0001402829false00014028292025-07-292025-07-29

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

​

FORM 8-K

CURRENT REPORT

​

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

​

Date of Report (Date of earliest event reported): July 29, 2025

​

ORION GROUP HOLDINGS, INC.

(Exact name of Registrant as specified in its charter)

​

​

​

​

Delaware

1-33891

26-0097459

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification Number)

​

2940 Riverby Road, Suite 400

Houston, Texas 77020

(Address of principal executive offices)

​

(713) 852-6500

(Registrant's telephone number, including area code)

​

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

​

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

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☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

​

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)

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Title of Each Class

    

Trading Symbol(s)

    

Name of Each Exchange
on Which Registered

Common stock, $0.01 par value per share

​

ORN

​

The New York Stock Exchange

NYSE Texas

​

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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Emerging growth company ☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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​

​

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Item 2.02 Results of Operations and Financial Condition.

​

On July 29, 2025, Orion Group Holdings, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2025. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

​

The information contained in this Item 2.02 to the Company’s Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for any purpose, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended  (the “Exchange Act”), except as expressly set forth by specific reference in such filing.

​

Use of Non-GAAP Financial Information

To help understand the Company’s financial performance, the Company has supplemented its financial results that it provides in accordance with generally accepted accounting principles (“GAAP”) with non-GAAP financial measures. Such financial measures include Adjusted Net Income (Loss), Adjusted Earnings (Loss) Per Common Share, earnings before interest, taxes, depreciation and amortization (“EBITDA”), Adjusted EBITDA, and Adjusted EBITDA Margin.

​

We believe these non-GAAP financial measures are frequently used by investors, securities analysts and other parties in the evaluation of our performance and liquidity with that of other companies in our industry. Management uses these measures to evaluate our operating performance, liquidity and capital structure. In addition, our incentive compensation plan measures performance based on our consolidated EBITDA, along with other factors. The methods we use to produce these non-GAAP financial measures may differ from methods used by other companies. These measures should be considered in addition to, not as a substitute for, financial measures prepared in accordance with GAAP. Applicable reconciliations to the nearest GAAP financial measure of each non-GAAP financial measure are included in the attached Exhibit 99.1.

​

Item 7.01 Regulation FD Disclosure.

​

On July 30, 2025, the Company posted the second quarter 2025 investor presentation to its website. The presentation is attached as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference. All information included in the presentation is presented as of the dates indicated, and the Company does not assume any obligation to correct or update such information in the future. In addition, the Company disclaims any inferences regarding the materiality of such information that may arise as a result of it furnishing such information under Item 7.01 of this Current Report on Form 8-K.

​

The information contained in this Item 7.01, including Exhibit 99.2 attached hereto, is being furnished and shall not be deemed “filed” for any purpose, and shall not be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.

​

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.

Description

​

​

99.1

Press Release of Orion Group Holdings, Inc. dated July 29, 2025.

99.2

Orion Group Holdings, Inc. Investor Presentation for Second Quarter 2025.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

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​

​

EXHIBIT INDEX

​

Exhibit No.

Description

​

​

Press Release of Orion Group Holdings, Inc. dated July 29, 2025.

Orion Group Holdings, Inc. Investor Presentation for Second Quarter 2025.

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURE

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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

​

​

​

​

​

Orion Group Holdings, Inc.

Dated: July 30, 2025

By:

/s/ Travis J. Boone

​

​

President and Chief Executive Officer

​

​

​

​

​

​

​

​

​

​

​

​

Graphic

​

​

Exhibit 99.1

​

​

ORION GROUP HOLDINGS REPORTS

SECOND QUARTER 2025 RESULTS and Reaffirms FISCAL YEAR 2025 Guidance

​

HOUSTON – July 29, 2025 – Orion Group Holdings, Inc. (NYSE: ORN) (the “Company”, “Orion”), a leading specialty construction company, today reported its financial results for the second quarter ended June 30, 2025.

​

Highlights for the quarter ended June 30, 2025: (Comparisons to second quarter of 2024)

($ in millions, except EPS)

​

●Revenue grew 7% to $205 million
●GAAP Net Income grew $7.4 million to $0.8 million
●Adjusted EBITDA doubled to $11 million and margins increased 240 bps to 5.3%
●Contracted backlog at the end of 2Q2025 was $750 million with 1H’25 new contract wins of over $450 million
●Management reaffirmed full year 2025 guidance
●Strengthened management team by adding Alison Vasquez, CFO, to help execute the next phase of the Company’s growth strategy

​

​

​

​

​

​

​

​

Three months ended

​

June 30, 

​

June 30,

​

2025

    

2024

Revenue

$

205.3

​

$

192.2

GAAP Net Income

$

0.8

​

$

(6.6)

GAAP EPS

$

0.02

​

$

(0.20)

Adjusted EBITDA

$

11.0

​

$

5.5

Adjusted EPS

$

0.07

​

$

(0.12)

​

See definitions and reconciliation of non-GAAP measures elsewhere in this release.

​

Management Commentary

​

“We delivered another strong performance in the second quarter with revenue increasing 7% to $205 million and Adjusted EBITDA doubling to $11 million from the second quarter last year. Sequentially, results were also strong  with revenue up 9% over the first quarter and Adjusted EBITDA up 34%. Our results were primarily driven by new contract awards in both segments and reflect our commitment to disciplined, profitable growth,” said Travis Boone, Chief Executive Officer of Orion Group Holdings.

​

“We continue to see strong demand across the markets we serve. For the first six months of the year, we grew our backlog over the first half of 2024 with high-quality, mission critical projects. Our opportunity pipeline grew from $16 billion last quarter to $18 billion today, fueled by diverse growth drivers with multiple sources of public and private funding, which gives us continued confidence in our plans for growth. In our Marine segment, we see robust opportunities resulting from the U.S. Navy’s deterrence strategy in the Pacific, port expansions and maintenance, coastal rehabilitation and energy infrastructure. In our Concrete segment, demand from the data center sector remains exceptionally strong, and we continue to secure a healthy share of opportunities coming to market with an expanding base of clients.”

​

“As we enter the second half of the year, we are optimistic about our outlook. We are well positioned to capitalize on the opportunities before us with the right team in place to execute on the next phase of our growth strategy, an outstanding safety record, and high barriers to entry that limit competition. With the majority of our 2025 work

1

under contract as of the end of the quarter, we are pleased to reaffirm our full year 2025 financial guidance,” concluded Boone.

