Financial Data and Key Metrics Changes - First quarter revenue increased by 44% year-over-year, reaching $809.5 million, with a breakdown of 3.5% organic growth and 40.6% from acquisitions [5][13] - Adjusted EBITDA rose by 63% compared to the previous year, totaling $112.2 million, with an adjusted EBITDA margin of 13.9%, the highest first quarter margin in company history [5][15] - Net income was reported at $17.2 million, while adjusted net income was $26.4 million, translating to earnings per diluted share of $0.47 [15] Business Line Data and Key Metrics Changes - The company has a project backlog of $3.09 billion, indicating strong demand across its markets [5][18] - On the commercial side, the company is actively bidding on approximately 1,000 projects across eight states, driven by trends such as population migration to the Sun Belt and reshoring of manufacturing [5][6] - Public contract bidding is expected to increase by 10%-15% over FY 2025, particularly for small and medium-sized maintenance projects [7][8] Market Data and Key Metrics Changes - The company anticipates that federal, state, and local contract awards will rise significantly, reflecting ongoing investments in infrastructure [7][8] - The commercial market is described as steady, with expectations for stronger performance in the spring and summer [50] Company Strategy and Development Direction - The company aims to double its size to over $6 billion in revenue by 2030, targeting an EBITDA margin growth to approximately 17% [11][12] - Recent acquisitions, including GMJ Paving Company, are part of a strategy to strengthen market position and expand geographic footprint [9][10] - The company is focused on both organic growth and strategic acquisitions, with a robust pipeline of opportunities identified [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a leverage ratio of approximately 2.5 times by late 2026, supported by strong cash flow generation [16][81] - The company remains optimistic about the reauthorization of the Surface Transportation Program, expecting increased funding for infrastructure projects [82][83] Other Important Information - Cash flow from operations was $82.6 million in Q1, up from $40.7 million in the same quarter last year [16] - The company expects to convert 75%-85% of EBITDA to cash flow from operations in FY 2026 [17] Q&A Session Summary Question: Can you provide more details on the acquisition pipeline? - Management indicated a robust pipeline with a mix of platform deals and tuck-ins, emphasizing strategic and cultural fit in acquisitions [23][24][25] Question: Can you elaborate on the site prep job for data centers? - Management highlighted ongoing projects related to data centers, driven by macro trends such as reshoring and migration to the Sun Belt [27][28][29] Question: What are the expectations for organic growth? - Management reaffirmed a full-year organic growth expectation of 7%-8%, despite a lower Q1 figure due to project delays and competitive dynamics [33][34] Question: How is the integration of recent acquisitions progressing? - Management noted successful integration of recent acquisitions, which is expected to create organic growth opportunities [35][36][37] Question: What is the outlook for public sector bidding? - Management expects public sector contract awards to increase by 10%-15%, with steady performance in the commercial market [49][50][51] Question: What is the expected impact of M&A on revenue in FY 2026? - Management projected an M&A rollover impact of approximately $260 million-$280 million for FY 2026 [65][67] Question: How confident is the company in achieving its leverage target? - Management expressed confidence in reducing the leverage ratio to around 2.5 times by the end of the year, primarily funded by cash from operations [78][81]

Analyst Day October 22, 2025 A6A6A6 F5F4F1 F2F8FD 1F75B5 272727 FFC734 BUILDING CONNECTED COMMUNITIES Forward-Looking Statements Certain statements contained herein that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and 21E of the Securities Exchange Act of 1934. These statements may be identified by the use of words such as "seek" "continue," "estimate," "predict," "potential," "targeting," "could," " ...