Everus Construction Group (ECG): what its 10-K says it depends on

Customers

Top 10 customers

concentrated in · approximately 43% of our total operating revenuesnamed as a risk

For 2025, our customer base was reasonably concentrated, with the top 10 customers accounting for approximately 43% of our total operating revenues of $3.75 billion, with a single customer accounting for approximately 17% of total operating revenues.Risk factors (Item 1A)

Also named by AESI, CLS, COR, JBHT, MTSI, MYRG, Q, VEEV and 1 more

E&M segment customers (two unnamed)

earns from · approximately 21% and 10% of total E&M segment revenuesnamed as a risk

At the segment level, revenue from two E&M customers individually accounted for approximately 21% and 10% of total E&M segment revenues, respectively.Risk factors (Item 1A)

T&D segment customer (unnamed)

earns from · approximately 16% of total T&D segment revenuesnamed as a risk

As for T&D, revenues from a single T&D customer accounted for approximately 16% of total T&D segment revenues.Risk factors (Item 1A)

Data center market

concentrated innamed as a risk

We currently generate a significant portion of our revenues from data center and other similar high tech and advanced technology contracts and our revenue mix has changed significantly in the last couple of years.Risk factors (Item 1A)

Also named by GNRC, MOD, TXN, VRT

Electric and natural gas utilities

earns fromnamed as a risk

Accordingly, utility and subcontract work accounts for a significant portion of the work performed by us.Risk factors (Item 1A)

Suppliers

Labor unions (including International Brotherhood of Electrical Workers)

depends on · approximately 85% of our employeesnamed as a risk

As of December 31, 2025 and 2024, approximately 85% and 83% of our employees were covered by collective bargaining agreements, respectively.Risk factors (Item 1A)

Also named by EME, HCA, JLL, LUV, MAR, NSC, NYT, SGI and 2 more

Partners and platforms

Surety bonds

depends on · approximately $2.10 billion in surety bonds outstandingnamed as a risk

As of December 31, 2025 and 2024, we had approximately $2.10 billion and $2.05 billion in surety bonds outstanding, respectively.Business (Item 1)

Also named by ARLP, DHI, EME, FIX, LEN, PRIM, PWR, WCN

Other companies

Term SOFR

exposed to its price · $285.0 million outstanding under the Term Loannamed as a risk

Outstanding amounts, if any, for the Term Loan and Revolving Credit Facility both bear interest at Term SOFR plus an applicable rate exposing us to higher interest rate risk.Market risk (Item 7A)

Also named by BWIN, CLH, DORM, DPZ, DY, HUBB, IBP, IEX and 9 more

MDU Resources Group, Inc.

depends onnamed as a risk

If MDU Resources is unable to satisfy its obligations under these agreements, including its indemnification obligations, we could incur operational difficulties or losses.Risk factors (Item 1A)

Competitors

Quanta Services, Inc.

competes with

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.Business (Item 1)

Also named by EME, PRIM

Comfort Systems USA, Inc.

competes with

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.Business (Item 1)

Also named by EME

EMCOR Group, Inc.

competes with

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.Business (Item 1)

MYR Group Inc.

competes with

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.Business (Item 1)

Places

Missouri, California, Montana and Oregon

concentrated in

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.Business (Item 1)

Hazards

Wildfires

named as a risk

For example, due to the increase in wildfire losses and related insurance claims, insurers have reduced coverage availability and increased the cost of insurance coverage for such events in recent years, and our current levels of coverage may not be sufficient to cover potential losses.Risk factors (Item 1A)

Also named by AAON, AMRC, AZO, BRK/B, CCI, CDNS, CINF, CNP and 17 more