MYR Group Inc. (MYRG): ANSOFF Matrix Analysis [Jan-2025 MISE À JOUR]

Dans le paysage dynamique des infrastructures et de la construction électriques, Myr Group Inc. se dresse au carrefour de la transformation stratégique, prête à redéfinir son positionnement du marché à travers une matrice Ansoff méticuleusement conçue. En naviguant stratégiquement sur la pénétration du marché, le développement, l'innovation des produits et la diversification, la société devrait débloquer des opportunités de croissance sans précédent dans les secteurs technologiques des services publics, des énergies renouvelables et des émergents. Cette feuille de route stratégique promet non seulement d'étendre l'empreinte de l'entreprise, mais positionne également le groupe MyR en tant que leader visionnaire dans un écosystème industriel de plus en plus complexe et évolutif.

Myr Group Inc. (MYRG) - Matrice Ansoff: pénétration du marché

Développer les offres de services sur les marchés d'infrastructure électrique et de construction existants

MYR Group Inc. a déclaré un chiffre d'affaires total de 2,47 milliards de dollars en 2022, avec des services d'infrastructure électrique représentant 64% des revenus totaux. La société opère à travers deux segments primaires: commercial & Industriel (C&I) et transmission & Distribution (T&D).

Segment	2022 Revenus	Part de marché
Commercial & Industriel	1,26 milliard de dollars	51%
Transmission & Distribution	1,21 milliard de dollars	49%

Augmenter les efforts de marketing ciblant les secteurs des services publics et des énergies renouvelables

En 2022, MYR Group a investi 12,5 millions de dollars dans des initiatives de marketing stratégique ciblant les marchés des énergies renouvelables.

• Le carnet de commandes du projet d'énergie renouvelable a augmenté de 22% en 2022
• Les projets d'infrastructures solaires et éoliennes ont augmenté de 18% d'une année à l'autre
• L'allocation du budget marketing ciblé a augmenté de 15%

Mettre en œuvre des stratégies d'appel d'offres agressives pour gagner des contrats régionaux et nationaux

MYR Group a soumis 327 offres compétitives en 2022, avec un taux de victoire de 42%. La valeur totale du contrat des offres gagnées a atteint 1,85 milliard de dollars.

Catégorie d'offres	Nombre d'offres	Taux de victoire	Valeur du contrat
Contrats régionaux	214	38%	1,1 milliard de dollars
Contrats nationaux	113	48%	750 millions de dollars

Améliorer l'efficacité opérationnelle pour fournir des prix plus compétitifs

Le groupe MYR a réalisé une réduction des coûts opérationnels de 7,3% en 2022, permettant des stratégies de tarification plus compétitives.

• Le ratio de dépenses opérationnels est passé de 18,2% à 16,9%
• Investissement technologique dans l'efficacité opérationnelle: 8,3 millions de dollars
• La productivité du travail a augmenté de 6,5%

Développer des relations plus fortes avec l'utilité actuelle et les clients industriels

MYR Group a maintenu un taux de rétention de la clientèle de 92% en 2022, avec 78 clients de services publics à long terme et industriels.

Catégorie client	Nombre de clients	Durée du contrat moyen	Répéter le taux d'entreprise
Clients des services publics	45	4,7 ans	95%
Clients industriels	33	3,9 ans	88%

MYR GROUP Inc. (MYRG) - Matrice Ansoff: développement du marché

Target Marchés d'énergie renouvelable émergents

En 2022, le marché américain des énergies renouvelables a atteint 269,5 milliards de dollars, avec des investissements solaires et éoliens totalisant 87,3 milliards de dollars. Les projets d'infrastructure d'énergie renouvelable de MYR Group ont augmenté de 42% en glissement annuel.

Segment de marché	Valeur d'investissement	Taux de croissance
Infrastructure solaire	53,6 milliards de dollars	37%
Infrastructure éolienne	33,7 milliards de dollars	45%

Développer la présence géographique

MYR Group opère actuellement dans 48 États, avec une expansion prévue dans 5 régions mal desservies dans le sud-ouest et le Midwest.

• Expansion ciblée States: Nouveau-Mexique, Wyoming, Montana, Dakota du Nord, Dakota du Sud
• Investissement d'infrastructure projeté: 127 millions de dollars
• Pénétration attendue du marché: 18% dans les 24 mois

Développer des packages de services spécialisés

Le marché des infrastructures électriques du centre de données prévoyant pour atteindre 42,6 milliards de dollars d'ici 2025. Les services spécialisés de MyR Group ciblent ce segment croissant.

