Tic Solutions, Inc. · NYSE:TIC
Tic Solutions — Acuren — Investor Presentation (June 2025)
32 slides from Tic Solutions's investor presentation, Jun 3, 2025
Slide 1: Investor Presentation June 2025
Investor Presentation June 2025
Slide 2: Disclaimer
Disclaimer 2 FORWARD - LOOKING STATEMENTS Please note that in this presentation Acuren Corporation (the “Company”) may discuss events or results that have not yet occurred or been realized, commonly referred to as forward - looking statements. Such discussion and statements may contain words such as
Slide 3: Disclaimer (cont.)
Disclaimer (cont.) 3 NO OFFER OR SOLICITATION This presentation does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any securities or a solicitation of any vote or approval with respect to the Merger with NV5 and the transactions contemplated thereby (the “Tr
Slide 4: Today's Presenters
Today’s Presenters Kristin Schultes Chief Financial Officer Talman Pizzey Chief Executive Officer Robert A.E. Franklin Co - Chairman
Slide 5: Leading Mission Critical Asset Integrity Services Provider
Leading Mission Critical Asset Integrity Services Provider Industrial Energy Processing Facilities Power, Renewables & Transition Acuren Protects Critical Assets & Infrastructure Acuren’s Key Service Offerings Power Generation Alternative Energy Wind Turbine Pipelines Refineries and Oil Sands Facili
Slide 6: Critical & Resilient Nature of Work Mix
Critical & Resilient Nature of Work Mix Recurring / re - occurring OpEx & Highly maintenance - linked work mix Attractive Service Type Mix Customers with multiple Acuren ~2,500 services across NDT, RAT Solutions and Engineering & Lab Testing Run & Maintain ~40 - 45% Call - Out ~40 - 45% Outage / Tur
Slide 7: ; 1991 – US Business established with Longview Inspection ; 1991 – Canspec Acquires
; 1991 – US Business established with Longview Inspection ; 1991 – Canspec Acquires Hanson Materials Engineering ; 1997 – Canspec & Longview Merger with ~$60M combined revenue ; Culture of organic and acquisitive growth ; Decentralized business, completed 38 acquisitions ; 1998 – Acquired training o
Slide 8: Resilient Financial Performance Across Economic Cycles
(1) $1,097 8 Energy Downturn COVID - 19 Pandemic Global Financial Crisis 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Acuren Revenue ($M) Resilient Financial Performance Across Economic Cycles Continuous Long - Term Revenue Growth Note: His
Slide 9: Expansive Platform with Strong Presence & Leadership Advantages
Expansive Platform with Strong Presence & Leadership Advantages U.K. Corporate Headquarters Field Service Center Engineering & Lab Services ~130 Total Field Service Centers 9 22 Engineering & Lab Services Locations ~8,600 Customer Sites ~6,000 Total Employees ~5,500 Technicians / Direct Labor 10 Str
Slide 10: Investment Highlights
Investment Highlights Leader in Highly Fragmented Industrial Testing, Inspection, Certification and Compliance (“TICC”) Market Mission Critical, Non - Discretionary Recurring Asset Integrity Services Provider Asset - Light, Low Capital Expenditures, High Free Cash Flow, and Disciplined Overhead Stru
Slide 11: Illustrative Customer Site OpEx
Illustrative Customer Site OpEx Acuren’s services are non - discretionary in nature and fueled by a heightened safety and regulatory environment Legislative / Regulatory Drivers Other Stakeholder Drivers Non - discretionary, Mandated quantity Specific testing compliance - driven and frequency modali
Slide 12: Acuren's Strategic Advantage
Acuren’s Strategic Advantage Direct Employee Utilization Total Recordable Incident Rate 2024 Adj. EBITDA Margin 96% 17% 0.12 ; Lean corporate overhead drives superior margins ; De - centralized corporate structure - division manager growth incentive plan ; Strong financial acumen across the organiza
Slide 13: Significant Expansion Opportunities in TICC & Engineering
Significant Expansion Opportunities in TICC & Engineering Core Served Addressable Market (SAM) Total Addressable Market (TAM) Expanded and Adjacent TICC Market (TAM+) Nondestructive Testing Rope Access Core Markets Engineering & Lab Drones / Robotics Renewable Energy Heat Treatment Rope Access Adjac
Slide 14: Conventional, Advanced and Tech-Enabled NDT
Conventional NDT Advanced NDT Tech - Enabled NDT Original method of nondestructive testing using inspectors to reliably and efficiently assess components and equipment for surface defects Radiographic Testing Magnetic Testing Ground Penetrating Radar Penetrant Testing Visual Inspection Nondestructiv
Slide 15: Rope Access Technician Solutions At-A-Glance
Testing & Inspection Specialty Craft Services V - Deck Access Platform Insulation & Asbestos Abatement Hoisting & Rigging Welding & Pipefitting Coating & Blasting Rope Access Technician Solutions At - A - Glance Nondestructive Testing Inspection services performed via ropes, including conventional N
Slide 16: Engineering & Lab Testing At-A-Glance
