Emcor Group, Inc,
Fiscal Year 2025 Q3.

•United States industrial services; and •United Kingdom building services. We refer to our United States electrical construction and facilities services segment and our United States mechanical construction and facilities services segment together as our United States construction segments. On September 22, 2025, we entered into a definitive agreement to sell EMCOR (UK) Limited and EMCOR Group (UK) plc, which collectively represent our United Kingdom building services segment. The transaction is expected to close by the end of 2025, subject to U.K. regulatory approval.

Consolidated operating income 405,696 9.4 %363,538 9.8 % Other items: Net periodic pension income 56 227 Interest income, net 1,838 8,312 Income before income taxes$407,590 $372,077 For the nine months ended September 30,

2025 % of TotalDecember 31, 2024% of TotalJune 30, 2024 % of Total Remaining performance obligations: United States electrical construction and facilities services$4,198,244 35 %$3,068,396 31 %$2,632,120 29 %

2025% ofTotal2024% ofTotal Revenues: United States electrical construction and facilities services$3,713,360 30 %$2,409,735 22 % United States mechanical construction and facilities services5,107,139 41 %4,745,057 44 %

United Kingdom building services376,053 3 %317,604 3 % Consolidated revenues $12,473,301 100 %$10,796,097 100 % 33 As described in more detail below, due to strong demand for our services across most of the market sectors we serve, our consolidated revenues for the three months ended September 30, 2025 increased to $4.30 billion compared to $3.70 billion for the three months ended September 30, 2024, and our consolidated revenues for the nine months ended September 30, 2025 increased to $12.47 billion compared to $10.80 billion for the nine months ended September 30, 2024. For both 2025 periods, the growth in our revenues was driven by our United States construction segments. Revenues for the three and nine months ended September 30, 2025 included incremental acquisition contribution of approximately $306.6 million and $887.8 million, respectively. Revenues of our United States electrical construction and facilities services segment were $1,285.3 million for the three months ended September 30, 2025, a $440.2 million increase compared to revenues of $845.0 million for the three months ended September 30, 2024. Revenues of this segment for the nine months ended September 30, 2025 were $3,713.4 million, a $1,303.6 million increase compared to revenues of $2,409.7 million for the nine months ended September 30, 2024. This segment's results for the three and nine months ended September 30, 2025 included $299.2 million and $806.8 million, respectively, of incremental acquisition revenues, almost entirely from Miller Electric. From a market sector perspective, increased revenues were generated from nearly all of the sectors we serve. While the largest increase in revenues was seen within the network and communications market sector, predominantly driven by greater demand for data center construction projects, this segment also experienced notable revenue growth within: (a) the healthcare market sector, as a result of greater project activity across several of the geographies in which we operate, (b) the commercial market sector, inclusive of certain office and tenant fit-out projects, (c) the institutional market sector, given an increase in revenues from public sector projects, and (d) the transportation market sector, due to certain infrastructure projects currently underway. Revenues of this segment for both the three and nine months ended September 30, 2025 additionally benefited from greater levels of short-duration projects and service work. Our United States mechanical construction and facilities services segment's revenues for the three months ended September 30, 2025 were $1,779.3 million, a $117.1 million increase compared to revenues of $1,662.2 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, revenues of this segment were $5,107.1 million, a $362.1 million increase compared to revenues of $4,745.1 million for the nine months ended September 30, 2024. This segment's results for the three and nine months ended September 30, 2025 included $7.4 million and $58.7 million, respectively, of incremental acquisition revenues. Similar to our United States electrical construction and facilities services segment, this segment experienced the most significant increase in revenues within the network and communications market sector due to greater demand for data center construction projects. In addition to data centers, notable revenue growth was generated from: (a) the manufacturing and industrial market sector, primarily driven by certain food processing projects, (b) the hospitality and entertainment market sector, given increased project activity, and (c) the water and wastewater market sector as a result of greater opportunities in the Southeast region of the United States. Further contributing to the revenue increase within this segment were greater levels of short-duration projects. These increases were partially offset by revenue declines from: (a) the high-tech manufacturing market sector, largely as we completed certain semiconductor manufacturing construction projects, and (b) the commercial market sector, as a result of: (i) the completion or substantial completion of several tenant fit-out or office projects, and (ii) fewer active warehousing and distribution projects for some of our e-commerce customers during the nine months ended September 30, 2025. Revenues of our United States building services segment were $813.9 million and $2,349.8 million for the three and nine months ended September 30, 2025, respectively, compared to revenues of $796.9 million and $2,359.2 million for the three and nine months ended September 30, 2024. This segment's revenues for the nine months ended September 30, 2025 included incremental acquisition contribution of $2.6 million. For both 2025 periods, this segment's mechanical services division experienced revenue growth from: (a) HVAC project and retrofit work, as demand for these services remained strong, partially as our customers continue to seek ways to improve the energy efficiency of their facilities, (b) service repair and maintenance volumes, given growth in our service contract base, and (c) building automation and controls projects, as we continue to expand our service offerings in this area. Offsetting the strength of the mechanical services division were revenue declines within this segment's commercial site-based and government site-based services divisions due to the loss of certain facilities maintenance contracts that were not renewed upon rebid in a prior period.