​

Second Quarter 2025 Results

​

Contract revenues were $205.3 million, up 7% from $192.2 million in the second quarter last year and up 9% from $188.7 million in the first quarter of 2025. The year-over-year and sequential increases in contract revenues were primarily due to new awards and higher volume across the Marine and Concrete segments.

​

Gross profit was $25.8 million, up 41% from $18.3 million in the second quarter of 2024 and up 12% from $23.0 million in the first quarter of 2025. The increases in gross profit were primarily driven by increased revenue, improved operational performance on Marine projects, and reduced indirect expenses, partially offset by favorable concrete project close-outs in 2024 that did not reoccur in 2025.

​

Selling, general and administrative (“SG&A”) expenses were $22.8 million, up from $21.1 million in the second quarter of 2024 primarily due to increased spending to support business growth.

​

GAAP net income for the second quarter was $0.8 million, or $0.02 per diluted share, compared to a net loss of $6.6 million, or a loss of  $0.20 per diluted share,  in the second quarter of 2024.

​

Adjusted EBITDA for the second quarter doubled to $11.0 million from $5.5 million in the second quarter of 2024 and was up 34% from $8.2 million in the first quarter of 2025. Both the comparative and sequential increases were  driven by revenue growth and gross profit expansion.

​

Backlog

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 

​

December 31,

​

2025

​

2024

Marine

$

554.8

​

$

582.8

Concrete

​

190.9

​

​

146.3

Total

$

745.7

​

$

729.1

​

Second quarter 2025 backlog included over $100 million in new awards. The Marine segment  won an export dock replacement project and two projects with the Port of Tampa Bay—a 3-year maintenance dredging contract and a critical infrastructure improvement project. The Concrete segment was awarded multiple new projects spanning data centers, energy, consumer goods, and transportation.

​

Balance Sheet Update

As of June 30, 2025, current assets were $280.0 million, including unrestricted cash and cash equivalents of $1.7 million. Total debt outstanding as of June 30, 2025 was $33.4 million and the . Company had $10.0 million of borrowings under its revolving credit facility.

​

Fiscal Year 2025 Guidance

For the full year 2025, Orion is pleased to reaffirm its annual 2025 financial guidance:

●Revenue in the range of $800 million to $850 million
●Adjusted EBITDA in the range of $42 million to $46 million
●Adjusted EPS in the range of $0.11 to $0.17
●Capital expenditures in the range of $25 million to $35 million

​

​

2

Conference Call Details

Orion Group Holdings will host a conference call to discuss the second quarter 2025 financial results at 9:00 a.m. Eastern Time/8:00 a.m. Central Time on Wednesday, July 30, 2025. To participate, please call (844) 481-2994 and ask for the Orion Group Holdings Conference Call. A live audio webcast of the call will also be available on the Investor Relations section of Orion’s website at https://www.oriongroupholdingsinc.com/investor/ and will be archived for replay.

​

About Orion Group Holdings

Orion Group Holdings, Inc., a leading specialty construction company serving the infrastructure, industrial and building sectors, provides services both on and off the water in the continental United States, Alaska, Hawaii, Canada and the Caribbean Basin through its marine segment and its concrete segment. The Company’s marine segment provides construction and dredging services relating to marine transportation facility construction, marine pipeline construction, marine environmental structures, dredging of waterways, channels and ports, environmental dredging, design and specialty services. Its concrete segment provides turnkey concrete construction services including place and finish, site prep, layout, forming, and rebar placement for large commercial, structural and other associated business areas. The Company is headquartered in Houston, Texas with regional offices throughout its operating areas. The Company’s website is located at: https://www.oriongroupholdingsinc.com.

​

Backlog Definition

Backlog consists of projects under contract that have either (a) not been started, or (b) are in progress but are not yet complete. The Company cannot guarantee that the revenue implied by its backlog will be realized, or, if realized, will result in earnings. Backlog can fluctuate from period to period due to the timing and execution of contracts. The typical duration of the Company’s projects ranges from three to nine months on shorter projects to multiple years on larger projects. The Company's backlog at any point in time includes both revenue it expects to realize during the next twelve-month period as well as revenue it expects to realize in future years.

​

Non-GAAP Financial Measures

This press release includes the financial measures “adjusted net income/loss,” “adjusted earnings/loss per share,” “EBITDA,” "Adjusted EBITDA" and “Adjusted EBITDA margin."  These measurements are “non-GAAP financial measures” under rules of the Securities and Exchange Commission, including Regulation G. The non-GAAP financial information may be determined or calculated differently by other companies that use similarly titled measures. By reporting such non-GAAP financial information, the Company does not intend to give such information greater prominence than comparable GAAP financial information. Investors are urged to consider these non-GAAP measures in addition to and not in substitute for measures prepared in accordance with GAAP.

Adjusted net income/loss and adjusted earnings/loss per share should not be viewed as an equivalent financial measure to net income/loss or earnings/loss per share. Adjusted net income/loss and adjusted earnings/loss per share exclude certain items that management believes are one-time items or items whose timing or amount cannot be reasonably estimated. The Company believes these adjusted financial measures are a useful supplement to earnings/loss calculated in accordance with GAAP.

Orion Group Holdings defines EBITDA as net income/loss before net interest expense, income taxes, depreciation and amortization. Adjusted EBITDA is calculated by adjusting EBITDA for certain items that management believes are one-time items or items whose timing or amount cannot be reasonably estimated. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA for the period by contract revenues for the period. The GAAP financial measure that is most directly comparable to EBITDA and Adjusted EBITDA is net income, while the GAAP financial measure that is most directly comparable to Adjusted EBITDA margin is operating margin, which represents operating income divided by contract revenues. EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are used internally to evaluate current operating expense, operating efficiency, and operating profitability on a variable cost basis, by excluding the depreciation and amortization expenses, primarily related to capital expenditures and acquisitions, and net interest and tax expenses. Additionally, EBITDA, Adjusted EBITDA and Adjusted EBITDA margin provide useful information regarding the Company's ability to meet future debt service and working capital

3

requirements while providing an overall evaluation of the Company's financial condition. In addition, EBITDA is used internally for incentive compensation purposes. The Company includes EBITDA, Adjusted EBITDA and Adjusted EBITDA margin to provide transparency to investors as they are commonly used by investors and others in assessing performance. EBITDA, Adjusted EBITDA and Adjusted EBITDA margin have certain limitations as analytical tools and should not be used as a substitute for operating margin, net income, cash flows, or other data prepared in accordance with GAAP, or as a measure of the Company's profitability or liquidity.

