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1. The company was essentially the McDonald's of convenience stores.

2. Think of it as the Starbucks for quick stops and everyday essentials.

3. A general convenience store chain akin to a non-pharmacy CVS or Walgreens.

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• Convenience Stores: Operated and franchised the 7-Eleven chain, offering a wide array of retail convenience items, food, and beverages to customers.
• Petroleum Refining & Marketing: Owned Citgo Petroleum Corporation, which was involved in the refining, marketing, and distribution of gasoline and other petroleum products.
• Dairy Operations: Produced and distributed milk, ice cream, and other dairy products through their own processing facilities and delivery services.

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The company symbol SLND historically belonged to The Southland Corporation, the parent company of 7-Eleven convenience stores. The Southland Corporation was acquired in the early 1990s by Ito-Yokado (now Seven & I Holdings Co., Ltd.) and is no longer a publicly traded company under the SLND symbol in the U.S. market. Its primary asset, 7-Eleven, is now part of Seven & I Holdings Co., Ltd. (TYO: 3382), which is publicly traded in Japan.

During its time as a public company, The Southland Corporation primarily sold products and services directly to individuals through its extensive network of 7-Eleven convenience stores. Therefore, its major customers fall into the following categories:

• Commuters and Travelers: Individuals seeking quick and convenient access to essential items such as fuel, snacks, beverages (including coffee), ready-to-eat meals, and other on-the-go necessities during their daily commutes or long-distance travels.
• Local Residents and Neighborhood Shoppers: People living or working in the vicinity of a 7-Eleven store who utilize it for immediate needs, last-minute grocery items, lottery tickets, bill payment services, or a quick prepared meal when conventional grocery stores are less convenient.
• Late-Night and Early-Morning Shoppers: Due to 7-Eleven's extended or 24/7 operating hours, it serves individuals who require goods or services outside of typical retail hours, including shift workers, students, or anyone with urgent needs at odd times when other establishments are closed.

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Frankie S. Renda, President, Chief Executive Officer

Frankie S. Renda serves as President, Chief Executive Officer, and Director of Southland Holdings, Inc., and has also been the Interim Chairman since August 2024. With nearly 30 years of experience in the construction industry, he has spent the last two decades as CEO of Southland. Mr. Renda has utilized his operational background, industry knowledge, and M&A expertise to expand the Southland family of companies to approximately $1.3 billion in annual revenues across North America. He directly owns 51.5% of the company's shares.

Keith Bassano, Chief Financial Officer

Keith Bassano is the Chief Financial Officer and Treasurer of Southland Holdings, a position he assumed effective March 28, 2025. He brings over 15 years of experience in the engineering and construction industry, having held various leadership roles in finance, accounting, and human resources functions. Mr. Bassano joined Southland in September 2020, and prior to that, he was with American Bridge, a Southland subsidiary, since 2008. He holds a Bachelor of Science in Business Administration with an Accounting major from Duquesne University and a Master of Business Administration from Robert Morris University, and is a licensed Certified Public Accountant.

Tim Winn, EVP, Chief Operating Officer

Tim Winn serves as Executive Vice President and Chief Operating Officer for Southland Holdings, also holding a position as a Director. He possesses approximately 30 years of experience in technical infrastructure project execution. Under his leadership, Southland and its subsidiaries have successfully completed complex bridge, marine, underground tunneling, structural, and emergency infrastructure services for both public and private clients. Additionally, Mr. Winn has been instrumental in integrating numerous strategic acquisitions to enhance Southland's operational capabilities.

Rudy Renda, EVP, Chief Operating Officer, Strategy & Special Projects

Rudy Renda is the Executive Vice President and Chief Operating Officer, Strategy & Special Projects for the Southland family of companies, and also a Director. With nearly 30 years of construction experience, he oversees various plant and conveyance projects and has been crucial to the completion of some of the most complex projects in the U.S. His responsibilities include leading aspects of contract administration and compliance, resource management, partnering strategies, customer relationships, and coordination across all Southland subsidiaries.

Donald Graul, Chief Strategy Officer

Donald Graul is the Chief Strategy Officer at Southland Holdings. He joined the company after serving in executive roles at AECOM and Parsons, and as the CEO of the Branch Group.

