Core Viewpoint - MYR Group Inc. has appointed Aurelie Richard to its Board of Directors, effective August 26, 2025, enhancing the board's strategic and financial expertise [1][2]. Group 1: Appointment Details - Aurelie Richard will serve as a director and on the Audit Committee of MYR Group [1]. - Kenneth M. Hartwick, Chair of the Board, expressed confidence in Richard's leadership and her commitment to the company's growth strategy [2]. Group 2: Background of Aurelie Richard - Ms. Richard has over thirty years of experience in finance and management, currently serving as Chief Financial and Strategy Officer for S&C Electric Company [2]. - She has held various executive positions in Finance, Strategy, and Human Resources, with expertise in energy management and electrical distribution systems [2]. - Richard's educational background includes an undergraduate degree in accounting and finance, a CPA certification, and an MBA from EM Lyon Business School [3]. Group 3: Company Overview - MYR Group is a holding company of specialty electrical contractors operating in the U.S. and Canada, with two main business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I) [4]. - The T&D segment provides services related to electric transmission, distribution networks, and clean energy projects, serving a diverse range of customers including utilities and private developers [4]. - The C&I segment offers services for commercial and industrial wiring, including installations for data centers, hospitals, and electric vehicle charging infrastructure [4].

Core Viewpoint - MYR Group Inc. will participate in the D.A. Davidson 24th Annual Diversified Industrials & Services investor conference, where its CEO and CFO will engage with institutional investors [1] Company Overview - MYR Group Inc. is a holding company specializing in electrical contracting services across the United States and Canada, operating through two main segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I) [2] - The T&D segment offers services related to electric transmission, distribution networks, substations, clean energy projects, and electric vehicle charging infrastructure, catering to a diverse clientele including utilities and independent power producers [2] - The C&I segment provides a wide range of services such as design, installation, maintenance, and repair of commercial and industrial wiring, serving clients like general contractors and government agencies [2]

Company Overview - MYR Group Inc. is a holding company of leading specialty electrical contractors serving the electric utility infrastructure, commercial, and industrial construction markets in the United States and Canada [1] - The company operates through two business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I) [1] Business Segments - The T&D segment provides services on electric transmission, distribution networks, substation facilities, clean energy projects, and electric vehicle charging infrastructure [1] - Comprehensive T&D services include design, engineering, procurement, construction, upgrade, maintenance, and repair services [1] - C&I segment offers a broad range of services including design, installation, maintenance, and repair of commercial and industrial wiring for various facilities such as data centers, airports, hospitals, and clean energy projects [1] Recent Events - MYR Group will participate in the KeyBanc Taking Charge: Energy Transition Symposium investor conference on September 18, 2025 [1] - The CEO Rick Swartz and CFO Kelly Huntington will meet with institutional investors during this virtual event [1]

Company Performance - MYR Group (MYRG) has gained approximately 26% year-to-date, outperforming the Utilities sector, which has returned an average of 12.8% [4] - The Zacks Consensus Estimate for MYRG's full-year earnings has increased by 5.8% in the past quarter, indicating improved analyst sentiment and earnings outlook [3] - MYR Group holds a Zacks Rank of 2 (Buy), reflecting its potential to beat the market in the near term [3] Industry Context - MYR Group is part of the Electric Construction industry, which currently ranks 1 in the Zacks Industry Rank, with an average year-to-date gain of 26% [5] - The Utilities sector includes 108 individual stocks and has a Zacks Sector Rank of 3, indicating a relatively strong performance compared to other sectors [2] - Another stock in the Utilities sector, Telenor ASA (TELNY), has shown a year-to-date return of 42.1%, highlighting the competitive landscape within the sector [4][6]

Financial Data and Key Metrics Changes - The company's second quarter 2025 revenues were $900 million, an increase of $71 million or 8.6% compared to the same period last year [10] - Net income for the second quarter was $27 million compared to a net loss of $15 million for the same period last year [14] - EBITDA for the second quarter was $56 million compared to negative $5 million for the same period last year [14] - Operating cash flow was $33 million compared to $23 million for the same period last year [15] - Free cash flow was $12 million compared to $3 million for the same period last year [15] - Total backlog as of June 30, 2025, was $2.64 billion, 4% higher than a year ago [14] Business Line Data and Key Metrics Changes - Transmission and Distribution (T&D) revenues were $506 million, an increase of 10% compared to the same period last year, with $305 million from transmission and $201 million from distribution [10] - Commercial and Industrial (C&I) revenues were $394 million, an increase of 6% compared to the same period last year [11] - T&D operating income margin was 8% for 2025 compared to an operating loss margin of 1.8% for the same period last year [12] - C&I operating income margin was 5.6% for 2025 compared to 0.4% for the same period last year [12] Market Data and Key Metrics Changes - The demand for electricity continues to drive healthy bidding activity across both business segments [8] - A Deloitte report forecasts $1.4 trillion of capital investments in the U.S. power sector from 2025 to 2030, with power demand expected to increase by 10% to 17% from 2024 levels [18][19] - Non-residential construction spending in the U.S. increased by 3.9% from February 2024 to February 2025 [22] Company Strategy and Development Direction - The company emphasizes grid modernization and hardening as strong market drivers [9] - The focus remains on collaborating closely with customers and delivering safe, quality, and consistent results [9] - The company is strategically pursuing new opportunities while maintaining strong customer relationships [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing success of chosen markets due to increased electrification and investments in electrical infrastructure [9] - The company remains proactive and disciplined in adapting to market conditions and responding to industry changes [26] - Management highlighted the importance of investing in teams to drive value for customers and communities [26] Other Important Information - The company authorized a new $75 million share repurchase program, replacing the prior program [16] - The funded debt to EBITDA leverage ratio was 0.46x as of June 30, 2025 [16] Q&A Session Summary Question: Clarification on the new MSA with Xcel Energy - Management confirmed that the MSA is new scope and additional to existing agreements [29][30] Question: Inquiry about C&I backlog and its sequential decline - Management explained that the backlog is typically lumpy and reflects the normal progression of work [31][32] Question: Discussion on business footprint expansion and future MSA announcements - Management indicated that they are always looking for MSA opportunities while also pursuing other project types [36] Question: Update on solar market contributions to revenue - Management noted that solar work has declined to 4% of T&D revenues, with ongoing selective engagement in solar projects [49] Question: Capital allocation outlook regarding M&A versus buybacks - Management stated they are looking for the right acquisition opportunities while also considering stock buybacks [52][53] Question: Inquiry about investment spending in response to demand - Management confirmed they are monitoring capital expenditures but do not anticipate a significant increase [59] Question: Impact of tariffs and supply chain on project timelines - Management reported that while clients are issuing early notices to proceed, they have not seen significant project delays [60] Question: Update on growth expectations for T&D - Management maintained expectations for high single-digit growth in T&D for the year, excluding certain headwinds [66]

Financial Data and Key Metrics Changes - The company's second quarter 2025 revenues were $900 million, an increase of $71 million or 8.6% compared to the same period last year [10] - Net income for the second quarter was $27 million compared to a net loss of $15 million for the same period last year [14] - EBITDA for the second quarter was $56 million compared to negative $5 million for the same period last year [14] - Operating cash flow was $33 million compared to $23 million for the same period last year [15] - Free cash flow was $12 million compared to $3 million for the same period last year [15] Business Segment Data and Key Metrics Changes - Transmission and Distribution (T&D) revenues were $506 million, an increase of 10% compared to the same period last year, with $305 million from transmission and $201 million from distribution [10] - Commercial and Industrial (C&I) revenues were $394 million, an increase of 6% compared to the same period last year [11] - T&D operating income margin was 8% for 2025 compared to an operating loss margin of 1.8% for the same period last year [12] - C&I operating income margin was 5.6% for 2025 compared to 0.4% for the same period last year [12] Market Data and Key Metrics Changes - Total backlog as of June 30, 2025, was $2.64 billion, 4% higher than a year ago, with $927 million for T&D and $1.72 billion for C&I [14] - The U.S. power sector is forecasted to see $1.4 trillion in capital investments from 2025 to 2030, with power demand expected to increase by 10% to 17% from 2024 levels [18][19] Company Strategy and Development Direction - The company emphasizes grid modernization and hardening as strong market drivers, presenting opportunities for consistent success [8] - The focus remains on collaborating closely with customers while delivering safe, quality, and consistent results [8] - The company is committed to maintaining and expanding diverse customer relationships and adapting to market conditions [25][26] Management's Comments on Operating Environment and Future Outlook - Management noted a steady performance due to strong customer relationships and operational consistency [7] - The company is optimistic about ongoing success in chosen markets due to increased electrification and investments in electrical infrastructure [8] - Management highlighted the importance of being proactive and disciplined in a dynamic energy landscape [25][26] Other Important Information - The company has a strong funded debt to EBITDA leverage ratio of 0.46x as of June 30, 2025 [16] - A new $75 million share repurchase program was authorized, replacing the prior program [16] Q&A Session Summary Question: Inquiry about the new MSA with Xcel Energy - Management confirmed that the MSA is new scope and additional to existing agreements [29][30] Question: Follow-up on C&I backlog and its sequential decline - Management explained that the backlog is typically lumpy and reflects the normal progression of work [31][32] Question: Discussion on business footprint expansion and future MSA announcements - Management indicated that they are always looking for MSA opportunities but also pursue bidding work [37][38] Question: Update on solar market contributions to revenue - Management stated that solar work has declined to 4% of T&D revenues and remains a selective area [49][50] Question: Capital allocation outlook regarding M&A and buybacks - Management emphasized a disciplined approach to acquisitions while balancing organic growth and stock buybacks [52][53] Question: Operating environment improvements and CapEx spending - Management noted that they are monitoring CapEx needs but do not anticipate significant increases [60] Question: Supply chain issues affecting project timelines - Management reported that while schedules have not extended significantly, clients are engaging earlier to secure long lead equipment [61]

