# EDGAR Filing Document

**Accession Number:** 0001606163
**File Stem:** 0001628280-25-049017
**Filing Date:** 2025-11
**Character Count:** 80499
**Document Hash:** fce17f638ef04e40295ccf106b4b8b0a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-049017.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001628280-25-049017

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 47

**CONFORMED PERIOD OF REPORT**: 20251104

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**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:** 251450801

**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-20251104

    

**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): **November 4, 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 November 4, 2025, Limbach Holdings, Inc. (the "Company") issued a press release dated the same date announcing its financial results for its quarter ended September 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](a20250930ex991pr.htm)</u> | <u>[Earnings Press Release for the quarter ended September 30, 2025](a20250930ex991pr.htm)</u> |
| <u>[99.2](limbachinvestorpresentat.htm)</u> | <u>[Investor Presentation](limbachinvestorpresentat.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: November 4, 2025

## Exhibit 99.1

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

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

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

***Delivered Q3 Net Income of $8.8 million and Adjusted EBITDA of $21.8 million***

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

WARRENDALE, PA – November 4, 2025 – Limbach Holdings, Inc. (Nasdaq: LMB) ("Limbach" or the "Company") today announced its financial results for the quarter ended September 30, 2025.

**Third Quarter 2025 Highlights Compared to Third Quarter 2024**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue increased 37.8% to $184.6 million from $133.9 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Owner Direct Relationships ("ODR") revenue increased 52.0%, or $48.4 million, to $141.4 million, or 76.6% of total revenue

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Organic ODR revenue growth of 12.2%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income of $8.8 million, or $0.73 per diluted share, compared to $7.5 million, or $0.62 per diluted share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted net income of $12.7 million, or $1.05 per adjusted diluted earnings per share, compared to adjusted net income of $10.9 million, or $0.91 per adjusted diluted earnings per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA of $21.8 million, up 25.6% from $17.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total gross profit increased 23.7% to $44.7 million from $36.1 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net cash from operating activities of $13.3 million compared to $4.9 million

**Management Comments**

"We are pleased to report a solid third quarter, underscoring the success of our strategic transition to higher margin ODR business," said Michael McCann, President and Chief Executive Officer of Limbach. "ODR revenue increased 52.0% year-over-year and now represents about 76.6% of total revenue for the quarter, in line with our annual mix shift guidance of 70% to 80%. We also expect ODR organic revenue growth to be in the range of 20% to 25% for the full year and maintain strong gross margins. Total ODR gross profit rose $6.0 million accounting for approximately 80% of total gross profit. These results demonstrate the tangible impact of our strategic focus to drive growth in our ODR business, minimize risk, and improve the consistency of our revenue and earnings.

"Limbach is delivering against all three core elements of our growth strategy, leveraging disciplined M&A to accelerate scale and reinforce long-term growth. In the third quarter, we completed the acquisition of Pioneer Power, expanding our footprint into the Upper Midwest, and deepening our access to industrial markets including power generation. Pioneer Power's revenue performance exceeded our initial expectations this quarter. While Pioneer Power's current margin profile differs from Limbach's, we are actively integrating Pioneer into the Limbach platform and have a path to implement operational and commercial enhancements that we expect will expand its margins over time. Combined with our focus on expanding our top-line through our ODR business, broadening our service offerings, and deepening customer relationships, we are building a resilient business designed to deliver durable long-term value for our stockholders."

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

• Total revenue increased 37.8%, or $50.7 million, to $184.6 million from $133.9 million. The increase in revenue was primarily attributable to the acquisitions of Pioneer Power, Consolidated Mechanical, LLC ("Consolidated Mechanical") and Kent Island Mechanical, LLC ("Kent Island"). Of the total increase in revenue, acquisition related revenue represented 35.3%, or $47.3 million, and organic represented 2.5%, or $3.3 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ ODR segment revenue increased 52.0%, or $48.4 million, to $141.4 million. Acquisition-related revenue represented 39.8% or $37.1 million, while organic revenue represented 12.2%, or $11.3 million period-over-period.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ General Contractor Relationships ("GCR") segment revenue increased 5.6%, or $2.3 million, to $43.2 million. Acquisition-related revenue represented 25.1%, or $10.3 million, while organic revenue represented a 19.5%, or $8.0 million decrease period-over-period as the Company continues its strategic mix-shift to ODR.

