Willdan Group, Inc. · NASDAQ:WLDN
Willdan — Q3 2025 Earnings Presentation
22 slides from Willdan's earnings presentation, Nov 6, 2025
Slide 1: Willdan Group Q3 FY25 Earnings Call
WILLDAN GROUP, INC. Q3 FY25 Earnings Call NASDAQ: WLDN November 6, 2025 Mike Bieber, President & CEO Kim Early, Executive Vice President & CFO Saf e Harbor St at eme nt – Sta tem en t s in t hi s p re sen tat io n th at ar e n ot p ur el y hi sto r ic al, ar e fo r wa rd -lo o kin g sta tem en t s t
Slide 2: Q3'25 Key Takeaways
Q3’25 Key Takeaways Strong execution drove record results Q3’25 vs. Q3’24 ▪ Contract Revenue $182M + 15% ▪ Net Revenue $95M + 26% ▪ Adjusted EBITDA $23M + 53% ▪ GAAP EPS $0.90 + 77% ▪ Adjusted EPS $1.21 + 66% 20% organic + 6% acquisitive = 26% net revenue growth Load growth and execution fuel positi
Slide 3: Willdan Provides Energy & Infrastructure Solutions
Willdan Provides Energy & Infrastructure Solutions Commercial Services by Segment Customer Mix 15% (FY’25 Pro Forma Estimate) State & Local Gov’t Energy (~85%) 44% Utilities 41% ▪ Policy, Forecasting, and Data Analytics ▪ Energy Engineering ▪ Program Management Engineering & Consulting (~15%) Contra
Slide 4: Upfront Policy Work Informs Willdan Strategy
Upfront Policy Work Informs Willdan Strategy COLLABORATION EXAMPLE: MODEL Powering Data Centers Policy, Forecasting, & Data Hyperscaler master planning Analytics and location analysis Engineering Design/build electricity supply Program Management O&M energy optimization Pr oj ec t S ize 4
Slide 5: Notable Wins
Notable Wins Since last earnings call Client Description 1. Alameda County, CA - $97M Design and implement energy and infrastructure upgrades 2. Two confidential projects in OR and GA - $21.7M Substations for solar battery energy storage system 3. Confidential in TX - $14.2M Substation for solar bat
Slide 6: Forecasted US Electricity Demand Growth
Forecasted US Electricity Demand Growth Projected by end use in 2035 (TWh) ▪ Load growth is transforming the electricity sector ▪ Multiple drivers led by data centers Source: E3 (a Willdan subsidiary), Oct 8, 2025, “Navigating the One Big Beautiful Bill Era in US Power Markets,” 6 https://www.utilit
Slide 7: Global Data Center Load
Global Data Center Load (GW 2024) Source: IEA, “Energy and AI”, April 10, 2025, CC by 4.0, https://www.iea.org/reports/energy-and-ai 7
Slide 8: Financial Results
FINANCIAL RESULTS Kim Early, EVP & CFO
Slide 9: Q3'25 v Q3'24
Q3’25 v Q3’24 ($ in millions, except for EPS) Contract Revenue Net Revenue Gross Profit Adjusted EBITDA Adjusted EPS $182M $1.21 $95.0M $67.1M $23.1M +26% +30% +66% +15% +53% $75.7M $51.6M $15.2M $0.73 $158M Q3’24 Q3’25 Q3’24 Q3’25 Q3’24 Q3’25 Q3’24 Q3’25 Q3’24 Q3’25 Broad-based growth and excellent
Slide 10: 9MTD'25 v 9MTD'24
9MTD’25 v 9MTD’24 ($ in millions, except for EPS) Contract Revenue Net Revenue Gross Profit Adjusted EBITDA Adjusted EPS $508M $59.5M $3.34 $275M $193M +20% +31% +52% +97% +27% $422M $217M $148M $39.1M $1.70 9MTD’24 9MTD’25 9MTD’24 9MTD’25 9MTD’24 9MTD’25 9MTD’24 9MTD’25 9MTD’24 9MTD’25 Revenue and
Slide 11: Balance Sheet & Cash Flow
