Granite Construction Incorporated (GVA): Analyse du pilon [Jan-2025 MISE À JOUR]

Dans le monde dynamique de la construction, Granite Construction Incorporated (GVA) navigue dans un paysage complexe de défis et d'opportunités. Cette analyse complète du pilon dévoile les facteurs externes complexes qui façonnent la trajectoire stratégique de l'entreprise, des investissements d'infrastructure axés sur les politiques aux innovations technologiques de pointe. En disséquant les dimensions politiques, économiques, sociologiques, technologiques, juridiques et environnementales, nous explorerons comment GVA s'adapte et prospère dans une industrie en constante évolution qui se trouve à l'intersection critique du développement des infrastructures, de la progression technologique et des progrès durables.

Granite Construction Incorporated (GVA) - Analyse du pilon: facteurs politiques

Les politiques d'investissement des infrastructures ont un impact sur les travaux publics et les projets de transport

La loi bipartite sur les infrastructures (Infrastructure Investment and Jobs Act) a alloué 1,2 billion de dollars Pour les investissements dans les infrastructures, influençant directement les opportunités de projet de Granite Construction. Les dépenses fédérales sur les infrastructures devraient augmenter les valeurs du projet de construction par 15.7% jusqu'en 2025.

Catégorie d'investissement dans l'infrastructure	Financement alloué
Infrastructure de transport	584 milliards de dollars
Réparation et remplacement du pont	110 milliards de dollars
Améliorations de transport en commun	89 milliards de dollars

Financement des transports fédéraux et étatiques

Le financement du transport au niveau de l'État pour 2024 indique des possibilités de contrat potentielles pour la construction de granit:

• Budget de transport en Californie: 22,8 milliards de dollars
• Budget de transport du Texas: 13,5 milliards de dollars
• Budget de transport de l'Arizona: 1,2 milliard de dollars

Règlements gouvernementaux sur les dépenses d'infrastructure

Mandat des réglementations fédérales 25% des projets d'infrastructure Doit prioriser les petites entreprises défavorisées, créant des opportunités compétitives pour la construction de granit.

Exigence de conformité réglementaire	Pourcentage
Participation des petites entreprises	25%
Inclusion commerciale appartenant à des minorités	10%
Embauche locale	30%

Politiques de partenariat public-privé

La taille du marché du partenariat public-privé (P3) pour les projets d'infrastructure est estimée à 67,8 milliards de dollars en 2024, avec un taux de croissance projeté de 12.5% annuellement.

• Secteurs du projet P3:
  • Transport: 45% du total des projets
  • Infrastructure d'eau: 22% du total des projets
  • Infrastructure énergétique: 18% du total des projets

Granite Construction Incorporated (GVA) - Analyse du pilon: facteurs économiques

Industrie de la construction La nature cyclique influence les performances financières de GVA

Les revenus de Granite Construction pour l'exercice 2023 étaient de 3,86 milliards de dollars, reflétant la volatilité de l'industrie. Le bénéfice net de la société était de 48,1 millions de dollars, avec une marge brute de 16,7%.

Métrique financière	Valeur 2023	Valeur 2022
Revenus totaux	3,86 milliards de dollars	3,72 milliards de dollars
Revenu net	48,1 millions de dollars	41,3 millions de dollars
Marge brute	16.7%	15.9%

Les fluctuations des taux d'intérêt ont un impact sur le financement du projet et l'investissement en capital

En janvier 2024, les taux d'intérêt de la Réserve fédérale sont de 5,25 à 5,50%. Les dépenses en capital de Granite Construction pour 2023 étaient de 167,4 millions de dollars.

Métrique d'investissement en capital	Valeur 2023
Dépenses en capital	167,4 millions de dollars
Taux de fonds fédéraux actuels	5.25-5.50%

Les tendances des dépenses des infrastructures économiques déterminent les opportunités de marché

Les projections de dépenses des infrastructures américaines pour 2024-2026 indiquent:

• Investissement total d'infrastructure attendu: 1,2 billion de dollars
• Infrastructure de transport: 521 milliards de dollars
• Infrastructure d'eau: 129 milliards de dollars
• Infrastructure énergétique: 246 milliards de dollars

Le développement économique régional entraîne la demande de construction sur des marchés spécifiques

Distribution des revenus géographiques de Granite Construction en 2023:

Région	Contribution des revenus
Californie	42.3%
Occidental des États-Unis	68.7%
Autres régions	31.3%

Granite Construction Incorporated (GVA) - Analyse du pilon: facteurs sociaux

L'urbanisation croissante augmente la demande d'infrastructures et de services de construction

En 2024, la population urbaine américaine a atteint 285,4 millions, ce qui représente 86,3% de la population totale. La taille du marché de la construction pour les infrastructures urbaines projetées à 1,47 billion de dollars par an.

