Emcor Group, Inc
Management Discussion synthesis.

Cash Flows The following table presents a summary of our operating, investing, and financing cash flows (in thousands): 20252024 Net cash provided by operating activities$1,302,063 $1,407,894

(Decrease) increase in cash, cash equivalents, and restricted cash $(228,427)$550,645 During the year ended December 31, 2025, our cash balance, including cash equivalents and restricted cash, decreased by $228.4 million from $1.34 billion at December 31, 2024 to $1.11 billion at December 31, 2025. Changes in our cash position from December 31, 2024 to December 31, 2025 are described in further detail below. For a discussion of the changes in our cash position from December 31, 2023 to December 31, 2024, refer to the Liquidity and Capital Resources section included in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our Form 10-K for the year ended December 31, 2024. Operating Activities - Operating cash flows generally represent our net income as adjusted for certain non-cash items and changes in assets and liabilities. For 2025, net cash provided by operating activities was approximately $1.30 billion compared to approximately $1.41 billion in 2024. The $105.8 million decrease in our operating cash flow 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 a year-over-year increase in our net income. 29 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 or other long-term assets. Net cash used in investing activities for 2025 increased by approximately $574.3 million compared to 2024, primarily due to an increase in payments for acquisitions, including Miller Electric, partially offset by the proceeds from the sale of our United Kingdom operations. 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 during 2025 was $663.8 million compared to $555.4 million during 2024. The $108.4 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 12 - Common Stock of the notes to consolidated financial statements included in Item 8. Financial Statements and Supplementary Data. During 2025, we paid a regular quarterly dividend of $0.25 per share. For the years ended December 31, 2025 and 2024, cash payments related to dividends were $45.0 million and $43.4 million, respectively. In December 2025, our Board of Directors announced its intention to increase the regular quarterly dividend to $0.40 per share commencing with the dividend to be paid in January 2026. 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 - Prior to the sale of our United Kingdom operations in December of 2025, we were exposed to fluctuations in foreign currency exchange rates with respect to the British pound. Therefore, the $9.5 million variance between the years ended December 31, 2025 and 2024 was a direct result of exchange rate movements for the British pound versus the United States dollar.

Table of Contents ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Business Description We are one of the largest specialty contractors in the United States and a leading provider of electrical and mechanical construction and facilities services, building services, and industrial services. Our services are provided to a broad range of commercial, technology, manufacturing, industrial, healthcare, utility, and institutional customers through approximately 100 operating subsidiaries. Such operating subsidiaries are organized into the following reportable segments: •United States electrical construction and facilities services; •United States mechanical construction and facilities services;

•United States building services; and •United States industrial 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 December 1, 2025, we sold EMCOR (UK) Limited and EMCOR Group (UK) plc, which collectively represented our United Kingdom building services segment (collectively, "EMCOR UK").

Selling, general and administrative expenses The following table presents our selling, general and administrative expenses ("SG&A") and selling, general and administrative expenses as a percentage of revenues ("SG&A margin") (in thousands, except for percentages):

Operating income (loss) The following table presents 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 March 31,

2026% ofSegmentRevenues2025% ofSegmentRevenues Operating income (loss): United States electrical construction and facilities services$174,481 12.1 %$136,057 12.5 %

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): March 31,

2026 % of TotalDecember 31, 2025% of TotalMarch 31, 2025 % of Total Remaining performance obligations: United States electrical construction and facilities services

Material Cash Requirements from Contractual and Other Obligations As of March 31, 2026, 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 March 31, 2026, 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 $622.4 million at March 31, 2026, with $127.5 million payable within the next 12 months. Open Purchase Obligations - As of March 31, 2026, we had $3.41 billion of open purchase obligations, of which payments totaling $2.82 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. Insurance Obligations - As described in further detail in Note 11 - 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 March 31, 2026, our insurance liabilities, net of estimated recoveries, were $315.8 million. Of this net amount, $73.5 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 March 31, 2026, the present value of expected future payments relating to these contingent consideration arrangements was $2.5 million. Of this amount, $2.3 million is estimated as being payable within the next 12 months. 31

In addition, material cash requirements for other potential obligations, for which we cannot reasonably estimate future payments, include the following: Legal Proceedings - We are involved in several legal proceedings in which damages and claims have been asserted against us. While litigation is subject to many uncertainties and the outcome of litigation is not predictable with assurance, we do not believe that any such matters will have a material adverse effect on our financial position, results of operations, or liquidity. Refer to Note 11 - Commitments and Contingencies of the notes to consolidated financial statements for more information regarding legal proceedings. Multiemployer Benefit Plans - In addition to our Company sponsored benefit plans, we participate in certain multiemployer pension and other post-retirement plans. The cost of these plans is equal to the annual required contributions determined in accordance with the provisions of negotiated collective bargaining agreements. Our future contributions to the multiemployer plans are dependent upon a number of factors. Amounts of future contributions that we would be contractually obligated to make pursuant to these plans cannot be reasonably estimated. Refer to Note 14 - Retirement Plans of the notes to consolidated financial statements included in Item 8. Financial Statements and Supplementary Data of our Form 10-K for the year ended December 31, 2025 for more information regarding multiemployer benefit plans.

Critical Accounting Policies and Estimates The preparation of our consolidated financial statements is based on the application of significant accounting policies, which require management to make estimates and assumptions. Our significant accounting policies are described further in Note 2 - Summary of Significant Accounting Policies of the notes to consolidated financial statements included in Item 8. Financial Statements and Supplementary Data of our Form 10-K for the year ended December 31, 2025. We base our estimates on historical experience, known or expected trends, third-party valuations, and various other assumptions that we believe to be reasonable under the circumstances. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. There have been no significant changes to our critical accounting policies or methods during the three months ended March 31, 2026.

•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,

Gross profit margin19.4 %18.7 %19.0 %17.9 % Our gross profit for the three months ended June 30, 2025 was $833.8 million, or 19.4% of revenues, compared to gross profit of $684.0 million, or 18.7% of revenues, for the three months ended June 30, 2024. Gross profit for the six months ended June 30, 2025 was $1,556.5 million, or 19.0% of revenues, compared to gross profit of $1,273.3 million, or 17.9% of revenues, for the six months ended June 30, 2024. The year-over-year increases in gross profit and the expansion in gross profit margin were driven by both of our United States construction segments, as well as our United States building services segment, in each case due to an improved revenue mix and excellent project execution. Our gross profit for the three and six months ended June 30, 2025 included incremental acquisition contribution of $43.7 million and $85.4 million, respectively, net of amortization expense attributable to identifiable intangible assets of $7.0 million and $12.4 million, respectively.

