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amentum Earnings Conference Call Third Quarter Fiscal Year 2026 August 11 , 2026 Advancing the future together The appearance of U.S. Department of Defense ( DOD ) visual information does not in CD
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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 and the ongoing conflicts in Europe and the Middle East; 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, Effective Tax Rate, 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 Strong margin, earnings, and free cash flow performance underscore strategic progress and operational excellence On track to achieve net leverage2 < 3.0x by year-end unlocking flexible and opportunistic capital deployment Increasing Adjusted EBITDA1 and Adjusted Diluted EPS1 guidance demonstrating strength of the portfolio Revenue $3.5B Adjusted EBITDA1 / Margin1 $290M / 8.3% Adjusted Diluted EPS1 $0.67 Free Cash Flow1 $135M Backlog / Book-to-Bill $48.2B / 1.1x 1 Represents a non-GAAP financial measure. See Appendix for definition and reconciliation to the most directly comparable GAAP fin ancial measure. 2 Amentum does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP measures due to the inherent difficulty in forecasting and quantifying certain significant items. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results for the relevant period. Q3 FY26 Performance 1 2 3 4 5 Global Nuclear Energy strategic progress solidifies market leadership position and transformational growth opportunity Constructive market environment for Core Growth Areas provides solid foundation for growth
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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 . Global Nuclear Energy Awards $400+ million in bookings for the initial engineering, development, and design of advanced nuclear technologies, further strengthening our position in the growing global nuclear market. Continued Growth in Critical Digital Infrastructure ~$250 million in contracts supporting communication networks, cloud and data center infrastructure, and critical technology modernization for commercial customers. Classified U.S. and International Defense Awards $1+ billion in awards to provide defense engineering, logistics and modernization solutions for U.S. and allied military operations. Contract for Organizing Spaceflight Mission Operations & Systems (COSMOS)2 ~$500 million booking associated with NASA’s award of the nine-year COSMOS contract to an Amentum joint venture, to support flight mission operations. Center Maintenance Operations and Engineering (CMOE II)2 $974 million, ten-year IDIQ contract, delivering cutting-edge support for advanced research, systems engineering, and infrastructure modernization at Langley Research Center. 1.1x Quarterly Book-to-Bill 3.4x Backlog Coverage1 ~$32B Q3 Pending Awards Business Development Momentum Reflects Healthy Market Demand 1 Represents Q3 FY26 ending Backlog divided by last twelve months revenue. 2 Award previously under protest that was recently adjudicated in Amentum’s favor and is now included in backlog and book -to-bill. Q3 FY25 Q3 FY26 $44.6 $48.2 BACKLOG AND LTM BOOK-TO-BILL ($’s in billions) 1.6x 1.3x $35B+ FY26 Submits Target Notable Q3 FY26 Highlights
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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 . Well Positioned for Long-term Growth and Value Creation 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 . Positioning for long-term shareholder value creation • Robust business development results with growing demand for key service offerings • Enduring strategic wins and partnerships • Accelerated path to flexible and opportunistic capital deployment TANGIBLE STRATEGIC PROGRESS Impacted by current market dynamics • ~$2 billion new business wins in protest • NASA workforce directive • Duration of bookings and time to revenue NEAR -TERM REVENUE GROWTH Driving Adjusted EBITDA1 and earnings growth • Mix shift to higher margin, accretive programs • Operational excellence and cost management • Strong program execution ACCELERATED MARGIN EXPANSION On-track for Free Cash Flow1 10%+ growth in FY27 • Resilient business model • Disciplined working capital management • Successful debt refinancing STRONG FREE CASH FLOW 1 1 Represents a non-GAAP financial measure. Amentum does not provide a reconciliation of forward -looking non-GAAP financial measures to the most directly comparable GAAP measures due to the inherent difficulty in forecasting and quantifying certain signif icant items. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results for the releva nt period
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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 . Global Nuclear Energy Global Nuclear Energy • Missile Defense Systems (including Golden Dome) • Space Systems Integration • Deep Space Engineering 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 • Fuel Fabrication • Reactor Technologies (Gigawatt & Small Modular) • Life Extension & Resilience • NextGen Digital Connectivity • Cybersecurity & Network Defense • Smart Commercial Infrastructure & Data Centers Critical Digital Infrastructure 1 Represents a non-GAAP financial measure. See Appendix for definition and reconciliation to the most directly comparable GAAP fin ancial measure. Space Systems & Technologies