Métrique de la population urbaine	2024 données
Population urbaine totale	285,4 millions
Pourcentage de population urbaine	86.3%
Taille du marché des infrastructures urbaines	1,47 billion de dollars

Les changements démographiques de la main-d'œuvre affectent le recrutement et la rétention des talents

Les données démographiques du travail de la construction montrent l'âge médian de 42,5 ans. Pénurie de main-d'œuvre estimée à 546 000 travailleurs en 2024.

Métrique démographique de la main-d'œuvre	2024 données
Âge des travailleurs médians	42,5 ans
Pénurie de main-d'œuvre	546 000 travailleurs
Représentation des travailleurs hispaniques	30.7%

Accent croissant sur les pratiques de construction durables et vertes

Le marché de la construction verte devrait atteindre 374,2 milliards de dollars en 2024, ce qui représente 14,7% du marché total de la construction.

Métrique de la durabilité	2024 données
Taille du marché de la construction verte	374,2 milliards de dollars
Pourcentage de la construction totale	14.7%
Projets certifiés LEED	93,224

Attentes communautaires pour les projets de construction respectueux de l'environnement

Les préférences de durabilité communautaire stimulent 62,3% des décisions du projet de construction en 2024.

Métrique de la durabilité communautaire	2024 données
Décisions du projet influencées par la durabilité	62.3%
Engagement de réduction du carbone	37.6%
Engagement communautaire dans les projets	48.2%

Granite Construction Incorporated (GVA) - Analyse du pilon: facteurs technologiques

Les technologies de construction avancées améliorent l'efficacité du projet et la gestion des coûts

En 2023, Granite Construction a investi 12,3 millions de dollars dans les technologies de construction avancées, ciblant une amélioration de 17,5% de l'efficacité du projet. La société a déployé des systèmes de modélisation des informations de construction (BIM) dans 62% de ses principaux projets d'infrastructure.

Investissement technologique	Montant ($ m)	Gain d'efficacité (%)
Technologies de construction avancées	12.3	17.5
Implémentation du système BIM	7.6	14.2

Transformation numérique dans les systèmes de gestion de la construction

Granite Construction a mis en place des plates-formes de gestion de projet basées sur le cloud, réduisant les coûts opérationnels de 22,3% et augmentant l'efficacité de collaboration en temps réel de 35,6%.

Métriques de transformation numérique	Pourcentage d'amélioration
Réduction des coûts opérationnels	22.3%
Efficacité de collaboration	35.6%

Adoption de l'IA et de l'apprentissage automatique

Systèmes de planification de projet alimentés par l'IA A permis de construire du granit de réduire le risque de projet de 28,4%, les algorithmes d'apprentissage automatique analysant 1 247 ensembles de données de projet historiques en 2023.

Application technologique AI	Réduction des risques	Ensembles de données analysés
Évaluation des risques de projet	28.4%	1,247

Mise en œuvre des technologies de drones et de GPS

Granite Construction a déployé 87 drones d'arpentage avancés et systèmes de suivi GPS, réduisant les coûts de surveillance du site de 19,7% et améliorant la précision de l'enquête sur le site à 96,3%.

Technologie	Nombre d'unités	Réduction des coûts	Exactitude de l'enquête
Arpentage des drones	87	19.7%	96.3%

Granite Construction Incorporated (GVA) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations de sécurité et aux normes de travail

En 2023, Granite Construction a déclaré 0,99 taux d'incident enregistrable total (TRIR), contre la moyenne de l'industrie de la construction de 2,7. Les coûts de conformité de l'OSHA pour l'entreprise étaient d'environ 3,2 millions de dollars en 2023.

