# EDGAR Filing Document

**Accession Number:** 0001606163
**File Stem:** 0001628280-25-037915
**Filing Date:** 2025-8
**Character Count:** 74994
**Document Hash:** 0050c02b1eabb74d6743f2d421833c2b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-037915.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001628280-25-037915

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 47

**CONFORMED PERIOD OF REPORT**: 20250805

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Limbach Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001606163
- **STANDARD INDUSTRIAL CLASSIFICATION:** CONSTRUCTION SPECIAL TRADE CONTRACTORS [1700]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36541
- **FILM NUMBER:** 251186007

**BUSINESS ADDRESS:**
- **STREET 1:** 797 COMMONWEALTH DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086
- **BUSINESS PHONE:** (412) 359-2100

**MAIL ADDRESS:**
- **STREET 1:** 797 COMMONWEALTH DRIVE
- **CITY:** WARRENDALE
- **STATE:** PA
- **ZIP:** 15086

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 1347 Capital Corp
- **DATE OF NAME CHANGE:** 20140422

?xml version='1.0' encoding='ASCII'? lmb-20250805

    

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): **August 5, 2025**

**LIMBACH HOLDINGS, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-36541** | **46-5399422** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

**797 Commonwealth Drive, Warrendale, Pennsylvania 15086**

(Address of principal executive offices, including zip code)

Registrant's telephone number, including area code: **(412) 359-2100**

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

**☐** Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

**☐** Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

**☐** Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

**☐** Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common stock, $0.0001 par value | LMB | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company **☐**

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

    

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

---

On August 5, 2025, Limbach Holdings, Inc. (the "Company") issued a press release dated the same date announcing its financial results for its quarter ended June 30, 2025. We have furnished a copy of this release as Exhibit 99.1 to this Current Report on Form 8-K.

---

| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.** |

---

The Company is furnishing presentation materials (the "Investor Presentation") that management intends to use, possibly with modifications, in one or more meetings from time to time with current and potential investors. The Investor Presentation includes an update on the Company's current operations and major projects, as well as information relating to the Company's strategic plans, goals, growth initiatives and outlook, and forecasts for future performance and industry development.

The foregoing description of the Investor Presentation does not purport to be complete and is qualified in its entirety by reference to the complete text of the Investor Presentation attached as Exhibit 99.2 to this Current Report on Form 8-K.

The information contained in the Investor Presentation is summary information that should be considered in the context of the Company's filings with the Securities and Exchange Commission and other public announcements the Company may make by press release or otherwise from time to time. The Investor Presentation speaks as of the date of this report. While the Company may elect to update the Investor Presentation in the future to reflect events and circumstances occurring or existing after the date of this report, the Company specifically disclaims any obligation to do so.

By furnishing the portions of this Current Report on Form 8-K that are disclosed under this Item 7.01 and the Investor Presentation that is an exhibit hereto, the Company makes no admission as to the materiality of any information included under this Item 7.01, including without limitation the Investor Presentation. The Investor Presentation contains forward-looking statements. See Page 2 of the Investor Presentation for a discussion of certain forward-looking statements that are included therein and the risks and uncertainties related thereto.

The information in this Item 7.01 of this Current Report on Form 8-K and Exhibit 99.2 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| <u>[99.1](a20250630ex991pr.htm)</u> | <u>[Earnings Press Release for the quarter ended June 30, 2025](a20250630ex991pr.htm)</u> |
| <u>[99.2](generalinvestorpresentat.htm)</u> | <u>[Investor Presentation](generalinvestorpresentat.htm)</u> |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| **LIMBACH HOLDINGS, INC.** | **LIMBACH HOLDINGS, INC.** |
| By: | /s/ Jayme L. Brooks |
|  | Name: Jayme L. Brooks |
|  | Title: Executive Vice President and Chief Financial Officer |

---

Dated: August 5, 2025

## Exhibit 99.1

![limbach-primarylogo_rgbxeda.jpg](limbach-primarylogo_rgbxeda.jpg)

**<u><br>FOR IMMEDIATE RELEASE</u>**

**<u>Limbach Holdings, Inc. Reports Second Quarter 2025 Results</u>**

***Delivered Q2 Net Income of $7.8 million and Adjusted EBITDA of $17.9 million***

***Increases Full Year 2025 Revenue Guidance to $650 million to $680 million and Adjusted EBITDA to $80 million to $86 million***

WARRENDALE, PA – August 5, 2025 – Limbach Holdings, Inc. (Nasdaq: LMB) ("Limbach" or the "Company") today announced its financial results for the quarter ended June 30, 2025.

**Second Quarter 2025 Highlights Compared to Second Quarter 2024**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue was $142.2 million, an increase of 16.4% from $122.2 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income of $7.8 million, or $0.64 per diluted share, compared to $6.0 million, or $0.50 per diluted share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted net income of $11.3 million, or $0.93 per adjusted diluted earnings per share, compared to adjusted net income of $8.7 million, or $0.73 per adjusted diluted earnings per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA of $17.9 million, up 30.0% from $13.8 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Owner Direct Relationships ("ODR") revenue increased 31.7%, or $26.2 million, to $108.9 million, or 76.6% of total revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total gross profit was $39.8 million, an increase of 18.9% from $33.5 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net cash from operating activities of $2.0 million compared to $16.5 million.

**Management Comments**

"We delivered strong second quarter performance, with improvement in key metrics year over year — clear evidence that our strategic shift to higher margin ODR business is driving meaningful results," said Michael McCann, President and Chief Executive Officer of Limbach. "During the quarter, ODR revenue grew 31.7%, representing 76.6% of total revenue, up from approximately 21% of total revenue during the second quarter of 2019 which was the year that we started the transition. In addition, ODR gross profit grew 24.6%, representing 79.3% of total gross profit. Our strategic focus on the ODR segment is yielding measurable value as we expand margins, reduce risk, and generate more predictable revenue and profits. This momentum continues to build, reinforcing our confidence in our growth strategy and Limbach's position as a leading provider of essential building systems solutions for existing critical infrastructure.

"We believe we are still in the early stages of fully realizing the value of our customer relationships and market reach. To build on this momentum, we've made strategic investments in our sales organization aimed at strengthening our go-to-market strategy — prioritizing enhancements to our national account approach and accelerating our ability to collaborate with customers on their capital programs. These efforts are aimed at deepening relationships, enhancing engagement, and positioning us as a trusted, long-term partner. This, combined with a robust M&A pipeline and disciplined operational execution, positions Limbach well for continued growth and we remain focused on creating long-term value for our stockholders."

The following are results for the three months ended June 30, 2025, compared to the three months ended June 30, 2024:

• Total revenue was $142.2 million, an increase of 16.4% from $122.2 million. ODR segment revenue of $108.9 million increased by $26.2 million, or 31.7%, while General Contractor Relationships ("GCR") segment revenue of $33.3 million decreased by $6.2 million, or 15.7%. The increase in period-over-period ODR segment revenue was primarily due to the Company's continued focus on the accelerated growth of its ODR business and as a result of the contribution from Consolidated Mechanical, LLC ("Consolidated Mechanical"). The decrease in period-over-period GCR segment revenue was primarily due to the Company's continued focus on the execution of its mix-shift strategy to ODR, partially offset by an increase in GCR revenue associated with the contribution from Kent Island Mechanical, LLC ("Kent Island"). Kent Island and Consolidated Mechanical were not acquired entities of the Company during the comparative prior year period.

