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Limbach (LMB) investor relations material
Limbach Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Specializes in mission-critical building system solutions, focusing on mechanical, electrical, and plumbing (MEP) services across key verticals such as healthcare, industrial, and data centers, with a strategic shift to Owner Direct Relationships (ODR) for recurring, higher-margin revenue.
ODR now represents 76.4% of Q3 revenue and 74.1% year-to-date, in line with the 70%-80% target, reflecting a move away from General Contractor Relationships (GCR).
Growth strategy centers on scaling ODR, expanding service offerings, disciplined M&A, and integrating recent acquisitions like Pioneer Power, Consolidated Mechanical, and Kent Island.
Recognized for workplace excellence, sustainability, and employee development, with a strong focus on community engagement.
Net income for Q3 2025 reached $8.8 million, up 17.4% year-over-year, and $26.8 million for the nine months ended September 30, 2025.
Financial highlights
Q3 2025 revenue rose 37.8% year-over-year to $184.6 million; ODR revenue up 52% to $141.4 million, with 39.8% from acquisitions and 12.2% organic.
Gross profit increased 23.7% to $44.7 million in Q3; YTD gross profit up 20.4% to $121.2 million, with gross margin down to 24.2% in Q3 and 26.4% YTD due to lower-margin acquisitions.
Adjusted EBITDA for Q3 2025 was $21.8 million (up 25.6%), with a margin of 11.8%; YTD adjusted EBITDA up 27.2% to $54.6 million.
Net income for Q3 was $8.8 million (up 17.4%), with EPS of $0.73 and adjusted EPS of $1.05; YTD net income was $26.8 million.
Free cash flow for Q3 was $17.9 million, with free cash flow conversion of adjusted EBITDA at 82%; YTD cash flow from operations was $17.6 million.
Outlook and guidance
2025 guidance reaffirmed: total revenue $650–$680 million, adjusted EBITDA $80–$86 million, with ODR expected to comprise 70%-80% of revenue and organic ODR growth targeted at 20%-25%.
Gross margin guidance revised to 25.5%-26.5% due to lower-margin acquisitions; SG&A as a percentage of revenue expected at 15%-17%.
Free cash flow expected to be 75% of adjusted EBITDA.
Total organic revenue growth revised to 7%-10% due to mix shift.
Management expects current cash, operating cash flows, and $60.4 million in available credit to be sufficient for at least the next 12 months.
Pioneer Power margin improvement strategy?
Impact of GCR decline on total organic growth?
Debt reduction priority for remaining year?
Pioneer Power margin alignment timeline
Drivers of Q4 ODR organic growth acceleration
Professional services' role in 35-40% gross margin
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Q4 202511 Mar, 2026
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Frequently asked questions
Limbach Holdings Inc. is a construction and services company that specializes in mechanical systems for buildings. The company provides design, engineering, installation, and maintenance services for heating, ventilation, air conditioning (HVAC), plumbing, and other mechanical systems. Limbach serves a variety of sectors, including healthcare, education, commercial, and government facilities, focusing on delivering energy-efficient and sustainable building solutions. The company is headquartered in Warrendale, Pennsylvania, and its shares are listed on the NASDAQ.
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