Slide 1: Q2 Earnings Call
Q2 Earnings 26 Call April 30, 2026 Roger Argus, CEO & President Steve Burdick, Executive VP & CFO
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: Q2-26 Highlights
Q2-26 Results Q2-26 Highlights Net Revenue $1.05B +8% Y/Y* EBITDA $146M Margin up 90 bps Y/Y EPS $0.36 $0.02 gain on divestiture Adjusted EPS $0.34 Guidance: $0.30 - $0.33 Backlog $4.28B +8% Sequentially * Excludes USAID / DOS and disasters response. 3
Slide 4: Q2-26 Performance by Segment
Q2-26 Performance by Segment Segment Net Revenue ($M) OI Margin (%) Comments $398* GSG $380* • Water Infrastructure up 16.3% +5% • Defense up Q2-25 Q2-26 $591 $539 • U.K. Water up CIG CIG +10% 12.2% • Digital Automation up Q2-25 Q2-26 * Excludes USAID / DOS and disasters response. 4
Slide 5: Q2-26 Net Revenue by Customer
Q2-26 Net Revenue by Customer % of Net Rev. Customer Comments Net Rev. Y/Y U.S. Federal 20% +11%* • Defense / U.S. Army Corps of Engineers up U.S. State & Local 14% +9%* • Municipal Water up • Renewable Energy down U.S. Commercial 19% -2% • Power Transmission up • U.K. Water up International 47% +12
Slide 6: Q2-26 Backlog
Q2-26 Backlog Recent Key Wins • $400 million multiple-award contract for USACE Huntsville District $4.31B $4.28B $4.28B • $100 million multiple-award contract for U.S. Air Force $4.14B • $99 million single-award contract for U.S. Navy • $49 million multiple-award contract for USACE Portland District
Slide 7: 1H-26 Financial Overview (As Reported)
1H-26 Financial Overview (As Reported) Net Revenue ($ in billions) EBITDA ($ in millions) Q2-26 $300 $2.3 $2.1 Adjusted Reported: $1.05B EBITDA Margin: 1H-25 = 12.9% Q2-26 $92 1H-26 = 14.0% Guidance: $975M-$1.025B 1H-26 1H-25 1H-26 1H-25 Operating Income ($ in millions) EPS $273 $0.76 Q2-26 adjusted
Slide 8: FY26 Cash Flow and Leverage Overview
FY26 Cash Flow and Leverage Overview Cash Flow from Ops – YTD ($ in millions) Days Sales Outstanding Net Debt Leverage $238 1.36x Operating 67 cash flow 9 days 1.00x Target exceeded 58 annual net reduction Y/Y 1.0x-2.0x $7 income: FY05-FY25 1H-25 1H-26 Q2-25 Q2-26 Q2-25 Q2-26 Stronger Cash Flow from
Slide 9: Capital Allocation
Capital Allocation • Water, Environment & Resilient Infrastructure Growth • Technical innovation and digital automation Initiatives • Closed Halvik and Providence acquisitions Cash Flow • $67 million in dividends and buyback (Q2-26) $688M Return to Shareholders • $498 million total authorized buybac
Slide 10: Second Half Fiscal 2026 Outlook
Second Half Fiscal 2026 Outlook U.S. Commercial 8% to 12% U.S. Federal 8% to 12% 20% ▪ Water Used in Mining ▪ Defense Coastal Facility Modernization ▪ Permitting for Power & Transmission 20% ▪ Critical Water Infrastructure Leading with Science® International 5% to 10% U.S. State and Local 5% to 10%
Slide 11: U.S. Commercial
U.S. Commercial Increased power and water demand leverages Tetra Tech’s feasibility expertise across all 50 states Market Opportunities Tetra Tech Differentiation • Electricity demand doubling by 2035 • [] • Permitting expertise across all 50 states • Utility / energy developers diversifying for div
Slide 12: U.S. Federal
U.S. Federal • Increased defense budget ($1T) creating demand for Tetra Tech’s marine expertise and resilient design • $30 billion U.S. Federal contract capacity U.S. Army Corps of Engineers U.S. Navy U.S. Air Force Resilient Infrastructure Marine Facilities Modernization PFAScrub® System 12
Slide 13: U.S. State and Local
U.S. State and Local • At the forefront of $30B in new state water programs • Tetra Tech has contracts with 500 U.S. municipalities • Municipalities transitioning to greater focus on local funding and less reliance on federal funds California Texas Florida +16% Y/Y +16% Y/Y Albert Robles Center for
Slide 14: Guidance
Guidance Net Revenue Adjusted EPS FY-26 Growth and Margin Expansion Net Revenue* EBITDA Margin Q3-26 $1.05B - $1.10B $0.38 - $0.41 FY-26 $4.25B - $4.40B $1.50 - $1.58 Up 9% +15% +70bps FY-26 Assumptions FY-25 FY-26 FY-25 FY-26 • Intangible amortization of $33M Note: Year-on-year comparison using mid
Slide 15: Summary
Summary • Strong second quarter and first half performance • Record first half cash from operations • Significant new wins for defense agencies • Growing demand for differentiated Leading with Science® water and environmental services • Raising FY26 guidance 15
Slide 16: Questions & Answers
[Te] TETRA TECH Questions & Answers
Slide 17: Appendix
Appendix 17
Slide 18: FY26 GAAP Reconciliation Summary
FY26 GAAP Reconciliation Summary ($ in millions, except EPS) Q2-26 Net Revenue Operating Income EBITDA EPS As Reported $1,050 $132 $146 $0.36 Gain on business disposition - - - (0.02) Adjusted $1,050 $132 $146 $0.34 Less: USAID / DOS (61) (4) (4) (0.01) Adj. excl. USAID / DOS $989 $128 $132 $0.33 1H
Slide 19: FY25 GAAP Reconciliation Summary
FY25 GAAP Reconciliation Summary ($ in millions, except EPS) Q2-25 Net Revenue Operating Income EBITDA EPS As Reported $1,104 $40 $54 $0.02 Goodwill impairment - 92 92 0.31 Contingent consideration - (2) (2) - Adjusted $1,104 $130 $144 $0.33 Less: USAID / DOS (134) (11) (11) (0.03) Adj. excl. USAID