Engineering Solutions Engineering & Lab Testing At - A - Glance Lab Testing Solutions Field Engineering Provides portable testing and analysis techniques providing engineering services to remote locations Reliability Engineering Materials Engineering On - Site Engineering Material Failure Analysis F
Slide 17: Full Year 2024 Performance Highlights
Full Year 2024 Performance Highlights Revenue ($ in millions) (1) $1,097 $1,050 +5% 2024 2023 $294 2023 2024 $167 $187 2023 2024 ($ in millions and % as percent of revenue) 28.0% 28.5% 15.9% 17.0% Adjusted Gross Profit ($ in millions and % as percent of revenue) (1) $313 Adjusted EBITDA Note: Refer
Slide 18: Transformative NV5 Acquisition Announced on May 15, 2025
Transformative NV5 Acquisition Announced on May 15, 2025
Slide 19: Acuren/NV5 Combination Details
19 Acuren/NV5 Combination Details ; Cash consideration expected to be funded with a combination of cash on hand and newly issued debt financing ; Committed debt financing provided by Jefferies, expected to be structured as a term loan incremental to Acuren’s existing credit facility and with pricing
Slide 20: Acuren/NV5 Combination Highlights
Acuren/NV5 Combination Highlights Market Leader Generating ~$2bn+ in Revenue With Expanded Addressable Market 1 Transforms Acuren and Accelerates Growth Runway 2 Attractive Transaction Structure With Significant Alignment 3 • Creates leading global TICC and engineering services firm, with complement
Slide 21: NV5 Overview
U.S. 91% Foreign 9% NV5 Overview Key Offerings 2024A Revenue Breakdown by Segment & Geography Source: Company filings. (1) Includes revenue generated predominantly in UAE, Singapore, Malaysia and Hong Kong. Segment Overview Infrastructure, Engineering and Support Services Environmental Health Scienc
Slide 22: Combination Significantly Enhances Scale and Is Accretive to Financial Profile
Combination Significantly Enhances Scale and Is Accretive to Financial Profile 22 Source: Company filings. Note: Refer to reconciliations in appendix for adjusted financials. (1) Includes credit for ~$20mm of run - rate synergies. (2) Includes principal payments on finance lease obligations for Acur
Slide 23: Significant Upside from Acuren / NV5 Combination
Significant Upside from Acuren / NV5 Combination ; Significant combined overhead / corporate cost savings ; Opportunity to centralize and optimize certain functions (procurement, IT, insurance, etc.) Corporate Scale ; Expand geographically across untapped regions – sell NV5’s capabilities through Ac
Slide 24: Appendix – Non-GAAP Reconciliations
Appendix – Non - GAAP Reconciliations
Slide 25: Acuren Combined Revenue Reconciliation
Acuren Combined Revenue Reconciliation 25 Three months ended December 31, 2023 Three months ended December 31, 2024 Combined period ended December 31, 2023 Combined period ended December 31, 2024 $ 270,134 $ - $ 1,050,057 $ 633,866 Revenue from predecessor period - 262,042 - 463,527 Revenue from suc
Slide 26: Acuren Adjusted Gross Profit Reconciliation
Acuren Adjusted Gross Profit Reconciliation 26 (amounts in thousands) (Unaudited) 2024 Combined period January 1, 2024 through December 31, 2024 Successor period July 30 to December 31, 2024 103,679 $ Gross profit 25,282 Depreciation expense included in cost of revenue Predecessor period January 1 t
Slide 27: Acuren Adj. EBITDA Reconciliation
Acuren Adj. EBITDA Reconciliation 27 (1) Adjustment to add back expenses related primarily to the previous owner’s compensation, stock incentive plans and debt extinguishment costs. (2) Adjustment to add back the one time non cash stock compensation expenses for Founder Preferred Shares and independ
Slide 28: Acuren Adj. EBITDA Reconciliation (cont.)
Acuren Adj. EBITDA Reconciliation (cont.) (7) The Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by total revenues. 2023 Predecessor period January 1 to December 31, 2023 (6,289) $ Net income (loss) 2,009 Provision for income taxes 60,022 Interest expense, net 94,818 Depreciation an
Slide 29: Revenue Reconciliation
Revenue Reconciliation combined presentation. 29 Year ended December 31, 2024 Combined Revenue $633,866 Acuren revenue from predecessor period $463,527 Acuren revenue from successor period $1,097,393 Total combined Acuren revenue (1) $941,265 NV5 Revenue $2,038,658 Total Acuren and NV5 combined reve
Slide 30: NV5 Adj. EBITDA Reconciliation
30 NV5 Adj. EBITDA Reconciliation (1) Acquisition - related costs include contingent consideration fair value adjustments. Year ended December 28, 2024 NV5 EBITDA $27,979 Net income (loss) (1,726) Income tax benefit 17,181 Interest expense 66,611 Depreciation and amortization expense 25,981 Stock -
Slide 31: Combined EBITDA Reconciliation
31 Combined EBITDA Reconciliation (1) NV5’s fiscal year - end is December 28, 2024. (2) The presentation of the combined financial information of Acuren and NV5 is not in accordance with GAAP. Combined financial information consists of the mathematical addition of the combined Acuren revenue and the
Slide 32: Acuren
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