Slide 1: Q1 FY’26 Earnings Call
Q1 FY’26 EARNINGS CALL May 7, 2026 Mike Bieber, President & CEO Kim Early, Executive Vice President & CFO NASDAQ: WLDN Safe Harbor Statement – Statem ents i n this pres entati on tha t are not purel y his tori ca l, a re f orward -looki ng s ta tements that i nvolve ris ks and uncertai nties w ithin
Slide 2: Q1’26 Key Takeaways
Q1’26 Key Takeaways (* Normalized for additional week in Q1’25) Strong start to the year Q1’26 vs. Q1’25 ▪ Contract Revenue $155M +2%, +10% Normalized* ▪ Net Revenue $92M +8%, +17% Normalized* ▪ Adjusted EBITDA $18M +25%, +35% Normalized* ▪ GAAP EPS $0.55, +72% ▪ Adjusted EPS $0.91, +44% Improved ou
Slide 3: Burton Energy Group Acquisition
Burton Energy Group Acquisition ⏵ Trusted advisor to Fortune 500 clients FY’25 Results Contract Revenue $103M ⏵ Energy management consulting, solutions, and energy procurement Net Revenue $15M EBITDA $7M ⏵ Energy oversight at 61,000 client sites Accretive to 2026 margins, earnings and EPS CLIENTS Ex
Slide 4: Commercial Revenue Mix Expanding
Commercial Revenue Mix Expanding (Pro Forma (PF) FY’26 Contract Revenue) FY’24 Commercial FY’25 Commercial FY’26 PF Commercial 11% 25% 7% Utilities Utilities Utilities 41% 41% 46% State & Local Gov’t State & Local 47% Gov’t State & Local 48% Gov’t 34% Balanced diversification with Commercial clients
Slide 5: Willdan Offices & Projects
Willdan Offices & Projects Boston Kansas City 58 Offices in Atlanta 26 States Active projects in all 50 states Willdan Office Locations Burton Office Location States with Active Willdan States with Active Burton Projects Projects States with Active Willdan and Burton Projects 5
Slide 6: Upfront Work Informs Our Strategy
Upfront Work Informs Our Strategy Upfront work informs our strategy Policy, Studies, & Program feedback Data Analytics guides upfront work Engineering Management consulting & solutions Program Management & Support 6
Slide 7: Notable Wins
Notable Wins Since last earnings call Client Description 1. SCE, Southern California - $100M Extension and expansion commercial energy efficiency program 2. DASNY, New York City - $54M Central plant upgrades 3. NYC Accelerator, NYC - $27M NYC building decarbonization program 4. Ciro One, Puerto Rico
Slide 8: Energy Demand is Increasing Across the Western US
Energy Demand is Increasing Across the Western US NORTHWEST*: Scale of new resources SOUTHWEST#: meeting resource CALIFORNIA: CAISO suggests new under development insufficient to meet adequacy needs requires unprecedented procurement order for 2028 due to growing needs by 2030 resource development:
Slide 9: Northwest has Large Need for New Energy Resources Through 2030
Northwest has Large Need for New Energy Resources Through 2030 Retirements and New Installed Capacity Additions by Year Annual Additions (Nameplate MW) Greater NW IRP Planned Meeting the pace of growth anticipated in Additions utility resource plans would require annual resource additions equal to 4
Slide 10: Financial Results
FINANCIAL RESULTS Kim Early, EVP & CFO
Slide 11: Q1’26 v Q1’25
Q1’26 v Q1’25 ($ in millions, except for EPS) (* Normalized for additional week in Q1’25) Contract Revenue Net Revenue Adjusted EBITDA Adjusted EPS $155M $18.1M $92.4M $0.91 +2% +8% +25% +44% +10%* +17%* +35%* Normalized Normalized Normalized $152M $85.3M $14.4M $0.63 Q1’25 Q1’26 Q1’25 Q1’26 Q1’25 Q
Slide 12: Balance Sheet & Liquidity
Balance Sheet & Liquidity ($ in millions, except for FCF/share) FREE CASH FLOW NET DEBT/ADJUSTED EBITDA TTM Q1’26 TTM @ Q1’26 Cash Flow From (Used) Operations ($24) $52 0.6x Less: Capital Expenditures 2 9 0.0x* 0.2x Free Cash Flow ($26) $43 01/02/26 04/03/26 Post-Burton Free Cash Flow per Share ($1.
Slide 13: New Adj. EBITDA Margin Goal High 20s%
New Adj. EBITDA Margin Goal High 20s% ($ in millions) ($ in millions) $160 30.0% Adj. EBITDA margin $140 goal high 20s% 25.0% 21.8% $120 Prior margin goal 20% 24.6% MP# 20.0% $100 19.2% $80 16.9% 15.0% $60 $102.5 10.0% # 10.3% MP $40 $79.5 $56.8 5.0% $20 $45.7 $23.3 $0 0.0% 2022 2023 2024 2025 2026E
Slide 14: Increasing Financial Targets
Increasing Financial Targets* * Financial Targets assume no future acquisitions Financial Metric From To % ∆ from ’25A Net Revenue $390-405M $410-425M 12-16% Adjusted EBITDA $85-90M $100-105M 26-32% Adjusted Diluted EPS $4.50-4.70 $4.90-5.05 0-3% Full Year Effective Tax Benefit 10% 0% --- Average Di
Slide 15: Summary
Summary Strong start to FY’26 – continued growth and margin expansion Low leverage and high liquidity Burton Energy acquisition expands addressable market Increasing Adj. EBITDA margin target to high 20s% 15
Slide 16: Q&A
Q&A
Slide 17: Appendix
NV WILLDAN APPENDIX
Slide 18: Reconciliation of Contract to Net Revenue
Reconciliation of Contract to Net Revenue ($ in millions) Note: totals may not foot due to rounding FY’23 FY’24 FY’25 Q1’25 Q1’26 CONSOLIDATED Contract Revenue $510.1 $565.8 $681.6 $152.4 $155.1 Subcontractor services & other direct costs 240.4 269.5 316.8 67.1 62.7 Net Revenue $269.7 $296.3 $364.8
Slide 19: Reconciliation GAAP Net Income to Adjusted EPS
Reconciliation GAAP Net Income to Adjusted EPS ($ & shares in millions except per share amounts) Note: totals may not foot due to rounding FY’23 FY’24 FY’25 Q1’25 Q1’26 Net Income $10.9 $22.6 $52.6 $4.7 $8.5 Stock-based Compensation, net of tax 4.3 6.1 9.7 2.0 2.9 Intangible Amortization, net of tax
Slide 20: Reconciliation GAAP Net Income to Adjusted EBITDA
Reconciliation GAAP Net Income to Adjusted EBITDA ($ in millions) Note: totals may not foot due to rounding FY’23 FY’24 FY’25 Q1’25 Q1’26 Net Income $10.9 $22.6 $52.6 $4.7 $8.5 Interest Expense 9.4 7.8 5.7 1.8 0.8 Income Tax Expense (Benefit) 3.7 4.1 (12.6) 0.5 (1.3) Stock-based Compensation 5.3 7.4
Slide 21: Definition of Terms
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