分组1 - MYR Group (MYRG) reported quarterly earnings of $1.7 per share, exceeding the Zacks Consensus Estimate of $1.56 per share, and showing a significant improvement from a loss of $0.91 per share a year ago, resulting in an earnings surprise of +8.97% [1] - The company achieved revenues of $900.33 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 8.74%, and reflecting a year-over-year increase from $828.89 million [2] - MYR has consistently outperformed consensus EPS estimates over the last four quarters, achieving this four times [2] 分组2 - The stock has gained approximately 33.2% since the beginning of the year, significantly outperforming the S&P 500's gain of 8.3% [3] - The current consensus EPS estimate for the upcoming quarter is $1.92 on revenues of $921.83 million, while for the current fiscal year, it is $6.59 on revenues of $3.46 billion [7] - The Electric Construction industry, to which MYR belongs, is currently ranked in the top 37% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Financial Performance - Contract revenues for Q2 2025 reached $900,325, an increase of 8.6% compared to $828,890 in Q2 2024[13] - Gross profit for Q2 2025 was $103,711, significantly up from $40,843 in Q2 2024, reflecting a gross margin improvement[13] - Net income for Q2 2025 was $26,466, compared to a net loss of $15,277 in Q2 2024, indicating a turnaround in profitability[13] - For the six months ended June 30, 2025, total revenue was $1.73 billion, up from $1.64 billion in the same period of 2024[63] - Net income for the six months ended June 30, 2025, was $49.8 million, compared to $3.7 million for the same period in 2024, representing a significant improvement[106] - EBITDA for the six months ended June 30, 2025, was $105.8 million, compared to $35.1 million for the same period in 2024[106] - The net income for the three months ended June 30, 2025, was $26.5 million, a recovery from a net loss of $15.3 million in the same period of 2024[92] Assets and Liabilities - Total assets as of June 30, 2025, were $1,586,982, a slight increase from $1,574,059 at the end of 2024[11] - Total liabilities increased to $1,003,748 as of June 30, 2025, compared to $973,699 at the end of 2024[11] - The company’s total shareholders' equity decreased to $583,234 as of June 30, 2025, from $600,360 at the end of 2024[11] - Retained earnings decreased to $434,598 as of June 30, 2025, down from $453,717 at the end of 2024[11] - Cash and cash equivalents at the end of the period increased to $22,956,000 from $1,869,000 at the end of June 2024[22] Revenue Segmentation - The T&D segment generated contract revenues of $506.3 million for the three months ended June 30, 2025, compared to $458.2 million in the same period of 2024, reflecting an increase of about 10.5%[92] - The C&I segment reported contract revenues of $394.1 million for the three months ended June 30, 2025, up from $370.7 million in the prior year, marking a growth of approximately 6.3%[92] - The T&D segment accounted for 55.8% of total revenues, while the C&I segment contributed 44.2% for the six months ended June 30, 2025[106] Expenses - Selling, general and administrative expenses for Q2 2025 were $63,313, slightly higher than $61,839 in Q2 2024[13] - SG&A expenses for the six months ended June 30, 2025, were $125.8 million, a slight increase from $124.1 million in the same period of 2024[133] - Interest expense for the three months ended June 30, 2025, was $1.9 million, up from $1.2 million in the same period of 2024[122] Cash Flow and Financing - Net cash flows provided by operating activities increased to $116,147,000 for the six months ended June 30, 2025, compared to $30,371,000 in 2024[22] - The company used net cash of $30.6 million in investing activities, primarily for capital expenditures of $34.3 million[148] - Financing activities resulted in a net cash outflow of $66.5 million, mainly due to $75.0 million in share repurchases[149] - The company has $383.3 million available under its revolving line of credit as of June 30, 2025, providing sufficient liquidity for short-term and long-term needs[150] Shareholder Actions - The company repurchased 639,207 shares at a weighted-average price of $117.33 per share during the six months ended June 30, 2025, exhausting substantially all authorized funds under the Repurchase Program[111] - The company announced a new share repurchase program on July 30, 2025, authorizing up to $75.0 million of outstanding shares, which will expire on February 4, 2026[183] Risks and Compliance - The Company is exposed to market risks including fluctuations in interest rates and foreign exchange rates, with no derivative instruments in use as of June 30, 2025[172][173] - The company faces risks associated with climate change, including financial and physical risks from extreme weather events[175] - The company may incur liabilities related to occupational health and safety matters, which could negatively impact its financial condition[175] - The Company was in compliance with all financial covenants under the Credit Agreement as of June 30, 2025, including a maximum Net Leverage Ratio of 3.0[53]

Core Insights - MYR Group Inc. reported strong financial performance in the second quarter of 2025, with revenues of $900.3 million, a net income of $26.5 million, and a backlog of $2.64 billion, indicating growth compared to the same period in 2024 [2][8][10]. Financial Performance - Second quarter 2025 revenues increased by $71.4 million compared to the second quarter of 2024, driven by growth in both the Transmission and Distribution (T&D) segment, which saw revenues of $506.3 million, and the Commercial and Industrial (C&I) segment, which reported revenues of $394.1 million [3][10]. - Consolidated gross profit for the second quarter of 2025 rose to $103.7 million, up from $40.8 million in the same quarter of 2024, with gross margin improving to 11.5% from 4.9% [4][11]. - For the first half of 2025, MYR reported revenues of $1.73 billion, an increase of $89.4 million compared to the first half of 2024, with net income reaching $49.8 million [10][15]. Cost and Expenses - Selling, general and administrative expenses (SG&A) increased to $63.3 million in the second quarter of 2025, primarily due to higher employee compensation costs [5][12]. - Interest expense rose to $1.9 million in the second quarter of 2025, attributed to higher average outstanding debt balances [6][13]. Tax and Net Income - The income tax expense for the second quarter of 2025 was $10.9 million, with an effective tax rate of 29.2%, compared to a tax benefit of $6.9 million in the same quarter of 2024 [7][14]. - Net income for the second quarter of 2025 was $26.5 million, or $1.70 per diluted share, a significant recovery from a net loss of $15.3 million in the second quarter of 2024 [8][29]. Backlog and Future Outlook - As of June 30, 2025, MYR's backlog stood at $2.64 billion, reflecting a 3.8% increase from the previous year, with T&D backlog at $926.5 million and C&I backlog at $1.72 billion [16]. - The company announced a new $75 million share repurchase program, replacing the previous program, which had been exhausted [18]. Balance Sheet - As of June 30, 2025, MYR had total assets of $1.59 billion and total shareholders' equity of $583.2 million [26][32].

