Business Description

Limbach Holdings, Inc. (the “Company,” “we” or “our”), a Delaware corporation headquartered in Warrendale, Pennsylvania, is a building systems solutions firm that designs, delivers, and maintains mechanical (heating, ventilation, and air conditioning), electrical, plumbing, and controls (“MEPC”) systems. The Company partners with building owners and operators of mission-critical facilities across healthcare, industrial and manufacturing, data centers, life sciences, higher education, and cultural and entertainment markets. With approximately 1,500 team members across 21 offices throughout the Eastern and Midwestern regions of the United States, the Company strives to be an indispensable partner by combining its national capabilities with strong local execution and talent to deliver proactive, safe, and reliable solutions for complex facilities. Operating on a connected platform, the Company integrates engineering expertise with field execution to provide customized MEPC infrastructure solutions that address both operational and capital project needs, optimizing performance, enhancing reliability, and ensuring long-term safety. 2025 Highlights In 2025, the Company: • Produced record annual revenue of $646.8 million and a record annual gross profit of $169.3 million. • Increased its revenue generated from the ODR segment (as defined below) by 40.6% (versus 2024), achieving its previously announced 2025 ODR segment revenue target of 70% - 80% of total consolidated revenue at 75.1%. • Increased diluted earnings per share by 25.7% (versus 2024) to $3.23. • Generated $45.7 million of net cash provided by operating activities. • Successfully completed the acquisition of Pioneer Power, LLC (“Pioneer Power”) (as described in more detail below). Segments The Company operates in two segments; (i) Owner Direct Relationships (“ODR”), in which the Company performs owner direct projects and/or provides maintenance or service primarily on MEPC systems, and specialty contracting projects to existing buildings direct to, or assigned by, building owners or operators, and (ii) General Contractor Relationships (“GCR”), in which the Company generally manages new construction or renovation projects that involve primarily MEPC systems awarded to the Company by general contractors or construction managers. The Company's work is primarily performed under fixed-price, modified fixed-price, and time and materials contracts over periods of typically less than two years. ODR Segment. The Company’s key business initiative for its ODR segment is to position itself as a value-added, indispensable partner to building owners in mission-critical markets, providing full life cycle capabilities from concept design and engineering through system commissioning and around-the-clock service and maintenance primarily to their existing buildings. The Company remains focused on the scalability of its organic business through partnering directly with building owners. The Company believes that its building owner relationships provide a distribution channel through which it can continue to deliver an expanded offering of value-added solutions direct to building owners that further reinforces its value proposition and differentiated capabilities. In addition, by establishing successful, long-term partnerships with building owners, the Company has positioned itself to provide reoccurring small project work, time and materials work and maintenance services, which it believes improves revenue predictability and could increase economic resilience. The Company provides its ODR solutions through the following project delivery methodologies: • Integrated Facility Planning. The Company provides professional and consultative services to building owners, helping them proactively plan future investments, anticipate opportunities, and align facility needs with long-term business goals. These services include engineer-led facility assessments, identification and support of capital planning needs for new and existing facilities through the analysis of existing facility data, as well as program management support. • Service & Maintenance. The Company provides comprehensive inspection, troubleshooting, repair, and services to ensure the safe, efficient, and reliable operation of building systems. Ongoing maintenance and operations are essential for building functionality, safety, and energy efficiency.…