Slide 1: Jacobs Fiscal 2026 Second Quarter Results
Jacobs Fiscal 2026 Second Quarter Results May 5, 2026
Slide 2: Forward-Looking Statement Disclaimer
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 statements that do not directly relate to a
Slide 3: Today's Agenda
Today’s Agenda Overview Performance overview Recent notable project wins Financial review Q2 FY 2026 results Q2 FY 2026 end market and segment review Balance sheet and cash flow review Outlook & Investor Day Target Updates Q&A 3 ©Jacobs 2026 2024
Slide 4: Q2 FY 2026 Results Summary
Q2 FY 2026 Results Summary Q2 FY 2026 Results ▪ GAAP gross revenue of $3.7B (+27.0% y/y) and adjusted net revenue1 of $2.3B (+8.8% y/y) ▪ GAAP net income of $(43)M (vs. $11.2M in Q2 2025) and adjusted net income1 of $206M (+17.3% y/y) ▪ Adjusted EBITDA1 of $327M (+14.2% y/y) ▪ Adjusted EBITDA margin
Slide 5: Significant I&AF Awards Announced in Q2 FY 2026
Significant Infrastructure and Advanced Facilities (I&AF) №1 Awards Announced in Q2 FY 2026 2026 Top 500 Design Firms WATER & ENVIRONMENTAL WATER & ENVIRONMENTAL LIFE SCIENCES & ADV. MANUFACTURING CRITICAL INFRASTRUCTURE San Francisco Southeast Wastewater Ofwat Economics and Policy Multiple Hypersca
Slide 6: 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 7: 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 8: Segment Financials
Segment Financials $’s in millions for fiscal quarters Q2 2025 Q2 2026 Y/Y Y/Y CC Infrastructure and Advanced Facilities Operating Profit 203 225 10.8% 8.4% as a % of adj. net revenue 11.1% 11.4% 34 bps 41 bps PA Consulting Operating Profit 67 80 18.6% 12.2% as a % of revenue 21.9% 22.3% 38 bps 62 b
Slide 9: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow Adjusted FCF off to solid start in H1 Plan to return to ~1.5x net leverage during FY27 H1 adjusted cash flow from operations (CFFO)¹ Net leverage ratio3 $129M 2.1x < 2.0x H1 adjusted free cash flow (FCF)¹ $93M ~1.5x Continued strong returns to shareholders in Q2 Repurchas
Slide 10: 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 11: 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 12: Appendix
_ Appendix
Slide 13: Debt and Interest Overview
Debt and Interest Overview Debt Breakdown Fixed vs. Floating Debt Trend Tranche Balance Q2'26 Rate Q1'26 Rate As of March 27, 2026 USD Revolver $505M 4.9% 5.2% USD Term Loans $1,200M 4.8% —% Swapped -$200M —% —% $36.1 $31.7 Deferred Financing Cost -$21M —% —% $29.1 $28.8 $27.0 $25.2 $27.0 $26.6 Tota
Slide 14: Selected Financial Data
Selected Financial Data Q1 Q2 Q3 Q4 FY Q1 Q2 $’s in millions (unaudited) 2025 2025 2025 2025 2025 2026 2026 Infrastructure and Advanced Facilities Backlog 21,484 21,768 22,270 22,649 22,649 25,902 26,538 Gross Revenue 2,626 2,603 2,699 2,836 10,764 2,939 3,336 Pass Through Revenue (850) (771) (800)
Slide 15: Reconciliation of Segment Operating Profit to Total U.S. GAAP Operating Profit
Reconciliation of Segment Operating Profit to Total U.S. GAAP Operating Profit (in thousands) Twelve Months Three Months Ended Ended Three Months Ended December 27, March 28, June 27, September 26, September 26, December 26, March 27, 2024 2025 2025 2025 2025 2025 2026 Segment Operating Profit: Infr
Slide 16: Sustainability and Corporate Responsibility at Jacobs
Sustainability and Corporate Responsibility at Jacobs Jacobs is focused on creating shareholder value through its continued delivery of sustainability-related solutions for the world's most complex challenges. Our reputation of designing and implementing science-based, digitally enabled infrastructu
Slide 17: 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 18: 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 19: 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 March 27, 2026 March 28, 2025 (Loss) Earnings from Continuing Operations Before Taxes $ (130,606) $ 55,823 Restruct
Slide 20: Reconciliation of Operating Profit to Adjusted Operating Profit
