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AECOM 2025Investor Day THE TRUSTED INFRASTRUCTURE PARTNER TO LOS ANGELESUnited StatesWith decades of experience in the Los Angeles market, AECOM has been engaged to lead the development of the city’s most iconic infrastructure projects, most recently highlighted by the Company’s selection as the Official Venue Infrastructure Partner for the LA28 Olympic and Paralympic Games.
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Forward-Looking Statements All statements in this communication other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements of the plans, strategies and objectives for future operations, profitability, strategic value creation, capital allocation strategy including stock repurchases, risk profile and investment strategies, and any statements regarding future economic conditions or performance, and the expected financial and operational results of AECOM. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, but are not limited to, the following: our business is cyclical and vulnerable to economic downturns and client spending reductions; government shutdowns or other funding circumstances that cause governmental agencies to modify, curtail or terminate our contracts; losses under fixed-price contracts; limited control over operations that run through our joint venture entities; liability for misconduct by our employees or consultants; failure to comply with laws or regulations applicable to our business; maintaining adequate surety and financial capacity; potential high leverage and inability to service our debt and guarantees; our capital allocation strategy, including ability to continue payment of dividends; exposure to political and economic risks in different countries, including tariffs, geopolitical events, and conflicts; currency exchange rate and interest fluctuations; retaining and recruiting key technical and management personnel; legal claims; inadequate insurance coverage; environmental law compliance and adequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog; partners and third parties who may fail to satisfy their legal obligations; managing pension costs; AECOM Capital real estate development projects; cybersecurity issues, IT outages and data privacy; risks associated with the benefits and costs of the sale of our Management Services and self-perform at-risk civil infrastructure, power construction and oil and gas businesses, including the risk that any purchase adjustments from those transactions could be unfavorable and result in any future proceeds owed to us as part of the transactions could be lower than we expect; risks associated with strategic initiatives, including AI investments and potential acquisitions and divestitures; as well as other additional risks and factors that could cause actual results to differ materially from our forward-looking statements set forth in our reports filed with the Securities and Exchange Commission. Any forward-looking statements are made as of the date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement. Non-GAAP Financial Information This communication contains financial information calculated other than in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company believes that non-GAAP financial measures such as adjusted EPS, adjusted EBITDA, adjusted EBITDA margin, adjusted net/operating income, segment adjusted operating margin, adjusted tax rate, net service revenue and free cash flow provide a meaningful perspective on its business results as the Company utilizes this information to evaluate and manage the business. We use adjusted operating income, adjusted net income, adjusted EBITDA, adjusted EBITDA margin, and adjusted EPS to exclude the impact of certain items, such as amortization expense and taxes to aid investors in better understanding our core performance results. We use free cash flow to present the cash generated from operations after capital expenditures to maintain our business. We present net service revenue (NSR) to exclude pass-through subcontractor costs from revenue to provide investors with a better understanding of our operational performance. We present segment adjusted operating margin to reflect segment operating performance of our Americas and International segments, excluding AECOM Capital.We present adjusted tax rate to reflect the tax rate on adjusted earnings. We also use constant-currency growth rates where appropriate, which are calculated by conforming the current period results to the comparable period exchange rates.Our non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for financial information determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies. A reconciliation of these non-GAAP measures is found in the Regulation G Information tables at the back of this communication. The Company is unable to reconcile certain of its non-GAAP financial guidance and long-term financial targets due to uncertainties in these non-operating items as well as other adjustments to net income.The Company is unable to provide a reconciliation of its guidance for NSR to GAAP revenue because it is unable to predict with reasonable certainty its pass-through revenue. In addition, the Company is unable to provide a reconciliation of its guidance for financial metrics excluding the Construction Management business due to uncertainties in these non-operating items as well as other adjustments to these measures. Disclosures Page 2