Forward-Looking Statements

The matters discussed in this press release may constitute or include projections or other forward-looking statements within the meaning of the “safe harbor” provisions of Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, of which provisions the Company is availing itself. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as 'believes', 'expects', 'may', 'will', 'could', 'should', 'seeks', 'approximately', 'intends', 'plans', 'estimates', or 'anticipates', or the negative thereof or other comparable terminology, or by discussions of strategy, plans, objectives, intentions, estimates, forecasts, guidance, outlook, assumptions, or goals. In particular, statements regarding our pipeline of opportunities, financial guidance and future operations or results, including those set forth in this press release, and any other statement, express or implied, concerning financial guidance or future operating results or the future generation of or ability to generate revenues, income, net income, gross profit, EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, or cash flow, including to service debt or maintain compliance with debt covenants, and including any estimates, guidance, forecasts or assumptions regarding future revenues or revenue growth, are forward-looking statements. Forward-looking statements also include project award announcements, estimated project start dates, ramp-up of contract activity and contract options, which may or may not be awarded in the future. Forward-looking statements involve risks, including those associated with the Company's fixed price contracts that impacts profits, unforeseen productivity delays that may alter the final profitability of the contract, cancellation of the contract by the customer for unforeseen reasons, delays or decreases in funding by the customer, levels and predictability of government funding or other governmental budgetary constraints, and any potential contract options which may or may not be awarded in the future, and are at the sole discretion of award by the customer. Past performance is not necessarily an indicator of future results. Considering these and other uncertainties, the inclusion of forward-looking statements in this press release should not be regarded as a representation by the Company that the Company's plans, estimates, forecasts, goals, intentions, or objectives will be achieved or realized. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company assumes no obligation to update information contained in this press release whether as a result of new developments or otherwise, except as required by law.

Please refer to the Company's 2024 Annual Report on Form 10-K, filed on March 5, 2025 which is available on its website at www.oriongroupholdingsinc.com or at the SEC's website at www.sec.gov, and filings and press releases subsequent to such Annual Report on Form 10-K for additional and more detailed discussion of risk factors that could cause actual results to differ materially from our current expectations, estimates or forecasts.

​

Contact:

​

Margaret Boyce

713-852-6500

mboyce@orn.net

​

​

Source: Orion Group Holdings, Inc.

​

​

4

Orion Group Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(In Thousands, Except Share and Per Share Information)

(Unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Six months ended

​

​

June 30, 

​

June 30, 

​

    

2025

    

2024

    

2025

    

2024

Contract revenues

 

$

205,286

 

$

192,167

 

$

393,939

 

$

352,839

Costs of contract revenues

 

​

179,489

 

​

173,886

 

​

345,127

 

​

319,020

Gross profit

 

​

25,797

 

​

18,281

 

​

48,812

 

​

33,819

Selling, general and administrative expenses

 

​

22,774

 

​

21,135

 

​

45,319

 

​

40,134

Gain on disposal of assets, net

​

​

(409)

 

​

(86)

 

​

(772)

 

​

(423)

Operating income (loss)

 

​

3,432

 

​

(2,768)

 

​

4,265

 

​

(5,892)

Other (expense) income:

 

​

  

 

​

  

 

​

  

 

​

  

Interest expense

 

​

(2,920)

 

​

(3,345)

 

​

(5,254)

 

​

(6,719)

Other income

 

​

117

 

​

127

 

​

344

 

​

216

Other expense, net

 

​

(2,803)

 

​

(3,218)

 

​

(4,910)

 

​

(6,503)

Income (loss) before income taxes

 

​

629

 

​

(5,986)

 

​

(645)

 

​

(12,395)

Income tax (benefit) expense

 

​

(212)

 

​

617

 

​

(72)

 

​

265

Net income (loss)

​

$

841

​

$

(6,603)

​

$

(573)

​

$

(12,660)

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic income (loss) per share

​

$

0.02

​

$

(0.20)

​

$

(0.01)

​

$

(0.39)

Diluted income (loss) per share

​

$

0.02

​

$

(0.20)

​

$

(0.01)

​

$

(0.39)

Shares used to compute income (loss) per share:

​

 

  

​

 

  

​

 

  

​

 

  

Basic

​

 

39,765,051

​

​

33,111,987

​

 

39,412,681

​

​

32,832,868

Diluted

​

 

39,791,164

​

​

33,111,987

​

 

39,412,681

​

​

32,832,868

​

​

​

​

5

Orion Group Holdings, Inc. and Subsidiaries

Reconciliation of Adjusted Net Income (Loss)

(In thousands except per share information)

(Unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Six Months Ended

​

​

June 30, 

​

June 30, 

​

    

2025

    

2024

    

2025

    

2024

Net income (loss)

​

$

841

​

$

(6,603)

​

$

(573)

​

$

(12,660)

Adjusting items and the tax effects:

​

​

​

​

​

​

​

​

​

​

​

​

Share-based compensation

​

​

1,519

​

​

1,556

​

​

2,642

​

​

1,914

ERP implementation

​

​

225

​

​

613

​

 

830

​

 

1,299

Severance

​

 

547

​

 

19

​

 

577

​

 

81

Process improvement initiatives

​

​

—

​

​

—

​

​

138

​

​

—

Tax rate of 23% applied to adjusting items (1)

​

 

(527)

​

 

(503)

​

 

(963)

​

 

(758)

Total adjusting items and the tax effects

​

 

1,764

​

 

1,685

​

 

3,224

​

 

2,536

Federal and state tax valuation allowances

​

 

76

​

 

825

​

 

290

​

 

2,410

Adjusted net income (loss)

​

$

2,681

​

$

(4,093)

​

$

2,941

​

$

(7,714)

Adjusted EPS

​

$

0.07

​

$

(0.12)

​

$

0.07

​

$

(0.23)

(1)Items are taxed discretely using the Company's blended tax rate.