[Company Overview](index=1&type=section&id=1.%20Company%20Overview) [Business Description](index=1&type=section&id=1.1%20Business%20Description) MYR Group Inc. is a leading specialty electrical contractor providing comprehensive services across power utility infrastructure and commercial & industrial markets in the US and Canada - MYR Group Inc. is a specialty electrical contractor holding company serving the US and Canadian power utility infrastructure and C&I construction markets[1](index=1&type=chunk)[22](index=22&type=chunk) - The company provides services through its T&D and C&I segments, encompassing design, engineering, construction, maintenance, and clean energy projects[22](index=22&type=chunk) [Executive Summary & Highlights](index=1&type=section&id=2.%20Executive%20Summary%20%26%20Highlights) [Management Commentary](index=1&type=section&id=2.1%20Management%20Commentary) CEO Rick Swartz highlighted strong Q2 2025 performance with $900 million revenue, $2.64 billion backlog, and year-over-year growth across key profitability metrics - MYR Group CEO Rick Swartz highlighted **Q2 2025 revenue of $900 million** and **backlog of $2.64 billion**, with year-over-year growth in net income, gross profit, gross margin, and EBITDA[2](index=2&type=chunk) - The company expanded its business reach through new master service agreements and projects, focusing on future growth[2](index=2&type=chunk) [Key Financial Highlights (Q2 2025)](index=1&type=section&id=2.2%20Key%20Financial%20Highlights%20(Q2%202025)) In Q2 2025, MYR Group achieved $900.3 million in quarterly revenue, a record $26.5 million net income ($1.70 diluted EPS), and a record $55.6 million EBITDA, with backlog reaching $2.64 billion Q2 2025 Key Financial Metrics | Metric | Amount (million USD) | | :--- | :--- | | Quarterly Revenue | 900.3 | | Quarterly Net Income | 26.5 | | Diluted EPS | 1.70 | | Quarterly EBITDA | 55.6 | | Backlog | 2,640.0 | [Financial Results](index=1&type=section&id=3.%20Financial%20Results) [Second Quarter 2025 Results](index=1&type=section&id=3.1%20Second%20Quarter%202025%20Results) MYR Group's Q2 2025 revenue reached $900.3 million, with gross profit significantly increasing to $103.7 million and net income turning profitable at $26.5 million, alongside $55.6 million EBITDA Q2 2025 Financial Performance Comparison (million USD) | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | Revenue | 900.3 | 828.9 | +71.4 | | Gross Profit | 103.7 | 40.8 | +62.9 | | Gross Margin | 11.5% | 4.9% | +6.6 pp | | Net Income | 26.5 | (15.3) | +41.8 | | Diluted EPS | 1.70 | (0.91) | +2.61 | | EBITDA | 55.6 | (4.7) | +60.3 | [Revenues by Segment](index=1&type=section&id=3.1.1%20Revenues%20by%20Segment) Q2 2025 T&D segment revenue grew to $506.3 million, driven by distribution and transmission projects, while C&I segment revenue increased to $394.1 million Q2 2025 Revenues by Segment (million USD) | Segment | Q2 2025 Revenue (million USD) | Q2 2024 Revenue (million USD) | YoY Change (million USD) | | :--- | :--- | :--- | :--- | | Transmission & Distribution (T&D) | 506.3 | 458.2 | 48.1 | | Commercial & Industrial (C&I) | 394.1 | 370.7 | 23.4 | | **Total** | **900.3** | **828.9** | **71.4** | - T&D segment revenue growth was primarily driven by **distribution projects (+$25.1 million)** and **transmission projects (+$22.9 million)**[3](index=3&type=chunk) [Gross Profit and Margin](index=1&type=section&id=3.1.2%20Gross%20Profit%20and%20Margin) Consolidated gross profit increased to $103.7 million in Q2 2025, with gross margin rising to 11.5%, driven by improved productivity and favorable project settlements Q2 2025 Gross Profit and Margin (million USD) | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | Consolidated Gross Profit | 103.7 | 40.8 | +62.9 | | Gross Margin | 11.5% | 4.9% | +6.6 pp | - Gross margin growth was primarily driven by the elimination of prior-year negative impacts, better-than-expected productivity, and favorable project settlements[4](index=4&type=chunk) - Gross margin growth was partially offset by increased labor costs, project inefficiencies, and unfavorable change orders[4](index=4&type=chunk) [Operating Expenses (SG&A, Amortization)](index=1&type=section&id=3.1.3%20Operating%20Expenses%20(SG%26A%2C%20Amortization)) Q2 2025 SG&A expenses increased to $63.3 million, mainly due to higher employee incentive compensation and staff-related costs supporting future growth Q2 2025 SG&A Expenses (million USD) | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | SG&A Expenses | 63.3 | 61.8 | +1.5 | - SG&A expenses increased primarily due to higher employee incentive compensation and staff-related costs supporting future growth[5](index=5&type=chunk) [Interest Expense](index=1&type=section&id=3.1.4%20Interest%20Expense) Q2 2025 interest expense rose to $1.9 million, mainly due to an increased average outstanding debt balance, partially offset by lower interest rates Q2 2025 Interest Expense (million USD) | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | Interest Expense | 1.9 | 1.2 | +0.7 | - Interest expense increased primarily due to a higher average outstanding debt balance[6](index=6&type=chunk) [Income Tax Expense](index=1&type=section&id=3.1.5%20Income%20Tax%20Expense) Q2 2025 income tax expense was $10.9 million with an effective tax rate of 29.2%, a change from a $6.9 million benefit in Q2 2024, mainly due to reduced GILTI impact Q2 2025 Income Tax Expense and Effective Tax Rate (million USD) | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | | :--- | :--- | :--- | | Income Tax Expense/(Benefit) | 10.9 | (6.9) | | Effective Tax Rate | 29.2% | 31.0% | - The change in tax rate was primarily due to a reduction in the impact of Global Intangible Low-Taxed Income (GILTI)[7](index=7&type=chunk) [Net Income and EPS](index=1&type=section&id=3.1.6%20Net%20Income%20and%20EPS) Q2 