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Today’s Agenda Page 3 Troy RuddChief Executive Officer•Creating an industry leader that delivers for clients •Consistently exceeding expectations•Capitalizing on strengths: extending competitive advantage with Advisory and AI•Increasing margin and EPS growth expectations Lara PoloniPresident •Delivering on our clients’ top priorities •Winning through competitive advantage •Fostering a talent-focused and professional development-oriented culture Gaurav KapoorChief Financial & Operations Officer •Detailing our operating leverage expansion opportunity •Leveraging proprietary AI solutions and Advisory to create a new paradigm for delivery and value creation •Raising the floor and ceiling on margins•Compounding advantages through returns-based capital allocation
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Troy RuddChief Executive Officer Intuit DomeLos Angeles, CA
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Key Messages Page 5 1Consistently outperforming strategic and financial priorities FY’25 Highlights: •Exceeded previouslyincreased earnings guidance mid-points•Delivered on long-term 17%+ margin guidance five-quarters early (Q3'25)•Exited the year with a record backlog1, pipeline and win ratesFY'20-FY'25 Highlights:•NSR2 growth accelerated •Consistent industry-leading margins•20% adj.3 EPS CAGR since FY’20•Returns-based capital allocationcompounded our advantages 2Delivering AI-driven outcomes that address our clients’ biggest objectives •Created a platform for materially more valuable client outcomes•Raising our expectation to drive efficiencies and capacity driven by significant AI breakthroughs •Built a team of 200+ AI PhDs and advanced degrees in machine learning, math, physics, computer and data sciences •Scalable approach to enable rapid development and deployment •Capitalizing on our technical expertise, trusted client relationships, and data to advance our advantage 3Expanding our influence through Advisory services•Elevating our role with clients and expand our influence•Expect to double our Advisory business within three years •Further leveraging our technical leadership and strong client relationships to win against incumbents •Doubling down on our culture of excellence through technical and leadership development investments 4A new paradigm for operating leverage: increasing margin and EPS growth targets•Setting a new aspiration for margin expansion and EPS growth well above our prior long-term algorithm •Rapidly expanding operating leverage opportunity from AECOM AI and Advisory growth •Pace of AI advancement compounds the advantage over time •Portfolio evaluation identified additional opportunities to sharpen focus and capitalize on the opportunity
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Fortune’s World’s Most Admired Companiesof the industry’s best technical experts Share of profitfrom our 6 keygeographiesTotal Design Backlog (Record) $23B51K 90%11th YR Who We AreWe are the trusted global infrastructure leader.Across the globe, we partner with our clients in the public and private sectors to solve their most complex challenges and pioneer innovative solutions. 20212025Overall Design#2→#1Water#2→#1Transportation#1→#1Environment#1→#1Facilities#1→#1Program Management#5→#3Page 6 All-Time High Win Rate in FY’25 50%+Win Rate on Our Largest Pursuits in FY’2580% Our Strategy Has Resulted in Market Leadership
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We Have Built a Consistent Track Record of Outperformance Page 7 •Restructured the organization to strengthen decision making and sharpen our focus•Instilled a culture of winning what matters built on global collaboration•Expanded utilization of enterprise capability and shared service centers Operational Initiatives Returns-Based Capital Allocation •Repurchased $2.6 billion of stock at a 20%+ IRR since September 2020•Increased our per share dividend 20% annually, including 19% increase announced today•Executed niche M&A to expand competitive advantage and compound strengths •Strong balance sheet bpsAnnual Segment Adj.3 Operating Margin4 Expansion (FY’20– FY’25) Adj.3 EPS CAGR (FY’20– FY’25) Exceeded Our 17% Margin Target in Q3’25 and Q4’25 •Exited lower-returning non-core businesses, markets and countries•Focused on the highest-returning and fastest-growing markets•Expanded addressable market withProgram Management and Advisory Portfolio Transformation Growth TargetsFY’23 – FY’25Dec. 2023 Long-Term Financial Framework Annual Organic NSR2 Growth+7%5 – 8%Annual Margin Improvement+90 bps20-30+ bpsAnnual Adj.3 EPS Growth+19%Double-digitgrowth
