Everus Construction Group, Inc. (ECG) Business

Item 1. BUSINESS

References in this 2025 Annual Report to the “Company”,“Everus”, “we”, “us” or “our” refer to Everus Construction Group, Inc., a Delaware corporation, and its subsidiaries. References in this 2025 Annual Report to “MDU Resources” refer to MDU Resources Group, Inc., a Delaware corporation, and its subsidiaries (other than, after the Distribution, Everus and its subsidiaries), unless the context otherwise requires. References to Everus’ historical business and operations refer to the business and operations of Everus Construction, Inc. (formerly known as MDU Construction Services Group, Inc.) (“Everus Construction”) prior to the Separation and refer to Everus after the Separation.

The Separation

On November 2, 2023, MDU Resources announced its intent to pursue a tax-free spinoff of Everus Construction (formerly known as MDU Construction Services Group, Inc.) from MDU Resources (the “Separation”). Prior to the Separation, Everus Construction was the construction services segment of MDU Resources and operated as a wholly owned subsidiary of CEHI, LLC (“Centennial”), which is a wholly owned subsidiary of MDU Resources. In anticipation of the Separation, MDU Resources formed a new wholly owned subsidiary, Everus Construction Group, Inc., that became the new parent company of Everus Construction.

On October 31, 2024, MDU Resources completed the Separation by transferring Everus Construction, inclusive of all its assets and liabilities, to Everus and distributing 100% of Everus’ outstanding common stock to holders of record of MDU Resources’ common stock as of the close of business on October 21, 2024 (the “Distribution”). The Separation was completed as a generally tax-free spin-off for U.S. federal income tax purposes. Following the Separation and Distribution, Everus became an independent, publicly traded company and is listed on the New York Stock Exchange under the ticker symbol “ECG.”

Our Company

We are a leading construction solutions provider headquartered in Bismarck, North Dakota, offering specialty contracting services to a diverse set of end markets across the United States. We operate throughout most of the United States through two reportable, operating segments: Electrical & Mechanical (“E&M”) and Transmission & Distribution (“T&D”). We deliver services through our 15 wholly owned operating companies (the “Operating Companies”), which go to market under 19 local brands allowing us to differentiate the services we provide and geographical markets we serve. Our historical business was established in 1997 and we have expanded our capabilities significantly since then through targeted entry into new geographies and more than 25 acquisitions. Our size and scale continue to be reflected in our national rankings. We were ranked 12th on Engineering News-Record magazine’s 2025 Top 600 Specialty Contractors list and ranked 5th on Electrical Construction & Maintenance magazine’s 2025 Top 50 Electrical Contractors list. Additionally, according to Solar Power World, our operating brand Bombard Renewable Energy was among the top U.S. solar installation providers in 2025.

During 2025 and 2024, we served approximately 4,000 and 3,900 customers across more than 44,000 and 43,000 projects, respectively. As a result, the number of employees fluctuates at any given time depending on the number and scale of projects. We had approximately 10,000 employees at peak across all functions and sites in 2025, with approximately 9,400 employees as of December 31, 2025. For 2024, we had approximately 8,700 employees at peak across all functions and sites, with a similar workforce count as of December 31, 2024.

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Our specialty contracting services across E&M and T&D are provided to customers in the commercial, industrial, institutional, renewables, service & other, transportation and utility end markets. We go to market through an operating model that aligns with our 4EVER Strategy—Employees, Value, Execution and Relationships. This focused strategy enhances the competitive position of our Operating Companies in their respective markets through local brand reputation and delivery, while providing corporate support across people, processes and systems to drive differentiated outcomes for our customers. Our full-service project approach emphasizes meticulous upfront planning, design-assist, construction and installation, supported by experienced project managers, foremen and a skilled workforce. With strong union relationships, a reliable labor source, and a flexible field delivery model, we adapt to project demands while maintaining safety, quality and successful execution. Our highly experienced management teams have significant experience in the industry and have transformed our business from a group of small, regional brands into a national service provider. With deep industry expertise and decades of collaboration, we regularly refine strategies, share best practices, and focus on customer relationships, safety and operational excellence.

