# EDGAR Filing Document

**Accession Number:** 0001883814
**File Stem:** 0001829126-25-009058
**Filing Date:** 2025-11
**Character Count:** 26238
**Document Hash:** f8bf6a755f13b11076c29a928d207540
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-009058.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001829126-25-009058

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251112

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Southland Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001883814
- **STANDARD INDUSTRIAL CLASSIFICATION:** HEAVY CONSTRUCTION OTHER THAN BUILDING CONST - CONTRACTORS [1600]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41090
- **FILM NUMBER:** 251473580

**BUSINESS ADDRESS:**
- **STREET 1:** 1100 KUBOTA DRIVE
- **CITY:** GRAPEVINE
- **STATE:** TX
- **ZIP:** 76051
- **BUSINESS PHONE:** (817) 293-4263

**MAIL ADDRESS:**
- **STREET 1:** 1100 KUBOTA DRIVE
- **CITY:** GRAPEVINE
- **STATE:** TX
- **ZIP:** 76051

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LEGATO MERGER CORP. II
- **DATE OF NAME CHANGE:** 20210917

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): <u>November 12, 2025</u>

![](img_001.jpg)

**<u>SOUTHLAND HOLDINGS, INC.</u>**

(Exact Name of Registrant as Specified in Charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-41090** | **87-1783910** |
| (State or Other Jurisdiction | (Commission | (IRS Employer |
| of Incorporation) | File Number) | Identification No.) |

---

**1100 Kubota Drive**

**<u>Grapevine, TX 76051</u>**

(Address of Principal Executive Offices) (Zip Code)

**<u>(817) 293-4263</u>**

(Registrant's Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c))

Securities registered pursuant to section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common stock, par value $0.0001 per share | SLND | NYSE American LLC |
| Redeemable warrants, exercisable for shares of common stock at an exercise price of $11.50 per share | SLND WS | NYSE American LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 **Item 2.02 Results of Operations and Financial Condition.**

On November 12, 2025, Southland Holdings, Inc., a Delaware corporation (the "Company"), issued a press release announcing financial results for the quarter ended September 30, 2025. Additional information is included in the Company's press release. A copy of the Company's press release is attached hereto as Exhibit 99.1. The foregoing description of the press release is qualified in its entirety by reference to the attached exhibit.

**Item 9.01 Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 99.1 | [Press Release dated November 12, 2025.](southland_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within Inline XBRL document) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| Dated: November 12, 2025 | SOUTHLAND HOLDINGS, INC. | SOUTHLAND HOLDINGS, INC. | SOUTHLAND HOLDINGS, INC. |
|  | By: | /s/ Frank S. Renda | /s/ Frank S. Renda |
|  |  | Name: | Frank S. Renda |
|  |  | Title: | President and Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Southland Announces Third Quarter 2025 Results**

GRAPEVINE, Texas, November 12, 2025 — Southland Holdings, Inc. (NYSE American: SLND and SLND WS) ("Southland"), a leading provider of specialized infrastructure construction services, today announced financial results for the quarter ended September 30, 2025.

● Revenue of $213.3 million for the quarter ended September 30, 2025, compared to $173.3 million for the quarter ended September 30, 2024.

● Gross profit of $3.3 million for the quarter ended September 30, 2025, compared to gross loss of $51.1 million for the quarter ended September 30, 2024.

● Gross profit margin of 1.5% for the quarter ended September 30, 2025, compared to (29.5)% for the quarter ended September 30, 2024.

● Income tax expense of $57.2 million for the quarter ended September 30, 2025, primarily driven by a non-cash charge related to the establishment of a valuation allowance on deferred tax assets, compared to income tax benefit of $17.1 million for the quarter ended September 30, 2024. <sup>(1)</sup>

● Net loss attributable to stockholders of $75.3 million, or $(1.39) per share for the quarter ended September 30, 2025, compared to a net loss attributable to stockholders of $54.7 million, or $(1.14) per share for the quarter ended September 30, 2024.

● EBITDA of $(3.5) million for the quarter ended September 30, 2025, compared to $(58.7) million for the quarter ended September 30, 2024. <sup>(2)</sup>

● Backlog of $2.26 billion. <sup>(2)</sup>

(1) This
allowance is required under GAAP. This does not limit utilization of the respective tax assets in the future.

