# EDGAR Filing Document

**Accession Number:** 0002015845
**File Stem:** 0002015845-26-000030
**Filing Date:** 2026-5
**Character Count:** 237578
**Document Hash:** 2593fcccc6877231b6cc39d81e147780
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002015845-26-000030.hdr.sgml**: 20260506

**ACCESSION NUMBER**: 0002015845-26-000030

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 85

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260506

**DATE AS OF CHANGE**: 20260506

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Everus Construction Group, Inc.
- **CENTRAL INDEX KEY:** 0002015845
- **STANDARD INDUSTRIAL CLASSIFICATION:** OPERATIVE BUILDERS [1531]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42276
- **FILM NUMBER:** 26949280

**BUSINESS ADDRESS:**
- **STREET 1:** 1730 BURNT BOAT DRIVE
- **CITY:** BISMARCK
- **STATE:** ND
- **ZIP:** 58503
- **BUSINESS PHONE:** 7012216400

**MAIL ADDRESS:**
- **STREET 1:** 1730 BURNT BOAT DRIVE
- **CITY:** BISMARCK
- **STATE:** ND
- **ZIP:** 58503

?xml version='1.0' encoding='ASCII'? ecg-20260331

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to ______________

Commission File Number: 001-42276

**Everus Construction Group, Inc.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **99-1952207** |
| (State or other jurisdiction <br>of incorporation or organization) | (I.R.S. Employer <br>Identification No.) |

---

---

| | |
|:---|:---|
| **1730 Burnt Boat Drive** <br>**Bismarck, North Dakota** | **58503** |
| (Address of principal executive offices) | (Zip code) |

---

**(701) 221-6400**

(Registrant's telephone number, including area code)

**N/A**

(Former name, former address and former fiscal year, if changed since last report)

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of exchange on which registered** |
| Common Stock, par value $0.01 per share | ECG | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| |  | 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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒.

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of May 4, 2026: 51,041,606 shares.

------

**INDEX**

---

| | |
|:---|:---|
| | **Page** |
| [Industry Information](#i4587dc08670f4b2a95624e61773d02ce_10) | <u>[2](#i4587dc08670f4b2a95624e61773d02ce_10)</u> |
| **[Part I -- Financial Information](#i4587dc08670f4b2a95624e61773d02ce_16)**  | <u>[3](#i4587dc08670f4b2a95624e61773d02ce_16)</u> |
| &nbsp;&nbsp;[Item 1. Financial Statements](#i4587dc08670f4b2a95624e61773d02ce_19)[.](#i4587dc08670f4b2a95624e61773d02ce_19)[(Unaudited)](#i4587dc08670f4b2a95624e61773d02ce_19) | <u>[3](#i4587dc08670f4b2a95624e61773d02ce_19)</u> |
| &nbsp;&nbsp;&nbsp;[Condensed Consolidated Statements of Income - Three Months Ended March 31, 2026 and 2025](#i4587dc08670f4b2a95624e61773d02ce_25) | <u>[3](#i4587dc08670f4b2a95624e61773d02ce_25)</u> |
| &nbsp;&nbsp;&nbsp;[Condensed Consolidated Balance Sheets - March 31, 2026 and December 31, 2025](#i4587dc08670f4b2a95624e61773d02ce_31) | <u>[4](#i4587dc08670f4b2a95624e61773d02ce_31)</u> |
| &nbsp;&nbsp;&nbsp;[Condensed Consolidated Statements of Equity - Three Months Ended March 31, 2026 and 2025](#i4587dc08670f4b2a95624e61773d02ce_34) | <u>[5](#i4587dc08670f4b2a95624e61773d02ce_34)</u> |
| &nbsp;&nbsp;&nbsp;[Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2026 and 2025](#i4587dc08670f4b2a95624e61773d02ce_37) | <u>[6](#i4587dc08670f4b2a95624e61773d02ce_37)</u> |
| &nbsp;&nbsp;&nbsp;[Notes to Condensed Consolidated Financial Statements](#i4587dc08670f4b2a95624e61773d02ce_40) | <u>[7](#i4587dc08670f4b2a95624e61773d02ce_40)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[1. Background and Nature of Operations](#i4587dc08670f4b2a95624e61773d02ce_43) | <u>[7](#i4587dc08670f4b2a95624e61773d02ce_43)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[2. Basis of Presentation and Summary of Significant Accounting Policies](#i4587dc08670f4b2a95624e61773d02ce_49) | <u>[7](#i4587dc08670f4b2a95624e61773d02ce_49)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[3. Revenue from Contracts with Customers](#i4587dc08670f4b2a95624e61773d02ce_58) | <u>[11](#i4587dc08670f4b2a95624e61773d02ce_58)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[4. Goodwill and Other Intangible Assets](#i4587dc08670f4b2a95624e61773d02ce_67) | <u>[15](#i4587dc08670f4b2a95624e61773d02ce_67)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[5. Fair Value Measurements](#i4587dc08670f4b2a95624e61773d02ce_73) | <u>[15](#i4587dc08670f4b2a95624e61773d02ce_73)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[6. Debt](#i4587dc08670f4b2a95624e61773d02ce_82) | <u>[17](#i4587dc08670f4b2a95624e61773d02ce_82)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[7. Leases](#i4587dc08670f4b2a95624e61773d02ce_85) | <u>[18](#i4587dc08670f4b2a95624e61773d02ce_85)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[8. Earnings Per Share](#i4587dc08670f4b2a95624e61773d02ce_91) | <u>[20](#i4587dc08670f4b2a95624e61773d02ce_91)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[9. Stock-Based Compensation](#i4587dc08670f4b2a95624e61773d02ce_97) | <u>[21](#i4587dc08670f4b2a95624e61773d02ce_97)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[10. Income Taxes](#i4587dc08670f4b2a95624e61773d02ce_112) | <u>[22](#i4587dc08670f4b2a95624e61773d02ce_112)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[11. Segment Information](#i4587dc08670f4b2a95624e61773d02ce_121) | <u>[22](#i4587dc08670f4b2a95624e61773d02ce_121)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[12. Commitments, Contingencies and Guarantees](#i4587dc08670f4b2a95624e61773d02ce_133) | <u>[25](#i4587dc08670f4b2a95624e61773d02ce_133)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[13. Related-Party Transactions](#i4587dc08670f4b2a95624e61773d02ce_139) | <u>[26](#i4587dc08670f4b2a95624e61773d02ce_139)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;[14. Subsequent Events](#i4587dc08670f4b2a95624e61773d02ce_145) | <u>[26](#i4587dc08670f4b2a95624e61773d02ce_145)</u> |
| &nbsp;&nbsp;[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.](#i4587dc08670f4b2a95624e61773d02ce_151) | <u>[27](#i4587dc08670f4b2a95624e61773d02ce_151)</u> |
| &nbsp;&nbsp;[Item 3. Quantitative and Qualitative Disclosures About Market Risk.](#i4587dc08670f4b2a95624e61773d02ce_226) | <u>[38](#i4587dc08670f4b2a95624e61773d02ce_226)</u> |
| &nbsp;&nbsp;[Item 4. Controls and Procedures.](#i4587dc08670f4b2a95624e61773d02ce_232) | <u>[39](#i4587dc08670f4b2a95624e61773d02ce_232)</u> |
| **[Part II -- Other Information](#i4587dc08670f4b2a95624e61773d02ce_235)**  | <u>[41](#i4587dc08670f4b2a95624e61773d02ce_235)</u> |
| &nbsp;&nbsp;[Item 1. Legal Proceedings.](#i4587dc08670f4b2a95624e61773d02ce_238) | <u>[41](#i4587dc08670f4b2a95624e61773d02ce_238)</u> |
| &nbsp;&nbsp;[Item 1A. Risk Factors.](#i4587dc08670f4b2a95624e61773d02ce_244) | <u>[41](#i4587dc08670f4b2a95624e61773d02ce_244)</u> |
| &nbsp;&nbsp;[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.](#i4587dc08670f4b2a95624e61773d02ce_250) | <u>[41](#i4587dc08670f4b2a95624e61773d02ce_250)</u> |
| &nbsp;&nbsp;[Item 3. Defaults Upon Senior Securities.](#i4587dc08670f4b2a95624e61773d02ce_256) | <u>[41](#i4587dc08670f4b2a95624e61773d02ce_256)</u> |
| &nbsp;&nbsp;[Item 4. Mine Safety Disclosures.](#i4587dc08670f4b2a95624e61773d02ce_259) | <u>[41](#i4587dc08670f4b2a95624e61773d02ce_259)</u> |
| &nbsp;&nbsp;[Item 5. Other Information.](#i4587dc08670f4b2a95624e61773d02ce_262) | <u>[41](#i4587dc08670f4b2a95624e61773d02ce_262)</u> |
| &nbsp;&nbsp;[Item 6. Exhibits.](#i4587dc08670f4b2a95624e61773d02ce_268) | <u>[42](#i4587dc08670f4b2a95624e61773d02ce_268)</u> |
| [Signatures](#i4587dc08670f4b2a95624e61773d02ce_274) | <u>[43](#i4587dc08670f4b2a95624e61773d02ce_274)</u> |

---

------

**Industry Information**

Any industry data included in this Quarterly Report on Form 10-Q ("Quarterly Report") regarding industry size and/or relative industry position is derived from a variety of sources, including company research, third-party studies and surveys, industry and general publications, and estimates based on Everus Construction Group, Inc.'s ("Everus") knowledge and experience in the industries in which it operates. Everus' estimates, if any, have been based on information obtained from its customers, suppliers, trade and business organizations, and other contacts in the industry. Everus is responsible for all the disclosures contained in this Quarterly Report, and Everus believes that any third-party data is generally reliable and that its estimates are accurate as of the date of this Quarterly Report. Further, Everus' estimates and assumptions involve risks and uncertainties and are subject to change based on various factors, including those discussed in "Item 1A. Risk Factors" in Everus' 2025 Annual Report on Form 10-K ("2025 Annual Report"). These and other factors could cause results to differ materially from those expressed in the estimates and assumptions.

------

**PART I — FINANCIAL INFORMATION**

**Item 1. Financial Statements.**

**Everus Construction Group, Inc.**

**Condensed Consolidated Statements of Income**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **(In thousands, except per share amounts)** | **(In thousands, except per share amounts)** |
| Operating revenues | $1036953 | $826629 |
| Cost of sales | 906224 | 734136 |
| Gross profit  | 130729 | 92493 |
| Selling, general and administrative expenses | 53045 | 41509 |
| Operating income  | 77684 | 50984 |
| Interest income | 2324 | 937 |
| Interest expense | 4620 | 5631 |
| Other income, net | 552 | 567 |
| Income before income taxes and income from equity method investments  | 75940 | 46857 |
| Income taxes | 20252 | 13573 |
| Income from equity method investments | 2628 | 3388 |
| Net income  | $58316 | $36672 |
| Earnings per share:  |  |  |
| &nbsp;&nbsp;Basic | $1.14 | $0.72 |
| &nbsp;&nbsp;Diluted | $1.14 | $0.72 |
| Weighted average common shares outstanding: |  |  |
| &nbsp;&nbsp;Basic | 51082 | 51042 |
| &nbsp;&nbsp;Diluted | 51189 | 51091 |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

------

**Everus Construction Group, Inc.**

**Condensed Consolidated Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
|  | **(In thousands, except share and per share amounts)** | **(In thousands, except share and per share amounts)** |
| **Assets** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash, cash equivalents and restricted cash | $293356 | $170500 |
| &nbsp;&nbsp;Receivables, net of allowance for credit losses of $5,125 and $5,282, respectively | 781563 | 769828 |
| &nbsp;&nbsp;Contract assets  | 258058 | 255767 |
| &nbsp;&nbsp;Inventories, net  | 47978 | 45271 |
| &nbsp;&nbsp;Prepaid expenses | 21998 | 38161 |
| &nbsp;&nbsp;Other current assets | 18304 | 16854 |
| Total current assets  | 1421257 | 1296381 |
| Noncurrent assets: |  |  |
| &nbsp;&nbsp;Investments | 22182 | 27082 |
| &nbsp;&nbsp;Property, plant and equipment, net of accumulated depreciation of $180,742 and $174,914, respectively | 174161 | 168498 |
| &nbsp;&nbsp;Operating lease right-of-use assets | 82504 | 88705 |
| &nbsp;&nbsp;Goodwill  | 143224 | 143224 |
| &nbsp;&nbsp;Other noncurrent assets | 4419 | 4841 |
| Total noncurrent assets  | 426490 | 432350 |
| Total assets  | $1847747 | $1728731 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Current portion of long-term debt  | $15000 | $15000 |
| &nbsp;&nbsp;Accounts payable | 259869 | 226264 |
| &nbsp;&nbsp;Contract liabilities, net  | 344959 | 305111 |
| &nbsp;&nbsp;Taxes payable | 22127 | 6483 |
| &nbsp;&nbsp;Accrued compensation | 70200 | 86960 |
| &nbsp;&nbsp;Accrued payroll-related liabilities | 48935 | 47189 |
| &nbsp;&nbsp;Current portion of operating lease liabilities  | 32900 | 33905 |
| &nbsp;&nbsp;Other accrued liabilities | 10048 | 15278 |
| Total current liabilities  | 804038 | 736190 |
| Noncurrent liabilities: |  |  |
| &nbsp;&nbsp;Long-term debt, net of unamortized issuance costs | 263024 | 266549 |
| &nbsp;&nbsp;Deferred income taxes  | 14910 | 14869 |
| &nbsp;&nbsp;Operating lease liabilities  | 51665 | 56634 |
| &nbsp;&nbsp;Other noncurrent liabilities | 27166 | 24671 |
| Total noncurrent liabilities  | 356765 | 362723 |
| Total liabilities  | $1160803 | $1098913 |
| Commitments and contingent liabilities |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;Preferred stock, 10,000,000 shares authorized, $0.01 par value, none issued and outstanding | $— | $— |
| &nbsp;&nbsp;Common stock, 300,000,000 shares authorized, $0.01 par value, 51,041,606 and 51,006,719 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 510 | 510 |
| &nbsp;&nbsp;Additional paid-in capital | 142376 | 143566 |
| &nbsp;&nbsp;Retained earnings | 544058 | 485742 |
| Total stockholders' equity  | 686944 | 629818 |
| Total liabilities and stockholders' equity  | $1847747 | $1728731 |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

------

**Everus Construction Group, Inc.**

**Condensed Consolidated Statements of Equity**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | | | |
| **(In thousands, except shares)** | **Shares** | **Amount** |<br>**Additional Paid-in Capital** |<br>**Retained Earnings** |<br>**Total** |
| Balance as of December 31, 2025 | 51006719 | $510 | $143566 | $485742 | $629818 |
| &nbsp;&nbsp;Net income |  |  |  | 58316 | 58316 |
| &nbsp;&nbsp;Stock-based compensation | 34887 |  | (1190) |  | (1190) |
| Balance as of March 31, 2026 | 51041606 | $510 | $142376 | $544058 | $686944 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | | | |
| **(In thousands, except shares)** | **Shares** | **Amount** |<br>**Additional Paid-in Capital** |<br>**Retained Earnings** |<br>**Total** |
| Balance as of December 31, 2024 | 50980924 | $510 | $138130 | $283972 | $422612 |
| &nbsp;&nbsp;Net income |  |  |  | 36672 | 36672 |
| &nbsp;&nbsp;Stock-based compensation | 18304 |  | 915 |  | 915 |
| Balance as of March 31, 2025 | 50999228 | $510 | $139045 | $320644 | $460199 |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

------

**Everus Construction Group, Inc.**

**Condensed Consolidated Statements of Cash Flows**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **(In thousands)** | **(In thousands)** |
| Operating activities: |  |  |
| &nbsp;&nbsp;Net income | $58316 | $36672 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 8071 | 6774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets |  | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 41 | 1048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net credit loss reversals | (24) | (1729) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 394 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation costs | 2004 | 1747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized losses on investments | 247 | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of assets | (1970) | (2371) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of unconsolidated affiliates, net of distributions | 7203 | (2743) |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables | (11711) | (1052) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract assets | (2291) | (54861) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | (2707) | (3663) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 14713 | (4464) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 33539 | 43625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities, net | 39848 | (20733) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | (4640) | 7579 |
| &nbsp;&nbsp;&nbsp;Other noncurrent changes | 2642 | 672 |
| &nbsp;&nbsp;Net cash provided by operating activities | 143675 | 7128 |
| Investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Capital expenditures | (15470) | (18539) |
| &nbsp;&nbsp;&nbsp;Net proceeds from sale or disposition of property, plant and equipment | 3719 | 3310 |
| &nbsp;&nbsp;&nbsp;Proceeds from insurance contracts |  | 2174 |
| &nbsp;&nbsp;&nbsp;Investments | (2550) | (1766) |
| &nbsp;&nbsp;Net cash used in investing activities | (14301) | (14821) |
| Financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of long-term debt | (3750) | (3750) |
| &nbsp;&nbsp;&nbsp;Tax withholding on stock-based compensation | (2768) | (588) |
| &nbsp;&nbsp;Net cash used in financing activities | (6518) | (4338) |
| Increase (decrease) in cash, cash equivalents and restricted cash | 122856 | (12031) |
| Cash, cash equivalents and restricted cash - beginning of period | 170500 | 86012 |
| Cash, cash equivalents and restricted cash - end of period | $293356 | $73981 |
| Supplemental Cash Flow Information: |  |  |
| &nbsp;&nbsp;Interest paid | $4291 | $4171 |
| &nbsp;&nbsp;Income taxes paid, net | $205 | $1161 |
| Noncash investing activities: |  |  |
| &nbsp;&nbsp;Purchases of property, plant and equipment included in Accounts payable | $282 | $1035 |

---

*The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.*

------

**Everus Construction Group, Inc.**

**Notes to Unaudited Condensed Consolidated Financial Statements**

**Note 1 – Background and Nature of Operations**

**Nature of Operations**

Everus Construction Group, Inc. (the "Company" or "Everus") is a leading construction solutions provider headquartered in Bismarck, North Dakota, offering specialty contracting services to a diverse set of end markets, which are provided to commercial, industrial, institutional, renewables, service, transportation, utility and other customers. The Company's common stock is listed under the ticker symbol "ECG" on the New York Stock Exchange, and it operates throughout most of the United States through two reportable, operating segments:

*Electrical & Mechanical ("E&M"):* Contracting services including construction and maintenance of electrical and communication wiring and infrastructure, fire suppression systems, renewables infrastructure and mechanical piping and services to customers in both the public and private sectors.

*Transmission & Distribution ("T&D"):* Contracting services including construction and maintenance of overhead and underground electrical, gas, communication infrastructure and transportation-related lighting, as well as the manufacture and distribution of overhead and underground transmission line construction equipment and tools.

**Note 2 – Basis of Presentation and Summary of Significant Accounting Policies**

**Basis of Presentation**

The accompanying unaudited condensed consolidated financial statements were prepared in conformity with generally accepted accounting principles in the United States ("GAAP"). Pursuant to GAAP, certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements included in the Company's 2025 Annual Report on Form 10-K ("2025 Annual Report"). The information includes all adjustments that are, in the opinion of management, necessary for a fair presentation of the unaudited condensed consolidated financial statements and are of a normal recurring nature.

The results of operations for the three months ended March 31, 2026, are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or any other future period.

All revenues and costs, as well as assets and liabilities, directly associated with the business activities of the Company are included in the unaudited condensed consolidated financial statements. General corporate expenses are included within Selling, general and administrative expenses and Other income, net on the unaudited condensed consolidated statements of income.

***Principles of Consolidation***

The unaudited condensed consolidated financial statements were prepared in accordance with GAAP and include the accounts of the Company and its wholly owned subsidiaries, as well as entities that the Company controls through its ownership of a majority voting interest or pursuant to control of a variable interest entity ("VIE"), which is discussed in more detail below. All significant intercompany accounts and transactions between the businesses comprising the Company have been eliminated in the accompanying unaudited condensed consolidated financial statements.

***Subsequent Events***

The Company has evaluated transactions for consideration as recognized subsequent events in these unaudited condensed consolidated financial statements through May 6, 2026, the date of issuance of these unaudited condensed consolidated financial statements, and determined that no additional events requiring disclosure occurred. See Note 14 – Subsequent Events for further information regarding a nonrecognized subsequent event relating to an acquisition that occurred on April 1, 2026.

**Summary of Significant Accounting Policies**

There have been no material changes to the Company's significant accounting policies described in Note 2 – Basis of Presentation and Summary of Significant Accounting Policies in the Company's 2025 Annual Report.

