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THIRD QUARTER 2026 RESULTS CONFERENCE CALL November 4, 2026
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Forward-Looking Statements 2 This presentation, and oral comments that Everus may make, contain or incorporate by reference certain “forward-looking statements” within the meaning of the securities laws. All statements that reflect Everus’ expectations, assumptions or projections about the future, other than statements of historical facts, including, without limitation, statements regarding plans, trends, objectives, goals, business and growth strategies, market potential, Everus' 4EVER strategy, future performance, financial guidance, long-term targets and other matters are consider 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 within this presentation contain forward-looking statements. The matters discussed in this presentation 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 Everus believes that the expectations reflected in any forward-looking statements it makes are based on reasonable assumptions as of the date they are made, it can give no assurance that the expectation 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. Such risks and uncertainties include, but are not limited to: operate in highly competitive industry; risks associated with the nonpayment and/or nonperformance of customers and counterparties; failure to adequately recover on contract change orders or claims; operating results may vary significantly period to period; lack of success at generating internal growth; the failure to retain current customers and obtain new customer contracts; loss of, or reduction in business from, certain significant customers; dependence on fixed-price contracts; significant portion of revenues from data center and other similar high tech ang advanced technology contracts; supply chain disruptions; changes in prices for commodities, labor, or other production and delivery inputs; incurrence of liabilities or suffer negative financial or reputational impacts relating to health and safety matters; increased insurance costs or inability to obtain insurance coverages; inability to provide surety bonds; exposure to warranty claims; pursuit of acquisitions and other strategic transactions; participation in joint ventures; technology disruptions or cyberattacks; artificial intelligence challenges; seasonality and adverse weather conditions; pandemics; economic volatility;failure to maintain effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act of 2002; financial results and projections are based upon estimates and assumptions that may cause our actual results to materially differ from such projections, which may adversely affect our future profitability, cash flows and stock price; recognize revenue for the majority of construction projects based on estimates; backlog not accurately representing future revenue; capital market and interest rates; debt obligations incurred with the separation; goodwill and intangible asset impairments; negative impacts from pending and/or future litigation, claims or investigations; new interpretations of or changes in the enforcement of the government regulatory framework; risks associated with import tariffs and/or other government mandates; increases or changes in income tax rates or tax-related laws; inability to hire, develop and retain key personnel and skilled labor forces; unionized workforce; increased health care plan costs; liability resulting from participation in multiemployer-defined benefit pension plans; stock price and trading volume volatility; unfavorable or inability to provide research about Everus by securities or industry analysts; stock ownership may be diluted in the future; inability to guarantee the timing, declaration, amount or payment of dividends, if any, on Everus common stock; the risk of increased costs from dis-synergies; continued increase of stand-alone operating costs incurred after the separation from MDU Resources Group, Inc. (MDU Resources); a determination by the IRS that the distribution or certain related transactions are taxable; U.S. federal income tax consequences may restrict about ability to engage in certain desirable strategic or capital raising transactions; the impact of the separation on Everus’ businesses; inability to achieve some or all of the expected benefits from the separation; retention of existing management team members and the ability to obtain the necessary personnel as a result of the separation; leverage; any failure by Everus or MDU Resources to perform its obligations under the various separation agreements to be entered into in connection with the separation and distribution; and the risk that the separation may be more difficult, time consuming or costly than expected, including the impact on Everus’ resources, systems, procedures and controls, diversion of management’s attention and the impact on relationships with customers, suppliers, employees and other business counterparties. The above list of factors is not exhaustive or necessarily in order of importance. 