• Total gross profit increased 23.7% to $44.7 million compared to $36.1 million. Total gross margin of 24.2% decreased from 27.0% in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ ODR gross profit increased 20.3%, or $6.0 million, to $35.7 million from $29.6 million while gross margins decreased to 25.2% from 31.9% primarily due to the impact of Pioneer Power which has a lower gross margin profile compared to Limbach's historical profile. Management is focused on improving Pioneer Power's gross margins to align with the Company's broader operating model over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ GCR gross profit increased 39.3%, or $2.5 million, to $9.0 million from $6.5 million and gross margins increased to 20.8% from 15.8% driven by the Company's selective focus on higher quality projects.

• Selling, general and administrative ("SG&A") expense increased by approximately $4.6 million to $28.3 million, compared to $23.7 million in the prior year period. SG&A expense increased primarily due to a $2.3 million increase in payroll related expense, a $1.5 million aggregate increase in SG&A expense associated with Pioneer Power and Consolidated Mechanical, and a $0.4 million increase in non-cash stock-based compensation expense. Pioneer Power and Consolidated Mechanical were not acquired entities during the same period in 2024. SG&A expense as a percentage of revenue decreased to 15.3% as compared to 17.7% primarily due to the increased revenue in the third quarter of 2025 as a result of the Pioneer Power acquisition.

• Interest expense was $1.2 million, an increase of $0.8 million, compared to $0.5 million in the prior year period. The increase in interest expense was driven by increased borrowings under the Company's revolving credit facility and higher financing costs associated with a larger vehicle fleet.

• Interest income was $0.1 million, a decrease of $0.5 million, compared to $0.6 million in the third quarter of 2024. This decrease was related to reduced cash and cash equivalent balances and lower yields on investments.

*•* Net income increased 17.4% to $8.8 million from $7.5 million. Diluted earnings per share was $0.73 compared to $0.62 in the prior year period.

• Adjusted EBITDA increased 25.6% to $21.8 million compared to $17.3 million in the prior year period.

• Adjusted net income increased 16.4% to $12.7 million compared to $10.9 million. Adjusted diluted earnings per share was $1.05 compared to $0.91 in the prior period.

• Net cash from operating activities was $13.3 million compared to $4.9 million reflecting the timing of billings that impacted changes in working capital.

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

At September 30, 2025, cash and cash equivalents were $9.8 million. Current assets were $216.8 million and current liabilities were $151.2 million, representing a current ratio of 1.43x compared to 1.46x at December 31, 2024. At September 30, 2025, the Company had $34.5 million in borrowings under its revolving credit facility and $5.1 million of standby letters of credit. The Company intends to deploy free cash flow to continue to reduce its borrowings under its revolving credit facility for the remainder of the year.

------

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

The Company is reaffirming its previous guidance for FY 2025 as follows:

---

| | | |
|:---|:---|:---|
| | **<u>Previous Guidance</u>** | **<u>Current Guidance</u>** |
| ***Revenue*** | $650 million - $680 million | $650 million - $680 million |
| ***Adjusted EBITDA*** | $80 million - $86 million | $80 million - $86 million |
| ***Assumptions:*** |  |  |
| &nbsp;&nbsp;&nbsp;Total organic revenue growth<sup>(1)(2)</sup> | 10 - 15% | 7 - 10% |
| &nbsp;&nbsp;&nbsp;ODR revenue as a percentage of total revenue | 70 - 80% | 70 - 80% |
| &nbsp;&nbsp;&nbsp;ODR revenue growth | 35 - 50% | 40 - 50% |
| &nbsp;&nbsp;&nbsp;Gross margin percentage<sup>(3)</sup> | 28 - 29% | 25.5 - 26.5% |
| &nbsp;&nbsp;&nbsp;SG&A expense as a percentage of total revenue | 18 - 19% | 15 - 17% |
| &nbsp;&nbsp;&nbsp;Free cash flow<sup>(4)</sup> | 75% of Adjusted EBITDA | 75% of Adjusted EBITDA |

---

<sup>(1)</sup> The Company refined its total organic revenue range which reflects a faster-than-expected decline in GCR revenue as part of the strategic mix-shift.