------

• Total gross profit was $39.8 million, an increase of 18.9%, compared to $33.5 million. ODR gross profit increased $6.2 million, or 24.6%, due to an increase in revenue, despite slightly lower segment margins of 29.0% versus 30.6% resulting from certain ODR-related project write-ups recognized in the second quarter of 2024 that did not recur in the current period. In addition, gross margins continue to reflect the ongoing integration of acquired companies as the Company transitions them to its standardized revenue growth structure and margin recognition framework. GCR gross profit increased $0.1 million, or 1.1%, due to higher segment margins of 24.7% compared to 20.6% on project work period-over-period, despite lower revenue and certain GCR-related project write-ups recognized in the second quarter of 2024 that did not recur in the current period. Total gross margin increased from 27.4% to 28.0%, mainly driven by the mix of higher margin ODR segment work and the Company's continued selectivity of GCR segment work.

• Selling, general and administrative ("SG&A") expense increased by approximately $3.5 million, to $26.6 million, compared to $23.2 million. The Company's SG&A expense for the three months ended June 30, 2025 increased primarily due to a $1.7 million increase in professional services fees including those incurred with the successful acquisition of Pioneer Power, Inc. ("PPI") on July 1, 2025, a $1.6 million increase in payroll related expenses, and a $0.1 million increase in non-cash stock-based compensation expenses. These variances also include SG&A expense associated with Kent Island and Consolidated Mechanical, which were not acquired entities of the Company during the comparative prior year period. As a percentage of revenue, SG&A expense was 18.7%, down from 19.0% in the same period one year ago.

• Interest expense was $0.6 million during the current quarter, compared to $0.4 million in the second quarter of 2024. The increase in interest expense was related to higher financing costs associated with a larger vehicle fleet year-over-year.

• Interest income was $0.3 million during the current quarter, compared to $0.5 million in the second quarter of 2024. This decrease was related to reduced cash and cash equivalent balances and lower yields on investments.

*•* Net income was $7.8 million compared to $6.0 million, an increase of 30.2%. Diluted earnings per share was $0.64, as compared to $0.50 in the prior period.

• Adjusted EBITDA was $17.9 million as compared to $13.8 million in the prior period, an increase of 30.0%.

• Adjusted net income was $11.3 million as compared to $8.7 million, an increase of 29.0%. Adjusted diluted earnings per share was $0.93 as compared to $0.73 in the prior period.

• Net cash from operating activities of $2.0 million compared to $16.5 million reflecting the timing of billings that impacted changes in working capital.

**<u>Balance Sheet</u>**

At June 30, 2025, cash and cash equivalents were $38.9 million. Current assets were $209.0 million and current liabilities were $123.5 million at June 30, 2025, representing a current ratio of 1.69x compared to 1.46x at December 31, 2024. At June 30, 2025, the Company had $10.0 million in borrowings against its revolving credit facility and $5.1 million for standby letters of credit. On June 27, 2025, the Company entered into an amendment to its credit agreement with its lender, Wheaton Bank & Trust Company, N.A., a subsidiary of Wintrust Financial Corporation, to expand the size of its revolving credit facility from $50 million to $100 million and make other conforming changes to the credit facility.

On July 1, 2025, the Company completed its acquisition of PPI, for a purchase price at closing of $66.1 million. The purchase price is subject to customary working capital adjustments and includes owned real property associated with PPI's headquarters, warehouse, and fabrication facility valued at approximately $4.6 million. The acquisition was funded through a combination of available cash and the Company's revolving credit facility. The PPI acquisition occurred after the end of the second quarter. The balance sheet as of June 30, 2025 does not include the funding impact of the acquisition.

------

**<u>2025 Guidance</u>**

The Company is updating its guidance for FY 2025 as follows:

---

| | | |
|:---|:---|:---|
| | **<u>Current</u>** | **<u>Previous</u>** |
| ***Revenue*** | $650 million - $680 million | $610 million - $630 million |
| ***Adjusted EBITDA*** | $80 million - $86 million | $78 million - $82 million |

---

With respect to projected 2025 Adjusted EBITDA guidance and Adjusted EBITDA Margin, a quantitative reconciliation is not available without unreasonable efforts due to the high variability, complexity and low visibility with respect to certain items, which are excluded from Adjusted EBITDA. The Company expects the variability of these items to have a potentially unpredictable, and potentially significant, impact on future financial results.

**<u>Conference Call Details</u>**

---

| | |
|:---|:---|
| Date: | Wednesday, August 6, 2025 |
| Time: | 9:00 a.m. Eastern Time |
| Participant Dial-In Numbers: | Participant Dial-In Numbers: |
| Domestic callers: | (877) 407-6176 |
| International callers: | +1 (201) 689-8451 |

---

**<u>Access by Webcast</u>**

The call will also be simultaneously webcast over the Internet via the "Investor Relations" section of Limbach's website at <u>www.limbachinc.com</u> or by clicking on the conference call link: <u>https://event.choruscall.com/mediaframe/webcast.html?webcastid=xyi0kCOj</u>. An audio replay of the call will be archived on Limbach's website for 365 days.

**<u>About Limbach</u>**

Limbach is a building systems solutions firm that partners with building owners and facilities managers who have mission critical mechanical (heating, ventilation and air conditioning), electrical and plumbing infrastructure. We strive to be an indispensable partner to our customers by providing services that are essential to the operation of their businesses. We work with building owners primarily in six vertical markets: healthcare, industrial and manufacturing, data centers, life science, higher education, and cultural and entertainment. We have approximately 1,600 team members in 21 offices across the eastern United States. Our team members uniquely combine engineering expertise with field installation skills to provide custom solutions that leverage our full life-cycle capabilities, which allows us to address both the operational and capital projects needs of our customers.

**<u>Additional Information</u>**

Investors and others should note that Limbach announces material financial information to its investors using its investor relations website, U.S. Securities and Exchange Commission (the "SEC") filings, press releases, public conference calls/videos, and webcasts. Limbach uses these channels, as well as social media, to communicate with our stockholders and the public about the Company, the Company's services and other Company information. It is possible that the information that Limbach posts on social media could be deemed to be material information. Therefore, Limbach encourages investors, the media, and others interested in the Company to review the information posted on the social media channels listed on Limbach's investor relations website.

------

**<u>Forward-Looking Statements</u>**

We make forward-looking statements in this press release within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts for future events, including, without limitation, our earnings, Adjusted EBITDA, projected EBITDA production from possible acquisitions, revenues, expenses, backlog, capital expenditures or other future financial or business performance or strategies, results of operations or financial condition, timing of the recognition of backlog as revenue, the potential for recovery of cost overruns, and the ability of Limbach to successfully remedy the issues that have led to write-downs in various business units and the Company's business being negatively affected by the health crises or outbreaks of diseases, such as epidemics or pandemics (and related impacts, such as supply chain disruptions). These statements may be preceded by, followed by or include the words "may," "might," "will," "will likely result," "should," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "continue," "target," "goal," or similar expressions. These forward-looking statements are based on information available to us as of the date they were made and involve a number of risks and uncertainties, which may cause them to turn out to be wrong. There may be additional risks that we consider immaterial or which are unknown. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Please refer to our most recent annual report on Form 10-K, as well as our subsequent filings on Form 10-Q and Form 8-K, which are available on the SEC's website (<u>www.sec.gov</u>), for a full discussion of the risks and other factors that may impact any forward-looking statements in this press release.

