Q2 2025 RESULTS AUGUST 1, 2025 © 2025 Fluor Corporation. All Rights Reserved. Fluor is a registered service mark of Fluor Corporation. 1 LNG CANADA EXPORT FACILITY // KITIMAT, B.C., CANADA SAFE HARBOR STATEMENT This presentation contains forward-looking statements (including without limitation statements to the effect that the Company or its management "will," "believes," "expects," "plans," "intends," "continue," "anticipates," is "positioned" or other similar expressions). These forward-looking statements ...

Core Viewpoint - Tetra Tech, Inc. reported strong third-quarter fiscal 2025 results, with adjusted earnings per share of 43 cents, exceeding both the Zacks Consensus Estimate and management's guidance range, reflecting robust performance across all segments [1][2]. Revenue & Segmental Performance - Tetra Tech generated revenues of $1.37 billion, a year-over-year increase of 1.9%, surpassing management's guidance of $1.10-$1.20 billion [2] - Adjusted net revenues were $1.15 billion, up 3.9% year over year, exceeding the Zacks Consensus Estimate of $1.14 billion [2] - The backlog at the end of the fiscal third quarter was $4.28 billion, down 18.2% year over year [3] - Revenues from U.S. Federal customers increased by 46% year over year, while U.S. Commercial sales decreased by 4% due to lower renewable energy sales [4] - U.S. State and Local sales rose by 30% year over year, driven by disaster response, while international sales decreased by 1% due to softness in Australia's infrastructure [5] - Government Services Group segment revenues were $429 million, up 29% year over year, while Commercial/International Services Group revenues totaled $633 million, a 2% increase [5] Margin Profile - Subcontractor costs totaled $216.8 million, down 7.6% from the previous year, while other adjusted costs of revenues were $901.5 million, up 1.7% [6] - Adjusted operating income increased by 37.2% year over year to $159.4 million, with an adjusted margin increase of 300 basis points to 11.6% [7] Balance Sheet and Cash Flow - At the end of the fiscal third quarter, Tetra Tech had cash and cash equivalents of $242.8 million, up from $232.7 million at the end of the previous quarter [8] - Long-term debt increased to $862.5 million from $812.6 million [8] - In the first nine months of fiscal 2025, net cash generated from operating activities was $356.8 million, compared to $253.1 million in the prior year [9] - Capital expenditure was $13.4 million, an increase of 18.3% year over year [9] Shareholder-Friendly Policies - Tetra Tech distributed dividends totaling $48 million in the first nine months of fiscal 2025, compared to $43.3 million in the previous year [11] - The company repurchased shares worth $200 million during the same period [11] Fiscal 2025 Outlook - For fiscal 2025, Tetra Tech anticipates net revenues in the range of $4.454-$4.554 billion, compared to earlier expectations of $4.400-$4.765 billion [12] - Adjusted earnings are projected to be $1.49-$1.54 per share, an increase from the previous estimate of $1.42-$1.52 [12] - For the fiscal fourth quarter, management estimates net revenues of $1.04-$1.1 billion and adjusted earnings of 38-43 cents per share [13]

