Jacobs Solutions Inc. · NYSE:J

Jacobs Solutions — Investor Presentation (November 2025)

48 slides from Jacobs Solutions's investor presentation, November 2025

1. Slide 1: Investor Presentation November 2025

   Investor Presentation November 2025

2. Slide 2: Disclaimer

   DISCLAIMER Forward-Looking Statement Disclaimer Certain statements 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: Creating a more connected, sustainable world

   Creating a more connected, Where we work sustainable world At Jacobs, we’re challenging 40 43K today to reinvent tomorrow – COUNTRIES PEOPLE delivering outcomes and ADVANCED CITIES & PLACES solutions for the world's most MANUFACTURING complex challenges. With approximately $12 billion in annual reve

4. Slide 4: Our journey to higher value services and solutions

   Our journey to higher value services and solutions Government Services Jacobs FY16 FY25 FY29E $0.6B $1.2B ~$1.9B Adj. EBITDA¹ Adj. EBITDA¹ Adj. EBITDA² Energy, Chemicals and Resources FY16 Adj. EBITDA Margin¹ FY25 Adj. EBITDA Margin¹ FY29E Adj. EBITDA Margin² 7.7% 13.9% 16%+ FY16 FY19 FY21 FY24 FY29

5. Slide 5: Jacobs' structure

   Jacobs' structure Jacobs As Reported Infrastructure & Advanced Facilities (I&AF) PA Consulting Results End Market Revenue Performance Water and Life Sciences and Critical Infrastructure Environmental Advanced (Transportation, Cities & Places, Energy, and National Security Manufacturing Infrastructur

6. Slide 6: Jacobs today – simpler and more focused

   Jacobs today – simpler and more focused №1 ENR % of Gross Revenue FY25 №1 – Top 100 Pure Designers PA Critical Consulting Infrastructure Focused business model 10% 38% №1 – Wastewater Treatment №1 – Sewer & Waste Science-based innovation and end-to-end solutions №1 – Pharmaceuticals Scalable solutio

7. Slide 7: Our portfolio is balanced and demonstrates long-term stability

   Our portfolio is balanced and demonstrates long-term stability Our adj. net revenue exposure by source is diverse And our U.S. positioning remains favorable Infrastructure Investment & Jobs Act (IIJA)* Infrastructure & Advanced Facilities (I&AF) FY25* ■ ▪ FY22-24 Budget Authority of $365B1 North Ame

8. Slide 8: End-to-end solutions grounded in science-based innovation

   End-to-end solutions grounded in science-based innovation is a key differentiator of our model + Model Client-centric AND program-centric End-to-end solutions Business Advisory Enabling upstream shift Augmented design Planning and Concept Design Client AI enablement Engineering and Design Engage AI

9. Slide 9: Leveraging our global platform to drive cross-collaboration

   Leveraging our global platform to drive cross-collaboration Global Delivery & Global Delivery & Cross Collaboration Cross Collaboration 38% 52% FY24 FY29E Billable Hours Billable Hours Local Delivery Local Delivery 62% 48% Cross-collaboration examples at Jacobs + + + + + Data Center needs for water,

10. Slide 10: We are embedding digital and AI into our organizational fabric

    We are embedding digital and AI into our organizational fabric Leading end-to-end client solutions Jacobs is leading in Digital & AI → End-to-end capabilities driving margin improvement Jacobs AI → Significant digital consulting footprint (1.5K+ FTEs) AI RFP Response → Leading partnership in Water w

11. Slide 11: Our serviceable market is significant, underscoring tailwinds

    Our serviceable market is significant, underscoring tailwinds Water & Environmental Life Sciences & Critical Infrastructure Advanced Manufacturing Water Environmental Advanced Facilities Energy & Power Transportation Cities & Places Market $220B $120B $390B SAM* J CAGR Est 8-10% 4-6% 7-9% 11-13% 5-7

12. Slide 12: Strong positioning, macro tailwinds and focus on growth

    Strong positioning, macro tailwinds and focus on growth drive a robust financial outlook Infrastructure sector poised for Life Sciences & Advanced Manufacturing Accelerating collaboration, digital and generational investment secular growth global delivery ▪ Strong Water demand globally ▪ Largest in