**<u>Investor Relations</u>**

Financial Profiles, Inc.

Lisa Fortuna

<u>LMB@finprofiles.com</u>

------

**LIMBACH HOLDINGS, INC.**

**Condensed Consolidated Statements of Operations (Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **(in thousands, except share and per share data)** | **2025** | **2024** | **2025** | **2024** |
| Revenue | $142241 | $122235 | $275349 | $241211 |
| Cost of revenue | 102415 | 88727 | 198804 | 176615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 39826 | 33508 | 76545 | 64596 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 26632 | 23176 | 53150 | 46052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | 795 | 1111 | 1222 | 1734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles | 1757 | 1031 | 3620 | 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 29184 | 25318 | 57992 | 49874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income | 10642 | 8190 | 18553 | 14722 |
| Other income (expenses): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (563) | (432) | (1089) | (907) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 334 | 546 | 704 | 1108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposition of property and equipment | 407 | 66 | 740 | 557 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss) gain on change in fair value of interest rate swap | (56) | (12) | (153) | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income | 122 | 168 | 202 | 895 |
| Income before income taxes | 10764 | 8358 | 18755 | 15617 |
| Income tax expense | 3002 | 2395 | 779 | 2068 |
| Net income | $7762 | $5963 | $17976 | $13549 |
| *<u>Earnings Per Share ("EPS")</u>* |  |  |  |  |
| Earnings per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.67 | $0.53 | $1.56 | $1.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.64 | $0.50 | $1.48 | $1.13 |
| Weighted average number of shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 11624639 | 11268465 | 11522614 | 11214157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 12114221 | 11966917 | 12106967 | 11974133 |

---

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**LIMBACH HOLDINGS, INC.**

**Condensed Consolidated Balance Sheets (Unaudited)**

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| | | |
|:---|:---|:---|
| ***(in thousands, except share and per share data)*** | **June 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $38940 | $44930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 65 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable (net of allowance for credit losses of $454 and $387 as of June 30, 2025 and December 31, 2024, respectively) | 113065 | 119659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract assets | 45812 | 47549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax receivable | 1916 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 9172 | 8131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 208970 | 220334 |
| Property and equipment, net | 36351 | 30126 |
| Intangible assets, net | 37666 | 41228 |
| Goodwill | 33131 | 33034 |
| Operating lease right-of-use assets | 21165 | 21539 |
| Deferred tax asset | 5402 | 5531 |
| Other assets | 295 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $342980 | $352129 |
| **LIABILITIES** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | $4423 | $3314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current operating lease liabilities | 4133 | 4093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, including retainage | 55386 | 60814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | 32100 | 44519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued income taxes |  | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 27411 | 36827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 123453 | 151037 |
| Long-term debt | 28397 | 23554 |
| Long-term operating lease liabilities | 17433 | 17766 |
| Other long-term liabilities | 3163 | 6281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 172446 | 198638 |
| **STOCKHOLDERS' EQUITY** |  |  |
| Common stock, $0.0001 par value; 100,000,000 shares authorized, issued 11,804,291 and 11,452,753, respectively, and 11,624,639 and 11,273,101 outstanding, respectively | 1 | 1 |
| Additional paid-in capital | 93296 | 94229 |
| Treasury stock, at cost (179,652 shares at both period ends) | (2000) | (2000) |
| Retained earnings | 79237 | 61261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 170534 | 153491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $342980 | $352129 |

---

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**LIMBACH HOLDINGS, INC.**

**Condensed Consolidated Statements of Cash Flows (Unaudited)**

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| | | |
|:---|:---|:---|
| | Six Months Ended<br>June 30, | Six Months Ended<br>June 30, |
| **(in thousands)** | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net income | $17976 | $13549 |
| Adjustments to reconcile net income to cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 7995 | 5520 |
| &nbsp;&nbsp;&nbsp;Provision for credit losses | 139 | 90 |
| &nbsp;&nbsp;&nbsp;Non-cash stock-based compensation expense | 3236 | 2720 |
| &nbsp;&nbsp;&nbsp;Non-cash operating lease expense | 1992 | 2089 |
| &nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 21 | 21 |
| &nbsp;&nbsp;&nbsp;Deferred income tax provision | 128 | (107) |
| &nbsp;&nbsp;&nbsp;Gain on sale of property and equipment | (740) | (557) |
| &nbsp;&nbsp;&nbsp;Loss on change in fair value of contingent consideration | 1222 | 1734 |
| &nbsp;&nbsp;&nbsp;Loss (gain) on change in fair value of interest rate swap | 153 | (137) |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts receivable | 6455 | 496 |
| &nbsp;&nbsp;&nbsp; Contract assets | 1644 | 3715 |
| &nbsp;&nbsp;&nbsp; Other current assets | (1040) | (376) |
| &nbsp;&nbsp;&nbsp; Accounts payable, including retainage | (5428) | (12195) |
| &nbsp;&nbsp;&nbsp; Prepaid income taxes | (1916) | (601) |
| &nbsp;&nbsp;&nbsp; Accrued taxes payable | (1470) | (266) |
| &nbsp;&nbsp;&nbsp; Contract liabilities | (12419) | 4301 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities | (1968) | (1961) |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities | (10890) | (3639) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of contingent consideration liability in excess of acquisition-date fair value | (711) | (1687) |
| &nbsp;&nbsp;&nbsp; Other long-term liabilities | (137) | (149) |
| Net cash provided by operating activities | 4242 | 12560 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Consolidated Mechanical Transaction, measurement period adjustment | (3) |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of property and equipment | 926 | 598 |
| &nbsp;&nbsp;&nbsp;Advances from joint ventures |  | 7 |
| &nbsp;&nbsp;&nbsp;Purchase of property and equipment | (3075) | (5836) |
| Net cash used in investing activities | (2152) | (5231) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payments of debt issuance costs | (125) |  |
| &nbsp;&nbsp;&nbsp;Payment of contingent consideration liability up to acquisition-date fair value | (2289) | (1313) |
| &nbsp;&nbsp;&nbsp;Payments on finance leases | (1767) | (1407) |
| &nbsp;&nbsp;&nbsp;Proceeds from the sale of shares to cover employee taxes | 6344 |  |
| &nbsp;&nbsp;&nbsp;Taxes paid related to net-share settlement of equity awards | (10684) | (5187) |
| &nbsp;&nbsp;&nbsp;Proceeds from contributions to Employee Stock Purchase Plan | 441 | 279 |
| Net cash used in financing activities | (8080) | (7628) |

---

------

---

| | | |
|:---|:---|:---|
| Decrease in cash, cash equivalents and restricted cash | (5990) | (299) |
| Cash, cash equivalents and restricted cash, beginning of period | 44995 | 59898 |
| Cash, cash equivalents and restricted cash, end of period | $39005 | $59599 |
| **Supplemental disclosures of cash flow information** |  |  |
| Noncash investing and financing transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Kent Island Transaction, measurement period adjustment | $(94) | $— |
| &nbsp;&nbsp;&nbsp;Right of use assets obtained in exchange for new operating lease liabilities | 1676 | 3200 |
| &nbsp;&nbsp;&nbsp;Right of use assets obtained in exchange for new finance lease liabilities | 7933 | 1341 |
| &nbsp;&nbsp;&nbsp;Right of use assets disposed or adjusted modifying finance lease liabilities |  | 2 |
| Interest paid | 1058 | 918 |
| Cash paid for income taxes | $4023 | $3041 |

