Slides
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Investor Day 2025 Challenge accepted.
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Investor Day Agenda 1 Welcome & Opening Remarks Bert Subin 2 Company Vision & Strategy Bob Pragada 3 Growing the Core Business Patrick Hill Koti Vadlamudi (Break – 15 Minutes) 4 Market Opportunities and Growth Initiatives Shannon Miller 5 Financial Review and Outlook Venk Nathamuni 6 Q&A and Closing Bob Pragada Patrick Hill President, Global Operations Shannon Miller President, Strategy, Growth & Digital Bob Pragada Chair and Chief Executive Officer Venk Nathamuni Chief Financial Officer Koti Vadlamudi Executive Vice President and GM, Global Business Units Bert Subin Senior Vice President, Investor Relations
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Forward-looking statement disclaimer Certain statements contained in this presentation constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not directly relate to any historical or current fact. When used herein, words such as “expects,” “anticipates,” “believes,” “seeks,” “estimates,” “plans,” “intends,” “future,” “will,” “would,” “could,” “can,” “may,” "target," "goal" and similar words are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements we make regarding our new corporate strategy, the size and expected growth rates of our core business identified in this presentation, expectations as to our future organic growth, the achievement of our financial targets and estimates, our ability to execute on our capital allocation strategies and to achieve the expected benefits and synergies from acquisitions and other strategic investments, and our ability to realize the benefits of the more focused, client-centric business model discussed in this presentation. Although such statements are based on management's current estimates and expectations, and/or currently available competitive, financial, and economic data, forward-looking statements are inherently uncertain, and you should not place undue reliance on such statements as actual results may differ materially. We caution the reader that there are a variety of risks, uncertainties and other factors that could cause actual results to differ materially from what is contained, projected or implied by our forward-looking statements. Such factors include: ▪ general economic conditions, including inflation and the actions taken by monetary authorities in response to inflation, changes in interest rates and foreign currency exchange rates, changes in capital markets and stock market volatility, instability in the banking industry, labor shortages, or the impact of a possible recession or economic downturn or changes to monetary or fiscal policies or priorities in the U.S. and the other countries where we do business on our results, prospects and opportunities; ▪ our ability to fully execute on our new corporate strategy and deliver margin accretive growth, including our ability to (i) benefit from industry trends, (ii) innovate technologies to meet the needs of our customers and benefit from digital transformation, (iii) leverage our global delivery model and scale revenue without proportionally increasing expenses, and (iv) attract and retain a qualified and talented workforce; ▪ competition from existing and future competitors in our target markets, as well as the possible reduction in demand for certain of our product solutions and services, including delays in the timing of the award of projects or reduction in funding, or the abandonment of ongoing or anticipated projects due to the financial condition of our clients and suppliers or due to governmental budget constraints or changes to governmental budgetary priorities, or the inability of our clients to meet their payment obligations in a timely manner or at all; ▪ uncertainties as to (i) the impact of the completed separation of the CMS/C&I Business (as defined below) on our business, such as a possible impact on our credit profile or our ability to operate as a separate public-company without the benefit of the resources and capabilities divested as part of the CMS/C&I Business, the possibility that the transaction will not result in the intended benefits to us or our shareholders, or that we will not realize the value expected to be derived from the disposition of our retained stake in Amentum, (ii) the impact of acquisitions, strategic alliances, divestitures, and other strategic events resulting from evolving business strategies, including on our ability to maintain our culture and retain key personnel, customers or suppliers, or our ability to achieve the cost-savings and synergies contemplated by our recent acquisitions within the expected time frames or to achieve them fully and to successfully integrate acquired businesses while retaining key personnel, and (iii) our ability to invest in the tools needed to implement our new strategy; ▪ financial market risks that may affect us, including by affecting our access to capital, the cost of such capital and/or our funding obligations under defined benefit pension and postretirement plans; ▪ legislative changes, including potential changes to the amounts provided for, under the Infrastructure Investment and Jobs Act, as well as other legislation and executive orders related to governmental spending, and changes in U.S. or foreign tax laws, statutes, rules, regulations or ordinances, including the impact of, and changes to tariffs or trade policies, that may adversely impact our future financial positions or results of operations; ▪ increased geopolitical uncertainty and risks, including policy risks and potential civil unrest, relating to the outcome of elections across our key markets and elevated geopolitical tension and conflicts, including the Russia-Ukraine and Israel-Hamas conflicts and the escalating tensions in the Middle East, among others; and ▪ the impact of any pandemic or infectious disease outbreaks, measures or restrictions imposed by governments and health officials in response to the pandemic, as well as any resulting economic downturn on our results, prospects and opportunities. The foregoing factors and potential future developments are inherently uncertain, unpredictable and, in many cases, beyond our control. For a description of these and additional factors that may occur that could cause actual results to differ from our forward-looking statements see the Company’s filings with the U.S. Securities and Exchange Commission, including in particular the discussions contained in our fiscal 2024 Annual Report on Form 10-K under Item 1 - Business, Item 1A - Risk Factors, Item 3 - Legal Proceedings, and Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations; and in our most recently filed Quarterly Report on Form 10-Q under Part I, Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations, and Part II, Item 1 - Legal Proceedings and Item 1A - Risk Factors. The Company is not under any duty to update any of the forward-looking statements after the date of this press release to conform to actual results, except as required by applicable law. Non-GAAP Financial Measures and Operating Metrics To supplement the financial results presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we present certain non-GAAP financial measures within the meaning of Regulation G under the Securities Exchange Act of 1934, as amended. These measures are not, and should not be viewed as, substitutes for GAAP financial measures. More information about these non-GAAP financial measures and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found at the end of this presentation. Reconciliation of forward-looking non-GAAP and other financial measures, including Adjusted Net Revenue, EBITDA, Adj. EBITDA, Adj. EBIDTA Margin, Adj. Gross Margin, Free Cash Flow Margin, and Free Cash Flow for future periods, to the most directly comparable GAAP measures is not available without unreasonable efforts because the Company cannot predict with sufficient certainty all the components required to provide such reconciliation, including with respect to the costs and charges relating to transaction expenses, restructuring and integration and other non-recurring or unusual items to be incurred in such periods. ©Jacobs 2025
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©Jacobs 2025 Company Vision & Strategy Bob Pragada Chair and Chief Executive Officer Company Vision & Strategy Growing the Core Business Market Opportunities and Growth Initiatives Operational Excellence Financial Review and Outlook Q&A Closing Remarks
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©Jacobs 2025 Key Messages 5 We are simpler and more focused. Leading position across Water and Advanced Facilities where demand is strong. Focused on financial discipline and profitable growth. Investment megatrends are global and enduring. Positioned to thrive as complexity rises and challenges intersect. 1 2 3 4 5 We are a leading science-based consulting and advisory company delivering resilient, digitally enabled infrastructure solutions to our clients globally
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©Jacobs 2025 Our journey to higher value services and solutions 6 FY16 FY19 FY24FY21 FY29 A company like no other Reimagining tomorrow. Today Boldly moving forward Challenge accepted Redefine the asset lifecycleAssess and focus Begin transformation Continue transformation Government Services Energy, Chemicals and Resources FY16 $0.6B Adj. EBITDA¹ FY24 $1.1B Adj. EBITDA¹ FY29E ~$1.9B Adj. EBITDA² FY16 Adj. EBITDA Margin¹ 7.7% 16%+12.8% FY24 Adj. EBITDA Margin¹ FY29E Adj. EBITDA Margin² Jacobs Simplification Differentiation OutlookInsights ¹Based on Adj. EBITDA and Adj. EBITDA Margin per our published presentations. Adj. EBITDA and Adj. EBITDA Margin shown for FY24 are on a continuing ops basis. ²Targeted Adj. EBITDA margin and total Adj. EBITDA. Reconciliation of targeted FY29 Adj. EBITDA to the most directly comparable GAAP measure is not available without unreasonable efforts because the Company cannot predict with sufficient certainty all the components required to provide such reconciliation, including with respect to the costs and charges relating to transactionexpenses, restructuring and integrationand other non-recurring due to restructuring or unusual items to be incurred in such periods.
