Strong Commercial Segment Performance
Commercial segment revenue increased with EBITDA contribution of $37 million, up 58% year-over-year. The EBITDA margin for the overall commercial segment increased to 16.6% from 14.8% in Q2 2024.
International Market Successes
Significant project wins and execution in Brazil and EMEA, with Brazil's commercial order book up 15% year-over-year. The order book for the Commercial segment accounts for 85% of the total order book.
Order Book Stability
Consolidated order book stands at $660 million, up 4% year-over-year, with additional $100 million+ in commitments post-quarter.
Debt Reduction Strategy
Initiatives to monetize Brazilian receivables are expected to reduce net debt leverage ratio to low to mid-3x range by year-end.
SG&A Cost Improvements
Total company SG&A costs improved year-over-year as a percentage of revenue, with operational excellence initiatives optimizing spend.