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QLIMBACH CRITICAL SYSTEMS , AHEAD OF THE MOMENT INVESTOR PRESENTATION 2026 SECOND QUARTER RESULTS NASDAQ : LMB
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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 LIKEL Y 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 SUPPL Y CHAIN DISRUPTIONS) AND THERE MAY BE ADDITIONAL RISKS THAT WE CONSIDER IMMATERIAL, OR WHICH ARE UNKNOWN. ACCORDINGL Y, 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 MATERIALL Y 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. 2
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WHO WE ARE • Leading Building Systems Solutions Firm • Revitalizes & Maintains Mission-Critical Systems • Keeping Buildings Ready to Perform When it Matters Most 125 YEARS IN BUSINESS1 22 BRANCH LOCATIONS1 1600+ EMPLOYEES1 6 MISSION-CRITICAL MARKETS1 MEPC SYSTEMS EXPERTISE1 7 ACQUISITIONS COMPLETED SINCE 20211 75.1% ODR OF TOTAL REVENUE2 $240K AVERAGE ODR PROJECT SIZE2 $2.6M AVERAGE GCR PROJECT SIZE2 1. Data as of August 4th, 2026. 2. Metrics reflect results for the fiscal year ended December 31, 2025. ODR percentage of total revenue is calculated as ODR revenue divided by total revenue for the period. Average project size represents total revenue for the respective segment (ODR or GCR) divided by the number of projects for which revenue was recognized during the period within such segment. Amounts are presented for illustrative purposes and may not be indicative of future performance. Future results may be impacted by project mix, timing of revenue recognition and acquisitions. 3
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WHAT WE DO We design, optimize, deliver & maintain custom engineered solutions for Mechanical, Electrical, Plumbing & Control Systems. INTEGRATED FACILITY PLANNING REPLACEMENTS & RETROFITS MAINTENANCE & REPAIRS RENTAL EQUIPMENT ENERGY EFFICIENCY & DECARBONIZATION MEPC INFRASTRUCTURE UPGRADES We help owners make smarter building decisions through a holistic view of costs, systems, risks, and future needs, delivering proactive planning and experienced staff augmentation. We help owners maximize efficiency and capital by retrofitting or right-sizing equipment, extending asset life where possible and replacing systems only when it makes operational and financial sense. We help owners avoid disruptions and control long-term costs through data-driven, equipment-agnostic maintenance strategies that extend asset life and improves reliability. We modernize and add capacity to mission-critical facilities through new construction, central energy plants, infrastructure upgrades, and modular fabrication solutions. We deliver tailored energy and decarbonization solutions that lower operating costs, improve building performance, and reduce carbon impact. We keep facilities operational during planned work or emergencies by deploying temporary heating and cooling solutions quickly and reliably. 4
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Healthcare Industrial & Manufacturing Data Centers Life Sciences Higher Education Cultural & Entertainment WHO WE PARTNER WITH We partner with Building Owners with Mission-Critical MEPC Infrastructure. CONFIDENTIAL HYPERSCALE DATA CENTERS CONFIDENTIAL COLOCATION DATA CENTERS 5
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OPERATING SEGMENTS 25% GCR For 2025 75% ODR For 2025 OWNER DIRECT RELATIONSHIPS (ODR) Building Type: Existing Buildings + Infrastructure ODR work is driven by developing and proposing customized solutions based on our deep knowledge of each facility where competing firms are challenged to provide solutions. • Includes two primary ODR revenue streams: • 73%1 is from fixed-price projects greater than $10K, with an average project size of ~ $240K. • 27%1 is from reoccurring quick burning revenue: includes maintenance contracts, work order projects less than $10K, and time & materials work. GENERAL CONTRACTOR RELATIONSHIPS (GCR) Building Type: New Construction GCR projects are characterized as having a solution in place therefore are more likely to be procured through a competitive bid process. • Most peers are focused on large construction, our average project size is ~$2.6M 1. • We take an opportunistic approach to project selection to carefully manage the risk and reward profile as it relates to project size and scope. Overarching Strategy Mix Stabilization with Maximized Risk Adjusted Returns 1. Metrics reflect results for the fiscal year ended December 31, 2025. ODR percentage of total revenue is calculated as ODR revenue divided by total revenue for the period. Average project size represents total revenue for the respective segment (ODR or GCR) divided by the number of projects for which revenue was recognized during the period within such segment. Amounts are presented for illustrative purposes and may not be indicative of future performance. Future results may be impacted by project mix, timing of revenue recognition and acquisitions. 6
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SCALING LIMBACH ODR Transformation 2021–2026 Organic Revenue Mix Building owner-direct relationships and achieved stabilization of our ODR/GCR mix. Solutions-Led Margin Expansion Transforming solutions from a contractor to building systems solutions firm. Strategic Acquisitions Expanded geographic reach & market share. Scaling LMB FUTURE Vertical Market Diversification Increasing our national relationships across health care, data centers and industrial & manufacturing while maintaining a diversified local foundation. Geographic Expansion Fill strategic gaps in Texas, Southeast & Midwest coverage to become one national partner to our customers. Integrated Operating Model Evolving customer solutions and cross-selling of existing services driving margin expansion and revenue performance. Following the stabilization of ODR/GCR mix and transition to a building systems solutions partner, Limbach is focused on driving enterprise-scale growth. 7
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Building enterprise scale through vertical expertise, geographic expansion, and integrated operations to accelerate growth, margin expansion, and revenue growth. VERTICAL MARKET DIVERSIFICATION GEOGRAPHIC EXPANSION INTEGRATED OPERATING MODEL ENTERPRISE SCALE Deepen expertise in priority verticals Enter targeted, high-growth markets + + Integrated platform with connected systems and shared resources Accelerate revenue and Adjusted EBITDA growth Expand national customer relationships Support customers across more locations Unified go-to-market with coordinated local and national relationships expanding cross-selling and pull-through opportunities Improve operating leverage and drive margin expansion Reduce cyclicality through a balanced market mix Pursue larger, more complex opportunities Evolved customer solutions providing consistent, scalable solutions that create greater customer value Reduce SG&A as a percentage of revenue Reinvest in the platform for continued growth Transformation to OEM gross margin levels BUILDING ENTERPRISE SCALE 8
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CYMCOR extends customer relationships beyond project management, providing visibility into future opportunities for cross-selling and pull-through work. Built a national program management team National relationships across multiple markets Provides integrated facility planning services directly to data center owners Our goal is to identify the best risk-adjusted returns on data center projects that allow us to sell solutions (services, retrofits/ replacements, energy efficiency, and rentals) Deepened relationships and provided expanded solutions across multiple geographies HEALTHCARE: PROVEN MODEL ~$3M PROGRAM MANAGEMENT BUSINESS ~$12M EXPECTED PROGRAM MANAGEMENT REVENUE IN 2027 ~$60M CROSS-SELLING & PULL-THROUGH WORK ~$4M OF ADJUSTED EBITDA EXPECTED IN 2027 DATA CENTER: VERTICAL MARKET DIVERSIFICATION DEEPENING EXPERTISE IN PRIORITY VERTICALS 9
