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Third Quarter Fiscal 2025NETWORK RAIL, SOUTHERN REGIONUnited KingdomAECOM was appointed as an ecosystem delivery partner for VolkerRail as part of the Southern Renewals Enterprise for Network Rail’s Southern Region, designing major track improvements for England’s busiest passenger railway corridors.
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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; potential government shutdowns, changes in administration or other funding directives and circumstances that may 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; changes in government laws, regulations and policies, including 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; ability to continue payment of dividends; exposure to political and economic risks in different countries, including tariffs and trade policies, geopolitical events, and conflicts; inflation, currency exchange rates and interest rate fluctuations; changes in capital markets and stock market volatility; retaining and recruiting key technical and management personnel; legal claims and litigation; 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; 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 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 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. Disclosures Page 2
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Today’s Participants Troy RuddLara PoloniGaurav KapoorChairman & Chief Executive OfficerPresidentChief Financial & Operations Officer Page 3
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Outperforming on All Key Financial Metrics Page 4 1Accelerating Growth2Outperformed Margin Targets3Record Profitability4Unprecedented VisibilityDriven by 8% growth in the Americas, our largest and most profitable segmentExceeded our 17% target more than a year ahead of our prior expectationsDelivered 10% adjusted2 EBITDA4 growth and 16% EPS growthRecord backlog, driven by the 19th consecutive quarter with a book-to-burn5 in excess of 1.0x, as well as a record pipeline $23,362 $24,588 Q3'24Q3'25 +5% $1.16 $1.34 Q3'24Q3'25 +16% 16.3% 17.1% Q3'24Q3'25 +90 bps $1,826 $1,938 Q3'24Q3'25 +6% Net Service Revenue1 (millions)Segment Adjusted2 Operating Margin3 Adjusted2 EPS Total Backlog6 (millions)
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Increased Fiscal 2025 Guidance for a Third-Consecutive Quarter Page 5 •Increased guidance for a third consecutive quarter, reflecting YTD outperformance and strong visibility‒19th consecutive quarter with a book-to-burn5 ratio in excess of 1.0x‒Record design backlog‒Record pipeline further extends visibility•Continue to expect fiscal 2025 to be a record year for all key financial metrics•Secular megatrends remain firmly intact Original FY’25 GuidanceNew FY’25 GuidanceYoY ChangeNet Service Revenue1 Growth5 – 8%5 – 8%--Segment Adj.2 Operating Margin316.1%16.5%+70 bpsAdj. EBITDA Margin7 16.3%16.7%+70 bpsAdj.2 EBITDA4$1,170 – $1,210 million$1,190 – $1,210 million+10%Adj.2 EPS$5.00 – $5.20$5.20 – $5.30+16%Free Cash Flow8 Conversion100%+100%+--Assumptions incorporated into guidance:•An average fully diluted share count of 133 million, which reflects shares repurchased to-date.•An adjusted effective tax rate of approximately 24%.
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1Delivering on Organic Growth Investments•Industry-leading margins exceeded 17% target.•Led by record investments in business development, leading technical expertise, and project delivery efficiencies.•Achieved double-digit NSR growth in Advisory. 2Winning What Matters at Record Rates•Sustained record-high enterprise win rate.•Won nearly 90% of largest program management pursuits this year.•#1 ranking in the mass transit, highways, bridges and remediation markets reaffirmed by ENR. 3Returning More Value to Shareholders •Returned nearly $240 million to shareholders in fiscal 2025 to date.•Returned $2.7 billion to shareholders since initiation of share repurchases in September 2020. 12.3%13.8%14.2%14.7%15.8%16.5% FY' 20FY' 21FY' 22FY' 23FY' 24FY' 25E Strategic Accomplishments Page 6 $2.09$2.81$3.40$3.71$4.52$5.25 FY' 20FY' 21FY' 22FY' 23FY' 24FY' 25E +420 bps Segment Adjusted2 Operating Margin3 +20% CAGR Adjusted2 EPS Win Rate on Largest Pursuits 80%+
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Unprecedented Visibility Afforded by Secular Demand Drivers Long-term market trends are strong in our largest markets that account for 90%+ of our profit Global Infrastructure Investment Increasing Energy Demand 1 3 Sustainability & Resilience Investments2 Page 7 Long-Term Secular MegatrendsU.S. & Canada•Passage of One Big Beautiful Bill and One Canadian Economy Act strengthens commitments to infrastructure. •With only 36% of IIJA funding in our primary end markets spent, substantial visibility remains for the next several years. U.K. & Ireland•New 10 Year Infrastructure Strategy commits £725 billion across water, transportation and energy.•AMP8 is accelerating activity in the water market with years of visibility. Middle East•Revenue increased, driven by continued strong infrastructure investment and strong growth in the UAE.•Contracted backlog up double-digits, strengthening visibility. Australia / New Zealand•Long-term demand remains strong but currently have near-term budgetary constraints and slower-burn projects.•Larger water programs are ramping up, and transportation in New Zealand is picking up.
