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A M E N T U M P R O P R I E T A R Y Advancing the future together The appearance of U.S. Department of Defense (DOD) visual information does not imply or constitute DOD endorsement. Earnings Conference Call First Quarter Fiscal Year 2026 February 10, 2026
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2A M E N T U M P R O P R I E T A R Y . A L L R I G H T S R E S E R V E D . Forward Looking Statements and Disclaimers Cautionary Note Regarding Forward Looking Statements This presentation contains or incorporates by reference statements that relate to future events and expectations and, as such, could be interpreted to be “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements may be characterized by terminology such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including projections of financial performance; statements of plans, strategies and objectives of management for future operations; any statement concerning developments, performance or industry rankings relating to products or services; any statements regarding future economic conditions or performance; any statements of assumptions underlying any of the foregoing; and any other statements that address activities, events or developments that Amentum Holdings, Inc. (the “Company”) intends, expects, projects, believes or anticipates will or may occur in the future. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others: changes in U.S. or global economic, financial, business and political conditions, including changes to governmental budgetary priorities and tariffs; our ability to comply with various procurement and other laws and regulations; risks associated with contracts with governmental entities; reviews and audits by the U.S. government and others; changes to our professional reputation and relationship with government agencies; the occurrence of an accident or safety incident; the ability of the Company to control costs, meet performance requirements or contractual schedules, compete effectively or implement its business strategy; the ability of the Company to retain and hire key personnel, and retain and engage key customers and suppliers; the failure to realize the anticipated benefits of the 2024 transaction with Jacobs Solutions Inc.; potential liabilities associated with shareholder litigation or other settlements or investigations; evolving legal, regulatory and tax regimes; and other factors set forth under Item 1A, Risk Factors in our annual report on Form 10-K for the fiscal year ended October 3, 2025, which can be found at the SEC’s website at www.sec.gov or the Investor Relations portion of our website at www.amentum.com (the “Annual Report”), and from time to time in documents that we file with the SEC. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see the discussions under the section entitled “Risk Factors” in the Annual Report. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law. Non-GAAP Measures This presentation includes the presentation and discussion of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Free Cash Flow, and Net Leverage, which are not measures of financial performance under Generally Accepted Accounting Principles in the United States (“GAAP”). These non-GAAP measures should be considered only as supplements to, and should not be considered in isolation or used as substitutes for, financial information prepared in accordance with GAAP. Management of the Company believes these non-GAAP measures, when read in conjunction with the Company’s financial statements prepared in accordance with GAAP and, where applicable, the reconciliations herein to the most directly comparable GAAP measures, provide useful information to management, investors and other users of the Company’s financial information in evaluating operating results and understanding operating trends by adjusting for the effects of items we do not consider to be indicative of the Company’s ongoing performance, the inclusion of which can obscure underlying trends. Additionally, management of the Company uses such measures in its evaluation of business performance, particularly when comparing performance to past periods, and believes these measures are useful for investors because they facilitate a comparison of financial results from period to period. The computation of non-GAAP measures may not be comparable to similarly titled measures reported by other companies, thus limiting their use for comparability. Definitions of applicable non-GAAP measures and reconciliations to the most directly comparable GAAP measures are provided in an Appendix to this presentation.
