• Government Affairs and Advocacy: Assisting clients with legislative and regulatory processes related to transportation infrastructure projects.
• Strategic Consulting: Providing expert advice and strategic guidance on infrastructure policy, funding, and project development.
• Project Development Support: Offering support and expertise in the planning, financing, and implementation of complex infrastructure projects.

Jeremy Spivey Chief Executive Officer & Chairman

Mr. Spivey founded Cardinal Civil Contracting in 2013 and has served as a partner and the Chief Executive Officer of Cardinal since that time. He possesses over 30 years of civil construction experience, specializing in all aspects of land development and complex civil projects. Mr. Spivey began his career as part of a utility crew and progressed through various core aspects of the business. He holds a Bachelor of Science in Construction Management with a Minor in Business Administration from East Carolina University.

Mike Rowe Partner, Chief Financial Officer

Mr. Rowe has been a partner and the Chief Financial Officer of Cardinal Civil Contracting since July 2019. Prior to this, he was a partner and fractional Chief Financial Officer at Rankin McKenzie LLC, a firm providing part-time and interim CFO services to growth companies, from December 2017 to July 2019. From January 2014 to December 2017, he held the positions of Executive Vice President, Chief Operating Officer, and Chief Financial Officer of ING Source, Inc. Earlier, he served as Chief Financial Officer of Jones & Frank from April 2010 to June 2013, and as Executive Vice President and Chief Financial Officer of Carolina Handling from March 2006 to April 2010. Mr. Rowe holds a bachelor's degree in accounting from North Carolina State University and is a CPA, CMA, CFA, and ABV certificate holder.

Erik West Chief Operating Officer of Cardinal NC

Mr. West serves as the Chief Operating Officer of Cardinal NC.

Tiffany Gidley General Counsel & Secretary

Ms. Gidley has been the General Counsel of Cardinal Civil Contracting since May 2024. Before joining Cardinal, she was Corporate Counsel at David Allen Company, Inc. from July 2015 to May 2024. She earned a Juris Doctor degree from Campbell University's Norman Adrian Wiggins School of Law and a bachelor's degree in applied psychology from North Carolina State University.

Jason Banks Director of Information Technology

Mr. Banks was appointed Director of Information Technology on February 26, 2026. He brings over 20 years of experience in enterprise systems, IT operations, and modernization initiatives. His previous roles include North America IT Director for Descours & Cabaud and an IT leadership position at Parker Hannifin.

Here are the key risks to Cardinal Infrastructure's business:

1. Sensitivity to Macroeconomic Conditions and Interest Rate Changes: As a civil contracting company heavily involved in infrastructure services for residential, commercial, industrial, municipal, and state markets, Cardinal Infrastructure's performance is significantly tied to the broader economic environment. Changes in interest rates can impact housing production and overall construction demand, directly affecting the volume and profitability of their projects.
2. Geographic Concentration: While the company has recently expanded its footprint into Georgia and South Carolina through acquisitions, a substantial portion of its operations and revenue has historically been concentrated in North Carolina and the broader Southeastern United States. This regional focus exposes Cardinal Infrastructure to disproportionate risks from adverse economic downturns, changes in state-level infrastructure spending, or significant natural disasters within this specific geographic area.
3. Integration Risks from Acquisitions and High Debt Levels: Cardinal Infrastructure is pursuing growth through acquisitions, such as the recent acquisition of A.L. Grading Contractors. Acquisitions inherently carry integration risks, including potential delays, higher costs than expected, and challenges in retaining key employees. Furthermore, analysts have highlighted a high level of debt, which could limit the company's financial flexibility and ability to maneuver if market conditions change or acquired projects underperform.

Share Issuance

• Cardinal Infrastructure Group Inc. completed an Initial Public Offering (IPO) on December 10, 2025, by offering 11,500,000 shares of Class A Common Stock at an initial price of $21.00 per share.
• This IPO generated approximately $277.7 million in gross proceeds, providing significant capital for future growth initiatives.
• The number of outstanding shares was 13,218,750 at the end of 2024, and approximately 36.61 million as of March 2, 2026.

Inbound Investments

• As of June 30, 2025, Cardinal Infrastructure had received $78.6 million in fair market value investment through notes payable from investors.

Outbound Investments

• Cardinal Infrastructure's growth strategy includes selectively acquiring small to mid-sized firms.
• The company made several acquisitions, including Purcell Construction, Inc. in January 2025, Page & Associates, Inc. in May 2025, and Red Clay Industries, Inc. in October 2025.
• Cardinal Infrastructure acquired A.L. Grading Contractors for $245.5 million on February 18, 2026, expanding its operational footprint into Georgia and South Carolina.

Capital Expenditures

• Annual capital expenditures were $12.268 million in 2023 and $20.755 million in 2024.
• Trailing twelve months (TTM) capital expenditures were $33.737 million as of March 11, 2026.
• Maintenance capital expenditures, focused on preserving operating capacity, safety, and regulatory compliance, amounted to $2.5 million in 2023 and $4.0 million in 2024.