Business Segments

Our E&M segment primarily serves general contractor and end-use customers, with demand driven by secular tailwinds for infrastructure development and maintenance in the commercial, industrial, institutional, renewables and service & other end markets. E&M offers a wide variety of specialty contracting services, including construction and maintenance of electrical and communication wiring, fire suppression systems, renewables infrastructure and mechanical piping and services, to customers in both the public and private sectors. Our work within the commercial end market leverages our deep expertise within the data center submarket, as well as hospitality and entertainment projects, in addition to more standard commercial projects. Our work within the industrial end market is driven by the need for high tech, manufacturing and industrial installations work, as well as renovations, upgrades and expansions. Within the institutional end market, work is driven by activity in the education, government and healthcare submarkets. Our service & other work is driven by smaller projects, which can be standalone engagements or recurring maintenance work. Within the renewables end market, we execute projects ranging in size from local electric vehicle charging stations to large-scale solar generation. As a result, E&M has a broad and diversified geographic presence, with a strong footprint across the United States. For 2025, E&M had approximately 7,900 employees at peak, with approximately 7,250 employees as of December 31, 2025, offices in 28 cities and a physical presence in 13 states. For 2024, E&M had approximately 6,700 employees at peak, with a similar workforce count as of December 31, 2024, offices in 24 cities and a physical presence in 13 states.

Our T&D segment primarily serves electric and natural gas utility customers, as well as customers in the transportation end market, in the Midwest and West regions of the United States. T&D specializes in transmission and distribution construction and offers a broad set of specialty contracting services, including the construction and maintenance of overhead and underground electrical, gas, communication infrastructure and transportation-related lighting. In addition to its specialty contracting services, T&D also manufactures, sells and rents overhead and underground line-stringing equipment and tools. This equipment-serving capability complements T&D’s projects of various size and scope, while providing customers with exceptional service and fast distribution and delivery. The T&D segment also provides solutions across excavation and underground boring, substations, signals and lighting, and emergency restoration. Demand for these services is driven by

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increased utility spend on aging infrastructure, system hardening, grid reliability initiatives, natural disasters and other weather-related events. T&D has a significant geographical presence in Missouri, California, Montana and Oregon, in addition to equipment rental and manufacturing distribution centers in Arizona, Texas, Georgia, Illinois, Oregon and Ohio. For 2025, T&D had approximately 2,100 employees at peak in 2025, with approximately 2,050 employees as of December 31, 2025, offices in 19 cities and a physical presence in 11 states. For 2024, T&D had approximately 2,000 employees at peak in 2024, with approximately 1,900 employees as of December 31, 2024, offices in 19 cities and a physical presence in 11 states.

For 2025, E&M segment revenues generated approximately 77% of total contract revenues with 7.5% segment operating income margin, and T&D segment revenues generated approximately 23% of total contract revenues with 10.6% segment operating income margin. For 2024, E&M segment revenues generated approximately 71% of total contract revenues with 6.7% operating income margin, and T&D segment revenues generated approximately 29% of total contract revenues with 10.2% operating income margin.

We also allocate general corporate overhead costs that we chose not to allocate directly to E&M or T&D to Corporate and Other as these costs are not considered part of management’s evaluation of reportable segment operating performance. We also allocate costs related to certain assets not directly attributable to either E&M or T&D to Corporate and Other.

Industry

The U.S. construction services industry is highly fragmented. It includes a wide spectrum of players, from small, private companies whose activities are geographically concentrated, to larger public companies with nationwide capabilities. Competition within the industry is influenced by various elements such as technical expertise, service pricing, financial and operational resources, track record for safety, industry reputation and dependability.

The U.S. construction services industry serves a diverse customer base that includes federal, state and municipal governmental agencies, utilities, commercial and residential developers and private parties. The mix of customers varies by region and economic conditions.

The main factors and trends in the U.S. construction services industry include:

•Key economic factors. Many factors affect product demand, including public spending on infrastructure projects, data center capacity and load growth, general economic conditions, including population growth and employment levels, imposed and proposed tariffs, and prevailing interest rates.