(2) Please refer to "Non-GAAP Measures" and reconciliations for our non-GAAP financial measures, including, "EBITDA" and "Backlog".

"Our core business continues to perform well, evidenced by the strength in our civil segment and the continued execution of our new core work," said Frank Renda, Southland's President & Chief Executive Officer. "While this quarter's results reflect a one-time non-cash tax charge and unfavorable adjustments related to certain legacy projects and dispute resolutions, these items do not impact the momentum we are seeing across our core business. We remain focused on winding down legacy backlog and capitalizing on robust demand for critical infrastructure in our core markets."

**<u>2025 Third Quarter Results</u>**

**Condensed Consolidated Statements of Operations (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| <br>*(Amounts in thousands)* | **September 30,<br> 2025** | **September 30,<br> 2024** |
| Revenue | $213343 | $173320 |
| Cost of construction | 210068 | 224425 |
| **Gross profit (loss)** | 3275 | (51105) |
| Selling, general, and administrative expenses | 14587 | 17492 |
| **Operating loss** | (11312) | (68597) |
| Gain on investments, net | 50 | 5 |
| Other income, net | 639 | 841 |
| Interest expense | (9166) | (7520) |
| **Losses before income taxes** | (19789) | (75271) |
| Income tax expense (benefit) | 57194 | (17142) |
| **Net loss** | (76983) | (58129) |
| Net loss attributable to noncontrolling interests | (1714) | (3402) |
| **Net loss attributable to Southland Stockholders** | $(75269) | $(54727) |
| **Net loss per share attributable to common stockholders** |  |  |
| &nbsp;&nbsp;&nbsp;Basic<sup>(1)</sup> | $(1.39) | $(1.14) |
| &nbsp;&nbsp;&nbsp;Diluted<sup>(1)</sup> | $(1.39) | $(1.14) |
| **Weighted average shares outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;Basic<sup>(1)</sup> | 54113036 | 48105512 |
| &nbsp;&nbsp;&nbsp;Diluted<sup>(1)</sup> | 54113036 | 48105512 |

---

(1) Basic net loss per share is the same as diluted net loss per share attributable to common stockholders for the three months ended September 30, 2025, and September 30, 2024, because the inclusion of potential shares of common stock would have been anti-dilutive for the period presented.

Revenue for the three months ended September 30, 2025, was $213.3 million, an increase of $40.0 million, or 23.1%, compared to the three months ended September 30, 2024. Materials & Paving business contributed $22.9 million to revenue in the three months ended September 30, 2025.

Gross profit for the three months ended September 30, 2025, was $3.3 million compared to gross loss of $51.1 million for the three months ended September 30, 2024. Gross margin was 1.5% for the three months ended September 30, 2025, compared to (29.5)% for the three months ended September 30, 2024. Materials & Paving business negatively impacted gross profit by $3.0 million in the three months ended September 30, 2025.

Selling, general, and administrative costs for the three months ended September 30, 2025, were $14.6 million, a decrease of $2.9 million, or 16.6%, compared to the three months ended September 30, 2024. Selling, general, and administrative costs as a percent of revenue were 6.8% for the three months ended September 30, 2025, compared to 10.1% for the three months ended September 30, 2024.

**Condensed Consolidated Statements of Operations (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
| <br>*(Amounts in thousands)* | **September 30,<br> 2025** | **September 30,<br> 2024** |
| Revenue | $668211 | $712929 |
| Cost of construction | 630093 | 783635 |
| **Gross profit (loss)** | 38118 | (70706) |
| Selling, general, and administrative expenses | 44624 | 47566 |
| **Operating loss** | (6506) | (118272) |
| Gain (loss) on investments, net | 126 | (18) |
| Other income, net | 1564 | 2430 |
| Interest expense | (28023) | (19895) |
| **Losses before income taxes** | (32839) | (135755) |
| Income tax expense (benefit) | 56820 | (32796) |
| **Net loss** | (89659) | (102959) |
| Net income (loss) attributable to noncontrolling interests | 468 | (1749) |
| **Net loss attributable to Southland Stockholders** | $(90127) | $(101210) |
| **Net loss per share attributable to common stockholders** |  |  |
| &nbsp;&nbsp;&nbsp;Basic<sup>(1)</sup> | $(1.67) | (2.11) |
| &nbsp;&nbsp;&nbsp;Diluted<sup>(1)</sup> | $(1.67) | (2.11) |
| **Weighted average shares outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;Basic<sup>(1)</sup> | 54028363 | 48020822 |
| &nbsp;&nbsp;&nbsp;Diluted<sup>(1)</sup> | 54028363 | 48020822 |

---

(1) Basic net loss per share is the same as diluted net loss per share attributable to common stockholders for the nine months ended September 30, 2025, and September 30, 2024, because the inclusion of potential shares of common stock would have been anti-dilutive for the period presented.

