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EMCOR GROUP, INC. November 13, 2025 1 Corporate Overview July 31, 2025 V2 – 7/27/25 6:25 pm Baird 2025 Global Industrial Conference November 13, 2025 Chicago, Illinois
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EMCOR GROUP, INC. November 13, 2025 2 Forward-Looking Statements This presentation contains forward-looking statements. Such statements speak only as of the date on the cover of this slide deck, and EMCOR assumes no obligation to update any such forward-looking statements, unless required by law. These forward-looking statements include statements regarding anticipated future operating and financial performance; the nature and impact of our remaining performance obligations; the timing of future projects; our ability to support organic growth and balanced capital allocation, including the anticipated impact of our strategic investments; the financial and operational impact of acquisitions and/or dispositions, including the acquisition of Miller Electric Company and J.W. Danforth Company, and pending sale of EMCOR UK and the anticipated use of proceeds from such sale; our competitiveness, market opportunities, and growth prospects; customer trends; cost management; project mix; continuation of trends, like data centers, reshoring and near-shoring, and the energy transition; and our safety and sustainability goals. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated (whether expressly or implied) by the forward-looking statements. Accordingly, these statements do not guarantee future performance or events. Applicable risks and uncertainties include, but are not limited to, adverse effects of general economic conditions; domestic and international political developments and/or conflicts; changes in the specific markets for EMCOR’s services; weakness of the sectors from which we generate revenues; adverse business conditions; scarcity of skilled labor; productivity challenges; the nature and extent of supply chain disruptions impacting availability and pricing of materials; inflationary trends, including fluctuations in energy costs; the impact of legislation and/or government regulations; adverse effects from the U.S. government shutdown; changes in foreign trade policy including the effect of tariffs; changes in interest rates; the lack of availability of adequate levels of surety bonding; increased competition; the impact of legal proceedings, claims, lawsuits, or governmental investigations; and unfavorable developments in the mix of our business. Certain of the risk factors associated with EMCOR’s business are also discussed in Part I, Item 1A “Risk Factors,” of the Company’s 2024 Form 10-K, and in other reports filed from time to time with the Securities and Exchange Commission and available at www.sec.gov and www.emcorgroup.com. Such risk factors should be taken into account in evaluating our business, including any forward-looking statements. Non-GAAP Measures Information conveyed with this presentation also include certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles (GAAP). Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in the appendix to this presentation. The Company uses these non-GAAP measures as key performance indicators for the purpose of evaluating performance internally. We also believe that these non-GAAP measures provide investors with useful information with respect to our ongoing operations. Any non-GAAP financial measures presented are not, and should not be viewed as, substitutes for financial measures required by GAAP, have no standardized meaning prescribed by GAAP, and may not be comparable to the calculation of similar measures of other companies. FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL DISCLOSURES
