AECOM · Earnings release · 8-K Exhibit 99

Press Release

Investor Contact:

Will Gabrielski

Senior Vice President, Finance, Treasurer

William.Gabrielski@aecom.com

Media Contact:

Brendan Ranson-Walsh

Global Head of Communications

Brendan.Ranson-Walsh@aecom.com

AECOM reports third quarter fiscal 2025 results

·

Net service revenue growth accelerated in both segments

·

Adjusted EBITDA and adjusted EPS set quarterly records

·

Achieved a milestone margin performance with continued expansion opportunities

ahead

·

Unprecedented visibility with both backlog and pipeline at all-time highs

·

Increased full year financial guidance for a third consecutive quarter

DALLAS (August 4, 2025) — AECOM (NYSE: ACM), the

trusted global infrastructure leader, today reported third quarter fiscal 2025 results.

(from Continuing Operations;

$ in millions, except EPS)

As Reported

Adjusted1

(Non-GAAP)

As Reported

YoY % Change

Adjusted

YoY %

Change

Revenue

$

--

1

%

--

Net Service Revenue (NSR)2

--

$

--

6

%

Operating Income

$

$

%

%

Segment Operating Margin3

--

%

--

Net Income

$

$

%

%

EPS (Fully Diluted)

$

$

%

%

EBITDA4

--

$

--

%

EBITDA Margin5

--

%

--

Operating Cash Flow

$

--

(3

%)

--

Free Cash Flow6

--

$

--

(4

%)

Total Backlog7

$

--

5

%

--

“The strength of our third quarter results, which included outperformance

on all key financial metrics, demonstrated the benefits of our competitive edge platform and the high returns we earn on our growth investments,”

said Troy Rudd, AECOM’s chairman and chief executive officer. “Our visibility has never been stronger – T1driven by the

secular investment megatrends of infrastructure, sustainability and resilience, and energy – and T2our backlog and pipeline are at

record highs. Our win rates are at all-time high levels, and we are confident in continued growth in the earnings power of our business.

T3This quarter, we also reached a major milestone by delivering a 17.1% segment adjusted operating margin, exceeding our long-term 17% target

more than one year ahead of our prior expectation. Leading our industry in margins has been a hallmark of our performance over the past

several years. Importantly, these margins include record investments in organic growth initiatives, such as in our advisory business and

in our technical capabilities, underscoring the high returns we earn on our investments and the continued opportunity to expand margins

over time.”

“No company can match what AECOM provides in scale, technical

expertise and innovation, and we are well-positioned to take advantage of long-term opportunities from the multi-decade secular growth

megatrends across our markets,” said Lara Poloni, AECOM’s president. “As projects become more complex and unprecedented

in size and scope, our ability to provide advisory, program management, and design expertise creates an unrivaled value proposition for

our clients. Our market leading position was further validated by ENR’s most recent survey that included number one rankings in

mass transit, highways, bridges and remediation, which underscores the ideal position we have to capitalize on strong demand.”

“We continue to deliver on our key commitments that underpin

long-term value creation, highlighted this quarter by the achievement of a margin in excess of our 17% target well ahead of the timeline

we previously communicated, as well as record adjusted EBITDA and EPS,” said Gaurav Kapoor, AECOM’s chief financial and operations

officer. “T4We also continue to convert our record earnings to cash flow at a strong rate, with year-to-date free cash flow increasing

by 27% over the prior year to a new all-time high. As a result, T5we have returned nearly $240 million of capital to shareholders through

repurchases and dividends in the year, inclusive of our most recent dividend in July, and we remain committed to maximizing value for

our investors.”

1

Third Quarter Highlights

·

Revenue increased slightly; net service revenue2 increased by

6%, highlighted by 8% growth in the Company’s largest and most profitable segment, the Americas.

·

Operating income increased by 29%; the segment adjusted1 operating

margin3 increased by 90 basis points to 17.1% and the adjusted1 EBITDA margin5 increased by 110 basis

points to 17.6%, both of which set new quarterly records.

·

Net income increased by 35%; adjusted1 EBITDA4 increased

by 10% and adjusted1 EPS increased by 16%.

·

Free cash flow6 of $262 million resulted in a 27% increase in

year-to-date free cash flow to $551 million, which marked a new all-time high for the first three quarters of the year.