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Capital Allocation Update Page 8 Net Leverage9 Diluted Shares Outstanding 0.8x 0.6x Q3'24 Q3'25 161M 133M FY' 20FY' 25E Delivered strong cash flow•Year-to-date free cash flow8 increased 27% over the prior year.•Continue to expect to convert 100% of adjusted net income to free cash flow8 in FY’25.Maintained strong balance sheet•Net leverage9 of 0.6x and no maturities until 2029.•Refinanced $1 billion bond at historically-attractive rates, extending maturity to 2033.Executing our returns-based capital allocation program•We evaluate all uses of capital based on expected returns as we continue to deliver an industry-leading return on invested capital.
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Annual Organic NSR1 Growth Annual Segment Adj.2 Operating Margin3 and Adj.2 EBITDA Margin7 Expansion Annual Adj.2 EPS and Free Cash Flow8 per Share Annual Free Cash Flow8 Conversion of Adj. Net Income Annual Per Share Dividend Growth Our Model for Compounding Long-Term Value Page 9 On track to meet and exceed our annual framework for value creation
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Performance Update
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Q3’25 Financial Performance by SegmentAmericas SegmentInternational Segment•Delivering Growth: NSR1 increased 8%.•Margin Expansion: Adj.2 operating margin increased 120 bps to 20.5%, a third quarter record.•Winning What Matters: Backlog6 is at an all-time high and grew 4% in the quarter. •Delivering Growth: NSR1 increased 3%.•Margin Expansion: Adj.2 operating margin increased 20 bps to 11.9%.•Winning What Matters: Backlog6 is at an all-time high and grew 8% in the quarter. NSR1 GrowthAdj.2 Operating MarginNSR1 GrowthAdj.2 Operating Margin Q3’25Q3’24Q3’25Q3’24 Q3’25Q3’24 Page 11 Q3’25Q3’24 8%8% 20.5%19.3% 3%7% 11.9%11.7%
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$6.1$6.3$6.3$6.4$6.4$6.0$6.4$6.4$6.5$6.6 $16.9$16.9$16.9$17.0$17.4$17.4$17.4$17.5$17.8$18.0 $23.0$23.2$23.2$23.3$23.8$23.4$23.9$23.9$24.3$24.6 Q2'23Q3'23Q4'23Q1'24Q2'24Q3'24Q4'24Q1'25Q2'25Q3'25InternationalAmericas Historical Backlog and Book-to-Burn Performance Page 12 Enterprise Book-to-Burn5 1.4x1.1x1.0x1.0x1.2x1.0x1.1x1.1x1.1x1.0x Enterprise TTM Book-to-Burn5 Americas Book-to-Burn1.4x0.9x1.1x1.0x1.3x1.1x1.0x1.1x1.2x1.0xInternational Book-to-Burn1.4x1.3x1.0x1.0x1.1x0.7x1.2x1.2x1.1x1.0x Backlog6 (in billions) 1.2x1.1x1.1x1.1x1.1x1.1x1.1x1.1x
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12.5x 15.8x ACMPeers We Are Outperforming Our SectorLEADING PROFITABILITY VS. PEERS SUBSTANTIAL VALUATION GAP Page 13Note: Some peer data may not match public reporting due to estimates and calculations used in the analysis to create comparability. Peer valuations determined based on analyst consensus.Generating superior profitability and returns, while trading at a substantial discount EV / Adj. EBITDA4 (FY’26E) as of July 31, 2025 10 14.7%15.0%15.1%15.4%15.8%15.9%16.1%16.3% FY'23Q1'24 TTMQ2'24 TTMQ3'24 TTMFY'24Q1'25 TTMQ2'25 TTMQ3'25 TTMSegment Adjusted2 Operating Margin3 (on Net Service Revenue1) Peer Avg10: 14.5%
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Margin Reconciliation Bridge Page 14 Q3’25Net Service Revenue (NSR)$1,937.5Segment AOI$331.6Adjusted EBITDA $312.8NCI net of NCI Interest Income$27.9Adj. EBITDA Incl. NCI$340.7Segment AOI Margin17.1%Adj. EBITDA Incl. NCI / NSR Margin17.6% FY'25EIncome from Operations as a % of Revenue6.8%Pass-through revenues8.8%Corporate net expenses1.0%Segment Adjusted Operating Income as a % of Net Service Revenue16.5%Depreciation2.2%Corporate net expenses(2.0%)Other income0.1%Adjusted EBITDA Including NCI as a % of Net Service Revenue16.7%
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Appendix
