NASDAQ: LMB Third Quarter 2026 Earnings Presentation Financial Results & Business Update For the quarter ended September 30, 2026 | November 4, 2026
Forward-Looking Statements & Non-GAAP Measures | NOVEMBER 4, 2026 NASDAQ: LMB | 2 Forward-looking statements Non-GAAP and operating measures 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 (www.sec.gov), for a full discussion of the risks and other factors that may impact any forward-looking statements in this presentation. Adjusted EBITDA and its margin, adjusted net income, adjusted diluted EPS, organic revenue growth, free cash flow and net debt are supplemental measures. They do not replace GAAP results and may differ from similarly titled peer measures. Company-defined free cash flow excludes working-capital changes and deducts capital expenditures excluding rental-equipment investment. Bookings and backlog involve estimates and timing uncertainty; neither guarantees future revenue, profit or cash flow. Definitions and reconciliations accompany this presentation. A quantitative reconciliation of projected Adjusted EBITDA and related margins is unavailable without unreasonable efforts because certain excluded items are highly variable, complex and difficult to forecast. Those items may significantly and unpredictably affect future GAAP results.
Third-Quarter Financial and Operating Highlights | NOVEMBER 4, 2026 NASDAQ: LMB | 3 Q3 2026 Revenue $230.5 million up 24.9% vs. Q3 2025 Q3 2026 Net income $9.5 million up 7.5% vs. Q3 2025 Q3 2026 Adjusted EBITDA¹ $27.4 million up 25.9% vs Q3 2025 Q3 2026 Free Cash Flow2 $22.2 million 80.9% Conversion from EBITDA Business performance Customer activity Acquisitions & outlook ODR organic growth resumed Organic revenue growth: 2.2% ODR share of revenue: 65.4% Bookings: $311.2 million Book-to-bill: 1.4x 1901 completed; CYMCOR adds data center expertise. 2026 guidance tracking at or near the high end of the Adjusted EBITDA range.Customer budgets progressing • Deeper owner relationships • Improving project visibility 1 See appendix for non-GAAP reconciliation. 2 See FCF reconciliation.
Growth Strategy and Business Mix | NOVEMBER 4, 2026 NASDAQ: LMB | 4 National reach. Local presence. Proactive solutions for mission-critical facilities. Build on our traditional strengths Healthcare • Industrial & manufacturing Higher education • Cultural & entertainment Expand participation in growth opportunities Technology • Life sciences • Data centers Broader growth drivers, with selective participation in each market Geographic reach Follow customer needs across more locations, with strong local execution. Vertical-market mix Deepen market expertise and broaden our set of growth drivers. Integrated model Connect planning, fabrication, project delivery and ongoing service. 2027 focus: national customer relationships • fabrication & off-site work • lifecycle services
1901 Acquisition: Wisconsin Market & Expanded MEPC Capabilities | NOVEMBER 4, 2026 NASDAQ: LMB | 5 Base purchase price $63 Million Cash + revolver 2027 revenue ~$140 Million Full-year expectation 2027 Adj. EBITDA ~$11 Million Full-year expectation Employees ~450 350+ field professionals U.S. office footprint 1901 • Madison, WI Strategic Fit & Integration • Limbach's largest electrical operation, with broader MEPC capabilities. • Broader local delivery capabilities for national and multi-site customers. • Customer growth and operating discipline to improve margins over time. UWHC Transplant Clinic Healthcare NorthStar BE3 Life sciences Benoit College Powerhouse Higher education Columbus Chattanooga Pittsburgh Philadelphia New Jersey Boston DC Orlando West Palm Beach Tampa North Carolina Detroit Lansing Grand Rapids Western Kentucky Twin Cities Southeast Ohio Similar to Limbach, 1901 is a 125-year-old Building Systems Solutions Firm Limbach Reach Limbach Location Cymcor 2027 figures are previously announced acquired-business expectations, not consolidated Limbach guidance.
