Slide 1: Willdan Group Q4 FY25 Earnings Call
WILLDAN GROUP, INC. Q4 FY25 Earnings Call NASDAQ: WLDN February 26, 2026 Mike Bieber, President & CEO Kim Early, Executive Vice President & CFO Safe Harbor Statement – Statem ents i n this pres entati on tha t are not purel y his tori ca l, a re f orward -looki ng s ta tements that i nvolve ris ks a
Slide 2: 2025 Key Takeaways
2025 Key Takeaways Strong finish to a record year FY’25 vs. FY’24 ▪ Contract Revenue $682M + 21% ▪ Net Revenue $365M + 23% ▪ Adjusted EBITDA $79.5M + 40% ▪ GAAP EPS $3.49 + 121% ▪ Adjusted EPS $4.89 + 101% 23% net revenue growth = 17% organic + 6% acquisitive Rising electricity demand fuels positive
Slide 3: Willdan Provides Energy & Infrastructure Solutions
Willdan Provides Energy & Infrastructure Solutions* Commercial Services by Segment Customer Mix 11% Utilities 41% Energy (85%) State & Local Gov’t 48% ▪ Policy, Forecasting, and Data Analytics ▪ Energy Engineering ▪ Program Management Engineering & Consulting (15%) Contract Type T&M 18% Fixed ▪ Civi
Slide 4: Upfront Policy Work Informs Willdan Strategy
Upfront Policy Work Informs Willdan Strategy COLLABORATION EXAMPLE: MODEL Powering Data Centers Policy, Forecasting, & Data Hyperscaler master planning Analytics and location analysis Engineering Design/build electricity supply Program Management O&M energy optimization Project Size 4
Slide 5: Notable Wins
Notable Wins Since last earnings call Client Description 1. City of San Diego - $112M Municipal energy efficiency project 2. Mt. San Antonio College, Walnut, CA - $49M Integrated DER & microgrid-enabled campus resiliency project 3. Menlo Digital, Phoenix - $38M Interconnect substation for data cente
Slide 6: Data Center Demand for Energy is Growing
Data Center Demand for Energy is Growing 35 GW active construction pipeline estimated across the U.S. Demand appears durable at least through 2030 6
Slide 7: Energy Efficiency Provides Grid Capacity
Energy Efficiency Provides Grid Capacity Increasing focus on capacity-driven and locational efficiency programs Renewed regulatory emphasis on affordability Accelerating grid modernization Recognition of efficiency as a reliable resource during winter and summer peak events Energy efficiency is a co
Slide 8: Financial Results
FINANCIAL RESULTS Kim Early, EVP & CFO
Slide 9: Q4'25 v Q4'24
Q4’25 v Q4’24 ($ in millions, except for EPS) Contract Revenue Net Revenue Gross Profit Adjusted EBITDA Adjusted EPS $174M $1.57 $89.5M $62.6M $20.0M +21% +13% +14% +109% +13% $144M $79.3M $55.0M $17.7M $0.75 Q4’24 Q4’25 Q4’24 Q4’25 Q4’24 Q4’25 Q4’24 Q4’25 Q4’24 Q4’25 Broad-based growth drove a stro
Slide 10: FY'25 v FY'24
FY’25 v FY’24 ($ in millions, except for EPS) Contract Revenue Net Revenue Gross Profit Adjusted EBITDA Adjusted EPS $682M $79.5M $4.89 $365M $256M +40% +21% +26% +101% +23% $566M $296M $203M $56.8M $2.43 FY’24 FY’25 FY’24 FY’25 FY’24 FY’25 FY’24 FY’25 FY’24 FY’25 Revenue and margin growth propelled
Slide 11: Balance Sheet & Liquidity