<sup>(2)</sup> The Company discloses organic revenue and organic revenue growth, which are non-GAAP financial measures, to provide investors with insight into the performance of the Company's existing operations, excluding the impact of acquisitions. These measures are not defined under GAAP and should not be considered as an alternative to total revenue growth or segment-related revenue growth as determined in accordance with GAAP. Refer to additional information at the end of this release regarding certain supplemental non-GAAP revenue disclosures.

<sup>(3)</sup> The Company revised its gross margin outlook to reflect higher-than-anticipated revenue from Pioneer Power, whose current gross margin profile differs from Limbach's.

<sup>(4)</sup> Free cash flow is defined as cash flow from operating activities excluding changes in working minus capital expenditures (excluding investment in rental equipment).

With respect to projected 2025 Adjusted EBITDA guidance and Adjusted EBITDA Margin (and the assumptions underlying those projections), 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 (and components that go into the calculation of Adjusted EBITDA). The Company expects the variability of these items to have a potentially unpredictable, and potentially significant, impact on future financial results. During the period, the Company refined certain underlying assumptions used to model its 2025 guidance to better reflect current market conditions, project timing, and operational performance trends. These updates influence the Company's outlook and are incorporated into the Company's publicly issued guidance ranges for total revenue and Adjusted EBITDA.

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

---

| | |
|:---|:---|
| Date: | Wednesday, November 5, 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=od8v6WY4</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 1,700 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, projected full year 2025 organic ODR revenue growth, 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 also may include our assumptions related to our 2025 guidance of full year revenue and Adjusted EBITDA. 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)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| **(in thousands, except share and per share data)** | **2025** | **2024** | **2025** | **2024** |
| Revenue | $184583 | $133920 | $459932 | $375131 |
| Cost of revenue | 139898 | 97806 | 338702 | 274421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 44685 | 36114 | 121230 | 100710 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 28330 | 23748 | 81480 | 69800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related retention expense and contingent consideration | 610 | 610 | 1832 | 2344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles | 2400 | 868 | 6020 | 2956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 31340 | 25226 | 89332 | 75100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income | 13345 | 10888 | 31898 | 25610 |
| Other (expenses) income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (1223) | (468) | (2312) | (1375) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 88 | 626 | 792 | 1734 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on disposition of property and equipment | 367 | 99 | 1107 | 656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on change in fair value of interest rate swap | (22) | (267) | (175) | (130) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income | (790) | (10) | (588) | 885 |
| Income before income taxes | 12555 | 10878 | 31310 | 26495 |
| Income tax expense | 3767 | 3394 | 4546 | 5462 |
| Net income | $8788 | $7484 | $26764 | $21033 |
| *<u>Earnings Per Share ("EPS")</u>* |  |  |  |  |
| Earnings per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.76 | $0.66 | $2.32 | $1.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.73 | $0.62 | $2.21 | $1.75 |
| Weighted average number of shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 11626578 | 11272798 | 11557649 | 11233847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 12107480 | 12027021 | 12090829 | 11998750 |

---

------

**LIMBACH HOLDINGS, INC.**

**Condensed Consolidated Balance Sheets (Unaudited)**

---

| | | |
|:---|:---|:---|
| ***(in thousands, except share and per share data)*** | **September 30, 2025** | **December 31, 2024** |
| **ASSETS** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $9818 | $44930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 65 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable (net of allowance for credit losses of $410 and $387 as of September 30, 2025 and December 31, 2024, respectively) | 142466 | 119659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract assets | 52672 | 47549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax receivable | 44 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 11754 | 8131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 216819 | 220334 |
| Property and equipment, net | 45938 | 30126 |
| Intangible assets, net | 51495 | 41228 |
| Goodwill | 69745 | 33034 |
| Operating lease right-of-use assets | 20758 | 21539 |
| Deferred tax asset | 4057 | 5531 |
| Other assets | 305 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $409117 | $352129 |
| **LIABILITIES** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | $5255 | $3314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current operating lease liabilities | 4284 | 4093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, including retainage | 65912 | 60814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | 37272 | 44519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued income taxes |  | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 38507 | 36827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 151230 | 151037 |
| Long-term debt | 56275 | 23554 |
| Long-term operating lease liabilities | 16938 | 17766 |
| Other long-term liabilities | 3112 | 6281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 227555 | 198638 |
| **STOCKHOLDERS' EQUITY** |  |  |
| Common stock, $0.0001 par value; 100,000,000 shares authorized, issued 11,806,466 and 11,452,753, respectively, and 11,626,814 and 11,273,101 outstanding, respectively | 1 | 1 |
| Additional paid-in capital | 95536 | 94229 |
| Treasury stock, at cost (179,652 shares at both period ends) | (2000) | (2000) |
| Retained earnings | 88025 | 61261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 181562 | 153491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $409117 | $352129 |

