Jacobs Solutions Inc. · NYSE:J
Jacobs Solutions — Investor Presentation (May 2026)
49 slides from Jacobs Solutions's investor presentation, May 2026
Slide 1: Investor Presentation May 2026
Investor Presentation May 2026
Slide 2: Forward-looking statement disclaimer
DISCLAIMER Forward-looking statement disclaimer 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 statem
Slide 3: Creating a more connected, sustainable world
Creating a more connected, Where we work sustainable world At Jacobs, we’re challenging 40 47K today to reinvent tomorrow – COUNTRIES PEOPLE delivering outcomes and ADVANCED CITIES & PLACES solutions for the world's most MANUFACTURING complex challenges. With approximately $12 billion in annual reve
Slide 4: Our journey to higher value services and solutions
Our journey to higher value services and solutions Government Services Jacobs FY16 FY25 FY29E $0.6B $1.2B ~$2.0B Adj. EBITDA¹ Adj. EBITDA¹ Adj. EBITDA² Energy, Chemicals and Resources FY16 Adj. EBITDA Margin¹ FY25 Adj. EBITDA Margin¹ FY29E Adj. EBITDA Margin² 7.7% 13.9% 17%+ FY16 FY19 FY21 FY24 FY29
Slide 5: Jacobs' structure
Jacobs' structure Jacobs As Reported Infrastructure & Advanced Facilities (I&AF) PA Consulting Results End Market Revenue Performance Water and Life Sciences and Critical Infrastructure Environmental Advanced (Transportation, Cities & Places, Energy, and National Security Manufacturing Infrastructur
Slide 6: Jacobs today – simpler and more focused
Jacobs today – simpler and more focused №1 ENR % of Gross Revenue FY25 №1 – Top 500 Design Firms PA Critical Consulting Infrastructure №1 – Data Centers* Focused business model 10% 38% №1 – Wastewater Treatment Science-based innovation and end-to-end solutions №1 – Sewer & Waste №1 – Pharmaceuticals
Slide 7: Our portfolio is balanced and demonstrates long-term stability
Our portfolio is balanced and demonstrates long-term stability Our adj. net revenue exposure by source is diverse And our U.S. positioning remains favorable Infrastructure Investment & Jobs Act (IIJA)* Infrastructure & Advanced Facilities (I&AF) FY25* ■ ▪ Trump Administration continues to spend IIJA
Slide 8: End-to-end solutions grounded in science-based innovation
End-to-end solutions grounded in science-based innovation is a key differentiator of our model + Model Client-centric AND program-centric End-to-end solutions Business Advisory Enabling upstream shift Augmented design Planning and Concept Design Client AI enablement Engineering and Design Engage AI
Slide 9: Leveraging our global platform to drive cross-collaboration
Leveraging our global platform to drive cross-collaboration Global Delivery & Global Delivery & Cross Collaboration Cross Collaboration 38% 52% FY24 FY29E Billable Hours Billable Hours Local Delivery Local Delivery 62% 48% Cross-collaboration examples at Jacobs + + + + + Data Center needs for water,
Slide 10: We are embedding digital and AI into our organizational fabric
We are embedding digital and AI into our organizational fabric Leading end-to-end client solutions Jacobs is leading in Digital & AI → End-to-end capabilities driving margin improvement Jacobs AI → Significant digital consulting footprint (1.5K+ FTEs) AI RFP Response → Leading partnership in Water w
Slide 11: Our serviceable market is significant, underscoring tailwinds
Our serviceable market is significant, underscoring tailwinds Water & Environmental Life Sciences & Critical Infrastructure Advanced Manufacturing Water Environmental Advanced Facilities Energy & Power Transportation Cities & Places Market $220B $120B $390B SAM* J CAGR Est 8-10% 4-6% 7-9% 11-13% 5-7
Slide 12: Strong positioning, macro tailwinds and focus on growth
Strong positioning, macro tailwinds and focus on growth drive a robust financial outlook Infrastructure sector poised for Life Sciences & Advanced Manufacturing Accelerating collaboration, digital and generational investment secular growth global delivery ▪ Strong water demand globally ▪ Largest in
Slide 13: Growing the Core
| b Challenging today. waco Ss Reinventing tomorrow.