---

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**LIMBACH HOLDINGS, INC.**

**Condensed Consolidated Segment Operating Results (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Increase/(Decrease)** |
| ***(in thousands, except for percentages)*** | **2025** | **2025** | **2024** | **2024** | $**%** |
| **Statement of Operations Data:** |  |  |  |  |  |
| Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ODR | $108948 | 76.6% | $82754 | 67.7% | 31.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GCR | 33293 | 23.4% | 39481 | 32.3% | (15.7)% |
| Total revenue | 142241 | 100.0% | 122235 | 100.0% | 16.4% |
| Gross profit: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ODR<sup>(1)</sup> | 31589 | 29.0% | 25362 | 30.6% | 24.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GCR<sup>(2)</sup> | 8237 | 24.7% | 8146 | 20.6% | 1.1% |
| Total gross profit | 39826 | 28.0% | 33508 | 27.4% | 18.9% |
| Selling, general and administrative<sup>(3)</sup> | 26632 | 18.7% | 23176 | 19.0% | 14.9% |
| Change in fair value of contingent consideration | 795 | 0.6% | 1111 | 0.9% | (28.4)% |
| Amortization of intangibles | 1757 | 1.2% | 1031 | 0.8% | 70.4% |
| Total operating income | $10642 | 7.5% | $8190 | 6.7% | 29.9% |

---

<sup>(1)</sup> As a percentage of ODR revenue.

<sup>(2)</sup> As a percentage of GCR revenue.

<sup>(3)</sup> Included within selling, general and administrative expenses was $1.6 million and $1.5 million of non-cash stock-based compensation expense for the three months ended June 30, 2025 and 2024, respectively.

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**LIMBACH HOLDINGS, INC.**

**Condensed Consolidated Segment Operating Results (Unaudited)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Increase/(Decrease)** |
| ***(in thousands, except for percentages)*** | **2025** | **2025** | **2024** | **2024** | $**%** |
| **Statement of Operations Data:** |  |  |  |  |  |
| Revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ODR | $199341 | 72.4% | $157010 | 65.1% | 27.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GCR | 76008 | 27.6% | 84201 | 34.9% | (9.7)% |
| Total revenue | 275349 | 100.0% | 241211 | 100.0% | 14.2% |
| Gross profit: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ODR<sup>(1)</sup> | 57750 | 29.0% | 47523 | 30.3% | 21.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GCR<sup>(2)</sup> | 18795 | 24.7% | 17073 | 20.3% | 10.1% |
| Total gross profit | 76545 | 27.8% | 64596 | 26.8% | 18.5% |
| Selling, general and administrative<sup>(3)</sup> | 53150 | 19.3% | 46052 | 19.1% | 15.4% |
| Change in fair value of contingent consideration | 1222 | 0.4% | 1734 | 0.7% | (29.5)% |
| Amortization of intangibles | 3620 | 1.3% | 2088 | 0.9% | 73.4% |
| Total operating income | $18553 | 6.7% | $14722 | 6.1% | 26.0% |

---

<sup>(1)</sup> As a percentage of ODR revenue.

<sup>(2)</sup> As a percentage of GCR revenue.

<sup>(3)</sup> Included within selling, general and administrative expenses was $3.2 million and $2.7 million of non-cash stock-based compensation expense for the six months ended June 30, 2025 and 2024, respectively.

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**<u>Non-GAAP Financial Measures</u>**

In assessing the performance of our business, management utilizes a variety of financial and performance measures. The key measures are Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Diluted Earnings per Share, which are non-GAAP financial measures.

<u>Adjusted EBITDA and Adjusted EBITDA Margin</u>

We define Adjusted EBITDA as net income plus depreciation and amortization expense, interest expense, and taxes, as further adjusted to eliminate the impact of, when applicable, other non-cash items or expenses that are unusual or non-recurring that we believe do not reflect our core operating results. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenue. Our board of directors and executive management team focus on Adjusted EBITDA and Adjusted EBITDA Margin as two of our key performance and compensation measures. Adjusted EBITDA and Adjusted EBITDA Margin assists us in comparing our performance over various reporting periods on a consistent basis because it removes from our operating results the impact of certain items that do not necessarily reflect our core operations. We believe that Adjusted EBITDA and Adjusted EBITDA Margin are 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.

<u>Adjusted Net Income and Adjusted Diluted Earnings per Share</u>

We define Adjusted Net Income as net income, adjusted to exclude certain items that do not reflect our core operating performance, such as amortization of intangible assets, stock-based compensation, restructuring charges, the change in fair value of contingent consideration, acquisition and other transaction costs and the net tax effect of reconciling items, as further adjusted to eliminate the impact of, when applicable, other non-cash or expenses that are unusual or non-recurring. We define Adjusted Diluted Earnings per Share as Adjusted Net Income divided by the weighted average diluted shares outstanding. We believe Adjusted Net Income and Adjusted Diluted Earnings per Share are useful to investors as we use these metrics to assist with strategic decision making, forecasting future results, and evaluating current performance.

We understand that these non-GAAP financial measures are 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, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Diluted Earnings per Share. Our calculations of these non-GAAP measures, 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 calculated in accordance with GAAP. Further, the results presented by Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Diluted Earnings per Share cannot be achieved without incurring the costs that the measure excludes. A reconciliation of net income to Adjusted EBITDA and net income to Adjusted Net Income, the most comparable GAAP measures, are provided below.

We refer to our estimated revenue on uncompleted contracts, including the amount of revenue on contracts for which work has not begun, less the revenue we have recognized under such contracts, as "backlog." Backlog includes unexercised contract options.

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---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>Reconciliation of Net Income to Adjusted EBITDA (unaudited)</u> | <u>Reconciliation of Net Income to Adjusted EBITDA (unaudited)</u> |  |  |  |
|  | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| ***(in thousands)*** | **2025** | **2024** | **2025** | **2024** |
| Net income | $7762 | $5963 | $17976 | $13549 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 3923 | 2808 | 7995 | 5520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 563 | 432 | 1089 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | (334) | (546) | (704) | (1108) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 1642 | 1471 | 3654 | 2720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of interest rate swap | 56 | 12 | 153 | (137) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision | 3002 | 2395 | 779 | 2068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and other transaction costs | 472 | 21 | 522 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | 795 | 1111 | 1222 | 1734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring costs<sup>(1)</sup> | 67 | 142 | 134 | 262 |
| Adjusted EBITDA | $17948 | $13809 | $32820 | $25566 |
| Revenue | $142241 | $122235 | $275349 | $241211 |
| Adjusted EBITDA Margin | 12.6% | 11.3% | 11.9% | 10.6% |

---

<sup>(1)</sup> For the three and six months ended June 30, 2025 and 2024, the majority of the restructuring costs related to our Southern California and Eastern Pennsylvania branches.