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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 . ~$10 Billion Annual Revenue Mid -To-High Single Digits Adjusted EBITDA Margins 1 Revenue Growth Potential Low -To-Mid Single Digits Core Growth Areas Financial Profile ACCELERATING GROW TH M ARKETS Core Growth Areas Provide Solid Foundation For Growth A 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 . Longstanding leadership positions across large, stable growth markets NOTABLE CORE GROWTH AREAS 1 Represents a non-GAAP financial measure. See Appendix for definition and reconciliation to the most directly comparable GAAP fin ancial measure. 2 Represents approximate percentage of total Core Growth Areas annual revenue. National Security • Multi-domain test and evaluation • Advanced systems integration and mission engineering • Modeling, simulation, and analysis Advanced capabilities and best-in-class modernization solutions National Security2 • Site assessment and characterization • Soil and groundwater remediation • Regulatory compliance support and environmental restoration Deep global presence across complex highly regulated energy sites Environmental Remediation2 Environmental Remediation • Advanced biometrics and identity management • Border surveillance technologies and infrastructure support • Counter-UAS and multi-domain threat solutions Mission-ready operations with scale and technical depth Homeland Security2 Homeland Security COREGROW TH AREAS ~70% ~15% ~15%
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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 . Accelerating Progress in Global Nuclear Energy Market Key strategic wins provide visibility into long-duration opportunities in a fast-growing market DOE AI Data Center and Energy Generation Project Amentum was selected by the U.S. DOE National Nuclear Security Administration (NNSA) to enter negotiations for development of AI data center and energy infrastructure at the Savannah River Site. As the lead integrator and developer, Amentum will provide overall project management, engineering, and nuclear technology integration solutions. Westinghouse and Amentum Partner to Expand Delivery Capacity for APX Fleet Deployment Strategic partnership to support engineering and commercial deployment of Westinghouse’s APX technology platform, expanding Amentum’s role across AP1000, AP300 and future nuclear deployments. Rolls Royce SMR Program Delivery Partner Progress Collaborative agreement to serve as the global program delivery partner to Rolls Royce SMR, that has now been selected to provide three SMR units in Sweden and has finalized contracts in the UK and Czech Republic. Great British Energy - Nuclear (GBE-N) Small Modular Reactor Engineering Awarded a $406 million, 14-year contract to an Amentum-led joint venture to deliver engineering and design support for the commissioning of SMRs in Wales, UK. Recent Strategic Progress KEY PROJECTS & PARTNERSHIPS GIGAWATT REACTORS Sizewell C Westinghouse AP1000 Netherlands Poland Hinkley Point C Savannah River SMALL MODULAR REACTORS Rolls Royce Westinghouse AP300 Multiple Confidential Commercial OEMs ~10% - 15% CAGR ~$0.5B CURRENT GLOBAL NUCLEAR ENERGY REVENUE GROWTH EXPECTATIONS 1 ~20% - 25% CAGR 1 Internal management estimates. FY26 FY30 FY35
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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 . $3,490 $3,459 Q3 FY25 Q3 FY26 $274 $290 Q3 FY26 Financial Performance ADJUSTED EBITDA 1,2 Margin 2 REVENUE 1 +6% 7.7% 8.3% Q3 FY25 Q3 FY26 $0.56 $0.67$3,561 $3,490 REPORTED NORMALIZED3 Q3 FY25 Q3 FY25 Q3 FY26Q3 FY26 +1%3-2% +20% 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 3% impact due to contract transitions from consolidated to unconsolidated joint ventures and the Rapid Solutions and New Zealand facilities maintenance business divestitures. Operational performanceNew contract awards Growth on existing programs JV transitions and divestitures Expected contract ramp down Favorable mix shift Lower interest expense ADJUSTED DILUTED EPS 2 Program performance
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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 . Reported Normalized $2,033 $2,057 Q3 FY25 Q3 FY26 $160 $174 Q3 FY25 Q3 FY26 $114 $116 Q3 FY26 Segment Performance 8.0% 8.0% 7.5% 8.6% $1,457 $1,402 ADJUSTED EBITDA 1,2 Margin2 REVENUE 1 ADJUSTED EBITDA 1,2 Margin2 REVENUE 1 Global Engineering SolutionsDigital Solutions $1,421 $1,457 $2,140 $2,033 Q3 FY25 Q3 FY25 Q3 FY26Q3 FY26Q3 FY25 Q3 FY25 Q3 FY26Q3 FY26 +2% +9%+4%3+3% -5% REPORTED NORMALIZED3 REPORTED NORMALIZED3 Revenue growth Divestiture and timing New contract awards Growth on existing programs Expected contract ramp-down JV transitions and divestiture Expected contract ramp-down New contract awards Growth on existing programs 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 1% and 4% impact for Digital Solutions and Global Engineering Solutions, re spectively, due to contract transitions from consolidated to unconsolidated joint ventures and the Rapid Solutions and New Zealand facilities maintenance business divestitures. -1%3 Favorable mix shift Program performance