·

Total backlog7 increased by 5% to a record high, driven by a 1.0x

book-to-burn8 ratio in each of the Americas and International design businesses.

-

Design backlog7 increased by 5% to a record high, including 6%

contracted backlog growth.

-

The Company delivered a 19th consecutive quarter with a book-to-burn

ratio8 in excess of 1.0x.

-

The pipeline of opportunities increased to a new record, including growth

in both the Americas and International segments, as well as double-digit growth in the earliest stages of the pipeline, which is evidence

of the long-term nature of the current investment cycle.

Financial Guidance

·

T6AECOM increased its fiscal 2025 guidance for adjusted EBITDA, adjusted EPS,

segment adjusted operating margin and adjusted EBITDA margin; the Company expects to deliver:

-

Organic NSR2 growth of 5% to 8%, consistent with prior guidance.

-

million, a 10% increase at the mid-point of the range.

-

Adjusted1 EPS of between $5.20 and $5.30, a 16% increase at the

mid-point of the range.

-

70 basis points of both segment adjusted1 operating margin3and adjusted EBITDA margin5 expansion to 16.5% and 16.7%, respectively.

-

100%+ free cash flow6 conversion.

·

Other assumptions incorporated into fiscal 2025 guidance:

-

An average fully diluted share count of 133 million, which reflects shares

repurchased to-date.

-

An adjusted effective tax rate of approximately 24% for the full year.

·

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.

Business Segments

Americas

Revenue in the third quarter was $3.3 billion, a 1% increase from the

prior year. Net service revenue2 was $1.2 billion, an 8% increase from the prior year. This performance included continued

strong growth in the U.S., as well as the seventh consecutive quarter of double-digit growth in Canada. Both markets are benefiting from

strong public infrastructure investment and a strong win rate.

Operating income increased by 16% to $241 million and on an adjusted1basis increased by 14% to $241 million. The adjusted operating margin on net service revenue increased by 120 basis points over the prior

year to 20.5%, a new quarterly high and consistent with the Company’s expectation for continued long-term margin expansion resulting

from its competitive advantage. This performance includes strong execution, the benefits from high-returning organic growth investments,

ongoing continuous improvement initiatives, and growth in the Company’s higher margin Advisory business.

Backlog in the Americas segment is at a record high, driven by a 1.0x

book-to-burn ratio8.

International

Revenue in the third quarter was $901 million, a slight decline from

the prior year. Net service revenue2 was $759 million, a 3% increase from the prior year. Growth was driven by the U.K. and

Middle East markets, which was partially offset by a decline in Australia.

Operating income and adjusted1 operating income increased

7% and 6%, respectively, to $90 million. The adjusted operating margin on net service revenue increased by 20 basis points over the prior

year to 11.9%, which reflected continued strong execution and the Company’s focus on high-returning markets and opportunities across

its largest geographies.

Backlog in the International segment is at a record high, driven by

a 1.0x book-to-burn ratio8.

2

Balance Sheet and Capital Allocation Update

The Company ended the quarter with a strong balance sheet, including

net leverage9 of 0.6x. Since the initiation of its stock repurchase program in September 2020, the Company has repurchased

more than $2.3 billion of stock, which represents approximately one-third of the Company’s market capitalization at the time it

commenced repurchases, and has returned more than $2.7 billion of capital inclusive of dividends.

Tax Rate

The effective tax rate was 24.2% in the third quarter. On an adjusted10basis, the effective tax rate was 27.0%. The Company continues to expect a full year adjusted tax rate of approximately 24%. The adjusted

tax rate was derived by re-computing the quarterly effective tax rate on adjusted net income. The adjusted tax expense differs from the

GAAP tax expense based on the taxability or deductibility and tax rate applied to each of the adjustments.

Conference Call

AECOM is hosting a conference call tomorrow at 8 a.m. Eastern

Time, during which management will make a brief presentation focusing on the Company's results, strategy and operating trends, and outlook.

Interested parties can listen to the conference call and view accompanying slides via webcast at https://investors.aecom.com.

The webcast will be available for replay following the call.

1 Excludes the impact of certain items, such as restructuring

costs, amortization of intangible assets, non-core AECOM Capital and other items. See Regulation G Information for a reconciliation of

non-GAAP measures to the comparable GAAP measures.

