AECOM : Q2'26 Earnings Presentation Final

Second Quarter Fiscal 2026

Brent Spence Bridge Kentucky / Ohio, United States

AECOM was selected to lead Phase 2 of the progressive design-build for Brent Spence Bridge, rehabilitating a crucial transportation structure connecting Ohio and Kentucky. One of the most significant design-builds in the United States, the project will feature a first-of-its-kind cable stay structure with independent cable stay connections on each of its two decks.

We are raising our earnings guidance for a second consecutive quarter as a result of our strong year-to-date performance

• NSR1 increased by 4%, or 2% on a constant-currency basis, to a new

  second quarter high

• Adjusted2 EPS increased by 27% and adjusted2 EBITDA3 increased by 8%

• Segment adjusted2 operating margin4 and adjusted2 EBITDA margin5

  increased by 50 and 20 basis points, respectively, to 16.5%, both of which also set new highs for a second quarter

• Our strong margin expansion continues to enable investments in strategic initiatives, including our proprietary AI and in our Advisory practice

Drove continued strong margin expansion

Achieved several second quarter records

+27%

YoY growth

$1.59

$1.25

Q2'25 Q2'26

Adjusted2 EPS

+50 bps

16.5%

16.1%

Q2'25 Q2'26

• Backlog6 increased by 8% to a record high

• Our pipeline of opportunities increased by double-digits for a third consecutive quarter to a record high

Grew both backlog and pipeline to all-time highs

Segment Adjusted2 Operating Margin4

$26.2

1.2x book-to-burn7 in design

$24.3

Q2'25 Q2'26

Backlog6 (in billions)

	Initial Guidance	Prior Guidance	FY'26 Guidance	YoY Change
Adj.2 EBITDA3	$1,265 - $1,305 million	$1,270 - $1,305 million	$1,275 - $1,305 million	+7%
Adj.2 EPS	$5.65 - $5.85	$5.85 - $6.05	$5.90 - $6.10	+14%
Net Service Revenue1 Growth	+6 - 8%	+6 - 8%	+6 - 8%	--
Segment Adj.2 Op. Margin4	16.8%	16.8%	16.8%	+30 bps
Adj.2 EBITDA Margin5	17.0%	17.0%	17.0%	+20 bps

• We are raising our earnings guidance, reflecting the operational outperformance we delivered in the first half of the year, benefits of our capital allocation strategy, as well as the strong visibility afforded to us in our record backlog

• Other assumptions incorporated into guidance:

  • Free cash flow8: ~$400 million

  • Depreciation: ~$160 million

  • Adj. tax rate: ~20 - 22%

  • Share count: ~130 million, which only includes repurchases completed to-date

    
    
    

    Global mega trends continue to support long-term growth opportunities across our markets

    Global Investments in Infrastructure

    Sustainability and Resilience

    Unprecedented Energy Demand

    U.S.
    Canada
    UK & Europe
    Middle East & Africa
    Australia / New Zealand

    • More than half of IIJA funding remains to be spent; healthy state/local budgets

    • Defense investment growing; 50%+ pipeline growth with the Department of War - our single largest client

    • Expect Canada to remain one of our fastest growing markets

    • Backlog and pipeline at record levels

    • Canada expected to invest 5% of GDP in defense

    • Growth improving, supported by Water and Energy markets

    • Accelerating activity for AMP8 and on the substantial Great Grid investment, as well as new opportunities in nuclear fusion

    • Short-term revenue impacts related to ongoing conflict

    • Record backlog in the region, providing visibility into growth once activity normalizes

    • Infrastructure investment accelerating; defense spending at historic highs

    • Expect growth to continue to improve, driven by multi-year high backlog growth and strong wins in the quarter

    
    
    
    
    

    $26.2

    $21.1

    +24%

    (+6% CAGR)

FY'22 Q2'26

Backlog6 in billions

We're widening our competitive advantages and our durable moat through strategic growth initiatives.

