Limbach Holdings, Inc. · NASDAQ:LMB
Limbach — Q2 2026 Earnings Presentation
25 slides from Limbach's earnings presentation, Aug 5, 2026
Slide 1: Investor Presentation: Second Quarter Results
CRITICAL SYSTEMS, AHEAD OF THE MOMENT INVESTOR PRESENTATION 2026 SECOND 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: Who We Are
WHO 125 22 1600+ WE ARE YEARS IN BUSINESS1 BRANCH LOCATIONS1 EMPLOYEES1 • Leading Building Systems 6 MEPC 7 Solutions Firm MISSION-CRITICAL MARKETS1 SYSTEMS EXPERTISE1 ACQUISITIONS COMPLETED SINCE 20211 • Revitalizes & Maintains Mission-Critical Systems • Keeping Buildings 75.1% $240K $2.6M ODR OF A
Slide 4: What We Do
WHAT We design, optimize, deliver & maintain custom engineered solutions for Mechanical, Electrical, Plumbing & Control Systems. WE DO INTEGRATED REPLACEMENTS RENTAL FACILITY & RETROFITS EQUIPMENT PLANNING We help owners make smarter building We help owners maximize efficiency We keep facilities ope
Slide 5: Who We Partner With
WHO WE We partner with Building Owners with PARTNER WITH Mission-Critical MEPC Infrastructure. Healthcare Industrial & Manufacturing Data CONFIDENTIAL HYPERSCALE CONFIDENTIAL COLOCATION Centers DATA CENTERS DATA CENTERS Life Sciences Higher Education Cultural & Entertainment 5
Slide 6: Operating Segments
OPERATING SEGMENTS 25% GCR For 2025 OWNER DIRECT GENERAL CONTRACTOR RELATIONSHIPS (ODR) RELATIONSHIPS (GCR) Building Type: Existing Buildings + Infrastructure Building Type: New Construction ODR work is driven by developing and proposing 75% GCR projects are characterized as having a customized solu
Slide 7: Scaling Limbach
SCALING LIMBACH Following the stabilization of ODR/GCR mix and transition to a building systems solutions partner, FUTURE Limbach is focused on driving enterprise-scale growth. Scaling LMB 2021–2026 Vertical Market Diversification Increasing our national relationships across healthcare, ODR Transfor
Slide 8: Building Enterprise Scale
BUILDING ENTERPRISE SCALE Building enterprise scale through vertical expertise, geographic expansion, and integrated operations to accelerate growth, margin expansion, and revenue growth. ENTERPRISE SCALE INTEGRATED Accelerate revenue and OPERATING MODEL Adjusted EBITDA growth GEOGRAPHIC Improve ope
Slide 9: Deepening Expertise in Priority Verticals
VERTICAL MARKET DIVERSIFICATION DEEPENING EXPERTISE IN PRIORITY VERTICALS CYMCOR extends customer relationships beyond project management, providing visibility into future opportunities for cross-selling and pull-through work. HEALTHCARE: PROVEN MODEL DATA CENTER: ~$3M ~$60M CROSS-SELLING ~$12M ~$4M
Slide 10: Growing in Targeted High-Growth Markets
GEOGRAPHIC EXPANSION GROWING IN TARGETED HIGH-GROWTH MARKETS We acquire leading contractors in targeted high-growth markets and integrate them into our national platform. Each acquisition builds on the last - expanding owner relationships, increasing cross-selling and service pull-through opportunit
Slide 11: Driving Revenue Growth & Margin Expansion
INTEGRATED OPERATING MODEL DRIVING REVENUE GROWTH & MARGIN EXPANSION By integrating businesses into a common platform, we strengthen owner relationships and apply our proven value creation process to expand customer solutions through cross-selling and service pull-through - driving revenue growth, m
Slide 12: Building Enterprise Scale
BUILDING ENTERPRISE SCALE Vertical expansion, geographic reach, and integrated operations build on one another to deepen customer relationships and drive profitable growth. GROWTH DRIVERS PERFORMANCE OUTCOMES ACCELERATE REVENUE AND ADJUSTED EBITDA GROWTH VERTICAL MARKET DIVERSIFICATION IMPROVE OPERA
Slide 13: Financials
FINANCIALS 13
