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✓ WILLDAN Q2 FY'26 EARNINGS CALL August 6 , 2026 Mike Bieber , President & CEO Kim Early , Executive Vice President & CFO NASDAQ : WLDN Safe Harbor Statement - Statements in this presentation that are not purely historical , are forward - looking statements that involve risks and uncertainties within the meaning of the Private Securities Litigation Reform Act of 1995 . Willdan's actual results could differ materially from those in any such forward - looking statements . Willdan's business could be affected by a number of other factors , including the risk factors listed from time to time in Willdan's SEC reports including , but not limited to , the Annual Report on Form 10 - K for the year ended January 2 , 2026. Willdan disclaims any obligation , and does not undertake , to update or revise any forward - looking statements .
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Key Takeaways 2 Strong 1H FY’26 Q2 performance reflects sustained revenue growth and margin expansion ▪ Contract Revenue $231M ▪ Net Revenue $117M ▪ Adjusted EBITDA $33.0M ▪ GAAP EPS $1.58 ▪ Adjusted EPS $2.07 Commercial demand is accelerating & expanding the addressable opportunity AI strengthening productivity, enabling more complex solutions Raising FY’26 financial targets +33% +23% +38% +51% +53%
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FY’24 FY’25 FY’26 PF Commercial Revenue Mix Expanding 3 (Pro Forma (PF) FY’26 Contract Revenue) Commercial growth balances the revenue base Commercial 25% State & Local Gov’t 34% Utilities 41% Commercial 11% State & Local Gov’t 48% Utilities 41% Commercial 7% State & Local Gov’t Utilities 46%
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Commercial 25% State & Local Gov’t 34% Utilities 41% T&M 13% Unit 41% Fixed 46% Planning & Analytics 9% Facility & Infrastructure 44%Consulting & Municipal Services 14% Utility Programs 33% Customer Type, Contract Mix, and Service Mix 4 Customer Type Contract Mix Service Mix (FY’26E Contract Revenue)
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5 Burton Energy Update Expands growth opportunities with Fortune 500 Contract Revenue $103M Net Revenue $15M EBITDA $7M Accretive to FY’26 margins, earnings, and EPS ▪ Converted to Willdan ERP system ▪ Performing well, solid outlook ▪ Cross-selling efforts advancing ▪ Adding new customers since acquisition Update FY’25 Metrics
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Client Description 1. LADWP Los Angeles - $110M Expansion Solar streetlight retrofit program 2. City College of NY - $53M Central plant upgrade 3. SoCal Regional Energy Network (REN) - $49M Public-sector energy efficiency and resiliency program 4. Encina Wastewater Treatment Plant, CA - $31M Renewable biogas cogeneration and microgrid project 5. Confidential Client, TX - $15M Battery energy storage system 6. Confidential Client, IL - $6M Substation Notable Wins Since last earnings call 6
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▪ Investment needs pressuring rates and returns ▪ Efficiency and DERs improving economics ▪ Demand straining grid capacity ▪ Data centers face increasing permitting pressure ▪ Extreme weather increasing outage risk ▪ Wildfires disrupting grid performance 7 Electricity Market Challenges Load growth Affordability Reliability
