Great Lakes Dredge & Dock (GLDD) Small-Cap Growth Virtual Investor Conference summary

Recent business developments

• Entered 2024 with a record $1.04 billion backlog, 71% in higher-margin capital projects.

• Secured $150 million second lien financing with flexible terms to support new build program.

• Delivered new dredge Galveston Island in January 2024, now in successful production.

• Achieved highest quarterly EBITDA in four years at $43 million in Q1 2024.

• Backlog currently stands at $879 million after project additions and execution.

Market and project outlook

• Largest client, Corps of Engineers, approved a record $8.7 billion budget for 2024.

• Bid market in 2024 expected to match or exceed 2023's $2.7 billion, with strong pipeline in Q2 and Q3.

• Won 44% of 2023 bid market, including the three largest projects and two major LNG contracts.

• Coastal protection projects, delayed in recent years, are returning strongly.

• LNG export facility work is robust, with additional projects in the pipeline.

Offshore wind and diversification

• Offshore wind contracts secured: Empire Wind 1 (2025) and Ørsted Sunrise Wind (2026).

• Acadia rock installation vessel under construction, delivery expected mid-to-late 2025.

• Offshore wind market offers significant growth and client diversification opportunities.

• Acadia is Jones Act compliant, enabling use of U.S. materials and tax credits for developers.

• Additional opportunities in oil & gas, telecommunications, and power cable rock placement.