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First Quarter Fiscal 2026 SCOTTISH WATER ENTERPRISE ALLIANCEScotland, United Kingdom AECOM was selected as a preferred bidder for the multi - billion - dollar investment program to enhance Scotland’s water and wastewater infrastructure.
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DisclosuresForward-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 and stock repurchases; 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. Page 2
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Today’s Participants Troy RuddChairman and Chief Executive OfficerLara PoloniPresidentGaurav KapoorChief Financial & Operations Officer Page 3
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AECOM at a GlanceWe 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.Our Competitive Advantages:üUnrivaled technical excellence and infrastructure domain expertiseüTrusted client relationshipsüSubstantial capacity to investPage 4 #1Ranked the top design firm by ENR, including #1 rankings in each of our end markets 51KOf the industry’s best technical experts $26BRecord backlog with a book-to-burn above 1x for 21 straight quarters 40%+Expected return on incremental invested capital 20%Adjusted EPS CAGR from FY’20 through FY’25$3.4BNearly $3.4 billion of capital returned to shareholders since Sept 2020
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First Quarter Key Accomplishments 1Raised Full Year Earnings Guidance•Raised our full year earnings guidance due to first quarter outperformance and the benefits of our capital allocation policy; guidance further is underpinned by a record backlog and pipeline•As a result, now expect adjusted1 EPS and adjusted EBITDA2 of $5.95 and $1,287.5 million at the mid-points, as compared to $5.75 and $1,285 million previously 2Q1 Performance Exceeded Expectations •Delivered new first quarter records for NSR, adjusted EBITDA, margins and backlog•NSR increased by 5%3, including 9% growth in the Americas 3Built a Record Backlog, Driven by Record Wins•Backlog4 increased by 9% to a record high, driven by a 1.5 book-to-burn5 ratio•Total wins of $3.5 billion marked a quarterly all-time high, including a continued record high win rate 4Advanced Key Strategic Initiatives•Completed integration of the acquisition closed in September; have doubled the team size•The technology is now live across the business and initial performance has matched our expectations•Completed review of strategic alternatives for the Construction Management business and concluded that we will own and operate the business 5Maximized Shareholder Value•Returned more than $340 million through repurchases and dividends in the quarter•Board of Directors approved an increase to the repurchase authorization to $1 billion Page 5
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$21.1 $23.2 $23.9 $24.8 $26.0 FY'22FY'23FY'24FY'25Q1'26 Delivering a Record Backlog by Capitalizing on Our Advantages Page 6 Backlog4 in billions ($) +23%(+9% YoY)•Selected for the multi-billion-dollar program, where our AI and technology capabilities were key contributors to our success•Gained a new position on the client’s largest-ever investment, where previously we had immaterial exposure to this client •Selected as the official Delivery Partner of the Games Independent Infrastructure and Coordination Authority (GIICA)•AECOM will help deliver nearly $5 billion in infrastructure and venue projects that will define the Games •Selected to deliver detailed design services for the Sydney Metro West Line Wide Systems package•A transformative project that is expected to double rail capacity between Parramatta and Sydney CBD •Selected to provide front-end Advisory services to support the next phase of investment under the UK’s AMP9 •Expanded role and share of total spend compared to previous frameworks Scottish Water Enterprise Alliance AMP9 Water Infrastructure Framework Brisbane 2032 Olympic and Paralympic Games Sydney Metro West Line Our Competitive Differentiators Are Providing Deciding Advantages on Key Pursuits:
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Our Transformation into a Premier Professional Services Provider2026 – 20292023 - 20252020 – 2023Exited low-return businesses, simplified the organization, and strengthened the balance sheet while driving organic growth, expanding competitive advantage and returning capital to shareholders. Delivered consistent outperformance, achieved industry-leading margins ahead of plan, launched our new Advisory growth platform, and returned substantial capital to shareholders. Continuing to invest to scale our key competitive advantages – including unrivaled technical leadership and infrastructure domain expertise – and create value for clients and shareholders.20%+ 4.6% FY’29EFY’20Adjusted1 EBITDA Margin6 on NSR 16.7% FY’25 12.3% Page 7 Peer Avg7 (TTM): 15.1%
