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THIRD QUARTER 2025 RESULTS CONFERENCE CALL November 5, 2025
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Forward-Looking Statements 2 This presentation, and oral comments that Everus may make, contain or incorporate by reference certain “forward-looking statements” within the meaning of the securities laws. All statements that reflect Everus’ expectations, assumptions or projections about the future, other than statements of historical facts, including, without limitation, statements regarding plans, trends, objectives, goals, business and growth strategies, market potential, Everus' 4EVER strategy, future performance, financial guidance, long-term targets and other matters are consider forward-looking statements. The words “believe,” “expect,” “estimate,” “could,” “should,” “would,” “intend,” “may,” “plan,” “predict,” “seek,” “anticipate,” “project” and similar expressions generally identify forward-looking statements, which speak only as of the date the statements were made. In particul ar, information included within this presentation contain forward-looking statements. The matters discussed in this presentation are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those projected, anticipated or implied in the forward looking statements. Although Everus believes that the expectations reflected in any forward-looking statements it makes are based on reasonable assumptions as of the date they are made, it can gi ve no assurance that the expectation will be attained and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such risks and uncertainties include, but are not limited to: seasonality and adverse weather conditions; operate in highly competitive industry; operating results may vary significantly period to period; financial results and projections are based upon estimates and assumptions t hat may cause our actual results to materially differ from such projections, which may adversely affect our future profitability, cash flows and stock price; lack of success at generating internal growth; loss of, or reduction in business from, certain significant customers; dependence on fixed-price contracts; participation in joint ventures; failure to adequately recover on contract change orders or claims; pursuit of acquisitions and other strategic transactions; incurrence of liabilit ies or suffer negative financial or reputational impacts relating to health and safety matters; economic volatility; the failure to retain current customers and obtain new customer contracts; changes in prices for commodities, labor, or other production and delivery inputs; inability to hire, develop and retain key personnel and skilled labor forces; exposure to warranty claims; economic volatility; recognize revenue for the majority of construction projects based on estimates; debt obligations incurre d with the separation; goodwill and intangible asset impairments; inability to provide surety bonds; backlog not accurately representing future revenue; supply chain disruptions; capital market and interest rates; increased insurance costs or inability to obtain insurance coverages; negative impacts from pending and/or future litigation, claims or investigations; liability resulting from participation in multiemployer-defined benefit pension plans; unionized workforce; increased health care plan cos ts; risks associated with the nonpayment and/or nonperformance of customers and counterparties; increases or changes in income tax rates or tax-related laws; risks associated with import tariffs and/or other government mandates; new interpretations of or changes in the enforcement of the government regulatory framework; technology disruptions or cyberattacks; artificial intelligence challenges; pandemics, including COVID -19 pandemic; the risk of increased costs from dis-synergies, costs of restructuring transactions and other costs incurred in connection with the separation from MDU Resources Group, Inc. (MDU Resources); retention of existing management team members and the ability to obtain the necessary personnel as a result of the separation; the impact of the separation on Everus’ business, reaction of customers, employees and other parties to the separation; leverage; any failure by MDU Resources to perform its obligations under the va rious separation agreements to be entered into in connection with the separation and distribution; a determination by the IRS that the distribution or certain related transactions are taxable; and the impact of the separation on Everus’ businesses and the risk that the separation may be more difficult, time consuming or costly than expected, including the impact on Everus’ resources, systems, procedures and controls, diversion of management’s attention and the impact on relationships with custo mers, suppliers, employees and other business counterparties. