Slides
Page 1
08.10.2026 N S NIA IXA ATS SHIMMICK CORPORATION Q2 2026 EARNINGS PRESENTATION SHIMMICK
Page 2
DISCLAIMER This presentation is being delivered on behalf of Shimmick Corporation (the “Company”). The sole purpose of this presentation is to provide information in connection with a review of the Company’s operations and/or financial status. This presentation does not purport to be all-inclusive or to contain all of the information that prospective investors may desire in reviewing the Company. Other than statements of historical fact, all information contained in this presentation, including, but not limited to, stateme nts regarding expected future financial performance (including the assumptions related thereto), including our revenue, net income and expected EBITDA; our growth prospects; our expectations regarding profitability; our continued successful adjustment to becoming a public company following our initial public offering; our expectations regarding successful partnerships with our new investors; and our capital plans and expectations related thereto, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “plan”, “predict”, “expect”, “estimate”, “anticipate”, "could", “intend”, "target", "project", "contemplate", "potential", "continue", “goal”, “strategy”, “believe”, and similar expressions and variations thereof or the negative of these terms. The Company has based these forward-looking statements largely on its current expectations and projections about future events and trends that it believes may affect its financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including but limited to, the following: our ability to accurately estimate risks, requirements or costs when we bid on or negotiate a contract; the impact of our fixed-price contracts; qualifying as an eligible bidder for contracts; the availability of qualified personnel, joint venture partners and subcontractors; inability to attract and retain qualified managers and skilled employees and the impact of loss of key management; higher costs to lease, acquire and maintain equipment necessary for our operations or a decline in the market value of owned equipment; subcontractors failing to satisfy their obligations to us or other parties or any inability to maintain subcontractor relationships; marketplace competition; our inability to obtain bonding; our limited operating history as an independent company following our separation from AECOM, our prior owner; our relationship and transactions with our prior owner; our prior owner defaulting on its contractual obligations to us or under agreements in which we are beneficiary; our limited number of customers; dependence on subcontractors and suppliers of materials; any inability to secure sufficient aggregates; an inability to complete a merger or acquisition or to integrate an acquired company’s business; adjustments in our contract backlog; accounting for our revenue and costs involves significant estimates, as does our use of the input method of revenue recognition based on costs incurred relative to total expected costs; material impairments; any failure to comply with covenants under any current indebtedness, and future indebtedness we may incur; the adequacy of sources of liquidity; the outcome of any legal or regulatory proceedings to which we are, or may become, a party, including our appeal of the USACE’s notice of termination related to the Chickamauga Lock project; the effectiveness of our disclosure controls and procedures; cybersecurity attacks against, disruptions, failures or security breaches of, our information technology systems; seasonality of our business; pandemics and public health emergencies; commodity products price fluctuations, inflation (and actions taken by monetary authorities in response to inflation) and/or elevated interest rates; liabilities under environmental laws, compliance with immigration laws, and other regulatory matters, including changes in regulations and laws; climate change; deterioration of the U.S. economy; changes in state and federal laws, regulations or policies under the current presidential administration, including changes in trade policies and regulations, including increases or changes in duties, current and potentially new tariffs or quotas and other similar measures, as well as the impact of retaliatory tariffs and other actions, changes to tax legislation, potential changes to the amounts provided for under the Infrastructure Investment and Jobs Act, changes to immigration laws, as well as other legislation and executive orders related to governmental spending, and geopolitical risks, including those related to the war between Russia and Ukraine and the conflict and potential regime change in Iran and the associated disruption to the Strait of Hormuz, as well as other hostilities in the Middle East, and related disruptions to global energy markets; and other risks detailed in our filings with the Securities and Exchange Commission, including the “Risk Factors” section in our Annual Report on Form 10-K for the fiscal year ended January 2, 2026 and those described from time to time in our future reports with the SEC. Moreover, the Company operates in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible for the Company to predict all risks, nor can it assess the effect of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements it may make. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Forward-looking statements are only predictions based on our current expectations and our projections about future events, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances, including, but not limited to, unantic ipated events, after the date on which such statement is made, unless otherwise required by law. This presentation contains statistical data, estimates, and forecasts that are based on independent industry publications or other publicly available information, as well as other information based on the Company’s internal sources. While the Company believes the industry and market data included in this presentation are reliable and are based on reasonable assumptions, these data involve many assumptions and limitations, and you are cautioned not to give undue weight to these estimates. The Company has not independently verified the accuracy or completeness of the data contained in these industry publications and other publicly available information. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of such products or services. This presentation also includes certain non-GAAP financial measures. These non-GAAP financial measures are in addition to, and not as a substitute for or superior to measures of financial performance prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Please see the appendix for reconciliations of these non-GAAP financial measures to their nearest GAAP equivalents and for the calculation of certain other financial metrics. This presentation is not an offer to sell, or a solicitation of an offer to buy, any securities of the Company in any jurisdiction. 2
Page 3
SHIMMICK OVERVIEW 3 Shimmick (NASDAQ: SHIM) is a leading contractor delivering complex infrastructure solutions across water, energy and critical infrastructure with industry-leading self-performance capabilities spanning civil, mechanical and electrical work, across multiple states Strategic Growth Markets • Water Infrastructure • Climate Resilience & Water Resources • Transportation Infrastructure • Energy Transition & Electrification Continuing to expand its leadership in the water market, Shimmick was awarded the $124M Coyote Creek Flood Protection Project in San Jose, California. The award reflects our strategic focus on complex civil infrastructure projects that leverage our construction expertise while supporting sustainable long-term growth.
