Slide 1: Q4 Earnings Call
Q4 Earnings 25 Call November 13, 2025 Dan Batrack, Chairman & CEO Steve Burdick, Executive VP & CFO Roger Argus, President
Slide 2: Forward-Looking Statements & Non-GAAP Financial Measures
Forward-Looking Statements & Non-GAAP Financial Measures All statements in this communication other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements of the plans, strategies and objectives for future opera
Slide 3: Tetra Tech Differentiators
Tetra Tech Differentiators “Leading with Science®” #1 Global Leader in Water Consulting >85% Water Revenue >95% High-end Consulting and Design 3
Slide 4: Record Results in Q4-25 and Fiscal 2025
Record Results in Q4-25 and Fiscal 2025 Q4-25 RECORD FY25 RECORD HIGH HIGH Net Revenue $1.16B ✓ $4.62B ✓ Operating Income $171M $604M ✓ ✓ EPS $0.45 $1.56 ✓ ✓ Note: Operating income and EPS presented on adjusted basis. Refer to appendix for reconciliation summary. 4
Slide 5: Q4-25 Results (Excl. USAID and DOS)
Q4-25 Results (Excl. USAID and DOS) Net Revenue Operating Income EPS $1.07B $168M $0.44 $0.97B $136M $0.34 +10% +23% +29% Q4-24 Q4-25 Q4-24 Q4-25 Q4-24 Q4-25 Refer to appendix for reconciliation summary. 5
Slide 6: Q4-25 Performance by Segment
Q4-25 Performance by Segment Segment Net Revenue ($M) OI Margin (%) Comments $396 22.9% GSG $338 19.6% • Water Infrastructure up (Excl. USAID & DOS) +330 • Digital Automation up +17% bps Q4-24 Q4-25 Q4-24 Q4-25 $676 15.7% 15.6% $632 • U.K. Water up CIG CIG +10 +7% • Margin +60bps excl. Australia bps
Slide 7: Q4-25 Net Revenue by Customer
Q4-25 Net Revenue by Customer (Excl. USAID and DOS) % of Net Rev. Customer Comments Net Rev. Y/Y • Defense / U.S. Army Corps of Engineers up U.S. Federal 21% +22%* • Disaster Response up • Municipal Water Infrastructure up U.S. State & Local 14% +19%* • Digital Water Automation up • Power Transmissi
Slide 8: Q4-25 Backlog
Q4-25 Backlog Recent Key Contract Wins $5.44B USAID & DOS • $500 million multiple-award contract for environmental w/o USAID & DOS services for USACE Baltimore District $4.31B $4.28B • $249 million multiple-award contract for planning and $4.14B engineering services for USACE Mobile District $4.09B
Slide 9: FY25 Financial Overview
FY25 Financial Overview Net Revenue ($ in millions) EBITDA* ($ in millions) $4,617 $662 $4,322 $584 +7% Y/Y +13% Y/Y FY24 FY25 FY24 FY25 Operating Income* ($ in millions) Diluted EPS* $604 $1.56 $510 $1.26 +18% Y/Y +24% Y/Y FY24 FY25 FY24 FY25 *Refer to appendix for reconciliation summary. Earnings
Slide 10: FY25 Financial Overview
FY25 Financial Overview Cash Flow from Operations ($ in millions) Days Sales Outstanding Net Debt Leverage $458 1.0x 55.7* 0.9x $359 54.9 +28% Y/Y *Excl. USAID / Target: DOS 1.0x-2.0x FY24 FY25 FY24 FY25 FY24 FY25 FY25 Return On Capital Employed (ROCE) = 20.7% 10
Slide 11: Capital Allocation
Capital Allocation • Water & Environment focus Growth • Technical innovation and digital automation Initiatives • Acquired SAGE and Carron & Walsh Cash Flow • $315 million in dividends and buyback $458M Return to Shareholders • $598 million total authorized buyback available • Quarterly dividend inc
Slide 12: Growth Drivers in Water
Growth Drivers in Water Digital Automation Water utilities Data Centers Mining and Minerals Water requirements Water supply and treatment Water Demand >85% Water Power Generation Watershed management Water supply for steam/cooling Defense Manufacturing Coastal marine infrastructure Water recycling a
Slide 13: Data Centers Driving Water Demand
Data Centers Driving Water Demand Water Supply >5 m gal/day Municipal Water Wastewater Treatment Data Center Surface Water Treatment Groundwater Recycling/Reuse Water Management Control System Automation Commissioning Water Reuse 13
Slide 14: Global Defense Demand for Water
Global Defense Demand for Water • Increasing defense budgets ‒ U.S. +$150B; U.K. +$4B; Australia +$4B • Harbor deepening and development, shoreline protection and groundwater restoration Ports and Harbors Coastal Resiliency Emerging Contaminants +16% Y/Y +16% Y/Y +16% Y/Y Expanding Naval Facilities
Slide 15: Fiscal 2026 Outlook
Fiscal 2026 Outlook International 5% to 10% U.S. Commercial 5% to 10% ▪ U.K. Water Utilities ▪ Higher Infrastructure Spending 45% 20% ▪ Water Used in Advanced Manufacturing ▪ Power Transmission Leading with Science® U.S. Federal 5% to 10% U.S. State & Local 10% to 15% ▪ Defense Facility Modernizatio
Slide 16: Guidance
Guidance Net Revenue EPS FY26 Growth and Margin Expansion Net Revenue* EBITDA Margin Q1-26 $950M - $1.0B $0.30 - $0.33 Up 8% +15% +70bps FY26 $4.05B - $4.25B $1.40 - $1.55 FY Assumptions FY26 FY25 FY26 FY25 FY26 • Intangible amortization of $27M Note: Year-on-year comparison using midpoint of the ra
Slide 17: Summary
Summary • All-time high results with record annual revenue and significant margin expansion • Increased demand for our differentiated high-end water consulting services • Capital available for organic and acquisitive growth 17
Slide 18: Questions & Answers
[Te] TETRA TECH Questions & Answers
Slide 19: Appendix
Appendix 19
Slide 20: FY25 GAAP Reconciliation Summary
FY25 GAAP Reconciliation Summary ($ in millions, except EPS) Q4-25 Revenue Net Revenue Operating Income EBITDA EPS As Reported $1,330 $1,163 $181 $196 $0.48 Contingent consideration - - (10) (10) (0.03) Adjusted $1,330 $1,163 $171 $186 $0.45 Less: USAID / DOS (98) (91) (3) (3) (0.01) Adj. excl. USAI
Slide 21: FY24 GAAP Reconciliation Summary
FY24 GAAP Reconciliation Summary ($ in millions, except EPS) Q4-24 Revenue Net Revenue Operating Income EBITDA EPS As Reported $1,374 $1,144 $143 $160 $0.35 Contingent consideration - - 2 2 0.01 Acquisition & Integration - - 7 7 0.02 Adjusted $1,374 $1,144 $152 $169 $0.38 Less: USAID / DOS (215) (17