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©Jacobs 2025 Jacobs today – simpler and more focused 7 PA Consulting 10% Critical Infrastructure 38% Life Sciences & Advanced Manufacturing 24% ©Jacobs 2025 Scalable solutions delivered globally and digitally Focused business model Science-based innovation and end-to-end solutions Note: Infrastructure & Advanced Facilities (I&AF) segment includes Water & Environmental, Life Sciences & Advanced Manufacturing and Critical Infrastructure end markets. Engineering News-Record (ENR) rankings from 2024 Top 500 Design Firms and Source Books Water & Environmental 28% Strong organic execution and financial discipline Simplification Differentiation OutlookInsights №1 ENR №1 – Top 500 Design Firms №1 – Top 50 Program Management Firms №1 – Wastewater Treatment №1 – Pharmaceuticals №1 – Data Centers №1 – Semiconductors №1 – Manufacturing … and many more % of Gross Revenue FY24
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©Jacobs 2025 Our strategic vision for Jacobs – redefining the asset lifecycle 8 Making the world smarter, more connected and more sustainable by redefining the asset lifecycle for our clients Change the world? Challenge accepted. 1 Science-based innovation: We are central to how our clients shape their investments and deploy capital 2 End-to-end solutions: Leading by providing end-to-end solutions that span our clients' asset lifecycle 3 Global delivery and digital augmentation: We hire world-class talent, enabling scalable growth to redefine the asset lifecycle Simplification Differentiation OutlookInsights
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©Jacobs 2025 $1.5B $1.8B $2.0B $2.3B $2.5B $2.8B $3.0B 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Our sector has improved significantly, and we are poised to lead 9 ▪ Lower risk profile (reduced construction risk) ▪ Higher profitability, rising FCF margins ▪ Average net leverage considerably improved Peer group fundamentals consistently improving *Note: Free cash flow compiled using Bloombergestimates one fiscal year ahead for J, ACM, WSP, STN, TTEK; average net leverage used at Jacobs’ FY end 2016 and FY end 2024 We are bolstering our industry position Significant margin expansion opportunity Top-tier organic growth forecast Strong balance sheet Simplification Differentiation OutlookInsights Margin Expansion Organic Growth Free Cash Flow*
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©Jacobs 2025 The industry prioritizes project scope over client outcome 10 Industry Model Project-centric Not aligned with client investment lifecycle1 Narrow focus on engineering services and management2 Limited advisory and digital footprint3 Planning and Concept Design Engineering and Design Program and Construction Management (PM/CM) Operations and Maintenance (O&M) Primary focus areas Larger players Client operated Simplification Differentiation OutlookInsights
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©Jacobs 2025 End-to-end solutions grounded in science-based innovation is a key differentiator of our model 11 Simplification Differentiation OutlookInsights Client-centric AND program-centric Model+ End-to-end solutions Delivery enabled by digital Business Advisory Planning and Concept Design Engineering and Design Program Management O&M Construction Management Enabling upstream shift Augmented design New services Engage AI Client AI enablement Cutting edge solutions Acuity
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©Jacobs 2025 We are redefining the asset lifecycle to drive client value 12 Simplification Differentiation OutlookInsights Deep understanding of client challenges Global delivery for the best outcome, at speed Better capital decisions Superior outcomes for our clients +
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©Jacobs 2025 Our serviceable market is significant, underscoring tailwinds 13 $120B 7-9% ▪ Major drug launches ▪ Data centers ▪ Onshoring Market SAM* J CAGR Est (FY25-29)¹ Key Customer Opportunities 11-13% $390B ▪ AI demand and grid challenges ▪ Energy transition ▪ Energy security ▪ Sustainability targets ▪ Sustainability and decarbonization ▪ Multi-modal transit ▪ Aviation 5-7% ▪ Digital integration ▪ Major programs ▪ Growth in the Middle East 4-6% 8-10% $220B ▪ Water scarcity ▪ Wastewater treatment and conveyance ▪ Digital expansion 4-6% ▪ Nature based solutions ▪ Changing regulation ▪ PFAS Simplification Differentiation OutlookInsights Advanced Facilities Water & Environmental Life Sciences & Advanced Manufacturing Critical Infrastructure Energy & Power Transportation Cities & PlacesWater Environmental *SAM = Serviceable Addressable Market; ¹CAGR estimates refer to adj. net revenue growth Results in 6-8% adjusted net revenue growth forecast from FY25-29
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©Jacobs 2025 Our strategic roadmap has at its core our people and our culture 14 Simplification Differentiation OutlookInsights We turn ideas into reality We integrate sustainability into everything we do We provide end-to-end services to drive client value Our people are dedicated to inclusion Culture of Caring
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©Jacobs 2025 We are positioned to drive profitable growth 15 Focused business model Science-based innovation and end-to-end solutions Strong organic execution and financial discipline Scalable solutions delivered globally and digitally Simplification Differentiation OutlookInsights Jacobs Infrastructure & Advanced Facilities (I&AF) Water & Environmental Life Sciences & Advanced Manufacturing Critical Infrastructure
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©Jacobs 2025 Growing the Core Business Water & Environmental Critical Infrastructure Life Sciences & Advanced Manufacturing Patrick Hill President, Global Operations Company Vision & Strategy Growing the Core Business Market Opportunities and Growth Initiatives Operational Excellence Financial Review and Outlook Q&A Closing Remarks
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©Jacobs 2025 Starting FY25 with good momentum and an increasing pipeline 17 Strong improvement in Jacobs' gross profit trajectory And our revenue pipeline¹ in I&AF is inflecting Simplification Differentiation OutlookInsights ¹Pipeline growth highlighted on the right side of the slide is based on factored gross revenue 2-year pipeline growth 38% 2-year pipeline growth 42% 2-year pipeline growth 16% Critical Infrastructure Water & Environmental Life Sciences & Advanced Manufacturing +12% y/y
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©Jacobs 2025 Our portfolio is balanced and demonstrates long-term stability 18 Simplification Differentiation OutlookInsights And our U.S. positioning remains favorable Infrastructure Investment & Jobs Act (IIJA)* ▪ FY22-24 Budget Authority of $365B – 66% Obligated – 34% Spent ▪ FY25-26 appropriations to follow ▪ Expect obligations growth through FY26 with peak spending 2-3 years later – Assumes no additional spending bill ▪ Highway Trust Fund fully funded – Congress to act by end of FY26 *North America Private, State & Local and Federal include all of North America but areprimarily related to the U.S.; IIJA data as of Dec-24 Our adj. net revenue exposure by source is diverse North America Federal 9% North America Private 26% Infrastructure & Advanced Facilities (I&AF) FY24* North America State & Local 31% International 34%
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©Jacobs 2025 Water & Environmental ✓ Climate extremes driving demand ✓ Unparalleled Water expertise ✓ Leading end-to-end solutions, at scale
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©Jacobs 2025 Water & Environmental differentiation driven by end-to-end solutions and continuous innovation 20 Simplification Differentiation OutlookInsights Positions Jacobs to drive sustainability across client base ▪ Top 4 globally ranked by Environment Analyst ▪ Environmental services position us for major projects with direct end-market delivery ▪ Long-term trusted advisor for federal remediation clients ▪ Leveraging global footprint to serve large multi-nationals World-leading expertise across the water cycle ▪ ENR №1 Sewer & Waste and №1 Wastewater Treatment ▪ Full end-to-end solutions from advisory to operations ▪ Leading complex programs, advanced treatment & recycling; directly managing 250+ water assets globally ▪ World-leading technologists across the water cycle Water Environmental End-to-end solutions, digital innovation & cross-collaboration strengthen our Water & Environmental position
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©Jacobs 2025 Leading Water services provider across the full lifecycle 21 Simplification Differentiation OutlookInsights Advisory Concept Design Operations & Maintenance Construction Digital Drainage & flood mitigation Water storage & supply Wastewater treatment & resource recovery Desalination Water treatment Dams & Reservoirs Catchment management
