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IES Holdings, Inc.
−Removed: is a Delaware corporation established in 1997 and headquartered in Houston, Texas, with an executive office in Greenwich, Connecticut.
+Added: is a Delaware corporation established in 1997 and headquartered in Sugar Land, Texas, with an executive office in Greenwich, Connecticut.
CORPORATE STRATEGY
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Demand in the data center market remains strong, and we continue to provide technology infrastructure services for applications such as data centers, distribution centers, and high-tech manufacturing facilities.
−Removed: As technology evolves, we are focused on expanding our capabilities as an integrator of audio-visual and other building technology offerings, which continue to experience strong demand.
+Added: As technology evolves, we are focused on expanding our capabilities as an integrator of audio-visual, distributed antenna systems and other building technology offerings, which continue to experience strong demand.
At September 30, 2025, our Communications business has a record level of backlog.
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Originally established in 1973, our Residential segment is a leading provider of electrical installation services for single-family housing and multi-family apartment complexes, as well as HVAC and plumbing installation services in certain markets, and cable television installations for residential and light commercial applications.
−Removed: The Residential segment also provides services for the installation of residential solar power, both for new construction and existing residences.
−Removed: The Residential segment is made up of 75 total locations, which include the segment headquarters in Houston, Texas.
+Added: The Residential segment is made up of 99 total locations, which include the segment headquarters in Sugar Land, Texas.
These locations geographically cover the Sun-Belt, Western, Mid-Atlantic, Midwest and Northeastern regions of the United States.
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Our Residential business is closely correlated to the single and multi-family housing market.
−Removed: Although demand for both single-family and multi-family housing has increased in recent years, due to economic, technological or other factors, there can be no assurance that overall construction and demand will continue to increase in the future.
−Removed: In our single-family business, we remain cautious about demand for single-family housing, as elevated mortgage rates and the impacts of inflation on materials and labor costs have resulted in a decline in housing affordability.
−Removed: In addition, expectations of falling interest rates over the next year could cause consumers to delay home purchases in anticipation of lower mortgage costs.
−Removed: However, in the longer term, we still expect strong demand for new single-family housing.
−Removed: In our multi-family business, elevated interest rates in fiscal 2024 and tighter lending conditions for project owners have resulted in a reduction in backlog at September 30, 2024 compared with September 30, 2023.
+Added: Demand for both single-family and multi-family housing has decreased over the last fiscal year, as consumers continued to face housing affordability challenges as a result of elevated mortgage rates and the impacts of inflation on materials and labor costs.
+Added: In addition, expectations of falling interest rates in the near term could cause consumers to delay home purchases in anticipation of lower mortgage costs.
+Added: Over the longer term, we still expect strong demand for new single-family housing.
+Added: However, the timing of any improvement in the single-family housing market remains uncertain.
+Added: In our multi-family business, prolonged elevated interest rates and tighter lending conditions for project owners have resulted in a reduction in backlog at September 30, 2025 compared with September 30, 2024.
As a result, we expect a reduction in multi-family revenue for fiscal 2026 compared with fiscal 2025.
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Although we operate in multiple states, the majority of our single-family revenues are derived from services provided in Texas and Florida.
−Removed: The majority of our multi-family revenue is earned in Texas and across the Mid-Atlantic and Southeast regions.
+Added: The majority of our multi-family revenue is earned in Texas and across the Midwest, Mid-Atlantic and Southeast regions.
Our sales efforts include a variety of strategies, including a concentrated focus on national and regional homebuilders and multi-family developers and a local sales strategy for single and multi-family housing projects.
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the manufacture, re-manufacture, and repair of industrial lifting magnets;
+Added: the manufacture of natural gas-powered engines and parts, gas compressors, and other gas production equipment;
and maintenance and repair of railroad main and auxiliary generators, main alternators, and traction motors.
−Removed: This segment serves the steel, railroad, marine, petrochemical, pipeline, pulp and paper, wind energy, mining, automotive, power generation, scrap yards, data center, and utility industries.
−Removed: Our Infrastructure Solutions segment is comprised of 13 locations in Alabama, Georgia, Illinois, Indiana, Ohio, Oklahoma, Pennsylvania, South Carolina and West Virginia, and is headquartered in Massillon, Ohio.