​

​

​

6

​

​

​

​

Orion Group Holdings, Inc. and Subsidiaries

Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations

(In Thousands, Except Margin Data)

(Unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Six Months Ended

 

​

​

June 30, 

​

June 30, 

 

​

    

2025

    

2024

    

2025

    

2024

 

Net income (loss)

​

$

841

​

$

(6,603)

​

$

(573)

​

$

(12,660)

​

Income tax (benefit) expense

​

 

(212)

​

 

617

​

 

(72)

​

 

265

​

Interest expense, net

​

 

2,827

​

 

3,338

​

 

4,968

​

 

6,695

​

Depreciation and amortization

​

 

5,231

​

 

5,970

​

 

10,634

​

 

11,990

​

EBITDA (1)

​

 

8,687

​

 

3,322

​

 

14,957

​

 

6,290

​

Share-based compensation

​

​

1,519

​

​

1,556

​

​

2,642

​

​

1,914

​

ERP implementation

​

​

225

​

​

613

​

​

830

​

​

1,299

​

Severance

​

 

547

​

 

19

​

 

577

​

 

81

​

Process improvement initiatives

​

​

—

​

​

—

​

​

138

​

​

—

​

Adjusted EBITDA(2)

​

$

10,978

​

$

5,510

​

$

19,144

​

$

9,584

​

Adjusted EBITDA margin(2)

​

 

5.3

%  

 

2.9

%  

 

4.9

%  

 

2.7

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(1)EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization.
(2)Adjusted EBITDA is a non-GAAP measure that represents EBITDA adjusted for share-based compensation, ERP implementation, severance and process improvement initiatives. Adjusted EBITDA margin is a non-GAAP measure calculated by dividing Adjusted EBITDA by contract revenues.

​

​

​

​

​

7

Orion Group Holdings, Inc. and Subsidiaries

Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations by Segment

(In Thousands, Except Margin Data)

(Unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Marine

​

Concrete

 

​

​

Three months ended

​

Three months ended

 

​

​

June 30, 

​

June 30, 

 

​

    

2025

    

2024

    

2025

    

2024

 

Contract revenues

​

$

135,302

​

$

130,953

​

$

69,984

​

$

61,214

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating income (loss)

 

$

6,230

 

$

(5,466)

 

$

(2,798)

 

$

2,698

​

Other income

 

​

23

 

​

83

 

​

1

 

​

37

​

Depreciation and amortization

 

​

4,373

 

​

4,922

 

​

858

 

​

1,048

​

EBITDA (1)

 

​

10,626

 

​

(461)

 

​

(1,939)

 

​

3,783

​

Share-based compensation

​

​

1,338

​

​

1,494

​

​

181

​

​

62

​

ERP implementation

​

​

145

​

​

420

​

​

80

​

​

193

​

Severance

 

​

547

 

​

19

 

​

—

 

​

—

​

Adjusted EBITDA(2)

​

$

12,656

​

$

1,472

​

$

(1,678)

​

$

4,038

​

Adjusted EBITDA margin (2)

​

 

9.4

%  

 

1.1

%  

 

(2.4)

%  

 

6.6

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Marine

​

Concrete

 

​

​

Six months ended

​

Six months ended

 

​

​

June 30, 

​

June 30, 

 

​

    

2025

    

2024

    

2025

    

2024

 

Contract revenues

​

$

262,465

​

$

237,278

​

$

131,474

​

$

115,561

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating income (loss)

 

​

11,008

 

​

(10,332)

 

​

(6,743)

 

​

4,440

​

Other income

 

​

47

 

​

131

 

​

11

 

​

61

​

Depreciation and amortization

 

​

8,904

 

​

9,853

 

​

1,730

 

​

2,137

​

EBITDA (1)

 

​

19,959

 

​

(348)

 

​

(5,002)

 

​

6,638

​

Share-based compensation

​

​

2,370

​

​

1,820

​

​

272

​

​

94

​

ERP implementation

​

​

553

​

​

874

​

​

277

​

​

425

​

Severance

 

​

560

 

​

81

 

​

17

 

​

—

​

Process improvement initiatives

 

​

93

 

​

—

 

​

45

 

​

—

​

Adjusted EBITDA(2)

​

$

23,535

​

$

2,427

​

$

(4,391)

​

$

7,157

​

Adjusted EBITDA margin (2)

​

 

9.0

%  

 

1.8

%  

 

(3.3)

%  

 

6.2

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(1)EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization.
(2)Adjusted EBITDA is a non-GAAP measure that represents EBITDA adjusted for share-based compensation, ERP implementation, severance and process improvement initiatives. Adjusted EBITDA margin is a non-GAAP measure calculated by dividing Adjusted EBITDA by contract revenues.

​

​

​

​

​

8

​

​

​

Orion Group Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In Thousands)

(Unaudited)

​

​

​

​

​

​

​

​

​

​

Six months ended June 30, 

​

    

2025

    

2024

Cash flows from operating activities

 

​

  

 

​

  

Net loss

​

$

(573)

​

$

(12,660)

Adjustments to reconcile net loss to net cash used in operating activities:

​

​

​

​

​

​

Depreciation and amortization

​

 

6,274

​

 

8,326

Amortization of ROU operating leases

​

 

4,848

​

 

4,912

Amortization of ROU finance leases

​

 

4,360

​

 

3,664

Amortization of deferred debt issuance costs

​

 

612

​

 

995

Deferred income taxes

​

 

2

​

 

(38)

Share-based compensation

​

 

2,642

​

 

1,914

Gain on disposal of assets, net

​

 

(772)

​

 

(423)

Allowance for credit losses

​

​

544

​

​

162

Change in operating assets and liabilities:

​

​

​

​

​

​

Accounts receivable

​

 

(71,339)

​

 

(28,135)

Income tax receivable

​

 

(392)

​

 

(70)

Inventory

​

 

819

​

 

(261)

Prepaid expenses and other

​

 

312

​

 

723

Contract assets

​

 

33,456

​

 

10,910

Accounts payable

​

 

13,636

​

 

7,291

Accrued liabilities

​

 

(1,141)

​

 

(14,160)

Operating lease liabilities

​

 

(3,179)

​

​

(4,492)

Income tax payable

​

 

(505)

​

 

166

Contract liabilities

​

 

1,391

​

 

(16,981)

Net cash used in operating activities

​

 

(9,005)

​

 

(38,157)

Cash flows from investing activities:

​

​

​

​

​

​

Proceeds from sale of property and equipment

​

 

1,189

​

 

354

Purchase of property and equipment

​

 

(16,165)

​

 

(6,487)

Net cash used in investing activities

​

 

(14,976)

​

 

(6,133)

Cash flows from financing activities:

​

​

​

​

​

​

Borrowings on Credit Facility

​

 

77,007

​

 

29,216

Payments on Credit Facility

​

 

(67,212)

​

 

(6,809)

Payments on failed sale-leasebacks

​

 

(7,204)

​

 

—

Loan costs from Credit Facility

​

​

(323)

​

​

(343)

Payments of finance lease liabilities

​

​

(5,316)

​

​

(4,209)

Proceeds from issuance of common stock under ESPP

​

​

337

​

​

—

Payments related to tax withholding for share-based compensation

​

​

—

​

​

(34)

Exercise of stock options

​

​

108

​

​

368

Net cash (used in) provided by financing activities

​

 

(2,603)

​

 