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©Jacobs 2025 Tillman Water Treatment Plant Los Angeles Water projects a key component of current backlog strength 22 Alkimos Desalination Plant Australia United Utilities Trusted Partner United Kingdom Simplification Differentiation OutlookInsights New Kranji Water Treatment Plant Singapore $900M Total Installed Cost $660M Total Installed Cost $3.2B UU’s Annual investment Driving resiliency in the drought-stressed LA region Use of digital applications to address capital constraints $1.6B Total Installed Cost Strengthening Singapore's water resilience Providing water security for climate impacted metro area
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©Jacobs 2025 Demand is strong in Water & Environmental market, led by Water 23 ▪ PFAS driving consulting and remediation spending ▪ Energy transition and climate response fueling growth ▪ Infrastructure boosting front-end environmental spending ▪ Increased demand for environmental planning ▪ Growth in resilience advisory Water Environmental ▪ Rising advanced treatment and water reuse programs ▪ Addressing water scarcity, aging infrastructure, and climate ▪ Digital tools driving asset management improvement ▪ Regional trends: − Americas: Coastal resilience, water scarcity, and quality − Europe: U.K. AMP8 delivery, flood & overflow mitigation − Asia Pacific / Middle East: Water scarcity, coastal resilience Drinking water & reuse Wastewater Conveyance & storage Water resources Environmental planning Remediation & regeneration Environmental, health & safety Sustainability & resilience advisory Simplification Differentiation OutlookInsights
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©Jacobs 2025 Strong global setup in Water & Environmental 24 End-to-end solutions provider with strong tailwinds across the full lifecycle in Water1 Water scarcity, aging infrastructure and climate change driving an inflection in spending2 Environmental a key cross-market capability driving larger downstream opportunities3 Simplification Differentiation OutlookInsights
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©Jacobs 2025 Critical Infrastructure ✓ Leaders in complex project delivery ✓ Top 3 provider in every major vertical ✓ Favorable market tailwinds
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©Jacobs 2025 Capability and track record drive differentiation in Critical Infrastructure 26 Simplification Differentiation OutlookInsights A leader in complex program delivery ▪ ENR №2 in Transportation – ENR №2 in Airports, Bridges, Marine & Port Facilities, Mass Transit & Rail; №3 in Highways ▪ Strong airport and rail resume ▪ Significant tunnelling solutions ▪ Digital tools drive differentiation Transportation Unmatched major programs position ▪ ENR №2 in Power ▪ Top-tier expertise (Transmission & Distribution, Generation) ▪ World-leading renewables projects ▪ 70% international, growing U.S. ▪ Highly synergistic with verticals Energy & Power Cross-cutting buildings capability ▪ ENR №1 – Top 50 Program Management Firms ▪ Leading complex planning, design and delivery execution ▪ Leader in major programs (Expo, World Cup, Olympics) ▪ National Security infrastructure Cities & Places Local client relationships backed by global delivery enabling us to deliver the highest quality, faster
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©Jacobs 2025 The Energy & Power transition: poised for significant growth 27 Strategic decision to establish E&P as most recent independent business unit Focused growth of Jacobs’ E&P offering (+22% adj. net revenue growth in FY24) Transmission & Distribution expertise Key supplier for National Grid in the U.K. Major offshore wind connections Generation PM and advisory World’s second largest solar farm & largest wind farm in Southern Hemisphere Major programs expanding Positioned exceptionally well for step change in major utility projects Cross-collaboration Significant increase in E&P capability utilization across core sectors Simplification Differentiation OutlookInsights
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©Jacobs 2025 Jacobs designs and manages the world's largest infrastructure programs 28 Simplification Differentiation OutlookInsights Torrens to Darlington Australia $10B Total Installed Cost Transforming congestion in major metropolitan area Suedlink Interconnector Germany $11B Total Installed Cost Innovative interconnector technology unlocking renewables Expo 2020 Dubai United Arab Emirates $8B* Total Installed Cost Leading position for major events with lasting legacies *Excludes upgrades to Dubai city infrastructure such as metro connection and road upgrades
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©Jacobs 2025 Critical Infrastructure setup aided by multi-faceted demand drivers 29 ▪ Middle East expansion ▪ Federal and national security buildings ▪ U.S. program management demand ▪ Major metro cross-market opportunities ▪ Post-pandemic health investment Cities & Places Defense & National Security Buildings Health Rail Ports Transportation Highways ▪ Re-emerging aviation investment ▪ Mode shift from road to mass transit ▪ Steady highways growth ▪ U.S. Design for Design Build growing ▪ Long-term decarbonization investment Aviation Simplification Differentiation OutlookInsights ▪ Net-zero & electrification ▪ AI-driven data center & power demand ▪ Growth in major programs ▪ Interconnectors ▪ Energy transition relevant to all markets Energy & Power Transmission & Distribution Generation & Storage
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©Jacobs 2025 Driving solid growth in Critical Infrastructure 30 Energy & Power driven by combined opportunity of sector growth and cross-market relevance1 Transportation – our largest market – is inflecting through digital enablement2 Global investment creating favorable tailwinds in Cities & Places3 Simplification Differentiation OutlookInsights
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©Jacobs 2025 Growing the Core Business Life Sciences & Advanced Manufacturing Koti Vadlamudi Executive Vice President and GM, Global Business Units Company Vision & Strategy Growing the Core Business Market Opportunities and Growth Initiatives Operational Excellence Financial Review and Outlook Q&A Closing Remarks
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©Jacobs 2025 Life Sciences & Advanced Manufacturing ✓ Science-based innovation with multi-decade track record ✓ ENR №1 in life sciences, semis and data centers ✓ Long-term secular growth tailwinds
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©Jacobs 2025 Advanced Manufacturing and Electronics Life Sciences Life Sciences & Advanced Manufacturing at a glance 33 6,500+ Current Headcount 17% 3-Year CAGR Adj. Net Revenue $1.4B FY24 Adj. Net Revenue $2.8B FY24 Gross Revenue▪ 77+ years in Life Sciences ▪ Expertise at the molecular level ▪ ENR №1 in pharma for 22 years in a row ▪ Design and manage the world's largest programs ▪ ENR №1 in semis and data centers ▪ 40 years of semis design experience ▪ Designed over half of advanced fab facilities globally Life Sciences Adv. Manufacturing & Electronics 3-Year CAGR Adj. Net Revenue 11% 3-Year CAGR Adj. Net Revenue 24% Simplification Differentiation OutlookInsights Market Split by Gross Revenue FY24 Note: 3-Year CAGR spans FY21-FY24
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©Jacobs 2025 Our differentiation stems from innovation and scalability 34 Simplification Differentiation OutlookInsights ¹Source: Engineering News-Record - 2024 Top 500 Design Firms and Source Books Trusted Partner Deep domain expertise ▪ Multi-decade track record ▪ Long-term customer relationships ▪ Value tends to outshine pricing ▪ Past performance is key ▪ Help minimize delivery risk Size & Scale Largest in the industry ▪ $1.4B in adj. net revenue for FY24 ▪ 6,500+ resources globally ▪ Able to shift across markets, geos ▪ Positioned across U.S., Europe, APAC ▪ Unmatched scalability Breadth Leading position across industries ▪ №1 in Pharmaceuticals¹ ▪ №1 in Semiconductors¹ ▪ №1 in Data Centers¹ ▪ №1 in Manufacturing¹ ▪ №1 in Industrial Process¹ Science-based innovation, long-term customer engagements and unmatched resources
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©Jacobs 2025 Our delivery model spans the program lifecycle 35 Life Sciences Production Building Central Utility Building Fill Finish Building Admin / Laboratory Warehouse Simplification Differentiation OutlookInsights Semiconductors Industrial Waste Treatment Acid Treatment Fab Central Utility Building Admin Cafe Link Jacobs Delivery Model Conceptual Planning Design & Engineering PM/CM CQV* & Tooling Sustainment *CQV = Commissioning, Qualification and Validation
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©Jacobs 2025 ▪ Data center demand to double by 2030 ▪ Global market predicted to grow at 7.5% CAGR We are leaders in an industry positioned for long-term expansion 36 Critical Infrastructure: Micron Team Member Center, Manassas, VA, USA Energy & Power: Confidential Data Center On-Site Power Generation, Italy Water & Environmental: Confidential Life Sciences WWTP, NC, USA Advanced Facilities opens the aperture for Jacobs' cross-market capabilities: AI data center growth ▪ $1B+ projects up 4x in last 3 years ▪ Combining expertise, digital capabilities and global delivery Major spending cycle for life sciences Significant SAM Advanced Facilities ~$120B Simplification Differentiation OutlookInsights Long-term semis demand Advanced Facilities growth drivers Source: Long-term semis demand growth expectation from PWC; Turner & Townsend for AI data center forecast
