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• General Contracting: Overseeing and executing the entire construction project from start to finish, including managing subcontractors and ensuring timely completion.
• Project Management: Providing expert oversight for construction projects, ensuring they adhere to scope, budget, and schedule.
• Design-Build Services: Integrating design and construction responsibilities under a single contract to streamline project delivery.
• Infrastructure Development: Constructing large-scale public and private infrastructure projects such as roads, bridges, utilities, and transportation hubs.
• Commercial Building: Erecting new commercial structures and undertaking renovations for offices, retail spaces, industrial facilities, and other business properties.

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I cannot identify the major customers for Everus Construction (symbol: ECG) as this company does not appear to be a real, publicly traded entity with information available in standard financial databases or public records.

As an AI, I can only provide information based on existing, verifiable data. If Everus Construction is a hypothetical or fictional company, customer information would need to be provided within its fictional context.

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Jeffrey S. Thiede, President and Chief Executive Officer
Mr. Thiede was named President and Chief Executive Officer of Everus Construction Group, formerly known as MDU Construction Services Group, effective April 30, 2013, and served as President from 2012 to 2013. Prior to these promotions, he held several executive and management positions with Everus, including president of Capital Electric Construction Company from 2006 to 2011 and OEG, Inc., formerly known as Oregon Electric Group, Inc., from 2004 to 2011, both subsidiaries of Everus. He has 20 years of experience at Everus.

Maximillian J. Marcy, Vice President, Chief Financial Officer and Treasurer
Mr. Marcy was named Vice President, Chief Financial Officer and Treasurer effective upon completion of the spinoff of Everus Construction Group from MDU Resources Group, joining Everus on August 12, 2024. He previously served as Vice President II and Business Unit CFO of the Engineering Adhesives Segment at H.B. Fuller Company. Mr. Marcy also held various other management and leadership positions at H.B. Fuller, including Vice President, Corporate Finance-Financial Planning and Analysis; Senior Director Corporate Treasurer; and Director, Investor Relations and International Finance.

Thomas D. Nosbusch, Executive Vice President and Chief Operating Officer
Mr. Nosbusch was named Executive Vice President and Chief Operating Officer, effective upon completion of the spinoff of Everus Construction Group from MDU Resources Group. He previously served as Executive Vice President of Everus and has 25 years of experience with MDU Resources' companies. He began his career as a customer service engineer for Montana-Dakota Utilities and later served as a business development manager for both Montana-Dakota Utilities and Everus.

Jon B. Hunke, Vice President and Chief Accounting Officer
Mr. Hunke was named Vice President and Chief Accounting Officer of Everus Construction Group, effective upon completion of the spinoff of Everus from MDU Resources Group. He previously was Vice President of Accounting and Enterprise Information Technology for Everus and has been with the company since 2003. Mr. Hunke also served as Treasurer and Controller from 2014 to 2015.

Paul R. Sanderson, Vice President, Chief Legal Officer and Secretary
Mr. Sanderson was named Vice President, Chief Legal Officer and Secretary, effective upon completion of the spinoff of Everus Construction Group from MDU Resources Group. He previously served as Vice President, Chief Legal Officer and Secretary for MDU Resources, a position he held since joining that company in 2023.

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The key risks to Everus Construction (ECG) are as follows:

1. Securities Class Action Lawsuit: Everus Construction Group is currently facing a class-action securities lawsuit. The litigation alleges securities fraud, including misleading statements regarding the company's backlog conversion cycle and revenue recognition. The disclosure of concerns about the backlog conversion process led to a significant drop in Everus's stock price, highlighting the potential for substantial financial penalties and damage to the company's reputation.
2. Operational Challenges and Backlog Conversion Delays: The company has experienced, and may continue to experience, delays in project timelines. This can negatively impact revenue conversion and result in a lower-than-anticipated backlog conversion rate. Everus has indicated that its average project size is increasing in complexity and duration, which could extend the time it takes to convert its backlog into recognized revenue.
3. Adverse Market Conditions in the Construction Industry: Everus operates within a construction industry that is currently facing a slowdown. Projections include a potential contraction in the U.S. GDP in the first quarter of 2025, alongside stalled residential and commercial projects. This is attributed to rising financing costs and weakened demand, which could lead to decreased demand for Everus's services and put pressure on its revenue growth and margins.