<u>Reconciliation to Adjusted Net Income and Adjusted Diluted Earnings Per Share (unaudited)</u>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| *(in thousands, except share and per share amounts)* | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| Net income and diluted earnings per share | $7762 | $0.64 | $5963 | $0.50 | $17976 | $1.48 | $13549 | $1.13 |
| Pre-tax Adjustments: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Amortization of acquisition-related intangible assets | 1757 | 0.15 | 1031 | 0.09 | 3620 | 0.30 | 2088 | 0.17 |
| &nbsp;&nbsp;Stock-based compensation expense | 1642 | 0.14 | 1471 | 0.12 | 3654 | 0.30 | 2720 | 0.23 |
| &nbsp;&nbsp;Change in fair value of interest rate swap | 56 |  | 12 |  | 153 | 0.01 | (137) | (0.01) |
| &nbsp;&nbsp;Restructuring costs<sup>(1)</sup> | 67 |  | 142 | 0.01 | 134 | 0.01 | 262 | 0.02 |
| &nbsp;&nbsp;Change in fair value of contingent consideration | 795 | 0.07 | 1111 | 0.09 | 1222 | 0.10 | 1734 | 0.15 |
| &nbsp;&nbsp;Acquisition and other transaction costs | 472 | 0.04 | 21 |  | 522 | 0.05 | 51 |  |
| &nbsp;&nbsp;Tax effect of reconciling items<sup>(2)</sup> | (1293) | (0.11) | (1023) | (0.08) | (2512) | (0.20) | (1814) | (0.15) |
| Adjusted net income and adjusted diluted earnings per share | $11258 | $0.93 | $8728 | $0.73 | $24769 | $2.05 | $18453 | $1.54 |
| Weighted average number of shares outstanding: Diluted |  | 12114221 |  | 11966917 |  | 12106967 |  | 11974133 |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;For the three and six months ended June 30, 2025 and 2024, the majority of the restructuring costs related to our Southern California and Eastern Pennsylvania branches.

------

<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The tax effect of reconciling items was calculated using a statutory tax rate of 27%.

## Exhibit 99.2

![](generalinvestorpresentat001.jpg)

Investor Presentation Growth & Market Positioning Q2 Earnings \| August 2025 NASDAQ: LMB

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![](generalinvestorpresentat002.jpg)

NASDAQ: LMB \| 2 We make forward-looking statements in this presentation within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts for future events, including, without limitation, the execution of the Company's long-term strategic roadmap. These statements may be preceded by, followed by or include the words "may," "might," "will," "will likely result," "should," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "continue," "target," "potential," "scenario," "evolution," "criteria" or similar expressions. These forward-looking statements are based on information available to us as of the date they were made and involve a number of risks and uncertainties which may cause them to turn out to be wrong. Some of these risks and uncertainties may in the future be amplified by certain health crises or outbreaks of diseases, such as epidemics or pandemics (and related impacts, such as supply chain disruptions) and there may be additional risks that we consider immaterial, or which are unknown. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Please refer to our most recent annual report on Form 10-K, as well as our subsequent filings on Form 10-Q and Form 8-K, which are available on the SEC's website (www.sec.gov), for a full discussion of the risks and other factors that may impact any forward-looking statements in this presentation. Forward Looking Statements

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![](generalinvestorpresentat003.jpg)

Limbach is a leading building systems solutions firm specializing in revitalizing and maintaining mission-critical systems in existing facilities to keep them performing when it matters most. NASDAQ: LMB \| 3

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![](generalinvestorpresentat004.jpg)

NASDAQ: LMB \| 4 Limbach At-A-Glance WHO WE ARE WHO WE PARTNER WITH 1,600 TEAM MEMBERS Our people make a critical difference in providing and optimizing the environments that support life's most important moments. We partner with Building Owners with Mission-Critical MEP Infrastructure OUR PURPOSE 21 LOCATIONS Healthcare Data Centers Higher Education Industrial & Manufacturing Life Science Cultural & Entertainment A building systems solutions firm with expertise in mechanical, electrical, and plumbing systems.

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![](generalinvestorpresentat005.jpg)

NASDAQ: LMB \| 5 Transforming Into a Building Systems Solutions Firm As a leading Building Systems Solutions firm, we uniquely combine our engineering expertise with skilled craftsmanship to deliver fully integrated solutions. With a deep commitment to our customers' existing mission-critical infrastructure, we create long-term value through custom solutions that address full building lifecycle, enhancing reliability, efficiency, and performance across all systems.

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![](generalinvestorpresentat006.jpg)

NASDAQ: LMB \| 6 Durable Demand Through the Vertical Markets We Serve Healthcare Data Centers Higher EducationIndustrial & Manufacturing Life Sciences Cultural & Entertainment Mission-Critical Vertical Markets Revenue Diversification We operate in six distinct vertical markets across 17 Metropolitan Statistical Areas, reducing dependency on any single industry or location. Constant Demand Mission-critical markets must stay operational, ensuring continuous work and stability through varying economic cycles. National Growth Opportunity Focusing on customers across all vertical markets with national footprints unlocks untapped potential and increases revenue opportunities.

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![](generalinvestorpresentat007.jpg)

NASDAQ: LMB \| 7 Macroeconomic Resilience Equipment will break, repairs/replacements are constant Fast-Paced Execution Allowing us to adapt and efficiently allocate costs Budget Agility Catering to customer needs spanning both Operating Expense (OpEx) and Capital Project (CapEx) budgets Embedded & Difficult to Displace Deeply integrated in customer facility operations, built over years Durable Demand Through Existing Infrastructure Focus

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![](generalinvestorpresentat008.jpg)

NASDAQ: LMB \| 8 Competitive Matrix - Market Positioning & Differentiation Limbach stands apart by combining the best elements of the industry to deliver comprehensive, end-to-end facility solutions, offering investors a scalable, standardized enterprise model that maximizes long-term value in mission-critical markets. Focus: Typical Work Mix: Services Provided: Strategic Approach: Vertical Markets: OEM Firms Product-Focused Sell proprietary product Product dependent solutions: Sales + Service contracts Sell products to lock customers in Numerous Contractors New-Construction Execution-Focused Transactional, new project-based work Installation, repairs, maintenance Decentralized approach, backlog-focus Numerous (Commercial + Residential) Property Managers Generalists Generalists managing building operations Facility management, vendor coordination Cost-conscious, need partners to execute Numerous (Commercial + Residential) Consulting & Engineering Firms Design-Focused Provide engineered solutions System design, energy efficiency consulting No direct execution, reliant on contractors Government, Utilities, Healthcare, Education, Housing, Commercial, Industrial Building Systems Solutions Firm Existing- Infrastructure Focused Enterprise provider with standardized platform, expert in complex MEP systems Holistic solutions, combining engineering & field expertise one-stop-shop Standardized enterprise approach, dedicated to top local & national customers Disciplined to 6: Healthcare, Industrial/Mfg., Higher Ed., Life Sciences, Data Centers, Cultural & Entertainment

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![](generalinvestorpresentat009.jpg)

NASDAQ: LMB \| 9 Two Operating Segments - ODR and GCR GCR projects are characterized as having a solution in place therefore are more likely to be procured through a competitive bid process • Most E&C peers are focused on large construction, working for General Contractors • Tends to be more cyclical and dependent on macroeconomic conditions • Production labor dependent & longer schedules making it more difficult to pass along inflationary costs • Average Annual Gross Margin "GCR": ○ 2022: 13.8% ○ 2023: 17.0% ○ 2024: 21.1% ○ YTD 2025: 24.7% ODR work is driven by developing and proposing customized solutions that are developed from our vast knowledge of the facilities, where competing firms are challenged to provide solutions • Includes reoccurring revenue from service and maintenance contracts • Better cash position by being in a direct payment relationship with owner vs. indirect • Shorter schedules and increased number of transactions • Average Annual Gross Margin "ODR": ○ 2022: 25.5% ○ 2023: 29.0% ○ 2024: 31.2% ○ YTD 2025: 29.0% Overarching Goal: Maximized Risk Adjusted Returns Owner Direct Relationships ("ODR") Existing Buildings General Contractor Relationships ("GCR") New Construction

