Everus Construction Group is a specialty contractor that provides electrical, mechanical, and utility infrastructure construction services across the U.S. Everus was spun off from MDU Resources in October 2024 and trades on the NYSE under "ECG." Everus operates through two segments: Electrical & Mechanical (E&M, ~77% of revenues) and Transmission & Distribution (T&D, ~23% of revenues). E&M covers construction and maintenance of electrical wiring, mechanical piping, HVAC, plumbing, and renewables infrastructure, serving general contractors and large end-users in data centers, hospitality, semiconductor manufacturing, and healthcare. T&D covers overhead and underground electrical transmission and distribution infrastructure for electric and natural gas utilities, primarily in the Midwest and West, often under long-term master service agreements (MSAs). Everus earns revenue through fixed-price (~52%), cost-reimbursable (~43%), and unit-price (~5%) contracts. Profitability is driven by revenue volume, project execution on fixed-price jobs, and contract mix. About 85% of Everus's workforce is unionized, giving management visibility into future labor costs. Everus grows organically by following anchor customers like data center developers into new geographies, and is expanding its prefabrication network to improve labor efficiency on complex projects. Everus is also actively pursuing M&A to expand geographically and into service adjacencies, with management targeting 1.5–2.0x net leverage long-term against a current ~0.4x.