13. Slide 13: Growing the Core

    Growing the Core ©Jacobs 2025

14. Slide 14: Water & Environmental

    Water & Environmental End-to-end solutions, digital innovation & cross-collaboration strengthen our Water & Environmental position Water Environmental World-leading expertise across the water cycle Positions Jacobs to drive sustainability across client base ▪ ENR №1 Sewer & Waste and №1 Wastewater T

15. Slide 15: Life Sciences & Advanced Manufacturing

    Life Sciences & Advanced Manufacturing 6,600+ 17% Current 3-Year CAGR Headcount Adj. Net Revenue Life Sciences Adv. Manufacturing & Electronics $1.46B $3.04B FY25 Adj. Net FY25 Gross ▪ 78+ years in Life Sciences ▪ ENR №1 in semis and Revenue Revenue manufacturing ▪ Expertise at the molecular level ▪

16. Slide 16: Critical Infrastructure

    Critical Infrastructure Local client relationships backed by global delivery enabling us to deliver the highest quality, faster Energy & Power Transportation Cities & Places Unmatched major programs position A leader in complex program delivery Cross-cutting buildings capability ▪ Top-tier expertise

17. Slide 17: PA Consulting

    PA Consulting Integrating with PA to deliver value and unlock new market opportunities. Project Credo – Business Advisory Strategy & Economics Major Automotive Planning & Concept Defining future site operations Design People and Change Frederick Douglass Engineering and Design Tunnel Amtrak Deliveri

18. Slide 18: Financial Overview

    Financial Overview ©Jacobs 2025

19. Slide 19: Rising backlog and pipeline position us well to accelerate growth

    Rising backlog and pipeline position us well to accelerate growth Near-term Medium-term Long-term Gross Revenue in Backlog¹ Total Pipeline² Secular Growth Drivers ■ Life Sciences ■ Data Centers and Semis $23B 5.6% Y/Y $126B 22% Y/Y ■ Water ■ Energy & Power ■ Transportation Investment 19 ¹Backlog as

20. Slide 20: Adjusted net revenue growth setup strong over the multi-year horizon

    Adjusted net revenue growth setup strong over the multi-year horizon CAGRs¹ (FY25-FY29) $11.6B Water & Environmental +7% to 9% Life Sciences & Adv. Manufacturing +7% to 9% +6% to +8% CAGR Critical Infrastructure +5% to 7% PA Consulting +6% to 8% 20 ¹CAGRs reflect organic growth estimates by end mark

21. Slide 21: EBITDA margin expansion is further aided by operating leverage

    EBITDA margin expansion is further aided by operating leverage 16%+ Adjusted EBITDA Margin Total Adj. EBITDA on Cost track to rise to Leverage Mix ~$1.9B by FY29 Commercial 12.8% Models Global Delivery Targeting 320+ bps margin expansion between FY24 and FY29, at the midpoint FY24 FY29E 21 FY29E Adj

22. Slide 22: Low capital intensity and margin growth to drive higher free cash flow

    Low capital intensity and margin growth to drive higher free cash flow 10%+ ■ Operating outlook is favorable F – Organic growth Y – Margin expansion 2 5 ■ Working capital to improve - F – DSOs/DPOs trending favorably Y ■ Capital intensity largely steady 2 8 – Capex averaging ~1% of revenue ■ Restruc

23. Slide 23: Our track record of returning capital to shareholders is strong

    Our track record of returning capital to shareholders is strong 29% CAGR 11% CAGR/share¹ >60% return of free cash flow to shareholders over the past 4 years 23 ¹CAGR per share calculated by comparing $0.21/share dividend in FY21 to $0.32/share dividend in FY25. Excludes dividend of Amentum shares. ©

24. Slide 24: Capital allocation focused on increasing returns to shareholders

    Capital allocation focused on increasing returns to shareholders Invest in Organic Growth Return Capital Strategic M&A ■ Reinvest in organic growth ■ >60% of FCF to be ■ Near-term organic focus ■ Current net leverage returned ■ Strategic M&A longer- ~0.8x ■ FCF margin target of 10% term to complemen