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3A M E N T U M P R O P R I E T A R Y . A L L R I G H T S R E S E R V E D . Key Highlights and Takeaways Solid Q1 performance demonstrates strength of global growth strategy and disciplined operational execution1 2 3 4 5 Book-to-bill consistently above 1.0x with strategic wins reinforces portfolio strength and growth momentum Well-aligned to high-demand areas of nuclear energy, space, and critical digital infrastructure Rating upgrade underscores strong financial profile and trajectory to net leverage1 below 3x by year end Reaffirming FY26 guidance with clear visibility to achieve underlying growth across all key metrics Revenue $3.2B Adjusted EBITDA1 $263M Adjusted Diluted EPS1 $0.54 Free Cash Flow1 ($142M) Backlog / LTM Book-to-Bill $47.2B / 1.1x 1 Represents a non-GAAP financial measure. See Appendix for definition and reconciliation to the most directly comparable GAAP fin ancial measure. Q1 FY26 Performance
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4A M E N T U M P R O P R I E T A R Y . A L L R I G H T S R E S E R V E D . 1.0x Quarterly Book-to-Bill 3.3x Backlog Coverage1 ~$23B Q1 Pending Awards Delivering Growth with Key Awards in Accelerating Growth Markets 1 Represents Q1 FY26 ending Backlog divided by last twelve months revenue. Q1 FY25 Q1 FY26 $45.2 $47.2 BACKLOG AND LTM BOOK-TO-BILL ($’s in billions) 1.6x OTHER Q1 FY26 HIGHLIGHTS Rolls-Royce Small Modular Reactors (SMRs) Amentum to serve as the global program delivery partner for SMRs including the first deployments in the UK and Czech Republic. Électricité de France Nuclear Power $730 million ten-year contract to support development and life extension of the UK’s new and existing power stations. Dutch Ministry of Climate Policy and Green Growth $207 million up to five-year contract to provide program management and technical solutions for nuclear builds in the Netherlands. U.S. Air Force Remotely Piloted Aircraft $995 million six-year single-award unmanned sustainment, modernization, and training IDIQ contract to deliver specialized solutions in the U.S. and globally. Defense Information Systems Agency (DISA) Compute As-a-Service Contract $120 million five-year contract, delivering scalable computing power on-demand through a unique, outcome- based contract. Foreign Military Customer Air and Surface Surveillance and Control $270 million three-year contract to provide advanced air and surface surveillance solutions. NUCLEAR AWARDS $35B+ FY26 Submits Target
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5A M E N T U M P R O P R I E T A R Y . A L L R I G H T S R E S E R V E D . Global Nuclear Energy Global Nuclear Energy • Missile Defense Systems (including Golden Dome) • Space Systems Integration • Deep Space Engineering Space Systems & Technologies Accelerating Growth Markets Leverage the New Amentum for the Future ACCELERATING GROW TH M ARKETS COREGROW TH AREAS ~$4 Billion Annual Revenue High Single -To- Double Digits Adjusted EBITDA Margins 1 Revenue Growth Potential High Single Digits Growth opportunities across US government, international, and commercial customers Accelerating Growth Markets Financial Profile Well-positioned for growth in rapidly expanding market areas ACCELERATING GROWTH MARKETS 1 Represents a non-GAAP financial measure. See Appendix for definition and reconciliation to the most directly comparable GAAP fin ancial measure. • Fuel Fabrication • Reactor Technologies (Gigawatt & Small Modular) • Life Extension & Resilience • NextGen Digital Connectivity • Cybersecurity & Network Defense • Smart Commercial Infrastructure & Data Centers Critical Digital Infrastructure Global Nuclear Energy Global Nuclear Energy Global Nuclear Energy Global Nuclear Energy Global Nuclear Energy Lingen, Germany Willington Power Station UK Power Station Nottinghamshire UKSizewell C Power Station Global Nuclear Energy Global Nuclear Energy
