Orion Group Holdings, Inc. · NYSE:ORN
Orion — Investor Presentation (March 2026)
29 slides from Orion's investor presentation, Mar 4, 2026
Slide 1: Investor Presentation March 2026
MARINE | CONCRETE | ENGINEERING & CONSULTING Investor Presentation March 2026
Slide 2: Disclaimer
2 DISCLAIMER This presentation contains, and the officers and directors of the Company may from time to time make, statements that are considered forward looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are
Slide 3: Orion Overview
Orion Group Holdings (NSYE: ORN) is a leading specialty construction company focused on large, mission-critical infrastructure projects across two operating segments: Marine and Concrete. ORION OVERVIEW BUSINESS DESCRIPTION SERVICES • Marine ⚬ Comprehensive engineering, construction, jetty & breakwa
Slide 4: World-Class Safety Record; Key Facts and Figures
WORLD-CLASS SAFETY RECORD Lost time incident rate (LTIR) vs. Industry Average of 2.3 LTIR = 0.13 KEY FACTS AND FIGURES 2025 ENR RECOGNITIONS FISCAL 2026 GUIDANCE $852M $45M 2,000 $640M $900M-$950M $54M-$58M 2025 Revenue 2025 Adj. EBITDA Employees 12/31/25 Backlog REVENUE ADJ. EBITDA • #2 in Marine P
Slide 5: Marine Overview
5 MARINE OVERVIEW Construction Dredging Specialty General construction, restoration, maintenance & repair of ports and docks, jetty & breakwater, marine pipelines, marine transportation facilities, bridges and environmental structures Removal of soil, sand and rock from waterways to enhance and pres
Slide 6: Acquisition of J.E. McAmis, Strengthening Marine Capabilities
Heavy Civil | Jetty & Breakwater | Marine | Environmental • 50 years of experience delivering Federal heavy civil construction-- recognized as jetty construction experts and “go-to” provider in harsh environments • Extends and strengthens geographic footprint in Washington, Oregon, Canada, Florida,
Slide 7: Concrete Overview
Data centers, office buildings & complexes, airport facilities, medical facilities, retail sites and education facilities High-rise buildings, complexes and stadiums Commercial Structural Wastewater treatment, tank foundations & site work, tilt wall warehouses & terminals and manufacturing sites Ind
Slide 8: Valued Partner to Highly Diversified Customer Base
8 VALUED PARTNER TO HIGHLY DIVERSIFIED CUSTOMER BASE ENERGY DATA CENTERS GOVERNMENT OTHER Long-tenured relationships with customers across federal, state & local government and private enterprise
Slide 9: Orion Key Highlights
9 ORION KEY HIGHLIGHTS Mission critical specialty construction provider with sustainable competitive advantages 1 Poised to benefit from multiple powerful demand drivers and a robust, growing $23B pipeline 2 Clear, disciplined strategy built on strengthened foundation to drive increased value creati
Slide 10: High Barriers to Entry; Why We Win
High Barriers to Entry • Jones Act prohibits foreign competition in the U.S. marine market • Marine specialty equipment is unique and requires significant upfront investment to enter the market • Orion owns 1000+ pieces of specialty equipment with a replacement value of $600M • Legacy of high custom
Slide 11: Large Market Opportunity with Strong, Diverse Tailwinds
11 LARGE MARKET OPPORTUNITY WITH STRONG, DIVERSE TAILWINDS SUPPORTS $23B PIPELINE $1.2T Infrastructure Act Multi-year catalyst for public sector projects: transportation funding, ports, waterways, water infrastructure and bridges Port Expansion and Maintenance Larger ships via expanded Panama Canal
Slide 12: Massive U.S. Navy Opportunity in the Pacific
12 MASSIVE U.S. NAVY OPPORTUNITY IN THE PACIFIC • U.S. Navy Pacific Deterrence Initiative (PDI) is actively procuring $80B+ in Multiple Award Construction Contracts to include major waterfront facilities on multiple Pacific Islands • Scope includes new facilities, repair/renovation and upgrades to e
Slide 13: Trusted Data Center Builder to the World's Largest Hyperscalers
13 TRUSTED DATA CENTER BUILDER TO THE WORLD’S LARGEST HYPERSCALERS 46 Projects Completed or Underway 6.4GW OF DATA CENTER CAPACITY UNDER CONSTRUCTION WITH 83% PRE-LEASED Total pipeline has surged to 46GW TRACK RECORD WITH INDUSTRY LEADERS Orion is well-positioned to capture significant share 2GW 1.6
Slide 14: Clear, Disciplined Strategy Built on a Strengthened Foundation
• Strategic, accretive M&A Criteria: • Augment, add or enhance a capability • Strategic SMEs or equipment • Geographic expansion • Disciplined valuation • Earnings accretive • Capitalizing on massive marine construction opportunities • New potential in concrete in both private and public sectors, en
Slide 15: Record $23B Opportunity Pipeline to Support Future Growth