+Added: This segment serves the data center, utility, oilfield, petrochemical, pipeline, power generation, pulp and paper, steel, railroad, marine, wind energy, mining, automotive, and scrap yards industries.
+Added: Our Infrastructure Solutions segment is comprised of 15 locations in Alabama, Georgia, Illinois, Indiana, Ohio, Oklahoma, Pennsylvania, South Carolina, West Virginia, and Wisconsin, and is headquartered in Massillon, Ohio.
Industry Overview
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Our Commercial & Industrial segment provides electrical and mechanical design, service, and construction services to commercial and industrial markets.
−Removed: Our construction services range from the initial planning and procurement to installation and start-up and are offered to a variety of new and remodel construction projects, ranging from the construction of office buildings and industrial facilities to transmission and distribution projects.
−Removed: Our design services range from budget assistance to providing design-build and LEED (Leadership in Energy & Environmental Design) solutions to our end customers.
−Removed: Our maintenance and emergency services include
−Removed: critical plant shutdown, troubleshooting, emergency testing, preventative maintenance, and constant presence.
+Added: Our construction services range from the initial planning and procurement to installation and start-up and are offered to a variety of new and remodel construction projects, ranging from the construction of data centers, industrial facilities and office buildings to transmission and distribution projects.
+Added: Our design services range from budget assistance to providing design-build
+Added: and LEED (Leadership in Energy & Environmental Design) solutions to our end customers.
+Added: Our maintenance and emergency services include critical plant shutdown, troubleshooting, emergency testing, preventative maintenance, and constant presence.
We also provide mechanical services such as maintenance agreements, installation, or replacement of mechanical equipment for commercial and industrial facilities.
−Removed: This segment provides services for a variety of project types, including office buildings, manufacturing facilities, data centers, wind farms, solar facilities, municipal infrastructure and health care facilities.
+Added: This segment provides services for a variety of project types, including data centers, manufacturing facilities, office buildings, wind farms, solar facilities, municipal infrastructure and health care facilities.
The Commercial & Industrial segment consists of 17 locations, which includes the segment headquarters in Houston, Texas.
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Industry Overview
−Removed: Given the diverse end markets of our Commercial & Industrial customers, which include both commercial buildings, such as offices, healthcare facilities and schools, and industrial projects, such as power, agricultural and food processing, and heavy manufacturing facilities, we are subject to many trends within the construction industry.
+Added: Given the diverse end markets of our Commercial & Industrial customers, which include both commercial buildings, such as data centers, offices, healthcare facilities and schools, and industrial projects, such as power, agricultural and food processing, and heavy manufacturing facilities, we are subject to many trends within the construction industry.
In general, demand for our Commercial & Industrial services is driven by construction and renovation activity levels, economic growth, and availability of bank or other financing.
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Delivery times are typically short for most raw materials and standard components, but during periods of peak demand, may extend to one month or more.
+Added: Orders for certain equipment such as electrical switch gear and power generators have experienced lead times of several months or more.
Fluctuations in lead times in sourcing certain components may lead to project inefficiencies resulting from schedule extensions.
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We monitor project bidding and management practices at various levels within the Company.
−Removed: maintain automobile, general liability and construction defect insurance for third-party health, bodily injury and property damage, as well as pollution coverage and workers’ compensation coverage, which we consider appropriate to insure against these risks.
+Added: We maintain automobile, general liability and construction defect insurance for third-party health, bodily injury and property damage, as well as pollution coverage and workers’ compensation coverage, which we consider appropriate to insure against these risks.
Our third-party insurance is subject to deductibles for which we establish reserves.
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We have a diverse customer base.
−Removed: During both of the years ended September 30, 2024 and 2023, one customer accounted for 12.0% of our consolidated revenues and no other customer accounted for more than 10% of our consolidated revenues.
−Removed: No single customer accounted for more than 10% of our consolidated revenues during the year ended September 30, 2022.
+Added: During the year ended September 30, 2025, no single customer accounted for more than 10% of our consolidated revenues.
+Added: One customer at our Residential segment accounted for 12.0% of our consolidated revenues and no other customer accounted for more than 10% of our consolidated revenues during the years ended September 30, 2024 and 2023.
