Limbach Holdings, Inc. · NASDAQ:LMB
Limbach — Q1 2026 Earnings Presentation
28 slides from Limbach's earnings presentation, May 6, 2026
Slide 1: First Quarter Results
CRITICAL SYSTEMS, AHEAD OF THE MOMENT INVESTOR PRESENTATION 2026 FIRST QUARTER RESULTS NASDAQ: LMB
Slide 2: Forward-looking statements
WE MAKE FORWARD-LOOKING STATEMENTS IN THIS PRESENTATION WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. THESE FORWARD-LOOKING STATEMENTS RELATE TO EXPECTATIONS OR FORECASTS FOR FUTURE EVENTS, INCLUDING, WITHOUT LIMITATION, THE EXECUTION OF THE COMPANY’S LONG-TERM STRATEGI
Slide 3: About Limbach
ABOUT LIMBACH 3
Slide 4: Who We Are
WHO 125 21 1600 WE ARE YEARS IN BUSINESS BRANCH LOCATIONS EMPLOYEES1 • Leading Building Systems Solutions Firm 6 MEPC 6 ACQUISITIONS MISSION-CRITICAL SYSTEMS MARKETS EXPERTISE COMPLETED SINCE 2021 • Revitalizes & Maintains Mission-Critical Systems • Keeping Buildings Ready to Perform When 75.1% $240
Slide 5: What We Do
WHAT We design, optimize, deliver & maintain custom engineered solutions for Mechanical, Electrical, Plumbing & Controls Systems. WE DO INTEGRATED REPLACEMENTS RENTAL FACILITY & RETROFITS EQUIPMENT PLANNING We help owners make smarter building We help owners maximize efficiency We keep facilities op
Slide 6: Who We Partner With
WHO WE We partner with Building Owners with PARTNER WITH Mission-Critical MEPC Infrastructure. Healthcare Industrial & Manufacturing Data CONFIDENTIAL HYPERSCALE CONFIDENTIAL COLOCATION Centers DATA CENTERS DATA CENTERS Life Science Higher Education Cultural & Entertainment 6
Slide 7: Where We Work: Local Presence with National Reach
WHERE LOCAL PRESENCE WITH NATIONAL REACH WE WORK 21 LOCATIONS Operating Footprint Branch Locations Limbach HQ 1600 EMPLOYEES 7
Slide 8: How We're Different
HOW WE’RE We combine engineering, field execution, and enterprise-scale delivery into one standardized DIFFERENT platform enabling us to capture more scope, guarantee performance, and serve customers nationally. ONE-STOP-SHOP SYSTEM AGNOSTIC ONE PARTNER Integrated Engineering Solutions-First, Interc
Slide 9: Operating Segments
OPERATING SEGMENTS 25% GCR For 2025 OWNER DIRECT GENERAL CONTRACTOR RELATIONSHIPS (ODR) RELATIONSHIPS (GCR) Building Type: Existing Buildings + Infrastructure Building Type: New Construction ODR work is driven by developing and proposing 75% GCR projects are characterized as having a customized solu
Slide 10: Growth Strategy
GROWTH STRATEGY 10
Slide 11: Three Pillar Approach to Growth
THREE PILLAR APPROACH TO GROWTH ORGANIC SEGMENT MARGIN EXPANSION SCALE THROUGH REVENUE PERCENTAGE THROUGH EVOLVED ACQUISITIONS MIX STABILIZATION CUSTOMER SOLUTIONS GCR ODR Mix Stabilization of 75-80% ODR Achieving Optimal Transformation to OEM Gross Margin Expand Geographic Footprint & Higher Margin
Slide 12: Pillar 1: Increased ODR Revenue Drives Margins
PILLAR 1 INCREASED ODR REVENUE DRIVES MARGINS 30% 100% 27.8% 26.2% 25% 23.1% 75.1% 80% ODR Revenue % 66.6% of Total Revenue 18.9% 20% 17.5% Total Gross Margin 50.7% 60% 14.3% Adjusted EBITDA 15% 43.6% 1 12.3% 12.6% Margin 28.6% 40% 9.1% 10% 22.4% 6.4% 4.4% 4.7% 20% 5% 0% 0% 2020 2021 2022 2023 2024
Slide 13: Fueling Local + National Growth
PILLAR 1 FUELING LOCAL + NATIONAL GROWTH TO ACHIEVE HIGHER MARGIN MIX NATIONAL VERTICAL SALES MARKET TEAMS ENABLEMENT Dedicated vertical leadership focused Equipping and upskilling our sales on expanding national accounts while organization to capture higher-margin strengthening local market relatio
Slide 14: Pillar 2: Margin Expansion Through Evolved Solutions
PILLAR 2 MARGIN EXPANSION THROUGH EVOLVED SOLUTIONS 30% 28.2% TOTAL LEGACY1 27.3% GROSS MARGIN 24.1% 25% 19.4% 20% 17.6% 14.3% 15% 10% 2020 2021 2022 2023 2024 2025 1. Legacy branches are considered all branch locations excluding acquisitions since 2021. 14
Slide 15: Strategic Acquisition Strategy
