Investor Presentation November 2025 I-74 Mississippi River Bridge, Bettendorf, IA – Moline, IL Forward-Looking Statements Statements contained in this presentation that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, statements regarding the Company's expectations, hopes, beliefs, intentions or strategies regarding the future and statements regarding future guidance or estimates and non-histori ...

Financial Data and Key Metrics Changes - For Q3 2025, revenue increased by 30% year-over-year, reaching $986.8 million, driven by strong performance in the electrical and mechanical (E&M) segment [15][5] - EBITDA for the third quarter rose by 37% compared to the previous year, totaling $89 million, with an EBITDA margin of 9%, up 50 basis points from 8.5% [15][16] - Total backlog at the end of Q3 was $2.95 billion, reflecting a 2% increase from the same period last year and a 6% increase from the end of 2024 [7][16] Business Line Data and Key Metrics Changes - E&M segment revenues increased by 43% to $767.3 million, primarily driven by growth in commercial and renewables markets, particularly in the data center submarket [15][17] - T&D segment revenues were $223.4 million, a slight decrease from $228.5 million last year, attributed to timing and reduced storm work, while T&D backlog increased by 19% year-over-year [15][18] Market Data and Key Metrics Changes - The demand for power transmission infrastructure upgrades in the U.S. is unprecedented, driven by factors such as data centers, electric vehicle adoption, and industrial reshoring, creating a multi-year tailwind for T&D services [9][10] - The data center submarket continues to show strong demand with no signs of weakening, with significant projects located in the Upper Midwest, Southwest, and Pacific Northwest [31][49] Company Strategy and Development Direction - The company is focused on maintaining a disciplined approach to project selection, emphasizing opportunities that align with strategic objectives and offer attractive returns [8][10] - The "Forever strategy" aims to attract and retain key talent, with significant investments in training and development to support growth objectives [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to continue building backlog momentum, citing robust underlying demand drivers across key markets [7][9] - The company raised its 2025 revenue guidance to a range of $3.55 billion to $3.65 billion, reflecting strong business momentum and elevated backlog levels [21][22] Other Important Information - Operating cash flows for the first nine months of 2025 were $108.6 million, up from $82.7 million in the same period last year, with CapEx increasing to $42.1 million [19] - The company is actively evaluating M&A opportunities, with a broader and deeper funnel than a year ago, focusing on companies that align with its strategic priorities [51] Q&A Session Summary Question: Margin sustainability and future expectations - Management acknowledged that while margin expansion is challenging to forecast, strong execution has led to improved margins this fiscal year, and they will continue to focus on margin uplift [27][28] Question: Data center project strength and timelines - Management highlighted strong demand for data center projects in specific regions and noted that larger projects are entering the backlog earlier than expected [29][31] Question: Organic growth expectations for next year - Management remains optimistic about strong demand for services and believes they can secure sufficient backlog to support growth, despite potential cyclicality [36][37] Question: Pre-construction projects and backlog conversion - Some projects in pre-construction have accelerated, contributing to solid revenue, while others remain in early phases, providing visibility for the next year [40][42] Question: Local market activity in Las Vegas - Management reported a diversified approach in Las Vegas, with ongoing projects in hospitality and data centers, and noted that their backlog in these areas has increased [44][45] Question: Data center end market revenue progression - Management confirmed that data centers have become a significant part of their business, with strong demand and a long runway for opportunities [48][49] Question: M&A opportunities and capital deployment - The company is in a strong position to pursue meaningful acquisitions, with an active corporate development team and a focus on strategic alignment [51]

Financial Performance - Third quarter revenue increased by 30% to $986.8 million, driven by strong performance in the E&M segment[9, 28] - Total backlog increased 2% year-over-year to $2.95 billion, despite record third-quarter revenue, with T&D backlog growth of 19%[10, 32] - Third quarter EBITDA increased 37% to $89 million, driven by strong revenue growth and margin expansion[9, 30, 32] - EBITDA margin increased by 50 basis points to 90%, reflecting margin growth in both E&M (+110 bps) and T&D (+180 bps) segments[9, 30] Segment Performance - E&M revenues increased 43% to $767.3 million, driven by continued momentum in data center work[13, 35, 41] - E&M EBITDA increased 64% to $66.9 million, with a margin increase of 110 bps to 87%[13, 36, 37, 41] - T&D revenues decreased 2% to $223.4 million, with growth in transportation offset by a decline in utility revenues[13, 38, 41] - T&D EBITDA increased 11% to $33.8 million, driven by a 180 bps margin expansion to 151%[13, 39, 40, 41] Financial Position and Outlook - The company has total unrestricted cash and cash equivalents and revolver availability of $337 million[14, 45, 49] - Net leverage is at 05x, below the long-term target range of 15x-20x[14, 46, 49] - Nine months ended 2025 free cash flow was $748 million, an improvement from $578 million last year[13, 48]