For the three months ended September 30, For the nine months ended September 30, 2025202420252024 Selling, general and administrative expenses$429,617 $371,188 $1,252,138 $1,051,737

SG&A margin10.0 %10.0 %10.0 %9.7 % Our selling, general and administrative expenses for the three months ended September 30, 2025 were $429.6 million, or 10.0% of revenues, compared to selling, general and administrative expenses of $371.2 million, or 10.0% of revenues, for the three months ended September 30, 2024. Selling, general and administrative expenses for the nine months ended September 30, 2025 were $1,252.1 million, or 10.0% of revenues, compared to selling, general and administrative expenses of $1,051.7 million, or 9.7% of revenues, for the nine months ended September 30, 2024. Selling, general and administrative expenses for the three and nine months ended September 30, 2025 included $37.9 million and $99.9 million, respectively, of incremental expenses directly related to companies acquired, including amortization expense attributable to identifiable intangible assets of $5.7 million and $16.3 million, respectively. Included in selling, general and administrative expenses for the nine months ended September 30, 2025 were $9.4 million of transaction related costs incurred during the first quarter in connection with the acquisition of Miller Electric. 35 Excluding incremental expenses resulting from acquisitions, our selling, general and administrative expenses for the three and nine months ended September 30, 2025 increased by $20.5 million and $100.5 million, respectively, primarily as a result of greater: (a) salaries and related employment expenses, due to additional headcount to support our organic revenue growth as well as annual cost of living adjustments, (b) incentive compensation expense, predominantly within our United States construction segments, given higher projected annual operating results, and (c) computer hardware and software costs due to various information technology and cybersecurity initiatives currently in process. The 30 basis point increase in our SG&A margin for the nine months ended September 30, 2025 was primarily due to: (a) improved gross profit and gross profit margin, which resulted in the above referenced increase in incentive compensation expense across certain of our operating subsidiaries, (b) a decrease in revenues, without a commensurate decrease in selling, general and administrative expenses, within our United States building services and United States industrial services segments, and (c) the impact of the $9.4 million of transaction related costs referenced above.

Operating income (loss) The following tables present our operating income (loss) and operating income (loss) as a percentage of segment revenues ("operating margin") (in thousands, except for percentages): For the three months ended September 30,

2025% ofSegmentRevenues2024% ofSegmentRevenues Operating income (loss): United States electrical construction and facilities services$145,200 11.3 %$119,118 14.1 %

Other items For the three months ended September 30, 2025, net interest income was $1.8 million, compared to net interest income of $8.3 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, net interest income was $4.0 million, compared to net interest income of $22.0 million for the nine months ended September 30, 2024. These year-over-year fluctuations were a result of a reduction in interest income primarily due to a lower average daily invested cash balance, coupled with an increase in interest expense, given the utilization of our revolving credit facility during the first nine months of 2025. For the three and nine months ended September 30, 2025, our income tax provision was $112.2 million and $305.6 million, respectively, compared to an income tax provision of $101.8 million and $263.9 million for the three and nine months ended September 30, 2024, respectively. Our effective income tax rate for the three and nine months ended September 30, 2025 was 27.5% and 26.7%, respectively, compared to an effective income tax rate for the three and nine months ended September 30, 2024 of 27.4% and 27.0%, respectively. Refer to Note 9 - Income Taxes of the notes to consolidated financial statements for further discussion regarding our income tax provision and effective income tax rate.

