Fortrea Holdings Inc. · NASDAQ:FTRE
Fortrea — Q2 2025 Earnings Presentation
11 slides from Fortrea's earnings presentation, Aug 6, 2025
Slide 1: Q2 2025 Earnings Presentation
Q2 2025 Earnings Presentation 08.06.2025 Learn more at fortrea.com. ©2025 Fortrea Inc. All rights reserved. Fortrea Q2’2025 Earnings presentation
Slide 2: Forward-Looking Statements & Non-GAAP Financial Measures
FORWARD-LOOKING STATEMENTS & NON-GAAP FINANCIAL MEASURES Forward-Looking Statements Disclosure. Certain information in this presentation contains “forward-looking” statements. You should not place undue reliance on these statements. Forward-looking statements include information concerning our possi
Slide 3: Fortrea's Q2 2025 Highlights
Fortrea’s Q2 2025 Highlights Appointment of Anshul Thakral as CEO, bringing focus on growth and margin expansion Q2 Book-to-Bill of 0.79x impacted in part by CEO transition period Trailing 12 months Book-to-Bill of 1.10x Positive Q2 Cash flow and improvement in DSO in-line with expectations SG&A and
Slide 4: Welcoming Fortrea's new CEO, Anshul Thakral
Welcoming Fortrea's new CEO, Anshul Thakral Effective August 4, 2025 • Succeeds Interim CEO, Peter M. Neupert, who remains Chairman of the Board • Brings 25+ years of experience • Track record of executive leadership in biopharma companies, CROs, innovation, and commercial growth • Announcement Date
Slide 5: Q2'25 Key Financial Highlights
Q2’25– Key Financial Highlights Continuing Operations ($ in millions, except per share data) Q2 2024 Q2 2025 % Change Revenue $662.4 $710.3 7.2% Adj. EBITDA 1 $55.2 $54.9 (0.5)% % Adj. EBITDA Margin 1 8.3% 7.7% Net (Loss) $(99.3) $(374.9) 2 NM 3 Net (Loss) / diluted share $(1.11) $(4.14) NM 3 Adj. N
Slide 6: Cash Flow and Liquidity Profile
Cash Flow and Liquidity Profile Cash Flow QTD Q2 YTD Q2 Debt, Leverage and Liquidity June 30 ($ in millions) 2025 2025 ($ in millions) 2025 Operating Cash Flow $21.8 $(102.4) Gross Debt 2 $1,192.0 Less: CAPEX $(7.5) $(10.4) Cash and cash equivalents $81.2 Free Cash Flow 1 $14.3 $(112.8) Net Debt 3 $
Slide 7: 2025 Financial Guidance
2025 Financial Guidance Continuing Operations Q2’25 Actuals FY’25 Guidance 1 FX as of December 31, 2024 ($ in millions) Revenue $710.3 $2,600 - $2,700 Adj. EBITDA2 $54.9 $170 - $200 1 Full-year 2025 guidance measures (other than revenue) are provided on a non-GAAP basis without a reconciliation to t
Slide 8: Backlog & Burn Rate Metrics
Backlog & Burn Rate Metrics 9.0 20.0% 8.0 18.0% 7.0 7.6 7.7 7.7 7.5 16.0% 7.4 14.0% 6.0 12.0% 5.0 $Bn 8.9% 9.2% 9.2% 9.2% 10.0% 4.0 8.5% 8.0% 3.0 6.0% 2.0 4.0% 1.0 2.0% 0.0 0.0% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Closing Backlog Burn Rate Learn more at fortrea.com. ©2025 Fortrea Inc. All rights
Slide 9: Net Income to Adjusted EBITDA Reconciliation (Non-GAAP)
Net Income to Adjusted EBITDA Reconciliation (Non-GAAP) Continuing Operations Three Months Ended June 30, Six Months Ended June 30, Trailing Twelve Months Ended ($ in millions) 2025 2024 2025 2024 June 30, 2025 Adjusted EBITDA from continuing operations: Net loss from continuing operations $(1,030.2
Slide 10: Net Income to Adjusted Net Income Reconciliation (Non-GAAP)
Net Income to Adjusted Net Income Reconciliation (Non-GAAP) Continuing Operations Three Months Ended June 30, Six Months Ended June 30, ($ in millions, except per share data) 2025 2024 2025 2024 Adjusted net income (loss) from continuing operations: Net loss from continuing operations $(374.9) $(99.
Slide 11: Reconciliation of Non-GAAP Measures Notes
Reconciliation of Non-GAAP Measures Notes (slides 9 and 10) 1. Includes amortization of intangible assets acquired as part of business acquisitions. 2. The goodwill impairments primarily resulted from declines in the Company’s share price. The second quarter was also impacted by a market-driven incr