Slides
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Roger Argus, CEO & President Steve Burdick, Executive VP & CFO July 30, 2026 Earnings Call Q3 26
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Forward-Looking Statements & Non-GAAP Financial Measures All statements in this communication other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements of the plans, strategies and objectives for future operations, profitability, strategic value creation, risk profile and investment strategies, and any statements regarding future economic conditions or performance, and the expected financial and operational results of Tetra Tech. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. These statements involve risks and uncertainties, such as those related to fluctuations in Tetra Tech’s quarterly operating results and stock price, and the other risks detailed from time to time in Tetra Tech’s SEC reports. Any forward-looking statements are made as of the date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement. 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. We provide these non-GAAP financial measures because we believe they provide a valuable perspective on our 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, GAAP measures. In addition, other companies may define non-GAAP measures differently which limits the ability of investors to compare non-GAAP measures of Tetra Tech to those used by our peer companies. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is available at tetratech.com/investors. 2
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Q3-26 Results 3 Q3-26 Net Revenue $1.11B EPS $0.42 Cash Flow from Ops $229M Backlog $4.49B Highlights Guidance: $1.05B - $1.10B Guidance: $0.38 - $0.41 $467M YTD +$208M Sequentially
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4 Segment Net Revenue ($M) OI Margin (%) Comments 17.5% • Water Infrastructure up • Defense up CIG 15.1% • U.K. Water up • Digital Automation up $382* $409* Q3-25 Q3-26 $580 $634 +9% Q3-25 Q3-26 +7% GSG CIG * Excludes USAID / DOS and episodic disasters response. Q3-26 Performance by Segment
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5 Q3-26 Net Revenue by Customer Customer % of Net Rev. Net Rev. Y/Y Comments 20% +12%* • Defense - Navy up • Army Corps of Engineers up 13% +5%* • Municipal Water Treatment up • Flood protection down 20% +1% • Power Transmission up • Renewable Energy down 47% +12% • U.K. Water up • Digital Water Automation up U.S. State & Local U.S. Commercial U.S. Federal International Note: % of Net Revenue exclude USAID / DOS * Excludes USAID / DOS and episodic disasters response.
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Q3-26 Backlog 6 Recent Key Wins Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 $4.28B $4.14B $4.49B $3.95B $4.28B • U.S. Army Corps of Engineers Norfolk District multiple-award contract • U.S. Army Corps of Engineers Mobile District multiple-award contract • U.S. EPA Office of Water single-award contract • U.S. Federal Aviation Administration single-award task order contract • L.A. Department of Water & Power multiple-award contract • California Wastewater Authority digital systems integration contract • Scotland Excel engineering and technical consultancy framework contract • Chelan County Public Utility District dam modernization contract • City of Dayton Department of Water PFAS water treatment design contract • Hyperscale AI Data Center power digital automation & cybersecurity contract
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FY26 YTD Financial Overview (GAAP) 7 EBITDA ($ in millions) Adjusted EBITDA Margin +80 bps: Q3-25 YTD=13.8% Q3-26 YTD=14.6% Q3-25 TYD Q3-26 YTD Net Revenue ($ in billions) FY25: USAID/DOS and episodic disaster response Q3-25 YTD Q3-26 YTD $3.45 $3.20 Operating Income ($ in millions) Q3-25 YTD Q3-26 YTD $430 EPS Q3-25 YTD Q3-26 YTD $0.45 $1.18 $227 $271 $473 Q3-26 EPS: $0.42 Q3-26 Guidance: $0.38-$0.41 FY25: non-recurring legal / goodwill impairment Margins increasing year-over-year
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FY26 Cash Flow and Leverage Overview 8 Cash Flow from Ops – YTD ($ in millions) Operating cash flow exceeded annual net income: FY05-FY25 Q3-26 YTDQ3-25 YTD $357 $467 Net Debt Leverage Target 1.0x-2.0x 0.96x 0.88x Q2-26Q2-25 Q3-26Q3-25 56 56 Days Sales Outstanding Stronger Cash Flow from Operations resulting in Lower Net Debt Leverage Industry Leading DSO
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Capital Allocation 9 • Water, environment & resilient infrastructure • Technical innovation and digital automation • $119 million in dividends and buyback (Q3-26) • Buyback: $398 million total authorized available • Dividend: FY26 increase 11% Y/Y Growth Initiatives Return to Shareholders • Over $2 billion of total borrowing capacity • Net Debt/EBITDA target 1.0x – 2.0x Liquidity and Leverage Cash Flow $567M TTM
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Water Cycle Focus Aligns with Global Priorities 10 Canada: Hydropower Australia: Digital Water United States: Water Supply and Power United Kingdom/EU: Water Quality • Contract capacity of £2.5B in U.K. and Ireland • WaterNetTM used by 75% of utilities in U.K. Supply & Smart Sewers AMP8 £105B program • HydroQuebec 20-year client • BC Hydro Site C project supported 1.1GW capacity Digital Water projected A$17.4B Water Treatment projected $515B • Water Corp.: chlorination control systems • South Australia Water system modernization • Dayton, OH 96 MGD PFAS treatment • Chelan PUD hydro dam modernization Hydropower investment C$200B+
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11 Guidance Net Revenue Adjusted EPS Q4-26 $1.12B - $1.17B $0.45 - $0.48 FY-26 $4.315B - $4.365B $1.56 - $1.59 FY-26 Assumptions • Intangible amortization of $34M • Depreciation of $23M • Interest expense of $30M • Effective tax rate: 27.3% • 261 million average diluted shares • Excludes contributions from future acquisitions and gain on divestiture FY-26 Growth and Margin Expansion FY-25 FY-26 Net Revenue* EBITDA Margin FY-25 FY-26 +15% Note: Year-on-year comparison using midpoint of the range * Y/Y growth excluding USAID / DOS and episodic disaster response activities +70bps Up 8%
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• Strong third quarter • Significant new wins for commercial and government clients • Growing demand for differentiated Leading with Science® water and environmental services • Record year-to-date cash from operations • Year-to-date performance drives higher FY26 guidance Summary 12
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Questions & Answers
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14 Appendix
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Supplemental Net Revenue Information ($ in millions) 15 Q3-26 Q3-25 YTD-26 YTD-25 Net Revenue $1,109 $1,153 $3,195 $3,454 Less: USAID / DOS (66) (91) (177) (464) Less: Episodic Disasters - (100) - (195) Net Revenue excl. USAID / DOS and Episodic Disasters $1,043 $962 $3,018 $2,795