Limbach Holdings, Inc.NASDAQ: LMB

Third Quarter 2026 Earnings Presentation - November 4, 2026

· Issued by Limbach Holdings, Inc.

Key figures

  • Revenue: $760-$790 million
  • Adjusted EBITDA¹: $78-$84 million
  • Total organic revenue growth: 9-14%; ODR organic revenue growth: 6-10%
  • ODR share of revenue: 70-80%
  • Gross margin: 23-24%; SG&A: 15-16% of revenue

On 6ix: 6ix.com/news/limbach-third-quarter-2026-earnings-presentation-november-4-2026

Watch Limbach explain itLimbach Holdings (NASDAQ:LMB) Q3 2026 Earnings Call · Replay · Nov 4, 2026

NASDAQ: LMB

Third Quarter 2026

Earnings Presentation

Financial Results & Business Update

For the quarter ended September 30, 2026

| November 4, 2026

‌Q3 2026 Revenue

$230.5 million

up 24.9% vs. Q3 2025

Q3 2026 Net income

$9.5 million

up 7.5% vs. Q3 2025

Q3 2026 Adjusted EBITDA¹

$27.4 million

up 25.9% vs Q3 2025

Q3 2026 Free Cash Flow2

$22.2 million

80.9% Conversion from EBITDA

Organic revenue growth: 2.2%

ODR share of revenue: 65.4%

ODR organic growth resumed

Business performance

Bookings: $311.2 million Book-to-bill: 1.4x

Customer activity

1901 completed; CYMCOR adds data center expertise.

2026 guidance tracking at or near the high end of the Adjusted EBITDA range.

Acquisitions & outlook

Customer budgets progressing • Deeper owner relationships • Improving project visibility

1 See appendix for non-GAAP reconciliation.

2 See FCF reconciliation.

‌National reach. Local presence. Proactive solutions for mission-critical facilities.

Healthcare • Industrial & manufacturing Higher education • Cultural & entertainment

Build on our traditional strengths

Technology • Life sciences • Data centers

Broader growth drivers, with selective participation in each market

Expand participation in growth opportunities

Geographic reach

Follow customer needs across more locations, with strong local execution.

Vertical-market mix

Deepen market expertise and broaden our set of growth drivers.

Integrated model

Connect planning, fabrication, project delivery and ongoing service.

2027 focus: national customer relationships • fabrication & off-site work • lifecycle services

‌Base purchase price

$63 Million

Cash + revolver

2027 revenue

~$140 Million

Full-year expectation

2027 Adj. EBITDA

~$11 Million

Full-year expectation

Employees

~450

350+ field professionals

Strategic Fit & Integration

1901 • Madison, WI

U.S. office footprint

Similar to Limbach, 1901 is a 125-year-old Building Systems Solutions Firm

Detroit Lansing Grand Rapids

Boston

Twin Cities

Pittsburgh

Columbus

Southeast Ohio

Western Kentucky

Philadelphia

New Jersey

DC

North Carolina

Cymcor

Orlando

Limbach Reach Limbach Location

Tampa

West Palm Beach

  • Limbach's largest electrical operation, with broader MEPC capabilities.

  • Broader local delivery capabilities for national and multi-site customers.

    Chattanooga

  • Customer growth and operating discipline to improve margins over time.

UWHC Transplant Clinic

Healthcare

NorthStar BE3

Life sciences

Benoit College Powerhouse

Higher education

2027 figures are previously announced acquired-business expectations, not consolidated Limbach guidance.

‌Early owner engagement supports informed project selection and broader customer relationships

2027 expectations1

~$12 Million Revenue | ~$4 Million Adjusted EBITDA

Connect owner relationships with engineering,

fabrication, execution and ongoing service

Program management

Commissioning oversight Strategic consulting

Data centers: expand the opportunity

Featured Projects

Available fabrication capacity supports selected data center work with lower risk and higher-margin potential.

1 Previously announced acquired-business expectations; excludes potential synergies and incremental project pull-through.

