Slide 1: Q2 FY'26 Earnings Call
Q2 FY’26 EARNINGS CALL August 6, 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 it
Slide 2: Key Takeaways
Key Takeaways Strong 1H FY’26 Q2 performance reflects sustained revenue growth and margin expansion ▪ Contract Revenue $231M +33% ▪ Net Revenue $117M +23% ▪ Adjusted EBITDA $33.0M +51% ▪ GAAP EPS $1.58 +53% ▪ Adjusted EPS $2.07 +38% Commercial demand is accelerating & expanding the addressable oppor
Slide 3: 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 7% 11% 25% Utilities Utilities Utilities 41% 41% 46% State & Local Gov’t State & Local Gov’t State & Local 48% Gov’t 34% Commercial growth balances the revenue base 3
Slide 4: Customer Type, Contract Mix, and Service Mix
Customer Type, Contract Mix, and Service Mix (FY’26E Contract Revenue) Customer Type Contract Mix Service Mix Planning & T&M Analytics 13% Utility 9% Commercial 25% Programs Utilities 33% 41% Fixed 46% Facility & Unit Infrastructure Consulting 44% 41% & Municipal State & Local Gov’t Services 34% 14%
Slide 5: Burton Energy Update
Burton Energy Update FY’25 Metrics Update Contract Revenue $103M ▪ Converted to Willdan ERP system Net Revenue $15M ▪ Performing well, solid outlook EBITDA $7M ▪ Cross-selling efforts advancing ▪ Adding new customers since acquisition Accretive to FY’26 margins, earnings, and EPS Expands growth oppo
Slide 6: Notable Wins
Notable Wins Since last earnings call Client Description 1. LADWP Los Angeles - $110M Expansion Solar streetlight retrofit program 2. City College of NY - $53M Central plant upgrade 3. SoCal Regional Energy Network (REN) - $49M Public-sector energy efficiency and resiliency program 4. Encina Wastewa
Slide 7: Electricity Market Challenges
Electricity Market Challenges ▪ Demand straining grid capacity Load growth ▪ Data centers face increasing permitting pressure ▪ Investment needs pressuring rates and returns Affordability ▪ Efficiency and DERs improving economics ▪ Extreme weather increasing outage risk Reliability ▪ Wildfires disru
Slide 8: Battery Storage: The Flexibility Multiplier
Battery Storage: The Flexibility Multiplier Why Battery Storage Matters Willdan’s Expanding BESS Opportunity Planning Manages Peak Demand Shifts and shaves peak load to reduce strain on the system Engineering Supports Intermittent Renewables Controls Smooths solar and wind output for firmer, dispatc
Slide 9: US Data Center Growth Driven by Speed to Power
US Data Center Growth Driven by Speed to Power UPDATE ▪ Wide-spread growth, level and pace vary ▪ LLM training where land, power and interconnections cheapest ▪ Data Centers have lowered electricity rates 9
Slide 10: Financial Results
FINANCIAL RESULTS Kim Early, EVP & CFO
Slide 11: Q2'26 v Q2'25
Q2’26 v Q2’25 ($ in millions, except for EPS) Contract Revenue Net Revenue Adjusted EBITDA Adjusted EPS $231M $33.0M $117M $2.07 +33% +23% +51% +38% $174M $95M $21.9M $1.50 Q2’25 Q2’26 Q2’25 Q2’26 Q2’25 Q2’26 Q2’25 Q2’26 Strong growth and operating leverage drove record Adjusted EBITDA 11
Slide 12: 1H'26 v 1H'25
1H’26 v 1H’25 ($ in millions, except for EPS) (* Normalized for additional week in Q1’25) Contract Revenue Net Revenue Adjusted EBITDA Adjusted EPS $386M $51.1M $2.98 $210M +19% +41% +16% +23%* +46%* +39% Normalized +21%* Normalized Normalized $326M $180M $36.4M $2.14 1H’25 1H’26 1H’25 1H’26 1H’25 1
Slide 13: TTM Q2'26
TTM Q2’26 ($ in millions, except for EPS) Contract Revenue Net Revenue Adjusted EBITDA Adjusted EPS $742M $94.3M $5.76 $394M +36% +18% +18% +60% $628M $335M $69.2M $3.61 TTM Q2’25 TTM Q2’26 TTM Q2’25 TTM Q2’26 TTM Q2’25 TTM Q2’26 TTM Q2’25 TTM Q2’26 TTM results reflect strengthening earnings power 1
Slide 14: Path to High-20s% Adjusted EBITDA Margin
Path to High-20s% Adjusted EBITDA Margin ($ in millions) $160 30% Goal: High-20s% $140 25% $120 ~25% MP Margin Expansion Drivers 21.8% 20% $100 19.2% ⏵ Expanding commercial revenue $80 15% 16.9% $60 ⏵ Energy demand driving higher value services 10% 10.3% $105MP $40 $79.5 $56.8 5% ⏵ AI increasing pro
Slide 15: Balance Sheet & Liquidity
Balance Sheet & Liquidity ($ in millions, except for FCF per share) (Shares of 15.4M for TTM Q2’26) FREE CASH FLOW NET DEBT/ADJUSTED EBITDA TTM TTM Q2’26 TTM Q2’26 Cash Flow Provided by Operations $71 Less: Capital Expenditures 9 0.0x* 0.3x Free Cash Flow $62 01/02/26 07/03/26 * At 1/02/2026, Willda
Slide 16: Increasing Financial Targets
Increasing Financial Targets * * Financial Targets assume no future acquisitions Financial Metric From (5/7/2026) To % ∆ from FY’25A Net Revenue $410-425M $415-430M 14-18% Adjusted EBITDA $100-105M $103-107M 30-35% Adjusted Diluted EPS $4.90-5.05 $5.00-5.15 2-5% Full Year Effective Tax Benefit 0% 0%
Slide 17: Summary
Summary FY’26 on track for double-digit growth and continued margin expansion Commercial expansion accelerating growth opportunity AI driving productivity gains and new opportunities Strong balance sheet with low leverage and significant liquidity 17
Slide 18: Q&A
Q&A
Slide 19: Appendix
NV WILLDAN APPENDIX
Slide 20: Reconciliation of Contract to Net Revenue
Reconciliation of Contract to Net Revenue ($ in millions) Note: totals may not foot due to rounding FY’24 FY’25 Q2’25 Q2’26 1H’25 1H’26 CONSOLIDATED Contract Revenue $565.8 $681.6 $173.5 $231.0 $325.9 $386.1 Subcontractor services & other direct costs 269.5 316.8 78.5 113.8 145.6 176.5 Net Revenue $
Slide 21: 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’24 FY’25 Q2’25 Q2’26 1H’25 1H’26 Net Income $22.6 $52.6 $15.4 $24.3 $20.1 $32.9 Stock-based Compensation, net of tax 6.1 9.7 2.7 3.7 4.7 6.6 Intangible Amorti
Slide 22: Reconciliation GAAP Net Income to Adjusted EBITDA
Reconciliation GAAP Net Income to Adjusted EBITDA ($ in millions) Note: totals may not foot due to rounding FY’24 FY’25 Q2’25 Q2’26 1H’25 1H’26 Net Income $22.6 $52.6 $15.4 $24.3 $20.1 $32.9 Interest Expense 7.8 5.7 2.2 1.1 4.0 1.9 Income Tax Expense (Benefit) 4.1 (12.6) (5.3) (5.3) (4.7) (6.5) Stoc
Slide 23: 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