Métrique de sécurité	Granite Construction 2023	Moyenne de l'industrie
Taux d'incident total enregistrable	0.99	2.7
Dépenses de conformité OSHA	$3,200,000	N / A
Heures de formation à la sécurité	42,750	N / A

Lois sur la protection de l'environnement régissant les pratiques de construction

Granite Construction a alloué 7,5 millions de dollars pour les initiatives de conformité et de durabilité environnementales en 2023. La société a reçu 3 citations environnementales avec des amendes totales de 215 000 $.

Métrique de la conformité environnementale	2023 données
Budget de conformité environnementale	$7,500,000
Citations environnementales	3
Fines environnementales totales	$215,000

Gestion contractuelle des risques dans les grands projets d'infrastructure

En 2023, Granite Construction a géré 2,3 milliards de dollars de contrats d'infrastructure actifs. Les dépenses de gestion des risques juridiques étaient de 4,6 millions de dollars, ce qui représente 0,2% du total des revenus du projet.

Métrique de gestion des risques contractuelle	Valeur 2023
Valeur du contrat d'infrastructure active	$2,300,000,000
Dépenses de gestion des risques juridiques	$4,600,000
Pourcentage des revenus du projet	0.2%

Risques potentiels en matière de litige dans les accords de construction complexes

Granite Construction a été confronté à 12 litiges actifs en 2023, avec une exposition potentielle sur les litiges de 45,7 millions de dollars. Les frais de règlement et de défense juridique étaient de 3,2 millions de dollars.

Métrique du risque de contentieux	2023 données
Conflits juridiques actifs	12
Exposition potentielle au litige	$45,700,000
Frais de défense et de règlement juridiques	$3,200,000

Granite Construction Incorporated (GVA) - Analyse du pilon: facteurs environnementaux

Accent croissant sur les méthodologies de construction durable

Granite Construction a alloué 42,7 millions de dollars aux initiatives de construction durable en 2023. Les objectifs de réduction de carbone de la société visent à réduire les émissions de gaz à effet de serre de 25% d'ici 2030.

Métrique de la durabilité	2023 données	2024 projeté
Utilisation des matériaux recyclés	37.5%	42.3%
Conservation de l'eau	22,1 millions de gallons économisés	26,4 millions de gallons ciblés
Améliorations de l'efficacité énergétique	Réduction de 18,6%	23,4% de réduction planifiée

Stratégies de réduction des émissions de carbone dans les processus de construction

Granite Construction a signalé 127 500 tonnes métriques d'émissions de CO2 en 2023, avec un plan stratégique pour réduire cela à 95 600 tonnes métriques d'ici 2025.

Stratégie de réduction des émissions	Investissement ($)	Réduction attendue du CO2
Équipement de construction électrique	18,3 millions de dollars	22 500 tonnes métriques
Sites alimentés en énergie renouvelable	12,7 millions de dollars	15 400 tonnes métriques
Optimisation de logistique avancée	8,5 millions de dollars	9 600 tonnes métriques

Développements du projet d'infrastructure d'énergie renouvelable

En 2023, Granite Construction a achevé 14 projets d'infrastructures d'énergie renouvelable totalisant 276,5 millions de dollars, avec des projets solaires et éoliens représentant 68% du portefeuille.

Type de projet d'énergie renouvelable	Nombre de projets	Investissement total ($)
Infrastructure solaire	8	156,3 millions de dollars
Projets d'énergie éolienne	6	120,2 millions de dollars

Adaptation au changement climatique dans la conception et la construction des infrastructures

Granite Construction a développé 37 projets d'infrastructures résilientes au climat en 2023, avec 94,6 millions de dollars investis dans les technologies de conception adaptative.

Stratégie d'adaptation	Projets mis en œuvre	Investissement ($)
Designs résistants aux inondations	15	42,3 millions de dollars
Infrastructure tolérante à la chaleur	12	34,7 millions de dollars
Mises à niveau de la résilience sismique	10	17,6 millions de dollars

Granite Construction Incorporated (GVA) - PESTLE Analysis: Social factors

You're looking at how people and societal trends are shaping the playing field for Granite Construction Incorporated (GVA) right now, in 2025. The biggest social headwind remains the persistent difficulty in finding enough skilled hands to do the work.