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NASDAQ: LMB \| 10 ODR ~80% Focused on Growth Three Pillar Approach to Scale the Business: Organic Segment Revenue Percentage Mix Shift Target Margin Expansion Through Evolved Offerings Scale Through Acquisitions Full Transition to Achieving Optimal Higher Margin Mix Transformation To OEM Gross Margin Long-Term Goal of ~35-40% Expand Geographic Footprint & Market Share Within Existing Markets GCR ~20% OpEx Infrastructure Support CapEx Integrated Facility Planning Professional Services Traditional Speciality Contractor Services

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![](generalinvestorpresentat011.jpg)

NASDAQ: LMB \| 11 Pillar #1 - Performance Result of Transition Towards Optimal Mix Shift Over the period from FY 2019 – FY 2024, Gross Margin has expanded nearly 1,480 bps to 27.8% This has enabled us to drive Adjusted EBITDA Margin1 more than 4x from 3.0% to 12.3% ODR Rev. % 20.0% 40.0% 60.0% 80.0% G ro ss M ar gi n / A dj us te d EB IT D A M ar gi n O D R R evenue Percentage 1. See Adjusted EBITDA margin calculation and non-GAAP reconciliation on slide 28.

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![](generalinvestorpresentat012.jpg)

NASDAQ: LMB \| 12 Total Revenue Pillar #1 – Total Revenue is Static, but Higher Margin ODR Revenue is Growing Total Revenue is down 6.2% from 2019 ODR Revenue CAGR of 21.3% for 2019 to 2024 period Total revenue growth projected for 2025 from acquisitions and organic growth ODR Revenue $568.2M $127.2M $490.4M $140.3M $496.8M $216.4M $516.4M $262.0M 2020 2021 2022 2023 2024 $518.8M $345.5M $553.3M $115.1M 2019

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![](generalinvestorpresentat013.jpg)

NASDAQ: LMB \| 13 Pillar #1 – Sales Staff Expertise Evolution with Account Penetration On-Site Account Manager Engineer-Led Facility Assessments, Energy Benchmarking, Asset Spend Repair Local Account Executive National Account Executive Working closely with facilities' staff to repair, maintain & perform minor upgrades on a reactive or emergency basis. ● Small Projects ● Time & Material Work ● Maintenance Services Working with C-Suite or VP level to build a long-term proactive program. ● Capital Projects ● Capital Programs - multiple years in length ● Setting up national master service agreements or "MSAs" Gathering data that we can analyze to help provide proactive planning. 2022-2024 2026-2027 2025-2026

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NASDAQ: LMB \| 14 Pillar #2 - Expanded Margins through Evolved LMB Offerings Integrated Facility Planning Rental Equipment Replacement & Retrofits Maintenance & Repairs Energy Efficiency Solutions Decarbonization Roadmaps Evolved LMB Offerings Customer Value Mission-critical building systems solutions support providing best-in-class options for longer- and shorter-term impacts. LMB experts are onsite to reduce downtime and optimize performance, becoming essential to daily operations. Revitalizing infrastructure, we analyze asset data to reduce energy use, optimize operational costs, and meet sustainability targets. We deliver tailored solutions, strengthening relationships without pushing specific products. We believe that becoming indispensable to our customers leads to long-term relationships generating both reoccurring and recurring revenue streams, quality margins, and long-term growth with our top customers both locally and nationally.

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NASDAQ: LMB \| 15 Pillar #2 - Building Relationships Locally & Nationally\* Limbach Location National Healthcare Customer - Acute Care Location National Industrial Customer - Manufacturing Location Map Legend: This map highlights two examples of national customers, one in healthcare and one in industrial, where we currently partner locally, with the potential opportunity to scale nationally. By aligning where national customers operate, we potentially extend our reach, deepen relationships, and can deliver consistent value across markets. \* This map illustrates potential opportunity as of August 5, 2025.

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![](generalinvestorpresentat016.jpg)

NASDAQ: LMB \| 16 Pillar #2 - What We Do - Catering to Customer Needs & Budgets Operating Expense Professional ServicesCapital Projects Program Management Engineering Consulting Data Driven Solutions Capital Planning Integrated Facility Planning Maintenance & Repairs Replacements & Retrofits Rental Equipment MEP Infrastructure Decarbonization Roadmaps Energy Financing Solutions

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![](generalinvestorpresentat017.jpg)

NASDAQ: LMB \| 17 Limbach Location States with branch locations and potential tuck-in opportunity Potential new geographies for acquisitions Pillar #3 - Current & Target Geographies Tuck-In Acquisition Criteria ❑ Total Annual Revenue: $10-15M w/80%+ ODR Revenue ❑ +15% YoY ODR Growth ❑ Focus on Gross Profit Quality & Account Resources ❑ Ex: New Geography Acquisition Criteria ❑ Total Annual Revenue: $25M-40M w/Strong ODR Mix ❑ Local Niche with Mature Building Owner Relationships ❑ Ex: Disciplined and focused M&A strategy comprises "Tuck-In" and "Expansion" acquisitions of companies with consistent and scalable business models, targeting to add $8M to $10M of Adjusted EBITDA on a full year basis as part of the overall strategy. Map Legend:

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![](generalinvestorpresentat018.jpg)

NASDAQ: LMB \| 18 Pillar #3 - Value Creation Through Integrating Into a Common Platform Value Creation Process: Common Organizational Structure Gross Profit Benchmarking Risk Management Tools Establish Account Focus Deploy On-Site Account Managers Roll Out Evolved Customer Offerings Fully Built Out Account Teams 1. 2. 3. 4. 5. 6. 7. 8. Characteristics We Seek: Cultural Fit Alignment with our values and "we care" culture Niche Specialized expertise in our core vertical markets Building Owner Customers Commitment to building long-term relationships with Building Owners Our acquisition strategy prioritizes alignment and specialized value, ensuring that each partnership enhances our culture and niche. By integrating into a common platform, we strengthen owner relationships and follow a proven value creation process to drive growth and long-term impact. 1. 2. 3. Reduction of Fixed Costs Systems Integration P h ase O n e P h ase Tw o

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NASDAQ: LMB \| 19 Pillar #3 - Recent Expansion Transaction – Closed July 1st, 2025 PPI is currently expected to contribute annualized revenue and Adjusted EBITDA of approximately $120 million and $10 million, respectively, beginning in 2026. This acquisition further expands our footprint in the core Midwest region and extends our reach into new geographic markets in the Upper Midwest. Attractive Business Model: - Compelling Valuation & Structure Geographic Proximity: - Attractive Operating Footprint Supports ODR Strategy: - Increased ODR Exposure - Attractive Customer Base Capability Expansion: - Value Creation Opportunities - Emphasis on Industrial Sector Other: - Cultural Fit M&A CRITERIA: Strong relationships with key customers extends Limbach's reach into the industrial sector, with new exposure to food, power/utility, oil refining and other select end markets. The purchase price at closing of $66.1 million (subject to typical working capital adjustments) and includes owned real property valued at approximately $4.6 million. Transaction financed through a combination of available cash and borrowings under Limbach's recently expanded revolving credit facility. Pioneer Power Inc. ("PPI") generates the majority of its revenue through Owner Direct Relationships, primarily through time and materials contracts and small capital project work focused on maintenance, renovation and retrofit activity.