Financial Data and Key Metrics Changes - The company reported revenues of $1.3 billion, a 17% increase year over year, driven by strong performance in the engineering segment and recent acquisitions [8][9] - Adjusted EBITDA for the quarter was CAD 180 million, reflecting a 15% increase from the previous year [9] - Assets under management (AUM) increased to $103.3 billion, up 3% from March 31 and 7% from a year ago [13][14] Business Line Data and Key Metrics Changes - Real Estate Services segment revenue grew by 4%, with recurring outsourcing revenues rising by 6% [9] - Engineering segment net revenue surged by 70%, with internal growth of 8% contributing to a net margin increase to 13.7% [11][12] - Investment Management segment net revenues declined by 7% due to prior year catch-up fees, but net margin improved to 42% from 40% [12][13] Market Data and Key Metrics Changes - Capital markets performance was led by the U.S. and Western Europe, with a 16% growth in Q2 [10][76] - Leasing revenues declined by 5% globally, with industrial leasing impacted by macroeconomic uncertainties [10][11] Company Strategy and Development Direction - The company aims to build a diversified professional services and investment management business with high-quality recurring revenue streams [4] - Recent rebranding of the investment management division to Harrison Street Asset Management reflects the strength of the brand and aims to enhance growth [5] - The company completed the acquisition of Round Shield Partners, enhancing its credit, student housing, and hospitality capabilities [6] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the future, supported by healthy pipelines across all segments and expectations of modest market improvements [15] - The company raised its full-year consolidated outlook due to strong year-to-date performance and recent acquisitions [15] Other Important Information - Free cash flow conversion was strong, with 98% of adjusted net earnings converted into free cash flow [14] - The company has a robust M&A pipeline and expects to complete several additional tuck-under acquisitions throughout the year [7] Q&A Session Summary Question: Industrial leasing weakness and market changes - Management anticipated leasing softness for Q2 and noted a positive trend in July, indicating a potential rebound in industrial leasing activity [19][20] Question: Impact of M&A on guidance raise - Half of the guidance increase is attributed to completed acquisitions, while the other half comes from improved organic growth expectations [26][27] Question: Future of investment management branding and potential spin-off - Management believes the rebranding enhances the investment management segment's value and remains open to exploring a spin-off if necessary [28][29] Question: Engineering backlog and growth expectations - The company maintains a backlog exceeding twelve months of revenue and expects continued strong performance in engineering [35][36] Question: Fundraising environment and targets - The company is optimistic about achieving its fundraising targets for the year, with several funds currently in the market [39][46] Question: Performance of the EnGlobe acquisition - The EnGlobe acquisition has performed well, with strong integration and backlog growth [81][82]

Financial Performance (Q3-25) - Net revenue increased by 11% to $1.06 billion compared to $0.96 billion in Q3-24, excluding USAID and DOS [5] - Operating income increased by 37% to $159 million compared to $116 million in Q3-24, excluding USAID and DOS [5] - Earnings per share (EPS) increased by 46% to $0.41 compared to $0.28 in Q3-24, excluding USAID and DOS [5] Segment Performance (Q3-25) - CIG segment net revenue increased by 2% to $633 million [7] - GSG segment net revenue increased by 29% to $429 million [7] - CIG operating income margin increased by 230 basis points to 19.9% [7] - GSG operating income margin increased by 130 basis points to 15.2% [7] Customer Revenue (Q3-25) - U.S Federal net revenue increased by 46% [8] - U.S State & Local net revenue increased by 30% [8] - U.S Commercial net revenue decreased by 4% [8] - International net revenue decreased by 1% [8] Financial Overview (FY25 YTD) - Net revenue increased by 9% to $3.454 billion [14] - EBITDA increased by 15% to $476 million [15] - Operating income increased by 21% to $432 million [16] - Diluted EPS increased by 26% to $1.11 [16] Backlog - Q3-25 Backlog is $3.09B [10] Guidance - Q4-25 Net Revenue is expected to be between $1.0 billion and $1.1 billion [32] - Q4-25 Adjusted EPS is expected to be between $0.38 and $0.43 [32] - FY-25 Net Revenue is expected to be between $4.454 billion and $4.554 billion [32] - FY-25 Adjusted EPS is expected to be between $1.49 and $1.54 [32]