Revenue for the nine months ended September 30, 2025, was $668.2 million, a decrease of $44.7 million, or 6.3%, compared to the nine months ended September 30, 2024. Materials & Paving business contributed $62.7 million to revenue in the nine months ended September 30, 2025.

Gross profit for the nine months ended September 30, 2025, was $38.1 million compared to gross loss of $70.7 million for the nine months ended September 30, 2024. Gross margin was 5.7% for the nine months ended September 30, 2025, compared to (9.9)% for the nine months ended September 30, 2024. Materials & Paving business negatively impacted gross profit by $15.9 million in the nine months ended September 30, 2025.

Selling, general, and administrative costs for the nine months ended September 30, 2025, were $44.6 million, a decrease of $2.9 million, or 6.2%, compared to the nine months ended September 30, 2024. Selling, general, and administrative costs as a percent of revenue were 6.7% for the nine months ended September 30, 2025 and September 30, 2024.

**Segment Revenue**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *(Amounts in thousands)* | **September 30,<br> 2025** | **September 30,<br> 2025** | **September 30,<br> 2024** | **September 30,<br> 2024** |
|  |  | **% of Total** |  | **% of Total** |
| **Segment** | **Revenue** | **Revenue** | **Revenue** | **Revenue** |
| Civil | $99481 | 46.6% | $55849 | 32.2% |
| Transportation | 113862 | 53.4% | 117471 | 67.8% |
| Total revenue | $213343 | 100.0% | $173320 | 100.0% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| *(Amounts in thousands)* | **September 30,<br> 2025** | **September 30,<br> 2025** | **September 30,<br> 2024** | **September 30,<br> 2024** |
|  |  | **% of Total** |  | **% of Total** |
| **Segment** | **Revenue** | **Revenue** | **Revenue** | **Revenue** |
| Civil | $283927 | 42.5% | $219490 | 30.8% |
| Transportation | 384284 | 57.5% | 493439 | 69.2% |
| Total revenue | $668211 | 100.0% | $712929 | 100.0% |

---

**Segment Gross Profit (Loss)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| *(Amounts in thousands)* | **September 30,<br> 2025** | **September 30,<br> 2025** | **September 30,<br> 2024** | **September 30,<br> 2024** |
|  |  | **% of Segment** |  | **% of Segment** |
| **Segment** | **Gross Profit** | **Revenue** | **Gross Loss** | **Revenue** |
| Civil | $10427 | 10.5% | $(18336) | (32.8)% |
| Transportation | (7152) | (6.3)% | (32769) | (27.9)% |
| Gross profit (loss) | $3275 | 1.5% | $(51105) | (29.5)% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| *(Amounts in thousands)* | **September 30,<br> 2025** | **September 30,<br> 2025** | **September 30,<br> 2024** | **September 30,<br> 2024** |
|  |  | **% of Segment** |  | **% of Segment** |
| **Segment** | **Gross Profit** | **Revenue** | **Gross Profit** | **Revenue** |
| Civil | $47663 | 16.8% | $8694 | 4.0% |
| Transportation | (9545) | (2.5)% | (79400) | (16.1)% |
| Gross profit (loss) | $38118 | 5.7% | $(70706) | (9.9)% |

---

**EBITDA Reconciliation**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended** | **Nine Months Ended** |
| <br>*(Amounts in thousands)* | **September 30,<br> 2025** | **September 30,<br> 2024** | **September 30,<br> 2025** | **September 30,<br> 2024** |
| Net loss attributable to Southland Stockholders | $(75269) | $(54727) | $(90127) | $(101210) |
| Depreciation and amortization | 5629 | 5776 | 17530 | 16925 |
| Income tax expense (benefit) | 57194 | (17142) | 56820 | (32796) |
| Interest expense | 9166 | 7520 | 28023 | 19895 |
| Interest income | (221) | (167) | (1473) | (527) |
| EBITDA | (3501) | (58740) | 10773 | (97713) |

