AECOM Long-term Financial Framework Includes Expectations To Deliver Annually: Organic NSR Growth Of 5%-8%; At Least 20 To 30 Basis Points Of Adjusted EBITDA Margin Expansion; At Least 100% Conversion Of Adjusted Net Income To Free Cash Flow; Double-Digit Adjusted EPS And Free Cash Flow Per Share Growth; Expects To Achieve An At Least 17% Adjusted EBITDA Margin Exiting Fiscal Year 2025 And An At Least 25% ROIC Over The Long Term

Fiscal 2025 Financial Guidance

• AECOM expects to deliver record net service revenue and profitability, margins and continued strong cash flow conversion, including:
  • Organic NSR2 growth of 5% to 8%.
    • Expect phasing to follow a normal seasonal pattern with accelerating growth as the year progresses.
  • Adjusted1 EBITDA4 of between $1,170 million and $1,210 million, reflecting an increase of 9% at the mid-point over fiscal 2024.
  • An adjusted EBITDA margin5 of 16.3%, representing a 30 basis point increase from fiscal 2024.
  • Adjusted1 EPS of between $5.00 and $5.20, reflecting an increase of 13% at the mid-point compared to fiscal 2024.
  • 100%+ free cash flow6 conversion.
• Other assumptions incorporated into guidance:
  • An average fully diluted share count of 134 million, which reflects only shares repurchased to-date, though the Company intends to continue repurchasing stock that would provide a benefit to per share earnings.
  • An adjusted effective tax rate of approximately 24% for the full year.
    • The Company expects to maintain an approximately 24% tax rate for the next several years.
• See the Regulation G Information tables at the end of this release for a reconciliation of non-GAAP measures to the most directly comparable GAAP measures.

Long-Term Financial Framework for Value Creation

• The Company's long-term financial framework includes expectations to deliver annually:
  • Organic NSR2 growth of 5% to 8%.
  • At least 20 to 30 basis points of adjusted EBITDA margin5 expansion.
  • At least 100% conversion of adjusted net income to free cash flow6.
  • Double-digit adjusted EPS1 and free cash flow6 per share growth.
• The Company also expects to achieve an at least 17% adjusted EBITDA margin5 exiting fiscal year 2025 and an at least 25% ROIC9 over the long term.