15 RECORD $23B OPPORTUNITY PIPELINE TO SUPPORT FUTURE GROWTH $6B $7B $10B $0-$50M $50M-$200M $200M+ Total Pipeline by Anticipated Opportunity Size 76% 24% Total Pipeline by Sector Public Private Total Pipeline by Segment Marine Concrete 10% 90% .$8.5B $7B $7.5B 2026 2027 Beyond Total Pipeline by Ant
Slide 16: Experienced Management Team Focused on Growth and Financial Performance
16 EXPERIENCED MANAGEMENT TEAM FOCUSED ON GROWTH AND FINANCIAL PERFORMANCE Travis Boone, PE Chief Executive Officer • Transformational leader with significant leadership and management experience across the civil, utility / pipeline and commercial building engineering and construction industries • P
Slide 17: Financial Performance
FINANCIAL PERFORMANCE 17
Slide 18: Historical Annual Financial Summary
$17 $23 $24 $42 2021 2022 2023 2024 2025 2026E Adjusted EBITDA $45 $56 18 HISTORICAL ANNUAL FINANCIAL SUMMARY ($ in millions) $601 $748 $712 $796 $852 $925 2021 2022 2023 2024 2025 2026E Revenue 2021 Guidance Midpoint Guidance Midpoint • 2026 Revenue guidance midpoint signals expected growth • 2026
Slide 19: Full Year 2025 Results
19 FULL YEAR 2025 RESULTS FY 2025 FY 2024 Growth Revenue $852M $796M 7% GAAP EPS $0.06 ($0.05) +$0.11 Adjusted EBITDA $45M $42M 8% Adjusted EPS $0.25 $0.15 +$0.10 Adjusted EBITDA Margin 5.3% 5.3% __
Slide 20: Fiscal Year 2026 Guidance
20 FISCAL YEAR 2026 GUIDANCE (AS OF MARCH 4, 2026) FY2026 Revenue $900M to $950M, a 9% annual increase at the midpoint Adjusted EBITDA $54M to $58M, a 24% annual increase at the midpoint Adjusted EPS $0.36 to $0.42, a 56% annual increase at the midpoint Capex $25M to $35M, consistent with 2025 guida
Slide 21: Recent Evolution of Backlog
0 100 200 300 400 500 600 700 800 900 1000 New management joined Orion 21 RECENT EVOLUTION OF BACKLOG BACKLOG ($ in millions) RECENT WINS Manufacturing Facilities USACE Sargent Beach Dredging Project Bridge Replacement Terminal Wharf Expansion Contract in Texas
Slide 22: Appendix
APPENDIX 22
Slide 23: Non-GAAP Supplemental Information: Adjusted EBITDA Reconciliation
NON-GAAP SUPPLEMENTAL INFORMATION 23 Orion Group Holdings, Inc. and Subsidiaries Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations (In Thousands, Except Margin Data) (Unaudited) Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Net (loss) income $ (240) $ 6,754 $ 2
Slide 24: Non-GAAP Supplemental Information: Adjusted Net Income Reconciliation
NON-GAAP SUPPLEMENTAL INFORMATION 24 Orion Group Holdings, Inc. and Subsidiaries Reconciliation of Adjusted Net Income (Loss) (In thousands except per share information) (Unaudited) Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Net loss (income) $ (240) $ 6,754 $ 2,488
Slide 25: Non-GAAP Supplemental Information: Segment Adjusted EBITDA
NON-GAAP SUPPLEMENTAL INFORMATION 25 Orion Group Holdings, Inc. and Subsidiaries Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations (In Thousands, Except Margin Data) (Unaudited) Marine Concrete Year ended Year ended December 31, December 31, 2025 2025 Operating income (loss) 29,862 (15,251)
Slide 26: Non-GAAP Supplemental Information: Annual Adjusted EBITDA 2021-2025
NON-GAAP SUPPLEMENTAL INFORMATION 26 Orion Group Holdings, Inc. and Subsidiaries Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations (In Thousands, Except Margin Data) (Unaudited) Year Ending December 31, 2021 2022 2023 2024 2025 Net (loss) income $ (14,560) $ (12,612) $ (17,875) $ (1,644) $
Slide 27: Non-GAAP Supplemental Information: Unburdened Adjusted EBITDA
NON-GAAP SUPPLEMENTAL INFORMATION 27 Orion Group Holdings, Inc. and Subsidiaries Adjusted EBITDA, Unburdened Adjusted EBITDA and Unburdened Adjusted EBITDA Margin Reconciliations (In Thousands, Except Margin Data) (Unaudited) Year Ended December 31, 2025 Marine Concrete Operating income (loss) $ 29,
Slide 28: Non-GAAP Supplemental Information: Guidance Adjusted EBITDA
NON-GAAP SUPPLEMENTAL INFORMATION 28 Orion Group Holdings, Inc. and Subsidiaries Guidance – Adjusted EBITDA Reconciliation (In Thousands) (Unaudited) Year Ending December 31, 2026 Low Estimate High Estimate Net income $ 11,500 $ 15,300 Income tax expense 400 600 Interest expense, net 7,700 7,700 Dep
Slide 29: Non-GAAP Supplemental Information: Guidance Adjusted EPS
NON-GAAP SUPPLEMENTAL INFORMATION 29 Orion Group Holdings, Inc. and Subsidiaries Guidance – Adjusted EPS Reconciliation (In Thousands except per share information) (Unaudited) Year Ending December 31, 2026 Low Estimate High Estimate Net income $ 11,500 $ 15,300 Adjusting items and the tax effects: N
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