Orion Group Holdings Inc 2025年度报告

LETTER FROMTHE CEO Travis BoonePresident & CEO TO OUR SHAREHOLDERS, Strong Demand and Opportunity In 2025, Orion delivered meaningful progress on the prioritiesdriving our strategic transformation and strengthening ourplatform for long-term value creation. Our focus remains clear:execute safely with predictable excellence, deliver expandingprofitability, and invest in the right people, tools and processesto capture the growing opportunities across marine infrastruc-ture, defense, and mission-critical concrete construction. We continue to operate in a favorable demand environment,supported by long-term investment in defense infrastructure,port modernization, energy development, and mission-criticalconstruction. Our backlog provides solid visibility into future revenue. Ouropportunity pipeline has expanded to more than $23 billion, andwe are encouraged by the breadth and quality of opportunitiesacross both segments. I am proud of our team’s accomplishments this year. Throughdisciplined execution, Orion generated both top- andbottom-line growth while strengthening our financial positionand advancing key initiatives. Importantly, these results reflectcontinued progress toward delivering more consistent andpredictable performance. In Marine, we see expanding opportunities across key markets,including work with the U.S. Navy, U.S. Coast Guard, portauthorities, and private sector clients. Recent NAVFAC contractvehicle awards position Orion among a select group ofcontractors eligible to compete for future Navy task orders andrepresent an important driver of long-term growth. We were also recognized by Engineering News-Record (ENR)as the No. 2 contractor in Marine and Port Facilities and No.15 among the Top 20 Firms in Concrete, underscoring ourleadership in these critical infrastructure markets. Our Concrete segment continues to perform well, supportedby strong demand in data centers and expanding opportunitiesacross commercial and industrial markets. We are also seeingincreased project scale and earlier client engagement, allowingus to broaden our scope and deepen relationships. Strengthening Our Operating Platform In 2025, we took several actions to strengthen our operatingplatform and enhance our ability to execute complex infra-structure projects with predictable excellence. Looking Ahead As we enter 2026, we remain focused on executing our strategy,delivering predictable performance, and strengthening Orion’sposition as a leading specialty contractor serving marine andmission-critical construction markets. Key initiatives included: •Acquiring J.E. McAmis in early 2026, expanding our marinecapabilities, particularly in complex coastal infrastructureand jetty and breakwater construction•Investing in our fleet, including the purchase of a derrickbarge to support larger, more complex marine and defenseprojects•Refinancing our credit agreement with a new $120 millionfacility that improves liquidity, reduces borrowing costsby 40%, and enhances financial flexibility to support bothorganic growth and accretive acquisitions•Implementing a modern project management platform toenhance operational visibility and execution•Consolidating our Houston footprint into a newheadquarters to improve collaboration and efficiency•Favorably resolving multiple legacy litigation matters•Monetizing non-strategic real estate assets•Strengthening leadership and governance with the additionof Bob Ledford to our Board and Alison Vasquez as ChiefFinancial Officer With a strong operating platform, expanded capabilities throughthe McAmis acquisition, a healthy balance sheet, and favorablemarket tailwinds, we believe we are well positioned to capitalizeon growing demand across our end markets. This progress reflects the dedication of our employees, whosecommitment to safety, quality, and client service driveseverything we do. We are grateful to Tom Amonett and PeggyForan for their many years of dedicated service on our Board ofDirectors and for their meaningful contributions to Orion. I wouldalso like to thank our clients and partners for their continuedtrust, and our shareholders for their ongoing support. Sincerely, Collectively, these actions position Orion to capitalize on thenext wave of large-scale infrastructure opportunities andreflect continued progress in our strategic transformation. Travis BoonePresident & CEO UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 10-K ☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025OR ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________Commission file number: 1-33891ORION GROUP HOLDINGS, INC. Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act:Yes☑No Indicate by check mark if the Registrant is not required to file report