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NASDAQ: LMB \| 20 Pillar #3 - Recent Expansion Transaction – Closed December 2nd, 2024 Total consideration paid by Limbach at closing was $23 million (subject to typical working capital adjustments), sourced from available cash, with performance-based, contingent earn-outs totaling $2 million. Consolidated Mechanical is expected to contribute annualized revenue of approximately $23 million beginning in 2025, and EBITDA of $4 million per annum. The acquisition expands Limbach's reach into Kentucky, Illinois, and Michigan, while Consolidated Mechanical's Western Michigan presence complements existing operations in the state's Southeast. Significant share of revenues are owner-direct in nature, with a robust mix of time and materials and cost-reimbursable revenue streams focused on repair, maintenance, and retrofit activities. Attractive Business Model: - Compelling Valuation & Structure Geographic Proximity: - Attractive Operating Footprint Supports ODR Strategy: - Increased ODR Exposure - Attractive Customer Base Capability Expansion: - Value Creation Opportunities - Emphasis on Industrial Sector Other: - Cultural Fit M&A CRITERIA: Strong relationships with key customers extends Limbach's reach into the industrial sector, with new exposure to the power generation, food processing, manufacturing, and metals markets.

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NASDAQ: LMB \| 21 Strong Balance Sheet and Disciplined Capital Allocation Strategy Balance Sheet to fund organic growth and acquisitions Investment in expanding and evolving LMB offerings Strategic acquisitions – disciplined acquisition criteria Key Balance Sheet Items June 30, 20251,2 December 31, 20242 Cash and Cash Equivalents $38.9 $44.9 Current Assets $209.0 $220.3 Current Liabilities $123.5 $151.0 Working Capital $85.5 $69.3 Net (Over) / Under Billing3 $(4.3) $(17.1) Revolver4 $10.0 $10.0 Term Loan — — Financing Liability (Sale and Leaseback Transaction) $5.4 $5.4 Vehicle Finance Leases $17.8 $11.9 Total Debt $33.2 $27.2 Net Debt (Cash)5 $(5.7) $(17.7) Equity $170.5 $153.5 Dollars in millions. 1. On July 1, 2025, the Company completed its acquisition of PPI. Refer to Note 15 within the Company's report on Form 10-Q for the quarter ended June 30, 2025. 2. See the Company's report on Form 10-Q for the quarter ended June 30, 2025. 3. For the calculation of the Company's net billing position, refer to Note 4 within the Company's Form 10-Q for the quarter ended June 30, 2025. 4. The Company entered into an amendment to its credit agreement on June 27, 2025, to expand the size of its revolving credit facility from $50 million to $100 million and make other conforming changes to the credit facility. 5. The Company's calculation of the Net Debt (Cash) position is Cash and Cash Equivalents minus Total Debt. Totals may not foot due to rounding.

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NASDAQ: LMB \| 22 Financial Goals 1. Reflects guidance issued by the Company on August 5, 2025. This guidance speaks only as of this date and this presentation does not constitute confirmation or updating of guidance. 2. See slide 28 for the non-GAAP reconciliation of Adjusted EBITDA Margin. 3. Free cash flow is defined as cash flow from operating activities, less changes in working capital and capital expenditures (excluding investment in rental equipment). See slide 30 for the non-GAAP reconciliation of Free Cash Flow. 2025 Guidance1 $650M to $680M Total Revenue Mix Shift 70% to 80% ODR ODR Revenue Growth 35% to 50% Total Gross Margin 28% to 29% Adjusted EBITDA $80M to $86M Adj. EBITDA Margin 12% to 13% Continued Strong Cash Flow 75% of Adj. EBITDA = Free Cash Flow Revenue Gross Margin / Adj. EBITDA2 Cash3

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NASDAQ: LMB \| 23 Stockholder Value Drivers Strong Growth Strategy: Organic Expansion & Strategic Acquisitions Durable, Reocurring Demand Through Economic Cycles Resilient Business Model and Strong Balance Sheet Scalable Business Platform Focused on Revitalizing Existing Infrastructure

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APPENDIX 24

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NASDAQ: LMB \| 25 Operating and Financial Update QTD 2Q'25 Performance Dollars in millions. Totals may not foot due to rounding. 1. See the Company's quarterly earnings press release on Form 8-K for the fiscal quarter ended June 30, 2025. 2. See slide 28 for Non-GAAP Reconciliation Table. Revenue1 $122.2 Adjusted EBITDA2 + 30.0%+ 16.4% Year-Over-Year Change Year-Over-Year Change $142.2 Gross Profit and (Margin)1 + 18.9% Year-Over-Year Change $33.5 (27.4%) $39.8 (28.0%) $108.9 $33.3 $82.8 $39.5 2Q'24 2Q'25 2Q'24 2Q'25 $31.6 $8.2 $8.1 2Q'24 2Q'25 $13.8 $17.9 $25.4

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NASDAQ: LMB \| 26 Operating and Financial Update YTD 2Q'25 Performance Dollars in millions. Totals may not foot due to rounding. 1. See the Company's quarterly earnings press release on Form 8-K for the fiscal quarter ended June 30, 2025. 2. See slide 28 for Non-GAAP Reconciliation Table. Revenue1 $241.2 Adjusted EBITDA2 + 28.4%+ 14.2% Year-Over-Year Change Year-Over-Year Change $275.3 Gross Profit and (Margin)1 + 18.5% Year-Over-Year Change $64.6 (26.8%) $76.5 (27.8%) $199.3 $76.0 $157.0 $84.2 2Q'24 2Q'25 2Q'24 2Q'25 $57.8 $18.8 $17.1 2Q'24 2Q'25 $25.6 $32.8 $47.5

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NASDAQ: LMB \| 27 Sustainability at Limbach Reducing Energy & Operating Costs Revitalizing Existing Infrastructure ENERGY STAR® Partner Community Engagement Culture of Belonging Social Responsibility Hearts & Minds Comp & Benefits Packages Industry Accredited Training Sustainability at PLANET GOVERNANCE PE O PL E ● We champion employee health and safety through our Hearts & Minds program ● We offer competitive compensation and a range of benefits and programs ● Our dedication to employee growth was recognized with the APEX award from Training magazine in 2022, 2023 & 2024 and the ATD Best Award in 2023 & 2024 ● We take great pride in contributing to the communities where we live and operate through our Hearts & Hands ERG ● We were recognized by Newsweek as one of America's Most Loved Workplaces and Best Practice Institute as a top place to work People: Empowering Our Team & Supporting Our Communities Planet: Revitalizing Existing Infrastructure ● Building MEP systems are a major source of carbon emissions ● Our focus: Enhancing energy efficiency and cutting operating costs by revitalizing existing infrastructure ● ENERGY STAR® Partner: Providing facility assessments and engineered solutions Governance: Governing Responsibility ● Committed to transparency, accountability and ethical conduct ● Decisions are made in the best interest of stockholders and stakeholders ● Clear policies and procedures to mitigate risks and safeguard assets ● Board oversight of sustainability policies and programs ● Code of Conduct and Ethics / Whistleblower policy