1	Advancing Proprietary AI Investments, Contributing to Key Wins	Continue to meet or exceed all development and deployment milestones on our proprietary AI roadmap New use cases across the business continue to be identified and prioritized for development Our investments have been critical deciders on several marquee wins, including a major energy recompete where the commercial terms with the client specifically incentivize AI utilization to ensure both the client and us realize value
2	Continue to Grow Our Advisory Business	NSR1 increased by double-digits in the first half of the year; we are on track with our goal to double the NSR in this business within three years of launch Won positions on several public-sector programs that position us early with key government clients to advise on long-term infrastructure investments Continue to outperform traditional consulting firms on these pursuits due to our technical expertise-led value proposition

• Underlying cash flow in the second quarter was consistent with expectations but was offset by delayed payment timing in the Middle East business, as well as longer-than-anticipated claim resolution on certain projects

0.9x

0.7x

1.1x

Net Leverage9

1.2x

• Importantly, collections in the Middle East have already recovered in the fiscal third quarter, and we reiterated our full year free cash flow guidance as well as our long-term 100%+ free cash flow conversion target

• Continue to benefit from low net leverage, no near-term debt maturities and an attractive cost of capital

• Returned $155 million to shareholders through repurchases and dividends in the second quarter

- In total, we have returned more than $3.5 billion to shareholders through dividends and repurchases since September 2020

Q2'23 Q2'24 Q2'25 Q2'26

Diluted Shares Outstanding (millions)

161M

130M

FY'20 FY'26E

(Growth rates reflect mid-point of FY'26 guidance as starting point, where appropriate)	FY'26 - FY'29 Targets
Organic NSR1 Growth CAGR	+5 - 8%
Segment Adj.2 Operating4 / Adj. EBITDA Margin5	20%+ (Exit rate by FY'28)
Adj.2 EPS and Free Cash Flow8 per Share Growth CAGR	15%+ (does not include prospective capital allocation benefits)
Free Cash Flow Conversion8	100%+ (Cumulative FY'26-FY'29)
Annual Per Share Dividend Growth	Double-Digit Increases

AECOM's Key Value Drivers

Ranked number one in each of our end markets across transportation, water, environment and facilities, built on our unrivaled domain and technical expertise, as well as trusted client

relationships

A culture built on winning and competitive advantage that has resulted in record pipeline, win rates and backlog

Industry-leading profitability, driven by our ongoing investments to accelerate growth and operating leverage

Disciplined returns-based capital allocation, enabled by our track record of consistently strong free cash flow conversion

Performance Update

Americas Segment International Segment

Growth: NSR1 increased 5% at constant currency, driven by an 8% increase in Americas design NSR.

Profitability: Adj.2 operating margin4 increased 60 bps to 20.0%.

Wins: Backlog6 grew 2% year-over-year to a new record high.

Growth: NSR1 decreased 3% at constant currency.

Profitability: Adj.2 operating margin4 remained effectively unchanged year-over-year at 11.1%.

Wins: Backlog6 grew 25% year-over-year to a new record high, driven by a 1.2x book-to-burn ratio7.

Backlog6 Adj.2 Operating Margin4 Backlog6 Adj.2 Operating Margin4

17.8B 18.1B

19.4%

20.0%

$8.1B

$6.5B

11.1% 11.1%

Q2'25 Q2'26

Q2'25 Q2'26

Q2'25 Q2'26

Q2'25 Q2'26

Enterprise Book-to-Burn7

1.0x

1.2x

1.0x

1.1x

1.1x

1.1x

1.0x

1.1x

1.5x

1. x

   1.1x

   1.1x

   1.1x

   1.1x

   1.1x

   1.1x

   1.1x

   Enterprise TTM Book-to-Burn7

2. x 1.2x

$23.3

$23.8

$23.4

$23.9

$23.9

$24.3

$24.6

$24.8

$26.0

$26.2

$18.0

$18.1

$17.0

$17.4

$17.4

$17.4

$17.5

$17.8

$18.0

$18.0

$6.4

$6.4

$6.0

$6.4

$6.4

$6.5

$6.6

$6.9

$7.9

$8.1

Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26

International Americas

Book-to-Burn

Book-to-Burn

1.0x	1.3x	1.1x	1.0x	1.1x	1.2x	1.0x	1.0x	1.0x	1.0x
1.0x	1.1x	0.7x	1.2x	1.2x	1.1x	1.0x	1.3x	2.3x	1.2x