•Inflation. Rising inflation can increase the cost of construction materials, labor and insurance premiums, impacting project budgets and profitability.

•Industry fragmentation. There are thousands of construction services providers of varying scope and size. Market participants may enter new geographies or expand existing positions through organic growth or the acquisition of existing providers.

•Seasonality. Activity in certain areas is seasonal due to the effects of weather, which can impact safety and efficiency of operations and lead to demand for services.

•Cyclicality. The demand for construction services is significantly influenced by the cyclical nature of the economy.

•Regulations. Operations are subject to extensive laws and regulations relating to the maintenance of safe conditions in the workplace.

•Production inputs. Cost of labor, equipment and other inputs can vary over time based on macroeconomic factors and impact profitability of operations.

•Personnel. Ability to maintain productivity and operating performance is heavily dependent on the ability to employ, train and retain qualified personnel necessary to operate efficiently.

Everus participates in the following primary markets: E&M and T&D.

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Electrical & Mechanical

E&M services are broadly categorized as electrical construction and contracting, mechanical contracting and fire protection turnkey solutions. Broad service offerings include low voltage services, renewable installations, packaged controls and manufacturing. These services are critical in supporting safe, reliable and timely construction across a variety of commercial, institutional and industrial structures. E&M services span a variety of markets, including commercial, industrial, institutional, service and renewables, among others.

The growth in the E&M construction services industry can be attributed to several different factors such as (i) the increased intricacy and sophistication of E&M systems due to the adoption of artificial intelligence, automation and controls, cloud computing and data storage, (ii) the increased government support for manufacturing, high tech, infrastructure and reshoring, (iii) population growth, (iv) an aging base of existing buildings and equipment and (v) the ongoing energy transition and expansion that has resulted from a growing emphasis on sustainability across the country. In addition, the key drivers of potential future E&M market growth include:

•Mission critical technologies. Global trends toward digitalization and increasing demand for capacity to support new artificial intelligence technologies are expected to drive near- and long-term activity across the semiconductor and data center markets.

•Manufacturing and infrastructure. The institutional and industrial industries have continued to see growth and investments in the need for new and/or upgraded infrastructure and equipment and increased support for manufacturing, high tech and reshoring. These trends are expected to continue and provide near- and long-term activity.

•Hospitality. The hospitality industry has seen recent growth due to a rise in domestic travel following the COVID-19 period, return-to-office and business travel, an increase in local vacations, and higher disposable incomes, all of which are renewing demand for the hospitality construction market.

•Health care. Technological innovation and new regulatory requirements are driving heightened investment in and upgrades to critical life and health systems.

•Renewables. Several consumer and regulatory tailwinds are driving activity in this end market, including federal investment credits and rebates for solar energy, electric vehicle adoption and new regulations, which are collectively increasing the need for sufficient infrastructure to support renewable energy sources.

Transmission & Distribution

T&D services primarily consist of installation and maintenance services for electrical transmission and distribution infrastructure, which consists of transmission lines, distribution lines, substations, towers, poles and other essential equipment that enable the transfer and delivery of power from generators to customers. T&D construction services are critical in building and maintaining the infrastructure necessary for utilities to transmit and distribute electricity from the generation source to end residential, commercial and industrial customers. The T&D services industry also provides emergency restoration services in response to wildfires and other natural disasters, as well as the installation and maintenance of gas and communication infrastructure. Moreover, T&D construction services are essential to mitigating health and safety concerns in the operation of electrical infrastructure, which helps preserve the consistent and durable demand for such services. T&D services span a variety of markets, including electric and natural gas utilities, communications, and transportation, among others.

Growth in the T&D industry is primarily driven by electric utilities that continue to invest heavily in new capital project and maintenance programs. This increased capital expenditure spend, as well as the continued outsourcing of transmission and distribution services, benefits from a number of factors such as (i) grid modernization, (ii) build out of additional renewable power sources, (iii) rate case dynamics and (iv) increased government support and spending on infrastructure. In addition, key drivers of potential future T&D market growth include:

•Utilities. Underlying utility spend is expected to grow in the near- and long-term at rates similar to historical growth rates, driven by aging infrastructure and required replacement, system upgrades and grid hardening.

