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Investor Presentation February 2026
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Forward-looking statement disclaimer ©Jacobs 2026 DISCLAIMER 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 and in the supplemental disclosures package on our investor relations website at invest.jacobs.com. 2 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 concerning our expectations as to our future growth, prospects, financial outlook and business strategy, including our expectations for our fiscal year 2026 adjusted EBITDA margin, adjusted EPS, adjusted net revenue growth and free cash flow margin, as well as our expectations for our effective tax rates, and concerning our plans to acquire the remaining stake in PA Consulting, the potential benefits and synergies of the proposed transaction, including future financial and operating results, growth opportunities and strategic benefits, the expecting timing and structure of the proposed transaction, the ability of the parties to complete the proposed transaction and any assumptions underlying any of the foregoing. 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 but are not limited to: • uncertainties as to the possibility that the closing conditions for the proposed transaction with PA Consulting may not be satisfied or waived, on a timely basis or otherwise; the risks that any consents or approvals, including any regulatory approvals, required in connection with the proposed transaction may not be received; the risk that the proposed transaction may not be completed on the terms or in the time-frame expected by the parties; unexpected costs, liabilities, charges or expenses related to the proposed transaction and the actual terms of any financings that will be obtained for the transaction; our ability to fully integrate PA Consulting into our business, our ability to realize the estimated synergies of the proposed transaction; and our ability to retain and hire key personnel, customers or suppliers while the proposed transaction is pending or after it is completed; • 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; • 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; • our ability to fully execute on our corporate strategy, including 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 our ability to invest in the tools needed to implement our 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 post-retirement 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, including any directive to federal agencies to reduce federal spending or the size of the federal workforce, and changes in U.S. or foreign tax laws, including the tax legislation enacted in the U.S. in July 2025, statutes, rules, regulations or ordinances, including the impact of, and changes to tariffs and retaliatory 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 on-going tensions in the Middle East, among others; and • the impact of any pandemic, and any resulting economic downturn on our results, prospects and opportunities, measures or restrictions imposed by governments and health officials in response to the pandemic, as well as the inability of governments in certain of the countries in which we operate to effectively mitigate the financial or other impacts of any future pandemics or infectious disease outbreaks on their economies and workforces and our operations therein. 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 2025 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 Operation. 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.
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©Jacobs 2026 Where we workCreating a more connected, sustainable world At Jacobs, we’re challenging today to reinvent tomorrow – delivering outcomes and solutions for the world's most complex challenges. With approximately $12 billion in annual revenue and a talent force of almost 43,000, we provide end-to-end services in advanced manufacturing, cities & places, energy, environmental, life sciences, transportation and water. From advisory and consulting, feasibility, planning, design, program and lifecycle management, we're creating a more connected and sustainable world. ENVIRONMENTAL LIFE SCIENCES TRANSPORTATION WATER ADVANCED MANUFACTURING CITIES & PLACES ENERGY 40 COUNTRIES 43K PEOPLE $12.0B GROSS REVENUE $8.7B ADJ. NET REVENUE 59% DOMESTIC 41% INTERNATIONAL Note: FY25 financial data 13.9% FY25 ADJ. EBITDA 16%+ FY29E ADJ. EBITDA 3