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We acquire leading contractors in targeted high-growth markets and integrate them into our national platform. Each acquisition builds on the last - expanding owner relationships, increasing cross-selling and service pull-through opportunities while strengthening our national platform and delivering strong returns on invested capital. PIONEER POWER A LIMBACH COMPANY GEOGRAPHIC EXPANSION GROWING IN TARGETED HIGH-GROWTH MARKETS Operating Footprint Branch Locations Limbach HQ 10
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By integrating businesses into a common platform, we strengthen owner relationships and apply our proven value creation process to expand customer solutions through cross-selling and service pull-through - driving revenue growth, margin expansion, and stronger Adjusted EBITDA performance. VALUE CREATION PROCESS Proven Outcome 1. Systems Integration 2. Common Organizational Structure 3. Reduction of Fixed Costs 4. Gross Profit Expansion Roadmap 5. Establish Account Focus 6. Deploy On-Site Account Managers 7. Roll Out Evolved Customer Offerings 8. Fully Built-Out Account Teams PHASE ONE PHASE TWO INTEGRATED OPERATING MODEL DRIVING REVENUE GROWTH & MARGIN EXPANSION JAKE MARSHALL GROSS MARGIN1 0% 10% 20% 30% PHASE 1 IMPLEMENTATION PHASE 2 IMPLEMENTATION 2021 2022 2023 2024 2025 1. Jake Marshall was purchased 12/2/2021. Full year 2021 Gross Margin is based on pro forma P&L used at time of acquisition. 15.2% 15.5%13.4% 26.0% 28.1% 11
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Vertical expansion, geographic reach, and integrated operations build on one another to deepen customer relationships and drive profitable growth. VERTICAL MARKET DIVERSIFICATION GEOGRAPHIC EXPANSION INTEGRATED OPERATING PLATFORM BUILDING ENTERPRISE SCALE GROWTH DRIVERS PERFORMANCE OUTCOMES ACCELERATE REVENUE AND ADJUSTED EBITDA GROWTH IMPROVE OPERATING LEVERAGE AND DRIVE MARGIN EXPANSION REDUCE SG&A AS A PERCENTAGE OF REVENUE REINVEST IN THE PLATFORM FOR CONTINUED GROWTH TRANSFORMATION TO OEM GROSS MARGIN LEVELS 12
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FINANCIALS 13
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STRONG BALANCE SHEET AND DISCIPLINED CAPITAL ALLOCATION STRATEGY CASH, LEVERAGE AND LIQUIDITY1 CAPITAL ALLOCATION STRATEGY • $10.9 Million Cash Provided By Operations • $21.4 Million Free Cash Flow2 and 94.6% Cash Conversion Of Adj. EBITDA2 • $23.5 Million Net Debt3 and Net Debt3 / TTM Adj. EBITDA4 of 0.33x • $100.0 Million Revolver Facility5 and $93.1 Million of Liquidity • Capital Priorities - Organic Growth, Acquisitions and Liquidity • Investments in Sales Enablement and Evolving Customer Solutions • $50.0 Million Share Repurchase Plan Approved on 12/16/2025 (all remaining) • $65.7 Million Acquisition of Pioneer Power on 07/01/2025 • $30.0 Million Acquisition of CYMCOR on 08/04/20266 1. Data as of and for the six months ending June 30, 2026. 2. See slide 23 for the non-GAAP reconciliation of Free Cash Flow. 3. Net Debt is equal to Total Debt of $41.1 million minus $17.5 million of cash and cash equivalents. Net Debt to Adjusted EBITDA of 0.33x is equal to $23.5 million divided by $71.6 million. See slide 21 for Non-GAAP reconciliation. 4. Calculated as Adjusted EBITDA for the twelve months ended December 31, 2025 of $81.8 million plus Adjusted EBITDA for the six months ended June 30, 2026 of $22.6 million, less Adjusted EBITDA for the six months ended June 30, 2025 of $32.8 million totals $71.6 million. 5. On July 24, 2026, the aggregate principal amount of the senior secured revolving credit facility was increased from $100.0 million to $125.0 million. 6. Subject to customary post-closing adjustments. 14
