Slides
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1 2026 Investor Presentation
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2 Forward Looking Statements & Non-GAAP Financial Measures This presentation release contains, and incorporates by reference, certain “forward-looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995, and the rules promulgated pursuant to the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended) that are based on the beliefs of the Company’s management, as well as assumptions made by and information currently available to the Company’s management. When used in this document and in the documents incorporated herein by reference, the words “intend,” “anticipate,” “believe,” “estimate,” “expect” and similar expressions, as they relate to the Company or its management, identify such forward-looking statements. Such statements reflect the current views of the Company or its management with respect to future events and are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the Company’s actual results, performance, or achievements could differ materially from those expressed in, or implied by, any such forward-looking statements. Factors that could cause or contribute to such material differences include the COVID-19 pandemic (including factors relating to measures implemented by governmental authorities or by us to promote the safety of our employees, vendors and clients; other direct and indirect impacts on our business and the businesses of our clients, vendors and other partners; impacts which may, among other things, adversely affect our clients’ ability to utilize our services at the levels they have previously; disruptions of access to our facilities or those of our clients or third parties; and increased and potentially significant economic uncertainty and volatility, including credit and collectability risks and potential disruptions of capital and credit markets), the possibility that the demand for our services may decline as a result of changes in generally applicable and industry-specific economic conditions, the timing of engagements for our services, the effects of competitive services and pricing, the absence of backlog related to our business, our ability to attract and retain key employees, the effect of tort reform and government regulation on our business, and liabilities resulting from claims made against us. Additional risks and uncertainties are discussed in our Annual Report on Form 10-K under the heading “Risk Factors” and elsewhere in the report. The inclusion of such forward-looking information should not be regarded as a representation by the Company or any other person that the future events, plans, or expectations contemplated by the Company will be achieved. The Company undertakes no obligation to release publicly any updates or revisions to any such forward-looking statements.
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3 Exponent harnesses the power of technical excellence, objectivity and disciplinary diversity to solve our clients’ toughest challenges Premium Engineering & Scientific Consulting When Getting it Right Matters
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4 World’s Best Problem Solvers for More than Five Decades • 50+ years of expansion and diversification across disciplines and industries • Best-in-class engineering and scientific expertise • Bespoke multidisciplinary solutions for high exposure, high-risk challenges around the world • Unparalleled reputation for rigorous, objective technical analyses throughout the product lifecycle OVERVIEW OUR WORLD CLASS TALENT 900+ Consulting Staff 650+ Doctoral-level professionals 90+ Disciplines 250+ Standards committees and advisory boards served 50+ Staff serving on editorial review boards/peer reviewers 1,250+ Staff academic articles published Note: Figures as of 12/31/25
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5 1Refer to non-GAAP reconciliation on slide 25 2EBITDA Margin % = EBITDA/Revenues before Reimbursements COMPELLING INVESTMENT THESIS • Positioned to capitalize on increasing demand for a safer, healthier, more sustainable world • Wide competitive moat through unique multi- disciplinary solutions and world class talent • Strategic resource management and agility to capitalize on high growth areas • Strong profitable organic growth • Healthy balance sheet and strong cash flow generation STRONG FINANCIAL POSITION $582M FY25 Revenue 28% FY25 EBITDA Margin1,2 $0.31 Quarterly Dividend $2.07 FY25 EPS Proven Track Record of Results
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6 50+ Years of Future-Focused Thinking Our ecosystem of intellectual capital evolves continuously, enabling Exponent — and our clients — to develop the solutions of tomorrow, today. Failure Analysis Associates (FaAA) was founded Exponent adds new engineering and science disciplines Public Filing/ NASDAQ listing under the ticker “FAIL” Acquired Environmental Health Strategies and PTI Environmental Services Name changed to Exponent Inc.; NASDAQ listing updated to “EXPO” Expanded presence into Asia Project: Deep Water Horizon explosion, Gulf Coast Expansion: Test and Engineering Center Project: Camp Fire, California 1970 1980 1990 2000 2010 2020 Project: Toyota unintended acceleration Acquired Novigen Sciences Project: Cruise, Automated Vehicle Incident Response
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7 Understanding the past • Litigation support • Accident and failure investigation • Product recalls • Regulatory actions • Insurance investigations Reactive Services Charting a course for the future across the product lifecycle • Product and process improvement • Research and development • Risk management • Regulatory consulting Proactive Services Connecting the Lessons of Past Failures with Tomorrow’s Solutions We leverage our wealth of failure analysis learnings to develop the breakthrough insights our clients need, generating opportunity at every stage of the product lifecycle. Product Lifecycle Design Prototype Test Pre- Production Production Upgrades and Refinements
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8 Our History of Growth & Diversification 1967 2025 Reactive Proactive The evolution of Exponent’s ground-breaking capabilities is reflected in the progressive expansion of our client engagements — and ability to translate our reactive experience into new, untapped areas through innovation and agility.