•Excavation/underground. Underground excavation is becoming more attractive given advancements in the way construction work is completed. Increased regulatory scrutiny also has resulted in a shift toward placing utilities underground to protect against unfavorable environmental impacts.

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•Communications. Renewal and development of communications infrastructure is increasing to support growing data consumption and new methods of transmission and technology advancement. The infrastructure modernization is bolstered by industry tailwinds from the investment of large, well-capitalized national companies and government policies.

Customers

Our business model fosters strong, close-knit relationships with local contractors and end customers. In 2025, we served approximately 4,000 customers across more than 44,000 projects, with the top 10 customers contributing approximately 43% of our total operating revenues of $3.75 billion, with a single customer accounting for approximately 17% of total operating revenues. At the segment level, revenue from two E&M customers individually accounted for approximately 21% and 10% of total E&M segment revenues, respectively. As for T&D, revenues from a single T&D customer accounted for approximately 16% of total T&D segment revenues.

In 2024, we served approximately 3,900 customers across more than 43,000 projects, with the top 10 customers contributing approximately 33% of our total operating revenues of $2.85 billion, but no single customer accounted for more than 10% individually. However, at the segment level, no single customer accounted for more than 10% of total E&M segment revenues, but revenues from a single customer accounted for approximately 17% of total T&D segment revenues.

We have long-standing relationships with many of our customers, serving as a testament to our customer-oriented culture and history of operational excellence. Our customer base is diverse and ranges from large technology companies to utility providers and local municipalities. Contracts with these various types of customers generally are awarded in the form of a competitive or negotiated bid or master service agreement (“MSA”) arrangement. A significant amount of the work we complete is competitively awarded by evaluating non-price items, such as our pre-construction and design-assist services, and our safety record. We develop strong working relationships by delivering on the key criteria that our larger customers seek, namely scale, professionalism, safety and timely project execution. Moreover, our corporate leadership allows us to strengthen local relationships, while fortifying our reputation of safety and project execution excellence, driving repeat opportunities with our best customers.

Materials and Equipment

Our operations and customers depend on the availability of certain raw materials and components for construction, including, among other things, electrical fixtures, system components, copper, aluminum, steel, and certain plastics. These raw materials and components are generally available from a variety of domestic suppliers at competitive prices.

Under some of our projects, customers will provide the necessary materials and supplies for projects and we are responsible for the installation of, but not the cost or warranty of, those materials. Under certain other projects, we are responsible for purchasing the necessary materials and supplies on behalf of our customers. We are not dependent on any one vendor for project-related materials or supplies required for the projects we manage.

However, supply chain interruptions have become increasingly common. Although supply of most raw materials continued to normalize during fiscal year 2025, we continue to experience longer lead times in sourcing certain components. Such delays may lead to project inefficiencies resulting from schedule extensions. We are also exposed to increases in the prices of certain commodities due to inflation, imposed and proposed tariffs, or other economic factors. Our strategy to reduce commodity cost exposure includes early buying of commodities for particular projects or general inventory, as well as including escalation and escape provisions in project bids, quotes and contracts wherever possible. However, such protections are not included in every contract or project, and in such cases, we may not be fully reimbursed for increases in commodity prices by our customers and may be exposed to commodity price volatility on longer-term projects where we have prepaid for commodities.

See Item 1A. Risk Factors for more discussion on risks we face relating to supply chain disruptions and commodity price risk, including imposed and proposed tariffs, that could have an adverse impact on our business, financial condition and results of operations.

Seasonality

Adverse weather conditions pose potential challenges and opportunities to our operations, particularly in our T&D segment. Seasonal variation impacts safety and efficiency in certain U.S. regions, which affects our ability to provide construction services and consequently affects our revenues and profitability. Our T&D operations can be delayed due to severe weather conditions, especially in the winter months, and can be impacted by customer restrictions limiting our ability to perform our service work when electrical demands are high, especially in the summer months, depending on location. Despite

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these potential challenges, our national footprint and service mix ensures exposure to a diverse set of geographies, climates and project work, mitigating the seasonality risk while providing opportunities across the United States.

