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ICON plc Q3 2026 Results Period Ended September 30, 2026
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Additional Information Statements included in this presentation which are not historical facts are forward-looking statements. All statements other than statements of historical fact are forward-looking. Examples of forward-looking statements include, but are not limited to, statements regarding the following: anticipated financial results for 2026; the remediation of material weaknesses in the Company’s internal control over financial reporting and the implementation of the Company’s corrective action plan; the Company’s expectations regarding business momentum, demand trends, commercial performance and competitive position; and the Company’s expectations with respect to its long-term value creation and growth. You can identify many forward-looking statements by words such as “anticipates”. “believes”, “could”, “estimates”, “expects”, “guidance”, “intends”, “may”, “opportunities”, “plans”, “position”, “predicts”, “projects”, “seeks”, “should”, “will”, “would”, and other similar expressions and the negatives of such expressions. However, not all forward-looking statements contain these words. These statements are based on management’s current expectations and information currently available, including current economic and industry conditions. Actual results may differ materially from those stated or implied by forward-looking statements due to risks and uncertainties associated with the Company’s business, and forward-looking statements are not guarantees of future performance. Such risks and uncertainties include, but are not limited to, dependence on the pharmaceutical industry and certain clients; the need to regularly win projects and then to execute them efficiently and correctly; the challenges presented by rapid growth; competition and the continuing consolidation of the industry; the impact of market conditions on demand for the Company’s services; risks related to the Company’s ability to execute on its commercial strategy and maintain relationships with large pharmaceutical customers; risks relating to the Company’s strategic partnerships; the dependence on certain key executives, changes in the regulatory environment; exchange rate fluctuations; inflation and rising labor costs; the risk that material weaknesses in the Company’s internal control over financial reporting are not remediated on the timeline expected or at all; the risk that the remediation measures and the corrective action plan do not adequately address the identified material weaknesses; and other factors, those factors described in the section entitled “Risk Factors” in the Company’s Annual Report on Form 20-F most recently filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made and the Company does not undertake any obligation to update publicly any forward-looking statement, either as a result of new information, future events or otherwise, except to the extent required by law. This presentation includes selected non-GAAP financial measures including, but not limited to, adjusted EBITDA and adjusted diluted earnings per share. Please refer to the Appendices of this presentation for reconciliations of Non-GAAP financial measures contained herein to the most directly comparable GAAP financial measures. While non-GAAP financial measures are not superior to or a substitute for the comparable GAAP measures, we believe certain non-GAAP information is useful to investors for historical comparison purposes. The full-year 2026 guidance adjusted diluted earnings per share measures are provided on a non-GAAP basis without a reconciliation to the most directly comparable GAAP measure because the company is unable to predict with a reasonable degree of certainty certain items contained in the GAAP measures without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The information contained in this presentation is being provided for your convenience and information only. This information is accurate as of the date of its initial presentation. If you plan to use this information for any purpose, verification of its continued accuracy is your responsibility. ICON assumes no duty to update or revise the information contained in this presentation.
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2 Q3 2026 Key Considerations Positive demand environment; sustained commercial excellence ▪ Record net business wins of $3,150m; 1.56x net book-to-bill; TTM direct fee book-to-bill 1.3x ▪ Enterprise partnership expansion across large pharma, mid-size and biotech customers ▪ AI-enabled digital platform driving differentiated bookings performance Capital allocation strategy supported by balance sheet strength ▪ $400m in share repurchases and $2.15bn debt refinancing completed ▪ Net debt / TTM Adjusted EBITDA ratio of 2.0x ▪ Strategic investments in agentic, therapeutic and laboratory capabilities Financial progression across key metrics ▪ Adjusted EBITDA margin improved 70bps sequentially to 16.6% ▪ Adjusted EPS increased 4% sequentially to $2.66 ▪ Free cash flow of $302m