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Willdan’s Expanding BESS Opportunity Planning Engineering Controls Renewable Generation Microgrid Capabilities Complex, Higher-Value BESS Projects 8 Battery Storage: The Flexibility Multiplier Why Battery Storage Matters Manages Peak Demand Shifts and shaves peak load to reduce strain on the system Supports Intermittent Renewables Smooths solar and wind output for firmer, dispatchable capacity Improves Resiliency Strengthens the grid against outages and extreme events Provides Backup Power Keeps critical facilities running when the grid can't
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9 US Data Center Growth Driven by Speed to Power ▪ Wide-spread growth, level and pace vary ▪ LLM training where land, power and interconnections cheapest ▪ Data Centers have lowered electricity rates UPDATE
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FINANCIAL RESULTS Kim Early, EVP & CFO
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Contract Revenue Adjusted EPS Adjusted EBITDA Net Revenue Strong growth and operating leverage drove record Adjusted EBITDA Q2’26 v Q2’25 ($ in millions, except for EPS) 11 $174M $231M +33% Q2’26Q2’25 $95M $117M +23% Q2’26Q2’25 $21.9M Q2’26Q2’25 $33.0M +51% $2.07 $1.50 Q2’26Q2’25 +38%
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Contract Revenue Adjusted EPS Adjusted EBITDA Net Revenue 1H’26 v 1H’25 ($ in millions, except for EPS) 12 $2.14 $2.98 +39% $180M $210M $36.4M $51.1M Revenue growth and operating leverage delivered record first-half results 1H’25 1H’261H’261H’26 $326M $386M 1H’25 1H’26 1H’25 1H’25 +19% +23% * Normalized +16% +21% * Normalized (* Normalized for additional week in Q1’25) +41% +46% * Normalized
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Contract Revenue Adjusted EPS Adjusted EBITDA Net Revenue TTM Q2’26 ($ in millions, except for EPS) 13 $3.61 $5.76 +60% $335M $394M +18% $628M $742M +18 % TTM Q2’25 $69.2M $94.3M +36% TTM results reflect strengthening earnings power TTM Q2’25 TTM Q2’26TTM Q2’26TTM Q2’26TTM Q2’26 TTM Q2’25 TTM Q2’25
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MP2026E Adj. EBITDA margin is based on the mid-point of FY’26 Financial Targets for Net Revenue and Adj. EBITDA. Demand and scale create a path to continue margin expansion $23.3 $45.7 $56.8 $79.5 $105MP 10.3% 16.9% 19.2% 21.8% ~25%MP 0% 5% 10% 15% 20% 25% 30% $0 $20 $40 $60 $80 $100 $120 $140 $160 2022 2023 2024 2025 2026E 2030E ADJ. EBITDA ADJ. EBITDA Margin Long-Term Goal: High-20s% 14 ⏵ Expanding commercial revenue ⏵ Energy demand driving higher value services ⏵ AI increasing productivity ⏵ Back-office operating leverage Path to High - 20s% Adjusted EBITDA Margin ($ in millions) Margin Expansion Drivers
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FREE CASH FLOW 15 NET DEBT/ADJUSTED EBITDA TTM TOTAL LIQUIDITYNET DEBT Revolver Delayed-Draw Facility Cash Total $80 $50 $165 $35 TTM Q2’26 Cash Flow Provided by Operations $71 Less: Capital Expenditures 9 Free Cash Flow $62 Free Cash Flow per Share $4.04 @ 07/03/26 Cash & Equivalents $35 Total Debt 68 Net Debt $33 Net debt defined as total debt less cash and cash equivalents. Balance Sheet & Liquidity ($ in millions, except for FCF per share) (Shares of 15.4M for TTM Q2’26) * At 1/02/2026, Willdan was in a Net Cash position and therefore this metric is reported as 0.0x. 0.0x* 0.3x 07/03/2601/02/26 Low leverage and strong liquidity provide capacity for organic growth and strategic acquisitions TTM Q2’26 @ 07/03/26
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Increasing Financial Targets * 16 * Financial Targets assume no future acquisitions Financial Metric From (5/7/2026) To % ∆ from FY’25A Net Revenue $410-425M $415-430M 14-18% Adjusted EBITDA $100-105M $103-107M 30-35% Adjusted Diluted EPS $4.90-5.05 $5.00-5.15 2-5% Full Year Effective Tax Benefit 0% 0% --- Average Diluted Common Shares 15.9M 15.9M 6%
