Cardinal Infrastructure Group (CDNL) Registration Filing summary

Company overview and business model

• Provides comprehensive infrastructure services for residential, commercial, industrial, municipal, and state markets, with a focus on the Southeastern U.S.

• Operates primarily in North Carolina, targeting high-growth regions such as Charlotte, Raleigh, and Greensboro.

• Delivers wet utility installations, grading, site clearing, erosion control, drilling, blasting, paving, and related services, mostly in-house.

• Maintains strong relationships with national and regional homebuilders, enabling recurring business and geographic expansion.

• Pursues growth through organic expansion and strategic, accretive acquisitions, with six acquisitions completed in five years.

Financial performance and metrics

• Revenue for the six months ended June 30, 2025: $187.9M; backlog at June 30, 2025: $643M.

• Revenue for the year ended December 31, 2024: $315.2M; backlog at year-end 2024: $512M.

• Net income for the six months ended June 30, 2025: $16.1M; for 2024: $28.3M.

• Adjusted EBITDA for the six months ended June 30, 2025: $34.2M; for 2024: $56.5M.

• Gross profit margin for the six months ended June 30, 2025: 13.1%; adjusted gross profit margin: 20.8%.

• EBITDA margin for the six months ended June 30, 2025: 18%; for 2024: 16.9%.

• Maintenance capital expenditures as a percentage of EBITDA are low, supporting strong cash generation.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used to purchase newly issued LLC Units from the operating company and from existing equity holders.

• Proceeds will be used to repay outstanding borrowings under the new $120M term loan and $75M revolving credit facility, with the remainder for general corporate purposes, including acquisitions and capital expenditures.

• No plans to pay cash dividends; earnings will be retained to fund growth.