Limbach Holdings, Inc. · NASDAQ:LMB
Limbach — Q1 2026 Earnings Presentation
28 slides from Limbach's earnings presentation, May 5, 2026
Slide 1: Investor Presentation: First Quarter Results 2026
-\LIMBACH 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
Slide 4: Who We Are
WHO WE ARE | YEARS IN BUSINESS BRANCH LOCATIONS EMPLOYEES' Leading Building Systems Solutions Firm MISSION-CRITICAL SYSTEMS ACQUISITIONS | MARKETS: EXPERTISE COMPLETED SINCE 2021 Revitalizes & Maintains Mission-Critical Systems fe he i Keeping Buildings Ready to Perform When ODR OF AVERAGE ODR AVERA
Slide 5: Integrated service offerings
INTEGR FACILITY PLANNING We help owners make smarter building ions through a holistic view of costs, systems, risks, and future needs, delivering proactive planning and experienced staff augmentation. SERVICE & We help owners avoid disruptions and control long-term costs through data-driven, equipme
Slide 6: We partner with building owners with mission-critical MEP infrastructure
w VE We partner with Building Owners with NIED VAs Ll Mission-Critical MEPC Infrastructure. Industrial & Manufacturing Data Centers wld Lite al Science Cardinaltieatth ‘sanofi BAUSCH+LOMB Higher - Education Cultural & Entertainment ‘CONFIDENTIAL HYPERSCALE DATA CENTERS
Slide 7: Local presence with national reach
WH Pe ae LOCAL PRESENCE WITH NATIONAL REACH WO R K | _ ‘e. UE d LOCATIONS Operating Footprint Branch Locations Y Limbach Ha 1600 EMPLOYEES MuMBACHiss §=QLIMBACH@sm = QLIMBACHisew «= QHARPER «= Washes ai D>POWER — [NV ncustnat air
Slide 8: How We're Different
HOW WE’RE DIFFERENT _ Integrated Engineering + Field Execution pically Offers + Design separated from installation + Fragmented coordination across trades Nhat Limbach Delivers + Engineers and craft teams operating as one platform + Design-build with guaranteed performance tcorr + Higher win rates o
Slide 9: Operating Segments
OPERATING SEGMENTS ODR work is driven by developing and proposing customized solutions based on our deep knowledge of each facility where competing firms are challenged to provide solutions. Includes two primary ODR revenue streams: 73%! is from fixed-price projects greater than $10K, with an averag
Slide 10: Growth Strategy
GROWTH STRATEGY
Slide 11: Three Pillar Approach
THREE PILLAR APPROACH o— GCR sa A al A Mix Stabilization of 75-80% ODR Achieving Optimal Transformation to OEM Gross Margin Expand Geographic Footprint & Higher Margin Mix Levels of ~35-40% Market Share Within Existing Markets
Slide 12: Pillar: ODR mix and margin
PILLAR 1 30% 258 ODR Revenue % of Total Revenue i Total Gross Margin Adjusted EBITDA 15% Margin’ 10% 4. See slide 24 for Non-GAAP Reconciliation Table. 14.3% 4.4% 2020 17.5% 2021 47% 23.1% 18.9% 9.1% 6.4% 2022 2023 27.8% 12.3% 2024 26.2% 12.6% 2025 100% 80% 60%
Slide 13: Pillar: Sales and vertical leadership
PILLAR 1 Dedicated vertical leadership focused on expanding national accounts while strengthening local market relationships. Equipping and upskilling our sales organization to capture higher-margin opportunities across national and local markets.
