Star Equity Holdings, Inc. · NASDAQ:STRR
Star Equity — Investor Presentation (September 2026)
40 slides from Star Equity's investor presentation, September 2026
Slide 1: A Diversified Holding Company
Common Stock (Nasdaq: STRR) Series A 10% Preferred Stock (Nasdaq: STRRP) A Diversified Holding Company Creating Shareholder Value through Organic Growth, Acquisitions, and Share Repurchases September 2026 1 w w w. sta re q u it y. com
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains statements that the Company believes to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litiga
Slide 3: Executive Summary
Executive Summary We believe Star is positioned to deliver strong shareholder returns through: Organic Growth M&A and Asset Optimization We are building a diversified, scalable multi- We constantly evaluate acquisition targets to platform portfolio of operating companies with supplement our organic
Slide 4: Financial and Valuation Highlights
Financial and Valuation Highlights Q2 2026 TTM PF Vision 2030 (2) Financial Highlights (1) Revenue $223.9M ~$400M Gross Profit $92.9M ~$200M Adj. EBITDA $5.9M ~$40M Adj. EPS (3) ($1.07) $10+ $215M of NOLs usable against any taxable income in the US, equating to potential future cash tax savings of $
Slide 5: Who We Are
Who We Are ➢ Who We Are How We Got Here Where We Are Going How We Are Going to Get There www.starequity.com
Slide 6: Star's Current Business Divisions
Star’s Current Business Divisions Star Equity Holdings is a diversified holding company with four divisions (1): Business Building Business Business Building Services Solutions Services Services Solutions + Future bolt-on acquisitions + Future bolt-on acquisitions Real Estate Energy Business Busines
Slide 7: Differentiated Corporate Strategy and Structure
Differentiated Corporate Strategy and Structure Star is similar to a private equity fund, but with key distinctions allowing us to: Have flexible holding 1 2 Scale quickly and periods thanks to an open- profitably through organic ended investment time growth horizon Medium-term Goals (~5-year) Have
Slide 8: Our Team
Our Team Corporate Team Operating Companies Star’s Corporate Team consists of 12 people Star’s Operating Companies comprise a global team of and functions similarly to a PE firm ~1,500 people operating across three divisions Star’s corporate team is responsible for: Star’s operating company teams ar
Slide 9: Capital Structure & Valuation Metrics
Capital Structure & Valuation Metrics Capital Structure Select Valuation Metrics Cash (1) (2) $8.9 M Book Value ("BV") (8) $35.2 M Real Estate (2) (3) $7.9 M Market Capitalization (7) $36.9 M Public Investments (2) $4.3 M Preferred Stock (2) (5) $24.6 M Private Investments (2) $10.1 M Debt less Cash
Slide 10: How We Got Here
How We Got Here Who We Are ➢ How We Got Here Where We Are Going How We Are Going to Get There www.starequity.com
Slide 11: August 2025 Transformational Merger
August 2025 Transformational Merger (1) Star Operating Companies, Inc. (f.k.a. Star Equity Holdings, Inc. & Hudson Global, Inc. NASDAQ: STRR until 08/22/25) (NASDAQ: HSON until 09/04/25) Building Solutions Business Services Energy Services $215M in NOLs (2) Investments On 08/22/2025, the two microca
Slide 12: Star's M&A and Investing Transactions since 2022
Star’s M&A and Investing Transactions since 2022 (1) Asset Sales Acquisitions Investments In 2023: Digirad Health, Inc. In 2023: Big Lake Lumber ($3.3M) In 2024: SDPI Investment $40M valuation (Bolt-on for Glenbrook; Minneapolis-based ~35% return lumber yard) Sold Digirad Health, Inc. to Generated w
Slide 13: Where We Are Going
Where We Are Going Who We Are How We Got Here ➢ Where We Are Going How We Are Going to Get There www.starequity.com
Slide 14: Growing Our Company Via a Three-Pronged Strategy
Growing Our Company Via a Three-Pronged Strategy Organically Grow Current Pursue Make Targeted Operating Companies Acquisitions Investments Pursue growth ideas and Acquire private and / or public Invest in select operational improvements companies that could be: microcaps that could be: at Operating
Slide 15: Star's M&A Opportunity Set