---

**Backlog**

---

| | |
|:---|:---|
| *(Amounts in thousands)* |  |
| **Balance December 31, 2024** | $**2572912** |
| New contracts, change orders, and adjustments | 354351 |
| Less: contract revenue recognized in 2025 | (668211) |
| **Balance September 30, 2025** | $**2259052** |

---

**Condensed Consolidated Balance Sheets (unaudited)**

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| <br>*(Amounts in thousands, except share and per share data)* | **September 30,<br> 2025** | **December 31,<br> 2024** |
| **ASSETS** |  |  |
| **Current assets** |  |  |
| Cash and cash equivalents | $40482 | $72185 |
| Restricted cash | 16862 | 15376 |
| Accounts receivable, net | 195072 | 179320 |
| Retainage receivables | 120535 | 112264 |
| Contract assets | 468551 | 483181 |
| Other current assets | 28177 | 19326 |
| **Total current assets** | 869679 | 881652 |
| Property and equipment, net | 112188 | 116328 |
| Right-of-use assets | 9900 | 14897 |
| Investments - unconsolidated entities | 134608 | 126705 |
| Investments - limited liability companies | 2590 | 2590 |
| Investments - private equity | 2554 | 2699 |
| Deferred tax asset | 143 | 54531 |
| Goodwill | 1528 | 1528 |
| Intangible assets, net | 1180 | 1180 |
| Other noncurrent assets | 1698 | 1539 |
| **Total noncurrent assets** | 266389 | 321997 |
| **Total assets** | $1136068 | $1203649 |
| **LIABILITIES AND EQUITY** |  |  |
| **Current liabilities** |  |  |
| Accounts payable | $233895 | $191670 |
| Retainage payable | 35413 | 33622 |
| Accrued liabilities | 76812 | 91515 |
| Current portion of long-term debt | 51356 | 44525 |
| Short-term operating lease liabilities | 6272 | 10104 |
| Contract liabilities | 268210 | 249706 |
| **Total current liabilities** | 671958 | 621142 |
| Long-term debt | 216443 | 255625 |
| Long-term operating lease liabilities | 16838 | 10791 |
| Deferred tax liabilities | 3071 | 292 |
| Financing obligations, net | 41462 | 41468 |
| Long-term accrued liabilities | 58075 | 58075 |
| Other noncurrent liabilities | 40781 | 40847 |
| **Total long-term liabilities** | 376670 | 407098 |
| **Total liabilities** | 1048628 | 1028240 |
| **Commitment and contingencies (Note 6)** |  |  |
| **Stockholders' equity** |  |  |
| Preferred stock, $0.0001 par value, authorized 50,000,000 shares, none issued and outstanding as of September 30, 2025 and December 31, 2024 |  |  |
| Common stock, $0.0001 par value, authorized 500,000,000 shares, 54,113,036 and 53,936,411 issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 5 | 5 |
| Additional paid-in-capital | 292872 | 292173 |
| Accumulated deficit | (214745) | (124618) |
| Accumulated other comprehensive loss | (3155) | (3902) |
| Total stockholders' equity | 74977 | 163658 |
| Noncontrolling interest | 12463 | 11751 |
| **Total equity** | 87440 | 175409 |
| **Total liabilities and equity** | $1136068 | $1203649 |