---

------

**LIMBACH HOLDINGS, INC.**

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

---

| | | |
|:---|:---|:---|
| | Nine Months Ended<br>September 30, | Nine Months Ended<br>September 30, |
| **(in thousands)** | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net income | $26764 | $21033 |
| Adjustments to reconcile net income to cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 13058 | 8261 |
| &nbsp;&nbsp;&nbsp;Provision for credit losses | 352 | 159 |
| &nbsp;&nbsp;&nbsp;Non-cash stock-based compensation expense | 5216 | 4323 |
| &nbsp;&nbsp;&nbsp;Non-cash operating lease expense | 3021 | 3092 |
| &nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 37 | 32 |
| &nbsp;&nbsp;&nbsp;Deferred income tax provision | 1474 | (439) |
| &nbsp;&nbsp;&nbsp;Gain on sale of property and equipment | (1107) | (656) |
| &nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | 1512 | 2344 |
| &nbsp;&nbsp;&nbsp;Loss on change in fair value of interest rate swap | 175 | 130 |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts receivable | (4743) | 4283 |
| &nbsp;&nbsp;&nbsp; Contract assets | (1041) | (1115) |
| &nbsp;&nbsp;&nbsp; Other current assets | (3565) | (395) |
| &nbsp;&nbsp;&nbsp; Accounts payable, including retainage | (2972) | (18418) |
| &nbsp;&nbsp;&nbsp; Prepaid income taxes | (44) |  |
| &nbsp;&nbsp;&nbsp; Accrued taxes payable | (1470) | 1311 |
| &nbsp;&nbsp;&nbsp; Contract liabilities | (13753) | 10 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities | (2964) | (2895) |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities | (1375) | (1446) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of contingent consideration liability in excess of acquisition-date fair value | (711) | (2175) |
| &nbsp;&nbsp;&nbsp; Other long-term liabilities | (293) | 55 |
| Net cash provided by operating activities | 17571 | 17494 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Pioneer Power Transaction, net of cash acquired | (65651) |  |
| &nbsp;&nbsp;&nbsp;Kent Island Transaction, net of cash acquired |  | (12716) |
| &nbsp;&nbsp;&nbsp;Consolidated Mechanical Transaction, measurement period adjustment | (3) |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of property and equipment | 1305 | 1171 |
| &nbsp;&nbsp;&nbsp;Advances from joint ventures |  | 7 |
| &nbsp;&nbsp;&nbsp;Purchase of property and equipment | (3556) | (6187) |
| Net cash used in investing activities | (67905) | (17725) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payments on Wintrust Revolving Loan | (17347) |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Wintrust Revolving Loan | 41848 |  |
| &nbsp;&nbsp;&nbsp;Payments of debt issuance costs | (168) |  |
| &nbsp;&nbsp;&nbsp;Payment of contingent consideration liability up to acquisition-date fair value | (2289) | (1325) |
| &nbsp;&nbsp;&nbsp;Payments on finance leases | (3052) | (2296) |

---

------

---

| | | |
|:---|:---|:---|
| &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 | 570 | 369 |
| Net cash provided by (used in) financing activities | 15222 | (8439) |
| Decrease in cash, cash equivalents and restricted cash | (35112) | (8670) |
| Cash, cash equivalents and restricted cash, beginning of period | 44995 | 59898 |
| Cash, cash equivalents and restricted cash, end of period | $9883 | $51228 |
| **Supplemental disclosures of cash flow information** |  |  |
| Noncash investing and financing transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Kent Island Transaction, measurement period adjustment | $(94) | $— |
| &nbsp;&nbsp;&nbsp;Earnout liability associated with the Kent Island Transaction |  | 4381 |
| &nbsp;&nbsp;&nbsp;Right of use assets obtained in exchange for new operating lease liabilities | 2317 | 4776 |
| &nbsp;&nbsp;&nbsp;Right of use assets obtained in exchange for new finance lease liabilities | 13475 | 3095 |
| &nbsp;&nbsp;&nbsp;Right of use assets disposed or adjusted modifying finance lease liabilities |  | 988 |
| Interest paid | 2327 | 1413 |
| Cash paid for income taxes | $4663 | $4700 |