Financial Review

Three & Nine Months Ended September 30, 2026

‌Three months ended September 30

Revenue

ODR GCR

$230.5

$184.6

$43.2

$79.8

$141.4

$150.7

$250.0

$200.0

$150.0

$100.0

$50.0

$60.0

$50.0

$40.0

$30.0

$20.0

$10.0

Gross Profit & Margin

ODR GCR

(23.4%)

$44.7

(24.2%)

$9.0

$15.6

$35.7

$38.2

$53.8

$30.0

$25.0

$20.0

$15.0

$10.0

$5.0

Adjusted EBITDA1

$-

Q3 2025 Q3 2026

$-

Q3 2025 Q3 2026

$-

$27.4

$21.8

Q3 2025 Q3 2026

‌Nine months ended September 30

Revenue

ODR GCR

Gross Profit & Margin

ODR GCR

Adjusted EBITDA1

$600.0

$500.0

$400.0

$300.0

$150.0

$542.8

$459.9

$378.9

$340.7

$119.2

$163.9

$125.0

$100.0

$75.0

$60.0

$54.6

$50.0

$50.0

$40.0

$30.0

$200.0

$100.0

$-

YTD 2025 YTD 2026

$50.0

$25.0

$-

$121.2

(26.4%)

$122.3

(22.5%)

$93.4

$92.0

$27.8

$30.4

YTD 2025 YTD 2026

$20.0

$10.0

$-

YTD 2025 YTD 2026

‌Cash generation + expanded credit capacity support investment and financial flexibility

Cash generation September 30, 2026 balance sheet

Share Repurchases

During the Quarter, Limbach Repurchased 194,788 shares at an average price of

$51.31 per share

Q3 2026

9M 2026

Cash from Operations (GAAP)

$20.3 $31.2

Company-defined free cash flow¹

$22.2 $43.6

80.9% 87.1%

FCF / Adjusted EBITDA¹

September 30

Cash and cash equivalents $29.1

Total debt / net debt²

$154.9 / $125.8

Net debt / reported TTM Adj. EBITDA²

1.63x

Available credit facility capacity³

$125.0

Total liquidity³

$164.2

New credit agreement of $300 million in September 2026 expands LMB's liquidity

Dollars in millions. ¹ See FCF reconciliation.

² Net debt = debt less unrestricted cash; leverage uses reported TTM Adjusted EBITDA ($77.2 million).

³ Liquidity = unrestricted cash plus revolver availability after borrowings and letters of credit. Includes $50 million available under a delayed draw term loan. Available amounts under both facilities are subject to reduction in accordance with their respective terms and conditions, including compliance with applicable covenants. As of September 30, 2026, an aggregate borrowing capacity limitation reduced available liquidity under the facilities by $40 million.

‌Full-year guidance

  • Revenue: $760-$790 million

  • Adjusted EBITDA¹: $78-$84 million

    Key Performance Indicators for Fiscal 2026

  • Total organic revenue growth: 9-14%; ODR organic revenue growth: 6-10%

  • ODR share of revenue: 70-80%

  • Gross margin: 23-24%; SG&A: 15-16% of revenue

  • Free cash flow²: 75% of Adjusted EBITDA

¹ Forward-looking non-GAAP measures; see page 2.

² Free cash flow excludes working-capital changes and deducts capital expenditures excluding rental-equipment investment.

Tracking at or near the high end of the Revenue and Adjusted EBITDA ranges Organic growth recovering

Favorable setup for 2027

‌Focus on Execution

Continue favorable bookings momentum

Improve project performance

Integrate & Expand

Continue acquisition integration

Position for continued geographic expansion

Finish Strong

Deliver a strong fourth quarter

Enter 2027 with diverse

opportunities for profitable growth

Q&A

‌Adam Prior

Vice President of Investor Relations and Corporate Strategy

[email protected]

Appendix

Non-GAAP Reconciliations

Three & Nine Months Ended September 30, 2026

‌(in thousands)

Fiscal Year Ended December 31,

Three Months Ended September 30,

Nine Months Ended September 30,

2020

2021

2022

2023

2024

2025

2026

2025

2026

2025

Revenue

$568,209

$490,351

$496,782

$516,350

$518,781

$646,804

$230,460

$9,450

$184,583

$8,788

$542,776

$18,577

$459,932

$26,764

Net income

$5,807

$6,714

$6,799

$20,754

$30,875

$39,064

Adjustments:

