Jacobs Solutions Inc. · NYSE:J

Jacobs Solutions — Raymond James 45th Annual Institutional Investors Conference (March 2024)

48 slides from Jacobs Solutions's conference presentation, March 2024

1. Slide 1: Jacobs Investor Presentation March 2024

   Jacobs Investor Presentation March 2024

2. Slide 2: Disclaimer

   Disclaimer Forward-Looking Statement Certain statements Disclaimer contained in this presentation constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that do not directly relate to a

3. Slide 3: Jacobs today

   Portfolio Overview FY23 Jacobs today By Sector1, 2 Advanced By Region2 Manufacturing 5% APAC & Other ▪ Workforce: ~60,000 Cities & Places 9% 8% ▪ Currently operates across four reporting segments that provide Infrastructure UK & 32% a full spectrum of professional services including consulting, Spac

4. Slide 4: Transformation to less volatile and higher value services and solutions

   Transformation to less volatile and higher value services and solutions PA Consulting Government Services 7% PA Consulting 18% Energy, Chemicals CMS/C&I Critical and Resources Infrastructure 54% 34% 1 1 FY14 FY23 FY25E $12.7B $16.4B Standalone Critical Critical Infrastructure Infrastructure 28% 59%

5. Slide 5: People & Places Solutions – Infrastructure & sustainability leader

   People & Places Solutions – Infrastructure & sustainability leader Approx. revenue by sector (FY 2023) Business Breakdown FY’23 Business breakdown Gross Revenue FY’22 revenue $9,554 million Advanced Adj. Net Revenue* $6,567 million Manufacturing, (% of Total Adj. Net Revenue) (49%)million $8,570 7%

6. Slide 6: P&PS playing in key sectors aligned to critical infrastructure and sustainability

   P&PS playing in key sectors aligned to critical infrastructure and sustainability Transportation Water Cities & Places Energy & Environmental Health and Life Sciences Advanced Manufacturing ▪ Market leading position in ▪ Unique OneWater end-to- ▪ Integrating data, technology, ▪ Responding to challen

7. Slide 7: Jacobs holds leading positions

   Jacobs holds leading positions Overall Infrastructure Health & Life Sciences № 1 Top 500 in Design Firms №1 Wastewater Treatment №1 Pharmaceuticals № 1 Top 100 Pure Designers №1 Sanitary & Storm Sewers №1 Healthcare № 1 Top 20 Firms in Combined Design and CM-PM №1 Sewer & Waste Professional Services

8. Slide 8: Divergent Solutions – Innovative data and digital solutions

   Divergent Solutions – Innovative data and digital solutions Approx. revenue1 by sector (FY 2023) Business breakdown FY’23 Revenue $947 million Adj. Net Revenue* $882 million Commercial, 5% (% of Total Adj. Net Revenue*) (7%) Space, 14% Infrastructure, US / International 97% / 3% 3% Public / Private

9. Slide 9: PA Consulting – Differentiated growth through ingenuity

   PA Consulting – Differentiated growth through ingenuity Approx. revenue by sector (FY 2023) Business breakdown FY’23 $1,158 million Revenue (% of Total Adj. Net Revenue) Transport, 9% (9%) Health & Life US / International 12% / 88% (76% UK) Energy & Utilities, Sciences, 16% 11% Public / Private 52%

10. Slide 10: Critical Mission Solutions – Poised to thrive independently

    Critical Mission Solutions – Poised to thrive independently Approx. revenue by sector (FY 2023) Business breakdown FY’23 $4,693 million Revenue (% of Total Adj. Net Revenue) (35%) Infrastructure, 7% Advanced Manufactureing, 2% US / International 76% / 24% (Telecom) (Auto test and diagnostics) Public

11. Slide 11: Creating a New Government Services Leader

    Creating a New Government Services Leader Jacobs To Spin-off and Merge Its CMS and C&I Businesses with Amentum

12. Slide 12: Transaction rationale

    Transaction rationale ▪ Jacobs to spin-off and merge its CMS business with Amentum, creating a new independent, publicly- traded company ▪ Transaction perimeter includes Jacobs CMS segment plus the closely related Cyber and Intelligence unit (“C&I”) from Divergent Solutions (“DVS”) ▪ Culmination of

13. Slide 13: Transaction summary

    Transaction summary ▪ Reverse Morris Trust that is intended to be tax-free to shareholders for U.S. federal income tax purposes ▪ Jacobs and Jacobs shareholders to own up to 63% of combined company – Jacobs shareholders: 51% - 55% – Jacobs company retained stake: 7.5% - 8% depending on the achieveme

14. Slide 14: Combination with Amentum

    Combination with Amentum Transaction Structure Merger Partner / Combined Company ▪ ~$7.9B revenue / ~8% Adj. EBITDA margin business ▪ >40% focused on high-growth, high margin intel and science and technology sectors Amentum ▪ Strong momentum in backlog, revenue and profit growth ▪ <$4B current net d

