Strong 1Q Beat With Margins and Organic Growth Well Ahead of Estimates

Legence (LGN) reported a strong 1Q26 beat with $118M in EBITDA and raised its full-year EBITDA guidance by ~15% at the midpoint.

Key Takeaways

• 1.LGN reported a significant 1Q EBITDA beat, coming in at $118 million versus a consensus and Goldman Sachs estimate of $95 million.
• 2.The company demonstrated strong organic revenue growth of 57% when excluding the impact of the Bowers acquisition.
• 3.Full-year 2026 adjusted EBITDA guidance was raised to $470 mn-$490 mn, significantly higher than the previous $400 mn-$430 mn range.

Table of Contents

• Details follow
• Valuation and risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Disclosures required by United States laws and regulations
• Additional disclosures required under the laws and regulations of jurisdictions other than the United States
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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