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward -looking statements, see the discussion under “Part I, Item IA. Risk Factors” in the company's most recent Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission. You should read this presentation completely and with the understanding that actual future results may be materially different from expectations. All forward -looking statements made in this presentation are qualified by these cautionary statements. These forward-looking statements are made only as of the date of this presentation, and Everus does not undertake any obligation, other than as may be required by law, to update or revise any forward-looking or cautionary statements to reflect changes in assumptions, the occurrence of events, unanticipated or otherwise, and changes in future operating results over time or otherwise. Comparisons of results for current and any prior p eriods are not intended to express any future trends, or indications of future performance, unless expressed as such, and should only be viewed as historical data. Reconciliations of the non-GAAP measures used to their respective most directly comparable GAAP measure can be found in the Appe ndix. All financial information presented in this presentation has been prepared in U.S. dollars in accordance with generally accepted accounting principles in the United States (“GAAP”), except for the presentation of the following non -GAAP financial measures: organic revenue, organic revenue growth, EBITDA, EBITDA margin, free cash flow, net debt and net leverage, and, in some cases, applicable measures by segment. Organic revenue is most comparable to the GAAP measure of revenue and is defined as the difference between current year and p rior year revenues less the impact of acquired and divested companies in the past 12 months. Organic revenue growth is most comparable to the GAAP measure of revenue growth and is calculated by dividing organic revenue by prior year revenues. EBITDA is most comparable to the GAAP measure of net income and is defined as net income before interest expense, net of interest income, income taxes and deprecia tion and amortization. EBITDA margin is most comparable to the GAAP measure of net income margin and is defined as EBITDA as a percentage of operating revenues. Free cash flow is most comparable to the GAAP measure of cash flows provided by (used in) operating activities. Free cash flow is defined as net cash provided by (used in) operating activities less net capital expenditures. Net debt and net leverage are most comparable to the GAAP measure of total debt and gross leverage. Net debt is calculated by adding unamortized debt issuance costs to the total debt balance presented on the balance sheet, less any unrestricted cash. Net leverage is calculated by dividing net debt divided by trailing 12-month EBITDA, as defined. Everus' non-GAAP financial measures are not standardized; therefore, it may not be possible to compare them with other companies’ measures of organic revenue, organic revenue growth, EBITDA, EBITDA margin, free cash flow, net debt and net leverage having the same or similar names. Everus presents organic revenue, organic revenue growth, EBITDA, EBITDA margin, free cash flow, net debt and net leverage, and, in s ome cases, applicable measures by segment, in this presentation because it believes such measures, in addition to corresponding GAAP measures, provide investors with additional information to measure Everus’ performance and liquidity. These non-GAAP financial measures are not intended as alternatives to GAAP financial measures. Everus uses organic revenue, organic revenue growth, EBITDA and EBITDA margin, as well as the comparable GAAP measures of revenue, revenue growth , net income and net income margin, as indicators of Everus’ operating performance. Everus uses free cash flow as well as the comparable GAAP measure of cash flows provided by (used in) operating activities, as a measure of cash available to Everus to invest in the growth of Everus’ business or that will be available to Everus to meet its obligations. Everus uses net debt and net leverage as well as the comparable GAAP measure of total debt and gross leverage to provide a measure o f how quickly Everus could repay its debt if net debt and EBITDA were constant. Net leverage also provides insight into Everus' borrowing capacity and leverage ratio.
