Corporate Overview Corporate Overview July 31, 2025 February 26, 2026 EMCOR GROUP, INC. February 26, 2026 1 V2 – 7/27/25 6:25 pm EMCOR GROUP, INC. February 26, 2026 FORWARD-LOOKING STATEMENTS & NON-GAAP DISCLOSURES Forward-Looking Statements This presentation and related press release contain forward-looking statements. Such statements speak only as of the date on the cover of this slide deck, and EMCOR assumes no obligation to update any such forward-looking statements, unless required by law. These forwar ...

Financial Performance Update - ISS reported a total revenue of DKK 85 billion in 2025, an increase of nearly DKK 1 billion compared to the previous year, despite facing currency headwinds [5] - Organic growth for 2025 was 4.3%, down from 6.3% in 2024, with H2 2025 showing a growth of 4.4% compared to 6.6% in H2 2024, primarily driven by price increases and positive volume growth [5] - The operating margin before other items remained stable at 5.0% for 2025, with H2 2025 at 5.8%, slightly down from 6.0% in H2 2024 due to commercial investments in the US [5] Business Update - ISS secured ten significant new contracts and expanded ten existing partnerships, each contributing over DKK 100 million in new annual revenue, enhancing its market position [5] - The retention rate improved from 93% in 2024 to 94% in 2025, indicating stronger customer loyalty [5] - Two contracts were reduced in scope, and one was lost during the year [5] Capital Distribution and Outlook - The company announced a new share buyback program of DKK 2.5 billion following the completion of a previous program of DKK 3.0 billion [5][6] - Financial leverage at the end of 2025 was 2.3x, within the target range of 2.0x to 2.5x [5] - For 2026, ISS expects organic growth to exceed 5% and operating margin to be above 5%, with reported free cash flow anticipated to be above DKK 2.5 billion [5]

Core Insights - Luotea plc will release its Financial Statements for 2025 on 27 February 2026 at 8.00 am [1] - A webcast for analysts, institutional investors, and media will be hosted on the same day at 11.00 am Finnish time, led by CEO Antti Niitynpää and CFO Mika Stirkkinen [2] Company Overview - Luotea is a facility services company that offers comprehensive solutions throughout the entire lifecycle of properties, focusing on energy efficiency and data-driven technologies [3] - The company provides a wide range of services, including advanced property maintenance, technical and consulting services, as well as cleaning and support services [3] - In 2024, Luotea reported a revenue of €346 million and employs approximately 5,000 people [3] - Luotea is listed on Nasdaq Helsinki and operates in Finland and Sweden [3]

Core Viewpoint - Truist has raised its price target on APi Group Corporation (NYSE:APG) to $50 from $41, reaffirming its Buy rating and identifying APi as a top pick in the facility services sector for 2026 due to strong project demand and favorable market conditions [1][6]. Group 1: Company Overview - APi Group Corporation operates as a global leader in business services, providing fire and life safety, security, elevator and escalator, and specialty services through a network of over 500 locations worldwide [3]. - The company generates a significant portion of its revenue from recurring, statutorily mandated, and contracted services, serving a diversified customer base across multiple industries [3]. Group 2: Recent Developments - On February 2, APi announced the completion of its acquisition of CertaSite, which enhances its position as a leading safety services provider focused on non-discretionary, regulatory-driven, and recurring revenue streams [2]. - The acquisition of CertaSite is expected to be accretive to APi's shareholder value creation framework, supported by its inspection-led model, strong EBITDA margins, and asset-light structure [2]. Group 3: Market Outlook - Truist views the facility services space favorably heading into 2026, describing it as "largely insulated" from broader macroeconomic swings and AI-related labor market shifts [1]. - The firm anticipates further upside to Street estimates for APi as multiples expand, noting that APi shares still trade at a discount compared to recent private equity deals in the fire safety sector [1].

Core Insights - ABM has been selected by DASH to provide essential EV charging infrastructure, marking a significant step in the electrification of Alexandria's public bus fleet [3][4] - The project includes the installation of an in-route pantograph charger and supporting electrical infrastructure, allowing DASH buses to charge while in service, thus enhancing operational flexibility [4][5] - This initiative is part of a broader electrification plan for DASH, which serves over 15,000 riders daily and aims to reduce greenhouse gas emissions while improving rider experience [5][7] Company Overview - ABM is a leading provider of energy infrastructure and facility solutions, with over 100,000 team members and annual revenues exceeding $8 billion [8][9] - The company serves various sectors, including commercial real estate, aviation, education, and manufacturing, focusing on innovative technologies and sustainable solutions [9] Project Details - The installation was completed under the EV Charging Station Equipment and Services cooperative purchasing agreement, facilitating streamlined procurement for public entities [6] - The project aims to enhance service reliability for DASH riders and provides a scalable solution for future electrification phases [7]