25. Slide 25: FY25-FY29E financial outlook

    FY25-FY29E financial outlook 5-Year CAGRs and Targets through FY29E Adj. Net Revenue (Organic) ▲ 6 – 8% CAGR Adj. EBITDA Margin* ▲ 50 – 80 bps/yr Adj. EBITDA ▲10 – 14% CAGR Free Cash Flow 10%+ FCF margin* by FY29 *Adj. EBITDA margin is calculated as a ratio of Adj. EBITDA to adj. net revenue and FCF

26. Slide 26: Fiscal 2025 Q4 & Full Year Results

    Fiscal 2025 Q4 & Full Year Results View quarterly results here ©Jacobs 2025

27. Slide 27: Q4 FY 2025 Results

    Q4 FY 2025 Results1 Adj. Net Revenue1 Adj. EBITDA1 Adj. EPS1 Backlog1 $23.1B $2.24B $1.75 $21.8B $2.12B $324M $289M $1.37 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 +5.8% y/y +12.0% y/y +27.7% y/y +5.6% y/y 1 See Use of Non-GAAP financial measures and operating metrics at the en

28. Slide 28: FY 2025 Results

    FY 2025 Results1 Adj. Net Revenue1 Adj. EBITDA1 Adj. EPS1 Backlog1 $23.1B $8.7B $21.8B $8.3B $1,207M $XX $6.12 $1,059M $5.28 $XX 2024 2025 2024 2025 2024 2025 2024 2025 +5.3% y/y +13.9% y/y +15.9% y/y +5.6% y/y 1 See Use of Non-GAAP financial measures and operating metrics at the end of this present

29. Slide 29: Q4 FY 2025 I&AF End Market Performance

    Q4 FY 2025 I&AF End Market Performance Life Sciences & Critical Infrastructure Advanced Manufacturing Water & Environmental I&AF End Market Exposure Key project ramps in Data Centers and Life Sciences Continued growth in Water Gross Revenue Transportation and strong remained strong during Q4, more-t

30. Slide 30: FY 2026 Outlook

    FY 2026 Outlook Fiscal Year 2026 Assumptions Adjusted Net Revenue % Growth 6% to 10% y/y FULLY DILUTED AVERAGE SHARE COUNT: ~119M NET INTEREST EXPENSE: $90-100M Adjusted EBITDA Margin 14.4% to 14.7% DEPRECIATION: $89-95M Adjusted EPS $6.90 to $7.30 FY ADJUSTED EFFECTIVE TAX RATE: 25-27% CAPITAL EXPE

31. Slide 31: Appendix

    | b Challenging today. waco Ss Reinventing tomorrow.

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. As a result of the sp

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

    Use of Non-GAAP financial measures and operating metrics (cont.) We eliminate the impact of “Restructuring, integration, separation and other charges” because we do not consider these to be indicative of ongoing operating performance. Actions taken by the Company to enhance efficiencies are subject

34. Slide 34: Reconciliation of Operating Profit to Adjusted Earnings Per Share

    Reconciliation of Operating Profit to Adjusted Earnings Per Share (in thousands) Three Months Ended Twelve Months Ended September 26, September 27, September 26, September 27, 2025 2024 2025 2024 Operating Profit $ 211,554 $ 196,205 $ 863,634 $ 692,436 Restructuring, Transaction and Other Charges 15

35. Slide 35: Reconciliation of Earnings Before Taxes to Adjusted Earnings Before Taxes

    Reconciliation of Earnings from Continuing Operations Before Taxes to Adjusted Earnings from Continuing Operations Attributable to Jacobs Before Taxes (in thousands) Three Months Ended For the Years Ended September 26, September 27, September 26, September 27, 2025 2024 2025 2024 Earnings from Conti

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) Three Months Ended For the Years Ended September 26, September 27, September 26, September 27, 2025 2024 2025 2024 Net Earnings A

