Achieved top- and bottom-line growth in 2025 driven by predictable operational excellence and improved project execution across Marine and Concrete segments.

Marine segment performance was bolstered by favorable revenue mix, high equipment utilization, and positive project closeouts, resulting in a 10% adjusted EBITDA margin.

Backlog experienced a 0.9x book-to-bill ratio as private sector tariff uncertainty and a U.S. government shutdown caused customer decisions to shift to the right.

Management views the current backlog dip as a timing issue rather than a loss of demand, with a total opportunity pipeline now standing at $23,000,000,000.

The acquisition of J.E. McAmus expands the marine platform into complex jetty and breakwater construction while strengthening the company’s Pacific footprint.

Concrete segment growth was fueled by expansion into Florida and Arizona, alongside a significant increase in mission-critical data center projects.

Strategic capital actions included a new $120,000,000 credit facility and the purchase of a Jones Act derrick barge to increase marine execution capacity.

Guidance for 2026 anticipates a 9% revenue increase and a 24% adjusted EBITDA increase at the midpoint, supported by the integration of J.E. McAmus.

Management expects modest margin expansion across the business, aided by the higher-margin profile of the newly acquired McAmus operations.

The Marine pipeline includes $8,500,000,000 in opportunities expected to be awarded in 2026, with a projected 40/60 split between the first and second halves of the year.

Data center work is expected to contribute more significantly to the Concrete business, with a shift toward larger campus-style developments requiring site civil and earthwork services.

The newly acquired derrick barge is undergoing refurbishments and is scheduled for deployment later in 2026 to pursue broader marine and defense-related work.

Beginning in 2026, the company will report corporate expenses as a separate non-operating segment to increase transparency in Marine and Concrete operating results.

The new UMB Bank credit facility reduced borrowing costs by 40% compared to the previous agreement, bearing interest at SOFR plus 2.5% to 3%.

Management is actively monitoring the Middle East conflict for potential impacts on global markets and defense funding acceleration.

The company successfully monetized non-strategic real estate and consolidated its Houston footprint to improve organizational readiness.