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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 . Disciplined Execution Driving Strong Cash Flow and Capital Flexibility $135 Million Free Cash Flow1 • $146 million operating cash inflow; $11 million capital expenditures • On-track to meet Free Cash Flow3 guidance Strong Liquidity Position • $459 million cash on hand • $1 billion undrawn revolving credit facility • 3.0x ending net leverage2 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 Q3 FY26 ending total debt of $3,875 million less cash of $459 million and last twelve month Adjusted EBITDA of $1,128 million, which is a non-GAAP measure. See Disclosures for additional information and Appendix for definition. 3 Represents a Non-GAAP financial measure. Amentum does not provide a reconciliation of forward -looking non-GAAP financial measures to the most directly comparable GAAP measures due to the inherent difficulty in forecasting and quantifying certain signifi cant items. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results for the relevant period. On-track to achieve net leverage2,3 below 3.0x by FY26 year-end Q3 FY26 Highlights Invest for sustained and profitable organic growth Continued debt reduction (Target Net Leverage3 <3x) Strategic mergers and acquisitions Capital return to shareholders PRUDENT CAPITAL STRUCTURE ENABLES OPPORTUNISTIC DEPLOYMENT FY24 Year-End Today FY26E Year-End 3.0x 4.1x < 3.0x CAPITAL STRUCTURE PROGRESS (Net Leverage2,3)
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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 . Updating Fiscal Year 2026 Guidance Key Assumptions 1 Represents a Non-GAAP financial measure. Amentum does not provide a reconciliation of forward -looking non-GAAP financial measures to the most directly comparable GAAP measures due to the inherent difficulty in forecasting and quantifying certain signifi cant items. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results for the relevant period. 2 Represents a non-GAAP financial measure. See Appendix for definition and reconciliation to the most directly comparable GAAP financial measure. Income Statement Assumptions • Non-GAAP effective tax rate ~24.5%2 • Interest expense $275M – $285M • Depreciation and amortization $405M – $415M • ~245M diluted weighted average shares outstanding Free Cash Flow1 Assumptions • Cash interest $270M – $280M • Tax payments $75M – $100M • Capital expenditures $40M – $50M • Integration and working capital $125M – $150M ($ in millions, except per share data) Prior Guidance Updated Guidance Revenue $13,950 – $14,300 $13,800 – $13,950 Adjusted EBITDA1 $1,100 – $1,140 $1,115 – $1,140 Adjusted Diluted EPS1 $2.25 – $2.45 $2.40 – $2.50 Free Cash Flow1 $525 – $575 $525 – $575 $14,125 $13,875 ($175) ($75) REVENUE GUIDANCE CHANGE DRIVERS Prior FY26 Midpoint New Business Delays Materials / Non-Labor Volume Current FY26 Midpoint $1,120 $1,128($20) $28 ADJUSTED EBITDA 1 GUIDANCE CHANGE DRIVERS Prior FY26 Midpoint Revenue Volume Mix and Operational Performance Current FY26 Midpoint 7.9% 8.1%
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13A 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 . Preliminary Outlook for Fiscal Year 2027 Key Drivers 1 Represents a Non-GAAP financial measure. Amentum does not provide a reconciliation of forward -looking non-GAAP financial measures to the most directly comparable GAAP measures due to the inherent difficulty in forecasting and quantifying certain signifi cant items. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results for the relevant period. Revenue • GAAP Reported Revenue: ~0% to ~1% growth • Incorporates 3% impact from NASA insourcing and 1% impact from exit of select lower margin work • Remaining portfolio growth supported by business development momentum and $32B in pending awards Adjusted EBITDA1 • ~20bps Adjusted EBITDA Margin1 expansion • Balances investments for long-term growth with favorable mix shift and operational performance Adjusted Diluted Earnings Per Share1 • Mid-single digit growth • Pre-tax earnings increase partially offset by slightly higher tax rate and share count Free Cash Flow1 • Growth of 10% (or greater) • Reduced cash interest and integration costs partially offset by higher cash tax payments (3%) (1%) REVENUE DRIVERS FY26 NASA Insourcing Impact Exit Select Low Margin Work FY27 Mid-Single Digit Growth Remaining Portfolio (10bps) +15bps ADJUSTED EBITDA MARGIN 1 DRIVERS FY26 Investments for Growth Favorable Mix Shift FY27Operational Performance +15bps
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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 . 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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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 . 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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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 . 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. Amentum does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP measures due to the inherent difficulty in forecasting and quantifying certain significant items. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results for the relevant period. 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. • 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 third quarter of fiscal year 2026, Free Cash Flow was $135 million, consisting of $146 million of GAAP cash flow provided by operating activities less $11 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 third quarter of fiscal year 2026, Net Leverage was 3.0x, consisting of $3,875 million of total debt less $459 million of cash and cash equivalents, divided by the last twelve months Adjusted EBITDA of $1,128 million. In addition to the above non-GAAP financial measures, the Company has included backlog and book-to-bill in this presentation. Backlog is an operational measure representing the estimated amount of future revenues to be recognized under negotiated contracts. Book-to-bill represents net bookings divided by reported revenues for the same period. We believe these metrics are useful for investors because they are an important measure of business development performance and are used by management to conduct and evaluate its business during its regular review of operating results.
