Limbach Holdings, Inc. · NASDAQ:LMB
Limbach — Q2 2025 Earnings Presentation
31 slides from Limbach's earnings presentation, Aug 6, 2025
Slide 1: Investor Presentation: Growth & Market Positioning
NASDAQ: LMB Q2 Earnings | August 2025 Investor Presentation Growth & Market Positioning
Slide 2: Forward Looking Statements
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 C
Slide 3: Limbach is a leading building systems solutions firm
Limbach is a leading building systems solutions firm specializing in revitalizing and maintaining mission-critical systems in existing facilities to keep them performing when it matters most. NASDAQ: LMB | 3
Slide 4: Limbach At-A-Glance
Limbach At-A-Glance WHO WHO WE OUR WE ARE PARTNER WITH PURPOSE A building systems solutions firm with expertise in We partner with Building Owners with Our people make a critical difference in providing and mechanical, electrical, and plumbing systems. Mission-Critical MEP Infrastructure optimizing
Slide 5: Transforming Into a Building Systems Solutions Firm
Transforming Into a Building Systems Solutions Firm As a leading Building Systems Solutions firm, we uniquely combine our engineering expertise with skilled craftsmanship to deliver fully integrated solutions. With a deep commitment to our customers’ existing mission-critical infrastructure, we crea
Slide 6: Mission-Critical Vertical Markets
Durable Demand Through the Vertical Markets We Serve Mission-Critical Vertical Markets Healthcare Industrial & Manufacturing Data Centers Life Sciences Higher Education Cultural & Entertainment Revenue Constant National Growth Diversification Demand Opportunity We operate in six distinct vertical Mi
Slide 7: Durable Demand Through Existing Infrastructure Focus
Durable Demand Through Existing Infrastructure Focus Macroeconomic Resilience Equipment will break, repairs/replacements are constant Fast-Paced Execution Allowing us to adapt and efficiently allocate costs Budget Agility Catering to customer needs spanning both Operating Expense (OpEx) and Capital
Slide 8: Competitive Matrix - Market Positioning & Differentiation
Competitive Matrix - Market Positioning & Differentiation Limbach stands apart by combining the best elements of the industry to deliver comprehensive, end-to-end facility solutions, offering investors a scalable, standardized enterprise model that maximizes long-term value in mission-critical marke
Slide 9: Two Operating Segments - ODR and GCR
Two Operating Segments - ODR and GCR Owner Direct Relationships (“ODR”) General Contractor Relationships (“GCR”) Existing Buildings New Construction ODR work is driven by developing and proposing customized solutions GCR projects are characterized as having a solution in place therefore that are dev
Slide 10: Focused on Growth
Focused on Growth Three Pillar Approach to Scale the Business: Organic Segment Revenue Margin Expansion Scale Through Percentage Mix Shift Target Through Evolved Offerings Acquisitions Traditional Speciality Contractor GCR Services ~20% ODR ~80% OpEx CapEx Infrastructure Integrated Professional Supp
Slide 11: ODR Revenue Percentage
Pillar #1 - Performance Result of Transition Towards Optimal Mix Shift Over the period from FY 2019 – FY 2024, Gross Margin has expanded nearly 1,480 bps to 27.8% This has enabled us to drive Adjusted EBITDA Margin1 more than 4x from 3.0% to 12.3% ODR Rev. % 80.0% Gross Margin / Adjusted EBITDA Marg
Slide 12: Pillar #1 – Total Revenue is Static, but Higher Margin ODR Revenue is Growing
Pillar #1 – Total Revenue is Static, but Higher Margin ODR Revenue is Growing Total Revenue ODR Revenue $518.8M $516.4M $553.3M $568.2M $490.4M $496.8M $345.5M $262.0M $216.4M $127.2M $140.3M $115.1M 2019 2020 2021 2022 2023 2024 Total revenue growth projected Total Revenue is ODR Revenue CAGR of 21
Slide 13: Pillar #1 – Sales Staff Expertise Evolution with Account Penetration
Pillar #1 – Sales Staff Expertise Evolution with Account Penetration Working closely with facilities’ staff to repair, maintain & perform minor upgrades on a reactive or emergency basis. 2022-2024 On-Site Account Manager ● Small Projects ● Time & Material Work ● Maintenance Services Engineer-Led Fac
Slide 14: Pillar #2 - Expanded Margins through Evolved LMB Offerings
Pillar #2 - Expanded Margins through Evolved LMB Offerings Evolved LMB Offerings Customer Value Mission-critical building systems solutions support Integrated Facility Planning providing best-in-class options for longer- and shorter-term impacts. Rental Equipment LMB experts are onsite to reduce dow
Slide 15: Pillar #2 - Building Relationships Locally & Nationally
Pillar #2 - Building Relationships Locally & Nationally* This map highlights two examples of national customers, one in healthcare and one in industrial, where we currently partner locally, with the potential opportunity to scale nationally. By aligning where national customers operate, we potential
