Orion Group Holdings, Inc. · NYSE:ORN
Orion — Q4 2025 Earnings Presentation
28 slides from Orion's earnings presentation, Mar 4, 2026
Slide 1: Investor Presentation March 2026
MARINE | CONCRETE | ENGINEERING & CONSULTING Investor Presentation March 2026
Slide 2: Disclaimer
DISCLAIMER This presentation contains, and the officers and directors of the Company may from time to time make, statements that are considered forward looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are su
Slide 3: Orion Overview
ORION OVERVIEW BUSINESS DESCRIPTION Orion Group Holdings (NSYE: ORN) is a leading specialty construction company focused on large, mission-critical infrastructure projects across two operating segments: Marine and Concrete. SERVICES • Marine ⚬ Comprehensive engineering, construction, jetty & breakwa
Slide 4: World-Class Safety Record, Key Facts and Figures
WORLD-CLASS SAFETY RECORD KEY FACTS AND FIGURES LTIR = 0.13 $852M $45M 2025 Revenue 2025 Adj. EBITDA Lost time incident rate (LTIR) vs. Industry Average of 2.3 2,000 $640M Employees 12/31/25 Backlog 2025 ENR RECOGNITIONS FISCAL 2026 GUIDANCE • #2 in Marine Ports $900M-$950M $54M-$58M • #15 in Concre
Slide 5: Marine Overview
MARINE OVERVIEW Construction solutions spanning port expansion & maintenance, jetty & breakwater, bridge, causeway and marine infrastructure construction services to customers across diversified end markets in the U.S., Pacific Islands, Western Canada and Caribbean General construction, restoration,
Slide 6: Acquisition of J.E. McAmis, Strengthening Marine Capabilities
Acquisition of J.E. MCAMIS, Strengthening Marine Capabilities Heavy Civil | Jetty & Breakwater | Marine | Environmental • 50 years of experience delivering Federal heavy civil construction-- recognized as jetty construction experts and “go-to” provider in harsh environments • Extends and strengthens
Slide 7: Concrete Overview
CONCRETE OVERVIEW Turnkey concrete construction services including place and finish, site work, layout, forming and rebar for clients across manufacturing, data center, institutional, industrial, commercial construction and multi-family construction end markets with hubs in Texas, Florida and Arizon
Slide 8: Valued Partner to Highly Diversified Customer Base
VALUED PARTNER TO HIGHLY DIVERSIFIED CUSTOMER BASE ENERGY DATA CENTERS GOVERNMENT OTHER Long-tenured relationships with customers across federal, state & local government and private enterprise 8
Slide 9: Orion Key Highlights
ORION KEY HIGHLIGHTS Mission critical specialty construction provider with 1 sustainable competitive advantages Poised to benefit from multiple powerful demand 2 drivers and a robust, growing $23B pipeline Clear, disciplined strategy built on strengthened 3 foundation to drive increased value creati
Slide 10: Mission-Critical Specialty Construction Provider with Competitive Advantages
MISSION-CRITICAL SPECIALTY CONSTRUCTION PROVIDER WITH COMPETITIVE ADVANTAGES High Barriers to Entry Why We Win • Jones Act prohibits foreign competition in the U.S. • Over 100 years of marine and civil engineering experience marine market • Over 40 years of concrete construction expertise for a • Ma
Slide 11: Large Market Opportunity with Strong, Diverse Tailwinds Supports $23B Pipeline
LARGE MARKET OPPORTUNITY WITH STRONG, DIVERSE TAILWINDS SUPPORTS $23B PIPELINE Strong Political Tailwinds Coastal Rehabilitation OBBA and Trump directives prioritizing restoration of maritime dominance with Increased disaster recovery from regional weather events, investment in shipyards, vessel upg
Slide 12: Massive U.S. Navy Opportunity in the Pacific
MASSIVE U.S. NAVY OPPORTUNITY IN THE PACIFIC • U.S. Navy Pacific Deterrence Initiative (PDI) is actively procuring $80B+ in Multiple Award Construction Contracts to include major waterfront facilities on multiple Pacific Islands • Scope includes new facilities, repair/renovation and upgrades to exis