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 “Part I, Item IA. Risk Factors” in the company's most recent Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission. You should read this presentation completely and with the understanding that actual future results may be materially different from expectations. All forward-looking statements made in this presentation are qualified by these cautionary statements. These forward-looking statements are made only as of the date of this presentation, and Everus does 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. Reconciliations of the non-GAAP measures used to their respective most directly comparable GAAP measure can be found in the Appendix. All financial information presented in this presentation 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: organic revenues, organic revenue growth, EBITDA, EBITDA margin, free cash flow, net debt andnet leverage, and, in some cases, applicable measures by segment. Organic revenues is most comparable to the GAAP measure of revenues and is defined as revenues, excluding the impact of acquisitions and divestitures in the past 12 months. Organic revenue growth is most comparable to the GAAP measure of revenue growth and is calculated by dividing the difference between current-year organic revenues and prior-year organic revenues by prior-year organic revenues. EBITDA is most comparable to the GAAP measure of net income and is defined as net income before interest expense, net of interest income, income taxes and depreciation and amortization. EBITDA margin is most comparable to the GAAP measure of net income margin and is defined as EBITDA as a percentage of operating revenues. Free cash flow is most comparable to the GAAP measure of cash flows provided by (used in) operating activities. Free cash flow is defined as net cash provided by (used in) operating activities less net capital expenditures. Net debt and net leverage are most comparable to the GAAP measure of total debt and gross leverage. Net debt is calculated by adding unamortized debt issuance costs to the total debt balance presented on the balance sheet, less any unrestricted cash. Net leverage is calculated by dividing net debt divided by trailing 12-month EBITDA, as defined. Everus' non-GAAP financial measures are not standardized; therefore, it may not be possible to compare them with other companies’ measures of organic revenues, organic revenue growth, EBITDA, EBITDA margin, free cash flow, net debt and net leverage having the same or similar names. Everus presents organic revenues, organic revenue growth, EBITDA, EBITDA margin, free cash flow, net debt and net leverage, and, in some cases, applicable measures by segment, in this presentation because it believes such measures, in addition to corresponding GAAP measures, provide investors with additional information to measure Everus’ performance and liquidity. These non-GAAP financial measures are not intended as alternatives to GAAP financial measures. Everus uses organic revenues, organic revenue growth, EBITDA and EBITDA margin, as well as the comparable GAAP measures of revenues, revenue growth, net income and net income margin, as indicators of Everus’ operating performance. Everus uses free cash flow as well as the comparable GAAP measure of cash flows provided by (used in) operating activities, as a measure of cash available to Everus to invest in the growth of Everus’ business or that will be available to Everus to meet its obligations. Everus uses net debt and net leverage as well as the comparable GAAP measure of total debt and gross leverage to provide a measure of how quickly Everus could repay its debt if net debt and EBITDA were constant. Net leverage also provides insight into Everus' borrowing capacity and leverage ratio.
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3 OUR MISSION Safely Building America’s FutureⓇ as an industry-leading construction services provider while achieving sustained growth. OUR VALUES SAFETY RESPECT TEAMWORK INTEGRITY
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Third Quarter 2026 Highlights – Strong Momentum 4 Record Backlog Record backlog of $5.5 billion, up 86% from prior year, reflecting growth in E&M (+99%), including the inclusion of Epsilon Disciplined Execution EBITDA margin of 10.1%, up 110 basis points from the prior year, with strong margin expansion in E&M, reflecting strong execution Strong EBITDA Growth Total EBITDA increased 58% from prior year, driven by strong revenue growth, continued efficient project execution and the combined impact of acquisitions Solid Revenue Growth Revenue growth of 40% (+36% organic) driven by continued momentum in E&M (+42% organic), particularly data center and high-tech submarkets, growth in T&D (+14%) and contributions from SE&M and Epsilon *All comparisons are versus the prior year quarter unless otherwise noted Backlog ($BN) $1.4 $2.1 $2.0 $2.8 $3.2 $3.7 $4.6 $5.5 2021 2022 2023 2024 2025 1Q26 2Q26 3Q26
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Third Quarter 2026 Highlights – End-Market Strength 5 T&D Growth T&D revenues increased 14% with growth across most utility submarkets; EBITDA increased 13% E&M Momentum E&M revenues increased 48% (+42% organic) driven by continued momentum in data center, high tech and hospitality; EBITDA increased 79% with 180 bps margin expansion Free Cash Flow Free cash flow during the first nine months of 2026 was $221.2 million, compared to $74.8 million last year, driven by strong operating results and working capital timing Financial Flexibility Total unrestricted cash and cash equivalents and revolver availability of $493 million at Sept. 30, 2026; net leverage of 0.7x *All comparisons are versus the prior year quarter unless otherwise noted Favorable End-Market Trends Data Center – Continue to see very strong demand trends and the company is well- positioned to capture additional opportunities Hospitality – Secured several new projects and remain encouraged by the market outlook in Las Vegas High Tech – Ramping up large award related to new geography entered last year Utility – Utility growth driven by favorable demand trends in transmission and distribution
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6 Create long-term value with sustained profitable growth Value Attract, retain and train premier talent Employees Maintain and grow customer relationships Relationships Lead the industry in safety and consistent high-quality execution Execution