SG&A margin9.7 %9.6 %10.1 %9.6 % Our selling, general and administrative expenses for the three months ended June 30, 2025 were $418.6 million, or 9.7% of revenues, compared to selling, general and administrative expenses of $351.2 million, or 9.6% of revenues, for the three months ended June 30, 2024. Selling, general and administrative expenses for the six months ended June 30, 2025 were $822.5 million, or 10.1% of revenues, compared to selling, general and administrative expenses of $680.5 million, or 9.6% of revenues, for the six months ended June 30, 2024. Selling, general and administrative expenses for the three and six months ended June 30, 2025 included $34.4 million and $62.0 million, respectively, of incremental expenses directly related to companies acquired, including amortization expense attributable to identifiable intangible assets of $5.5 million and $10.6 million, respectively. Included in selling, general and administrative expenses for the six months ended June 30, 2025 were $9.4 million of transaction related costs incurred during the first quarter in connection with the acquisition of Miller Electric. Excluding incremental expenses resulting from acquisitions, our selling, general and administrative expenses for the three and six months ended June 30, 2025 increased by $32.9 million and $80.0 million, respectively, primarily as a result of greater: (a) incentive compensation expense, predominantly within our United States construction segments, given higher projected annual operating results, (b) salaries and related employment expenses, due to additional headcount to support our organic revenue growth as well as annual cost of living adjustments, and (c) computer hardware and software costs due to various information technology and cybersecurity initiatives currently in process. The 50 basis point increase in our SG&A margin for the six months ended June 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. 35

Other items For the three months ended June 30, 2025, net interest expense was $3.2 million, compared to net interest income of $6.1 million for the three months ended June 30, 2024. For the six months ended June 30, 2025, net interest income was $2.1 million, compared to net interest income of $13.6 million for the six months ended June 30, 2024. These year-over-year fluctuations were a result of an increase in interest expense, given the outstanding borrowings under our revolving credit facility during the first half of 2025, coupled with a reduction in interest income due to a lower average daily invested cash balance. For the three and six months ended June 30, 2025, our income tax provision was $109.9 million and $193.4 million, respectively, compared to an income tax provision of $91.6 million and $162.1 million for the three and six months ended June 30, 2024, respectively. Our effective income tax rate for the three and six months ended June 30, 2025 was 26.7% and 26.3%, respectively, compared to an effective income tax rate for the three and six months ended June 30, 2024 of 27.0% and 26.7%, 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.

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 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 half of 2025, we acquired three companies for upfront consideration of $38.8 million, inclusive of customary working capital adjustments. Such acquisitions include: (a) a company in the Midwestern region of the United States that provides building automation controls and solutions to commercial, institutional, and industrial customers, (b) a company that adds capabilities to our national fire protection offerings, and (c) a provider of mechanical construction and maintenance services in the Western region of the United States. The results of operations of these three companies have been included within our United States mechanical construction and facilities services segment. 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.

For a more complete description of our operations, refer to Item 1. Business of our Form 10-K for the year ended December 31, 2024. Overview The following table presents selected financial data for the quarters ended June 30, 2025 and 2024 (in thousands, except for percentages and per share data):

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 June 30,

2025% ofSegmentRevenues2024% ofSegmentRevenues Operating income (loss): United States electrical construction and facilities services$157,644 11.8 %$88,577 11.1 %

Other items: Net periodic pension income 109 443 Interest income, net 2,147 13,647 Income before income taxes$736,224 $606,851 Operating income for the three months ended June 30, 2025 was $415.2 million, an increase of $82.4 million compared to operating income of $332.8 million for the three months ended June 30, 2024. Operating margin for the three months ended June 30, 2025 was 9.6% compared to an operating margin of 9.1% for the three months ended June 30, 2024. For the six months ended June 30, 2025, operating income was $734.0 million, an increase of $141.2 million compared to operating income of $592.8 million for the six months ended June 30, 2024. Operating margin for the six months ended June 30, 2025 was 9.0% compared to an operating margin of 8.3% for the six months ended June 30, 2024. As described in more detail below, these increases in profitability were predominantly a result of improved operating performance within our United States construction segments, due to a more favorable mix of work and better project execution, including enhanced productivity, due in part to investments in virtual design and construction, prefabrication, and automation. Operating income for the three and six months ended June 30, 2025 included incremental acquisition contribution of $9.2 million and $23.5 million, respectively, net of amortization expense attributable to identifiable intangible assets of $12.5 million and $23.0 million, respectively. 36 Operating income of our United States electrical construction and facilities services segment was $157.6 million, or 11.8% of revenues, for the three months ended June 30, 2025, compared to $88.6 million, or 11.1% of revenues, for the three months ended June 30, 2024. Operating income of this segment for the six months ended June 30, 2025 was $293.7 million, or 12.1% of revenues, compared to $180.2 million, or 11.5% of revenues, for the six months ended June 30, 2024. Operating income and operating margin of this segment for both 2025 periods benefited from greater gross profit and gross profit margin due to an increase in revenues, excellent project execution, and a more favorable mix of work. While the most significant increase in gross profit was generated within the network and communications market sector, this segment additionally experienced increases within the majority of the other market sectors in which we operate, generally in line with the revenue trends described above. Largely driven by Miller Electric, this segment's operating income for the three and six months ended June 30, 2025 included incremental acquisition contribution of $9.8 million and $21.8 million, respectively, net of amortization expense attributable to identifiable intangible assets of $11.4 million and $19.4 million, respectively. Our United States mechanical construction and facilities services segment's operating income for the three months ended June 30, 2025 was $238.7 million, or 13.6% of revenues, compared to operating income of $213.4 million, or 12.9% of revenues, for the three months ended June 30, 2024. Operating income of this segment for the six months ended June 30, 2025 was $425.5 million, or 12.8% of revenues, compared to $364.2 million, or 11.8% of revenues, for the six months ended June 30, 2024. Similar to our United States electrical construction and facilities services segment, this improved performance for both 2025 periods was a result of greater gross profit and gross profit margin due to an increase in revenues, excellent project execution, and a more favorable mix of work. From a market sector perspective, this segment also experienced greater profitability across a number of the sectors in which we operate, with the most significant increase in gross profit coming from network and communications. This segment's operating income for the six months ended June 30, 2025 included incremental acquisition contribution of $2.3 million, net of amortization expense attributable to identifiable intangible assets of $2.1 million. Partially offsetting this increased profitability was a decrease in gross profit from the commercial market sector, primarily as a result of the reduced revenues previously referenced. Operating income of our United States building services segment was $50.0 million, or 6.3% of revenues, for the three months ended June 30, 2025 compared to $46.8 million, or 6.0% of revenues, for the three months ended June 30, 2024. Operating income of this segment for the six months ended June 30, 2025 was $86.5 million, or 5.6% of revenues, compared to $80.3 million, or 5.1% of revenues, for the six months ended June 30, 2024. For both 2025 periods, this segment's mechanical services division continued to produce strong margins across its portfolio of HVAC retrofits, building automation and controls projects, and repair service work orders. Headwinds faced in this segment's commercial site-based services and government site-based services divisions, given the loss of the previously referenced facilities maintenance contracts, partially offset such profitability during the first six months of 2025. The results of this segment for the six months ended June 30, 2024 included an $11.0 million reserve for a specific customer bankruptcy within its commercial site-based services division, which negatively impacted the segment's operating margin by 70 basis points in such prior year period.

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 %

United States industrial services221,102 2 %138,599 1 %99,022 1 % Total United States operations11,708,150 98 %9,916,733 98 %8,834,975 98 % United Kingdom building services206,238 2 %185,466 2 %164,248 2 %

Total operations$11,914,388 100 %$10,102,199 100 %$8,999,223 100 % Our remaining performance obligations at June 30, 2025 were approximately $11.91 billion compared to approximately $10.10 billion at December 31, 2024 and approximately $9.00 billion at June 30, 2024. When compared to December 31, 2024, remaining performance obligations increased by approximately $1.81 billion. Acquisitions, notably Miller Electric, account for approximately $0.96 billion of such increase, with the remaining growth resulting from new contract awards across all of our reportable segments. From a market sector perspective, we experienced growth within the majority of the sectors we serve, with the most significant increases within: (a) network and communications, largely as a result of several data center construction contracts, (b) institutional, (c) manufacturing and industrial, due to certain: (i) food processing construction projects and (ii) renewable energy projects, (d) commercial, including various warehousing and distribution projects, and (e) hospitality and entertainment. See Note 3 - Revenue from Contracts with Customers of the notes to consolidated financial statements for further disclosure regarding our remaining performance obligations.