18,189

Net change in cash, cash equivalents and restricted cash

​

 

(26,584)

​

 

(26,101)

Cash, cash equivalents and restricted cash at beginning of period

​

 

28,316

​

 

30,938

Cash, cash equivalents and restricted cash at end of period

​

$

1,732

​

$

4,837

​

​

​

​

​

​

9

Orion Group Holdings, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In Thousands, Except Share and Per Share Information)

​

​

​

​

​

​

​

​

​

    

June 30, 

    

December 31, 

​

​

2025

​

2024

​

​

(Unaudited)

​

​

​

​

 

​

  

 

​

  

Current assets:

 

​

  

 

​

  

Cash and cash equivalents

​

$

1,732

​

 

28,316

Accounts receivable:

​

 

​

​

 

​

Trade, net of allowance for credit losses of $1,099 and $555, respectively

​

 

168,526

​

 

106,304

Retainage

​

 

43,944

​

 

35,633

Income taxes receivable

​

 

875

​

 

483

Other current

​

 

3,338

​

 

3,127

Inventory

​

 

1,841

​

 

1,974

Contract assets

​

 

50,951

​

 

84,407

Prepaid expenses and other

​

 

8,765

​

 

9,084

Total current assets

​

 

279,972

​

 

269,328

Property and equipment, net of accumulated depreciation

​

 

97,677

​

 

86,098

Operating lease right-of-use assets, net of accumulated amortization

​

 

23,708

​

 

27,101

Financing lease right-of-use assets, net of accumulated amortization

​

 

23,061

​

 

25,806

Inventory, non-current

​

 

6,954

​

 

7,640

Deferred income tax asset

​

​

17

​

​

17

Other non-current

​

 

1,334

​

 

1,327

Total assets

​

$

432,723

​

$

417,317

LIABILITIES AND STOCKHOLDERS’ EQUITY

​

 

  

​

 

  

Current liabilities:

​

 

  

​

 

  

Current debt, net of issuance costs

​

$

1,160

​

$

426

Accounts payable:

​

 

​

​

 

​

Trade

​

 

111,125

​

 

97,139

Retainage

​

 

2,847

​

 

1,310

Accrued liabilities

​

 

22,610

​

 

26,294

Income taxes payable

​

 

2

​

 

507

Contract liabilities

​

 

48,762

​

 

47,371

Current portion of operating lease liabilities

​

 

5,549

​

 

7,546

Current portion of financing lease liabilities

​

 

10,997

​

 

10,580

Total current liabilities

​

 

203,052

​

 

191,173

Long-term debt, net of debt issuance costs

​

 

32,268

​

 

22,751

Operating lease liabilities

​

 

21,030

​

 

20,837

Financing lease liabilities

​

 

7,665

​

 

11,346

Other long-term liabilities

​

 

15,484

​

 

20,503

Deferred income tax liability

​

 

30

​

 

28

Total liabilities

​

 

279,530

​

 

266,638

Stockholders’ equity:

​

 

  

​

 

  

Preferred stock -- $0.01 par value, 10,000,000 authorized, none issued

​

 

—

​

 

—

Common stock -- $0.01 par value, 50,000,000 authorized, 40,446,476 and 39,681,597 issued; 39,735,245 and 38,970,366 outstanding at June 30, 2025 and December 31, 2024, respectively

​

 

404

​

 

397

Treasury stock, 711,231 shares, at cost, as of June 30, 2025 and December 31, 2024, respectively

​

 

(6,540)

​

 

(6,540)

Additional paid-in capital

​

 

223,593

​

 

220,513

Retained loss

​

 

(64,264)

​

 

(63,691)

Total stockholders’ equity

​

 

153,193

​

 

150,679

Total liabilities and stockholders’ equity

​

$

432,723

​

$

417,317

​

​

​

​

10

Orion Group Holdings, Inc. and Subsidiaries

Guidance – Adjusted EBITDA Reconciliation

(In Thousands)

(Unaudited)

​

​

​

​

​

​

​

​

​

​

Year Ending

​

​

December 31, 2025

​

​

​

Low Estimate

​

​

High Estimate

Net (loss) income

​

$

(2,226)

​

$

1,533

Income tax benefit

​

 

(291)

​

 

(50)

Interest expense, net

​

 

9,815

​

 

9,815

Depreciation and amortization

​

 

25,613

​

 

25,613

EBITDA (1)

​

 

32,911

​

 

36,911

Share-based compensation

​

​

7,604

​

​

7,604

ERP implementation

​

​

1,485

​

​

1,485

Adjusted EBITDA (2)

​

$

42,000

​

$

46,000

​

(1)EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization.
(2)Adjusted EBITDA is a non-GAAP measure that represents EBITDA adjusted for share-based compensation and ERP implementation.

​

​

Orion Group Holdings, Inc. and Subsidiaries

Guidance – Adjusted EPS Reconciliation

(In thousands except per share information)

(Unaudited)

​

​

​

​

​

​

​

​

​

​

Year Ending

​

​

December 31, 2025

​

​

​

Low Estimate

​

​

High Estimate

Net (loss) income

​

$

(2,226)

​

$

1,533

Adjusting items and the tax effects:

​

​

​

​

​

​

Share-based compensation

​

​

7,604

​

​

7,604

ERP implementation

​

​

1,485

​

​

1,485

Tax rate of 23% applied to adjusting items (1)

​

 

(2,090)

​

 

(2,090)

Total adjusting items and the tax effects

​

 

6,999

​

 

6,999

Federal and state tax valuation allowances

​

 

(471)

​

 

(1,632)

Adjusted net income (2)

​

$

4,302

​

$

6,900

Adjusted EPS (2)

​

$

0.11

​

$

0.17

​

(1)Items are taxed discretely using the Company's blended tax rate.
(2)Adjusted net income and Adjusted EPS are non-GAAP measures that represent net income adjusted for share-based compensation and ERP implementation.