------

***Use of Estimates***

The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the unaudited condensed consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Estimates are used for items such as long-lived assets and goodwill; fair values of acquired assets and liabilities under the acquisition method of accounting; property depreciable lives; tax provisions; revenue recognized using the cost-to-cost measure of progress for contracts; costs on construction contracts; unbilled revenues; expected credit losses; loss contingencies; actuarially determined benefit costs; lease classification; present value of right-of-use assets and lease liabilities; and the valuation of stock-based compensation. As additional information becomes available, or actual amounts are determinable, the recorded estimates are revised. Consequently, operating results can be affected by revisions to prior accounting estimates.

***Consolidation of Variable Interest Entities***

The Company holds a minority economic interest in a captive insurance company, which has been determined to be a VIE due to its variable ownership interest in the captive insurance company. The captive insurance is structured with protected cell captives for each insured party ("Captive Cells") in which participants' assets and liabilities are held separately from each other and is not exposed to the insurance and investment risks that the Captive Cells are designed to create and distribute on behalf of the insured parties. The Company is the primary beneficiary of its individual Captive Cell and has the power to direct the activities that most significantly impact economic performance of its Captive Cell, as well as the obligation to absorb losses of, and receive benefits from the activities of its Captive Cell. Accordingly, the Company has prepared these unaudited condensed consolidated financial statements in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 810, *Consolidation*. ASC 810 requires that if an entity is the primary beneficiary of a VIE, the assets, liabilities, and results of operations of the VIE should be included in the unaudited condensed consolidated financial statements of such entity. As such, the unaudited condensed consolidated financial statements include the consolidation of the Company's Captive Cell.

Cash deposits held by the Captive Cell are considered restricted cash as they are to remain in the Captive Cell. After consolidation by the Company, the total carrying amounts of Cash, cash equivalents and restricted cash, Other accrued liabilities, and Other noncurrent liabilities on the unaudited condensed consolidated balance sheets attributable to the Captive Cell were as follows as of:

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| | **(In thousands)** | **(In thousands)** |
| Cash, cash equivalents and restricted cash | $18339 | $17828 |
| Other accrued liabilities | 2543 | 2381 |
| Other noncurrent liabilities | $6018 | $6326 |

---

***Joint Ventures***

The Company accounts for unconsolidated joint ventures using either the equity method or proportionate consolidation.

Proportionate consolidation is used for joint ventures that include unincorporated legal entities when we hold an undivided interest in each asset and are proportionately liable for our share of liabilities and the activities of the joint ventures that are construction related. For those joint ventures accounted for under proportionate consolidation, only the Company's pro rata share of assets, liabilities, revenues and expenses are included in the Company's unaudited condensed consolidated financial statements.

There was no activity during the three months ended March 31, 2026 and 2025, related to joint ventures accounted for using proportionate consolidation.

For those joint ventures accounted for under the equity method, the Company's investment balances for the joint ventures are included in Investments in the unaudited condensed consolidated balance sheets, and the Company's pro rata share of net income is included in Income from equity method investments in the unaudited condensed consolidated statements of income.

For the three months ended March 31, 2026 and 2025, the Company recognized income from equity method joint ventures of $2.6 million and $3.4 million, respectively. The Company's investments in equity method joint ventures as of March 31, 2026 and December 31, 2025, were $12.3 million and $19.5 million, respectively.

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***Cash, Cash Equivalents and Restricted Cash***

As of March 31, 2026 and December 31, 2025, the Company's cash was held in highly liquid bank accounts, including checking accounts and/or money market deposit accounts. In addition, the Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Restricted cash represents deposits held by the Company's Captive Cell that are to be used solely for the Captive Cell's purposes.

As of March 31, 2026 and December 31, 2025, the Company had $293.4 million and $170.5 million of cash, cash equivalents, and restricted cash, respectively, including $18.4 million and $17.8 million of restricted cash held by the Captive Cell, respectively.

For the three months ended March 31, 2026 and 2025, the Company earned $2.3 million and $0.9 million of interest income, including $2.2 million and $0.9 million from its central cash management program, respectively. The Company earned $0.1 million from the Company's Captive Cell for the three months ended March 31, 2026.

***Receivables and Allowance for Expected Credit Losses***

Receivables consist primarily of trade receivables from the sale of goods and services, net of the allowance for expected credit losses. The Company's trade receivables are all due in 12 months or less. Receivables, net was summarized as follows as of:

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| | **(In thousands)** | **(In thousands)** |
| Trade receivables: |  |  |
| &nbsp;&nbsp;Completed contracts | $32777 | $40202 |
| &nbsp;&nbsp;Contracts in progress | 749220 | 728808 |
| Other | 4691 | 6100 |
| Receivables, gross | 786688 | 775110 |
| Less: allowance for expected credit losses | (5125) | (5282) |
| Receivables, net  | $781563 | $769828 |

---

The following table presents the opening and closing balances of Receivables, net as of:

---

| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| | **(In thousands)** | **(In thousands)** |
| Balance at beginning of period | $769828 | $590028 |
| Net change during period | 11735 | 179800 |
| Balance at end of period | $781563 | $769828 |

---

The Company's allowance for expected credit losses is determined using historical credit loss experiences, changes in asset-specific characteristics and current conditions, among other specific account data. A review of the Company's expected credit losses is performed at least quarterly. The Company develops and documents its methodology to determine its allowance for expected credit losses. Risk characteristics used by the Company may include customer mix, knowledge of customers and general economic conditions of the various local economies, among others. Specific account balances are written off when management determines the amounts to be uncollectible. The decrease in the allowance for expected credit losses during the three months ended March 31, 2026 was primarily driven by write-offs of uncollectible account balances and by net credit loss reversals recorded during the period.

------

Details of the Company's allowance for expected credit losses, disclosed within Receivables, net, for the respective periods presented below, were as follows:

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **(In thousands)** | **(In thousands)** |
| Balance at beginning of period | $5282 | $7097 |
| Net credit loss reversals | (24) | (1729) |
| Less: write-offs charged against the allowance | (133) | (2304) |
| Balance at end of period  | $5125 | $3064 |

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***Inventories***

Inventories are stated at the lower of average cost or net realizable value, net of any inventory valuation allowance. The value of inventories may decrease due to obsolescence, physical deterioration, damage, costs to repair, changes in price levels or other causes. Inventory valuation write-downs, as well as inventory allowances, are determined based on specific facts and circumstances.

Inventories, net were summarized as follows as of:

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| | **(In thousands)** | **(In thousands)** |
| Materials and supplies | $15604 | $15571 |
| Work in process | 4162 | 3230 |
| Finished goods | 28799 | 27057 |
| Less: valuation allowance | (587) | (587) |
| Inventories, net | $47978 | $45271 |

---

As of both March 31, 2026 and December 31, 2025, finished goods primarily consisted of manufactured equipment and tools held for sale and/or resale.

***New Accounting Standards***

Changes to GAAP are typically established by the FASB in the form of Accounting Standards Update ("ASU") to the FASB ASC. The Company considers the applicability and impact of all ASUs.

**Recently Adopted Accounting Standards Updates**

In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): *Measurement of Credit Losses for Accounts Receivable and Contract Assets,* which provided guidance to address stakeholders feedback on the challenges of applying Topic 326 to current accounts receivable and current contract assets, specifically related to the costs and complexities of developing reasonable and supportable forecasts to support the estimation of expected credit losses. As a result, this update provides a practical expedient for all entities that allows an entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when developing such forecasts. The standard is effective for fiscal year December 31, 2026, and interim periods beginning January 1, 2026. The Company adopted the standard in the first quarter of 2026 and it did not have a material impact on the unaudited condensed consolidated financial statements.

**New Accounting Standards Updates Not Yet Adopted**

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): *Disaggregation of Income Statement Expenses*, which provided guidance to address investors' requests for more detailed information about the types of expenses including purchases of inventory, employee compensation, depreciation, amortization, and depletion in commonly presented expense captions, such as cost of sales, selling, general and administrative expenses, and research and development costs. The standard will be effective for fiscal year December 31, 2027, and interim periods beginning January 1, 2028. Early adoption is permitted. The Company is currently evaluating the impact the guidance will have on its disclosures for the year ending December 31, 2027, and future interim periods beginning in 2028.

------

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): *Targeted Improvements to the Accounting for Internal-Use Software*, which provided guidance to address stakeholders feedback for modernizing the accounting for internal-use software costs due to the different methods of software development. This update amended the accounting and disclosure of internal-use software costs and provided entities updated recognition requirements for capitalizing internal-use software development costs, as well as website development costs. The standard will be effective for fiscal year December 31, 2028, and interim periods beginning January 1, 2028. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating the impact the guidance will have on its consolidated financial statements as well as whether the Company will early-adopt the standard.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): *Narrow-Scope Improvements*, which provided clarity on interim reporting disclosure requirements and which disclosures should be provided in interim reporting periods. The standard will be effective for fiscal year December 31, 2028, and interim periods beginning January 1, 2028. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently evaluating the disclosure impacts the guidance will have on its interim financial statements as well as whether the Company will early-adopt the standard.

**Note 3 – Revenue from Contracts with Customers**

Under ASC 606 - *Revenue from Contracts with Customers* ("ASC 606"), revenue is recognized when a performance obligation is satisfied by transferring control over a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. The Company is considered an agent for certain taxes collected from customers. As such, the Company presents revenues net of these taxes at the time of sale to be remitted to governmental authorities, including sales and use taxes.

As part of the adoption of ASC 606, the Company elected the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Company otherwise would have recognized is 12 months or less.

**Contract Estimates and Changes in Estimates**

Changes in cost estimates on certain contracts can arise from, but not limited to, changes in productivity and performance expectations, availability of skilled labor in geographic locations of such projects, costs of labor and/or materials, changes in subcontractor productivity and performance, and extended overhead due to weather or other delays. These changes in estimates may result in the issuance of change orders, which can be approved or unapproved by the customer, or the assertion of contract claims. The Company recognizes amounts associated with change orders and claims as revenue if it is probable that the contract price will be adjusted and the amount of any such adjustment can be reasonably estimated. Change orders and claims are negotiated in the normal course of business and represent management's estimates of additional contract revenues that have been earned and are probable of collection.

As of March 31, 2026 and December 31, 2025, $44.8 million and $69.9 million, respectively, of unexecuted change orders were included in contract transaction price and in Contract assets or Contract liabilities, net on the unaudited condensed consolidated balance sheets. The Company was in the process of negotiating execution of these change orders in the normal course of business and the recognized amounts represent the Company's best estimates of additional contract revenues for which it is not probable that a significant reversal of the revenue amounts will occur in the future.

As of March 31, 2026 and December 31, 2025, the Company recorded loss provisions of $1.6 million and $2.0 million, respectively, in Contract liabilities, net on the unaudited condensed consolidated balance sheets related to contracts that are still being completed and remain recorded.

As of March 31, 2026 and December 31, 2025, the Company had claim positions of $38.3 million and $25.8 million, respectively, that were excluded from the contract transaction price. The Company continues to evaluate these active claims, and there was no impact to operating income during the quarter.

------

The Company received notification in October 2023 from a customer that it is withholding payment of approximately $31.3 million on remaining outstanding billings, including retention, on a large project with a contract that was billed on a time and materials basis with no stated maximum price. The Company believes it has substantial defenses against these claims based upon the terms of the contract and it has performed under the terms of the contract. Therefore, the Company believes collection of the remaining outstanding billings, including retention, is probable and, as a result, the Company has recognized the revenue from this project in its historical results. However, there is uncertainty surrounding this matter, including the potential long-term nature of dispute resolution, the Company filing a lien on the property and the broad range of possible consideration amounts as a result of negotiations and potential litigation to resolve the dispute.

Additionally, the cost-to-cost method of accounting requires the Company to make estimates about expected revenues and gross profit on each of its contracts in process. Changes in estimates may result from contract modifications, which affect the estimated progress of the related performance obligations. As a result, the Company recognizes additional revenues on a cumulative catch-up basis in the current period from performance obligations that were satisfied or partially satisfied in prior periods or the reversal of previously recognized revenues if the current estimated progress is less than the previous estimate. In some instances, contract modifications may occur after completion of work under the contract. Changes in estimates can also result in contract losses, which are recognized in full when they are determined to be probable and can be reasonably estimated.

Since these changes in estimates could significantly affect our profitability, the Company reviews and updates contract-related estimates regularly and recognizes adjustments in estimated gross profit on contracts under the cumulative catch-up method. Under this method, the cumulative impact to gross profit is recognized in the period that the adjustment is identified. As such, future operating revenues and gross profit of contract performance are recognized using the adjusted estimates.

Changes in estimates associated with performance obligations that were satisfied or partially satisfied in prior periods positively net impacted operating revenues, and in turn gross profit, by $55.9 million and $38.1 million for the three months ended March 31, 2026 and 2025, respectively. As a result, net income was positively net impacted by $41.5 million and $27.8 million and diluted earnings per share ("EPS") by $0.81 and $0.54, respectively.

For the three months ended March 31, 2026 and 2025, net changes in estimates pertaining to certain projects, each individually positively or negatively affecting profitability in excess of $1.0 million, positively net impacted operating revenues, and in turn gross profit, by $17.6 million and $16.8 million, respectively, which resulted in positive net impacts to net income of $13.1 million and $12.2 million and diluted EPS of $0.26 and $0.24, respectively.

The changes in estimates resulted from changes in performance estimates due to revisions to total estimated costs and/or anticipated contract value and from the mitigation of risks and contingencies as projects progressed to completion. The changes in estimates were made in the ordinary course of business and there were no changes that resulted in material amounts that should have been recognized in a prior period.

**Disaggregation of Revenue**

In the following tables, revenues are disaggregated by contract type and customer type for each reportable segment. The Company believes this level of disaggregation best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected by economic factors. For more information on the Company's reportable segments, refer to Note 11 – Segment Information.

The following tables present revenue disaggregated by contract type:

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| | | | |
|:---|:---|:---|:---|
| **Three months ended March 31, 2026** | **E&M** | **T&D** | **Total** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Fixed-price | $430271 | $104273 | $534544 |
| Cost reimbursable\* | 393476 | 65556 | 459032 |
| Unit-price | 11377 | 34634 | 46011 |
| Total contract revenues | 835124 | 204463 | 1039587 |
| Eliminations | (33) | (2601) | (2634) |
| Total operating revenues  | $835091 | $201862 | $1036953 |

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__________________

\*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.

------

---

| | | | |
|:---|:---|:---|:---|
| **Three months ended March 31, 2025** | **E&M** | **T&D** | **Total** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Fixed-price | $350566 | $93603 | $444169 |
| Cost reimbursable\* | 285886 | 62983 | 348869 |
| Unit-price | 11775 | 28429 | 40204 |
| Total contract revenues | 648227 | 185015 | 833242 |
| Eliminations | (4236) | (2377) | (6613) |
| Total operating revenues  | $643991 | $182638 | $826629 |

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__________________

\*Includes time and material, time and equipment, and cost reimbursable plus fee contracts.

The following table presents revenue disaggregated by customer type:

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| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **(In thousands)** | **(In thousands)** |
| Commercial | $654821 | $419312 |
| Industrial | 78367 | 86363 |
| Institutional | 61742 | 103328 |
| Service & other | 24650 | 26447 |
| Renewables | 15544 | 12777 |
| Total E&M  | 835124 | 648227 |
| Utility | 184327 | 165054 |
| Transportation | 20136 | 19961 |
| Total T&D  | 204463 | 185015 |
| Eliminations | (2634) | (6613) |
| Total operating revenues  | $1036953 | $826629 |

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**Uncompleted Contracts and Contract Assets and Contract Liabilities, Net**

Costs, estimated earnings and billings on uncompleted contracts were summarized as follows as of:

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| | **(In thousands)** | **(In thousands)** |
| Costs incurred on uncompleted contracts | $6432746 | $8036495 |
| Estimated earnings | 909542 | 1172516 |
| Costs and estimated earnings on uncompleted contracts | 7342288 | 9209011 |
| Less: billings to date | (7429189) | (9258355) |
| Net contract liabilities | $(86901) | $(49344) |

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The timing of invoicing to customers does not necessarily correlate with the timing of revenues being recognized under the cost-to-cost method of accounting. Contracts from contracting services usually stipulate the timing of payment, which is defined by the terms found within the various contracts under which work was performed during the period. Contracts from contracting services are billed as work progresses in accordance with agreed-upon contractual terms. A variance in timing of the billings in comparison to the timing of revenue recognition may result in contract assets or contract liabilities.

Contract assets consist of unbilled revenue and retainage. Unbilled revenue occurs when revenues are recognized under the cost-to-cost measure of progress, which exceed amounts billed on uncompleted contracts. Such amounts will be billed as standard contract terms allow, usually based on various measures of performance or achievement. Retainage represents amounts that have been contractually invoiced to customers and where payments have been partially withheld pending the achievement of certain milestones, satisfaction of other contractual conditions, or completion of the project. Contract assets are not considered a significant financing component as they are intended to protect the customer in the event the Company does not perform on its obligations under the contract.

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Contract liabilities occur when there are billings in excess of revenues recognized under the cost-to-cost measure of progress on uncompleted contracts. Contract liabilities decrease as revenue is recognized from the satisfaction of the related performance obligation. Contract liabilities are not considered to have a significant financing component as they are used to meet working capital requirements that generally are higher in the early stages of a contract and are intended to protect the Company from the other party failing to meet its obligations under the contract.

The Company classifies Contract assets and Contract liabilities, net that may be settled after one year from the balance sheet date as current, consistent with the timing of the Company's project operating cycle.

Contract assets and Contract liabilities, net consisted of the following as of:

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| | **(In thousands)** | **(In thousands)** |
| Unbilled revenue | $192366 | $187902 |
| Retainage | 65692 | 67865 |
| Contract assets | $258058 | $255767 |
| Deferred revenue | $467325 | $417415 |
| Accrued loss provision | 1593 | 1965 |
| Less: retainage | (123959) | (114269) |
| Contract liabilities, net | $344959 | $305111 |

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The following table presents the opening and closing balances of contract assets (liabilities) as of:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Contract Assets** | **Contract Liabilities, Net** | **Net Contract Assets (Liabilities)** | **Contract Assets** | **Contract Liabilities, Net** | **Net Contract Assets (Liabilities)** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Balance at beginning of period | $255767 | $(305111) | $(49344) | $167049 | $(207304) | $(40255) |
| Net change during period | 2291 | (39848) | (37557) | 88718 | (97807) | (9089) |
| Balance at end of period  | $258058 | $(344959) | $(86901) | $255767 | $(305111) | $(49344) |

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Contract assets and contract liabilities fluctuate period to period based on various factors, including, but not limited to, changes in the number and size of projects in progress at period end; variability in billing and payment terms, such as up-front or advance billings, interim or milestone billings, or deferred billings; variability in billing of retainage and the satisfaction of the specified condition; and unapproved change orders and contract claims recognized as revenues. The primary driver of the difference between the Company's opening and closing contract assets and contract liabilities balances is the timing of the Company's billings, including retainage, in relation to its performance of work.

The Company recognized a net increase in revenues of $226.1 million and $142.8 million for the three months ended March 31, 2026 and 2025, respectively, related to previously recognized deferred revenues that were included in Contract liabilities, net as of December 31, 2025 and 2024, respectively.

**Remaining Performance Obligations**

Remaining performance obligations include unrecognized revenues that the Company reasonably expects to be realized from the uncompleted portion of services to be performed under job-specific contracts to the extent management believes additional contract revenues will be earned and are deemed probable of collection. The majority of the Company's contracts for contracting services have an original duration of less than one year.

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As of March 31, 2026 and December 31, 2025, the aggregate amount of the transaction price allocated to the Company's remaining performance obligations was $3.09 billion and $2.80 billion, respectively. The table below shows additional information regarding the Company's remaining performance obligations as of March 31, 2026, including an estimate of when the Company expects to recognize its remaining performance obligations as revenues:

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| | | |
|:---|:---|:---|
| | **Within 12 months** | **Greater than 12 months** |
| | **(In thousands)** | **(In thousands)** |
| E&M | $2333215 | $410733 |
| T&D | 268519 | 81822 |
| Total  | $2601734 | $492555 |

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**Note 4 – Goodwill and Other Intangible Assets**

**Goodwill**

The Company's carrying amount of goodwill remained unchanged at $143.2 million as of both March 31, 2026 and December 31, 2025. The Company's reporting units are E&M, T&D, and Wagner Smith Equipment ("WSE"). WSE is within the T&D reportable segment. Goodwill also remained unchanged for each reportable segment as of both March 31, 2026 and December 31, 2025, with $115.9 million for E&M and $27.3 million for T&D. No impairments of goodwill were recorded for the three months ended March 31, 2026 and 2025.

**Other Intangible Assets**

During the third quarter of 2025, the Company wrote off the remaining asset cost and associated accumulated amortization of the finite-lived intangible assets related to customer relationships that were fully amortized.

For the three months ended March 31, 2025, amortization expense for finite-lived intangible assets was $0.1 million. As a result of the finite-lived intangible assets being fully amortized during the first quarter of 2025, there was no future amortization expense remaining for finite-lived intangible assets.

