Orion Group Holdings (ORN) Company Report

Orion Corporation has provided an updated time estimate regarding the potential for annual Nubeqa® net sales recorded by the company.
Nubeqa® has become Orion's largest product, and its financial significance for the company is expected to increase further.
Orion estimates that the annual Nubeqa® net sales recorded by the company (tablet sales to Bayer + royalties) has the potential to exceed EUR 1 billion in the future.
The company currently estimates that this annual net sales potential of over EUR 1 billion could be realized by the end of the current decade.

20 hours ago

Press Release

Orion Corporation Provides 2026 Outlook and Nubeqa® Sales Potential

ORN

Guidance Update

Revenue Acceleration/Inflection

Orion estimates its annual Nubeqa® net sales have the potential to exceed EUR 1 billion in the future.
For 2026, Orion forecasts net sales to be between EUR 1,900 million and EUR 2,100 million.
The company also projects an operating profit for 2026 ranging from EUR 550 million to EUR 750 million.
The Nubeqa® product is expected to be the single biggest factor influencing the 2026 net sales and operating profit, with its net sales anticipated to continue strong growth.

1 day ago

Press Release

Bravo Mining Corp. Increases Common Share Offering to C$75 Million and Secures C$34.75 Million Private Placement

ORN

New Projects/Investments

Debt Issuance

Bravo Mining Corp. increased its common share offering to 17,050,000 shares at C$4.40 per share, aiming for approximately C$75 million in gross proceeds, with an expected closing date around January 20, 2026.
Concurrently, Bravo entered into a non-binding term sheet with Orion Mine Finance Management LLP for a private placement, where Orion will subscribe for 7,897,727 common shares at the same price, generating C$34,750,000.
The net proceeds from both the offering and private placement will be utilized to advance the Luanga PGM+Au+Ni Project, expand mineral resources, and for general working capital purposes.
Orion also intends to commit up to US$300 million in future financing support, including equity and debt, contingent upon the satisfaction of mutually agreed milestones.

2 days ago

Press Release

Orion Group Holdings Secures $120 Million Refinancing Transaction

ORN

Debt Issuance

New Projects/Investments

Orion Group Holdings, Inc. (ORN) closed a new five-year $120 million Senior Credit Facility on December 23, 2025, with UMB Bank, N.A. and Bank OZK.
The facility, maturing in December 2030, comprises a $60 million revolving line of credit, a $20 million equipment term loan, and a $40 million acquisition term loan, with an additional $25 million uncommitted accordion for future growth.
This new credit facility refinances and replaces the Company's previous $88 million credit agreement and offers a reduced interest rate of SOFR plus 2.5% to 3.0%, approximately 225 basis points lower than the prior agreement.
Proceeds from the facility will be used to repay $23 million of outstanding borrowings under the prior facility and for general corporate purposes.
The Credit Agreement includes financial covenants requiring a consolidated fixed charge coverage ratio of not less than 1.20 to 1.00 and a consolidated senior leverage ratio of not greater than 3.00 to 1.00.

Dec 29, 2025, 12:10 PM

8-K

Orion Group Holdings Secures New $120 Million Credit Facility

ORN

Debt Issuance

New Projects/Investments

Orion Group Holdings, Inc. (ORN) has entered into a new, five-year $120 million Senior Credit Facility with UMB Bank, replacing its previous $88 million credit agreement.
The new Credit Facility, maturing in December 2030, includes a $60 million revolving line of credit, a $20 million equipment term loan facility, and a $40 million acquisition term loan facility, along with an additional $25 million uncommitted accordion for future growth.
This refinancing is expected to provide Orion with expanded liquidity, greater borrowing capacity, and a lower overall cost of capital, with interest rates reduced by approximately 225 basis points compared to the prior agreement.
Proceeds from the facility will be used to repay $23 million in outstanding borrowings from the previous facility and for general corporate purposes.

Dec 29, 2025, 12:00 PM

Press Release

Orion Corporation Updates Full-Year Outlook for 2025

ORN

Guidance Update

Earnings

Orion Corporation announced it will receive a EUR 180 million milestone payment in the fourth quarter of 2025, related to sales of Nubeqa®.
This milestone payment has led Orion to update its full-year outlook for 2025 for both net sales and operating profit.
The new net sales estimate for 2025 is EUR 1,820 million to EUR 1,900 million, an increase from the previous estimate of EUR 1,640 million to EUR 1,720 million.
The new operating profit estimate for 2025 is EUR 590 million to EUR 670 million, significantly higher than the prior estimate of EUR 410 million to EUR 490 million.