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6A M E N T U M P R O P R I E T A R Y . A L L R I G H T S R E S E R V E D . Satellite Launch Integrated Systems Space Systems & Technologies: A Rapidly Expanding Market • Growing demand for low-cost, small satellites • Increasing reliance on LEO constellations • Shift toward resilient architectures • Lower-cost commercial launch • Reusable vehicles enabling rapid launch cadence • Growth in providers increasing opportunities • Key focus on exploration systems • Shift toward virtualization and cloud- integrated command and control • Development of multi-orbit architecture • Expansion of commercial broadband constellations • Growing demand for higher throughput from mobile • Emphasis on sovereign control of satellite services ~$90 ~$140 2025 2030 Space Market Demand1 ($’s in Billions) Space Force: Launches expected to grow by more than 3x in next five years2 ~25% increase in Space Force and NASA spending in FY263 1 Third-party market provider 2 National Defense Magazine, “Launch Pads Struggle to Keep Pace With Expanding Industry” 3 Center for Space Policy and Strategy, “FY 2026 Defense Space Budget: Emergence of Golden Dome” SATCOM KEY MARKETS AND DEMAND DRIVERS
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7A M E N T U M P R O P R I E T A R Y . A L L R I G H T S R E S E R V E D . Amentum’s Role Advancing the Future of Space 1Image courtesy of NASA Missile Defense Space Enterprise Architecture Missile Warning and Tracking Nuclear Energy and Propulsion Space Launch Space Habitat and Operations 1 Hypersonic and Ballistic Tracking Space Sensor Exploration Ground Systems Human SpacecraftMissile Defense C2 Integration & Modernization Full Life Cycle for Human Exploration (RDT&E to Production and Operations) Deep Space Research and Development Deep Space Exploration Amentum Provides Innovative Solutions to Explore the Limits of the Universe
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8A M E N T U M P R O P R I E T A R Y . A L L R I G H T S R E S E R V E D . $3,237 $3,304 Q1 FY25 Q1 FY26 $262 $263 Q1 FY26 Financial Performance ADJUSTED EBITDA 1,2 Margin 2 REVENUE 1 ADJUSTED DILUTED EPS 2 –% 7.7% 8.1% Q1 FY25 Q1 FY26 $0.51 $0.54 $3,416 $3,388 REPORTED NORMALIZED3 Q1 FY25 Q1 FY25 Q1 FY26Q1 FY26 +3%3-5% +6% 1 $’s in millions. 2 Represents a non-GAAP financial measure. See Appendix for definition and reconciliation to the most directly comparable GAAP fin ancial measure. 3 Represents revenue adjusting for an approximately 8% impact due to contract transitions from consolidated to unconsolidated joint ventures, the Rapid Solutions and New Zealand facilities maintenance business divestitures, and the government shutdown. Th is was partially offset by the ramp-up of new contract awards in high demand areas including critical digital infrastructure and space systems and technologies. Margin expansion Lower interest expenseNew contract awards JV transitions and divestitures Government shutdown
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9A M E N T U M P R O P R I E T A R Y . A L L R I G H T S R E S E R V E D . Reported Normalized $1,900 $2,036 Q1 FY25 Q1 FY26 $162 $160 Q1 FY25 Q1 FY26 $100 $103 Q1 FY26 Segment Performance 7.7% 7.7% 7.6% 8.4% $1,337 $1,267 ADJUSTED EBITDA1,2 Margin2 REVENUE1 ADJUSTED EBITDA1,2 Margin2 REVENUE1 Global Engineering SolutionsDigital Solutions $1,286 $1,370 $2,130 $2,018 Q1 FY25 Q1 FY25 Q1 FY26Q1 FY26Q1 FY25 Q1 FY25 Q1 FY26Q1 FY26 +3% -1%+8%3+4% -11% -1%3 REPORTED NORMALIZED3 REPORTED NORMALIZED3 Revenue volumeNew contract awards Government shutdown New contract awards JV transitions and divestitures Government shutdown Margin expansion Revenue volume 1 $’s in millions. 2 Represents a non-GAAP financial measure. See Appendix for definition and reconciliation to the most directly comparable GAAP fin ancial measure. 3 Represents revenue adjusting for an approximately 8% impact due to contract transitions from consolidated to unconsolidated joint ventures, the Rapid Solutions and New Zealand facilities maintenance business divestitures, and the government shutdown. Th is was partially offset by the ramp-up of new contract awards in high demand areas including critical digital infrastructure and space systems and technologies.