Slide 14: Water & Environmental
Water & Environmental End-to-end solutions, digital innovation & cross-collaboration strengthen our Water & Environmental position Water Environmental World-leading expertise across the water cycle Positions Jacobs to drive sustainability across client base ▪ ENR №1 Sewer & Waste and №1 Wastewater T
Slide 15: Life Sciences & Advanced Manufacturing
Life Sciences & Advanced Manufacturing 6,600+ 17% Current 3-Year CAGR Headcount Adj. Net Revenue Life Sciences Adv. Manufacturing & Electronics $1.46B $3.04B FY25 Adj. Net FY25 Gross ▪ 78+ years in Life Sciences ▪ ENR №1 in semis and Revenue Revenue manufacturing ▪ Expertise at the molecular level ▪
Slide 16: Critical Infrastructure
Critical Infrastructure Local client relationships backed by global delivery enabling us to deliver the highest quality, faster Energy & Power Transportation Cities & Places Unmatched major programs position A leader in complex program delivery Cross-cutting buildings capability ▪ Top-tier expertise
Slide 17: PA Consulting
PA Consulting Integrating with PA to deliver value and unlock new market opportunities. Project Credo – Business Advisory Strategy & Economics Major Automotive Planning & Concept Defining future site operations Design People and Change Frederick Douglass Engineering and Design Tunnel Amtrak Deliveri
Slide 18: Financial Overview
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Slide 19: Rising backlog and pipeline position us well to accelerate growth
Rising backlog and pipeline position us well to accelerate growth Near-term Medium-term Long-term Gross Revenue in Backlog¹ Total Pipeline² Secular Growth Drivers ■ Life Sciences ■ Data Centers and Semis $27B 21.7% Y/Y $130B 27% Y/Y ■ Water ■ Energy & Power ■ Transportation Investment 19 ¹Backlog as
Slide 20: Adjusted net revenue growth setup strong over the multi-year horizon
Adjusted net revenue growth setup strong over the multi-year horizon CAGRs¹ (FY25-FY29) $11.6B Water & Environmental +7% to 9% Life Sciences & Adv. Manufacturing +7% to 9% +6% to +8% CAGR Critical Infrastructure +5% to 7% PA Consulting +6% to 8% 20 ¹CAGRs reflect organic growth estimates by end mark
Slide 21: EBITDA margin expansion is further aided by operating leverage
EBITDA margin expansion is further aided by operating leverage 17%+ Adjusted EBITDA Margin Total Adj. EBITDA on Cost track to rise to Leverage Mix ~$2.0B by FY29 Commercial 12.8% Models Global Delivery Targeting 420+ bps margin expansion between FY24 and FY29, at the midpoint FY24 FY29E 21 FY29E Adj
Slide 22: Low capital intensity and margin growth to drive higher free cash flow
Low capital intensity and margin growth to drive higher free cash flow 11%+ ■ Operating outlook is favorable – Organic growth F – Margin expansion Y 2 ■ Working capital to improve 5 - – DSOs/DPOs trending favorably F Y ■ Capital intensity largely steady 2 – Capex averaging ~1% of revenue 8 ■ Restruc
Slide 23: Our track record of returning capital to shareholders is strong
Our track record of returning capital to shareholders is strong 22% CAGR1 12% CAGR/share2 >60% return of free cash flow to shareholders over the past 4 years 23 ¹CAGR reflects trailing twelve-month growth through FY26 year-to-date. 2CAGR per share calculated by comparing Q2 FY22 quarterly dividend o
Slide 24: Capital allocation focused on increasing returns to shareholders
Capital allocation focused on increasing returns to shareholders Invest in Organic Growth Return Capital Strategic M&A ■ Reinvest in organic growth ■ >60% of FCF to be ■ Near-term organic focus ■ Q2 FY26 net leverage 2.1x returned ■ Strategic M&A longer- ■ Plan to delever toward ■ FCF margin target