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©Jacobs 2026 Our journey to higher value services and solutions 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 FY25 $1.2B Adj. EBITDA¹ FY29E ~$1.9B Adj. EBITDA² FY16 Adj. EBITDA Margin¹ 7.7% 16%+ 13.9% FY25 Adj. EBITDA Margin¹ FY29E Adj. EBITDA Margin² Jacobs ¹Based on Adj. EBITDA and Adj. EBITDA Margin per our published presentations. Adj. EBITDA and Adj. EBITDA Margin shown for FY25 are on a continuing ops basis. ²Reconciliation of targeted FY29 Adj. EBITDA and targeted Adj. 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, including with respect to the costs and charges relating to transaction expenses, restructuring and integration and other non-recurring due to restructuring or unusual items to be incurred in such periods. 4
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©Jacobs 2026 Jacobs' structure PA Consulting Water and Environmental Life Sciences and Advanced Manufacturing Critical Infrastructure (Transportation, Cities & Places, Energy, and National Security Infrastructure) End Market Revenue Performance As Reported Results Infrastructure & Advanced Facilities (I&AF) Jacobs 5
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©Jacobs 2025 Jacobs today – simpler and more focused PA Consulting 10% Critical Infrastructure 38% Life Sciences & Advanced Manufacturing 25% ©Jacobs 2026 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 2025 Top 500 Design Firms and Source Books Water & Environmental 27% Strong organic execution and financial discipline №1 ENR №1 – Aerospace №1 – Wastewater Treatment №1 – Pharmaceuticals №1 – Manufacturing №1 – Semiconductors №1 – Airports … and many more % of Gross Revenue FY25 6 №1 – Top 100 Pure Designers №1 – Sewer & Waste
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©Jacobs 2026 Our portfolio is balanced and demonstrates long-term stability And our U.S. positioning remains favorable ■ Infrastructure Investment & Jobs Act (IIJA)* ▪ FY22-24 Budget Authority of $448B1 ▪ Majority of funds for years 1-4 obligated but not spent - Trump Administration continues to spend IIJA funding across Transportation markets ▪ No IIJA clawbacks in the OBBBA ▪ Reliable, dedicated formula funding for state DOT’s through FY26 ▪ Federal infrastructure spend will extend beyond IIJA expiration, with peak spending levels 2-3 years later ▪ Congress has repurposed limited amount (~$3B) of IIJA funds for FY26 annual appropriations, which included robust numbers across the modes and an increase in overall discretional USDOT funding ▪ Congress has already begun the IIJA reauthorization process (FY27-FY31) *North America Private, State & Local and Federal include all of North America but are primarily related to the U.S, may not equate to 100% due to rounding; IIJA data as of January 2026 1 As of September 2025 Our adj. net revenue exposure by source is diverse North America Federal 8% North America Private 26% Infrastructure & Advanced Facilities (I&AF) FY25* North America State & Local 31% International 34% 7
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©Jacobs 2026 End-to-end solutions grounded in science-based innovation is a key differentiator of our model 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 8
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©Jacobs 2026 Leveraging our global platform to drive cross-collaboration 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 9
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©Jacobs 2026 We are embedding digital and AI into our organizational fabric 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 10
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©Jacobs 2026 Our serviceable market is significant, underscoring tailwinds $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 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 11
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©Jacobs 2026 Strong positioning, macro tailwinds and focus on growth drive a robust financial outlook 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 + 12
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©Jacobs 2025 Growing the Core
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©Jacobs 2026 Explore our Environmental solutions Water & Environmental Positions Jacobs to drive sustainability across client base ▪ Top 2 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 Explore our Water solutions 14