Amortization expense was recognized in Selling, general and administrative expenses in the unaudited condensed consolidated statement of income for the three months ended March 31, 2025.

No impairments of finite-lived intangible assets were recorded for the three months ended March 31, 2025.

**Note 5 – Fair Value Measurements**

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. ASC 820 - *Fair Value Measurement* ("ASC 820") establishes a three-tier hierarchy for grouping assets and liabilities, based on the significance and availability of inputs in active markets. The estimated fair values of the Company's assets and liabilities measured on a recurring basis are determined using the market approach.

In general, fair values determined by Level 1 inputs use quoted prices in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs use data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are "unobservable data points" for the asset or liability and include situations where there is little, if any, market activity for the asset or liability.

**Assets and Liabilities Measured at Fair Value on a Recurring Basis**

The Company measured its investments in certain fixed-income and equity securities at fair value with changes in fair value recognized in the unaudited condensed consolidated statements of income. The Company anticipates using these investments, which consist of corporate-owned life insurance ("COLI") contracts, to satisfy its obligations under its unfunded, nonqualified deferred compensation plan for eligible Company participants, including its executive officers and certain key management and other employees. The Company invests in these fixed-income and equity securities for the purpose of earning investment returns and capital appreciation.

These investments, which totaled $9.9 million and $7.6 million as of March 31, 2026 and December 31, 2025, respectively, were included in Investments on the unaudited condensed consolidated balance sheets.

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The Company recognized net unrealized losses on these investments of $0.2 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively. The changes in fair value were classified in Other income, net on the unaudited condensed consolidated statements of income.

The estimated fair value of the Company's Level 2 COLI contracts was based on contractual cash surrender values that were determined primarily by investments in managed separate accounts of the insurer. These amounts approximated fair value. The managed separate accounts were valued based on other observable inputs or corroborated market data.

Though the Company believes the methods used to estimate fair value are consistent with those used by other market participants, the use of other methods or assumptions could result in a different estimate of fair value.

The estimated fair values of the Company's Cash, cash equivalents and restricted cash, Receivables, Accounts payable and Other accrued liabilities approximated their carrying value due to the short-term maturities of these instruments.

The Company has a captive insurance arrangement in which a Captive Cell within a captive insurance company holds cash, classified as restricted cash, and certain other accrued liabilities and other noncurrent liabilities in order to manage and administer insurance claims on behalf of the Company. The fair values of the assets and liabilities held by the Captive Cell approximated their fair values as of March 31, 2026 and December 31, 2025, respectively. Refer to Note 2 – Basis of Presentation and Summary of Significant Accounting Policies for additional information on the Company's captive insurance arrangement.

The Company's assets measured at fair value on a recurring basis were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurements**<br>**as of March 31, 2026, Using** | **Fair Value Measurements**<br>**as of March 31, 2026, Using** | **Fair Value Measurements**<br>**as of March 31, 2026, Using** | **Fair Value Measurements**<br>**as of March 31, 2026, Using** |
| | **Quoted Prices in Active Markets for Identical Assets**<br>**(Level 1)** | **Significant Other Observable Inputs**<br>**(Level 2)** | **Significant Unobservable Inputs**<br>**(Level 3)** | **Balance as of March 31, 2026** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Assets: |  |  |  |  |
| COLI contracts | $— | $9919 | $— | $9919 |
| Total assets measured at fair value  | $— | $9919 | $— | $9919 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value Measurements**<br>**as of December 31, 2025, Using** | **Fair Value Measurements**<br>**as of December 31, 2025, Using** | **Fair Value Measurements**<br>**as of December 31, 2025, Using** | **Fair Value Measurements**<br>**as of December 31, 2025, Using** |
| | **Quoted Prices in Active Markets for Identical Assets**<br>**(Level 1)** | **Significant Other Observable Inputs**<br>**(Level 2)** | **Significant Unobservable Inputs**<br>**(Level 3)** | **Balance as of December 31, 2025**  |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Assets: |  |  |  |  |
| COLI contracts | $— | $7615 | $— | $7615 |
| Total assets measured at fair value  | $— | $7615 | $— | $7615 |

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**Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis**

The Company applies the provisions of ASC 820 to its nonrecurring, nonfinancial measurements of nonfinancial assets and liabilities, including long-lived asset impairments. These nonfinancial assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. The Company reviews the carrying value of its long-lived assets, excluding goodwill, whenever events or changes in circumstances indicate that such carrying amounts may not be recoverable. No long-lived asset impairments were recorded for the three months ended March 31, 2026 and 2025.

**Assets and Liabilities Not Measured at Fair Value**

The Company's long-term debt was not measured at fair value on the unaudited condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025, respectively, but the corresponding fair values are being provided for disclosure purposes only. The fair values were categorized as Level 2 in the fair value hierarchy and were based on discounted cash flows using current market interest rates. Refer to Note 6 – Debt for additional information on the Company's long-term debt.

------

The estimated fair value of the Company's Level 2 gross long-term debt, including current long-term debt, was as follows as of:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
|  | **(In thousands)** | **(In thousands)** |
| Carrying value | $281250 | $285000 |
| Fair value | $280457 | $282115 |

---

**Note 6 - Debt**

Certain debt instruments of the Company contain restrictive and financial covenants and cross-default provisions. In order to borrow under the debt instruments, the Company must be in compliance with the applicable covenants and certain other conditions, all of which the Company was in compliance with as of March 31, 2026. Non-compliance with applicable covenants or conditions may constitute an event of default under the Credit Agreement (as defined below). Subject to any applicable cure periods, failure to remedy such a default may require the Company to pursue alternative sources of funding.

**Long-Term Debt**

Long-term debt outstanding was as follows as of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Weighted Average Interest Rate as of March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
|  | **(percentage)** | **(In thousands)** | **(In thousands)** |
| Term loan due on October 31, 2029 | 5.70% | $281250 | $285000 |
| Revolving credit facility |  |  |  |
| Less: unamortized debt issuance costs |  | (3226) | (3451) |
| Total long-term debt |  | 278024 | 281549 |
| Less: long-term debt - current portion |  | (15000) | (15000) |
| Long-term debt |  | $263024 | $266549 |

---

***Term Loan and Revolving Credit Facility***

On October 31, 2024, the Company entered into a five-year senior secured credit agreement (the "Credit Agreement"), which provides for a $300.0 million term loan ("Term Loan") and a $225.0 million revolving credit facility ("Revolving Credit Facility"). The Revolving Credit Facility includes letters of credit available under the Credit Agreement in an aggregate amount of up to $50.0 million.

The Company paid $4.4 million and $3.5 million of debt issuance costs for the Term Loan and Revolving Credit Facility, respectively. The costs associated with the Term Loan were capitalized and classified as a reduction to Long-term debt and the costs associated with the Revolving Credit Facility were capitalized and recorded as Other noncurrent assets. Each will be amortized to interest expense over the term of the Credit Agreement.

As of both March 31, 2026 and December 31, 2025, there was no outstanding balance under the Revolving Credit Facility, but there were $2.2 million of outstanding standby letters of credit. As a result, the Company had a borrowing capacity of $222.8 million under the Revolving Credit Facility for both periods presented.

The Company incurred $4.6 million and $5.6 million of interest expense related to the Credit Agreement for the three months ended March 31, 2026 and 2025. including of $4.0 million and $5.0 million of interest on outstanding borrowings, respectively. In addition, interest expense included $0.4 million of debt issuance costs amortization and $0.2 million of commitment fees for each period presented.

The Term Loan requires quarterly amortization payments of 5.00% per annum of the original principal amount thereof. The Credit Agreement also requires mandatory prepayments in connection with certain asset sales, subject to certain exceptions.

For each of the three months ended March 31, 2026 and 2025, the Company paid its required quarterly amortization payments under the Term Loan totaling $3.8 million. The Company also paid $4.0 million and $4.9 million of associated interest on outstanding borrowings for the three months ended March 31, 2026 and 2025, respectively.

------

Borrowings under the Credit Agreement bear interest, at the Company's option, at an annual rate equal to (a) adjusted term Secured Overnight Financing Rate, defined in a customary manner ("Term SOFR") plus an applicable rate of 2.00% to 2.75%, based on the Company's total net leverage ratio (as defined below), or (b) the base rate (determined by reference to the highest of (x) the prime rate, (y) the greater of (i) the federal funds effective rate and (ii) the overnight bank funding rate, in each case, plus 0.50%, and (z) the one-month adjusted Term SOFR rate plus 1.00% per annum, subject to customary floors (clauses (x) through (z), the "Base Rate")) plus an applicable rate of 1.00% to 1.75%, based on the Company's total net leverage ratio. Undrawn commitment fees under the Revolving Credit Facility range from 0.30% to 0.45% based on the Company's consolidated total net leverage ratio.

The Credit Agreement provides for incremental revolving and term facilities at the Company's request and at the discretion of the lenders or other persons providing such incremental facilities, and also permits the Company to incur other secured or unsecured debt, in all cases subject to conditions and limitations on the amount of such incremental facility or other debt as specified in the Credit Agreement.

The Credit Agreement contains certain limitations with respect to indebtedness, liens, acquisitions and other investments, fundamental changes, restrictive agreements, dividends and redemptions or repurchases of stock, prepayments of certain subordinated indebtedness, dispositions of assets and transactions with affiliates, in each case subject to certain exceptions.

The Credit Agreement contains financial covenants requiring the Company to maintain a maximum consolidated total net leverage ratio of 3.00 to 1.00 and a minimum interest coverage ratio of 3.00 to 1.00, each determined as of the end of each fiscal quarter. Per the Credit Agreement, consolidated total net leverage ratio is defined as the ratio of (a) consolidated funded indebtedness of the Company to (b) last twelve months ("LTM") earnings before interest, taxes, depreciation and amortization ("EBITDA"). Interest coverage ratio is defined as the ratio of (a) LTM EBITDA to (b) consolidated cash interest expense of the Company. The consolidated total net leverage ratio may be increased at the Company's option to 3.50 to 1.00 in connection with certain qualifying material acquisitions. The covenants also include restrictions on the sale of certain assets, loans and investments.

**Schedule of Debt Maturities**

As of March 31, 2026, the long-term debt maturities schedule, excluding unamortized debt issuance costs, for the remainder of 2026 and the three years following December 31, 2026, aggregated as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Remainder of 2026** | **2027** | **2028** | **2029** | **Total** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Long-term debt maturities, including current portion | $11250 | $15000 | $15000 | $240000 | $281250 |

---

**Note 7 – Leases**

Most of the leases the Company enters into are for equipment, buildings and vehicles as part of its ongoing operations. The Company also leases certain equipment to third parties.

**Lessee Accounting**

The leases the Company has entered into as part of its ongoing operations are considered operating leases. The corresponding lease costs are included in Cost of sales and Selling, general and administrative expenses on the unaudited condensed consolidated statements of income.

Generally, operating leases for vehicles and equipment have a term of one to five years and buildings have a longer term of up to 10 years or more. For certain operating leases, lease terms may include the options to extend or terminate the lease. Similarly, building or property operating leases could include one or more options to renew, with renewal terms that could extend the lease term by one to five years or more.

The Company also has guaranteed the residual value under certain of its equipment operating leases, agreeing to pay any difference between the residual value and the fair market value of the underlying asset at the date of lease termination. Historically, the fair value of the asset at the time of lease termination generally has approximated or exceeded the residual value guarantee. To date, the Company does not have any residual value guarantee amounts probable of being owed to a lessor, financing leases or material agreements with related parties.

------

In addition, the Company has entered into short-term leases to help support its ongoing operations, consisting primarily of short-term equipment and vehicle leases, and generally have lease terms of less than one year.

The following table provides information on the Company's lease costs for operating leases:

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| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **(In thousands)** | **(In thousands)** |
| Lease costs: |  |  |
| &nbsp;&nbsp;Operating lease cost | $10881 | $8558 |
| &nbsp;&nbsp;Variable lease cost | 408 | 335 |
| &nbsp;&nbsp;Short-term lease cost | 29125 | 23686 |
| Total lease costs  | $40414 | $32579 |

---

The following is summary information of lease terms and discount rates for operating leases as of:

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| Weighted average remaining lease term (in years) | 1.13 years | 1.15 years |
| Weighted average discount rate (in percentages) | 5.36% | 5.43% |

---

The following is a summary of other information and supplemental cash flow information related to operating leases:

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **(In thousands)** | **(In thousands)** |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| &nbsp;&nbsp;Operating cash flows used for operating lease liabilities | $10653 | $8574 |
| Right-of-use assets obtained in exchange for new operating lease liabilities | $3582 | $8431 |

---

The reconciliation of future undiscounted cash flows to operating lease liabilities, including current portion of operating lease liabilities, presented on the unaudited condensed consolidated balance sheet as of March 31, 2026 was as follows:

---

| | |
|:---|:---|
| | **March 31, 2026** |
| | **(In thousands)** |
| Remainder of 2026 | $28475 |
| 2027 | 27275 |
| 2028 | 15643 |
| 2029 | 8593 |
| 2030 | 4930 |
| Thereafter | 8153 |
| Total  | 93069 |
| Less: discount | (8504) |
| Total operating lease liabilities  | $84565 |

---

The Company has entered into a $22.7 million operating lease that has not yet commenced as of March 31, 2026. The operating lease has an estimated lease term of 10 years, 4 months, which is expected to commence in July 2026.

**Lessor Accounting**

The Company leases certain equipment to third parties. These leases are considered short-term operating leases with lease terms of less than 12 months, with the majority being month-to-month leases currently. The Company recognizes revenues from operating leases in Operating revenues in the unaudited condensed consolidated statements of income on a straight-line basis over the respective operating lease terms.

------

The following table provides information on the Company's lease income for operating leases:

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| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **(In thousands)** | **(In thousands)** |
| Lease income: |  |  |
| &nbsp;&nbsp;Operating lease income | $14157 | $11138 |
| Total lease income  | $14157 | $11138 |

---

The following table is a maturity analysis of undiscounted cash flows relating to lease payments expected to be received by the Company as a lessor of operating leases as of:

---

| | |
|:---|:---|
| | **March 31, 2026** |
| | **(In thousands)** |
| Remainder of 2026 | $11597 |
| Total lease payments  | $11597 |

---

The majority of the total lease payments are currently from month-to-month leases as stated above and are included in Receivables, net on the unaudited condensed consolidated balance sheets as rent receivables due to the timing of billings compared to earned operating lease income.

Equipment under operating leases, which was included within Property, plant and equipment, net in the unaudited condensed consolidated balance sheets, was as follows as of:

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| | **(In thousands)** | **(In thousands)** |
| Machinery and equipment | $71336 | $69152 |
| Less: accumulated depreciation | (33671) | (32565) |
| Property, plant and equipment, net  | $37665 | $36587 |

---

**Note 8 – Earnings Per Share**

Basic EPS is computed by dividing net income by the weighted average number of shares of common stock outstanding during the applicable period. The Company calculates diluted EPS using the treasury stock method. Diluted EPS is computed by dividing net income by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of any potentially dilutive securities, except in cases where the effect of such securities would be anti-dilutive.

Basic and diluted EPS were calculated as follows, based on a reconciliation of the weighted average common shares outstanding on a basic and diluted basis:

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| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **(In thousands, except per share amounts)** | **(In thousands, except per share amounts)** |
| Net income | $58316 | $36672 |
| Weighted average common shares outstanding - basic | 51082 | 51042 |
| Effect of dilutive securities - share-based awards | 107 | 49 |
| Weighted average common shares outstanding - diluted | 51189 | 51091 |
| EPS - basic | $1.14 | $0.72 |
| EPS - diluted | $1.14 | $0.72 |
| Shares excluded from the calculation of diluted EPS due to their anti-dilutive effect | 12 |  |

---

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**Note 9 – Stock-Based Compensation**

The Company is currently authorized to issue 2.5 million restricted stock units ("RSUs"), performance share awards ("PSAs") and other stock-based awards under the Everus Construction Group, Inc. Long-Term Performance-Based Incentive Plan ("Everus LTIP"). As of March 31, 2026, there were approximately 2.4 million shares available for issuance, with approximately 2.2 million shares available for grant under the Everus LTIP. There were approximately 0.2 million of outstanding stock awards that were either vested, but unsettled in shares of common stock or nonvested as of March 31, 2026. The Company either purchases shares on the open market or issues new shares of common stock to satisfy the vesting of stock-based awards.

The Company's compensation committee has the authority to select recipients of awards, determine the type and size of awards, and establish certain terms and conditions of award grants.

Total stock-based compensation expense, including Company participants and non-employee directors, was $2.0 million and $1.7 million for the three months ended March 31, 2026 and 2025, respectively. Stock-based compensation expense was included in Selling, general and administrative expenses in the unaudited condensed consolidated statements of income.

**Restricted Stock Units**

During the three months ended March 31, 2026 and 2025, the Company's compensation committee granted 33,438 and 34,251 time-vesting RSUs to employees under the Everus LTIP at a weighted average grant date fair value per share of $120.02 and $46.54, respectively. However, 43 time-vesting RSUs of the quantity granted were forfeited during the period. Time-vesting RSUs generally vest ratably in equal installments over three years, contingent on continued employment through the vesting periods. Upon vesting, participants may receive dividends, if any, that accumulate during the vesting period.

During the three months ended March 31, 2026 and 2025, 34,762 and 18,304 shares of common stock were issued, on a net settlement basis, in connection with vested RSUs, respectively. The gross issuances of 57,658 shares and 30,939 shares of common stock, respectively, were considered noncash transactions, as no cash was exchanged for the shares. However, the Company withheld/repurchased 22,896 shares and 12,635 shares, respectively, to satisfy the employees withholding tax obligations, as evidenced by the financing cash outflows on the unaudited condensed consolidated statements of cash flows.

**Performance Share Awards**

During the three months ended March 31, 2026 and 2025, the Company's compensation committee granted 40,780 and 51,373 PSAs, at target, under the Everus LTIP, respectively. These PSAs are generally earned over a three-year performance period, with vesting generally at the end of the performance period, dependent upon the achievement of performance measures and continued employment through the vesting period. The target number of shares are split equally between performance and market conditions, subject to rounding differences. Upon vesting, participants may receive dividends, if any, that accumulate during the vesting period.

Under the performance conditions for these PSAs, participants can earn from 0% to 200% of the apportioned target grant of shares. The performance conditions are tied to specific financial metrics. The weighted average grant-date fair value per share for the PSAs applicable to these performance conditions issued during the three months ended March 31, 2026 and 2025 was $120.87 and $46.54, respectively.

Under the market condition for these PSAs, participants can earn from 0% to 200% of the apportioned target grant of shares based on the Company's total shareholder return relative to that of a selected peer group. The weighted average grant-date fair value per share for the PSAs applicable to the market condition issued during the three months ended March 31, 2026 and 2025 was $183.67 and $55.82, respectively, which was determined by Monte Carlo simulations.

**Other Stock Awards**

During the three months ended March 31, 2026, the Company issued 125 shares of common stock to certain non-employee directors who chose to convert a portion of their monthly cash payments for directors' fees into shares of common stock. The issuance of shares of common stock was considered a noncash transaction, as no cash was exchanged for the shares. There was no such activity during the three months ended March 31, 2025.

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**Note 10 – Income Taxes**

The Company's quarterly income tax provision is measured using an estimate of its consolidated annual effective tax rate, adjusted in the current period for discrete income tax items, within the periods presented.

For the three months ended March 31, 2026, income tax expense was $20.3 million, resulting in an effective tax rate of 25.8%. The effective tax rate for the three months ended March 31, 2026 differed from the 2026 statutory tax rate of 21% primarily due to state income taxes, net of federal income taxes, and certain unfavorable permanent book-tax differences due to meals and entertainment expenses and non-deductible employee compensation, partially offset by increased research & development tax credits.

For the three months ended March 31, 2025, income tax expense was $13.6 million, resulting in an effective tax rate of 27.0%. The effective tax rate for the three months ended March 31, 2025 differed from the 2025 statutory tax rate of 21% primarily due to state income taxes, net of federal income taxes, and certain unfavorable permanent book-tax differences due to meals and entertainment expenses and non-deductible employee compensation.

The effective tax rate for the three months ended March 31, 2026 differed from the effective tax rate for the three months ended March 31, 2025 due to changes in the Company's permanent book-tax differences between those periods, specifically changes in the Company's state income taxes and increased non-deductible employee compensation, partially offset by a favorable stock compensation book-tax difference.

**Note 11 – Segment Information**

The Company's reportable segments are those that are based on the Company's method of internal reporting and management of the business. The Company provides a full spectrum of construction services across most of the United States through two reportable, operating segments:

*E&M*: Contracting services for the construction and maintenance of electrical and communication wiring and infrastructure, fire suppression systems, renewables infrastructure and mechanical piping and services to customers in both the public and private sectors.