Balance Sheet & Cash Flow NET DEBT NET DEBT/ADJUSTED EBITDA TTM $16M $16M 0.3x 0.2x 12/27/24 10/03/25 12/27/24 10/03/25 FREE CASH FLOW TOTAL LIQUIDITY ($ ($ in millions in M, except except FCF per share) FCF/share) YTD Q3’25 FCF/Share TTM $33M $50M Cash Flow From Operations $41 $183M Less: Capital E
Slide 12: 15 Quarter Performance
15 Quarter Performance ($ in millions) Gross Revenue Net Revenue Adj. EBITDA $200 $100 $25 $180 $90 $20 $80 $160 22% CAGR 20% CAGR $15 92% CAGR $140 $70 $10 $120 $60 $5 $100 $50 $80 $40 $- Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 13: Increasing Financial Targets
Increasing Financial Targets * Financial Target From To Net Revenue $340-350M $360-365M Adjusted EBITDA $70-73M $77-78M Adjusted Diluted EPS $3.50-3.65 $4.10-4.20 Full Year Effective Tax Rate (15%)** (10%)** * Financial Targets assume no future acquisitions and 15.2M average diluted common shares **
Slide 14: Key Takeaways
Key Takeaways Continued solid growth and financial performance Increased FY’25 financial targets Well positioned in dynamic and growing markets Active pipeline of strategic acquisition opportunities 13
Slide 15: Q&A
Q&A
Slide 16: Appendix
APPENDIX
Slide 17: Reconciliation of Contract to Net Revenue
Reconciliation of Contract to Net Revenue ($ in millions) Note: totals may not foot due to rounding FY2023 FY2024 Q3’24 Q3’25 9MTD’24 9MTD’25 CONSOLIDATED Contract Revenue $510.1 $565.8 $158.3 $182.0 $421.7 $507.9 Subcontractor services & other direct costs 240.4 269.5 82.6 87.0 204.7 232.6 Net Reve
Slide 18: Reconciliation GAAP Net Income to Adjusted EPS
Reconciliation GAAP Net Income to Adjusted EPS ($ & shares in millions except per share amounts) Note: totals may not foot due to rounding FY2023 FY2024 Q3’24 Q3’25 9MTD’24 9MTD’25 Net Income $10.9 $22.6 $7.3 $13.7 $14.9 $33.8 Stock-based Compensation, net of tax 4.3 6.1 1.7 2.6 4.5 7.3 Intangible A
Slide 19: Reconciliation GAAP Net Income to Adjusted EBITDA
Reconciliation GAAP Net Income to Adjusted EBITDA ($ in millions) Note: totals may not foot due to rounding FY2023 FY2024 Q3’24 Q3’25 9MTD’24 9MTD’25 Net Income $10.9 $22.6 $7.3 $13.7 $14.9 $33.8 Interest Expense 9.4 7.8 1.9 0.9 6.0 4.9 Income Tax Expense (Benefit) 3.7 4.1 0.2 0.6 1.9 (4.2) Stock-ba
Slide 20: Adj. EBITDA & Margin Trends and Revenue/Employee
Adj. EBITDA & Margin Trends and Revenue/Employee Adj. EBITDA Growth and Margin Improvement Net Revenue Per Employee* ($ in millions) ($ in thousands) $70.0 ~20%# 21.0% 19.2% $60.0 19.0% 16.9% 17.0% $50.0 14.5% 15.0% 13.7% $40.0 13.0% $174 $177 $30.0 10.3% $75E# $56.8 11.0% $139 $139 $149 $45.7 $20.0
Slide 21: Revenue by Segment, Offices & Employees
Revenue by Segment, Offices & Employees ($ in millions) Note: totals may not foot due to rounding Engineering & Consulting ~15% 55 25 (states plus Offices Canada, D.C. & Puerto Rico) Energy 1,788 ~85% Employees (as of 10/03/25) Appendix
Slide 22: Definition of Terms
Definition of Terms NET REVENUE – Contract Revenue less Subcontractor Services and Other Direct Costs ADJUSTED EBITDA – Net Income plus Interest Expense, Income Tax Expense (Benefit), Stock- Based Compensation, Interest Accretion, Depreciation and Amortization, Gain (Loss) On Sale of Equipment, and