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3 OUR MISSION Safely Building America’s Future® as an industry-leading construction services provider while achieving sustained growth. OUR VALUES SAFETY RESPECT TEAMWORK INTEGRITY
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Third Quarter 2025 Highlights – Continued Strength 4 Continued Backlog Growth Backlog of $2.95 billion, up 2% from prior year, even with record third quarter revenue, reflecting growth in T&D (+19%) Robust Revenue Growth Revenue growth of 30% driven by continued momentum in E&M, particularly the data center submarket Solid EBITDA Growth Total EBITDA increased 37% from prior year, even with incremental stand-alone operating costs, driven by strong revenue growth and margin expansion in each segment Efficient Execution EBITDA margin of 9.0%, up 50 basis points from the prior year, reflecting margin growth in both E&M (+110 bps) and T&D (+180 bps) segments *All comparisons are versus the prior year quarter unless otherwise noted $2.95 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Backlog $ in billions
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Third Quarter 2025 Highlights – End-Market Momentum 5 T&D Margin Expansion T&D revenues decreased 2% with growth in transportation offset by a decline in utility; EBITDA increased 11%, driven by 180 bps margin expansion E&M Momentum E&M revenues increased 43% driven by continued momentum in data center work; EBITDA increased 64% with 110 bps margin growth Free Cash Flow Nine months ended 2025 free cash flow was $74.8 million, an improvement from $57.8 million last year Financial Flexibility Total unrestricted cash and cash equivalents and revolver availability of $337 million at Sept. 30, 2025; net leverage of 0.5x *All comparisons are versus the prior year quarter unless otherwise noted Favorable End-Market Trends ❖ Data Center – Continue to see very strong demand trends and the company is well positioned to capture additional opportunities ❖ Hospitality – Secured several new projects during the first nine months and remain encouraged by the hospitality market outlook ❖ Utility – New contracts secured; continued momentum in utility infrastructure spending supports favorable demand outlook
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6 Create long-term value with sustained profitable growth Value Attract, retain and train premier talent Employees Maintain and grow customer relationships Relationships Lead the industry in safety and consistent high-quality execution Execution
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Value Creation Framework 7 Grow share within existing end markets Further penetrate higher-growth submarkets Lead geographic expansion through satellite projects Accelerate growth with strategic M&A Targeted Commercial Growth Disciplined Capital Allocation Driving sustainable value creation through a dedicated focus on 4EVER principles Operational Excellence Strategically deploy assets in higher-margin projects and end markets Maintain disciplined bidding process Continue to implement Everus’ operational playbook Drive operating leverage through growth initiatives Invest in high-return organic growth initiatives Pursue strategic acquisitions Maintain investment -grade capital structure Future potential capital returns to shareholders
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8 Employees Value Execution Relationships LONG-TERM EXPECTATIONS 2.0% – 2.5% CapEx as % of Revenue Net Leverage 1.5x – 2.0x 7% – 9% EBITDA CAGR 5% – 7% Organic Revenue CAGR
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9 THIRD QUARTER 2025 RESULTS
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Third Quarter 2025 Performance Summary 10 Performance highlighted by strong E&M growth, continued backlog momentum, project execution • 30% third quarter revenue growth driven by strong E&M results • Total backlog increased 2% to $2.95 billion y/y, even with record third quarter revenue, led by 19% T&D backlog growth • Third quarter EBITDA increased 37% driven by strong revenue growth and margin expansion, even with incremental stand-alone operating costs Third Quarter Revenue ($MM) Third Quarter EBITDA ($MM) Third Quarter EBITDA Margin (%) Third Quarter Backlog ($BN) $761.0 $986.8 3Q24 3Q25 $65.0 $89.0 3Q24 3Q25 $2.9 $2.8 $3.1 $3.0 $2.9 3Q24 4Q24 1Q25 2Q25 3Q25 8.5% 9.0% 3Q24 3Q25 30% 37% +50 bps