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FINANCIAL GOALS REVENUE GROSS MARGIN/ ADJUSTED EBITDA2 CASH3 2026 Guidance1 1. Reflects revised guidance as reported by the Company within its earnings press release on Form 8-K for the fiscal quarter ended June 30, 2026. This guidance speaks only as of this date and this presentation does not constitute confirmation or updating of guidance. 2. See slide 21 for the non-GAAP reconciliation of Adjusted EBITDA Margin. 3. Free cash flow is defined as cash flow from operating activities, less changes in working capital and capital expenditures (excluding investment in rental equipment). See slide 23 for the non-GAAP reconciliation of Free Cash Flow $760M to $790M Total Revenue Mix Mix Stabilization 70% to 80% ODR Total Organic Revenue Growth of 9% to 14% ODR Organic Revenue Growth 6% to 10% Total Gross Margin 23% to 24% Adjusted EBITDA $78M to $84M Adj. EBITDA Margin 10% to 11% Continued Strong Cash Flow 75% of Adj. EBITDA = Free Cash Flow 15
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APPENDIX 16
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MARKET POSITIONING: SIMPLIFYING A FRAGMENTED MARKET Building owners often navigate a fragmented market of specialized providers. Limbach brings the capabilities they need together, simplifying complexity and delivering comprehensive solutions across the facility lifecycle. Product-Focused Sell proprietary product Product dependent solutions: Sales + Service contracts Sell products to lock customers in Numerous New-Construction Execution-Focused Transactional, new project-based work Installation, repairs, maintenance Decentralized approach, backlog-focus Numerous (Commercial + Residential) Generalists Generalists managing building operations Facility management, vendor coordination Cost-conscious, need partners to execute Numerous (Commercial + Residential) Design-Focused Provide engineered solutions System design, energy efficiency consulting No direct execution, reliant on contractors Government, Utilities, Healthcare, Education, Housing, Commercial, Industrial OEM Firms Contractors Property Managers Consulting & Engineering Firms Building Systems Solutions Firm Disciplined to 6: Healthcare, Data Centers, Industrial/Mfg., Life Sciences, Higher Ed., Cultural & Entertainment Standardized enterprise approach, dedicated to top local & national customers Holistic solutions, combining engineering & field expertise one-stop-shop Enterprise provider with standardized platform, expert in complex MEPC systems Mission-Critical Focused Focus Typical Work Mix Services Provided Strategic Approach Vertical Markets 17
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SUSTAINABILITY AT LIMBACH PEOPLE • Hearts & Minds • Comp & Benefits Packages • Industry Accredited Training PLANET • Revitalizing Existing Infrastructure • Reducing Energy & Operating Costs • ENERGY STAR Partner GOVERNANCE • Social Responsibility • Community Engagement • Culture of Belonging PEOPLE: EMPOWERING OUR TEAM & SUPPORTING OUR COMMU NITIES • We champion employee health and safety through our Hearts & Minds program • We offer competitive compensation and a range of ben efits and programs • Our dedication to employee growth was recognized wi th the APEX award from Training magazine in 2022-2025 and the ATD Best Award in 2023-2025 • We take great pride in contributing to the communit ies 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 PLANET: REVITALIZING EXISTING INFRASTRUCTURE • Building MEPC systems are a major source of carb on emissions • Our focus: Enhancing energy efficiency and cutting op erating costs by revitalizing existing infrastructure • ENERGY STAR® Partner: Providing facility assessment s and engineered solutions GOVERNANCE: GOVERNING RESPONSIBILITY • Committed to transparency, accountability and ethic al conduct • Decisions are made in the best interest of stockhol ders and stakeholders • Clear policies and procedures to mitigate risks a nd safeguard assets • Board oversight of sustainability policies and prog rams • Code of Conduct and Ethics / Whistleblower polic y 18
