidated%20Balance%20Sheets) As of June 30, 2025, MYR Group's consolidated balance sheet shows total assets of $1.587 billion, total liabilities of $1.004 billion, and shareholders' equity of $583 million Consolidated Balance Sheets (thousand USD) | (in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **ASSETS** | | | | Cash and cash equivalents | 22,956 | 3,464 | | Accounts receivable, net | 599,629 | 653,069 | | Contract assets, net | 347,082 | 301,942 | | Total current assets | 1,017,606 | 1,014,662 | | Property and equipment, net | 281,901 | 278,226 | | Goodwill | 115,466 | 112,983 | | Total assets | 1,586,982 | 1,574,059 | | **LIABILITIES AND SHAREHOLDERS' EQUITY** | | | | Accounts payable | 308,191 | 295,476 | | Contract liabilities | 286,288 | 321,958 | | Total current liabilities | 766,392 | 748,900 | | Long-term debt | 81,623 | 70,018 | | Total liabilities | 1,003,748 | 973,699 | | Common stock | 155 | 161 | | Retained earnings | 434,598 | 453,717 | | Total shareholders' equity | 583,234 | 600,360 | | Total liabilities and shareholders' equity | 1,586,982 | 1,574,059 | [Consolidated Statements of Operations](index=5&type=section&id=7.2%20Consolidated%20Statements%20of%20Operations) MYR Group's Q2 and H1 2025 statements of operations show significant growth in revenue, gross profit, and net income, with Q2 net income turning profitable at $26.5 million Consolidated Statements of Operations (thousand USD) | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Contract revenues | 900,325 | 828,890 | 1,733,945 | 1,644,452 | | Gross profit | 103,711 | 40,843 | 200,612 | 127,086 | | Selling, general and administrative expenses | 63,313 | 61,839 | 125,837 | 124,072 | | Income (loss) from operations | 39,787 | (20,707) | 74,077 | 3,564 | | Income (loss) before provision for income taxes | 37,394 | (22,137) | 70,161 | 959 | | Income tax expense (benefit) | 10,928 | (6,860) | 20,387 | (2,703) | | Net income (loss) | 26,466 | (15,277) | 49,774 | 3,662 | | Diluted EPS | 1.70 | (0.91) | 3.15 | 0.22 | [Consolidated Statements of Cash Flows](index=6&type=section&id=7.3%20Consolidated%20Statements%20of%20Cash%20Flows) H1 2025 operating cash flow significantly increased to $116.147 million, with reduced investing cash outflow and increased financing cash outflow due to share repurchases Consolidated Statements of Cash Flows (thousand USD) | (in thousands) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | Net income | 49,774 | 3,662 | | Net cash flows provided by operating activities | 116,147 | 30,371 | | Net cash flows used in investing activities | (30,563) | (42,581) | | Net cash flows used in financing activities | (66,521) | (10,275) | | Net increase (decrease) in cash and cash equivalents | 19,492 | (23,030) | | Cash and cash equivalents, End of period | 22,956 | 1,869 | - Operating cash flow significantly increased, primarily due to substantial improvement in net income and a reduction in accounts receivable[30](index=30&type=chunk) - Financing cash outflow increased, primarily due to **$75 million in common stock repurchases**[30](index=30&type=chunk) [Selected Financial Data & Segment Performance](index=7&type=section&id=8.%20Selected%20Financial%20Data%20%26%20Segment%20Performance) [Summary Statement of Operations Data](index=7&type=section&id=8.1%20Summary%20Statement%20of%20Operations%20Data) Q2 2025 contract revenues, gross profit, operating income, and net income all significantly increased year-over-year, while LTM contract revenues slightly decreased but profitability metrics improved Summary Statement of Operations Data (thousand USD) | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Last twelve months ended June 30, 2025 | Last twelve months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Contract revenues | 900,325 | 828,890 | 3,451,783 | 3,588,125 | | Gross profit | 103,711 | 40,843 | 363,845 | 316,964 | | Income (loss) from operations | 39,787 | (20,707) | 124,595 | 72,793 | | Net income (loss) | 26,466 | (15,277) | 76,375 | 49,216 | | Tax rate | 29.2% | 31.0% | 34.0% | 26.9% | [Per Share Data](index=7&type=section&id=8.2%20Per%20Share%20Data) Q2 2025 diluted EPS turned profitable at $1.70 from a loss of $0.91 in Q2 2024, with LTM diluted EPS also increasing from $2.92 to $4.79 Per Share Data | (per share data) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Last twelve months ended June 30, 2025 | Last twelve months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Diluted EPS | 1.70 | (0.91) | 4.79 | 2.92 | | Diluted weighted average shares | 15,575 | 16,809 | 16,035 | 16,828 | [Summary Balance Sheet Data](index=7&type=section&id=8.3%20Summary%20Balance%20Sheet%20Data) As of June 30, 2025, total assets and total funded debt increased, while total shareholders' equity slightly decreased, with goodwill and intangible assets remaining stable Summary Balance Sheet Data (thousand USD) | (in thousands) | June 30, 2025 | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | | Total assets | 1,586,982 | 1,574,059 | 1,583,242 | | Total shareholders' equity | 583,234 | 600,360 | 633,342 | | Goodwill and intangible assets | 190,514 | 188,674 | 195,227 | | Total funded debt | 86,081 | 74,381 | 45,065 | [Segment Results](index=7&type=section&id=8.4%20Segment%20Results) Both T&D and C&I segments showed increased contract revenues and operating income in Q2 and H1 2025, with significant improvements in operating margins for both segments Segment Results (thousand USD) | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Contract revenues:** | | | | | | Transmission & Distribution | 506,273 (56.2%) | 458,209 (55.3%) | 968,043 (55.8%) | 948,604 (57.7%) | | Commercial & Industrial | 394,052 (43.8%) | 370,681 (44.7%) | 765,902 (44.2%) | 695,848 (42.3%) | | **Operating income (loss):** | | | | | | Transmission & Distribution | 40,465 (8.0%) | (8,300) (-1.8%) | 76,686 (7.9%) | 21,536 (2.3%) | | Commercial & Industrial | 21,992 (5.6%) | 1,608 (0.4%) | 39,369 (5.1%) | 13,031 (1.9%) | | Consolidated | 39,787 (4.4%) | (20,707) (-2.5%) | 74,077 (4.3%) | 3,564 (0.2%) | [Non-GAAP Financial Measures & Reconciliations](index=3&type=section&id=9.%20Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) [Overview of Non-GAAP Measures](index=3&type=section&id=9.1%20Overview%20of%20Non-GAAP%20Measures) MYR Group uses non-GAAP financial measures like EBITDA, EBIA, and free cash flow to supplement GAAP statements, providing additional insights into core operations and performance - MYR Group uses non-GAAP measures such as EBITDA, EBIA, and free cash flow to supplement GAAP financial statements, offering additional insights into core business operations[19](index=19&type=chunk)[20](index=20&type=chunk) - These non-GAAP metrics assist management and investors in assessing company performance and ensuring compliance with financial covenants in credit agreements[20](index=20&type=chunk) [Performance Measures](index=9&type=section&id=9.2%20Performance%20Measures) Q2 2025 EBITDA, EBIA net of taxes, and free cash flow significantly improved year-over-year, with LTM asset turnover, return on assets, equity, and invested capital also showing growth Key Performance Measures (thousand USD) | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Last twelve months ended June 30, 2025 | Last twelve months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | EBITDA | 55,599 | (4,703) | 188,439 | 134,939 | | EBITDA per Diluted Share | 3.57 | (0.28) | 11.77 | 8.02 | | EBIA, net of taxes | 28,640 | (13,637) | 84,258 | 56,375 | | Free Cash Flow | 11,638 | 2,503 | 108,625 | (3,424) | | Book Value per Period End Share | 37.46 | 37.92 | - | - | | Tangible Book Value | 392,720 | 438,115 | - | - | | Tangible Book Value per Period End Share | 25.22 | 26.23 | - | - | | Funded Debt to Equity Ratio | 0.15 | 0.07 | - | - | | Asset