Overview

• U.S. electrical and infrastructure services firm's fiscal Q2 revenue rose 17% yr/yr

• Adjusted EPS for fiscal Q2 rose 26% yr/yr

• Company completed acquisition of Gulf Island Fabrication to expand Infrastructure Solutions segment

Outlook

• Company expects Infrastructure Solutions to contribute more to revenue and earnings in H2 fiscal 2026

• Company raising capital spending outlook for remainder of fiscal 2026 to support organic growth

• Growth in multi-family backlog expected to benefit Residential segment in fiscal 2027

Result Drivers

• DATA CENTER DEMAND - Strong demand in the data center end market drove growth in Communications and Infrastructure Solutions segments

• CAPACITY EXPANSION - Investments in expanding capacity and integrating services supported higher revenue and operating income, especially in Infrastructure Solutions

• RESIDENTIAL WEAKNESS - Residential segment revenue and margin declined due to weak housing starts, pricing pressure from home builders, and unfavorable weather

Company press release: ID:nGNX9Mby0j

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 Revenue		$974 mln	$1.006 bln (1 Analyst)
Q2 Adjusted EPS		$4.16	$3.95 (1 Analyst)
Q2 EPS		$5.44
Q2 Adjusted Net Income		$84.10 mln	$80 mln (1 Analyst)
Q2 Net Income		$109.90 mln
Q2 Operating Income		$112.30 mln	$113 mln (1 Analyst)

Analyst Coverage

• The one available analyst rating on the shares is "buy"

• The average consensus recommendation for the construction & engineering peer group is "buy"

• Wall Street's median 12-month price target for IES Holdings Inc is $458.00, about 28.9% below its April 30 closing price of $644.08

• The stock recently traded at 34 times the next 12-month earnings vs. a P/E of 22 three months ago

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