Limbach : General Investor Presentation - March 15th, 2024

NASDAQ: LMB

Positioned For Sustained Growth and Returns

March 2024

Forward Looking Statements

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 and Limbach 3.0. 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, " "scenario" 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 the COVID-19 outbreak 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.

2

Limbach At-A-Glance

WHO

WE ARE

OUR	SIX MISSION-CRITICAL
UNIQUES	MARKETS

THREE STRATEGIC

GROWTH DRIVERS

A Building Systems Solutions

Firm with Expertise in

Mechanical, Electrical and

Plumbing Systems

(The "Parts and Smarts"of Buildings)

Industrial &

Manufacturing

Unique and

specialized suite of

service offerings

Indispensable

Partner in Delivering

Mission-Critical

Building Systems

Solutions

We help building

owners limit downtime, increase energy efficiency and reduce

operating costs

Cultural &

Entertainment

Life Sciences

Healthcare

Data Centers

Higher Edu.

Mix Shift Between

Two Business Units

Expanding Margins

Through Evolved

Service Offerings

Strategic

Acquisitions

3

Investment Highlights

Strategy Combines

Organic Growth`` and

Strategic Acquisitions

Large Market

Opportunity`` with

Tailwinds for

Sustained Growth

Compelling

Customer`` Value

Creates Competitive

Advantage

Diversified

Customers``

and Verticals

Reoccurring, Mission

Critical``Revenue

and Economically

Resilient Business

Limited Fixed Costs

and Smaller Projects

Provide``Flexible

Business Model

Strong Balance

Sheet``and

Capital Allocation

Strategy

Optimizing Existing

Buildings ``to Focus on

Sustainability and

Cost Efficiency

4

Our Two Segments - ODR & GCR

Owner Direct Relationships ("ODR")	General Contractor Relationships ("GCR")
Higher margins from working	Projects characterized as
directly for building owners; ability to develop and
'having a solution in place'
propose customized solutions

Driving Higher Margins and Earnings Growth through a Disciplined Shift to ODR Revenue from GCR Revenue

FY 2019

FY 2023

FY 2024

FY 2025

21% ODR	79% GCR
51% ODR	49% GCR
60-70% ODR	30-40% GCR
>70% ODR	<30% GCR

5

Revenue and Gross Profit Contribution - ODR and GCR

FY 2023 ODR vs. GCR Revenue

FY 2023 ODR vs. GCR Gross Profit

GCR Revenue:	ODR Revenue:	GCR GP:	ODR GP:
36%
49%	51%	64%

Consolidated Revenue $516.4M

Total Gross Profit $119.3M

6

Higher Margin ODR Segment Revenue Growth vs. Total Revenue

2019-2023: Total Revenue		2019-2023: Total ODR Revenue
$568,209
$553,334
$490,351	$516,350		$261,958
$496,782
$		$	$216,403
			$140,336
$		$	$127,230
		$	115,138

Consolidated Revenue is down 6.7% from 2019

ODR Revenue is up 127.5% from 2019

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Shift to ODR Business Drives Higher Margins

Over the period from FY 2019 - FY 2023, Gross Margin has expanded nearly 1,010 bps to 23.1%

This has enabled us to drive Adjusted EBITDA Margin1 up more than 3x from 3.0% to 9.1%

Gross Margin / Adjusted EBITDA Margin

ODR Rev. %

70.0%

60.0%

50.0%

40.0%

30.0%

20.0%

ODR Revenue Percentage

1. See Adjusted EBITDA margin calculation on slide 26.

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Large Market Opportunity with Tailwinds for Sustained Growth

LMB Core Markets

01	02	03	04	05	06
Healthcare	Industrial &	Data Centers	Life Sciences	Higher Edu.	Cultural &
Manufacturing	Entertainment

Industry Trends 1, 2, 3

•	Smart Building	•	Reshoring	•	Reduction in Electricity	•	Extreme Growth Due to	• Increased Tax Collections	• Integration of AI
	Systems	• CHIPS & Science Act		Tariffs		Aging Population	• New Bond Measures	• M&A to capture new IP
•	Tech Enablement	•	Build America Buy	•	Prioritizing Modular	•	Speed of Delivery	• Renew America Act
•	Sustainable Designs		America Act (BABAA)		Power Infrastructure	•	Exploring Non-Traditional
							Delivery Models

Mission-Critical

A facility's uninterrupted operation is essential - systems must remain online

Durable Demand

Customers with strong

competitive positioning and

market growth

Economic Resilience

Recession resistant services,

diverse verticals and

geographies position Limbach for consistent performance

Flexibility in Budgets

Flexibility between OpEx and

CapEx customer budgets

1. Industry trends reported by the 2023 FMI North American Engineering & Construction Outlook - Third Quarter Edition - Released July 2023

2.	Industry trends reported by the CoStar Commercial Repeat-Sales Indices Press Release - Released April 2023	9
3.	Industry Trends Reported by the March 2023 Dodge Momentum Index - Released March 2023

Limbach Combines Best-in-Class Attributes of Key Verticals

While our market has numerous competitors, Limbach has combined the best aspects of each in this space,

enabling us to be the one-stop-shop for building owners to maximize their investment of their mission-critical assets.

GC = General Contractor
CM = Construction Manager	10