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Summary 17 FY’26 on track for double-digit growth and continued margin expansion Commercial expansion accelerating growth opportunity AI driving productivity gains and new opportunities Strong balance sheet with low leverage and significant liquidity
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Q&A
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APPENDIX
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FY’24 FY’25 Q2’25 Q2’26 1H’25 1H’26 CONSOLIDATED Contract Revenue $565.8 $681.6 $173.5 $231.0 $325.9 $386.1 Subcontractor services & other direct costs 269.5 316.8 78.5 113.8 145.6 176.5 Net Revenue $296.3 $364.8 $95.0 $117.2 $180.3 $209.6 ENERGY SEGMENT Contract Revenue $473.3 $576.1 $146.7 $202.6 $273.0 $330.6 Subcontractor services & other direct costs 266.1 311.2 76.8 111.4 142.9 172.4 Net Revenue $207.2 $264.9 $69.9 $91.2 $130.1 $158.2 ENGINEERING & CONSULTING SEGMENT Contract Revenue $92.5 $105.5 $26.7 $28.4 $52.9 $55.6 Subcontractor services & other direct costs 3.4 5.5 1.7 2.4 2.7 4.1 Net Revenue $89.1 $100.0 $25.0 $26.0 $50.2 $51.5 ($ in millions) Note: totals may not foot due to rounding Reconciliation of Contract to Net Revenue Appendix
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FY’24 FY’25 Q2’25 Q2’26 1H’25 1H’26 Net Income $22.6 $52.6 $15.4 $24.3 $20.1 $32.9 Stock-based Compensation, net of tax 6.1 9.7 2.7 3.7 4.7 6.6 Intangible Amortization, net of tax 5.9 8.1 2.9 3.0 4.9 4.9 Interest Accretion, net of tax 0.1 2.5 0.7 0.7 1.0 1.4 Refinancing Costs, net of tax - 0.6 0.7 - 0.7 - Transaction Costs, net of tax - 0.2 - 0.1 0.2 0.1 Adjusted Net Income $34.7 $73.7 $22.3 $31.9 $31.6 $45.9 Diluted Weighted Avg. Shares Outstanding 14.245 15.071 14.917 15.423 14.778 15.404 Diluted EPS $1.58 $3.49 $1.03 $1.58 $1.36 $2.13 Adjusted Diluted EPS $2.43 $4.89 $1.50 $2.07 $2.14 $2.98 Period Growth in Adjusted Diluted EPS 39% 101% 173% 38% 125% 39% Reconciliation GAAP Net Income to Adjusted EPS Appendix ($ & shares in millions except per share amounts) Note: totals may not foot due to rounding
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Reconciliation GAAP Net Income to Adjusted EBITDA Appendix FY’24 FY’25 Q2’25 Q2’26 1H’25 1H’26 Net Income $22.6 $52.6 $15.4 $24.3 $20.1 $32.9 Interest Expense 7.8 5.7 2.2 1.1 4.0 1.9 Income Tax Expense (Benefit) 4.1 (12.6) (5.3) (5.3) (4.7) (6.5) Stock-based Compensation 7.4 11.8 3.2 4.8 5.6 8.5 Depreciation and Amortization 14.7 18.7 5.5 7.0 9.9 12.4 Interest Accretion 0.2 3.1 0.9 0.9 - 1.8 Transaction Costs - 0.2 - 0.2 0.2 0.2 (Gain) Loss on Sale of Equipment - - (0.0) (0.0) (0.0) (0.0) Adjusted EBITDA $56.8 $79.5 $21.9 $33.0 $36.4 $51.1 Adjusted EBITDA Margin (as % of Net Revenue) 24.2% 40.2% 23.1% 28.2% 20.2% 24.4% ($ in millions) Note: totals may not foot due to rounding
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Definition of Terms NET REVENUE – Contract Revenue less Subcontractor Services and Other Direct Costs ADJUSTED EBITDA – Net Income plus Interest Expense, Income Tax Expense (Benefit), Stock- Based Compensation, Interest Accretion, Depreciation and Amortization, Gain (Loss) On Sale of Equipment, and Tax Benefit Distribution ADJUSTED EBITDA MARGIN – Adjusted EBITDA divided by Net Revenue ADJUSTED DILUTED EPS – Net Income plus Stock-Based Compensation, Intangible Amortization and Transaction Costs, Net of Tax, all divided by the Diluted Weighted-Average Shares Outstanding and is a non-GAAP financial measure Appendix