---

------

**LIMBACH HOLDINGS, INC.**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 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 | $141382 | 76.6% | $93007 | 69.4% | 52.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GCR | 43201 | 23.4% | 40913 | 30.6% | 5.6% |
| Total revenue | 184583 | 100.0% | 133920 | 100.0% | 37.8% |
| Gross profit: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ODR<sup>(1)</sup> | 35679 | 25.2% | 29647 | 31.9% | 20.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GCR<sup>(2)</sup> | 9006 | 20.8% | 6467 | 15.8% | 39.3% |
| Total gross profit | 44685 | 24.2% | 36114 | 27.0% | 23.7% |
| Selling, general and administrative<sup>(3)</sup> | 28330 | 15.3% | 23748 | 17.7% | 19.3% |
| Acquisition-related retention expense and contingent consideration | 610 | 0.3% | 610 | 0.5% | —% |
| Amortization of intangibles | 2400 | 1.3% | 868 | 0.6% | 176.5% |
| Total operating income | $13345 | 7.2% | $10888 | 8.1% | 22.6% |

---

<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 $1.9 million and $1.6 million of non-cash stock-based compensation expense for the three months ended September 30, 2025 and 2024, respectively.

------

**LIMBACH HOLDINGS, INC.**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 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 | $340723 | 74.1% | $250017 | 66.6% | 36.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GCR | 119209 | 25.9% | 125114 | 33.4% | (4.7)% |
| Total revenue | 459932 | 100.0% | 375131 | 100.0% | 22.6% |
| Gross profit: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ODR<sup>(1)</sup> | 93429 | 27.4% | 77170 | 30.9% | 21.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GCR<sup>(2)</sup> | 27801 | 23.3% | 23540 | 18.8% | 18.1% |
| Total gross profit | 121230 | 26.4% | 100710 | 26.8% | 20.4% |
| Selling, general and administrative<sup>(3)</sup> | 81480 | 17.7% | 69800 | 18.6% | 16.7% |
| Acquisition-related retention expense and contingent consideration | 1832 | 0.4% | 2344 | 0.6% | (21.8)% |
| Amortization of intangibles | 6020 | 1.3% | 2956 | 0.8% | 103.7% |
| Total operating income | $31898 | 6.9% | $25610 | 6.8% | 24.6% |

---

<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 $5.2 million and $4.3 million of non-cash stock-based compensation expense for the nine months ended September 30, 2025 and 2024, respectively.

------

**<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.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>Reconciliation of Net Income to Adjusted EBITDA (unaudited)</u> | <u>Reconciliation of Net Income to Adjusted EBITDA (unaudited)</u> |  |  |  |
|  | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** | **Nine Months Ended<br>September 30,** |
| ***(in thousands)*** | **2025** | **2024** | **2025** | **2024** |
| Net income | $8788 | $7484 | $26764 | $21033 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 5063 | 2741 | 13058 | 8261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 1223 | 468 | 2312 | 1375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | (88) | (626) | (792) | (1734) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 1980 | 1603 | 5634 | 4323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of interest rate swap | 22 | 267 | 175 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision | 3767 | 3394 | 4546 | 5462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and other transaction costs | 137 | 826 | 659 | 877 |
| &nbsp;&nbsp;Acquisition-related retention expense and contingent consideration | 610 | 610 | 1832 | 2344 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring costs<sup>(1)</sup> | 263 | 565 | 397 | 827 |
| Adjusted EBITDA | $21765 | $17332 | $54585 | $42898 |
| Revenue | $184583 | $133920 | $459932 | $375131 |
| Adjusted EBITDA Margin | 11.8% | 12.9% | 11.9% | 11.4% |

