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AECOM DELIVERING A BETTER WORLD . Third Quarter Fiscal 2026 Alexandra Bridge Ottawa , Canada AECOM was selected as the Lead Designer by Capital Crossing Constructors for the replacement of the Alexandra Bridge in Ottawa , a major infrastructure initiative connecting Ottawa , Ontario and Gatineau , Quebec . The project will replace the existing Alexandra Bridge with a modern crossing designed to support long - term mobility , connectivity , and accessibility for all users in the National Capital Region .
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Page 2 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 that relate to our future revenues, expenditures and business trends; future reduction of our self-perform at-risk construction exposure; future accounting estimates; future contractual performance obligations; future conversions of backlog; future capital allocation priorities, including common stock repurchases, future trade receivables, future debt pay downs; future tax benefits and expenses, and the impact of future tax laws; future legal claims and insurance coverage; future costs savings; and other future economic and industry conditions. 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; changes in administration or other funding directives and circumstances that cause governmental agencies to modify, curtail or terminate our contracts; government contracts are subject to audits and adjustments of contractual terms; long-term government contracts are subject to uncertainties related to government contract appropriations; losses under fixed-price contracts; our ability to successfully and timely perform our contractual obligations and to recover claims for additional contract costs; potential liquidated damages under our contracts; limited control over operations 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; our capital allocation strategy, including our ability to continue payment of dividends and repurchase stock; 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 inadequate 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’s real estate development; 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 construction businesses, including the risk that any purchase adjustments from those transactions could be unfavorable and any future proceeds owed to us as part of the transactions could be lower than we expect; risks associated with our 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.
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Page 3 Construction Management Project Update Results included a $337 million loss related to the delayed completion and higher costs on a Construction Management project.•Primary driver is subcontractors production rates that lagged those embedded in the prior timeline.•Expect to achieve substantial completion on this project in the second quarter of fiscal 2027.•Cash outflows expected to be completed during fiscal 2027•Expect to recover a substantial portion of claims pursued through dispute resolution process.•We have changed leadership and substantively tightened our risk controls since 2020.•As a result, this project would not clear our risk hurdles today; we no longer pursue design-build P3 projects in the Construction Management business.•We are pursuing claims on the remaining two design-build P3 Construction Management projects in our portfolio, which will pose near-term headwinds to cash flow.Excluding the project impacts, the Construction Management business remains strong, supported by double-digit backlog growth and a record pipeline of opportunities. Construction Management Project Impact(from Continuing Operations;$ in millions, except EPS)As Reported Const. Mgmt. Project Charge Impact Adjusted (Ex. Const. Mgmt. Charge)YoY % ChangeNet Service Revenue (NSR)1 $1,609$337$1,9462% Segment Adj.2 Operating Margin3(1.0%)1,750 bps16.5%(60) bps Adj.2 EBITDA5 ($8)$337$3295% Adj.2 EBITDA Margin4 (0.3%)1,730 bps17.0%(60) bps Adj.2 EPS($0.50)$1.99$1.4911%
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Page 4Page 4 Third Quarter Financial Highlights Our results included several accomplishments – highlighted by both wins and backlog that reached all-time highs – which underscore the building momentum in the business. $4.2BRecord quarterly wins, contributing to a 1.4x book-to-burn6 ratio year-to-date in FY’26 $8.1 $10.5 YTD FY'25YTD FY'26 +29% Total Year-to-Date Wins (billions) 13%Backlog7 growth to a new all-time high, including growth in both the Americas and International Total Backlog7 (billions) $24.6$27.8 Q3'25Q3'26 +13% 1.6XBook-to-burn6 ratio, including a 1.8x book-to-burn in the Americas and a 1.4x book-to-burn in International Book-to-Burn6 Ratio Our Competitive Advantages Contributing to Record Wins:Deep domain expertiseBuilt on #1 rankings in each of our key end marketsDifferentiated capabilitiesExpanding Program Management and Advisory practicesScaleInvesting to deploy innovative solutions globallyTrusted client relationshipsAbility to influence outcomes over the full project lifecycle 1.1x1.5x1.1x 1.6x Q4'25Q1'26Q2'26Q3'26
