1Q26 Review; Top Line Beat with Backlog Growth That Reinforces F26 Step Up. Raising PT to $108. Reit OW.

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1Q26 Review; Top Line Beat with Backlog Growth That Reinforces F26 Step Up. Raising PT to $108. Reit OW.

Clean Tech

Legence Corp. (LGN)

EQUITY RESEARCH Company Update

May 14, 2026

1Q26 Review; Top Line Beat with Backlog Growth That Price: $100.00

Price Target: $108.00 (From $66.00) Reinforces F26 Step Up. Raising PT to $108. Reit OW.

Rating: Overweight

Pre-market open 5/14, LGN reported a strong 1Q26 with revenue of $1.04B

Key Statistics: and record backlog and awarded contracts of $5.38B, up 103.9% Y/Y. Results

Symbol NASDAQ: LGN came in ahead of management guidance and our estimates on both the top 52-Week Range 26.96 - 102.64

line and EBITDA, driven by the first full quarter of Bowers and continued Market Cap 10,803.8

ADV (3 mo) 1,580,485 robust organic growth across both segments. Data center and technology

Shares Out (M) 76.9 demand remains driver, with Installation and Maintenance scaling rapidly

on hyperscaler and AI infrastructure activity. Management raised both F26

Research Analysts: revenue and Adj. EBITDA guidance, reflecting the 1Q beat and improved

Derek Soderberg demand visibility from the larger backlog. We continue to see LGN as a

212-359-8721 key beneficiary of the multi-year data center buildout. We reiterate our Derek.Soderberg@cantor.com

Overweight rating and raise our 12-month price target to $108 (from $66). Drew Nordquist

469-250-2315 Secular trends. Data center tailwinds continue to drive the story, with the Drew.Nordquist@cantor.com

Installation and Maintenance segment benefiting from hyperscaler and

REV ($M) AI infrastructure demand. The Bowers acquisition contributed $243.3M

FYE Dec 2025A 2026E 2027E of 1Q revenue, strengthening LGN's direct exposure to Northern Virginia

1Q $506.0 $1,037.9A $1,236.4 data center activity.