Financial Analysis

12. COMMITMENTS AND CONTINGENCIES Legal Matters From time to time, we are a party to various claims, lawsuits and other legal proceedings that arise in the ordinary course of business. We maintain various insurance coverages to minimize financial risk associated with these proceedings. None of these proceedings, separately or in the aggregate, are expected to have a material adverse effect on our financial position, results of operations or cash flows. With respect to all such proceedings, we record reserves when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. We expense routine legal costs related to these proceedings as they are incurred. In the course of performing work as a subcontractor, from time to time we may be involved in projects which are the subject of contractual disputes between the general contractor and project owner, or between us and the general contractor. In such cases, payment of amounts owed to us by the general contractor may be delayed as contractual disputes are resolved through mediation, arbitration, or litigation. Such disputes may cause us to incur legal fees and other expenses to enforce our contractual rights, and we may not prevail in recovering all amounts to which we believe we are contractually entitled. Risk Management We retain the risk for workers compensation, employers liability, automobile liability, construction defects, general liability and employee group health claims, as well …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

4. DEBT We are a party to the Fourth Amended and Restated Credit Agreement (the Amended Credit Agreement), which provides for a revolving line of credit of $300,000, with a maturity date of January 21, 2030. Under the Amended Credit Agreement, the Company is subject to certain financial covenants including a maximum Consolidated Total Leverage Ratio (as defined in the Amended Credit Agreement) of 3.00 to 1.00 and a minimum Consolidated Interest Coverage Ratio (as defined in the Amended Credit Agreement) of 3.00 to 1.00. As of June 30, 2026, the Company was in compliance with the financial covenants under the Amended Credit Agreement. At June 30, 2026 and September 30, 2025, we had no outstanding borrowings under our revolving credit facility. At June 30, 2026, we had $12,210 in outstanding letters of credit and $287,790 of availability under our revolving credit facility. Amounts outstanding bear interest at a rate equal to either (1) the Base Rate (which is the greater of the Federal Funds Rate (as defined in the Amended Credit Agreement) and the Prime Rate (as defined in the Amended Credit Agreement)), (2) the Daily Simple SOFR (as defined in the Amended Credit Agreement) or (3) Term SOFR (as defined in the Amended Credit Agreement), plus, in each case, an interest rate margin, which is determined quarterly based on our Consolidated Total Leverage Ratio, in accordance with the following thresholds: Pricing Level Consolidated Total Leverage Ratio Interest Margin applicable t …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Our consolidated revenue for the three and nine months ended June 30, 2026 and 2025 was derived from the following activities. Three Months Ended June 30, Nine Months Ended June 30, 2026 2025 2026 2025 Communications $ 453,081 $ 299,213 $ 1,172,697 $ 805,189 Residential Single-family Electrical 151,373 171,792 422,554 501,074 Single-family Plumbing & HVAC 97,249 86,329 270,168 239,680 Multi-family and Other 75,476 87,917 203,036 243,221 Total Residential 324,098 346,038 895,758 983,975 Infrastructure Solutions Industrial Services 44,613 23,708 109,492 71,553 Custom Engineered Solutions 179,510 105,780 447,254 283,680 Total Infrastructure Solutions 224,123 129,488 556,746 355,233 Commercial & Industrial 241,395 115,419 462,738 329,268 Total revenue $ 1,242,697 $ 890,158 $ 3,087,939 $ 2,473,665 Three Months Ended June 30, 2026 Communications Residential Infrastructure Solutions Commercial & Industrial Total Fixed-price $ 267,348 $ 324,098 $ 190,179 $ 228,724 $ 1,010,349 Time-and-material 185,733 33,944 12,671 232,348 Total revenue $ 453,081 $ 324,098 $ 224,123 $ 241,395 $ 1,242,697 Three Months Ended June 30, 2025 Communications Residential Infrastructure Solutions Commercial & Industrial Total Fixed-price $ 211,644 $ 346,038 $ 118,930 $ 102,855 $ 779,467 Time-and-material 87,569 10,558 12,564 110,691 Total revenue $ 299,213 $ 346,038 $ 129,488 $ 115,419 $ 890,158 Nine Months Ended June 30, 2026 Communications Residential Infrastructure Solutions Commercial &amp …

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". FAIR VALUE MEASUREMENTS Fair Value Measurement Accounting Fair value is considered the price to sell an asset, or transfer a liability, between market participants on the measurement date. Fair value measurements assume that (1) the asset or liability is exchanged in an orderly manner, (2) the exchange is in the principal market for that asset or liability, and (3) the market participants are independent, knowledgeable, and able and willing to transact an exchange. Fair value accounting and reporting establishes a framework for measuring fair value by creating a hierarchy for observable independent market inputs and unobservable market assumptions and expands disclosures about fair value measurements. Judgment is required to interpret the market data used to develop fair value estimates. As such, the estimates presented herein are not necessarily indicative of the amounts that could be realized in a current exchange. The use of different market assumptions and/or estimation methods could have a material effect on the estimated fair value. The carrying values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and contract assets and liabilities approximate fair values due to their short-term nature. The carrying value of borrowings under our revolving credit facility approximates fair value as its effective interest rate is variable and approximates market rates. At June 30, 2026 and September 30, 2025, financial assets and liabilities meas …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