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Featured on Fortune’sWorld’s Most Admired Companies 11 yearsin a row, including #1 in our industry in 2025 Recognized with the Equality 100 Award by the Human Rights Campaign Foundation’s Corporate Equality Index Ranked as a Military Friendly Employer 19 years in a row RoSPA Order of Distinction winners have demonstrated a very high level of safety performance, having achieved a minimum of 15 consecutive Gold Awards through RoSPA Named by Ethisphere one of 2025 World’s Most Ethical Companies for the ninth year Named TIME magazine’s Best Companies for Future Leaders Fortune’s World’s Most Admired Companiesof the industry’s best technical experts Share of profitfrom our 4 keygeographiesRevenue in FY’24$16B51K 90% 11YR Design FirmWaterTransportationGeneral BuildingEnvironmental EngineeringGreen DesignMass Transit BridgesRemediation #1#2#3Environmental FirmAirportsEducationGreen ContractorWastewater Treatment Plants Program ManagementMarine and PortsWater Treatment and DesalinationHazardous Waste 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.
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As a Professional Services Business, AECOM Is Poised to Thrive Focused on our core higher-returning and lower-risk businessesLeader in key transportation, water and environment markets and ideally positioned to advise clients on their sustainable and resilience priorities Strengthened financial profile with transformed balance sheet and returning capital to shareholdersCapitalizing on market leading positions, substantial backlog and ongoing continuous improvement initiatives to drive long-term profitable growth 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 DesignConstruction Management EngineersProgram Managers / Project ManagersConsultants / PlannersScientistsDesign, Digital & Other Page 17All financial information is presented as a percentage of TTM Net Service Revenue1 (as of Q3’25) 24% 39%29%9%Water TransportationFacilitiesEnvironment & Energy Non-U.S. GovernmentsState & Local GovernmentsFederal U.S. GovernmentPrivate Sector 42% 17%12%10%19%32% 30%9% 29% 54%38% 8%52%24% 17%7%
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Footnotes Page 18 1 Revenue, less pass-through revenue; growth rates are presented on a constant-currency basis.2 Excludes the impact of certain items, such as restructuring costs, amortization of intangible assets, non-core AECOM Capital andother items. See Regulation G Information for a reconciliation of non-GAAP measures to the comparable GAAP measures.3 Reflects segment operating performance, excluding AECOM Capital and G&A, and margins are presented on a net service revenue basis.4 Net income before interest expense, tax expense, depreciation and amortization.5Book-to-burn ratio is defined as the dollar amount of wins divided by revenue recognized during the period, including revenue related to work performed in unconsolidated joint ventures. 6Backlog represents the total value of work for which AECOM has been selected that is expected to be completed by consolidatedsubsidiaries and includes the proportionate share of work expected to be performed by unconsolidated joint ventures. 7 Adjusted EBITDA margin includes non-controlling interests in EBITDA and is on a net service revenue basis.8 Free cash flow is defined as cash flow from operations lesscapital 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.9 Net leverage is comprised of EBITDA as defined in the Company’s credit agreement dated October 17, 2014, as amended, and total debt on the Company’s financial statements, net of total cash and cash equivalents.10 AEC peers consist of Jacobs, Tetra Tech, Stantec and WSP.
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Regulation G Information Page 19
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Regulation G Information Page 20