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9 Diversified Portfolio Provides Resilience Reactive Proactive CONSTRUCTION ENERGYCONSUMER PRODUCTS TRANSPORTATION LIFE SCIENCES & HEALTHCARE CHEMICALS Reactive work driven by disputes and failure analysis work across the globe which have historically been less impacted by challenging economic cycles Note: Revenue and mix reflect Full Year 2025 results
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Diverse Customer Relationships 10 2K FY25 Clients 10K FY25 Engagements ChemicalsConstruction Consumer Products Electronics Software & Computer Science Food & Beverage Life Sciences & Healthcare Energy Industrial & Manufacturing Mining & Forestry Transportation Utilities Deep Industry Know-How Corporate Government Our Clients Legal Government 10
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Strong Growth Momentum Through Safety, Health & Environmental Trends 11 Key Drivers / Trends • Automation • Electrification • Energy transition • Climate resilience • Aging infrastructure • Augmented and virtual reality • Wearable technology • Digital health • Health equity • Combination products • Human health effects • Environmental impact Selected Exponent Solutions • Advanced Driver Assistance System litigation • Battery performance and safety studies • Asset risk analysis • Climate vulnerability studies • Wildfire investigations • AI/ML studies • Product development consulting • Medical device recalls • Real-world evidence strategy and solutions • Regulatory consulting • Toxic tort litigation • Product stewardship CHEMICALCONSUMER ELECTRONICS LIFE SCIENCES & HEALTHCARETRANSPORTATION UTILITIES
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Projects Biomedical Engineering & Sciences Civil & Structural Engineering Chemical Regulation & Food Safety Human Factors Mechanical Engineering Electrical Engineering & Computer Science Thermal Sciences Polymers & Chemistry Data Sciences Vehicle Engineering Biomechanics Construction Consulting Health Sciences Metallurgical & Corrosion Engineering 12 Ecological & Biological Sciences Environmental & Earth Sciences Exponent’s flexibility to build the right team at the right time is truly unrivaled. Our Bespoke Multidisciplinary Teams Materials Science & Electrochemistry
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Batteries Biomedical Engineering & Sciences Civil & Structural Engineering Chemical Regulation & Food Safety Human Factors Mechanical Engineering Electrical Engineering & Computer Science Thermal Sciences Polymers & Chemistry Data Sciences Vehicle Engineering Biomechanics Construction Consulting Health Sciences Metallurgical & Corrosion Engineering 13 Ecological & Biological Sciences Environmental & Earth Sciences Exponent’s flexibility to build the right team at the right time is truly unrivaled. Our Bespoke Multidisciplinary Teams Materials Science & Electrochemistry v v
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PFAS Biomedical Engineering & Sciences Civil & Structural Engineering Chemical Regulation & Food Safety Human Factors Mechanical Engineering Electrical Engineering & Computer Science Thermal Sciences Polymers & Chemistry Data Sciences Vehicle Engineering Biomechanics Construction Consulting Health Sciences Metallurgical & Corrosion Engineering 14 Ecological & Biological Sciences Environmental & Earth Sciences Exponent’s flexibility to build the right team at the right time is truly unrivaled. Our Bespoke Multidisciplinary Teams Materials Science & Electrochemistry v v
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ADAS Biomedical Engineering & Sciences Civil & Structural Engineering Chemical Regulation & Food Safety Human Factors Mechanical Engineering Electrical Engineering & Computer Science Thermal Sciences Polymers & Chemistry Data Sciences Vehicle Engineering Biomechanics Construction Consulting Health Sciences Metallurgical & Corrosion Engineering 15 Ecological & Biological Sciences Environmental & Earth Sciences Exponent’s flexibility to build the right team at the right time is truly unrivaled. Our Bespoke Multidisciplinary Teams Materials Science & Electrochemistry v v v v
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16 World-Class Culture & Talent Attracting, developing, and rewarding exceptional people with diverse backgrounds and expertise is central to Exponent’s mission. Recruiting Outreach Communication Leveraging science, technology, engineering and math (STEM) to empower the communities around us Sourcing candidates from increasingly diverse backgrounds and skill sets Employee engagement and staff surveys to ensure voices are heard People Development Seminar series, mentoring and continuing education programs
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17 Financial Highlights