15. Slide 15: FY2023 Separation Roadmap

    FY2023 Separation Roadmap FY2023 CMS/C&I FY2023 Actual Separation Adjusted ▪ Separation of CMS/C&I for FY23 would Adj. Net Revenue* $13,301 ($5,438) $7,863 result in 150 bps margin uplift ▪ Impact before any further benefit from Cost Optimization Plan Adj. EBITDA* 1,436 (465) 971 Margin % 10.8% 8.6%

16. Slide 16: Fiscal 2024 Q1 Results

    Fiscal 2024 Q1 Results ©Jacobs 2024

17. Slide 17: Q1 FY 2024 Results; Cash Flow Generation and Capital Return

    Q1 2024 Segment Adj. Net Revenue Q1 FY 2024 Results PA Consulting, 9% ▪ Q1 adjusted net revenue increased 7% y/y Divergent ▪ Q1 adjusted OP1 down 3.1% y/y Solutions, 6% People & Places Solutions, 50% ▪ Q1 revenue backlog $29.6B, up 5% y/y with gross margin in backlog up 29 bps y/y ▪ Q1 P&PS adj. net

18. Slide 18: Fiscal 2024 Q1 results

    Fiscal 2024 Q1 results Revenue up 9.5% y/y, adjusted net revenue increased 7% y/y and up 5.4% in constant currency GAAP Operating Profit (OP) of $204M1 and OP Margin of 4.9% Adj. OP of $322M1 down 3.1%; Adj. OP Margin (% of Adj. Net Revenue) of 9.8% GAAP Net Earnings from Continuing Operations of $1

19. Slide 19: Segment financials

    Segment financials $’s in millions Q1 2023 Q1 2024 Y/Y Y/Y CC People & Places Solutions Operating Profit 227 2253 (0.7)% (2.6)% as a % of adj. net revenue 14.9% 13.7% (125 bps) Critical Mission Solutions Operating Profit 82 93 13.6% 11.5% as a % of revenue 7.6% 8.3% 63 bps PA Consulting Operating Pr

20. Slide 20: Balance sheet and cash flow

    Balance sheet and cash flow Strong cash flow generation ▪ Q1 cash flow from operations (CFFO) $418M and FCF of $401M ▪ Continue to expect >100% FY24 adjusted FCF conversion1 ▪ Balance sheet strength affords prudent capital deployment ▪ Expect to maintain an investment grade credit profile ▪ $1.0B Re

21. Slide 21: Cost Optimization Plan and Outlook

    Cost Optimization Plan and Outlook ©Jacobs 2024

22. Slide 22: Cost Optimization Plan

    Cost Optimization Plan Streamlining operating model and eliminating stranded costs Driving >300 bps in margin expansion ▪ $40M corporate unallocated cost reduction Standalone Jacobs Adj. EBITDA Margin Over 300 bps of ~$90M of Cost initiative expected Adj. EBITDA Optimization ▪ $50M in costs related

23. Slide 23: Cost Optimization Plan

    Cost Optimization Plan FY2023 FY2024E-FY2025E Commentary As- Adjusted to Elimination of Transitional Net Operating + Further Upside Operating from Additional ▪ At least 300bps of Reported Exclude Overhead Costs Model Leverage Operating margin improvement in Results CMS/C&I Efficiencies Leverage FY24

24. Slide 24: Outlook & Summary

    Outlook & Summary Reiterating Fiscal 2024 Outlook Fiscal Year 2024 Assumptions FY23 FY24E1 Y/Y Growth (at mid-point) ▪ Fully diluted average share count: ~127M FY Adjusted EBITDA $1.44B $1.53B - $1.60B 9% ▪ FY effective tax rate: 22% FY Adjusted EPS $7.20 $7.70 - $8.20 10% ▪ Q2-Q4 effective tax rate

25. Slide 25: Appendix

    Appendix

26. Slide 26: Debt & interest overview

    Debt & interest overview Debt Breakdown Fixed vs Floating Debt Trend As of December 29, 2023 Tranche 12/29 Debt Q4 ’23 Rate Q1 ’24 Rate Revolver ($2.25B) $0M 6.7%​ 6.7%​ $37.1 $33.0 $36.0 $36.1 $35.1 USD Term Loans $188M 6.7%​ 6.7%​ $31.1 $25.1 GBP Term Loans $823M 6.5%​ 6.5%​ Total Floating $1,011M

27. Slide 27: Selected financial data

    Selected financial data Q1 Q2 Q3 Q4 FY Q1 $’s in millions (unaudited) 2023 2023 2023 2023 2023 2024 People and Places Solutions Backlog 17,243 17,562 17,498 17,345 17,345 17,857 Revenue 2,227 2,345 2,470 2,512 9,554 2,470 Adj. Net Revenue1 1,517 1,661 1,687 1,703 6,567 1,644 Operating Profit 227 232

28. Slide 28: Delivering sustainable solutions

    Delivering sustainable solutions Lilly St. Johns County Utilities Office of Gas and Electricity Markets Taiwan Semiconductor Manufacturing Alzey, Germany Florida, US UK Company (TSMC) Arizona, US Permitting and conceptual design for new Design and construction of a water Partnered with PA to provide