Dec 3, 2025, 7:00 AM

Press Release

UAB "Atsinaujinančios energetikos investicijos" Completes Bond Issues and Exchange Tender Offer

ORN

Debt Issuance

UAB "Atsinaujinančios energetikos investicijos" completed two bond issues on October 31, 2025, raising EUR 0.419 million for 2025 / 2027 green bonds at an 8% yield and EUR 14.346 million for 2025 / 2026 bonds at an 8.50% yield.
The proceeds from these new bond issues are intended to refinance existing bonds (ISIN LT0000405938).
An exchange tender offer for the existing bonds (ISIN LT0000405938) was also completed on October 31, 2025, resulting in a remaining nominal value of EUR 44,494,000 for the 2021 / 2025 bonds.
The newly issued bonds, with an issue date of November 4, 2025, are expected to be listed on the Baltic Bond list of Nasdaq Vilnius within 30 days.

Nov 3, 2025, 7:17 AM

Press Release

Orion Group Holdings Reports Strong Q3 2025 Results and Raises Full-Year Guidance

ORN

Earnings

Guidance Update

New Projects/Investments

Orion Group Holdings reported Q3 2025 revenue of $225 million, adjusted EBITDA of $13 million, and adjusted EPS of $0.09 per share. The company also raised its FY 2025 annual guidance for revenue to $825 million to $860 million, adjusted EBITDA to $44 million to $46 million, and adjusted EPS to $0.18 to $0.22.
The company closed the sale of its East and West Jones property in October for $23.5 million, resulting in over $22 million in cash upside net of commissions and taxes, which will be used to reduce debt and for general corporate purposes. Orion also expanded its bonding capacity by $400 million and was shortlisted on Strategic INDOPACOM MACCs.
During Q3 2025, Orion booked over $160 million in new contracts and change orders, and its backlog stood at $679 million at quarter-end. The aggregate pipeline is $18 billion, with over $1 billion of opportunities awaiting award.

Oct 29, 2025, 8:09 PM

8-K

Orion Group Holdings Reports Q3 2025 Results and Raises Full-Year Guidance

ORN

Earnings

Guidance Update

New Projects/Investments

Orion Group Holdings reported Q3 2025 Marine revenues of $143 million, an increase of 2% over Q3 2024, with adjusted EBITDA growing over 50% to $18 million and a 12% margin. In contrast, the Concrete segment incurred a $4 million adjusted EBITDA loss on $82 million in revenue for the quarter, compared to a $4 million profit in Q3 2024.
The company increased its full-year 2025 guidance, with revenue now projected between $825 million and $860 million, adjusted EBITDA between $44 million and $46 million, and adjusted EPS between $0.18 and $0.22.
In October, the sale of the East West Jones property generated a cash upside of over $22 million (net of commissions and taxes), which has already been received and will be used to pay down debt and for general corporate purposes.
Quarter-end backlog stood at $679 million, with $160 million in new awards and change orders added during the quarter. The pipeline of bids submitted and awaiting award decisions remains robust at over $1 billion, consistently around $1.2 billion, with data centers representing 27% of the pipeline and 27% of Concrete's Q3 revenue.

Oct 29, 2025, 1:00 PM

Transcript

Orion Group Holdings Updates 2025 Guidance and Reports Q3 2025 Results

ORN

Guidance Update

Earnings

New Projects/Investments

Orion Group Holdings updated its full-year 2025 guidance, increasing revenue to $825 million to $860 million, adjusted EBITDA to $44 million to $46 million, and adjusted EPS to $0.18 to $0.22. For Q3 2025, Marine revenues increased 2% to $143 million with adjusted EBITDA growing over 50% to $18 million (a 12% margin), while Concrete revenues decreased 5% to $82 million and incurred a $4 million loss in adjusted EBITDA.
The company closed the sale of the East West Jones property in October 2025, resulting in $22 million in net cash proceeds, which will be used for debt reduction and general corporate purposes. Net debt at quarter-end was $21 million.
Backlog stood at $679 million at quarter-end, with $160 million in new awards and change orders added in Q3 2025. The pipeline of projects awaiting award decisions is over $1 billion, specifically $1.2 billion, with data centers representing 27% of this pipeline and 27% of Concrete's Q3 revenue.