Limbach : General Investor Presentation - May 5th, 2026

CRITICAL SYSTEMS, AHEAD OF THE MOMENT

INVESTOR PRESENTATION

2026

FIRST QUARTER RESULTS

NASDAQ: LMB

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 LIKELY 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 SUPPLY CHAIN DISRUPTIONS) AND THERE MAY BE ADDITIONAL RISKS THAT WE CONSIDER IMMATERIAL, OR WHICH ARE UNKNOWN. ACCORDINGLY, 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 MATERIALLY 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 (https://WWW.SEC.GOV), FOR A FULL DISCUSSION OF THE RISKS AND OTHER FACTORS THAT MAY IMPACT ANY FORWARD-LOOKING STATEMENTS IN THIS PRESENTATION.

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ABOUT LIMBACH

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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 BUSINESS

6

MISSION-CRITICAL MARKETS

75.1%

ODR OF TOTAL REVENUE2

21

BRANCH LOCATIONS

MEPC

SYSTEMS EXPERTISE

$240K

AVERAGE ODR PROJECT SIZE2

1600

EMPLOYEES1

6

ACQUISITIONS COMPLETED SINCE 2021

$2.6M

AVERAGE GCR PROJECT SIZE2

1. Data as of March 31, 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. 4

WHAT

WE DO

We design, optimize, deliver & maintain custom engineered solutions for Mechanical, Electrical, Plumbing & Controls Systems.

INTEGRATED FACILITY PLANNING

REPLACEMENTS & RETROFITS

RENTAL EQUIPMENT

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 keep facilities operational during planned work or emergencies by deploying temporary heating and cooling solutions quickly and reliably.

SERVICE & MAINTENANCE

MEPC INFRASTRUCTURE UPGRADES

ENERGY EFFICIENCY & DECARBONIZATION

We help owners avoid disruptions and control long-term costs through data-driven, equipment-agnostic maintenance strategies that extends 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.

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WHO WE

PARTNER WITH

We partner with Building Owners with Mission-Critical MEPC Infrastructure.

Healthcare

Industrial & Manufacturing

Data Centers

CONFIDENTIAL HYPERSCALE

DATA CENTERS

CONFIDENTIAL COLOCATION

DATA CENTERS

Life Science

Higher Education

Cultural & Entertainment

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WHERE

WE

WORK

21

LOCATIONS

1600

EMPLOYEES

LOCAL PRESENCE WITH NATIONAL REACH

Operating Footprint Branch Locations Limbach HQ

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HOW WE'RE DIFFERENT

We combine engineering, field execution,

and enterprise-scale delivery into one standardized platform enabling us to capture more scope, guarantee performance, and serve customers nationally.

ONE-STOP-SHOP

Integrated Engineering

+ Field Execution

What the Market Typically Offers

• Design separated from installation

• Fragmented coordination across trades

  What Limbach Delivers

• Engineers and craft teams operating as one platform

• Design-build with guaranteed performance

  Outcomes

• Higher win rates on complex projects

• Improved margins through integrated delivery

• Lower execution risk

  SYSTEM AGNOSTIC

  Solutions-First, Not Product-Driven

  What the Market Typically Offers

• Recommendations tied to proprietary equipment

• Technology lock-in that limits lifecycle flexibility

  What Limbach Delivers

• Performance-first system design

• Technology flexibility across platforms

  Outcomes

• Expands addressable market

• Improved margins through integrated delivery

• Supports long-term retrofit demand across aging infrastructure

ONE PARTNER

Interconnected Platform

+ Local Execution

What the Market Typically Offers

• Local-only execution

• Inconsistent delivery across geographies

  What Limbach Delivers

• Dedicated accounts across local & national operations

• Interconnected enterprise platform

  Outcomes

• Enables national account growth

• Drives reoccurring revenue

• Scalable operating leverage

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OPERATING SEGMENTS

25% GCR

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

    75% ODR

    For 2025

    Overarching Strategy

    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 ~$2.6M1.

• We take an opportunistic approach to project selection to carefully manage the risk and reward profile as it relates to project size and scope.

projects less than $10K, and time & materials work.

Mix Stabilization of 75-80% ODR 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.

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GROWTH STRATEGY

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THREE PILLAR APPROACH

TO GROWTH

ORGANIC SEGMENT REVENUE PERCENTAGE MIX STABILIZATION

MARGIN EXPANSION THROUGH EVOLVED CUSTOMER SOLUTIONS

SCALE THROUGH ACQUISITIONS

GCR

ODR

Mix Stabilization of 75-80% ODR

Achieving Optimal Higher Margin Mix

Transformation to OEM Gross Margin Levels of ~35-40%

Expand Geographic Footprint & Market Share Within Existing Markets

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PILLAR 1

INCREASED ODR REVENUE DRIVES MARGINS

30%

27.8%

26.2%

100%

ODR Revenue % of Total Revenue

Total Gross Margin

Adjusted EBITDA Margin1

25%

20%

15%

10%

5%

14.3%

22.4%

4.4%

17.5%

28.6%

4.7%

18.9%

43.6%

6.4%

23.1%

50.7%

9.1%

66.6%

12.3%

75.1%

12.6%

80%

60%

40%

20%

0%

1. See slide 24 for Non-GAAP Reconciliation Table.

0%

2020 2021 2022 2023 2024 2025

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PILLAR 1

FUELING LOCAL + NATIONAL GROWTH TO ACHIEVE HIGHER MARGIN MIX

NATIONAL VERTICAL MARKET TEAMS

Dedicated vertical leadership focused on expanding national accounts while strengthening local market relationships.