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AI: Leveraging Our Advantages to Extend Value and Lead Our Industry •Technological advancements historically expand the pie of infrastructure investment •AI represents the next major opportunity - the more value we can deliver for clients, the more valuable we become•Our clients have insatiable demand for infrastructure, but rising costs and budget limitations have limited outcomes•AI is unlocking more value for clients, extending the value of existing budgets and attracting new capital to infrastructureAECOM’s Critical Differentiators for SuccessDeep Domain Expertise on How Infrastructure Is DeliveredTrusted Client Relationships Built Over DecadesCapacity to InvestTechnical Leadership, Ranked #1 in Each Major End Market Era 1: Digitalization (AutoCAD)Shift from Manual to 2D, resulting in faster drafting and higher volume.Benefit: More time for engineers to solve new problems and expand the pie while delivering more efficiently Era 2: Integration(BIM)Great efficiency; shift from silos to data-rich 3D environmentsBenefit: Better decision-making across the entire project lifecycle and better outcomes that expanded the pie and grew the market Era 3: Intelligence(AI)Shift to automated processesBenefit: Math-based and reason models enhance our capabilities and present new ways to solve previously unsolvable problems and extend the value of our key attributes Page 8 Assumptionvs.RealityEfficiency = Shrinking Revenue (Cost-Plus Fallacy)Efficiency = New Value Models Proof Points:•We are winning work by demonstrating industry leadership on AI to create a more valuable outcome for clients•Client response has been overwhelmingly positive and we are actively advancing on commercial monetization models •Every single client we meet with wants to understand AI and how it can drive value for them
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We Have Consistently Expanded Our Efficiency and Productivity Page 9 •We have a history of efficiency/productivity gains as evidenced by our consistent increases in both revenue and profit per employee•Since 2020 our revenue per employee has increased by 30% and our profit per employee has increased by 50%.•This clearly demonstrates that we have built a platform that can drive productivity improvements to the bottom line.Note: Per employee figures index to 1; inclusive of performance in the design business. $746$830$886$964$1,095$1,203 202020212022202320242025Adjusted EBITDA (millions)EBITDA per EmployeeNSR per Employee +48%Since 2020 +30%Since 2020
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Cash Flow and Capital Allocation UpdateNet Leverage9 Diluted Shares Outstanding (millions) Page 10 161M131M FY'20FY'26E 0.8x1.0x Q1'25Q1'26 •Generated $42 million in free cash flow8 in the first quarter•Continue to benefit from low net leverage, no near-term debt maturities and an attractive cost of capital–Maintain certainty on the cost of our debt, with more than 70% of our debt swapped or capped at fixed rates•Returned more than $340 million to shareholders through repurchases and dividends in Q1–In total, we have returned nearly $3.4 billion to shareholders through dividends and repurchases since September 2020 Raised Repurchase Authorization •Our Board of Directors approved an increase to our stock repurchase authorization to $1 billion. •The increase reflects confidence in our long-term cash flow expectations and providing substantial capacity to maximize value for shareholders
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Maximizing Shareholder Value through Returns-Based Capital Allocation Page 11 Delivering on our commitment to double-digit annual increases in the per share value of our dividend After our organic investments through our margins, we have returned 100% of our free cash flow8 to shareholders through capital allocation Annual Dividend per Share Payment $2,875 $483$232 RepurchasesDividendsM&A $3.6BTotal Cash Allocated(FY’20 through Q1’26)$0.60$0.72$0.88$1.04$1.24 FY' 22FY' 23FY' 24FY' 25FY' 26E +20%CAGR Our repurchases represent more than 40% of our market capitalization at the time we began repurchases (Sept ‘20)
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Increased FY’26 Financial Guidance FY’26 GuidanceYoY ChangeNet Service Revenue3 Growth+6 – 8%-- Segment Adj.1 Op. Margin10 16.8%+30 bps Adj.1 EBITDA Margin6 17.0%+20 bps Adj.1 EBITDA2$1,270 - $1,305 million+7% Adj.1 EPS$5.85 – $6.05+13% Page 12 •We are raising our earnings guidance, reflecting the operational outperformance we delivered in the first quarter, benefits of our capital allocation strategy, a lower than expected tax rate, as well as the strong visibility afforded to us in our record backlog. •Other assumptions incorporated into guidance: –Free cash flow: ~$400 million–Depreciation: ~$165 million–Adj. tax rate: ~20 – 22%–Share count: ~131 million, which only includes repurchases completed to-date–Second quarter NSR and adjusted EBITDA to approximate 24 – 25% of full year guidance, including a tax rate of approximately 12 – 13% in the quarter
