Limbach (LMB) investor relations material

Executive summary

• Achieved record total revenue of $646.8 million for 2025, a 24.7% year-over-year increase, driven by strong ODR growth and strategic acquisitions, including Pioneer Power.

• ODR revenue rose 40.6% to $485.7 million, representing approximately 75% of total revenue, with organic ODR revenue up 17%.

• Adjusted EBITDA reached a record $81.8 million, up 28.4% year-over-year.

• Announced a $50 million share repurchase program and relocated headquarters to Tampa, Florida.

Financial highlights

• Q4 2025 revenue was $186.9 million, up 30.1% year-over-year; full-year revenue reached $646.8 million.

• ODR revenue for 2025 was $485.7 million, GCR revenue $161.1 million; ODR segment Q4 revenue up 51.8%.

• Adjusted EBITDA for 2025 was $81.8 million (margin 12.6%); Q4 Adjusted EBITDA was $27.2 million, up 30.8%.

• Net income for 2025 increased 26.5% to $39.1 million; diluted EPS rose 25.7% to $3.23.

• Free cash flow for 2025 was $70.1 million, with an 85.7% conversion rate.

Outlook and guidance

• 2026 revenue guidance is $730–$760 million (13–17% growth); adjusted EBITDA guidance is $90–$94 million (10–16% growth).

• Organic revenue growth expected at 4–8%, ODR organic growth at 9–12%, with ODR comprising 75–80% of total revenue.

• Gross margin guidance for 2026 is 26–27%; SG&A expected at 15–17% of revenue; free cash flow targeted at 75% of adjusted EBITDA.

• Revenue and earnings expected to be weighted toward the second half of 2026 due to seasonality and project timing.