Financials Limbach Holdings, Inc.

Equities

LMB

US53263P1057

Construction & Engineering

Market Closed - Nasdaq Other stock markets 21:00:00 15/01/2026 GMT			5-day change	1st Jan Change
86.67 ^USD	+3.30%		+12.56%	+11.33%

01-13	Limbach Holdings, Inc. Appoints Management Team, Effective January 13, 2026	CI
01-05	Limbach announces appointment of new independent director	RE

Projected Income Statement: Limbach Holdings, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	568.2	490.4	496.8	516.4	518.8	658.4	746.1	784.4
Change	-	-13.7%	1.31%	3.94%	0.47%	26.9%	13.33%	5.13%
EBITDA ¹	25.11	23.28	31.76	46.8	63.71	80.78	93.61	103.7
Change	-	-7.31%	36.47%	47.34%	36.14%	26.78%	15.89%	10.79%
EBIT ¹	17.16	13.99	12.01	29.28	38.62	50.69	64.13	72.42
Change	-	-18.45%	-14.15%	143.83%	31.89%	31.24%	26.51%	12.93%
Interest Paid ¹	-8.627	-2.568	-1.834	-2.046	-	-2.84	-3.367	-4.4
Earnings before Tax (EBT) ¹	6.989	9.477	9.608	28.1	39.97	49.3	61.43	70.92
Change	-	35.6%	1.38%	192.46%	42.23%	23.36%	24.59%	15.46%
Net income ¹	5.807	6.714	6.799	20.75	30.88	39.25	44.78	51.21
Change	-	15.62%	1.27%	205.25%	48.77%	27.11%	14.11%	14.36%
Announcement Date	25/03/21	16/03/22	08/03/23	13/03/24	10/03/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	130.4	113.3	121	129.2	126.8	114.8	116.1	122.4	143.5	121	124.9	127.8	142.7	119	122.2	133.9	143.6	133.1	142.2	184.6	198.5	176.8	182	186.3	194.3	184	191	194.9
Change	-	-13.08%	6.77%	6.74%	-1.83%	-9.45%	1.13%	5.37%	17.27%	-15.66%	3.2%	2.31%	11.68%	-16.62%	2.74%	9.56%	7.27%	-7.34%	6.86%	29.77%	7.51%	-10.88%	2.92%	2.34%	4.33%	-5.32%	3.82%	2%
EBITDA ¹	4.489	2.066	3.553	8.117	9.54	3.42	6.575	10.2	11.57	8.685	11.9	13.63	12.58	11.76	13.81	17.33	20.82	14.87	17.95	21.76	26.46	20.35	22.41	22.55	26.67	18.16	22.21	21.97
Change	-	-53.98%	71.97%	128.45%	17.53%	-64.15%	92.25%	55.19%	13.35%	-24.91%	37.08%	14.5%	-7.71%	-6.54%	17.45%	25.51%	20.1%	-28.55%	20.68%	21.27%	21.56%	-23.09%	10.14%	0.6%	18.29%	-31.91%	22.31%	-1.08%
EBIT ¹	2.547	-0.02	1.354	6.074	6.582	-0.793	1.466	5.394	5.944	4.653	7.552	9.828	7.251	6.532	8.19	10.89	13.01	7.911	10.64	13.34	18.79	12.98	15.08	15.24	19.4	10.56	14.66	14.47
Change	-	-100.79%	6,870%	348.6%	8.36%	-112.05%	284.87%	267.94%	10.2%	-21.72%	62.3%	30.14%	-26.22%	-9.92%	25.38%	32.94%	19.53%	-39.21%	34.52%	25.4%	40.79%	-30.89%	16.13%	1.08%	27.24%	-45.55%	38.83%	-1.33%
Charge d'intérêts ¹	-2.178	-1.264	-0.452	-0.424	-0.428	-0.486	-0.478	-0.547	-0.621	-0.823	-0.511	-0.437	-0.431	-	-0.114	-	-	-0.526	-0.563	-1.223	-1.033	-1.05	-0.8	-0.2	-1.1	-1.1	-1.1	-1.1
Earnings before Tax (EBT) ¹	0.124	-3.317	0.996	5.601	6.197	-2.132	1.103	5.295	5.342	3.615	7.345	9.952	7.188	7.259	8.358	10.88	13.47	7.991	10.76	12.56	17.95	12.11	14.45	14.77	19.02	9.811	13.91	13.72
