Cardinal Infrastructure Group (CDNL) Registration Filing summary

Company overview and business model

• Provides turnkey infrastructure services for residential, commercial, industrial, municipal, and state markets, focusing on wet utility installations, grading, site clearing, paving, and related services, primarily in the Southeastern U.S.

• Operates with a highly skilled workforce and in-house equipment, minimizing reliance on subcontractors and enabling efficient project execution and strong margins.

• Growth driven by organic expansion and six acquisitions since 2013, with a focus on vertical integration and service line expansion.

• Strategic presence in high-growth North Carolina markets, leveraging relationships with national homebuilders and general contractors.

• Backlog as of September 30, 2025, was $646 million, with 69% from recurring customers.

Financial performance and metrics

• Revenue for the nine months ended September 30, 2025: $310.2 million; for the year ended December 31, 2024: $315.2 million.

• Net income for the nine months ended September 30, 2025: $26.2 million; for the year ended December 31, 2024: $28.3 million.

• Adjusted EBITDA for the nine months ended September 30, 2025: $55.7 million; for the year ended December 31, 2024: $56.5 million.

• Gross profit margin for the nine months ended September 30, 2025: 13.4%; adjusted gross profit margin: 20.9%.

• 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 Cardinal, redeem LLC Units from certain equity holders, repay $7.7 million of borrowings under the New Credit Facility, and for general corporate purposes including acquisitions and capital expenditures.

• Following debt repayment, $75 million of availability will remain under the New Credit Facility.