Financial Data and Key Metrics Changes - The company reported quarterly revenue exceeding $2 billion for the first time, with earnings per share of $6.53, a 75% increase year-over-year [6][13] - Same store revenue growth was 19%, with a quarterly EBITDA of over $300 million, marking a 50% increase from the previous year [9][14] - Net income for the quarter was $231 million, compared to $134 million in the previous year, reflecting a more than 70% improvement [13] - Free cash flow for the quarter was $220 million, with a net cash position exceeding $250 million after share repurchases and acquisitions [14][16] Business Line Data and Key Metrics Changes - The mechanical segment saw a 13% increase in revenue, while the electrical segment revenue grew by 49% [9][10] - Service revenue increased by 10%, contributing to 15% of total revenue, with strong profitability in this segment [21] - Gross profit for the second quarter was $510 million, with a gross profit margin of 23.5%, up from 20.1% a year ago [10][11] Market Data and Key Metrics Changes - Industrial customers accounted for 63% of total revenue, with technology representing 40% of revenue, up from 31% the previous year [19] - Institutional markets, including education and healthcare, contributed 24% of revenue, while the commercial sector accounted for 13% [20] - The backlog at the end of the quarter reached a record $8.1 billion, a 41% increase year-over-year [17] Company Strategy and Development Direction - The company announced the acquisition of Rightway Plumbing, expected to generate $60 million to $70 million in annual revenue [7] - There is a focus on expanding modular capabilities and improving productivity and automation in existing facilities [24] - The company aims to maintain strong margins and continue growth in both the mechanical and electrical segments [10][40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about strong demand for large and complex projects despite economic uncertainties [8] - The company anticipates continued strong results in 2025 and into 2026, supported by robust project pipelines [17][39] - Management noted that the recent tax reform legislation is not expected to significantly impact operating results or cash flows [12] Other Important Information - The company increased its quarterly dividend by 5 cents to 50 cents per share [7] - There is a strong emphasis on employee dedication and collaboration across various projects, which is seen as key to long-term success [74] Q&A Session Summary Question: Modular capabilities expansion and potential third location - Management indicated a focus on incremental capacity expansion and improving productivity rather than prioritizing a third location at this time [24][26] Question: Impact of bonus depreciation on customer conversations - Management acknowledged that while bonus depreciation helps customers, it is not a significant driver of demand at this time [28] Question: Growth confidence for the remainder of 2025 - Management expressed confidence in robust future pipelines and continued growth, particularly in service revenue [34][36] Question: Competitive landscape in modular construction - Management noted that while competition exists, the goal is to excel in service quality to maintain a leadership position [87] Question: Healthcare market opportunities - Management highlighted ongoing strength in the healthcare sector, particularly in new hospital builds and expansions [89] Question: Pricing dynamics and supplier cost pressures - Management indicated that while suppliers may attempt to pass on costs, the company is effectively managing pricing and maintaining strong margins [98][103]

Group 1 - The company reported a continued growth in Group service revenue of 3.7% year-on-year, driven by all segments [2] - Consumer service revenues increased by 1.3% year-on-year, with solid commercial momentum in Consumer broadband (13,000 new subscribers) and postpaid (37,000 new subscribers) [2] - Business service revenue growth remains high at 5.7% year-on-year, supported by all divisions [2] Group 2 - Adjusted EBITDA AL increased by 6.4% year-on-year in Q2 2025, with contributions of 1.4% from IPR benefits and 1.0% from Althio [2] - The first half of Free Cash Flow reached €309 million, progressing according to plan [2] - The company leads the Dutch fiber market, now covering two-thirds of the Netherlands [2] Group 3 - The full-year 2025 outlook has been raised to over €2,630 million in adjusted EBITDA AL and over €940 million in Free Cash Flow, reflecting both IPR benefits and solid underlying progress [2]