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©Jacobs 2025 Life Sciences – continues to be a key growth driver 37 Jacobs' offering is unmatched ▪ Subject matter experts (SMEs) in process, process architecture, technology, and regulatory compliance ▪ Jacobs leads across life sciences manufacturing facilities: − Transforming the substance − Drug product − Vaccines − Antibody drug conjugate (ADC) ▪ Digital delivery and modularization Market growth is robust ▪ GLP-1 market growing – expected to hit $100B by 2028¹ ▪ Oncology, neurology and therapies also driving market growth − Rising outsourced manufacturing − Supply demand imbalance − ADC investment rising again, global sales projected at $39B by 2030 (+21% CAGR)² ▪ An additional 10 multi-billion-dollar drug launches expected by 2029 Wide range of facilities served Antibody Drug Conjugate Research and Pilot API* Fill Finish Vaccine Manufacturing Biologics №1 ENR Top 50 Global Design Firms and ENR Pharmaceuticals 4,500 Global resources dedicated to Life Sciences work 20 ISPE* Facility of the Year Award Wins since 2010 Simplification Differentiation OutlookInsights Source: ¹Pharmaceutical Technology: GLP-1R market:, ²Alira Health; *ISPE = International Society for Pharmaceutical Engineering; API = Active Pharmaceutical Ingredient
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©Jacobs 2025 Large-scale biologics site demonstrates automation, speed and scale 38 Simplification Differentiation OutlookInsights Innovative end-to-end offering driving increased market share ▪ Program summary − Large-scale cell culture contract develop and manufacturing facility − $2.0B initial investment; phase 2 an additional $1.2B investment − Will be used in life-impacting therapies, vaccines, and potential cures for chronic diseases ▪ Jacobs raising the bar through program delivery − Scaling: peak staffing of 200 engineers and designers and 2,000 construction craft workers, 250 construction managers − Digital delivery: leveraged unique data-centric modeling ▪ Enabled 50% reduction in engineering costs and 80% reduced supplier design on future projects − Sustainability: targeting 100% clean electricity Client: FUJIFILM Diosynth Biotechnologies Location: Holly Springs, NC, USA Services: Master planning, Architecture/Engineering Design, Procurement, Construction Management
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©Jacobs 2025 Semis – we are expanding and deepening our reach in the market 39 Long-term secular growth №1 in semiconductor market² ▪ Early stages of reshoring ▪ Growth opportunities across the semis industry ▪ Semis clients are still spending – capex projected to rise in FY25+ ▪ Muted cyclicality relative to historical cycles ▪ Over 50% of design market share for advanced fabs ▪ Clear industry leader with unmatched expertise ▪ Scalable project teams − Deep bench of SMEs and resources enable pursuit of unique opportunities ▪ Diversified client base with new domestic and international wins ▪ Semis growth in India as a new global player − Supporting four approved projects − Jacobs’ Chair and CEO met with PM Modi, delivered keynote for major Electronics conference (SEMICON) $1T Semiconductor market size by FY30¹ 1.4M sq ft of cleanroom manufacturing space design started by Jacobs in 2024 Simplification Differentiation OutlookInsights Client base continues to expand ¹Source: McKinsey & Company; ²№1 in semiconductor market refers to Engineering News-Record ranking
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©Jacobs 2025 Semiconductor fab program highlights project complexity, scalability 40 Simplification Differentiation OutlookInsights Client: Confidential Location: Multiple Sites Services: Master planning, Architecture/Engineering Design ▪ Program summary − Manufacturing multi-site program to develop microchips − Total program value exceeding $80B – each site consisted of 2 fabs spanning 4.8M sq ft ▪ Jacobs raising the bar through program delivery − Scaling: leveraged 15 offices in the U.S., Europe, and Asia ▪ To maintain critical path, accelerated release of early design package − Agility: quick response as priorities changed mid-project − Digital delivery: leveraged unique data centric modeling to provide a digital twinning solution ▪ Developed new design content replication methods ▪ Applied digital replication to major fab sites on different continents Global delivery provides us with the capability to scale up for large, complex programs
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©Jacobs 2025 Our opportunity extends to Data Centers and broader manufacturing Data Centers ▪ №1 in Data Centers¹ ▪ 30+ years of mission-critical experience ▪ 5,500+ MW designed in last 10 years ▪ End-to-end services ▪ Active projects in 18 countries ▪ 3GW+ of AI/High Density completed or in design (last 18 months) Specialized Manufacturing ▪ №1 in Industrial Process¹ ▪ №1 in Manufacturing¹ ▪ Diverse project portfolio consisting of: − Consumer Goods and Products − Pulp and Paper − Specialty Chemicals, Metals ▪ Wide range of capabilities with localized SME's Advanced Technology ▪ №1 in Electronic Assembly¹ ▪ №2 in Auto Plants¹ ▪ №2 in Solar Power¹ ▪ Cell and Battery Plant Design ▪ Delivered 4 largest EV and 3 largest battery cell plants globally Simplification Differentiation OutlookInsights 41 ¹Source: Engineering News-Record - 2024 Top 500 Design Firms and Source Books
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©Jacobs 2025 Data Centers – opportunity for substantial growth in coming years 42 The Data Center market is growing exponentially Data Centers vs. Semis – historically smaller, more fragmented Our Data Centers submarket growth is accelerating, still early innings ▪ 40% CAGR projected in DC capex, growing from $300B (2023) to $1.1T (2027) ▪ AI growth creating a variety of challenges to be solved ▪ Opportunities to partner to augment our offering ▪ High-speed projects, quicker book/burn − AI phase increasing size, complexity ▪ Smaller-scale, faster build − Higher volume of projects − Agile, smaller project teams ▪ Minimal Process scope, more Mechanical/Architectural/Electrical ▪ Opportunity to double adj. net revenue organically near-term ▪ 200+ project starts annually since 2020, with growth accelerating – 26 unique DC clients in FY24, up from 10 in FY16 ▪ Major spend driven by a few key clients where we are gaining workshare Serviceable Addressable Market in 2029 ~$23B №1 in Data Centers³ 300% growth Global data center demand expected to increase by 300% by 20302 >$250B Total annual hyperscaler capex investment expectation1 38% CAGR Increase in bandwidth usage in Europe until 2029 Global opportunities are increasing Simplification Differentiation OutlookInsights Source: ¹Jacobs compiled from Bloomberg data using FY25 capex estimates; 2McKinsey & Company; ³№1 in Data Centers refers to Engineering News-Record ranking
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©Jacobs 2025 Deep domain expertise positions us uniquely to deliver AI data centers 43 Simplification Differentiation OutlookInsights ▪ Program summary − Campus planning and design for 1.2 GW (IT load) data center − One of Europe's largest hyperscale data centers, serving 5 continents via high-speed subsea cables ▪ Jacobs raising the bar through program delivery − Domain expertise: cross-market technology solution bringing together leadership in water, energy, data center and environmental ▪ Flexible design supports AI/cloud applications, rack densities of 700 kW − Sustainability: powered by 100% renewable energy, campus features state-of-the-art seawater cooling system − Ongoing opportunity: pilot center operational; designing additional facilities, full campus completion by 2028 Image Courtesy of START Campus Client: START DC, Sines Campus Location: Sines, Portugal Services: Site Due Diligence, Master planning, Architecture/Engineering Design, Energy Infrastructure Development Enabling next generation data center delivery
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©Jacobs 2025 Leading in Life Sciences, Semis and Data Centers 44 Scale provider of complex programs with decades of expertise across Advanced Facilities1 Long-term and enduring growth trends in Life Sciences and Semis2 Incremental growth being driven by Data Center investment and reshoring3 Simplification Differentiation OutlookInsights
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©Jacobs 2025 Break 45
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©Jacobs 2025 Market Opportunities and Growth Initiatives Shannon Miller President, Strategy, Growth & Digital Company Vision & Strategy Growing the Core Business Market Opportunities and Growth Initiatives Operational Excellence Financial Review and Outlook Q&A Closing Remarks