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Key Risks to Southland Holdings Inc. (SLND)

• Ongoing Financial Impact from Legacy Projects and Materials & Paving (M&P) Business Line: Southland Holdings has experienced significant negative financial impacts from its Materials & Paving business line and certain legacy projects, including a gross profit impact of -$9 million in Q1 2025. These issues, characterized by increased project costs and settlement disputes for legacy projects, can unpredictably affect financial results and have been a reason for a lack of prior guidance. The company anticipates substantial completion of these M&P projects by the end of calendar year 2025, but the risk associated with closing out the remaining backlog persists.
• Potential Equity Issuance and Shareholder Dilution: The company faces a potential business risk related to the issuance of additional equity securities, which could be used to finance acquisitions or other corporate initiatives. Such actions may lead to the dilution of earnings per share and diminish the percentage ownership of existing stockholders, potentially impacting investor confidence and stock market performance.
• Probability of Bankruptcy: Southland Holdings Inc. has a calculated probability of bankruptcy of approximately 29.18% over the next 24 months. This assessment considers various factors, including its current fundamentals, market conditions, Altman Z-score, Beneish M-score, financial position, and macroeconomic environments, indicating a significant risk of financial distress.

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Southland Holdings, Inc. (SLND) operates primarily in the specialty infrastructure construction business across North America. The company's main products and services fall under two segments: Civil and Transportation.

Addressable Markets:

• Heavy Civil and Transportation Infrastructure (North America/Global): The global heavy and civil engineering construction market was valued at approximately $2.01 trillion in 2024 and is projected to reach $2.07 trillion in 2025, with a compound annual growth rate (CAGR) of 2.9%. It is expected to grow to $2.48 trillion by 2029 at a CAGR of 4.7%. North America held approximately 23% of the transportation infrastructure construction market share in 2022. The U.S. heavy engineering construction revenue is projected to reach $49.2 billion in 2025.
• U.S. Transportation Infrastructure: The U.S. transportation infrastructure market was valued at $380.4 billion in 2024 and is expected to grow to $550.5 billion by 2032, at a CAGR of 4.9% from 2025 to 2032. Another estimate places the U.S. transportation infrastructure construction market size at $233.03 billion in 2025, projected to reach $286.86 billion by 2030.
• U.S. Water Infrastructure and Management: The U.S. water infrastructure and management market was valued at $120.2 billion in 2024 and is expected to reach $179.6 billion by 2032, growing at a CAGR of 5.3% from 2025 to 2032.
• Global Water Infrastructure Construction: The global water infrastructure construction market was valued at $69.9 billion in 2023 and is projected to reach $107.3 billion by 2030, growing at a CAGR of 13.8% during the forecast period of 2024-2030.
• U.S. Water and Wastewater Treatment: The U.S. water and wastewater treatment market is projected to reach an estimated value of $314.96 billion by 2032.
• U.S. Power Infrastructure: The U.S. power infrastructure market was valued at $264.2 billion in 2024 and is expected to increase to $455.6 billion by 2032, advancing at a CAGR of 7.2% during 2025–2032. Another source states the U.S. power market was valued at $363.74 billion in 2024 and is anticipated to reach $543.35 billion by 2033, growing at a CAGR of 4.56% from 2025 to 2033.
• North America Power Infrastructure: The power infrastructure market size in North America was approximately $400 billion in 2023 and is expected to reach around $600 billion by 2032, growing at a CAGR of 4.5%.

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Here are 3-5 expected drivers of future revenue growth for Southland (SLND) over the next 2-3 years:

1. Substantial Project Backlog: Southland boasts a significant project backlog, reported at $2.57 billion at the close of 2024 and approximately $2.47 billion as of March 2025. A substantial portion, nearly $1 billion, is slated for completion within the next 12 months, providing a strong foundation for near-term revenue generation.
2. Increased Infrastructure Spending (Federal & State): The company anticipates continued benefits from the Infrastructure Investment and Jobs Act (IIJA) funding and state-level infrastructure investments. Key markets like Texas and Florida, particularly with the passing of House Joint Resolution 7 in Texas which unlocks $20 billion for water projects, are expected to provide significant opportunities in large-scale transportation and water resilience projects.
3. Focus on High-Margin Civil Segment and Shorter-Duration Projects: Southland is strategically shifting its focus towards higher-value infrastructure projects within its Civil segment. This segment demonstrated strong gross profit margins of 22% in Q1 2025, a notable increase from 12% a year prior. The company is actively working to convert high-margin, shorter-duration projects into its backlog, prioritizing profitability over sheer top-line growth.
4. Resolution of Legacy Projects and Claims: Management expects to generate substantial cash flow from the settlement of legacy claims in the upcoming quarters, which should positively impact financial performance. Furthermore, the company has been effectively reducing its backlog of less profitable legacy projects, establishing a more stable operational base for future endeavors.
5. Strategic Expansion and Acquisitions: Southland's strategy includes growth through controlled expansion, by broadening its service offerings or increasing market share within its existing specializations. The company is also exploring potential acquisitions that align with its growth objectives and allow for the leveraging of its resources and expertise in the transportation and civil segments.

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