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©Jacobs 2026 Advanced Manufacturing and Electronics Life Sciences Life Sciences & Advanced Manufacturing 6,600+ Current Headcount 17% 3-Year CAGR Adj. Net Revenue $1.46B FY25 Adj. Net Revenue $3.04B FY25 Gross Revenue▪ 78+ years in Life Sciences ▪ Expertise at the molecular level ▪ ENR №1 in pharma for 23 years in a row ▪ Design and manage the world's largest programs ▪ ENR №1 in semis and manufacturing ▪ 40 years of semis design experience ▪ Designed over half of advanced fab facilities globally Life Sciences 3-Year CAGR Adj. Net Revenue 11% 3-Year CAGR Adj. Net Revenue 24% Market Split by Gross Revenue FY25 Note: 3-Year CAGR spans FY21-FY24 Adv. Manufacturing & Electronics Explore our Life Sciences solutions Explore our Adv. Manufacturing & Electronics solutions 15
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©Jacobs 2026 Explore our Cities & Places solutions Explore our Transportation solutions Critical Infrastructure A leader in complex program delivery ▪ ENR №1 in Airports – ENR №2 in Transportation, Marine & Port Facilities, Mass Transit & Rail; №3 in Highways ▪ Strong airport and rail resume ▪ Significant tunneling solutions ▪ Digital tools drive differentiation Transportation Unmatched major programs position ▪ Top-tier expertise (Transmission & Distribution, Generation) ▪ World-leading renewables projects ▪ ~60% international, growing U.S. ▪ Highly synergistic with verticals Energy & Power Cross-cutting buildings capability ▪ 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 Explore our Energy & Power solutions 16
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©Jacobs 2026 Learn more about PA Consulting PA Consulting Project Credo – Major Automotive Defining future site operations UKHSA National Biosurveillance Network Detecting future pandemics Frederick Douglass Tunnel Amtrak Delivering operational readiness Integrating with PA to deliver value and unlock new market opportunities. Operations & Maintenance Business Advisory Planning & Concept Design Engineering and Design Program and Construction Management Strategy & Economics People and Change Business Design and Transformation Performance Improvement 17
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©Jacobs 2025 Financial Overview
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©Jacobs 2026 Rising backlog and pipeline position us well to accelerate growth ■ Life Sciences ■ Data Centers and Semis ■ Water ■ Energy & Power ■ Transportation Investment Secular Growth Drivers Long-term ¹Backlog as of Q1 2026; ²Pipeline as of latest data 1/27/2026 for I&AF and is unfactored for gross revenue 20.6% Y/Y $26B Near-term Gross Revenue in Backlog¹ 16% Y/Y $121B Medium-term Total Pipeline² 19
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©Jacobs 2026 Adjusted net revenue growth setup strong over the multi-year horizon Water & Environmental +7% to 9% Life Sciences & Adv. Manufacturing +7% to 9% Critical Infrastructure +5% to 7% $11.6B PA Consulting +6% to 8% +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 20
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©Jacobs 2026 EBITDA margin expansion is further aided by operating leverage 12.8% 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. 21
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©Jacobs 2026 Low capital intensity and margin growth to drive higher free cash flow ■ 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 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. F Y 2 5 - F Y 2 8 10%+ Strong outlook for free cash flow growth 22
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©Jacobs 2026 Our track record of returning capital to shareholders is strong >60% return of free cash flow to shareholders over the past 4 years 11% CAGR/share2 34% CAGR1 ¹CAGR reflects trailing twelve-month growth through FY26 year-to-date. 2CAGR per share calculated by comparing $0.21/share dividend in FY21 to $0.32/share dividend in FY25. Excludes dividend of Amentum shares. 23
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©Jacobs 2026 Capital allocation focused on increasing returns to shareholders Invest in Organic Growth ■ Reinvest in organic growth ■ Current net leverage ~0.8x ■ 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 $1.5B share repurchase authorization – largest in company history1 24 ¹Approved by the Board of Directors on January 30, 2025.
