TIC : Q1 2026 Earnings Presentation

Published: 2026-05-06 07:08:13 ET TIC

Published on 05/06/2026 at 07:08 am EDT

May 6, 2026

A complete asset lifecycle performance and integrity platform providing TICC, engineering, and geospatial services across critical industries

Core Segments(1):

Inspection & Mitigation (I&M) Consulting Engineering (CE) Geospatial (GEO)

~52% of Revenue ($1.1B)

~6,400 employees

~55% US, ~45% Canada

Nondestructive testing (NDT), industrial rope access, engineering, and lab work to ensure asset integrity

~34% of Revenue (~$700M)

~4,200 employees

Primarily US-based, with ~13% International

Consulting and engineering services focused on infrastructure, buildings, data centers, utilities, and environmental

~14% of Revenue (~$300M)

~1,300 employees

Primarily US-based

LiDAR and geospatial data collection, mapping, analytics, and monitoring

Integrated Partnership across the Full Asset Lifecycle

(1) Revenue figures reflect combined FY2025 revenue. Employee counts reflect approximate headcount as of year-end 2025.

Note: Combined revenue figures are not in accordance with GAAP or Article 11 of Regulation S-X and represent the sum of Acuren reported Predecessor and Successor revenues and NV5 reported revenues for each fiscal period shown (NV5 segment and consolidated financials are sourced from annual SEC filings, investor presentations, and management estimates). No adjustments have been made. This presentation is for illustrative purposes only and does not reflect the results of the combined company had the merger occurred at the beginning of the periods presented. Refer to appendix for reconciliation to GAAP financial metrics.

TIC Solutions at a Glance: Company Overview

Scaled North American Provider of Tech-Enabled Testing, Inspection, Certification, and Compliance, Engineering, and Geospatial Services, with Differentiated Positions in Niche Markets

Services are Mission Critical, Non-Discretionary, and Often Recurring or Programmatic, with Compliance-Driven Demand

Diversified End Markets and Geographies, with Complementary Capabilities

Across Service Lines and Cross-Selling Opportunities

Attractive Financial Profile, with an Asset-Light Model, Low Capex, and Strong Cash Generation

Track Record of Above-Market Organic Growth, Supported by Disciplined, Accretive MCA in Fragmented Markets

TIC Solutions at a Glance: Investment Highlights

Revenue

1Q 2026

1Q 2025

$234

$488

(: in millions)

1Q 2026

1Q 2025

$59

$180

(: in millions and as % of revenue)

Adjusted Gross Profit(1)

25.2%

3C.3%

1Q 2026

1Q 2025

$26

$58

(: in millions and as % of revenue)

Adjusted EBITDA(1)

11.0%

11.8%

Acuren s NV5 Combined LTM Revenue vs 1 Year Ago(1)

LTM

Mar-26

LTM

Mar-25

$2,131

$2,071

Illustrative only - as if NV5 had been owned for the full periods shown

(: in millions)

(1) Represents a non-GAAP financial measure. Refer to Appendix for reconciliation to GAAP financial metrics.

TIC Solutions 1Q 2026 Performance Highlights

Revenue of $488M

Adjusted Gross Margin(1) of 36.9%

Adjusted EBITDA(1) of $58M

Adjusted EBITDA Margin(1) of 11.8%

1Q 2026 Summary

(: in millions, except per share amounts)

1Q 2026

1Q 2025

Revenue

$488.0

$234.2

Inspection & Mitigation Revenue

:234.8

:234.2

Consulting Engineering Revenue

187.3

Geospatial Revenue

c5.S

Gross Profit

$161.3

$43.7

Gross Margin

33.1%

18.c%

SGsA

$150.3

$3G.G

Operating Income (Loss)

($2G.1)

($G.4)

Net Income (Loss)

($41.4)

($25.6)

Earnings (Loss) per Share

($0.1G)

($0.21)

Adjusted Gross Profit(1)

$180.1

$5G.0

Adjusted Gross Margin (1)

3c.S%

25.2%

Adjusted EBITDA(1)

$57.7

$25.G

Adjusted EBITDA Margin (1)

11.8%

11.0%

(1) Represents a non-GAAP financial measure. Refer to Appendix for reconciliation to GAAP financial metrics.