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EMCOR GROUP, INC. November 13, 2025 3 KEY TAKEAWAYS EMCOR installs, services, operates, maintains, and protects complex and dynamic systems and critical infrastructure for facilities in multiple growth sectors of the economy Expertise in managing skilled trade labor performing complex installations and service across mechanical, electrical, air conditioning, heating, fire protection, lighting, security, and power generation systems 1 2 Operates at the intersection of long-term megatrends, including data centers and connectivity; reshoring and nearshoring; efficiency and sustainability; as well as energy transition and expansion 3 Resilient and flexible business model with demonstrated ability to pivot to diverse and attractive end markets with strong demand and long-term secular trends including data centers, semiconductors, biotech, life sciences and pharmaceutical, manufacturing and industrial, and healthcare 4 Mission First, People Always commitment drives our ability to attract, invest in, and retain talent, while prioritizing the health and safety of our workforce 5 Track record of disciplined execution has resulted in strong operating cash flow generation and a liquid balance sheet that supports a balanced capital allocation strategy and makes us a valued business partner on large, complex and sophisticated projects 6
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EMCOR GROUP, INC. November 13, 2025 4 » A Fortune 500® company, and a member of the S&P 500, EMCOR Group, Inc. (NYSE: EME) is a leader in mechanical and electrical construction, industrial and energy infrastructure, and building services » Service offerings specialize in the planning, installation, operation, maintenance, and protection of complex, sophisticated and dynamic systems and critical infrastructure in facilities, including: » EMCOR companies serve a diverse range of non-residential sectors across many parts of the economy » Benefitting from multiple trends across data centers and connectivity; reshoring and nearshoring; efficiency and sustainability; and energy transition and expansion 105% Operating Cash Flow Conversion2,3 $12.6B RPOs1 ~48,4001 Employees Security Power Generation EMCOR AT A GLANCE Electrical Lighting Mechanical Air Conditioning Heating Fire Protection 1. As of 9/30/25; RPOs include $894 million from the Miller Electric acquisition 2. Operating cash flow conversion defined as operating cash flow / operating income 3. For the twelve-month period ended 12/31/24 >89M Hours Worked3 $14.6B 2024 Revenue Key Highlights
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EMCOR GROUP, INC. November 13, 2025 5 BROAD CONSTRUCTION AND SERVICES PLATFORM Construction Services Building Services Industrial Services ~67% of 2024 Revenue ~24% of 2024 Revenue ~9% of 2024 Revenue Mechanical and electrical contractors with decades of experience in multiple U.S. sectors Selected Areas of Expertise Selected Areas of Expertise Provider of mechanical services and construction, site-based facility management and maintenance, and energy efficiency services Provider of process turnaround and other industrial services in North America Building Control Systems IAQ Services Retrofit Projects HVAC Services Energy Conservation and Efficiency Mechanical Electrical Mechanical Services Site-Based Selected Areas of Expertise Lighting and Control Systems HVAC High / Low Voltage Fire Protection Plumbing Heat Exchanger Services / Fabrication Turnaround Services Specialty Welding Renewable Energy and Solar
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EMCOR GROUP, INC. November 13, 2025 6 73% 21% 6% WELL-POSITIONED TO BENEFIT FROM EXPECTED ENERGY EFFICIENCY AND SUSTAINABILITY TRENDS Mechanical Services » Strong demand expected in HVAC and lighting retrofit, building automation and control services that improve building efficiency, energy consumption, and indoor air quality (IAQ) » Variety of sectors include traditional and high-tech manufacturing, institutional, healthcare, and commercial » EMCOR’s Mechanical Services division, within its Building Services segment, offers project and retrofit design and installation, as well as repair and maintenance services Justin Sant: Portland VA Hospital Retrofit ~2,500 HVAC Technicians ~450 Controls Technicians ~350 LEED Certified Professionals ~4,000 Vehicles on Road Daily U.S. Building Services 1. Revenues as of December 31, 2024 Mechanical Services Commercial Site-Based Services Government Site-Based Services $3.1B 1
