Fortrea Holdings Inc. · NASDAQ:FTRE
Fortrea — Q4 2025 Earnings Presentation
13 slides from Fortrea's earnings presentation, Feb 26, 2026
Slide 1: Q4 & FY 2025 Earnings Presentation
Q4 & FY 2025 Earnings Presentation 02.26.2026 Nasdaq: FTRE Learn more at fortrea.com. ©2026 Fortrea Inc. All rights reserved. Fortrea Q4’2025 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 poss
Slide 3: Fortrea's Q4 & FY 2025 Highlights
Fortrea’s Q4 & FY 2025 Highlights Execution on strategy towards achieving commercial, operational & financial excellence ✓ FY Revenue of $2.723B & Adj. EBITDA of $189.9M, in line with FY guidance ✓ Solid Q4 Book-to-Bill of 1.14x; Trailing 12-month Book-to-Bill of 1.02x ✓ Positive Q4 & FY operating a
Slide 4: Executing Three-Pillar Strategy to Drive Revenue Growth & Margin Expansion
Executing Three-Pillar Strategy to Drive Revenue Growth & Margin Expansion Commercial Excellence Operational Excellence Financial Excellence • Continued capability enhancements • Enhancing project management & • Delivered FY $153M gross / $93M net • Restructured sales force to sharpen biotech operat
Slide 5: Recent Leadership Updates to Support Execution
Recent Leadership Updates to Support Execution Strengthening Scientific Leadership, Early Development & Governance New Hires Dedicated Focus Leverages Scientific Expertise Agnieszka (Aggie) Gallagher Scott Dove, PhD Oren Cohen, MD General Counsel President, Clinical Chief Medical Officer Pharmacolog
Slide 6: Transformational Journey to Unlock Shareholder Value
Transformational Journey to Unlock Shareholder Value Sustained Revenue Growth & Margin Expansion (2026+) Strengthening Business Fundamentals (2023-2025) Key Levers to Execute: Commercial excellence Pay down debt & Consistent growth Structural accomplishments: reinvest in growth in bookings • Expand
Slide 7: Q4'25 / FY'25 – Key Financial Highlights
Q4’25 / FY’25 – Key Financial Highlights Continuing Operations % Change % Change Q4 2025 Q4 2024 FY25 FY24 ($ in millions, except per share data) (Y/Y) (Y/Y) Revenue $660.5 $697.0 (5.2)% $2,723.4 $2,696.4 1.0% Adj. EBITDA 1 $54.0 $56.0 (3.6)% $189.9 $202.5 (6.2)% % Adj. EBITDA Margin 1 8.2% 8.0% 20
Slide 8: Cash Flow and Liquidity Profile
Cash Flow and Liquidity Profile Cash Flow YTD Q4 2025 Debt, Leverage and Liquidity December 31 ($ in millions) ($ in millions) 2025 Gross Debt 2 $1,066.3 Operating Cash Flow $113.5 Cash and cash equivalents $174.6 Less: CAPEX $(25.2) Net Debt 3 $891.7 Free Cash Flow 1 $88.3 Net Leverage 4 4.7x Net D
Slide 9: Backlog & Burn Rate Metrics
Backlog & Burn Rate Metrics 9.0 20.0% 8.0 18.0% 7.0 7.7 7.7 7.5 7.6 7.7 16.0% 14.0% 6.0 12.0% 5.0 $Bn 9.2% 9.2% 9.3% 10.0% 8.5% 8.6% 4.0 8.0% 3.0 6.0% 2.0 4.0% 1.0 2.0% - 0.0% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Closing Backlog Burn Rate Learn more at fortrea.com. ©2026 Fortrea Inc. All rights r
Slide 10: 2026 Financial Guidance
2026 Financial Guidance FY’25 Actuals FY’26 Guidance 1 ($ in millions) Revenue $2,723.4 $2,550 - $2,650 Adj. EBITDA2 $189.9 $190 - $220 1 Full-year 2026 guidance measures (other than revenue) are provided on a non-GAAP basis without a reconciliation to the most directly comparable GAAP measure becau
Slide 11: Net Income to Adjusted EBITDA Reconciliation (Non-GAAP)
Net Income to Adjusted EBITDA Reconciliation (Non-GAAP) Continuing Operations Three Months Ended December 31, Years Ended December 31, ($ in millions) 2025 2024 2025 2024 Adjusted EBITDA from continuing operations: Net loss from continuing operations $(32.5) $(73.9) $(986.2) $(271.5) Income tax (ben
Slide 12: Net Income to Adjusted Net Income Reconciliation (Non-GAAP)
Net Income to Adjusted Net Income Reconciliation (Non-GAAP) Continuing Operations Three Months Ended December 31, Years Ended December 31, ($ in millions, except per share data) 2025 2024 2025 2024 Adjusted net income from continuing operations: Net loss from continuing operations $(32.5) $(73.9) $(
Slide 13: Reconciliation of Non-GAAP Measures Notes
Reconciliation of Non-GAAP Measures Notes (slides 11 and 12) 1. Includes amortization of intangible assets acquired as part of business acquisitions. 2. The goodwill impairments occurred during the first half of 2025 and primarily resulted from declines in the Company’s share price. The second quart