TIC Solutions 1Q 2026 As Reported Key Profitability Metrics

Revenue of $488M

Adjusted Gross Margin(1) of 36.9%

Adjusted EBITDA(1) of $58M

Adjusted EBITDA Margin(1) of 11.8%

1Q 2026 Summary

(: in millions)

1Q 2026

1Q 2025

Combined Revenue(1)

$488.0

$468.3

Inspection & Mitigation Revenue

:234.8

:234.2

Consulting Engineering Revenue

187.3

171.0

Geospatial Revenue

c5.S

c3.0

Combined Adjusted Gross Profit(1)

$180.1

$173.5

Combined Adjusted Gross Margin (1)

3c.S%

37.1%

Inspection C Mitigation Adj. Gross Profit

$57.4

$59.0

I&M Adj. GM %

24.4%

25.2%

Consulting Engineering Adj. Gross Profit

$89.2

$80.3

CE Adj. GM %

47.c%

47.0%

Geospatial Adj. Gross Profit

$33.6

$34.1

GEO Adj. GM %

51.0%

54.2%

Combined Adjusted EBITDA(1)

$57.7

$55.6

Combined Adjusted EBITDA Margin (1)

11.8%

11.S%

(1) Represents a non-GAAP financial measure. Refer to Appendix for reconciliation to GAAP financial metrics.

Note: 1Q 2026 amounts reflect TIC Solutions' consolidated results as reported, and 1Q 2025 amounts reflect "Combined" amounts. 1Q 2025 combined revenue, combined adjusted gross profit, combined adjusted gross margin, and combined adjusted EBITDA figures are not presented in accordance with GAAP or Article 11 of Regulation S-X and represent the sum of Acuren reported Predecessor and Successor results and NV5 reported results for each fiscal period shown (NV5 segment and consolidated financials are sourced from annual SEC filings, investor presentations, and management estimates). Adjusted gross profit, adjusted gross margin, and adjusted EBITDA reflect each company's respective non-GAAP definitions and may not be comparable to similarly titled measures of other companies. No pro forma adjustments or purchase accounting adjustments have been made. This presentation is for illustrative purposes only and does not reflect the results of the combined company had the merger occurred at the beginning of the periods presented. Reconciliations to the most directly comparable GAAP measures are not provided for segment-level combined adjusted gross profit or combined adjusted gross margin.

TIC Solutions 1Q 2026 Combined Key Profitability Metrics

Revenue range of $2,150 - $2,250 million

Adjusted EBITDA range of $330 - $355 million

Appendix - Non-GAAP Reconciliations

(amounts in thousands)

(Unaudited)

Three Months Ended March 31, 2026

Inspection and Mitigation

Consulting Engineering

Geospatial

Total

Revenue

$ 234,827

$ 187,341

$ 65,861

$ 488,029

Cost of revenue

194,066

98,191

34,471

326,728

Gross profit

$ 40,761

$ 89,150

$ 31,390

$ 161,301

Depreciation expense included in cost of revenue

16,627

2,216

18,843

Adjusted gross profit

$ 57,388

$ 8G,150

$ 33,606

$ 180,144

Adjusted gross margin(1)

24.4%

47.6%

51.0%

36.G%

Three Months Ended March 31, 2025

(As Reported)

(Combined)

Total

Inspection and Mitigation

Consulting Engineering(2)

Geospatial(2)

Total

Revenue

$ 234,215

$ 171,029

$ 63,016

$ 468,260

Cost of revenue

190,546

90,687

30,628

311,861

Gross profit

$ 43,669

$ 80,342

$ 32,388

$ 156,399

Depreciation expense included in cost of revenue

15,362

1,759

17,121

Adjusted gross profit

$ 5G,031

$ 80,342

$ 34,147

$ 173,520

Adjusted gross margin(1)

25.2%

47.0%

54.2%

37.1%

Adjusted Gross Margin is calculated as Adjusted Gross Profit divided by revenue for the applicable period.

The amounts presented for the combined three months ended March 31, 2025 for Consulting Engineering and Geospatial are based on the Company's reclassification of certain costs that NV5 historically presented within "Salaries and wages, payroll taxes, and benefits" which the Company classifies as "Cost of revenue."