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

Effect of exchange rate changes on cash, cash equivalents, and restricted cash$14,558 $(927) (Decrease) increase in cash, cash equivalents, and restricted cash

Gross profit as a percentage of revenues19.4 %18.7 % Operating income$415,212 $332,808 Operating income as a percentage of revenues9.6 %9.1 % Net income

$(853,234)$18,448 During the six months ended June 30, 2025, our cash balance, including cash equivalents and restricted cash, decreased by approximately $853.2 million from $1,340.4 million at December 31, 2024 to $487.2 million at June 30, 2025. Changes in our cash position from December 31, 2024 to June 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 six months ended June 30, 2025 was approximately $302.2 million compared to approximately $412.0 million for the six months ended June 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 six months ended June 30, 2025 compared to the six months ended June 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 six months ended June 30, 2025 increased by approximately $727.7 million compared to the six months ended June 30, 2024, predominantly 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 $231.1 million for the six months ended June 30, 2025 compared to $181.4 million for the six months ended June 30, 2024. The $49.7 million variance was primarily due to a $283.2 million increase in common stock repurchases made by us, partially offset by $250.0 million in net borrowings made under our revolving credit facility during the first half of 2025. 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. 39 We currently pay a regular quarterly dividend of $0.25 per share. For the six months ended June 30, 2025 and 2024, cash payments related to dividends were $22.6 million and $20.2 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 $15.5 million variance between the six months ended June 30, 2025 and 2024 was a direct result of exchange rate movements for the British pound versus the United States dollar.

Material Cash Requirements from Contractual and Other Obligations As of June 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 June 30, 2025, we had $250.0 million in direct borrowings outstanding under our revolving credit facility. Future interest payments 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 $499.3 million at June 30, 2025, with $112.1 million payable within the next 12 months. Open Purchase Obligations - As of June 30, 2025, we had $2.82 billion of open purchase obligations, of which payments totaling approximately $2.39 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. 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 June 30, 2025, our insurance liabilities, net of estimated recoveries, were $262.1 million. Of this net amount, approximately $56.6 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 June 30, 2025, the present value of expected future payments relating to these contingent consideration arrangements was $15.0 million. Of this amount, $13.5 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.

$302,160 $247,572 Diluted earnings per common share$6.72 $5.25 Revenues of $4.30 billion for the quarter ended June 30, 2025 set a new quarterly record for the Company and represent an increase of 17.4% from revenues of $3.67 billion for the quarter ended June 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, except for our United States industrial services segment. Revenues for the second quarter of 2025 included incremental acquisition contribution of approximately $330.3 million. Operating income for the quarter ended June 30, 2025 was $415.2 million, establishing a new quarterly record for the Company, and operating margin was 9.6%, a record for the Company with respect to a second quarter. This compares to operating income of $332.8 million, or 9.1% of revenues, for the quarter ended June 30, 2024. The $82.4 million increase in operating income, and corresponding 50 basis point expansion in operating margin, were predominantly a result of improved operating performance within our United States construction segments, as described in further detail below. Operating income for the quarter ended June 30, 2025 included incremental acquisition contribution of $9.2 million, net of amortization expense attributable to identifiable intangible assets of $12.5 million. Net income of $302.2 million, or $6.72 per diluted share, for the quarter ended June 30, 2025 compares favorably to net income of $247.6 million, or $5.25 per diluted share, for the quarter ended June 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 June 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 half of 2025.

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 June 30,

2025% ofTotal2024% ofTotal Revenues: United States electrical construction and facilities services$1,340,247 31 %$799,994 22 % United States mechanical construction and facilities services1,755,258 41 %1,655,181 45 %

For the three months ended March 31, 20252024 Selling, general and administrative expenses$403,962 $329,356 SG&A margin10.4 %9.6 % Our selling, general and administrative expenses for the three months ended March 31, 2025 were $404.0 million, or 10.4% of revenues, compared to selling, general and administrative expenses of $329.4 million, or 9.6% of revenues, for the three months ended March 31, 2024. Selling, general and administrative expenses for the three months ended March 31, 2025 included: (a) $27.5 million of incremental expenses directly related to companies acquired, including amortization expense attributable to identifiable intangible assets of $5.1 million, and (b) $9.4 million of transaction related costs incurred in connection with the acquisition of Miller Electric. Excluding incremental expenses resulting from acquisitions, our selling, general and administrative expenses increased by $37.7 million, 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. These increases were partially offset by a decrease in the provision for credit losses year-over-year. The 80 basis point year-over-year increase in our SG&A margin 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 segment, and (c) the impact of the $9.4 million of transaction related costs referenced above.

2025 % of TotalDecember 31, 2024% of TotalMarch 31, 2024 % of Total Remaining performance obligations: United States electrical construction and facilities services$4,284,106 36 %$3,068,396 31 %$2,551,430 28 %

Cost of sales and gross profit The following table presents cost of sales, gross profit (revenues less cost of sales), and gross profit as a percentage of revenues ("gross profit margin") for the years ended December 31, 2024 and 2023 (in thousands, except for percentages):

Cash Flows The following table presents a summary of our operating, investing, and financing cash flows (in thousands): 20242023 Net cash provided by operating activities$1,407,894 $899,655

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. The amounts discussed 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 of Businesses of the notes to consolidated financial statements included in Item 8. Financial Statements and Supplementary Data. During 2024, we acquired seven companies 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. During 2023, we acquired eight companies for total consideration of $99.6 million. Such acquisitions include: (a) a national energy efficiency specialty services firm, the results of operations of which have been included in our United States building services segment, and (b) seven companies, the results of operations of which were de minimis, consisting of: (i) three companies that have been included within our United States mechanical construction and facilities services segment, one of which provides mechanical and pipe fabrication services in the Midwestern region of the United States, and two of which add capabilities to our national fire protection services, and (ii) four mechanical services companies in the Western and Midwestern regions of the United States that have been included within our United States building services segment and enhance our presence in geographies where we have existing operations. During 2022, we acquired six companies for total consideration of $100.8 million. Such acquisitions include: (a) a company that provides electrical construction services in the Greater Boston area, the results of operations of which have been included in our United States electrical construction and facilities services segment, and (b) five companies that enhance our presence in geographies where we have existing operations, the results of operations of which were de minimis, consisting of: (i) two companies that provide fire protection services in the Northeastern and Southern regions of the United States, respectively, and that have been included within our United States mechanical construction and facilities services segment, (ii) two companies that specialize in either building automation and controls or mechanical services in the Southwestern and Southern regions of the United States, respectively, and that have been included within our United States building services segment, and (iii) a company that provides electrical construction services in the Midwestern region of the United States and that has been included within our United States electrical construction and facilities services segment.