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Our Vision for AECOM: The Global Infrastructure Leader Page 8 Elevating our role with clients, extending our competitive advantage and creating value for our stakeholdersTo be the global infrastructure leader, providing high-value advisory, program management and technical consulting solutions to our clients Vision Outcome•Holistically meeting our clients’ objectives, built on our industry-leading technical expertise•Expanding our influence with clients •Transforming the value we deliver through AI Strategy Program Management Design & Technical Consulting Advisory Advisory Design & Technical Consulting Program Management
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Expanding Our Addressable Market on the Highest-Value Project Elements ~35% ~65% TodayAECOM’s Advisory, Program Management Engineering and Design Traditional Lump Sum Construction / Procurement Model Higher MarginLower Risküü Lower MarginHigher Risk Illustrative Project Opportunity ~65% 2020 25% 55% 2020 ProfitOpportunityProfit Opportunity Today ~15% ~20% AECOM’s expanded addressable share of project profit opportunity We have doubled our addressable profit opportunity and strengthened client relationships by deepening our engagements Page 9 Benefits of Our Strategy: Expands our addressable share of the highest value elements of our market Results in record win rates as our client value proposition is expanded Advances our focus on the highest returning and lowest risk components of delivery
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Record Infrastructure Investment Underpins Our Confidence in Growth Global Investments in Infrastructure Sustainability and Resilience UnprecedentedEnergy Demand Global Demand for Infrastructure Investment by 2040 Global Infrastructure Investment Needed by 2050 for Sustainability and Resilience Increase in Global Energy Demand by 2050 Page 10 We are ideally suited to capitalize on these long-term megatrends and deliver sustained profitable growth Long-Term Market GrowthAddressable Market Expansion through Program Management and AdvisoryMarket Share Gains from Competitive Advantage 2 – 3%2 – 3% 1 – 2% AECOM’s Long-Term Organic NSR Growth Expectations Long-Term Organic NSR CAGR Forecast Growth Expectations Supported by Our Record Pipeline, Wins and Backlog1 Record Design Backlog1 (as of Q4’25)Sustained Record High Enterprise-Wide Win RatesTotal Design Pipeline Growth to a Record High
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With the launch of our Think and Act Globally strategy five years ago, we made significant investments in technology to revolutionize the value we deliver to clients.As a result, we are poised to lead our industry’s AI transformation – in ways that traditional peers, traditional technology firms and new entrants cannot. Page 11
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We Are Built to Lead the AI Transformation Page 12 Our AI strategy is built on advantages unique to AECOM AECOM has several key attributes that create a distinct advantage in leading our industry: Deep domain expertiseTrusted client relationshipsSubstantial capacity to investUnrivaled AI Number of Professionals with PhDs and Advanced Degrees Assembled on Our AI Team
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Faster and More Informed Decision Making Enhanced Productivity Faster, More Certain Timelines and Budgets Reduced Materials Our Industry Is Poised to Be Disrupted by AI Page 13 AECOM’s AI Solutions Client Focus Areas:AECOM AI Benefits: 2 Materially Reduce the Cost of Infrastructure Dramatically Accelerate the Delivery of Design1
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Our Roadmap and Process: Built to Compound Our Advantages Our AI Development ProcessAssemble teams from our professionals with PhDs and advanced degrees in AI, machine learning, mathematics, physics, data and computer sciencesLeverage technical and domain expertise to create unrivaled AI solutionsLeverage proprietary and synthetic data to expand the boundaries of what’s possibleDeploy on projects and deliver measurable value to clients and employees Create a more valuable AECOM that is our clients’ partner of choice on their projects AECOM’s AI Will Positively Impact All Parts of Our Business Facilities Environ-ment Water Transport-ation Program Mgmt / Advisory Business Support Functions Example Markets Where AI Deployment Is Being PrioritizedData Centers and Power Infra-structure AI AgentsWater and Waste-water Treatment Bridges, Rail and TransitTransaction Advisory and Due Diligence HR, Legal and Finance Functions Page 14 Operating Leverage Potential as Labor Becomes a Scalable CostReduction in Project Materials
