Shares plunged 46.8% as investors reacted sharply to renewed margin compression and execution challenges in the solar renewables segment, alongside downward revisions to timing and revenue recognition that undermined 2026 guidance.

• Solar projects faced significant cost pressures due to labor issues, project redesigns, and weather disruptions, leading to lower gross profit and compressed margins.
• Timing of new project bookings shifted later, pushing expected 2026 Renewables revenue down to approximately $2.3 billion.
• Management attributed issues to early planning and new geographic labor market complexities but acknowledged they originated from projects executed in 2024.
• Utility segment showed sequential strength with improving margins and top-line growth, particularly driven by gas operations and power delivery activities.
• Pipeline services and industrial energy operations delivered growth and margin improvement, but meaningful recovery and backlog conversion are expected primarily in 2027 and beyond.