Fortrea Holdings Inc. · NASDAQ:FTRE
Fortrea — Q1 2026 Earnings Presentation
11 slides from Fortrea's earnings presentation, May 5, 2026
Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation 5.5.2026 Nasdaq: FTRE Learn more at fortrea.com. ©2026 Fortrea Inc. All rights reserved. Fortrea Q1’2026 Earnings presentation
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 poss
Slide 3: Fortrea's Q1 2026 Highlights
Fortrea’s Q1 2026 Highlights Three consecutive quarters of strategy execution to drive commercial, operational & financial excellence ✓ Revenue of $636.5M & Adj. EBITDA of $47.0M ✓ Solid Book-to-Bill of 1.15x; Trailing 12-month Book-to-Bill of 1.05x ✓ On track for FY 2026 cost optimization targets o
Slide 4: Q1'26 Key Financial Highlights
Q1’26– Key Financial Highlights Q1 2026 Q1 2025 % Change (Y/Y) ($ in millions, except per share data) Revenue $636.5 $651.3 (2.3)% Adj. EBITDA 1 $47.0 $30.3 55.1% % Adj. EBITDA Margin 1 7.4% 4.7% 270 bps Net Loss $(23.6) $(562.9) 95.8% improvement Net Loss / diluted share $(0.25) $(6.25) 96.0% impro
Slide 5: Cash Flow and Liquidity Profile
Cash Flow and Liquidity Profile Cash Flow Q1 2026 Debt, Leverage and Liquidity March 31 ($ in millions) ($ in millions) 2026 Gross Debt 2 $1,066.3 Operating Cash Flow $(17.0) Cash and cash equivalents $147.5 Less: CAPEX $(8.0) Net Debt 3 $918.8 Free Cash Flow 1 $(25.0) Net Leverage 4 4.4x Net DSO 5
Slide 6: Backlog & Burn Rate Metrics
Backlog & Burn Rate Metrics 1 9.0 20.0% 8.0 $7.7 $7.5 $7.6 $7.7 $7.8 18.0% 16.0% 7.0 14.0% 6.0 Backlog ($BN) 12.0% 5.0 9.2% 9.3% 10.0% 8.5% 8.6% 8.2% 4.0 8.0% 3.0 6.0% 2.0 4.0% 1.0 2.0% 0.0 0.0% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Closing Backlog Burn Rate 1 Burn rate defined as revenue in curre
Slide 7: Pass-Through Cost Trend
300 Pass-Through Cost Trend 100% $276 $280 280 90% $260 $261 260 $244 $240 80% $235 $231 240 $228 $230 Pass-through Costs ($M) 220 $215 70% 200 60% 180 50% 160 40% 140 39% 40% 37% 36% 37% 37% 36% 34% 34% 35% 30% 120 32% 100 20% 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Pass-Through Cost
Slide 8: 2026 Financial Guidance
2026 Financial Guidance ($ in millions) Q1’26 Actual FY’26 Guidance1 Revenue $636.5 $2,550 - $2,650 Adj. EBITDA2 $47.0 $190 - $220 1 FY 2026 guidance measures (other than revenue) are provided on a non-GAAP basis without a reconciliation to the most directly comparable GAAP measure because Fortrea i
Slide 9: Net Income to Adjusted EBITDA Reconciliation (Non-GAAP)
Net Income to Adjusted EBITDA Reconciliation (Non-GAAP) Three Months Ended March 31, Trailing Twelve Months Ended ($ in millions) 2026 2025 March 31, 2026 Adjusted EBITDA: Net loss $(446.9) $(23.6) $(562.9) Income tax (benefit) expense (0.4) 11.3 14.9 Interest expense, net 88.2 19.1 22.3 Depreciatio
Slide 10: Net Income to Adjusted Net Income Reconciliation (Non-GAAP)
Net Income to Adjusted Net Income Reconciliation (Non-GAAP) Three Months Ended March 31, ($ in millions, except per share data) 2026 2025 Adjusted net income: Net loss $(23.6) $(562.9) Foreign exchange (gain) loss (9.7) 5.6 Amortization 1 14.6 14.5 Goodwill and other asset impairments 2 - 488.8 Rest
Slide 11: Reconciliation of Non-GAAP Measures Notes
Reconciliation of Non-GAAP Measures Notes (slides 9 and 10) 1. Includes amortization of intangible assets acquired as part of business acquisitions. 2. The goodwill impairments occurred during the first half of 2025 and primarily resulted from declines in the Company’s share price. The second quarte