Competition

We operate in a highly competitive business environment, which includes large public companies and many small privately held companies. In addition to competition from smaller independent operators, we face competition from large, publicly traded U.S. construction services companies, including Comfort Systems USA, Inc., EMCOR Group, Inc., IES Holdings, Inc., MasTec, Inc., MYR Group Inc., Primoris Services Corporation, Quanta Services, Inc. and Sterling Infrastructure, Inc., as well as large, private U.S. construction services companies, including M.C. Dean, Inc., Rosendin Electric, Pike Corporation and Archkey Solutions. The nature of our competition varies among geographies due to the generally local and regional nature of our services.

Competition is based primarily on price, reputation for quality, safety and reliability. The size and location of the services provided, as well as the state of the economy, are factors in the number of competitors that we will encounter on any particular project. We believe that our service offering, diversification and geographic footprint in the United States, along with the quality and management of our workforce, enable us to effectively operate in this competitive environment.

Bidding Arrangements and Contract Types

We win most of our projects through competitive bids or by negotiation. When competing for business, several factors are evaluated in determining the bid price for contract work. These include, but are not limited to, the complexities of the job, past history performing similar types of work, seasonal weather patterns, competition and market conditions, job site conditions, workforce safety, reputation of the project owner, availability of labor, materials and fuel, project location and project completion dates. If awarded a project, we generally enter into a contract with the customer that defines the scope of the project, responsibility, payment structure and schedule. While there is significant variation in specific contract terms, most contracts are structured as:

•Fixed-Price Contracts. Defined scope of work for a fixed amount.

•Cost-Reimbursable Contracts. Defined scope of work for the cost of the project plus a negotiated gross margin.

•Unit-Price Contracts. Defined scope of work for each unit for a fixed amount per unit.

For 2025, fixed-price contracts accounted for approximately 52% of total contract revenues, including 53% of E&M contract revenues and 52% of T&D contract revenues. Cost-reimbursable contracts accounted for approximately 43% of total contract revenues, including 46% of E&M contract revenues and 30% of T&D contract revenues. Unit-price contracts accounted for approximately 5% of total contract revenues, including 1% of E&M contract revenues and 18% of T&D contract revenues.

As for 2024, fixed-price contracts accounted for approximately 59% of total contract revenues, including 64% of E&M contract revenues and 46% of T&D contract revenues. Cost-reimbursable contracts accounted for approximately 34% of total contract revenues, including 33% of E&M contract revenues and 35% of T&D contract revenues. Unit-price contracts accounted for approximately 7% of total revenues, including 3% of E&M contract revenues and 19% of T&D contract revenues.

We have a broad portfolio of long-term MSAs within the T&D business, and the work performed pursuant to these agreements generally is priced on a unit-price basis. Our agreements often also cover preventive maintenance and as-needed emergency outage work.

Backlog

Backlog is a common measurement in the construction services industry. Our determination of backlog can include projects that have a written award, a letter of intent, a notice to proceed, an agreed upon work order to perform work on mutually accepted terms and conditions, and change orders or claims to the extent management believes additional contract revenues will be earned and are deemed probable of collection. Contracts are subject to delays, defaults or cancellations; changes in scope of services to be provided; and adjustments to costs. For further information on backlog, refer to Item 7. Management’s Discussion and Analysis of Financial Condition contained elsewhere in this 2025 Annual Report.

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Risk Management

Insurance

Prior to the Separation, we historically benefited from coverages under certain corporate level insurance policies held by MDU Resources, including MDU Resources captive insurance program. The Separation and Distribution agreement provides for the allocation between the parties of rights and obligations under existing insurance policies with respect to claims covered by MDU Resources’ insurance prior to the Distribution and sets forth procedures for the administration of insured claims and related matters.