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10A M E N T U M P R O P R I E T A R Y . A L L R I G H T S R E S E R V E D . Invest for sustained and profitable organic growth Continued debt reduction (Target Net Leverage <3x) Strategic mergers and acquisitions Capital return to shareholders Rating Upgrade Underscores Strong Financial Profile ($142) Million Free Cash Flow1 • $136 million operating cash outflow; $6 million capital expenditures • Impacted by short-term collections timing from government shutdown + holiday closures • On-track to meet FCF guidance of $525 - $575 million Strong Liquidity Position • $247 million cash on hand • $850 million undrawn revolving credit facility Moody’s Upgraded Credit Rating to Ba3 • 25bps rate reduction on Term Loan B • Enhances future market access and terms On-track to achieve net leverage2 below 3.0x by FY26 year-end 1 Represents a non-GAAP financial measure. See Appendix for definition and reconciliation to the most directly comparable GAAP fin ancial measure. 2 Calculated based on Q1 FY26 ending total debt of $3,998 million less cash of $247 million and last twelve month Adjusted EBITDA of $1,105 million, which is a non-GAAP measure. See Disclosures for additional information and Appendix for definition. Q1 FY26 Highlights PRUDENT CAPITAL STRUCTURE ENABLES OPPORTUNISTIC DEPLOYMENT
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11A M E N T U M P R O P R I E T A R Y . A L L R I G H T S R E S E R V E D . Income Statement Assumptions • Revenue contribution of ~95% from existing / recompete work and ~5% from new business • Non-GAAP effective tax rate ~24.5%2 • Interest expense $295M - $305M • Depreciation and amortization $415M - $425M • ~245M diluted weighted average shares outstanding Free Cash Flow2 Assumptions • Cash interest $280M - $295M • Tax payments $100M - $125M • Capital expenditures $40M - $50M • Integration and working capital $100M - $125M Quarterly Trending Assumptions • Quarterly sequential increases in Revenue, Adjusted EBITDA, and Adjusted Diluted EPS2 • ~25% of remaining Free Cash Flow generation in Q2 reflecting collections catch-up • Relative to FY25, one additional pay cycle in Q1/Q3 FY26 and one less in Q2/Q4 FY26 ($ in millions, except per share data) FY26 Guidance Implied Underlying Growth1 Revenue $13,950 – $14,300 ~3% Adjusted EBITDA2 $1,100 – $1,140 ~5% Adjusted Diluted EPS2 $2.25 – $2.45 ~12% Free Cash Flow2 $525 – $575 ~12% Reaffirming Fiscal Year 2026 Guidance Key Assumptions 1 Represents implied growth at the guidance mid-point after adjusting fiscal year 2025 for the impact of additional working days, the divested Rapid Solutions and New Zealand facilities maintenance businesses, and the transition of certain contracts from consolidated to unconsolidated joint ventures, which totaled approximately: Revenue of $650 million, Adjusted EBITDA of $32 million, Adjusted Diluted EPS of $0.12 and Free Cash Flow of $25 million. 2 Represents a non-GAAP financial measure. See Disclosures for additional information and Appendix for definition and reconciliation to the most directly comparable GAAP financial measure. Q1 FY26 Government Shutdown Working Days Q2 - Q4 FY26 Run Rate Other Net Organic Growth Quarterly Run-Rate Drivers ~$150M ~$150M ~$100M ~$3.2B ~$3.6B
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12A M E N T U M P R O P R I E T A R Y . A L L R I G H T S R E S E R V E D . Well-Positioned to Drive Long-Term Value for Stakeholders Strong Financial Profile Well-positioned to deliver long- term, profitable growth and robust free cash flow with a capital light business model Longstanding, Trusted Partner of Choice Solving our global customers’ largest, most critical and complex challenges in science, security, and sustainability An Industry Leader With Differentiated Scale Providing robust customer access, capabilities, past performance, and a competitive cost structure Disciplined Capital Deployment Strategy Executing a flexible and opportunistic approach to drive sustained value creation Advanced Engineering and Technology Solutions Offering full life cycle capabilities in attractive markets with growing budgets Highly Skilled Global Workforce ~50,000 employees providing innovative solutions for our customers anywhere at any time
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A M E N T U M P R O P R I E T A R Y Advancing the future together The appearance of U.S. Department of Defense (DOD) visual information does not imply or constitute DOD endorsement. Appendix
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14A M E N T U M P R O P R I E T A R Y . A L L R I G H T S R E S E R V E D . Appendix: Working Days & Payroll Periods Working Days Per Quarter Q1 Q2 Q3 Q4 FY FY 25 61 62 64 68 255 FY 26 60 63 63 64 250 Q1 Q2 Q3 Q4 FY FY 25 6 7 6 7 26 FY 26 7 6 7 6 26 Payroll Periods Per Quarter1 1 Represents Amentums primary pay cycle.