Americas International

A Higher Performing Business

Leading Profitability vs. Peers

16.3%

16.5%

15.8%

15.9%

16.1%

Peer Avg10 (TTM): 15.2%

15.1%

15.4%

16.7% 16.8%

Substantial Valuation Gap

9.5x

13.3x

Q2'24 TTM Q3'24 TTM FY'24 Q1'25 TTM Q2'25 TTM Q3'25 TTM FY'25 Q1'26 TTM Q2'26 TTM

Segment Adjusted2 Operating Margin4 (on Net Service Revenue1)

ACM Peers

EV / Adj.2 EBITDA3 (FY'26E) as of May 7, 2026

Generating superior profitability and returns, while trading at a substantial discount

Note: Some peer data may not match public reporting due to estimates and calculations used in the analysis to create comparability. Peer valuations determined based on analyst consensus.

Margin Reconciliation Bridge

(in millions)	Q2'26
Net Service Revenue (NSR)	$1,948.4
Segment AOI	$322.1
Adjusted EBITDA	$312.1
NCI net of NCI Interest Income	$9.4
Adj. EBITDA Incl. NCI	$321.5
Segment AOI Margin	16.5%
Adj. EBITDA Incl. NCI / NSR Margin	16.5%

Appendix

51K

Of the industry's best technical experts

#1

Ranked #1 in each of our end markets across transportation, water, environment and facilities

AECOM at a Glance

We are the trusted global infrastructure leader.

40%+

Expected return on incremental invested capital

$26.2B

Record backlog with a book-to-burn above 1x for 22 straight quarters

Across the globe, we partner with our clients in the public and private sectors to solve their most complex challenges and pioneer innovative solutions.

Our Competitive Advantages:

$3.5B

More than $3.5 billion of capital returned to shareholders since Sept 2020

20%

Adjusted EPS CAGR from FY'20 through FY'25

• Unrivaled technical excellence and infrastructure domain expertise

• Trusted client relationships

• Substantial capacity to invest

Page 14

Each of our competitive advantages is valuable on its own; together, they create an enduring, industry-leading platform that forms a durable moat

Deep domain expertise

Ability to deliver complex infrastructure assets at scale - built on decades of leadership and #1 rankings in each of our key end markets

Unrivaled technical leadership

51k skilled professionals with deep sector and technical knowledge

Scale

Ability to invest in and collaborate to innovate and deploy solutions at global scale

Deep Client Relationships

We have long-standing and trusted client relationships, influence outcomes over the full lifecycle, and deliver some of the most complex and iconic projects around the world

Financial strength

Substantial balance sheet strength and insurance/bonding capacity

Culture of innovation

Relentlessly innovating to increase our value to clients

We are investing to scale the strengths of our competitive advantages and deliver more value to clients and shareholders

• Technological advancements historically expand the pie of infrastructure investment

• AI represents the next major opportunity - the more value we can deliver for clients, the more valuable we become

• Our clients have insatiable demand for infrastructure, but rising costs and budget limitations have limited outcomes

• AI is unlocking more value for clients, extending the value of existing budgets and attracting new capital to infrastructure

AECOM's Critical Differentiators for Success

vs.

Era 1: Digitalization (AutoCAD)

Shift from Manual to 2D, resulting in faster drafting and higher volume.