CYMCOR: Extending the "Mission Critical" Model | NOVEMBER 4, 2026 NASDAQ: LMB | 6 Early owner engagement supports informed project selection and broader customer relationships Data centers: expand the opportunity Program management Commissioning oversight Strategic consulting Connect owner relationships with engineering, fabrication, execution and ongoing service 2027 expectations1 ~$12 Million Revenue | ~$4 Million Adjusted EBITDA Featured Projects Available fabrication capacity supports selected data center work with lower risk and higher-margin potential. 1 Previously announced acquired-business expectations; excludes potential synergies and incremental project pull-through.
Financial Review Three & Nine Months Ended September 30, 2026
$9.0 $15.6 $35.7 $38.2 Q3 2025 Q3 2026 $— $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $43.2 $79.8 $141.4 $150.7 Q3 2025 Q3 2026 $— $50.0 $100.0 $150.0 $200.0 $250.0 Third-Quarter Financial Performance | NOVEMBER 4, 2026 NASDAQ: LMB | 8 Three months ended September 30 Revenue ODR GCR $230.5 Gross Profit & Margin ODR GCR $44.7 (24.2%) Adjusted EBITDA1 Dollars in millions. Totals may not foot due to rounding. 1 See appendix for non-GAAP reconciliation. $21.8 $27.4 Q3 2025 Q3 2026 $— $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $184.6 $53.8 (23.4%)
Nine-Month Financial Performance | NOVEMBER 4, 2026 NASDAQ: LMB | 9 $27.8 $30.4 $93.4 $92.0 YTD 2025 YTD 2026 $— $25.0 $50.0 $75.0 $100.0 $125.0 $150.0 $119.2 $163.9 $340.7 $378.9 YTD 2025 YTD 2026 $— $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 Nine months ended September 30 Revenue ODR GCR Gross Profit & Margin ODR GCR Adjusted EBITDA1 Dollars in millions. Totals may not foot due to rounding. 1 See appendix for non-GAAP reconciliation. $542.8 $121.2 (26.4%) $54.6 $50.0 YTD 2025 YTD 2026 $— $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $459.9 $122.3 (22.5%)
Cash Flow, Liquidity & Capital Allocation | NOVEMBER 4, 2026 NASDAQ: LMB |10 Dollars in millions. ¹ See FCF reconciliation. ² Net debt = debt less unrestricted cash; leverage uses reported TTM Adjusted EBITDA ($77.2 million). ³ Liquidity = unrestricted cash plus revolver availability after borrowings and letters of credit. Includes $50 million available under a delayed draw term loan. Available amounts under both facilities are subject to reduction in accordance with their respective terms and conditions, including compliance with applicable covenants. As of September 30, 2026, an aggregate borrowing capacity limitation reduced available liquidity under the facilities by $40 million. Cash generation September 30, 2026 balance sheet Q3 2026 9M 2026 Cash from Operations (GAAP) $20.3 $31.2 Company-defined free cash flow¹ $22.2 $43.6 FCF / Adjusted EBITDA¹ 80.9% 87.1% September 30 Cash and cash equivalents $29.1 Total debt / net debt² $154.9 / $125.8 Net debt / reported TTM Adj. EBITDA² 1.63x Available credit facility capacity³ $125.0 Total liquidity³ $164.2 Cash generation + expanded credit capacity support investment and financial flexibility New credit agreement of $300 million in September 2026 expands LMB’s liquidity Share Repurchases During the Quarter, Limbach Repurchased 194,788 shares at an average price of $51.31 per share
