Slide 1: Q3 Earnings Call
Q3 Earnings 25 Call July 31, 2025 Dan Batrack, Chairman & CEO Steve Burdick, Executive VP & CFO Leslie Shoemaker, Executive VP
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: Q3-25 Results (Excl. USAID and DOS)
Q3-25 Results (Excl. USAID and DOS) Net Revenue Operating Income EPS $1.06B $159M $0.41 $0.96B $116M $0.28 +11% +37% +46% Q3-24 Q3-25 Q3-24 Q3-25 Q3-24 Q3-25 Refer to appendix for reconciliation summary. 3
Slide 4: Q3-25 Performance by Segment
Q3-25 Performance by Segment Segment Net Revenue ($M) OI Margin (%) Comments $429 19.9% GSG $334 17.6% • Disaster Response up (Excl. USAID & DOS) +29% +230 • Water Infrastructure up bps Q3-24 Q3-25 Q3-24 Q3-25 $621 $633 15.2% 13.9% • U.K. Water up CIG CIG +130 +2% • Australia Infrastructure down bps
Slide 5: Q3-25 Net Revenue by Customer
Q3-25 Net Revenue by Customer (Excl. USAID and DOS) % of Net Rev. Customer Comments Net Rev. Y/Y • Defense / U.S. Army Corps of Engineers up U.S. Federal 25% +46%* • Disaster Response up • Disaster Response up U.S. State & Local 14% +30%* • Water Infrastructure up • Environmental Services stable U.S
Slide 6: Q3-25 Backlog and Recent Key Contract Wins
Q3-25 Backlog Recent Key Contract Wins (Excl. USAID and DOS) • $990 million multiple-award contract for engineering design for NAVFAC Pacific $4.15B • $249 million multiple-award contract for energy resilience for USACE $4.14B Huntsville District $3.85B • $248 million multiple-award contract for pla
Slide 7: FY25 YTD Financial Overview
FY25 YTD Financial Overview Net Revenue ($ in millions) EBITDA* ($ in millions) $3,454 $476 $3,177 $415 +9% Y/Y +15% Y/Y Q3-24 YTD Q3-25 YTD Q3-24 YTD Q3-25 YTD Operating Income* ($ in millions) Diluted EPS* $432 $1.11 $358 $0.88 +21% Y/Y +26% Y/Y Q3-24 YTD Q3-25 YTD Q3-24 YTD Q3-25 YTD *Refer to ap
Slide 8: Q3-25 Cash Flow Overview
Q3-25 Cash Flow Overview Cash Flow from Ops TTM ($ in millions) Days Sales Outstanding Net Debt Leverage 67 $462 1.15x 54 56 11-day Target: $376 +23% Y/Y 0.96x sequential 1.0x-2.0x improvement Q3-24 Q3-25 Q3-24 Q2-25 Q3-25 Q3-24 Q3-25 FY2025 Return On Capital Employed (ROCE) ≈ 20% 8
Slide 9: Capital Allocation
Capital Allocation • Technical innovation and further AI applications Growth • Water & Environment focus in key geographies Initiatives • Closed the SAGE acquisition Cash Flow • $248M in dividends and buyback YTD $462M Return to Shareholders • $648M total authorized buyback available • Quarterly div
Slide 10: U.S. Federal Budget Update
U.S. Federal Budget Update • One Big Beautiful Bill Act (OBBBA) signed July 4, 2025 • Supplemental funding and realignment to Administration Priorities • Leverage Tetra Tech’s U.S. Federal contract capacity Incremental Agency Priorities Tetra Tech Differentiation Funding Improve water infrastructure
Slide 11: Digital Water Automation
Digital Water Automation • Global automation market projected to grow to $627B by 2030 @ 20% CAGR • Accelerated by rapid advances in AI, cloud computing, IoT, and automation systems U.S. State and Local Governments Global Commercial Key Drivers: Key Drivers: • Automation for water treatment operatio
Slide 12: Guidance
Guidance Net Revenue Adjusted EPS Q4-25 without USAID and DOS* Net Revenue Adjusted EPS Q4-25 $1.0B - $1.1B $0.38 - $0.43 +4% +18% +15% FY-25 $4.454B - $4.554B $1.49 - $1.54 Assumptions Q4-25 Q4-24 Q4-25 Q4-24 Q4-25 • $40M - $50M net revenue for USAID and DOS *Midpoint of the range • Intangible amor
Slide 13: Summary
Summary • Solid third quarter and year-to-date performance • Significant margin expansion • Continued demand for our differentiated water services • Strong balance sheet for future capital deployment 13
Slide 14: Questions & Answers
[Te] TETRA TECH Questions & Answers
Slide 15: Appendix
Appendix 15
Slide 16: FY25 GAAP Reconciliation Summary
FY25 GAAP Reconciliation Summary ($ in millions, except EPS) Q3-25 Revenue Net Revenue Operating Income EPS As Reported $1,370 $1,153 $165 $0.43 Less: USAID / DoS (106) (91) (6) (0.02) As Reported excl. USAID / DoS $1,264 $1,062 $159 $0.41 YTD-25 Revenue Net Revenue Operating Income EPS As Reported
Slide 17: FY24 GAAP Reconciliation Summary
FY24 GAAP Reconciliation Summary ($ in millions, except EPS) Q3-24 Revenue Net Revenue Operating Income EPS As Reported $1,344 $1,110 $129 $0.32 Less: USAID / DoS (195) (155) (13) (0.04) As Reported excl. USAID / DoS $1,149 $955 $116 $0.28 YTD-24 Revenue Net Revenue Operating Income EPS As Reported