Following the Separation, we maintain our own standalone insurance coverages that we believe are appropriate for our business, including but not limited to: workers’ compensation, auto liability, general liability, excess liability, contractors pollution liability, legal liability, professional liability, directors and officers liability, employment practices liability, cyber insurance, terrorism insurance and property insurance.

Additionally, we have our own captive insurance arrangement, whereby we manage and maintain a portion of our casualty and operational risk, which reimburses our claims up to the amount of the applicable deductibles of certain third-party insurance program policies, as well as with respect to certain other amounts. In connection with the Separation, MDU Resources transferred assets and liabilities to us that represented our portion of the MDU Resources insurance captive program.

Bonding

In the normal course of business, we are required to post surety bonds or present other means of financial assurance for certain public and private sector contracts to secure contractual performance. Our comprehensive surety bonding program includes:

•Performance Bond. Ensures completion of the contract according to its terms, including price and time.

•Bid Bond. Guarantees commitment to a bid and execution of all contract documents if awarded.

•Payment Bond. Ensures payments to all subcontractors and suppliers.

•License Bond. Protects governments and consumers from fraudulent practices.

•Wage, Welfare and/or Fringe Bond. Ensures coverage of wages, welfare and/or fringe benefits.

As of December 31, 2025 and 2024, we had approximately $2.10 billion and $2.05 billion in surety bonds outstanding, respectively. As of December 31, 2025 and 2024, approximately $1.66 billion and $1.75 billion of bonding was posted for E&M, respectively, and approximately $410.0 million and $296.3 million of bonding was posted for T&D, respectively. In addition, approximately $27.9 million and $8.2 million of bonding was posted for Corporate and other as of December 31, 2025 and 2024, respectively. Of the $27.9 million of bonding posted for Corporate and Other, $18.1 million was surety-backed standby letters of credit (“SBLOC”) that were issued during the fourth quarter of 2025.

A large portion of our existing surety bonds are expected to expire within the next 12 months; however, we will likely continue to rely on surety bonds in the future and seek to maintain the level of bonding capacity necessary to support our operations.

Regulatory and Environmental Matters

Our operations are subject to various federal, state and local laws and regulations, including, but not limited to:

•licensing, permitting, and inspection requirements applicable to construction projects, contractors, electricians, and engineers;

•worker safety regulations, including those established by the Occupational Safety and Health Administration (“OSHA”);

•environmental protection regulations, including those established by the Environmental Protection Agency and state agencies;

•building and electrical codes;

•wage and hour regulations, including those associated with collective bargaining agreements and our unionized workforce;

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•transportation regulations, including licensing and permitting requirements for equipment and materials;

•anti-corruption regulations applicable in the United States;

•immigration regulations applicable in the United States;

•special bidding, procurement, and other requirements on government projects;

•regulations regarding engagement of suppliers and subcontractors that meet diversity-ownership or disadvantaged-business requirements.

We believe that we have all of the licenses and permits required to conduct our operations and that we are in substantial compliance with applicable regulatory requirements.

Our operations are subject to a wide range of federal, state and local laws and regulations that govern environmental protection, worker safety, licensing, and data security. Environmental laws regulate the handling, transportation, and disposal of hazardous and non-hazardous substances, as well as emissions into air, water, and soil. Compliance with worker safety standards, including those established by OSHA, as well as permitting, inspection, and licensing requirements for construction and mechanical services, is integral to our operations. We also adhere to regulations aimed at protecting personal and business data, requiring ongoing investments in cybersecurity and privacy safeguards.

Failure to comply with these regulations could result in substantial fines, project delays, or the revocation of operating licenses, potentially affecting ongoing operations and future opportunities. Environmental regulations, in particular, impose cleanup liabilities and may necessitate substantial investments in compliance programs to meet new standards for emissions and sustainability. Similarly, complex requirements for data protection, wage regulations and collective bargaining agreements add to the compliance landscape, requiring constant oversight and proactive adaptation.