Catégorie de service	Potentiel de marché	Revenus projetés
Infrastructure électrique du centre de données	12,3 milliards de dollars	89,5 millions de dollars

Partenariats stratégiques avec les entreprises de services publics

MYR Group a identifié 37 sociétés de services publics régionaux pour des partenariats potentiels dans des territoires inexplorés.

• Régions de partenariat potentiel: Mountain West, Pacific Northwest
• Valeur du partenariat estimé: 215 millions de dollars

Marchés de construction d'infrastructures adjacentes

L'expertise existante du groupe MYR les positionne pour entrer dans les marchés adjacents avec un potentiel estimé de 673 millions de dollars.

Marché adjacent	Taille du marché	Potentiel d'entrée
Infrastructure de télécommunications	287 millions de dollars	92 millions de dollars
Infrastructure de transport	386 millions de dollars	124 millions de dollars

MYR GROUP Inc. (MYRG) - Matrice Ansoff: Développement de produits

Investissez dans les technologies avancées de modernisation du réseau électrique

MYR Group Inc. a investi 23,4 millions de dollars dans les technologies de modernisation du réseau en 2022. La société a déclaré une augmentation de 17,6% des projets de mise à niveau des infrastructures électriques au cours de l'exercice.

Investissement technologique	Montant	Année
Modernisation de la grille R&D	23,4 millions de dollars	2022
Développement de la technologie de la grille intelligente	15,7 millions de dollars	2022

Développer des services spécialisés pour les projets d'infrastructure d'énergie propre émergente

MYR Group a obtenu 127,5 millions de dollars de contrats d'infrastructure d'énergie propre en 2022, ce qui représente une croissance de 22,3% par rapport à l'année précédente.

• Projets d'infrastructure solaire: 42,3 millions de dollars
• Infrastructure d'énergie éolienne: 55,2 millions de dollars
• Systèmes de stockage de batteries: 30 millions de dollars

Créer des solutions d'intégration du système électrique innovantes pour les technologies de réseau intelligent

La société a développé 14 nouvelles solutions d'intégration de réseau intelligent en 2022, avec une valeur marchande estimée de 38,6 millions de dollars.

Solution de grille intelligente	Coût de développement	Valeur marchande potentielle
Systèmes de surveillance avancés	5,2 millions de dollars	12,7 millions de dollars
Gestion prédictive de la grille	4,8 millions de dollars	11,3 millions de dollars

Améliorer les offres de services de surveillance numérique et de maintenance prédictive

Le groupe MYR a augmenté les revenus des services de surveillance numérique de 26,4%, atteignant 47,3 millions de dollars en 2022.

• Développement de logiciels de maintenance prédictive: 8,6 millions de dollars
• Intégration de la technologie des capteurs: 12,4 millions de dollars
• Systèmes de surveillance en temps réel: 26,3 millions de dollars

Développer des solutions de génie électrique personnalisées pour des projets industriels complexes

La société a réalisé 37 projets complexes de génie électrique industriel en 2022, générant 89,7 millions de dollars en revenus de projet spécialisés.

Secteur industriel	Nombre de projets	Revenus du projet
Fabrication	15	36,5 millions de dollars
Production d'énergie	12	29,2 millions de dollars
Infrastructure	10	24 millions de dollars

Myr Group Inc. (MYRG) - Matrice Ansoff: Diversification

Explorez les opportunités dans le développement des infrastructures de télécommunications

MYR Group Inc. a déclaré des revenus d'infrastructures de télécommunications de 81,4 millions de dollars en 2022. Le segment des télécommunications représentait 12,7% du total des revenus de l'entreprise.

Métriques d'infrastructure de télécommunications	2022 données
Revenus totaux	81,4 millions de dollars
Pourcentage de segment	12.7%
Croissance d'une année à l'autre	8.3%

Enquêter sur les investissements potentiels dans les infrastructures de charge des véhicules électriques

L'investissement potentiel des infrastructures EV du groupe MYR Group s'aligne sur les projections de marché de 103,7 milliards de dollars sur le marché mondial de la charge EV d'ici 2028.