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15A M E N T U M P R O P R I E T A R Y . A L L R I G H T S R E S E R V E D . Definitions of Non-GAAP Measures The presentation and discussion of Adjusted EBITDA, Adjusted EBITDA Margin, Non-GAAP Effective Tax Rate, Adjusted Net Income, Adjusted Diluted EPS, Free Cash Flow, and Net Leverage are not measures of financial performance under Generally Accepted Accounting Principles in the United States (“GAAP”). These non-GAAP measures should be considered only as supplements to and should not be considered in isolation or used as a substitute for, financial information prepared in accordance with GAAP. Management believes these non-GAAP measures, when read in conjunction with our consolidated financial statements prepared in accordance with GAAP and the reconciliations herein to the most directly comparable GAAP measures, provide useful information in assessing trends in our ongoing operating performance and may provide greater visibility in understanding the long-term financial performance of the Company. The computation of non-GAAP measures may not be comparable to similarly titled measures reported by other companies, thus limiting their use for comparability. Adjusted EBITDA is defined as GAAP net income attributable to common shareholders adjusted for interest expense and other, net, provision for income taxes, depreciation and amortization, and excludes the following discrete items: • Acquisition, transaction, and integration costs – Represents acquisition, transaction and integration costs, including severance, retention, and other adjustments related to acquisition and integration activities. • Amortization of intangibles – Represents the amortization of intangible assets. • Divestitures – Represents divestiture gains and losses. • Loss on extinguishment of debt – Represents the write-off of debt discount and debt issuance costs as a result of debt modifications. • Utilization of certain fair market value adjustments assigned in purchase accounting – Represents the periodic utilization of the fair market value adjustments assigned to certain equity method investments and non-controlling interests based on the remaining period of performance for the related contract. • Stock-based compensation – Represents non-cash compensation expenses recognized for stock-based arrangements. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenues. Non-GAAP Effective Tax Rate is a defined as provision for income taxes divided by non-GAAP income before income taxes. Adjusted Net Income is defined as GAAP net income attributable to common shareholders excluding the discrete items listed under Adjusted EBITDA and the related tax impacts. Adjusted Diluted EPS is defined as Adjusted Net Income divided by diluted weighted average number of common shares outstanding. Free Cash Flow is defined as GAAP cash flow provided by operating activities less purchases of property and equipment. For the first quarter of fiscal year 2026, Free Cash Flow was an outflow of $142 million, consisting of $136 million of GAAP cash flow used in operating activities and $6 million of purchases of property and equipment. Net Leverage is defined as GAAP total debt (excluding unamortized original issue discount and deferred financing costs) less cash and cash equivalents, divided by last twelve months Adjusted EBITDA, which is a non-GAAP measure. For the first quarter of fiscal year 2026, Net Leverage was 3.4x, consisting of $3,998 million of total debt less $247 million of cash and cash equivalents, divided by the last twelve months Adjusted EBITDA of $1,105 million. In addition to the above non-GAAP financial measures, the Company has included backlog and book-to-bill in this presentation. Backlog is an operational measure representing the estimated amount of future revenues to be recognized under negotiated contracts. Book-to-bill represents net bookings divided by reported revenues for the same period. We believe these metrics are useful for investors because they are an important measure of business development performance and are used by management to conduct and evaluate its business during its regular review of operating results.
