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 Results 2025
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
CRITICAL S Total revenue increased 24.7% to a record $646.8 million. 2025 ODR revenue increased 40.6% to $485.7 million accounting for 75.1% of total revenue. ODR organic revenue growth1 was 17.0%. FINANCIAL Record full-year Adjusted EBITDA2 of $81.8 million, up 28.4%. HIGHLIGHTS Generated Free Cash
Slide 5: Who We Are
WHO CRITICAL S WE ARE 125 YEARS IN BUSINESS 21 BRANCH LOCATIONS 1500+ EMPLOYEES • Leading Building Systems Solutions Firm 6 MEPC SYSTEMS 6 MISSION-CRITICAL ACQUISITIONS MARKETS EXPERTISE COMPLETED SINCE 2021 • Revitalizes & Maintains Mission-Critical Systems • Keeping Buildings Ready to Perform When
Slide 6: Where We Work
WHERE CRITICAL S LOCAL PRESENCE WITH NATIONAL REACH WE WORK 21 CRITICAL SYSTEMS, AHEAD OF THE MOMENT LOCATIONS Operating Footprint Branch Locations Limbach HQ CRITICAL SYSTEMS, AHEAD OF THE MOMENT 1500+ EMPLOYEES 6
Slide 7: Who We Partner With
WHO WE CRITICAL S 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 Science Higher Education Cultural & Entertainment 7
Slide 8: What We Do
WHAT We design, optimize, deliver & maintain CRITICAL S custom engineered solutions for Mechanical, WE DO Electrical, Plumbing & Control Systems. INTEGRATED REPLACEMENTS RENTAL FACILITY & RETROFITS EQUIPMENT PLANNING We help owners make smarter building We help owners maximize efficiency We keep fac
Slide 9: How We're Different
HOW WE’RE CRITICAL SYSTEMS, AHE We combine engineering, field execution, DIFFERENT and enterprise-scale delivery into one standardized platform enabling us to capture more scope, guarantee performance, and serve customers nationally. ONE-STOP-SHOP SYSTEM AGNOSTIC ONE PARTNER Integrated Engineering S
Slide 10: Operating Segments
OPERATING SEGMENTS CRITICAL S 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 cust
Slide 11: Growth Strategy
a GROWTH STRATEGY \ SX
Slide 12: Three Pillar Approach to Growth
THREE PILLAR APPROACH CRITICAL S TO GROWTH ORGANIC SEGMENT MARGIN EXPANSION SCALE THROUGH REVENUE PERCENTAGE THROUGH EVOLVED ACQUISITIONS MIX STABILIZATION CUSTOMER SOLUTIONS GCR ODR Mix Stabilization of 75-80% ODR Achieving Optimal Transformation to OEM Gross Margin Expand Geographic Footprint & Hi
Slide 13: Pillar 1: Increased ODR Revenue Drives Margins
PILLAR 1 CRITICAL S INCREASED ODR REVENUE DRIVES MARGINS 30% 100% 27.8% 26.2% 25% 23.1% 75.1% 80% ODR Revenue % 66.6% of Total Revenue 18.9% 20% 17.5% Total Gross Margin 50.7% 60% 14.3% Adjusted EBITDA 15% 43.6% 1 12.3% 12.6% Margin 28.6% 40% 9.1% 10% 22.4% 6.4% 4.4% 4.7% 20% 5% 0% 0% 2020 2021 2022
Slide 14: Fueling Local + National Growth to Achieve Higher Margin Mix
PILLAR 1 CRITICAL S FUELING LOCAL + NATIONAL GROWTH TO ACHIEVE HIGHER MARGIN MIX NATIONAL VERTICAL SALES MARKET TEAMS ENABLEMENT Dedicated vertical leadership focused Equipping and upskilling our sales on expanding national accounts while organization to capture higher-margin strengthening local mar
Slide 15: Pillar 2: Margin Expansion Through Evolved Solutions
PILLAR 2 CRITICAL S MARGIN EXPANSION THROUGH EVOLVED SOLUTIONS 30% 28.2% TOTAL LEGACY1 27.3% GROSS MARGIN 24.1% 25% 19.4% 20% 17.6% 14.3% 15% 10% 2020 2021 2022 2023 2024 2025 1. Legacy branches are considered all branch locations excluding acquisitions since 2021. 15
Slide 16: Strategic Acquisition Strategy
PILLAR 3 CRITICAL S STRATEGIC ACQUISITION STRATEGY Our disciplined M&A strategy targets scalable, consistently performing businesses that expand our geographic footprint and/or strengthen our customer solution offerings. CRITERIA GEOGRAPHIC EXPANDS CUSTOMER EXPANSION SOLUTION OFFERINGS •E xpands our
