Fortrea Holdings Inc. · NASDAQ:FTRE
Fortrea — J.P. Morgan Healthcare Conference 2026
19 slides from Fortrea's conference presentation, January 2026
Slide 1: Investor Presentation
JANUARY 2026 NASDAQ: FTRE Investor Presentation Bringing life-changing treatments to patients faster ©2026 Fortrea Inc. All rights reserved. Fortrea.com
Slide 2: Forward-Looking Statements & Non-GAAP Financial Measures
Forward-Looking Statements & Non-GAAP Financial Measures Forward-Looking Statements Disclosure. Certain information in this presentation contains “forward-looking” statements. You should not place undue reliance on these statements. Forward-looking statements include information concerning our possi
Slide 3: At Fortrea, we make moving clinical trials forward easier
At Fortrea, we make moving clinical trials forward easier “Forward” is the direction that we help move treatments and therapeutics for clients, for patients, for sites and for employees. “Trials” are at the center of what we do, and it reminds us to stay focused on our core. “Ease” is our goal—to ea
Slide 4: Unlocking Shareholder Value: Fortrea's Value Proposition
Unlocking Shareholder Value: Fortrea’s Value Proposition 1 Pure-play global CRO with 30+ year track record as a leader in the attractive CRO market Comprehensive Phase I-IV clinical trial services, with deep experience in 2 high-growth therapeutic areas, supporting FSO, FSP & hybrid delivery models
Slide 5: Large Addressable Market with Long-Term Durable Growth
1 Large Addressable Market with Long-Term Durable Growth Projected Pharma R&D Spend* Addressable Market Macro Themes 2025-2030 ($BN’s) CAGR +3.5% Pharma R&D investment remains resilient $345 $354 despite pricing & policy headwinds $336 Pharma & Biotech $312 $325 Phase I-IV Development $298 Spend Imp
Slide 6: Fortrea's Comprehensive Phase I-IV Clinical Solutions
2 Fortrea’s Comprehensive Phase I-IV Clinical Solutions - Deep Experience in High Growth Therapeutic Areas Global Solutions Five-Year Experience (2020-2024) Oncology Cardiovascular & 5,900+ trials Cell, Gene & Metabolism Clinical Clinical Advanced Pharmacology Development Therapies Immunology & ~116
Slide 7: World-Class Clinical Pharmacology Services: Managing Complexity at Scale
2 World-Class Clinical Pharmacology Services: Managing Complexity at Scale OUR INTEGRATED CLINICAL PHARMACOLOGY SOLUTION Industry Needs: Precision │ Quality │ Safety • Complex early phase trials • Precision and quality • Speed Project Study Design cGMP • Value Management & Monitoring Pharmacy Fortre
Slide 8: Leading Global Clinical Development Services
2 Leading Global Clinical Development Services Industry Needs: Fortrea’s Differentiated Offering: • Trusted and accountable partner • Unique biotech operating model, from early engagement through • Scientific & therapeutic expertise accountable execution • Flexible offerings • Strategic partnerships
Slide 9: Diversified Client Base Across Biopharma Landscape
3 Diversified Client Base Across Biopharma Landscape YTD Q3 2025 Revenue • Fortrea addresses two main client segments: Large Pharma 65% of total R&D spend (R&D spend >$1.5BN) Preferred provider relationships drive consistent revenue & high utilization Biotech Biotech & Other2 Strong innovation
Slide 10: Strategic Technology Enablement
4 Strategic Technology Enablement Leveraging AI/ML, Automation, and Predictive Analytics to Modernize Trials and Drive Productivity across the Enterprise Modernize Clinical Trials Power Up Commercial • Xcellerate Platform • Account and Engagement Scoring • Risk Based Quality Management Models, Next
Slide 11: Transformational Journey to Unlock Shareholder Value
5 Transformational Journey to Unlock Shareholder Value Sustained Revenue Growth & Margin Expansion (2026+) Strengthening Business Fundamentals (2023-2025) Key Levers to Execute: Commercial excellence Pay down debt & Consistent growth Structural accomplishments: reinvest in growth in bookings • Expan
Slide 12: Key Financial Highlights
5 Key Financial Highlights Revenue from Continuing Operations ($M’s) Adj. EBITDA(1) ($M’s) $714 $710 $697 $710 $701 $662 $662 $675 $651 $68 $64 $59 $56 $55 $55 $51 $27 $30 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Book-to-Bill Cash Fl
Slide 13: New Leadership & Strong Management Team with Extensive CRO & Industry Experience
6 New Leadership & Strong Management Team with Extensive CRO & Industry Experience Anshul Thakral Jill McConnell Oren Cohen Mark Morais Drayton Virkler Chief Executive Officer Chief Financial Officer Chief Medical Officer and Chief Operating Officer and President and Chief President Clinical Pharmac
Slide 14: Appendix
Appendix ©2026 Fortrea Inc. All rights reserved. Fortrea.com
Slide 15: Net Income to Adjusted EBITDA Reconciliation (Non-GAAP)
Net Income to Adjusted EBITDA Reconciliation (Non-GAAP) Continuing Operations Three Months Ended September 30, Nine Months Ended September 30, Trailing Twelve Months Ended ($ in millions) 2025 2024 2025 2024 September 30, 2025 Adjusted EBITDA from continuing operations: Net loss from continuing oper
Slide 16: Net Income to Adjusted Net Income Reconciliation (Non-GAAP)
Net Income to Adjusted Net Income Reconciliation (Non-GAAP) Continuing Operations Three Months Ended September 30, Nine Months Ended September 30, ($ in millions, except per share data) 2025 2024 2025 2024 Adjusted net income from continuing operations: Net loss from continuing operations $(15.9) $(
Slide 17: Reconciliation of Non-GAAP Measures Notes
Reconciliation of Non-GAAP Measures Notes 1. Includes amortization of intangible assets acquired as part of business acquisitions. 2. The goodwill impairments primarily resulted from declines in the Company’s share price. The second quarter was also impacted by a market-driven increase to the discou
Slide 18: Cash Flow and Liquidity Profile
Cash Flow and Liquidity Profile Cash Flow QTD Q3 YTD Q3 Debt, Leverage and Liquidity September 30 ($ in millions) 2025 2025 ($ in millions) 2025 Operating Cash Flow $86.8 $(15.6) Gross Debt 2 $1,142.0 Less: CAPEX $(7.3) $(17.7) Cash and cash equivalents $131.3 Free Cash Flow 1 $79.5 $(33.3) Net Debt
Slide 19: Thank you
Thank you For more information please contact: Tracy Krumme Senior Vice President, Investor Relations tracy.krumme@fortrea.com 984-385-6707 ©2026 Fortrea Inc. All rights reserved. Fortrea.com
Fortrea Holdings — J.P. Morgan Healthcare Conference 2026 on 6ix