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We Are Well Positioned to Create Substantial Value(Growth rates reflect mid-point of FY’26 guidance as starting point, where appropriate)FY’26 – FY’29 TargetsOrganic NSR3 Growth CAGR+5 – 8%Segment Adj.1 Operating10 / Adj. EBITDA Margin6 20%+(Exit rate by FY’28)Adj.1 EPS and Free Cash Flow8 per Share Growth CAGR 15%+(does not include prospective capital allocation benefits)Free Cash Flow Conversion8 100%+(Cumulative FY’26-FY’29)Annual Per Share Dividend GrowthDouble-Digit Increases Our Competitive Advantages Driving Our Growth: Deep domain expertise on how infrastructure is delivered Unrivaled technical leadership, including #1 rankings in each of our key end markets Substantial scale and capacity to invest Trusted relationships built over decades with key clients advancing some of the most complex and iconic projects around the world Page 13 We are investing to scale the strengths of our competitive advantages and deliver more value to clients and shareholders
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Performance Update
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Q1’26 Financial Performance by Segment Page 15 Americas SegmentInternational Segment•Delivering Growth: NSR3 increased 9% in Q1 adjusted for fewer working days.•Expanding Margins: Adj.1 operating margin10 increased 120 bps to 19.9%, a new first quarter high.•Winning What Matters: Backlog4 is at an all-time high and grew 3% in the quarter. •Delivering Growth: NSR3 was materially unchanged compared to the prior year adjusted for fewer working days.•Expanding Margins: Adj.1 operating margin10 increased 20 bps to 11.0%.•Winning What Matters: Backlog4 is at an all-time high and grew 25% in the quarter, driven by a 2.3x book-to-burn ratio5. Backlog4 Adj.1 Operating Margin10 Backlog4 Adj.1 Operating Margin10 18.7%19.9% Q1'25Q1'26 10.8%11.0% Q1'25Q1'26 $17.5B$18.0B Q1'25Q1'26 $6.4B$7.9B Q1'25Q1'26 +3%+120 bps +20 bps+25%
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Historical Backlog and Book-to-Burn Performance Page 16 Enterprise Book-to-Burn5 1.0x1.0x1.2x1.0x1.1x1.1x1.1x1.0x1.1x1.5x Enterprise TTM Book-to-Burn5 Americas Book-to-Burn1.1x1.0x1.3x1.1x1.0x1.1x1.2x1.0x1.0x1.0xInternational Book-to-Burn1.0x1.0x1.1x0.7x1.2x1.2x1.1x1.0x1.3x2.3x 1.1x1.1x1.1x1.1x1.1x1.1x1.1x1.1x1.2x $6.3$6.4$6.4$6.0$6.4$6.4$6.5$6.6 $6.9 $7.9 $16.9$17.0$17.4$17.4$17.4$17.5$17.8$18.0$18.0 $18.0 $23.2$23.3$23.8$23.4$23.9$23.9$24.3$24.6 $24.8 $26.0 Q4'23Q1'24Q2'24Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26InternationalAmericas
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A Higher Performing Business Page 17 LEADING PROFITABILITY VS. PEERS SUBSTANTIAL VALUATION GAP Note: 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 Peer Avg7 (TTM): 15.1% Segment Adjusted1 Operating Margin10 (on Net Service Revenue3) EV / Adj.1 EBITDA2 (FY’26E) as of February 5, 2026 11.1x 15.5x ACMPeers 15.0%15.1%15.4%15.8%15.9%16.1%16.3%16.5%16.7% Q1'24 TTMQ2'24 TTMQ3'24 TTMFY'24Q1'25 TTMQ2'25 TTMQ3'25 TTMFY'25Q1'26 TTM
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Margin Reconciliation Bridge Page 18 (in millions) Q1’26Net Service Revenue (NSR)$1,850.9Segment AOI$303.0 Adjusted EBITDA $286.8NCI net of NCI Interest Income$17.7Adj. EBITDA Incl. NCI$304.5 Segment AOI Margin16.4%Adj. EBITDA Incl. NCI / NSR Margin16.4%
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Appendix
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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 EngineersProgram Managers / Project ManagersConsultants / PlannersScientistsDesign, Digital & Other Page 20 Water TransportationFacilitiesEnvironment & Energy Non-U.S. GovernmentsState & Local GovernmentsFederal U.S. GovernmentPrivate Sector 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 growthAll financial information is presented as a percentage of TTM Net Service Revenue3 (as of Q1’26) 24% 38% 29%9% 54%23% 16%7% 32% 31%8% 29% 42% 17%12%9%20% 54%38% 8%Cost-Plus DesignFixed-Price DesignConstruction Management
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Footnotes Page 21 1Excludes 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.2 Net income before interest expense, tax expense, depreciation and amortization.3 Revenue, less pass-through revenue; growth rates are presented on a constant-currency basis and are adjusted to reflect fewer working days in the first quarter of fiscal 2026 compared to the prior year first quarter.4 Backlog 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. 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. 6 Adjusted EBITDA margin includes non-controlling interests in EBITDA and is on a net service revenue basis.7 Peers consist of Jacobs, Tetra Tech, Stantec and WSP, as of current quarter performance. 8 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.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 Reflects segment operating performance, excluding AECOM Capital and G&A, and margins are presented on a net service revenue basis.
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Regulation G Information(in millions, except per share data) Page 22
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Regulation G Information(in millions) Page 23