Core Insights - Goodman Financial has fully exited its position in ABM Industries, selling 283,456 shares for an estimated value of $13.07 million [2][3][6] - ABM Industries' stock has underperformed, with a 13% decline over the past year, contrasting with the S&P 500's 17% increase during the same period [4] - Despite the sale, ABM Industries reported strong financial performance, achieving record revenue of $8.7 billion in fiscal 2025, a 4.6% year-over-year increase, and generating $155 million in free cash flow [10] Company Overview - ABM Industries provides integrated facility solutions, including services such as janitorial, engineering, parking, custodial, landscaping, mechanical, and electrical services [8][9] - The company serves a diverse client base across various sectors, including Business & Industry, Technology & Manufacturing, Education, Aviation, and Technical Solutions [8] - As of the latest data, ABM Industries has a market capitalization of $2.70 billion and a revenue of $8.75 billion [5] Investment Implications - The sale of ABM shares by Goodman Financial suggests a reassessment of capital allocation, indicating that the firm believes its resources can be more effectively utilized elsewhere [10][11] - Goodman Financial's portfolio is primarily focused on broad equity ETFs and short-duration bond funds, alongside selective growth exposure [11]

Core Insights - ABM Industries (ABM) has a Growth Score of B, indicating a solid quality and sustainability of its growth, with expected earnings growth of 18.9% in fiscal 2026 and 7.9% in fiscal 2027, alongside revenue growth of 5% and 1.6% respectively [2][9] Group 1: Revenue Growth Factors - ABM's revenue growth is driven by recent client acquisitions and expansions in the Aviation and Manufacturing & Distribution sectors, including a new passenger services contract at a major global airport [3][9] - The company is focusing on the aviation sector, with several additional contracts anticipated in 2026 [3] Group 2: Technological Investments - ABM is enhancing its internal processes through investments in AI, which include automation of Request for Proposal, smarter HR support tools, and improved client-facing operations [4] Group 3: Strategic Acquisitions - ABM plans to acquire WGNSTAR, a provider of managed technical workforce solutions, expected to close in Q1 2026, which will enhance its technical capabilities and add over 1,300 skilled employees [5][9] Group 4: Shareholder Value - ABM is committed to enhancing shareholder value through consistent dividends and share buybacks, distributing $57.5 million, $56.5 million, and $65.6 million in dividends, and returning $138.1 million, $56.1 million, and $122.2 million through share repurchases in fiscal years 2023, 2024, and 2025 respectively [6] - The company's current ratio was 1.49 at the end of Q4 fiscal 2025, indicating strong liquidity compared to the industry average of 1.27 [6]

Financial Data and Key Metrics Changes - The company reported record quarterly revenue of $2.3 billion, a 5.4% year-over-year increase, driven by 4.8% organic growth and a modest contribution from a recent acquisition in Ireland [16] - Adjusted EPS was $0.88, reflecting a $0.26 headwind from prior-year self-insurance adjustments, indicating strong underlying performance when adjusted [18] - Adjusted EBITDA was $124.2 million with an adjusted EBITDA margin of 5.6%, compared to $125.6 million and 6% in the prior year [18] Business Line Data and Key Metrics Changes - Business and Industry (B&I) revenue surpassed $1 billion, up 2% year-over-year, with operating profit of $80.6 million and a margin of 7.7% [19] - Aviation revenue grew 7% to $296.7 million, with an operating profit of $16.8 million and a margin of 5.7% [20] - Manufacturing and Distribution (M&D) revenue increased 8% to $417.4 million, with an operating profit of $35.8 million and a margin of 8.6% [20] - Education revenue rose 2% to $233.7 million, with operating profit increasing 44% to $18.8 million and margins expanding to 8% [21] - Technical Solutions revenue increased 16% to $298.7 million, with an operating profit of $37.1 million and a margin of 12.4% [22] Market Data and Key Metrics Changes - The company reported strong demand across key end markets, particularly in technical solutions, aviation, and manufacturing and distribution, indicating a healthy market environment heading into fiscal 2026 [12] - The acquisition of WGNSTAR is expected to significantly enhance the company's position in the semiconductor market, which is experiencing multi-year growth [10] Company Strategy and Development Direction - The company is focused on enhancing its portfolio and expanding technical and data-enabled capabilities, aiming to evolve into a higher-growth organization [31] - The acquisition of WGNSTAR is seen as a strategic move to penetrate the semiconductor sector more deeply, leveraging existing client relationships and expanding service offerings [40][82] - The company plans to continue investing in AI capabilities and technology to improve operational efficiency and unlock new revenue streams [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's momentum heading into fiscal 2026, expecting organic revenue growth of 3%-4% and adjusted EPS in the range of $3.85-$4.15 [13][25] - The restructuring program is expected to yield annual savings of $35 million, with most benefits realized in fiscal 2026 [11] - Management highlighted the importance of disciplined cost management and operational efficiency in navigating a complex operating environment [12] Other Important Information - The company ended the year with total indebtedness of $1.6 billion and available liquidity of $681.6 million [22] - Free cash flow for the fourth quarter was $112.7 million, a significant improvement from the prior year [23] Q&A Session Summary Question: Margin trajectory and segment operating margin - Management introduced a new segment operating margin metric to better reflect operational health, indicating a blend of restructuring benefits and pricing decisions affecting margins [34][36] Question: Strategic attraction of the WGNSTAR deal - The acquisition is strategically compelling due to the growth potential in the semiconductor space, with expectations for accretion in year two driven by growth and margin expansion [38][42] Question: Pricing concessions in the B&I business - Pricing discussions have stabilized, with no dramatic changes noted in the fourth quarter compared to previous quarters [48][50] Question: ERP roadmap and free cash flow outlook - The majority of transactions are now on the new ERP system, with a target of around $250 million in normalized cash flow for the upcoming year [51][53] Question: Self-insurance adjustments impact - The prior-year self-insurance adjustments are within industry standards, with no significant changes expected moving forward [70][73] Question: Future M&A opportunities - The company is actively looking for acquisition opportunities that align with strategic growth areas, maintaining a balanced approach to leverage [97]

