Limbach Holdings, Inc. · NASDAQ:LMB
Limbach — Q3 2026 Earnings Presentation
19 slides from Limbach's earnings presentation, Nov 4, 2026
Slide 1: Third Quarter 2026 Earnings Presentation
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 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, includ
Slide 3: Third-Quarter Financial and Operating Highlights
Third-Quarter Financial and Operating Highlights Q3 2026 Revenue Q3 2026 Net income Q3 2026 Adjusted EBITDA¹ Q3 2026 Free Cash Flow2 $230.5 million $9.5 million $27.4 million $22.2 million up 24.9% vs. Q3 2025 up 7.5% vs. Q3 2025 up 25.9% vs Q3 2025 80.9% Conversion from EBITDA Business performance
Slide 4: Growth Strategy and Business Mix
Growth Strategy and Business Mix National reach. Local presence. Proactive solutions for mission-critical facilities. Build on our traditional strengths Expand participation in growth opportunities Healthcare • Industrial & manufacturing Technology • Life sciences • Data centers Higher education • C
Slide 5: 1901 Acquisition: Wisconsin Market & Expanded MEPC Capabilities
1901 Acquisition: Wisconsin Market & Expanded MEPC Capabilities Base purchase price 2027 revenue 2027 Adj. EBITDA Employees $63 Million ~$140 Million ~$11 Million ~450 Cash + revolver Full-year expectation Full-year expectation 350+ field professionals 1901 • Madison, WI U.S. office footprint Strate
Slide 6: CYMCOR: Extending the "Mission Critical" Model
CYMCOR: Extending the "Mission Critical" Model Early owner engagement supports informed project selection and broader customer relationships Data centers: expand the opportunity Featured Projects Program management Commissioning oversight Strategic consulting Connect owner relationships with enginee
Slide 7: Financial Review
Financial Review Three & Nine Months Ended September 30, 2026
Slide 8: Third-Quarter Financial Performance
Third-Quarter Financial Performance Three months ended September 30 Revenue Gross Profit & Margin Adjusted EBITDA1 ODR GCR ODR GCR $250.0 $60.0 $53.8 $30.0 $230.5 (23.4%) $27.4 $44.7 $50.0 $25.0 (24.2%) $200.0 $184.6 $21.8 $40.0 $20.0 $150.0 $150.7 $38.2 $30.0 $15.0 $141.4 $35.7 $100.0 $20.0 $10.0 $
Slide 9: Nine-Month Financial Performance
Nine-Month Financial Performance Nine months ended September 30 Revenue Gross Profit & Margin Adjusted EBITDA1 ODR GCR ODR GCR $600.0 $150.0 $60.0 $542.8 $54.6 $121.2 $122.3 $50.0 (26.4%) (22.5%) $500.0 $459.9 $125.0 $50.0 $400.0 $100.0 $40.0 $378.9 $300.0 $75.0 $93.4 $92.0 $30.0 $340.7 $200.0 $50.0
Slide 10: Cash Flow, Liquidity & Capital Allocation
Cash Flow, Liquidity & Capital Allocation Cash generation + expanded credit capacity support investment and financial flexibility Cash generation September 30, 2026 balance sheet Q3 2026 9M 2026 September 30 Cash and cash equivalents $29.1 Share Cash from Operations (GAAP) $20.3 $31.2 Repurchases To
Slide 11: 2026 Outlook
2026 Outlook Full-year guidance Tracking at or near the high • Revenue: $760–$790 million • Adjusted EBITDA¹: end of the Revenue and $78–$84 million Adjusted EBITDA ranges Key Performance Indicators for Fiscal 2026 • Total organic revenue growth: 9–14%; Organic growth ODR organic revenue growth: 6–1
Slide 12: 2026 Priorities & 2027 Setup
2026 Priorities & 2027 Setup Focus on Execution Integrate & Expand Finish Strong Continue favorable Continue acquisition Deliver a strong bookings momentum integration fourth quarter Enter 2027 Improve project with diverse Position for continued performance geographic expansion opportunities for pro
Slide 13: Q&A
Q&A Adam Prior Vice President of Investor Relations and Corporate Strategy LMB-IR@limbachinc.com | NOVEMBER 4, 2026 NASDAQ: LMB | 13
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 Three Months Ended Nine Months Ended (in thousands) Fiscal Year Ended December 31, September 30, September 30, 2020 2021 2022 2023 2024 2025 2026 2025 2026 2025 Revenue $568,209 $490,351 $496,782 $516,350 $518,781 $646,804 $230,460 $184,583 $542,776 $459,
Slide 16: Adjusted Net Income & Diluted EPS Reconciliation
Adjusted Net Income & Diluted EPS Reconciliation (In thousands, except share Three Months Ended Nine Months Ended Fiscal Year Ended December 31, and per share amounts) September 30, September 30, 2020 2021 2022 2023 2024 2025 2026 2025 2026 2025 Net income and diluted earnings per share $5,807 $0.72
Slide 17: Condensed Consolidated Segment Operating Results (Unaudited)
Condensed Consolidated Segment Operating Results (Unaudited) Third Quarter 2026 YTD 2026 Three Months Ended September 30, Increase/(Decrease) Nine Months Ended September 30, Increase/(Decrease) (in thousands, except for percentages) 2026 2025 $ % (in thousands, except for percentages) 2026 2025 $ %
Slide 18: Company-Defined Free Cash Flow Reconciliation
Company-Defined Free Cash Flow Reconciliation Three Months Ended Nine Months Ended (in thousands) Fiscal Year Ended December 31, September 30, September 30, 2020 2021 2022 2023 2024 2025 2026 2025 2026 2025 Adjusted EBITDA: $25,111 $23,276 $31,765 $46,801 $63,714 $81,802 $27,401 $21,765 $50,011 $54,
Slide 19: Supplemental Revenue Disclosure
Supplemental Revenue Disclosure 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 2.2 % 23,480 54.4 % 26,571 14.4 % Ac