Industry-wide labor shortages remain a key constraint on project execution

Honestly, the labor crunch isn't going away; it's just shifting. For 2025, the entire U.S. construction industry is projected to need approximately 439,000 net new workers just to keep up with anticipated demand, though this gap is slightly smaller than in previous years. This shortage constrains how fast Granite Construction can execute its backlog, especially with major infrastructure spending continuing under the Infrastructure Investment and Jobs Act (IIJA).

What this estimate hides is the localized intensity. While overall construction spending growth is slowing to under 3% in 2025 due to higher rates weighing on some sectors, massive regional projects-think new semiconductor plants and data centers-are sucking up available skilled labor nearby. If Granite Construction is bidding on a project near one of these megaprojects, staffing up becomes a real headache, no matter how good their pay is.

Here's the quick math on the labor pool:

• Estimated net new workers needed in 2025: 439,000.
• Total construction payroll workers in the U.S. (as of late 2024): 8.3 million.
• Median construction worker age: Under 42 (first time since 2011).

Focus on safety is a defintely competitive edge, with a 2024 incident rate below the industry average

Safety is where Granite Construction can really shine, and it's not just about compliance; it's about winning work. A strong safety record becomes a tangible competitive advantage when owners are choosing partners for complex, high-value projects, especially those using Best Value Procurement, which made up about 42% of GVA's committed and awarded projects (CAP) at one point.

The numbers back up their focus. While the general construction industry's Total Recordable Incident Rate (TRIR) was reported at 2.3 in 2023, Granite Construction has historically maintained a much lower rate, cited at 1.2. That difference is huge in terms of risk management and operational continuity. To be fair, safety performance is always a moving target, but their commitment is recognized; they won the 2024 R.E.A.L. Safety Award for over 1,000,000 man-hours.

Compare their performance against industry benchmarks:

Metric	Granite Construction (Reported Rate)	Construction Industry Average (Approximate/2023)
Incident Rate (General)	1.2	3 to 4
TRIR (Total Recordable Incident Rate)	Below 2.3 (Implied)	2.3 (2023 BLS Data)

Strategic shift to 'home markets' strengthens local relationships and human capital sourcing

You've seen the internal pivot: Granite Construction has fully implemented its strategy to focus exclusively on its defined 'home markets'. This isn't just a geographic preference; it's a strategy deeply tied to social capital. In these home markets, GVA claims to have strong, established relationships with local owners and regulators, which helps smooth project delivery.

Crucially, this focus helps with the labor issue we just discussed. By concentrating resources, GVA believes its reputation as a reliable, safety-focused employer makes it the employer of choice in those specific regions. They are backing this up with capital expenditures and bolt-on acquisitions to vertically integrate, ensuring reliable local supply chains, which also helps attract and retain local talent. If onboarding takes 14+ days, churn risk rises, so local familiarity matters a lot.

Finance: draft 13-week cash view by Friday.

Granite Construction Incorporated (GVA) - PESTLE Analysis: Technological factors

You're looking at how GVA is using new tools to get better project outcomes, and honestly, the tech investment is where the rubber meets the road in modern infrastructure. My take, based on what I see coming out of their 2025 reports, is that they are actively trying to digitize the job site to drive margins up, even if the shift in project mix takes time.

Investing in New Equipment and Plant Upgrades

Granite Construction Incorporated is putting serious capital to work to modernize its fleet and materials production. For the 2025 fiscal year, the company has outlined a capital expenditure (CapEx) plan that includes investing approximately $130 million specifically for new equipment and plant upgrades. This isn't just maintenance; this is about deploying newer, more efficient machinery that can handle higher throughput or reduce fuel consumption per ton of material moved. To be fair, some guidance suggested CapEx could be between $140 million and $160 million for 2025, but the $130 million figure is the target for core equipment and plant improvements. This investment directly supports the Materials segment's focus on automation and reserve expansion, which they see as key to long-term growth. Here's the quick math: If this spend translates to even a 1% improvement in construction gross profit margin, as management has targeted for 2025, that's a meaningful boost to the bottom line on their expected revenue base.

Increasing Adoption of Building Information Modeling (BIM) and Drone Surveying

The push for precision on site is real, and it hinges on digital tools. Granite Construction Incorporated has established a Construction Technology Center of Excellence strategy to learn and deploy the best technologies. This means moving beyond paper plans to integrated digital workflows. They are actively using tools like drones for rapid surveying and site monitoring, which drastically cuts down on time and risk compared to manual methods. The real power comes when this aerial data integrates with Building Information Modeling (BIM) platforms. BIM is essentially a smart 3D model that contains all the project data, helping teams catch clashes before they happen in the dirt. What this estimate hides is the internal training cost required to get every field team proficient with these systems, but the ROI, often seen within a year in the industry, makes it a necessary expense.