• Le marché mondial de la charge EV devrait atteindre 103,7 milliards de dollars d'ici 2028
• TCAC projeté de 32,1% dans les infrastructures de charge EV
• Marché nord-américain estimé à 27,4 milliards de dollars d'ici 2026

Considérez l'expansion internationale sur les marchés des services publics canadiens et mexicains

Potentiel du marché international	Taille du marché
Marché des services publics canadiens	38,6 milliards de dollars
Marché des services publics mexicains	24,3 milliards de dollars

Développer des services de conseil pour la transition énergétique et la transformation du réseau

Le marché du conseil en transition énergétique prévoyait de atteindre 14,2 milliards de dollars dans le monde d'ici 2025.

• Taux de croissance du marché du conseil de transformation de grille: 15,6%
• Opportunité potentielle des revenus: 3,7 millions de dollars la première année

Étudier l'intégration verticale potentielle par le biais de la fabrication de la technologie ou de l'équipement

Manufacturing Investment Metrics	Valeur projetée
Investissement de fabrication initiale	22,5 millions de dollars
Revenus annuels potentiels	47,6 millions de dollars
Retour sur investissement estimé	18.3%

MYR Group Inc. (MYRG) - Ansoff Matrix: Market Penetration

You're looking at how MYR Group Inc. can sell more of its existing services into the markets it already serves. This is about deepening relationships and taking more share from competitors in the core business.

Focusing on the Transmission and Distribution (T&D) utility customer base means securing a larger piece of the existing pie. As of September 30, 2025, the T&D backlog stood at $929.0 million. Work performed under Master Service Agreements (MSAs) already represented approximately 60% of T&D revenue in the second quarter of 2025. Increasing the volume of these MSAs is a direct path to capturing more of that existing work.

The Commercial and Industrial (C&I) segment saw a significant revenue jump in the third quarter of 2025, increasing by $40.8 million compared to the third quarter of 2024, with total C&I revenues reaching $447.0 million. Prioritizing bids on high-margin C&I projects, such as the $90 million data center project secured in Colorado mentioned for Q1 2025 growth, directly builds on this momentum.

Operational efficiency improvements are key to boosting profitability within the C&I segment. The C&I operating income margin reached 4.7% in the first quarter of 2025, which was an improvement over the 3.5% margin reported in the first quarter of 2024. By the second quarter of 2025, this margin had further increased to 5.6%.

Here's a quick look at some of the recent segment performance metrics to frame the market penetration opportunity:

Metric	Segment	Period End	Value
Revenue	C&I	Q3 2025	$447.0 million
Revenue Increase (YoY)	C&I	Q3 2025	$40.8 million
Operating Income Margin	C&I	Q1 2025	4.7%
Operating Income Margin	C&I	Q2 2025	5.6%
T&D Backlog	T&D	Q3 2025	$929.0 million
Distribution Revenue Increase (YoY)	T&D	Q3 2025	$5.2 million

Aggressive pricing on distribution projects targets competitors directly where revenue is already showing upward movement. For instance, in the third quarter of 2025, T&D revenue increased by $21.5 million year-over-year, with distribution projects contributing $5.2 million of that increase. This compares to a $25.1 million increase in distribution revenues seen in the second quarter of 2025. Offering C&I services to existing T&D utility clients for their non-utility facilities is a clear cross-selling play, leveraging established trust to enter adjacent commercial spaces.

• Secure more of the $929.0 million T&D backlog via increased MSA volume.
• Build on the $40.8 million Q3 2025 C&I revenue increase by prioritizing data center bids.
• Target C&I operating income margin improvement from the 4.7% achieved in Q1 2025.
• Leverage distribution revenue increases, such as the $5.2 million growth in Q3 2025, against competitors.

Finance: draft 13-week cash view by Friday.

MYR Group Inc. (MYRG) - Ansoff Matrix: Market Development

You're looking at how MYR Group Inc. (MYRG) can push its existing services into new geographical areas or new customer types. This is Market Development, and given the backdrop of massive infrastructure spending, the timing is key.

Expand the geographic footprint within the US, targeting states with high infrastructure spending forecasts for grid modernization.