2025 net income was $26.5 million with diluted EPS of $1.70, a significant improvement from a net loss of $15.3 million (diluted EPS of -$0.91) in Q2 2024 Q2 2025 Net Income and EPS (million USD) | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | Net Income | 26.5 | (15.3) | +41.8 | | Diluted EPS | 1.70 | (0.91) | +2.61 | [EBITDA](index=1&type=section&id=3.1.7%20EBITDA) Q2 2025 EBITDA, a non-GAAP financial measure, significantly increased to $55.6 million, compared to a negative $4.7 million in Q2 2024 Q2 2025 EBITDA (million USD) | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | EBITDA | 55.6 | (4.7) | +60.3 | [First-Half 2025 Results](index=2&type=section&id=3.2%20First-Half%202025%20Results) MYR Group's H1 2025 revenue reached $1.73 billion, with gross profit increasing to $200.6 million and net income significantly growing to $49.8 million H1 2025 Financial Performance Comparison (million USD) | Metric | H1 2025 (million USD) | H1 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | Revenue | 1,733.9 | 1,644.5 | +89.4 | | Gross Profit | 200.6 | 127.1 | +73.5 | | Gross Margin | 11.6% | 7.7% | +3.9 pp | | Net Income | 49.8 | 3.7 | +46.1 | | Diluted EPS | 3.15 | 0.22 | +2.93 | [Revenues by Segment](index=2&type=section&id=3.2.1%20Revenues%20by%20Segment) H1 2025 T&D segment revenue grew to $968.0 million, driven by distribution projects, while C&I segment revenue increased to $765.9 million H1 2025 Revenues by Segment (million USD) | Segment | H1 2025 Revenue (million USD) | H1 2024 Revenue (million USD) | YoY Change (million USD) | | :--- | :--- | :--- | :--- | | Transmission & Distribution (T&D) | 968.0 | 948.6 | 19.4 | | Commercial & Industrial (C&I) | 765.9 | 695.8 | 70.1 | | **Total** | **1,733.9** | **1,644.5** | **89.4** | - T&D segment revenue growth was primarily driven by **distribution projects (+$40.6 million)**, partially offset by a decrease in **transmission projects (-$21.2 million)**, mainly related to clean energy[10](index=10&type=chunk) [Gross Profit and Margin](index=2&type=section&id=3.2.2%20Gross%20Profit%20and%20Margin) Consolidated gross profit increased to $200.6 million in H1 2025, with gross margin rising to 11.6%, driven by improved productivity and favorable project settlements H1 2025 Gross Profit and Margin (million USD) | Metric | H1 2025 (million USD) | H1 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | Consolidated Gross Profit | 200.6 | 127.1 | +73.5 | | Gross Margin | 11.6% | 7.7% | +3.9 pp | - Gross margin growth was primarily due to the elimination of prior-year negative impacts, better-than-expected productivity, favorable change orders, and project settlements[11](index=11&type=chunk) [Operating Expenses (SG&A, Amortization)](index=2&type=section&id=3.2.3%20Operating%20Expenses%20(SG%26A%2C%20Amortization)) H1 2025 SG&A expenses increased to $125.8 million, mainly due to higher employee incentive compensation and staff-related costs supporting future growth H1 2025 SG&A Expenses (million USD) | Metric | H1 2025 (million USD) | H1 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | SG&A Expenses | 125.8 | 124.1 | +1.7 | - SG&A expenses increased primarily due to higher employee incentive compensation and staff-related costs supporting future growth[12](index=12&type=chunk) [Interest Expense](index=2&type=section&id=3.2.4%20Interest%20Expense) H1 2025 interest expense rose to $3.3 million, mainly due to an increased average outstanding debt balance, partially offset by lower interest rates H1 2025 Interest Expense (million USD) | Metric | H1 2025 (million USD) | H1 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | Interest Expense | 3.3 | 2.3 | +1.0 | - Interest expense increased primarily due to a higher average outstanding debt balance[13](index=13&type=chunk) [Income Tax Expense](index=2&type=section&id=3.2.5%20Income%20Tax%20Expense) H1 2025 income tax expense was $20.4 million with an effective tax rate of 29.1%, a change from a $2.7 million benefit in H1 2024, mainly due to increased pre-tax income H1 2025 Income Tax Expense and Effective Tax Rate (million USD) | Metric | H1 2025 (million USD) | H1 2024 (million USD) | | :--- | :--- | :--- | | Income Tax Expense/(Benefit) | 20.4 | (2.7) | | Effective Tax Rate | 29.1% | -281.9% | - The tax rate change was primarily due to increased pre-tax income, reduced permanent differences, and lower excess tax benefits from share-based compensation[14](index=14&type=chunk) [Net Income and EPS](index=2&type=section&id=3.2.6%20Net%20Income%20and%20EPS) H1 2025 net income was $49.8 million with diluted EPS of $3.15, a significant increase from $3.7 million net income (diluted EPS of $0.22) in H1 2024 H1 2025 Net Income and EPS (million USD) | Metric | H1 2025 (million USD) | H1 2024 (million USD) | Change (million USD) | | :--- | :--- | :--- | :--- | | Net Income | 49.8 | 3.7 | +46.1 | | Diluted EPS | 3.15 | 0.22 | +2.93 | [Backlog](index=2&type=section&id=4.%20Backlog) [Backlog Overview](index=2&type=section&id=4.1%20Backlog%20Overview) As of June 30, 2025, MYR Group's total backlog was $2.64 billion, consistent with March 31, 2025, and a 3.8% increase from June 30, 2024 Backlog Status (million USD) | Metric | June 30, 2025 (million USD) | March 31, 2025 (million USD) | June 30, 2024 (million USD) | | :--- | :--- | :--- | :--- | | Total Backlog | 2,640.0 | 2,640.0 | 2,542.3 | | T&D Backlog | 926.5 | - | - | | C&I Backlog | 1,720.0 | - | - | - As of June 30, 2025, total backlog increased by **3.8%** compared to June 30, 2024[16](index=16&type=chunk) [Financial Position & Liquidity](index=2&type=section&id=5.