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, paving, and related site services, primarily in the Southeastern U.S.

• Operates with a large, skilled workforce and specialized equipment, performing most services in-house to reduce reliance on subcontractors and improve project execution.

• Growth driven by organic expansion and strategic acquisitions, with seven acquisitions completed through March 2026, expanding presence in North Carolina, South Carolina, and Georgia.

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

• Vertically integrating operations by building asphalt plants and considering precast concrete manufacturing to enhance margins and control over supply chain.

Financial performance and metrics

• Revenue for the year ended December 31, 2025 was $456.0 million, up 44.7% from $315.2 million in 2024; Q1 2026 revenue was $167.5 million, up 104.8% year-over-year.

• Net income for 2025 was $31.1 million (6.8% margin), compared to $28.3 million (9.0% margin) in 2024; Q1 2026 net income was $11.5 million.

• Adjusted EBITDA for 2025 was $81.5 million (17.9% margin), up from $56.5 million (17.9% margin) in 2024.

• Backlog at March 31, 2026 was $854 million, with $702–$776 million expected to be recognized as revenue in the next 12 months.

• End market revenue mix for 2025: 66% residential, 23% commercial/industrial/retail, 5% municipal/state, 6% materials and paving.

Use of proceeds and capital allocation

• Net proceeds from the offering will be used to repay approximately $33 million under the October 2025 Credit Facility and for general corporate purposes, including acquisitions, working capital, capital expenditures, and debt repayment.

• Management has flexibility in allocating proceeds based on business needs and market opportunities.