Slide 25: Increasing FY29 Targets Post PA Acquisition
Increasing FY29 Targets Post PA Acquisition Initial Target Updated Target Adj. Net Revenue (Organic) 6 – 8% CAGR 6 – 8% CAGR Adj. EBITDA Margin1 16%+ by FY29 17%+ by FY29 Free Cash Flow Margin2 10%+ by FY29 11%+ by FY29 1 Adj. EBITDA margin is calculated as a ratio of Adj. EBITDA to Adj. Net Revenue
Slide 26: Fiscal 2026 Q2 Results
Fiscal 2026 Q2 Results View quarterly results here
Slide 27: Q2 FY 2026 Results
Q2 FY 2026 Results1 Adj. Net Revenue1 Adj. EBITDA1 Adj. EPS1 Backlog1 $2.3B $1.75 $27.0B $2.1B $327M $287M $1.43 $22.2B Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 +8.8% y/y +14.2% y/y +22.4% y/y +21.7% y/y 1 See Use of Non-GAAP financial measures and operating metrics at the end
Slide 28: Q2 FY 2026 I&AF End Market Performance
Q2 FY 2026 I&AF End Market Performance Life Sciences & Advanced Manufacturing Critical Infrastructure Water & Environmental I&AF End Market Exposure Higher growth on the back of Continued strong demand Solid growth in Water, offset Gross Revenue strength in Data Centers and in Transportation and by
Slide 29: Raising FY 2026 Outlook
Raising FY 2026 Outlook Fiscal Year 2026 Assumptions Adjusted Net Revenue % Growth 8.0% to 10.5% y/y FULLY DILUTED AVERAGE SHARE COUNT: ~119M NET INTEREST EXPENSE: Adjusted EBITDA Margin 14.6% to 14.9% $144-149M DEPRECIATION: $87-92M Adjusted EPS $7.10 to $7.35 FY ADJUSTED EFFECTIVE TAX RATE: 25.5-2
Slide 30: Appendix
| b Challenging today. waco Ss Reinventing tomorrow.
Slide 31: Use of Non-GAAP financial measures and operating metrics
Use of Non-GAAP financial measures and operating metrics 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. Adjusted net revenue
Slide 32: Use of Non-GAAP financial measures and operating metrics (cont.)
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
Slide 33: Reconciliation of Operating Profit to Adjusted Earnings Per Share
Reconciliation of Operating Profit to Adjusted Earnings Per Share (in thousands) Three Months Ended Six Months Ended March 27, 2026 March 28, 2025 March 27, 2026 March 28, 2025 Operating Profit $ (81,176) $ 208,648 $ 151,385 $ 417,066 Restructuring, Integration, Transaction and Other Charges 134,599
Slide 34: Reconciliation of Earnings from Continuing Operations Before Taxes
Reconciliation of Earnings from Continuing Operations Before Taxes to Adjusted Earnings from Continuing Operations Attributable to Jacobs Before Taxes (in thousands) Three Months Ended Six Months Ended March 27, 2026 March 28, 2025 March 27, 2026 March 28, 2025 (Loss) Earnings from Continuing Operat
Slide 35: Reconciliation of Net Earnings to Adjusted Net Earnings
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 Six Months Ended March 27, 2026 March 28, 2025 March 27, 2026 March 28, 2025 Net (Loss) Earnings Attributable
Slide 36: Reconciliation of Diluted Net Earnings Per Share to Adjusted
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 Six Months Ended March 27, 2026 March 28, 2025 March 27, 2026 March 28, 2025 Diluted Net (Loss) Earnings from Continuing
Slide 37: Reconciliation of Net Earnings to Adjusted EBITDA
Reconciliation of Net Earnings Attributable to Jacobs from Continuing Operations to Adjusted EBITDA (in thousands) Twelve Months Three Months Ended Six Months Ended Ended March 27, 2026 March 28, 2025 March 27, 2026 March 28, 2025 March 27, 2026 Net (Loss) Earnings Attributable to Jacobs from Contin
Slide 38: Reconciliation of Earnings Attributable to Noncontrolling Interests
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 Six Months Ended March 27, 2026 March 28, 2025 March 27, 2026 March 28, 2025 Earni
Slide 39: Reconciliation of Miscellaneous Expense to Adjusted