Table of Contents ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Business Description We are one of the largest specialty contractors in the United States and a leading provider of electrical and mechanical construction and facilities services, building services, and industrial services. Our services are provided to a broad range of commercial, technology, manufacturing, industrial, healthcare, utility, and institutional customers through approximately 100 operating subsidiaries. Such operating subsidiaries are organized into the following reportable segments: •United States electrical construction and facilities services; •United States mechanical construction and facilities services; •United States building services;

Selling, general and administrative expenses The following table presents our selling, general and administrative expenses ("SG&A") and selling, general and administrative expenses as a percentage of revenues ("SG&A margin") (in thousands, except for percentages):

Operating income (loss) The following table presents 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 March 31,

2025% ofSegmentRevenues2024% ofSegmentRevenues Operating income (loss): United States electrical construction and facilities services$136,057 12.5 %$91,589 12.0 %

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): March 31,

Liquidity and Capital Resources The following section discusses our principal liquidity and capital resources, as well as our primary liquidity requirements and sources and uses of cash. We are focused on the efficient conversion of operating income into cash to provide for the Company's material cash requirements, including working capital needs, investment in our growth strategies through business acquisitions and capital expenditures, satisfaction of contractual commitments, including principal and interest payments on any outstanding indebtedness, and shareholder return through share repurchases and dividend payments. We strive to maintain a balanced approach to capital allocation in order to achieve growth, deliver value, and minimize risk. Management monitors financial markets and overall economic conditions for factors that may affect our liquidity and capital resources and adjusts our capital allocation strategy as necessary. Negative macroeconomic trends could have an adverse effect on future liquidity if we experience delays in the payment of outstanding receivables beyond normal payment terms, an increase in credit losses, or significant increases in the price of commodities or the materials and equipment utilized for our project and service work, beyond those experienced to date. In addition, during economic downturns, there have typically been fewer small discretionary projects from the private sector and our competitors have aggressively bid larger long-term infrastructure and public sector contracts. Our liquidity is also impacted by: (a) the type and length of construction contracts in place, as performance of long duration contracts typically requires greater amounts of working capital, (b) the level of turnaround activities within our United States industrial services segment, as such projects are billed in arrears pursuant to contractual terms that are standard within the industry, and (c) the billing terms of our maintenance contracts, including those within our United States and United Kingdom building services segments. While we strive to negotiate favorable billing terms, which allow us to invoice in advance of costs incurred on certain of our contracts, there can be no assurance that such terms will be agreed to by our customers. 31 As of March 31, 2025, we had cash and cash equivalents, excluding restricted cash, of $576.7 million, which are maintained in depository accounts and highly liquid investments with original maturity dates of three months or less. Both our short-term and long-term liquidity requirements are expected to be met through our cash and cash equivalent balances, cash generated from our operations, and, as necessary, the borrowing capacity under our revolving credit facility. Our credit agreement provides for a $1.30 billion revolving credit facility, for which there was $978.5 million of available capacity as of March 31, 2025. Refer to Note 7 - Debt of the notes to consolidated financial statements for further information regarding our credit agreement. Based upon our current credit rating and financial position, we can also reasonably expect to be able to secure long-term debt financing if required to achieve our strategic objectives; however, no assurances can be made that such debt financing will be available on favorable terms. We believe that we have sufficient financial resources available to meet our short-term and foreseeable long-term liquidity requirements.

$(762,930)$52,737 During the three months ended March 31, 2025, our cash balance, including cash equivalents and restricted cash, decreased by approximately $762.9 million from $1,340.4 million at December 31, 2024 to $577.5 million at March 31, 2025. Changes in our cash position from December 31, 2024 to March 31, 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 three months ended March 31, 2025 was approximately $108.5 million compared to approximately $132.3 million for the three months ended March 31, 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 three months ended March 31, 2025 compared to the three months ended March 31, 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 three months ended March 31, 2025 increased by approximately $856.0 million compared to the three months ended March 31, 2024, predominantly 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 $0.8 million for the three months ended March 31, 2025 compared to $58.9 million for the three months ended March 31, 2024. The $58.1 million variance was primarily due to $250.0 million in borrowings made under our revolving credit facility, partially offset by a $185.8 million increase in common stock repurchases made by us during the first quarter of 2025. 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 three months ended March 31, 2025 and 2024, cash payments related to dividends were $11.5 million and $8.5 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 $6.0 million variance between the three months ended March 31, 2025 and 2024 was a direct result of exchange rate movements for the British pound versus the United States dollar. 32

Material Cash Requirements from Contractual and Other Obligations As of March 31, 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 March 31, 2025, we had $250.0 million in direct borrowings outstanding under our revolving credit facility. Future interest payments 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 $454.3 million at March 31, 2025, with $106.0 million payable within the next 12 months. Open Purchase Obligations - As of March 31, 2025, we had $2.72 billion of open purchase obligations, of which payments totaling approximately $2.31 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. 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 March 31, 2025, our insurance liabilities, net of estimated recoveries, were $247.2 million. Of this net amount, approximately $57.0 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 March 31, 2025, the present value of expected future payments relating to these contingent consideration arrangements was $28.6 million. Of this amount, $20.0 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.

In addition, material cash requirements for other potential obligations, for which we cannot reasonably estimate future payments, include the following: Legal Proceedings - We are involved in several legal proceedings in which damages and claims have been asserted against us. While litigation is subject to many uncertainties and the outcome of litigation is not predictable with assurance, we do not believe that any such matters will have a material adverse effect on our financial position, results of operations, or liquidity. Refer to Note 12 - Commitments and Contingencies of the notes to consolidated financial statements for more information regarding legal proceedings. Multiemployer Benefit Plans - In addition to our Company sponsored benefit plans, we participate in certain multiemployer pension and other post-retirement plans. The cost of these plans is equal to the annual required contributions determined in accordance with the provisions of negotiated collective bargaining agreements. Our future contributions to the multiemployer plans are dependent upon a number of factors. Amounts of future contributions that we would be contractually obligated to make pursuant to these plans cannot be reasonably estimated. Refer to Note 14 - Retirement Plans of the notes to consolidated financial statements included in Item 8. Financial Statements and Supplementary Data of our Form 10-K for the year ended December 31, 2024 for more information regarding multiemployer benefit plans.

Critical Accounting Policies and Estimates The preparation of our consolidated financial statements is based on the application of significant accounting policies, which require management to make estimates and assumptions. Our significant accounting policies are described further in Note 2 - Summary of Significant Accounting Policies of the notes to consolidated financial statements included in Item 8. Financial Statements and Supplementary Data of our Form 10-K for the year ended December 31, 2024. We base our estimates on historical experience, known or expected trends, third-party valuations, and various other assumptions that we believe to be reasonable under the circumstances. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. There have been no significant changes to our critical accounting policies or methods during the three months ended March 31, 2025.

$240,677 $197,149 Diluted earnings per common share$5.26 $4.17 Revenues of $3.87 billion for the quarter ended March 31, 2025 set a new quarterly record for the Company and represent an increase of 12.7% from revenues of $3.43 billion for the quarter ended March 31, 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, except for our United States building services segment. Revenues for the first quarter of 2025 included incremental acquisition contribution of approximately $250.9 million. Operating income for the quarter ended March 31, 2025 was $318.8 million, or 8.2% of revenues, establishing new records for the Company with respect to a first quarter. This compares to operating income of $260.0 million, or 7.6% of revenues, for the quarter ended March 31, 2024. The $58.8 million increase in operating income, and corresponding 60 basis point expansion in operating margin, were predominantly a result of improved operating performance within our United States construction segments, as described in further detail below. Operating income for the quarter ended March 31, 2025 included incremental acquisition contribution of $14.2 million, net of amortization expense attributable to identifiable intangible assets of $10.5 million. Net income of $240.7 million, or $5.26 per diluted share, for the quarter ended March 31, 2025 compares favorably to net income of $197.1 million, or $4.17 per diluted share, for the quarter ended March 31, 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 March 31, 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 quarter of 2025.