Depreciation and amortization

6,171

5,948

8,158

8,244

11,888

18,133

6,521

5,063

15,246

13,058

Interest expense

8,627

2,568

2,144

2,046

1,869

3,133

1,243

1,223

2,717

2,312

Interest income

-

-

-

(1,217)

(2,227)

(815)

(96)

(88)

(112)

(792)

Stock-based compensation expense

1,068

2,601

2,742

4,910

5,773

7,434

1,580

1,980

6,285

5,634

Loss on early debt extinguishment

-

1,961

-

311

-

-

250

-

250

-

Change in fair value of warrant liability

1,634

(14)

-

-

-

-

-

-

-

-

Change in fair value of interest rate swap

-

-

(310)

124

(34)

191

6

-

-

- 250

571

4,339

3,287

22

-

-

- 263

610

3,767

137

(54)

-

-

- 347

950

2,518

3,287

175

-

-

- 397

1,832

4,546

659

Severance expense

622

-

-

-

-

-

Loss on early termination of operating lease

-

-

849

-

-

-

CEO Transition costs

-

-

-

958

-

-

Restructuring costs

-

-

6,016

1,770

1,427

2,155

Acquisition-related retention expense

-

-

2,285

729

3,770

1,985

and contingent consideration

Income tax provision

1,182

2,763

2,809

7,346

9,091

9,565

Acquisition and other transaction costs

-

735

273

826

1,282

957

Total

Adjusted EBITDA

$25,111

$23,276

$31,765

$46,801

$63,714

$81,802

$27,401 $21,765 $50,011 $54,585

11.9 % 11.8 % 9.2 % 11.9 %

Adjusted EBITDA Margin

4.4%

4.7%

6.4%

9.1%

12.3%

12.6%

*Use of Non-GAAP Financial Measures

In assessing the performance of our business, management utilizes a variety of financial and performance measures. The key measure is Adjusted EBITDA. Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as net income plus depreciation and amortization expense, interest expense (net), and taxes, as further adjusted to eliminate the impact of, when applicable, other non-cash items or expenses that are unusual or non-recurring or that we believe do not reflect our core operating results. We believe that Adjusted EBITDA is meaningful to our investors to enhance their understanding of our financial performance for the current period and our ability to generate cash flows from operations that are available for taxes, capital expenditures and debt service. We understand that Adjusted EBITDA is frequently used by securities analysts, investors and other interested parties as a measure of financial performance and to compare our performance with the performance of other companies that report Adjusted EBITDA. Our calculation of Adjusted EBITDA, however, may not be comparable to similarly titled measures reported by other companies. When assessing our operating performance, investors and others should not consider this data in isolation or as a substitute for net income (loss) calculated in accordance with GAAP. Further, the results presented by Adjusted EBITDA cannot be achieved without incurring the costs that the measure excludes.

‌(In thousands, except share and per share amounts)

Fiscal Year Ended December 31,

Three Months Ended September 30,

Nine Months Ended September 30,

2020

2021

2022

2023

2024

2025

2026

2025

2026

2025

Net income and diluted earnings per share

$5,807

$0.72

$6,714

$0.66

$6,799

$0.64

$20,754

$1.76

$30,875

$2.57

$39,064

$3.23

$9,450

$0.79

$8,788

$0.73

$18,577

$1.54

$26,764

$2.21

Pre-tax Adjustments:

2,400

1,980

-

- 22

-

263

610

137

-

0.20

0.16

-

-

-

- 0.02

0.05

0.01

-

7,084

6,285

250

- (54)

-

347

950

3,287

-

0.59

0.52

0.02

-

-

- 0.03

0.08

0.27

-

6,020

5,634

-

- 175

-

397

1,832

659

-

0.50

0.47

-

- 0.01

-

0.03

0.14

0.06

-

Amortization of acquisition-related intangible assets

630

0.08

484

0.05

1,567

0.15

1,880

0.16

4,688

0.39

8,357

0.69

3,615

0.30

Stock-based compensation expense

1,068

0.13

2,601

0.25

2,742

0.26

4,910

0.42

5,773

0.48

7,434

0.62

1,580

0.13

Loss on early debt extinguishment

-

-

1,961

0.19

-

-

311

0.03

-

-

-

-

250

0.02

Loss on early termination of operating lease

-

-

-

-

849

0.08

-

-

-

-

-

-

-

-

Change in fair value of interest rate swap

-

-

-

-

(310)