Reconciliation of Miscellaneous Expense from Continuing Operations to Adjusted Miscellaneous Expense from Continuing Operations (in thousands) Three Months Ended Six Months Ended March 27, 2026 March 28, 2025 March 27, 2026 March 28, 2025 Miscellaneous Income (Expense) from Continuing Operations $ (
Slide 40: Reconciliation of Interest Expense to Adjusted Interest Expense
Reconciliation of Interest Expense from Continuing Operations to Adjusted Interest Expense from Continuing Operations (in thousands) Three Months Ended Six Months Ended March 27, 2026 March 28, 2025 March 27, 2026 March 28, 2025 Interest Expense from Continuing Operations $ (41,075) $ (38,580) $ (75
Slide 41: Reconciliation of Income Tax Expense to Adjusted Income Tax Expense
Reconciliation of Income Tax Expense from Continuing Operations to Adjusted Income Tax Expense from Continuing Operations (in thousands) Three Months Ended Six Months Ended March 27, 2026 March 28, 2025 March 27, 2026 March 28, 2025 Income Tax Benefit (Expense) from Continuing Operations $ 45,088 $
Slide 42: Reconciliation of GAAP Revenue to Adjusted Net Revenue
Reconciliation of GAAP Revenue to Reconciliation of I&AF by Adjusted Net Revenue End Market GAAP Revenue (in thousands) to Adjusted Net Revenue (in thousands) Three Months Ended Three Months Ended March 27, March 28, March 27, March 28, 2026 2025 2026 2025 Critical Infrastructure Revenue $ 3,694,881
Slide 43: Reconciliation of Net Earnings to Adjusted EBITDA (Year Ended)
Reconciliation of Net Earnings Attributable to Jacobs from Continuing Operations to Adjusted EBITDA (in thousands) For the Year Ended September 26, September 27, 2025 2024 Net Earnings Attributable to Jacobs from Continuing Operations $ 313,302 $ 612,804 After-tax effects of Restructuring, Transacti
Slide 44: Reconciliation of Income Tax and Interest Expense
Reconciliation of Income Tax Reconciliation of Interest Expense Expense from Continuing from Continuing Operations to Operations to Adjusted Income Adjusted Interest Expense from Tax Expense from Continuing Continuing Operations Operations (in thousands) (in thousands) (1) Includes charges primarily
Slide 45: Reconciliation of Net Earnings to Adjusted EBITDA (Historical)
Reconciliation of Net Earnings Attributable to Jacobs from Continuing Operations to Adjusted EBITDA (in thousands) Historical data as reported in respective 10K earnings materials. 45 ©Jacobs 2026
Slide 46: Reconciliation of Income Tax and GAAP Revenue (Historical)
Reconciliation of Income Tax Reconciliation of GAAP Revenue to Expense from Continuing Adjusted Net Revenue Operations to Adjusted Income (in thousands) Tax Expense from Continuing Operations (in thousands) Historical data as reported in respective 10K earnings materials. Historical data as reported
Slide 47: Reconciliation of GAAP Revenue to Adjusted Net Revenue
Reconciliation of GAAP Revenue Reconciliation of Life Sciences & to Adjusted Net Revenue Advanced Manufacturing (LS&AM) (in thousands) GAAP Revenue to Adjusted Net Revenue (in thousands) Historical data as reported in respective 10K earnings materials. 47 ©Jacobs 2026
Slide 48: Reconciliation of Free Cash Flow from Continuing Operations
Reconciliation of Free Cash Flow from Continuing Operations (in thousands) 48 ©Jacobs 2026
Slide 49: Explore more about our culture, capabilities, markets and financial strength
Explore more about our culture, capabilities, markets and financial strength: ■ Integrated Annual Report ■ Investor information at invest.jacobs.com ■ Podcast series ■ Recent press releases jacobs.com | Follow us @Jacobsconnects: ©2026 Jacobs Solutions Inc. All rights reserved. This presentation is