Turnover | - | - | 2.18 | 2.45 | | Return on Assets | - | - | 4.8% | 3.4% | | Return on Equity | - | - | 12.1% | 8.1% | | Return on Invested Capital | - | - | 12.7% | 8.7% | [Reconciliation of Net Income (Loss) to EBITDA](index=9&type=section&id=9.3%20Reconciliation%20of%20Net%20Income%20(Loss)%20to%20EBITDA) MYR Group reconciles net income (loss) to EBITDA by adding back net interest expense, income tax expense (benefit), and depreciation and amortization, showing a significant improvement in Q2 2025 EBITDA Reconciliation of Net Income (Loss) to EBITDA (thousand USD) | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Last twelve months ended June 30, 2025 | Last twelve months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income (loss) | 26,466 | (15,277) | 76,375 | 49,216 | | Interest expense, net | 1,860 | 1,160 | 7,121 | 4,897 | | Income tax expense (benefit) | 10,928 | (6,860) | 39,320 | 18,079 | | Depreciation and amortization | 16,345 | 16,274 | 65,623 | 62,747 | | **EBITDA** | **55,599** | **(4,703)** | **188,439** | **134,939** | [Reconciliation of Net Income (Loss) per Diluted Share to EBITDA per Diluted Share](index=9&type=section&id=9.4%20Reconciliation%20of%20Net%20Income%20(Loss)%20per%20Diluted%20Share%20to%20EBITDA%20per%20Diluted%20Share) Diluted net income (loss) per share is reconciled to diluted EBITDA per share by adding back per-share interest, tax, and D&A, showing a Q2 2025 diluted EBITDA per share of $3.57 Reconciliation of Net Income (Loss) per Diluted Share to EBITDA per Diluted Share | (per share data) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Last twelve months ended June 30, 2025 | Last twelve months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income (loss) per share | 1.70 | (0.91) | 4.79 | 2.92 | | Interest expense, net, per share | 0.12 | 0.07 | 0.44 | 0.29 | | Income tax expense (benefit) per share | 0.70 | (0.41) | 2.45 | 1.08 | | Depreciation and amortization per share | 1.05 | 0.97 | 4.09 | 3.73 | | **EBITDA per Diluted Share** | **3.57** | **(0.28)** | **11.77** | **8.02** | [Reconciliation of EBIA, net of taxes](index=9&type=section&id=9.5%20Reconciliation%20of%20EBIA%2C%20net%20of%20taxes) EBIA, net of taxes, is calculated by adjusting net income (loss) for net interest expense, intangible asset amortization, and their tax impacts, resulting in $28.64 million for Q2 2025 Reconciliation of EBIA, net of taxes (thousand USD) | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Last twelve months ended June 30, 2025 | Last twelve months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income (loss) | 26,466 | (15,277) | 76,375 | 49,216 | | Interest expense, net | 1,860 | 1,160 | 7,121 | 4,897 | | Amortization of intangible assets | 1,211 | 1,217 | 4,823 | 4,897 | | Tax impact of interest and amortization of intangible assets | (897) | (737) | (4,061) | (2,635) | | **EBIA, net of taxes** | **28,640** | **(13,637)** | **84,258** | **56,375** | [Calculation of Free Cash Flow](index=9&type=section&id=9.6%20Calculation%20of%20Free%20Cash%20Flow) Free cash flow, defined as operating cash flow less capital expenditures, significantly increased to $11.638 million in Q2 2025 and turned positive for the LTM period Calculation of Free Cash Flow (thousand USD) | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Last twelve months ended June 30, 2025 | Last twelve months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net cash flow from operating activities | 32,861 | 22,681 | 172,891 | 85,543 | | Less: cash used in purchasing property and equipment | (21,223) | (20,178) | (64,266) | (88,967) | | **Free Cash Flow** | **11,638** | **2,503** | **108,625** | **(3,424)** | [Reconciliation of Book Value to Tangible Book Value](index=11&type=section&id=9.7%20Reconciliation%20of%20Book%20Value%20to%20Tangible%20Book%20Value) Tangible book value is calculated by subtracting goodwill and intangible assets from