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©Jacobs 2026 FY25-FY29E financial outlook Adj. Net Revenue (Organic) ▲ 6 – 8 % C A G R Adj. EBITDA Margin* ▲ 5 0 – 8 0 b p s / y r Adj. EBITDA ▲ 1 0 – 1 4 % C A G R Free Cash Flow 10%+ FCF margin* by FY29 *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, 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. 5-Year CAGRs and Targets through FY29E 25
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©Jacobs 2025 Fiscal 2025 Q1 Results View quarterly results here
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©Jacobs 2026 $21.8B $26.3B Q1 2025 Q1 2026 $1.33 $1.53 Q1 2025 Q1 2026 $2.08B $2.25B Q1 2025 Q1 2026 $282M $303M Q1 2025 Q1 2026 Q1 FY 2026 Results1 Adj. EPS1 Backlog1Adj. EBITDA1 +8.2% y/y +7.3% y/y +15.0% y/y +20.6% y/y Adj. Net Revenue1 1See Use of Non-GAAP financial measures and operating metrics at the end of this presentation. Note: All data reflects continuing operations only.27
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©Jacobs 2026 % Growth (Y/Y) $825M $574M Gross Revenue Adj. Net Revenue Q1 FY 2026 I&AF End Market Performance 1See Use of Non-GAAP reconciliation and operating metrics at end of this presentation. Note: PA Consulting is excluded in our discussion of end markets, thus, the % of total shown is inclusive only of the Infrastructure and Advanced Facilities segment. May not equate to 100% due to rounding. Good performance across the end market led by Transportation Strong growth in Water, partially offset by Environmental Higher growth on the back of project ramps in Data Centers and Semiconductors Critical Infrastructure Water & Environmental Life Sciences & Advanced Manufacturing +3.6%+1.7% $952M $376M Gross Revenue Adj. Net Revenue+9.8%+31.3% $1,162M $948M Gross Revenue Adj. Net Revenue +7.8%+6.5% 1 11 I&AF End Market Exposure Gross Revenue Adj. Net Revenue 28 28% Water & Enviro. 32% Life Sciences & Adv. Mfg. 40% Critical Infra. 50% Critical Infra. 30% Water & Enviro. 20% Life Sciences & Adv. Mfg. ©Jacobs 2026
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©Jacobs 2026 Adjusted Net Revenue % Growth 6.5% to 10.0% y/y Adjusted EBITDA Margin 14.4% to 14.7% Adjusted EPS $6.95 to $7.30 Free Cash Flow Margin1 7.0% to 8.5% Raising FY 2026 Outlook 1 Free Cash Flow Margin is calculated as free cash flow divided by adjusted net revenue. Note: See Use of Non-GAAP financial measures and operating metrics at the end of this presentation. Reconciliation of expected fiscal year 2026 adjusted EPS and adjusted EBITDA margin, net interest expense, adjusted non-controlling interests, adjusted effective tax rate for the full year, and free cash flow margin for fiscal year 2026 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 transaction expenses, restructuring and integration and other non-recurring or unusual items to be incurred in such periods. FULLY DILUTED AVERAGE SHARE COUNT: ~118M Fiscal Year 2026 Assumptions NET INTEREST EXPENSE: $95-105M DEPRECIATION: $89-95M FY ADJUSTED EFFECTIVE TAX RATE: 25.5-27.0% CAPITAL EXPENDITURES: ~1% of revenue ©Jacobs 2026 ADJ. NON-CONTROLLING INTEREST: $73-81M 29 Note, we will have a benefit to net revenue growth from an extra week in Q4. Guidance does not include any change in PA ownership, to be updated after closing.
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©Jacobs 2025 Appendix
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©Jacobs 2026 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 SpinCo Business and merger of the SpinCo 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 (the "SpinCo Business") related assets and liabilities were separated on September 27, 2024. As such, the financial results of the SpinCo Business are reflected as discontinued operations for all periods presented 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. We sometimes refer to our GAAP revenue as "gross revenue." Jacobs adjusted operating profit, adjusted earnings from continuing operations before taxes, adjusted income tax expenses from continuing operations, adjusted net earnings from continuing operations and adjusted EPS from continuing operations are calculated by: 1. Excluding items collectively referred to as "Restructuring, Integration, Transaction and Other Charges," which include: a. recoveries, costs and other charges associated with (i) restructuring activities, (ii) 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, (iii) involuntary termination programs and other related separations impacting management and employees, including related transition costs, and (iv) certain legal costs and expenses to the extent related to (i) - (iii) or determined to not be related to continuing operations (clauses (i) – (iv) collectively referred to as “Restructuring, integration, separation and other charges"); and 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"). 