*T&D*: Contracting services for the construction and maintenance of overhead and underground electrical, gas, communication infrastructure and transportation-related lighting, as well as the manufacture and distribution of overhead and underground transmission line construction equipment and tools.

The Company's Chief Operating Decision Maker ("CODM") is the Company's chief executive officer ("CEO"). The Company's CEO evaluates each reportable segment's performance, allocates resources and makes decisions based on segment operating income, which is the segment measure of profitability. The CODM uses segment operating income to analyze the results of each reportable segment individually and by comparing the results of the segments with each other. This comparison between segments helps drive decision-making regarding resource allocation and compensation of employees. Segment operating income is also considered when creating the annual budget plan, as well as the forecasting process, including the allocation of capital for uses such as capital expenditures.

All intercompany balances and transactions between the businesses comprising the Company have been eliminated in the unaudited condensed consolidated financial statements.

------

Reconciliations of reportable segment operating revenues, inclusive of the Company's significant segment expenses of Cost of sales and Selling, general and administrative expenses, to consolidated Income before income taxes and income from equity method investments for the Company's reportable segments and "Corporate and Other" category were as follows:

New CODM basis:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Three months ended March 31, 2026** | **E&M** | **T&D** | **Corporate and Other** | **Eliminations** | **Consolidated Total** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Operating revenues | $835091 | $201862 | $— | $— | $1036953 |
| Intersegment revenues | 33 | 2601 | 1694 | (4328) |  |
| Segment revenues | 835124 | 204463 | 1694 | (4328) | 1036953 |
| Cost of sales | 735069 | 174322 | 1161 | (4328) | 906224 |
| Gross profit  | 100055 | 30141 | 533 |  | 130729 |
| Selling, general and administrative expenses | 29482 | 9793 | 13770 |  | 53045 |
| Operating income | $70573 | $20348 | $(13237) | $— | 77684 |
| Interest income |  |  |  |  | 2324 |
| Interest expense |  |  |  |  | 4620 |
| Other income, net |  |  |  |  | 552 |
| Total consolidated income before income taxes and income from equity method investments |  |  |  |  | $75940 |

---

Old CODM basis:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **E&M** | **T&D** | **Corporate and Other** | **Consolidated Total** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Segment operating revenues | $837662 | $205924 | $— | $1043586 |
| Eliminations | (2571) | (4062) |  | (6633) |
| Total segment operating revenues | 835091 | 201862 |  | 1036953 |
| Cost of sales | 735036 | 171722 | (534) | 906224 |
| Gross profit  | 100055 | 30140 | 534 | 130729 |
| Selling, general and administrative expenses | 29482 | 9793 | 13770 | 53045 |
| Operating income | $70573 | $20347 | $(13236) | 77684 |
| Interest income |  |  |  | 2324 |
| Interest expense |  |  |  | 4620 |
| Other income, net |  |  |  | 552 |
| Total consolidated income before income taxes and income from equity method investments |  |  |  | $75940 |

---

------

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| | | | | |
|:---|:---|:---|:---|:---|
| **Three months ended March 31, 2025** | **E&M** | **T&D** | **Corporate and Other** | **Consolidated Total** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Segment operating revenues | $648227 | $185015 | $— | $833242 |
| Eliminations | (4236) | (2377) |  | (6613) |
| Total segment operating revenues | 643991 | 182638 |  | 826629 |
| Cost of sales | 575106 | 159196 | (166) | 734136 |
| Gross profit  | 68885 | 23442 | 166 | 92493 |
| Selling, general and administrative expenses | 24616 | 8971 | 7922 | 41509 |
| Operating income | $44269 | $14471 | $(7756) | 50984 |
| Interest income |  |  |  | 937 |
| Interest expense |  |  |  | 5631 |
| Other income, net |  |  |  | 567 |
| Total consolidated income before income taxes and income from equity method investments |  |  |  | $46857 |

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Additional financial information on the Company's reportable segments is shown below, which follows the same accounting policies as those described in Note 2 – Basis of Presentation and Summary of Significant Accounting Policies:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended,** | **Three months ended,** | **Three months ended,** | **Three months ended,** |
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
| | **E&M** | **T&D** | **E&M** | **T&D** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Depreciation and amortization expense | $1574 | $6546 | $1482 | $5449 |
| Interest expense, net<sup>1</sup> | (2058) | 568 | (1823) | 700 |
| Income tax expense | 19083 | 4964 | 13267 | 3442 |
| Capital expenditures<sup>2</sup> | $4345 | $11191 | $9319 | $9820 |

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1. Amounts shown are included in Interest expense on the unaudited condensed consolidated statements of income. Also, the amounts include intercompany transactions related to the Company's cash management and financing program.

2. Capital expenditures for the three months ended March 31, 2026 and 2025 include noncash transactions for capital expenditure-related Accounts payable.

Reconciliations of reportable segment assets to consolidated assets were as follows as of:

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| | | |
|:---|:---|:---|
| | **March 31, 2026** | **December 31, 2025** |
| | **(In thousands)** | **(In thousands)** |
| E&M segment assets | $1072018 | $1047626 |
| T&D segment assets | 448278 | 455875 |
| Total reportable segment assets | 1520296 | 1503501 |
| Other assets | 350349 | 267577 |
| Eliminations | (22898) | (42347) |
| Total consolidated assets | $1847747 | $1728731 |

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For more information about the disaggregation of the Company's revenue by contract type and customer type for each reportable segment, refer to Note 3 – Revenue from Contracts with Customers.

Revenues from a single customer accounted for approximately 19.1% and 13.3% of total operating revenues for the three months ended March 31, 2026 and 2025, respectively, which was included in the E&M segment.

At a segment level, revenues from a single E&M customer accounted for approximately 23.6% of total E&M segment revenues for the three months ended March 31, 2026. Revenues from two E&M customers individually accounted for approximately 17.0% and 11.0% of total E&M segment revenues for the three months ended March 31, 2025, respectively.

As for T&D, revenues from a single T&D customer accounted for approximately 14.3% of total T&D segment revenues for the three months ended March 31, 2026. Revenues from two T&D customers individually accounted for approximately 18.4% and 10.5% of total T&D segment revenues for the three months ended March 31, 2025, respectively.

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Trade receivables from a single customer accounted for approximately 19.7% of total trade receivables as of March 31, 2026, which was included in the E&M segment. Trade receivables from a single customer accounted for approximately 16.3% of total trade receivables as of December 31, 2025, which was included in the E&M segment.

At a segment level, trade receivables from a single E&M customer accounted for approximately 23.6% of total E&M segment trade receivables as of March 31, 2026. Trade receivables from a single E&M customer accounted for approximately 19.9% of total E&M segment trade receivables as of December 31, 2025.

As for T&D, trade receivables from a single T&D customer accounted for approximately 11.1% of total T&D segment trade receivables as of March 31, 2026. No single customer accounted for more than 10% of total T&D trade receivables as of December 31, 2025.

**Note 12 – Commitments, Contingencies and Guarantees**

The Company is a party to claims and lawsuits arising out of its business, including that of its consolidated subsidiaries, which may include, but are not limited to, matters involving property damage; personal injury; and environmental, contractual, statutory and regulatory obligations. The Company accrues a liability for loss contingencies when the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Company does not accrue liabilities when the likelihood that the liability has been incurred is probable, but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is probable or reasonably possible and which are material, the Company discloses the nature of the contingency and, in some circumstances, an estimate of the possible loss.

**Litigation**

As of both March 31, 2026 and December 31, 2025, the Company had $2.0 million of litigation-related contingent liabilities, which had not been discounted and were included in either Other accrued liabilities or Other noncurrent liabilities on the unaudited condensed consolidated balance sheets. For such cases where the Company determined that the outcome of the outstanding litigation cases will be covered by the Company's insurance carrier, any amounts due related to the litigation will be paid directly by the Company's insurance carrier. As a result, the Company's litigation-related contingent liabilities were fully covered after insurance claim receivables as of both March 31, 2026 and December 31, 2025. As such, the Company was not in a net loss position for either period presented.

The Company will continue to monitor each matter and adjust accruals as necessary based on new information and further developments. Management believes that the outcomes with respect to probable and reasonably possible losses in excess of the amounts accrued, net of insurance recoveries, while uncertain, either cannot be estimated or will not have a material effect upon the Company's financial position, results of operations or cash flows. Unless otherwise required by GAAP, legal costs are expensed as they are incurred and are included in Selling, general and administrative expenses on the unaudited condensed consolidated statements of income.

**Guarantees**

In the normal course of business, the Company has surety bonds related to construction contracts of its subsidiaries. These bonds relate to certain public and private sector contracts to secure contractual performance, including completion of agreed upon contract terms, timing and price, payments to subcontractors and suppliers, and protection for customers from fraudulent practices. In the event a subsidiary of the Company does not fulfill a bonded obligation, the Company would be responsible to the surety bond company for completion of the bonded contract or obligation. A large portion of the surety bonds are expected to expire within the next 12 months; however, the Company likely will continue to enter into surety bonds for its subsidiaries in the future. As of March 31, 2026 and December 31, 2025, the potential maximum payment amounts the Company would be required to make under the outstanding surety bonds were approximately $692.9 million and $767.7 million, respectively, which were not reflected on the unaudited condensed consolidated balance sheets.

As of both March 31, 2026 and December 31, 2025, the Company had $18.1 million of surety-backed standby letters of credit that were included in the outstanding surety bonds balance.

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The Company has outstanding guarantees to third parties for the guarantees of job performance and/or leasing activity of certain subsidiaries of the Company. The job performance guarantees are related to contracts for contracting services. As of March 31, 2026 and December 31, 2025, the fixed maximum amounts guaranteed under these agreements aggregated to $769.5 million and $641.1 million, respectively. The scheduled expiration of the maximum amounts guaranteed aggregate to $339.4 million for the remainder of 2026, $389.3 million in 2027, $18.7 million in 2028, $3.3 million in 2029, $3.0 million in 2030 and $15.8 million thereafter. There were no amounts outstanding under the previously mentioned guarantees and the maximum amounts guaranteed were not reflected on the unaudited condensed consolidated balance sheets. However, in the event of default under these guarantee obligations, the Company would be required to make payments to satisfy its guarantees.

In addition to the above guarantees, there were $2.2 million of outstanding standby letters of credit for certain guarantees to third parties under our Revolving Credit Facility as of both March 31, 2026 and December 31, 2025. In the event of default under these letter-of-credit obligations, the Company would be obligated for reimbursement of payments made under the letters of credit. For more information on the letters of credit under our Revolving Credit Facility, refer to Note 6 – Debt.

**Note 13 – Related-Party Transactions**

**Transition Services Agreement**

On October 31, 2024, the separation of Everus from MDU Resources Group, Inc. ("MDU Resources") and its other businesses was completed and Everus became an independent publicly traded company (the "Separation"). As part of the Separation, both parties entered into a transition services agreement whereby the Company and MDU Resources provided certain transition services to each other. The transition services agreement outlined services that were provided between parties related to tax, legal, treasury, human resources, information technology, risk management and other general and administrative functions.

For the three months ended March 31, 2026 and 2025, the Company incurred $1.2 million and $1.3 million of transition services expenses related to services from MDU Resources, respectively, which were reflected in Selling, general and administrative expenses on the unaudited condensed consolidated statements of income. During the second quarter of 2025, the Company deemed $0.5 million of expenses that were previously recognized as transition services expenses in the first quarter of 2025 to be recurring in nature and thus, not transition services expenses and have been excluded from the disclosed amount above.

The Company did not provide any services to MDU Resources for the three months ended March 31, 2026. The Company received an immaterial amount for its services to MDU Resources for the three months ended March 31, 2025, which was reflected in Other income, net on the unaudited condensed consolidated statements of income.

The transition services were completed over a period of 17 months, and as of March 31, 2026, there were no further obligations for services that existed for either party.

**Note 14 – Subsequent Events**

On April 1, 2026, the Company acquired the businesses of SE&M Constructors, Inc., SE&M of the Triangle, Inc. and SECO Rentals, LLC (collectively "SE&M"). SE&M, founded in 1923 and headquartered in Elm City, North Carolina, provides mechanical, electrical and plumbing services to customers across a variety of sectors, including pharmaceutical, complex industrial and healthcare. The Company acquired SE&M for $158 million, subject to certain closing adjustments, funded by cash on hand. Transaction terms also allow for a potential earnout payment, not to exceed an additional 8% of the purchase price, based on certain post-acquisition performance targets. SE&M is expected to be included in the Company's E&M segment.

To date, the initial accounting for the acquisition is incomplete. Due to the limited time since the date of acquisition, it is impracticable for the Company to make business combination disclosures related to the acquisition. The Company is still gathering the necessary information to provide such disclosures in future filings.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.** 

*The following information should be read in conjunction with the unaudited condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q ("Quarterly Report"). The following discussion may contain forward-looking statements that are based upon current expectations and are subject to uncertainty and changes in circumstances.*

*Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include those factors discussed in the following and elsewhere in this Quarterly Report, particularly in the section entitled "Cautionary Note Regarding Forward-Looking Statements." Refer to the section titled "Item 1A. Risk Factors" included in our 2025 Annual Report on Form 10-K ("2025 Annual Report") for more information concerning our risk factors. References to the "Company," "Everus," "we," "us," and "our" refer to Everus Construction Group, Inc. and its consolidated subsidiaries, unless otherwise stated or indicated by context.*

**Cautionary Note Regarding Forward-Looking Statements**

This Quarterly Report contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements that reflect our expectations, assumptions or projections about the future, other than statements of historical facts, including, without limitation, statements regarding plans, trends, objectives, goals, business strategies, market potential, future financial performance and other matters are considered 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 particular, information included under "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Item 3. Quantitative and Qualitative Disclosures about Market Risk" of this Quarterly Report contains forward-looking statements.

The matters discussed in these forward-looking statements 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 we believe that the expectations reflected in any forward-looking statements we make are based on reasonable assumptions as of the date they are made, we can give no assurance that the expectations 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. 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 "Item 1A. Risk Factors" in our 2025 Annual Report.

You should read this Quarterly Report completely and with the understanding that actual future results may be materially different from expectations. All forward-looking statements made in this Quarterly Report are qualified by these cautionary statements. These forward-looking statements are made only as of the date of this Quarterly Report, and we do 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 periods 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.

**Overview** 

We are a leading construction solutions provider offering specialty contracting services to a diverse set of end markets, which are provided to commercial, industrial, institutional, renewables, service, transportation, utility and other customers. We operate throughout most of the United States through two reportable, operating segments:

*Electrical & Mechanical ("E&M")*: Contracting services including construction and maintenance of electrical and communication wiring and infrastructure, fire suppression systems, renewables infrastructure and mechanical piping and services in both the public and private sectors.

*Transmission & Distribution ("T&D")*: Contracting services including construction and maintenance of overhead and underground electrical, gas, communication infrastructure and transportation-related lighting, as well as the manufacture and distribution of overhead and underground transmission line construction equipment and tools.

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At Everus, people are our core, and we prioritize integrity, safety and growth through comprehensive training, hands-on development, safety compliance metrics and strong union partnerships to instill a safety first culture and ethical leadership across all levels.

We focus on safely executing projects; providing a superior return on investment by building new and strengthening existing customer relationships; ensuring quality service; effectively managing costs; retaining, developing and recruiting talented employees; growing through organic and strategic acquisition opportunities; and focusing efforts on projects that will permit higher margins while properly managing risk. The growth we have experienced in recent years is due in part to the project awards in the end markets and submarkets served and the ability to support national customers in most of the regions in which we operate. Our strong presence in the Western, Midwestern and Eastern regions of the United States has driven opportunities in data centers, high tech, hospitality and utilities, while customer expansion nationwide continues to extend our reach through partnerships through our 16 wholly owned operating companies, including SE&M, which was acquired on April 1, 2026. SE&M expands our geographic footprint in the Southeast region of the United States.

In particular, we currently generate a significant portion of our revenues from data center and other similar high tech and advanced technology contracts and our revenue mix has changed significantly in the last couple of years. Data center capacity and load growth, as well as other advanced technology growth, creates tremendous opportunities, but also presents risks and challenges for us and our customers. While we believe there is still strong demand for these types of projects in the foreseeable future, we cannot guarantee that will be the case. The loss of, or reduction in business from, these types of contracts could have a material adverse effect on our business, financial condition, results of operations and cash flows. For more information on the associated risks, see the discussion under "Item 1A. Risk Factors" in our 2025 Annual Report.

***Economic and Industry Factors Impacting Our Business***

We have experienced increased insurance costs and anticipate continued increases in insurance costs. Premiums in the insurance industry have risen due to many factors, such as economic inflation and a rise in insurance carriers' losses, in particular for wildfire risks. We experienced these aforementioned impacts with coverage for our insurance lines on a standalone basis following the Separation and again saw increases in insurance costs during our latest renewal cycle, partially due to our revenue growth during 2025 at the time of renewal. However, we are continuing to formulate strategies to minimize these costs and/or ensuring these costs are built into our bidding opportunities going forward.

Despite these increased costs, we are focused on growing our total revenues, expanding gross margins, managing costs and generating cash, all of which would result in increased operating income.

***Market Conditions and Outlook***

The U.S. construction services industry is highly fragmented. It includes a wide spectrum of players, from small, private companies whose activities are geographically concentrated to larger public companies with nationwide capabilities. Competition within the industry is influenced by various elements such as technical expertise, service pricing, financial and operational resources, track record for safety, industry reputation and dependability.

The U.S. construction services industry serves a diverse customer base that includes federal, state and municipal governmental agencies, commercial and residential developers and private parties. The mix of customers varies by region and economic conditions.

The main factors and trends in the U.S. construction services industry include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Key economic factors.** Many factors affect product demand, including public spending on infrastructure projects, general economic conditions, including population growth and employment levels, imposed and proposed tariffs, U.S. involvement or indirect effects from global conflicts and prevailing interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Inflation.** Rising inflation can increase the cost of construction materials, labor and insurance premiums, impacting project budgets and profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Industry fragmentation.** There are thousands of construction services providers of varying scope and size. Market participants may enter new geographies or expand existing positions through organic growth or the acquisition of existing providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Seasonality.** Activity in certain areas is seasonal due to the effects of weather, which can impact safety and efficiency of operations but could also lead to demand for our services.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Cyclicality.** The demand for construction services is significantly influenced by the cyclical nature of the economy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Regulations.** Operations are subject to extensive laws and regulations relating to the maintenance of safe conditions in the workplace.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Production inputs.** Cost of labor, equipment and other inputs can vary over time based on macroeconomic factors and impact profitability of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Personnel.** Ability to maintain productivity and operating performance is heavily dependent on the ability to employ, train and retain qualified personnel necessary to operate efficiently.

We continued to have bidding opportunities in the specialty contracting markets we have operated in during 2026, as evidenced by our backlog, even with our revenue growth during the fiscal year thus far. We believe our backlog supports our strong project pipeline across our diverse service offerings, particularly for data center, hospitality and high tech work. With our successful track record of executing on complex projects, our long-term customer relationships, safe and skilled workforce, quality of service and effective cost management, we believe we remain well-positioned to benefit from favorable demand drivers, including high tech reshoring, data center construction and utility infrastructure investments, giving us the opportunity to continue securing and executing profitable projects in the future.

**Consolidated Results of Operations**

***Three Months Ended March 31, 2026, Compared to Three Months Ended March 31, 2025***

The following table sets forth our consolidated selected statements of income data, with percentages of operating revenues for the interim periods indicated, as well as the percentage change from the prior comparative interim period:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **% of revenues** | **2025** | **% of revenues** | **% change** |
| | **(In millions, except percentages)** | **(In millions, except percentages)** | **(In millions, except percentages)** | **(In millions, except percentages)** | **(In millions, except percentages)** |
| Operating revenues | $1036.9 | 100.0% | $826.6 | 100.0% | 25.4% |
| Cost of sales | 906.2 | 87.4 | 734.1 | 88.8 | 23.4 |
| Gross profit  | 130.7 | 12.6 | 92.5 | 11.2 | 41.3 |
| Selling, general and administrative expenses | 53.0 | 5.1 | 41.5 | 5.0 | 27.7 |
| Operating income  | 77.7 | 7.5 | 51.0 | 6.2 | 52.4 |
| Interest income | 2.3 | 0.2 | 0.9 | 0.1 | NM |
| Interest expense | 4.6 | 0.5 | 5.6 | 0.7 | (17.9) |
| Other income, net | 0.6 | 0.1 | 0.6 | 0.1 |  |
| Income before income taxes and income from equity method investments  | 76.0 | 7.3 | 46.9 | 5.7 | 62.0 |
| Income taxes | 20.3 | 2.0 | 13.6 | 1.6 | 49.3 |
| Income from equity method investments | 2.6 | 0.3 | 3.4 | 0.3 | (23.5) |
| Net income  | $58.3 | 5.6% | $36.7 | 4.4% | 58.9% |
| NM - Not Meaningful |  |  |  |  |  |

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*Operating Revenues*

Operating revenues for the three months ended March 31, 2026, were $1.04 billion, an increase of $210.3 million, or 25.4%, from $826.6 million for the three months ended March 31, 2025. E&M revenues grew $186.9 million, or 28.8%, and T&D revenues increased $19.5 million, or 10.5%. See "Segment Results of Operations–Three Months Ended March 31, 2026, Compared to Three Months Ended March 31, 2025" for further comparative analysis of segment revenues for the periods indicated.