We emphasize developing and maintaining relationships with our customers by providing superior, high-quality service.
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("Tontine Associates") and its affiliates (collectively, “Tontine”).
−Removed: Tontine owns approximately 55 percent of our outstanding common stock based on a Form 4 filed by Tontine with the United States Securities and Exchange Commission (the "SEC") on September 16, 2024, and the Company's shares outstanding as of November 18, 2024.
+Added: Tontine owns approximately 54 percent of our outstanding common stock based on a Form 4 and a Schedule 13D/A filed by Tontine with the United States Securities and Exchange Commission (the "SEC") on September 17, 2025, and the Company's shares outstanding as of November 17, 2025.
As a result, Tontine can control most of our affairs, including most actions requiring the approval of shareholders, such as the approval of any potential merger or sale of all or substantially all of the Company's assets or business segments, or the Company itself.
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Additionally, electrical installation services for single-family housing at our Residential segment are completed on a short-term basis and are therefore excluded from backlog.
+Added: In our Communications segment, we have a significant amount of shorter duration projects that can be substantially completed within a quarter.
The table below summarizes our remaining performance obligations and backlog by segment:
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At IES, we believe that attracting and retaining highly qualified and motivated employees at all levels is a key driver of our continued growth and success.
+Added: Our business depends on skilled labor to complete projects for our customers, and our management and administrative functions require professional personnel to support the business.
Our human capital management objectives include recruiting, retaining, developing, incentivizing and integrating our current and prospective employees as well as prioritizing and protecting their safety.
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For example, our Residential segment has established two residential education centers, which are dedicated facilities that train employees from around the country in the technical skills necessary for successful careers in residential electrical, plumbing and HVAC contracting.
−Removed: At all of our segments, partly in response to the COVID-19 pandemic, we expanded online training offerings to help meet the needs of our changing workplaces.
+Added: At all of our segments, we also include online training offerings to help meet the needs of our often mobile workforce.
We believe our investment in training supports employee motivation and retention at the same time that it improves productivity and performance.
We are committed to fostering a strong safety culture that supports the health, safety and wellness of our employees, and this commitment is reflected in our track record of workplace safety that exceeds industry averages.
−Removed: Our regional safety managers, under the supervision of our Senior Vice President of Safety, seek to maintain standardized safety and environmental policies, programs and procedures and provide personal protective equipment relevant to each segment, including programs to train new employees.
+Added: Our regional safety managers, under the supervision of our Vice President of Safety, seek to maintain standardized safety and environmental policies, programs and procedures and provide personal protective equipment relevant to each segment, including programs to train new employees.
Our safety leadership continuously monitors and addresses safety performance, provides regular training and educational programs on safety and participates in numerous industry safety organizations.
+Added: CLIMATE CHANGE-RELATED IMPACTS
+Added: We consider climate-related risks as part of our overall planning and risk management process, with oversight by our Board of Directors.
+Added: Challenges such as increasing frequency and severity of weather events and prolonged periods of elevated temperatures have affected, and are expected to continue to affect, our operations.
+Added: Severe weather events such as hurricanes and other storms can interrupt our operations by requiring that work be temporarily suspended on construction projects or by impacting the ability of our employees to report to work or reach job sites.
+Added: Severe weather can also have a negative effect on the housing market by increasing the cost of insurance for home buyers, particularly in the Gulf Coast region, which is an important market for our Residential segment.
+Added: Additionally, sustained elevated temperatures relative to historical norms in certain regions, especially on job sites where our employees are working outdoors, can pose health and safety challenges that require us to implement additional protective measures.
+Added: We are monitoring the impact of new and evolving regulations, which we expect will result in additional compliance costs.
+Added: For example, the State of California has recently adopted rules requiring the disclosure of a range of climate-related risks and impacts, as well as greenhouse gas emissions, and new legislation in other jurisdictions may follow.
+Added: As a result, we expect to incur increased costs to comply with such requirements.
As of September 30, 2025, we have 174 domestic locations.
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Certain information with respect to each executive officer is as follows:
−Removed: Gendell, 65, has served as the Chief Executive Officer of the Company since October 1, 2020;
−Removed: he previously served as Interim Chief Executive Officer from July 31, 2020 to September 30, 2020.