Page 4
Q2 2026 HIGHLIGHTS 4 $107M Total Revenue $116M work put in place¹ 12% Total Gross Margin ▲ 53% vs PY $4.4M Adjusted EBITDA ▲ $4.6M swing from PY loss 1.4x Book-to-Burn Q2 2026 4th consecutive quarter of positive Adjusted EBITDA and backlog growth ✓ Q3'25 ✓ Q4'25 ✓ Q1'26 ✓ Q2'26 New Awards Momentum $138M booked in Q2 2026 $756M booked past 4 quarters $221M awarded pending fully executed contract (1) Includes GAAP Revenue as well as the Company’s proportionate share of work put-in-place from equity method joint ventures Trailing twelve month Adjusted EBITDA of $15M
Page 5
OUR MARKETS Strong demand for our services continue in water/wastewater treatment, flood protection, water resources, and industrial/mission critical electrical construction We are focused on our core markets of water treatment and resilience and electrical construction in California, Texas, and Washington, while pursuing strategic opportunities nationwide Our pipeline is robust and growing, with visibility to support up to $1 billion in bidding volume per month for the next 24 months. With a strong backlog we will continue to grow while focusing on higher margin and lower risk projects 5 Advancing Shimmick's strategy to expand its presence in the Texas water market, the company secured approximately $85 million across three contracts on the Walnut Creek Wastewater Treatment Plant Expansion Project in Austin, Texas. The work will expand treatment capacity, enhance system reliability, and further strengthen Shimmick's position in a key strategic growth market.
Page 6
BACKLOG • $138M of Project Awards booked in Q2 2026 • $221M of additional new awards pending fully executed contract ending Q2 2026, spanning electrical and water projects primarily in California and Texas • $756M New Awards booked in the past 4 quarters • 4th consecutive quarter of backlog growth, with a book-to-burn of 1.4x for Q2 2026 • $500M–$1B of monthly bidding volume reflecting continued strength of our pipeline 6 $822 $793 $991 $221 2024 YE 2025 YE Q2 2026 Backlog Pending Awards $1.2B (1) (1) Represents projects recently awarded but pending a fully executed contract as of July 3, 2026
Page 7
OUTLOOK We are in the right markets, executing projects with the right risk profiles. We expect increase in revenues the rest of 2026 and into 2027, through ramp up of new wins in our key markets of California, Texas and Washington in our core markets of water, electrical and other critical infrastructure Project margins are consistent. We are executing consistently across our project portfolio and as the projects we won in the last 12 months continue to ramp up, we expect growing, predictable returns Improving our operations for improved efficiencies. Process improvements in cost controls, sales and AI based IT infrastructure is enabling us to optimize SG&A cost, providing confidence in stable overhead against growing revenues. 7 Supporting California's investment in resilient transportation infrastructure, Shimmick is building the $61 million Berths 49–51 Outer Harbor Cruise Terminal Development Project at the Port of Los Angeles. The project will modernize marine and electrical infrastructure, reinforcing our strategy to deliver complex infrastructure projects that improve operational resilience and long-term economic growth.
Page 8
$85 $88 $96$15 $11 $40 $50 $60 $70 $80 $90 $100 $110 2025 Q4 2026 Q1 2026 Q2 Revenue Shimmick Revenue Non-Core Revenue $10 $10 $11 8.0 8.5 9.0 9.5 10.0 10.5 11.0 11.5 12.0 12.5 13.0 2025 Q4 2026 Q1 2026 Q2 Gross Margin Shimmick Gross Margin Non-Core Gross Margin Q2 2026 REVENUE & GROSS MARGIN Shimmick Project Revenue(1) for Q2’26 was up 9% versus Q1’26 Total Gross Margin for Q2’26 was up 14% versus Q1’26 Non-Core Loss Projects continue to progress, representing <3% of total backlog ending Q2’26 8 (1) Includes GAAP Revenue as well as the Company’s proportionate share of work put-in-place from equity method joint ventures for the Q2 2026, Q1 2026 and Q4 2025 periods ended as follows: • GAAP Revenue: o Q2 2026: $96M and $11M for Shimmick & Non-Core Projects, respectively o Q1 2026: $88M and $0M for Shimmick & Non-Core Projects, respectively o Q4 2025: $85M and $15M for Shimmick & Non-Core Projects, respectively • JV Revenue - Work Put-In-Place: o Q2 2026: $9M and $0.3M for Shimmick & Non-Core Projects, respectively o Q1 2026: $8M and $1.3M for Shimmick & Non-Core Projects, respectively o Q4 2025: $7M and $0.4M for Shimmick & Non-Core Projects, respectively $100M $88M $107M $11M $12M $10M $1 $1
Page 9
2026 FY Guidance (As of August 10, 2026) Shimmick Consolidated Revenue(1) $493M 2025 FY 2026 FY Revising 2026 full-year Shimmick Consolidated Revenue(1) to between $525M and $575M, 12% increase year-over-year at the midpoint Maintaining 2026 full-year Shimmick Consolidated Adjusted EBITDA between $15M and $30M, 350% increase year-over-year at the midpoint, or 4.5x increase year-over-year at the midpoint Shimmick Consolidated Adjusted EBITDA $5M 2025 FY 2026 FY $525M $575M $30M $15M (1) Includes revenue as well as the Company’s proportionate share of work put-in-place from equity method joint ventures. In consideration of several factors, the Company has established full-year guidance for the fiscal year ending January 1, 2027. The Company considered its recent business trends and financial results, current growth plans, strategic initiatives, national economic outlook and the potential impact on results in establishing its guidance. We do not provide a reconciliation for forward-looking non-GAAP guidance because we are unable to predict certain items contained in the U.S. GAAP measures without unreasonable efforts. These items may include legal fees and other costs for a Non-Core Loss Project, acquisition-related costs, litigation charges or settlements, and certain other unusual adjustments. 9
