Brent Thielman's questions to Everus Construction Group Inc (ECG) leadership • Q2 2025
Question
In a follow-up, Brent Thielman of D.A. Davidson asked for a bigger-picture update on the M&A pipeline and strategy, and also inquired about the cash flow outlook for the second half, given the working capital usage from ramping up large projects.
Answer
CEO Jeffrey Thiede stated that the M&A pipeline is expanding, aided by a new VP of corporate development, and they are actively seeking culturally aligned companies. CFO Maximillian Marcy added that while leverage is declining, they will be disciplined in finding the right M&A fit. Regarding cash flow, Marcy expressed confidence in their ability to convert cash in H2, explaining that the Q2 working capital build was for projects now ramping up, which should generate cash consistent with historical patterns.