Great Lakes Dredge & Dock (GLDD) CJS Securities 25th Annual “New Ideas for the New Year” Investor Conference summary

Company performance and market position

• Entered 2024 with a record $1 billion backlog, growing to $1.2 billion by Q3 and adding $182 million post-quarter-end.

• Maintains about 40% U.S. dredging market share, equivalent to the next three largest competitors combined.

• Focused on high-margin capital projects, with 2024 and 2025 revenue mix heavily skewed toward these.

• Largest client is the U.S. Army Corps of Engineers, with a record federal budget and $1.5 billion in supplemental disaster relief funds in 2024.

• Backlog is at historic highs, with a large proportion in capital projects, setting up strong quarters ahead.

Fleet investments and operational updates

• Completed the largest new build program in company history, investing about $500 million.

• Delivered the Galveston Island hopper dredge in 2024; Amelia Island is on schedule for delivery in the second half of 2024.

• Building the Acadia, the first Jones Act-compliant subsea rock installation vessel, targeting offshore wind, oil & gas, and telecom markets.

• Multi Cats vessels increased efficiency and safety, earning Vessel of the Year at the 2024 WorkBoat Convention.

• CapEx expected to normalize after 2025, with maintenance CapEx in the mid to upper $20 million range annually.

Offshore wind and diversification strategy

• Two offshore wind contracts in backlog, with exclusive reservation agreements for additional projects through 2029.

• Acadia targets U.S. and international offshore wind, telecom cable, and oil & gas pipeline protection markets.

• U.S. offshore wind market faces some uncertainty with administration changes, but permitted projects are seen as secure.

• International demand for subsea rock installation vessels exceeds supply, supporting strong utilization prospects.

• Margins for Acadia's work are expected to be as lucrative as top capital dredging projects.