Orion Group Holdings, Inc. · NYSE:ORN
Orion — Investor Presentation (June 2025)
25 slides from Orion's investor presentation, Jun 23, 2025
Slide 1: Investor Presentation June 2025
Investor Presentation June 2025
Slide 2: Disclaimer
Disclaimer 2 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 At-A-Glance
Orion At-A-Glance BUSINESS DESCRIPTION KEY FACTS AND FIGURES 1994 Year of Founding ~2,000 Employees 8 Offices / Locations Market-Leading Marine & Concrete Services Business 65% 35% 65% 35% • Orion Group Holdings (“Orion”), based in Houston, TX, is a leading construction and engineering services comp
Slide 4: Large Market Opportunity with Strong, Diverse Tailwinds
Large Market Opportunity with Strong, Diverse Tailwinds… $1.2T Infrastructure Act Multi-year catalyst for public sector projects: transportation funding, ports, waterways, water infrastructure and bridges Port Expansion and Maintenance Larger ships via expanded Panama Canal require deeper shipping c
Slide 5: Marine Segment At-A-Glance
Marine Segment At-A-Glance SEGMENT OVERVIEW Marine benefits from higher-margin projects with high barriers to entry and consistent maintenance demand ($ in millions) SUB-SEGMENT OVERVIEW Construction Dredging Specialty General construction, restoration, maintenance & repair of ports and docks, marin
Slide 6: Concrete Segment At-A-Glance
• Sub-contractor that provides turnkey concrete construction services including place and finish, site work, layout, forming and rebar for clients across manufacturing, data center, institutional, industrial, commercial construction and multi-family construction end markets ♦ Core bidding strategy p
Slide 7: Orion Key Investment Highlights
Orion Key Investment Highlights 1 2 3 4 5 6 Mission Critical Specialty Construction Provider with Sustainable Competitive Advantages Highly Diversified Customer Base and Multiple Funding Sources Newer Management Team Leading Successful Execution of Strategic Plan Strategic Plan Underway to Drive Lon
Slide 8: Key Investment Highlights Detail
• Well-positioned to take advantage of $17B Infrastructure Bill funding for ports, waterways and broader infrastructure developments • Robust backlog of $840M with private sector leaders as well as state & local government customers • U.S. Navy and U.S. Army Corps of Engineers infrastructure expansi
Slide 9: Highly Diversified Customer Base
Highly Diversified Customer Base ENERGY DATA CENTERS GOVERNMENT OTHER Long-tenured relationships with blue-chip customers across federal, state, local & private enterprise 9
Slide 10: Execution on Actionable, Multi-Phase Strategic Plan is Underway
Capital investment in fleet improvement, and information systems upgrade Improve project management and execution to drive margin expansion Enter new geographies (including Western U.S. and Pacific Islands) that have high demand and strong growth profiles Leverage Concrete & Marine integration / bes
Slide 11: Successful Execution of Strategic Transformation - Phase I
Successful Execution of Strategic Transformation - Phase I • Implemented minimum bid margins • Pursuing work with strong value proposition • Bolstered management oversight with experienced leaders • Recruited high-caliber talent • Investing in resources to deepen client relationships • Doubled backl
Slide 12: Strong Track Record of Execution – Clear Direction for Phase II
Strong Track Record of Execution – Clear Direction for Phase II Orion has significantly expanded its pipeline over the past two years… $3B $16B Current Strengthen the foundation Emphasize specialized Marine construction Explore M&A / enter new geographies Integrate all businesses onto one platform F
Slide 13: Experienced Management Team Focused on Growth and Financial Performance
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 • Prio
Slide 14: Case Study: Aging U.S. Navy Infrastructure
Case Study: Aging U.S. Navy Infrastructure Orion anticipates U.S. Navy funding for port renovations and Pacific Deterrence to accelerate and continue for several years • Aging US Navy port infrastructure – average dry dock is now 107 years old1 • The U.S. Navy has 9 dry docks in HI & WA; replacement
Slide 15: Case Study: Significant Data Center Growth Expected to Continue
$51 ~$113 2022 2023 2024 2025 2026 2027 2028 2029 2030 Case Study: Significant Data Center Growth Expected to Continue Through 2032 Driven by AI and Cloud Computing KEY METRICS 36 Projects Awarded ~$240M Total Project Value (spanning 20 years) ~40% Contract Dollars from Data Centers in 2025 U.S. DAT
Slide 16: Financial Overview
Confidential Financial Overview 16
Slide 17: Recent Evolution of Backlog
0 100 200 300 400 500 600 700 800 900 1000 Q122 Q222 Q322 Q422 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Marine Concrete New management joined Orion Recent Evolution of Backlog BACKLOG ($ in millions) 17 SELECTED CONTRACT HIGHLIGHTS $21M Multi-Story Structural Contract in Texas (2025) $24M Costco
Slide 18: Historical Annual Financial Summary
Historical Annual Financial Summary ($ in millions) 18 $710 $601 $748 $712 $796 $825 2020 2021 2022 2023 2024 LTM Revenue $54 $17 $23 $24 $42 2020 2021 2022 2023 2024 LTM Adjusted EBITDA $46 $40 $0 $8 $15 $28 $11 2020 2021 2022 2023 2024 LTM Free Cash Flow Liquidity (as of 3/31/25) Cash and cash e
Slide 19: First Quarter 2025
First Quarter 2025 ($ in millions) 19 Q12025 Q12024 Growth (YOY) Revenue $188.7M $160.7M +17.4% GAAP EPS ($0.04) ($0.19) -- Adjusted EBITDA $8.2M $4.1M +100% Adjusted EBITDA Margin 4.3% 2.5% +180bps First quarter results reflect the strength of our operating model and the successful execution of o
Slide 20: Fiscal Year 2025 Guidance
Fiscal Year 2025 Guidance ($ in millions) 1. Average annual capex maintenance is ~$15 million. 20 FY2025 Revenue $800M - $850M Adjusted EBITDA $42M - $46M Adjusted EPS $0.11 - $0.17 Capex $25M - $35M1 “The future for Orion is extremely bright and our business and operating model is well positioned f
Slide 21: Appendix
Confidential Appendix 21
Slide 22: Non-GAAP Supplemental Information
Non-GAAP Supplemental Information ($ in millions) 22 Orion Group Holdings, Inc. and Subsidiaries Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations (In Thousands, Except Margin Data) (Unaudited) Three months ended March 31, 2025 2024 Net loss $ (1,414) $ (6,057) Income tax expense (benefit)
Slide 23: Non-GAAP Supplemental Information
Non-GAAP Supplemental Information ($ in millions) 23 Orion Group Holdings, Inc. and Subsidiaries Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations In Thousands Except Margin Data (Unaudited)
Slide 24: Non-GAAP Supplemental Information
Non-GAAP Supplemental Information ($ in millions) 24 Operating income (loss) 2,318 3,670 9,203 (10,300) Other income 242 641 115 — Depreciation and amortization 18,693 18,219 4,072 5,659 EBITDA (1) 21,253 22,530 13,390 (4,641) Share-based compensation 3,711 1,958 298 84 Net gain on Port Lavaca South
Slide 25: Non-GAAP Supplemental Information
Non-GAAP Supplemental Information ($ in millions) 25 2020 Net income (loss) $ 20,220 $ (14,560) $ (12,612) $ (17,875) $ (1,644) Income tax expense (benefit) 1,976 502 429 330 348 Interest expense, net 4,737 4,940 4,352 11,556 13,174 Depreciation and amortization 27,217 25,430 24,057 23,878 22,765 EB
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