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Everus Construction (symbol: ECG) operates primarily within the broader construction and infrastructure sectors, providing electrical and mechanical, and transmission and distribution contracting services across the United States.

The addressable markets for Everus Construction's main products and services can be identified as:

• Global Construction Market: This overarching market, which includes buildings construction, heavy and civil engineering construction (relevant to Everus's services), specialty trade contractors, and land planning and development, was valued at approximately USD 15.26 trillion in 2023. This market is projected to grow to USD 26.75 trillion by 2033. Another estimate places the global construction market size at USD 11.39 trillion in 2024, projected to reach USD 16.11 trillion by 2030.
• Global Infrastructure Construction Market: This market, which directly relates to Everus's focus on essential infrastructure, was valued at approximately USD 3.62 trillion (USD 3,619,262.74 million) in 2024. It is expected to reach USD 5.29 trillion (USD 5,286,627.89 million) by 2033.
• U.S. Infrastructure Market: Given Everus's operations across the U.S., the domestic infrastructure market is a direct addressable market. This market was valued at USD 1.35 trillion in 2024 and is projected to reach USD 2.15 trillion by 2033. This includes transportation and utilities infrastructure, which are key areas for Everus.
• Global Heavy and Civil Engineering Construction: This specific segment of the construction market, which aligns with Everus's expertise in large-scale infrastructure projects, accounted for USD 7.1 trillion of the total global construction market in 2023.

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Everus Construction (ECG) is expected to drive future revenue growth over the next 2-3 years through several key factors:

1. Continued Strong Demand in Data Center and Utility Markets: Everus Construction anticipates sustained strong demand in the data center and utility markets, which are significant drivers for its Electrical & Mechanical (E&M) segment. This demand has been highlighted as a primary contributor to the company's robust performance and future growth.
2. Growing Project Backlog: The company has consistently reported a healthy and increasing total backlog of projects, indicating a strong pipeline of secured work that is expected to translate into future revenue. The total backlog at the end of Q3 2025 was $2.95 billion, up 2% from the prior year.
3. Expansion into New Industrial End Markets and Geographic Regions: Everus Construction is actively expanding into new industrial end markets, such as semiconductor manufacturing facilities, and is also considering potential mergers and acquisitions to broaden its geographic footprint. This strategic expansion is aimed at capturing new revenue streams.
4. U.S. Infrastructure Spending: The ongoing and projected U.S. infrastructure needs are expected to serve as a multi-year tailwind for Everus Construction's Transmission & Distribution (T&D) business, contributing to sustained revenue growth in this segment.
5. Strategic Focus on Off-site Manufacturing and Prefabrication: Everus Construction's emphasis on off-site manufacturing and prefabrication enhances its competitive edge and operational efficiency. This strategic approach helps the company secure more projects and improve project delivery, thereby supporting revenue growth.

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Share Issuance

• On October 31, 2024, Everus Construction Group issued 50,972,059 shares of common stock as part of its spin-off from MDU Resources Group, Inc.
• The number of shares outstanding for Everus Construction Group was 51,006,575 as of August 11, 2025, and November 3, 2025.

Inbound Investments

• Westwood Holdings Group Inc. acquired a new stake in shares of Everus Construction Group during the first quarter of 2025 worth $75,089,000.
• The State of New Jersey Common Pension Fund D bought a new stake of 32,818 shares in Everus Construction Group, valued at approximately $2,085,000, during the second quarter of 2025.

Capital Expenditures

• Capital expenditures for 2024 totaled $48.3 million, an increase from $35.6 million in 2023, primarily driven by investments in vehicles and equipment to support company growth.
• For the nine months ended September 30, 2025, capital expenditures were $42.1 million, compared to $34.5 million for the same period in 2024, primarily for vehicle, equipment, and building investments to support growth.
• Estimated full-year gross capital expenditures for 2025 are projected to be between $65 million and $70 million, with a focus on investments like a new prefabrication facility in Kansas City.