Benefit: More time for engineers to solve new problems and expand the pie while delivering more efficiently

Era 2: Integration (BIM)

Great efficiency; shift from silos to data-rich 3D environments

Benefit: Better decision-making across the entire project lifecycle and better outcomes that expanded the pie and grew the market

Era 3: Intelligence (AI)

Shift to automated processes

Benefit: Math-based and reason models enhance our capabilities and present new ways to solve previously unsolvable problems and extend the value of our key attributes

Deep Domain Expertise on How Infrastructure Is Delivered

Trusted Client Relationships Built Over Decades

Capacity to Invest

Technical Leadership, Ranked #1 in Each Major End Market

Efficiency = New Value Models

Reality

Efficiency = Shrinking Revenue (Cost-Plus Fallacy)

Assumption

Proof Points:

• We are winning work by demonstrating industry leadership on AI to create a more valuable outcome for clients

• Client response has been overwhelmingly positive and we are actively advancing on commercial monetization models

• Every single client we meet with wants to understand AI and how it can drive value for them

After our organic investments through our margins, we have returned 100% of our free cash flow8 to shareholders through capital allocation

Delivering on our commitment to double-digit annual increases in the per share value of our dividend

Repurchases Dividends M&A

$232

$523

$3.7B

Total Cash Allocated (FY'20 through Q2'26)

$2,990

Our repurchases represent more than 40% of our market capitalization at the time we began repurchases (Sept '20)

$1.24

$1.04

$0.88

$0.72

$0.60

+20%

CAGR

FY'22 FY'23 FY'24 FY'25 FY'26E

Annual Dividend per Share Payment

Attractive Exposure to Key End Markets

Balanced Geographic Exposure

Diverse Funding Sources

Deep Technical Expertise

Lower-Risk Business Model

10%

25%

28%

37%

Water

Transportation

Facilities

Environment & Energy

U.S.

7%

16%

54%

23%

Europe, Middle East & India

Asia Pacific

Canada

Non-U.S.

28%

32%

8%

32%

Governments

State & Local Governments

Federal U.S. Government

Private Sector

Engineers

20%

9%

42%

12%

17%

Program Managers / Project Managers

Consultants / Planners

Scientists

Design, Digital & Other

Cost-Plus Design

7%

39%

54%

Fixed-Price Design

Construction Management

Focused on our core higher-returning and lower-risk businesses

Leader in all key end markets and ideally positioned to advise clients across the lifecycle of their investments through expanding Advisory and Program Management capabilities

Strengthened balance sheet and returning capital to shareholders

Capitalizing on market leading positions, record backlog and ongoing continuous improvement initiatives to drive long-term profitable growth

All financial information is presented as a percentage of TTM Net Service Revenue1 (as of Q2'26)

1 Revenue, less pass-through revenue; growth rates are presented on a constant-currency basis and are adjusted to reflect fewer working days in the first quarter of fiscal 2026 compared to the prior year first quarter.

2 Excludes the impact of certain items, such as restructuring costs, amortization of intangible assets, non-core AECOM Capital and other items. See Regulation G Information for a reconciliation of non-GAAP measures to the comparable GAAP measures.

3 Net income before interest expense, tax expense, depreciation and amortization.

4 Reflects segment operating performance, excluding AECOM Capital and G&A, and margins are presented on a net service revenue basis.

5 Adjusted EBITDA margin includes non-controlling interests in EBITDA and is on a net service revenue basis.

6 Backlog represents the total value of work for which AECOM has been selected that is expected to be completed by consolidated subsidiaries and includes the proportionate share of work expected to be performed by unconsolidated joint ventures.

7 Book-to-burn ratio is defined as the dollar amount of wins divided by revenue recognized during the period, including revenue related to work performed in unconsolidated joint ventures.

8 Free cash flow is defined as cash flow from operations less capital expenditures, net of proceeds from disposals of property and equipment; free cash flow conversion is defined as free cash flow divided by adjusted net income attributable to AECOM.

9 Net leverage is comprised of EBITDA as defined in the Company's credit agreement dated October 17, 2014, as amended, and total debt on the Company's financial statements, net of total cash and cash equivalents.

10 Peers consist of Jacobs, Tetra Tech, Stantec and WSP, as of current quarter performance.

(in millions, except per share data)

(in millions)

DELIVERING

WORLD.

A BETTER