Star’s M&A Opportunity Set Actively seeking both public & private acquisition opportunities to complement our organic growth Public Companies Private Companies • Over 3,000 public companies with less than $30M of • Large subset of high-quality, privately owned small EBITDA in the US (1) businesses w
Slide 16: Characteristics - What We Are Looking For (M&A)
Characteristics - What We Are Looking For (M&A) Characteristics of Star’s operating businesses and acquisition targets: 1. Low maintenance capex / asset-lite business models 4. Low obsolescence risk 2. Significant organic growth opportunities / growing industries 5. Fragmented markets / availability
Slide 17: How We Are Going to Get There
How We Are Going to Get There Who We Are How We Got Here Where We Are Going ➢ How We Are Going to Get There www.starequity.com
Slide 18: Building Solutions: Future Goals
Building Solutions: Future Goals Near-Term Financial Goals: ✓ Expand presence in each of KBS, EBGL, and TT’s markets by increasing output and adding new products and services ✓ Explore opportunities to re-open idle Oxford, Maine plant ✓ Increase KBS’s modular manufacturing capacity and output Long-t
Slide 19: Business Services: Future Goals
Business Services: Future Goals Hudson Talent Solutions Performance Goals: Gross Profit Adj. EBITDA (1) Interim $100 million $20 million Could be achieved organically in the next few years Goal #1 Longer-Term Timeline could be accelerated significantly by $200 million $50 million Goal #2 partnering
Slide 20: Energy Services: Revenue Breakdown and Future Goals
Energy Services: Revenue Breakdown and Future Goals Revenue Breakdown Revenue by End-Market (1) Revenue Streams (1) (% of Total Revenue) 8% 9% 18% Sale Oil & Gas 39% Rental Mining, Geothermal, Replacement 61% Waterwells, Hydrogen, Service Carbon Capture 65% Near-Term Financial Goals ✓ Strategic inve
Slide 21: Investments: Portfolio & Future Goals
Investments: Portfolio & Future Goals Near-Term Financial Goals Public Investments Portfolio Value (1) SEF, LP Public Equities (2) $4.3 Million • Monetize real estate assets to optimize financial leverage and cost of capital across operating divisions Private Investments Book Value (1) • Make strate
Slide 22: Vision 2030: Adj. EBITDA by Segment
Vision 2030: Adj. EBITDA by Segment Adj. EBITDA by Segment ($ in millions) Q2 2026 TTM PF (1) 2030E Goal (2) (3) Building Solutions $4.1 ~$15.0 Business Services $3.9 ~$25.0 Energy Services $4.1 ~$7.0 Investments $1.8 ~$1.0 Segment Sub-Total $14.0 ~$48.0 Corporate Costs ($8.1) ~($8.0) Total Adj. EBI
Slide 23: Appendix
Appendix www.starequity.com
Slide 24: Case Study: Former Healthcare Division
Case Study: Former Healthcare Division* Unlocking Significant Value for Shareholders $63.2 million of value realized through portfolio optimization Sept 2018 Oct 2018 Feb 2021 Mar 2021 May 2022 May 2023 Real Estate Sales Telerhythmics Sale MDOS Sale DMS Sale Reorganization DHI Sale (1) $1 Million $2
Slide 25: Case Study: Servotronics Inc. (SVT)
Case Study: Servotronics Inc. (“SVT”) SVT: designer and manufacturer of precision control components for the aerospace, industrial, and defense markets Prior SEF Involvement SEF Invested in 2022 Outcome – 2025 in 2021 Pushed for Change Unlocked Significant Value • Frustrated shareholders due to • SE
Slide 26: Building Solutions: Recent Financial Highlights
Building Solutions: Recent Financial Highlights Revenue ($ in millions) Gross Profit ($ in millions) Non-GAAP adj. EBITDA ($ in millions) (1) $80 $20 $8 $7.2 $71.9 $18.0 $18 $6.3 $70 $16 $6 $57.1 $60 $4.4 $53.4 $14 $12.7 $48.0 $45.8 $12.2 $4 $3.1 $50 $12 $11.3 $40 $10 $2 $28.9 $0.7 $30 $8 $6 $- $20
Slide 27: Building Solutions: Backlog
Building Solutions: Backlog Historical Backlog (USD in thousands) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Beginning Backlog (1) $ 27,913 $ 25,739 $ 20,032 $ 9,598 $ 7,983 (+) New Orders $ 18,223 $ 15,680 $ 7,541 $ 9,983 $ 17,275 (-) Recognized Revenue $ 20,398 $ 21,387 $ 17,975 $ 11,598 $ 14,612 End
Slide 28: Business Services: Historical Trends & Future Goals
Business Services: Historical Trends & Future Goals Hudson Talent Solutions GP & Adj. EBITDA Margin (1) 140 Growth Drivers (‘18 – ’22): Drivers of Decline (’22 – ’25): Outlook assumes ~30% Adj. EBITDA 30.0% ~50% organic growth ~$20M Tech Sector Decline margin on incremental Gross Profit 120 ~50% acq