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©Jacobs 2025 We are at the forefront of an industry inflection and well-positioned to seize the opportunity ahead 47 Simplification Differentiation OutlookInsights Strategic advisory Early-stage advisory establishes Jacobs as a key strategic partner Digital and AI Our higher-value solutions proposition is digitally-enabled Future growth vectors Various emerging trends set to drive growth over the next decade Client challenges are becoming more complex, increasingly overlapping across verticals Shifting Industry dynamics Our growth is underpinned by our client-centric operating model and world-class global talent force
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©Jacobs 2025 Jacobs is strongly positioned as industry dynamics shift 48 Industry Trends Program size is increasing1 Complexity of client challenges continues to rise2 Programs are transcending markets3 Why Jacobs Wins Simplification Differentiation OutlookInsights Demand for unique technical capabilities4 ENR №1 – Top 50 Program Management Firms Industry leader in advisory and digital Client-centric model and expansive portfolio Highly deployable global talent
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©Jacobs 2025 Our operating model positions us to deploy capital efficiently as complexity and client challenges increase 49 Client-centric, globally integrated Operating Model Simplification Differentiation OutlookInsights Best-in-class global talent Local footprint Culture of caring Leading digital capabilityX = Core Attributes Differentiators
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©Jacobs 2025 Program management is key to redefining our client's asset lifecycle 50 Simplification Differentiation OutlookInsights We deliver the world's most complex programs Houston Ship Channel Bridge Houston, Texas High Speed Two United Kingdom Panama Canal Republic of Panama Qiddiya Saudi Arabia 5–10 Organizations Tens of interfaces 20–30 Organizations Hundreds of interfaces 10–20 Organizations Hundreds of interfaces >30 Organizations Thousands of interfaces Moderate complexity High complexity Maximizing capital efficiency for our clients by integrating all program components
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©Jacobs 2025 Early-stage advisory helps us shape better client outcomes 51 Margin accretive growth Early-stage advisory enhanced by PA Technical insight optimizes value Deliver complex, large-scale programs Help our client set their vision Engage in downstream opportunities Simplification Differentiation OutlookInsights Earlier engagement strengthens our offering and drives margin accretive growth
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©Jacobs 2025 Our program integration with PA delivers value across the asset lifecycle 5252 Simplification Differentiation OutlookInsights Strategy & Economics People and Change Business Design and Transformation Performance Improvement Project Credo – Major Automotive Defining future site operations UKHSA National Biosurveillance Network Detecting future pandemics Frederick Douglass Tunnel Amtrak Delivering operational readiness Unlocking new opportunities by going to market together Operations Maintenance Operations & Maintenance Business Advisory Planning & Concept Design Engineering and Design Engineering and Design Program and Construction Management Program and Construction Management
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©Jacobs 2025 We are embedding digital and AI into our organizational fabric 53 Simplification Differentiation OutlookInsights Acuity Jacobs AI AI RFP Response AI Planning and Permitting AI Sketch to Render Augmented Design Insights and Analytics Jacobs is leading in Digital & AI → Significant digital consulting footprint (1.5K+ FTEs) → Leading partnership in Water with Palantir → End-to-end capabilities driving margin improvement Expansive software portfolio Leading end-to-end client solutions Driving capital efficiency for our clients and profitable growth for Jacobs
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©Jacobs 2025 With digital a key enabler for program efficiency, response and security 54 Our digital platforms are enabling tools that provide clients with faster and lower-cost outcomes “…the fact that they have the proprietary software, StreetLight, is big, because that means you get a ton of data for knowing where to put the bus routes, pickup spots, fiber optics […]. We have launched one of the most ambitious programs in the US, and [….] we need the most powerful tool we can get […] the overall depth of Jacobs is what we want, to get us where we want to be.” – Beam Furr, Broward Country Vice Mayor We’ve gained momentum in digital cross-selling, establishing digital as a key reason we win Hampton Roads Sanitation District Virginia, USA Puerto Rico Aqueduct and Sewer Authority Puerto Rico, USA Riyadh Region Infrastructure Projects Center Riyadh, Saudi Arabia Address end-to-end cybersecurity for industrial control systems and physical infrastructure for safe and secure water services for 1.9M people Developed the Digital Resiliency and Response System to support operations, planning, response and recovery efforts for catastrophic events Comprehensive digital management of all interfaces for the city of Riyadh Project Examples Simplification Differentiation OutlookInsights
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©Jacobs 2025 Our client-centric model spans services and markets 55 Simplification Differentiation OutlookInsights ▪ Design ▪ PM/CM ▪ Water ▪ Buildings Capabilities Markets Tillman Advanced Water Purification Facility ▪ Advisory ▪ Engineering ▪ PM/CM ▪ Sustainability ▪ Energy & Power Capabilities Markets Xcel Energy ▪ Advisory ▪ Digital & AI ▪ PM ▪ Transportation ▪ Energy & Power Capabilities Markets Copenhagen Metro - Metroselskabet ▪ Advisory ▪ Master Planning ▪ Design ▪ Digital & AI ▪ Transportation ▪ Buildings Capabilities Markets King Salman International Airport
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©Jacobs 2025 Global delivery provides clients with agile resourcing 56 0 100 200 300 400 500 600 700 800 900 1,000 1,100 2020 2021 2022 2023 2024 2025 2026 Client: Confidential Location: Multiple sites globally Services: Master planning, Architecture/Engineering Design Program staffing curve Ability to scale to >1,000 people quickly Simplification Differentiation OutlookInsights ▪ Jacobs raising the bar through program delivery − 24/7 operational capability across 15+ global offices − Extended workday leveraging multiple time zones ▪ Unique ability to respond to unprecedented demand − Rapid growth: team expanded 10x in 12 months − Nearly 50% of hours delivered through global platforms − Strong competitive advantage as complexity rises
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©Jacobs 2025 Leveraging our global platform to drive cross-collaboration 57 Simplification Differentiation OutlookInsights Global Delivery & Cross Collaboration 38% Local Delivery 62% Global Delivery & Cross Collaboration 52% Local Delivery 48% Cross-collaboration examples at Jacobs Data Center needs for water, power require expanded capability set Geothermal power and desalination; wastewater and biogas overlap Architects working across buildings, advanced facilities and transportation + + + + + FY24 Billable Hours FY29E Billable Hours
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©Jacobs 2025 AI Data Centers highlight the interconnection of our portfolio 58 Simplification Differentiation OutlookInsights Increased wallet share (3x+)✓ End-to-end advisory✓ Efficient deployment of resources ✓ Utility Power via the Grid Renewable Energy and Energy Storage Environmental Services & Sustainability Advisory Data Center Design and Engineering Water Treatment, Reuse, Cooling Digital Services across Analytics, Cyber, Efficiency Tools Advanced Nuclear Thermal Generation with Carbon Capture and Sequestration
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©Jacobs 2025 Our end-to-end platform positions us to solve emerging challenges 59 Solve the future of energy Enable the next generation of data collection, storage and computation Address health risk in Water & Environmental Become the global sustainability leader for all transportation modes Evolve our position as the global leader in solving complex large-scale programs Support investments in resilient infrastructure Our Goal № 2 Power № 2 Co-Generation № 1 Data Centers № 1 Wastewater Treatment № 2 Power № 1 Wastewater Treatment № 1 Hazardous Waste № 2 Remediation № 2 Transportation № 1 Electronic Assembly № 1 Top 50 Program Management Firms № 1 Top 20 PMCM № 1 Top 500 Design Firms Our Position1 Energy Transition AI Data Centers PFAS Solutions Transportation Decarbonization Major Programs Climate Resilient Infrastructure Client Challenges ¹Source: Engineering News-Record - 2024 Top 500 Design Firms and Source Books Simplification Differentiation OutlookInsights