Slide 14: Strong Balance Sheet and Disciplined Capital Allocation Strategy
STRONG BALANCE SHEET AND DISCIPLINED CAPITAL ALLOCATION STRATEGY CASH, • $10.9 Million Cash Provided By Operations LEVERAGE • $21.4 Million Free Cash Flow2 and 94.6% Cash Conversion Of Adj. EBITDA2 AND • $23.5 Million Net Debt3 and Net Debt3 / TTM Adj. EBITDA4 of 0.33x 1 • $100.0 Million Revolver Fa
Slide 15: Financial Goals: 2026 Guidance
FINANCIAL GOALS 1 2026 Guidance GROSS MARGIN/ REVENUE ADJUSTED EBITDA2 CASH3 $760M to $790M Total Gross Margin Continued Strong Total Revenue Mix 23% to 24% Cash Flow Mix Stabilization Adjusted EBITDA 75% of Adj. EBITDA 70% to 80% ODR $78M to $84M = Free Cash Flow Total Organic Revenue Growth Adj. E
Slide 16: Appendix
APPENDIX 16
Slide 17: Market Positioning: Simplifying a Fragmented Market
MARKET POSITIONING: Building owners often navigate a fragmented market of specialized providers. Limbach brings SIMPLIFYING A FRAGMENTED the capabilities they need together, simplifying complexity and delivering comprehensive MARKET Focus Typical Work Mix Services Provided solutions across the facil
Slide 18: Sustainability at Limbach
SUSTAINABILITY AT LIMBACH PEOPLE: EMPOWERING OUR TEAM & SUPPORTING OUR COMMUNITIES • We champion employee health and safety through our Hearts & Minds program PEOPLE • We offer competitive compensation and a range of benefits and programs • Our dedication to employee growth was recognized with the A
Slide 19: Operating and Financial Update: QTD Q2'26 Performance
OPERATING AND FINANCIAL UPDATE QTD Q2’26 PERFORMANCE Revenue1 Gross Profit & (Margin)1 Adjusted EBITDA2 ODR GCR ODR GCR $200 $50 $20 $17.9 $173.5 $39.8 (28.0%) $37.3 $160 $40 $16 (21.5%) $142.2 $13.9 $120 $30 $12 $108.9 $128.4 $31.6 $30.8 $80 $20 $8 $40 $10 $4 $33.3 $45.0 $8.2 $6.5 $0 $0 $0 2Q’ 25 2
Slide 20: Operating and Financial Update: YTD Q2'26 Performance
OPERATING AND FINANCIAL UPDATE YTD Q2’26 PERFORMANCE Revenue1 Gross Profit & (Margin)1 Adjusted EBITDA2 ODR GCR ODR GCR $350 $100 $40 $312.3 $76.5 $32.8 $275.3 (27.8%) $280 $80 $32 $68.5 (21.9%) $210 $60 $24 $22.6 $199.3 $228.2 $57.8 $53.7 $140 $40 $16 $70 $20 $8 $76.0 $84.1 $18.8 $14.7 $0 $0 $0 2Q’
Slide 21: Reconciliation of Adjusted EBITDA Margin
NON-GAAP RECONCILIATION TABLE RECONCILIATION OF ADJUSTED EBITDA MARGIN* Fiscal Year Ended December 31, Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2021 2022 2023 2024 2025 2026 2025 2026 2025 Revenue $568,209 $490,351 $496,782 $516,350 $518,781 $646,804 $173,457 $142,24
Slide 22: Reconciliation of Adjusted Diluted Earnings Per Share
NON-GAAP RECONCILIATION TABLE RECONCILIATION OF ADJUSTED DILUTED EARNINGS PER SHARE* Fiscal Year Ended December 31, Three Months Ended June 30, Six Months Ended June 30, (In thousands, except share 2020 2021 2022 2023 2024 2025 2026 2025 2026 2025 and per share amounts) Net income and diluted earnin
Slide 23: Reconciliation of Free Cash Flow
NON-GAAP RECONCILIATION TABLE RECONCILIATION OF FREE CASH FLOW* Fiscal Year Ended December 31, Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2020 2021 2022 2023 2024 2025 2026 2025 2026 2025 Adjusted EBITDA: $25,111 $23,276 $31,765 $46,801 $63,714 $81,802 $13,940 $17,948 $22,6
Slide 24: Supplemental Revenue Disclosures: Organic & Acquisition-Related Revenue
SUPPLEMENTAL REVENUE DISCLOSURES ORGANIC & ACQUISITION-RELATED REVENUE (in thousands except for percentages) ODR % GCR % Total % Revenue Revenue: Three months ended June 30, 2025 $108,948 $33,293 $142,241 Components of revenue change: Organic revenue (3,716) (3.4)% 3,997 12.0% 281 0.2% Acquisition-r
Slide 25: Contact Us
CONTACT US INVESTOR RELATIONS Financial Profiles LMB-IR@limbachinc.com @Limbach @Limbach @Limbachinc @Limbach @LimbachFacilityServices 25