Everus Construction Group's 2025 Q2 Earnings: Unraveling Contradictions on Project Timing, Prefab Investments, and Book-to-Bill Ratios

Project timing and backlog conversion, prefab investments and efficiency gains, backlog and book-to-bill ratio expectations are the key contradictions discussed in Everus Construction Group's latest 2025Q2 earnings call.



Revenue and EBITDA Growth:
- Everus Construction Group reported second quarter revenue of $921.5 million, an increase of 31% compared to the same period last year.
- The growth was driven by strong performance in the Electrical and Mechanical segment and improved results in the Transmission and Distribution segment, along with solid execution by the team.

Backlog Growth and Demand Trends:
- The company's total backlog at the end of the second quarter was $3 billion, up 24% from the same period last year and 7% from the end of 2024.
- This growth was attributed to balanced backlog growth across both E&M and T&D segments, driven by strong demand trends in data centers and underground utility markets.

Outlook and Guidance Adjustment:
- Everus Construction Group raised its full-year 2025 guidance, forecasting revenue in the range of $3 billion to $3.4 billion and EBITDA in the range of $240 million to $255 million.
- The adjustment was based on strong first-half results, favorable demand drivers in the business, and successful project execution.

Liquidity and Balance Sheet Strength:
- As of June 30, the company had $64.5 million in unrestricted cash and cash equivalents, with a net leverage ratio of approximately 0.8x.
- This solid financial position supports the company's growth strategy, including increased investments in capital expenditure to support organic growth.