Legence Q3 revenue $708M (+26% YoY), Adj. EBITDA $88.8M (+39%), acquires Bowers for $475M

Legence Corp.

2025-Q3 EPS reported -$0.02 vs consensus $0.06 ▼ miss (-134.2%)

Q3 revenue $708.0M (+26% YoY), gross margin 20.9%; Non-GAAP Adj. EBITDA $88.8M (+39%) from $64.0M.
Net loss of $0.6M or $(0.02) per diluted share; record total backlog and awards of $3.1B (+29%); book-to-bill 1.5x.
Signed definitive agreement to acquire Bowers for $475M plus tuck-in acquisitions of an engineering firm and mechanical contractor.
Guidance: Q4 2025 revenue $600-630M and Adj. EBITDA $60-65M; FY2026 revenue $2.65-2.85B and Adj. EBITDA $295-315M; total debt $836M, net debt $650M after IPO proceeds.

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