The overall US infrastructure investment need between 2024 and 2033 is estimated at $9.1 trillion, with the energy segment getting a D+ grade in the 2025 Report Card, signaling huge work ahead. Specifically, grid modernization, covering transmission and distribution, is projected to require nearly $1.9 trillion through 2033. Also, between 2025 and 2030, the energy sector faces an investment requirement of approximately $1.4 trillion. The federal government has already allocated $65 billion via programs like the Infrastructure Investment and Jobs Act (IIJA) for power infrastructure, including $21.5 billion for the grid. For Q3 2025, MYR Group Inc.'s Transmission and Distribution (T&D) segment brought in $503.4 million in revenue, showing the current scale of work in established territories. States seeing the most grid modernization action as of Q2 2025 include Texas, California, Colorado, Connecticut, Massachusetts, and Michigan. The US transmission system itself is expected to double in size between 2020 and 2050.

Leverage the strong balance sheet to pursue strategic acquisitions that immediately establish a presence in new US utility service territories.

MYR Group Inc.'s scale, evidenced by its trailing twelve-month revenue ending September 30, 2025, of $3.51 Billion USD, provides the financial muscle for acquisitions. The company's total backlog stood at $2.66 billion as of the third quarter of 2025. While specific 2025 acquisition targets aren't public, past activity shows the playbook; for instance, the acquisition of Powerline Plus Companies, which had average annual revenues of approximately $80 million over the two years prior to its January 4, 2022, close, immediately broadened the revenue base. A strong balance sheet allows MYR Group Inc. to deploy capital against smaller, strategic targets to secure immediate entry into utility service territories where organic bidding might take longer to establish a foothold.

Systematically grow the Canadian market presence beyond the existing Powerline Plus base to capture more northern utility and industrial work.

MYR Group Inc.'s Canadian presence is anchored by the Powerline Plus Companies, which previously generated average annual revenues of about $80 million. The Midcontinent Independent System Operator (MISO) region, which includes Manitoba, Canada, shows the scale of the northern market, with MISO managing nearly 79,000 miles of high-voltage transmission across its footprint. To systematically grow beyond the established base, MYR Group Inc. needs to target utility and industrial work in provinces adjacent to or within the MISO footprint, leveraging the design skills and civil solutions brought by the Powerline Plus acquisition. The company's Commercial and Industrial (C&I) segment posted revenues of $447.0 million in Q3 2025, which represents the pool of industrial work that could be expanded north of the border.

Target new customer verticals within the existing C&I segment, specifically focusing on large-scale transportation and airport projects.

The Commercial and Industrial (C&I) segment is a clear avenue for Market Development, having generated $447.0 million in revenue for the third quarter of 2025. Targeting large-scale transportation and airport projects means focusing on infrastructure that requires significant electrical installation, maintenance, and repair services, which are core competencies for MYR Group Inc. subsidiaries. For context, data center electricity consumption alone is projected to be between 224 TWh and over 300 TWh in 2025, indicating the scale of power demand in large, modern facilities that can serve as a proxy for the complexity of new transportation hubs. The C&I segment's backlog at the end of Q1 2025 was $1.77 billion, showing substantial existing work to leverage for these new vertical pursuits.

Bid on multi-billion-dollar transmission projects approved by regional transmission organizations like PJM Interconnection and MISO.

The opportunity in bidding on large regional transmission organization (RTO) projects is substantial. For PJM Interconnection, proposals considered in the 2024 Regional Transmission Expansion Plan (RTEP) Window 1 totaled $5.8 billion in projects being considered to meet reliability needs, with board approval targeted for the first quarter of 2025. PJM itself is responsible for planning over 88,000 miles of transmission lines. MISO, which manages the largest region by geographical scope in North America, has nearly 79,000 miles of high-voltage transmission under its functional control. MYR Group Inc.'s T&D segment revenue for Q3 2025 was $503.4 million, and transmission projects specifically contributed $16.3 million in revenue growth year-over-year for that quarter, demonstrating direct participation in this market. Securing even a fraction of the multi-billion-dollar packages put out by these RTOs represents a significant market development win.