---

<sup>(1)</sup> For the three and nine months ended September 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 September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| *(in thousands, except share and per share amounts)* | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| Net income and diluted earnings per share | $8788 | $0.73 | $7484 | $0.62 | $26764 | $2.21 | $21033 | $1.75 |
| Pre-tax Adjustments: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Amortization of acquisition-related intangible assets | 2400 | 0.20 | 868 | 0.07 | 6020 | 0.50 | 2956 | 0.25 |
| &nbsp;&nbsp;Stock-based compensation expense | 1980 | 0.16 | 1603 | 0.13 | 5634 | 0.47 | 4323 | 0.36 |
| &nbsp;&nbsp;Change in fair value of interest rate swap | 22 |  | 267 | 0.02 | 175 | 0.01 | 130 | 0.01 |
| &nbsp;&nbsp;Restructuring costs<sup>(1)</sup> | 263 | 0.02 | 565 | 0.05 | 397 | 0.03 | 827 | 0.07 |
| &nbsp;&nbsp;Acquisition-related retention expense and contingent consideration | 610 | 0.05 | 610 | 0.05 | 1832 | 0.14 | 2344 | 0.21 |
| &nbsp;&nbsp;Acquisition and other transaction costs | 137 | 0.01 | 826 | 0.07 | 659 | 0.06 | 877 | 0.07 |
| &nbsp;&nbsp;Tax effect of reconciling items<sup>(2)</sup> | (1461) | (0.12) | (1280) | (0.10) | (3974) | (0.32) | (3093) | (0.26) |
| Adjusted net income and adjusted diluted earnings per share | $12739 | $1.05 | $10943 | $0.91 | $37507 | $3.10 | $29397 | $2.46 |
| Weighted average number of shares outstanding: Diluted |  | 12107480 |  | 12027021 |  | 12090829 |  | 11998750 |

---

------

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;For the three and nine months ended September 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%.

**<u>Supplemental Revenue Disclosures</u>**

Organic and acquisition-related revenue are not defined under GAAP and may not be comparable to similarly-titled measures used by other companies and should not be considered a substitute for revenue as determined in accordance with GAAP. Management believes these non-GAAP measures provide useful information to investors by highlighting the underlying growth trends of the Company's existing operations, separate from the effects of recent acquisitions. Organic revenue growth reflects the change in revenue from the Company's continuing operations excluding the impact of acquisitions, while acquisition-related revenue represents the incremental contribution from businesses acquired during the twelve month period following the date of acquisition. These measures are intended to enhance investors' understanding of the Company's performance and trends over time, and should be considered in conjunction with, but not as a substitute for, GAAP revenue.

The following are reconciliations of reported revenue to organic / acquisition-related revenue for the three and nine months ended September 30, 2025, compared to revenue for the three and nine months ended September 30, 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in thousands except for percentages)* | **ODR** | **%** | **GCR** | **%** | **Total Revenue** | **%** |
| Revenue: Three months ended <br>September 30, 2024 | $93007 |  | $40913 |  | $133920 |  |
| Components of revenue change: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Organic revenue growth (decline) | 11316 | 12.2% | (7991) | (19.5)% | 3325 | 2.5% |
| &nbsp;&nbsp;&nbsp;Acquisition-related revenue<sup>(1)</sup> | 37059 | 39.8% | 10279 | 25.1% | 47338 | 35.3% |
| Revenue: Three months ended <br>September 30, 2025 | $141382 | 52.0% | $43201 | 5.6% | $184583 | 37.8% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in thousands except for percentages)* | **ODR** | **%** | **GCR** | **%** | **Total Revenue** | **%** |
| Revenue: Nine months ended <br>September 30, 2024 | $250017 |  | $125114 |  | $375131 |  |
| Components of revenue change: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Organic revenue growth (decline) | 35944 | 14.4% | (27271) | (21.8)% | 8673 | 2.3% |
| &nbsp;&nbsp;&nbsp;Acquisition-related revenue<sup>(1)</sup> | 54762 | 21.9% | 21366 | 17.1% | 76128 | 20.3% |
| Revenue: Nine months ended <br>September 30, 2025 | $340723 | 36.3% | $119209 | (4.7)% | $459932 | 22.6% |

---

<sup>(1)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related revenue reflects revenue attributable to the Pioneer Power, Consolidated Mechanical and Kent Island acquisitions. The Company has provided an estimate of Kent Island's revenue for the three and nine months ended September 30, 2025 as the acquired operations were integrated into an existing branch of the Company for which separate financial results are not maintained.

