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Cardinal Infrastructure Group (CDNL) investor relations material
Cardinal Infrastructure Group Registration Filing summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Registration Filing summary1 Dec, 2025
Company overview and business model
Provides turnkey infrastructure services for residential, commercial, industrial, municipal, and state markets, focusing on the Southeastern U.S., especially North Carolina.
Services include wet utility installations, grading, site clearing, erosion control, drilling, blasting, paving, and related site work, primarily performed in-house.
Operates with a vertically integrated model, reducing reliance on subcontractors and enabling faster project delivery and higher margins.
Growth strategy centers on organic expansion, targeted acquisitions, and vertical integration, with a focus on residential homebuilders and expansion into adjacent markets.
Maintains strong relationships with national and regional homebuilders, supporting recurring revenue and geographic expansion.
Financial performance and metrics
Revenue for the nine months ended September 30, 2025: $310.2M; for the year ended December 31, 2024: $315.2M, both showing significant growth over prior periods.
Net income for the nine months ended September 30, 2025: $26.2M; for the year ended December 31, 2024: $28.3M.
Adjusted EBITDA for the nine months ended September 30, 2025: $55.7M; for the year ended December 31, 2024: $56.5M.
Gross profit margin for the nine months ended September 30, 2025: 13.4%; adjusted gross profit margin: 20.9%.
Backlog at September 30, 2025: $646M, providing strong future revenue visibility.
Maintenance capital expenditures as a percentage of EBITDA are low, supporting strong cash generation.
Use of proceeds and capital allocation
Net proceeds of $224.6M (assuming $21.00/share IPO price) will be used to purchase newly issued LLC Units from Cardinal.
Cardinal will use proceeds to redeem LLC Units from certain equity holders ($157.5M), repay $24.3M of debt, pay $5.3M in offering expenses, and for general corporate purposes.
Remaining funds may be used for acquisitions, working capital, capital expenditures, or further debt repayment.
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