(0.03)

124

0.01

(34)

-

191

0.02

6

-

Change in fair value of warrant liability

1,634

0.20

(14)

-

-

-

-

-

-

-

-

-

- 250

571

3,287

-

- 0.02

0.05

0.27

-

Restructuring costs

-

-

-

-

6,016

0.56

1,770

0.15

1,427

0.12

2,155

0.18

Acquisition-related retention expense and contingent

-

-

-

-

2,285

0.21

729

0.06

3,770

0.31

1,985

0.16

consideration

Acquisition and other transaction costs

-

-

735

0.07

273

0.03

826

0.07

1,282

0.11

957

0.08

Severance expense

622

0.08

-

-

-

-

-

-

-

-

-

-

CEO transition costs

-

-

-

-

-

-

958

0.08

-

-

-

-

-

(2,581)

-

(0.21)

-

(1,461)

-

(0.12)

-

(4,900)

-

(0.40)

-

(3,974)

-

(0.32)

Tax effect of reconciling items¹

(1,107)

(0.14)

(1,557)

(0.15)

(3,623)

(0.34)

(3,107)

(0.26)

(4,564)

(0.38)

(5,691)

(0.47)

Adjusted net income and Adjusted diluted earnings per share

$8,654

$1.07

$10,924

$1.07

$16,598

$1.56

$29,155

$2.48

$43,217

$3.60

$54,452

$4.51

$16,428

$1.37

$12,739

$1.05

$31,826

$2.65

$37,507

$3.10

Weighted average number of diluted shares

outstanding

8,065,464

10,231,637

10,676,534

11,812,098

12,027,398

12,079,583

12,000,412

12,107,480

12,028,816

12,090,829

1. The tax effect of reconciling items was calculated using a statutory tax rate of 28% for FY 2020 and 27% for FYs 2021 through 2026. Totals may not foot due to rounding.

*Use of Non-GAAP Financial Measures

In assessing the performance of our business, management utilizes a variety of financial and performance measures. The key measure is Adjusted EBITDA. Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as net income plus depreciation and amortization expense, interest expense (net), and taxes, as further adjusted to eliminate the impact of, when applicable, other non-cash items or expenses that are unusual or non-recurring or that we believe do not reflect our core operating results. We believe that Adjusted EBITDA is meaningful to our investors to enhance their understanding of our financial performance for the current period and our ability to generate cash flows from operations that are available for taxes, capital expenditures and debt service. We understand that Adjusted EBITDA is frequently used by securities analysts, investors and other interested parties as a measure of financial performance and to compare our performance with the performance of other companies that report Adjusted EBITDA. Our calculation of Adjusted EBITDA, however, may not be comparable to similarly titled measures reported by other companies. When assessing our operating performance, investors and others should not consider this data in isolation or as a substitute for net income (loss) calculated in accordance with GAAP. Further, the results presented by Adjusted EBITDA cannot be achieved without incurring the costs that the measure excludes.

‌Third Quarter 2026

YTD 2026

Three Months Ended September 30, Increase/(Decrease) Nine Months Ended September 30, Increase/(Decrease)

(in thousands, except for percentages)

2026

2025

$

%

(in thousands, except for percentages)

2026

2025

$

%

Statement of Operations Data:

Statement of Operations Data:

Revenue:

Revenue:

ODR

$ 150,650

65.4 %

$ 141,382

76.6 %

$ 9,268

6.6 %

ODR

$ 378,875

69.8 %

$ 340,723

74.1 %

$ 38,152

11.2 %

GCR

79,810

34.6 %

43,201

23.4 %

36,609

84.7 %

GCR

163,901

30.2 %

119,209

25.9 %

44,692

37.5 %

Total revenue

230,460

100.0 %

184,583

100.0 %

45,877

24.9 %

Total revenue

542,776

100.0 %

459,932

100.0 %

82,844

18.0 %

Cost of revenue: Cost of revenue:

