ABM delivered solid top-line momentum in Q2 2025, supported by a return to organic growth in both the Buildings & Infrastructure (B&I) and Manufacturing & Distribution (M&D) segments, alongside continued strength in Aviation and Education. Total revenue rose 4.6% year-over-year to $2.11 billion, with 3.8% organic growth and contribution from the 2024 Quality Uptime Services acquisition. The quarter featured a larger contribution from Technical Solutions and a rebound in M&D, underscored by a diversified services mix (e.g., material handling and test & balancing) that aims to deepen client relationships and improve margins over time. Management reaffirmed full-year guidance for adjusted EPS of $3.65â$3.80 and projected normalized free cash flow of $250â$290 million, signaling confidence in improving cash generation as ERP-related billing frictions unwind in the second half of the year. Backlog remains healthy at ~$700 million in the Technical Solutions pipeline, with the company reporting $1.1 billion in new bookings in the first half of 2025, a company-wide record. While near-term margin pressure persists in ATS/Microgrid due to project timing and mix, ABM expects a substantial recovery in the second half as delayed projects reaccelerate. The balance sheet shows leverage at ~2.9x debt to pro forma adjusted EBITDA, with liquidity of ~$658 million and free cash flow of $15 million in the quarter, reflecting ERP-related working capital dynamics but improving cash generation as the year progresses.