• Limbach is the Johnson Controls for a building's core mechanical, electrical, and plumbing (MEP) systems.
• Limbach is the Otis for a building's HVAC, plumbing, and electrical infrastructure.

• Mechanical Systems: Provides design, installation, and maintenance services for heating, ventilation, air conditioning (HVAC), plumbing, and piping systems.
• Electrical Systems: Offers design, installation, and maintenance services for power distribution, lighting, fire alarm, and low-voltage systems.
• Building Maintenance & Service: Delivers ongoing preventative maintenance, repair, and operational support for mechanical and electrical building systems.
• Building Automation & Controls: Integrates and manages automated systems to control a building's environment, energy usage, and operational efficiency.

Limbach Holdings, Inc. (LMB) is a mechanical, electrical, and plumbing (MEP) contractor that primarily sells its services to other companies and organizations within the commercial, institutional, and industrial sectors.

According to its most recent SEC filings (e.g., Form 10-K), Limbach states that no single customer accounted for 10% or more of its consolidated revenue in recent fiscal years. Therefore, specific individually named "major customers" with significant revenue concentration are not identified or disclosed by the company.

However, Limbach serves a diverse base of customers, which typically include:

• General Contractors: Limbach frequently works as a subcontractor for large general contracting firms on significant construction projects. While specific project partners vary, prominent general contractors that operate in Limbach's key markets (such as the Northeast, Mid-Atlantic, Southeast, and Midwest United States) and often utilize MEP subcontractors like Limbach include (these are illustrative examples of the *type* of companies Limbach works for, not confirmed major customers with disclosed revenue concentration):
  • Turner Construction (private company)
  • Skanska USA (part of Skanska AB, NASDAQ Stockholm: SKAB.ST)
  • Clark Construction Group (private company)
  • Gilbane Building Company (private company)
  • AECOM (NYSE: ACM) - A global infrastructure firm that includes construction management services.
• Building Owners and Developers: Limbach directly contracts with various commercial real estate developers, property management firms, and corporations for new construction, renovation, and ongoing maintenance of their properties. These can range from private development groups to large publicly traded Real Estate Investment Trusts (REITs) or other corporate clients. Due to the project-specific nature and lack of disclosed revenue concentration, specific examples of major public company owners/developers cannot be reliably identified as major customers of Limbach.
• Institutional Clients: A significant portion of Limbach's work comes from large institutions such as hospitals, universities, and governmental agencies for their facility infrastructure needs. While these are not "companies" in the traditional sense, they are major organizational clients.

Michael M. McCann, Chief Executive Officer, President, and Director

Michael M. McCann has served as the President, Chief Executive Officer, and a Director of Limbach Holdings, Inc. since March 2023. Prior to this, he served as the Company's Executive Vice President and Chief Operating Officer since November 2019, and Co-COO from January 2019. Mr. McCann joined Limbach in 2010 as Vice President and Branch Manager of Harper's Tampa Branch, later becoming President of Harper. He holds a Bachelor of Science in Mechanical Engineering from Worcester Polytechnic Institute and a Master of Business Administration degree from Drexel University.

Jayme L. Brooks, Executive Vice President and Chief Financial Officer

Jayme L. Brooks has been the Executive Vice President and Chief Financial Officer of Limbach Holdings, Inc. since October 1, 2019. Before joining Limbach, she served as Executive Vice President and Chief Financial Officer of Capstone Turbine Corporation, a publicly traded manufacturer of microturbine energy systems, from April 2019 to September 2019, and as its Chief Financial Officer and Chief Accounting Officer from April 2015 to April 2019. Ms. Brooks also held various other roles at Capstone, including Vice President of Financial Planning and Analysis, Interim Chief Accounting Officer, and Director of Financial Reporting. Earlier in her career, she was the Vice President and Controller of Computer Patent Annuities North America LLC, a company providing intellectual property management solutions. She holds a Bachelor of Arts degree in Business Economics from the University of California at Santa Barbara and a Master of Business Administration degree from the Fuqua School of Business at Duke University, and is a Certified Public Accountant (active).

Joshua S. Horowitz, Chairman of the Executive Board

Joshua S. Horowitz has served as the Chairman of Limbach Holdings, Inc. since 2024 and is also a Director of the company. Previously, he was a portfolio manager and managing director of Palm Ventures LLC in 2012, and also served as a portfolio manager and managing director of Palm Management (US) LLC.

Christos Ruci, Chief Information Officer

Christos Ruci has been the Chief Information Officer of Limbach Holdings, Inc. since June 2022. Prior to this role, he served as the Vice President of Technology for the company.

Melissa DiMuro, Chief People, Culture and Marketing Officer

Melissa DiMuro has served as the Chief People, Culture and Marketing Officer of Limbach Holdings, Inc. since 2021. Before this appointment, she held Senior HR leadership roles in global supply chain and engineering organizations.

The key risks to Limbach Holdings Inc.'s business include:

1. Economic Fluctuations and Dependence on Economic Cycles: The construction industry, in which Limbach operates, is highly susceptible to economic downturns. A decrease in economic activity can lead to reduced demand for Limbach's services, consequently impacting revenue and profitability. The company is also exposed to interest rate risks, as a portion of its debt is subject to variable interest rates, which could increase interest expenses in a rising rate environment.