Metric	Value (2025 Data)	Source Context
Trailing Twelve Month Revenue (TTM)	$3.51 Billion USD	As of September 30, 2025
Q3 2025 T&D Segment Revenue	$503.4 million	Quarterly revenue
Q3 2025 C&I Segment Revenue	$447.0 million	Quarterly revenue
Total Backlog	$2.66 billion	As of Q3 2025
Estimated US Grid Modernization Need (through 2033)	Nearly $1.9 trillion	Long-term investment projection
US Energy Infrastructure Investment Need (2025-2030)	Approximately $1.4 trillion	Mid-term investment projection
PJM RTEP Window 1 Projects Considered	$5.8 billion	2024 plan for 2025 approval
Powerline Plus Pre-Acquisition Avg. Annual Revenue	Approximately $80 million	Historical baseline for Canadian expansion

• Grid modernization investment is projected to require nearly $1.9 trillion through 2033.
• The US transmission system is expected to double in size between 2020 and 2050.
• The Department of Energy awarded $1.5 billion for projects adding 7.1 GW capacity.
• PJM manages over 88,000 miles of transmission lines.
• MISO serves approximately 45 million people across 15 U.S. States and one Canadian province.
• C&I segment backlog at the end of Q1 2025 was $1.77 billion.

MYR Group Inc. (MYRG) - Ansoff Matrix: Product Development

You're looking at how MYR Group Inc. can build new offerings on top of its existing business foundation. This is about developing new services for the markets MYR Group Inc. already serves, like its existing Commercial and Industrial (C&I) clients or its Transmission and Distribution (T&D) utility partners.

Here's a look at the financial backdrop for these product development moves, based on the latest reported figures for the third quarter of 2025:

Metric	Q3 2025 Value	Nine Months 2025 Value
Consolidated Revenue	$950.4 million	$2.68 billion
T&D Segment Revenue (Q3)	$503.4 million	T&D Revenue Share: 54.8%
C&I Segment Revenue (Q3)	$447.0 million	C&I Revenue Share: 45.2%
Consolidated Backlog	$2.66 billion	Q3 2025 Net Income: $32.1 million

The Product Development quadrant focuses on creating new services to sell to these established customer bases. You're aiming to increase the value captured per client relationship.

Develop and market specialized services for electric vehicle (EV) charging infrastructure and fleet electrification for existing C&I clients.

• The C&I segment brought in $447.0 million in revenue in Q3 2025.
• This new service layer targets existing C&I customers who already require complex electrical work for facilities like data centers and manufacturing plants.
• The goal is to move beyond standard wiring to offer end-to-end EV charging solutions, from site assessment to final commissioning.

Offer advanced grid hardening and resiliency consulting services to utilities to capitalize on the need for resilient infrastructure.

• The T&D segment, which serves utilities, posted Q3 2025 revenues of $503.4 million.
• This capitalizes on the stated need for resilient infrastructure driving investment across the sector.
• Consulting services represent a higher-margin offering than pure construction work.

Form a dedicated clean energy division to capture more utility-scale solar and energy storage interconnection work, offsetting the Q1 2025 transmission revenue decrease.

• In the first quarter of 2025, T&D revenues were $462 million, representing a 5.8% decrease year-over-year.
• A dedicated division signals a strategic shift to capture more of the clean energy project work already present in the T&D segment's scope.
• The overall backlog entering Q3 2025 stood at $2.66 billion, providing a base for new, specialized clean energy contracts.

Invest in proprietary technology for automated project management and predictive maintenance to offer a premium, high-tech service layer.

• This investment aims to directly improve operational efficiency, building on the Q3 2025 gross margin improvement to 11.8% from 8.7% the prior year.
• A premium service layer allows for higher pricing tiers for clients willing to pay for guaranteed uptime or faster project completion.
• The company achieved record quarterly EBITDA of $62.7 million in Q3 2025, which can fund this internal technology development.

Introduce a full-service design-build offering for substations to capture a larger scope of work from current T&D customers.

• Substation work is a core component of the T&D segment, which generated $503.4 million in Q3 2025.
• Moving from construction-only to design-build captures the higher-margin engineering and design fees upfront.
• This strategy directly supports the goal of enhancing shareholder value through improved profitability.

Finance: draft a sensitivity analysis on the impact of a 10% margin increase on the $2.66 billion backlog by Friday.

MYR Group Inc. (MYRG) - Ansoff Matrix: Diversification

Acquire a specialty contractor in a non-electrical, but adjacent, infrastructure sector like water and wastewater treatment facilities.

