Orion Group (ORN) investor relations material

Executive summary

• Net debt at quarter-end was $21 million, with leverage under half a turn of trailing twelve-month EBITDA, reflecting a strong balance sheet position.

• Revenue for the nine months ended September 30, 2025 increased 7% year-over-year to $619.0 million, driven by new awards and higher volume across the business.

• Backlog at September 30, 2025 was $679 million, with $547 million expected to be recognized in the next 12 months.

• Closed the sale of the East and West Jones property for $23.5 million in October 2025, with proceeds to reduce debt and for general corporate purposes.

• Achieved Q3 2025 revenue of $225.1 million, GAAP net income of $3.3 million, and adjusted EBITDA of $13.1 million.

Financial highlights

• Marine revenues rose 2% year-over-year and 6% sequentially to $143 million in Q3; Marine adjusted EBITDA grew over 50% to $18 million, with margins improving from 7% to 12%.

• Concrete revenues decreased 5% year-over-year but increased 17% sequentially to $82 million in Q3; Concrete reported a $4 million adjusted EBITDA loss versus a $4 million profit in the prior year.

• Gross profit for the nine months rose 29% year-over-year to $78.6 million, reflecting strong project execution and favorable utilization.

• Operating income for the nine months was $9.6 million, up from $1.9 million in the prior year.

• Cash provided by operating activities was $14.3 million for the nine months, compared to a use of $0.7 million in the prior year.

Outlook and guidance

• Full year 2025 revenue guidance raised to $825–$860 million.

• Adjusted EBITDA guidance increased to $44–$46 million; adjusted EPS guidance raised to $0.18–$0.22.

• CapEx guidance reiterated at $25–$35 million.

• Management expects adequate liquidity for at least the next 12 months, supported by cash flow, asset sales, and credit availability.