Regulatory initiatives supporting renewable energy, infrastructure investment and clean energy technologies are expected to drive demand for our services in the long term. By maintaining robust compliance programs and continually monitoring regulatory changes, we believe we are well-positioned to address these challenges and capitalize on new opportunities as they arise. For further information regarding the effects of regulation on our business, refer to Item 1A. Risk Factors contained elsewhere in this 2025 Annual Report.

We incorporate climate-related risks and opportunities into our long-term strategic planning and enterprise risk management processes. Although the overall effects on our operations are still evolving, various dimensions of climate change, along with societal and market concerns about its future impacts, have created and are expected to continue creating both opportunities and challenges for our operations. These arise from physical risks associated with climate change, as well as advances in technology, shifts in market conditions, and increased regulatory and compliance expenses.

Climate change may contribute to rising temperatures, higher sea levels, and alterations to meteorological and hydrological patterns. It has also affected the frequency and severity of events such as wildfires, hurricanes, floods, droughts, winter storms, and other extreme weather events or natural disasters. For additional information, refer to Item 1A. Risk Factors contained elsewhere in this 2025 Annual Report.

Intellectual Property

We hold various trademarks that support the operations of our business, including our advertising and marketing activities, which are generally protected by registration in the United States.

Human Capital Resources

Employees

Our number of employees fluctuates at any given time depending on the number and scale of projects. We had approximately 10,000 employees at peak across all functions and sites in 2025, with approximately 9,400 employees as of December 31, 2025. In 2024, we had approximately 8,700 employees at peak across all functions and sites, with a similar workforce count as of December 31, 2024. The Operating Companies are responsible for sourcing local labor, while corporate oversight ensures appropriate staffing and on-site project leadership structures.

We maintain strong relationships with various local unions, including the International Brotherhood of Electric Workers, across our sites. As of December 31, 2025 and 2024, approximately 85% and 83% of our employees were represented by labor unions, respectively. Our large, unionized workforce provides flexibility to scale both up and down with projects as needed.

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Employee Compensation and Benefits

Our compensation programs are generally designed to recruit, motivate, reward, and retain employees and align employee compensation with market practices and our performance by providing the proper incentives to reflect as such. Our compensation programs consist of both fixed and variable pay components, with an emphasis on pay for performance for our executive officers and other senior leadership.

In addition to the compensation programs, we also provide additional benefits to our employees, including health, welfare and benefit plans for employees who are not covered by collective bargaining agreements through the unions. We maintain a 401(k) plan in which eligible employees who are not provided retirement benefits through a collective bargaining agreement may participate and make contributions through payroll deductions. We have a matching contribution policy up to a defined maximum percentage.

Employee Development, Training and Safety

People are at the core of our business, and our culture encourages everyone to lead with integrity and take responsibility for ensuring a safe work environment. We offer a variety of training and development opportunities to encourage growth within the organization. Effective training is integral to employee development and is a top priority, with a specific focus on a safety-first culture and values of integrity and ethical leadership across all levels of the organization. We conduct classes as well as hands-on training to develop our employees’ skills and capabilities and utilize safety compliance metrics in employee evaluations. Our close relationship with unions also allows us to deliver effective training programs and continuous education.

Employee Code of Conduct and Ethics Code - Leading With Integrity Guide

All of our employees are subject to our code of conduct and ethics, which we refer to as the Leading With Integrity Guide, which addresses compliance with applicable laws and our policies concerning general business ethics, anti-corruption and bribery, conflicts of interest, competition, harassment and discrimination, data privacy and security, among other things. Training with respect to our Leading With Integrity Guide and other policies and procedures are conducted as part of our extensive ethics and compliance training program. The Leading With Integrity Guide provides employees, as well as third parties, the resources and confidential processes in place to detect, prevent and report illegal and/or unethical conduct.

Available Information

Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and other Securities and Commission (the “SEC”) filings, as well as any amendments to applicable filings filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act are available free of charge at www.everus.com as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. Copies of any materials we file with the SEC can be obtained free of charge at www.sec.gov. The foregoing website addresses are provided as inactive textual references only. The information provided on our website (or any other website referred to in this 2025 Annual Report) is not part of this 2025 Annual Report and is not incorporated by reference as part of this 2025 Annual Report.