Cardinal Infrastructure Reports Q2 2026 Results & Acquisition

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Cardinal Infrastructure Group Reports Second Quarter 2026 Results, Raises Outlook, and Announces Acquisition of Allied Paving

Raleigh, North Carolina - Cardinal Infrastructure Group Inc. (NASDAQ: CDNL) announced its financial results for the second quarter and year-to-date 2026, alongside an upward revision to its full-year guidance and the acquisition of Allied Paving.

The company reported record quarterly revenue driven by robust market demand and strong organic growth. Concurrently, management accelerated investments in corporate infrastructure and operational capabilities to support ongoing expansion across the Southeastern United States.

Financial Highlights

  • Record quarterly revenue of $226.9 million, representing a 114 percent increase year-over-year and 64 percent organic growth.
  • Year-to-date revenue reached $394.4 million, up 110 percent compared to the prior year period.
  • Second quarter adjusted EBITDA stood at $28.1 million, while year-to-date adjusted EBITDA reached $54.9 million.
  • Total backlog as of June 30, 2026, hit an all-time high of $866 million, up 35 percent year-over-year.

Acquisition Details

  • Cardinal entered into an agreement to acquire Allied Paving Contractors, Inc., an Atlanta-based heavy site construction and paving contractor, for approximately $120 million.
  • Allied generates roughly $108 million in annual revenue at a 20.3 percent adjusted EBITDA margin.
  • The transaction brings essential paving capabilities in-house within the Atlanta market and is expected to close in early October 2026.

Outlook

Reflecting strong underlying customer demand and market share gains, Cardinal raised its full-year 2026 revenue guidance to a range of $880 million to $900 million, while projecting an adjusted EBITDA margin of 16 percent to 18 percent.

About Cardinal Infrastructure Group Inc.

We provide a comprehensive suite of infrastructure services to the residential, commercial, industrial, municipal, and state infrastructure markets. Our operations leverage a large highly skilled workforce and a fleet of specialized equipment to deliver wet utility installations (water, sewer, and stormwater systems), as well as grading, site clearing, erosion control, drilling and blasting, paving, and other related site services. We are becoming the platform of choice for a diverse array of infrastructure construction projects in our target geographies that require high-level technical expertise and sophistication. We seek to safely execute site work solutions within both the individual project’s schedule and budget, while strengthening our relationships with our growing list of customers. We believe we are one of the fastest-growing, full-service turnkey infrastructure services companies in the Southeastern United States. We deliver our suite of comprehensive infrastructure services that support the planning, preparation, installation, and development of residential, commercial, industrial, municipal, and state infrastructure projects primarily through in-house teams and equipment, significantly reducing the need for outsourcing or subcontractors which enables industry-leading project execution. Led by an experienced, long-tenured management team and supported by talented project managers, we are driven by a culture of safety and employee development. Our high-level expertise, technical sophistication, and expedited delivery of services result in strong margins. We believe we are well positioned to continue growing our revenue and profitability in a very fragmented and highly attractive industry.

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