The U.S. water and wastewater treatment market size is calculated at USD 68.54 billion in 2025, forecasted to reach around USD 123.76 billion by 2034, expanding at a CAGR of 6.80% from 2025 to 2034. The Environmental Protection Agency (EPA) predicts that drinking water and wastewater treatment infrastructure needs will exceed $744 billion for construction, repairs and expansions over the next 20 years. In 2023, the U.S. market for only drinking water treatment and wastewater systems was estimated to be $4.93 billion. The Bipartisan Infrastructure Law allocated more than $50 billion for water infrastructure of all kinds between 2022 and 2026.

Enter the fiber optic and broadband infrastructure construction market, leveraging existing trenching and utility corridor access.

The U.S. fiber-optic cable market was valued at USD 2.9 billion in 2024, set to grow at a CAGR of 8.3% during 2025-2032, to reach USD 5.3 billion in 2032. The U.S. optic fiber market reached USD 3.1 Billion in 2024 and is expected to reach USD 7.8 Billion by 2033, exhibiting a CAGR of 10.8% during 2025-2033. The U.S. governments Infrastructure Investment and Jobs Act allocated over $65 billion for broadband access by 2024, with a large portion for fiber optic installations. The Broadband Equity, Access, and Deployment (BEAD) program is a factor in this acceleration. As of 2024, fiber optic networks occupied approximately 52% of homes and businesses in the US. In 2023 alone, nine million new fiber installations marked a 13% increase.

Pursue international expansion outside of North America, perhaps targeting a stable European market with high renewable energy investment.

The Europe Renewable Energy Market size reached USD 381.45 billion in 2024, with a projected reach of US$ 1,237.51 billion by 2033, at a CAGR of 13.97% from 2025 to 2033. Another estimate shows the market size reached USD 241.9 Billion in 2024, projected to reach USD 445.0 Billion by 2033, at a CAGR of 7.01% during 2025-2033. The EU targets 42.5% gross final energy consumption from renewables by 2030. Annual spending on EU grids is set to exceed USD 70 billion in 2025. In 2024, renewables generated 50% of electricity used in the EU, with the investment ratio of renewable generation to unabated fossil fuel power at 35:1.

Acquire a firm specializing in industrial process piping or mechanical services to broaden the C&I offering beyond electrical work.

The U.S. Process Piping Market Size was estimated at 139.9 USD Billion in 2024, projected to grow to 223.06 USD Billion by 2035, exhibiting a CAGR of 4.33% during 2025 - 2035. North America holds the largest market share for process piping at approximately 40%. The United States MEP (Mechanical, Electrical, and Plumbing) services market size stands at USD 32.55 billion in 2025. Within the mechanical services market in 2024, Healthcare accounted for 29.1% of the size, while Data centers are rising at an 8.2% CAGR.

Establish a new business unit focused on providing long-term maintenance contracts for large-scale industrial facilities, a new recurring revenue model.

MYR Group Inc. reported total backlog as of September 30, 2025, of $2.66 billion. The Commercial & Industrial (C&I) segment backlog as of September 30, 2025, was $1.73 billion. For the first nine months of 2025, C&I segment revenues were $1.21 billion, an increase of $110.9 million from the first nine months of 2024. The C&I segment operating income margin rose to 4.7% in Q1 2025, up from 3.5% a year ago. MYR Group reported full-year 2024 EBITDA of $117.8 million and a full-year 2024 revenue of $3.36 billion, compared to $3.64 billion in 2023. For the last twelve months ending June 30, 2025, MYR Group achieved total revenue of $3.45 billion.

Metric	MYRG Current (LTM Q3 2025)	Market Data Point	Value
Total Revenue	$3.51 Billion (TTM 2025)	U.S. Water & Wastewater Market Size (2025)	USD 68.54 billion
C&I Revenue (9M 2025)	$1.21 billion	Europe Renewable Energy Market Size (2024)	USD 381.45 billion
Total Backlog (Sep 30, 2025)	$2.66 billion	U.S. Process Piping Market Size (2024)	139.9 USD Billion
Q2 2025 Net Income	$26.5 million	U.S. Fiber Optic Market CAGR (2025-2033)	10.8%

• T&D Segment Revenue (FY 2024): $1.88 billion.
• C&I Segment Revenue (FY 2024): $1.48 billion.
• Q1 2025 Gross Margin: 11.6%.
• Q1 2025 EPS: $1.45.
• T&D Operating Margin Target (2025): 7%-10.5%.
• C&I Operating Margin Target (2025): 4%-6%.