Summary of Orion Acquisition Conference Call Company and Industry Overview - **Company**: Orion Acquisition of J.E. McAmis and JEM Marine Leasing - **Industry**: Marine construction and heavy civil contracting Key Points and Arguments 1. **Acquisition Announcement**: Orion has acquired J.E. McAmis, a specialized heavy civil contractor, enhancing its capabilities in marine construction [2][4] 2. **Strategic Fit**: The acquisition is seen as a strategic move to strengthen Orion's position in the marine construction sector, particularly in the Pacific Northwest [4][13] 3. **Financial Highlights**: - Purchase consideration is $60 million, including $46 million in cash, a $12 million subordinated promissory note, and $2 million in common equity [10] - McAmis has a historical revenue run rate of $40 million with EBITDA margins consistently above 20% [11] - McAmis has a backlog of $24 million and a pipeline of opportunities worth over $1.4 billion [29][15] 4. **Operational Strengths**: McAmis is recognized for its safety record, on-time performance, and strong relationships with federal clients, particularly the U.S. Department of Defense and U.S. Army Corps of Engineers [5][39] 5. **Growth Opportunities**: The acquisition is expected to provide access to new projects and markets, particularly in environmental restoration and coastal protection, aligning with increasing federal investments in infrastructure [8][78] 6. **Cultural Alignment**: The leadership of McAmis is seen as a good cultural fit with Orion, which is crucial for successful integration [9][34] 7. **Integration Strategy**: The integration will focus on leveraging McAmis' expertise across Orion's existing operations, particularly in expanding geographic reach [41][56] 8. **Future M&A Strategy**: Orion plans to continue evaluating acquisition opportunities that align with its strategic goals, emphasizing cultural fit and operational synergies [44][80] Additional Important Content 1. **Equipment and Fleet**: McAmis brings specialized marine equipment valued at over $34 million, enhancing Orion's operational capabilities [5][17] 2. **Project Examples**: McAmis recently completed a $170 million project on the Columbia River, showcasing its ability to handle complex marine construction projects [7] 3. **Federal Work Dependency**: Over 80% of McAmis' revenue comes from projects with the Army Corps of Engineers, indicating a strong reliance on federal contracts [39] 4. **Contingent Consideration**: The acquisition includes performance-based incentives for McAmis' management, ensuring alignment with Orion's growth objectives [54][65] This summary encapsulates the key aspects of the conference call, highlighting the strategic importance of the acquisition and its implications for Orion's future growth and operational capabilities.

February 4, 2026 Investor Presentation: Orion Acquisition of J.E. McAmis Disclaimer This presentation contains, and the officers and directors of the Company may from time to time make, statements that may constitute or include projections or other forward-looking statements within the meaning of the "safe harbor" provisions of Section 27A of the Securities 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 ...

Core Viewpoint - Orion Group Holdings, Inc. has acquired J. E. McAmis, Inc. and JEM Marine Leasing LLC for approximately $60 million, enhancing its capabilities in marine construction and positioning the company for long-term growth [1][5][9] Transaction Highlights - The acquisition includes a purchase consideration of approximately $60 million, with additional contingent consideration of $10 million based on profit from projects in backlog and 40% of profit on select near-term pursuits [5] - The deal is expected to be accretive to Orion's adjusted EBITDA and margin for 2026 [6][9] Company Background - J.E. McAmis, founded in 1973, specializes in complex marine construction projects, including jetty and breakwater construction, dredging, and environmental restoration, with a strong client base including the U.S. Department of Defense [3][13] - J.E. McAmis has a robust pipeline of opportunities valued at $1.4 billion and a portfolio of marine and real estate assets worth $34 million [3] Strategic Implications - The acquisition strengthens Orion's marine construction business by adding best-in-class capabilities and a highly skilled workforce [4][9] - It enhances Orion's equipment fleet with strategic marine assets and positions the company to capitalize on significant marine opportunities in the future [9] Financial Structure - The acquisition was funded through $46 million in cash (net of cash acquired), a $12 million subordinated promissory note, and $2 million in Orion common stock [10]

Group 1 - Orion Corporation has converted 62,752 A shares into B shares, which has been officially recorded in the Trade Register on February 3, 2026 [1] - After the conversion, the total number of shares in Orion Corporation is 141,134,278, consisting of 31,524,740 A shares and 109,609,538 B shares [1] - The total number of votes associated with the company's shares after the conversion is 740,104,338 [1] Group 2 - Orion Corporation is a Nordic pharmaceutical company with over a hundred years of experience, focusing on developing, manufacturing, and marketing human and veterinary pharmaceuticals [2] - The company reported net sales of EUR 1,542 million in 2024 and employs approximately 3,700 professionals globally [2] - Orion's core therapy areas in pharmaceutical R&D include oncology and pain, with proprietary products aimed at treating cancer, neurological diseases, and respiratory diseases [2]

Core Viewpoint - Orion Energy Systems, Inc. has announced a public offering of 500,000 shares of common stock priced at $14.00 per share, aiming to raise approximately $7.0 million in gross proceeds before expenses [1][2]. Group 1: Offering Details - The public offering consists of 500,000 shares priced at $14.00 each, with expected gross proceeds of around $7.0 million [1]. - The net proceeds will be utilized to reduce outstanding amounts under the existing credit agreement, with the remainder allocated for working capital and general corporate purposes [2]. - The offering is expected to close on or about February 2, 2026, subject to customary closing conditions [2]. Group 2: Regulatory and Compliance Information - A shelf registration statement on Form S-3 has been filed with the Securities and Exchange Commission and has been declared effective [3]. - The offering is being conducted only through a preliminary prospectus supplement and accompanying prospectus [3]. Group 3: Company Overview - Orion Energy Systems specializes in energy efficiency and clean technology solutions, including LED lighting, EV charging solutions, and maintenance services [5]. - The company focuses on providing turnkey design-through-installation solutions for large national customers and aims to help clients achieve business and environmental goals [5].