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Page 5 Trends Across Our Markets Are Strong, Contributing to Our Record Backlog Backlog7 in billions $24.6 $27.8 Q3'25Q3'26 +13% Global mega trends continue to support long-term growth opportunities across our markets U.S.•Strong federal and state infrastructure demand; Federal defense pipeline up ~30%•Congress continues to progress next bipartisan 5-year Surface Transportation Reauthorization; <50% IIJA funding spent Canada•Double digit NSR growth in Q3 driven by growth across all market sectors•Defense spending expected to double to 5% of GDP by 2035 UK & Europe•Growth accelerating, driven by Great Grid project and AMP 8 •Transportation remains strong but growth continues to lag Middle East & Africa•Growth pressured by ongoing military conflict and near-term uncertainties•Underlying market demand remains strong; double-digit backlog growth in the quarter Australia / New Zealand•Achieved double-digit growth in Australia; backlog up more than 40% year-over-year.•Expect continued strong growth opportunities in the region, including accelerating transportation activity Global Investments in Infrastructure Sustainability and Resilience UnprecedentedEnergy Demand
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Page 6 Cash Flow and Capital Allocation Update •Overall cash flow excluding the impact of the Construction Management projects remains strong.–Delivered positive free cash flow8 of $55 million in the third quarter, despite headwind from the projects.–Expect fourth quarter fiscal 2026 and first half fiscal 2027 cash flow to include headwind from cash use on the projects.–Expect to deliver on long-term 100% free cash flow conversion target once the cash impacts from the projects subside. •No near-term debt maturities; cost certainty on the majority of our debt.•Returns-based capital allocation discipline remains a priority. •Continuing to advance significant organic growth investments. We have a strong balance sheet and healthy underlying cash flow. 1.5xNet leverage9 $3.5 billionReturned to shareholders since September 2020 100%+Long-term free cash flow8 conversion expectation
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Page 7 Our Highly Cash Generative Business •We expect to continue to deliver at least 100% adjusted2 net income to free cash flow8 conversion over the long term.•Our culture and incentives are aligned with converting our earnings to cash flow at an industry leading rate. •We also benefit from a highly variable cost structure, as well as our high quality, public sector and blue-chip private sector client base •This cash flow enables strong investments in organic growth and our ability to continue to execute our returns-based capital allocation policy 111% Avg98% 138%118%114%115%98% FY' 20FY' 21FY' 22FY' 23FY' 24FY' 25 Historical Adjusted Net Income to Free Cash Flow8 Conversion Excluding approximately $700 million of cash used on the Construction Management projects and restructuring this year, our fiscal 2026 free cash flow8 guidance of $300 million would be significantly above our 100%+ conversion target.
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Page 8 Updated FY’26 Financial Guidance As ReportedExcl. Constr. Mgmt. Project ChargeYoY Change (Excl. Constr. Mgmt. Project Charge) Adj.2 EBITDA5$935 - $965 million$1,275 - $1,305 million+7% Adj.2 EPS$3.95 - $4.15$5.90 - $6.10+14% Net Service Revenue1 $7.30 - $7.35 billion$7.65 - $7.70 billion+0% Segment Adj.2 Op. Margin3 --17.0%+50 bps Adj.2 EBITDA Margin4 --17.4%+60 bps •Updated fiscal 2026 earnings guidance to reflect the following: –Impacts of the Construction Management charge–Higher than expected underlying margin performance–Lower NSR growth primarily attributable to slower project starts in Construction Management and ongoing conflict in the Middle East •Guidance excluding charge consistent with prior guidance•Other assumptions incorporated into as reported guidance: –Free cash flow8: ~$300 million–Average fully diluted share count: ~130 million–Adj.2 effective tax rate: ~19%•Fiscal 2027 net interest expense expected to be $30-$35 million higher primarily due to higher expected average debt balance and lower cash balance
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Page 9 Reiterating Our Long-Term Financial Targets(Growth rates reflect mid-point of FY’26 guidance as starting point excluding the Construction Management project charge, where appropriate)FY’26 – FY’29 Targets Organic NSR1 Growth CAGR+5 – 8%Segment Adj.2 Operating3 / Adj. EBITDA Margin4 20%+(Exit rate by FY’28)Adj.2 EPS and Free Cash Flow8 per Share Growth CAGR 15%+(does not include prospective capital allocation benefits, excludes Constr. Mgmt. project charge)Free Cash Flow Conversion8 100%+(Cumulative FY’26-FY’29)Annual Per Share Dividend GrowthDouble-Digit Increases AECOM’s Key Value DriversRanked number one in each of our end markets across transportation, water, environment and facilities, built on our unrivaled domain and technical expertise, as well as trusted client relationshipsA culture built on winning and competitive advantage that has resulted in record pipeline, win rates and backlogStrong underlying profitability, driven by our ongoing investments to accelerate growth and operating leverageDisciplined returns-based capital allocation, enabled by our track record of consistently strong free cash flow conversion
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10 Performance Update
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Page 11 Q3’26 Financial Performance by SegmentAmericas SegmentInternational SegmentGrowth: NSR1 decreased 29%, which included a 6% increase in Americas design NSR after adjusted for one fewer working day in the quarter.Excl. Charge: NSR decreased 1%. Profitability: Adj.2 operating margin3 was -16.1%.Excl. Charge: Adj. operating margin was 18%.Wins: Backlog7 grew 8% year-over-year to a new record high, driven by a 1.8x book-to-burn ratio6. Growth: NSR1 increased 4%.Profitability: Adj.2 operating margin3 was 14.3%, an increase of 240 basis points. Wins: Backlog7 grew 28% year-over-year to a new record high, driven by a 1.4x book-to-burn ratio6. Backlog7 Adj.2 Operating Margin3 Backlog7 Adj.2 Operating Margin3 20.5%18.0% Q3'25Q3'26 Excl.Charge 11.9%14.3% Q3'25Q3'26 $6.6B$8.5B Q3'25Q3'26 18.0B19.3B Q3'25Q3'26
