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 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.