PILLAR 3 STRATEGIC ACQUISITION STRATEGY Our disciplined M&A strategy targets scalable, consistently performing businesses that expand our geographic footprint and/or strengthen our customer solution offerings. CRITERIA GEOGRAPHIC EXPANDS CUSTOMER EXPANSION SOLUTION OFFERINGS • Expands our footprint
Slide 16: Value Creation Through Integrating into a Common Platform
PILLAR 3 VALUE CREATION THROUGH INTEGRATING INTO A COMMON PLATFORM Our acquisition strategy prioritizes alignment and specialized value, ensuring that each partnership enhances our culture and niche. By integrating into a common platform, we strengthen owner relationships and follow a proven value c
Slide 17: Value Creation Through Integrating into a Common Platform
PILLAR 3 VALUE CREATION THROUGH INTEGRATING INTO A COMMON PLATFORM PHASE 1 IMPLEMENTATION PHASE 2 IMPLEMENTATION 30% JAKE MARSHALL 28.1% 1 GROSS MARGIN 26.0% 20% 15.2% 15.5% 13.4% 10% 0% 2021 2022 2023 2024 2025 1. Jake Marshall was purchased 12/2/2021. Full year 2021 Gross Margin is based on pro fo
Slide 18: Financials
FINANCIALS 18
Slide 19: Strong Balance Sheet and Disciplined Capital Allocation Strategy
STRONG BALANCE SHEET AND DISCIPLINED CAPITAL ALLOCATION STRATEGY CASH, • $7.7 Million Free Cash Flow2 and 88.7% Cash Conversion Of Adj. EBITDA2 LEVERAGE • $7.8 Million Cash Used In Operations • $41.2 Million Net Debt3 and Net Debt3/TTM Adj. EBITDA4 of 0.55x AND 1 • $100 Million Revolver Facility and
Slide 20: Financial Goals: 2026 Guidance
FINANCIAL GOALS 1 2026 Guidance GROSS MARGIN/ REVENUE ADJUSTED EBITDA2 CASH3 $730M to $760M Total Total Gross Margin Continued Strong Cash Flow Revenue 26% to 27% 75% of Adj. EBITDA Mix Shift 75% to 80% ODR Adjusted EBITDA $90M to = Free Cash Flow $94M ODR Organic Revenue Growth 9% to 12% Adj. EBITD
Slide 21: Appendix
APPENDIX 21
Slide 22: Sustainability at Limbach
SUSTAINABILITY AT LIMBACH PEOPLE: EMPOWERING OUR TEAM & SUPPORTING OUR COMMUNITIES • We champion employee health and safety through our Hearts & Minds program PEOPLE • We offer competitive compensation and a range of benefits and programs • Our dedication to employee growth was recognized with the A
Slide 23: Operating and Financial Update: Q1 2026 Performance
OPERATING AND FINANCIAL UPDATE Q1 2026 PERFORMANCE Revenue1 Gross Profit & (Margin)1 Adjusted EBITDA2 $200 $50 $20 ODR GCR ODR GCR $160 $40 $36.7 (27.6%) $14.9 $138.9 $31.2 $15 $133.1 (22.4%) $120 $30 $90.4 $99.8 $26.2 $10 $8.7 $80 $20 $23.0 $5 $40 $10 $42.7 $39.0 $10.6 $8.2 $0 $0 $0 1Q’ 25 1Q’ 26 1
Slide 24: Non-GAAP Reconciliation Table: Adjusted EBITDA Margin
NON-GAAP RECONCILIATION TABLE RECONCILIATION OF ADJUSTED EBITDA MARGIN* Fiscal Year End December 31, Three Months Ended March 31, (in thousands) 2020 2021 2022 2023 2024 2025 2026 2025 Revenue $568,209 $490,351 $496,782 $516,350 $518,781 $646,804 $138,859 $133,108 Net income $5,807 $6,714 $6,799 $20
Slide 25: Non-GAAP Reconciliation Table: Adjusted Diluted EPS
NON-GAAP RECONCILIATION TABLE RECONCILIATION OF ADJUSTED DILUTED EARNINGS PER SHARE* Fiscal Year End December 31, Three Months Ended March 31, (In thousands, except share 2020 2021 2022 2023 2024 2025 2026 2025 and per share amounts) Net income and diluted earnings per share $5,807 $0.72 $6,714 $0.6
Slide 26: Non-GAAP Reconciliation Table: Free Cash Flow
NON-GAAP RECONCILIATION TABLE RECONCILIATION OF FREE CASH FLOW* Fiscal Year Ended December 31, Three Months Ended March 31, (in thousands) 2020 2021 2022 2023 2024 2025 2026 2025 Adjusted EBITDA: $25,111 $23,276 $31,765 $46,801 $63,714 $81,802 $8,670 $14,872 Free Cash Flow: Net Income $5,807 $6,714
Slide 27: Supplemental Revenue Disclosures
SUPPLEMENTAL REVENUE DISCLOSURES ORGANIC & ACQUISITION-RELATED REVENUE* (in thousands except for percentages) ODR % GCR % Total % Revenue Revenue: Three months ended March 31, 2025 $90,393 $42,715 $133,108 Components of revenue change: Organic revenue decline (4,882) (5.4)% (12,909) (30.2)% (17,791)
Slide 28: Contact Us
CONTACT US INVESTOR RELATIONS Financial Profiles LMB-IR@limbachinc.com @Limbach @Limbach @Limbachinc @Limbach @LimbachFacilityServices 28