Slide 17: Value Creation Through Integrating Into a Common Platform
PILLAR 3 CRITICAL S 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 pro
Slide 18: Value Creation: Jake Marshall Gross Margin
PILLAR 3 CRITICAL S VALUE CREATION THROUGH INTEGRATING INTO A COMMON PLATFORM PHASE 1 IMPLEMENTATION PHASE 2 IMPLEMENTATION 30% JAKE MARSHALL 28.1% 1 GROSS MARGIN 26.0% 20% 15.2% 15.5% 13.4% 10% 0% 2021 2022 2023 2024 2025 1. Jake Marshall was purchased 12/2/2021. Full year 2021 Gross Margin is base
Slide 19: Financials
FINANCIALS 19
Slide 20: Strong Balance Sheet and Disciplined Capital Allocation Strategy
STRONG BALANCE SHEET AND DISCIPLINED CRITICAL S CAPITAL ALLOCATION STRATEGY Free Cash Flow CASH, • $70.1 Million Free Cash Flow and 85.7% Cash Conversion Of Adj. EBITDA2 FREE CASH FLOW LEVERAGE • $45.7 Million Cash From Operations ACQUISITIONS AND • $24.6 Million Net Debt and Net Debt to Adjusted EB
Slide 21: Financial Goals: 2026 Guidance
FINANCIAL GOALS CRITICAL S 2026 Guidance 1 GROSS MARGIN/ REVENUE ADJUSTED EBITDA2 CASH3 $730M to $760M Total Total Gross Margin Continued Strong Cash Flow Revenue 26% to 27% 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%
Slide 22: Appendix
APPENDIX 22
Slide 23: Operating and Financial Update: Full Year 2025 Performance
OPERATING AND FINANCIAL UPDATE CRITICAL S FULL YEAR 2025 PERFORMANCE Revenue1 Gross Profit & (Margin)1 Adjusted EBITDA2 ODR GCR ODR GCR $700 $100 $646.8 $200 $169.3 (26.2%) $81.8 $144.3 $518.8 $485.7 (27.8%) $80 $129.9 $525 $150 $63.7 $345.5 $107.8 $60 $350 $100 $40 $175 $50 $20 $173.3 $161.1 $36.5
Slide 24: Operating and Financial Update: Q4 2025 Performance
OPERATING AND FINANCIAL UPDATE CRITICAL S Q4 2025 PERFORMANCE Revenue1 Gross Profit & (Margin)1 Adjusted EBITDA2 ODR GCR ODR GCR $48.1 $200 $186.9 $50 $43.6 (25.7%) $30 $27.2 (30.3%) $25 $143.7 $145.0 $40 $20.8 $36.4 $150 $20 $95.5 $30 $30.6 $15 $100 $20 $10 $50 $10 $5 $48.2 $41.9 $13.0 $11.6 $0 $0
Slide 25: Sustainability at Limbach
SUSTAINABILITY AT LIMBACH CRITICAL S 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
Slide 26: Non-GAAP Reconciliation Table: Adjusted EBITDA Margin
NON-GAAP RECONCILIATION TABLE CRITICAL S RECONCILIATION OF ADJUSTED EBITDA MARGIN* *Use of Non-GAAP Financial Measures In assessing the performance of our business, management utilizes a variety of financial and performance measures. The key measure is Adjusted EBITDA. Adjusted EBITDA is a non-GAAP
Slide 27: Non-GAAP Reconciliation Table: Adjusted Diluted Earnings per Share
NON-GAAP RECONCILIATION TABLE CRITICAL S RECONCILIATION OF ADJUSTED DILUTED MARGINS PER SHARE* 1. The tax effect of reconciling items was calculated using a statutory tax rate of 28% for FYs 2019 and 2020 and 27% for FYs 2021 through 2025, and for the three months ended December 31, 2025 and 2024. T
Slide 28: Non-GAAP Reconciliation Table: Free Cash Flow
NON-GAAP RECONCILIATION TABLE CRITICAL S RECONCILIATION OF FREE CASH FLOW* 1. Represents non-cash activity associated with depreciation and amortization, provision for credit losses / doubtful accounts, stock-based compensation expense, operating lease expense, amortization of debt issuance costs, d
Slide 29: Supplemental Revenue Disclosures
SUPPLEMENTAL REVENUE DISCLOSURES CRITICAL S ORGANIC & ACQUISITION-RELATED REVENUE 1. Acquisition-related revenue reflects revenue attributable to the Pioneer Power and Consolidated Mechanical acquisitions. 2. Acquisition-related revenue reflects revenue attributable to the Pioneer Power, Consolidate
Slide 30: Contact Us
CONTACT US INVESTOR RELATIONS Financial Profiles LMB-IR@limbachinc.com @Limbach @Limbach @Limbachinc @Limbach @LimbachFacilityServices 30