11

Exhibit 99.2

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Investor Presentation July 2025

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Disclaimer 2 This presentation contains, and the officers and directors of the Company may from time to time make, statements that are considered forward looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which may include statements about: our business strategy; our financial strategy; our industry outlook; and our expected margin growth; our pipeline of opportunity, and our plans, objectives, expectations, forecasts, outlook and intentions. All of these types of statements, other than statements of historical fact included in this presentation, are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” the negative of such terms or other comparable terminology. The forward-looking statements contained in this presentation are largely based on our expectations, which reflect estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. In addition, management’s assumptions about future events may prove to be inaccurate. Management cautions all readers that the forward-looking statements contained in this presentation are not guarantees of future performance, and we cannot assure any reader that such statements will be realized or the forward-looking events and circumstances will occur. Actual results may differ materially from those anticipated or implied in the forward-looking statements due to factors listed in the “Risk Factors” section in our filings with the U.S. Securities and Exchange Commission and elsewhere in those filings. Additional factors or risks that we currently deem immaterial, that are not presently known to us or that arise in the future could also cause our actual results to differ materially from our expected results. Given these uncertainties, investors are cautioned that many of the assumptions upon which our forward-looking statements are based are likely to change after the date the forward-looking statements are made. The forward-looking statements speak only as of the date made, and we undertake no obligation to publicly update or revise any forward-looking statements for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise, notwithstanding any changes in our assumptions, changes in business plans, actual experience or other changes. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf. This presentation may contain the financial measures: adjusted net income, EBITDA, adjusted EBITDA, and adjusted EPS, which are not calculated in accordance with U.S. GAAP. If presented, a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measure will be provided in the Appendix to this presentation. 2

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Orion At-A-Glance BUSINESS DESCRIPTION KEY FACTS AND FIGURES 1994 Year of Founding ~2,000 Employees 8 Offices / Locations Market-Leading Marine & Concrete Services Business 65% 35% 65% 35% • Orion Group Holdings (“Orion”), based in Houston, TX, is a leading construction and engineering services company focused on large-scale infrastructure projects across two core segments: ♦ Marine: Prime or subcontractor providing construction, restoration, dredging, maintenance and repair services for marine transportation facilities, pipelines, bridges & causeways and environmental structures ♦ Concrete: Sub-contractor providing place & finish, site work, layout, forming and rebar construction services Marine Marine Concrete Concrete 2024A Revenue Mix 2024A EBITDA Mix ($ in millions) 3 $796M 2024A Revenue 5.3% 2024A Adj. EBITDA Margin $746M 6/30/2025 Backlog Financial Profile $42M 2024A Adj. EBITDA Q2 2025 vs Q2 2024 Adjusted EBITDA +99.2% Adjusted EBITDA Margin +240bps Revenue +6.8% 3

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Large Market Opportunity with Strong, Diverse Tailwinds… $1.2T Infrastructure Act Multi-year catalyst for public sector projects: transportation funding, ports, waterways, water infrastructure and bridges Port Expansion and Maintenance Larger ships via expanded Panama Canal require upgraded shipping channels and expanded infrastructure U.S. Navy Pacific Expansion U.S. Navy investments in infrastructure across Pacific to support DOD strategy Coastal Rehabilitation Increased disaster recovery from regional weather events, environmental remediation and sea level rise Energy Security Investment in domestic energy, LNG, chemical and petrochemical facilities Data Center Demand AI driving need for more data centers and power generation across US U.S. Manufacturing Re-Shoring Tariff and tax incentives driving reshoring initiatives across the U.S. driving demand for new structures 4 OBBBA & Trump Administration Directives Prioritizing restoration of maritime dominance with investment in shipyards, vessel upgrades, drydocks

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Marine Segment At-A-Glance SEGMENT OVERVIEW Marine benefits from higher-margin projects with high barriers to entry and consistent maintenance demand ($ in millions) SUB-SEGMENT OVERVIEW Construction Dredging Specialty General construction, restoration, maintenance & repair of ports and docks, marine pipelines, marine transportation facilities, bridges and environmental structures Removal of soil, sand and rock from waterways to enhance / preserve navigability Design, salvage, demolition, towing and diving as well as underwater inspection, excavation, repair and engineering KEY FACTS AND FIGURES $521M 2024A Revenue 5.2% 2024A Adj. EBITDA Margin $555M 6/30/2025 Backlog • Construction solutions spanning port expansion & maintenance, bridge, causeway and marine infrastructure construction services to customers across diversified end markets in the Continental U.S., Pacific Islands, Western Canada and Caribbean ♦ Maintenance dredging provides a strong source of recurring revenue due to natural sedimentation in shipping channels and ports ♦ Much of Orion’s equipment is qualified vessels under the Jones Act and Foreign Dredging Act • Customer base spans both private and public sector clients 5 86% 11% 3% Construction Dredging 2024A Revenue Mix by Type Specialty 2024A Revenue Mix by Customer Public Private 77% 23% $27M 2024A Adj. EBITDA1 1. Adj. EBITDA includes unallocated corporate costs 5

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• Turnkey concrete construction services including place and finish, site work, layout, forming and rebar for clients across manufacturing, data center, institutional, industrial, commercial construction and multi-family construction end markets ♦ Core bidding strategy prioritizes value over volume – focusing on a combination of project quality and potential for strong margins ♦ Primary operation in Texas (focus on Dallas and Houston) with recent expansion into multiple other states • Customer base is concentrated in the private sector across a targeted set of end markets Concrete Segment At-A-Glance Improving project margins are laying the groundwork for future success ($ in millions) SEGMENT OVERVIEW SUB-SEGMENT OVERVIEW KEY FACTS AND FIGURES $275M 2024A Revenue 5.4% 2024A Adj. EBITDA Margin $15M 2024A Adj. EBITDA1 $191M 6/30/2025 Backlog2 6 78% 22% Light Commercial Structural 2024A Revenue Mix by Type 2024A Revenue Mix by Customer 10% 90% Private Public 1. Adj. EBITDA has been burdened for unallocated corporate costs Data centers, office buildings & complexes, airport facilities, medical facilities, retail sites, education facilities and religious buildings High-rise buildings & complexes, stadiums and tower parking garages Commercial Structural Wastewater treatment, tank foundations & site work, tilt wall warehouses & terminals and manufacturing sites Industrial 6

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Orion Key Highlights 1 2 3 4 5 Mission Critical Specialty Construction Provider with Sustainable Competitive Advantages Highly Diversified Customer Base and Multiple Funding Sources Strategic Plan Underway to Drive Long-Term Growth Experienced Management Team Focused on Strategy, Execution and Growth Multiple, Growing Market Opportunities with Strong Tailwinds and Diverse Demand Drivers 7