2. Potential U.S. Government Shutdowns or Delays in Federal Appropriations: Limbach Holdings faces financial risks due to possible U.S. government shutdowns or delays in federal appropriations. While the company primarily serves private sector clients, it also engages in contracts with government agencies. Disruptions in government operations could lead to the suspension or delay of these contracts, affecting payments and the awarding of new contracts, and potentially impacting customers, suppliers, and partners.

3. Supply Chain Vulnerabilities: The company acknowledges the impact of an inflationary cost environment on its cost structure. Global supply chain and resource constraints, despite some improvements, continue to pose a potential risk to performance. Future disruptions in the supply chain could affect project timelines and profitability.

Limbach (symbol: LMB) provides integrated building systems solutions, specializing in mechanical (heating, ventilation, and air conditioning - HVAC), electrical, and plumbing systems and services, including their design, installation, management, service, and maintenance. The company primarily serves commercial and institutional clients within the United States across various vertical markets, such as healthcare, industrial and manufacturing, data centers, life science, higher education, and cultural and entertainment.

The addressable markets for Limbach's main products and services in the U.S. are as follows:

• Plumbing Services: The U.S. plumbing sector is estimated to be a $169.8 billion industry in 2025.
• HVAC Services: The U.S. HVAC services market size reached an estimated $28.2 billion in 2025.
• Electrical Services: The U.S. electrical services market was valued at $163.9 billion in 2024.

Limbach Holdings, Inc. (LMB) anticipates several key drivers for its revenue growth over the next two to three years:

1. Expansion of Owner-Direct Relationships (ODR): Limbach is strategically shifting its business model to focus on Owner-Direct Relationships, which are expected to drive higher revenue and improved margins. The company projects ODR to account for 70% to 80% of its total revenue. This model emphasizes recurring maintenance and smaller retrofit projects, leading to more stable demand and increased revenue predictability.
2. Strategic Acquisitions and Integration: Recent acquisitions, such as Pioneer Power, have already contributed significantly to Limbach's revenue growth and expanded its market footprint. The company plans for continued integration of these acquired businesses and sees this as a key driver for future performance, with expectations of margin improvement over time through process enhancements and benchmarking.
3. Growth in Mission-Critical Vertical Markets: Limbach operates in resilient sectors with consistent demand, including healthcare, industrial and manufacturing, data centers, life science, higher education, and cultural and entertainment. These mission-critical markets require continuous operation, ensuring ongoing work and stability regardless of varying economic conditions, thereby providing a stable foundation for revenue growth.
4. Geographical Expansion: A core component of Limbach's strategy to bolster its ODR segment is geographical expansion. By focusing on customers with national footprints across various vertical markets, the company aims to unlock untapped potential and increase revenue opportunities.
5. Comprehensive, Full Life-Cycle Building System Solutions: Limbach offers integrated building systems solutions, encompassing mechanical, electrical, and plumbing services. By combining engineering expertise with skilled craftsmanship to deliver custom, end-to-end facility solutions that address both operational and capital project needs, Limbach aims to create long-term value for building owners and enhance reliability, efficiency, and performance across all systems. This comprehensive approach allows for deeper engagement with existing customers and a broader range of services, contributing to sustained revenue growth.

Share Repurchases

• On September 30, 2022, Limbach's Board of Directors authorized a share repurchase program of up to $2.0 million of its common stock.
• The share repurchase authority was valid for one year, through September 29, 2023.

Share Issuance

• Limbach closed an underwritten public offering of common stock on February 12, 2021, selling 1,783,500 shares.
• The net proceeds to Limbach from this offering were approximately $20 million.
• The funds raised were intended to support key initiatives in 2021, including investments to accelerate owner-direct and digital transformation, and to provide available growth capital.

Outbound Investments

• On July 1, 2025, Limbach acquired Pioneer Power, Inc. for an initial purchase price of $66.1 million (or $66.6 million), financed through a combination of available cash and borrowings under an expanded revolving credit facility. This acquisition included approximately $4.6 million in owned real property.
• On September 3, 2024, Limbach acquired Kent Island Mechanical, LLC (KIM) for an initial purchase price of $15 million, funded from available cash, with potential performance-based earn-outs of $5 million over the next two years. This acquisition enhanced Limbach's capabilities in data centers, healthcare, life sciences, and higher education within the Mid-Atlantic region.
• On July 5, 2023, the company acquired ACME Industrial Piping, LLC for an enterprise value of $5 million in an all-cash transaction, with performance-based contingent earn-outs totaling $2.5 million potentially payable over two years.

Capital Expenditures

• Limbach's capital expenditures were $1 million in 2020, $1 million in 2021, $1 million in 2022, $2 million in 2023, and $8 million in 2024.
• For the full year 2025, capital expenditures are estimated to have a run rate of approximately $4 million, primarily focused on accelerating the Owner Direct Relationship (ODR) strategy.
• This 2025 CapEx estimate excludes an additional investment of $3.5 million in rental equipment, with $2 million already deployed in the first quarter of 2025.