Leidos Holdings, Inc. · NYSE:LDOS
Leidos — Q4 2025 Earnings Presentation
13 slides from Leidos's earnings presentation, Feb 17, 2026
Slide 1: Merging for Power
+ MERGING FOR POWER PROPELLING OUR ENERGY INFRASTRUCTURE GROWTH PILLAR FORWARD LEIDOS
Slide 2: Forward Looking Statement
FORWARD LOOKING STATEMENT Certain statements in this release contain or are based on "forward-looking" information within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our belief and assumptions as to future events that may not prove to be accurate. Ac
Slide 3: ENTRUST: A Premier Power & Energy Services Provider
TOP POWER & UTILITIES ENGINEERING AND DESIGN FIRM HIGHLY VISIBLE FOCUSED ON CRITICAL REVENUE TIED TO ELECTRICAL & GAS INFRASTRUCTURE LONG-TERM MSAs ENTRUST A PREMIER POWER & ENERGY SERVICES PROVIDER DIVERSIFIED CONSISTENT TRACK BLUE-CHIP RECORD OF GROWTH & CLIENT BASE STRONG PROFITABILITY NATIONAL F
Slide 4: Compelling Move to Advance Our Energy Leadership
COMPELLING MOVE TO ADVANCE OUR ENERGY LEADERSHIP 1 Fully aligned with our NorthStar 2030 strategy 2 Complementary capabilities and customers 3 Cultural alignment enables rapid integration 4 Transformational investment in Energy 5 Enhanced scale in a fragmented market Strong return on invested capita
Slide 5: Fully Aligned with Our NorthStar 2030 Strategy
FULLY ALIGNED WITH OUR NORTHSTAR 2030 STRATEGY LEIDOS Leidos to Acquire ENTRUST Solutions Group 5
Slide 6: Complementary Capabilities and Customers
COMPLEMENTARY CAPABILITIES AND CUSTOMERS Highly complementary services while adding power generation and gas Broaden engineering capabilities while avoiding construction exposure Pro Pro Forma Forma Electric Gas Non-Utility Engineering PM Commercial/Industrial Well balanced national footprint Electr
Slide 7: Cultural Alignment Enables Rapid Integration
CULTURAL ALIGNMENT ENABLES RAPID INTEGRATION • Similar cultures, compensation, skill bases, and approach to the engineering services market • 3,100+ employees with a complementary mix of engineering and Program Management skills • National footprint aligned with client needs • Agile employee base an
Slide 8: Transformational Investment in Energy
TRANSFORMATIONAL INVESTMENT IN ENERGY Load Growth Energy Resilience Utility Investment (4) Data centers consume 10x – 50x 40+ YEARS OLD (4) $21.4 TRILLION (6) the energy of standard office buildings (1) Average age of large power transformers to be invested in electricity grids by 2050 2,300 GIGAWAT
Slide 9: Enhanced Scale in a Fragmented Market
ENHANCED SCALE IN A FRAGMENTED MARKET Top Design Firms in Transmission and Distribution Top Design Firms in Power Services #3 #4 LEIDOS Leidos to Acquire ENTRUST Solutions Group 9 Sources: (1) Company estimates for 2025 revenues for Leidos and ENTRUST Solutions Group. (2) Public disclosures for WSP,
Slide 10: Compelling Financial Returns
COMPELLING FINANCIAL RETURNS Pro Forma (1) (1) Key Return Drivers 2026E ~$650M ~$650M $1.3B Revenue • Increased scale to drive innovation across a broader portfolio 2026E Low- to Mid- Growth Mid-teens Mid-teens • Accelerated organic growth teens and enhanced profitability Rate • Clear visibility int
Slide 11: Transaction Overview
TRANSACTION OVERVIEW • All-cash purchase price of approximately $2.4B Financial • • Strong visibility into double-digit revenue growth at low 20% margin Clearly identified revenue and cost synergies Highlights • Immediately accretive to revenue growth and adjusted EBITDA margin • Accretive to non-GA
Slide 12: Thank You
THANK YOU LEIDOS Leidos to Acquire ENTRUST Solutions Group 12
Slide 13: Definitions of Non-GAAP Measures
DEFINITIONS OF NON-GAAP MEASURES Leidos uses adjusted EBITDA, adjusted EBITDA margin, and non-GAAP diluted EPS, which are not measures of financial performance under generally accepted accounting principles in the U.S. and, accordingly, these measures should not be considered in isolation or as a su