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OPERATING AND FINANCIAL UPDATE QTD Q2’26 PERFORMANCE 2Q’ 25 2Q’ 25 2Q’ 25 2Q’ 26 2Q’ 26 2Q’ 26 Revenue1 Gross Profit & (Margin) 1 Adjusted EBITDA2 Year-Over-Year Change +21.9% Year-Over-Year Change -6.4% Year-Over-Year Change -22.3% ODRODR GCR GCR $0 $40 $80 $120 $160 $200 $0 $10 $20 $30 $40 $50 $0 $4 $8 $12 $16 $20 $142.2 $39.8 (28.0%) $37.3 (21.5%) $173.5 $17.9 $13.9 $108.9 $31.6 $30.8$128.4 $33.3 $8.2 $6.5$45.0 Dollars in millions. Totals may not foot due to rounding. 1. See the Company’s quarterly earnings press release on Form 8-K for the fiscal quarter ended June 30, 2026. 2. See slide 21 for Non-GAAP Reconciliation Table. 19
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OPERATING AND FINANCIAL UPDATE YTD Q2’26 PERFORMANCE 2Q’ 25 2Q’ 25 2Q’ 25 2Q’ 26 2Q’ 26 2Q’ 26 Revenue1 Gross Profit & (Margin) 1 Adjusted EBITDA2 Year-Over-Year Change +13.4% Year-Over-Year Change -10.6% Year-Over-Year Change -31.1% ODRODR GCR GCR $0 $70 $140 $210 $280 $350 $0 $20 $40 $60 $80 $100 $0 $8 $16 $24 $32 $40 $275.3 $76.5 (27.8%) $68.5 (21.9%) $312.3 $32.8 $22.6 $199.3 $57.8 $53.7$228.2 $76.0 $18.8 $14.7$84.1 Dollars in millions. Totals may not foot due to rounding. 1. See the Company’s quarterly earnings press release on Form 8-K for the fiscal quarter ended June 30, 2026. 2. See slide 21 for Non-GAAP Reconciliation Table. 20
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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. Revenue Net income Adjustments: Depreciation and amortization Interest expense Interest income Stock-based compensation expense Loss on early debt extinguishment Change in fair value of warrant liability Change in fair value of interest rate swap Severance expense Loss on early termination of operating lease CEO Transition costs Restructuring costs Acquisition-related retention expense and contingent consideration Income tax provision (benefit) Acquisition and other transaction costs Total Adjusted EBITDA Adjusted EBITDA Margin $568,209 $5,807 6,171 8,627 — 1,068 — 1,634 — 622 — — — — 1,182 — $25,111 4.4% $490,351 $6,714 5,948 2,568 — 2,601 1,961 (14) — — — — — — 2,763 735 $23,276 4.7% $496,782 $6,799 8,158 2,144 — 2,742 — — (310) — 849 — 6,016 2,285 2,809 273 $31,765 6.4% $516,350 $20,754 8,244 2,046 (1,217) 4,910 311 — 124 — — 958 1,770 729 7,346 826 $46,801 9.1% $518,781 $30,875 11,888 1,869 (2,227) 5,773 — — (34) — — — 1,427 3,770 9,091 1,282 $63,714 12.3% $646,804 $39,064 18,133 3,133 (815) 7,434 — — 191 — — — 2,155 1,985 9,565 957 $81,802 12.6% Fiscal Year Ended December 31, 2020 2021 2022 2023 2024 2025 (in thousands) $173,457 $4,747 4,308 773 (1) 2,066 — — (22) — — — 3 230 1,836 — $13,940 8.0% $312,316 $9,127 8,725 1,474 (16) 4,705 — — (60) — — — 97 379 (1,821) — $22,610 7.2% $142,241 $7,762 3,923 563 (334) 1,642 — — 56 — — — 67 795 3,002 472 $17,948 12.6% $275,349 $17,976 7,995 1,089 (704) 3,654 — — 153 — — — 134 1,222 779 522 $32,820 11.9% Three Months Ended June 30, Six Months Ended June 30 , 2026 2026 2025 2025 21
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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 FY 2020 and 27% for FYs 2021 through 2025, and for the three and six months ended June 30, 2026 and 2025. 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. Net income and diluted earnings per share Pre-tax Adjustments: Amortization of acquisition-related intangible asse ts Stock-based compensation expense Loss on early debt extinguishment Loss on early termination of operating lease Change in fair value of interest rate swap Change in fair value of warrant liability Restructuring costs Acquisition-related retention expense and contingen t consideration Acquisition and other transaction costs Severance expense CEO transition costs Tax effect of reconciling items 1 Adjusted net income and Adjusted diluted earnings p er share Weighted average number of diluted shares outstandi ng $5,807 630 1,068 — — — 1,634 — — — 622 — (1,107) $8,654 $6,714 484 2,601 1,961 — — (14) — — 