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18 Proven Financial Results $98M $118M $82M $111M $138M $122M $0 $20 $40 $60 $80 $100 $120 $140 2020 2021 2022 2023 2024 2025 Free Cash Flow ($M) $400M $466M $513M $536M $559M $582 $0 $100 $200 $300 $400 $500 $600 $700 2020 2021 2022 2023 2024 2025 Revenue ($M) 27.0% 30.4% 29.6% 27.7% 28.4% 27.6% 0% 5% 10% 15% 20% 25% 30% 35% 2020 2021 2022 2023 2024 2025 EBITDA Margin1,2 (%) $40M $43M $49M $54M $58M $62M $0 $10 $20 $30 $40 $50 $60 $70 2020 2021 2022 2023 2024 2025 Dividends Paid ($M) 1Refer to non-GAAP reconciliation on slide 25 2EBITDA Margin % = EBITDA/Revenues before Reimbursements
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Capital Allocation $242.5M $297.7M $161.5M $187.2M $258.9M $221.9M $0 $50 $100 $150 $200 $250 $300 $350 2020 2021 2022 2023 2024 2025 Cash and Short Term Investments ($M): 2020-2025 19 Cash Returned to Shareholders: $306M $331M Dividend Payments Repurchased Shares (or ~4.2M shares) 2020-2025
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20 Key Metrics – Q4 2025 20 1Refer to non-GAAP reconciliation on slide 25 2EBITDA Margin % = EBITDA/Revenues before Reimbursements ($ Millions, except where noted) 2024 2025 % Change Revenues Before Reimbursements $123.8 $129.4 5% Revenues 136.8 147.4 8% EBITDA1 $31.2 $34.7 11% EBITDA Margin2 (%) 25.2% 26.8% Net Income 23.6 24.8 5% Earnings per share ($) 0.46 0.49 7% Average diluted shares outstanding (Millions) 51.6 50.6 -2% Billable hours 360,000 357,000 -1% Utilization, technical 68% 69% Realized rate increase 4% 5% Technical full time equivalent employees 947 992 5%
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21 Key Metrics – Fiscal Year 2025 21 1Refer to non-GAAP reconciliation on slide 24 2EBITDA Margin % = EBITDA/Revenues before Reimbursements ($ Millions, except where noted) 2024 2025 % Change Revenues Before Reimbursements $518.5 $536.8 4% Revenues 558.5 582.0 4% EBITDA1 $147.1 $148.1 1% EBITDA Margin2 (%) 28.4% 27.6% Net Income 109.0 106.0 -3% Earnings per share ($) 2.11 2.07 -2% Average diluted shares outstanding (Millions) 51.6 51.2 -1% Billable hours 1,495,000 1,468,000 -2% Utilization, technical 73% 73% Realized rate increase 4% 5% Technical full time equivalent employees 967 973 1%
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22 Positioned at the Center of Global Macro Trends Safety Environment Health
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23 Appendix
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24 EBITDAS – Q4 2025 24 ($ Millions) 2024 2025 % Change Net Income $23.6 $24.8 5% Add back (subtract): Income taxes 7.7 9.3 21% Interest income, net (2.6) (1.9) -25% Depreciation and amortization 2.5 2.5 2% EBITDA 1 31.2 34.7 11% Stock-based compensation 4.9 5.0 3% EBITDAS 1 $36.1 $39.7 10% 1EBITDA is a non-GAAP financial measure defined by the Company as net income before income taxes, interest income, depreciation and amortization. EBITDAS is a non-GAAP financial measure defined by the Company as EBITDA before stock-based compensation. The Company regards EBITDA and EBITDAS as useful measures of operating performance and cash flow to complement operating income, net income and other GAAP financial performance measures. Additionally, management believes that EBITDA and EBITDAS provide meaningful comparisons of past, present and future operating results. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. These measures, however, should be considered in addition to, and not as a substitute or superior to, operating income, cash flows, or other measures of financial performance prepared in accordance with GAAP.
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25 EBITDAS – Fiscal Year 2025 25 ($ Millions) 2024 2025 % Change Net Income $109.0 $106.0 -3% Add back (subtract): Income taxes 38.4 41.3 8% Interest income, net (10.0) (9.3) -7% Depreciation and amortization 9.7 10.1 4% EBITDA 1 147.1 148.1 1% Stock-based compensation 23.2 23.8 2% EBITDAS 1 $170.3 $171.9 1% 1EBITDA is a non-GAAP financial measure defined by the Company as net income before income taxes, interest income, depreciation and amortization. EBITDAS is a non-GAAP financial measure defined by the Company as EBITDA before stock-based compensation. The Company regards EBITDA and EBITDAS as useful measures of operating performance and cash flow to complement operating income, net income and other GAAP financial performance measures. Additionally, management believes that EBITDA and EBITDAS provide meaningful comparisons of past, present and future operating results. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. These measures, however, should be considered in addition to, and not as a substitute or superior to, operating income, cash flows, or other measures of financial performance prepared in accordance with GAAP.