2026 Outlook | NOVEMBER 4, 2026 NASDAQ: LMB | 11 Tracking at or near the high end of the Revenue and Adjusted EBITDA ranges Full-year guidance • Revenue: $760–$790 million • Adjusted EBITDA¹: $78–$84 million Key Performance Indicators for Fiscal 2026 • Total organic revenue growth: 9–14%; ODR organic revenue growth: 6–10% • ODR share of revenue: 70–80% • Gross margin: 23–24%; SG&A: 15–16% of revenue • Free cash flow²: 75% of Adjusted EBITDA ¹ Forward-looking non-GAAP measures; see page 2. ² Free cash flow excludes working-capital changes and deducts capital expenditures excluding rental-equipment investment. Organic growth recovering Favorable setup for 2027
2026 Priorities & 2027 Setup | NOVEMBER 4, 2026 NASDAQ: LMB | 12 Focus on Execution Continue favorable bookings momentum Improve project performance Integrate & Expand Continue acquisition integration Position for continued geographic expansion Finish Strong Deliver a strong fourth quarter Enter 2027 with diverse opportunities for profitable growth
| NOVEMBER 4, 2026 NASDAQ: LMB | 13 Q&A Adam Prior Vice President of Investor Relations and Corporate Strategy LMB-IR@limbachinc.com
Appendix Non-GAAP Reconciliations Three & Nine Months Ended September 30, 2026
Net Income to Adjusted EBITDA Reconciliation | NOVEMBER 4, 2026 NASDAQ: LMB | 15 (in thousands) Fiscal Year Ended December 31, Three Months Ended September 30, Nine Months Ended September 30, 2020 2021 2022 2023 2024 2025 2026 2025 2026 2025 Revenue $568,209 $490,351 $496,782 $516,350 $518,781 $646,804 $230,460 $184,583 $542,776 $459,932 Net income $5,807 $6,714 $6,799 $20,754 $30,875 $39,064 $9,450 $8,788 $18,577 $26,764 Adjustments: Depreciation and amortization 6,171 5,948 8,158 8,244 11,888 18,133 6,521 5,063 15,246 13,058 Interest expense 8,627 2,568 2,144 2,046 1,869 3,133 1,243 1,223 2,717 2,312 Interest income — — — (1,217) (2,227) (815) (96) (88) (112) (792) Stock-based compensation expense 1,068 2,601 2,742 4,910 5,773 7,434 1,580 1,980 6,285 5,634 Loss on early debt extinguishment — 1,961 — 311 — — 250 — 250 — Change in fair value of warrant liability 1,634 (14) — — — — — — — — Change in fair value of interest rate swap — — (310) 124 (34) 191 6 22 (54) 175 Severance expense 622 — — — — — — — — — Loss on early termination of operating lease — — 849 — — — — — — — CEO Transition costs — — — 958 — — — — — — Restructuring costs — — 6,016 1,770 1,427 2,155 250 263 347 397 Acquisition-related retention expense and contingent consideration — — 2,285 729 3,770 1,985 571 610 950 1,832 Income tax provision 1,182 2,763 2,809 7,346 9,091 9,565 4,339 3,767 2,518 4,546 Acquisition and other transaction costs — 735 273 826 1,282 957 3,287 137 3,287 659 Total Adjusted EBITDA $25,111 $23,276 $31,765 $46,801 $63,714 $81,802 $27,401 $21,765 $50,011 $54,585 Adjusted EBITDA Margin 4.4% 4.7% 6.4% 9.1% 12.3% 12.6% 11.9 % 11.8 % 9.2 % 11.9 % *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 Net Income & Diluted EPS Reconciliation | NOVEMBER 4, 2026 NASDAQ: LMB | 16 (In thousands, except share and per share amounts) Fiscal Year Ended December 31, Three Months Ended September 30, Nine Months Ended September 30, 2020 2021 2022 2023 2024 2025 2026 2025 2026 2025 Net income and diluted earnings per share $5,807 $0.72 $6,714 $0.66 $6,799 $0.64 $20,754 $1.76 $30,875 $2.57 $39,064 $3.23 $9,450 $0.79 $8,788 $0.73 $18,577 $1.54 $26,764 $2.21 Pre-tax Adjustments: Amortization of acquisition-related intangible assets 630 0.08 484 0.05 1,567 0.15 1,880 0.16 4,688 0.39 8,357 0.69 3,615 0.30 2,400 0.20 7,084 0.59 6,020 0.50 Stock-based compensation expense 1,068 0.13 2,601 0.25 2,742 0.26 4,910 0.42 5,773 0.48 7,434 0.62 1,580 0.13 1,980 