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Achieved top- and bottom-line growth in 2025 driven by predictable operational excellence and improved project execution across Marine and Concrete segments.
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Marine segment performance was bolstered by favorable revenue mix, high equipment utilization, and positive project closeouts, resulting in a 10% adjusted EBITDA margin.
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Backlog experienced a 0.9x book-to-bill ratio as private sector tariff uncertainty and a U.S. government shutdown caused customer decisions to shift to the right.
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Management views the current backlog dip as a timing issue rather than a loss of demand, with a total opportunity pipeline now standing at $23,000,000,000.
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The acquisition of J.E. McAmus expands the marine platform into complex jetty and breakwater construction while strengthening the company’s Pacific footprint.
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Concrete segment growth was fueled by expansion into Florida and Arizona, alongside a significant increase in mission-critical data center projects.
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Strategic capital actions included a new $120,000,000 credit facility and the purchase of a Jones Act derrick barge to increase marine execution capacity.
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Guidance for 2026 anticipates a 9% revenue increase and a 24% adjusted EBITDA increase at the midpoint, supported by the integration of J.E. McAmus.
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Management expects modest margin expansion across the business, aided by the higher-margin profile of the newly acquired McAmus operations.
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The Marine pipeline includes $8,500,000,000 in opportunities expected to be awarded in 2026, with a projected 40/60 split between the first and second halves of the year.
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Data center work is expected to contribute more significantly to the Concrete business, with a shift toward larger campus-style developments requiring site civil and earthwork services.
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The newly acquired derrick barge is undergoing refurbishments and is scheduled for deployment later in 2026 to pursue broader marine and defense-related work.
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Beginning in 2026, the company will report corporate expenses as a separate non-operating segment to increase transparency in Marine and Concrete operating results.
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The new UMB Bank credit facility reduced borrowing costs by 40% compared to the previous agreement, bearing interest at SOFR plus 2.5% to 3%.
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Management is actively monitoring the Middle East conflict for potential impacts on global markets and defense funding acceleration.
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The company successfully monetized non-strategic real estate and consolidated its Houston footprint to improve organizational readiness.