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• Well-positioned to take advantage of $17B Infrastructure Bill funding for ports, waterways and broader infrastructure developments • Robust backlog of $746M with private sector leaders as well as state & local government customers • U.S. Navy and U.S. Army Corps of Engineers infrastructure expansion • AI-driven data center construction • Economic growth in core Gulf regions • Private investment growth in energy power and chemical infrastructure • Mission-critical specialty construction services provider operating in the U.S., Pacific, and Caribbean • Broad range of marine construction services including transportation, facility construction, dredging, and diving • Leading Jones Act dredger focused on the Gulf Coast • Concrete construction services for commercial, structural, and industrial services • Jones Act prohibits foreign competition in the U.S. market • Marine specialty equipment is very expensive and requires significant upfront investment to enter market • Orion owns 1,000+ pieces of specialty equipment with an estimated replacement value of ~$200M • High stakes involved in complex concrete projects • Embedded customer relationships Misson-Critical Specialty Construction Provider with Sustainable Advantages POSITIONED FOR GROWTH CRITICAL SERVICE PROVIDER HIGH BARRIERS TO ENTRY FROM MULTIPLE TAILWINDS 8

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Highly Diversified Customer Base ENERGY DATA CENTERS GOVERNMENT OTHER Long-tenured relationships with blue-chip customers across federal, state, local & private enterprise 9

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Capital investment in fleet improvement, and information systems upgrade Improve project management and execution to drive margin expansion Enter new geographies (including Western U.S. and Pacific Islands) that have high demand and strong growth profiles Leverage Concrete & Marine integration / best practice to drive synergies Recruit, develop, retain talent through training and career advancement to reduce expense and mitigate risk Experienced Management Leading Strategic Plan to Drive Long-Term Growth FLEET & SYSTEMS UPGRADE PROJECT EXECUTION GEOGRAPHIC EXPANSION SEGMENT INTEGRATION TALENT DEVELOPMENT Focus on high-quality projects at healthier margins BIDDING DISCIPLINE Orion leadership’s strategic vision will enhance stakeholder value 10 Execution on Actionable, Multi-Phase Strategic Plan is Underway

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Successful Execution of Strategic Transformation - Phase I • Implemented minimum bid margins • Pursuing work with strong value proposition • Bolstered management oversight with experienced leaders • Recruited high-caliber talent • Investing in resources to deepen client relationships • Doubled backlog • Building on significant contract wins • Secured $103M credit facility • Monetized $26M of non-core assets • Consolidated Houston footprint from 7 offices to one • Made investments in IT infrastructure and fleet Improved Profitability of the Concrete Business Strengthened Business Development Fortified Financial Flexibility to Optimize Growth Potential Orion has successfully delivered on Phase I of its Strategic Plan 11   

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Strong Track Record of Execution – Clear Direction for Phase II Orion has significantly expanded its pipeline of opportunity over the past two years… $3B $18B Current Strengthen the foundation Emphasize specialized Marine construction Explore M&A / enter new geographies Integrate all businesses onto one platform Four core pillars of growth potential have been identified in Phase II of Orion’s Strategic Plan: …and is poised to deliver across segments: New potential in concrete in both private and public sector, enabling infrastructure for AI-driven data centers Significant opportunities in marine construction 12 PHASE II OF STRATEGIC PLAN RECORD PIPELINE TO SUPPORT FUTURE GROWTH

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Experienced Management Team Focused on Growth and Financial Performance Travis Boone, PE Chief Executive Officer • Transformational leader with significant leadership and management experience across the civil, utility / pipeline and commercial building engineering and construction industries • Prior to joining Orion, served as Regional Chief Executive of AECOM (NYSE:ACM) Travis Boone, PE Chief Executive Officer 30 Years of Experience • Multi-disciplinary finance leader across accounting, tax, FP&A, treasury, financial systems, investor relations, and government compliance. • Further experience in mergers, acquisitions and financial transactions • Former CAO of KBR, Inc. (NYSE:KBR) and previously held leadership positions within KBR finance organization Alison Vasquez Chief Financial Officer 25 Years of Experience • Experience spans global legal, compliance, risk management and oversight across multiple industries • Further experience in corporate and securities law, M&A, corporate governance, legal operations, compliance and contract management • Previous roles have included GC of Newpark Resources and Bristow Group and executive leadership at Transocean Chip Earle General Counsel 25 Years of Experience • Senior Vice President of Strategy & Growth since July 2023 • Experience spans project development, business development leadership, organizational efficiency and innovative & alternative delivery • Prior to joining Orion, held leadership positions at AECOM, most notably as VP of Business Development for ten years Alan Eckman Senior Vice President, Strategy & Growth 25 Years of Experience • SVP of Operations since 2019 • Prior experience in implementing cost savings strategies and project forecasting / controls improvements • Has held multiple construction, project management positions with companies including Kiewit and Zachry Construction Ardell Allred Executive Vice President, Concrete 30 Years of Experience 13 • Most recently SVP at Texas Sterling Construction • Executive-level experience in restructuring, negotiation and resolution as well as division level management with profit and loss responsibilities • Previously held construction and project management positions at companies including Kiewit, Zachry Construction Scott Cromack Executive Vice President, Marine 30 Years of Experience

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Case Study: Aging U.S. Navy Infrastructure Orion anticipates U.S. Navy funding for shipyard renovations and Pacific Deterrence to accelerate and continue for several years • Aging US Navy port infrastructure – average dry dock is now 107 years old1 • The U.S. Navy has 9 dry docks in HI & WA; replacement of dry dock 3 in Pearl Harbor is underway at estimated cost of $3.6B • U.S. Navy Pacific Deterrence Initiative (PDI) is actively procuring $80B+ in Multiple Award Construction Contracts to include major waterfront facilities on multiple Pacific Islands 1. FY 2023 Department of the Navy Budget 14 U.S. NAVY INFRASTRUCTURE IN NEED OF REPAIR Airfield Improvements Seaport Improvements Fuel Storage Warehousing

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$51 ~$113 2022 2023 2024 2025 2026 2027 2028 2029 2030 Case Study: Significant Data Center Growth Expected to Continue Through 2032 Driven by AI and Cloud Computing KEY METRICS 36 Projects Awarded ~$240M Total Project Value (spanning 20 years) ~40% Contract Dollars from Data Centers in 2025 U.S. DATA CENTER MARKET ESTIMATES ($B) 6.4GW OF DATA CENTER CAPACITY UNDER CONSTRUCTION WITH 83% PRE-LEASED Total pipeline has surged to 46GW TRACK RECORD WITH INDUSTRY LEADERS Orion well-positioned to capture significant share 15 CAGR: ~10.5% 2GW 1.6GW 1.4GW 5.9GW Orion’s expansion plan supports data center tailwinds in Texas and other Western states Source: Third-Party Research Report

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Confidential Financial Overview 16