0.16 6,285 0.52 5,634 0.47 Loss on early debt extinguishment — — 1,961 0.19 — — 311 0.03 — — — — 250 0.02 — — 250 0.02 — — Loss on early termination of operating lease — — — — 849 0.08 — — — — — — — — — — — — — — Change in fair value of interest rate swap — — — — (310) (0.03) 124 0.01 (34) — 191 0.02 6 — 22 — (54) — 175 0.01 Change in fair value of warrant liability 1,634 0.20 (14) — — — — — — — — — — — — — — — — — Restructuring costs — — — — 6,016 0.56 1,770 0.15 1,427 0.12 2,155 0.18 250 0.02 263 0.02 347 0.03 397 0.03 Acquisition-related retention expense and contingent consideration — — — — 2,285 0.21 729 0.06 3,770 0.31 1,985 0.16 571 0.05 610 0.05 950 0.08 1,832 0.14 Acquisition and other transaction costs — — 735 0.07 273 0.03 826 0.07 1,282 0.11 957 0.08 3,287 0.27 137 0.01 3,287 0.27 659 0.06 Severance expense 622 0.08 — — — — — — — — — — — — — — — — — — CEO transition costs — — — — — — 958 0.08 — — — — — — — — — — — — Tax effect of reconciling items¹ (1,107) (0.14) (1,557) (0.15) (3,623) (0.34) (3,107) (0.26) (4,564) (0.38) (5,691) (0.47) (2,581) (0.21) (1,461) (0.12) (4,900) (0.40) (3,974) (0.32) Adjusted net income and Adjusted diluted earnings per share $8,654 $1.07 $10,924 $1.07 $16,598 $1.56 $29,155 $2.48 $43,217 $3.60 $54,452 $4.51 $16,428 $1.37 $12,739 $1.05 $31,826 $2.65 $37,507 $3.10 Weighted average number of diluted shares outstanding 8,065,464 10,231,637 10,676,534 11,812,098 12,027,398 12,079,583 12,000,412 12,107,480 12,028,816 12,090,829 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 2026. 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.
Condensed Consolidated Segment Operating Results (Unaudited) | NOVEMBER 4, 2026 NASDAQ: LMB | 17 Three Months Ended September 30, Increase/(Decrease) (in thousands, except for percentages) 2026 2025 $ % Statement of Operations Data: Revenue: ODR $ 150,650 65.4 % $ 141,382 76.6 % $ 9,268 6.6 % GCR 79,810 34.6 % 43,201 23.4 % 36,609 84.7 % Total revenue 230,460 100.0 % 184,583 100.0 % 45,877 24.9 % Cost of revenue: ODR(1) 112,441 74.6 % 105,703 74.8 % 6,738 6.4 % GCR(2) 64,179 80.4 % 34,195 79.2 % 29,984 87.7 % Total cost of revenue 176,620 76.6 % 139,898 75.8 % 36,722 26.2 % Gross profit: ODR(1) 38,209 25.4 % 35,679 25.2 % 2,530 7.1 % GCR(2) 15,631 19.6 % 9,006 20.8 % 6,625 73.6 % Total gross profit 53,840 23.4 % 44,685 24.2 % 9,155 20.5 % Selling, general and administrative(3) 34,591 15.0 % 28,330 15.3 % 6,261 22.1 % Acquisition-related retention expense and contingent consideration 571 0.2 % 610 0.3 % (39) (6.4) % Amortization of intangibles 3,615 1.6 % 2,400 1.3 % 1,215 50.6 % Total operating income $ 15,063 6.5 % $ 13,345 7.2 % $ 1,718 12.9 % (1) As a percentage of ODR revenue. (2) As a percentage of GCR revenue. (3) Included within selling, general and administrative expenses was $1.6 million and $1.9 million of non-cash stock-based compensation expense for the three months ended September 30, 2026 and 2025, respectively. Nine Months Ended September 30, Increase/(Decrease) (in thousands, except for percentages) 2026 2025 $ % Statement of Operations Data: Revenue: ODR $ 378,875 69.8 % $ 340,723 74.1 % $ 38,152 11.2 % GCR 163,901 30.2 % 119,209 25.9 % 44,692 37.5 % Total revenue 542,776 100.0 % 459,932 100.0 % 82,844 18.0 % Cost of revenue: ODR(1) 286,922 75.7 % 247,294 72.6 % 39,628 16.0 % GCR(2) 133,551 81.5 % 91,408 76.7 % 42,143 46.1 % Total cost of revenue 420,473 77.5 % 338,702 73.6 % 81,771 24.1 % Gross profit: ODR(1) 91,953 