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EMCOR GROUP, INC. November 13, 2025 7 75% 19% 6% Electrical Construction Mechanical Construction Building Services UK Building Services Industrial Services 30% 40% 19% 8% 3% EMCOR’S DIVERSE BUSINESS MIX ($ Millions) (Unaudited) 2024 Revenue By Segment Diverse Remaining Performance Obligations (RPOs) by Sector1 Broad Construction and Services Platform $14.6B Commercial Network and Communications Water and Wastewater High-Tech Manufacturing Hospitality and Entertainment Institutional Healthcare Short Duration Projects Transportation Manufacturing and Industrial Electrical Construction Mechanical Construction Building Services UK Building Services Industrial Services 1. 9/30/25 RPOs include $894 million from the Miller Electric acquisition $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $11,000 $12,000 $13,000 $14,000 9/30/24 12/31/24 9/30/25 $9,789 $10,102 $12,614
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EMCOR GROUP, INC. November 13, 2025 8 12% 34% 7% 10% 11% 3% 2% 8% 9% 4% 9/30/2025 PARTICIPATING IN DIVERSE AND RESILIENT SECTORS Diverse Remaining Performance Obligations (RPOs) Demonstrated ability to pivot business and workforce to enhance exposure to resilient and growing sectors Expanded sector disclosure, breaking out Network and Communications and High-Tech Manufacturing from Commercial Limited exposure to new office construction projects Record RPOs, along with a strong and diverse pipeline, provide solid near-term line of sight Commercial Healthcare Institutional Manufacturing and Industrial Water and Wastewater Transportation Hospitality and Entertainment Short Duration Projects Expanded Disclosure Since 2023 Commercial Network and Communications High-Tech Manufacturing $12.6B1 $4.0B +22% CAGR Warehouses, office, retail, and restaurants Semiconductor manufacturing, biotech, life sciences, pharmaceutical, and EV and battery facilities Data centers, data and fiber projects, network cabling, and telecommunications 40% 9% 13% 12% 8% 10% 7% 12/31/2019 1. 9/30/25; RPOs include $894 million from the Miller Electric acquisition
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EMCOR GROUP, INC. November 13, 2025 9 LOCAL EXECUTION, NATIONAL REACH ~420 U.S. Locations Strategic Locations in Key Geographies Select Subsidiaries ~100 Operating Subsidiaries Construction Services Industrial Services Corporate Headquarters Construction Services Building Services Industrial Services Building Services
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EMCOR GROUP, INC. November 13, 2025 10 WHY EMCOR WINS Resilience and Track RecordStrong Balance Sheet People and Talent The resilience and flexibility of our business over many years has allowed us to pivot to high-growth sectors and continuously serve our customers with complex installations and excellent solutions We believe our strong financial results and balance sheet position EMCOR as a trusted employer-of-choice and preferred partner for our customers Focus on our people and talent are foundational to our success. Our “Mission First, People Always” mindset guides our focus on attracting and retaining top talent Technology Differentiation Investments in Virtual Design and Construction (VDC) and prefabrication capabilities create efficiencies and differentiate EMCOR during the bidding and execution processes
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EMCOR GROUP, INC. November 13, 2025 11 LEADER IN VIRTUAL DESIGN AND CONSTRUCTION AND PREFABRICATION Virtual Design and Construction (VDC) Prefabrication » By using VDC and BIM, EMCOR companies utilize prefabrication in their construction processes, offering customized electrical, sheet metal, fire sprinkler, and piping fabrication » Many of our companies maintain state-of-the-art shops across the country, totaling hundreds of thousands of square feet of fabrication and warehouse space » One of the most valuable digital tools available to specialty contractors today » EMCOR companies across the country use VDC technologies, including Building Information Modeling (BIM), to design, build, and coordinate complex electrical and mechanical projects of all types