%20Financial%20Position%20%26%20Liquidity) [Balance Sheet Overview](index=4&type=section&id=5.1%20Balance%20Sheet%20Overview) As of June 30, 2025, MYR Group's total assets were $1.587 billion, with cash and cash equivalents significantly increasing to $22.956 million, while total shareholders' equity was $583.234 million Balance Sheet Key Data (thousand USD) | Metric | June 30, 2025 (thousand USD) | December 31, 2024 (thousand USD) | | :--- | :--- | :--- | | Total Assets | 1,586,982 | 1,574,059 | | Cash and Cash Equivalents | 22,956 | 3,464 | | Total Liabilities | 1,003,748 | 973,699 | | Total Shareholders' Equity | 583,234 | 600,360 | [Borrowing Availability](index=2&type=section&id=5.2%20Borrowing%20Availability) As of June 30, 2025, MYR Group had $383.3 million in borrowing availability under its $490 million revolving credit facility, indicating strong liquidity Borrowing Availability (million USD) | Metric | Amount (million USD) | | :--- | :--- | | Revolving Credit Facility | 490.0 | | Borrowing Availability (June 30, 2025) | 383.3 | [Share Repurchase Program](index=2&type=section&id=6.%20Share%20Repurchase%20Program) [New Share Repurchase Program Approval](index=2&type=section&id=6.1%20New%20Share%20Repurchase%20Program%20Approval) MYR Group's board approved a new $75 million share repurchase program, replacing a prior one, to be funded by cash on hand and credit facility - The Board approved a new **$75 million share repurchase program**, replacing a substantially depleted prior program of the same size[18](index=18&type=chunk) - Repurchases will occur at management's discretion via open market or private transactions, funded by cash on hand and the credit facility[18](index=18&type=chunk) - The program is set to expire on **February 4, 2026**, or when authorized funds are exhausted[18](index=18&type=chunk) [Consolidated Financial Statements](index=4&type=section&id=7.%20Consolidated%20Financial%20Statements) [Consolidated Balance Sheets](index=4&type=section&id=7.1%20Consolidated%20Balance%20Sheets) As of June 30, 2025, MYR Group's consolidated balance sheet shows total assets of $1.587 billion, total liabilities of $1.004 billion, and shareholders' equity of $583 million Consolidated Balance Sheets (thousand USD) | (in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **ASSETS** | | | | Cash and cash equivalents | 22,956 | 3,464 | | Accounts receivable, net | 599,629 | 653,069 | | Contract assets, net | 347,082 | 301,942 | | Total current assets | 1,017,606 | 1,014,662 | | Property and equipment, net | 281,901 | 278,226 | | Goodwill | 115,466 | 112,983 | | Total assets | 1,586,982 | 1,574,059 | | **LIABILITIES AND SHAREHOLDERS' EQUITY** | | | | Accounts payable | 308,191 | 295,476 | | Contract liabilities | 286,288 | 321,958 | | Total current liabilities | 766,392 | 748,900 | | Long-term debt | 81,623 | 70,018 | | Total liabilities | 1,003,748 | 973,699 | | Common stock | 155 | 161 | | Retained earnings | 434,598 | 453,717 | | Total shareholders' equity | 583,234 | 600,360 | | Total liabilities and shareholders' equity | 1,586,982 | 1,574,059 | [Consolidated Statements of Operations](index=5&type=section&id=7.2%20Consolidated%20Statements%20of%20Operations) MYR Group's Q2 and H1 2025 statements of operations show significant growth in revenue, gross profit, and net income, with Q2 net income turning profitable at $26.5 million Consolidated Statements of Operations (thousand USD) | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Contract revenues | 900,325 | 828,890 | 1,733,945 | 1,644,452 | | Gross profit | 103,711 | 40,843 | 200,612 | 127,086 | | Selling, general and administrative expenses | 63,313 | 61,839 | 125,837 | 124,072 | | Income (loss) from operations | 39,787 | (20,707) | 74,077 | 3,564 | | Income (loss) before provision for income taxes | 37,394 | (22,137) | 70,161 | 959 | | Income tax expense (benefit) | 10,928 | (6,860) | 20,387 | (2,703) | | Net income (loss) | 26,466 | (15,277) | 49,774 | 3,662 | | Diluted EPS | 1.70 | (0.91) | 3.15 | 0.22 | [Consolidated Statements of Cash Flows](index=6&type=section&id=7.3%20Consolidated%20Statements%20of%20Cash%20Flows) H1 2025 operating cash flow significantly increased to $116.147 million, with reduced investing cash outflow and increased financing cash outflow due to share repurchases Consolidated Statements of Cash Flows (thousand USD) | (in thousands) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | Net income | 49,774 | 3,662 | | Net cash flows provided by operating activities | 116,147 | 30,371 | | Net cash flows used in investing activities | (30,563) | (42,581) | | Net cash flows used in financing activities | (66,521) | (10,275) | | Net increase (decrease) in cash and cash equivalents | 19,492 | (23,030) | | Cash and cash equivalents, End of period | 22,956 | 1,869 | - Operating cash flow significantly increased, primarily due to substantial improvement in net income and a reduction in accounts receivable[30](index=30&type=chunk) - Financing cash outflow increased, primarily due to **$75 million in common stock repurchases**[30](index=30&type=chunk) [Selected Financial Data & Segment Performance](index=7&type=section&id=8.