Slide 13: Clear, Disciplined Strategy Built on a Strengthened Foundation to Drive Growth
CLEAR, DISCIPLINED STRATEGY BUILT ON A STRENGTHENED FOUNDATION TO DRIVE GROWTH Strengthen Geographic Strategic Driving organic growth Operations Expansion Acquisitions Foundation • Capitalizing on massive marine • Expand geographically and into • Focus on high-quality • Strategic, accretive M&A cons
Slide 14: Record $23B Opportunity Pipeline to Support Future Growth
RECORD $23B OPPORTUNITY PIPELINE TO SUPPORT FUTURE GROWTH Total Pipeline by Anticipated Award Date Total Pipeline by Segment $8.5B $7.5B $7B Concrete 10% 90% Marine 2026 2027 Beyond Total Pipeline by Anticipated Opportunity Size Total Pipeline by Sector $10B Private 24% $7B $6B 76% Public $0-$50M $5
Slide 15: Experienced Management Team Focused on Growth and Financial Performance
EXPERIENCED MANAGEMENT TEAM FOCUSED ON GROWTH AND FINANCIAL PERFORMANCE Travis Travis Boone, Boone, PE PE 30 Alison Vasquez 25 Chip Earle 25 Chief Executive Officer Years of Experience Chief Financial Officer Years of Experience General Counsel Years of Experience Chief Executive Officer • Transform
Slide 16: Financial Performance
FINANCIAL PERFORMANCE 16
Slide 17: Historical Annual Financial Summary
HISTORICAL ANNUAL FINANCIAL SUMMARY ($ in millions) Revenue Adjusted EBITDA $925 $852 $796 $748 $712 $56 $601 $45 $42 $23 $24 $17 2021 2022 2023 2024 2025 2026E 2021 2022 2023 2024 2025 2026E 2021 Guidance Guidance Midpoint Midpoint • 2026 Revenue guidance midpoint signals expected growth • 2026 Adj
Slide 18: Full Year 2025 Results
FULL YEAR 2025 RESULTS FY 2025 FY 2024 Growth Revenue $852M $796M 7% GAAP EPS $0.06 ($0.05) +$0.11 Adjusted EBITDA $45M $42M 8% Adjusted EPS $0.25 $0.15 +$0.10 Adjusted EBITDA Margin 5.3% 5.3% __ 18
Slide 19: Fiscal Year 2026 Guidance (as of March 4, 2026)
FISCAL YEAR 2026 GUIDANCE (AS OF MARCH 4, 2026) FY2026 Revenue $900M to $950M, a 9% annual increase at the midpoint Adjusted EBITDA $54M to $58M, a 24% annual increase at the midpoint Adjusted EPS $0.36 to $0.42, a 56% annual increase at the midpoint Capex $25M to $35M, consistent with 2025 guidance
Slide 20: Recent Evolution of Backlog
RECENT EVOLUTION OF BACKLOG ($ in millions) BACKLOG RECENT WINS 1000 900 New management 800 joined Orion 700 600 Bridge Replacement Terminal Wharf Expansion Contract in Texas 500 400 300 200 100 0 Manufacturing Facilities USACE Sargent Beach Dredging Project 20
Slide 21: Appendix
APPENDIX 21
Slide 22: 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 Year Ended December 31, December 31, 2025 2024 2025 2024 Net (loss) income $ (240) $ 6,754 $ 2,48
Slide 23: Non-GAAP Supplemental Information
NON-GAAP SUPPLEMENTAL INFORMATION Orion Group Holdings, Inc. and Subsidiaries Reconciliation of Adjusted Net Income (Loss) (In thousands except per share information) (Unaudited) Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Net loss (income) $ (240) $ 6,754 $ 2,488 $ (
Slide 24: 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) Marine Concrete Year ended Year ended December 31, December 31, 2025 2025 Operating income (loss) 29,862 (15,251) Lo
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) Year Ending December 31, 2021 2022 2023 2024 2025 Net (loss) income $ (14,560) $ (12,612) $ (17,875) $ (1,644) $ 2,4
Slide 26: Non-GAAP Supplemental Information
NON-GAAP SUPPLEMENTAL INFORMATION Orion Group Holdings, Inc. and Subsidiaries Adjusted EBITDA, Unburdened Adjusted EBITDA and Unburdened Adjusted EBITDA Margin Reconciliations (In Thousands, Except Margin Data) (Unaudited) Year Ended December 31, 2025 Marine Concrete Operating income (loss) $ 29,862
Slide 27: 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 $ 11,500 $ 15,300 Income tax expense 400 600 Interest expense, net 7,700 7,700 Deprec
Slide 28: 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 $ 11,500 $ 15,300 Adjusting items and the tax effects: Non-