24.3 % 93,429 27.4 % (1,476) (1.6) % GCR(2) 30,350 18.5 % 27,801 23.3 % 2,549 9.2 % Total gross profit 122,303 22.5 % 121,230 26.4 % 1,073 0.9 % Selling, general and administrative(3) 90,821 16.7 % 81,480 17.7 % 9,341 11.5 % Acquisition-related retention expense and contingent consideration 950 0.2 % 1,832 0.4 % (882) (48.1) % Amortization of intangibles 7,084 1.3 % 6,020 1.3 % 1,064 17.7 % Total operating income $ 23,448 4.3 % $ 31,898 6.9 % $ (8,450) (26.5) % (1) As a percentage of ODR revenue. (2) As a percentage of GCR revenue. (3) Included within selling, general and administrative expenses was $5.5 million and $5.2 million of non-cash stock-based compensation expense for the nine months ended September 30, 2026 and 2025, respectively. Third Quarter 2026 YTD 2026
Company-Defined Free Cash Flow Reconciliation NASDAQ: LMB | 18| NOVEMBER 4, 2026 (in thousands) Fiscal Year Ended December 31, Three Months Ended September 30, Nine Months Ended September 30, 2020 2021 2022 2023 2024 2025 2026 2025 2026 2025 Adjusted EBITDA: $25,111 $23,276 $31,765 $46,801 $63,714 $81,802 $27,401 $21,765 $50,011 $54,585 Free Cash Flow: Net Income $5,807 $6,714 $6,799 $20,754 $30,875 $39,064 9,450 $8,788 18,577 $26,764 Non-cash operating activities¹ 13,767 16,997 17,634 18,222 24,454 32,790 13,465 9,912 26,768 24,058 Cash from Operations (excluding working capital) 19,574 23,711 24,433 38,976 55,329 71,854 22,915 18,700 45,345 50,822 Minus: Purchases of property and equipment² (1,483) (791) (993) (2,266) (2,998) (1,712) (735) (481) (1,781) (1,461) Free Cash Flow $18,091 $22,920 $23,440 $36,710 $52,331 $70,142 $22,180 $18,219 $43,564 $49,361 Free Cash Flow Conversion % 72.0 % 98.5 % 73.8 % 78.4 % 82.1 % 85.7 % 80.9 % 83.7 % 87.1 % 90.4 % 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. Certain prior-period amounts have been reclassified to conform to the current-period presentation, including the net presentation of changes in contract assets and contract liabilities and the presentation of acquisition-related retention expense and contingent consideration. 2. Excludes $2,095K and $4,526K of rental equipment purchases during the twelve months ended December 31, 2025 and 2024, respectively; $0 and $2,095K during the three and nine months ended September 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.
Supplemental Revenue Disclosure | NOVEMBER 4, 2026 NASDAQ: LMB | 19 Organic & Acquisition-Related Revenue (in thousands except for percentages) ODR % GCR % Total Revenue % Revenue: Three months ended September 30, 2025 $ 141,382 $ 43,201 $ 184,583 Components of revenue change: Organic revenue 3,091 2.2 % 23,480 54.4 % 26,571 14.4 % Acquisition-related revenue¹ 6,177 4.4 % 13,129 30.4 % 19,306 10.5 % Revenue: Three months ended September 30, 2026 $ 150,650 6.6 % $ 79,810 84.7 % $ 230,460 24.9 % (in thousands except for percentages) ODR % GCR % Total Revenue % Revenue: Nine months ended September 30, 2025 $ 340,723 $ 119,209 $ 459,932 Components of revenue change: Organic revenue (5,507) (1.6) % 14,568 12.2 % 9,061 2.0 % Acquisition-related revenue¹ 43,659 12.8 % 30,124 25.3 % 73,783 16.0 % Revenue: Nine months ended September 30, 2026 $ 378,875 11.2 % $ 163,901 37.5 % $ 542,776 18.0 % 1. Acquisition-related revenue reflects revenue attributable to CYMCOR and 1901 and, in the nine-month period, Pioneer Power, CYMCOR and 1901 prior to its first acquisition anniversary. *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.