Changes in estimates associated with performance obligations that were satisfied or partially satisfied in prior periods positively net impacted revenues and accounted for approximately 5.4% of revenues for the three months ended March 31, 2026, compared to 4.6% of revenues for the three months ended March 31, 2025.

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For the three months ended March 31, 2026, the changes in estimates mentioned above favorably accounted for approximately 6.4% of revenues, compared to 6.0% of revenues for the three months ended March 31, 2025. Favorable impacts to revenues were primarily due to project pull forward, labor efficiencies and favorable impacts from projected cost changes, including material costs, project risk mitigation and change orders. However, these changes in estimates unfavorably accounted for approximately 1.0% of revenues for the three months ended March 31, 2026, compared to 1.4% of revenues for the three months ended March 31, 2025. Unfavorable impacts to revenues were primarily due to labor inefficiencies related to sequencing on projects and unfavorable impacts from project delays and cost overruns.

*Cost of Sales*

Cost of sales for the three months ended March 31, 2026, was $906.2 million, an increase of $172.1 million, or 23.4%, from $734.1 million for the three months ended March 31, 2025. This increase primarily related to higher E&M and T&D operating costs due to increased workloads and changes in project mix, partially offset by efficient project execution. Subcontractor, labor, material, and equipment and tools costs increased $53.5 million, $51.6 million, $35.2 million and $17.4 million, respectively, along with higher other job expenses of $14.4 million.

*Gross Profit*

Gross profit for the three months ended March 31, 2026, was $130.7 million, an increase of $38.2 million, or 41.3%, from $92.5 million for the three months ended March 31, 2025. The increase was primarily due to continued revenue growth from increased workloads, project timing and efficient project execution, partially offset by changes in project mix. Gross margin improved to 12.6% for the three months ended March 31, 2026, compared to 11.2% for the three months ended March 31, 2025.

*Selling, General and Administrative Expenses* 

Selling, general and administrative ("SG&A") expenses for the three months ended March 31, 2026, were $53.0 million, an increase of $11.5 million, or 27.7%, from $41.5 million for the three months ended March 31, 2025. The increase was driven primarily by higher labor of $5.9 million, to support operational growth of the business, higher other SG&A expenses of $5.0 million, and lower net credit loss reversals of $1.7 million, partially offset by lower professional service-related expenses of $1.1 million.

*Operating Income* 

Operating income for the three months ended March 31, 2026 was $77.7 million, an increase of $26.7 million, or 52.4%, from $51.0 million for the three months ended March 31, 2025. The increase was primarily driven by increased gross profit, partially offset by increased SG&A expenses, both of which are discussed above. Operating income margin increased to 7.5% for the three months ended March 31, 2026, compared to 6.2% for the three months ended March 31, 2025. See "Segment Results of Operations–Three Months Ended March 31, 2026, Compared to Three Months Ended March 31, 2025" for further comparative analysis of segment operating income and "Corporate and Other" category operating income for the periods indicated.

*Interest Income*

Interest income for the three months ended March 31, 2026 was $2.3 million, an increase of $1.4 million, from $0.9 million for the three months ended March 31, 2025. The increase was primarily driven by increased interest income of $1.3 million from our central cash management program, including daily cash sweep and money market deposit account programs, as well as $0.1 million of earned interest income from our captive insurance arrangement for the three months ended March 31, 2026.

*Interest Expense* 

Interest expense for the three months ended March 31, 2026, was $4.6 million, a decrease of $1.0 million, or 17.9%, from $5.6 million for the three months ended March 31, 2025. The decrease is primarily related to average lower debt balances under the Term Loan (as defined below) and average lower interest rates during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.

*Other Income, Net* 

Other income, net for the three months ended March 31, 2026, was $0.6 million, flat from $0.6 million for the three months ended March 31, 2025. Other income, net contained miscellaneous income and expense activities, including rebates and bank fees.

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*Income Taxes* 

Income taxes for the three months ended March 31, 2026, were $20.3 million, an increase of $6.7 million, or 49.3%, from $13.6 million for the three months ended March 31, 2025, reflecting higher income taxes from greater pretax income for the period. The effective tax rate was 25.8% for the three months ended March 31, 2026, compared to 27.0% for the three months ended March 31, 2025.

*Income from Equity Method Investments* 

Income from equity method investments for the three months ended March 31, 2026, was $2.6 million, a decrease of $0.8 million, or 23.5%, from $3.4 million for the three months ended March 31, 2025. The decrease primarily related to decreased activity on joint ventures for the period.

*Net Income*

Net income for the three months ended March 31, 2026, was $58.3 million, an increase of $21.6 million, or 58.9%, from $36.7 million for the three months ended March 31, 2025. The increase was primarily from increased gross profit, partially offset by higher SG&A expenses, and higher taxes on greater pretax income. Net income margin increased to 5.6% for the three months ended March 31, 2026, compared to 4.4% for the three months ended March 31, 2025.

**Segment Results of Operations**

***Three Months Ended March 31, 2026, Compared to Three Months Ended March 31, 2025***

The following table sets forth segment revenues, segment operating income and "Corporate and Other" category operating income for the periods indicated, with segment revenues compared to total consolidated revenues and operating income margins for the interim periods indicated, as well as the percentage change from the prior comparative interim period:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **% of revenues** | **2025** | **% of revenues** | **% Change** |
| | **(In millions, except percentages)** | **(In millions, except percentages)** | **(In millions, except percentages)** | **(In millions, except percentages)** | **(In millions, except percentages)** |
| Operating revenues: |  |  |  |  |  |
| &nbsp;&nbsp;E&M | $835.1 | 80.5% | $648.2 | 78.4% | 28.8% |
| &nbsp;&nbsp;T&D | 204.4 | 19.7 | 185.0 | 22.4 | 10.5 |
| &nbsp;&nbsp;Eliminations | (2.6) | (0.2) | (6.6) | (0.8) | (60.6) |
| Consolidated revenues  | $1036.9 | 100.0% | $826.6 | 100.0% | 25.4% |
| Operating income: |  |  |  |  |  |
| &nbsp;&nbsp;E&M | $70.6 | 8.5% | $44.3 | 6.8% | 59.4% |
| &nbsp;&nbsp;T&D | 20.3 | 9.9 | 14.5 | 7.8 | 40.0 |
| &nbsp;&nbsp;Corporate and Other<sup>1</sup> | (13.2) | (1.3) | (7.8) | (0.9) | (69.2) |
| Consolidated operating income  | $77.7 | 7.5% | $51.0 | 6.2% | 52.4% |

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1. Corporate and Other operating income percentage of revenues was calculated by dividing Corporate and Other operating income by consolidated revenues for the periods indicated.

*Operating Revenues*

*E&M*

E&M segment revenues for the three months ended March 31, 2026, were $835.1 million, an increase of $186.9 million, or 28.8%, from $648.2 million for the three months ended March 31, 2025. The increase was primarily driven by higher revenues in the commercial and renewables end markets, particularly continued growth in the data center submarket, partially offset by decreased revenues in the institutional, industrial and service & other end markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial revenues grew $235.5 million primarily from higher data center and hospitality submarket activity due to increased workloads from increased demand for services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Renewables revenues increased $2.8 million with increased project activity within the commercial submarket, partially offset by lower project activity in the generation submarket due to the timing of projects.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Institutional revenues declined $41.6 million from lower project activity due to project timing and decreased demand for services in the healthcare, education and government submarkets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Industrial revenues decreased $8.0 million with reduced project activity in the oil & gas and manufacturing submarkets, partially offset by higher workloads in the high tech submarket.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service & other revenues were lower by $1.8 million due to decreased repair and maintenance demand.

Changes in estimates associated with performance obligations that were satisfied or partially satisfied in prior periods positively net impacted E&M revenues and accounted for approximately 5.6% of E&M revenues for the three months ended March 31, 2026, compared to 4.6% of E&M revenues for the three months ended March 31, 2025.

For the three months ended March 31, 2026, the changes in estimates mentioned above favorably accounted for approximately 6.4% of E&M revenues, compared to 5.6% of E&M revenues for the three months ended March 31, 2025. However, these changes in estimates unfavorably accounted for approximately 0.8% of E&M revenues for the three months ended March 31, 2026, compared to 1.0% of E&M revenues for the three months ended March 31, 2025. The primary drivers of favorable and unfavorable impacts to revenues were previously mentioned in the consolidated results of operations sections above.

*T&D*

T&D segment revenues for the three months ended March 31, 2026, were $204.4 million, an increase of $19.4 million, or 10.5%, from $185.0 million for the three months ended March 31, 2025. The increase was primarily driven by increased workloads in the utility end market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Utility revenues increased $19.3 million from increased project activity across the transmission and storm submarkets due to timing of project availability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transportation revenues were relatively flat with higher workloads in the traffic signalization submarket, partially offset by reduced project activity in the street lighting submarket.

Changes in estimates associated with performance obligations that were satisfied or partially satisfied in prior periods positively net impacted T&D revenues and accounted for approximately 4.4% of T&D revenues for the three months ended March 31, 2026, compared to 4.3% of T&D revenues for the three months ended March 31, 2025.

For the three months ended March 31, 2026, the changes in estimates mentioned above favorably accounted for approximately 6.3% of T&D revenues, compared to 6.9% of T&D revenues for the three months ended March 31, 2025. However, these changes in estimates unfavorably accounted for approximately 1.9% of T&D revenues for the three months ended March 31, 2026, compared to 2.6% of T&D revenues for the three months ended March 31, 2025. The primary drivers of favorable and unfavorable impacts to revenues were previously mentioned in the consolidated results of operations sections above.

*Operating Income*

*E&M*

E&M segment operating income for the three months ended March 31, 2026, was $70.6 million, an increase of $26.3 million, or 59.4%, from $44.3 million for the three months ended March 31, 2025. The increase was primarily driven by E&M segment revenue growth and higher gross profit in the commercial and renewables end markets, due to solid project execution and project timing, partially offset by changes in project mix and lower gross profit within the industrial end market. As a result, gross margin increased to 12.0% for the three months ended March 31, 2026, compared to 10.6% for the three months ended March 31, 2025.

Operating income was also impacted by higher SG&A expenses, primarily including increased labor expenses of $3.3 million and lower expected credit loss reversals of $1.6 million. Operating income margin for our E&M segment increased to 8.5% for the three months ended March 31, 2026, compared to 6.8% for the three months ended March 31, 2025.

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*T&D*

Operating income in the T&D segment for the three months ended March 31, 2026, was $20.3 million, an increase of $5.8 million, or 40.0%, from $14.5 million for the three months ended March 31, 2025. The increase was the result of higher gross profit due to T&D segment revenue growth and efficient project execution, particularly within the utility end market, with T&D gross margin expansion of 14.7% for the three months ended March 31, 2026, compared to 12.7% for the three months ended March 31, 2025.

Operating income was also impacted by higher SG&A expenses, primarily from increased labor expenses of $1.0 million. Operating income margin for our T&D segment increased to 9.9% for the three months ended March 31, 2026, compared to 7.8% for the three months ended March 31, 2025.

*Corporate and Other*

The increase in Corporate and Other costs during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, was primarily due to higher labor expenses of $1.6 million to support the operational growth of the business and $2.4 million of acquisition-related costs during the current period, along with higher other general SG&A expenses of $2.1 million.

**Backlog**

Backlog is a common measurement in the construction services industry. Our determination of backlog can include projects that have a written award, a letter of intent, a notice to proceed, an agreed upon work order to perform work on mutually accepted terms, and conditions and change orders or claims to the extent management believes additional contract revenues will be earned and are deemed probable of collection. Contracts are subject to delays, defaults or cancellations; changes in scope of services to be provided; and adjustments to costs. Backlog may also be affected by project delays or cancellations resulting from weather conditions, external market factors and economic factors beyond our control, among other things. Accordingly, there is no assurance that backlog will be realized. For the periods presented in the backlog table below, we did not experience any material impacts related to delays or cancellations of planned projects that were included in backlog. The timing of contract awards, including contracts awarded underneath master service agreements, duration of large new contracts and the mix of services can significantly affect backlog. Backlog at any given point in time may not accurately represent the revenue or net income that is realized in any period, and backlog as of the end of the period may not be indicative of the revenue or net income expected to be realized within the next 12 months. Backlog should not be relied upon as a standalone indicator of future results. See "Item 1A. Risk Factors" included in our 2025 Annual Report for factors that could cause revenues to be realized in periods and at levels that are different from originally projected.

Subject to the foregoing discussions, the following table provides estimated backlog as of the dates indicated and the amounts we reasonably estimate will be recognized within the next 12 months following March 31, 2026:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Amounts estimated to be recognized within 12 months** | **March 31, 2026** | **December 31, 2025** | **March 31, 2025** |
| | **(In millions)** | **(In millions)** | **(In millions)** | **(In millions)** |
| E&M | $2639.1 | $3291.2 | $2843.8 | $2704.4 |
| T&D | 293.7 | 388.9 | 384.5 | 353.1 |
| Total | $2932.8 | $3680.1 | $3228.3 | $3057.5 |

---

Changes in backlog from period to period are primarily the result of fluctuations in the timing of contract awards and timing of revenue recognition of contracts.

------

**Non-GAAP Financial Measures**

All financial information presented in this Quarterly Report 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: EBITDA, EBITDA margin and free cash flow. We evaluate our operating performance using EBITDA and EBITDA margin, and we evaluate our liquidity using free cash flow. These non-GAAP financial measures are not intended as alternatives to GAAP financial measures and have limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results as reported under GAAP. Because of these limitations, EBITDA, EBITDA margin and free cash flow should not be considered as replacements for net income, net income margin or cash provided by (used in) operating activities, the most comparable GAAP measures, respectively. Our non-GAAP financial measures are not standardized; therefore, it may not be possible to compare them with other companies' EBITDA, EBITDA margin and free cash flow having the same or similar names.

***EBITDA and EBITDA Margin***

We utilize EBITDA and EBITDA margin to consistently assess our operating performance and as a basis for strategic planning and forecasting, since we believe that EBITDA closely correlates to long-term enterprise value. We believe that measuring performance on an EBITDA basis is useful to investors, because it enables a more consistent evaluation of our operational performance period to period. We also believe these non-GAAP financial measures, in addition to the corresponding GAAP measures of net income and net income margin, are useful to investors to provide meaningful information about operational efficiency by excluding the impacts of differences in tax jurisdictions and structures, debt levels and capital investment. Investors also may use EBITDA to calculate leverage as a multiple of EBITDA. We use EBITDA and EBITDA margin, in addition to GAAP metrics, to evaluate our operating results, calculate compensation packages and determine leverage as a multiple of EBITDA to establish the appropriate funding of operations.

EBITDA is calculated by adding back interest expense, net of interest income, income taxes, and depreciation and amortization to net income. EBITDA margin is calculated by dividing EBITDA by operating revenues. EBITDA and EBITDA margin are considered non-GAAP financial measures and are comparable to the corresponding GAAP measures of net income and net income margin, respectively.

The following table reconciles net income to EBITDA and provides the calculation of EBITDA margin.

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **(In millions, except percentages)** | **(In millions, except percentages)** |
| Net income  | $58.3 | $36.7 |
| Interest expense, net | 2.3 | 4.7 |
| Income taxes | 20.3 | 13.6 |
| Depreciation and amortization | 8.0 | 6.8 |
| EBITDA  | $88.9 | $61.8 |
| Operating revenues | $1036.9 | $826.6 |
| Net income margin | 5.6% | 4.4% |
| EBITDA margin | 8.6% | 7.5% |

---

------

***Free Cash Flow***

We use free cash flow as a measure of liquidity that indicates how much cash we can produce after taking cash outflows from operations and assets into consideration. We believe this non-GAAP financial measure, in addition to the corresponding GAAP measure of cash provided by (used in) operating activities, is useful to investors because it provides meaningful information about our financial health and our ability to generate cash, support additional debt obligations, pay potential future dividends and fund growth. Free cash flow does not represent our residual cash flow available for discretionary purposes.

Free cash flow is defined as net cash provided by (used in) operating activities less net capital expenditures.

The following table reconciles cash provided by operating activities to free cash flow.

---

| | | |
|:---|:---|:---|
| | **Three months ended March 31,** | **Three months ended March 31,** |
| | **2026** | **2025** |
| | **(In millions)** | **(In millions)** |
| Net cash used in investing activities  | $(14.3) | $(14.8) |
| Net cash used in financing activities  | $(6.5) | $(4.3) |
| Net cash provided by operating activities  | $143.7 | $7.1 |
| Capital expenditures | (15.5) | (18.5) |
| Net proceeds from sale or disposition of property, plant and equipment | 3.7 | 3.3 |
| Free cash flow  | $131.9 | $(8.1) |

---

**Liquidity and Capital Resources** 

As of March 31, 2026 and December 31, 2025, we had $293.4 million and $170.5 million of cash, cash equivalents and restricted cash, respectively, including $18.4 million and $17.8 million of restricted cash held by the Captive Cell, respectively.

On April 2, 2026, we announced the acquisition of SE&M for $158 million, subject to certain closing adjustments, funded by cash on hand.

To fund day-to-day operations, we may use cash on hand and third-party credit facilities that are available through certain credit arrangements we have in place. In addition, we have a centralized cash management model to monitor and help maximize daily cash flows for our cash needs.

Our ability to fund our cash needs depends on the ongoing ability to generate cash from operations and obtain debt financing with competitive rates. We rely on access to capital markets as sources of liquidity for capital requirements not satisfied by cash flows from operations.

Our principal uses of cash are to fund our operations, working capital needs, capital expenditures, repayment of borrowings and strategic business development transactions.

On October 31, 2024, we entered into a five-year senior secured credit agreement (the "Credit Agreement"), whereby we have the capacity to incur indebtedness of up to $525.0 million, consisting of a $300.0 million term loan ("Term Loan"), in aggregate principal amount, and a $225.0 million revolving credit facility ("Revolving Credit Facility"). Letters of credit are available under the Credit Agreement in an aggregate amount of up to $50.0 million.

The Term Loan and the Revolving Credit Facility both bear interest at an annual rate equal to adjusted term Secured Overnight Financing Rate, defined in a customary manner ("Term SOFR") plus an applicable rate.

The Credit Agreement contains financial covenants requiring us to maintain a maximum consolidated total net leverage ratio of 3.00:1.00 and a minimum interest coverage ratio of 3.00:1.00, in each case, measured as of the last day of each fiscal quarter. The consolidated total net leverage ratio may be increased at our option to 3.50:1.00 in connection with certain qualifying material acquisitions. The covenants also include restrictions on the sale of certain assets, loans and investments.

The Term Loan requires quarterly amortization payments of 5.00% per annum of the original principal amount thereof. We repaid our required quarterly amortization payments totaling $3.8 million of the Term Loan during each of the three months ended March 31, 2026 and 2025.

------

As of March 31, 2026 and December 31, 2025, we had $281.2 million and $285.0 million outstanding under the Term Loan, respectively, with $228.2 million of available capacity under the Revolving Credit Facility, net of $2.2 million of outstanding standby letters of credit, for each period presented.

In order to borrow under the debt instruments, we must be in compliance with the applicable covenants and certain other conditions, all of which we were in compliance with as of March 31, 2026. Non-compliance with applicable covenants or conditions may constitute an event of default under the Credit Agreement. Subject to any applicable cure periods, failure to remedy such a default may require us to pursue alternative sources of funding. For additional information on our debt arrangements, refer to Note 6 – Debt in the unaudited condensed consolidated financial statements contained elsewhere in this Quarterly Report.

***Working Capital***

Working capital, defined as current assets minus current liabilities, was $617.2 million and $560.2 million as of March 31, 2026 and December 31, 2025, respectively. Our working capital requirements may increase when we commence multiple projects or particularly large projects because labor, subcontractor, inventory and certain other costs typically become payable before the receivables resulting from work performed are collected. Working capital may also increase when we incur costs for work that is the subject of unpaid retainage, change orders and claims. The typical payment billing terms are due within 30 days but may differ depending on contract terms. Retention on receivables can impact the cash collection cycle beyond expenses incurred. The timing of billings and project completions can contribute to changes in unbilled revenue. As of March 31, 2026, we expect that substantially all unbilled receivables will be billed to customers in the normal course of business within the next 12 months.

