Q4 2025 Limbach Holdings Inc Earnings Call Transcript

Mar 3, 2026 / 02:00 PM GMT

Release Date Price: $87.53 (-1.84%)

Transcript 8-K10-K

Key Points

Positve

Limbach Holdings Inc (LMB) reported a record year with significant total revenue growth of 24.7% in 2025.
The company achieved a record full-year adjusted EBITDA of $81.8 million, within their guidance range, marking a 28.4% increase from 2024.
ODR revenue grew by 40.6%, with organic ODR revenue growth of 17%, highlighting organic growth as a major success driver.
The company authorized a $50 million share repurchase program, reflecting confidence in their financial position.
Limbach Holdings Inc (LMB) maintained a strong balance sheet with only $24.6 million in net debt, resulting in a net debt to adjusted EBITDA ratio of 0.3 times.

Negative

Total gross margin decreased to 26.2% from 27.8% in 2024, primarily due to the impact of Pioneer Power's lower gross margin.
ODR segment margin decreased to 25.1% from 32.1% in the previous year, largely due to Pioneer Power's lower gross margin profile.
GCR revenue decreased by 13% to $41.9 million, with a 26.1% decrease in organic revenue as the company continued its shift towards ODR.
Interest expense increased due to higher borrowings under the company's revolving credit facility to partially finance the Pioneer Power acquisition.
The company anticipates a softer start in 2026 with revenue building throughout the year, indicating potential challenges in maintaining consistent growth momentum.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

LMB.OQ - Limbach Holdings Inc
Q4 2025 Limbach Holdings Inc Earnings Call
Mar 03, 2026 / 02:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome to the Limbach Holdings 4th quarter and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance, please press 0 on your telephone keypad. As a reminder, this conference is being recorded. I will now turn the conference over to your host, Lisa Fortuna of Financial Profiles. You may proceed.

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Unidentified_2 [2]
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Good morning and thank you for joining us today to discuss Limbach

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