TiC Solutions — Third Quarter 2026 Earnings Summary

Financial Performance:

• Third quarter 2026 revenue was $639.6 million, a 35% increase year-over-year compared to $473.9 million in Q3 2025, primarily driven by the inclusion of NV5 Global results following the August 4, 2025 acquisition.
• On a combined basis, revenue grew 12.5% year-over-year, including 8.4% organic growth.
• Third quarter 2026 net loss was $11.1 million, an improvement from the $13.9 million net loss in Q3 2025.
• Diluted loss per share was $(0.05) for the quarter, compared to $(0.08) in the prior year period.
• Adjusted diluted EPS was $0.18 for the quarter.
• Adjusted EBITDA was $107.2 million, a 39% increase year-over-year from $77.3 million in Q3 2025.
• Adjusted EBITDA margin expanded approximately 90 basis points to 16.8%, up from 16.3% in the prior year period.
• Total liquidity as of September 30, 2026, was $293.3 million, comprising $197.9 million in cash and cash equivalents plus $125.0 million in undrawn capacity on the revolving credit facility.
• Total term loan debt was $1.6 billion, net of unamortized debt issuance costs.
• For the nine months ended September 30, 2026, revenue was $1,712.0 million compared to $1,022.0 million in the prior year period.
• Net loss for the nine months ended September 30, 2026, was $66.0 million compared to $39.9 million in the prior year period.
• Adjusted EBITDA for the nine months ended September 30, 2026, was $259.8 million compared to $157.7 million in the prior year period.
• Adjusted EBITDA margin for the nine months ended September 30, 2026, was 15.2% compared to 15.4% in the prior year period.

Guidance and Future Outlook:

• Full-year 2026 revenue guidance has been increased to a range of $2,240 million to $2,270 million.
• Full-year 2026 Adjusted EBITDA guidance has been narrowed to a range of $342 million to $350 million.
• Management aims to achieve 3/18/85 financial objectives for 2029, targeting 3% revenue growth, 18% Adjusted EBITDA margin, and 85% free cash flow conversion.
• Record backlog provides visibility heading into 2027.
• Management expects continued demand driven by investment in aging infrastructure, energy, data centers, and digitization.

Business Segments and Product Lines:

• Revenue increased across all three reportable segments: Inspection & Mitigation, Consulting & Engineering, and Geospatial.
• As of September 30, 2026, the combined Consulting & Engineering and Geospatial backlog reached a record $1.29 billion, up 23% year-over-year.
• Cross-selling is contributing to organic growth as teams combine inspection, engineering, and geospatial capabilities to support clients across the asset lifecycle.
• Recent acquisitions have added complementary capabilities and client relationships.

Market and Competitive Landscape:

• The company serves a diversified client base across principal end markets: oil and gas, industrials, buildings, power and utilities, infrastructure, natural resources, and aerospace and defense.
• The company serves federal, state, and municipal customers across public-sector applications and has exposure to data centers and other high-growth industries.
• Services are frequently non-discretionary, compliance-driven, and typically recurring in nature.
• The company operates across North America and select international markets with more than 12,000 professionals across over 250 locations.

Risks and Challenges:

• Risks include economic conditions affecting the industries served, including the construction industry and energy sector.
• Customer willingness to invest in infrastructure projects and potential declines in demand for services or customer products.
• Revenue is derived primarily from contracts with durations of less than six months, creating renewal risks.
• Risks associated with successfully acquiring and integrating businesses, including the NV5 acquisition.
• Potential for customers not renewing or entering into new contracts.
• Risks related to managing and estimating costs for specific customer projects, particularly fixed-price arrangements.
• Increases in material costs or reductions in supply.
• Inherently dangerous nature of services and potential liability.
• Seasonality and impact of weather conditions.
• Substantial level of indebtedness and restrictions on operations.
• Potential failure to realize anticipated synergies from the NV5 merger within the expected timeframe.
• Government shutdowns.

Management Commentary and Tone:

• CEO Ben Heraud described the quarter as a "record third quarter," highlighting progress on priorities including winning in essential end markets, expanding roles across the asset lifecycle, and improving profitability.
• Executive Chairman Robert A.E. Franklin stated that results reinforce the strategic rationale of combining Acuren and NV5, noting that recent acquisitions broaden growth opportunities in strategic end markets, service lines, and geographies.
• Management emphasized a priority to translate growth into sustained earnings, stronger cash generation, and long-term shareholder value.
• The tone indicates confidence in converting demand into profitable growth and stronger cash flow while remaining disciplined in capital allocation.

Other Key Points:

• The NV5 Global, Inc. acquisition was completed on August 4, 2025; all periods prior to this date reflect legacy Acuren results only.
• The company is focusing on improving cash conversion and reducing net leverage.
• Capital allocation strategy includes disciplined allocation to organic investment and acquisitions while strengthening the balance sheet.
• The company operates through three reportable segments: Inspection & Mitigation; Consulting & Engineering; and Geospatial.
• A conference call and webcast were held on November 5, 2026, to discuss results.