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. 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; d. pretax mark-to-market and other related gains or losses associated with the Company's investment in Amentum stock recorded in connection with the Separation Transaction; e. discounts and expenses related to the one-time exchange of the Company's investment in Amentum shares for a portion of the Company's outstanding term loans, which term loans were canceled; and f. impacts resulting from the EPS numerator adjustment relating to the redeemable noncontrolling interests preference share repurchase and reissuance activities. Use of Non-GAAP financial measures and operating metrics 31
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©Jacobs 202632 Use of Non-GAAP financial measures and operating metrics (cont.) We eliminate the impact of “Restructuring, Integration, Transaction and Other Charges” and "Other Adjustments" 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. Adjustments to derive adjusted net earnings from continuing operations and adjusted EPS from continuing operations are calculated on an after-tax basis. 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. FCF Margin is calculated as FCF divided by adjusted net revenue. Adjusted EBITDA is calculated by adding income tax expense, depreciation expense and adjusted interest expense to, and deducting interest income from, adjusted net earnings attributable to Jacobs from continuing operations. I&AF Operating Margin is a ratio of I&AF operating profit for the segment to the segment's adjusted net revenue. For a reconciliation of revenue to adjusted net revenue, see "Segment Information". Jacobs Adjusted Operating Margin is a ratio of adjusted operating profit for the Company to the Company's adjusted net revenue. For a reconciliation of revenue to adjusted net revenue, see "Segment Information". Certain percentage changes are quantified on a constant currency (CC) basis, which provides information assuming that foreign currency exchange rates have not changed between the prior and current periods. For purposes of constant currency calculations, we use the prior period average exchange rates as applied to the current period adjusted amounts. 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. 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. Adjusted EBITDA margin refers to a ratio of adjusted EBITDA to adjusted net revenue. Book-to-bill ratio is an operational measure representing the ratio of change in backlog since the prior reporting period plus reported revenue for the reporting period to the reported revenues for the same period. We regularly monitor these operating metrics to evaluate our business, identify trends affecting our business, and make strategic decisions. 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 companies may 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 non-GAAP financial measures used herein to their respective U.S. GAAP measures. For the comparable period presented below, the adjustments to derive the non-GAAP financial measures consist of amounts incurred in connection with the items described above. Amounts are shown in thousands, except for per-share data. (Note: certain amounts may not agree to other schedules due to rounding and earnings per share amounts may not total due to rounding).
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©Jacobs 202633 Reconciliation of Operating Profit to Adjusted Earnings Per Share (in thousands) Three Months Ended December 26, 2025 December 27, 2024 Operating Profit $ 232,561 $ 208,418 Restructuring, Integration, Transaction and Other Charges 6,384 16,095 Other Adjustments 60,688 52,498 Jacobs Adjusted Operating Profit 299,633 277,011 Adjusted miscellaneous Income 166 3,680 Adjusted Noncontrolling Interests from Continuing Operations (18,828) (19,499) Depreciation expense 21,613 20,922 Adjusted EBITDA 302,584 282,114 Interest income 7,629 9,656 Interest expense (34,254) (34,820) Depreciation expense (21,613) (20,922) Adj. Earnings from Continuing Operations attributable to Jacobs before income taxes 254,346 236,028 Adj. Income Tax Expense for Continuing Operations (72,413) (70,200) Adj. Net Earnings Attributable to Jacobs from Continuing Operations 181,933 165,828 Average Shares Outstanding 119,006 124,631 Adjusted Diluted Net Earnings from Continuing Operations Per Share $ 1.53 $ 1.33 Certain amounts may not agree to other non-GAAP schedules due to rounding.
