Legence (LGN) Investor Presentation summary

Company overview and market position

• Leading provider of engineering, installation, and maintenance for mission-critical MEP systems in complex buildings, with $2.2B Q2 2025 LTM revenues and a top 5 U.S. market position in both MEP engineering and HVAC installation.

• Serves ~19,000 clients since 2019, including over 60% of the Nasdaq-100, with ~70% of revenues from existing buildings and ~30% from new construction.

• ~55% of Q2 2025 LTM revenues come from high-growth industries such as data centers, technology, life sciences, and healthcare.

• National footprint with 6,000 employees across 45 states and 70 offices, concentrated in major data center and life sciences hubs.

Business model and services

• Offers end-to-end MEP solutions: engineering & design, program & project management, installation & fabrication, and maintenance & service.

• Integrated design-install-maintain approach provides a single-source relationship, reducing costs, change orders, and project timelines for clients.

• Recurring revenue streams from maintenance contracts and ongoing service work, with 15% of 2024 revenue from maintenance & service.

• Differentiated by in-house engineering, fabrication, and modular construction capabilities, serving blue-chip clients with long-term relationships.

Financial performance and growth

• Q2 2025 LTM revenues of $2.2B, with a 30% CAGR in revenues and 36% CAGR in gross profit from 2022-2024.

• Adjusted EBITDA of $244M for Q2 2025 LTM, with margins expanding to 11.0% and Adjusted EBITDA growing faster than revenues.

• Record backlog and awarded contracts of $2.8B as of June 30, 2025, up 29% year-over-year, and a 1.3x book-to-bill ratio in H1 2025.

• ~70% of 2021-2024 revenues from jobs under $10M, and less than 4% of revenue from the largest client, reducing concentration risk.