Slide 1: Fourth Quarter and Fiscal Year 2025 Earnings Conference Call Presentation
FOURTH QUARTER AND FISCAL YEAR 2025 Earnings Conference Call Presentation FEBRUARY 11, 2026
Slide 2: Forward Looking Statements
FORWARD This presentation contains forward-looking statements within the of major contract awards received by us; our ability to generate meaning of the Private Securities Litigation Reform Act of 1995, revenue under certain of our contracts; any inability to attract, train Section 27A of the Securi
Slide 3: Key Messages
KEY MESSAGES ▪ Delivered strong financial results for Q4 and fiscal year 2025, despite a dynamic federal government environment ▪ Double-digit total revenue growth for Q4 and FY25 and organic growth of 8% for Q4 and FY25 (excluding confidential contract) ▪ Record adjusted EBITDA margin for 2025 with
Slide 4: Exceeded High-End of All 2023 Investor Day Targets
EXCEEDED HIGH-END OF ALL 2023 INVESTOR DAY TARGETS Exceptional Growth For Key Financial Metrics High-End of 2025 2022 Actuals 2025 Actuals 3-Year Highlights Investor Day Targets* CAGR of 15% total revenue growth and organic growth of 10% Total Revenue $4,195M $5,000M $6,364M ▪ Excluding confidential
Slide 5: 2025 Highlights
2025 HIGHLIGHTS ▪ Successful year despite a dynamic federal government macroenvironment ▪ Delivered double-digit revenue growth (excluding confidential contract), record adjusted EBITDA and adjusted EBITDA margin, and exceeded high- end of cash flow guidance. Funded backlog (73% of total) at the hig
Slide 6: FY25 Financial Summary
FY25 FINANCIAL SUMMARY Strong total and organic revenue growth (excluding confidential contract) and adjusted EBITDA margins; cash flow from operations exceeded high-end of guidance ▪ Total revenue excluding the company’s confidential ▪ Adjusted EBITDA margin expands 60 bps to a record 9.6% contract
Slide 7: FY25 Business Segment Summary
FY25 BUSINESS SEGMENT SUMMARY Critical Infrastructure Federal Solutions ▪ Revenue increased 15% and 10% organically driven ▪ Revenue growth of 9% and 7% on an organic basis by strength in North America and EMEA markets excluding the company’s confidential contract ▪ Record adjusted EBITDA of $328M i
Slide 8: Q4 2025 Key Highlights
Q4 2025 KEY HIGHLIGHTS Strong revenue growth ex. confidential contract and significant margin expansion ▪ Total revenue of $1.6B and record Q4 net income of $56M ▪ Total revenue growth of 11% and 8% organically, excluding confidential contract Q4 2025 REVENUE ▪ Adjusted EBITDA margin expanded 110 ba
Slide 9: Q4 2025 Financial Summary
Q4 2025 FINANCIAL SUMMARY Strong total and organic revenue growth (excluding confidential contract) and adjusted EBITDA margins; cash flow from operations exceeded high-end of guidance ▪ Total revenue increased 11% and 8% organically ▪ Adjusted EBITDA margin expands 110 bps to 9.6% excluding the con
Slide 10: Business Segment Summary
BUSINESS SEGMENT SUMMARY Critical Infrastructure Federal Solutions ▪ Q4 2025 revenue increased 12% and 9% organically ▪ Q4 2025 revenue growth of 9% and 6% on an organic from Q4 2024 basis excluding the company’s confidential contract ▪ Record adjusted EBITDA of $87M increased 87% ▪ Q4 2025 total re
Slide 11: Significant Contract Wins
SIGNIFICANT CONTRACT WINS During Q4 2025, Parsons won four single-award contracts worth more than $100M each, matching our record of 15 contract wins worth more than $100M for the full year. After Q4 ended, won two additional contracts worth more than $100M each. Awarded $392M Awarded a new large te
Slide 12: Significant Contract Wins
SIGNIFICANT CONTRACT WINS Awarded $91M Awarded a $91 million contract extension for the Overseas Security Installation Services contract by the U.S. Department of State. The scope of services encompasses technical security installation and support services, and a range of integrated security solutio
Slide 13: Additional Corporate Highlights
ADDITIONAL CORPORATE HIGHLIGHTS Acquired Altamira Technologies Parsons closed its acquisition of Altamira Technologies Corporation, a Northern Virginia-based signals intelligence and space solutions provider, in an all-cash transaction valued at up to $375M. Altamira expands Parsons’ market presence