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EMCOR GROUP, INC. November 13, 2025 12 MISSION FIRST, PEOPLE ALWAYS CULTURE GUIDES OUR STRATEGY AND OPERATIONS Our People Sustainability » We are committed to strong sustainability practices and strive to be transparent on these initiatives, in-line with our shareholders’ expectations » Our sustainability reporting is guided by the Sustainability Accounting Standards Board (SASB) standard for the Engineering and Construction Services industry » Incorporated guidance from the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) to disclose scope 1, 2 and 3 greenhouse gas emissions and set forward- looking reduction goals for scope 1 and 2 » Foundational focus on our workforce and culture that values integrity, discipline, transparency, mutual respect and trust, commitment to safety, and teamwork » Striving for a zero-injury environment and culture across our operating subsidiaries » Industry leading TRIR – less than half the industry average for the 16 th consecutive year » Our commitment to safety and investment in talent make EMCOR an employer-of- choice 30 – 40% Per capita reduction in carbon-based fuel consumption across service fleet 20% Reduction in per capita Scope 1 and 2 GhG emissions 2035 ENERGY AND EMISSIONS GOALS TOTAL HOURS WORKED TOTAL RECORDABLE INCIDENT RATE (TRIR) ~60m ~89m <1.0 2014 2024 2024 Industry Average 2.4
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EMCOR GROUP, INC. November 13, 2025 13 60.3% 42.2% 20.6% 81.9% 22.0% 31.3% 11.8% 28.8% 27.3% 62.2% 40.7% 10.3% 13.6% 12.4% 13.2% 21.0% 9.6% 5.9% 23.4% 9.0% 5.6% 9.8% 5.0% 7.5% 5.3% 4.9% 7.7% 7.4% 3.3% 9.7% 5.2% 2.3% 4.8% 24.4% 36.7% 61.7% 49.3% 51.7% 79.0% 38.1% 58.5% 29.9% 44.7% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025* 2016 - 2025 YTD* COMMITMENT TO BALANCED CAPITAL ALLOCATION Capital Allocation by Year (% of total capital allocated) M&A Capex Dividends Share Repurchases Capital Allocation Strategy Shareholder Return Business Reinvestment » Augment business with complementary service offerings, bolster capabilities, service additional geographies » Ongoing evaluation of diverse pipeline, both tuck- in and targets of scale » Expand prefabrication capacity » Investments in VDC technologies, including BIM, automation, and robotics » Steady, progressive dividend policy » In 2024, increased quarterly dividend by 39% to $0.25 / share » Track record of proven return of capital to shareholders » ~$336 million remaining on share repurchase authorization* * As of 9/30/25 Business Reinvestment Acquisitions Capex Shareholder Return Dividends Share Repurchases Strong balance sheet and long-term cash flow generation support strategic and balanced approach to capital deployment ~50% ~50%
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EMCOR GROUP, INC. November 13, 2025 1414 24% Data Center 8% Other 23% Healthcare 15% Commercial Office 13% Industrial & Manufacturing 11% Sports & Entertainment 6% Infrastructure Geographic Presence Miller Electric Overview Branch Headquarters Miller Electric Top 10 States by Revenue Approximate 2024 Revenue by End Market ∼$805M 2024 Revenue Key Metrics ∼$80M 2024 Adj. EBITDA 21 Branch Locations 97 Years in Operation 4,700 Employees STRATEGIC UPDATE: MILLER ELECTRIC ACQUISITION • All-cash acquisition for total consideration of $868.6 million; completed on Feb. 3, 2025 • Headquartered in Jacksonville, FL, Miller Electric designs, installs, maintains, upgrades and replaces complex electrical systems and related technologies across the Southeastern U.S. • Expertise to its clients extends beyond traditional electrical contracting into systems integration, repairs & maintenance, building automation, energy & sustainability solutions, and engineering services • Trusted, long-term business partner to over 1,000 clients across a broad array of industries
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EMCOR GROUP, INC. November 13, 2025 15 STRATEGIC UPDATE: DIVESTITURE OF EMCOR UK Rationale and Valuation Transaction Overview and Financial Implications Operating Profile Capital Allocation Supports EMCOR’s ‘local execution, national reach’ strategy by focusing on the United States $255M divestiture expected to close by the end of 2025, subject to U.K. National Security and Investment (NSIA) clearance Expected to be modestly accretive to go-forward operating margins EMCOR UK currently delivers ~$500M of annualized revenue and ~$0.45 of annualized EPS Proceeds expected to be used to pursue disciplined acquisitions in electrical and mechanical construction, and mechanical services Continue to execute on our philosophy of balanced and disciplined capital allocation