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Value Creation Framework 7 Grow share within existing end markets Further penetrate higher-growth submarkets Lead geographic expansion through satellite projects Accelerate growth with strategic M&A Targeted Commercial Growth Disciplined Capital Allocation Driving sustainable value creation through a dedicated focus on 4EVER principles Operational Excellence Strategically deploy assets in higher-margin projects and end markets Maintain disciplined bidding process Continue to implement Everus’ operational playbook Drive operating leverage through growth initiatives Invest in high-return organic growth initiatives Pursue strategic acquisitions Maintain investment-grade capital structure Future potential capital returns to shareholders
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8 Employees Value Execution Relationships LONG-TERM EXPECTATIONS 2.0% – 2.5% CapEx as % of Revenue Net Leverage 1.5x – 2.0x 7% – 9% EBITDA CAGR 5% – 7% Organic Revenue CAGR
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9 THIRD QUARTER 2026 RESULTS
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9.0% 10.1% 3Q25 3Q26 $89.0 $140.2 3Q25 3Q26 $986.8 $1,384.2 3Q25 3Q26 Third Quarter 2026 Performance Summary 10 Performance highlighted by sustained E&M momentum, strong backlog growth, project execution • 40% third quarter revenue growth (+36% organic) driven by growth in both E&M and T&D, including combined impact from acquisitions • Record backlog increased 86% to $5.5 billion y/y, led by strong growth in E&M • Third quarter EBITDA increased 58% driven by strong revenue growth, excellent project execution and acquisitions Third Quarter Revenues ($MM) Third Quarter EBITDA ($MM) Third Quarter EBITDA Margin (%) Recent Backlog ($BN) + 57.5%+ 40.3% + 110bps$2.9 $3.2 $3.7 $4.6 $5.5 3Q25 4Q25 1Q26 2Q26 3Q26
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$33.8 $38.3 3Q25 3Q26 $223.4 $255.6 3Q25 3Q26 $66.9 $119.8 3Q25 3Q26 $767.3 $1,135.7 3Q25 3Q26 E&M Highlights • Third quarter revenues increased 48% (+42% organic) due to strength in the commercial and industrial markets and contribution from acquisitions • Third quarter EBITDA increased 79% on strong revenue growth and execution benefits; margin increased 180 bps T&D Highlights • Third quarter revenues increased 14% driven by growth in utility revenues • Third quarter EBITDA increased 13% from last year due to higher revenues Third Quarter 2026 Segment Summary 11 E&M Revenues ($MM) T&D Revenues ($MM) T&D EBITDA and EBITDA Margin ($MM and %) E&M EBITDA and EBITDA Margin ($MM and %) 10.5% + 48.0% + 14.4% 15.1% 15.0% 8.7%
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Ample financial flexibility to pursue strategic objectives • 3Q26 net debt of $327 million was up from 2Q26 as strong operating results were offset by funding the Epsilon acquisition • Cash and availability of $493 million provides flexibility to pursue growth strategy • Net leverage of 0.7x at Sept. 30, 2026, below long-term target range of 1.5x-2.0x • First nine months of 2026 free cash flow was $221 million, up from $75 million last year, due to stronger operating results and working capital timing Third Quarter 2026 Balance Sheet and Liquidity 12 Net Debt ($MM) Net Leverage Total Cash and Availability ($MM) $159 $132 $6 $120 $327 3Q25 4Q25 1Q26 2Q26 3Q26 $337 $376 $498 $380 $493 3Q25 4Q25 1Q26 2Q26 3Q26 0.5x 0.4x 0.0x 0.3x 0.7x 3Q25 4Q25 1Q26 2Q26 3Q26
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13 2026 Financial Guidance 2026 Drivers Guidance reflects strong backlog trends, continued business momentum and Epsilon acquisition Strong demand for E&M driven by data center, high tech and hospitality; T&D driven by grid modernization and hardening Strong momentum with backlog of $5.5 billion as of Sept. 30, 2026 EBITDA margin of ~10% due to strong project execution 2026 Guidance Revenues $5.0B – $5.1B (up from $4.5B - $4.7B) EBITDA $485M – $495M (up from $410M - $425M)
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Benefit From Multiple Growth Drivers and Industry Megatrends Proven Leadership Team Executing 4EVER Strategy Scaled National Platform of Market-Leading Local Brands Skilled Workforce, People-First Culture & Repeatable Playbook Diversified Revenue Base & Disciplined Capital Allocation Compelling Investment Thesis 14
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15APPENDIX
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Non-GAAP Financial Guidance 16 Everus has completed its preliminary purchase price allocations for the SE&M and Epsilon acquisitions, but these amounts are dependent upon, among other things, finalizing the fair values of acquired tangible and intangible assets and valuation of tax liabilities, which are inherently uncertain and subject to material change as Everus completes its valuation work during the measurement period. Everus is still gathering the necessary information for these disclosures. Therefore, Everus is unable to provide a reconciliation of its forward-looking non-GAAP financial guidance relating to full-year 2026 EBITDA without unreasonable efforts. In addition, Everus is unable to reconcile forward-looking non-GAAP financial guidance relating to long-term targets of organic revenue, organic revenue growth, EBITDA, EBITDA growth and net leverage to their respective nearest U.S. GAAP measure because we are unable to predict the timing of these adjustments with a reasonable degree of certainty. By their very nature, non-GAAP adjustments are difficult to anticipate with precision because they are generally associated with unexpected and unplanned events that impact our company and our financial results. Therefore, Everus is unable to provide reconciliations of long-term organic revenue, organic revenue growth, EBITDA, EBITDA growth and net leverage guidance without unreasonable efforts.