ODR(1) 112,441

74.6 %

105,703

74.8 %

6,738

6.4 %

ODR(1) 286,922 75.7 % 247,294 72.6 % 39,628 16.0 %

GCR(2) 64,179

80.4 %

34,195

79.2 %

29,984

87.7 %

GCR(2) 133,551 81.5 % 91,408 76.7 % 42,143 46.1 %

Total cost of revenue

176,620

76.6 %

139,898

75.8 %

36,722

26.2 %

Total cost of revenue

420,473

77.5 %

338,702

73.6 %

81,771

24.1 %

Gross profit:

Gross profit:

ODR(1)

38,209

25.4 %

35,679

25.2 %

2,530

7.1 %

ODR(1)

91,953

24.3 %

93,429

27.4 %

(1,476)

(1.6)%

GCR(2)

15,631

19.6 %

9,006

20.8 %

6,625

73.6 %

GCR(2)

30,350

18.5 %

27,801

23.3 %

2,549

9.2 %

Total gross profit

53,840

23.4 %

44,685

24.2 %

9,155

20.5 %

Total gross profit 122,303 22.5 % 121,230 26.4 % 1,073 0.9 %

Selling, general and administrative(3) 34,591 15.0 % 28,330 15.3 % 6,261 22.1 %

Acquisition-related retention expense and

contingent consideration 571 0.2 % 610 0.3 % (39) (6.4)%

Amortization of intangibles 3,615 1.6 % 2,400 1.3 % 1,215 50.6 % Total operating income $ 15,063 6.5 % $ 13,345 7.2 % $ 1,718 12.9 %

Selling, general and administrative(3) 90,821 16.7 % 81,480 17.7 % 9,341 11.5 %

Acquisition-related retention expense and

contingent consideration 950 0.2 % 1,832 0.4 % (882) (48.1)%

Amortization of intangibles 7,084 1.3 % 6,020 1.3 % 1,064 17.7 %

Total operating income $ 23,448 4.3 % $ 31,898 6.9 % $ (8,450) (26.5)%

(1) As a percentage of ODR revenue.

(2) As a percentage of GCR revenue.

(3) Included within selling, general and administrative expenses was $1.6 million and $1.9 million of non-cash stock-based compensation expense for the three months ended September 30, 2026 and 2025, respectively.

(1) As a percentage of ODR revenue.

(2) As a percentage of GCR revenue.

(3) Included within selling, general and administrative expenses was $5.5 million and $5.2 million of non-cash stock-based compensation expense for the nine months ended September 30, 2026 and 2025, respectively.

‌(in thousands)

Fiscal Year Ended December 31,

Three Months Ended September 30,

Nine Months Ended September 30,

2020

2021

2022

2023

2024

2025

2026

2025

2026

2025

Adjusted EBITDA:

$25,111

$23,276

$31,765

$46,801

$63,714

$81,802

$27,401

$21,765

$50,011

$54,585

Free Cash Flow:

9,450

13,465

$8,788 9,912

18,700

(481)

18,577

26,768

Net Income

$5,807

$6,714

$6,799

$20,754

$30,875

$39,064

$26,764

Non-cash operating activities¹

13,767

16,997

17,634

18,222

24,454

32,790

24,058

Cash from Operations (excluding working capital)

19,574

23,711

24,433

38,976

55,329

71,854

22,915

45,345

50,822

Minus: Purchases of property and equipment²

(1,483)

(791)

(993)

(2,266)

(2,998)

(1,712)

(735)

(1,781)

(1,461)

Free Cash Flow

$18,091

$22,920

$23,440

$36,710

$52,331

$70,142

$22,180

$18,219

$43,564

$49,361

Free Cash Flow Conversion %

72.0 %

98.5 %

73.8 %

78.4 %

82.1 %

85.7 %

80.9 %

83.7 %

87.1 %

90.4 %

  1. Represents non-cash activity associated with depreciation and amortization, provision for credit losses / doubtful accounts, stock-based compensation expense, operating lease expense, amortization of debt issuance costs, deferred income tax provision, gain or loss on sale of property and equipment, loss on early termination of operating lease, loss on early debt modification, acquisition-related retention expense and contingent consideration, change in fair value of warrant liability, impairment of goodwill, and changes in the fair value of the Company's interest rate swap. Certain prior-period amounts have been reclassified to conform to the current-period presentation, including the net presentation of changes in contract assets and contract liabilities and the presentation of acquisition-related retention expense and contingent consideration.