Core Thesis - Orion Group Holdings (ORN) has improved fundamentals due to a heightened focus on data centers and a stronger balance sheet [1] Company Analysis - The opportunity pipeline for ORN is promising, indicating potential for growth [1] - The investment approach emphasizes value investing principles combined with a focus on long-term growth [1] Financial Outlook - The company is viewed as undervalued with long-term growth potential, suggesting a favorable investment opportunity [1]

Core Insights - First Orion has been awarded the Gold Winner in the Juniper Research Future Digital Awards for Telco Innovation in the Best Robocalling Mitigation Solution category, recognizing its contributions to digital technology advancements [1] Group 1: SENTRY® Call Blocking Solution - The SENTRY® Call Blocking solution effectively detects and blocks robocalls, spoofed calls, and fraud attempts in real time, available across Tier-1 carriers [2] - SENTRY protects consumers from scams and enterprises from brand and financial damage, offering advanced mitigation capabilities against synthetic voice scams [2] - The solution integrates with various enterprise environments, including financial services, healthcare, insurance, and contact centers [2] Group 2: Integration with INFORM® Branded Calling - SENTRY works alongside First Orion's INFORM® Branded Calling solution to create a trust ecosystem, ensuring legitimate calls are identified while fraudulent calls are blocked [3] - This combination provides a comprehensive security and trust layer for voice communication, surpassing basic caller ID and spam filtering [3] Group 3: Company Impact and Collaboration - First Orion's solutions support billions of calls annually, facilitating important communications through verified channels [4] - The company collaborates with carriers, enterprises, and industry partners to enhance the future of transparent voice and messaging communication [4] Group 4: Company Overview - First Orion is a market leader in branded communication solutions, enhancing phone call and messaging experiences for businesses, carriers, and consumers [6] - The company offers a suite of solutions aimed at improving customer engagement, security, transparency, and providing actionable insights [6] - First Orion partners with Fortune 500 companies and is integrated into the largest U.S. mobile carriers [6]

Core Viewpoint - Orion Properties Inc. has announced the income tax classification of its 2025 dividends for common stock, providing detailed information on ordinary dividends, capital gain distributions, and non-dividend distributions [1] Dividend Classification - The dividends for 2025 are classified as follows: - December 31, 2024: $0.10 per share as ordinary dividends - March 31, 2025: $0.02 per share as ordinary dividends - June 30, 2025: $0.02 per share as ordinary dividends - September 30, 2025: $0.02 per share as ordinary dividends - No capital gain distributions or non-dividend distributions are reported for these dates [1] Company Overview - Orion Properties Inc. is a fully-integrated real estate investment trust (REIT) that owns a diversified portfolio of single-tenant net lease office properties across the United States - The company was founded on July 1, 2021, and spun off from Realty Income on November 12, 2021, beginning trading on the New York Stock Exchange on November 15, 2021 - The portfolio includes traditional office properties, governmental, medical office, flex/laboratory, R&D, and flex/industrial properties [1]

Group 1 - Orion Corporation has converted 182,827 A shares into B shares, with the conversion recorded on January 16, 2026 [1] - After the conversion, the total number of shares in Orion Corporation is 141,134,278, consisting of 31,587,492 A shares and 109,546,786 B shares [1] - The total number of votes for the company's shares after the conversion is 741,296,626 [1] Group 2 - Orion Corporation is a Nordic pharmaceutical company with over a hundred years of experience in developing, manufacturing, and marketing human and veterinary pharmaceuticals [2] - The company reported net sales of EUR 1,542 million in 2024 and employs approximately 3,700 professionals globally [2] - Orion's core therapy areas in pharmaceutical R&D include oncology and pain, with proprietary products aimed at treating cancer, neurological diseases, and respiratory diseases [2]

Core Viewpoint - Orion Group Holdings, Inc. has been awarded an $86.3 million project by the U.S. Army Corps of Engineers, focusing on shoreline protection and infrastructure development in Texas [1][2]. Project Details - The project involves constructing new breakwaters and replenishing shorelines with approximately one million cubic yards of beach-quality dredged materials along the Texas coastline at the mouth of the Colorado River [3]. - The initiative aims to stabilize the shoreline, mitigate erosive forces, and prevent land loss, while also enhancing public access to the ocean [3]. - The project is expected to commence in the first quarter of 2026 [3]. Company Overview - Orion Group Holdings, Inc. is a leading specialty construction company that operates in the infrastructure, industrial, and building sectors, providing services both on and off the water across the continental United States, Alaska, Hawaii, Canada, and the Caribbean Basin [4]. - The company's marine segment offers construction and dredging services related to marine transportation, environmental structures, and dredging of waterways, while its concrete segment provides comprehensive concrete construction services [4].