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We Have Built the Foundation to Accelerate Operating Leverage Target set at December 2023 Investor Day: Page 15 Today – Opportunity to Deliver Up to Six Times the Efficiency: Deployed our own proprietary LLM tool, Oscar, years ahead of the competition Acquired a complementary AI capability and built a team of 200+ professionals with PhDs and advanced degrees in AI, machine learning, mathematics, physics, data sciences and computer sciences We have built a highly-repeatable approach over the last two years to develop and deploy AI at scale, which gives us an enduring competitive advantage. Launched Our Think and Act Globally Strategy:Focused on Transforming How We Work and delivering value Have deployed advanced math-based AI solutions on hundreds of engineering projects Target for Hours Being Scaled Utilizing AI to Extend Value of Our Intellectual Capital and Expertise Old Target to Automate Hours
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AECOM AI: The New Era of Infrastructure Delivery Starts Now Page 16
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Increasing Our Financial Targets through FY’29 Page 17 (Excluding Construction Management; Growth rates are based on the mid-point of FY’26 guidance as a starting point, where appropriate)FY’26 – FY’29 Targets Organic NSR2 Growth CAGR+5 – 8%Segment Adj.3 Operating4 / Adj. EBITDA Margin5 20%+(Exit rate by FY’28) Adj.3 EPS and Free Cash Flow6 per Share Growth CAGR15%+(does not include prospective capital allocation benefits) Free Cash Flow Conversion6 100%+(Cumulative FY’26-FY’29) Annual Per Share Dividend GrowthDouble-Digit Increases AECOM’ s Key AdvantagesRanked number one in each of our key end markets, built on our unrivaled technical capabilities and trusted client relationshipsA culture built on winning and competitive advantage that has resulted in record pipeline, win rates and backlogIndustry-leading profitability, built on our ongoing investments to accelerate growth and operating leverageDisciplined returns-based capital allocation, built on our track record of consistently strong free cash flow conversion 200100 375 20202029E AECOM earnings are expected to nearly double the S&P 500 AECOM – 16% CAGR S&P 500 (median) – 8% CAGR Illustrative Earnings Growth (indexed to 100)
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Lara PoloniPresident Logan AirportBoston, MA
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Expanding Our Influence through Advisory Services Page 19 Expertise-Driven Management Consulting We are built to win due to our technical expertise, and deep client trust and relationships Design & Technical ConsultingOur unrivaled technical expertise is a key advantage in designing and executing the world’s most complex infrastructure needs Program ManagementOur world-class program management service is increasingly valuable when combined with our global scale, advisory capabilities, and our technical expertise Key Advantages to AECOM: Why AECOM Advisory:•Natural extension of our deep technical expertise backed by #1 ENR rankings•Building out Advisory at a time when our clients need it the most – as project size and complexity continue to increase •Competitively differentiated from traditional advisory and consulting firms that at best feature one technical expert on their teams C-Suite level client engagement – elevates our work directly with decision makers Higher billable rates, margins and profitability Expands client engagement and broadens opportunitiesto partner with them MCTETETETE TEMCTechnical ExpertManagement ConsultantKEY:The ‘1+4’ model
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Advisory Services – Now More than Ever Essential to Client Outcomes Page 20 Delivering Value Extending Every Dollar of Available FundingDriving More Informed Decision MakingFaster, More Certain Timelines and BudgetsDelivering Projects More SustainablyCreating an Attractive Framework for Private Investment Advisory leverages our competitive advantages and expands our influence against a backdrop of rising demand and project complexity. Long-Term Demand Drivers •Substantial funding in the U.S. and Canada remains intact, including the IIJA that remains only 41% spent in our primary end markets •The U.K.’s 10 Year Infrastructure Strategy committed £725 billion across water, transportation and energy•AMP8 activity is beginning to accelerate, as well as underway planning for AMP9, providing for several years of visibility•Investments in AI and data centers are poised to provide for substantial infrastructure growth opportunities•Middle East clients continue to shift immediate priorities towards market diversification, and to World Cup and World Expo-related projects Advisory services are increasingly vital, providing clients with the guidance they need to navigate market conditions effectively.