Remaining Unsatisfied Performance Obligations The following table presents the transaction price allocated to remaining unsatisfied performance obligations ("remaining performance obligations") for each of our reportable segments and their respective percentage of total remaining performance obligations (in thousands, except for percentages):

Cash Flows The following table presents a summary of our operating, investing, and financing cash flows (in thousands): For the nine months ended September 30,

Effect of exchange rate changes on cash, cash equivalents, and restricted cash$11,009 $7,377 (Decrease) increase in cash, cash equivalents, and restricted cash

$(684,078)$247,060 39 During the nine months ended September 30, 2025, our cash balance, including cash equivalents and restricted cash, decreased by approximately $684.1 million from $1,340.4 million at December 31, 2024 to $656.3 million at September 30, 2025. Changes in our cash position from December 31, 2024 to September 30, 2025 are described in further detail below. Operating Activities - Operating cash flows generally represent our net income as adjusted for certain non-cash items and changes in assets and liabilities. Net cash provided by operating activities for the nine months ended September 30, 2025 was approximately $777.7 million compared to approximately $938.4 million for the nine months ended September 30, 2024. The decrease in our operating cash flow period-over-period was a result of an increase in working capital, primarily on our construction projects, given the progression on a number of contracts for which we were previously billed ahead. As we worked through these upfront payments, we saw the expected decrease in operating cash as our cash outflows exceeded our inflows on these projects. Such decrease was partially offset by an increase in our net income for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. Investing Activities - Investing cash flows consist primarily of payments for acquisition of businesses, capital expenditures, and proceeds from the sale or disposal of property, plant, and equipment. Net cash used in investing activities for the nine months ended September 30, 2025 increased by approximately $734.0 million compared to the nine months ended September 30, 2024, primarily due to the acquisition of Miller Electric. Financing Activities - Financing cash flows consist primarily of the issuance and repayment of short-term and long-term debt, repurchases of common stock, payments of dividends to stockholders, and the issuance of common stock through certain equity plans. Net cash used in financing activities was $495.0 million for the nine months ended September 30, 2025 compared to $455.0 million for the nine months ended September 30, 2024. The $40.0 million variance was primarily due to an increase in common stock repurchases made by us. The timing of common stock repurchases is at management's discretion subject to securities laws and other legal requirements and depends upon several factors, including market and business conditions, current and anticipated future liquidity, share price, and share availability, among others. For additional detail regarding our share repurchase program, refer to Note 10 - Common Stock of the notes to consolidated financial statements. We currently pay a regular quarterly dividend of $0.25 per share. For the nine months ended September 30, 2025 and 2024, cash payments related to dividends were $33.8 million and $31.9 million, respectively. Our credit agreement places limitations on the payment of dividends on our common stock. However, we do not believe that the terms of such agreement currently materially limit our ability to pay such quarterly dividends for the foreseeable future. Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash - We are exposed to fluctuations in foreign currency exchange rates, almost entirely with respect to the British pound. Therefore, the $3.6 million variance between the nine months ended September 30, 2025 and 2024 was a direct result of exchange rate movements for the British pound versus the United States dollar.

Gross profit as a percentage of revenues19.4 %19.9 % Operating income$405,696 $363,538 Operating income as a percentage of revenues9.4 %9.8 % Net income

Material Cash Requirements from Contractual and Other Obligations As of September 30, 2025, our short-term and long-term material cash requirements for known contractual and other obligations were as follows: Outstanding Debt and Interest Payments - As of September 30, 2025, there were no direct borrowings outstanding under our revolving credit facility. Interest payments on any future borrowings will be determined based on prevailing interest rates at that time. Refer to Note 7 - Debt of the notes to consolidated financial statements for further detail of our debt obligations, including our revolving credit facility. Operating and Finance Leases - In the normal course of business, we lease real estate, vehicles, and equipment under various arrangements which are classified as either operating or finance leases. Future payments for such leases, excluding leases with initial terms of one year or less, were $507.5 million at September 30, 2025, with $117.8 million payable within the next 12 months. Open Purchase Obligations - As of September 30, 2025, we had $2.95 billion of open purchase obligations, of which payments totaling approximately $2.51 billion are expected to become due within the next 12 months. These obligations represent open purchase orders to suppliers and subcontractors related to our construction and services contracts. These purchase orders are not reflected in the Consolidated Balance Sheets and are not expected to impact future liquidity as amounts should be recovered through customer billings. 40 Insurance Obligations - As described in further detail in Note 12 - Commitments and Contingencies of the notes to consolidated financial statements, we have loss payment deductibles and/or self-insured retentions for certain insurance matters. As of September 30, 2025, our insurance liabilities, net of estimated recoveries, were $283.8 million. Of this net amount, approximately $62.1 million is estimated to be payable within the next 12 months. Due to many uncertainties inherent in resolving these matters, it is not practical to estimate these payments beyond such period. To the extent that the amount required to settle claims covered by insurance continues to increase, the cost of our insurance coverage, including premiums and deductibles, is likely to increase. Contingent Consideration Liabilities - We have incurred liabilities related to contingent consideration arrangements associated with certain acquisitions, payable in the event discrete performance objectives are achieved by the acquired businesses during designated post-acquisition periods. The aggregate amount of these liabilities can change due to additional business acquisitions, settlement of outstanding liabilities, changes in the fair value of amounts owed based on performance during such post-acquisition periods, and accretion in present value. As of September 30, 2025, the present value of expected future payments relating to these contingent consideration arrangements was $8.2 million. Of this amount, $7.3 million is estimated as being payable within the next 12 months, with the remainder due pursuant to the terms of our contractual agreements, some of which extend into 2027.