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16A M E N T U M P R O P R I E T A R Y . A L L R I G H T S R E S E R V E D . Unaudited Non-GAAP Financials Measures Reconciliation For the Three Months Ended January 2, 2026 As Reported Acquisition, transaction and integration costs Amortization of intangibles Divestitures Utilization of fair market value adjustments Stock-based compensation Non-GAAP results ($ in millions, except per share data and margin percentages) Revenues $3,237 $ — $ — $ — $ — $ — $3,237 Operating income $138 $11 $94 — $6 $7 $256 Non-operating expenses, net (74) — — (3) — — (77) Income before income taxes 64 11 94 (3) 6 7 179 Provision for income taxes 1 (20) (3) (19) 1 (1) (1) (43) Net income including non-controlling interests 44 8 75 (2) 5 6 136 Less: net income (loss) attributable to non-controlling interests — — — — (5) — (5) Net income (loss) attributable to common shareholders $44 $8 $75 $(2) — $6 $131 Basic and diluted income per share attributable to common shareholders $0.18 $0.03 $0.31 — — $0.02 $0.54 Basic and diluted weighted average shares outstanding 244 244 244 244 244 244 244 Net income (loss) attributable to common shareholders $44 $8 $75 $(2) — $6 $131 Net income margin 2 1.4% 4.0% Depreciation expense 12 — — — — — 12 Amortization of intangibles 94 — (94) — — — — Interest expense and other, net 74 — — 3 — — 77 Provision for income taxes 20 3 19 (1) 1 1 43 EBITDA (non-GAAP) $244 $11 — — $1 $7 $263 EBITDA margin 7.5% 8.1% 1 Calculation uses a full year estimated statutory rate on each non-GAAP tax deductible adjustment, unless the nature of the item requires application of specific tax treatment for related impacts. 2 Calculated as net income (loss) attributable to common shareholders divided by revenues.
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17A M E N T U M P R O P R I E T A R Y . A L L R I G H T S R E S E R V E D . Unaudited Non-GAAP Financials Measures Reconciliation For the Three Months Ended December 27, 2024 As Reported Acquisition, transaction and integration costs Amortization of intangibles Utilization of fair market value adjustments Stock-based compensation Non-GAAP results ($ in millions, except per share data and margin percentages) Revenues $3,416 $ — $ — $ — $ — $3,416 Operating income $132 $9 $120 — $3 $264 Non-operating expenses, net (87) — — — — (87) Income before income taxes 45 9 120 — 3 177 Provision for income taxes 1 (24) (2) (17) — — (43) Net income including non-controlling interests 21 7 103 — 3 134 Less: net income (loss) attributable to non-controlling interests (9) — — (2) — (11) Net income (loss) attributable to common shareholders $12 $7 $103 $(2) $3 $123 Basic and diluted income (loss) per share attributable to common shareholders $0.05 $0.03 $0.43 $(0.01) $0.01 $0.51 Basic and diluted weighted average shares outstanding 243 243 243 243 243 243 Net income (loss) attributable to common shareholders $12 $7 $103 ($2) $3 $123 Net income margin 2 0.4% 3.6% Depreciation expense 9 — — — — 9 Amortization of intangibles 120 — (120) — — — Interest expense and other, net 87 — — — — 87 Provision for income taxes 24 2 17 — — 43 EBITDA (non-GAAP) $252 $9 $ — $(2) $3 $262 EBITDA margin 7.4% 7.7% 1 Calculation uses a full year estimated statutory rate on each non-GAAP tax deductible adjustment, unless the nature of the item requires application of specific tax treatment for related impacts. 2 Calculated as net income (loss) attributable to common shareholders divided by revenues.