Cardinal Infrastructure Group Q2 Earnings Call Highlights

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Tue, August 11, 2026 astatine 11:04 AM CDT 7 min read

Key Points

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Record maturation lifted the outlook: Second-quarter gross surged 114% twelvemonth implicit twelvemonth to $227 million, including 56% integrated growth, portion backlog reached $866 million. Cardinal raised 2026 gross guidance to $880 million–$900 million.
Profitability weakened amid enlargement costs: Adjusted EBITDA roseate 43% to $28.1 million, but the borderline fell to 12.4% from 18.6% owed to higher labour and instrumentality costs, task delays, underutilized crews and terrible Georgia weather. Full-year adjusted EBITDA borderline guidance was lowered to 16%–18%.
Acquisitions and vertical integration stay central: Cardinal acquired Atlanta-based Allied Paving, adding $108 cardinal successful yearly gross and paving capabilities that should trim subcontractor reliance. The institution besides continues investing successful asphalt production, wet-utility capableness and fleet enlargement portion maintaining important liquidity.

Cardinal Infrastructure Group (NASDAQ:CDNL) reported grounds second-quarter gross and backlog portion raising its full-year gross outlook, though profitability fell beneath management's expectations arsenic the institution absorbed higher labor, instrumentality and weather-related costs.

Second-quarter gross totaled $227 million, up $115 million, oregon 114%, from the prior-year period. Chief Financial Officer Mike Rowe said the effect included astir 56% integrated growth, with maturation accelerating successful May and June. Adjusted EBITDA accrued 43% twelvemonth implicit twelvemonth to $28.1 million, portion adjusted EBITDA borderline declined to 12.4% from 18.6% a twelvemonth earlier.

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"This was a grounds 4th for Cardinal," Chairman and Chief Executive Officer Jeremy Spivey said, citing grounds revenue, grounds backlog and the company's latest acquisition.

Revenue outlook rises arsenic backlog reaches $866 cardinal

Cardinal raised its 2026 gross guidance to $880 cardinal to $900 million, representing 95% year-over-year maturation astatine the midpoint. The institution had antecedently guided for $680 cardinal to $890 million. Management said its $866 cardinal backlog astatine the extremity of the 2nd 4th was up 35% from a twelvemonth earlier, with maturation crossed commercialized and concern arsenic good arsenic residential projects.

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Rowe said Raleigh generated 40% integrated maturation connected sustained commercialized and concern request and market-share gains. Charlotte besides posted much than 40% growth, portion Greensboro recorded beardown stock gains crossed a diversified end-market mix. Atlanta-based A. L. Grading Contractors continued to triumph larger and much analyzable projects, helium said.

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