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EMCOR GROUP, INC. November 13, 2025 16 John W. Danforth Company (“Danforth”) is a union mechanical contractor specializing in design, installation, and maintenance of HVAC, plumbing, refrigeration, and critical environment systems. Founded in 1884 700+ employees across four regions: − Western NY (Buffalo) − Central NY (Rochester, Syracuse) − Eastern NY (Albany, Vermont) − Ohio (Columbus) Balanced project portfolio across market sectors >140,000 sq. ft. of fabrication space STRATEGIC UPDATE: J.W. DANFORTH ACQUISITION Ohio 8% Western NY 44% Central NY 29% Eastern NY 19% Danforth Revenue by Region Food & Bev Municipal Education Entertainment Industrial Adv. Tech/ Data Centers Critical Environment Healthcare End Markets ServedTransaction Details Transaction closed November 4, 2025 Expected to contribute between $350M and $400M to 2026 revenue
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EMCOR GROUP, INC. November 13, 2025 17 2025 SUMMARY » Record RPOs of $12.61 billion and healthy project pipeline1 » We continue to win and earn new business across multiple sectors, geographies, project sites, and trades, demonstrating our diverse capabilities » Continue to execute well in large, diverse, and attractive end markets with strong demand and long- term secular trends, including Network and Communications (data centers); High-Tech Manufacturing (semiconductors, biotech, life sciences and pharmaceutical); Manufacturing and Industrial (driven by reshoring and domestic capacity expansion and alternative energy projects); and Healthcare » Robust demand for fire life safety projects and aftermarket services continues across most sectors » Solid HVAC aftermarket growth opportunities driven by energy efficiency / Indoor Air Quality (IAQ), retrofit projects, and building controls installations and upgrades » Macro uncertainties persist, including trade policy impacts (such as tariffs), supply chain disruption, elevated interest rates, the impact of the U.S. government shutdown, legislative trends, energy and tax policy, and global conflicts » Continue to manage costs and exercise discipline, train and share best practices » Expect to continue our disciplined approach to capital allocation, focused on organic investment, strategic acquisitions, and returning capital to shareholders to drive value and amplify opportunities for us 1. 9/30/25; RPOs include $894 million from the Miller Electric acquisition
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EMCOR GROUP, INC. November 13, 2025 18 KEY FINANCIAL DATA – INCOME STATEMENT For the Quarter Ended September 30, Variance 2025 2024 $ % Revenues $ 4,301,529 $ 3,696,924 $ 604,605 16.4% Gross Profit 835,313 734,726 100,587 13.7% 19.4% 19.9% Selling, General & Administrative Expenses 429,617 371,188 58,429 15.7% 10.0% 10.0% Operating Income $ 405,696 $ 363,538 $ 42,158 11.6% 9.4% 9.8% Diluted Earnings per Common Share $ 6.57 $ 5.80 $ 0.77 13.3% ($ Thousands, except per share information) (Unaudited)
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EMCOR GROUP, INC. November 13, 2025 19 KEY FINANCIAL DATA – INCOME STATEMENT ($ Thousands, except per share information) (Unaudited) * Excludes transaction expenses related to the acquisition of Miller Electric in 1Q25 For the Nine Months Ended September 30, Variance 2025 2024 $ % Revenues $ 12,473,301 $ 10,796,097 $ 1,677,204 15.5% Gross Profit 2,391,802 2,008,036 383,766 19.1% 19.2% 18.6% Selling, General & Administrative Expenses 1,252,138 1,051,737 200,401 19.1% 10.0% 9.7% Operating Income $ 1,139,664 $ 956,299 $ 183,365 19.2% 9.1% 8.9% Diluted Earnings per Common Share $ 18.53 $ 15.21 $ 3.32 21.8% Non-GAAP Operating Income* $ 1,149,017 $ 956,299 $ 192,718 20.2% 9.2% 8.9% Non-GAAP Diluted Earnings per Common Share* $ 18.68 $ 15.21 $ 3.47 22.8%
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EMCOR GROUP, INC. November 13, 2025 20 KEY FINANCIAL DATA – BALANCE SHEET ($ Thousands) 09/30/25 12/31/24 Cash $ 655,104 $ 1,339,550 Working Capital $ 878,374 $ 1,235,326 Goodwill $ 1,359,323 $ 1,018,415 Identifiable Intangible Assets, Net $ 1,056,913 $ 648,180 Total Debt (excludes operating leases) $ 6,245 $ 6,095 Stockholders' Equity $ 3,336,513 $ 2,938,694 Total Debt / Total Capitalization 0.2% 0.2% (Unaudited)
