Limbach Holdings Inc 2025年度报告

QLIMBACH Limbach (NASDAQ: LMB), is a building systems solutions firm that designs, delivers, and maintains mechanical(heating,ventilation,andairconditioning),electrical,plumbing,andcontrols("MEPc")systemsthat supportlife's most importantmoments.Wepartner withbuilding owners and operators of mission-criticalfacilitiesacrosshealthcare,industrialandmanufacturing,datacenters,lifesciences,highereducation,andculturalandentertainmentmarkets. Withapproximately1,5o0teammembers across21officesthroughouttheEasternandMidwesternregionsoflocalexecutionandtalenttodeliverproactive,safe,andreliablesolutionsforcomplexfacilities.Operatingonaconnectedplatform,weintegrateengineeringexpertisewithfieldexecutiontoprovidecustomizedMEPCinfrastructuresolutionsthataddressbothoperationalandcapitalprojectneeds,optimizingperformance,enhancingreliability,andensuringlong-termsafety. 2025Financial Highlights Total&ODRRevenue($ in Millions) LettertoOurStockholders DearFellowStockholders, Today's Limbach is a fundamentally different and stronger company than it was even a fewmomentumisreal,andourconfidence inLimbach'strajectoryhasneverbeenhigher. In2026,Limbachmarksits125thyearofcontinuousoperation,amilestoneachievedbyfewerthan 10o U.S.public companiesi.While our team celebrates this long legacy,we know thatlongevitydemandsadaptability,disciplined execution,andtheabilitytoevolveasmarketschange.Ourstrategyhasbeentocarveourownpathasaleadingbuildingsystemssolutionsfirmthatservesasatrustedpartner,solvingourcustomers'mostcomplexproblems. DeliveringWhatWePromised ourteamdeliveredanotherrecordyearoffinancialresults.Revenuefortheyearreachedarecord$646.8million,anincrease of 24.7% year over year, while adjusted EBITDA2grew 28.4% to $81.8 million,also a company record. including17%organicgrowth3,reflecting increased customerengagement,bundled solutions,andexpanded wallet shareacross mission-criticalfacilities. Cash generation remained a hallmark of our execution.For the year, we delivered strong operating and freecash flow.We ended2025 with a netdebtto Adjusted EBITDA ratio of0.3x.We evaluate capital allocation through a disciplinedframework, prioritizing investments that offer the highest risk-adjusted returns. Our acquisition of Pioneer Power and our s50millionsharerepurchaseauthorizationreflectthisapproach;drivinggrowth,returnofcapital,andbalancesheetstrength Why We Win-Limbach Operates in Environments WhereFailureIs Not An Option By design,wefocus on critical endmarkets such as healthcare,industrial and manufacturing,data centers, life sciences,higher education,and cultural and entertainment.Limbach's scale,technical knowledge,and local execution position us asthe long-term partner of choice in this evolving landscape. Our customers depend on us to ensure ongoing operations,eficiency,and safety.Our unique ability to design,optimize,deliver and maintain customer engineered solutions for Mechanical, Electrical, Plumbing & Control, or MEPC,systemsenvironments where downtime is unacceptable and execution risk must beminimized.Increasingly,customers rely on us Energy Efficiency&DecarbonizationSolutions MEPC InfrastructureUpgrades Service&Maintenance RentalEquipment nsistentbasisbecauseitremngof our financial performance for thecurrentperiod andgresultsthetofcertairot Adjusted EBITDA is meaabilitweuseAdjustedEBiTDAasacomponentinassessingournetleveciliation Table" below Growth,GuidedbyDiscipline Our growth strategyis anchoredby threepillars.First, we aim togrowtotal revenue and ODRorganic revenue,whilescale withlocal execution,tobetterservemission-criticalfacilities.Additionally,weare investingboth atthelocal andnational level toacceleratesales,leverageSG&Aanddriveearnings growth. Tobolster our national growthstrategy,in January2026,weannouncedtwo Executive Vice Presidentappointmentsfornationalcustomersolutionsandsales,Theserolescentralizenationalcustomerstrategy,salesexecution,andcross-branchcoordinationwhicharekeytoscalingourODRrelationships. Oursecond pillar is to expandmargins through evolved customersolutions.Wedifferentiateourselves byservingas a and expanding our capabilities. In July2025,we completed the acquisition ofPioneer Power for approximately $66 million,our largestacquisition to date.The transaction meaningfully expanded our presence in the Upper Midwest, enhanced our industrial and mission-critical LookingAhead:BuilttoEndure,PositionedtoLead Veryfew companies last125years.Even fewerdo so while activelyreshaping theirbusinessmodelforgrowth.Limbach'sexecution and disciplined decision-making.Looking ahead to 2026, we will continue to build on our strong foundation.margins, and continue to allocate capital with a focus on delivering long-term stockholdervalue. On behalf of our Board of Directors and the entire Limbach team, thank you for your continued trust and support. Sincerely, MichaelM.McCann President, Chief ExecutiveOfficer&DirectorLimbach Holdings, Inc. UNITEDSTATESSECURITIESANDEXCHANGECOMMISSIONWASHIN