Core Insights - Limbach reported a record-setting year in 2025, with total revenue increasing by 24.7% and adjusted EBITDA rising by 28.4% to $81.8 million, driven by a strategic shift towards Owner Direct Relationships (ODR) [4][5][8] Financial Performance - Total revenue for 2025 reached $730–760 million, reflecting a year-over-year growth of 13–17%, while adjusted EBITDA is projected to be between $90–94 million, indicating a growth of 10–16% [6][18] - The company generated $71.9 million in operating cash (excluding working capital) and $70.1 million in free cash flow for 2025, with free cash flow conversion of adjusted EBITDA at 85.7% [7][9] - For the fourth quarter, total revenue rose by 30.1% to $186.9 million, with ODR revenue increasing by 51.8% to $145.0 million [11] Strategic Initiatives - Limbach's revenue mix for 2025 was 75% ODR and 25% General Contractor Relationships (GCR), with ODR revenue growing by 40.6%, including 17% organic growth, while GCR revenue declined by 7% [2][5] - The company plans to pursue 1–3 selective acquisitions in 2026 and aims to improve margins through bundled customer solutions [6][19] Operational Developments - Limbach will relocate its headquarters to Tampa, Florida, where nearly 40% of the corporate workforce is already based, coinciding with the company's 125th anniversary [3][8] - Management highlighted a strong balance sheet, with net debt at $24.6 million, representing 0.3x adjusted EBITDA, and total liquidity of approximately $96.3 million [10] Market Trends and Outlook - Positive demand trends were noted in the fourth quarter across various verticals, particularly in healthcare and education, following mid-year softness [16] - The company expects ODR organic revenue growth of 9% to 12% in 2026, with total gross margin projected to be between 26% and 27% [18][20]