+Added: Gendell, 66, has served as Executive Chairman of the Company since July 1, 2025.
+Added: He previously served as the Chief Executive Officer from October 1, 2020 through June 30, 2025, and served as Interim Chief Executive Officer from July 31, 2020 to September 30, 2020.
Gendell has also served as a director and as Chairman of the Board since November 2016.
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Gendell held senior investment management positions at several other private investment firms, including Odyssey Partners, L.P., and began his career in investment banking over 40 years ago at Smith Barney, Harris Upham & Co., where he was involved in capital markets, corporate finance and M&A activity.
−Removed: Simmes , 49, has served as President and Chief Operating Officer of the Company since December 7, 2023;
−Removed: he previously served as Chief Operating Officer of the Company from December 3, 2021 to December 6, 2023.
+Added: Simmes , 50, has served as President and Chief Executive Officer of the Company since July 1, 2025.
+Added: He previously served as President and Chief Operating Officer of the Company from December 2023 through June 2025, and as Chief Operating Officer of the Company from December 2021 through December 2023.
Simmes has spent 30 years at IES and its predecessors in a variety of roles.
−Removed: He served as President of IES Communications from January 2017 to December 2021 and as Vice President of Operations of the segment from March 2007 to December 2016.
+Added: He served as President of IES Communications from January 2017 to December 2021 and was the segment’s Vice President of Operations from March 2006 to December 2016 and branch manager of its Arizona operations from 2003 to 2006.
McLauchlin , 56, has served as Senior Vice President, Chief Financial Officer and Treasurer of the Company since May 2015.
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From June 2004 to June 2011, Ms.
−Removed: McLauchlin was employed by Dynegy Inc., where she served as Senior Vice President and Controller from March 2009 to June 2011 and from June 2004 to March 2009 served in various other capacities in finance and accounting.
+Added: McLauchlin was with Dynegy Inc., where she served as Senior Vice President and Controller from March 2009 to June 2011, and from June 2004 to March 2009 served in various other capacities in finance and accounting.
She began her career with PricewaterhouseCoopers LLP after receiving her Master of Accounting from Rice University.
McLauchlin is a Certified Public Accountant.
−Removed: Newman , 44, has served as Vice President, General Counsel and Corporate Secretary of the Company since December 2019.
+Added: Newman , 45, has served as Senior Vice President, Chief Administrative Officer, General Counsel and Corporate Secretary of the Company since July 1, 2025, and previously served as Vice President, General Counsel and Corporate Secretary of the Company from December 2019 through June 2025.
Prior to joining IES, Ms.
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from Duke University.
+Added: Allen , 51, has served as the Chief Technical Officer of the Company since July 2024.
+Added: Previously, he was Vice President of Pre-construction at IES Communications from January 2019 to July 2024 and was a Field Application Engineer at CommScope, a network infrastructure provider, from April 2018 to December 2019.
+Added: In addition, from August 2012 to March 2018, he held various
+Added: roles at IES Communications, including National Colocation Datacenter Division Manager.
+Added: Allen is also a veteran of the United States Navy.
We have adopted a Code of Ethics for Financial Executives that applies to our principal executive officer, principal financial officer and principal accounting officer.
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The materials that we file with the SEC are also available free of charge through the SEC’s website at www.sec.gov .
−Removed: In addition to the Code of Ethics for Financial Executives, we have adopted a Code of Business Conduct and Ethics for directors, officers and employees (the Legal Compliance and Corporate Policy Manual), and established Corporate Governance Guidelines and
−Removed: adopted charters outlining the duties of our Audit, Human Resources and Compensation and Nominating/Governance Committees, copies of which may be found on our website.
+Added: In addition to the Code of Ethics for Financial Executives, we have adopted a Code of Business Conduct and Ethics for directors, officers and employees (the Legal Compliance and Corporate Policy), and established Corporate Governance Guidelines and adopted charters outlining the duties of our Audit, Human Resources and Compensation and Nominating/Governance Committees, copies of which may be found on our website.
Paper copies of these documents are also available free of charge upon written request to us.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.