Orion Group Holdings, Inc.

Good day, and welcome to the Orion Group Holdings second quarter 2026 Financial Results Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touch-tone phone. To withdraw your question, please press star, and then two. Please note, this event is being recorded. I would now like to turn the conference over to Margaret Boyce, Investor Relations for Orion. Please go ahead, ma'am.

Thank you, Operator, and thank you all for joining us today to discuss Orion Group Holdings' second quarter 2026 financial results. We issued our earnings release after market last night. It's available in the Investor Relations section of our website at oriangroupholdingsinc.com. I'm here today with Travis Boone, Chief Executive Officer of Orion, and Alison Vasquez, Chief Financial Officer. On today's call, management will provide prepared remarks, and then we'll open up the call for your questions. Before we begin, I'd like to remind you that today's comments will include forward-looking statements under the federal securities laws. Forward-looking statements are identified by words such as will, be, intend, believe, expect, anticipate, or other comparable words and phrases. Statements that are not historical facts are forward-looking statements. Our actual financial condition and results of operations may vary materially from those contemplated by such forward-looking statements. Discussion of the factors that could cause our results to differ materially from these forward-looking statements are contained in our SEC filings, including our reports on Form 10-Q and 10-K. With that, I'll turn the call over to Travis. Travis, please go ahead.

Thanks, Margaret, and thank you all for joining our call today. I want to start by acknowledging that our results for the quarter were not in line with your expectations or ours due to some client delays in our marine business. It is a timing issue, not a performance or operational issue. These delays are now behind us. We often talk about construction being a lumpy business. This quarter is a good example. Things are going well. Our people are engaged, and we are performing. If not for these delays, results would have been right in line with our expectations. We will give more details on the quarter shortly. Bigger picture, our win rate continues to be high, our concrete business is operating at historic levels, we had a strong quarter of bookings, our pipeline continues to grow, and our story remains unchanged. We have a historically strong marine construction market opening in front of us, and we remain confident in our ability to grow over the coming years. With multiple new marine projects kicking off, we expect the back half of 2026 to be strong and we are optimistic about 2027 as well. Turning to the market outlook, today our business is benefiting from powerful long-term themes that include significant long-duration capital investments, spanning defense infrastructure, port and transportation infrastructure, Energy, Data Centers, Healthcare, and Commercial Construction. For marine, we are well positioned on the doorstep of a marine infrastructure investment mega cycle that enables continued U.S. economic competitiveness, energy security, supply chain resilience, and national defense. These priorities are driving increased investment in larger, more technically complex marine infrastructure projects that require specialized marine construction capabilities Highly Skilled Workforce, and Fit for Purpose Equipment, precisely the type of projects Orion is increasingly pursuing, winning, and executing. The President's 2027 $1.5 trillion defense budget proposal made its way to the House last week, but has yet to clear legislative hurdles in the Senate before reconciliation can begin. While spending levels will be debated, investments across naval infrastructure modernization Indo-Pacific Command Strength, and Logistics and Port Resilience continue to be priorities with solid bipartisan support. We are closely monitoring the U.S. defense budget as we look ahead to programs that will catalyze our long-term growth. On to the concrete market outlook, where momentum remains very strong. We are benefiting from the build-out of physical infrastructure supporting the investment in AI, cloud computing, and domestic manufacturing. As our clients seek to streamline project coordination, compress schedules, and increase execution certainty, many are directly engaging with our team earlier in the project lifecycle to advise on design and execution. Additionally, our expansion into site civil services is going very well, and we are seeing increased opportunities to pursue this scope on a broader set of projects. Overall, confidence in the long-term outlook across our business remains robust and our Pursuit Pipeline has grown to approximately $27 billion with almost $1.6 billion in projects quoted awaiting award. As you may recall, this number was sitting right around a billion at the beginning of the year and reflects our nearest term award opportunities. Our win rate during the quarter was well above industry average and we were pleased to record over $275 million in bookings in the quarter. representing a 1.25 times book to bill and bringing backlog at quarter end to $722 million. Bookings across our marine and concrete businesses reinforce our compelling competitive position and attractive in markets and include a large port terminal expansion project in Alabama, a dredging project in the U.S. Virgin Islands, a couple of nice jetty wins from Pacific Rock and Dredge, a.k.a. McCamus, who we acquired in February, and additional phases on multiple data center projects. With a growing opportunity pipeline, expanded capabilities and an outstanding team delivering projects that matter, our conviction in Orion's long-term growth trajectory is well intact. Onto some high-level comments on the second quarter results. Our results reflect the growth of concrete alongside the temporary softness in marine caused primarily by slower than expected project starts and elongated award cycles. Our concrete business posted excellent results, reporting over 30% top line and 45% adjusted EBITDA growth in the quarter, benefiting from expansion into site civil services, favorable utilization, and solid execution. Marine top line and profitability were down primarily due to the timing of project awards, startups, and completions, and we have reset our four-year 2026 guidance to reflect this timing shift. Today we have very good visibility into the remainder of the year with nearly 90% marine work under contract and continued concrete momentum to achieve our updated guidance. Before handing it over, I'd like to take a moment to give a shout out to our Pacific Rock and Dredge team who are prominently featured in the new documentary movie, Taming the Mouth. We had the honor of attending the premiere this past weekend and it is definitely worth seeing. The documentary is a fascinating piece on the treacherous mouth of the Columbia River where it meets the Pacific Ocean, an area commonly known as the graveyard of the Pacific. The movie highlights McCamus's recently completed reconstruction of the massive jetty and breakwater system to calm the turbulent seas. Starting August 4th, you can stream it on Apple TV or Amazon Prime. I'll now turn it over to Alison to discuss the details. Alison.