Fortrea Holdings Inc. · NASDAQ:FTRE
Fortrea — Q3 2025 Earnings Presentation
12 slides from Fortrea's earnings presentation, Nov 5, 2025
Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation 11.05.2025 Nasdaq: FTRE Learn more at fortrea.com. ©2025 Fortrea Inc. All rights reserved. Fortrea Q3’2025 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 Q3 2025 Highlights
Fortrea’s Q3 2025 Highlights CEO Anshul Thakral’s first 100 days: Driving global client & colleague engagement Q3 2025 Results ✓ Revenue & Adj. EBITDA in line with expectations ✓ Solid Q3 Book-to-Bill of 1.13x; Trailing 12-months Book-to-Bill of 1.07x in line with CRO peers ✓ Win rate reached highes
Slide 4: Key Pillars to Drive Revenue Growth & Margin Expansion
Key Pillars to Drive Revenue Growth & Margin Expansion Commercial Excellence Operational Excellence Financial Excellence • Expand reach to grow pipeline • Optimize project management • Ongoing right-sizing to match and new clients and enhance biotech operating resources to demand model • Expand ther
Slide 5: William Sharbaugh Appointed to the Board of Directors
William Sharbaugh Appointed to the Board of Directors Effective September 22, 2025 Background Highlights • 30 + years in Pharma, CRO and executive leadership • Current board roles include Ora LLC and Launch Therapeutics • Executive leadership experience from Bristol- Myers Squibb, Merck & Co. and PP
Slide 6: Q3'25 Key Financial Highlights
Q3’25– Key Financial Highlights Continuing Operations Q3 2025 Q3 2024 % Change (Y/Y) ($ in millions, except per share data) Revenue $701.3 $674.9 3.9% Adj. EBITDA 1 $50.7 $64.2 (21.0)% % Adj. EBITDA Margin 1 7.2% 9.5% Net Loss $(15.9) $(18.5) 14.1% improvement Net Loss / diluted share $(0.17) $(0.21
Slide 7: Cash Flow and Liquidity Profile
Cash Flow and Liquidity Profile Cash Flow QTD Q3 YTD Q3 Debt, Leverage and Liquidity September 30 ($ in millions) 2025 2025 ($ in millions) 2025 Operating Cash Flow $86.8 $(15.6) Gross Debt 2 $1,142.0 Less: CAPEX $(7.3) $(17.7) Cash and cash equivalents $131.3 Free Cash Flow 1 $79.5 $(33.3) Net Debt
Slide 8: 2025 Financial Guidance
2025 Financial Guidance Raising FY Revenue & Narrowing Adj. EBITDA Updated Previous Q3 25 Actuals FY 25 Guidance 1 FY 25 Guidance ($ in millions) as of June 30, 2025 Revenue $701.3 $2,700 - $2,750 $2,600 - $2,700 Adj. EBITDA2 $50.7 $175 - $195 $170 - $200 1 Full-year 2025 guidance measures (other th
Slide 9: 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 7.6 16.0% 14.0% 6.0 12.0% 5.0 $Bn 9.2% 9.2% 9.2% 9.3% 10.0% 4.0 8.5% 8.0% 3.0 6.0% 2.0 4.0% 1.0 2.0% 0.0 0.0% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Closing Backlog Burn Rate Learn more at fortrea.com. ©2025 Fortrea Inc. All rights
Slide 10: Net Income to Adjusted EBITDA Reconciliation (Non-GAAP)
Net Income to Adjusted EBITDA Reconciliation (Non-GAAP) Continuing Operations Three Months Ended September 30, Nine Months Ended September 30, Trailing Twelve Months Ended ($ in millions) 2025 2024 2025 2024 September 30, 2025 Adjusted EBITDA from continuing operations: Net loss from continuing oper
Slide 11: Net Income to Adjusted Net Income Reconciliation (Non-GAAP)
Net Income to Adjusted Net Income Reconciliation (Non-GAAP) Continuing Operations Three Months Ended September 30, Nine Months Ended September 30, ($ in millions, except per share data) 2025 2024 2025 2024 Adjusted net income from continuing operations: Net loss from continuing operations $(15.9) $(
Slide 12: Reconciliation of Non-GAAP Measures Notes (slides 10 and 11)
Reconciliation of Non-GAAP Measures Notes (slides 10 and 11) 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 inc