Financial Data and Key Metrics Changes - The company reported revenues of $2,000,000,000 for Q2 2025, representing a 6% increase year-over-year [37] - Adjusted EBITDA was $242,000,000, up 12% with an adjusted EBITDA margin of 12.4%, an increase of 70 basis points year-over-year [37] - Year-to-date operating cash flow was $308,000,000, up 20% versus the prior year, with a conversion rate against net income of 123% [37] Business Line Data and Key Metrics Changes - In the MTS segment, revenues were $1,400,000,000, up 7% year-over-year, with adjusted EBITDA of $141,000,000, an increase of 6% [38] - The STS segment reported revenues of $540,000,000, up 2% year-over-year, with adjusted EBITDA of $129,000,000, up 17% and margins of 23.9%, an improvement of over 300 basis points [39] Market Data and Key Metrics Changes - The Middle East region saw a 20% growth on a trailing twelve months basis, with significant investments in energy security and infrastructure [20] - The company has a robust pipeline with $19,000,000,000 in bids awaiting award in the MTS segment, of which 72% represent new business [15] Company Strategy and Development Direction - The company is refocusing on its core business of MTS following the termination of the HomeSafe Alliance joint venture contract [7] - KBR aims to expand in key markets through delivery and innovation, achieving leading margins while deploying capital back to shareholders [19] - The company is prioritizing pursuits in MTS that align with the new defense budget and expanding geographical reach in STS [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the conversion of the pipeline as funding from the presidential budget and the Reconciliation Act begins to flow [58] - The geopolitical environment, particularly in the Middle East, poses risks but is also seen as an opportunity for growth [59] - The company remains committed to creating shareholder value and maintaining a disciplined approach to capital allocation [52] Other Important Information - The company updated its revenue guidance for fiscal 2025 to a range of $7,900,000,000 to $8,100,000,000, reflecting the removal of expected revenues from the HomeSafe contract [43] - The adjusted EBITDA outlook remains unchanged despite the revenue guidance reduction [47] Q&A Session Summary Question: What were the upside and downside risk factors in setting the updated guidance? - Management highlighted the importance of pipeline conversion and geopolitical movements as key factors in setting the guidance [58] Question: How does the company feel positioned to win and retain work after the HomeSafe experience? - Management believes there will be no negative impact on win rates due to strong customer relationships and increased engagement [61] Question: What is the outlook for the MTS segment regarding bookings in the second half of the year? - Management expects a more robust second half bookings environment as the award cadence picks up [71] Question: What needs to happen in the next several quarters to support the new targets for 2027? - Management indicated that conversion of the pipeline and winning a fair share of opportunities are crucial for meeting the targets [75]

Core Viewpoint - Jacobs has been selected to provide program management support for the Consolidated Rent-A-Car Facility (ConRAC) and Common Transportation System (CTS) at Denver International Airport (DEN), which is part of a broader capital improvement initiative aimed at enhancing safety, passenger experience, and operational efficiency while promoting sustainable aviation [1][2]. Group 1: Project Details - The ConRAC and CTS projects are essential for DEN's projected growth, with expectations to exceed 120 million passengers by 2045, facilitating a seamless rental car experience for travelers [2]. - The consolidation of rental car operations into a single facility will reduce terminal area traffic, eliminate excessive shuttle buses, and free up curb space for future redevelopment [3]. Group 2: Jacobs' Expertise and Contributions - Jacobs will leverage its global program management experience and specific knowledge in electric vehicle infrastructure, fueling operations, traffic design, and customer interface technologies to support the airport's capacity expansion while minimizing environmental impact [3]. - The company has a long-standing relationship with DEN, having delivered over 60 critical projects since 1992, including the Great Hall Improvement Program and Concourse Expansion Program [4]. Group 3: Industry Position - Jacobs is ranked No. 2 in Transportation by Engineering News-Record and provides comprehensive services in transportation infrastructure, helping clients move people and goods across various modes of transport [5]. - The company generates approximately $12 billion in annual revenue and employs nearly 45,000 people, focusing on creating a more connected and sustainable world through its diverse service offerings [6].