Slide 14: Entering 2026 with a Solid Foundation
ENTERING 2026 WITH A SOLID FOUNDATION Diversified revenue streams, coupled with low recompete risk and a substantial funded backlog, offer stability, reduce risk, and strengthen confidence in achieving financial targets Largest Contract 4% Top 10 ▪ Revenue diversification 21% • Largest contract only
Slide 15: Fiscal Year 2026 Guidance
FISCAL YEAR 2026 GUIDANCE 2025 Actuals 2026 Guidance Highlights at Mid-point +4.5% growth and +0.5% organically; Total Revenue $6,364M $6,500 - $6,800M +10.5% growth and +6% organically excluding confidential contract Adjusted EBITDA $609M $615 - $675M +6% growth (10 bps expansion) Cash Flow from Op
Slide 16: Fiscal Year 2026 Guidance Assumptions
FISCAL YEAR 2026 GUIDANCE ASSUMPTIONS ▪ ~ 50% of total revenue to be generated from Federal Solutions segment at the mid-point PATTERNS ▪ Adjusted EBITDA margin of ~ 9.7% at the mid-point of the revenue guidance, up 10bps from 2025 Revenue: approximately 3.5% year-over-year decline in Q1 2026 (vs. Q
Slide 17: Three-Year Growth Targets (2026 - 2028)
THREE-YEAR GROWTH TARGETS (2026 - 2028) Organic Growth Mid- Single- Double-digits Supplemented Digit or Better >100% By 2028 w/ Accretive Organically Acquisitions Revenue Growth Adjusted EBITDA Free Cash Flow Acquisitions Margin Expansion Conversion Parsons Corporation 17
Slide 18: Investment Thesis
INVESTMENT THESIS Strong, stable, and funded backlog Strong position in six growing, Unique, synergistic, and diverse portfolio with significant awarded not booked enduring, and profitable end markets Distinguished national security Unprecedented global Favorable financial outlook and portfolio posi
Slide 19: Portfolio Aligned for Growth
PORTFOLIO ALIGNED FOR GROWTH TOTAL PROJECTED % of PSN TOTAL ADDRESSABLE CAGR REVENUE2 Defense & Engineered North America EMEA MARKET Intelligence Systems Infrastructure Cyber and Electronic Warfare $23.5B 9-11% 20% Space and Missile Defense $32.2B 8-9% 10% Transportation $28.2B 6-8% 27% Critical Inf
Slide 20: Alignment to Administration & Global Priorities
ALIGNMENT TO ADMINISTRATION & GLOBAL PRIORITIES Two Strong & Growing Segments with Complementary, Synergistic “One Parsons” Opportunities Federal Solutions Both Critical Infrastructure ▪ Global Dome For North America ▪ Cyber ▪ “Hard” US Infrastructure (roads & highways, bridges, airports, ▪ Industri
Slide 21: Balanced and Stable Portfolio
BALANCED AND STABLE PORTFOLIO Synergistic And Diversified Portfolio Creating Global Opportunities MEA Sub 15% Time and Fixed Price 18% Materials 34% Federal Canada 24% Critical Solutions 8% 51% United Infrastructure States Prime 49% Cost 74% 85% Reimbursable 42% Balanced Portfolio Global Footprint P
Slide 22: M&A Supports an Integrated Solutions Strategy
M&A SUPPORTS AN INTEGRATED SOLUTIONS STRATEGY IPKeys Power & Cyber Partners TRS Group OGSystems BlackHorse Solutions SealingTech BlackSignal CTI Williams QRC® Braxton Science & Xator Electric Polaris Alpha Technologies Technology Group Echo Ridge Corporation I.S. Engineers BCC Engineering Applied Sc
Slide 23: Appendix: Supplemental Materials
APPENDIX: SUPPLEMENTAL MATERIALS Parsons Corporation 23
Slide 24: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION PARSONS CORPORATION Non-GAAP Financial Information Reconciliation of Net Income to Adjusted EBITDA (in thousands) Three Months Ended Twelve Months Ended December 31, December 31, December 31, December 31, 2025 2024 2025 2024 Net income attributable to Parsons Corporati
Slide 25: Adjusted EBITDA Attributable to NCI
ADJUSTED EBITDA ATTRIBUTABLE TO NCI PARSONS CORPORATION Non-GAAP Financial Information Computation of Adjusted EBITDA Attributable to Noncontrolling Interests (in thousands) Three Months Ended Twelve Months Ended December 31, December 31, December 31, December 31, 2025 2024 2025 2024 Federal Solutio
Slide 26: Adjusted Net Income Attributable to Parsons
ADJUSTED NET INCOME ATTRIBUTABLE TO PARSONS PARSONS CORPORATION Non-GAAP Financial Information Reconciliation of Net Income Attributable to Parsons Corporation to Adjusted Net Income Attributable to Parsons Corporation (in thousands, except per share information) Three Months Ended Twelve Months End