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Reconciliations of Organic Revenues and Organic Revenue Growth 17 Reconciliations of organic revenues and organic revenue growth. Three months ended September 30, Nine months ended September 30, 2026 2025 Change 2026 2025 Change Consolidated: (In millions, except percentages) Total operating revenues $ 1,384.2 $ 968.8 40.3% $ 3,652.7 $ 2,734.9 33.6% Acquisitions (43.7) — NM (77.1) — NM Organic revenues $ 1,340.5 $ 968.8 35.8% $ 3,575.6 $ 2,734.9 30.7% E&M: E&M segment revenues $ 1,135.7 $ 767.3 48.0% $ 2,981.2 $ 2,129.1 40.0% Acquisitions (43.7) — NM (77.1) — NM E&M organic segment revenues $ 1,092.0 $ 767.3 42.3% $ 2,904.1 $ 2,129.1 36.4% T&D: T&D segment revenues $ 255.6 $ 223.4 14.4% $ 687.4 $ 620.8 10.7% T&D organic segment revenues $ 255.6 $ 223.4 14.4% $ 687.4 $ 620.8 10.7% NM – Not Meaningful
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Reconciliations of Net Income to EBITDA and EBITDA Margin 18 Reconciliations of net income to EBITDA and EBITDA margin. Three months ended September 30, Nine months ended September 30, 2026 2025 Change 2026 2025 Change (In millions, except percentages) Net income $ 91.9 $ 57.0 61.2% $ 234.1 $ 146.5 59.8% Interest expense, net 3.9 4.1 (4.9)% 9.5 13.6 (30.1)% Income taxes 29.3 20.6 42.2% 79.0 53.6 47.4% Depreciation and amortization 15.1 7.3 NM 35.1 21.3 64.8% EBITDA $ 140.2 $ 89.0 57.5% $ 357.7 $ 235.0 52.2% Operating revenues $ 1,384.2 $ 986.8 40.3% $ 3,652.7 $ 2,734.9 33.6% Net income margin 6.6% 5.8% 6.4% 5.4% EBITDA margin 10.1% 9.0% 9.8% 8.6% NM – Not Meaningful
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Reconciliations of Net Income to EBITDA by Segment 19 Reconciliations of net income to EBITDA by segment. Three months ended September 30, 2026 Nine months ended September 30, 2026 E&M T&D Corporate and Other Total E&M T&D Corporate and Other Total (In millions) Net income $ 88.2 $ 23.0 $ (19.3) $ 91.9 $ 225.5 $ 57.1 $ (48.5) $ 234.1 Interest expense, net (3.3) 0.6 6.6 3.9 (7.8) 1.8 15.5 9.5 Income taxes 26.9 7.6 (5.2) 29.3 72.0 18.8 (11.8) 79.0 Depreciation and amortization 8.0 7.1 — 15.1 14.7 20.5 (0.1) 35.1 EBITDA $ 119.8 $ 38.3 $ (17.9) $ 140.2 $ 304.4 $ 98.2 $ (44.9) $ 357.7 Three months ended September 30, 2025 Nine months ended September 30, 2025 E&M T&D Corporate and Other Total E&M T&D Corporate and Other Total (In millions) Net income $ 50.9 $ 20.3 $ (14.2) $ 57.0 $ 134.8 $ 48.6 $ (36.9) $ 146.5 Interest expense, net (2.4) 0.9 5.6 4.1 (5.7) 2.6 16.7 13.6 Income taxes 17.1 6.6 (3.1) 20.6 46.8 15.9 (9.1) 53.6 Depreciation and amortization 1.3 6.0 — 7.3 4.2 17.2 (0.1) 21.3 EBITDA $ 66.9 $ 33.8 $ (11.7) $ 89.0 $ 180.1 $ 84.3 $ (29.4) $ 235.0