Page 10
Appendix 10
Page 11
GAAP TO NON-GAAP RECONCILIATIONS (1) Consists of transformation-related costs we have incurred including advisory costs in connection with settling outstanding claim s in connection with exiting certain Non-Core Projects as part of the Company’s growth strategy to address and capitalize on the nation’s growing need for water and other critical infrastructure. (2) Consists of legal fees and other costs incurred in connection with claims relating to Non -Core Projects. (3) Consists of transaction-related costs and changes in fair value of contingent consideration remaining after the impact of transa ctions with our prior owner. * Please refer to the following page for explanatory notes regarding non-GAAP financial measures. 11
Page 12
Adjusted Net Loss Adjusted net loss represents Net loss attributable to Shimmick Corporation adjusted to eliminate stock-based compensation, legal fees and other costs for Non-Core Projects and transaction-related costs and changes in fair value of contingent consideration remaining after the impact of transactions with our prior owner. We have also made an adjustment for transformation costs we have incurred including advisory costs in connection with settling outstanding claims, exiting the Non-Core Projects and transforming the Company to shift our strategy to meet the nation’s growing need for water and other critical infrastructure and grow our business. We have included Adjusted net loss in this press release because it is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short and long-term operational plans. In particular, we believe that the exclusion of the income and expenses eliminated in calculating Adjusted net loss can provide a useful measure for period-to-period comparisons of our core business. Accordingly, we believe that Adjusted net loss provides useful information to investors and others in understanding and evaluating our results of operations. Our use of Adjusted net loss as an analytical tool has limitations, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are: • Adjusted net loss does not reflect changes in, or cash requirements for, our working capital needs, • Adjusted net loss does not reflect the potentially dilutive impact of stock-based compensation, and • other companies, including companies in our industry, might calculate Adjusted net loss or similarly titled measures differently, which reduces their usefulness as comparative measures. Because of these and other limitations, you should consider Adjusted net loss alongside Net loss attributable to Shimmick Corporation, which is the most directly comparable GAAP measure. Adjusted EBITDA Adjusted EBITDA represents our Net loss attributable to Shimmick Corporation before interest expense, income tax expense and depreciation and amortization, adjusted to eliminate stock-based compensation, legal fees and other costs for Non- Core Projects and transaction-related costs and changes in fair value of contingent consideration remaining after the impact of transactions with our prior owner. We have also made an adjustment for transformation costs we have incurred including advisory costs in connection with settling outstanding claims, exiting the Non-Core Projects and transforming the Company to shift our strategy to meet the nation’s growing need for water and other critical infrastructure and grow our business. We have included Adjusted EBITDA because it is a key measure used by our management and Board to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short and long-term operational plans. In particular, we believe that the exclusion of the income and expenses eliminated in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of operations. Our use of Adjusted EBITDA as an analytical tool has limitations, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are: • Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized might have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements, • Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs, • Adjusted EBITDA does not reflect the potentially dilutive impact of stock-based compensation, • Adjusted EBITDA does not reflect interest or tax payments that would reduce the cash available to us, and • other companies, including companies in our industry, might calculate Adjusted EBITDA or similarly titled measures differently, which reduces their usefulness as comparative measures. Because of these and other limitations, you should consider Adjusted EBITDA alongside Net loss attributable to Shimmick Corporation, which is the most directly comparable GAAP measure. Guidance provided is only an estimate of what we believe is reasonable as of the date of this presentation. We are not readily able to provide a reconciliation of non-GAAP measures to the most comparable GAAP metrics without unreasonable effort. Actual results will vary from the guidance, and the variations may be material. We undertake no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law. NON-GAAP FINANCIAL MEASURES EXPLANATORY NOTES 12
Page 13
Investor Contact IR@shimmick.com (949) 704-2350 investors.shimmick.com