Limbach Holdings, Inc. · NASDAQ:LMB
Limbach — Q4 2025 Earnings Presentation
30 slides from Limbach's earnings presentation, Mar 3, 2026
Slide 1: Investor Presentation: Q4/Full Year 2025 Results
-\LIMBACH CRITICAL SYSTEMS, AHEAD OF THE MOMENT INVESTOR PRESENTATION 2025 Q4/FULL YEAR RESULTS NASDAQ: LMB 1
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: About Limbach
ABOUT LIMBACH 3
Slide 4: Financial Highlights
Total revenue increased 24.7% to a record $646.8 million. ODR revenue increased 40.6% to $485.7 million accounting 2 02 oY for 75.1% of total revenue. ODR organic revenue growth’ was 17.0%. FINANCIAL HIGHLIGHTS Record full-year Adjusted EBITDA? of $81.8 million, up 28.4%. Generated Free Cash Flow? o
Slide 5: Who We Are
WHO WE ARE YEARS IN BUSINESS BRANCH LOCATIONS EMPLOYEES } Leading Building Systems Solutions Firm MISSION-CRITICAL SYSTEMS ACQUISITIONS / MARKETS EXPERTISE COMPLETED SINCE Revitalizes & Maintains } . . cae | Mission-Critical Systems / Keeping Buildings j Ready to Perform When ODR OF AVERAGE ODR AVER
Slide 6: Local Presence with National Reach
WH Pe ae LOCAL PRESENCE WITH NATIONAL REACH WO R K | _ ‘e. UE d LOCATIONS Operating Footprint Branch Locations Y Limbach Ha 1500+ EMPLOYEES XLIMBACH set = C.LIMBACH NLIMBACHeM® = QHARPER «Mechanics SSDFOWER EN caustic
Slide 7: We Partner with Building Owners with Mission-Critical MEPC Infrastructure
w Ve We partner with Building Owners with NIED VAs Lali Mission-Critical MEPC Infrastructure. CHS: ACADL Owe Health Industrial & Manufacturing Data Centers wlth Lite ¢ Higher " - Education Banyan Cuttural & Entertainment ‘CONFIDENTIAL HYPERSCALE DATA CENTERS
Slide 8: Integrated Facility Solutions
INTEGR FACILITY PLANNING We help owners make smarter building ions through a holistic view of costs, systems, risks, and future needs, delivering proactive planning and experienced staff augmentation. We help owners avoid disruptions and control long-term costs through data-driven, equipment-agnosti
Slide 9: How We're Different
5 \ a H OW W E R E We combine engineering, field execution, ’ and enterprise-scale delivery into one standardized D | E F E R E N | platform enabling us to capture more scope, guarantee —— performance, and serve customers nationally. Integrated Engineering + Field Execution pically Offers + Design s
Slide 10: Operating Segments
OPERATING SEGMENTS 25% GCR For 2025 ODR work is driven by developing and proposing So customized solutions based on our deep y knowledge of each facility where competing firms are challenged to provide solutions. ) - Includes two primary ODR revenue streams: 73% is from fixed-price projects greater
Slide 11: Growth Strategy
GROWTH STRATEGY "
Slide 12: Three Pillar Approach
THREE PILLAR APPROACH @Q— GCR sa A al A Mix Stabilization of 75-80% ODR Achieving Optimal Transformation to OEM Gross Margin Expand Geographic Footprint & Higher Margin Mix Levels of ~35-40% Market Share Within Existing Markets
Slide 13: Pillar: ODR Mix Shift and Margin Progress
PILLAR 1 30% 258 ODR Revenue % of Total Revenue i Total Gross Margin Adjusted EBITDA 15% Margin’ 10% 4. See slide 26 for Non-GAAP Reconciliation Table. 14.3% 4.4% 2020 17.5% 2021 47% 23.1% 18.9% 9.1% 6.4% 2022 2023 27.8% 12.3% 2024 26.2% 12.6% 2025 100% 80% 60%
Slide 14: Pillar: Sales Organization and National Accounts
PILLAR 1 Dedicated vertical leadership focused on expanding national accounts while strengthening local market relationships. Equipping and upskilling our sales organization to capture higher-margin opportunities across national and local markets.