2 Revenue, less pass-through revenue; growth rates are

presented on a constant-currency basis.

3 Reflects segment operating performance, excluding AECOM

Capital and G&A, and margins are presented on a net service revenue basis.

4 Net income before interest expense, tax expense, depreciation

and amortization.

5 Adjusted EBITDA margin includes non-controlling interests

in EBITDA and is on a net service revenue basis.

6 Free cash flow is defined as cash flow from operations

less capital expenditures, net of proceeds from disposals of property and equipment; free cash flow conversion is defined as free cash

flow divided by adjusted net income attributable to AECOM.

7 Backlog represents the total value of work for which

AECOM has been selected that is expected to be completed by consolidated subsidiaries; growth rates are presented on a constant-currency

basis.

8 Book-to-burn ratio is defined as the dollar amount of

wins divided by revenue recognized during the period.

9 Net leverage is comprised of EBITDA as defined in the

Company’s credit agreement dated October 17, 2014, as amended, and total debt on the Company’s financial statements,

net of total cash and cash equivalents.

10 Inclusive of non-controlling interest deduction and adjusted

for financing charges in interest expense, the amortization of intangible assets and is based on continuing operations. The adjusted tax

rate was derived by re-computing the quarterly effective tax rate on adjusted net income. The adjusted tax expense differs from the GAAP

tax expense based on the taxability or deductibility and tax rate applied to each of the adjustments.

About AECOM

AECOM (NYSE: ACM) is the global infrastructure leader, committed to

delivering a better world. As a trusted professional services firm powered by deep technical abilities, we solve our clients’ complex

challenges in water, environment, energy, transportation and buildings. Our teams partner with public- and private-sector clients to create

innovative, sustainable and resilient solutions throughout the project lifecycle – from advisory, planning, design and engineering

to program and construction management. AECOM is a Fortune 500 firm that had revenue of $16.1 billion in fiscal year 2024. Learn more

at aecom.com.

3

Forward-Looking Statements

All statements in this communication other than statements of historical

fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements of the plans,

strategies and objectives for future operations, profitability, strategic value creation, capital allocation strategy including stock

repurchases, risk profile and investment strategies, and any statements regarding future economic conditions or performance, and the expected

financial and operational results of AECOM. Although we believe that the expectations reflected in our forward-looking statements are

reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important

factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or

projections contained in our forward-looking statements include, but are not limited to, the following: our business is cyclical and vulnerable

to economic downturns and client spending reductions; potential government shutdowns, changes in administration or other funding directives

and circumstances that may cause governmental agencies to modify, curtail or terminate our contracts; losses under fixed-price contracts;

limited control over operations that run through our joint venture entities; liability for misconduct by our employees or consultants;

changes in government laws, regulations and policies, including failure to comply with laws or regulations applicable to our business;

maintaining adequate surety and financial capacity; potential high leverage and inability to service our debt and guarantees; ability

to continue payment of dividends; T7exposure to political and economic risks in different countries, including tariffs and trade policies,

geopolitical events, and conflicts; inflation, currency exchange rates and interest rate fluctuations; changes in capital markets and

stock market volatility; retaining and recruiting key technical and management personnel; legal claims and litigation; inadequate insurance

coverage; environmental law compliance and adequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog;

partners and third parties who may fail to satisfy their legal obligations; managing pension costs; AECOM Capital real estate development

projects; cybersecurity issues, IT outages and data privacy; risks associated with the benefits and costs of the sale of our Management

Services and self-perform at-risk civil infrastructure, power construction and oil and gas businesses, including the risk that any purchase

adjustments from those transactions could be unfavorable and result in any future proceeds owed to us as part of the transactions could

be lower than we expect; as well as other additional risks and factors that could cause actual results to differ materially from our forward-looking

statements set forth in our reports filed with the Securities and Exchange Commission. Any forward-looking statements are made as of the

date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement.

Non-GAAP Financial Information

This communication contains financial information calculated other

than in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company believes that non-GAAP financial

measures such as adjusted EPS, adjusted EBITDA, adjusted net/operating income, segment adjusted operating margin, adjusted tax rate, net

service revenue and free cash flow provide a meaningful perspective on its business results as the Company utilizes this information to

evaluate and manage the business. We use adjusted operating income, adjusted net income, adjusted EBITDA and adjusted EPS to exclude the

impact of certain items, such as amortization expense and taxes to aid investors in better understanding our core performance results.