***Capital Expenditures***

Our cash capital expenditures for the three months ended March 31, 2026, were $15.5 million, or $11.8 million net of proceeds from asset disposals, compared to $18.5 million, or $15.2 million net of proceeds from asset disposals, for the three months ended March 31, 2025. Capital expenditures were primarily used for vehicle, equipment and building investments to support the growth of our business. For the three months ended March 31, 2026 and 2025, capital expenditures were funded by internal sources and borrowings under our credit and financing arrangements.

We expect capital expenditures and commitments for equipment purchase, lease and rental arrangements to be necessary for the foreseeable future in order to meet anticipated demand for our services. We still expect gross capital expenditures for full-year 2026 to be in the range of $90.0 million to $100.0 million. Actual capital expenditures may increase or decrease depending upon business activity levels, as well as ongoing assessments of equipment leasing versus purchasing decisions based on short- and long-term equipment requirements. We continuously monitor our capital expenditures for project delays and changes in economic viability and adjust, as necessary. We anticipate that the combination of cash on hand, cash flows from operations, credit facilities and issuances of debt and equity securities, if necessary, will provide sufficient funding to enable us to meet the need of future capital expenditures.

We also continue to evaluate the potential for future acquisitions and other growth opportunities that would be incremental to our capital program; however, they are dependent on the availability of opportunities and, as a result, capital expenditures may vary significantly from the estimated range provided.

***Cash Flows***

The following table summarizes our net cash provided by (used in) operating, investing and financing activities for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
| **Three months ended March 31,** | **2026** | **2025** |
|  | **(In millions)** | **(In millions)** |
| Net cash provided by (used in): |  |  |
| &nbsp;&nbsp;Operating activities | $143.7 | $7.1 |
| &nbsp;&nbsp;Investing activities | (14.3) | (14.8) |
| &nbsp;&nbsp;Financing activities | (6.5) | (4.3) |
| Increase (decrease) in cash, cash equivalents and restricted cash | 122.9 | (12.0) |
| Cash, cash equivalents and restricted cash - beginning of period | 170.5 | 86.0 |
| Cash, cash equivalents and restricted cash - end of period  | $293.4 | $74.0 |

---

------

**Operating Activities**

Cash provided by operating activities totaled $143.7 million for the three months ended March 31, 2026, compared to $7.1 million for the three months ended March 31, 2025, an increase of $136.6 million. The increase in cash provided by operating activities was primarily driven by favorable changes in operating assets and liabilities to support company growth, including revenue growth, and increased operating results.

These changes in operating assets and liabilities drove an increase in cash period-over-period with a source of cash of $66.7 million for the three months ended March 31, 2026, compared to a use of cash of $33.6 million for the three months ended March 31, 2025. The changes in operating assets and liabilities period-over-period were primarily related to increases in cash from changes in net contract liabilities, contract assets and other current assets of $60.6 million, $52.6 million and $19.2 million, respectively, partially offset by decreases in cash from changes in other current liabilities, receivables and accounts payable of $12.2 million, $10.7 million and $10.1 million, respectively.

**Investing Activities**

Cash used in investing activities totaled $14.3 million for the three months ended March 31, 2026, compared to $14.8 million for the three months ended March 31, 2025, a decrease of $0.5 million in cash used in investing. The decrease in cash used in investing activities was primarily due to lower net capital expenditures of $3.4 million, partially offset by proceeds from insurance contracts of $2.2 million during the three months ended March 31, 2025 and decreases in cash from changes in investments of $0.7 million.

**Financing Activities**

Cash used in financing activities totaled $6.5 million for the three months ended March 31, 2026, compared to $4.3 million for the three months ended March 31, 2025, an increase in cash used in financing activities of $2.2 million. The increase in cash used in financing activities was primarily the result of higher cash outflows related to the tax withholding on stock-based compensation.

***Material Cash Requirements***

There were no material changes in our contractual obligations from those reported in our 2025 Annual Report. For more information on our contractual obligations, refer to "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Material Cash Requirements" in our 2025 Annual Report.

***Off-Balance Sheet Arrangements***

As is common in our industry, we enter into certain off-balance sheet arrangements in the ordinary course of business that result in risks not directly reflected on our balance sheet. Our significant off-balance sheet transactions can include, but are not limited to, surety guarantees, performance guarantees, letters of credit obligations and firm purchase commitments for maintenance items, materials and lease obligations.

Some of our customers require us to post performance bonds issued by a surety. Those bonds guarantee the customer that we will perform under the terms of a contract. In the event that we fail to perform under a contract, the customer may demand the surety to pay or perform under our bond. Surety bonds expire at various times ranging from final completion of a project to a period extending beyond contract completion in certain circumstances. Such amounts also can fluctuate from period to period based upon the mix and level of our bonded operating activity. Our relationship with our sureties is such that we will indemnify the sureties for any expenses they incur in connection with any of the bonds they issue on our behalf.

As of both March 31, 2026 and December 31, 2025, we had approximately $2.10 billion in surety bonds outstanding for projects. As of March 31, 2026 and December 31, 2025, approximately $1.66 billion of bonding was posted for E&M for each period presented, and approximately $415.4 million and $410.0 million of bonding was posted for T&D, respectively. In addition, approximately $27.9 million of bonding was posted for Corporate and other for each period presented. These amounts were not reflected on the unaudited condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025. As of March 31, 2026 and December 31, 2025, the potential maximum payment amounts we would be required to make under the outstanding surety bonds were approximately $692.9 million and $767.7 million, respectively.

As of both March 31, 2026 and December 31, 2025, the Company had $18.1 million of surety-backed standby letters of credit that were included in the bonding posted for Corporate and Other.

------

To date, we are not aware of any losses in connection with surety bonds that have been posted on our behalf, and we do not expect to incur significant losses in the foreseeable future. If we experience changes in our bonding relationships or if there are adverse changes in the surety industry, there would be no assurance that we would be able to effectuate alternatives to providing surety bonds to our customers or to obtain, on favorable terms, sufficient additional work that does not require surety bonds. Accordingly, a reduction in the availability of surety bonds could have a material adverse effect on our financial position, financial results and cash flows.

We also guarantee obligations of our subsidiaries under certain contracts. Generally, we are liable under such an arrangement only if our subsidiary fails to perform its obligations under the contract. As of March 31, 2026 and December 31, 2025, the fixed maximum amounts guaranteed under these agreements aggregated to $769.5 million and $641.1 million, respectively. Historically, we have not incurred any substantial liabilities as a consequence of these guarantees. However, in the event of default under these guarantee obligations, we would be required to make payments to satisfy our guarantees.

In addition to the above guarantees, there were $2.2 million of outstanding standby letters of credit for certain guarantees to third parties under our under our Revolving Credit Facility as of both March 31, 2026 and December 31, 2025. In the event we default under these letter-of-credit obligations, we would be obligated for reimbursement of payments made under the letters of credit.

We do not have any other material financial guarantees or off-balance sheet arrangements other than those disclosed herein. For more information on the circumstances regarding our guarantees and off-balance sheet arrangements, refer to Note 12 – Commitments, Contingencies and Guarantees in the unaudited condensed consolidated financial statements contained elsewhere in this Quarterly Report.

**Recently Issued Accounting Pronouncements** 

For a discussion of recently issued accounting standards, see Note 2 – Basis of Presentation and Summary of Significant Accounting Policies in the unaudited condensed consolidated financial statements contained elsewhere in this Quarterly Report.

 **Critical Accounting Estimates**

There have been no material changes in our critical accounting estimates from those that were disclosed in our 2025 Annual Report. For further information regarding our critical accounting estimates, please refer to "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates" included in our 2025 Annual Report.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk.** 

We are exposed to market risks in the ordinary course of our business, including the effects of interest rate changes, commodity price risk and inflation. Information relating to quantitative and qualitative disclosures about these market risks is set forth below. For more information on our risk factors, including market risk factors, that could be materially harmful to our business, prospects, financial condition and/or financial results if they occur, please refer to "Item 1A. Risk Factors" in our 2025 Annual Report.

***Interest Rate Risk***

The primary objective of our investment activities is to maintain cash reserves to meet captive insurance obligations, employee compensation and benefit obligations, and contractual obligations. A mismatch between the duration of liabilities and the duration of investments could expose us to interest rate risk. If interest rates fluctuate, the value of assets may not adequately cover liabilities. And if our investments mature during a period of lower interest rates, we may face reinvestment risk and potentially earn less income on reinvested funds. We will continue to evaluate our investments in order to ensure that we continue to meet our overall objectives. We have a captive insurance arrangement in order to manage our casualty and operational risk.

------

We are exposed to interest rate volatility with regard to our long-term debt obligations, which bear interest at variable rates. As of March 31, 2026, we had $281.2 million outstanding under the Term Loan and no outstanding balance under the Revolving Credit Facility. Outstanding amounts, if any, for the Term Loan and Revolving Credit Facility both bear interest at Term SOFR plus an applicable rate exposing us to higher interest rate risk. As of March 31, 2026, the interest rate was 5.70% for the Term Loan. Therefore, a 1% increase to the variable interest rate would have increased the rate to 6.70% and increased our interest expense by approximately $2.8 million based on the expected balances outstanding for the Term Loan over the next 12 months as of March 31, 2026. Going forward, the level of our interest rate risk will depend on our utilization of the Revolving Credit Facility and the outstanding debt amount under the Term Loan and will be sensitive to changes in the general level of interest rates.

***Commodity Price and Inflation Risk***

Our operations are affected by fluctuations in commodity prices whether caused by inflation, imposed and proposed tariffs, involvement or indirect effects from global conflicts or other economic factors. These fluctuations in commodity prices generally affect us by increasing transportation and construction costs due to higher fuel or material and/or supply prices including, but not limited to, prices for copper, aluminum, steel, electrical components and certain plastics.

In addition, the cost of labor may increase due to similar factors mentioned above, such as inflation or other economic factors. While we do not believe that these factors have had a material effect on our business, financial condition, or financial results for the periods included in our unaudited condensed consolidated financial statements, we continue to monitor the impact of such factors in order to minimize their effects through our pricing strategies, productivity improvements and cost reductions. If our costs were to become subject to significant economic and/or inflationary pressures, we may be unable to fully offset such higher costs through price increases. Our inability or failure to do so could harm our business, financial condition and/or financial results.

**Item 4. Controls and Procedures.**

The following information includes the evaluation of disclosure controls and procedures by the Company's chief executive officer and chief financial officer, along with any significant changes in internal controls of the Company.

***Evaluation of Disclosure Controls and Procedures***

The term "disclosure controls and procedures" is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. The Company's disclosure controls and other procedures are designed to provide reasonable assurance that information required to be disclosed in the reports that the Company files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. The Company's disclosure controls and other procedures are designed to provide reasonable assurance that information required to be disclosed is accumulated and communicated to management, including the Company's chief executive officer and chief financial officer, to allow timely decisions regarding required disclosure. The Company's management, with the participation of the Company's chief executive officer and chief financial officer, has evaluated the effectiveness of the Company's disclosure controls and other procedures as of the end of the period covered by this report. Based upon that evaluation, the chief executive officer and the chief financial officer have concluded that, as of the end of the period covered by this report, such controls and procedures were effective at a reasonable assurance level.

***Changes in Internal Controls***

There have been no changes in the Company's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended March 31, 2026, that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

------

***Limitations on the Effectiveness of Internal Controls***

The Company's management, including its chief executive officer and chief financial officer, does not expect that the Company's disclosure controls and procedures or its internal control over financial reporting will detect or prevent all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements and cannot guarantee that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and breakdowns can occur because of simple errors or mistakes. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.

------

**PART II — OTHER INFORMATION**

**Item 1. Legal Proceedings.**

SEC regulations require us to disclose certain information about proceedings arising under federal, state or local environmental provisions if we reasonably believe that such proceedings may result in monetary sanctions above a stated threshold. Pursuant to SEC regulations, we have adopted a threshold of $1.0 million for purposes of determining whether disclosure of any such proceedings is required.

As of March 31, 2026, there were no material changes to the legal proceedings that were disclosed in the Company's 2025 Annual Report.

**Item 1A. Risk Factors.**

As of March 31, 2026, there were no material changes to the Company's risk factors that were previously disclosed in the Company's 2025 Annual Report. Please refer to the Company's 2025 Annual Report for the risk factors that could materially harm the Company's business, prospects, financial results and/or financial condition if they occur.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

None.

**Item 3. Defaults Upon Senior Securities.**

None.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**Item 5. Other Information.**

During the three months ended March 31, 2026, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

------

**Item 6. Exhibits.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** |
|<br>**Exhibit Number** |<br>**Exhibit Description** |<br>**Filed Herewith** |<br>**Furnished Herewith** | **Form** | **Exhibit** | **Filing Date** | **File Number** |
| 3.1 | <u>[Amended and Restated Certificate of Incorporation of Everus Construction Group, Inc.](https://www.sec.gov/Archives/edgar/data/2015845/000114036124044886/ef20037700_ex3-1.htm)</u> |  |  | 8-K | 3.1 | 11/1/24 | 001-42276 |
| 3.2 | <u>[Amended and Restated Bylaws of Everus Construction Group, Inc.](https://www.sec.gov/Archives/edgar/data/2015845/000114036124044886/ef20037700_ex3-2.htm)</u> |  |  | 8-K | 3.2 | 11/1/24 | 001-42276 |
| 10.1 | <u>[For](q12026-exhibit101.htm)[m of](q12026-exhibit101.htm)[Everus Construction Group, Inc.](q12026-exhibit101.htm)[R](q12026-exhibit101.htm)[estricted Stock Unit Award Agreement under the Everus Constru](q12026-exhibit101.htm)[ction Group](q12026-exhibit101.htm)[, I](q12026-exhibit101.htm)[nc. Long-Term Performance](q12026-exhibit101.htm)[-Based Incentive Plan](q12026-exhibit101.htm)[,](q12026-exhibit101.htm)[Off-](q12026-exhibit101.htm)[Cycle](q12026-exhibit101.htm)</u>+ | X |  |  |  |  |  |
| 10.2 | <u>[Employment Offer Letter with](q12026-exhibit102.htm)[Timothy R. Sznewajs](q12026-exhibit102.htm)[, dated](q12026-exhibit102.htm)[March 18, 2025](q12026-exhibit102.htm)</u>+ | X |  |  |  |  |  |
| 10.3 | <u>[F](q12026-exhibit103.htm)[orm of Everus Construction Gro](q12026-exhibit103.htm)[up](q12026-exhibit103.htm)[, I](q12026-exhibit103.htm)[nc. Restricted Stock Unit Award Agreement for Non-Employee Directors under the Everus Construction](q12026-exhibit103.htm)[Group, Inc. Long-Term Performance-Based Incentive Plan](q12026-exhibit103.htm)</u>+ | X |  |  |  |  |  |
| 31.1 | <u>[Certification of Chief Executive Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](a2026q1ex311-ecgxuse.htm)</u> | X |  |  |  |  |  |
| 31.2 | <u>[Certification of Chief Financial Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](a2026q1ex312-ecgxuse.htm)</u> | X |  |  |  |  |  |
| 32.1 | <u>[Certification of Chief Executive Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](a2026q1ex321-ecgxuse.htm)</u> |  | X |  |  |  |  |
| 32.2 | <u>[Certification of Chief Financial Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](a2026q1ex322-ecgxuse.htm)</u> |  | X |  |  |  |  |
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |  |  |  |  |  |  |
| 101.SCH | XBRL Taxonomy Extension Schema Document |  |  |  |  |  |  |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |  |  |  |  |  |  |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |  |  |  |  |  |  |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |  |  |  |  |  |  |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |  |  |  |  |  |  |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |  |  |  |  |  |  |

---

+ Management contract, compensatory plan or arrangement.<br>

------

**SIGNATURES**

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 thereunto duly authorized.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everus Construction Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everus Construction Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everus Construction Group, Inc. |
| Date: | May 6, 2026 | By: | /s/ Maximillian J Marcy | /s/ Maximillian J Marcy |
|  |  |  | Name: | Maximillian J Marcy |
|  |  |  | Title: | Vice President, Chief Financial Officer and Treasurer |
|  |  |  |  | (Principal Financial Officer) |
|  |  | By: | /s/ Jon B. Hunke | /s/ Jon B. Hunke |
|  |  |  | Name: | Jon B. Hunke |
|  |  |  | Title: | Vice President and Chief Accounting Officer |
|  |  |  |  | (Principal Accounting Officer) |

---

## Exhibit 10.1

**EVERUS CONSTRUCTION GROUP, INC.**

**LONG-TERM PERFORMANCE-BASED INCENTIVE PLAN**

**RESTRICTED STOCK UNIT ("RSU") AWARD NOTICE**

[Grant Date]

[Participant Name]

This Award Notice evidences the award of RSUs (the "Award") that have been granted to you (the "Participant") pursuant to an action of the Everus Construction Group, Inc. (the "Company") Compensation Committee (the "Committee") of the Company's Board of Directors (the "Board"), subject to the Participant's acceptance of the terms of this Award Notice, the RSU Award Agreement, which is attached hereto (the "Award Agreement"), and the Everus Construction Group, Inc. Long-Term Performance-Based Incentive Plan (the "Plan").

When vested, each RSU entitles the Participant to receive one share of common stock of the Company (the "Shares").

The RSUs are granted pursuant to the terms of the Plan and the attached Award Agreement (Annex A), the terms and provisions of both of which are incorporated by reference herein.

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| | |
|:---|:---|
| Grant Date: | [Grant Date]  |
| Number of RSUs: | [No. of Shares] RSUs, subject to adjustment as provided under Section 4.2 of the Plan. |
| Vesting Commencement Date: | [Vesting Commencement Date] |
| Vesting Schedule: | Subject to the provisions of the Award Agreement and the Plan, provided that the Participant remains continuously employed by the Company and/or any Subsidiary and/or any entity that controls or is under common control with the Company or any Subsidiary (an "Affiliate") through the applicable vesting date described below, the RSUs (and related Dividend Equivalents, if any) shall vest in respect of (i) one-third of the RSU Shares and Dividend Equivalents on the first anniversary of **<u>the Grant Date</u>** (the "First Vesting Date"), (ii) one-third of the RSU Shares and Dividend Equivalents on the second anniversary of **<u>the Vesting Commencement Date</u>** (the "Second Vesting Date") and (iii) one-third of the RSUs and Dividend Equivalents on the third anniversary of **<u>the Vesting Commencement Date</u>** (the "Third Vesting Date"). Each  |

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|:---|
| of the First Vesting Date, the Second Vesting Date, and the Third Vesting Date are referred to herein as a "Vesting Date."<br>Except for termination of employment due to Retirement, death or Disability or in the event of a Qualifying Termination, any unvested portion of the Award will be forfeited and/or cancelled on the date the Participant ceases to be an employee of the Company or an Affiliate. <br>For purposes of this Award: <br>"Cause" means, if the Participant is a participant in the Company's Change in Control Severance Plan, the definition set forth in such plan, and otherwise (a) the Participant's fraud or dishonesty that has resulted, or is likely to result, in material economic damage to the Company or a Subsidiary, or (b) the Participant's willful nonfeasance if such nonfeasance is not cured within ten days of written notice from the Company or a Subsidiary, in each case as determined in good faith by a vote of at least two-thirds of the non-employee members of the Board at a meeting of the Board at which the Participant is provided an opportunity to be heard. <br>"Good Reason" means if the Participant is a participant in the Company's Change in Control Severance Plan, the definition set forth in such plan, and otherwise the occurrence of any of the following without the Participant's prior written consent:  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)A reduction of the Participant's annual base salary, target annual incentive, or target annual long-term incentive opportunity, in each case, from that in effect immediately prior to the Change in Control, or if higher, that in effect at any time thereafter; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)A relocation of the Participant's primary place of employment by more than fifty miles; or <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Any material reduction in the Participant's titles, authority, reporting relationship, duties, or responsibilities. |

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In order to invoke a termination for Good Reason, the Participant shall provide written notice to the Company of the existence of one or more of the conditions described in clauses (a) through (c) within ninety days after the Participant first becomes aware of the existence of such condition or conditions, specifying in reasonable detail the conditions constituting Good Reason, and the Company shall have thirty days following receipt of such written notice (the "Cure Period") during which it may remedy the condition. In the event that the Company fails to remedy the condition constituting Good Reason during the applicable Cure Period, the Participant's "Separation from Service" (within the meaning of Section 409A of the Code) must occur, if at all, within thirty days from the earlier of (i) the end of the Cure Period, or (ii) the date the Company provides written notice to the Participant that it does not intend to cure such condition. The Participant's mental or physical incapacity following the occurrence of an event described above in clauses (a) through (c) shall not affect the Participant's ability to terminate employment for Good Reason and the Participant's death following delivery of a notice of termination for Good Reason shall not affect the Participant's estate's entitlement to the severance payments and benefits provided hereunder upon a termination of employment for Good Reason. <br>"Qualifying Termination" means a termination of the Participant's employment during the two-year period beginning on and including the date of a Change in Control, by the Participant for Good Reason or by the Company other than for Cause, death, or Disability.<br>"Retirement" means a Participant's termination of employment other than for Cause after the Participant has reached age 55 and completed 10 Years of Service. <br>"Year of Service" shall mean the full twelve-month years a Participant is employed by the Company and/or a Subsidiary.<br>

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| | |
|:---|:---|
| Settlement Date: | Except as otherwise expressly provided in the Award Agreement and the Plan, each vested RSU will be settled in Shares, and all vested Dividend Equivalents, if any, will be paid in cash, as soon as practicable following vesting but in no event later than sixty days after such RSUs vest. |
| Dividend Equivalents: | Yes (if the Company pays dividends). (The Company does not currently pay dividends so this is not currently applicable.) |

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THESE RSUs ARE SUBJECT TO FORFEITURE AS PROVIDED HEREIN.