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©Jacobs 2026 (1) Includes pre-tax charges primarily relating to the Separation Transaction for the three months ended December 26, 2025 and December 27, 2024, as well as charges associated with various transaction costs and activity associated with the Company's restructuring and integration programs. The three months ended December 26, 2025 includes charges relating to the PA Consulting Transaction (primarily professional services, dedicated internal personnel and employee separation costs). (2) Includes pre-tax charges relating to amortization of intangible assets and the impact of certain subsidiary level compensation based agreements for the three months ended December 26, 2025 and December 27, 2024. The three months ended December 26, 2025 and December 27, 2024 also include pretax income under the Company's TSA with Amentum in connection with the Separation Transaction. The three months ended December 27, 2024 also includes pretax mark-to-market losses associated with our investment in Amentum stock in connection with the Separation Transaction. 34 Reconciliation of Earnings from Continuing Operations Before Taxes to Adjusted Earnings from Continuing Operations Attributable to Jacobs Before Taxes (in thousands) Three Months Ended December 26, 2025 December 27, 2024 Earnings from Continuing Operations Before Taxes $ 206,223 $ 53,147 Restructuring, Integration, Transaction and Other Charges (1): Transaction costs 2,385 1,355 Restructuring, integration, separation and other charges 3,999 14,740 Other Adjustments (2): Transition Services Agreement, net (146) (3,571) Amortization of intangibles 37,996 38,661 Mark-to-market and other related losses on investment in Amentum stock — 145,215 Other 22,717 5,981 Adjusted Earnings from Continuing Operations Before Taxes $ 273,174 $ 255,528 Adjusted Earnings Attributable to Noncontrolling Interests from Continuing Operations (18,828) (19,499) Adj. Earnings from Continuing Operations attributable to Jacobs before Taxes $ 254,346 $ 236,029
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©Jacobs 202635 Reconciliation of Net Earnings Attributable to Jacobs from Continuing Operations to Adjusted Net Earnings Attributable to Jacobs from Continuing Operations (in thousands) Three Months Ended December 26, 2025 December 27, 2024 Net Earnings (Loss) Attributable to Jacobs from Continuing Operations $ 124,954 $ (17,129) After-tax effects of Restructuring, Integration, Transaction and Other Charges (1): Transaction costs 1,475 1,520 Restructuring, integration, separation and other charges 2,939 11,005 After-tax effects of Other Adjustments (2): Transition Services Agreement, net (108) (2,662) Amortization of intangibles 23,623 23,664 Mark-to-market and other related losses on investment in Amentum stock — 145,215 Other 29,050 4,215 Adjusted Net Earnings Attributable to Jacobs from Continuing Operations $ 181,933 $ 165,828 (1) Includes after-tax charges primarily relating to the Separation Transaction and activity associated with the Company's restructuring and integration programs for the three months ended December 26, 2025 and December 27, 2024. The three months ended December 26, 2025 includes after tax charges relating to the PA Consulting Transaction (primarily professional services, dedicated internal personnel and employee separation costs). (2) Includes after-tax and noncontrolling interest charges from amortization of intangible assets and certain subsidiary level compensation based agreements for the three months ended December 26, 2025 and December 27, 2024. The three months ended December 26, 2025 and December 27, 2024 also include after-tax income under the Company's TSA with Amentum in connection with the Separation Transaction. The three months ended December 27, 2024 includes mark-to-market losses associated with our investment in Amentum stock in connection with the Separation Transaction.
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©Jacobs 202636 Reconciliation of Diluted Net Earnings from Continuing Operations Per Share to Adjusted Diluted Net Earnings from Continuing Operations Per Share (in thousands) Three Months Ended December 26, 2025 December 27, 2024 Diluted Net Earnings (Loss) from Continuing Operations Per Share $ 1.11 $ (0.10) After-tax effects of Restructuring, Integration, Transaction and Other Charges (1): Transaction costs 0.01 0.01 Restructuring, integration, separation and other charges 0.02 0.09 After-tax effects of Other Adjustments (2): Transition Services Agreement, net — (0.02) Amortization of intangibles 0.20 0.19 Mark-to-market and other related losses on investment in Amentum stock — 1.16 Other $ 0.18 $ — Adjusted Diluted Net Earnings from Continuing Operations Per Share $ 1.53 $ 1.33 (1) Includes per-share impacts from charges primarily relating to the Separation Transaction and activity associated with the Company's restructuring and integration programs for the three months ended December 26, 2025 and December 27, 2024. The three months ended December 26, 2025 includes per-share impacts from charges relating to the PA Consulting Transaction (primarily professional services, dedicated internal personnel and employee separation costs). (2) Includes per-share impacts from the amortization of intangible assets and certain subsidiary level compensation based agreements for the three months ended December 26, 2025 and December 27, 2024. The three months ended December 27, 2024 includes the per-share impacts from mark-to-market losses associated with our investment in Amentum stock and other related adjustments in connection with the Separation Transaction and income under the Company's TSA with Amentum in connection with the Separation Transaction.