We use free cash flow to present the cash generated from operations after capital expenditures to maintain our business. We present net

service revenue (NSR) to exclude pass-through subcontractor costs from revenue to provide investors with a better understanding of our

operational performance. We present segment adjusted operating margin to reflect segment operating performance of our Americas and International

segments, excluding AECOM Capital. We present adjusted tax rate to reflect the tax rate on adjusted earnings. We also

use constant-currency growth rates where appropriate, which are calculated by conforming the current period results to the comparable

period exchange rates.

Our non-GAAP disclosure has limitations as an analytical tool, should

not be viewed as a substitute for financial information determined in accordance with GAAP, and should not be considered in isolation

or as a substitute for analysis of our results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures

that may be presented by other companies. A reconciliation of these non-GAAP measures is found in the Regulation G Information tables

at the back of this communication. The Company is unable to reconcile certain of its non-GAAP financial guidance and long-term financial

targets due to uncertainties in these non-operating items as well as other adjustments to net income. The Company is unable to provide

a reconciliation of its guidance for NSR to GAAP revenue because it is unable to predict with reasonable certainty its pass-through revenue.

5

AECOM

Consolidated Statements

of Income

(unaudited - in thousands, except per share

data)

Three Months Ended

Nine Months Ended

% Change

% Change

Revenue

$

$

%

$

$

)%

Cost of revenue

)%

)%

Gross profit

%

%

Equity in earnings (losses) of joint ventures

)%

)

)%

General and administrative expenses

)

)

%

)

)

%

Restructuring costs

—

)

)%

—

)

)%

Income from operations

%

%

Other income (loss)

)%

)

)%

Interest income

)%

%

Interest expense

)

)

)%

)

)

)%

Income from continuing operations before taxes

%

%

Income tax expense for continuing operations

%

%

Net income from continuing operations

%

%

Net (loss) income from discontinued operations

)

)%

)

)

)%

Net income

%

%

Net income attributable to noncontrolling interests

from continuing operations

)

)

%

)

)

%

Net income attributable to noncontrolling interests from discontinued operations

—

)

)%

)

)

)%

Net income attributable to noncontrolling interests

)

)

%

)

)

%

Net income attributable to AECOM from continuing operations

%

%

Net (loss) income attributable to AECOM from discontinued operations

)

)%

)

)

)%

Net income attributable to AECOM

$

$

)%

$

$

%

Net income (loss) attributable to AECOM

per share:

Basic continuing operations per share

$

$

%

$

$

%

Basic discontinued operations per share

)

)%

)

)

)%

Basic earnings per share

$

$

%

$

$

%

Diluted continuing operations per share

$

$

%

$

$

%

Diluted discontinued operations per share

)

)%

)

)

)%

Diluted earnings per share

$

$

%

$

$

%

Weighted average shares outstanding:

Basic

)%

)%

Diluted

)%

)%

6

AECOM

Balance Sheet Information

(unaudited - in thousands)

Balance Sheet Information:

Total cash and cash equivalents

$

$

Accounts receivable and contract assets – net

Working capital

Total debt, excluding unamortized debt issuance costs

Total assets

Total AECOM stockholders’ equity

7

AECOM

Reportable Segments

(unaudited - in thousands)

Americas

International

AECOM

Capital

Corporate

Total

Revenue

$

$

$

$

—

$

Cost of revenue

—

—

Gross profit

—

Equity in earnings of joint ventures

—

General and administrative expenses

—

—

)

)

)

Income (loss) from operations

$

$

$

)

$

)

$

Gross profit as a % of revenue

%

%

%

Revenue

$

$

$

$

—

$

Cost of revenue

—

—

Gross profit

—

Equity in earnings of joint ventures

—

General and administrative expenses

—

—

)

)

)

Restructuring costs

—

—

—

)

)

Income from operations

$

$

$

$

)

$

Gross profit as a % of revenue

%

%

%

Revenue

$

$

$

$

—

$

Cost of revenue

—

—

Gross profit

—

Equity in earnings of joint ventures

—

General and administrative expenses

—

—

)

)

)

Income (loss) from operations

$

$

$

)

$

)

