Slide 1: Q3 Earnings Call
Q3 Earnings 26 Call July 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: Q3-26 Results
Q3-26 Results Q3-26 Highlights Net Revenue $1.11B Guidance: $1.05B - $1.10B EPS $0.42 Guidance: $0.38 - $0.41 Cash Flow from Ops $229M $467M YTD Backlog $4.49B +$208M Sequentially 3
Slide 4: Q3-26 Performance by Segment
Q3-26 Performance by Segment Segment Net Revenue ($M) OI Margin (%) Comments $409* GSG $382* • Water Infrastructure up 17.5% +7% • Defense up Q3-25 Q3-26 $634 $580 • U.K. Water up CIG CIG +9% 15.1% • Digital Automation up Q3-25 Q3-26 * Excludes USAID / DOS and episodic disasters response. 4
Slide 5: Q3-26 Net Revenue by Customer
Q3-26 Net Revenue by Customer % of Net Rev. Customer Comments Net Rev. Y/Y • Defense - Navy up U.S. Federal 20% +12%* • Army Corps of Engineers up • Municipal Water Treatment up U.S. State & Local 13% +5%* • Flood protection down • Power Transmission up U.S. Commercial 20% +1% • Renewable Energy dow
Slide 6: Q3-26 Backlog
Q3-26 Backlog $4.49B Recent Key Wins • U.S. Army Corps of Engineers Norfolk District multiple-award contract $4.28B $4.28B • U.S. Army Corps of Engineers Mobile District multiple-award contract • U.S. EPA Office of Water single-award contract $4.14B • U.S. Federal Aviation Administration single-awar
Slide 7: FY26 YTD Financial Overview (GAAP)
FY26 YTD Financial Overview (GAAP) Net Revenue ($ in billions) EBITDA ($ in millions) $3.45 $3.20 $473 FY25: Adjusted EBITDA USAID/DOS Margin +80 bps: and episodic $271 disaster Q3-25 YTD=13.8% response Q3-26 YTD=14.6% Q3-25 YTD Q3-26 YTD Q3-25 TYD Q3-26 YTD Operating Income ($ in millions) EPS $430
Slide 8: FY26 Cash Flow and Leverage Overview
FY26 Cash Flow and Leverage Overview Cash Flow from Ops – YTD ($ in millions) Days Sales Outstanding Net Debt Leverage $467 0.96x Operating cash flow 0.88x $357 56 56 Industry Target exceeded annual net Leading DSO 1.0x-2.0x income: FY05-FY25 Q3-25 YTD Q3-26 YTD Q3-25 Q3-26 Q2-25 Q2-26 Stronger Cash
Slide 9: Capital Allocation
Capital Allocation Growth • Water, environment & resilient infrastructure Initiatives • Technical innovation and digital automation Cash Flow • $119 million in dividends and buyback (Q3-26) $567M Return to Shareholders • Buyback: $398 million total authorized available • Dividend: FY26 increase 11%
Slide 10: Water Cycle Focus Aligns with Global Priorities
Water Cycle Focus Aligns with Global Priorities United States: Water Supply and Power United Kingdom/EU: Water Quality Water Treatment projected $515B Supply & Smart Sewers AMP8 £105B program • Dayton, OH 96 MGD PFAS treatment • Contract capacity of £2.5B in U.K. and Ireland • Chelan PUD hydro dam m
Slide 11: Guidance
Guidance Net Revenue Adjusted EPS FY-26 Growth and Margin Expansion Net Revenue* EBITDA Margin Q4-26 $1.12B - $1.17B $0.45 - $0.48 FY-26 $4.315B - $4.365B $1.56 - $1.59 Up 8% +15% +70bps FY-26 Assumptions FY-25 FY-26 FY-25 FY-26 • Intangible amortization of $34M Note: Year-on-year comparison using m
Slide 12: Summary
Summary • Strong third quarter • Significant new wins for commercial and government clients • Growing demand for differentiated Leading with Science® water and environmental services • Record year-to-date cash from operations • Year-to-date performance drives higher FY26 guidance 12
Slide 13: Questions & Answers
[Te] TETRA TECH Questions & Answers
Slide 14: Appendix
Appendix 14
Slide 15: Supplemental Net Revenue Information
Supplemental Net Revenue Information ($ in millions) Q3-26 Q3-25 YTD-26 YTD-25 Net Revenue $1,109 $1,153 $3,195 $3,454 Less: USAID / DOS (66) (91) (177) (464) Less: Episodic Disasters - (100) - (195) Net Revenue excl. USAID / DOS and Episodic Disasters $1,043 $962 $3,018 $2,795 15