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EMCOR GROUP, INC. November 13, 2025 21 KEY FINANCIAL DATA – QUARTER SEGMENT DETAIL ($ Thousands, except for percentages) (Unaudited) For the quarters ended September 30, 2025 % of Total 2024 % of Total Revenues from unrelated entities: United States Electrical Construction & Facilities Services $ 1,285,269 30% $ 845,030 23% United States Mechanical Construction & Facilities Services 1,779,279 41% 1,662,211 45% United States Building Services 813,879 19% 796,923 21% United States Industrial Services 286,914 7% 286,410 8% Total United States Operations 4,165,341 97% 3,590,574 97% United Kingdom Building Services 136,188 3% 106,350 3% Consolidated revenues $ 4,301,529 100% $ 3,696,924 100% For the quarters ended September 30, 2025 % of Segment Revenues 2024 % of Segment Revenues Operating income (loss): United States Electrical Construction & Facilities Services $ 145,200 11.3% $ 119,118 14.1% United States Mechanical Construction & Facilities Services 229,296 12.9% 214,831 12.9% United States Building Services 59,390 7.3% 55,562 7.0% United States Industrial Services 6,292 2.2% 3,292 1.1% Total United States Operations 440,178 10.6% 392,803 10.9% United Kingdom Building Services 7,563 5.6% 5,497 5.2% Corporate administration (42,045) (34,762) Consolidated operating income $ 405,696 9.4% $ 363,538 9.8%
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EMCOR GROUP, INC. November 13, 2025 22 KEY FINANCIAL DATA – YTD SEGMENT DETAIL ($ Thousands, except for percentages) (Unaudited) For the nine months ended September 30, 2025 % of Total 2024 % of Total Revenues from unrelated entities: United States Electrical Construction & Facilities Services $ 3,713,360 30% $ 2,409,735 22% United States Mechanical Construction & Facilities Services 5,107,139 41% 4,745,057 44% United States Building Services 2,349,761 19% 2,359,191 22% United States Industrial Services 926,988 7% 964,510 9% Total United States Operations 12,097,248 97% 10,478,493 97% United Kingdom Building Services 376,053 3% 317,604 3% Consolidated revenues $ 12,473,301 100% $ 10,796,097 100% For the nine months ended September 30, 2025 % of Segment Revenues 2024 % of Segment Revenues Operating income (loss): United States Electrical Construction & Facilities Services $ 438,901 11.8% $ 299,284 12.4% United States Mechanical Construction & Facilities Services 654,780 12.8% 578,991 12.2% United States Building Services 145,858 6.2% 135,860 5.8% United States Industrial Services 12,633 1.4% 34,004 3.5% Total United States Operations 1,252,172 10.4% 1,048,139 10.0% United Kingdom Building Services 20,975 5.6% 16,651 5.2% Corporate administration (133,483) (108,491) Consolidated operating income $ 1,139,664 9.1% $ 956,299 8.9%
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EMCOR GROUP, INC. November 13, 2025 23 APPENDIX – RECONCILIATION OF NON-GAAP MEASURES ($ Thousands, except for percentages and per share data) (Unaudited) In this presentation, we provide non-GAAP operating income, non-GAAP operating margin, and non-GAAP diluted earnings per common share, for the nine months ended September 30, 2025. The following tables provide a reconciliation between these amounts determined on a non-GAAP basis and the most directly comparable GAAP measures. For the nine months ended September 30, 2025 2024 GAAP operating income $ 1,139,664 $ 956,299 Transaction expenses related to the acquisition of Miller Electric 9,353 – Non-GAAP operating income, excluding Miller Electric transaction expenses $ 1,149,017 $ 956,299 For the nine months ended September 30, 2025 2024 GAAP operating margin 9.1% 8.9% Transaction expenses related to the acquisition of Miller Electric 0.1% – Non-GAAP operating margin, excluding Miller Electric transaction expenses 9.2% 8.9% For the nine months ended September 30, 2025 2024 GAAP diluted earnings per common share $ 18.53 $ 15.21 Transaction expenses related to the acquisition of Miller Electric 0.20 – Tax effect of transaction expenses related to the acquisition of Miller Electric (0.05) – Non-GAAP diluted earnings per share, excluding Miller Electric transaction expenses $ 18.68 $ 15.21
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Corporate Headquarters EMCOR Group, Inc. 301 Merritt Seven Norwalk, CT 06851 USA 203.849.7938 emcor_info@emcor.net emcorgroup.com Lucas Sullivan Director, Financial Planning & Analysis lsullivan@emcor.net