$295,373 $270,263 Diluted earnings per common share$6.57 $5.80 Revenues of $4.30 billion for the quarter ended September 30, 2025 set a record for the Company with respect to a third quarter and represent an increase of 16.4% from revenues of $3.70 billion for the quarter ended September 30, 2024. Demand for our services continues to be strong across most of the market sectors we serve and, as described in further detail below, we experienced revenue growth within all of our reportable segments. Our results for the third quarter of 2025 included incremental acquisition revenues of approximately $306.6 million. For the quarter ended September 30, 2025, operating income was $405.7 million, establishing a third quarter record for the Company, and operating margin was 9.4%. This compares to operating income of $363.5 million and an operating margin of 9.8% for the quarter ended September 30, 2024. As described in further detail below, the $42.2 million increase in operating income was predominantly driven by greater contribution from our United States construction segments while the 40 basis point reduction in operating margin was attributable to a decrease in the operating margin of our United States electrical construction and facilities services segment. Net income of $295.4 million, or $6.57 per diluted share, for the quarter ended September 30, 2025 compares favorably to net income of $270.3 million, or $5.80 per diluted share, for the quarter ended September 30, 2024. While the majority of the increase in our net income and diluted earnings per share was a result of the increased operating income referenced above, diluted earnings per share for the quarter ended September 30, 2025 additionally benefited from a reduced weighted average share count given the impact of common stock repurchases made by us throughout 2024 and the first nine months of 2025.

Impact of Acquisitions In order to provide a more meaningful period-over-period discussion of our operating results, we may discuss amounts generated or incurred (revenues, gross profit, selling, general and administrative expenses, and operating income) from companies acquired. These amounts reflect the acquired companies' operating results in the current reported period only for the time period these entities were not owned by EMCOR in the comparable prior reported period. For further discussion regarding our acquisitions, refer to Note 4 - Acquisitions and Dispositions of Businesses of the notes to consolidated financial statements. During the first quarter of 2025, we completed the acquisition of Miller Electric Company ("Miller Electric"), a leading electrical contractor predominantly operating across the Southeastern United States, for total consideration of approximately $868.6 million. The results of operations for Miller Electric have been included within our United States electrical construction and facilities services segment. In addition, during the first nine months of 2025, we acquired five companies for upfront consideration of $50.9 million, inclusive of customary working capital adjustments. These acquisitions are comprised of: (a) three companies that have been included in our United States mechanical construction and facilities services segment, including: (i) a company in the Midwestern region of the United States that provides building automation controls and solutions to commercial, institutional, and industrial customers, (ii) a company that adds capabilities to our national fire protection offerings, and (iii) a provider of mechanical construction and maintenance services in the Western region of the United States, and (b) two companies that have been included in our United States building services segment, which enhance our building automation and controls or energy efficiency offerings. We acquired seven companies during calendar year 2024 for upfront consideration of $231.1 million, inclusive of customary working capital adjustments. These acquisitions are comprised of: (a) an electrical contractor in the Southeast region of the United States, that has been included in our United States electrical construction and facilities services segment, (b) two companies that have been included within our United States mechanical construction and facilities services segment, including: (i) a leading plumbing services provider in the Southeast region of the United States and (ii) a full service provider of mechanical construction and maintenance services in Central Texas, (c) three companies that have been included in our United States building services segment, including: (i) a provider of building automation and controls solutions in the Northeast region of the United States, (ii) a mechanical services company in the Western region of the United States, and (iii) a mechanical services company in the Eastern region of the United States, and (d) an instrumentation and electrical contractor, that has been included in our United States industrial services segment, which provides electrical, automation, digital integration, and fabrication services to various energy sector and process equipment customers.

Results of Operations Revenues The following tables present our operating segment revenues from unrelated entities and their respective percentages of total revenues (in thousands, except for percentages): For the three months ended September 30,