735 — — (1,557) $10,924 $6,799 1,567 2,742 — 849 (310) — 6,016 2,285 273 — — (3,623) $16,598 20,754 1,880 4,910 311 — 124 — 1,770 729 826 — 958 (3,107) $29,155 $30,875 4,688 5,773 — — (34) — 1,427 3,770 1,282 — — (4,564) $43,217 $4,747 1,695 2,066 — — (22) — 3 230 — — — (1,072) $7,647 $9,127 3,469 4,705 — — (60) — 97 379 — — — (2,319) $15,398 $39,064 8,357 7,434 — — 191 — 2,155 1,985 957 — — (5,691) $54,452 $7,762 1,757 1,642 — — 56 — 67 795 472 — — (1,293) $11,258 $17,976 3,620 3,654 — — 153 — 134 1,222 522 — — (2,512) $24,769 $0.72 0.08 0.13 — — — 0.20 — — — 0.08 — (0.14) $1.07 8,065,464 $0.66 0.05 0.25 0.19 — — — — — 0.07 — — (0.15) $1.07 10,231,637 $ 0.64 0.15 0.26 — 0.08 (0.03) — 0.56 0.21 0.03 — — (0.34) $1.56 10,676,534 $1.76 0.16 0.42 0.03 — 0.01 — 0.15 0.06 0.07 — 0.08 (0.26) $2.48 11,812,098 $2.57 0.39 0.48 — — — — 0.12 0.31 0.11 — — (0.38) $3.60 12,027,398 $0.39 0.14 0.17 — — — — — 0.02 — — — (0.09) $0.64 12,040,218 $0.76 0.29 0.39 — — — — 0.01 0.03 — — — (0.19) $1.28 12,047,368 $3.23 0.69 0.62 — — 0.02 — 0.18 0.16 0.08 — — (0.47) $4.51 12,079,583 $0.64 0.15 0.14 — — — — — 0.07 0.04 — — (0.11) $0.93 12,114,221 $1.48 0.30 0.30 — — 0.01 — 0.01 0.10 0.05 — — (0.20) $2.05 12,106,967 Fiscal Year Ended December 31, 2020 2021 2022 2023 2024 2026 2026 2025 2025 2025 (In thousands, except share and per share amounts) Three Months Ended June 30, Six Months Ended June 30 , 22
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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, acquisition-related retention expense and 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 $2,095K and $4,526K of rental equipment purchases made during the twelve months ended December 31, 2025 and 2024, respectively, and $94K and $2,095K of rental equipment purchases made during the three and six months ended June 30, 2025, 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. Adjusted EBITDA: Free Cash Flow: Net Income Non-cash operating activities 1 Cash from Operations (excluding working capital) Minus: Purchases of property and equipment 2 Free Cash Flow Free Cash Flow Conversion % $25,111 $5,807 13,767 19,574 (1,483) $18,091 72.0% $23,276 $6,714 16,997 23,711 (791) $22,920 98.5% $31,765 $6,799 17,634 24,433 (993) $23,440 73.8% $46,801 $20,754 18,222 38,976 (2,266) $36,710 78.4% $63,714 $30,875 24,454 55,329 (2,998) $52,331 82.1% $81,802 $39,064 32,790 71,854 (1,712) $70,142 85.7% Fiscal Year Ended December 31, 2020 2021 2022 2023 2024 2025 (in thousands) $13,940 $4,747 9,584 14,331 (639) $13,692 98.2% $22,610 $9,127 13,303 22,430 (1,046) $21,384 94.6% $17,948 $7,762 9,088 16,850 (751) $16,099 89.7% $32,820 $17,976 14,146 32,122 (980) $31,142 94.9% Three Months Ended June 30, Six Months Ended June 30 , 2026 2026 2025 2025 23
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SUPPLEMENTAL REVENUE DISCLOSURES ORGANIC & ACQUISITION-RELATED REVENUE 1 Acquisition-related revenue reflects revenue attributable to the July 2025 acquisition of Pioneer Power. * 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 Revenue: Three months ended June 30, 2025 Components of revenue change: Organic revenue Acquisition-related revenue 1 Revenue: Three months ended June 30, 2026 Revenue: Six months ended June 30, 2025 Components of revenue change: Organic revenue Acquisition-related revenue 1 Revenue: Six months ended June 30, 2026 $108,948 (3,716) 23,182 $128,414 $199,341 (8,598) 37,482 $228,225 (3.4)% 21.3% 17.9% (4.3)% 18.8% 14.5% $33,293 3,997 7,753 $45,043 $76,008 (8,912) 16,995 $84,091 12.0% 23.3% 35.3% (11.7)% 22.4% 10.6% $142,241 281 30,935 $173,457 $275,349 (17,510) 54,477 $312,316 0.2% 21.7% 21.9% (6.4)% 19.8% 13.4% ODR ODR % % GCR GCR % % Total Revenue Total Revenue % % (in thousands except for percentages) (in thousands except for percentages) 24
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CONTACT US INVESTOR RELATIONS Financial Profiles LMB-IR@limbachinc.com @Limbach @Limbach @Limbachinc @Limbach @LimbachFacility Services 25