Core Viewpoint - Everus Construction Group reported strong financial results for the third quarter of 2025, with significant revenue and EBITDA growth, and raised its guidance for the full year 2025, reflecting robust business momentum and project execution [1][3][6]. Financial Performance - Revenues increased by 29.7% to $986.8 million in Q3 2025, compared to $761.0 million in Q3 2024 [7]. - Net income rose by 36.4% to $57.0 million, with a net income margin of 5.8% [10][11]. - EBITDA grew by 36.9% to $89.0 million, with an EBITDA margin of 9.0% [12][10]. Segment Performance - The Electrical and Mechanical (E&M) segment saw revenues increase by 42.9% to $767.3 million, driven by strong demand in the commercial and renewables markets [14]. - The Transmission and Distribution (T&D) segment experienced a slight revenue decline of 2.2% to $223.4 million, although net income increased by 9.7% to $20.3 million [18][19]. Backlog and Market Activity - Backlog as of September 30, 2025, increased to $2.95 billion, up 6.0% from December 31, 2024 [13]. - Bidding activity remains healthy across commercial, industrial, and utility markets, indicating continued growth opportunities [4]. Guidance and Future Outlook - The company raised its full-year 2025 revenue guidance to a range of $3.55 billion to $3.65 billion and EBITDA guidance to $290 million to $300 million [6][38]. - The company expects ongoing momentum into 2026, focusing on long-term shareholder value [6]. Financial Position - As of September 30, 2025, the company had a net leverage of 0.5 times and approximately $340 million in available liquidity, indicating a strong financial position [5][29]. - Working capital increased to $523.5 million, driven by project timing and workload activity [30]. Cash Flow and Capital Expenditures - Operating cash flows for the nine months ended September 30, 2025, were $108.6 million, up from $82.7 million in the prior year [31]. - Capital expenditures increased to $42.1 million, reflecting investments in vehicles, equipment, and building to support growth [32].

Core Insights - MT Højgaard Holding's business unit Enemærke & Petersen has secured contracts for the construction of two residential facilities in Copenhagen, valued at DKK 320 million [1][5]. Group 1: Project Details - The Rønnebo residential facility will cover approximately 6,300 square meters, consisting of 64 homes, with construction starting in January 2026 and expected completion in May 2028. The facility aims to support residents with mental illnesses and social difficulties [2]. - The Jagtvej residential facility will be built on approximately 2,700 square meters, comprising 24 homes for vulnerable residents, with work commencing in fall 2025 and expected completion in November 2027. It will feature a shared outdoor area and a publicly accessible urban space [3]. Group 2: Collaboration and Planning - Enemærke & Petersen has been involved in the local planning process and master plan development for the area, collaborating with the City of Copenhagen and other industry players on sustainable practices, including the reuse of materials [2][3]. - The ByK & TRUST partnership includes multiple participants, such as Dominia, Kragh & Berglund, and others, and has been active in multi-year construction partnerships since 2016 [6]. Group 3: Financial Outlook - The new contracts will not impact MT Højgaard Holding's 2025 financial outlook, with expected revenue between DKK 10-10.5 billion and an operating profit (EBIT) of DKK 400-450 million [5].

