On this page of StockholderLetter.com we present the latest annual shareholder letter from Orion Group Holdings Inc — ticker symbol ORN. Reading current and past ORN letters to shareholders can bring important insights into the investment thesis.

 •  4/1/2026 Letter Continued (Full PDF)
 •  4/6/2023 ORN Stockholder Letter
 •  4/3/2024 ORN Stockholder Letter
 •  4/1/2025 ORN Stockholder Letter
 •  More "Construction" Category Stockholder Letters
 •  ORN Benford's Law Stock Score = 75

ORN Shareholder/Stockholder Letter Transcript:

2025 ANNUAL
REPORT


LETTER FROM
THE CEO
TO OUR SHAREHOLDERS,
In 2025, Orion delivered meaningful progress on the priorities
driving our strategic transformation and strengthening our
platform for long-term value creation. Our focus remains clear:
execute safely with predictable excellence, deliver expanding
profitability, and invest in the right people, tools and processes
to capture the growing opportunities across marine infrastructure, defense, and mission-critical concrete construction.
I am proud of our team   s accomplishments this year. Through
disciplined execution, Orion generated both top- and
bottom-line growth while strengthening our financial position
and advancing key initiatives. Importantly, these results reflect
continued progress toward delivering more consistent and
predictable performance.
We were also recognized by Engineering News-Record (ENR)
as the No. 2 contractor in Marine and Port Facilities and No.
15 among the Top 20 Firms in Concrete, underscoring our
leadership in these critical infrastructure markets.
Strengthening Our Operating Platform
In 2025, we took several actions to strengthen our operating
platform and enhance our ability to execute complex infrastructure projects with predictable excellence.
Key initiatives included:
    Acquiring J.E. McAmis in early 2026, expanding our marine
capabilities, particularly in complex coastal infrastructure
and jetty and breakwater construction
    Investing in our fleet, including the purchase of a derrick
barge to support larger, more complex marine and defense
projects
    Refinancing our credit agreement with a new $120 million
facility that improves liquidity, reduces borrowing costs
by 40%, and enhances financial flexibility to support both
organic growth and accretive acquisitions
    Implementing a modern project management platform to
enhance operational visibility and execution
    Consolidating our Houston footprint into a new
headquarters to improve collaboration and efficiency
    Favorably resolving multiple legacy litigation matters
    Monetizing non-strategic real estate assets
Travis Boone
President & CEO
Strong Demand and Opportunity
We continue to operate in a favorable demand environment,
supported by long-term investment in defense infrastructure,
port modernization, energy development, and mission-critical
construction.
Our backlog provides solid visibility into future revenue. Our
opportunity pipeline has expanded to more than $23 billion, and
we are encouraged by the breadth and quality of opportunities
across both segments.
In Marine, we see expanding opportunities across key markets,
including work with the U.S. Navy, U.S. Coast Guard, port
authorities, and private sector clients. Recent NAVFAC contract
vehicle awards position Orion among a select group of
contractors eligible to compete for future Navy task orders and
represent an important driver of long-term growth.
Our Concrete segment continues to perform well, supported
by strong demand in data centers and expanding opportunities
across commercial and industrial markets. We are also seeing
increased project scale and earlier client engagement, allowing
us to broaden our scope and deepen relationships.
Looking Ahead
As we enter 2026, we remain focused on executing our strategy,
delivering predictable performance, and strengthening Orion   s
position as a leading specialty contractor serving marine and
mission-critical construction markets.
With a strong operating platform, expanded capabilities through
the McAmis acquisition, a healthy balance sheet, and favorable
market tailwinds, we believe we are well positioned to capitalize
on growing demand across our end markets.
This progress reflects the dedication of our employees, whose
commitment to safety, quality, and client service drives
everything we do. We are grateful to Tom Amonett and Peggy
Foran for their many years of dedicated service on our Board of
Directors and for their meaningful contributions to Orion. I would
also like to thank our clients and partners for their continued
trust, and our shareholders for their ongoing support.
Sincerely,
    Strengthening leadership and governance with the addition
of Bob Ledford to our Board and Alison Vasquez as Chief
Financial Officer
Collectively, these actions position Orion to capitalize on the
next wave of large-scale infrastructure opportunities and
reflect continued progress in our strategic transformation.
Travis Boone
President & CEO

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4/1/2026 Letter Continued (Full PDF)

 

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