Orion Group Holdings Inc

Management Commentary

“2024 ended on a high note with our team delivering improved performance through the disciplined execution of our strategic objectives. We remain focused on smart, profitable revenue growth and better earnings. For the full year, revenue was up almost 12% to $796.4 million, gross profit improved 48% to $91 million, and Adjusted EBITDA increased 76%,” said Travis Boone, Chief Executive Officer of Orion Group Holdings.

“We did what we said we would do and we have built a cohesive organization that is focused on winning high-value, long-term projects with the right pricing to drive improved profitability. In Marine, our opportunity continues to be immense, and we have a growing pipeline in the Atlantic and Gulf regions as well as the Department of Defense work in the Pacific. Orion Concrete is a great turnaround story and our outstanding work is being recognized by Tier-one general contractors, who trust our team to deliver their projects successfully. With these partners, we are expanding both in scope and geography, ranging from 35 data centers in several states to Costco’s largest distribution center in Florida.”

“Through our high-quality work and commitment to safety, we have strengthened our reputation in our markets, and we are attracting new clients and partners, as well as deepening our longstanding relationships. Our recent contract awards reflect the value of building these strong and enduring relationships. So far in the first quarter of 2025, we have been successful in winning almost $250 million of new contract awards. We have a disciplined approach to winning projects that reflects our value.”

“In 2025, we are focused on continuing to make investments that will help us capture key opportunities within our pipeline, which now sits at approximately $16 billion. Given Marine’s longer lead times on large projects in our backlog, we expect 2025 revenue to be slightly higher than 2024 revenue. While strategically investing in future opportunities, we are focused on continued progress expanding margins in 2025 and building our backlog. We see 2026 as a year of transformational growth.”