Subject to the terms of the Plan, decisions and interpretations of the Committee are final, conclusive, and binding upon any questions arising under the Award Agreement or the Plan.

***The Participant must accept this Award Notice by logging onto their account with Fidelity Investments and accepting this Award Notice and the Award Agreement. If the Participant fails to do so, the RSUs will be null and void. By accepting the RSUs granted to the Participant in this Award, the Participant agrees to be bound by all of the provisions set forth in this Award Notice, the Award Agreement, and the Plan.***

<u>Attachments</u>:

Annex A: Restricted Stock Unit Award Agreement

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**<u>ANNEX A</u>**

**RESTRICTED STOCK UNIT ("RSU") AWARD AGREEMENT**

It is understood and agreed that the Award of RSUs evidenced by the Award Notice to which this is annexed is subject to the following additional terms and conditions.

1.**Grant of RSUs**. On the Grant Date, the Participant was awarded the number of RSUs set forth in the Award Notice.

2.**Vesting of RSUs**. The RSUs shall become vested and nonforfeitable in accordance with the Vesting Schedule set forth in the Award Notice. Except as otherwise provided in this Section 2, if the Participant ceases to be an employee of the Company or an Affiliate, whether initiated by the Participant or the Company and for any reason, all rights to the RSUs that have not vested prior to the date of the Participant's termination of employment shall terminate immediately and be forfeited in their entirety without compensation to the Participant, and the forfeited RSUs shall be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Death or Disability**. In the event of the Participant's death or Disability, a pro rata portion of the total RSUs shall become immediately vested as of the date of such death or Disability based on the ratio of the number of full months of employment completed during the Vesting Schedule to the date of the Participant's death or Disability divided by the total number of months in the Vesting Schedule reduced by the number of shares that have already vested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Termination of Service Due to Retirement**. If the Participant terminates employment due to Retirement, then if the effective date of such Retirement is (i) during the first year of the Vesting Schedule (i.e., prior to the First Vesting Date), all of the Participant's rights to the RSUs shall terminate immediately and be forfeited in their entirety, without compensation to the Participant, and the forfeited RSUs shall be cancelled, (ii) during the second year of the Vesting Schedule, (i.e., between the First Vesting Date and the Second Vesting Date) a pro rata portion of the total RSUs shall become immediately vested as of the date of the Participant's termination of employment, based on the ratio of the number of full months of employment completed during the Vesting Schedule to the date of the Participant's termination of employment divided by the total number of months in the Vesting Schedule reduced by the number of shares that have already vested, and (iii) during the third year of the Vesting Schedule (i.e., between the Second Vesting Date and the Third Vesting Date), the Participant's RSUs shall become immediately fully vested as of the date of the Participant's termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**Qualifying Termination**. If the Participant experiences a Qualifying Termination, any Replacement Award granted in respect of the RSUs shall vest in full immediately upon the date of such termination of employment.

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3.**Settlement of RSUs**. Subject to Section 9, vested RSUs shall be settled by the issuance of Shares as soon as reasonably practicable (and in no event later than sixty days) following the earliest to occur of (a) the originally scheduled Vesting Date, (b) the Participant's death, (c) the Participant's Disability, and (d) the Participant's Separation from Service for any reason within two years following a Change in Control (provided that to the extent necessary to avoid the application of a penalty under Section 409A, this clause (d) shall only apply if the applicable Change in Control constitutes a "change in ownership or effective control of" the Company or a "change in the ownership of a substantial portion of the assets of" the Company as determined under Treasury Regulation Section 1.409A-3(i)(5)).

4.**Retention of Shares**. Executives are required to own Shares at designated multiples of their base salary. If the Participant has not achieved an applicable stock ownership requirement, the Company may require the Participant to hold additional net after-tax Shares received under this Award until the requirement is met.

5.**Voting Rights**. Since RSUs do not represent actual Shares, no voting rights or other rights as a stockholder of the Company arise with respect to the RSUs until Shares have been delivered to the Participant upon settlement of the RSUs.

6.**Tax Withholding**. Pursuant to Article 14 of the Plan, the Committee has the power and the right to deduct or withhold, or require the Participant to remit to the Company, an amount sufficient to satisfy any federal, state, and local taxes (including the Participant's FICA obligations) required by law to be withheld with respect to the Award. The Committee may condition the delivery of vested Shares upon the Participant's satisfaction of such withholding obligations. The withholding requirement for Shares will be satisfied by the Company withholding Shares having a fair market value equal to federal income tax withholding obligations using an IRS accepted methodology plus additional amounts for state and local tax purposes, as applicable, including payroll taxes, that are applicable to such supplemental taxable income but with rates not to exceed the maximum effective statutory rates, unless the Participant elects, in a manner satisfactory to the Committee, to remit an amount to satisfy the withholding requirement subject to such restrictions or limitations that the Committee, in its sole discretion, deems appropriate. Such election must be made before, and is irrevocable after, December 15 of the last year in the Vesting Schedule, and cannot be made or revoked while the Participant possesses information that will be material nonpublic information at the time the Shares are issued such that the Participant would be prohibited from trading on the Company's stock under its Insider Trading Policy.

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7.**Non-Guarantee of Employment Relationship or Future Awards**. Nothing in the Plan, the Award Notice, or this Award Agreement will alter the Participant's at-will or other employment status with the Company or an Affiliate, nor be construed as a contract of employment between the Participant and the Company or an Affiliate, or as a contractual right for the Participant to continue in the employ of the Company or an Affiliate for any period of time, or as a limitation of the right of the Company or an Affiliate to discharge the Participant at any time with or without cause or notice and whether or not such discharge results in the forfeiture of any of the Participant's RSUs, or as a right to any future Awards.

8.**Non-transferability of RSUs**. No RSUs granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution.

9.**Section 409A.** This Award Agreement and the RSUs granted hereunder are intended to comply with the requirements of Section 409A or an exemption or exclusion therefrom, and, with respect to RSUs that are subject to Section 409A, the Plan and this Award Agreement shall be interpreted and administered in all respects in accordance with Section 409A (including with respect to the application of any defined terms to RSUs that constitute nonqualified deferred compensation, which defined terms shall be interpreted to have the meaning required by Section 409A to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A). Each payment (including the delivery of Shares) under the RSUs that constitutes nonqualified deferred compensation subject to Section 409A shall be treated as a separate payment for purposes of Section 409A. In no event may the Participant, directly or indirectly, designate the calendar year of any payment to be made under this Award Agreement that constitutes nonqualified deferred compensation subject to Section 409A. Notwithstanding any other provision of this Award Agreement to the contrary, if the Participant is a "Specified Employee" within the meaning of Section 409A of the Code (as determined in accordance with the methodology established by the Company as in effect on the date of the Participant's separation from service within the meaning of Section 409A ("Separation from Service")), amounts that constitute nonqualified deferred compensation within the meaning of Section 409A that would otherwise be payable by reason of the Participant's Separation from Service during the six-month period immediately following such Separation from Service shall instead be paid or provided on the first business day following the date that is six months following the Participant's Separation from Service.

10.**Personal Information**. The Participant agrees that the Company and its suppliers or vendors may collect, use, and disclose the Participant's personal information for the purposes of the implementation, management, administration, and termination of the Plan.

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11.**Amendment**. The Committee may amend, alter, modify, suspend, or terminate the Award Notice or this Award Agreement at any time and from time to time, in whole or in part; provided, however, no amendment, alteration, modification, suspension, or termination of the Award Notice or Award Agreement shall adversely affect in any material way the Award Notice or this Award Agreement, without the Participant's written consent, except to the extent such amendment, alteration, modification, suspension, or termination is reasonably determined by the Committee in its sole discretion to be necessary to comply with applicable laws, rules, regulations, or is necessary for such approvals by any governmental agencies or national securities exchanges as may be required.

12.**Binding Effect**. This Award Agreement shall inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer set forth herein, be binding upon the Participant and the Participant's heirs, beneficiaries, executors, legal representatives, successors and assigns.

13.**Integrated Agreement**. The Award Notice, this Award Agreement, and the Plan constitute the entire understanding and agreement between the Participant and the Company with respect to the subject matter contained herein or therein and supersedes any prior agreements, understandings, restrictions, representations, or warranties between the Participant and the Company with respect to such subject matter other than those as set forth or provided for herein or therein.

14.**Ratification of Actions**. By accepting the Award or other benefit under the Plan, the Participant and each person claiming under or through the Participant shall be conclusively deemed to have indicated their acceptance and ratification of, and consent to, any action taken under the Plan or the Award by the Company, its Board of Directors, or the Committee.

15.**Notices**. Any notice hereunder to the Company shall be addressed to its office, 1730 Burnt Boat Drive, Bismarck, North Dakota 58503; Attention: Chief Legal Officer, and any notice hereunder to the Participant shall be addressed to the Participant at the address on file with the Company, subject to the right of either party to designate at any time hereafter in writing some other address.

16.**Governing Law and Severability**. To the extent not preempted by federal law, the Award Notice and this Award Agreement shall be governed and construed in accordance with the laws of the State of Delaware, without regard to conflicts of law provisions. In the event any provision of the Award Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Award Agreement, and the Award Agreement shall be construed and enforced as if the illegal or invalid provision had not been included.

17.**Definitions**. Capitalized terms not otherwise defined herein or in the Award Notice shall have the meanings given to them in the Plan.

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18.**Construction**. Captions and titles contained in this Award Agreement are for convenience only and shall not affect the meaning or interpretation of any provision of this Award Agreement. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term "or" is not intended to be exclusive, unless the context clearly requires otherwise.

19.**Conformity**. This Award Agreement is intended to conform in all respects with, and is subject to all applicable provisions of, the Plan. Any conflict between the terms of the Award Notice, this Award Agreement and the Plan shall be resolved in accordance with the terms of the Plan. In the event of any ambiguity in the Award Notice or this Award Agreement or any matters as to which the Award Notice and this Award Agreement are silent, the Plan shall govern. Any conflict between the terms of the Award Notice and the Award Agreement shall be resolved in accordance with the terms of the Award Agreement.

20.**Dividend Equivalents**. Dividend Equivalents, if any, will be earned with respect to any Shares issued pursuant to the Award. The amount of Dividend Equivalents earned shall be equal to the total dividends, if any, declared on a Share for stockholders of record between the Grant Date of this Award and the vesting date of the RSUs, multiplied by the number of Shares issued pursuant to the vesting of the RSUs awarded in the Award Agreement. Any Dividend Equivalents earned shall be paid in cash when the Shares to which they relate are issued or as soon thereafter as practicable, but no later than 60 days after the Shares are issued. No Dividend Equivalents will be issued for unvested or forfeited RSUs.

21.**Affirmative and Restrictive Covenants.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Confidential Information.**

*Note. The restrictive covenants against competition and covenants against the solicitation of customers set forth in Sections 21(c) and 21(e), respectively, are only intended to be enforceable to the extent permissible under state law. To the extent the Participant's state of residence prohibits the applicability of a covenant against non-competition (e.g., a resident living in California, North Dakota, Minnesota, or Oklahoma) or the applicability of a covenant against the non-solicitation of customers, such a covenant will not be enforceable by the Employer Group. To the extent the Participant's state of residence restricts the applicability of a covenant against non-competition or the applicability of a covenant against the non-solicitation of customers, such a covenant shall be applied and interpreted as only applying to the maximum extent permissible under that applicable state's law.*

*If any of the following covenants are determined to be prohibited or restricted, it shall be severable from the remainder of the covenants and shall not invalidate or affect the other provisions of this Award Agreement, which shall remain in full force and effect and shall be enforceable according to its terms. No covenant shall be dependent upon any other covenant or provision herein, each of which stands independently.*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Nondisclosure of Confidential Information</u>**. The Participant understands and acknowledges that during the course of employment by the Company or any of its Subsidiaries (the "Employer Group"), the Participant will have access to and learn about Confidential Information. The Participant agrees and covenants: (i) to treat all Confidential Information as strictly confidential; (ii) not to directly or indirectly disclose, publish, communicate, or make available Confidential Information, or allow such information to be disclosed, published, communicated, or made available, in whole or in part, to any entity or person whatsoever, including other employees of the Employer Group, not having a need to know and authority to know and use the Confidential Information in connection with the business of the Employer Group and, in any event, not to anyone outside of the direct employ of the Employer Group except as required in the performance of the Participant's authorized employment duties to the Employer Group or with the prior consent of the Participant's superior acting on behalf of the Employer Group in each instance and then, such disclosure shall be made only within the limits and to the extent of such duties or consent); and (iii) not to access or use any Confidential Information, and not to copy any documents, records, files, media, or other resources containing any Confidential Information, or remove any such documents, records, files, media, or other resources from the premises or control of the Employer Group, except as required in the performance of the Participant's authorized employment duties to the Employer Group or with the prior consent of the Participant's superior acting on behalf of the Employer Group in each instance and then, such disclosure shall be made only within the limits and to the extent of such duties or consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Definition of Confidential Information</u>**. For purposes of this Award Agreement, "Confidential Information" includes, but is not limited to, all information not generally known to the public, in spoken, printed, electronic, or any other form or medium, relating directly or indirectly to: business processes, practices, methods, policies, plans, documents, operations, services, strategies, techniques, agreements, contracts, terms of agreements, transactions, potential transactions, negotiations, pending negotiations, know-how, trade secrets, computer programs, computer software, applications, operating systems, work-in-process, technologies, databases, manuals, records, systems, material, sources of material, supplier information, vendor information, financial information, results, accounting information, accounting records, legal information, pricing information, credit information, design information, payroll information, staffing information, personnel information, employee lists, supplier lists, vendor lists, customer information, customer lists, client information, client lists, manufacturing information, factory lists, distributor lists, buyer lists, developments, reports, internal controls, security procedures, sales information, revenue, and costs of the Employer Group or its businesses or any existing or prospective customer, supplier, investor, or other associated third party, or of any other person or entity that has entrusted information to the Employer Group in confidence. The Participant understands that the above list is not exhaustive, and

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that Confidential Information also includes other information that is marked or otherwise identified or treated as confidential or proprietary, or that would otherwise appear to a reasonable person to be confidential or proprietary in the context and circumstances in which the information is known or used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Exceptions to Nondisclosure</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of this Award Agreement, the Participant will not be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade secret that (A) is made: (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (2) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. If the Participant files a lawsuit for retaliation by the Employer Group for reporting a suspected violation of law, the Participant may disclose the Employer Group's trade secrets to the Participant's attorney and use the trade secret information in the court proceeding if the Participant files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II)&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Award Agreement shall be construed to prevent disclosure of Confidential Information as may be required by applicable law or regulation, or pursuant to the valid order of a court of competent jurisdiction or an authorized government agency, provided that the disclosure does not exceed the extent of disclosure required by such law, regulation, or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III)&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Award Agreement prohibits or restricts the Participant from filing a charge or complaint with the Securities and Exchange Commission (SEC), the Occupational Safety and Health Administration (OSHA), or any other regulatory or self-regulatory organization, or any other federal or state regulatory authority ("Government Agencies"). The Participant further understands that this Award Agreement does not limit the Participant's ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency without notice to the Employer Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IV)&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Award Agreement in any way prohibits or is intended to restrict or impede, and shall not be interpreted or understood as restricting or impeding, the Participant from discussing the terms and conditions of the Participant's employment with co-workers or union representatives, exercising the Participant's rights under Section 7 of the National Labor Relations Act (NLRA), exercising protected rights to the extent that such rights cannot be waived by agreement, or disclosing information as permitted by law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Acknowledgment of Legitimate Business Interests**. The Participant understands and acknowledges that: (i) the nature of the Participant's position gives the Participant access to and knowledge of Confidential Information and places the Participant in a position of trust and confidence with the Employer Group; (ii) the Participant will obtain knowledge and skill relevant to the Employer Group's industry and methods of doing business, and (iii) the Employer Group's ability to reserve these for the exclusive knowledge and use of the Employer Group is of great competitive importance and commercial value to the Employer Group, and that improper use or disclosure by the Participant is likely to result in unfair or unlawful competitive activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**Non-Competition**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Restrictions</u>**. Because of the Employer Group's legitimate business interest as described in this Award Agreement and the good <u>and</u> valuable consideration offered to the Participant, the receipt and sufficiency of which is acknowledged, during the Restricted Period, the Participant agrees and covenants not to engage in Prohibited Activity within the Restricted Territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Definitions</u>**. For purposes of this Award Agreement:

"**Prohibited Activity**" is activity in which the Participant contributes the Participant's knowledge, directly or indirectly, in whole or in part, as an employee, employer, owner, operator, manager, advisor, consultant, contractor, agent, partner, director, stockholder, officer, volunteer, intern, or any other similar capacity to an entity in competition with the Employer Group engaged in the same or similar business as the Employer Group, including those engaged in the field of electrical and mechanical contracting and construction services, and electrical transmission and distribution projects for utility, commercial, industrial, and renewable energy clients (the "Business"). Prohibited Activity also includes activity that may require or inevitably require the use or disclosure of trade secrets, proprietary information, or other Confidential Information. The Company regards as its primary, but not exclusive, competitors the following businesses and entities, or individuals: Quanta Services, Inc., EMCOR Group, Inc., MasTec, Inc., APi Group Corporation, Comfort Systems USA, Inc., Primoris Services Corporation, Dycom Industries, Inc., MYR Group Inc., IES Holdings, Inc., and Centuri Holdings, Inc. Nothing in this Award Agreement shall prohibit the Participant from purchasing or owning less than five percent (5%) of the publicly traded securities of any corporation, provided that such ownership represents a passive investment and that the Participant is not a controlling person of, or a member of a group that controls, such corporation.

"**Restricted Period**" means the period of the Participant's employment with the Employer Group and 12 months immediately following the termination of the Participant's employment with the Employer Group, regardless of the reason for the termination, whether voluntary or involuntary.