$

Gross profit as a % of revenue

%

%

%

Contracted backlog

$

$

$

—

$

—

$

Awarded backlog

—

—

Total backlog

$

$

$

—

$

—

$

Total backlog – Design only

$

$

$

—

$

—

$

Revenue

$

$

$

$

—

$

Cost of revenue

—

—

Gross profit

—

Equity in earnings (losses) of joint ventures

)

—

)

General and administrative expenses

—

—

)

)

)

Restructuring costs

—

—

—

)

)

Income (loss) from operations

$

$

$

)

$

)

$

Gross profit as a % of revenue

%

%

%

Contracted backlog

$

$

$

—

$

—

$

Awarded backlog

—

—

Total backlog

$

$

$

—

$

—

$

Total backlog – Design only

$

$

$

—

$

—

$

8

AECOM

Regulation G Information

(in millions)

Reconciliation of Revenue to Net Service Revenue (NSR)

Three Months Ended

Nine Months Ended

Americas

Revenue

$

$

$

$

$

Less: Pass-through revenue

Net service revenue

$

$

$

$

$

International

Revenue

$

$

$

$

$

Less: Pass-through revenue

Net service revenue

$

$

$

$

$

Segment Performance (excludes ACAP)

Revenue

$

$

$

$

$

Less: Pass-through revenue

Net service revenue

$

$

$

$

$

Consolidated

Revenue

$

$

$

$

$

Less: Pass-through revenue

Net service revenue

$

$

$

$

$

Reconciliation of Total Debt to Net Debt

Balances at:

Short-term debt

$

$

$

Current portion of long-term debt

Long-term debt, excluding unamortized debt issuance costs

Total debt

Less: Total cash and cash equivalents

Net debt

$

$

$

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow

Three Months Ended

Nine Months Ended

Net cash provided by operating activities

$

$

$

$

$

Capital expenditures, net

)

)

)

)

)

Free cash flow

$

$

$

$

$

9

AECOM

Regulation G Information

(in millions, except per share data)

Three Months Ended

Nine Months Ended

Reconciliation of Income from Operations to Adjusted Income from Operations to

Adjusted EBITDA with Noncontrolling Interests (NCI) to Adjusted EBITDA

Income from operations

$

$

$

$

$

Noncore AECOM Capital loss (income)

)

Restructuring costs

—

—

—

Amortization of intangible assets

Adjusted income from operations

$

$

$

$

$

Other income (expense)

)

)

Fair value adjustment included in other income

Depreciation

Adjusted EBITDA with noncontrolling interests (NCI)

$

$

$

$

$

Net income attributable to NCI from continuing operations excluding interest income included in NCI

)

)

)

)

)

Amortization of intangible assets included in NCI

—

—

—

—

)

Adjusted EBITDA

$

$

$

$

$

Reconciliation of Income from Continuing Operations Before Taxes to

Adjusted Income from Continuing Operations Before Taxes

Income from continuing operations before taxes

$

$

$

$

$

Noncore AECOM Capital loss (income)

)

Fair value adjustment

Restructuring costs

—

—

—

Amortization of intangible assets

Financing charges in interest expense

Adjusted income from continuing operations before taxes

$

$

$

$

$

Reconciliation of Income Taxes for Continuing Operations to

Adjusted Income Taxes for Continuing Operations

Income tax expense for continuing operations

$

$

$

$

$

Tax effect of the above adjustments(1)

Valuation allowances and other tax only items

)

—

Adjusted income tax expense for continuing operations

$

$

$

$

$

(1) Adjusts the income taxes during the period to exclude the impact on our effective tax rate of

the pre-tax adjustments shown above.

Reconciliation of Net Income Attributable to Noncontrolling Interests (NCI) from Continuing Operations to

Adjusted Net Income Attributable to Noncontrolling Interests from Continuing Operations

Net income attributable to noncontrolling interests from continuing operations

$

)

$

)

$

)

$

)

$

)

Amortization of intangible assets included in NCI

—

—

—

—

)

Adjusted net income attributable to noncontrolling interests from continuing operations

$

)

$

)

$

)

$

)

$

)

AECOM

Regulation G Information

(in millions, except per share data)

Three Months Ended

Nine Months Ended

Reconciliation of Net Income Attributable to AECOM from Continuing Operations to

Adjusted Net Income Attributable to AECOM from Continuing Operations

Net income attributable to AECOM from continuing operations

$

$

$

$

$

Noncore AECOM Capital loss (income), net of NCI

)