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Advisory Is Positioned to Accelerate Growth Across the Enterprise •Over the past year, we have launched our higher-margin and faster-growing Advisory organic growth platform•We have built a team of leaders that is rapidly growing our Advisory capability roles•We are pursuing white space growth opportunities while building on domain expertise and client relationship moat Page 21 Baseline NSR~$200 millionFY’25 – FY’282x GrowthLong-Term NSR Goal$1 billion Business Mix Driving growth across our business lines through infrastructure-led advisory Facilities Transportation Environment •Environmental Consulting•Sustainability / Resilience•Climate Resilience•Environment and Disaster Response •Digital Consulting•Complex Delivery•Business Operations•Sustainable Transportation •Asset Resilience •Dam Safety and Compliance•Digital Water•Asset Advisory•Water Supply Management Water •Building Technology Solutions•Asset Advisory•Urban Analytics•Low Carbon and Sustainable BuildingsDesign Program ManagementAdvisory TodayDesign Program Management Advisory Future
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Game-Changing TalentContinue to recruit senior leaders elevating our leadership and expanding into new markets like Advisory Leadership and Technical DevelopmentContinued investment in Leadership at All Levels, professional development and TechEx learning programs Elevate Technical ExcellenceContinue our Think and Act Globally strategy to elevate and promote industry leading technical ability starting with our AECOM Fellows Strengthening Our Talent and Capabilities Page 22 Resulting In:Future-Ready WorkforceImproved RetentionRecord High Employee SatisfactionAll-time High Win Rates and Backlog
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Gaurav KapoorChief Financial & Operations Officer Transbay Salesforce Transit CenterSan Francisco , CA
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AI and Advisory: Unlocking Value Across the BusinessOur AI capabilities and Advisory business enhance the visibility of our growth advantage Opportunity to capture more valueWith the competitive advantage created by AECOM’s strategy, we are focused on driving pricing to capture value and utilizing commercial models that allow us to realize the benefits of our approach. Capture market share in a still highly fragmented marketWe see substantial opportunities to gain market share in a fragmented industry where 70% of the revenue opportunity is currently held by firms outside of the top 10. A new paradigm for operating leverage With AECOM AI and Advisory, we can begin to scale our variable costs in new ways that raise the margin potential and capacity of the organization. Attract the best talentOur AECOM AI and Advisory capabilities will empower our professionals to be even more valuable for clients and attract the best resources in our industry and beyond. AI & Advisory-Driven Outcomes Page 24
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A New Paradigm for Driving Operating Leverage Page 25 ~1%Hours Being Scaled Today 30%+Hours Being Scaled Long-Term Future Time → Efficiency Opportunity → Traditional Labor-Based Scalable Cost BaseHistorically, only our non-labor costs were effectively scalable as we delivered each dollar of additional revenue Enable Scaling of the Entire Cost BaseNow we have the opportunity to scale all of our intellectual property as we deliver more volume, providing delivery efficiencies that will allow us to:•Raise the ceiling on margin potential•Reinvest in our technical expertise to extend our advantage ~10%+Hours Being Scaled FY’29E For every 5% of AI efficiencies we deliver, we expect to deliver 100 bps of margin, equivalent to 50 cents of earnings per share Cost Base
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Key Pillars Underpinning Our Industry-Leading Margin Expansion Page 26 16.6% 20.0%+~50%~25%~25% FY'26E Margin,excluding ConstructionManagementAI-Driven OperatingLeverageGrowth and MarketShareContinuousImprovementFY'28E Margin Exit Rate TTM Peer7Average: 15.1% FY’28E Prior Forecast: 17.4%* •AI-Driven Operating Leverage: capturing the value of our AI capabilities with clients, as well as deploying AI across key overhead functions•Growth and Market Share: Leveraging our Program Management and Advisory capabilities to drive continued high win rates, further expand our addressable market and gain market share•Continuous Improvement: Continue investing in operational efficiencies and work sharing, including increasing our utilization of enterprise capability centers from ~8% in FY’25 to 15% over the long-term* Assumes 30 basis points of annual margin expansion as included in our long-term financial framework. We are confident in further expanding our margins well beyond the competition
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Focusing Time and Capital on Our Fastest-Growing, Highest-Returning Opportunities Page 27 Further Advancing Our Vision to Be the Global Infrastructure Leader üAccretive to long-term EPS and accelerates the margin expansion opportunityüCreates a simpler business to value and model üPositions the Construction Management team for long-term success with new growth opportunities üBeginning with Q1’26 results, we expect the Construction Management business to be classified as held for sale on the balance sheet and reported as discontinued operations Expected Outcomes: Key Drivers of Decision to Evaluate Strategic Alternatives:•The substantial growth and margin expansion opportunity present in our core Professional Services markets•Executed on core objective of diversifying the backlog and pipeline to create a more valuable business•AI deployment to most greatly benefit engineering capabilities We are evaluating strategic alternatives for the Construction Management business, including a possible sale.