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"**Restricted Territory**" means the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Exceptions</u>**. This Section 21(c) does not, in any way, restrict or impede the Participant from exercising protected rights to the extent that such rights cannot be waived by agreement or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized government agency, provided that such compliance does not exceed that required by the law, regulation, or order. The Participant shall promptly provide written notice of any such order to the Company's Chief Legal Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**Non-Solicitation of Employees**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Restrictions</u>**. The Participant understands and acknowledges that the Company has expended and continues to expend significant time and expense in recruiting and training its employees and that the loss of employees would cause significant and irreparable harm to the Company. The Participant agrees and covenants not to directly or indirectly solicit, hire, recruit, or attempt to solicit, hire, or recruit, any employee of the Employer Group, or any employee who has been employed by the Employer Group in the six months preceding the last active day of Participant's employment (collectively, a "Covered Employee"), or induce the termination of employment of any Covered Employee, for a period of 12 months immediately following the termination of the Participant's employment with the Employer Group, regardless of the reason for the termination, whether voluntary or involuntary during the Restricted Period. This non-solicitation provision explicitly covers all forms of oral, written, or electronic communication, including, but not limited to, communications by email, regular mail, express mail, telephone, fax, instant message, and social media, including, but not limited to, Facebook, LinkedIn, Instagram, X (formerly Twitter), TikTok, and any other social media platform, whether or not in existence at the time of entering into this Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Exceptions</u>**. This Section 21(d) does not restrict or impede, in any way, and shall not be interpreted or understood as restricting or impeding, the Participant from discussing the terms and conditions of the Participant's employment with co-workers or union representatives, exercising the Participant's rights under Section 7 of the National Labor Relations Act (NLRA), or exercising protected rights that cannot be waived by agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**Non-Solicitation of Customers; Restrictions**. The Participant understands and acknowledges that because of the Participant's experience with and relationship to the Employer Group, the Participant will have/has had and will continue to have access to and will learn/has learned and will continue to learn about much or all of the Employer Group's Customer Information, including, but not limited to, Confidential Information. "Customer Information" includes, but is not limited to, names, phone numbers, addresses, email addresses, order history, order preferences, chain of command, pricing information, and other information identifying facts and circumstances specific to the customer and

------

relevant to sales or services. The Participant agrees and covenants, for a period of 12 months immediately following the termination of the Participant's employment with the Employer Group, regardless of the reason for the termination, whether voluntary or involuntary during the Restricted Period, not to directly or indirectly solicit, contact, or attempt to solicit or contact, using any other form of oral, written, or electronic communication, including, but not limited to, email, regular mail, express mail, telephone, fax, or instant message, or social media, including but not limited to Facebook, LinkedIn, Instagram, X (formerly Twitter), TikTok, or any other social media platform, whether or not in existence at the time of entering into this Award Agreement, or meet with the Employer Group's current customers for purposes of offering or accepting goods or services similar to or competitive with those offered by the Employer Group or that are engaged in the Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)**Non-Disparagement**. The Participant agrees and covenants that the Participant will not at any time make, publish, or communicate to any person or entity or in any public forum any maliciously false, defamatory or disparaging remarks, comments, or statements concerning the Employer Group or its businesses, or any of its employees, officers, or directors, now or at any time in the future or during the employment relationship and after the termination of the Participant's employment for any reason. This Section 21(f) does not, in any way, restrict or impede the Participant from exercising protected rights to the extent that such rights cannot be waived by agreement, including but not limited to the Participant's Section 7 rights under the NLRA, including the right to file unlawful labor practice (ULP) charges or participate, assist, or cooperate in ULP investigations, rights to report possible securities law violations to the SEC or other securities regulators, without notice to the Employer Group and rights to discuss or disclose information regarding a sexual assault or sexual harassment dispute arising after the date of this Award Agreement. Nothing in this Section 21(f) prevents the Participant from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized government agency, provided that such compliance does not exceed that required by the law, regulation, or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)**Reasonableness and Other Employee Acknowledgments.** The Participant further acknowledges and agrees that: (i) the restrictive covenants and other terms and conditions of this Award Agreement are reasonable and reasonably necessary to protect the legitimate business interests of the Employer Group; (ii) the Participant will be reasonably able to earn a living without violating the terms of this Award Agreement; (iii) the Participant will not be subject to undue hardship by reason of the Participant's full compliance with the terms and conditions of this Award Agreement or the Employer Group's enforcement of it; (iv) the amount of the Participant's compensation reflects, in part, the Participant's obligations and the Employer Group's rights under this Award Agreement; and (v) the Participant has no expectation of any additional compensation or other payment of any kind not otherwise referenced herein in connection with this Award Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)**Breach of Covenants.** In the event of a breach of any of the covenants contained in this Section 21: (i) any unvested portion of the RSUs shall be forfeited effective as of the date of such breach, unless sooner terminated by operation of another term or condition of this Award Agreement or the Plan; and (ii) the Participant hereby consents and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction, without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting any bond or security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages or other available forms of relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)**Judicial Modification**. The parties hereto agree that the covenants and restrictions contained in this Section 21 of this Award Agreement are necessary to protect the legitimate business interests of the Company, and that irreparable harm and damage will be done to the Company in the event that the Participant violates such covenants. The Participant has carefully read and considered the provisions of this Section 21 and, having done so, agrees that the restrictions set forth herein are fair and reasonable and are reasonably required for the protection of the legitimate business interests of the Company. The Participant further agrees and acknowledges that the provisions of this Section 21 are reasonable with respect to duration, geographic area, and scope considering the Participant's access to the Company's customer relationships and other relevant factors, and agrees that the Company's need for the protection afforded herein is greater than any hardship the Participant might experience by complying with the terms set forth herein. If a final judicial determination is made by a court of competent jurisdiction that the time, territory, scope or other restrictions contained in this Section 21 of this Award Agreement is an unreasonable or otherwise unenforceable restriction against the Participant, neither this Award Agreement nor the provisions of this Section 21 shall be rendered void, but shall be deemed amended to apply as to such maximum time, territory, scope and to such other extent as such court may judicially determine or indicate to be reasonable or, if such court does not so determine or indicate, to the maximum extent which any pertinent statute or judicial decision may indicate to be a reasonable restriction under the circumstances involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)**Survival**. The parties' rights and obligations under this Section 21 survive the termination of the Participant's employment with the Employer Group.

## Exhibit 10.2

Exhibit 10.2

March 18, 2025

Tim Sznewajs

3175 Kittrell Court

Boulder, CO 80305

Dear Tim:

Thank you for your time discussing your background with us at Everus. We are excited to have you join our management team and have outlined the following offer of employment:

**Title:** Vice President of Corporate Development & Strategy, Everus Construction Group. You will be a Section 16 officer of Everus Construction Group, Inc. (Everus).

**Hire Date:** April 21, 2025.

**Reporting Relationship:** This position will report to the President and CEO of Everus and be a member of the Everus executive leadership team.

**Work Location:** As part of this employment offer, your home address has been approved as your primary work location. Per details of the telecommute policy, you are approved for all provisions of the policy. A separate email will be sent that will include the telecommute policy and your telecommute agreement for your review and signature.

**Duties:** As the Vice President of Corporate Development & Strategy at Everus you will perform such duties as the CEO of Everus may require consistent with those customarily performed by a Vice President of Corporate Development & Strategy as outlined in the included job description. You agree to devote your entire working time and energy to your role with Everus.

**Annual Base Salary:** Your annualized base salary will be $402,500 for 2025 and will be paid in accordance with the regular payroll practice of Everus.

**Sign-on Bonus:** We are offering you a sign-on bonus of $110,000 before applicable taxes. This bonus will be paid on your first paycheck.

**Annual Incentive (Executive Incentive Compensation Plan – EICP):** You will be eligible for prorated participation in the 2025 Everus EICP based on your start date of April 21<sup>st</sup> though end of year. Your target amount is 70% of your base salary ($281,750) which will then be prorated to the number of days worked at Everus during 2025, subject to the achievement of performance measures set for Everus and provided as a separate document. Based on the proration of April 21 to the end of 2025, the EICP would allow you to achieve from 0% to 200% of your annual incentive target or $0 to $393,678, depending on Everus' performance results.

&nbsp;&nbsp;&nbsp;&nbsp;

------

Exhibit 10.2

**Long-Term Performance-Based Incentive Plan (LTIP):** You will be eligible for a mid-year prorated 2025-2027 award, your annual target grant value of LTIP awards will be based on 90% of base salary ($362,250) prorated for the number of months worked at Everus during the grant cycle, subject to the achievement of performance measures set for Everus and provided as a separate document. The 2025-2027 award will be 60% performance share awards and 40% time-based restricted stock units (RSU). The RSUs shall vest in respect of one-third of the RSU shares on each of the first, second, and third anniversaries of the vesting commencement date of February 20, 2025. The type, terms and conditions of these awards are determined by the Everus Compensation Committee.

In addition, you will receive a one-time restricted stock unit award based on a value of $570,000 with a three-year ratable vesting schedule. The RSUs shall vest in respect of one-third on the first anniversary of the anticipated grant date of May 22, 2025, and one-third on each of the second and third anniversaries of the vesting commencement date of February 20, 2025. The number of shares will be determined by the average closing stock price for the fifteen (15) trading days immediately preceding the anticipated grant date of May 22, 2025. The details of award, including the associated vesting schedule, will be outlined in the award agreement approved by the Everus Compensation Committee.

**Stock Ownership Requirement:** As a senior member of management, you will be required to comply with Everus' stock ownership policy for executives. You will be required to maintain stock ownership in a multiple of two times your base salary and have five years to achieve the required stock ownership level. Our expectation is that you retain shares paid to you under the LTIP until the stock ownership requirement has been met.

**Non-Qualified Deferred Contribution Plan (DCP):** As an executive team member, you will be recommended for a company contribution of 10% of your 2026 base salary to the DCP in January 2026 at the November Compensation Committee meeting.

The DCP also provides the ability for employees to elect to defer a portion of their base salary and/or EICP during an annual enrollment period.

**Employee Benefits:** You will participate in Everus employee benefit programs as outlined in the attached summary.

**Vacation:** You will receive a one-time lump sum deposit of 168 hours (21 days) in your vacation balance. Additionally, we will enter you into our vacation program with an accrual level equivalent to 20 years of service. Our plan allows you to carry over vacation annually equivalent to 2x your service level balance.

**Change in Control:** You have been approved for participation in the Everus Construction Group Change in Control Plan at Tier II; which is the equivalent of 2x your annual base salary and target annual incentive plus other benefits should a change in control occur.

**Background Check and Drug Testing**: This offer letter is contingent upon completion of a clear background check and drug test. You will receive an email with information for the completion of the background check release. You will also receive an email with the steps for the completion of your drug test.

&nbsp;&nbsp;&nbsp;&nbsp;

------

Exhibit 10.2

**Plan Modifications:** It is important to note that this offer summarizes the current structure of various plans.

Again, we are excited to have you join the Everus team and look forward to our mutual successes and accomplishments!

Sincerely,

/s/ Jeffrey S. Thiede<br>

Jeff Thiede

President and Chief Executive Officer

Everus Construction Group

I agree to the terms of employment as described above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| /s/ Timothy R. Sznewajs | &nbsp;&nbsp;3/19/25 |
| | &nbsp;&nbsp;Date |

---

Attachments: Job Description

2025 Everus Annual Incentive Performance Measures

2025 Everus Long-Term Incentive Plan Design & Performance Measures

Telecommute Policy & Agreement&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Vacation Policy

Summary of Employee Benefits

Everus Change in Control Plan and Acceptance Document for signature and return to Everus.

cc: Human Resources

&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 10.3

Exhibit 10.3

**EVERUS CONSTRUCTION GROUP, INC.**

**LONG-TERM PERFORMANCE-BASED INCENTIVE PLAN**

**ANNUAL DIRECTOR RESTRICTED STOCK UNIT ("RSU") AWARD NOTICE**

[Grant Date]

[Director's Name]

This Award Notice evidences the award of RSUs (the "Award") that have been granted to you (the "Participant") pursuant to an action of the Everus Construction Group, Inc. (the "Company") Board of Directors (the "Board"), subject to the terms of this Award Notice, the RSU Award Agreement, which is attached hereto (the "Award Agreement"), and the Everus Construction Group, Inc. Long-Term Performance-Based Incentive Plan (the "Plan"). When vested, each RSU entitles the Participant to receive one share of common stock of the Company (the "Shares").

The RSUs are granted in accordance with the terms of the Plan and the attached Award Agreement (Annex A), both of which are incorporated by reference herein.

---

| | |
|:---|:---|
| Grant Date: | [Grant Date] |
| Number of RSUs: | [No. of Shares] RSUs, subject to adjustment as provided under Section 4.2 of the Plan. |
| Vesting Schedule: | Subject to the provisions of the Award Agreement and the Plan, one hundred percent (100%) of the RSUs shall vest on the date of the next Company annual shareholders' meeting (the "Vesting Date"); provided that the Participant continuously serves as a Director of Company through the Vesting Date. <br>Except for termination of service as a director due death, Disability, or Retirement, or in the event of a Change in Control, the Award will be forfeited and cancelled on the date the Participant ceases to be a Director if such cessation occurs before the Vesting Date.  |

---

------

---

| | |
|:---|:---|
|  | For purposes of this Award:<br>*"Disability*" means that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, as reasonably determined by the Board of Directors.<br>"*Retirement*" means a Participant's termination of service (including a decision not to stand for re-election to the Board of Directors).  |
| Settlement Date: | Except as otherwise expressly provided in the Award Agreement and the Plan, the vested RSUs will be settled in Shares as soon as practicable following vesting but in no event later than sixty days after the Vesting Date. |

---

THESE RSUs ARE SUBJECT TO FORFEITURE AS PROVIDED HEREIN.

Subject to the terms of the Plan, decisions and interpretations of the Board are final, conclusive, and binding upon any questions arising under the Award Agreement or the Plan.

***The Participant must accept this Award Notice by logging onto their account with Fidelity Investments and accepting this Award Notice and the Award Agreement. If the Participant fails to do so, the RSUs will be null and void. By accepting the RSUs granted to the Participant in this Award, the Participant agrees to be bound by all of the provisions set forth in this Award Notice, the Award Agreement, and the Plan.***

<u>Attachments</u>:

Annex A: Restricted Stock Unit Award Agreement

------

**<u>ANNEX A</u>**

**RESTRICTED STOCK UNIT ("RSU") AWARD AGREEMENT**

It is understood and agreed that the Award of RSUs evidenced by the Award Notice to which this is annexed is subject to the following additional terms and conditions.

1.**Grant of RSUs**. On the Grant Date, the Participant was awarded the number of RSUs set forth in the Award Notice.

2.**Vesting of RSUs**. The RSUs shall become vested and nonforfeitable in accordance with the Vesting Schedule set forth in the Award Notice. Except as otherwise provided in this Section 2, if the Participant ceases to be a Director prior to the Vesting Date, all rights to the RSUs shall terminate immediately and be forfeited in their entirety without compensation to the Participant, and the forfeited RSUs shall be cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.**Death or Disability.** In the event of the Participant's death or Disability all of the unvested RSUs shall become immediately vested as of the date of such death or Disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.**Termination of Service Due to Retirement.** If the Participant's service on the Board of Directors terminates due to Retirement (including a decision not to stand for re-election to the Board of Directors), then a pro rata portion of the total RSUs shall become immediately vested based on the ratio of the number of full months serving as a Director completed since the Date of Grant to the date of the Participant's Retirement (with a partial month counted as a full month) divided by twelve (12).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.**Change in Control.** Upon the occurrence of a Change in Control, as defined in the Plan, all unvested RSUs shall immediately vest as of the effective date of the Change if Control.

3.**Settlement of RSUs**. Subject to any applicable deferral election made by the Director in accordance with Code Section 409A and Article X of the Plan, Vested RSUs shall be settled by the issuance of Shares as soon as reasonably practicable (and in no event later than sixty days) following the earliest to occur of (a) the Vesting Date, (b) the Participant's death, (c) the Participant's Disability, and (d) the Participant's Retirement Date.

4.**Voting Rights**. Since RSUs do not represent actual Shares, no voting rights or other rights as a stockholder of the Company arise with respect to the RSUs until Shares have been delivered to the Participant upon settlement of the RSUs.

5.**Non-transferability of RSUs**. No RSUs granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution.

------

6.**Section 409A.** This Award Agreement and the RSUs granted hereunder are intended to comply with the requirements of Section 409A or an exemption or exclusion therefrom, and, with respect to RSUs that are subject to Section 409A, the Plan and this Award Agreement shall be interpreted and administered in all respects in accordance with Section 409A (including with respect to the application of any defined terms to RSUs that constitute nonqualified deferred compensation, which defined terms shall be interpreted to have the meaning required by Section 409A to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A). Any payment (including the delivery of Shares) under the RSUs that constitutes nonqualified deferred compensation subject to Section 409A shall be treated as a separate payment for purposes of Section 409A. In no event may the Participant, directly or indirectly, designate the calendar year of any payment to be made under this Award Agreement that constitutes nonqualified deferred compensation subject to Section 409A.

7.**Personal Information**. The Participant agrees that the Company and its suppliers or vendors may collect, use, and disclose the Participant's personal information for the purposes of the implementation, management, administration, and termination of the Plan.

8.**Amendment**. The Committee may amend, alter, modify, suspend, or terminate the Award Notice or this Award Agreement at any time and from time to time, in whole or in part; provided, however, no amendment, alteration, modification, suspension, or termination of the Award Notice or Award Agreement shall adversely affect in any material way the Award Notice or this Award Agreement, without the Participant's written consent, except to the extent such amendment, alteration, modification, suspension, or termination is reasonably determined by the Committee in its sole discretion to be necessary to comply with applicable laws, rules, regulations, or is necessary for such approvals by any governmental agencies or national securities exchanges as may be required.

9.**Binding Effect**. This Award Agreement shall inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer set forth herein, be binding upon the Participant and the Participant's heirs, beneficiaries, executors, legal representatives, successors and assigns.

10.**Integrated Agreement**. The Award Notice, this Award Agreement, and the Plan constitute the entire understanding and agreement between the Participant and the Company with respect to the subject matter contained herein or therein and supersedes any prior agreements, understandings, restrictions, representations, or warranties between the Participant and the Company with respect to such subject matter other than those as set forth or provided for herein or therein.

11.**Ratification of Actions**. By accepting the Award or other benefit under the Plan, the Participant and each person claiming under or through the Participant shall be conclusively deemed to have indicated their acceptance and ratification of, and consent to, any action taken under the Plan or the Award by the Company or its Board of Directors.

------

12.**Notices**. Any notice hereunder to the Company shall be addressed to its office, 1730 Burnt Boat Drive, Bismarck, North Dakota 58503; Attention: Chief Legal Officer, and any notice hereunder to the Participant shall be addressed to the Participant at the address on file with the Company, subject to the right of either party to designate at any time hereafter in writing some other address.

13.**Governing Law and Severability**. To the extent not preempted by federal law, the Award Notice and this Award Agreement shall be governed and construed in accordance with the laws of the State of Delaware, without regard to conflicts of law provisions. In the event any provision of the Award Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Award Agreement, and the Award Agreement shall be construed and enforced as if the illegal or invalid provision had not been included.

14.**Definitions**. Capitalized terms not otherwise defined herein or in the Award Notice shall have the meanings given to them in the Plan.

15.**Construction**. Captions and titles contained in this Award Agreement are for convenience only and shall not affect the meaning or interpretation of any provision of this Award Agreement. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term "or" is not intended to be exclusive, unless the context clearly requires otherwise.

16.**Conformity**. This Award Agreement is intended to conform in all respects with, and is subject to all applicable provisions of, the Plan. Any conflict between the terms of the Award Notice, this Award Agreement and the Plan shall be resolved in accordance with the terms of the Plan. In the event of any ambiguity in the Award Notice or this Award Agreement or any matters as to which the Award Notice and this Award Agreement are silent, the Plan shall govern. Any conflict between the terms of the Award Notice and the Award Agreement shall be resolved in accordance with the terms of the Award Agreement.

17.**Dividend Equivalents**. Dividend Equivalents, if any, will be earned with respect to any Shares issued pursuant to the Award. The amount of Dividend Equivalents earned shall be equal to the total dividends, if any, declared on a Share for stockholders of record between the Grant Date of this Award and the vesting date of the RSUs, multiplied by the number of Shares issued pursuant to the vesting of the RSUs awarded in the Award Agreement. Any Dividend Equivalents earned shall be paid in cash if and when the Shares to which they relate are issued or as soon thereafter as practicable, but no later than 60 days after the Shares are issued; provided, however, in the event a Director has made a deferral election under the Everus Construction Group, Inc. Deferred Compensation Plan for Directors (the "Director's Deferred Compensation Plan"), Dividend Equivalents shall be treated in accordance with the terms of the Director's Deferred Compensation Plan, including the conversion of such Dividend Equivalents into additional Investment Units under such plan. No Dividend Equivalents will be issued for unvested or forfeited RSUs.

## Exhibit 31.1

Exhibit 31.1

CERTIFICATION

I, Jeffrey S. Thiede, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Everus Construction Group, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | May 6, 2026 | /s/ Jeffrey S. Thiede | /s/ Jeffrey S. Thiede |
| | | Name: | Jeffrey S. Thiede |
| | | Title: | President and Chief Executive Officer |
| | | | (Principal Executive Officer) |

---

## Exhibit 31.2

Exhibit 31.2

CERTIFICATION

I, Maximillian J Marcy, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of Everus Construction Group, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | May 6, 2026 | /s/ Maximillian J Marcy | /s/ Maximillian J Marcy |
| | | Name: | Maximillian J Marcy |
| | | Title: | Vice President, Chief Financial Officer and Treasurer |
| | | | (Principal Financial Officer) |

---

## Exhibit 32.1

Exhibit 32.1

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906**

**OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Everus Construction Group, Inc. (the "Company") on Form 10-Q for the quarter ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Jeffrey S. Thiede, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | | |
|:---|:---|:---|:---|
| Date: | May 6, 2026 | /s/ Jeffrey S. Thiede | /s/ Jeffrey S. Thiede |
| | | Name: | Jeffrey S. Thiede |
| | | Title: | President and Chief Executive Officer |
| | | | (Principal Executive Officer) |

---

The certification set forth above is being furnished as an exhibit solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the Report, or as a separate disclosure document of the Company or the certifying officers.

## Exhibit 32.2

Exhibit 32.2

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906**

**OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of Everus Construction Group, Inc. (the "Company") on Form 10-Q for the quarter ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Maximillian J Marcy, Vice President, Chief Financial Officer and Treasurer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | | |
|:---|:---|:---|:---|
| Date: | May 6, 2026 | /s/ Maximillian J Marcy | /s/ Maximillian J Marcy |
| | | Name: | Maximillian J Marcy |
| | | Title: | Vice President, Chief Financial Officer and Treasurer |
| | | | (Principal Financial Officer) |

---

The certification set forth above is being furnished as an exhibit solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of the Report, or as a separate disclosure document of the Company or the certifying officers.

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