In addition, material cash requirements for other potential obligations, for which we cannot reasonably estimate future payments, include the following: Legal Proceedings - We are involved in several legal proceedings in which damages and claims have been asserted against us. While litigation is subject to many uncertainties and the outcome of litigation is not predictable with assurance, we do not believe that any such matters will have a material adverse effect on our financial position, results of operations, or liquidity. Refer to Note 12 - Commitments and Contingencies of the notes to consolidated financial statements for more information regarding legal proceedings. Multiemployer Benefit Plans - In addition to our Company sponsored benefit plans, we participate in certain multiemployer pension and other post-retirement plans. The cost of these plans is equal to the annual required contributions determined in accordance with the provisions of negotiated collective bargaining agreements. Our future contributions to the multiemployer plans are dependent upon a number of factors. Amounts of future contributions that we would be contractually obligated to make pursuant to these plans cannot be reasonably estimated. Refer to Note 14 - Retirement Plans of the notes to consolidated financial statements included in Item 8. Financial Statements and Supplementary Data of our Form 10-K for the year ended December 31, 2023 for more information regarding multiemployer benefit plans.

Refer to the operating income section below for further discussion regarding the operating performance of each of our reportable segments. Selling, general and administrative expenses The following table presents our selling, general and administrative expenses ("SG&A") and selling, general and administrative expenses as a percentage of revenues ("SG&A margin") (in thousands, except for percentages):

United Kingdom building services106,350 3 %110,726 3 % Total operations$3,696,924 100 %$3,207,598 100 % For the nine months ended September 30, 2024% ofTotal2023% ofTotal

Revenues of our United States building services segment for the three months ended September 30, 2024 were $796.9 million compared to revenues of $817.7 million for the three months ended September 30, 2023. Excluding incremental revenues from acquired companies of $7.7 million, this segment's revenues for the three months ended September 30, 2024 decreased by $28.5 million. Revenues of this segment for the nine months ended September 30, 2024 were $2,359.2 million compared to revenues of $2,318.1 million for the nine months ended September 30, 2023. Excluding incremental revenues from acquired companies of $28.6 million, this segment's revenues for the nine months ended September 30, 2024 increased by $12.5 million. Within both 2024 periods, this segment's mechanical services division experienced increased revenues from: (a) HVAC project and retrofit work, as a result of greater: (i) project execution stemming from the increased availability of materials and equipment when compared to the prior year period, which experienced greater supply chain disruptions and delays, and (ii) demand for system upgrades and replacements, partially as our customers continue to seek ways to improve the energy efficiency or indoor air quality 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 this revenue growth in both 2024 periods were declines in revenues within this segment's commercial site-based services and government site-based services divisions due to the loss of certain facilities maintenance contracts not renewed pursuant to rebid. 29 Revenues of our United States industrial services segment for the three months ended September 30, 2024 were $286.4 million, compared to revenues of $252.1 million for the three months ended September 30, 2023. Revenues of this segment for the nine months ended September 30, 2024 were $964.5 million, compared to revenues of $875.3 million for the nine months ended September 30, 2023. This segment's results for the three and nine months ended September 30, 2024 included $17.4 million and $29.1 million, respectively, of incremental revenues from an acquired company. Excluding such acquisition contribution, the increase in this segment's revenues for both 2024 periods resulted from its field services division due to greater demand, including turnarounds of a larger size and scope growth on certain projects. Our United Kingdom building services segment revenues were $106.4 million and $317.6 million for the three and nine months ended September 30, 2024, respectively, compared to revenues of $110.7 million and $327.6 million for the three and nine months ended September 30, 2023, respectively. The decrease in this segment's revenues for both 2024 periods was primarily a result of the loss of certain facilities maintenance contracts not renewed pursuant to rebid. Revenues of this segment for the three and nine months ended September 30, 2024 were positively impacted by $2.8 million and $8.0 million, respectively, as a result of favorable exchange rate movements for the British pound versus the United States dollar.

United Kingdom building services317,604 3 %327,643 4 % Total operations$10,796,097 100 %$9,143,652 100 % 28 As described below in more detail, our consolidated revenues for the three months ended September 30, 2024 increased to $3.70 billion compared to $3.21 billion for the three months ended September 30, 2023, and our consolidated revenues for the nine months ended September 30, 2024 increased to $10.80 billion compared to $9.14 billion for the nine months ended September 30, 2023. Revenues of our United States electrical construction and facilities services segment were $845.0 million and $2,409.7 million for the three and nine months ended September 30, 2024, respectively, compared to revenues of $697.4 million and $2,020.3 million for the three and nine months ended September 30, 2023, respectively. The increase in this segment's revenues for both 2024 periods was primarily a result of growth within the network and communications market sector, predominantly due to our data center projects. Increased demand for cloud computing and data storage, driven in part by the emergence of artificial intelligence, has resulted in a greater number of construction project opportunities for us in several of the geographies in which we operate. In addition, this segment benefited from revenue growth within a number of the other market sectors in which we operate, such as: (a) the high-tech manufacturing market sector, inclusive of construction projects for customers engaged in the design and manufacturing of semiconductors, (b) the institutional market sector, given increased project revenues from certain schools and universities, (c) the manufacturing and industrial market sector, driven by increased activity with various energy sector customers, and (d) the transportation market sector, due to certain infrastructure projects currently underway. These increases were partially offset by a reduction in revenues within the commercial market sector due in part to reduced demand across the commercial real estate industry. Our United States mechanical construction and facilities services segment revenues for the three months ended September 30, 2024 were $1,662.2 million, a $332.6 million increase compared to revenues of $1,329.6 million for the three months ended September 30, 2023. Revenues of this segment for the nine months ended September 30, 2024 were $4,745.1 million, a $1,142.8 million increase compared to revenues of $3,602.3 million for the nine months ended September 30, 2023. This segment's results included $59.9 million and $116.0 million of incremental acquisition revenues for the three and nine months ended September 30, 2024, respectively. Excluding the impact of acquisitions, the increases in this segment's revenues were attributable to revenue growth within the majority of the market sectors in which we operate, as well as greater levels of service work. For both the three and nine months ended September 30, 2024, this segment experienced notable increases in revenues within: (a) the high-tech manufacturing market sector, as a result of stronger demand for our mechanical construction and/or fire protection services by certain customers: (i) engaged in either the design and manufacturing of semiconductors or the production and development of electric vehicles and/or lithium batteries and (ii) within the biotech, life-sciences, and pharmaceutical industries, (b) the network and communications market sector, due to increased data center project activity as this segment benefited from the same market demand described above within our United States electrical construction and facilities services segment, (c) the institutional market sector, given several public sector projects which were active during the first nine months of 2024, (d) the healthcare market sector, due to an increase in projects throughout several of the regions in which we operate, and (e) the water and wastewater market sector, driven by construction activity on several projects within the Southeast region of the United States. Revenues of this segment for the nine months ended September 30, 2024 additionally benefited from increased activity within the manufacturing and industrial market sector, as a result of the re-shoring of critical supply chain by certain of our customers as well as an increase in food processing construction projects. Partially offsetting these increases was a reduction in revenues within the commercial market sector, largely as a result of the completion of various warehouse and distribution projects, which were active in 2023.

