Myr Group Inc. (MYRG): ANSOFF MATRIX ANÁLISE [JAN-2025 Atualizado]

No cenário dinâmico da infraestrutura e construção elétrica, o Myr Group Inc. fica na encruzilhada da transformação estratégica, preparada para redefinir seu posicionamento de mercado através de uma matriz de Ansoff meticulosamente criada. Ao navegar estrategicamente na penetração, desenvolvimento, inovação de produtos e diversificação de produtos, a empresa deve desbloquear oportunidades de crescimento sem precedentes em utilidade, energia renovável e setores tecnológicos emergentes. Esse roteiro estratégico não apenas promete expandir a pegada da empresa, mas também posiciona o Myr Group como líder visionário em um ecossistema industrial cada vez mais complexo e em evolução.

Myr Group Inc. (MYRG) - ANSOFF MATRIX: Penetração de mercado

Expanda as ofertas de serviços dentro dos mercados de infraestrutura elétrica e construção existentes

O Myr Group Inc. relatou receita total de US $ 2,47 bilhões em 2022, com serviços de infraestrutura elétrica representando 64% da receita total. A empresa opera através de dois segmentos primários: comercial & Industrial (C&I) e transmissão & Distribuição (T&D).

Segmento	2022 Receita	Quota de mercado
Comercial & Industrial	US $ 1,26 bilhão	51%
Transmissão & Distribuição	US $ 1,21 bilhão	49%

Aumentar os esforços de marketing direcionados à utilidade e nos setores de energia renovável

Em 2022, o MYR Group investiu US $ 12,5 milhões em iniciativas de marketing estratégico direcionadas aos mercados de energia renovável.

• Backlog de projeto de energia renovável aumentou 22% em 2022
• Os projetos de infraestrutura solar e eólica cresceram 18% ano a ano
• A alocação direcionada do orçamento de marketing aumentou 15%

Implementar estratégias agressivas de licitação para ganhar mais contratos regionais e nacionais

O Myr Group enviou 327 lances competitivos em 2022, com uma taxa de vitória de 42%. O valor total do contrato dos lances ganhos atingiu US $ 1,85 bilhão.

Categoria de oferta	Número de lances	Taxa de vitória	Valor do contrato
Contratos regionais	214	38%	US $ 1,1 bilhão
Contratos nacionais	113	48%	US $ 750 milhões

Aumente a eficiência operacional para fornecer preços mais competitivos

O MYR Group obteve redução de custo operacional de 7,3% em 2022, permitindo estratégias de preços mais competitivas.

• A taxa de despesa operacional diminuiu de 18,2% para 16,9%
• Investimento tecnológico em eficiência operacional: US $ 8,3 milhões
• A produtividade do trabalho aumentou 6,5%

Desenvolver relacionamentos mais fortes com clientes atuais e industriais

O MYR Group manteve uma taxa de retenção de clientes de 92% em 2022, com 78 clientes industriais e de utilidade de longo prazo.

Categoria de cliente	Número de clientes	Duração média do contrato	Repita a taxa de negócios
Clientes de serviços públicos	45	4,7 anos	95%
Clientes industriais	33	3,9 anos	88%

Myr Group Inc. (MYRG) - ANSOFF MATRIX: Desenvolvimento de mercado

Mercados de energia renovável emergente de alvo

Em 2022, o mercado de energia renovável dos EUA atingiu US $ 269,5 bilhões, com investimentos em infraestrutura solar e eólica totalizando US $ 87,3 bilhões. Os projetos de infraestrutura de energia renovável do Myr Group aumentaram 42% ano a ano.

Segmento de mercado	Valor de investimento	Taxa de crescimento
Infraestrutura solar	US $ 53,6 bilhões	37%
Infraestrutura de energia eólica	US $ 33,7 bilhões	45%

Expanda a presença geográfica

Atualmente, o Myr Group opera em 48 estados, com expansão planejada em 5 regiões carentes no sudoeste e no Centro -Oeste.

• Estados de expansão direcionados: Novo México, Wyoming, Montana, Dakota do Norte, Dakota do Sul
• Investimento de infraestrutura projetada: US $ 127 milhões
• Penetração de mercado esperada: 18% dentro de 24 meses

Desenvolver pacotes de serviços especializados

O mercado de infraestrutura elétrica de data center projetou -se para atingir US $ 42,6 bilhões até 2025. Os serviços especializados do Myr Group têm como objetivo esse segmento crescente.

Categoria de serviço	Potencial de mercado	Receita projetada
Infraestrutura elétrica de data center	US $ 12,3 bilhões	US $ 89,5 milhões

Parcerias estratégicas com empresas de serviços públicos

O MYR Group identificou 37 empresas de serviços públicos para parcerias em potencial em territórios inexplorados.