## Exhibit 99.2

![](limbachinvestorpresentat001.jpg)

Investor Presentation Growth & Market Positioning Q3 Earnings \| November 2025 NASDAQ: LMB

------

![](limbachinvestorpresentat002.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

------

![](limbachinvestorpresentat003.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

------

![](limbachinvestorpresentat004.jpg)

NASDAQ: LMB \| 4 Limbach At-A-Glance WHO WE ARE WHO WE PARTNER WITH 1,700 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.

------

![](limbachinvestorpresentat005.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.

------

![](limbachinvestorpresentat006.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.

------

![](limbachinvestorpresentat007.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

------

![](limbachinvestorpresentat008.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

------

![](limbachinvestorpresentat009.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: 23.3% 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: 27.4% Overarching Goal: Maximized Risk Adjusted Returns Owner Direct Relationships ("ODR") Existing Buildings General Contractor Relationships ("GCR") New Construction

------

![](limbachinvestorpresentat010.jpg)

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

------

![](limbachinvestorpresentat011.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.

------

![](limbachinvestorpresentat012.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

------

![](limbachinvestorpresentat013.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

------

![](limbachinvestorpresentat014.jpg)

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.

------

![](limbachinvestorpresentat015.jpg)

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 November 4th, 2025.

------

![](limbachinvestorpresentat016.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

------

![](limbachinvestorpresentat017.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:

------

![](limbachinvestorpresentat018.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

------

![](limbachinvestorpresentat019.jpg)

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.

------

![](limbachinvestorpresentat020.jpg)

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.

------

![](limbachinvestorpresentat021.jpg)

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 September 30, 20251,2 December 31, 20242 Cash and Cash Equivalents $9.8 $44.9 Current Assets $216.8 $220.3 Current Liabilities $151.2 $151.0 Working Capital $65.6 $69.3 Net (Over) / Under Billing3 $(6.6) $(17.1) Revolver4,5 $34.5 $10.0 Term Loan — — Financing Liability (Sale and Leaseback Transaction) $5.4 $5.4 Vehicle Finance Leases $22.0 $11.9 Total Debt $61.9 $27.2 Net Debt (Cash)6 $52.1 $(17.7) Equity $181.6 $153.5 Dollars in millions. 1. On July 1, 2025, the Company completed its acquisition of PPI. Refer to Note 3 within the Company's report on Form 10-Q for the quarter ended September 30, 2025. 2. See the Company's report on Form 10-Q for the quarter ended September 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 September 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 intends to deploy free cash flow to continue to reduce its borrowings under its revolving credit facility. 6. 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.

------

![](limbachinvestorpresentat022.jpg)

NASDAQ: LMB \| 22 Financial Goals 1. Reflects guidance issued by the Company on November 4, 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, excluding changes in working capital minus 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 40% to 50% Total Gross Margin 25.5% to 26.5% 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

------

![](limbachinvestorpresentat023.jpg)

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

------

![](limbachinvestorpresentat024.jpg)

APPENDIX 24

------

![](limbachinvestorpresentat025.jpg)

NASDAQ: LMB \| 25 Operating and Financial Update QTD 3Q'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 September 30, 2025. 2. See slide 28 for Non-GAAP Reconciliation Table. Revenue1 $133.9 Adjusted EBITDA2 + 25.6%+ 37.8% Year-Over-Year Change Year-Over-Year Change $184.6 Gross Profit and (Margin)1 + 23.7% Year-Over-Year Change $36.1 (27.0%) $44.7 (24.2%) $141.4 $43.2 $93.0 $40.9 3Q'24 3Q'25 3Q'24 3Q'25 $35.7 $9.0 $6.5 3Q'24 3Q'25 $17.3 $21.8 $29.6

------

![](limbachinvestorpresentat026.jpg)