Reconciliation of Operating Profit to Adjusted Operating Profit (in thousands) Twelve Months Three Months Ended Ended Three Months Ended December 27, March 28, September 26, September 26, December 26, March 27, 2024 2025 June 27, 2025 2025 2025 2025 2026 Operating Profit $ 208,418 $ 208,648 $ 235,01
Slide 21: Reconciliation of Operating Profit to Adjusted Earnings Per Share
Reconciliation of Operating Profit to Adjusted Earnings Per Share (in thousands) Three Months Ended March 27, 2026 March 28, 2025 Operating Profit $ (81,176) $ 208,648 Restructuring, Integration, Transaction and Other Charges 134,599 7,604 Other Adjustments 251,664 54,359 Jacobs Adjusted Operating P
Slide 22: 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 March 27, 2026 March 28, 2025 Net (Loss) Earnings Attributable to Jacobs from Continuing Operations $ (42,993)
Slide 23: Reconciliation of Diluted EPS to Adjusted Diluted EPS
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 March 27, 2026 March 28, 2025 Diluted Net (Loss) Earnings from Continuing Operations Per Share $ (0.32) $ 0.10 After-tax
Slide 24: 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 Ended March 27, 2026 March 28, 2025 March 27, 2026 Net (Loss) Earnings Attributable to Jacobs from Continuing Operations $ (42,993) $ 11,162 $ 401,231 A
Slide 25: Reconciliation of LTM Net Earnings to LTM Adjusted EBITDA
Reconciliation of LTM Net Earnings Attributable to Jacobs from Continuing Operations to LTM Adjusted EBITDA (in thousands) Twelve Months Ended September 26, December 26, March 28, 2025 June 27, 2025 2025 2025 March 27, 2026 Net Earnings Attributable to Jacobs from Continuing Operations $ 386,257 $ 4
Slide 26: 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 March 27, 2026 March 28, 2025 Earnings Attributable to Noncontrolling Interests fr
Slide 27: Reconciliation of Miscellaneous Expense to Adjusted Miscellaneous Expense
Reconciliation of Miscellaneous Expense from Continuing Operations to Adjusted Miscellaneous Expense from Continuing Operations (in thousands) Three Months Ended March 27, 2026 March 28, 2025 Miscellaneous Income (Expense) from Continuing Operations $ (17,656) $ (123,770) Restructuring, Integration,
Slide 28: 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 March 27, 2026 March 28, 2025 Interest Expense from Continuing Operations $ (41,075) $ (38,580) Restructuring, Integration, Transaction and Other Ch
Slide 29: 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 March 27, 2026 March 28, 2025 Income Tax Benefit (Expense) from Continuing Operations $ 45,088 $ (50,576) Tax Effects of Restructuring, Integrat
Slide 30: Reconciliation of Adjusted Free Cash Flow
Reconciliation of Adjusted Free Cash Flow (in thousands) Three Months Ended Six Months Ended March 27, 2026 March 28, 2025 March 27, 2026 March 28, 2025 Net cash (used for) provided by operating activities $ (484,121) $ (96,432) $ (103,361) $ 11,025 Payout of transaction proceeds for vesting of equi
Slide 31: Reconciliation of I&AF by End Market GAAP Revenue to Adjusted Net Revenue
Reconciliation of I&AF by End Market GAAP Revenue to Adjusted Net Revenue (in thousands) Three Months Ended March 27, 2026 March 28, 2025 Critical Infrastructure Revenue $ 1,213,154 $ 1,107,464 Pass Through Revenue (221,586) (200,338) Adjusted Net Revenue $ 991,568 $ 907,126 Water and Environmental
Slide 32: Reconciliation of Jacobs Constant Currency Adjusted Net Revenue
Reconciliation of Jacobs Constant Currency Adjusted Net Revenue $’s in millions Net Revenue impact of Constant Currency Jacobs Infrastructure and Advanced PA Consulting Facilities Q2 FY 26 Adj. Net Revenue 2,328 1,969 359 Currency Impact (69) (47) (23) Adj. Net Revenue in Constant Currency 2,259 1,9
Slide 33: Reconciliation of Jacobs Constant Currency Adjusted Operating Profit
Reconciliation of Jacobs Constant Currency Adjusted Operating Profit $’s in millions Adj. OP impact of Constant Currency Jacobs Infrastructure and Advanced PA Consulting Facilities Q2 FY 26 Adj. Operating Profit 305 225 80 Currency Impact (9) (5) (4) Adj. Operating Profit in Constant Currency 296 22
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