Change	-	-2,775%	130.03%	462.35%	10.64%	-134.4%	151.74%	380.05%	0.89%	-32.33%	103.18%	35.49%	-27.77%	0.99%	15.14%	30.15%	23.84%	-40.68%	34.7%	16.64%	42.98%	-32.54%	19.36%	2.17%	28.8%	-48.42%	41.8%	-1.4%
Net income ¹	0.387	-2.282	0.732	3.986	4.278	-1.516	0.866	3.641	3.808	2.993	5.32	7.192	5.249	7.586	5.963	7.484	9.842	10.21	7.762	8.788	12.5	8.75	10.47	10.65	13.74	7.113	10.09	9.945
Change	-	-689.66%	132.08%	444.54%	7.33%	-135.44%	157.12%	320.44%	4.59%	-21.4%	77.75%	35.19%	-27.02%	44.52%	-21.39%	25.51%	31.51%	3.78%	-24.01%	13.22%	42.29%	-30.02%	19.6%	1.79%	29.03%	-48.25%	41.8%	-1.4%
Announcement Date	25/03/21	14/05/21	12/08/21	10/11/21	16/03/22	10/05/22	09/08/22	09/11/22	08/03/23	08/05/23	09/08/23	08/11/23	13/03/24	08/05/24	06/08/24	05/11/24	10/03/25	05/05/25	05/08/25	04/11/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Limbach Holdings, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	-	45	-29.5	-112
Change	-	-	-	-	-	-	-165.56%	-279.66%
Announcement Date	25/03/21	16/03/22	08/03/23	13/03/24	10/03/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Limbach Holdings, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	1.483	0.324	0.495	2.266	7.524	5.85	7.25	7.95
Change	-	-78.15%	52.78%	357.78%	232.04%	-22.25%	23.93%	9.66%
Free Cash Flow (FCF) ¹	42.67	-24.56	34.88	55.1	29.26	35.45	64.2	73.7
Change	-	-157.55%	242.03%	57.98%	-46.9%	21.16%	81.1%	14.8%
Announcement Date	25/03/21	16/03/22	08/03/23	13/03/24	10/03/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Limbach Holdings, Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-	4.42%	4.75%	6.39%	9.06%	12.28%	12.27%	12.55%	13.22%
EBIT Margin (%)	-	3.02%	2.85%	2.42%	5.67%	7.45%	7.7%	8.59%	9.23%
EBT Margin (%)	-	1.23%	1.93%	1.93%	5.44%	7.7%	7.49%	8.23%	9.04%
Net margin (%)	-	1.02%	1.37%	1.37%	4.02%	5.95%	5.96%	6%	6.53%
FCF margin (%)	-	7.51%	-5.01%	7.02%	10.67%	5.64%	5.38%	8.6%	9.4%
FCF / Net Income (%)	-	734.79%	-365.76%	512.99%	265.49%	94.77%	90.33%	143.36%	143.9%
Profitability
ROA	1.96%	4.09%	3.3%	3.18%	6.68%	8.07%	-	-	-
ROE	-3.81%	11.54%	9.48%	7.42%	19.18%	22.5%	-	-	-
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	0.56x	-	-
Debt / Free cash flow	-	-	-	-	-	-	1.27x	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	0.26%	0.07%	0.1%	0.44%	1.45%	0.89%	0.97%	1.01%
CAPEX / EBITDA (%)	-	5.91%	1.39%	1.56%	4.84%	11.81%	7.24%	7.74%	7.67%
CAPEX / FCF (%)	-	3.48%	-1.32%	1.42%	4.11%	25.72%	16.5%	11.29%	10.79%
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
Dividend per Share ¹	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
Book Value Per Share ¹	-	-	-	-	-	-	15.89	19.51	23.93
Change	-	-	-	-	-	-	-	22.78%	22.66%
EPS ¹	-	0.72	0.66	0.64	1.76	2.57	3.235	3.668	4.21
Change	-	-	-8.33%	-3.03%	175%	46.02%	25.88%	13.37%	14.79%
Nbr of stocks (in thousands)	-	7,926	10,304	10,471	11,003	11,273	11,627	11,627	11,627
Announcement Date	-	25/03/21	16/03/22	08/03/23	13/03/24	10/03/25	-	-	-