Orion Group Holdings, Inc. · NYSE:ORN
Orion — Investor Presentation (October 2026)
31 slides from Orion's investor presentation, October 2026
Slide 1: Investor Presentation October 2026
MARINE | CONCRETE | ENGINEERING Investor Presentation October 2026
Slide 2: Disclaimer
DISCLAIMER This presentation contains, and the officers and directors of the Company may from The forward-looking statements contained in this presentation are largely based on time to time make, statements that are considered forward looking statements within our expectations, which reflect estimat
Slide 3: Key Statistics
NYSE: ORN Orion is a leading specialty construction company that delivers complex infrastructure projects across the marine, concrete, dredging, diving, and engineering sectors. Serving public and private clients throughout the United States, the Caribbean, and beyond, Orion provides turnkey solutio
Slide 4: Why Orion, Why Now?
WHY ORION, WHY NOW? 1. Early innings of a multi-year infrastructure investment cycle 2. Growing end market demand supported by $27 billion pipeline and U.S. Navy contract vehicles 3. Differentiated capabilities create meaningful barriers to entry 4. Transformed operating model positioned to drive ea
Slide 5: Early Innings of a Multi-Year Infrastructure Investment Cycle
EARLY INNINGS OF A MULTI-YEAR INFRASTRUCTURE INVESTMENT CYCLE Demand across Orion’s core infrastructure end markets continues to expand, supported by increasing project scale and investment activity. Award timing and backlog conversion remain the primary variables. PORTS & WATERWAYS MISSION CRITICAL
Slide 6: Large, Diversified $27B Opportunity Set Supports Long-Term Growth
/// LARGE, DIVERSIFIED $27B OPPORTUNITY SET SUPPORTS LONG-TERM GROWTH Total Pipeline by Anticipated Date Total Pipeline by Size $14B $14B $13B $13B Near-Term < 1 Yr Long-Term > 1 Yr $0–$200M $200M+ DIVERSIFIED OPPORTUNITIES ACROSS CORE MARKETS PROVIDE MULTIPLE PATHS TO LONG-TERM GROWTH 1 Pipeline of
Slide 7: Building a Platform for Recurring Navy Infrastructure Opportunities
/// BUILDING A PLATFORM FOR RECURRING NAVY INFRASTRUCTURE OPPORTUNITIES These contract vehicles shortlist a group of pre-qualified contractors eligible to compete for future task orders supporting Navy and military infrastructure projects across key Pacific and Northwest regions. 1 $15B PACIFIC DETE
Slide 8: America's Maritime Infrastructure Is Becoming a Strategic National Priority
AMERICA’S MARITIME INFRASTRUCTURE IS BECOMING A STRATEGIC NATIONAL PRIORITY Statistics shown are representative indicators of underlying market demand and are not intended to represent Orion’s total addressable opportunity. NAVY & DEFENSE MODERNIZATION PORTS & MARINE TERMINALS $22B+ Planned shipyard
Slide 9: Diversified End-Market Demand Supports Concrete Growth
DIVERSIFIED END-MARKET DEMAND SUPPORTS CONCRETE GROWTH Mission-Critical infrastructure is driving near-term growth, while advanced manufacturing, healthcare and commercial construction broaden Concrete's long-term opportunity set. DIGITAL INFRASTRUCTURE ADVANCED MANUFACTURING HEALTHCARE AND COMMERCI
Slide 10: Differentiated Capabilities Create Meaningful Barriers to Entry
DIFFERENTIATED CAPABILITIES CREATE MEANINGFUL BARRIERS TO ENTRY STRUCTURAL BARRIERS WHY ORION WINS $600M 100+ 40+ 0.13 Specialty equipment replacement value Years of marine construction Years of commercial 2025 LTIR & civil engineering concrete construction vs. 2.3 industry average 1,000+ Pieces of
Slide 11: Transformed Operating Model Positioned to Drive Earnings and Cash Flow Growth
TRANSFORMED OPERATING MODEL POSITIONED TO DRIVE EARNINGS AND CASH FLOW GROWTH Orion deliberately strengthened its capabilities ahead of a significant wave of infrastructure demand. 2026+ SCALING FOR PROFITABLE GROWTH • Positioned in attractive infrastructure end markets • Complement organic growth t
Slide 12: 2025 Results - Marine
4 2025 RESULTS - MARINE 2025 REVENUE 2025 ADJ. EBITDA 2025 ADJ. EBITDA MARGIN ORION
Slide 13: #3 ENR Ranking in Marine and Ports
#3 ENR RANKING IN MARINE AND PORTS • Targeting mid-teen adjusted EBITDA margin by 2030 • Growing demand across defense, ports and coastal resilience supports better project selection and pricing power Design, salvage, demolition, towing and diving Underwater inspection, excavation, repair, and • Con
Slide 14: 2025 Results - Concrete
4% 2025 RESULTS - CONCRETE 2025 REVENUE 2025 ADJ. EBITDA 2025 ADJ. EBITDA MARGIN ORION
Slide 15: #12 ENR Ranking in Specialty Concrete
#12 ENR RANKING IN SPECIALTY CONCRETE • Targeting high-single digit adjusted EBITDA margin by 2030 • Growing AI and cloud investment fueling demand for data center infrastructure • Applying Marine’s disciplined bidding and risk management playbook • Shifting mix toward higher-margin data center and