Slide 16: Pillar #2 - What We Do - Catering to Customer Needs & Budgets
Pillar #2 - What We Do - Catering to Customer Needs & Budgets Operating Expense Capital Projects Professional Services Replacements & Maintenance & Integrated Facility MEP Engineering Capital Retrofits Repairs Planning Infrastructure Consulting Planning Rental Energy Financing Decarbonization Progra
Slide 17: Pillar #3 - Current & Target Geographies
Pillar #3 - Current & Target Geographies Disciplined and focused M&A strategy comprises “Tuck-In” and “Expansion” acquisitions of companies with consistent and scalable business models, targeting Tuck-In Acquisition Criteria to add $8M to $10M of Adjusted EBITDA on a full year basis as part of the o
Slide 18: Pillar #3 - Value Creation Through Integrating Into a Common Platform
Pillar #3 - Value Creation Through Integrating Into a Common Platform 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 valu
Slide 19: Pillar #3 - Recent Expansion Transaction – Closed July 1st, 2025
Pillar #3 - Recent Expansion Transaction – Closed July 1st, 2025 M&A CRITERIA: This acquisition further expands our footprint in the core Midwest region and extends Geographic Proximity: our reach into new geographic markets in the Upper Midwest. - Attractive Operating Footprint Supports ODR Strateg
Slide 20: Pillar #3 - Recent Expansion Transaction – Closed December 2nd, 2024
Pillar #3 - Recent Expansion Transaction – Closed December 2nd, 2024 M&A CRITERIA: The acquisition expands Limbach’s reach into Kentucky, Illinois, and Michigan, while Geographic Proximity: Consolidated Mechanical’s Western Michigan presence complements existing - Attractive Operating Footprint oper
Slide 21: Strong Balance Sheet and Disciplined Capital Allocation Strategy
Strong Balance Sheet and Disciplined Capital Allocation Strategy Key Balance Sheet Items June 30, December 31, 20251,2 20242 Cash and Cash Equivalents $38.9 $44.9 Balance Sheet to fund organic growth and acquisitions Current Assets $209.0 $220.3 Current Liabilities $123.5 $151.0 Working Capital $85.
Slide 22: Financial Goals 2025 Guidance
Financial Goals 2025 Guidance1 Revenue Gross Margin / Adj. EBITDA2 Cash3 $650M to $680M Total Revenue Total Gross Margin 28% to 29% Continued Strong Cash Flow Mix Shift 70% to 80% ODR Adjusted EBITDA $80M to $86M 75% of Adj. EBITDA = Free Cash Flow ODR Revenue Growth 35% to 50% Adj. EBITDA Margin 12
Slide 23: Stockholder Value Drivers
Stockholder Value Drivers Strong Growth Durable, Reocurring Resilient Business Scalable Business Strategy: Organic Demand Through Model and Strong Platform Focused on Expansion & Strategic Economic Cycles Balance Sheet Revitalizing Existing Acquisitions Infrastructure NASDAQ: LMB | 23
Slide 24: APPENDIX
APPENDIX 24
Slide 25: Operating and Financial Update - QTD 2Q'25 Performance
Operating and Financial Update QTD 2Q’25 Performance Revenue1 Gross Profit and (Margin)1 Adjusted EBITDA2 $142.2 $39.8 (28.0%) $122.2 $33.5 $108.9 (27.4%) $31.6 $82.8 $17.9 $25.4 $13.8 $8.2 $39.5 $8.1 $33.3 2Q’24 2Q’25 2Q’24 2Q’25 2Q’24 2Q’25 Year-Over-Year Year-Over-Year Year-Over-Year Change Chang
Slide 26: Operating and Financial Update - YTD 2Q'25 Performance
Operating and Financial Update YTD 2Q’25 Performance Revenue1 Gross Profit and (Margin)1 Adjusted EBITDA2 $275.3 $76.5 $241.2 (27.8%) $64.6 $32.8 $199.3 (26.8%) $57.8 $157.0 $47.5 $25.6 $84.2 $76.0 $18.8 $17.1 2Q’24 2Q’25 2Q’24 2Q’25 2Q’24 2Q’25 Year-Over-Year Year-Over-Year Year-Over-Year Change Ch
Slide 27: Sustainability at Limbach
Sustainability at Limbach People: Empowering Our Team & Supporting Our Communities ● We champion employee health and safety through our Hearts & Minds program Revit dited alizin ● We offer competitive compensation and a range of benefits and programs Accre Infra g Existin Industry ing struc ture g ●
Slide 28: Non-GAAP Reconciliation Table
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) 2019 2020 2021 2022 2023 2024 2025 2024 2025 2024 Revenue: $ 553,334 $ 568,209 $ 490,351 $ 496,782 $ 516,350 $ 518,781 $ 142,241
Slide 29: Non-GAAP Reconciliation Table
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 and per share amounts) 2019 2020 2021 2022 2023 2024 2025 2024 2025 2024 Net income (loss) and diluted
Slide 30: Non-GAAP Reconciliation Table
Non-GAAP Reconciliation Table Reconciliation of Free Cash Flow* Three Months Ended Six Months Ended Fiscal Year Ended December 31, June 30, June 30, (in thousands) 2019 2020 2021 2022 2023 2024 2025 2024 2025 2024 Adjusted EBITDA: $ 16,752 $ 25,111 $ 23,276 $ 31,765 $ 46,801 $63,714 $ 17,948 $ 13,80
Slide 31: Contact Us
Contact Us INVESTOR RELATIONS Financial Profiles LMB@finprofiles.com @Limbach @Limbach @Limbachinc @Limbach @LimbachFacilityServices