The technological deployment focuses on several key areas:

• Deploying drones for high-resolution mapping.
• Integrating drone data with BIM software.
• Using GPS systems like Trimble's EarthWorks for machine guidance.
• Leveraging real-time data for quality checks.

Prioritizing Collaborative Project Delivery Over Traditional Low-Bid Methods

You noted the focus on collaborative delivery, and that's a strategic pivot away from the old way of doing things. Traditional low-bid (or Bid-Build) contracts put all the risk on the contractor once the design is set. Granite is actively favoring methods where they partner earlier, like Construction Manager/General Contractor (CM/GC) or Design-Build. For instance, their selection for the I-290 Drainage Improvement Project in Illinois is under IDOT's first CM/GC contract, which emphasizes early contractor involvement. Still, the numbers show the journey isn't over. Looking at their Committed and Awarded Projects (CAP) mix as of Q1 2025, the traditional Bid-Build method still accounted for 54% of the CAP value, while Best Value Procurement-which includes Design-Build and other collaborative models-made up 40%. The goal is clearly to grow that 40% share, as these methods help mitigate dispute risks that plagued them on older, fixed-price Design-Build megaprojects. This shift is about securing better risk-sharing agreements from the start.

Here is a look at the project delivery mix based on Q1 2025 CAP value:

Procurement Method	CAP Value Percentage	Approximate Value (Based on $5.7B CAP)
Bid-Build Procurement	54%	$3.078 Billion
Best Value Procurement	40%	$2.28 Billion
Design-Build (Specific Mention)	4%	$0.228 Billion
Other Categories	2%	$0.114 Billion

Finance: draft 13-week cash view by Friday.

Granite Construction Incorporated (GVA) - PESTLE Analysis: Legal factors

You're navigating a business where the government is a primary client, which means the legal and regulatory landscape isn't just background noise; it's a core operational cost. For Granite Construction Incorporated, this reliance on public works contracts-from federal highways to state bridges-creates a defintely heavy compliance burden. You have to manage everything from Federal Acquisition Regulations (FAR) to specific state environmental mandates. Honestly, this isn't new, but the scrutiny remains high.

Heavy regulatory compliance burden due to reliance on federal and state public works contracts

Because a significant portion of Granite Construction Incorporated's work involves federal and state agencies, adherence to rules like FAR is non-negotiable. This covers everything from labor standards to ethical conduct when bidding. While the company has internal structures, like the Audit/Compliance Committee, to oversee this, past issues show the risk is real. For instance, reports indicate a history of environmental violations, with the total sum of fines connected to at least 40 such violations since 1992 exceeding $1.4 million. Furthermore, Granite Construction Incorporated settled with the SEC in 2022 for $12 million related to financial reporting fraud.

The legal team needs to keep a tight leash on field operations, as even small errors can escalate. Here are the key compliance areas that demand constant attention:

• Adherence to Federal Acquisition Regulations (FAR).
• Strict compliance with OSHA and labor laws.
• Managing environmental permits and discharge rules.
• Ensuring accurate cost charging on government work.

State-level transportation funding, like California's SB-1, provides dedicated, stable revenue streams

The good news is that the legal framework supporting infrastructure spending often creates predictable revenue for Granite Construction Incorporated. Take California's Senate Bill 1 (SB-1), for example. This legislation is designed to provide dedicated, long-term funding for transportation projects, which directly feeds your backlog. While the full 2025 allocation isn't isolated here, the projected 10-year revenue stream shows the scale of this dedicated funding, with annual figures ranging from $1,432 million up to $7,263 million across the projection period. This stability helps you plan capital expenditures, like the anticipated $140 million to $160 million in 2025 CapEx.

Collaborative contracting methods are used to mitigate project risk and reduce claims/disputes

To fight back against the inherent risk of large, complex projects, Granite Construction Incorporated is leaning into smarter contracting. They actively partner with owners during the design phase to minimize construction risks, which helps keep disputes and claims low. This strategy seems to be working; in the second quarter of 2025, gross profit was boosted by favorable claim settlements. Using these collaborative methods, often called 'best value' contracting alongside traditional bid-build, is a direct legal risk management tool, aiming to deliver projects on time and budget, which is what owners-and the law-really want to see.