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©Jacobs 202637 Reconciliation of Net Earnings Attributable to Jacobs from Continuing Operations to Adjusted EBITDA (in thousands) Three Months Ended Twelve Months Ended December 26, 2025 December 27, 2024 December 26, 2025 Net Earnings (Loss) Attributable to Jacobs from Continuing Operations $ 124,954 $ (17,129) $ 455,386 After-tax effects of Restructuring, Integration, Transaction and Other Charges 4,414 12,525 35,846 After-tax effects of Other Adjustments 52,565 170,432 270,488 Adj. Net Earnings Attributable to Jacobs from Continuing Operations 181,933 165,828 761,720 Adj. Income Tax Expense from Continuing Operations 72,413 70,200 271,096 Adj. Earnings from Continuing Operations attributable to Jacobs before Taxes 254,346 236,028 1,032,816 Depreciation expense 21,613 20,922 82,750 Interest income (7,629) (9,656) (33,777) Adjusted Interest expense 34,254 34,820 145,222 Adjusted EBITDA $ 302,584 $ 282,114 $ 1,227,011 Adjusted EBITDA Margin 13.4 % 13.5 % 13.8 % Certain amounts may not agree to other non-GAAP schedules due to rounding.
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©Jacobs 2026 Reconciliation of Net Earnings Attributable to Jacobs from Continuing Operations to Adjusted EBITDA (in thousands) 38 For the Year Ended September 26, 2025 September 27, 2024 Net Earnings Attributable to Jacobs from Continuing Operations $ 313,302 $ 612,804 After-tax effects of Restructuring, Transaction and Other Charges 43,956 134,797 After-tax effects of Other Adjustments 388,357 (82,525) Adj. Net Earnings Attributable to Jacobs from Continuing Operations 745,615 665,076 Adj. Income Tax Expense from Continuing Operations 268,885 176,821 Adj. Earnings from Continuing Operations attributable to Jacobs before Taxes 1,014,500 841,897 Depreciation expense 82,059 82,987 Interest income (35,804) (34,454) Adjusted Interest expense 145,788 168,839 Adjusted EBITDA $ 1,206,543 $ 1,059,269 Adjusted EBITDA Margin 13.9 % 12.8 %
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©Jacobs 202639 Reconciliation of Earnings Attributable to Noncontrolling Interests from Continuing Operations to Adjusted Earnings Attributable to Noncontrolling Interests from Continuing Operations (in thousands) Three Months Ended December 26, 2025 December 27, 2024 Earnings Attributable to Noncontrolling Interests from Continuing Operations $ (8,160) $ (13,127) Restructuring, Integration, Transaction and Other Charges (1): Transaction costs (308) 412 Restructuring, integration, separation and other charges (114) 70 Other Adjustments (2): Amortization of intangibles (4,676) (5,104) Other (5,570) (1,750) Adjusted Earnings Attributable to Noncontrolling Interests from Continuing Operations $ (18,828) $ (19,499) 1) Includes noncontrolling interests amounts related to various transaction costs as well as activity associated with Company's restructuring and integration programs. 2) Includes noncontrolling interests impacts from the amortization of intangible assets and certain subsidiary level compensation based agreements for the three months ended December 26, 2025 and December 27, 2024.