%20Selected%20Financial%20Data%20%26%20Segment%20Performance) [Summary Statement of Operations Data](index=7&type=section&id=8.1%20Summary%20Statement%20of%20Operations%20Data) Q2 2025 contract revenues, gross profit, operating income, and net income all significantly increased year-over-year, while LTM contract revenues slightly decreased but profitability metrics improved Summary Statement of Operations Data (thousand USD) | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Last twelve months ended June 30, 2025 | Last twelve months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Contract revenues | 900,325 | 828,890 | 3,451,783 | 3,588,125 | | Gross profit | 103,711 | 40,843 | 363,845 | 316,964 | | Income (loss) from operations | 39,787 | (20,707) | 124,595 | 72,793 | | Net income (loss) | 26,466 | (15,277) | 76,375 | 49,216 | | Tax rate | 29.2% | 31.0% | 34.0% | 26.9% | [Per Share Data](index=7&type=section&id=8.2%20Per%20Share%20Data) Q2 2025 diluted EPS turned profitable at $1.70 from a loss of $0.91 in Q2 2024, with LTM diluted EPS also increasing from $2.92 to $4.79 Per Share Data | (per share data) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Last twelve months ended June 30, 2025 | Last twelve months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Diluted EPS | 1.70 | (0.91) | 4.79 | 2.92 | | Diluted weighted average shares | 15,575 | 16,809 | 16,035 | 16,828 | [Summary Balance Sheet Data](index=7&type=section&id=8.3%20Summary%20Balance%20Sheet%20Data) As of June 30, 2025, total assets and total funded debt increased, while total shareholders' equity slightly decreased, with goodwill and intangible assets remaining stable Summary Balance Sheet Data (thousand USD) | (in thousands) | June 30, 2025 | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | :--- | | Total assets | 1,586,982 | 1,574,059 | 1,583,242 | | Total shareholders' equity | 583,234 | 600,360 | 633,342 | | Goodwill and intangible assets | 190,514 | 188,674 | 195,227 | | Total funded debt | 86,081 | 74,381 | 45,065 | [Segment Results](index=7&type=section&id=8.4%20Segment%20Results) Both T&D and C&I segments showed increased contract revenues and operating income in Q2 and H1 2025, with significant improvements in operating margins for both segments Segment Results (thousand USD) | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Contract revenues:** | | | | | | Transmission & Distribution | 506,273 (56.2%) | 458,209 (55.3%) | 968,043 (55.8%) | 948,604 (57.7%) | | Commercial & Industrial | 394,052 (43.8%) | 370,681 (44.7%) | 765,902 (44.2%) | 695,848 (42.3%) | | **Operating income (loss):** | | | | | | Transmission & Distribution | 40,465 (8.0%) | (8,300) (-1.8%) | 76,686 (7.9%) | 21,536 (2.3%) | | Commercial & Industrial | 21,992 (5.6%) | 1,608 (0.4%) | 39,369 (5.1%) | 13,031 (1.9%) | | Consolidated | 39,787 (4.4%) | (20,707) (-2.5%) | 74,077 (4.3%) | 3,564 (0.2%) | [Non-GAAP Financial Measures & Reconciliations](index=3&type=section&id=9.%20Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) [Overview of Non-GAAP Measures](index=3&type=section&id=9.1%20Overview%20of%20Non-GAAP%20Measures) MYR Group uses non-GAAP financial measures like EBITDA, EBIA, and free cash flow to supplement GAAP statements, providing additional insights into core operations and performance - MYR Group uses non-GAAP measures such as EBITDA, EBIA, and free cash flow to supplement GAAP financial statements, offering additional insights into core business operations[19](index=19&type=chunk)[20](index=20&type=chunk) - These non-GAAP metrics assist management and investors in assessing company performance and ensuring compliance with financial covenants in credit agreements[20](index=20&type=chunk) [Performance Measures](index=9&type=section&id=9.2%20Performance%20Measures) Q2 2025 EBITDA, EBIA net of taxes, and free cash flow significantly improved year-over-year, with LTM asset turnover, return on assets, equity, and invested capital also showing growth Key Performance Measures (thousand USD) | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Last twelve months ended June 30, 2025 | Last twelve months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | EBITDA | 55,599 | (4,703) | 188,439 | 134,939 | | EBITDA per Diluted Share | 3.57 | (0.28) | 11.77 | 8.02 | | EBIA, net of taxes | 28,640 | (13,637) | 84,258 | 56,375 | | Free Cash Flow | 11,638 | 2,503 | 108,625 | (3,424) | | Book Value per Period End Share | 37.46 | 37.92 | - | - | | Tangible Book Value | 392,720 | 438,115 | - | - | | Tangible Book Value per Period End Share | 25.22 | 26.23 | - | - | | Funded Debt to Equity Ratio | 0.15 | 0.07 | - | - | | Asset Turnover | - | - | 2.18 | 2.45 | | Return on Assets | - | - | 4.8% | 3.4% | | Return on Equity | - | - | 12.1% | 8.1% | | Return on Invested Capital | - | - | 12.7% | 8.7% | [Reconciliation of Net Income (Loss) to EBITDA](index=9&type=section&id=9.3%20Reconciliation%20of%20Net%20Income%20(Loss)%20to%20EBITDA) MYR Group reconciles net income (loss) to EBITDA by adding back net interest expense, income tax expense (benefit), and depreciation and amortization, showing a significant improvement in Q2 2025 EBITDA Reconciliation of Net Income (Loss) to EBITDA (thousand USD) | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Last twelve months ended June 30, 2025 | Last twelve months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income (loss) | 26,466 | (15,277) | 76,375 | 49,216 | | Interest expense, net | 1,860 | 1,160 | 7,121 | 4,897 | | Income tax expense (benefit) | 10,928 | (6,860) | 39,320 | 18,079 | | Depreciation and amortization | 16,345 | 16,274 | 65,623 | 62,747 | | **EBITDA** | **55,599** | **(4,703)** | **188,439** | **134,939** | [Reconciliation of Net Income (Loss) per Diluted Share to EBITDA per Diluted Share](index=9&type=section&id=9.4%20Reconciliation%20of%20Net%20Income%20(Loss)%20per%20Diluted%20Share%20to%20EBITDA%20per%20Diluted%20Share) Diluted net income (loss) per share is reconciled to diluted EBITDA per share by adding back per-share interest, tax, and D&A, showing a Q2 2025 diluted EBITDA per share of $3.57 Reconciliation of Net Income (Loss) per Diluted Share to EBITDA per Diluted Share | (per share data) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Last twelve months ended June 30, 2025 | Last twelve months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income (loss) per share | 1.70 | (0.91) | 4.79 | 2.92 | | Interest expense, net, per share | 0.12 | 0.07 | 0.44 | 0.29 | | Income tax expense (benefit) per share | 0.70 | (0.41) | 2.45 | 1.08 | | Depreciation and amortization per share | 1.05 | 0.97 | 4.09 | 3.73 | | **EBITDA per Diluted