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388 327 318 327 337 18.6% 15.5% 15.6% 15.9% 16.6% 8. 0% 13 . 0% 18 . 0% 23 . 0% 28 . 0% 33 . 0% 38 . 0% - 50 100 150 200 250 300 350 400 450 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 25.1 21.1 21.8 22.7 23.4 8.3% 10.0% 9.3% 9.1% 8.7% 0. 0% 2. 0% 4. 0% 6. 0% 8. 0% 10 . 0% 12 . 0% 14 . 0% 16 . 0% 18 . 0% 20 . 0% - 5. 0 10. 0 15. 0 20. 0 25. 0 30. 0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 3 Key Financial Metrics 2,084 2,113 2,034 2,063 2,025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Backlog ($bn) Adjusted EBITDA Margin(N1) Adjusted Earnings per Share(N2) 3.20 2.52 2.50 2.56 2.66 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 N1: All values excludes stock-based compensation, foreign currency gains and losses, restructuring and related costs, transaction, integration related and other adjustments, gain on investments, loss on disposal of subsidiary undertaking, goodwill impairment and impairment of non-financial assets. N2: All values exclude amortization of intangible assets, stock-based compensation, foreign currency gains and losses, restructuring and relate d costs, transaction, integration related and other adjustments, transaction-related financing costs, gain on investments, goodwill impairment, impairment of non-financial assets, loss on disposal of subsidiary undertaking and their relat ed taxation effect. Adjusted EBITDA margin and adjusted earnings per share are a non-GAAP financial measure. Refer to “Forward Looking Statement” at the beginning of this presentation for a discussion of our non-GAAP financial measures. Revenue ($m) Updated Backlog Policy
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24.1% 24.0% 23.7% 14.8% 15.5% 15.2% 26.0% 25.0% 24.2% 35.1% 35.5% 36.9% Q3 2025 Q2 2026 Q3 2026 Percentage of Total Revenue 4 Customer Concentration & Diversification Top 1-5 Customers Top 6-10 Customers Top 11-25 Customers All other Customers (26+) Average revenue per customer (Q3 2026): Top 1-5: c5% on average Top 6-10: c3% on average Top 11-25: c1.6% on average
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3.0 3.2 3.3 3.7 3.8 (0.9) (0.4) (0.4) (0.6) (0.6) 2.1 2.9 2.9 3.1 3.2 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Gross Business Wins Cancellations Net Business Wins 5 Net Business Win Detail Updated Backlog Reflecting Policy Changes Quarterly Detail Impact of Updated Policy 3.8 (0.4) 3.4 Q3 2026 (Previous Policy) 1.00x Net Book-to-Bill 1.51x Net Book-to-Bill 1.42x Net Book-to-Bill 1.36x Net Book-to-Bill 1.56x Net Book-to-Bill In $bn, unless otherwise noted 1.68x Net Book-to-Bill
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6 Backlog Detail $23.4bn Reported Backlog At June 30, 2026 $24.5bn +4.8% Reported Backlog At Sep 30, 2026 $16.4bn +4.6% Unsatisfied Performance Obligation At Sep 30, 2026 Q3’26 Revenue Q3’26 Net Business Wins $2.0bn $3.2bn • Awarded projects not yet contracted • Adjustments to realizable value on contracted awards $8.1bn $15.7bn Unsatisfied Performance Obligation At June 30, 2026
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7 Balance Sheet $m (unless otherwise stated) 30-Sep-26 30-Jun-26 30 Sep-25 Cash and Cash Equivalents 809.0 928.4 468.9 Total Debt (3,379.1) (3,390.5) (3,408.3) Net (Debt) / Cash (2,570.1) (2,462.2) (2,939.4) Net Debt / TTM Adj EBITDA Ratio 2.0x 1.8x 1.8x
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8 Cash Flow Quarterly Cash Flow ($m) Q3 2026 Q2 2026* Q3 2025 Cash from Operating Activities 340.4 286.0 387.6 Capital Expenditure (38.0) (42.4) (53.7) Free Cash Flow 302.4 243.6 333.9 TTM Cash Flow ($m) Q3 2026 Q2 2026 Q3 2025 Cash from Operating Activities 1,027.6 1,074.7 1,140.4 Capital Expenditure (170.5) (186.2) (176.2) Free Cash Flow 857.1 888.5 964.2 *Reclassification of distribution from investments in Q2’26 previously classified at Operating activities. Now in alignment with Q3 and YTD
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9 2026 Updated Financial Guidance & Outlook Prior full-year 2026 Guidance Updated full-year 2026 Guidance Revenue $7,850m - $8,150m $8,100m - $8,200m Adjusted EPS* $10.00 - $11.00 $10.35 - $10.65 *Adjusted EPS values exclude amortization of intangible assets, stock -based compensation, foreign currency gains and losses, rest ructuring and related costs, transaction, integration related and other adjustments, transaction-related financing costs, gain on investments, goodwill impairment, impairment of non -financial assets, loss on disposal of subsidiary undertaking and their related taxation effect.
