Everus Construction Group, Inc.

everyone to the Everest third quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question, simply press star followed by the number one on your telephone keypad. And if you'd like to withdraw that question, again, press star one. Thank you. I would now like to turn the conference over to Paul Barterly. Please go ahead.

thank you good morning everyone and welcome to everest construction group's third quarter 2025 results conference call leading the call today are ceo jeff seed and cfo max marcy we issued a news release yesterday detailing our third quarter 2025 operational and financial results this release and the accompanying presentation materials are publicly available on the website at investors.everest.com i would like to remind you that management's commentary and responses to questions on today's conference call may include forward-looking statements, which by their nature are uncertain and outside of the company's control. Although these forward-looking statements are based on management's current expectations and beliefs, actual results could differ materially. For discussion of some of the factors that could cause actual results to differ, please refer to the risk factor section of our latest filings with the SEC. Additionally, please note that you can find reconciliations of historical non-GAAP financial measures in the news release issued yesterday and the appendix of today's presentation. Today's call will begin with prepared remarks from Jeff, who will provide a brief review of our recent business performance, followed by a financial update from Max. At the conclusion of these prepared remarks, we will open the line for your questions. With that, I'll turn the call over to Jeff.

Thank you, Paul, and good morning to everyone joining us today. We are very excited to be here with you all as we report our third quarter 2025 results. It is hard to believe it has been almost exactly one year since we reported our first quarterly results as a standalone public company. It has been a tremendous year, and I'm extremely proud of our team and everything we have accomplished. We have a team of top industry talent. and Everest is well positioned for many more years of success. During our call today, I will provide a brief overview of our results and highlight some of our key accomplishments against our strategic priorities before I turn it over to Max for his financial review. Beginning with slide four, I'm pleased to report that we delivered another quarter of exceptional financial performance, demonstrating the strength of our business model and our outstanding execution capabilities. I'm incredibly proud of our employees across the organization whose dedication, skill, and hard work enabled us to generate record quarterly revenue, net income, and EBITDA. For the third quarter, revenue increased 30% from the prior year period, driven by continued strength in our electrical and mechanical segment. including sustained momentum in our data center submarket. Our strong revenue growth was complemented by excellent margin performance. Third quarter EBITDA increased 37% from the prior year period, driven by our revenue growth and solid execution. As a result, our EBITDA margin was up 50 basis points. Our team's ability to execute complex projects while maintaining our high standards of safety and quality continues to set us apart in the marketplace. Our total backlog at the end of the third quarter was $2.95 billion, up 2% from the same period last year and up 6% from the end of 2024. This is solid growth given our record third quarter revenue performance. The strength of our backlog reflects our established reputation as a trusted partner for the most complex and demanding projects in our industry. Our clients continue to turn to us because they know we have the expertise, resources, and track record to deliver exceptional results on schedule and within budget. This trust translates into repeat business and long-term relationships that form the foundation of our sustained growth. Looking ahead, I'm confident in our ability to continue building this backlog momentum. The underlying demand drivers across our key markets remain robust and our competitive positioning has never been stronger. We're seeing healthy pipeline activity and we will remain disciplined in our approach to project selection, focusing on opportunities that align with our strategic objectives and offer attractive returns. I would now like to spend a few minutes discussing some of the trends in our key markets. We remain encouraged by the favorable trends in our T&D business, where strong spending plans by many of our key customers continues to drive our momentum. We think our recent revenue results are largely a timing issue as evidenced by our year-to-date backlog growth. Our utility customers are accelerating their infrastructure programs, and we're actively evaluating a healthy pipeline of opportunities that positions us for continued growth in this segment. The broader context driving this momentum cannot be overstated. The United States faces an unprecedented need for power transmission infrastructure upgrades driven by projected load growth from multiple sources, including data centers, electric vehicle adoption, industrial reshoring, undergrounding, and the ongoing energy transition. This creates a multiyear tailwind that we believe will sustain demand for our specialized T&D services well into the future. As we evaluate larger projects, we will remain disciplined in our approach, carefully considering each opportunity against our strategic criteria and risk parameters. This measured approach ensures we're selecting projects that align with both our growth objectives and our commitment to operational excellence. Looking at our data center sub-market, we continue to experience very strong demand with no signs of weakening and the urgency around data center infrastructure development seems to only have intensified. Our deep involvement in long-term planning with key customers provides us with visibility into future projects and revenue opportunities. From a competitive standpoint, we've strategically positioned ourselves in key geographic locations where data center development is active. We've established ourselves as one of the select few service providers in the industry with the proven track record, technical expertise, and skilled workforce necessary to successfully execute these increasingly complex jobs. Data center projects demand precision, reliability, and the ability to work within extreme tight tolerances, requirements that play directly into our core strengths. Additionally, opportunities in our industrial end market continue to provide work opportunities for us. We are expanding our offering into other regions of the country to build upon our expertise. We have recently started work outside of our core geography at a semiconductor manufacturing facility. We believe more opportunities like this will come as we execute successfully. Now let me shift gears a bit and provide a quick update on some of our key accomplishments during the quarter regarding our forever strategy, which continues to serve as the foundation for our sustainable growth and competitive differentiation. The cornerstone of our long-term success is our people. During the third quarter, we maintained our focus on attracting and retaining key talent, and I'm proud of our ability to secure and develop qualified labor in support of our strong top-line results. Our ability to grow our employee base is critical to supporting our growth objectives and enabled us to generate nearly $1 billion in revenue during the third quarter. What makes me particularly proud is not just our success in attracting new talent, but our continued focus on developing and retaining our existing workforce. We've invested significantly in training programs, career development pathways, and competitive compensation packages that recognize the value our skilled craftspeople bring to our organization. In an industry where skilled labor is increasingly scarce and competition for top talent is intense, our ability to both attract and retain the best people in the business gives us a sustainable competitive advantage. We had another quarter of efficient execution, which once again positively impacted results during the quarter. This is a direct reflection of our tremendous team throughout the organization We have favorable variances and project pull forward across certain large projects that were spread across multiple end markets, highlighting the strength and depth of our team. Our focus on project selection, bidding discipline, training, safety, and execution are core to everything that we do. We are extremely proud of our track record of superior execution and work every day to maintain our success. In summary, I'm extremely proud of our third quarter results and everything we have accomplished in our first year as a standalone company. We are excited about the opportunities ahead and expect ongoing strong momentum into 2026 while we continue to execute on our forever strategic priorities with a focus on providing long-term value to our shareholders. With that, I'll turn it over to Max.