Southland Holdings Inc

southlandholdings.com

What Do They Do?

Builds bridges, roadways and marine facilities for public agencies and private site owners.

How Do They Make Money?

Public agencies and private project owners pay for construction contracts, mostly fixed-price or per-unit; bills come on a schedule, at work milestones, or as services are provided, while revenue builds as work progresses.

revenue

Segment	Share	Revenue	How money arrives
Civil Sold outright	44% FY2022: 26%		Sold outright
Transportation Sold outright	56% FY2022: 74%		Sold outright

Who Are Their Customers?

Public agencies, utilities, and private site owners hire Southland for projects, mainly through competitive bids and sometimes by direct negotiation.

Customers above 10% of revenue, FY2025

of revenue from two customers (15%, 12%)

FY2024: 24% from two customers

Do Revenues Turn Into Profits?

Not on paper. It lost $306.5M in FY2025, but brought in more cash than it spent: $12.7M of free cash flow.

Operating income, FY2025

−28% of revenue

▲ +72% (Loss) vs FY2024 (−$126.3M, −13%)

Net income, FY2025

−40% of revenue

▲ +191% (Loss) vs FY2024 (−$105.4M, −11%)

Free cash flow, FY2025

2% of revenue

▲ Now profitable vs FY2024 (−$5.5M, −1%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −47%; vs $215.4M in Q2 FY2025
Net income: ▲ +718% (Loss); vs −$10.3M in Q2 FY2025

Transportation share of revenue vs 62.2% in Q2 FY2025

Aug 27, 2026 Settlement expected to improve pretax income by approximately $29 million Southland will pay Liberty $5 million by September 30, 2026, settling approximately $36.4 million of surety losses.

Shrinking. Revenue fell 40% in 4 years, from $1.3B in FY2021 to $772.2M in FY2025, about 12% a year.

Revenue over time

Civil Transportation

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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