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- **Q3 Record Performance**: $2.2 billion revenue (+32% YoY), with Renewables driving $3 billion full-year forecast. Energy bookings delayed but Q4 >$1.2 billion expected.
- **Backlog & Growth**: Utility backlog $6.6 billion (10% YoY). Pipeline projects >$1 billion pipeline, Gas generation 2026 revenue target $100-150 million.
- **Margin & Cash Flow**: Gross profit $235.7 million (+18.7% YoY). Cash flow $180 million Q3, debt reduced $100 million.
- **2026 Outlook**: Energy segment moderate growth, Pipeline and Industrial segments to drive 2026 revenue. Utility segment 10-12% growth sustained.

**【CEO Summary Section】**
- **Record Q3 Performance**: Revenue of $2.2 billion (+32% YoY), driven by Energy (+47%) and Utility (+10.7%) segments. Renewables revenue exceeded expectations by $400 million Q3, pushing full-year forecast to $3 billion.
- **Backlog Dynamics**: Energy segment bookings delayed 3-6 months due to tariff and supply chain uncertainties, but Q4 bookings expected to exceed $1.2 billion. Utility segment backlog hits $6.6 billion, up 10% YoY.
- **Strategic Growth Areas**: Gas generation projects (e.g., Stargate, FERMI) poised for $100-150 million revenue in 2026. Pipeline business sees $1 billion+ project pipeline, with Q4 awards expected to drive 2026 revenue growth.
- **Cash Flow & Debt**: Q3 operating cash flow $180 million, total cash $431 million. Debt reduced by $100 million Q3, trailing 12-month net debt/EBITDA ratio 0.1x.

**【CFO Financial Commentary】**
- **Revenue & Margins**: Gross profit $235.7 million (+18.7% YoY). Energy segment gross margin 10.1% (vs. 11% YoY), impacted by project closeouts. Utility margins 11.7% (vs. 13.1% YoY) due to lower storm work.
- **Cost Control**: SG&A as % of revenue 4.5% (down 140bps YoY). Interest expense guidance lowered to $30-32 million for 2025.
- **Earnings Guidance**: EPS raised to $4.75-4.90, adjusted EPS $5.35-5.55. Adjusted EBITDA guidance $510-530 million, with upside for good Q4 weather.

**【Q&A Highlights】**
- **Energy Segment Outlook**: Q4 Energy revenue expected $1.2 billion, with bookings >$1.2 billion. 2026 Renewables growth moderate, but Pipeline and Industrial segments to drive 2026 revenue growth.
- **Pipeline Recovery**: $300-350 million 2025 revenue; 1-2 large projects could add $100-150 million 2026 revenue. Margins improving as projects scale.
- **Gas Generation Expansion**: 4 projects in pipeline, including behind-the-meter work for data centers. 2026 revenue target $100-150 million.
- **Utility Segment Sustainability**: Double-digit growth in Gas and Communications driven by broadband expansion and data center EPC projects. 2026 growth expected to continue at 10-12% pace.

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