Legence (LGN) Investor presentation summary

Company overview and market position

• Leading provider of engineering, installation, and maintenance for mission-critical MEP systems in technically demanding buildings, with $2.6B in 2025 revenues and a top 5 U.S. market position in both MEP engineering and HVAC installation.

• Over 60% of Nasdaq-100 companies are clients, with a diversified base of 20,000+ clients since 2019 and ~1,200 engineers and 7,000 technicians.

• 61% of 2025 revenues come from high-growth industries such as data centers, technology, life sciences, and healthcare.

• Services span engineering & design, installation & fabrication, maintenance, and program management, offering end-to-end solutions.

• National footprint with presence in major data center, technology, and life sciences hubs, employing ~9,800 people across 46 states.

Business model and competitive advantages

• Integrated design-install-maintain approach provides a single-source solution, reducing costs, minimizing change orders, and accelerating project timelines.

• Early client engagement, in-house engineering, and comprehensive maintenance services drive higher win rates, customer retention, and recurring revenue.

• Differentiators include long-standing blue-chip client relationships, in-house fabrication, modular construction, and a comprehensive service suite.

• Focus on high-growth, low GDP-correlation markets, growing wallet share with existing clients, and expanding through bolt-on acquisitions.

Financial performance and growth

• Achieved 27% revenue CAGR and 32% gross profit CAGR from 2022-2025, with 2025 revenues of $2.6B and gross profit of $536M.

• Adjusted EBITDA reached $299M in 2025, with margins expanding to 11.7% due to process improvements and mix shift.

• Backlog and awarded contracts totaled $3.7B at year-end 2025, with a 1.6x book-to-bill ratio and strong revenue visibility.

• 60% of revenues from jobs under $10M and less than 9% from the largest client, reducing concentration risk.

• Maintenance and service accounted for 13% of 2025 revenue, with recurring revenue growth outpacing overall growth.