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Returns-Focused Capital Allocation Policy Is a Key Element of Value Creation Organic Growth Investments Share Repurchases Dividend Program •Our organic growth investments have generated 40%+ ROIC, reflecting successful execution of strategic initiatives.•Strong free cash flow supports transformational investments, including AI. •Repurchased nearly $2.6 billion in stock since September 2020.•Continue to buy back shares and increase earnings per share at an industry-leading rate. •Returned more than $440 million in dividends since initiation of program in 2021.•Continue to invest in dividend program and industry-leading returns to shareholders, including 19% increase to quarterly dividend announced today. Niche M&A•Executed several transactions over the last several years that extend our competitive advantage.•Continue to evaluate and target niche M&A opportunities that accelerate growth in faster-growing markets with high-quality clients. Page 28 Total Capital Allocated to Drive Industry - Leading Performance Total Free Cash Flow 6 (FY’20 – FY’25) $2.6B Stock Repurchases Industry-Leading Shareholder Returns $443M Dividends $232M Cash Allocated to M&A
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Record FY’25 Results Continue Our Track Record of Outperformance Page 29 1Accelerating Growth2Outperformed Margin Guidance3Record Adj. EPS4Unprecedented VisibilityDelivered 6% growth for the full year, highlighted by 9% growth in the Americas in the fourth quarter Generated a 17.1% margin in H2’25; exceeded both prior long-term guidance more than a year ahead of prior expectations and our initial FY’25 guidance by 40 bps Record operating performance and disciplined capital allocation enhanced EPS growth and value creation Driven by all-time high win rates in FY’25, backlog1 grew by 4% to a new record high; when combined with a record pipeline of opportunities, long-term visibility remains strong Net Service Revenue2 (millions)Segment Adjusted3 Operating Margin4 Adjusted3 EPS 15.8% 16.5% FY24FY25 +70 bps $4.52 $5.26 FY24FY25 +16% $7,165 $7,573 FY24FY25 +6% Total Backlog1 (billions) $23.9$24.8 FY' 24FY' 25 +4%
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Enterprise-Wide Guidance(including Construction Management) •Initiated guidance for another strong year•Does not include any benefit from potential capital allocation decisions•Construction Management is expected to be classified as held for sale and reported in discontinued operations beginning in Q1’26 Continuing Operations Guidance(excluding Construction Management) •Reflecting continuing operations, excluding Construction Management, we expect to deliver even stronger NSR1 growth, and margin and earnings performance•Other assumptions incorporated into guidance: –G&A: ~$155 million –Depreciation: ~$160 million–NCI: ~$30 million–Adj. tax rate: ~22 – 23%–Share count: ~133 million•Expect first quarter results to approximate:–NSR2 of $1.7 – $1.75 billion –Adj.3 EBITDA8 and EPS of ~22% of FY guidance–Adj.3 tax rate of 20%–Adj.3 net interest of ~$35 million and NCI of ~$7 million FY’26 Guidance: Expectations for Continued Strong PerformanceFY’26 GuidanceYoY ChangeAdj.3 EBITDA8 $1,265 - $1,305 million+7%Adj.3 EPS$5.65 – $5.85+9% FY’26 GuidanceYoY ChangeNet Service Revenue2$7.2 – $7.4 billion6 – 8%*Segment Adj.2 Op. Margin4 16.6%Adj.3 EBITDA Margin5 16.8%Adj.3 EBITDA8 $1,180 - $1,220 millionAdj.3 EPS$5.15 – $5.35 Page 30 * NSR1 growth rate is presented on a constant-currency, organic basis and excludes the headwind from fewer working days in fiscal 2026 as compared to the prior year. The dollars presented for NSR reflect actual performance.