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18A M E N T U M P R O P R I E T A R Y . A L L R I G H T S R E S E R V E D . Unaudited Non-GAAP Financials Measures Reconciliation For the Three Months Ended July 3, 2026 As Reported Acquisition, transaction and integration costs Amortization of intangibles Divestitures Loss on extinguishment of debt Utilization of fair market value adjustments Stock-based compensation Non-GAAP results ($ in millions, except per share data and margin percentages) Revenues $3,490 $ — $ — $— $ — $ — $ — $3, 490 Operating income $172 $9 $94 $— $ — $4 $8 $287 Non-operating expenses, net (78) — — (5) 16 — — (67) Income before income taxes 94 9 94 (5) 16 4 8 220 Provision for income taxes 1 (28) (2) (17) 1 (4) (1) (2) (53) Net income including non-controlling interests 66 7 77 (4) 12 3 6 167 Less: net income attributable to non-controlling interests — — — — — (4) — (4) Net income (loss) attributable to common shareholders $66 $7 $77 (4) $12 (1) $6 $163 Basic and diluted income per share attributable to common shareholders $0.27 $0.03 $0.31 $(0.02) $0.05 $(0.01) $0.04 $0.67 Basic weighted average shares outstanding 244 244 244 244 244 244 244 244 Diluted weighted average shares outstanding 245 245 245 245 245 245 245 245 Net income (loss) attributable to common shareholders $66 $7 $77 $(4) $12 (1) $6 $163 Net income margin 2 1.9% 4.7% Depreciation 7 — — — — — — 7 Amortization of intangibles 94 — (94) — — — — — Interest expense and other, net 62 — — 5 — — — 67 Provision for income taxes 28 2 17 (1) 4 1 2 53 EBITDA (non-GAAP) $257 $9 — — $16 — $8 $290 EBITDA margin 7.4% 8.3% 1 Calculation uses a full year estimated statutory rate on each non-GAAP tax deductible adjustment, unless the nature of the item requires application of specific tax treatment for related impacts. 2 Calculated as net income (loss) attributable to common shareholders divided by revenues.
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19A M E N T U M P R O P R I E T A R Y . A L L R I G H T S R E S E R V E D . Unaudited Non-GAAP Financials Measures Reconciliation 1 Calculation uses a full year estimated statutory rate on each non-GAAP tax deductible adjustment, unless the nature of the item requires application of specific tax treatment for related impacts. 2 Calculated as net income (loss) attributable to common shareholders divided by revenues. For the Three Months Ended June 27, 2025 As Reported Acquisition, transaction and integration costs Amortization of intangibles Divestitures Loss on extinguishment of debt Utilization of fair market value adjustments Stock-based compensation Non-GAAP results ($ in millions, except per share data and margin percentages) Revenues $3,561 $ — $ — $— $ — $ — $ — $3,561 Operating income $103 $32 $118 $— $ — $5 $7 $265 Non-operating expenses, net (91) — — 3 3 — — (85) Income before income taxes 12 32 118 3 3 5 7 180 Provision for income taxes 1 (13) (8) (11) (8) — (1) (2) (43) Net income including non-controlling interests (1) 24 107 (5) 3 4 5 137 Less: net income attributable to non-controlling interests 11 — — — — (13) — (2) Net income (loss) attributable to common shareholders $10 $24 $107 (5) $3 (9) $5 $135 Basic and diluted income per share attributable to common shareholders $0.04 $0.10 $0.44 $(0.02) $0.01 $(0.03) $0.02 $0.56 Basic and diluted weighted average shares outstanding 243 243 243 243 243 243 243 243 Net income (loss) attributable to common shareholders $10 $24 $107 $(5) $3 (9) $5 $135 Net income margin 2 0.3% 3.8% Depreciation 11 — — — — — — 11 Amortization of intangibles 118 — (118) — — — — — Interest expense and other, net 88 — — (3) — — — 85 Provision for income taxes 13 8 11 8 — 1 2 43 EBITDA (non-GAAP) $240 $32 — — $3 $(8) $7 $274 EBITDA margin 6.7% 7.7%