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0 100 200 300 400 500 600 700 800 900 1000 Q122Q222Q322Q422Q123Q223Q323Q423Q124Q224Q324Q424Q125Q225 Marine Concrete New management joined Orion Recent Evolution of Backlog BACKLOG ($ in millions) 17 SELECTED CONTRACT HIGHLIGHTS $21M Multi-Story Structural Contract in Texas (2025) $24M Costco Distribution Center- Phase 2 (2025) $450M Dry Dock Contract in Hawaii (2023) $114M Bridge Replacement Contract in Texas (2025)

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$31 ($17) ($5) $8 ($1) $18 Free Cash Flow1 Historical Annual Financial Summary ($ in millions) 18 $710 $601 $748 $712 $796 $837 2020 2021 2022 2023 2024 LTM Revenue $54 $17 $23 $24 $42 2020 2021 2022 2023 2024 LTM Adjusted EBITDA $51 Liquidity (as of 6/30/25)  Cash and cash equivalents of $1.7M  Net debt outstanding of $31.7M  Availability on revolver ~$22M 1 Free Cash Flow defined as cash flow from operations less capital expenditures 2020 2021 2022 2023 2024 LTM

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Fiscal Year 2025 Guidance ($ in millions) 1. Average annual capex maintenance is ~$15 million. 20 FY2025 Revenue $800M - $850M Adjusted EBITDA $42M - $46M Adjusted EPS $0.11 - $0.17 Capex $25M - $35M1 “In summary, we’ve delivered a strong quarter of revenue, EBITDA and EPS growth and are tracking nicely with our 2025 guidance. We have a healthy pipeline that spans multiple, enduring growth themes from robust public and private investments. And we have the right team to execute on the next phase of our strategy.” --Travis Boone, CEO of Orion, 7/29/25

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Confidential Appendix 21

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Non-GAAP Supplemental Information ($ in millions) 25 Orion Group Holdings, Inc. and Subsidiaries Adjusted EBITDA and Adjusted EBITDA Margin Reconciliations (In Thousands, Except Margin Data) (Unaudited) Year Ending December 31, 2020 2021 2022 2023 2024 Net income (loss) $ 20,220 $ (14,560) $ (12,612) $ (17,875) $ (1,644) Income tax expense 1,976 502 429 330 348 Interest expense, net 4,737 4,940 4,352 11,556 13,174 Depreciation and amortization 27,217 25,430 24,057 23,878 22,765 EBITDA (1) 54,150 16,312 16,226 17,889 34,643 Share-based compensation 1,998 2,401 2,754 2,042 4,009 Net gain on Port Lavaca South Yard property sale — — — (5,202) — ERP implementation 1,488 4,925 1,867 1,378 2,129 ISG initiative 369 — — — — Insurance recovery on disposal, net (2,859) — — — — Recovery on disputed receivable (898) — — — — Professional fees related to management transition — — 1,118 — — Severance 175 96 948 809 104 Intangible asset impairment loss — — — 6,890 — Process improvement initiatives — — — — 982 Net gain on Tampa property sale — (6,435) — — — Adjusted EBITDA(2) $ 54,423 $ 17,299 $ 22,913 $ 23,806 $ 41,867 Adjusted EBITDA margin(2) 7.7 % 2.9 % 3.1 % 5.3 % 5.3 % (1) EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization. (2) Adjusted EBITDA is a non-GAAP measure that represents EBITDA adjusted for share-based compensation, net gain on Port Lavaca South Yard property sale, ERP implementation, ISG initiative, insurance recovery on disposal net, professional fees related to management transition, severance, intangible impairment loss, process improvement initiatives and net gain on Tampa property sale. Adjusted EBITDA margin is a non-GAAP measure calculated by dividing Adjusted EBITDA by contract revenues.

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Non-GAAP Supplemental Information ($ in millions) 25 Orion Group Holdings, Inc. and Subsidiaries Adjusted EBITDA, Unburdened Adjusted EBITDA and Unburdened Adjusted EBITDA Margin Reconciliations by Segment (In Thousands, Except Margin Data) (Unaudited) Three Months Ended June 30, 2025 Marine Concrete Operating income (loss) $ 6,230 $ (2,798) Other income 23 1 Depreciation and amortization 4,373 858 EBITDA (1) 10,626 (1,939) Share-based compensation 1,338 181 ERP implementation 145 80 Severance 547 — Adjusted EBITDA(2) 12,656 (1,678) Shared service allocation 5,473 5,263 Unburdened Adjusted EBITDA (3) 18,129 3,585 Unburdened Adjusted EBITDA margin (4) $ 13.4 % $ 5.1 % (1) EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization. (2) Adjusted EBITDA is a non-GAAP measure that represents EBITDA adjusted for share-based compensation, ERP implementation, and severance. (3) Unburdened Adjusted EBITDA is a non-GAAP measure calculated as Adjusted EBITDA for the relevant segment (shown above) less the segment’s share of shared service allocation. (4) Unburdened Adjusted EBITDA margin is a non-GAAP measure calculated by dividing Unburdened Adjusted EBITDA by contract revenues.

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Non-GAAP Supplemental Information ($ in millions) 25 Orion Group Holdings, Inc. and Subsidiaries Guidance – Adjusted EBITDA Reconciliation (In Thousands) (Unaudited) Year Ending December 31, 2025 Low Estimate High Estimate Net (loss) income $ (2,226) $ 1,533 Income tax benefit (291) (50) Interest expense, net 9,815 9,815 Depreciation and amortization 25,613 25,613 EBITDA (1) 32,911 36,911 Share-based compensation 7,604 7,604 ERP implementation 1,485 1,485 Adjusted EBITDA (2) $ 42,000 $ 46,000 (1) EBITDA is a non-GAAP measure that represents earnings before interest, taxes, depreciation and amortization. (2) Adjusted EBITDA is a non-GAAP measure that represents EBITDA adjusted for share-based compensation and ERP implementation. Orion Group Holdings, Inc. and Subsidiaries Guidance – Adjusted EPS Reconciliation (In thousands except per share information) (Unaudited) Year Ending December 31, 2025 Low Estimate High Estimate Net (loss) income $ (2,226) $ 1,533 Adjusting items and the tax effects: Share-based compensation 7,604 7,604 ERP implementation 1,485 1,485 Tax rate of 23% applied to adjusting items (1) (2,090) (2,090) Total adjusting items and the tax effects 6,999 6,999 Federal and state tax valuation allowances (471) (1,632) Adjusted net income (2) $ 4,302 $ 6,900 Adjusted EPS (2) $ 0.11 $ 0.17 (1) Items are taxed discretely using the Company's blended tax rate. (2) Adjusted net income and Adjusted EPS are non-GAAP measures that represent net income adjusted for share-based compensation and ERP implementation.

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