total shareholders' equity, resulting in $392.72 million as of June 30, 2025 Reconciliation of Book Value to Tangible Book Value (thousand USD) | (in thousands) | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Book value (total shareholders' equity) | 583,234 | 633,342 | | Goodwill and intangible assets | (190,514) | (195,227) | | **Tangible Book Value** | **392,720** | **438,115** | | Book value per period end share | 37.46 | 37.92 | | Goodwill and intangible assets per period end share | (12.24) | (11.69) | | **Tangible Book Value per Period End Share** | **25.22** | **26.23** | [Reconciliation of Invested Capital to Shareholders Equity](index=11&type=section&id=9.8%20Reconciliation%20of%20Invested%20Capital%20to%20Shareholders%20Equity) Invested capital is calculated by adding total funded debt to total shareholders' equity and subtracting cash, totaling $646.359 million as of June 30, 2025 Reconciliation of Invested Capital to Shareholders Equity (thousand USD) | (in thousands) | June 30, 2025 | June 30, 2024 | June 30, 2023 | | :--- | :--- | :--- | :--- | | Book value (total shareholders' equity) | 583,234 | 633,342 | 604,300 | | Plus: total funded debt | 86,081 | 45,065 | 45,125 | | Less: cash and cash equivalents | (22,956) | (1,869) | (22,850) | | **Invested Capital** | **646,359** | **676,538** | **626,575** | [Notes on Non-GAAP Measures](index=12&type=section&id=9.9%20Notes%20on%20Non-GAAP%20Measures) Non-GAAP financial measures are supplementary to GAAP, used by management for performance assessment and credit agreement compliance, with detailed definitions and reconciliations provided - Non-GAAP financial measures are supplementary and should not replace GAAP financial statements[19](index=19&type=chunk)[41](index=41&type=chunk) - Management uses these metrics to assess company performance, future prospects, and compliance with financial covenants in credit agreements[41](index=41&type=chunk) - The company's non-GAAP metric calculations may differ from others, with detailed definitions and reconciliations provided in the report[19](index=19&type=chunk)[41](index=41&type=chunk) [Additional Information](index=3&type=section&id=10.%20Additional%20Information) [Conference Call Details](index=3&type=section&id=10.1%20Conference%20Call%20Details) MYR Group will host a conference call on July 31, 2025, to discuss Q2 2025 results, requiring pre-registration for access and offering webcast replays - MYR Group will host a conference call on **July 31, 2025**, to discuss its Q2 2025 results[21](index=21&type=chunk) - Participants must pre-register and can access webcast replays via the company's investor website[21](index=21&type=chunk) [Forward-Looking Statements](index=3&type=section&id=10.2%20Forward-Looking%20Statements) This announcement contains forward-looking statements regarding future events and results, subject to significant business, economic, and regulatory risks and uncertainties - This announcement contains forward-looking statements regarding beliefs, expectations, or intentions for future events or results[23](index=23&type=chunk) - Forward-looking statements are subject to significant business, economic, competitive, regulatory, and other risks, contingencies, and uncertainties, with actual results potentially differing materially[23](index=23&type=chunk) - The company undertakes no obligation to update these statements and advises investors to refer to risk factors in its SEC reports[23](index=23&type=chunk) [Contact Information](index=3&type=section&id=10.3%20Contact%20Information) For investor relations inquiries, contact Jennifer Harper, Vice President and Treasurer, via phone at 847-979-5835 or email at investorinfo@myrgroup.com - Investor Relations contact: **Jennifer Harper**, Vice President and Treasurer[24](index=24&type=chunk) - Contact phone: **847-979-5835**, email: **investorinfo@myrgroup.com**[24](index=24&type=chunk)