Balance Sheet & Liquidity ($ in millions, except for FCF/share) FREE CASH FLOW NET DEBT/ADJUSTED EBITDA TTM FY’24 FY’25 Cash Flow From Operations $72 $80 0.3x 0.0x* Less: Capital Expenditures 8 9 Free Cash Flow $64 $71 12/27/24 01/02/26 Free Cash Flow per Share $4.49 $4.64 * At 1/02/2026, Willdan wa
Slide 12: 4-Year CAGR
4-Year CAGR ($ in millions) Gross Revenue Net Revenue Adj. EBITDA $700.0 $681.6 $90.0 $390.0 $650.0 $79.5 $364.8 $370.0 $80.0 $600.0 $350.0 $565.8 $550.0 4-Year $330.0 4-Year $70.0 4-Year CAGR: 18% $510.1 $310.0 CAGR: 16% $296.3 $60.0 CAGR: 30% $56.8 $500.0 $290.0 $269.7 $50.0 $45.7 $450.0 $429.1 $2
Slide 13: Adj. EBITDA & Margin Improvement
Adj. EBITDA & Margin Improvement ($ in millions) $100.0 25.0% # ~22% $90.0 21.8% 23.0% $80.0 21.0% 19.2% $70.0 19.0% 16.9% $60.0 17.0% $50.0 15.0% 13.7% $85-90 $40.0 $79.5 13.0% 10.3% $30.0 11.0% $56.8 $45.7 $20.0 9.0% $27.5 $23.3 $10.0 7.0% $0.0 5.0% 2021 2022 2023 2024 2025 2026E Adj. EBITDA Adjus
Slide 14: 2026 Financial Targets
2026 Financial Targets* * Financial Targets assume no future acquisitions Financial Metric Range % ∆ from ‘25 Actual Net Revenue $390-405M 7-11% Adjusted EBITDA $85-90M 7-13% Adjusted Diluted EPS $4.50-4.70 (4-8%) Full Year Effective Tax Benefit 10% 214bps Average Diluted Common Shares 15.8M 5% 14
Slide 15: Key Takeaways
Key Takeaways Record 2025 – continued growth and margin expansion Strong balance sheet and ample liquidity At center of growing energy and infrastructure markets Disciplined M&A pipeline to enhance scale and capabilities 15
Slide 16: Q&A
Q&A
Slide 17: Appendix
NV WILLDAN APPENDIX
Slide 18: Reconciliation of Contract to Net Revenue
Reconciliation of Contract to Net Revenue ($ in millions) Note: totals may not foot due to rounding FY’23 FY’24 FY’25 Q4’24 Q4’25 CONSOLIDATED Contract Revenue $510.1 $565.8 $681.6 $144.1 $173.7 Subcontractor services & other direct costs 240.4 269.5 316.8 64.8 84.2 Net Revenue $269.7 $296.3 $364.8
Slide 19: Reconciliation GAAP Net Income to Adjusted EPS
Reconciliation GAAP Net Income to Adjusted EPS ($ & shares in millions except per share amounts) Note: totals may not foot due to rounding FY’23 FY’24 FY’25 Q4’24 Q4’25 Net Income $10.9 $22.6 $52.6 $7.7 $18.7 Stock-based Compensation, net of tax 4.3 6.1 9.7 1.7 2.5 Intangible Amortization, net of ta
Slide 20: Reconciliation GAAP Net Income to Adjusted EBITDA
Reconciliation GAAP Net Income to Adjusted EBITDA ($ in millions) Note: totals may not foot due to rounding FY’23 FY’24 FY’25 Q4’24 Q4’25 Net Income $10.9 $22.6 $52.6 $7.7 $18.7 Interest Expense 9.4 7.8 5.7 1.8 0.9 Income Tax Expense (Benefit) 3.7 4.1 (12.6) 2.2 (8.4) Stock-based Compensation 5.3 7.
Slide 21: Revenue by Segment, Offices & Employees
Revenue by Segment, Offices & Employees ($ in millions) Note: totals may not foot due to rounding Engineering & Consulting 15% 58 25 (states plus Offices Canada, D.C. & Puerto Rico) Energy 1,814 85% Employees (as of 01/02/26) Appendix
Slide 22: Definition of Terms
Definition of Terms NET REVENUE – Contract Revenue less Subcontractor Services and Other Direct Costs ADJUSTED EBITDA – Net Income plus Interest Expense, Income Tax Expense (Benefit), Stock- Based Compensation, Interest Accretion, Depreciation and Amortization, Gain (Loss) On Sale of Equipment, and