NASDAQ: LMB \| 26 Operating and Financial Update YTD 3Q'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 September 30, 2025. 2. See slide 28 for Non-GAAP Reconciliation Table. Revenue1 $375.1 Adjusted EBITDA2 + 27.2%+ 22.6% Year-Over-Year Change Year-Over-Year Change $459.9 Gross Profit and (Margin)1 + 20.4% Year-Over-Year Change $100.7 (26.8%) $121.2 (26.4%) $340.7 $119.2 $250.0 $125.1 3Q'24 3Q'25 3Q'24 3Q'25 $93.4 $27.8 $23.5 3Q'24 3Q'25 $42.9 $54.6 $77.2

------

![](limbachinvestorpresentat027.jpg)

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

------

![](limbachinvestorpresentat028.jpg)

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 September 30, Nine Months Ended September 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 $184,583 $133,920 $459,932 $375,131 Net income (loss) ($1,775) $5,807 $6,714 $6,799 $20,754 $30,875 $8,788 $7,484 $26,764 $21,033 Adjustments: Depreciation and amortization 6,286 6,171 5,948 8,158 8,244 11,888 5,063 2,741 13,058 8,261 Interest expense 6,285 8,627 2,568 2,144 2,046 1,869 1,223 468 2,312 1,375 Interest income — — — — (1,217) (2,227) (88) (626) (792) (1,734) Stock-based compensation expense 1,766 1,068 2,601 2,742 4,910 5,773 1,980 1,603 5,634 4,323 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) 22 267 175 130 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 1,427 263 565 397 827 Acquisition-related retention expense and contingent consideration — — — 2,285 729 3,770 610 610 1,832 2,344 Income tax (benefit) provision (282) 1,182 2,763 2,809 7,346 9,091 3,767 3,394 4,546 5,462 Acquisition and other transaction costs — — 735 273 826 1,282 137 826 659 877 Adjusted EBITDA $16,752 $25,111 $23,276 $31,765 $46,801 $63,714 $21,765 $17,332 $54,585 $42,898 Adjusted EBITDA Margin 3.0% 4.4% 4.7% 6.4% 9.1% 12.3% 11.8% 12.9% 11.9% 11.4%

------

![](limbachinvestorpresentat029.jpg)

NASDAQ: LMB \| 29 Fiscal Year Ended December 31, Three Months Ended September 30, Nine Months Ended September 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 $8,788 $0.73 $7,484 $0.62 $26,764 $2.21 $21,033 $1.75 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 2,400 0.20 868 0.07 6,020 0.50 2,956 0.25 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 1,980 0.16 1,603 0.13 5,634 0.47 4,323 0.36 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) — 22 — 267 0.02 175 0.01 130 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 0.12 263 0.02 565 0.05 397 0.03 827 0.07 Acquisition-related retention expense and contingent consideration — — — — — — 2,285 0.21 729 0.06 3,770 0.31 610 0.05 610 0.05 1,832 0.14 2,344 0.21 Acquisition and other transaction costs — — — — 735 0.07 273 0.03 826 0.07 1,282 0.11 137 0.01 826 0.07 659 0.06 877 0.07 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) (1,461) (0.12) (1,280) (0.10) (3,974) (0.32) (3,093) (0.26) 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 $12,739 $1.05 $10,943 $0.91 $37,507 $3.10 $29,397 $2.46 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 12,107,480 12,027,021 12,090,829 11,998,750 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 nine months ended September 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.

------

![](limbachinvestorpresentat030.jpg)

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 $0 and $38K of rental equipment purchases made during the three months ended September 30, 2025 and 2024, respectively, and $2,095K and $3,602K of rental equipment purchases made during the nine months ended September 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 September 30, Nine Months Ended September 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 $21,765 $17,332 $54,585 $42,898 Free Cash Flow: Net Income (loss) ($1,775) $5,807 $6,714 $6,799 $20,754 $30,875 $8,788 $7,484 $26,764 $21,033 Non-cash operating activities(1) 16,568 13,767 16,997 17,634 18,222 24,454 9,592 5,873 23,738 17,246 Minus: Purchases of property and equipment(2) (2,663) (1,483) (791) (993) (2,266) (2,998) (481) (313) (1,461) (2,585) Free Cash Flow $12,130 $18,091 $22,920 $23,440 $36,710 $52,331 $17,899 $13,044 $49,041 $35,694 Free Cash Flow Conversion % 72.4% 72.0% 98.5% 73.8% 78.4% 82.1% 82.2% 75.3% 89.8% 83.2%

------

![](limbachinvestorpresentat031.jpg)

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

------