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NASDAQ: LMB \| 28 Non-GAAP Reconciliation Table Reconciliation of Adjusted EBITDA Margin\* \*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. Fiscal Year Ended December 31, Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2019 2020 2021 2022 2023 2024 2025 2024 2025 2024 Revenue: $553,334 $568,209 $490,351 $496,782 $516,350 $518,781 $142,241 $122,235 $275,349 $241,211 Net income (loss) ($1,775) $5,807 $6,714 $6,799 $20,754 $30,875 $7,762 $5,963 $17,976 $13,549 Adjustments: Depreciation and amortization 6,286 6,171 5,948 8,158 8,244 11,888 3,923 2,808 7,995 5,520 Interest expense 6,285 8,627 2,568 2,144 2,046 1,869 563 432 1,089 907 Interest income — — — — (1,217) (2,227) (334) (546) (704) (1,108) Stock-based compensation expense 1,766 1,068 2,601 2,742 4,910 5,773 1,642 1,471 3,654 2,720 Loss on early debt extinguishment 513 — 1,961 — 311 — — — — — Impairment of goodwill 4,359 — — — — — — — — — Change in fair value of warrant liability (588) 1,634 (14) — — — — — — — Change in fair value of interest rate swap — — — (310) 124 (34) 56 12 153 (137) Severance expense — 622 — — — — — — — — Loss on early termination of operating lease — — — 849 — — — — — — CEO Transition costs — — — — 958 — — — — — CFO Transition costs 576 — — — — — — — — — Gain on embedded derivative (388) — — — — — — — — — Restructuring costs — — — 6,016 1,770 1,427 67 142 134 262 Change in fair value of contingent consideration — — — 2,285 729 3,770 795 1,111 1,222 1,734 Income tax (benefit) provision (282) 1,182 2,763 2,809 7,346 9,091 3,002 2,395 779 2,068 Acquisition and other transaction costs — — 735 273 826 1,282 472 21 522 51 Adjusted EBITDA $16,752 $25,111 $23,276 $31,765 $46,801 $63,714 $17,948 $13,809 $32,820 $25,566 Adjusted EBITDA Margin 3.0% 4.4% 4.7% 6.4% 9.1% 12.3% 12.6% 11.3% 11.9% 10.6%

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NASDAQ: LMB \| 29 Fiscal Year Ended December 31, Three Months Ended June 30, Six Months Ended June 30, (In thousands, except share and per share amounts) 2019 2020 2021 2022 2023 2024 2025 2024 2025 2024 Net income (loss) and diluted earnings per share $(1,775) $(0.23) $5,807 $0.72 $6,714 $0.66 $6,799 $0.64 20,754 $1.76 $30,875 $2.57 $7,762 $0.64 $5,963 $0.50 $17,976 $1.48 $13,549 $1.13 Pre-tax Adjustments: Amortization of acquisition-related intangible assets 642 0.08 630 0.08 484 0.05 1,567 0.15 1,880 0.16 4,688 0.39 1,757 0.15 1,031 0.09 3,620 0.30 2,088 0.17 Stock-based compensation expense 1,766 0.23 1,068 0.13 2,601 0.25 2,742 0.26 4,910 0.42 5,773 0.48 1,642 0.14 1,471 0.12 3,654 0.30 2,720 0.23 Loss on early debt extinguishment 513 0.07 — — 1,961 0.19 — — 311 0.03 — — — — — — — — — — Impairment of goodwill 4,359 0.57 — — — — — — — — — — — — — — — — — — 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) — 56 — 12 — 153 0.01 (137) (0.01) Change in fair value of warrant liability (588) (0.08) 1,634 0.20 (14) — — — — — — — — — — — — — — — Gain on embedded derivative (388) (0.05) — — — — — — — — — — — — — — — — — — Restructuring costs — — — — — — 6,016 0.56 1,770 0.15 1,427 0.12 67 — 142 0.01 134 0.01 262 0.02 Change in fair value of contingent consideration — — — — — — 2,285 0.21 729 0.06 3,770 0.31 795 0.07 1,111 0.09 1,222 0.10 1,734 0.15 Acquisition and other transaction costs — — — — 735 0.07 273 0.03 826 0.07 1,282 0.11 472 0.04 21 — 522 0.05 51 — Severance expense — — 622 0.08 — — — — — — — — — — — — — — — — CFO transition costs 576 0.08 — — — — — — — — — — — — — — — — — — CEO transition costs — — — — — — — — 958 0.08 — — — — — — — — — — Tax effect of reconciling items(1) (1,926) (0.25) (1,107) (0.14) (1,557) (0.15) (3,623) (0.34) (3,107) (0.26) (4,564) (0.38) (1,293) (0.11) (1,023) (0.08) (2,512) (0.20) (1,814) (0.15) Adjusted net income and Adjusted diluted earnings per share $3,179 $0.42 $8,654 $1.07 $10,924 $1.07 $16,598 $1.56 $29,155 $2.48 $43,217 $3.60 $11,258 $0.93 $8,728 $0.73 $24,769 $2.05 $18,453 $1.54 Weighted average number of diluted shares outstanding 7,662,362 8,065,464 10,231,637 10,676,534 11,812,098 12,027,398 12,114,221 11,996,917 12,106,967 11,974,133 Non-GAAP Reconciliation Table Reconciliation of Adjusted Diluted Earnings Per Share\* (1) The tax effect of reconciling items was calculated using a statutory tax rate of 28% for FYs 2019 and 2020 and 27% for FYs 2021 through 2024, and for the three and six months ended June 30, 2025 and 2024. 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.

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NASDAQ: LMB \| 30 Non-GAAP Reconciliation Table Reconciliation of Free Cash Flow\* 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, changes in fair value of 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. 2. Excludes $4,526K of rental equipment purchases made during the twelve months ended December 31, 2024, and $94K and $1,532K of rental equipment purchases made during the three months ended June 30, 2025 and 2024, respectively, and $2,095K and $3,564K of rental equipment purchases made during the six months ended June 30, 2025 and 2024, 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. Fiscal Year Ended December 31, Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2019 2020 2021 2022 2023 2024 2025 2024 2025 2024 Adjusted EBITDA: $16,752 $25,111 $23,276 $31,765 $46,801 $63,714 $17,948 $13,809 $32,820 $25,566 Free Cash Flow: Net Income (loss) ($1,775) $5,807 $6,714 $6,799 $20,754 $30,875 $7,762 $5,963 $17,976 $13,549 Non-cash operating activities(1) 16,568 13,767 16,997 17,634 18,222 24,454 9,088 6,661 14,146 11,373 Less: Purchases of property and equipment(2) (2,663) (1,483) (791) (993) (2,266) (2,998) (751) (1,763) (980) (2,272) Free Cash Flow $12,130 $18,091 $22,920 $23,440 $36,710 $52,331 $16,099 $10,861 $31,142 $22,650 Free Cash Flow Conversion % 72.4% 72.0% 98.5% 73.8% 78.4% 82.1% 89.7% 78.7% 94.9% 88.6%

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Contact Us INVESTOR RELATIONS Financial Profiles LMB@finprofiles.com @Limbach @Limbach @Limbach @LimbachFacilityServices@Limbachinc

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