Company: LGN
Filing Date: 2025-04-30
Form Type: DRS/A
Source: 0000950123-25-003868
Chunk: 10

Company: Legence Corp.
Filing Date: 2025-04-30
Form: DRS/A
Chunk 10
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 Net Loss Margin of (1.3)%, Adjusted EBITDA Margin of 10.9%, Gross Margin of 20.5% and Self-Perform Margin of 13.1%. Adjusted EBITDA, Adjusted EBITDA Margin and Self-Perform Margin are non-GAAPfinancial measures, for a reconciliation to the nearest generally accepted accounting principles in the United States (“GAAP”) financial measure, please see “Non-GAAPFinancial Measures” below. Our Market Opportunity Demand for our services is driven primarily by investment in new and existing industrial, commercial and public sector buildings in the United States. According to 2024 RSMeans Data, MEP engineering and installation costs represent an average of 26% of the total construction budget for new industrial and commercial buildings, and as much as 35% and 39% for laboratories and hospitals, respectively. Investments in nonresidential buildings in the United States grew from $279 billion in 2021 to $437 billion in 2024, representing a compound annual growth rate of 16%, according to Dodge Construction Network. Investments in buildings in the market segments where we focus— data centers, technology, semiconductors, life sciences, healthcareand education—grew at a 22% compound annual growth rate over the same period, according to Dodge Construction Network, nearly 40% faster than overall investments in nonresidential buildings in the United States. We believe key drivers supporting continued growth in demand for our services include:

| • |     | Increasing investment in data centers to support more cloud-based applications and AI. Rapidly growing                                                                                                                                                   
 demand for cloud services, as well as the computational resources required to train and run artificial intelligence models, is driving increasing investment in data centers. Over the past three years, facilities investment in data centers more than 
 tripled from $7 billion in 2021 to $23 billion in 2024 and is forecast to grow at a 22% compound annual growth rate from 2024 to 2029, according to Dodge                                                                                                |

2

Confidential Treatment Requested by Legence Corp. Pursuant to 17 C.F.R. Section 200.83

| • |     | Continued “reshoring” of U.S. manufacturing. A combination of                                                                                                                                                                                             
 increasing tariffs, growing intellectual property and geopolitical risks, attractive federal incentives for “domestic content” and the narrowing wage gap between U.S. and international workers is prompting many companies to move their                
 offshore manufacturing operations back to the United States. Investment