29. Slide 29: Environmental, Social & Governance (ESG) at Jacobs

    Environmental, Social & Governance (ESG) at Jacobs Aligned with the United Nations Sustainable Development Goals, Jacobs is focused on creating positive social and economic impact while protecting our environment and improving resilience. ▪ Since 2019 we have voluntarily reported on a wide range of

30. Slide 30: Three needle-moving accelerators catalyze additional growth across all markets

    Three needle-moving accelerators catalyze additional growth across all markets 30

31. Slide 31: Our foundation is strong

    Our foundation is strong Purpose To create a more connected, sustainable world. Values We do things right. We challenge the accepted. We aim higher. We live inclusion. Employee Value Jacobs. A world where you can. Statement Where you Where you Where you can be you. can do. can grow. 31

32. Slide 32: Use of Non-GAAP financial measures and operating metrics

    Use of Non-GAAP financial measures and operating metrics In this presentation, the Company has included certain non-GAAP financial measures as defined in Regulation G promulgated under the Securities Exchange Act of 1934, as amended. These non-GAAP measures are described below. Adjusted Net revenue

33. Slide 33: Use of Non-GAAP financial measures and operating metrics (cont.)

    Use of Non-GAAP financial measures and operating metrics (cont.) Adjustments to derive adjusted net earnings from continuing operations and adjusted EPS from continuing operations are calculated on an after-tax basis. Free cash flow (FCF) is calculated as cash flow from operations as reported on the

34. Slide 34: Reconciliation of Earnings from Continuing Operations Before Taxes

    Reconciliation of Earnings from Continuing Operations Before Taxes to Adjusted Earnings from Continuing Operations Before Taxes (in thousands) 34

35. Slide 35: Reconciliation of Operating Profit to Adjusted Operating Profit

    Reconciliation of Operating Profit to Adjusted Operating Profit (in thousands) 35

36. Slide 36: Reconciliation of Net Earnings to Adjusted Net Earnings

    Reconciliation of Net Earnings Attributable to Jacobs from Continuing Operations to Adjusted Net Earnings Attributable to Jacobs from Continuing Operations (in thousands) 36

37. Slide 37: Reconciliation of Diluted EPS to Adjusted Diluted EPS

    Reconciliation of Diluted Net Earnings from Continuing Operations Per Share to Adjusted Diluted Net Earnings from Continuing Operations Per Share (in thousands) 37

38. Slide 38: Reconciliation of Adjusted EBITDA

    Reconciliation of Adjusted EBITDA (in thousands) 38

39. Slide 39: Reconciliation of Noncontrolling Interests

    Reconciliation of Noncontrolling Interests from Continuing Operations to Adjusted Noncontrolling Interests from Continuing Operations (in thousands) 39

40. Slide 40: Reconciliation of Miscellaneous Expense

    Reconciliation of Miscellaneous Expense from Continuing Operations to Adjusted Miscellaneous Expense from Continuing Operations (in thousands) 40

41. Slide 41: Reconciliation of Other Corporate Expenses to Adjusted Unallocated Corporate Costs

    Reconciliation of Other Corporate Expenses to Adjusted Unallocated Corporate Costs 41

42. Slide 42: Reconciliation of Free Cash Flow

    Reconciliation of Free Cash Flow (in thousands) 42

43. Slide 43: Reconciliation of Constant Currency Adjusted Net Revenue

    Reconciliation of Jacobs Constant Currency Adjusted Net Revenue 43

44. Slide 44: Reconciliation of Constant Currency Adjusted Operating Profit

    Reconciliation of Jacobs Constant Currency Adjusted Operating Profit 44

45. Slide 45: Reconciliation of US GAAP Revenue to Adj. Net Revenue by Segment

    Reconciliation of US GAAP Revenue to Adj. Net Revenue by Segment 45 ©Jacobs 2024

46. Slide 46: Reconciliation of US GAAP OP to Adj. EBITDA

    Reconciliation of US GAAP OP to Adj. EBITDA For the year ended September 29, 2023 ($ in millions) (a) (b) (c) (d) (e) = (b) + (c) + (d) (f) = (a) - (e) Total Jacobs Total CMS Total DVS DVS RemainCo CMS/C&I RemainCo GAAP OP from continuing Ops 1,075 378 82 (13) 447 629 Add-back: Restructuring, Transa

47. Slide 47: Reconciliation of US GAAP Revenue to Adjusted Net Revenue

    Reconciliation of US GAAP Revenue to Adjusted Net Revenue For the year ended September 29, 2023 ($ in thousands) (a) (b) (c) (d) (e) = (b) + (c) + (d) (f) = (a) - (e) Total Jacobs Total CMS Total DVS DVS RemainCo CMS/C&I RemainCo Revenues from External Customers 16,352 4,693 947 (140) 5,500 10,852 P

48. Slide 48: Challenging today. Reinventing tomorrow.

    vacobs Challenging today. Reinventing tomorrow.

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