Gross profit$734,726 $545,472 $2,008,036 $1,471,594 Gross profit margin19.9 %17.0 %18.6 %16.1 % Our gross profit for the three months ended September 30, 2024 was $734.7 million, or 19.9% of revenues, compared to gross profit of $545.5 million, or 17.0% of revenues, for the three months ended September 30, 2023. Gross profit for the nine months ended September 30, 2024 was $2,008.0 million, or 18.6% of revenues, compared to gross profit of $1,471.6 million, or 16.1% of revenues, for the nine months ended September 30, 2023. The increase in gross profit and the expansion in gross profit margin for both 2024 periods were driven by each of our domestic reportable segments due to an improved revenue mix, excellent project execution, and/or favorable pricing. Our gross profit for the three and nine months ended September 30, 2024 included incremental acquisition contribution of $15.6 million and $32.2 million, respectively, net of amortization expense attributable to identifiable intangible assets of $2.9 million and $5.9 million, respectively.

For the three months ended September 30, For the nine months ended September 30, 2024202320242023 Selling, general and administrative expenses$371,188 $308,139 $1,051,737 $882,684

SG&A margin10.0 %9.6 %9.7 %9.7 % Our selling, general and administrative expenses for the three months ended September 30, 2024 were $371.2 million, or 10.0% of revenues, compared to selling, general and administrative expenses of $308.1 million, or 9.6% of revenues, for the three months ended September 30, 2023. Selling, general and administrative expenses for the nine months ended September 30, 2024 were $1,051.7 million, or 9.7% of revenues, compared to selling, general and administrative expenses of $882.7 million, or 9.7% of revenues, for the nine months ended September 30, 2023. Selling, general and administrative expenses for the three and nine months ended September 30, 2024 included $10.2 million and $23.3 million, respectively, of incremental expenses directly related to companies acquired in 2024 and 2023, including amortization expense attributable to identifiable intangible assets of $1.7 million and $4.8 million, respectively. Excluding incremental expenses from businesses acquired, the increase in selling, general and administrative expenses for both 2024 periods was predominantly attributable to greater: (a) salaries and related employment expenses, largely as a result of additional headcount to support our organic revenue growth as well as annual cost of living adjustments, and (b) incentive compensation expense across our reportable segments, due to higher projected annual operating results. 30 While our SG&A margin for the nine months ended September 30, 2024 was consistent with that for the nine months ended September 30, 2023, our SG&A margin for the three months ended September 30, 2024 increased by 40 basis points when compared to that for the three months ended September 30, 2023. This increase in quarterly SG&A margin was primarily a result of the true-up of our operating company incentive compensation accruals given the strong performance during the quarter, as evidenced in part by the increase in gross profit margin 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,

Total operations956,299 8.9 %586,560 6.4 % Other items: Net periodic pension income (cost)670 (840) Interest income (expense), net21,959 (4,614) Income before income taxes$978,928 $581,106 Operating income for the three months ended September 30, 2024 was $363.5 million, an increase of $128.6 million compared to operating income of $235.0 million for the three months ended September 30, 2023. Operating margin for the three months ended September 30, 2024 was 9.8% compared to an operating margin of 7.3% for the three months ended September 30, 2023. For the nine months ended September 30, 2024, operating income was $956.3 million, an increase of $369.7 million compared to operating income of $586.6 million for the nine months ended September 30, 2023. Operating margin for the nine months ended September 30, 2024 was 8.9% compared to an operating margin of 6.4% for the nine months ended September 30, 2023. 31 As described in more detail below, these increases in profitability were predominantly a result of improved operating performance within our United States construction segments, due to a more favorable mix of work and better project execution, including enhanced productivity, due in part to investments in virtual design and construction, prefabrication, and automation. Operating income for the three and nine months ended September 30, 2024 included incremental acquisition contribution of $5.5 million and $8.9 million, respectively, net of amortization expense attributable to identifiable intangible assets of $4.6 million and $10.7 million, respectively. Operating income of our United States electrical construction and facilities services segment was $119.1 million, or 14.1% of revenues, for the three months ended September 30, 2024, compared to $63.1 million, or 9.1% of revenues, for the three months ended September 30, 2023. Operating income of this segment for the nine months ended September 30, 2024 was $299.3 million, or 12.4% of revenues, compared to $154.4 million, or 7.6% of revenues, for the nine months ended September 30, 2023. The increases in operating income and operating margin of this segment for both 2024 periods were a result of greater gross profit and gross profit margin from projects within the majority of the market sectors in which we operate, due to both an increase in revenues as well as a more favorable mix of work. While the most significant increase in gross profit was experienced within the network and communications market sector, this segment additionally benefited from greater gross profit recognized on projects within the institutional, manufacturing and industrial, and high-tech manufacturing market sectors. Our United States mechanical construction and facilities services segment's operating income for the three months ended September 30, 2024 was $214.8 million, or 12.9% of revenues, compared to operating income of $138.5 million, or 10.4% of revenues, for the three months ended September 30, 2023. Operating income of this segment for the nine months ended September 30, 2024 was $579.0 million, or 12.2% of revenues, compared to $344.6 million, or 9.6% of revenues, for the nine months ended September 30, 2023. This segment's operating income for the three and nine months ended September 30, 2024 included incremental acquisition contribution of $4.9 million and $9.6 million, respectively, net of amortization expense attributable to identifiable intangible assets of $3.4 million and $6.9 million, respectively. Excluding the impact of acquisitions, the increases in operating income and operating margin of this segment for both 2024 periods were primarily a result of contribution from projects within: (a) the high-tech manufacturing market sector, including certain mechanical construction or fire protection projects for customers engaged in either the design or manufacturing of semiconductors or the production and development of electric vehicles and/or lithium batteries, and (b) the network and communications market sector. While the most significant increases in gross profit were seen within the above referenced market sectors, this segment also experienced increases in gross profit within the majority of the other market sectors in which we operate, including commercial, institutional, manufacturing and industrial, and healthcare. Operating income of our United States building services segment was $55.6 million, or 7.0% of revenues, for the three months ended September 30, 2024 compared to $57.2 million, or 7.0% of revenues, for the three months ended September 30, 2023. Operating income of this segment for the nine months ended September 30, 2024 was $135.9 million, or 5.8% of revenues, compared to $140.9 million, or 6.1% of revenues, for the nine months ended September 30, 2023. For both 2024 periods, increased gross profit from this segment's mechanical services division, due primarily to greater profitability across its portfolio of HVAC and building automation and controls projects and retrofits, was partially offset by reductions in gross profit from its commercial site-based services and government site-based services divisions, given the loss of certain facilities maintenance contracts not renewed pursuant to rebid. Operating income and operating margin for the nine months ended September 30, 2024 were negatively impacted by an $11.0 million reserve recorded during the first quarter of 2024 for a specific customer bankruptcy within this segment's commercial site-based services division. Such reserve negatively impacted the operating margin of this segment for the first nine months of 2024 by approximately 40 basis points.