Slide 16: Clear, Disciplined Strategy
CLEAR, DISCIPLINED STRATEGY TO DRIVE PROFITABLE GROWTH ORGANIC GROWTH EXPANSION * Capitalize on long-term demand across marine infrastructure, defense modernization, and mission-critical infrastructure * Win larger, higher-value projects with expanded capabilities and deep customer relationships GEO
Slide 17: Optimizing Capital Deployment for Future Growth and Shareholder Value
OPTIMIZING CAPITAL DEPLOYMENT FOR FUTURE GROWTH AND SHAREHOLDER VALUE CAPITAL DEPLOYMENT PRIORITIES 2.2X DEC 2030 1. Deploy capital to drive profitable organic growth Net Leverage as of Senior Credit Facility 9/30/26* Maturity 2. Maintain responsible leverage 3. Capitalize on strategic opportunities
Slide 18: Financial Performance
/ FINANCIAL PERFORMANCE Photo: NASA Causeway Bridge ORION
Slide 19: Historical Annual Financial Summary
HISTORICAL ANNUAL FINANCIAL SUMMARY ($ in millions) Adjusted EBITDA Revenue $925 $852 $796 $748 $52 $712 $601 $45 $42 $23 $24 $17 2021 2022 2023 2024 2025 2026E 2021 2022 2023 2024 2025 2026E • 2026 Adjusted EBITDA guidance more than triples from 2021 • 2026 Revenue guidance midpoint signals expecte
Slide 20: Third Quarter 2026 Results
THIRD QUARTER 2026 RESULTS Q3 2026 Q3 2025 Growth Revenue $256M $225M 14% GAAP Net Income per Share $0.14 $0.08 +$0.06 Adjusted EBITDA $18M $13M 37% Adjusted EPS $0.12 $0.09 +$0.03 Adjusted EBITDA Margin 7.0% 5.8% 120 bps
Slide 21: Fiscal Year 2026 Guidance
FISCAL YEAR 2026 GUIDANCE (AS OF OCTOBER 27, 2026) Annual Growth FY2026 Guidance at Midpoint Revenue $900 to $950 9% Adjusted EBITDA $50 to $54 15% Adjusted EPS $0.23 to $0.30 6% Capex $25 to $35 — Table in millions, except EPS and percentage changes
Slide 22: Recent Evolution of Backlog
RECENT EVOLUTION OF BACKLOG ($ in millions) BACKLOG RECENT WINS 1000 900 New 800 management joined Orion 700 Bridge Replacement Terminal Wharf Expansion 600 Contract in Texas 500 400 300 200 100 0 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Manufact
Slide 23: Appendix
1 APPENDIX Photo: ExxonMobil Campus | Spring, TX ORION
Slide 24: Valued Partner to Highly Diversified Customer Base
VALUED PARTNER TO HIGHLY DIVERSIFIED CUSTOMER BASE
Slide 25: Non-GAAP Supplemental Information
NON-GAAP SUPPLEMENTAL INFORMATION Orion Group Holdings, Inc. and Subsidiaries Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations (In Thousands, Except Margin Data) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Net income $ 5,473 $ 3,301 $ 6,
Slide 26: Non-GAAP Supplemental Information
NON-GAAP SUPPLEMENTAL INFORMATION Orion Group Holdings, Inc. and Subsidiaries Reconciliation of Adjusted Net Income (In Thousands Except Per Share Information) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Net income $ 5,473 $ 3,301 $ 6,015 $ 2,728
Slide 27: Non-GAAP Supplemental Information
NON-GAAP SUPPLEMENTAL INFORMATION Orion Group Holdings, Inc. and Subsidiaries Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations (In Thousands, Except Margin Data) (Unaudited) For the Three Months Ended September 30, 2026 For the Three Months Ended September 30, 2025 General General Marine C
Slide 28: Non-GAAP Supplemental Information
NON-GAAP SUPPLEMENTAL INFORMATION Orion Group Holdings, Inc. and Subsidiaries Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations (In Thousands, Except Margin Data) (Unaudited) For the Nine Months Ended September 30, 2026 For the Nine Months Ended September 30, 2025 General General Marine Con
Slide 29: Non-GAAP Supplemental Information
NON-GAAP SUPPLEMENTAL INFORMATION Orion Group Holdings, Inc. and Subsidiaries Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations (In Thousands, Except Margin Data) (Unaudited) For the year ended December 31, 2025 General Marine Concrete Corporate Consolidated Contract revenues $ 544,831 $ 30
Slide 30: Non-GAAP Supplemental Information
NON-GAAP SUPPLEMENTAL INFORMATION Orion Group Holdings, Inc. and Subsidiaries Guidance – Adjusted EBITDA Reconciliation (In Thousands) (Unaudited) Year Ending December 31, 2026 Low Estimate High Estimate Net income $ 8,079 $ 12,079 Income tax benefit (5,400) (5,400) Interest expense, net 9,000 9,000
Slide 31: Non-GAAP Supplemental Information
NON-GAAP SUPPLEMENTAL INFORMATION Orion Group Holdings, Inc. and Subsidiaries Guidance – Adjusted EPS Reconciliation (In Thousands except per share information) (Unaudited) Year Ending December 31, 2026 Low Estimate High Estimate Net income $ 8,079 $ 12,079 Adjusting items and the tax effects: Non-c
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