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E&M Highlights • Third quarter revenues increased 43% due to strength in commercial, particularly the data center submarket • Third quarter EBITDA increased 64% on strong revenue growth and execution benefits; margin increased 110 bps T&D Highlights • Third quarter revenues decreased 2% with growth in transportation offset by lower utility revenues • Third quarter EBITDA growth of 11% due to strong execution and project mix; margin expanded 180 bps Third Quarter 2025 Segment Performance Summary 11 E&M Revenues ($MM) T&D Revenues ($MM) T&D EBITDA and EBITDA Margin ($MM and %) E&M EBITDA and EBITDA Margin ($MM and %) $536.9 $767.3 3Q24 3Q25 $40.8 $66.9 3Q24 3Q25 7.6% 8.7% $228.5 $223.4 3Q24 3Q25 $30.4 $33.8 3Q24 3Q25 13.3% 15.1% 43% 110 bps (2)% 180 bps
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Ample financial flexibility to pursue strategic objectives • 3Q25 net debt of $159 million, down from 2Q25 reflecting strong operating results and disciplined capital management • Cash and availability of $337 million provides flexibility to pursue growth strategy • Net leverage of 0.5x at Sept. 30, 2025, below long-term target range of 1.5-2.0x Third Quarter 2025 Balance Sheet and Liquidity 12 Net Debt ($MM) Net Leverage ($MM) Total Cash and Availability ($MM) Year-to-Date Free Cash Flow ($MM) 1.0x 1.0x 0.8x 0.5x 4Q24 1Q25 2Q25 3Q25 $230 $242 $228 $159 4Q24 1Q25 2Q25 3Q25 $279 $264 $274 $337 4Q24 1Q25 2Q25 3Q25 $57.8 $74.8 2024 2025
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13 2025 Financial Guidance 2025 Drivers Raised guidance to reflect strong year- to-date results, continued business momentum Strong demand for E&M driven by data center, high tech re-shoring; T&D driven by grid modernization and hardening Strong momentum with backlog of $2.95 billion as of September 30, 2025 Margin realization impacted by project execution, project mix and incremental stand-alone operating costs Raising 2025 Guidance Revenues $3.55B – $3.65B EBITDA $290M – $300M
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Benefit From Multiple Growth Drivers and Industry Megatrends Proven Leadership Team Executing 4EVER Strategy Scaled National Platform of Market-Leading Local Brands Skilled Workforce, People-First Culture & Repeatable Playbook Diversified Revenue Base & Disciplined Capital Allocation Compelling Investment Thesis 14
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15APPENDIX
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Non-GAAP Financial Guidance 16 We are unable to reconcile forward-looking non-GAAP financial guidance relating to full-year 2025 EBITDA margin and long-term targets of organic revenue, organic revenue growth, EBITDA, EBITDA growth and net leverage to their respective nearest U.S. GAAP measure because we are unable to predict the timing of these adjustments with a reasonable degree of certainty. By their very nature, non-GAAP adjustments are difficult to anticipate with precision because they are generally associated with unexpected and unplanned events that impact our company and our financial results. Therefore, we are unable to provide a reconciliation of full-year 2025 EBITDA margin guidance, and reconciliations of long-term organic revenue, organic revenue growth, EBITDA, EBITDA growth and net leverage guidance without unreasonable efforts.
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Reconciliations of net income to EBITDA and EBITDA margin 17 Reconciliations of net income to EBITDA and EBITDA margin. Three months ended September 30, Nine months ended September 30, 2025 2024 Change 2025 2024 Change (In millions, except percentages) Net income $ 57.0 $ 41.8 36.4% $ 146.5 $ 109.0 34.4% Interest expense, net 4.1 2.8 46.4% 13.6 8.8 54.5% Income taxes 20.6 14.0 47.1% 53.6 37.6 42.6% Depreciation and amortization 7.3 6.4 14.1% 21.3 18.5 15.1% EBITDA $ 89.0 $ 65.0 36.9% $ 235.0 $ 173.9 35.1% Operating revenues $ 986.8 $ 761.0 29.7% $ 2,734.9 $ 2,090.0 30.9% Net income margin 5.8% 5.5% 5.4% 5.2% EBITDA margin 9.0% 8.5% 8.6% 8.3%