Other items As a result of an increase in our average daily invested cash balance, coupled with the repayment, in December of 2023, of all previously outstanding borrowings under our credit facility, we generated net interest income for the three and nine months ended September 30, 2024 of $8.3 million and $22.0 million, respectively, compared to net interest expense of $0.1 million and $4.6 million for the three and nine months ended September 30, 2023, respectively. For the three and nine months ended September 30, 2024, our income tax provision was $101.8 million and $263.9 million, respectively, compared to an income tax provision of $64.9 million and $159.3 million for the three and nine months ended September 30, 2023, respectively. Our effective income tax rate for the three and nine months ended September 30, 2024 was 27.4% and 27.0%, respectively, compared to an effective income tax rate for the three and nine months ended September 30, 2023 of 27.7% and 27.4%, 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):

September 30, 2024% of TotalDecember 31, 2023% of TotalSeptember 30,2023% of Total Remaining performance obligations: United States electrical construction and facilities services$2,767,672 28 %$2,387,844 27 %$2,158,104 25 %

United States industrial services110,583 1 %113,291 1 %133,894 2 % Total United States operations9,575,107 98 %8,706,472 98 %8,481,328 98 % United Kingdom building services214,345 2 %140,949 2 %154,115 2 %

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$7,377 $856 Increase in cash, cash equivalents, and restricted cash$247,060 $66,564 During the nine months ended September 30, 2024, our cash balance, including cash equivalents and restricted cash, increased by approximately $247.1 million from $789.8 million at December 31, 2023 to $1,036.8 million at September 30, 2024. Changes in our cash position from December 31, 2023 to September 30, 2024 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, 2024 was approximately $938.4 million compared to approximately $475.9 million for the nine months ended September 30, 2023. The favorable operating cash flow performance period-over-period was primarily a result of: (a) our improved operating performance and the corresponding increase in our net income and (b) the timing of cash receipts from our customers. 34 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, 2024 increased by approximately $109.7 million compared to the nine months ended September 30, 2023, primarily due to an increase in payments for acquisitions. 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 for the nine months ended September 30, 2024 was $455.0 million compared to net cash used in financing activities for the nine months ended September 30, 2023 of $276.2 million. The $178.9 million variance was primarily due to an increase in common stock repurchases made by us during the first nine months of 2024, partially offset by the impact of repayments on our outstanding debt in the prior year period. 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, 2024 and 2023, cash payments related to dividends were $31.9 million and $24.2 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 $6.5 million variance between the nine months ended September 30, 2024 and 2023 was a direct result of exchange rate movements for the British pound versus the United States dollar.

Material Cash Requirements from Contractual and Other Obligations As of September 30, 2024, 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, 2024, 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 $398.0 million at September 30, 2024, with $95.7 million payable within the next 12 months. Open Purchase Obligations - As of September 30, 2024, we had $2.33 billion of open purchase obligations, of which payments totaling approximately $1.92 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. 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, 2024, our insurance liabilities, net of estimated recoveries, were $231.7 million. Of this net amount, approximately $41.3 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, 2024, the present value of expected future payments relating to these contingent consideration arrangements was $26.3 million. Of this amount, $18.3 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. 35

Critical Accounting Policies and Estimates The preparation of our consolidated financial statements is based on the application of significant accounting policies, which require management to make estimates and assumptions. Our significant accounting policies are described further in Note 2 - Summary of Significant Accounting Policies of the notes to consolidated financial statements included in Item 8. Financial Statements and Supplementary Data of our Form 10-K for the year ended December 31, 2023. We base our estimates on historical experience, known or expected trends, third-party valuations, and various other assumptions that we believe to be reasonable under the circumstances. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. There have been no significant changes to our critical accounting policies or methods during the nine months ended September 30, 2024.

Diluted earnings per common share$5.80 $3.57 Revenues of $3.70 billion for the quarter ended September 30, 2024 set a new quarterly record for the Company and represent an increase of 15.3% from revenues of $3.21 billion for the quarter ended September 30, 2023. 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 the majority of our reportable segments. Revenues for the third quarter of 2024 included incremental acquisition contribution of approximately $84.9 million. Operating income for the quarter ended September 30, 2024 was $363.5 million, or 9.8% of revenues, establishing new quarterly records for the Company with respect to both operating income and operating margin. This compares to operating income of $235.0 million, or 7.3% of revenues, for the quarter ended September 30, 2023. The $128.6 million increase in operating income, and corresponding 250 basis point expansion in operating margin, were predominantly a result of improved operating performance within our United States construction segments, as described in further detail below. Operating income for the quarter ended September 30, 2024 included incremental acquisition contribution of $5.5 million, net of amortization expense attributable to identifiable intangible assets of $4.6 million. Net income of $270.3 million, or $5.80 per diluted share, for the quarter ended September 30, 2024 compares favorably to net income of $169.4 million, or $3.57 per diluted share, for the quarter ended September 30, 2023. While the majority of the increase in our diluted earnings per share was a result of the increased operating income referenced above, diluted earnings per share for the quarter ended September 30, 2024 additionally benefited from a reduced weighted average share count given the impact of common stock repurchases made by us throughout 2023 and the first nine months of 2024.

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. The amounts discussed 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 of Businesses of the notes to consolidated financial statements. We acquired five companies during the first nine months of 2024 for upfront consideration of $192.3 million, inclusive of customary working capital adjustments. These acquisitions are comprised of: (a) 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, (b) two 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 and (ii) a mechanical services contractor in the Western region of the United States, and (c) 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. We acquired eight companies during calendar year 2023 for total consideration of $99.6 million. Such acquisitions include: (a) a national energy efficiency specialty services firm, the results of operations of which have been included in our United States building services segment, and (b) seven companies, the results of operations of which were de minimis, consisting of: (i) three companies that have been included within our United States mechanical construction and facilities services segment, one of which provides mechanical and pipe fabrication services in the Midwestern region of the United States, and two of which add capabilities to our national fire protection services, and (ii) four mechanical services companies in the Western and Midwestern regions of the United States that have been included within our United States building services segment and enhance our presence in geographies where we have existing operations.

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,

2024% ofTotal2023% ofTotal Revenues: United States electrical construction and facilities services$845,030 23 %$697,406 22 % United States mechanical construction and facilities services1,662,211 45 %1,329,600 41 %

2024 % of TotalDecember 31, 2023% of TotalJune 30, 2023 % of Total Remaining performance obligations: United States electrical construction and facilities services$2,632,120 29 %$2,387,844 27 %$2,180,133 26 %

Cost of sales and gross profit The following table presents cost of sales, gross profit (revenues less cost of sales), and gross profit as a percentage of revenues ("gross profit margin") for the years ended December 31, 2023 and 2022 (in thousands, except for percentages):

Cash Flows The following table presents a summary of our operating, investing, and financing cash flows (in thousands): 20232022 Net cash provided by operating activities$899,655 $497,933