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©Jacobs 2025 We are uniquely positioned to solve global challenges 60 Our holistic approach to major programs and advisory capability address increasingly complex client challenges1 Digital and AI embedded in our client solutions are differentiating our offering2 Our global best-in-class talent fortify our long-term client relationships3 Simplification Differentiation OutlookInsights
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©Jacobs 2025 Financial Review and Outlook Venk Nathamuni Chief Financial Officer Company Vision & Strategy Growing the Core Business Market Opportunities and Growth Initiatives Operational Excellence Financial Review and Outlook Q&A Closing Remarks
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©Jacobs 2025 Jacobs Infrastructure & Advanced Facilities Water & Environmental Life Sciences & Advanced Manufacturing Critical Infrastructure Meaningful organic growth and margin expansion ahead 62 Clearer performance insights Organic execution is our key priority Leading margin expansion opportunity Simplification Differentiation OutlookInsights Restructuring costs dramatically reduced
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©Jacobs 2025 Rising backlog and pipeline position us well to accelerate growth 63 Simplification Differentiation OutlookInsights ▪ Life Sciences ▪ Data Centers and Semis ▪ Water ▪ Energy & Power ▪ Transportation Investment Secular Growth Drivers Long-term ¹Backlog as of Q1 2025; ²Pipeline as of latest data 02/07/2025 for I&AF and is unfactored for gross revenue +19% Y /Y $22B Near-term Gross Revenue in Backlog¹ +37% Y /Y $100B+ Medium-term Total Pipeline²
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©Jacobs 2025 Adjusted net revenue growth setup strong over the multi-year horizon 64 2024 2029E $8.3B Water & Environmental +7% to 9% Life Sciences & Adv. Manufacturing +7% to 9% Critical Infrastructure +5% to 7% $11.6B PA Consulting +6% to 8% Simplification Differentiation OutlookInsights +6% to +8% CAGR CAGRs¹ (FY25-FY29) ¹CAGRs reflect organic growth estimates by end market within I&AF and for PA Consulting; Reconciliation of FY29E Adjusted Net Revenue to the most directly comparable GAAP measure is not available without unreasonable efforts because the Company cannot predict with sufficient certainty all the components required to provide such reconciliation
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©Jacobs 2025 20% 22% 24% 26% 28% 30% 32% 34% 36% 38% FY23 FY24 FY29E Gross margin expansion positioned to complement top-line growth 65 Spin of CMS/C&I ~250 bps in GM improvement by FY29 Simplification Differentiation OutlookInsights 36.8%+Adjusted Gross Margin 34.3% 26.3% Note: FY23 adj. gross margin reflects Jacobs' performance before the separation of the CMS/C&I business. FY24 adj. gross margin reflects Jacobs as if the CMS/C&I separation had been completed at the beginning of the period. Reconciliation of Adj. Gross Margin to the most directly comparable GAAP measure is not available without unreasonable efforts because the Company cannot predict with sufficient certainty all the components required to provide such reconciliation.
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©Jacobs 2025 EBITDA margin expansion is further aided by operating leverage 66 12.8% Simplification Differentiation OutlookInsights Targeting 320+ bps margin expansion between FY24 and FY29, at the midpoint Total Adj. EBITDA on track to rise to ~$1.9B by FY29 Adjusted EBITDA Margin 16%+ Global Delivery Commercial Models Mix Cost Leverage FY24 FY29E FY29E Adjusted EBITDA Margin to the most directly comparable GAAP measure is not available without unreasonable efforts because the Company cannot predict with sufficient certainty all the components required to provide such reconciliation.
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©Jacobs 2025 Low capital intensity and margin growth to drive higher free cash flow 67 ▪ Operating outlook is favorable − Organic growth − Margin expansion ▪ Working capital to improve − DSOs/DPOs trending favorably ▪ Capital intensity largely steady − Capex averaging ~1% of revenue ▪ Restructuring declining − Fewer adjustments Simplification Differentiation OutlookInsights ¹FCF = operating cash flow – capex and FCF margin = FCF divided by adj. net revenue; Data for FY23 and FY24 shown on a continuing ops basis. Reconciliation of FY29E FCF and FCF Margin to the most directly comparable GAAP measure is not available without unreasonable efforts because the Company cannot predict with sufficient certainty all the components required to provide such reconciliation. FY25-FY28 $0M $200M $400M $600M $800M $1,000M $1,200M $1,400M FY23 FY24 FY29E FCF¹ % of Adj. Net Revenue 10%+ Strong outlook for free cash flow growth
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©Jacobs 2025 Committed to maintaining our strong balance sheet 68 Simplification Differentiation OutlookInsights Net Debt / Adjusted EBITDA Target 1.0x – 1.5x 1.5x 1.6x 1.9x 1.7x 1.7x 1.6x 1.5x 1.4x 1.2x 1.3x 1.1x 1.0x 1.1x 0.0x 0.2x 0.4x 0.6x 0.8x 1.0x 1.2x 1.4x 1.6x 1.8x 2.0x Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 CMS separation proceeds used to reduce debt Streetlight acquisition Historical data as reported in 10Q/10K with exception of Q4 2024. Q4 2024 illustrates lower debt offset by decreased EBITDA due to CMS separation transaction 8% projected free cash flow margin in FY25 Investment-grade credit rating Dispositioning AMTM stake
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©Jacobs 2025 Our track record of returning capital to shareholders is strong 69 Simplification Differentiation OutlookInsights >60% return of free cash flow to shareholders over the past 4 years $107M $116M $128M $143M $275M $282M $266M $403M FY'21 FY'22 FY'23 FY'24 Dividends Share Repurchases 11% CAGR/share¹ 14% CAGR ¹CAGR per share calculated by comparing $0.21/share dividend in FY21 to $0.29/share dividend in FY24
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©Jacobs 2025 Capital allocation focused on increasing returns to shareholders 70 Simplification Differentiation OutlookInsights Invest in Organic Growth ▪ Reinvest in organic growth ▪ 1.0x – 1.5x net leverage target Return Capital ▪ >60% of FCF to be returned ▪ FCF margin target of 10%+ by FY29 Strategic M&A ▪ Near-term organic focus ▪ Strategic M&A longer- term to complement organic growth New $1.5B share repurchase authorization – largest in company history
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©Jacobs 2025 M&A is an accelerant to our long-term strategy 71 Simplification Differentiation OutlookInsights Financial criteria for M&A 1 Accretive to total growth rate 2 Accretive to adj. EBITDA margin and EPS 3 Maintains strong balance sheet position Near-to-medium-term Organic execution and capital returns focus Longer-term Accelerate profitable growth in core areas of differentiation Our focus is on organic growth and strong execution
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©Jacobs 2025 FY25-FY29E financial outlook 72 Adj. Net Revenue (Organic) ▲ 6 – 8% CAGR Adj. EBITDA Margin* ▲ 50 – 80 bps/yr Adj. EBITDA ▲10 – 14% CAGR Free Cash Flow 10%+ FCF margin* by FY29 Simplification Differentiation OutlookInsights *Adj. EBITDA margin is calculated as a ratio of Adj. EBITDA to adj. net revenue and FCF margin is ratio of free cash flow to adj. net revenue. Targets reflect FY24 as starting point in 5-year CAGR. Reconciliation of each expected fiscal year 2025 –2029 financial outlook measure to the most directly comparable GAAP measure is not available without unreasonable efforts because the Company cannot predict with sufficient certainty all the components required to provide such reconciliation,includingwith respect to the costsand charges relating to transactionexpenses, restructuring and integrationand other non-recurringor unusual items to be incurred in such periods. 5-Year CAGRs and Targets through FY29E Reaffirming FY25 Guidance
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©Jacobs 2025 Jacobs today: focused, high cash flow business + strong balance sheet 73 More focused business positioned for strong earnings growth and earnings quality1 Robust margin expansion and organic growth forecast from FY25-292 Balance sheet strength and outlook for free cash flow enable continued shareholder returns3 Simplification Differentiation OutlookInsights
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©Jacobs 2025 Q&A Company Vision & Strategy Growing the Core Business Market Opportunities and Growth Initiatives Operational Excellence Financial Review and Outlook Q&A Closing Remarks
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©Jacobs 2025 Closing Remarks Bob Pragada Chair and Chief Executive Officer Company Vision & Strategy Growing the Core Business Market Opportunities and Growth Initiatives Operational Excellence Financial Review and Outlook Q&A Closing Remarks