Slide 29: Business Services: Acquisition & Investment History
Business Services: Acquisition & Investment History Management • Added Tech Sector Focused Team • Added Middle East, Japan, LatAm Restructure • Added India & Manila Back Office • Added Employer Branding/Marketing Jake Zabkowicz • Increased presence in Singapore & Hired LatAm Created and Launched bec
Slide 30: Energy Services: Overview
Energy Services: Overview Alliance Drilling Tools (“ADT”) is a drilling equipment company engaged in the rental, sale, and repair of downhole tools • Unique business model providing mission-critical products and high-margin sales ADT serves the following end-markets: • Operates in a highly specializ
Slide 31: Investments: $20 - $30M of Potential Value to Be Unlocked
Investments: $20 - $30M of Potential Value to Be Unlocked Real Estate Private Investments Public Investments Estimated Value $8 - $9M (1) Estimated Value $10 - $15M (1) (2) Portfolio Value $4.3M (1) • Owns, manages, and finances real • Star Equity Investment Holdings retains • Star Equity Fund (“SEF
Slide 32: Investments: Real Estate Assets
Investments: Real Estate Assets Real Estate Assets Held Separately from OpCos to Facilitate Value Creation Currently Owned - Portfolio Value Leased - EBGL Facilities 2 Facilities $8 - $9 Million (1) Oakdale, Minnesota 10,800 sq ft Oxford, Maine KBS Facility - Idle Hudson, Wisconsin 90,000 sq ft 22,8
Slide 33: Business Segment Operating Teams
Business Segment Operating Teams Business Services Building Solutions 11 years of extensive global leadership as well as operational and business development Jake Zabkowicz expertise in the talent acquisition Tom Niska industry Thatcher Butcher Scott Jarchow Global CEO President President President
Slide 34: Led by Highly Experienced Management Team
Led by Highly Experienced Management Team Star’s corporate team is responsible for: Jeffrey Eberwein Richard Coleman - Strategy & Vision Chief Executive Officer Chief Operating Officer - Capital Allocation and M&A - Public Company Duties - Management of the Investments Division • Over 45 years of ex
Slide 35: Highly Experienced Board
Highly Experienced Board • Over 30 years of investment • Over 30 years of Wall • Over 25 years of capital management and portfolio Street experience markets experience management experience • Founder and CEO of Lone • Private Investor • Co-CEO of Permit Capital Star Value Management • Former Head of
Slide 36: Reconciliation of Non-GAAP Financials
Reconciliation of Non-GAAP Financials Reconciliation of Hudson Talent Solutions ("HTS") Adjusted EBITDA Margin Historical Annual In 000s 2018 2019 2020 2021 2022 2023 2024 2025 HTS Gross Profit $ 42,104 $ 43,566 $ 39,081 $ 68,157 $ 99,210 $ 80,267 $ 70,152 $ 71,773 HTS Net Income (Loss) (5,266) (842
Slide 37: Reconciliation of Pro Forma Non-GAAP Financials
Reconciliation of Pro Forma Non-GAAP Financials Reconciliation of Star Equity Holdings' Pro Forma June 2026 TTM Adjusted EBITDA Building Solutions Business Services Energy Services Investments Corporate Total (3) US $ in millions Pro forma revenue, from external customers (1) $ 65.6 $ 143.6 $ 14.7 $
Slide 38: Reconciliation of Non-GAAP Financials
Reconciliation of Non-GAAP Financials Reconciliation of Building Solutions Adjusted EBITDA In 000s FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 PF Net Income (Loss) $ (2,883) $ (7,488) $ 2,875 $ 2,517 $ (1,578) $ 3,494 Provision for income taxes 40 - (88) (288) - 1 Interest expense, net 910 509 4
Slide 39: Reconciliation of Non-GAAP Financials
Reconciliation of Non-GAAP Financials Reconciliation of Star Equity Holdings' Pro Forma Q2 2026 TTM Adjusted Net Pro Forma Per Adjusted EPS Income (1) Diluted Share (1) US $ in Millions TTM Period Diluted Shares TTM Period Ended Outstanding Ended 6/30/2026 6/30/2026 Pro forma net loss (1) $ (9.2) 3.
Slide 40: Contact Us
Contact Us Jeff Eberwein CEO Rick Coleman COO Shawn Miles EVP – Finance admin@starequity.com Investor Relations The Equity Group Inc. Lena Cati Senior Vice President 212-836-9611 / lena.cati@theequitygroup.com 40
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