Company: LGN
Filing Date: 2025-08-15
Form Type: S-1
Source: 0001193125-25-181698
Chunk: 10

Company: Legence Corp.
Filing Date: 2025-08-15
Form: S-1
Chunk 10
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 them into our overall contract price
for the job. In the years ended December 31, 2024 and 2023, respectively, we paid subcontractors approximately $350.7 million and $234.8 million, respectively, in connection with their work on our projects. We also frequently purchase certain
equipment that we install in our clients’ buildings. We may pass the cost of equipment on directly to our customers as a specific line item or incorporate the cost into our overall contract price for the job. In the years ended December 31,
2024 and 2023, we spent approximately $457.3 million and $385.8 million, respectively, on equipment for our clients’ projects.

We are headquartered in San Jose, California and, as of June 30, 2025, we had approximately 6,000 full-time employees across 70 offices and 45
U.S. states. For the year ended December 31, 2024, we generated $2,098.6 million in revenue, $27.6 million in net loss and $229.6 million in Adjusted EBITDA representing a Net Loss Margin of (1.3)% and Adjusted EBITDA Margin of
10.9%. For the six months ended June 30, 2025, we generated $1,104.8 million in revenue, $23.0 million in net loss and $123.0 million in Adjusted EBITDA representing a Net Loss Margin of (2.1)% and Adjusted EBITDA Margin of 11.1%.
Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures, for a reconciliation to the nearest generally accepted accounting principles in the United States (“GAAP”) financial
measure, please see “Non-GAAP Financial Measures” below.

2

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