Slide 15: Pillar: Legacy Gross Margin
PILLAR 2 30% —— TOTAL LEGACY' GROSS MARGIN 20% 10% 2020 2021 2022 2023 2024 2025 1. Legacy branches are considered all branch locations excluding acquisitions since 2021, 6
Slide 16: Pillar: Disciplined M&A Criteria
PILLAR 3 Our disciplined M&A strategy targets scalable, consistently performing businesses that expand our geographic footprint and/or strengthen our customer solution offerings. CRITERIA + Expands our footprint in + Expands product or existing & new markets. service offerings. + Aligned with core +
Slide 17: Pillar: Acquisition Characteristics and Integration
PILLAR 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 value creation process to drive growth and long-term impact. CHARAC
Slide 18: Jake Marshall Phase Implementation
PILLAR 3 \LIMBACH Ea PHASE 1 IMPLEMENTATION 30% JAKE MARSHALL GROSS MARGIN! 20% 10% 0% 2021 2022 2023 2024 2025 4. Jake Marshall was purchased 12/2/2021. Full year 2021 Gross Margin is based on pro forma P&L used at time of acquisition,
Slide 19: Financials
FINANCIALS cr
Slide 20: Strong Balance Sheet and Disciplined Capital Allocation Strategy
STRONG BALANCE SHEET AND DISCIPLINED CAPITAL ALLOCATION STRATEGY Free Cash Flow eee + $70. Million Free Cash Flow and 85.7% Cash Conversion Of Adj. EBITDA? @ Free cast Flow LEVERAGE | | $45.7 million Cash From Operations BERTON? + $24.6 Million Net Debt and Net Debt to Adjusted EBITDA of 0.3x3 + $10
Slide 21: Financial Goals
FINANCIAL GOALS $730M to $760M Total Total Gross Margin Continued Strong Cash Flow 26% to 27% Revenue 75% of Adj. EBITDA Mix Shift 75% to 80% ODR Adjusted EBITDA $90M to = Free Cash Flow $94M ODR Organic Revenue Growth 9% to 12% Adj. EBITDA Margin 12% to 13% 4. Reflects guidance issued by the Compan
Slide 22: Appendix
APPENDIX 22
Slide 23: Full Year Revenue, Gross Profit and Adjusted EBITDA
Revenue" Gross Profit & (Margin)' Adjusted EBITDA? \ ODR (_)GCR ODR (_)GCR $700 esi 100, $81.8 ss0 $63.7 ale $350 00 40 5 = s20 $173.3 $161.1 $36.5 $39.4 | a | ol | 9 a 2024 2025 2024 2025 2024 2025 Year-Over-Year Change Year-Over-Year Change Year-Over-Year Change Dollars in millions. Totals may not
Slide 24: Operating and Financial Update
OPERATING AND FINANCIAL UPDATE Revenue’ Gross Profit & (Margin)' Adjusted EBITDA? ODR (_)GCR ODR (_)GCR 20 #0 [| $27.2 25 s1s0 = $20.8 fa 20 $s s100 20 $0 $0 es ‘ $48.2 $41.9 $13.0 $11.6 ‘0 %0 f — 4Q’ 24 4Q’ 25 4Q’ 24 4Q’25 4Q’ 24 4Q’ 25 Year-Over-Year Change Year-Over-Year Change Year-Over-Year Cha
Slide 25: Sustainability at Limbach
SUSTAINABILITY AT LIMBACH PEOPLE + Hearts & Minds + Comp & Benefits Packages + Industry Accredited Training PLANET + Revitalizing Existing Infrastructure + Reducing Energy & Operating Costs + ENERGY STAR® Partner + Social Responsibility + Community Engagement + Culture of Belonging PEOPLE: EMPOWERIN
Slide 26: Non-GAAP Reconciliation Table
NON-GAAP RECONCILIATION TABLE ‘Three Months Ended Fiscal Year Ended December 31, December 34, (in thousands) 2020 2034 2022 2023 2024 2025 2025 2028 Revenue: $568,209 $490,351 $496,782 «$516,350 $518,781 $646,804 $186,872 $143,650 Net income $5,807 $6718 $6,799 $20,754 $30,875 $39,064 $12,300 $9,882
Slide 27: Non-GAAP Reconciliation Table
NON-GAAP RECONCILIATION TABLE Three Months Ended Fiscal Year Ended December 34, December 34, (ie thousands, exept share and per share amounts) 2020 2021 2022 2023 2024 2025 2025 2024 ‘Net income and diluted earnings per share ssa07 Sar $6718 = $065 55,799 $068 20758 S76 S308TS S257 $9068 «$3.25 sizs
Slide 28: Non-GAAP Reconciliation Table
NON-GAAP RECONCILIATION TABLE . ‘Three Months Ended Fiscal Year Ended December 31, December 31, (in thousands) 2020 2024 2022 2023 2024-2025 2025 2024 Adjusted EBITDA: $25,111 $23,276 «$31,765 $46,801 $63,714 $81,802 $27,217 $20,816 Free Cash Flow: Net Income (loss) $5,807 $6,714 $6,799 $20,754 $30,
Slide 29: Supplemental Revenue Disclosures
SUPPLEMENTAL REVENUE DISCLOSURES (in thousands except for percentages) opr % Ger % Total Revenue * Revenue: Three months ended December 31, 2024 $95,483 $48,167 $143,650 ‘Components of revenue change Organic revenue growth (decline) 22,849 23.9% (22,582) (26.21% 10.257 71% Acquisition-related revenu
Slide 30: Contact Us
CONTACT US ww! INVESTOR RELATIONS Financial Profiles LIMBACH LMB-IR@limbachinc.com @Limbach aLimbach @Limbachine aLimbach @LimbachFacilityServices 30