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Page 12 Historical Backlog and Book-to-Burn PerformanceEnterprise Book-to-Burn6 1.2x1.0x1.1x1.1x1.1x1.0x1.1x1.5x1.1x1.6x Enterprise TTM Book-to-Burn7 Americas Book-to-Burn1.3x1.1x1.0x1.1x1.2x1.0x1.0x1.0x1.0x1.8xInternational Book-to-Burn1.1x0.7x1.2x1.2x1.1x1.0x1.3x2.3x1.2x1.4x 1.1x1.1x1.1x1.1x1.1x1.1x1.2x1.2x1.3x $6.4$6.0$6.4$6.4$6.5$6.6 $6.9 $7.9 $8.1 $8.5 $17.4$17.4$17.4$17.5$17.8$18.0$18.0 $18.0 $18.1$19.3 $23.8$23.4$23.9$23.9$24.3$24.6 $24.8 $26.0 $26.2 $27.8 Q2'24Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Q3'26InternationalAmericas
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Page 13 A Higher Performing Business Leading Profitability vs. Peers * Result excludes impact of the Construction Management project charge.Generating superior profitability and returnsSegment Adjusted2 Operating Margin3 (on Net Service Revenue1) Peer Avg10 (TTM): 15.4% 15.4%15.8%15.9%16.1%16.3%16.5%16.7%16.8%16.9%* Q3'24 TTMFY'24Q1'25 TTMQ2'25 TTMQ3'25 TTMFY'25Q1'26 TTMQ2'26 TTMQ3'26 TTM
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Page 14 Margin Reconciliation Bridge (in millions) Q3’26Net Service Revenue (NSR)$1,609Segment AOI($4) Adjusted EBITDA ($8)NCI net of NCI Interest Income$3Adj. EBITDA Incl. NCI($5) Segment AOI Margin-1.0%Adj. EBITDA Incl. NCI / NSR Margin-0.3% Including Constr. Mgmt. Project Charge(in millions) Q3’26Net Service Revenue (NSR)$1,946Segment AOI$321 Adjusted EBITDA $329NCI net of NCI Interest Income$3Adj. EBITDA Incl. NCI$331 Segment AOI Margin16.5%Adj. EBITDA Incl. NCI / NSR Margin17.0% Excluding Constr. Mgmt. Project Charge
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15 Appendix
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Page 16 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 invest #1Ranked #1 in each of our end markets across transportation, water, environment and facilities 51KOf the industry’s best technical experts $27.8BRecord backlog with a book-to-burn above 1x for 23 straight quarters 40%+Expected return on incremental invested capital 20%Adjusted EPS CAGR from FY’20 through FY’25$3.5BMore than $3.5 billion of capital returned to shareholders since Sept 2020
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Page 17 A Durable Moat and Widening Competitive Advantages We are investing to scale the strengths of our competitive advantages and deliver more value to clients and shareholders Deep domain expertiseAbility to deliver complex infrastructure assets at scale - built on decades of leadership and #1 rankings in each of our key end markets Deep Client RelationshipsWe have long-standing and trusted client relationships, influence outcomes over the full lifecycle, and deliver some of the most complex and iconic projects around the worldUnrivaled technical leadership51k skilled professionals with deep sector and technical knowledge Financial strengthSubstantial balance sheet strength and insurance/bonding capacity ScaleAbility to invest in and collaborate to innovate and deploy solutions at global scale Culture of innovationRelentlessly innovating to increase our value to clients Each of our competitive advantages is valuable on its own; together, they create an enduring, industry-leading platform that forms a durable moat
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Page 18 Maximizing Shareholder Value through Returns-Based Capital Allocation 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 are committed to returning 100% of our free cash flow8 to shareholders through capital allocation Annual Dividend per Share Payment $2,990 $563$232 RepurchasesDividendsM&A $3.8BTotal Cash Allocated(FY’20 through Q3’26) +20%CAGR Our repurchases represent more than 40% of our market capitalization at the time we began repurchases (Sept ‘20) $0.60$0.72$0.88$1.04$1.24 FY' 22FY' 23FY' 24FY' 25FY' 26E +20%CAGR
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Page 19 25% 37% 28%10% 53%23% 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 EngineersProgram Managers / Project ManagersConsultants / PlannersScientistsDesign, Digital & Other 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 Revenue1 (as of Q3’26) 33% 32%8% 27% 42% 17%12%9%20% 9% 45%39% 7%Cost-Plus DesignTime & Materials DesignFixed-Price DesignConstruction Management
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Page 20 Footnotes1 Revenue, less pass-through revenue; growth rates are presented on a constant-currency basis, unless otherwise noted.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 Adjusted EBITDA margin includes non-controlling interests in EBITDA and is on a net service revenue basis.5 Net income before interest expense, tax expense, depreciation and amortization.6 Book-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. 7Backlog 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. 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 Peers consist of Jacobs, Tetra Tech, Stantec and WSP, as of current quarter performance.
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Page 21 Regulation G Information(in millions, except per share data)
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Page 22 Regulation G Information(in millions)