Financial Data and Key Metrics Changes - The company reported record annual revenue of $8.7 billion, a 5% increase over the previous year, with fourth-quarter revenue growing 5.4% year-over-year to $2.3 billion, driven by 4.8% organic growth [7][16] - Adjusted EPS was $0.88, reflecting a $0.26 headwind from prior-year self-insurance adjustments, while adjusted EBITDA was $124.2 million with a margin of 5.6% [18][19] - Net income for the quarter increased to $34.8 million, or $0.56 per diluted share, compared to a loss of $11.7 million in the prior year [17] Business Line Data and Key Metrics Changes - Business and Industry (B&I) revenue surpassed $1 billion, up 2% year-over-year, with operating profit of $80.6 million and a margin of 7.7% [19] - Aviation revenue grew 7% to $296.7 million, with an operating profit of $16.8 million and a margin of 5.7% [20] - Manufacturing and Distribution (M&D) generated $417.4 million in revenue, an 8% increase year-over-year, with an operating profit of $35.8 million and a margin of 8.6% [20] - Technical Solutions had revenue of $298.7 million, a 16% increase, with an operating profit of $37.1 million and a margin of 12.4% [22] Market Data and Key Metrics Changes - The company noted strong demand across key end markets, particularly in Technical Solutions, Aviation, and Manufacturing and Distribution, with expectations for continued growth in fiscal 2026 [12][24] - The acquisition of WGNSTAR is expected to strengthen the company's position in the semiconductor market, which is experiencing multi-year growth [10][81] Company Strategy and Development Direction - The company is focused on enhancing its portfolio and expanding technical and data-enabled capabilities, with a commitment to disciplined capital allocation [30][31] - The acquisition of WGNSTAR is seen as a strategic move to penetrate the semiconductor fabrication sector, which has significant growth potential [10][40] - The company aims to achieve organic revenue growth of 3%-4% in fiscal 2026, with expectations for adjusted EPS in the range of $3.85-$4.15 [13][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's momentum heading into fiscal 2026, citing a strong backlog and healthy demand across key markets [12][30] - The restructuring program is expected to yield annualized savings of $35 million, with over three-quarters of the savings realized in fiscal 2026 [11][13] - Management acknowledged the challenges of the macro environment but highlighted the company's adaptability and operational excellence [29][30] Other Important Information - The company repurchased 1.6 million shares in the fourth quarter at an average price of $45.84, totaling $73 million, and reduced its outstanding share count by 4% [23] - The company ended the year with total indebtedness of $1.6 billion and available liquidity of $681.6 million [22] Q&A Session Summary Question: Margin trajectory and segment operating margin - Management introduced a new segment operating margin metric to better reflect operational health, with benefits from restructuring and mix expected to influence margins in 2026 [34][36] Question: Strategic attraction of the WGNSTAR deal - The acquisition is seen as a compelling strategic imperative due to the growth potential in the semiconductor space, with expectations for significant revenue synergies [38][40] Question: Pricing concessions in the B&I business - Management noted that pricing discussions have stabilized, with no dramatic concessions observed in the fourth quarter [48][50] Question: Free cash flow outlook for 2026 - The company anticipates normalized free cash flow of around $250 million, factoring in transformation and integration costs [53][56] Question: Future M&A opportunities - Management indicated a balanced approach to acquisitions, with a focus on compelling strategic opportunities in high-growth markets [96]

Financial Performance - Record revenue reached $2.3 billion, a 5.4% increase[10, 15] - Organic revenue growth was 5%[10] - Adjusted EBITDA was $124.2 million[10] - Adjusted EPS reached $0.88[10] - Free cash flow was $112.7 million, a significant increase from the previous year[10] Segment Performance - Business & Industry revenue increased by 2.3% to $1,048.8 million[23, 24] - Aviation revenue increased by 7.3% to $296.7 million[25] - Manufacturing & Distribution revenue increased by 7.7% to $417.4 million[28] - Education revenue increased by 1.6% to $233.7 million[29, 30] - Technical Solutions revenue increased by 16% to $298.7 million[14, 32] Fiscal Year 2026 Outlook - The company anticipates organic revenue growth of 3%-4%[39] - Total revenue growth is projected to be 4%-5%[39] - Adjusted EPS is expected to be in the range of $3.85-$4.15[39]