Note: Combined figures are not in accordance with GAAP or Article 11 of Regulation S-X and represent the sum of Acuren and NV5 reported results for each fiscal period shown. Amounts have been adjusted to conform presentation, including certain labor reclassifications between cost of revenue and SGCA to align direct and indirect labor treatment across the combined periods. NV5 reported on a weekly fiscal calendar, and the comparable period ended on March 29, 2025 rather than March 31, 2025. This presentation is for illustrative purposes only and does not reflect the results of the combined company had the merger occurred at the beginning of the periods presented.

Reconciliation of Non-GAAP Financial Measures Adjusted Gross Profit and Adjusted Gross Margin

(amounts in thousands)

(Unaudited)

Three Months Ended March 31,

2026 2025

Net loss

$ (41,549)

$ (25,793)

Income tax provision (benefit)

(16,458)

1,465

Interest expense, net

29,021

16,007

Depreciation and amortization expense

58,880

28,599

EBITDA

2G,8G4

20,278

Adjustments

Acuren Acquisition transaction related expenses (1)

467

Acquisition related transaction and integration expenses (2)

14,127

858

Business transformation costs (3)

2,198

2,650

Non-cash stock compensation expense (4)

12,912

1,108

Other non-recurring charges (5)

(1,385)

491

Adjusted EBITDA

$ 57,746

$ 25,852

Adjusted EBITDA margin (6)

11.8%

11.0%

Adjustment to add back transaction related expenses for the Acuren Acquisition.

Adjustment to add back transaction and acquisition integration related costs and similar items for acquisitions not including the Acuren Acquisition. This includes the costs related to the NV5 Acquisition in 2025.

Adjustment to reflect the elimination of non-recurring costs related to business transformation expenses.

Adjustment to add back stock compensation expense.

Adjustment to add back other non-recurring charges including restructuring charges, one-time IT development charges, and certain gains, losses and balance adjustments.

Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by combined revenues for the applicable period.

Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA Margin

(Unaudited)

Three Months Ended March 31, 2026

Change in Revenue (As Reported)

108.4%

Impact from NV5 Revenue(1)

104.1%

Total Combined Revenue Growth (As Reported)

4.3%

Foreign Currency Translation(2)

(1.2%)

Total Combined Revenue Growth (Constant Currency)

3.1%

Acquisitions(3)

(0.9%)

Organic Change in Revenue (NV5 Combined)

2.2%

Adjustment to include NV5's revenue for the three months ended March 31, 2025 for purposes of calculating combined organic revenue growth.

Represents the effect of foreign currency on reported revenue, calculated as the difference between reported revenue and revenue at fixed currencies for the period. Fixed currency amounts are based on translation into U.S. Dollars at fixed foreign

currency exchange rates established by management.

Adjustment to exclude revenue from material acquisitions from their respective dates of acquisition until the first year anniversary from date of acquisition. This adjustment also excludes material NV5 acquisitions from the combined comparable period.

Reconciliation of Non-GAAP Financial Measure

Organic Change in Revenue (On an NV5 Combined Basis)

Combined Revenue

(: in millions)

Last Twelve Months Ended March 2026

Last Twelve Months Ended March 2025

Acuren revenue from Successor period

$1,099.5

$697.7

Acuren revenue from Predecessor period

$410.8

Combined Acuren revenue(1)

$1,0GG.5

$1,108.5

NV5 revenue included in TIC results (after Aug 4, 2025 close)

$684.5

NV5 revenue not included in TIC results (through Aug 4, 2025)

$346.8

$962.8

Combined Acuren and NV5 revenue(2)

$2,130.8

$2,071.3

The Acuren combined financial information for the year ended December 31, 2024 includes the results of operations of ASP Acuren (Predecessor) for the period from January 1, 2024 to July 29, 2024 and Acuren Corporation (Successor) for the period from July 30, 2024 to December 31, 2024. The presentation of the combined financial information of the Predecessor and Successor periods is not in accordance with GAAP. Combined financial information consists of the mathematical addition of the Predecessor and Successor revenue. No other adjustments are made to the combined presentation.

The Acuren and NV5 combined financial information for the year ended December 31, 2024 includes the Acuren combined revenue and the NV5 reported revenue. NV5's fiscal year ends on or around December 28 or December 30, which may not align exactly with Acuren's December 31 year-end. 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 NV5 revenue. No other adjustments are made to the combined presentation.

Reconciliation of Non-GAAP Financial Measure Combined Revenue Reconciliation

Disclaimer

TIC Solutions Inc. published this content on May 06, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 06, 2026 at 11:07 UTC.