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Appendices
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Reconciliation of Non-GAAP Measures (Adjusted EBITDA) $000 Q3 2025 Q3 2026 Adjusted EBITDA Net (loss) / income (284,183) 122,130 Income tax expense 12,791 32,446 Net interest expense 48,482 60,563 Depreciation and amortization of intangible assets 99,030 94,422 Stock-based compensation expense (a) 46,191 18,006 Foreign currency (gains) / losses, net (b) (6,860) 6,553 Restructuring and related costs (c) - 10,720 Transaction, integration related and other (d) 7,020 10,664 Gain on investments (f) - (18,631) Goodwill Impairment (g) 364,248 - Impairment of non-financial assets (h) 101,027 - Adjusted EBITDA 387,746 336,873 Adjusted EBITDA Margin % 18.6% 16.6% 11
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Reconciliation of Non-GAAP Measures (Adjusted Net Income & Adjusted EPS) $000 except share and per share data Q3 2025 Q3 2026 Adjusted net income and adjusted diluted net income per Ordinary Share Net (loss) / income (284,183) 122,130 Income tax expense 12,791 32,446 Amortization of intangible assets 58,688 46,244 Stock-based compensation expense (a) 46,191 18,006 Foreign currency (gains) / losses, net (b) (6,860) 6,553 Restructuring and related costs (c) - 18,136 Transaction, integration related and other (d) 7,020 10,664 Transaction-related financing costs (e) 1,499 17,322 Gain on investments (f) - (18,631) Goodwill Impairment (g) 364,248 - Impairment of non-financial assets (h) 101,027 - Adjusted tax expense (i) (50,771) (47,034) Adjusted net income 249,650 205,836 Diluted weighted average number of Ordinary Shares outstanding 78,082,459 77,404,061 Adjusted diluted net income per Ordinary Share 3.20 2.66 12
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Adjusted Net Income Reconciliation $000 except share and per share data GAAP Adjustments Non-GAAP GAAP Adjustments Non-GAAP Revenue 2,084,415 - 2,084,415 2,024,757 - 2,024,757 Costs and expenses: Direct costs (excluding depreciation and amortization) (a) 1,538,951 (21,479) 1,517,472 1,532,925 (8,231) 1,524,694 Selling, general and administrative (a),(b),(d),(f) 197,049 (17,852) 179,197 196,850 (33,660) 163,190 Depreciation and amoritaztion of intangible assets (c) 99,030 (58,688) 40,342 94,422 (53,660) 40,762 Restructuring (c) - - - 1,486 (1,486) - Transaction and integration related (d) 7,020 (7,020) - 233 (233) - Goodwill Impairment (g) 364,248 (364,248) - - - - Impairment of non-financial assets (h) 101,027 (101,027) - - - - Total costs and expenses 2,307,325 (570,315) 1,737,010 1,825,916 (97,270) 1,728,646 Income from operations (222,910) 570,315 347,404 198,841 97,270 296,111 Net interest expense (e) (48,482) 1,499 (46,983) (60,563) 17,322 (43,241) Income before income tax expense (271,392) 571,814 300,421 138,278 114,592 252,870 Income tax expense (i) (12,791) (37,980) (50,771) (32,446) (14,588) (47,034) Income before share of losses from equity method investments (284,183) 533,834 249,650 105,832 100,004 205,836 Share of net gains from equity method investments (f) - - - 16,298 (16,298) - Net Income (284,183) 533,834 249,650 122,130 83,706 205,836 Diluted weighted average number of Ordinary Shares outstanding 77,373,534 78,082,459 77,404,061 77,404,061 Diluted net income per Ordinary Share (3.67) 3.20 1.58 2.66 Q3 2025 Q3 2026 13
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Reconciliation of Non-GAAP Measures Notes a) Stock-based compensation expense represents the amount of expense related to the Company’s equity compensation programs (inclusive of employer related taxes). b) Foreign currency losses / (gains), net relates to gains or losses that arise in connection with the revaluation, or settlement, of non-US dollar denominated assets and liabilities. We exclude these gains and losses from adjusted EBITDA and adjusted net income because fluctuations from period-to-period do not necessarily correspond to changes in our operating results. c) Restructuring and related costs relate to charges incurred in connection with the Company's realignment of its workforce, with the elimination of redundant positions as well as reviewing its global office footprint and optimizing its locations to best fit the requirements of the Company. Costs relating to accelerated amortization of operating right-of-use assets and related contract costs are recorded within selling, general and administrative expenses. Costs related to an accelerated depreciation charge on related property, plant and equipment was recorded within depreciation and amortization of intangible assets in the Consolidated Statements of Operations and, accordingly, is reflected in the depreciation and amortization of intangible assets adjustment within Adjusted EBITDA, while being included within the restructuring and related costs adjustment in Adjusted Net Income. d) Transaction, integration related and other costs include expenses associated with our acquisitions and any other costs incurred related to the integration of these acquisitions. Further, costs incurred in 2026 relating to the Investigation, including out of scope audit fees resulting from the impact of the investigation, and in defense of the Putative Class Action are classified within this category. These costs are recorded within selling, general and administrative expenses. e) Transaction-related financing costs include costs incurred in connection with changes to our long-term debt and amortization of financing fees including the loss on extinguishment of debt. We exclude these costs from adjusted net income because they result from financing decisions rather than from decisions made related to our ongoing operations. f) Gain on investments relates to Net Asset Value (NAV) movement on investments in equity recorded within the income statement and share of net gains from equity method investments. We exclude these movements from adjusted EBITDA and adjusted net income because fluctuations from period-to-period do not necessarily correspond to changes in our operating results. g) Goodwill impairment relates to an impairment of goodwill allocated to the Company's Data Solutions reporting unit. h) Impairment of non-financial assets relates to an impairment of the carrying amount of the property, plant and equipment and intangible assets of the Company's Data Solutions reporting unit. i) Represents the tax effect of adjusted pre-tax income at our estimated effective tax rate. 14
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