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EMCOR GROUP, INC.

2020 ANNUAL REPORT

Resilient.

"Resilient is the word that best describes our people at EMCOR, and I could not be more thankful nor more humbled

to be a part of this team."

- Tony Guzzi

FINANCIAL HIGHLIGHTS

in thousands of dollars, except per share data	2020	2019	2018	2017	2016
Revenues	$8,797,061	$9,174,611	$8,130,631	$7,686,999	$7,551,524
Gross profit	$1,395,382	$1,355,868	$1,205,453	$1,147,012	$1,037,862
Impairment loss on goodwill, identifiable
intangible assets, and other long-lived assets	$232,750	-	$907	$57,819	$2,428
Operating income	$256,834	$460,892	$403,083	$328,902	$306,929
Net income attributable to EMCOR Group, Inc.	$132,943	$325,140	$283,531	$227,196	$181,935
Diluted earnings per share from continuing operations	$2.40	$5.75	$4.89	$3.83	$3.02
Equity	$2,053,244	$2,057,780	$1,741,441	$1,674,117	$1,537,942

Photo: Joe Radtka / Concor Networks / emcornation.com

Letter from

Our CEO

In a year in which we all faced unprecedented challenges, EMCOR managed to deliver outstanding performance for its customers and shareholders. Our Mission First, People Always values guided us as we sought to keep our employees safe, serve our customers, and adapt to a new reality in 2020. Resilient is the word that best describes our people at EMCOR, and I could not be more thankful nor more humbled

to be a part of this team. Our long-term investments in leadership development and business acumen paid significant dividends for our customers, suppliers, owners, employees, and the communities that we serve.

Our results for 2020 set EMCOR annual performance records for adjusted (non-GAAP) earnings per share, operating income, and operating income margin.

In addition, we experienced record operating cash flow. These are all important achievements, but the most important accomplishment of 2020 was our ability to deliver for our customers while keeping our workforce productive and safe with an industry leading Total Recordable Incident Rate (TRIR) of 1.20.

In most geographies, our work was deemed essential, and our employees continued to operate through the pandemic - sometimes under challenging circumstances. Our primary focus, as always, was

to seek to keep our employees safe in this new work environment through a comprehensive range of policies and initiatives, including the issuance of updated safety guidelines, new and updated training programs, and the provision of personal protective equipment. This allowed us to deliver for our customers on their critical projects and service work while maintaining excellent productivity. This exceptional performance, despite the challenges in the COVID work environment, is a testament to the leadership shown by our front-line workers and subsidiary, segment, and corporate staff. We could not have done it without them.

Importantly, the environment created by the pandemic caused our customers to adjust their operations and brought some of our services to the forefront to meet their needs.

Through our indoor air quality (IAQ) services, we helped our customers keep their own employees, tenants, and customers safe. Innovative solutions such as UV-C technology and ionization air purification have become essential to building systems, not only helping to keep occupants safe but also improving mechanical efficiency. We were prepared to deliver these solutions through our leading mechanical and site-based services businesses.

In addition to IAQ services, we continued to help our customers reduce their own carbon footprint through services such as lighting retrofits,

EMCOR GROUP, INC. 2020 ANNUAL REPORT

mechanical and electrical solutions that minimize energy consumption, and the construction of cogeneration power plants, fuel cell facilities, and solar and wind projects - all essential tools in the global response to climate change. These services have become even more important as we look to the future to not only help customers reduce their carbon footprint but also make their facilities more productive and efficient.

Our capabilities were also in demand as the move to an even more interconnected and digital economy accelerated as a result of the pandemic. EMCOR has leading data center construction, retrofit, and maintenance capabilities and has played a role in over 850 data center construction projects over the last 20 years through the delivery of mechanical, fire protection and/or electrical systems in these mission critical facilities. In many ways, these projects showcase the best in EMCOR's capabilities including planning, Building Information Modeling (BIM), pre-fabrication, workforce development, management, and engineering. The demand for these complex data centers will also continue to increase as companies seek more secure solutions to prevent and contain cyber attacks.

We were partners with our healthcare customers; from clinics and hospitals to biotech and pharmaceutical plants, as they adjusted

their processes and facilities to serve their customers and patients during the pandemic. EMCOR companies built temporary hospitals, reconfigured existing hospitals, and helped

pharmaceutical companies expand their production facilities. In many cases, we were a "go to" resource as we knew the facilities and had the technical capability and financial capacity to quickly staff projects with the right resources and deliver a quality result, on-time and under pressure.

Our values of Mission First, People Always serve as our bedrock. We will continue to foster an environment based upon Mutual Respect and Trust and believe that Teamwork is essential to all. We remain committed to rewarding performance and building a workforce that strives to be a model of diversity and inclusion.

As we move forward into a future that is very different from the one that we anticipated at the start of 2020, we view our services as more essential than ever. We believe that we have built a company that people want to work for, our customers are proud to partner with, and our owners view as a good long-term investment.

Thank you for your interest in EMCOR, and we look forward to continuing to perform for our stakeholders.

Anthony J. Guzzi

Chairman, President and Chief Executive Officer

EMCOR GROUP, INC. 2020 ANNUAL REPORT

Board of Directors

John W. Altmeyer Executive Chairman of GAF Commercial Roofing

Anthony J. Guzzi Chairman, President and Chief Executive Officer of EMCOR Group, Inc. Richard F. Hamm, Jr. Managing Member of Siesta Properties LLC

U.S. Army Maj. Gen. (Ret.) Ronald L. Johnson Professor, School of Industrial and Systems Engineering at the Georgia Institute of Technology

David H. Laidley Chairman Emeritus and Former Chairman of Deloitte LLP (Canada) Carol P. Lowe Executive Vice President and Chief Financial Officer of FLIR Systems, Inc. M. Kevin McEvoy Former Chief Executive Officer of Oceaneering International, Inc.

William P. Reid Former Chief Executive Officer of EMCOR Industrial Services, Inc. and Ohmstede Ltd. Steven B. Schwarzwaelder Former Director of McKinsey & Company

Robin Walker-Lee Former Executive Vice President, General Counsel and Secretary of TRW Automotive Holdings

Corporate Officers

Anthony J. Guzzi Chairman, President and Chief Executive Officer

Mark A. Pompa Executive Vice President and Chief Financial Officer

R. Kevin Matz Executive Vice President, Shared Services

Maxine Lum Mauricio, Esq. Executive Vice President, General Counsel and Corporate Secretary Peter Baker Vice President, Chief Information Officer

Laura M. D'Entrone Vice President and Chief Information Security Officer

Paul Desmarais Vice President, Taxation

Steven H. Fried Vice President, Compliance

Lisa H. Haight Vice President, Human Resources

John C. Lawson Vice President, Risk Management

Jason R. Nalbandian Vice President and Controller

Matthew R. Pierce Vice President, Safety, Quality, and Productivity

Anthony R. Triano Vice President, Integrated Services

Kostas Christakos Treasurer

EMCOR GROUP, INC. 2020 ANNUAL REPORT