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(Excluding Construction Management; Growth rates are based on the mid-point of FY’26 guidance as a starting point, where appropriate)FY’26 – FY’29 Targets Organic NSR2 Growth CAGR+5 – 8%Segment Adj.3 Operating4 / Adj. EBITDA Margin5 20%+(Exit rate by FY’28) Adj.3 EPS and Free Cash Flow6 per Share Growth CAGR15%+(does not include prospective capital allocation benefits) Free Cash Flow Conversion6 100%+(Cumulative FY’26-FY’29) Annual Per Share Dividend GrowthDouble-Digit Increases We Are Well Positioned to Create Substantial Value Page 31 Key Investment Attributes: Consistently outperforming our strategic and financial priorities Capitalizing on strong long-term demand from secular megatrends as the industry leader Expanding addressable market through investments in Program Management and Advisory Extending competitive advantage and operating leverage through AI and Advisory Delivering on our clients’ priorities by accelerating project delivery and maximizing available funding Compounding value for shareholders through returns-based capital allocation policy
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Appendix Frederick Douglass Memorial BridgeWashington, DC
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Footnotes Page 33 1 Backlog represents the total value of work for which AECOM has been selected that is expected to be completed by consolidated subsidiaries and includes the proportionate share of work expected to be performed by unconsolidated joint ventures. 2 Revenue, less pass-through revenue; growth rates are presented on a constant-currency basis.3 Excludes the impact of certain items, such as restructuring costs, amortization of intangible assets, non-core AECOM Capital and other items. See Regulation G Information for a reconciliation of non-GAAP measures to the comparable GAAP measures.4 Reflects segment operating performance, excluding AECOM Capital and G&A, and margins are presented on a net service revenue basis.5 Adjusted EBITDA margin includes non-controlling interests in EBITDA and is on a net service revenue basis.6 Free cash flow is defined as cash flow from operations less capital expenditures, net of proceeds from disposals of property and equipment; free cash flow conversion is defined as free cash flow divided by adjusted net income attributable to AECOM.7 Peers consist of Jacobs, Tetra Tech, Stantec and WSP.8 Net income before interest expense, tax expense, depreciation and amortization.
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58%42%49%27% 17%7% As a Professional Services Business, AECOM Is Poised to Thrive Attractive Exposure to Key End MarketsBalanced Geographic ExposureDiverse Funding SourcesDeep Technical ExpertiseLower-Risk Business ModelU.S.Europe, Middle East & IndiaAsia PacificCanada Cost-Plus DesignFixed-Price Design EngineersProgram Managers / Project ManagersConsultants / PlannersScientistsDesign, Digital & Other Page 34 Water TransportationFacilitiesEnvironment & Energy Non-U.S. GovernmentsState & Local GovernmentsFederal U.S. GovernmentPrivate Sector 26% 41% 23%10% 35% 31%9% 25% Focused on our core higher-returning and lower-risk businessesLeader in all key end markets and ideally positioned to advise clients across the lifecycle of their investments through expanding Advisory and Program Management capabilitiesStrengthened balance sheet and returning capital to shareholdersCapitalizing on market leading positions, record backlog and ongoing continuous improvement initiatives to drive long-term profitable growth 43% 14%13%10%20% All financial information is presented as a percentage of FY’25 Net Service Revenue2 (excluding Construction Management)
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Regulation G Information Page 35 FY2026 GAAP EPS Guidance based on Adjusted EPS Guidance (All figures approximate. Includes Construction Management) Fiscal Year End 2026 GAAP EPS guidance $4.01 to $4.84 Adjusted EPS excludes: Amortization of intangible assets $0.56 to $0.14 Amortization of deferred financing fees $0.04 Restructuring and acquisition costs $1.50 to $1.13 Tax effect of the above items ($0.46) to ($0.30) Adjusted EPS guidance $5.65 to $5.85 FY2026 GAAP Net Income from Continuing Operations Guidance based on Adjusted EBITDA Guidance (In millions. All figures approximate. Includes Construction Management) Fiscal Year End 2026 GAAP net income from continuing operations guidance $599 to $710 Net income attributable to noncontrolling interest from continuing operations ($65) Net income attributable to AECOM from continuing operations $534 to $645 Adjusted net income attributable to AECOM from continuing operations excludes: Amortization of intangible assets $75 to $19 Amortization of deferred financing fees $5 Restructuring and acquisition costs $200 to $150 Tax effect of the above items ($61) to ($39) Adjusted net income attributable to AECOM from continuing operations $753 to $780 Adjusted EBITDA excludes: Depreciation $165 Adjusted interest expense, net $135 Tax expense, including tax effect of above items $212 to $225 Adjusted EBITDA guidance $1,265 to $1,305
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Regulation G Information Page 36