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Reconciliations of net income to EBITDA by segment 18 Reconciliations of net income to EBITDA by segment. Three months ended September 30, 2025 Nine months ended September 30, 2025 E&M T&D Corporate and Other Total E&M T&D Corporate and Other Total (In millions) Net income $ 50.9 $ 20.3 $ (14.2) $ 57.0 $ 134.8 $ 48.6 $ (36.9) $ 146.5 Interest expense, net (2.4) 0.9 5.6 4.1 (5.7) 2.6 16.7 13.6 Income taxes 17.1 6.6 (3.1) 20.6 46.8 15.9 (9.1) 53.6 Depreciation and amortization 1.3 6.0 — 7.3 4.2 17.2 (0.1) 21.3 EBITDA $ 66.9 $ 33.8 $ (11.7) $ 89.0 $ 180.1 $ 84.3 $ (29.4) $ 235.0 Three months ended September 30, 2024 Nine months ended September 30, 2024 E&M T&D Corporate and Other Total E&M T&D Corporate and Other Total (In millions) Net income $ 29.4 $ 18.5 $ (6.1) $ 41.8 $ 81.7 $ 43.5 $ (16.2) $ 109.0 Interest expense, net — 0.9 1.9 2.8 0.1 3.0 5.7 8.8 Income taxes 9.8 6.2 (2.0) 14.0 28.5 14.6 (5.5) 37.6 Depreciation and amortization 1.6 4.8 — 6.4 4.8 13.8 (0.1) 18.5 EBITDA $ 40.8 $ 30.4 $ (6.2) $ 65.0 $ 115.1 $ 74.9 $ (16.1) $ 173.9
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Reconciliations of EBITDA and EBITDA margin by segment 19 Reconciliations of net income to EBITDA and EBITDA margin by segment. Three months ended September 30, Nine months ended September 30, 2025 2024 % change 2025 2024 % change Operating revenues: E&M $ 767.3 $ 536.9 42.9% $ 2,129.1 $ 1,481.7 43.7% T&D 223.4 228.5 (2.2)% 620.8 623.8 (0.5)% Eliminations (3.9) (4.4) (11.4)% (15.0) (15.5) (3.2)% Total operating revenues $ 986.8 $ 761.0 29.7% $ 2,734.9 $ 2,090.0 30.9% Net income: E&M $ 50.9 $ 29.4 71.3% $ 134.8 $ 81.7 65.0% T&D 20.3 18.5 9.7% 48.6 43.5 11.7% Corporate and other (14.2) (6.1) NM (36.9) (16.2) NM Total net income $ 57.0 $ 41.8 36.4% $ 146.5 $ 109.0 34.4% EBITDA: E&M $ 66.9 $ 40.8 64.0% $ 180.1 $ 115.1 56.5% T&D 33.8 30.4 11.2% 84.3 74.9 12.6% Corporate and other (11.7) (6.2) (88.7)% (29.4) (16.1) (82.6)% Total EBITDA $ 89.0 $ 65.0 36.9% $ 235.0 $ 173.9 35.1% Net income margin: E&M 6.6% 5.5% 6.3% 5.5% T&D 9.1% 8.1% 7.8% 7.0% Total net income margin 5.8% 5.5% 5.4% 5.2% EBITDA margin: E&M 8.7% 7.6% 8.5% 7.8% T&D 15.1% 13.3% 13.6% 12.0% Total EBITDA margin 9.0% 8.5% 8.6% 8.3% NM - Not Meaningful
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Reconciliations of EBITDA guidance 20 Increased EBITDA guidance reconciliation, as well as the previous EBITDA guidance reconciliation, for full -year 2025. As Further Revised on November 4, 2025 As Revised on August 12, 2025 Low High Low High Net income $ 179.0 $ 186.5 $ 145.0 $ 150.0 Interest expense, net 17.5 17.5 20.0 20.0 Income taxes 65.0 67.5 50.0 55.0 Depreciation and amortization 28.5 28.5 25.0 30.0 EBITDA $ 290.0 $ 300.0 $ 240.0 $ 255.0
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Reconciliations of trailing 12-month EBITDA and net leverage 21 Reconciliations of trailing 12 -month EBITDA as of Sept. 30, 2025 and Dec. 31, 2024. Twelve months ended September 30, 2025 Nine months ended September 30, 2025 Twelve months ended December 31, 2024 Nine months ended September 30, 2024 (In millions) Net income $ 180.9 $ 146.5 $ 143.4 $ 109.0 Interest expense, net 18.8 13.6 14.0 8.8 Income taxes 65.5 53.6 49.5 37.6 Depreciation and amortization 28.1 21.3 25.3 18.5 EBITDA $ 293.3 $ 235.0 $ 232.2 $ 173.9 Reconciliations of net leverage as of Sept. 30, 2025 and Dec. 31, 2024. September 30, 2025 December 31, 2024 (In millions) Current portion of long -term debt $ 15.0 $ 15.0 Long-term debt 270.0 280.6 Total debt 285.0 295.6 Add: Unamortized debt issuance costs 3.7 4.4 Total gross debt 288.7 300.0 Less: cash and cash equivalents, excluding restricted cash (129.9) (69.9) Total net debt $ 158.8 $ 230.1 Trailing 12-month ended EBITDA for the periods indicated $ 293.3 $ 232.2 Net leverage 0.5x 1.0x
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Reconciliations of free cash flow 22 Reconciliations of cash provided by operating activities to free cash flow. Nine months ended September 30, 2025 2024 (In millions) Net cash used in investing activities $ (33.6) $ (25.5) Net cash used in financing activities $ (11.8) $ (58.2) Net cash provided by operating activities $ 108.6 $ 82.7 Capital expenditures (42.1) (34.5) Net proceeds from sale or disposition of property, plant and equipment 8.3 9.6 Free cash flow $ 74.8 $ 57.8
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Contact: investors@everus.com 23