• Regiões de parceria em potencial: Mountain West, Pacific Northwest
• Valor estimado da parceria: US $ 215 milhões

Mercados de construção de infraestrutura adjacentes

A experiência existente do Myr Group os posiciona para entrar em mercados adjacentes com potencial estimado de US $ 673 milhões.

Mercado adjacente	Tamanho de mercado	Potencial de entrada
Infraestrutura de telecomunicações	US $ 287 milhões	US $ 92 milhões
Infraestrutura de transporte	US $ 386 milhões	US $ 124 milhões

Myr Group Inc. (MYRG) - ANSOFF MATRIX: Desenvolvimento de produtos

Invista em tecnologias avançadas de modernização de grade elétrica

O Myr Group Inc. investiu US $ 23,4 milhões em tecnologias de modernização de grade em 2022. A Companhia relatou um aumento de 17,6% nos projetos de atualização de infraestrutura elétrica durante o ano fiscal.

Investimento em tecnologia	Quantia	Ano
R&D de modernização da grade	US $ 23,4 milhões	2022
Desenvolvimento de tecnologia de grade inteligente	US $ 15,7 milhões	2022

Desenvolva serviços especializados para projetos emergentes de infraestrutura de energia limpa

O Myr Group garantiu US $ 127,5 milhões em contratos de infraestrutura de energia limpa em 2022, representando um crescimento de 22,3% em relação ao ano anterior.

• Projetos de infraestrutura solar: US $ 42,3 milhões
• Infraestrutura de energia eólica: US $ 55,2 milhões
• Sistemas de armazenamento de bateria: US $ 30 milhões

Crie soluções inovadoras de integração de sistemas elétricos para tecnologias de grade inteligente

A empresa desenvolveu 14 novas soluções de integração de grade inteligente em 2022, com um valor estimado de mercado de US $ 38,6 milhões.

Solução de grade inteligente	Custo de desenvolvimento	Valor potencial de mercado
Sistemas de monitoramento avançado	US $ 5,2 milhões	US $ 12,7 milhões
Gerenciamento de grade preditiva	US $ 4,8 milhões	US $ 11,3 milhões

Aprimore o monitoramento digital e as ofertas de serviços de manutenção preditiva

O MYR Group aumentou a receita do serviço de monitoramento digital em 26,4%, atingindo US $ 47,3 milhões em 2022.

• Desenvolvimento de software de manutenção preditiva: US $ 8,6 milhões
• Integração da tecnologia do sensor: US $ 12,4 milhões
• Sistemas de monitoramento em tempo real: US $ 26,3 milhões

Desenvolva soluções de engenharia elétrica personalizadas para projetos industriais complexos

A empresa concluiu 37 projetos complexos de engenharia elétrica industrial em 2022, gerando US $ 89,7 milhões em receitas especializadas do projeto.

Setor industrial	Número de projetos	Receita do projeto
Fabricação	15	US $ 36,5 milhões
Produção de energia	12	US $ 29,2 milhões
Infraestrutura	10	US $ 24 milhões

Myr Group Inc. (MYRG) - ANSOFF MATRIX: Diversificação

Explore oportunidades no desenvolvimento de infraestrutura de telecomunicações

O Myr Group Inc. relatou receita de infraestrutura de telecomunicações de US $ 81,4 milhões em 2022. O segmento de telecomunicações representou 12,7% da receita total da empresa.

Métricas de infraestrutura de telecomunicações	2022 dados
Receita total	US $ 81,4 milhões
Porcentagem de segmento	12.7%
Crescimento ano a ano	8.3%

Investigue investimentos em potencial em infraestrutura de carregamento de veículos elétricos

O potencial investimento em infraestrutura de EV do MYR Group alinha com projeções de mercado de US $ 103,7 bilhões no mercado global de carregamento EV até 2028.

• O mercado global de cobrança de EV deve atingir US $ 103,7 bilhões até 2028
• CAGR projetado de 32,1% na infraestrutura de carregamento de EV
• O mercado norte -americano estimou em US $ 27,4 bilhões até 2026

Considere a expansão internacional nos mercados de serviços públicos canadenses e mexicanos

Potencial de mercado internacional	Tamanho de mercado
Mercado de utilidade canadense	US $ 38,6 bilhões
Mercado de utilidade mexicana	US $ 24,3 bilhões

Desenvolva serviços de consultoria para transição energética e transformação da grade

O mercado de consultoria de transição de energia projetou atingir US $ 14,2 bilhões globalmente até 2025.

• Taxa de crescimento do mercado de consultoria de transformação da grade: 15,6%
• Oportunidade de receita potencial: US $ 3,7 milhões no primeiro ano

Investigue potencial integração vertical por meio de tecnologia ou fabricação de equipamentos

Métricas de investimento em fabricação	Valor projetado
Investimento inicial de fabricação	US $ 22,5 milhões
Receita anual potencial	US $ 47,6 milhões
Retorno estimado do investimento	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%.