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©Jacobs 2025 Strong positioning, macro tailwinds and focus on growth drive a robust financial outlook 76 Simplification Differentiation OutlookInsights Infrastructure sector poised for generational investment ▪ Strong Water demand globally ▪ Continued growth in U.S. and Middle East infrastructure ▪ Transformational energy transition Life Sciences & Advanced Manufacturing secular growth ▪ Largest in the industry with strong track record and clear differentiation ▪ 6,500+ global resources ▪ GLP-1s, new therapies and AI data centers driving growth near-term Accelerating collaboration, digital and global delivery ▪ Global delivery enables scalability and profitability ▪ Digital and AI drive more efficient capital use for clients ▪ Uniquely positioned to benefit from cross-market opportunities +
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©Jacobs 2025 Our strategic vision for Jacobs – redefining the asset lifecycle 77 Making the world smarter, more connected and more sustainable by redefining the asset lifecycle for our clients Change the world? Challenge accepted. 1 2 3 Science-based innovation: We are central to how our clients shape their investments and deploy capital End-to-end solutions: Leading by providing end-to-end solutions that span our clients' asset lifecycle Global delivery and digital augmentation: We hire world-class talent, enabling scalable growth to redefine the asset lifecycle Simplification Differentiation OutlookInsights
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Speakers Bob Pragada is the Chair and CEO of Jacobs where he leads one of the world’s largest and most innovative providers of science-based consulting and advisory solutions with almost 45,000 employees and approximately $12 billion in annual revenue. He has more than two decades of experience in multinational operations, focusing on innovation, sustainable growth and empowering diverse teams. Previously, Bob served as President and COO, becoming CEO in January 2023, and was appointed Chair of the Jacobs Board in September 2024. A former U.S. Navy Civil Engineer Corps officer, Bob brings strategic discipline and operational expertise to Jacobs. He serves on the boards of Eaton, the U.S. Naval Academy Foundation, the Dallas Regional Chamber, PA Consulting and the NYSE Board Services CEO Council. Bob holds degrees from the U.S. Naval Academy and Stanford University and is based in Dallas. Venk Nathamuni is the CFO at Jacobs, overseeing financial strategy and operations, accounting, planning, capital allocation and investor relations. With more than 30 years of experience, including 15 in executive finance roles, Venk has held leadership positions at Cirrus Logic, J.P. Morgan, Synopsys, Maxim Integrated, Synplicity, and QuickLogic. He holds an MBA from Wharton, an MS from SUNY Stony Brook, and a BS from Madurai Kamaraj University. Venk is based in Dallas. Bob Pragada Chair and Chief Executive Officer Venk Nathamuni Chief Financial Officer
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Speakers Patrick Hill President, Global Operations Shannon Miller President, Strategy, Growth & Digital Shannon Miller is Jacobs’ President of Strategy, Growth & Digital, leading strategic direction and growth initiatives. With more than 25 years at Jacobs, Shannon has held diverse roles in operations, sales, and leadership, driving cultural and digital transformation. She has led the profitable Divergent Solutions unit and worked across multiple industries and regions, including the U.S., Europe, Australia, and Canada. Shannon holds a Bachelor of Engineering in chemical engineering from the Colorado School of Mines and is a member of the Society of Women Engineers. She is based in Dallas. Patrick Hill is President, Global Operations at Jacobs, leading teams that serve clients and communities across North America, Europe, the Middle East, Asia, Australia, and New Zealand. Patrick’s career began as a process engineer and his experience at Jacobs spans more than 25 years crossing multiple sectors and operations. He is a Board member of Jacobs’ JASARA joint venture and holds a Bachelor of Engineering in chemical engineering from the University of Melbourne. Patrick is based in Melbourne, Australia.
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Speakers Bert Subin is the Senior Vice President of Investor Relations at Jacobs. Bert joined Jacobs from Stifel where he was previously Managing Director and lead research analyst covering Aerospace, Defense and Government/Engineering Services. He was named to the Business Insider list of Rising Stars in Equity Research in 2023 and appeared regularly on CNBC, Bloomberg and Yahoo Finance as an expert covering Boeing and the aerospace industry in his nearly seven years with the firm. Prior to Stifel, Bert worked at Emory Investment Management and Deutsche Bank. Bert is based in Dallas. Koti Vadlamudi is the Executive Vice President of Global Business Units at Jacobs, leading the portfolios across Advanced Facilities, Energy & Power and Federal & Environment solutions, which serve end markets such as advanced manufacturing, life sciences, energy, environment, and national security and defense critical infrastructure, which generate more than one third of Jacobs’ total annual revenue. With significant design and construction management experience for both private and public sector clients, Koti’s 29-year tenure at Jacobs includes many management and operations leadership positions with oversight and execution of large-scale, fast-track semiconductor, life sciences, built environment, and public infrastructure projects and programs. Koti Vadlamudi Executive Vice President and GM, Global Business Units Bert Subin Senior Vice President, Investor Relations
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©Jacobs 2025 Appendix
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©Jacobs 2025 Relative to peers, we generate strong levels of free cash flow 83 Note: Jacobs’ fiscal year ends December; Restructuring excluded for J; Estimates for peers from Bloomberg data Jacobs is tracking toward industry-leading FCF margin Jacobs FY29 Target – 10%+ FY25 FCF/Adj. Net Revenue estimate 0% 2% 4% 6% 8% 10% 12% Canadian Peers' Average Jacobs Today USA Peers' Average Jacobs FY29 Target Comparing Industry FCF Expectations in FY25
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©Jacobs 2025 19.3x 27.4x 40.6x Jacobs Peer Average Top Peer 15.0x 15.1x 16.7x Jacobs Peer Average Top Peer Our setup creates a relative valuation opportunity, in our view 84 ▪ Simpler, more focused company ▪ Double-digit adjusted EBITDA growth CAGR through FY29E ▪ Strong margin and free cash flow growth opportunity ▪ Discount most pronounced on FCF basis EV/EBITDA Price/FCF Valuation: Comps vs. Jacobs* Simplification Differentiation OutlookInsights Source: FactSet; J vs. Peers (TTEK, ACM, WSP, STN) as of 02/11/2025; *One fiscal year ahead expectations
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©Jacobs 2025 In this presentation, the Company has included certain non-GAAP financial measures as defined in Regulation G promulgated under the Securities Exchange Act of 1934, as amended. These non-GAAP measures are described below. As a result of the spin-off of the CMS and C&I Business and merger of the CMS and C&I Business with Amentum Parent Holdings LLC to form an independent, publicly traded company, Amentum Holdings, Inc. (NYSE: AMTM) (the "Separation Transaction"), substantially all CMS and C&I Business related assets and liabilities were separated on September 27, 2024. Assuch, the financial results of the CMS and C&I Business are reflected as discontinued operations for FY24, unless otherwise noted and therefore excluded from the non-GAAP measures described below. Adjusted net revenue is calculated by adjusting revenue from continuing operations to exclude amounts we bill to clients on projects where we are procuring subcontract labor or third-party materials and equipment on behalf of the client (referred to as “pass throughs”). These amounts are considered pass throughs because we receive no or only a minimal mark-up associated with the billed amounts. In 2023, we amended our name and convention for revenue, excluding pass- through costs from “net revenue” to “adjusted net revenue.” This name change is intended to make the non-GAAP nature of this measure more prominent and does not impact measurement. We sometimes refer to our GAAP revenue as "gross revenue." Jacobs 2024 adjusted net earnings from continuing operations is calculated by: 1. Excluding items collectively referred to as Restructuring, Transaction and Other Charges, which include: a. costs and other charges associated with our Focus 2023 Transformation initiatives, including activities associated with the re-scaling and repurposing of physical office space, employee separations, contractual termination fees and related expenses, referred to as "Focus 2023 Transformation, mainly real estate rescaling efforts"; b. transaction costs and other charges incurred in connection with mergers, acquisitions, strategic investments and divestitures, including advisor fees, change in control payments, and the impact of the quarterly adjustment to the estimated performance based payout of contingent consideration to certain sellers in connection with certain acquisitions and similar transaction costs and expenses (collectively referred to as "Transaction Costs"); c. recoveries, costs and other charges associated with restructuring activities and other cost reduction initiatives implemented in connection with mergers, acquisitions, strategic investments and divestitures, including the separation of the CMS/C&I business, such as advisor fees, involuntary terminations and related costs, costs associated with co-locating offices of acquired companies, separating physical locations of continuing operations, professional services and other personnel costs; involuntary terminations of management and employees and related transition and legal costs (clauses (a) – (c) collectively referred to as “Restructuring, integration, separation and other charges"). 