  2. Excludes $2,095K and $4,526K of rental equipment purchases during the twelve months ended December 31, 2025 and 2024, respectively; $0 and $2,095K during the three and nine months ended September 30, 2025, respectively

*Use of Non-GAAP Financial Measures

In assessing the performance of our business, management utilizes a variety of financial and performance measures. The key measure is Adjusted EBITDA. Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as net income plus depreciation and amortization expense, interest expense (net), and taxes, as further adjusted to eliminate the impact of, when applicable, other non-cash items or expenses that are unusual or non-recurring or that we believe do not reflect our core operating results. We believe that Adjusted EBITDA is meaningful to our investors to enhance their understanding of our financial performance for the current period and our ability to generate cash flows from operations that are available for taxes, capital expenditures and debt service. We understand that Adjusted EBITDA is frequently used by securities analysts, investors and other interested parties as a measure of financial performance and to compare our performance with the performance of other companies that report Adjusted EBITDA. Our calculation of Adjusted EBITDA, however, may not be comparable to similarly titled measures reported by other companies. When assessing our operating performance, investors and others should not consider this data in isolation or as a substitute for net income (loss) calculated in accordance with GAAP. Further, the results presented by Adjusted EBITDA cannot be achieved without incurring the costs that the measure excludes.

Organic & Acquisition-Related Revenue

(in thousands except for percentages)

ODR

%

GCR

%

Total Revenue

%

Revenue: Three months ended September 30, 2025

$ 141,382

$ 43,201

$ 184,583

Components of revenue change:

Organic revenue

3,091

2.2 % 23,480

54.4 % 26,571

14.4 %

Acquisition-related revenue¹

6,177

4.4 % 13,129

30.4 % 19,306

10.5 %

Revenue: Three months ended September 30, 2026

$ 150,650

6.6 % $ 79,810

84.7 % $ 230,460

24.9 %

(in thousands except for percentages)

ODR

%

GCR

%

Total Revenue

%

Revenue: Nine months ended September 30, 2025

$ 340,723

$ 119,209

$ 459,932

Components of revenue change:

Organic revenue

(5,507)

(1.6)% 14,568

12.2 % 9,061

2.0 %

Acquisition-related revenue¹

43,659

12.8 % 30,124

25.3 % 73,783

16.0 %

Revenue: Nine months ended September 30, 2026

$ 378,875

11.2 % $ 163,901

37.5 % $ 542,776

18.0 %

1. Acquisition-related revenue reflects revenue attributable to CYMCOR and 1901 and, in the nine-month period, Pioneer Power, CYMCOR and 1901 prior to its first acquisition anniversary.

*Use of Non-GAAP Financial Measures

In assessing the performance of our business, management utilizes a variety of financial and performance measures. The key measure is Adjusted EBITDA. Adjusted EBITDA is a non-GAAP financial measure. We define Adjusted EBITDA as net income plus depreciation and amortization expense, interest expense (net), and taxes, as further adjusted to eliminate the impact of, when applicable, other non-cash items or expenses that are unusual or non-recurring or that we believe do not reflect our core operating results. We believe that Adjusted EBITDA is meaningful to our investors to enhance their understanding of our financial performance for the current period and our ability to generate cash flows from operations that are available for taxes, capital expenditures and debt service. We understand that Adjusted EBITDA is frequently used by securities analysts, investors and other interested parties as a measure of financial performance and to compare our performance with the performance of other companies that report Adjusted EBITDA. Our calculation of Adjusted EBITDA, however, may not be comparable to similarly titled measures reported by other companies. When assessing our operating performance, investors and others should not consider this data in isolation or as a substitute for net income (loss) calculated in accordance with GAAP. Further, the results presented by Adjusted EBITDA cannot be achieved without incurring the costs that the measure excludes.

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