Slide 14: Pillar: Legacy gross margin
PILLAR 2 30% ~— TOTAL LEGACY' GROSS MARGIN 20% 10% 2020 2021 2022 2023 2024 2025 1. Legacy branches are considered all branch locations excluding acquisitions since 2021,
Slide 15: Pillar: Disciplined M&A strategy
PILLAR 3 Our disciplined M&A strategy targets scalable, consistently performing businesses that expand our geographic footprint and/or strengthen our customer solution offerings. CRITERIA + Expands our footprint in + Expands product or existing & new markets. service offerings. + Aligned with core +
Slide 16: Pillar: Acquisition characteristics and integration
PILLAR 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 creation process to drive growth and long-term impact. CHARAC
Slide 17: Pillar: Jake Marshall phase implementation
PILLAR 3 \LIMBACH Ea PHASE 1 IMPLEMENTATION 30% JAKE MARSHALL GROSS MARGIN! 20% 10% 0% 2021 2022 2023 2024 2025 4. Jake Marshall was purchased 12/2/2021. Full year 2021 Gross Margin is based on pro forma P&L used at time of acquisition,
Slide 18: Financials
FINANCIALS
Slide 19: Strong balance sheet and disciplined capital allocation strategy
STRONG BALANCE SHEET AND DISCIPLINED CAPITAL ALLOCATION STRATEGY + $7.7 Million Free Cash Flow? and 88.7% Cash Conversion Of Adj. EBITDA? + $7.8 Million Cash Used In Operations + $41.2 Million Net Debt? and Net Debt*/TTM Adj. EBITDA‘ of 0.55x + $100 Million Revolver Facility and $76.4 Million of Liq
Slide 20: Financial Goals
FINANCIAL GOALS $730M to $760M Total Total Gross Margin Continued Strong Cash Flow 26% to 27% Revenue 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. EBITDA Margin 12% to 13% 4. Reflects guidance reaffirmed by the Co
Slide 21: Appendix
APPENDIX
Slide 22: Sustainability at Limbach
USTAINABILITY AT LIMBACH PEOPLE °%= © 8 + Hearts & Minds + Comp & Benefits Packages + Industry Accredited Training PLANET + Revitalizing Existing Infrastructure + Reducing Energy & Operating Costs + ENERGY STAR® Partner + Social Responsibility + Community Engagement + Culture of Belonging PEOPLE: EM
Slide 23: Operating and Financial Update
OPERATING AND FINANCIAL UPDATE Revenue" Gross Profit & (Margin)' Adjusted EBITDA? sre ODR (_)GCR a ODR (_)GCR as $160 $40 $14.9 38 s120 $30 ™ $8.7 00 s20 ss s4o 510 $42.7 $39.0 $10.6 $8.2 $0 $0 * 1Q’ 25 1Q’ 26 1Q’ 25 1Q’ 26 1Q’ 25 1Q’ 26 Year-Over-Year Change Year-Over-Year Change Year-Over-Year Cha
Slide 24: Adjusted EBITDA reconciliation
(in mousans 2020 2021 2022 2023 2024 2025 Revenue $568,209 © $490,351 $496,782 «$516,350 ss1a781 $646,804 $138,859 $133,108 t income $5,807 sea $6799 $20754 $30,875 $39,064 $4,380 $10,214 Adjustments Depreciation and amortization im 5,948 8158 8244 ng88 18133 aan 4072 Interest expense 8.627 2.568 21
Slide 25: Non-GAAP Reconciliation Table
NON-GAAP RECONCILIATION TABLE Fiscal Year End December 31, coleuated using statutory tax ate of 28% for FY 2020 and 27% for F¥S 2021 through 2 and or he tee months ended March 31,2026 and 2026, 2020 202 2024 sse07 sor ser sass | se79 © Sosa | 207sa ste saners sar sesa suo? | stosae gto? | ses = suse
Slide 26: Non-GAAP Reconciliation Table: Free Cash Flow
NON-GAAP RECONCILIATION TABLE Fiscal Year Ended December 31, Three Months Ended March 31, — (in mousands) 20 2021 2022 2023 202: 2025 2025 adi $2541 $23,276 $31,765 $46,801 $6374 $81,802 $8,670 $14,872 Free Cash Flow Net Income $5,807 sera $6799 $20,754 $30,875 $39,064 $4,380 $10.21 Non-cash operati
Slide 27: Supplemental Revenue Disclosures
SUPPLEMENTAL REVENUE DISCLOSURES _ (ln thousands exeapttorpercentages) % GCR % le $90,393 $42,715 $133,108 Organic revenue decline (4,882) (6.4)% (12,909) (30.2% (17791) (13.4)% Acquisition-related revenue" 14,300 15.8% 9,242 21.6% 23,542 177% $99,811 10.4% $39,048 (8.6)% $138,859 4.3%
Slide 28: Contact Us
CONTACT US ww! INVESTOR RELATIONS Financial Profiles LIMBACH LMB-IR@limbachinc.com @Limbach aLimbach @Limbachine aLimbach @LimbachFacilityServices