Core Insights - Emcor Group's shares dropped 17% despite beating analyst expectations for revenue and earnings per share (EPS) due to insufficient forward guidance after a significant stock increase of 70% in 2025 [1][2][9] Financial Performance - In Q3, Emcor reported a revenue increase of 16.4% to $4.3 billion and EPS growth of 13.3% to $6.57, both surpassing analyst forecasts, although there was slight margin compression [3] - The Electrical Construction & Facilities Services segment experienced a remarkable growth of 52.1%, while other segments grew in the low-to-mid-single digits [3] Guidance and Expectations - Management's full-year revenue guidance is now between $16.7 billion and $16.8 billion, compared to the previous range of $16.4 billion to $16.9 billion, indicating a wider range but maintaining the upper limit [4] - The bottom end of the EPS estimate was raised, but the top end remained unchanged at $25.75, which did not meet investor expectations [4] Long-term Contracts - Remaining performance obligations, which represent long-term contracts yet to be fulfilled, increased by 29% to a record high of $12.61 billion, indicating strong future revenue potential [5] Valuation and Market Position - Following the stock's decline, shares are trading at 25.6 times 2025 earnings estimates, which is considered reasonable given the company's potential benefits from data center demand [7] - The AI-exposed electrical segment constitutes about 31% of Emcor's U.S. operations, suggesting that as this segment grows, overall growth may stabilize or accelerate [8]

Group 1 - Construction Partners is hosting its second Analyst Day in 2025, indicating the company's commitment to engaging with analysts and stakeholders [1] - The event is taking place in Raleigh, showcasing the company's efforts to connect with both in-person and virtual attendees [2] Group 2 - A live stream of the event is available on the company's website, with plans to archive the webcast for future access [2] - A PDF of the presentation will be posted on the website after the event, ensuring that information is accessible to a wider audience [2]

Core Insights - Liberty Park Fund, LP's value increased by 1.13% in Q3 2025, underperforming the Russell 2000's 12.40% increase, with long positions contributing positively and shorts detracting significantly [2][4][21] - Liberty Park Select Opportunities, LP's value increased by 14.27% in the same period, indicating a strong performance in its investment strategy [3][21] - The Federal Reserve's interest rate cuts are expected to stimulate the economy, but have also inflated a bubble in speculative stocks, reminiscent of the dot-com bubble [4][10] Performance Analysis - Long positions saw a 14.42% increase, contributing 12.38% on a weight-adjusted basis, while shorts increased by 18.60%, detracting 10.85% [2][4] - The gross exposure for Liberty Park Fund averaged 142.48%, while net exposure averaged 33.61% [2][21] - Gross Pure Alpha for the quarter was -3.11%, indicating challenges in stock selection [2] Long Performance - Best-performing long positions included Xometry Inc (61.20% return), BK Technologies Corp (79.25% return), and Napco Security Technologies (45.13% return) [5] - Worst-performing long positions included Limbach Holdings Inc (-30.68% return), DMC Global Inc (-20.84% return), and Whirlpool Corp (-24.49% return) [6] Short Performance - The short portfolio faced significant pressure, with seven companies accounting for over half of the negative contribution, surging an average of 170% without fundamental changes [7] - These companies collectively have a market cap of $100 billion, reflecting unrealistic valuations based on 2026 revenue estimates [7] Portfolio Outlook - The investment environment is complex, with interest rate cuts expected to boost consumption while speculation in certain sectors has risen dramatically [10] - The fund's strategy is to remain invested in real economy, non-bubble names while being short on profitless hype [11] Adaptation and Strategy - The fund is considering single-name equity shorts as a core competency, but currently finds few attractive traditional economy shorts [12] - Options have been introduced for risk management, including long call and put positions to hedge against potential market corrections [13][14] Communication Changes - The fund will no longer disclose top positions or highlight individual investments in quarterly communications to protect proprietary research and focus on new initiatives [15][17]

Core Insights - Tutor Perini Corporation's subsidiary, Five Star Electric, has secured an electrical subcontract for the Passaic Valley Sewerage Commission's Standby Power Generator Facility project [1] Company Summary - Tutor Perini Corporation is recognized as a leading civil, building, and specialty construction company [1] - The awarded project is part of a resiliency initiative aimed at constructing an on-site emergency backup power system at the wastewater treatment plant [1] Industry Context - The project reflects a growing trend in the construction industry towards enhancing infrastructure resilience, particularly in wastewater management systems [1]

As filed with the Securities and Exchange Commission on September 29, 2025 Registration Statement No. 333-287735 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 3 to Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 DirectBooking Technology Co., Ltd. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (IRS Employer Identification Numb ...