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©Jacobs 202640 Reconciliation of Miscellaneous Expense from Continuing Operations to Adjusted Miscellaneous Expense from Continuing Operations (in thousands) Three Months Ended December 26, 2025 December 27, 2024 Miscellaneous Income (Expense) from Continuing Operations $ 287 $ (130,107) Other Adjustments (1): Transition Services Agreement income (121) (11,428) Mark-to-market and other related losses on investment in Amentum stock $ — $ 145,215 Adjusted Miscellaneous Income from Continuing Operations $ 166 $ 3,680 (1) The three months ended December 27, 2024 includes pre-tax mark-to-market losses associated with our investment in Amentum stock and other related adjustments in connection with the Separation Transaction. The three months ended December 26, 2025 and December 27, 2024 include the removal of pre-tax income under the Company's TSA with Amentum in connection with the Separation Transaction.
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©Jacobs 202641 Reconciliation of Income Tax Expense from Continuing Operations to Adjusted Income Tax Expense from Continuing Operations (in thousands) (1) Includes income tax impacts on restructuring activities primarily relating to the Separation Transaction as well as charges associated with various transaction costs and activity associated with the Company's restructuring and integration programs for the three months ended December 26, 2025 and December 27, 2024. The three months ended December 26, 2025 includes income tax impacts on charges relating to the PA Consulting Transaction (primarily professional services, dedicated internal personnel and employee separation costs), (2) Includes income tax impacts on amortization of intangible assets as well as certain subsidiary level compensation based agreements for the three months ended December 26, 2025 and December 27, 2024. The three months ended December 26, 2025 and December 27, 2024 include income tax impacts on income under the Company's TSA with Amentum in connection with the Separation Transaction. Three Months Ended December 26, 2025 December 27, 2024 Income Tax Expense from Continuing Operations $ (73,109) $ (57,149) Tax Effects of Restructuring, Integration, Transaction and Other Charges (1): Transaction costs (602) (248) Restructuring, integration, separation and other charges (946) (3,805) Tax Effects of Other Adjustments (2): Transition Services Agreement, net 38 909 Amortization of intangibles (9,697) (9,892) Other 11,903 (15) Adjusted Income Tax Expense from Continuing Operations $ (72,413) $ (70,200) Adjusted effective tax rate from Continuing Operations 26.5 % 27.5 %
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©Jacobs 202642 Reconciliation of I&AF by End Market GAAP Revenue to Adjusted Net Revenue (in thousands) Three Months Ended December 26, 2025 December 27, 2024 Critical Infrastructure Revenue $ 1,162,003 $ 1,090,657 Pass Through Revenue (213,920) (211,468) Adjusted Net Revenue $ 948,084 $ 879,189 Water and Environmental Revenue $ 824,912 $ 810,775 Pass Through Revenue (250,972) (256,658) Adjusted Net Revenue $ 573,940 $ 554,117 Life Sciences and Advanced Manufacturing Revenue $ 951,933 $ 724,776 Pass Through Revenue (575,762) (382,333) Adjusted Net Revenue $ 376,171 $ 342,443 Reconciliation of GAAP Revenue to Adjusted Net Revenue (in thousands) Three Months Ended December 26, 2025 December 27, 2024 Revenue $ 3,293,281 $ 2,932,956 Pass Through Revenue (1,040,653) (850,459) Adjusted Net Revenue $ 2,252,628 $ 2,082,497
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©Jacobs 2026 Reconciliation of Income Tax Expense from Continuing Operations to Adjusted Income Tax Expense from Continuing Operations (in thousands) (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) 43
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©Jacobs 2026 Reconciliation of Net Earnings Attributable to Jacobs from Continuing Operations to Adjusted EBITDA (in thousands) Historical data as reported in respective 10K earnings materials. 44
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©Jacobs 2026 Reconciliation of Income Tax Expense from Continuing Operations to Adjusted Income Tax Expense from Continuing Operations (in thousands) 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. 45
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©Jacobs 2026 Reconciliation of GAAP Revenue to Adjusted Net Revenue (in thousands) 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. 46
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©Jacobs 2026 Reconciliation of Free Cash Flow from Continuing Operations (in thousands) 47
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