2. Excluding items collectively referred to as "Other adjustments", which include: a. intangible assets amortization and impairment charges; b. impact of certain subsidiary level contingent equity-based agreements in connection with the transaction structure of our PA Consulting investment; c. impacts related to tax rate increases in the UK in a prior period; d. revenue under the Company's transition services agreement (TSA) included in other income for U.S. GAAP reporting purposes, and any SG&A costs associated with the provision of such services; e. pretax mark-to-market gains or losses associated with the Company's investment in Amentum stock recorded in connection with the Separation Transaction; and f. impacts resulting from the EPS numerator adjustment relating to the redeemable noncontrolling interests preference share repurchase and reissuance activities. Adjustments to derive adjusted net earnings from continuing operations are calculated on an after-tax basis. Adjusted EBITDA is calculated by adding income tax expense, depreciation expense and interest expense (in each case, to the extent attributable to continuing operations unless otherwise noted) to, and deducting interest income attributable to continuing operations from, adjusted net earnings from continuing operations. Adjustments for prior periods may vary but are generally similar in nature. For details on specific adjustments applicable to prior periods, please see our earnings materials for the relevant period which are available on our investor relations website at invest.jacobs.com. Use of Non-GAAP financial measures and operating metrics 85
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©Jacobs 2025 We eliminate the impact of “Restructuring, integration, separation and other charges” because we do not consider these to be indicative of ongoing operating performance. Actions taken by the Company to enhance efficiencies are subject to significant fluctuations from period to period. The Company's management believes the exclusion of the amounts relating to the above-listed items improves the period-to-period comparability and analysis of the underlying financial performance of the business. Free cash flow (FCF) is calculated as net cash provided by operating activities from continuing operations as reported on the statement of cash flows less additions to property and equipment. We believe that the measures listed above are useful to management, investors and other users of our financial information in evaluating the Company’s operating results and understanding the Company’s operating trends by excluding or adding back the effects of the items described above and below, the inclusion or exclusion of which can obscure underlying trends. Additionally, management uses such measures in its own evaluation of the Company’s performance, particularly when comparing performance to past periods, and believes these measures are useful for investors because they facilitate a comparison of our financial results from period to period. This presentation also contains certain financial and operating metrics which management believes are useful in evaluating the Company's performance. We regularly monitor these operating metrics to evaluate our business, identify trends affecting our business, and make strategic decisions. FCF margin is a ratio of FCF to adjusted net revenue. Adjusted EBITDA margin is a ratio of adjusted EBITDA for the Company to the Company's adjusted net revenue. Adjusted gross margin is a ratio of gross margin to adjusted net revenue. Backlog represents revenue or gross profit, as applicable, we expect to realize for work to be completed by our consolidated subsidiaries and our proportionate share of work to be performed by unconsolidated joint ventures. Gross margin in backlog refers to the ratio of gross profit in backlog to gross revenue in backlog. For more information on how we determine our backlog, see our Backlog Information in our most recent annual report filed with the Securities and Exchange Commission. Pipeline represents an estimate by management of potential opportunities based on projects at various states of non-binding bids or proposals and/or contract negotiation or evaluation. Net Debt to Adjusted EBITDA is the quotient of current maturities of long-term debt plus long-term debt minus cash and cash equivalents divided by Adjusted EBITDA for the trailing twelve months. The Company provides non-GAAP measures to supplement U.S. GAAP measures, as they provide additional insight into the Company’s financial results. However, non-GAAP measures have limitations as analytical tools and should not be considered in isolation and are not in accordance with, or a substitute for, U.S. GAAP measures. In addition, other companiesmay define non-GAAP measures differently, which limits the ability of investors to compare non-GAAP measures of the Company to those used by our peer companies. The following tables reconcile the components and values of U.S. GAAP earnings from continuing operations before taxes, income taxes from continuing operations, net earnings attributable to Jacobs from continuing operations, Diluted Net Earnings from Continuing Operations Per Share (which we refer to as EPS from continuing operations), to the corresponding "adjusted" amount, net cash provided by operating activities to reported free cash flow and revenue to adjusted net revenue. For the comparable period presented below, such adjustments consist of amounts incurred in connection with the items described above. Amounts are shown in thousands, except for per-share data (note: earnings per share amounts may not total due to rounding). Use of Non-GAAP financial measures and operating metrics (cont.) 86
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©Jacobs 2025 Reconciliation of Net Earnings Attributable to Jacobs from Continuing Operations to Adjusted EBITDA (in thousands) 88
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©Jacobs 2025 Reconciliation of Income Tax Expense from Continuing Operations to Adjusted Income Tax Expense from Continuing Operations (in thousands) 90 (1) Includes charges primarily relating to the Separation Transaction, real estate impairment charges associated with the Company's Focus 2023 Transformation program, as well as charges associated with various transaction costs and activity associated with Company restructuring and integration programs. (2) Includes charges for the removal of amortization of intangible assets, the impact of certain subsidiary level contingent equity-based agreements in connection with the transaction structure of our PA Consulting investment and pretax mark-to-market losses associated with the Company's investment in Amentum stock recorded in connection with the Separation Transaction. (1) Includes pre-tax charges related to the Separation Transaction. Reconciliation of Interest Expense from Continuing Operations to Adjusted Interest Expense from Continuing Operations (in thousands)
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©Jacobs 2025 Reconciliation of Net Earnings Attributable to Jacobs from Continuing Operations to Adjusted EBITDA (in thousands) 92 Historical data as reported in respective 10K earnings materials.
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©Jacobs 2025 Reconciliation of Income Tax Expense from Continuing Operations to Adjusted Income Tax Expense from Continuing Operations (in thousands) 94 Reconciliation of GAAP Revenue to Adjusted Net Revenue (in thousands) Historical data as reported in respective 10K earnings materials. Historical data as reported in respective 10K earnings materials.
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©Jacobs 2025 Reconciliation of GAAP Revenue to Adjusted Net Revenue, Adjusted Gross Profit and Adjusted Gross Margin (in thousands, except for percentages) 96 Reconciliation of Life Sciences & Advanced Manufacturing (LS&AM) GAAP Revenue to Adjusted Net Revenue (in thousands Historical data as reported in respective 10K earnings materials.
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©Jacobs 2025 Reconciliation of Net Earnings Attributable to Jacobs from Continuing Operations to Adjusted EBITDA (in thousands) 98 Historical data as reported in 10Q/10K until Q4 2024. Q4 2024 illustrates lower debt offset by decreased EBITDA due to CMS se paration transaction.
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©Jacobs 2025 Reconciliation of Free Cash Flow from Continuing Operations (in thousands) 100