Company: LGN
Filing Date: 2025-11-03
Form Type: DRS
Source: 0001193125-25-262782
Chunk: 313

Company: Legence Corp.
Filing Date: 2025-11-03
Form: DRS
Chunk 313
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 Total Installation & Maintenance segment |     |                    | 402,796 |     |      | 368,422 |     |                  |   763,302 |     |      | 738,650 |
| Revenue                                  |     | $                  | 598,890 |     | $    | 520,787 |     | $                | 1,104,843 |     | $    | 989,583 |

F-67

Confidential Treatment Requested by Legence Corp. Pursuant to 17 C.F.R. Section 200.83 No single customer accounted for more than 10% of revenue in the three and six months ended June 30, 2025 and 2024. Contract Assets and Liabilities Due to the nature of the Company’s performance obligations and the timing of contractual payment terms, the Company has material contract asset and liability balances. Contract assets and contract liabilities on the Condensed Consolidated Balance Sheets consist of the following amounts (in thousands):

|                      |     |   | June 30, 
     2025 |     |   | December 31, 
         2024 |
|:---------------------|:----|:--|---------:|:----|:--|-------------:|
| Contract assets:     |     |   |          |     |   |              |
| Contract assets, net |     | $ |  212,648 |     | $ |      188,132 |
| Other assets         |     | $ |    1,364 |     | $ |        2,040 |
| Contract liabilities |     | $ |  185,907 |     | $ |      164,130 |

Contract assets include $77.4 million and $78.3 million of contract retentions as of June 30, 2025 and December 31, 2024, respectively. Contract retentions included in contract assets are generally subject to substantial project completion and acceptance by the customer. Contract assets and liabilities fluctuate based on factors that occur in the normal course of business, including the volume of projects in progress at period end, the timing of negotiated payment terms, billing frequency and other differences in payment terms relative to revenue recognition. The increase in contract assets from December 31, 2024 to June 30, 2025 was primarily due to the increase in the Company’s volume of project activity and revenue from both Installation & Maintenance and Engineering & Consulting segments. The change in contract liabilities from December