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) Three Months Ended For the Years Ended September 26, September 27, September 26, September 27, 2025 2024 2025 2024 Diluted Net Earnings fro

38. Slide 38: Reconciliation of Net Earnings to Adjusted EBITDA

    Reconciliation of Net Earnings Attributable to Jacobs from Continuing Operations to Adjusted EBITDA (in thousands) Three Months Ended For the Year Ended September 26, September 27, September 26, September 27, 2025 2024 2025 2024 Net Earnings Attributable to Jacobs from Continuing Operations $ 138,03

39. Slide 39: Reconciliation of Noncontrolling Interests Earnings

    Reconciliation of Earnings Attributable to Noncontrolling Interests from Continuing Operations to Adjusted Earnings Attributable to Noncontrolling Interests from Continuing Operations (in thousands) Three Months Ended Twelve Months Ended September 26, September 27, September 26, September 27, 2025 2

40. Slide 40: Reconciliation of Miscellaneous Expense to Adjusted Miscellaneous Expense

    Reconciliation of Miscellaneous Expense from Continuing Operations to Adjusted Miscellaneous Expense from Continuing Operations (in thousands) Three Months Ended For the Years Ended September 26, September 27, September 26, September 27, 2025 2024 2025 2024 Miscellaneous Income (Expense) from Contin

41. Slide 41: Reconciliation of Interest Expense to Adjusted Interest Expense

    Reconciliation of Interest Expense from Continuing Operations to Adjusted Interest Expense from Continuing Operations (in thousands) Three Months Ended For the Years Ended September 26, September 27, September 26, September 27, 2025 2024 2025 2024 Interest Expense from Continuing Operations $ (35,33

42. Slide 42: Reconciliation of Income Tax Expense to Adjusted Income Tax Expense

    Reconciliation of Income Tax Expense from Continuing Operations to Adjusted Income Tax Expense from Continuing Operations (in thousands) Three Months Ended For the Years Ended September 26, 2025 September 27, 2024 September 26, 2025 September 27, 2024 Income Tax Expense for Continuing Operations $ (

43. Slide 43: Reconciliation of GAAP Revenue to Adjusted Net Revenue

    Reconciliation of GAAP Revenue to Reconciliation of I&AF by Adjusted Net Revenue End Market GAAP Revenue (in thousands) to Adjusted Net Revenue (in thousands) Three Months Ended Twelve Months Ended Three Months Ended September September September September September September 26, 2025 27, 2024 26, 2

44. Slide 44: Reconciliation of Net Earnings to Adjusted EBITDA (historical)

    Reconciliation of Net Earnings Attributable to Jacobs from Continuing Operations to Adjusted EBITDA (in thousands) Historical data as reported in respective 10K earnings materials. 44 ©Jacobs 2025

45. Slide 45: Reconciliation of Income Tax Expense and GAAP Revenue (historical)

    Reconciliation of Income Tax Reconciliation of GAAP Revenue to Expense from Continuing Adjusted Net Revenue Operations to Adjusted Income (in thousands) Tax Expense from Continuing Operations (in thousands) Historical data as reported in respective 10K earnings materials. Historical data as reported

46. Slide 46: Reconciliation of GAAP Revenue to Adjusted Net Revenue

    Reconciliation of GAAP Revenue Reconciliation of Life Sciences & to Adjusted Net Revenue Advanced Manufacturing (LS&AM) (in thousands) GAAP Revenue to Adjusted Net Revenue (in thousands) For the Years Ended September 27, 2024 September 29, 2023 For the Year Ended September 26, 2025 Total GAAP Revenu

47. Slide 47: Reconciliation of Free Cash Flow from Continuing Operations

    Reconciliation of Free Cash Flow from Continuing Operations (in thousands) 47 ©Jacobs 2025

48. Slide 48: Explore more about our culture, capabilities, markets and financial strength

    Explore more about our culture, capabilities, markets and financial strength: ■ Integrated Annual Report ■ Investor information at invest.jacobs.com ■ Podcast series ■ Recent press releases jacobs.com | Follow us @Jacobsconnects: ©2025 Jacobs Solutions Inc. All rights reserved. This presentation is

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