Core Insights - Stantec (STN) is on a strong growth trajectory, with increasing backlog figures indicating high visibility into near-term revenue gains and multi-year momentum [2][7] Group 1: U.S. Market Performance - In the U.S., backlog increased by 12.6% to $4.8 billion, driven by anticipated new water projects starting in Q2 2025 and easing policy uncertainty [3][7] - Although first-quarter organic growth was modest at 2.4% due to project timing, management highlighted a pipeline ready to accelerate [3] Group 2: Canadian Market Dynamics - Canada's infrastructure initiatives in energy, housing, and healthcare are creating robust project pipelines, particularly in wastewater and high-intensity industrial segments [4] - Transit and airport-related projects are also gaining momentum, providing a solid growth runway for Stantec [4] Group 3: Global Market Opportunities - The Global segment shows promise with the U.K.'s AMP8 program launching with 75% more funding than the previous cycle, allowing Stantec to ramp up capacity [5] - Australia and New Zealand are steady performers in water due to framework agreements, while Germany's €500 billion infrastructure fund positions Stantec for broader market penetration [5] Group 4: Stock Performance and Valuation - Stantec has achieved a 42% year-to-date gain, significantly outperforming the industry's 3% decline, while U.S. peers have shown mixed results [6] - Stantec's forward 12-month Price/Earnings (P/E) ratio is 27.02, above its five-year median of 23.74, compared to Tetra Tech at 24.54 and AECOM at 20.17 [8] Group 5: Earnings Outlook - The Zacks Consensus Estimate for Stantec's 2025 earnings has been rising over the past 60 days, indicating positive market sentiment [10]

Company Overview - Jacobs is a leading company with approximately $12 billion in annual revenue and a workforce of nearly 45,000 employees [2] - The company provides end-to-end services across various sectors including advanced manufacturing, energy, environmental, life sciences, transportation, and water [2] Upcoming Earnings Release - Jacobs plans to release its fiscal third quarter 2025 earnings results before market open on August 5, 2025 [1] - A conference call will be held at 10:00 a.m. ET on the same day, where management will present the company's results and operating trends [1] Communication Channels - The company utilizes various channels to comply with disclosure obligations, including press releases, SEC filings, public conference calls, and its website [3] - Investors are encouraged to monitor these channels for material disclosures [3]

Core Viewpoint - Jacobs, in partnership with AtkinsRéalis, has been awarded a contract by England's National Highways to provide engineering and technical services under a new framework valued at up to $680 million (£495 million) over six years, aimed at enhancing road infrastructure and sustainability [1][3][4]. Group 1: Framework Details - The new Specialist Professional and Technical Services Framework (SPaTS3) builds on previous frameworks, allowing National Highways to access advanced technical and engineering capabilities to support England's Roads Investment Strategy [2][3]. - The framework includes six suppliers, with Jacobs and AtkinsRéalis being a key joint venture, providing services such as strategic transport planning, transport modeling, engineering, and sustainability [3][4]. Group 2: Strategic Importance - Jacobs emphasizes that resilient, low-carbon road infrastructure is essential for England's long-term economic growth and community connectivity [4]. - The joint venture aims to leverage its extensive experience and supply chain to drive innovation and efficiency in road infrastructure projects [4]. Group 3: Innovation and Sustainability - Jacobs and AtkinsRéalis have a history of successful collaboration through previous SPaTS frameworks, focusing on innovative solutions like the "Structures Moonshot" project for bridge monitoring and trials of graphene-enhanced asphalt [4][5]. - The joint venture is also recognized for its commitment to carbon management in infrastructure, having achieved PAS 2080:2023 verification [5].

RESTON, Va., July 14, 2025 (GLOBE NEWSWIRE) -- Bowman Consulting Group Ltd. (NASDAQ: BWMN), a national engineering services and project management firm, today announced the launch of a $25 million innovation investment initiative designed to accelerate organic growth and expand margins by scaling technology-enabled services. The Bowman Innovative Growth Fund ("the BIG Fund" or the "Fund") will invest in technologies that expand Bowman's digital service offerings, strengthen core operations and enhance finan ...