Increase (decrease) in cash, cash equivalents, and restricted cash $332,682 $(365,500) During the year ended December 31, 2023, our cash balance, including cash equivalents and restricted cash, increased by $332.7 million from $457.1 million at December 31, 2022 to $789.8 million at December 31, 2023. Changes in our cash position from December 31, 2022 to December 31, 2023 are described in further detail below. For a discussion of the changes in our cash position from December 31, 2021 to December 31, 2022, refer to the Liquidity and Capital Resources section included in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our Form 10-K for the year ended December 31, 2022. Operating Activities - Operating cash flows generally represent our net income as adjusted for certain non-cash items and changes in assets and liabilities. For 2023, net cash provided by operating activities was approximately $899.7 million compared to approximately $497.9 million of net cash provided by operating activities in 2022. The $401.7 million increase in operating cash flows during 2023, when compared to 2022, was largely a result of increased income, coupled with customer deposits and advanced payments on certain construction contracts, as evidenced by the growth in our contract liabilities. 30 Investing Activities - Investing cash flows consist primarily of payments for the acquisition of businesses, capital expenditures, and proceeds from the sale or disposal of property, plant, and equipment. During 2023, we utilized approximately $161.3 million of cash for investing activities compared to $140.8 million during 2022. The increase in investing cash outflows year-over-year was primarily driven by higher capital expenditures to support our organic growth, partially offset by an increase in proceeds from the sale or disposal of property, plant, and equipment. Payments for the acquisition of businesses were fairly consistent each year as we utilized $96.5 million in 2023, compared to $98.7 million in 2022. 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 during 2023 was $412.1 million compared to $710.1 million during 2022. The $298.1 million reduction in financing cash outflows was primarily due to a decrease in funds used for the repurchase of our common stock during 2023, partially offset by an increase in net repayments of debt under our credit agreement. 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 12 - Common Stock of the notes to consolidated financial statements included in Item 8. Financial Statements and Supplementary Data. We currently pay a regular quarterly dividend of $0.18 per share. For the years ended December 31, 2023 and 2022, cash payments related to dividends were $32.7 million and $27.2 million, respectively. Subsequent to December 31, 2023, our Board of Directors announced its intention to increase the regular quarterly dividend to $0.25 per share commencing with the dividend to be paid in April 2024. 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 $18.9 million variance between the years ended December 31, 2023 and 2022 was a direct result of favorable exchange rate movements for the British pound versus the United States dollar.

In addition, material cash requirements for other potential obligations, for which we cannot reasonably estimate future payments, include the following: Legal Proceedings - We are involved in several legal proceedings in which damages and claims have been asserted against us. While litigation is subject to many uncertainties and the outcome of litigation is not predictable with assurance, we do not believe that any such matters will have a material adverse effect on our financial position, results of operations, or liquidity. Refer to Note 15 - Commitments and Contingencies of the notes to consolidated financial statements included in Item 8. Financial Statements and Supplementary Data for more information regarding legal proceedings. Multiemployer Benefit Plans - In addition to our Company sponsored benefit plans, we participate in certain multiemployer pension and other post retirement plans. The cost of these plans is equal to the annual required contributions determined in accordance with the provisions of negotiated collective bargaining agreements. During 2023, 2022, and 2021, contributions made to these plans were $502.3 million, $449.9 million, and $399.5 million, respectively; however, our future contributions to the multiemployer plans are dependent upon a number of factors. Amounts of future contributions that we would be contractually obligated to make pursuant to these plans cannot be reasonably estimated. Refer to Note 14 - Retirement Plans of the notes to consolidated financial statements included in Item 8. Financial Statements and Supplementary Data for more information regarding these multiemployer benefit plans.

Table of Contents ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. Business Description We are one of the largest specialty contractors in the United States and a leading provider of electrical and mechanical construction and facilities services, building services, and industrial services. Our services are provided to a broad range of commercial, technology, manufacturing, industrial, healthcare, utility, and institutional customers through approximately 100 operating subsidiaries. Such operating subsidiaries are organized into the following reportable segments: •United States electrical construction and facilities services; •United States mechanical construction and facilities services; •United States building services;

Refer to the operating income section below for further discussion regarding the operating performance of each of our reportable segments. Selling, general and administrative expenses The following table presents our selling, general and administrative expenses ("SG&A") and selling, general and administrative expenses as a percentage of revenues ("SG&A margin") (in thousands, except for percentages):

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 June 30,

2024% ofSegmentRevenues2023% ofSegmentRevenues Operating income (loss): United States electrical construction and facilities services$88,577 11.1 %$50,722 7.5 %

United States electrical construction and facilities services$180,166 11.5 %$91,238 6.9 % United States mechanical construction and facilities services364,160 11.8 %206,074 9.1 %

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): June 30,

Liquidity and Capital Resources The following section discusses our principal liquidity and capital resources, as well as our primary liquidity requirements and sources and uses of cash. We are focused on the efficient conversion of operating income into cash to provide for the Company's material cash requirements, including working capital needs, investment in our growth strategies through business acquisitions and capital expenditures, satisfaction of contractual commitments, including principal and interest payments on any outstanding indebtedness, and shareholder return through dividend payments and share repurchases. We strive to maintain a balanced approach to capital allocation in order to achieve growth, deliver value, and minimize risk. 33 Management monitors financial markets and overall economic conditions for factors that may affect our liquidity and capital resources and adjusts our capital allocation strategy as necessary. Negative macroeconomic trends could have an adverse effect on future liquidity if we experience delays in the payment of outstanding receivables beyond normal payment terms, an increase in credit losses, or significant increases in the price of commodities or the materials and equipment utilized for our project and service work, beyond those experienced to date. In addition, during economic downturns, there have typically been fewer small discretionary projects from the private sector and our competitors have aggressively bid larger long-term infrastructure and public sector contracts. Our liquidity is also impacted by: (a) the type and length of construction contracts in place, as performance of long duration contracts typically requires greater amounts of working capital, (b) the level of turnaround activities within our United States industrial services segment, as such projects are billed in arrears pursuant to contractual terms that are standard within the industry, and (c) the billing terms of our maintenance contracts, including those within our United States and United Kingdom building services segments. While we strive to negotiate favorable billing terms, which allow us to invoice in advance of costs incurred on certain of our contracts, there can be no assurance that such terms will be agreed to by our customers. As of June 30, 2024, we had cash and cash equivalents, excluding restricted cash, of $807.3 million, which are maintained in depository accounts and highly liquid investments with original maturity dates of three months or less. Both our short-term and long-term liquidity requirements are expected to be met through our cash and cash equivalent balances, cash generated from our operations, and, as necessary, the borrowing capacity under our revolving credit facility. Our credit agreement provides for a $1.30 billion revolving credit facility, for which there was $1.23 billion of available capacity as of June 30, 2024. Refer to Note 7 - Debt of the notes to consolidated financial statements for further information regarding our credit agreement. Based upon our current credit rating and financial position, we can also reasonably expect to be able to secure long-term debt financing if required to achieve our strategic objectives; however, no assurances can be made that such debt financing will be available on favorable terms. We believe that we have sufficient financial resources available to meet our short-term and foreseeable long-term liquidity requirements.

Material Cash Requirements from Contractual and Other Obligations As of June 30, 2024, 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 June 30, 2024, 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 $410.4 million at June 30, 2024, with $94.7 million payable within the next 12 months. Open Purchase Obligations - As of June 30, 2024, we had $2.32 billion of open purchase obligations, of which payments totaling approximately $1.93 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. 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 June 30, 2024, our insurance liabilities, net of estimated recoveries, were $227.4 million. Of this net amount, approximately $41.4 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 June 30, 2024, the present value of expected future payments relating to these contingent consideration arrangements was $27.2 million. Of this amount, $15.5 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.

Critical Accounting Policies and Estimates The preparation of our consolidated financial statements is based on the application of significant accounting policies, which require management to make estimates and assumptions. Our significant accounting policies are described further in Note 2 - Summary of Significant Accounting Policies of the notes to consolidated financial statements included in Item 8 of our Form 10-K for the year ended December 31, 2023. We base our estimates on historical experience, known or expected trends, third-party valuations, and various other assumptions that we believe to be reasonable under the circumstances. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. There have been no significant changes to our critical accounting policies or methods during the six months ended June 30, 2024.