Fair value adjustment

Restructuring costs

—

—

—

Amortization of intangible assets

Financing charges in interest expense

Tax effect of the above adjustments(1)

)

)

)

)

)

Valuation allowances and other tax only items

—

)

)

)

Amortization of intangible assets included in NCI

—

—

—

—

)

Adjusted net income attributable to AECOM from continuing operations

$

$

$

$

$

(1) Adjusts the income taxes during the period to exclude the impact on our effective tax rate of the pre-tax adjustments shown above

Reconciliation of Net Income Attributable to AECOM from Continuing Operations per Diluted Share to

Adjusted Net Income Attributable to AECOM from Continuing Operations per Diluted Share

Net income attributable to AECOM from continuing operations per diluted share

$

$

$

$

$

Per diluted share adjustments:

Noncore AECOM Capital loss, net of NCI

—

Fair value adjustment

Restructuring costs

—

—

—

Amortization of intangible assets

—

—

Financing charges in interest expense

Tax effect of the above adjustments(1)

—

)

)

)

)

Valuation allowances and other tax only items

—

—

)

—

)

Adjusted net income attributable to AECOM from continuing operations per diluted share

$

$

$

$

$

Weighted average shares outstanding – basic

Weighted average shares outstanding – diluted

(1) Adjusts the income taxes during the period to exclude the impact on our effective tax rate of the pre-tax adjustments shown above.

Reconciliation of Net Income Attributable to AECOM from Continuing Operations to Adjusted EBITDA

Net income attributable to AECOM from continuing operations

$

$

$

$

$

Income tax expense

Depreciation and amortization

Interest income, net of NCI

)

)

)

)

)

Interest expense

Amortized bank fees included in interest expense

)

)

)

)

)

Noncore AECOM Capital loss (income), net of NCI

)

Fair value adjustment included in other income

Restructuring costs

—

—

—

Adjusted EBITDA

$

$

$

$

$

AECOM

Regulation G Information

(in millions, except per share data)

Three Months Ended

Nine Months Ended

Reconciliation of Segment Income from Operations to Adjusted Segment Income from

Operations

Americas Segment:

Segment Income from operations

$

$

$

$

$

Amortization of intangible assets

Adjusted segment income from operations

$

$

$

$

$

International Segment:

Segment Income from operations

$

$

$

$

$

Amortization of intangible assets

—

—

—

Adjusted segment income from operations

$

$

$

$

$

Segment Performance (excludes ACAP & G&A):

Segment Income from operations

$

$

$

$

$

Amortization of intangible assets

Adjusted segment income from operations

$

$

$

$

$

AECOM

Regulation G Information

FY2025 GAAP EPS Guidance based on Adjusted EPS Guidance

(all figures approximate)

GAAP EPS guidance

Adjusted EPS excludes:

Amortization of intangible assets

Amortization of deferred financing fees

Noncore AECOM Capital

Fair value adjustment

Tax effect of the above items

Adjusted EPS guidance

FY2025 GAAP Net Income from Continuing

Operations Guidance based on Adjusted EBITDA Guidance

(in millions, all figures approximate)

GAAP net income from continuing operations guidance

Net income attributable to noncontrolling interest from continuing operations

Net income attributable to AECOM from continuing operations

Adjusted net income attributable to AECOM from continuing operations excludes:

Amortization of intangible assets

$2

Amortization of deferred financing fees

$7

Noncore AECOM Capital

$7

Fair value adjustment

$6

Tax effect of the above items

($5)

Adjusted net income attributable to AECOM from continuing operations

Adjusted EBITDA excludes:

Depreciation

Adjusted interest expense, net

Tax expense, including tax effect of above items

Adjusted EBITDA guidance

FY2025 GAAP Interest Expense Guidance based on Adjusted Interest Expense Guidance

(in millions, all figures approximate)

GAAP interest expense guidance

Finance charges in interest expense

($7)

Interest income, net of NCI

Adjusted net interest expense guidance

FY2025 GAAP Income Tax Guidance based on Adjusted Income Tax Guidance

(in millions, all figures approximate)

GAAP income tax expense guidance

Tax effect of adjusting items

$5

Adjusted income tax expense guidance

Note: Variances in tables are due to rounding.