• Healthcare (proven model)

• Data Center

• Industrial & Manufacturing

  SALES ENABLEMENT

  Equipping and upskilling our sales organization to capture higher-margin opportunities across national and local markets.

• Centralized Sales Strategy, Tools, Data and Training

• Investment in Sales Talent Development

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  PILLAR 2

  MARGIN EXPANSION THROUGH EVOLVED SOLUTIONS

  TOTAL LEGACY1 GROSS MARGIN

  30%

  27.3%

  28.2%

  25%

  24.1%

  20%

  17.6%

  19.4%

  14.3%

  15%

  10%

  2020 2021 2022 2023 2024 2025

  1. Legacy branches are considered all branch locations excluding acquisitions since 2021.

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  PILLAR 3

  STRATEGIC ACQUISITION STRATEGY

  Our disciplined M&A strategy targets scalable, consistently performing businesses that expand our geographic footprint and/or strengthen our customer solution offerings.

  CRITERIA

  GEOGRAPHIC EXPANSION

  • Expands our footprint in existing & new markets.

  • Aligned with core customer opportunities.

EXPANDS CUSTOMER SOLUTION OFFERINGS

• Expands product or service offerings.

• Other professional services applicable to multiple end-markets.

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PILLAR 3

VALUE CREATION THROUGH INTEGRATING INTO A COMMON PLATFORM

Our acquisition strategy prioritizes alignment and specialized value, ensuring that each partnership enhances our culture and niche. By integrating into a common platform, we strengthen owner relationships and follow a proven value creation process to drive growth and long-term impact.

1. Common Organizational Structure

1. Reduction of Fixed Costs

2. Gross Profit Benchmarking

PHASE

ONE

4. Risk Management Tools

5. Establish Account Focus

1. Deploy On-Site Account Managers

2. Roll Out Evolved Customer Offerings

PHASE

TWO

8. Fully Built Out Account Teams

CHARACTERISTICS WE SEEK VALUE CREATION PROCESS

Cultural Fit

Alignment with our values and "we care" culture

Niche

Specialized expertise in our core vertical markets

Systems

Integrations

Building Owner Customers

Commitment to building long-term relationships with building owners

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PILLAR 3

VALUE CREATION THROUGH INTEGRATING INTO A COMMON PLATFORM

PHASE 2 IMPLEMENTATION

PHASE 1 IMPLEMENTATION

30%

JAKE MARSHALL GROSS MARGIN1

26.0%

28.1%

20%

13.4%

15.2% 15.5%

10%

0%

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. 17

FINANCIALS

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STRONG BALANCE SHEET AND DISCIPLINED CAPITAL ALLOCATION STRATEGY

CASH,

LEVERAGE

AND LIQUIDITY1

CAPITAL ALLOCATION STRATEGY

• $7.7 Million Free Cash Flow2 and 88.7% Cash Conversion Of Adj. EBITDA2

• $7.8 Million Cash Used In Operations

• $41.2 Million Net Debt3 and Net Debt3/TTM Adj. EBITDA4 of 0.55x

• $100 Million Revolver Facility and $76.4 Million of Liquidity

• Capital Priorities - Organic Growth, Acquisitions and Liquidity

• Investments in sales enablement and evolving customer solutions

• $50 Million Share Repurchase Plan Approved on 12/16/25 (all remaining)

• $65.7 Million Acquisition of Pioneer Power on 07/01/2025

1. Data as of and for the three months ending March 31, 2026.

2. See slide 26 for the non-GAAP reconciliation of Free Cash Flow.

3. Net Debt is equal to Total Debt of $57.0 million minus $15.8 million of cash and cash equivalents. Net Debt to Adjusted EBITDA of 0.55x is equal to $41.2 million divided by $75.6 million. See slide 26 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 three months ended March 31, 2026 of $8.7 million, less Adjusted EBITDA for the three months ended March 31, 2025 of $14.9 million totals $75.6 million.

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FINANCIAL GOALS

2026 Guidance1

REVENUE

GROSS MARGIN/

ADJUSTED EBITDA2 CASH3

$730M to $760M Total

Revenue

Mix Shift 75% to 80% ODR

ODR Organic Revenue Growth

9% to 12%

Total Gross Margin

26% to 27%

Adjusted EBITDA $90M to

$94M

Adj. EBITDA Margin

12% to 13%

Continued Strong Cash Flow

75% of Adj. EBITDA

= Free Cash Flow

1. Reflects guidance reaffirmed by the Company on May 5, 2026.

2. This guidance speaks only as of this date and this presentation does not constitute confirmation or updating of guidance.

3. See slide 24 for the Non-GAAP Reconciliation of Adjusted EBITDA Margin.

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