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Southland Announces First Quarter 2025 Results

1. SLND reported Q1 2025 revenue of $239.5 million, down 16.9% year-over-year. 2. Gross profit increased to $21.5 million, with margin rising to 9.0%. 3. Net loss attributable to stockholders was $4.6 million, or $(0.08) per share. 4. The backlog stands robust at $2.47 billion, indicating future revenue potential. 5. Management expresses confidence in growth due to strong infrastructure demand.

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FAQ

Why Neutral?

While revenues decreased, improved margins and backlog positivity may balance the net loss.

How important is it?

The financial results illustrate challenges but also opportunities for recovery and growth in infrastructure.

Why Long Term?

Sustained demand and backlog growth suggest potential for revenue recovery over time.

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GRAPEVINE, Texas--(BUSINESS WIRE)--Southland Holdings, Inc. (NYSE American: SLND and SLND WS) (“Southland”), a leading provider of specialized infrastructure construction services, today announced financial results for the quarter ended March 31, 2025. Revenue of $239.5 million for the quarter ended March 31, 2025, compared to $288.1 million for the quarter ended March 31, 2024. Gross profit of $21.5 million for the quarter ended March 31, 2025, compared to $20.4 million in gross profit for the quarter ended March 31, 2024. Gross profit margin of 9.0% for the quarter ended March 31, 2025, compared to 7.1% gross profit margin for the quarter ended March 31, 2024. Net loss attributable to stockholders of $4.6 million, or $(0.08) per share for the quarter ended March 31, 2025, compared to a net loss attributable to stockholders of $0.4 million, or $(0.01) per share for the quarter ended March 31, 2024. EBITDA of $10.1 million for the quarter ended March 31, 2025, compared to $10.9 million for the quarter ended March 31, 2024. (1) Backlog of $2.47 billion. (1) “We are off to a strong start in 2025, delivering improved margins and positive operating cash flow in the first quarter,” said Frank Renda, Southland’s President & Chief Executive Officer. “With strong demand across our markets and a robust pipeline of critical infrastructure opportunities, we are confident in our ability to drive long-term value for our clients and stakeholders.” 2025 First Quarter Results Revenue for the three months ended March 31, 2025, was $239.5 million, a decrease of $48.6 million, or 16.9%, compared to the three months ended March 31, 2024. Materials & Paving business contributed $18.1 million to revenue in the three months ended March 31, 2025. Gross profit for the three months ended March 31, 2025, was $21.5 million compared to gross profit of $20.4 million for the three months ended March 31, 2024. Gross margin increased from 7.1% to 9.0% for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. Materials & Paving business negatively impacted gross profit by $9.1 million in the three months ended March 31, 2025. Selling, general, and administrative costs for the three months ended March 31, 2025, were $16.5 million, an increase of $2.1 million, or 14.4%, compared to the three months ended March 31, 2024. Selling, general, and administrative costs as a percent of revenue were 6.9% for the three months ended March 31, 2025, compared to 5.0% for the three months ended March 31, 2024. Conference Call Southland will host a conference call at 10:00 a.m. Eastern Time on Wednesday, May 14, 2025. The call may be accessed here, or at www.southlandholdings.com. Following the conference call, a replay will be available on Southland’s website. About Southland Southland is a leading provider of specialized infrastructure construction services. With roots dating back to 1900, Southland and its subsidiaries form one of the largest infrastructure construction companies in North America, with experience throughout the world. The company serves the bridges, tunnelling, communications, transportation and facilities, marine, steel structures, water and wastewater treatment, and water pipeline end markets. Southland is headquartered in Grapevine, Texas. For more information, please visit Southland’s website at southlandholdings.com. Non-GAAP Financial Measures This press release includes certain unaudited financial measures not presented in accordance with generally accepted accounting principles (“GAAP”), including but not limited to earnings before interest, taxes, depreciation, and amortization (“EBITDA”), backlog, and certain ratios and other metrics derived therefrom. Note that other companies may calculate these non-GAAP financial measures differently, and therefore such financial measures may not be directly comparable to similarly titled measures of other companies. Further, these non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. Southland believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Southland’s financial condition and results of operations. Southland also believes that these non-GAAP financial measures provide an additional tool for investors to use in evaluating ongoing operating results and trends. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which items of expense and income are excluded or included in determining these non-GAAP financial measures. Please see the accompanying table for reconciliations of the following non-GAAP financial measures for Southland’s current and historical results: EBITDA (non-GAAP financial measures) to net income (loss) attributable to common stock. Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on Southland’s current beliefs, expectations and assumptions regarding the future of Southland’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Southland’s control. Southland’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Any forward-looking statement made by Southland in this press release is based only on information currently available to Southland and speaks only as of the date on which it is made. Southland undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. More News From Southland Holdings, Inc.

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