11. GOODWILL AND INTANGIBLE ASSETS Goodwill The following summarizes the changes in the carrying value of goodwill by segment during the nine months ended June 30, 2026: Communications Residential Infrastructure Solutions Commercial & Industrial Total Goodwill at September 30, 2025 $ 12,336 $ 51,370 $ 44,124 $ $ 107,830 Acquisitions 21,747 (1) 21,747 Goodwill at June 30, 2026 $ 12,336 $ 51,370 $ 65,871 $ 129,577 (1) On January 16, 2026, the Company acquired all of the outstanding common stock of Gulf Island Fabrication, Inc. for a purchase price of $152,042, net of cash acquired. The valuation of goodwill is preliminary as of the date of this report, and is subject to change. Intangible Assets Intangible assets consist of the following: Estimated Useful Lives (in Years) June 30, 2026 Gross Carrying Amount Accumulated Amortization Net Trademarks/trade names 5 - 20 $ 21,089 $ (10,379) $ 10,710 Technical library 20 400 (256) 144 Customer relationships 1 - 15 117,892 (75,562) 42,330 Non-competition arrangements 5 940 (172) 768 Backlog and construction contracts 1 - 2 1,257 (972) 285 Total intangible assets $ 141,578 $ (87,341) $ 54,237 Estimated Useful Lives (in Years) September 30, 2025 Gross Carrying Amount Accumulated Amortization Net Trademarks/trade names 5 - 20 $ 16,199 $ (8,549) $ 7,650 Technical library 20 400 (241) 159 Customer relationships 1 - 15 98,372 (66,024) 32,348 Non-competition arrangements 5 940 (31) 909 Backlog and construction contracts 1 - 2 1,257 (678) …

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3. REVENUE RECOGNITION Contracts Our revenue is derived from contracts with customers, and we determine the appropriate accounting treatment for each contract at its inception. Our contracts primarily relate to electrical and mechanical contracting services, technology infrastructure solutions and services, and electro-mechanical solutions for industrial operations. Revenue is earned based upon an agreed fixed price or actual costs incurred plus an agreed upon percentage. We account for a contract when: (i) it has approval and commitment from both parties, (ii) the rights of the parties are identified, (iii) payment terms are identified, (iv) the contract has commercial substance, and (v) collectability of consideration is probable. We consider the start of a project to be when the above criteria have been met and we have written authorization from the customer to proceed. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contracts transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. We recognize revenue over time for the majority of the services we perform as (i) control continuously transfers to the customer as work progresses at a project location controlled by the customer and (ii) we have the right to bill the customer as costs are incurred. Within our Infrastructure Solutions Custom Engineer …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

6. OPERATING SEGMENTS We manage and measure performance of our business in four distinct operating segments: Communications, Residential, Infrastructure Solutions, and Commercial & Industrial. These segments are reflective of how the Company's chief operating decision maker (CODM) reviews operating results for the purpose of allocating resources and assessing performance. The CODM primarily uses Operating income (loss) for each operating segment to assess performance and decide how to allocate resources. Investment gains and losses and certain other corporate income and expense items are not considered in assessing the financial performance of operating businesses. In evaluating performance of the operating businesses, the CODM may compare actual income from operations for a segment to its forecast or prior year results. The Companys CODM is its Chief Executive Officer. Transactions between segments, if any, are eliminated in consolidation. Our corporate office provides general and administrative services, as well as support services, to each of our four operating segments. Management allocates certain shared costs among segments for selling, general and administrative expenses and depreciation expense. Nine Months Ended June 30, 2026 Communications Residential Infrastructure Solutions Commercial & Industrial Corporate Total Revenues $ 1,172,697 $ 895,758 $ 556,746 $ 462,738 $ $ 3,087,939 Cost of services 873,752 698,937 366,966 332,820 2,272,475 Gross profit 298,945 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

15. SUBSEQUENT EVENTS On July 29, 2026, our Board of Directors approved a two-for-one stock split of our common stock, to be paid in the form of a stock dividend, with a record date of August 14, 2026 and a distribution date of August 21, 2026. Upon distribution, total shares of common stock outstanding will increase from approximately 20 million shares to approximately 40 million shares. In connection with the stock dividend, we will reclassify approximately $220 from additional paid-in capital to common stock, based on the par value of $0.01 per share of the newly distributed shares. All share and per share data, including earnings per share, have not been retroactively adjusted to reflect the stock dividend, as it was not effective as of the issuance date of these financial statements. Such retrospective adjustments will be reflected in the Company's future filings in accordance with ASC 260-10-55-12.

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