Here's a quick look at Granite Construction Incorporated's recent financial scale against this legal backdrop:

Metric (As of Latest 2025 Data)	Value	Context
2024 Total Revenue	$4,007.6 million	Full Year 2024 Performance
Q2 2025 Net Income	$72 million	Quarterly Profitability
Record Committed and Awarded Projects (CAP)	$6.1 billion	Backlog as of Q2 2025
Historical Environmental Fines (Total since 1992)	Over $1.4 million	Represents compliance cost history

If onboarding new project teams takes longer than 14 days, the risk of quality control lapses-and subsequent legal exposure-rises sharply.

Finance: draft 13-week cash view by Friday.

Granite Construction Incorporated (GVA) - PESTLE Analysis: Environmental factors

You're looking at how Granite Construction Incorporated (GVA) is managing the growing environmental pressures, which, frankly, are becoming non-negotiable, especially when chasing big public works contracts.

Here's the takeaway: Granite is actively positioning its environmental stewardship as a key differentiator, not just a compliance chore. This focus on sustainability is now central to their strategy, which they call 'Sustainability Value Add,' because clients, particularly government agencies, are demanding it before they even look at the price tag. Granite's continued No. 1 ranking in Highways on Engineering News-Record's (ENR) 2025 Top Contractors List shows this strategy is resonating with the market leaders.

Sustainability as a Competitive Edge in Public Bidding

Sustainability is no longer optional; it's a core competitive advantage for winning public sector bids. Globally, public procurement spending is responsible for an estimated 15% of all greenhouse gas (GHG) emissions, meaning governments are using their purchasing power to drive decarbonization in sectors like construction.

For Granite Construction Incorporated, this means integrating environmental performance directly into their business development. The company's 2024 Sustainability Report, released in April 2025, emphasizes this focus on creating value through environmental stewardship.

Key areas where this translates into a competitive edge include:

• Meeting Green Public Procurement (GPP) criteria.
• Demonstrating lower embodied carbon in materials.
• Showing clear progress on internal emission reduction goals.

Commitment to Recycled Material Usage

Your initial thought about a 30% recycled material target is a good benchmark, but Granite's actual reported performance in their 2024 Sustainability Report shows a more measured, yet improving, commitment in their asphaltic concrete (AC) production. This is a concrete metric that public sector clients scrutinize.

Here is the recent trend for recycled input materials in AC production:

Metric	2022 Data	2023 Data	2024 Data
Recycled Content Input in Total AC Production	19.05%	18.21%	19.07%

What this estimate hides is that while the percentage is below 30%, the absolute tonnage of recycled material used is likely increasing as overall production volumes change. Still, the 19.07% figure for 2024 is the number you need to use for current discussions.

GHG Emissions Tracking and Decarbonization Efforts

Granite Construction Incorporated is actively working to reduce its GHG emissions, understanding that the industry must adapt to climate change impacts. They established a 2023 baseline to track progress, which is standard practice for aligning with frameworks like the Global Reporting Initiative (GRI).

We can see the starting point for one key area-employee business travel-which registered estimated CO2 emissions of 22,041 Metric Tons in 2023. The company is focused on building a foundation for more effective decarbonization efforts in operations. Furthermore, Granite committed $28 million companywide in 2024 to improve energy efficiency specifically at their materials facilities. That's a tangible investment in reducing their operational footprint.

Increased Scrutiny on Environmental Impact

The pressure on construction firms regarding their environmental footprint is definitely increasing from both the public and private sectors. This scrutiny is forcing companies like Granite to be more transparent, as evidenced by their detailed 2024 Sustainability Report.

This external pressure manifests in several ways:

• Client requirements for lower-carbon bids.
• Regulatory shifts favoring sustainable materials.
• Higher expectations for corporate accountability.

To be fair, this scrutiny is a double-edged sword: it raises compliance costs but also rewards leaders like Granite who are already investing in cleaner practices. If onboarding takes 14+ days longer due to new environmental review processes, project timelines get stretched.

Finance: draft 2025 capital expenditure breakdown showing the $28 million energy efficiency investment by Friday.