---

**Condensed Consolidated Statement of Cash Flows (unaudited)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended** | **Nine Months Ended** |
| <br>*(Amounts in thousands)* | **September 30,<br> 2025** | **September 30,<br> 2024** |
| **Cash flows from operating activities:** |  |  |
| Net loss | $(89659) | $(102959) |
| Adjustments to reconcile net loss to net cash used in operating activities |  |  |
| Depreciation and amortization | 17530 | 16925 |
| Amortization of deferred financing costs | 1387 |  |
| Loss on extinguishment of debt |  | 246 |
| Deferred taxes | 57218 | (28379) |
| Share based compensation | 820 | 1674 |
| Gain on sale of assets | (2743) | (3279) |
| Foreign currency remeasurement gain | (53) | (53) |
| Loss (earnings) from equity method investments | (8131) | 2453 |
| TZC investment present value accretion |  | (3367) |
| Loss (gain) on trading securities, net | (126) | 18 |
| Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts and retainage receivables | (23055) | 2196 |
| &nbsp;&nbsp;&nbsp;Contract assets | 14861 | 97801 |
| &nbsp;&nbsp;&nbsp;Other current assets | (8851) | 859 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets | 4997 | (1096) |
| &nbsp;&nbsp;&nbsp;Accounts payable, retainage payable and accrued liabilities | 28174 | (22659) |
| &nbsp;&nbsp;&nbsp;Contract liabilities | 18498 | 50115 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | (4976) | 1227 |
| &nbsp;&nbsp;&nbsp;Other | 1002 | 520 |
| Net cash provided by operating activities | 6893 | 12242 |
| **Cash flows from investing activities:** |  |  |
| Purchase of property and equipment | (3446) | (6210) |
| Proceeds from sale of property and equipment | 6264 | 4453 |
| Contributions to other investments |  | (59) |
| Distributions from other investments | 271 | 181 |
| Distributions from investees | 184 | 4183 |
| Capital contribution to unconsolidated investments | (184) | (250) |
| Net cash provided by investing activities | 3089 | 2298 |
| **Cash flows from financing activities:** |  |  |
| Borrowings on revolving credit facility |  | 5000 |
| Payments on revolving credit facility |  | (95000) |
| Borrowings on notes payable |  | 167784 |
| Payments on notes payable | (39010) | (80613) |
| Proceeds from financing obligations |  | 42500 |
| Payments of deferred financing costs | (297) | (5468) |
| Pre-payment premium |  | (246) |
| Payments to related parties | (3) |  |
| Payments on finance lease and financing obligations | (832) | (5314) |
| Payment of taxes related to net share settlement of RSUs | (121) | (206) |
| Net cash provided by (used in) financing activities | (40263) | 28437 |
| Effect of exchange rate on cash | 64 | (49) |
| Net increase (decrease) in cash and cash equivalents and restricted cash | (30217) | 42928 |
| Beginning of period | 87561 | 63820 |
| End of period | $57344 | $106748 |
| **Supplemental cash flow information** |  |  |
| Cash paid for income taxes | $734 | $1079 |
| Cash paid for interest | $26781 | $18886 |
| Non-cash investing and financing activities: |  |  |
| Lease assets obtained in exchange for new leases | $9311 | $9881 |
| Assets obtained in exchange for notes payable | $5585 | $23286 |
| Related party payable exchanged for note payable | $- | $3797 |

---

**Conference Call**

Southland will host a conference call at 10:00 a.m. Eastern Time on Thursday, November 13, 2025. The call may be accessed here, or at www.southlandholdings.com. Following the conference call, a replay will be available on Southland's website.

**About Southland**

Southland is a leading provider of specialized infrastructure construction services. With roots dating back to 1900, Southland and its subsidiaries form one of the largest infrastructure construction companies in North America, with experience throughout the world. The company serves the bridges, tunnelling, communications, transportation, facilities, marine, steel structures, water and wastewater treatment, and water pipeline end markets. Southland is headquartered in Grapevine, Texas.

For more information, please visit Southland's website at <u>southlandholdings.com</u>.

**Non-GAAP Financial Measures** 

This press release includes certain unaudited financial measures not presented in accordance with generally accepted accounting principles ("GAAP"), including but not limited to earnings before interest, taxes, depreciation, and amortization ("EBITDA"), backlog, and certain ratios and other metrics derived therefrom. Note that other companies may calculate these non-GAAP financial measures differently, and therefore such financial measures may not be directly comparable to similarly titled measures of other companies. Further, these non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. Southland believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Southland's financial condition and results of operations. Southland also believes that these non-GAAP financial measures provide an additional tool for investors to use in evaluating ongoing operating results and trends. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which items of expense and income are excluded or included in determining these non-GAAP financial measures.

Please see the accompanying table for reconciliations of the following non-GAAP financial measures for Southland's current and historical results: EBITDA (non-GAAP financial measures) to net income (loss) attributable to common stock.

**Forward-Looking Statements**

This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on Southland's current beliefs, expectations and assumptions regarding the future of Southland's business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Southland's control. Southland's actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements.

Any forward-looking statement made by Southland in this press release is based only on information currently available to Southland and speaks only as of the date on which it is made. Southland undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

**Southland Contacts:**

Keith Bassano

Chief Financial Officer

kbassano@southlandholdings.com

Alex Murray

Corporate Development & Investor Relations

amurray@southlandholdings.com