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Reconciliations of EBITDA and EBITDA Margin by Segment 20 Reconciliations of net income to EBITDA and EBITDA margin by segment. Three months ended September 30, Nine months ended September 30, 2026 2025 % change 2026 2025 % change (In millions, except percentages) Operating revenues: E&M $ 1,135.7 $ 767.3 48.0% $ 2,981.2 $ 2,129.1 40.0% T&D 255.6 223.4 14.4% 687.4 620.8 10.7% Eliminations (7.1) (3.9) 82.1% (15.9) (15.0) 6.0% Total operating revenues $ 1,384.2 $ 986.8 40.3% $ 3,652.7 $ 2,734.9 33.6% Net income: E&M $ 88.2 $ 50.9 73.3% $ 225.5 $ 134.8 67.3% T&D 23.0 20.3 13.3% 57.1 48.6 17.5% Corporate and other (19.3) (14.2) (35.9)% (48.5) (36.9) (31.4)% Total net income $ 91.9 $ 57.0 61.2% $ 234.1 $ 146.5 59.8% EBITDA: E&M $ 119.8 $ 66.9 79.1% $ 304.4 $ 180.1 69.0% T&D 38.3 33.8 13.3% 98.2 84.3 16.5% Corporate and other (17.9) (11.7) (53.0)% (44.9) (29.4) (52.7)% Total EBITDA $ 140.2 $ 89.0 57.5% $ 357.7 $ 235.0 52.2% Net income margin: E&M 7.8% 6.6% 7.6% 6.3% T&D 9.0% 9.1% 8.3% 7.8% Total net income margin 6.6% 5.8% 6.4% 5.4% EBITDA margin: E&M 10.5% 8.7% 10.2% 8.5% T&D 15.0% 15.1% 14.3% 13.6% Total EBITDA margin 10.1% 9.0% 9.8% 8.6%
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Reconciliations of Trailing 12-month EBITDA and Net Leverage 21 Reconciliations of trailing 12-month EBITDA as of Sept. 30, 2026 and Dec. 31, 2025. Twelve months ended September 30, 2026 Nine months ended September 30, 2026 Twelve months ended December 31, 2025 Nine months ended September 30, 2025 (In millions) Net income $ 289.4 $ 234.1 $ 201.8 $ 146.5 Interest expense, net 12.8 9.5 16.9 13.6 Income taxes 97.7 79.0 72.3 53.6 Depreciation and amortization 42.6 35.1 28.8 21.3 EBITDA $ 442.5 $ 357.7 $ 319.8 $ 235.0 Reconciliations of net leverage as of Sept. 30, 2026 and Dec. 31, 2025. September 30, 2026 December 31, 2025 (In millions, except net leverage) Current portion of long-term debt $ 23.9 $ 15.0 Long-term debt 542.4 266.5 Total debt 566.3 281.5 Add: Unamortized debt issuance costs 5.2 3.5 Total gross debt 571.5 285.0 Less: cash and cash equivalents, excluding restricted cash (244.8) (152.7) Total net debt $ 326.7 $ 132.3 Trailing 12-month ended EBITDA for the periods indicated $ 442.5 $ 319.8 Net leverage 0.7x 0.4x
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Reconciliations of Free Cash Flow 22 Reconciliations of cash provided by operating activities to free cash flow Nine months ended September 30, 2026 2025 (In millions) Net cash used in investing activities $ (429.5) $ (33.6) Net cash provided by (used in) financing activities $ 257.2 $ (11.8) Net cash provided by operating activities $ 267.3 $ 108.6 Purchases of property, plant and equipment (53.4) (42.1) Net proceeds from sale or disposition of property, plant and equipment 7.3 8.3 Free cash flow $ 221.2 $ 74.8
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Contact: investors@everus.com 23