Limbach Holdings, Inc. · NASDAQ:LMB
Limbach — Q3 2026 Earnings Presentation
19 slides from Limbach's earnings presentation, Nov 3, 2026
Slide 1: Third Quarter 2026 Earnings Presentation: Financial Results & Business Update
NASDAQ: LMB Third Quarter 2026 Earnings Presentation Financial Results & Business Update For the quarter ended September 30, 2026 | November 4, 2026
Slide 2: Forward-Looking Statements & Non-GAAP Measures
Forward-Looking Statements & Non-GAAP Measures | NOVEMBER 4, 2026 NASDAQ: LMB | 2 Forward-looking statements Non-GAAP and operating measures We make forward-looking statements in this presentation within the meaning of the private securities litigation reform act of 1995. These forward-looking state
Slide 3: Third-Quarter Financial and Operating Highlights
Third-Quarter Financial and Operating Highlights | NOVEMBER 4, 2026 NASDAQ: LMB | 3 Q3 2026 Revenue $230.5 million up 24.9% vs. Q3 2025 Q3 2026 Net income $9.5 million up 7.5% vs. Q3 2025 Q3 2026 Adjusted EBITDA¹ $27.4 million up 25.9% vs Q3 2025 Q3 2026 Free Cash Flow2 $22.2 million 80.9% Conversio
Slide 4: Growth Strategy and Business Mix
Growth Strategy and Business Mix | NOVEMBER 4, 2026 NASDAQ: LMB | 4 National reach. Local presence. Proactive solutions for mission-critical facilities. Build on our traditional strengths Healthcare • Industrial & manufacturing Higher education • Cultural & entertainment Expand participation in grow
Slide 5: 1901 Acquisition: Wisconsin Market & Expanded MEPC Capabilities
1901 Acquisition: Wisconsin Market & Expanded MEPC Capabilities | NOVEMBER 4, 2026 NASDAQ: LMB | 5 Base purchase price $63 Million Cash + revolver 2027 revenue ~$140 Million Full-year expectation 2027 Adj. EBITDA ~$11 Million Full-year expectation Employees ~450 350+ field professionals U.S. office
Slide 6: CYMCOR: Extending the "Mission Critical" Model
CYMCOR: Extending the "Mission Critical" Model | NOVEMBER 4, 2026 NASDAQ: LMB | 6 Early owner engagement supports informed project selection and broader customer relationships Data centers: expand the opportunity Program management Commissioning oversight Strategic consulting Connect owner relations
Slide 7: Financial Review
Financial Review Three & Nine Months Ended September 30, 2026
Slide 8: Third-Quarter Financial Performance
$9.0 $15.6 $35.7 $38.2 Q3 2025 Q3 2026 $— $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $43.2 $79.8 $141.4 $150.7 Q3 2025 Q3 2026 $— $50.0 $100.0 $150.0 $200.0 $250.0 Third-Quarter Financial Performance | NOVEMBER 4, 2026 NASDAQ: LMB | 8 Three months ended September 30 Revenue ODR GCR $230.5 Gross Profit & Ma
Slide 9: Nine-Month Financial Performance
Nine-Month Financial Performance | NOVEMBER 4, 2026 NASDAQ: LMB | 9 $27.8 $30.4 $93.4 $92.0 YTD 2025 YTD 2026 $— $25.0 $50.0 $75.0 $100.0 $125.0 $150.0 $119.2 $163.9 $340.7 $378.9 YTD 2025 YTD 2026 $— $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 Nine months ended September 30 Revenue ODR GCR Gross Prof
Slide 10: Cash Flow, Liquidity & Capital Allocation
Cash Flow, Liquidity & Capital Allocation | NOVEMBER 4, 2026 NASDAQ: LMB |10 Dollars in millions. ¹ See FCF reconciliation. ² Net debt = debt less unrestricted cash; leverage uses reported TTM Adjusted EBITDA ($77.2 million). ³ Liquidity = unrestricted cash plus revolver availability after borrowing
Slide 11: 2026 Outlook
2026 Outlook | NOVEMBER 4, 2026 NASDAQ: LMB | 11 Tracking at or near the high end of the Revenue and Adjusted EBITDA ranges Full-year guidance • Revenue: $760–$790 million • Adjusted EBITDA¹: $78–$84 million Key Performance Indicators for Fiscal 2026 • Total organic revenue growth: 9–14%; ODR organi
Slide 12: 2026 Priorities & 2027 Setup
2026 Priorities & 2027 Setup | NOVEMBER 4, 2026 NASDAQ: LMB | 12 Focus on Execution Continue favorable bookings momentum Improve project performance Integrate & Expand Continue acquisition integration Position for continued geographic expansion Finish Strong Deliver a strong fourth quarter Enter 202
Slide 13: Q&A
| NOVEMBER 4, 2026 NASDAQ: LMB | 13 Q&A Adam Prior Vice President of Investor Relations and Corporate Strategy LMB-IR@limbachinc.com
Slide 14: Appendix: Non-GAAP Reconciliations
Appendix Non-GAAP Reconciliations Three & Nine Months Ended September 30, 2026
Slide 15: Net Income to Adjusted EBITDA Reconciliation
Net Income to Adjusted EBITDA Reconciliation | NOVEMBER 4, 2026 NASDAQ: LMB | 15 (in thousands) Fiscal Year Ended December 31, Three Months Ended September 30, Nine Months Ended September 30, 2020 2021 2022 2023 2024 2025 2026 2025 2026 2025 Revenue $568,209 $490,351 $496,782 $516,350 $518,781 $646,
Slide 16: Adjusted Net Income & Diluted EPS Reconciliation
Adjusted Net Income & Diluted EPS Reconciliation | NOVEMBER 4, 2026 NASDAQ: LMB | 16 (In thousands, except share and per share amounts) Fiscal Year Ended December 31, Three Months Ended September 30, Nine Months Ended September 30, 2020 2021 2022 2023 2024 2025 2026 2025 2026 2025 Net income and dil
Slide 17: Condensed Consolidated Segment Operating Results
Condensed Consolidated Segment Operating Results (Unaudited) | NOVEMBER 4, 2026 NASDAQ: LMB | 17 Three Months Ended September 30, Increase/(Decrease) (in thousands, except for percentages) 2026 2025 $ % Statement of Operations Data: Revenue: ODR $ 150,650 65.4 % $ 141,382 76.6 % $ 9,268 6.6 % GCR 79
Slide 18: Company-Defined Free Cash Flow Reconciliation
Company-Defined Free Cash Flow Reconciliation NASDAQ: LMB | 18| NOVEMBER 4, 2026 (in thousands) Fiscal Year Ended December 31, Three Months Ended September 30, Nine Months Ended September 30, 2020 2021 2022 2023 2024 2025 2026 2025 2026 2025 Adjusted EBITDA: $25,111 $23,276 $31,765 $46,801 $63,714 $
Slide 19: Supplemental Revenue Disclosure: Organic & Acquisition-Related Revenue
Supplemental Revenue Disclosure | NOVEMBER 4, 2026 NASDAQ: LMB | 19 Organic & Acquisition-Related Revenue (in thousands except for percentages) ODR % GCR % Total Revenue % Revenue: Three months ended September 30, 2025 $ 141,382 $ 43,201 $ 184,583 Components of revenue change: Organic revenue 3,091