Share** | **3.57** | **(0.28)** | **11.77** | **8.02** | [Reconciliation of EBIA, net of taxes](index=9&type=section&id=9.5%20Reconciliation%20of%20EBIA%2C%20net%20of%20taxes) EBIA, net of taxes, is calculated by adjusting net income (loss) for net interest expense, intangible asset amortization, and their tax impacts, resulting in $28.64 million for Q2 2025 Reconciliation of EBIA, net of taxes (thousand USD) | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Last twelve months ended June 30, 2025 | Last twelve months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income (loss) | 26,466 | (15,277) | 76,375 | 49,216 | | Interest expense, net | 1,860 | 1,160 | 7,121 | 4,897 | | Amortization of intangible assets | 1,211 | 1,217 | 4,823 | 4,897 | | Tax impact of interest and amortization of intangible assets | (897) | (737) | (4,061) | (2,635) | | **EBIA, net of taxes** | **28,640** | **(13,637)** | **84,258** | **56,375** | [Calculation of Free Cash Flow](index=9&type=section&id=9.6%20Calculation%20of%20Free%20Cash%20Flow) Free cash flow, defined as operating cash flow less capital expenditures, significantly increased to $11.638 million in Q2 2025 and turned positive for the LTM period Calculation of Free Cash Flow (thousand USD) | (in thousands) | Three months ended June 30, 2025 | Three months ended June 30, 2024 | Last twelve months ended June 30, 2025 | Last twelve months ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net cash flow from operating activities | 32,861 | 22,681 | 172,891 | 85,543 | | Less: cash used in purchasing property and equipment | (21,223) | (20,178) | (64,266) | (88,967) | | **Free Cash Flow** | **11,638** | **2,503** | **108,625** | **(3,424)** | [Reconciliation of Book Value to Tangible Book Value](index=11&type=section&id=9.7%20Reconciliation%20of%20Book%20Value%20to%20Tangible%20Book%20Value) Tangible book value is calculated by subtracting goodwill and intangible assets from total shareholders' equity, resulting in $392.72 million as of June 30, 2025 Reconciliation of Book Value to Tangible Book Value (thousand USD) | (in thousands) | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Book value (total shareholders' equity) | 583,234 | 633,342 | | Goodwill and intangible assets | (190,514) | (195,227) | | **Tangible Book Value** | **392,720** | **438,115** | | Book value per period end share | 37.46 | 37.92 | | Goodwill and intangible assets per period end share | (12.24) | (11.69) | | **Tangible Book Value per Period End Share** | **25.22** | **26.23** | [Reconciliation of Invested Capital to Shareholders Equity](index=11&type=section&id=9.8%20Reconciliation%20of%20Invested%20Capital%20to%20Shareholders%20Equity) Invested capital is calculated by adding total funded debt to total shareholders' equity and subtracting cash, totaling $646.359 million as of June 30, 2025 Reconciliation of Invested Capital to Shareholders Equity (thousand USD) | (in thousands) | June 30, 2025 | June 30, 2024 | June 30, 2023 | | :--- | :--- | :--- | :--- | | Book value (total shareholders' equity) | 583,234 | 633,342 | 604,300 | | Plus: total funded debt | 86,081 | 45,065 | 45,125 | | Less: cash and cash equivalents | (22,956) | (1,869) | (22,850) | | **Invested Capital** | **646,359** | **676,538** | **626,575** | [Notes on Non-GAAP Measures](index=12&type=section&id=9.9%20Notes%20on%20Non-GAAP%20Measures) Non-GAAP financial measures are supplementary to GAAP, used by management for performance assessment and credit agreement compliance, with detailed definitions and reconciliations provided - Non-GAAP financial measures are supplementary and should not replace GAAP financial statements[19](index=19&type=chunk)[41](index=41&type=chunk) - Management uses these metrics to assess company performance, future prospects, and compliance with financial covenants in credit agreements[41](index=41&type=chunk) - The company's non-GAAP metric calculations may differ from others, with detailed definitions and reconciliations provided in the report[19](index=19&type=chunk)[41](index=41&type=chunk) [Additional Information](index=3&type=section&id=10.%20Additional%20Information) [Conference Call Details](index=3&type=section&id=10.1%20Conference%20Call%20Details) MYR Group will host a conference call on July 31, 2025, to discuss Q2 2025 results, requiring pre-registration for access and offering webcast replays - MYR Group will host a conference call on **July 31, 2025**, to discuss its Q2 2025 results[21](index=21&type=chunk) - Participants must pre-register and can access webcast replays via the company's investor website[21](index=21&type=chunk) [Forward-Looking Statements](index=3&type=section&id=10.2%20Forward-Looking%20Statements) This announcement contains forward-looking statements regarding future events and results, subject to significant business, economic, and regulatory risks and uncertainties - This announcement contains forward-looking statements regarding beliefs, expectations, or intentions for future events or results[23](index=23&type=chunk) - Forward-looking statements are subject to significant business, economic, competitive, regulatory, and other risks, contingencies, and uncertainties, with actual results potentially differing materially[23](index=23&type=chunk) - The company undertakes no obligation to update these statements and advises investors to refer to risk factors in its SEC reports[23](index=23&type=chunk) [Contact Information](index=3&type=section&id=10.3%20Contact%20Information) For investor relations inquiries, contact Jennifer Harper, Vice President and Treasurer, via phone at 847-979-5835 or email at investorinfo@myrgroup.com - Investor Relations contact: **Jennifer Harper**, Vice President and Treasurer[24](index=24&type=chunk) - Contact phone: **847-979-5835**, email: **investorinfo@myrgroup.com**[24](index=24&type=chunk)