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Jacobs Solutions

Sector unknown·J · USA (SEC 10-K)·Fiscal year to 26/09/2025

Cybersecurity (products and services)Artificial intelligenceLabour and wagesOilInflation

With a global team of approximately 43,000, we provide end-to-end capabilities across advanced manufacturing, cities & places, energy, environmental, life sciences, transportation and water.

Exposure profile

Raw materials and inputsMacroTechnologyRegulationEnd marketsGeography
Raw materials and inputs Labour and wages, Oil, Insurance premiums and reinsurance, Water
Macro Inflation, Interest rates, Climate change and extreme weather, Cyber attacks and IT security risk
Technology Cybersecurity (products and services), Artificial intelligence, Digitalisation
Regulation EU climate and energy policy, ESG and sustainability reporting, Labour regulation
End markets Public sector, Healthcare and hospitals, Industrial manufacturing
Geography United States, Europe, Asia and emerging markets

Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.

In their own words

Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.

Public sector

End markets

DriverNegative impact: weakens

“In addition, any or all of our government contracts could be terminated, we could be suspended or debarred from all government contract work, or payment of our costs could be disallowed.”

Annual report 2025A · The company itself

Market

“We serve national, state and local government clients across multiple regions — including the U.S., Europe, U.K., Middle East, and Asia Pacific — and multinational and local private sector organizations globally.”

Annual report 2025A · The company itself

Market

“The U.S. federal government represented approximately 8% of our total revenue in fiscal 2025.”

Annual report 2025A · The company itself

EU climate and energy policy

Regulation

DriverPositive impact: strengthens

“Driving positive impact Operating in more than 40 countries, we view sustainability and resilience as key differentiators and drivers of impact. Demand for solutions that address complex, interconnected challenges continues to grow across infrastructure, energy, advanced manufacturing and health.”

Annual report 2025A · The company itself

DriverMixed impact: mixed

“Risks Related to Sustainability and Corporate Responsibility •Climate change and related environmental issues, including those related to compliance with new and evolving federal, state, local and foreign laws and regulations, could have a material adverse impact on our business, financial condition and results of operations. •We may be unable to achieve our climate commitments and targets. •Increasing scrutiny and changing and conflicting expectations from governmental organizations, clients, investors, suppliers and partners, communities and our employees with respect to our practices and disclosures related to sustainability and corporate responsibility may impose additional costs on us or expose us to new or additional risks.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Such changes could, for example, relax or repeal laws and regulations relating to the environment, which could result in a decline in the demand for our environmental services and, in turn, could negatively impact our revenue.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Page 41 Governmental policies designed to address the effects of climate change, or inversely, eliminating the focus on the effects of climate change, could increase the costs of projects for our clients or eliminate some or all government funding for a project, which, in some cases, could prevent a project from going forward, thereby potentially reducing the need for our services, which would in turn have a material adverse impact on our business, financial condition and results of operations.”

Annual report 2025A · The company itself

DriverPositive impact: strengthens

“However, further policy changes and climate legislation could also increase the overall demand for our services as our clients and partners work to comply with such policies, such as by decarbonizing their industries, transitioning from fossil fuels to renewable energy sources and developing integrated and sustainable solutions, which could have a positive impact on our business.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“For example, one of our business strategies is to invest in, develop and promote innovative climate response technologies and solutions in order to meet the demands of our public and private sector clients. A misalignment between the technologies and solutions we identify to invest in, develop and promote and our clients’ needs may adversely impact our results of operations and reputation.”

Annual report 2025A · The company itself

Market

“We deliver cross-cutting solutions across seven interconnected capabilities: decarbonization & greenhouse gas management; adaptation & resilience; sustainable built environments; sustainable business; social value; nature positive; and energy transition. Together, these enable systems-level impact for clients and communities worldwide.”

Annual report 2025A · The company itself

Market

“We’re also delivering technical project management for the U.K. Department for Energy Security & Net Zero’s Carbon Capture, Usage and Storage program, a cornerstone of the U.K.’s net-zero ambitions.”

Annual report 2025A · The company itself

Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency

Artificial intelligence

Technology

DriverNegative impact: weakens

“However, the adoption of AI also introduces new regulatory compliance and cybersecurity considerations, including increased exposure to data breaches, adversarial attacks on AI models, and vulnerabilities in third-party AI platforms. While we believe that we have implemented robust cybersecurity controls, including threat detection, secure model development practices, and governance frameworks to responsibly and securely deploy AI technologies, we cannot be certain that such efforts will be successful.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“Over the past eight years, Jacobs has transformed into a science-based consulting and advisory leader, focused on delivering digitally enabled, resilient solutions to complex sustainability, critical infrastructure and advanced manufacturing challenges.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“Through the expertise of our people and ongoing investment in artificial intelligence (AI) and next-generation digital solutions, we empower our clients' decision-making across the entire asset lifecycle – from capital planning and operations to cybersecurity and operational technology.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“As part of our broader digital transformation strategy, we are integrating artificial intelligence machine learning, data science and similar technologies (collectively, “AI”) to improve operational efficiency, enhance service delivery, and support data-driven decision-making across our core markets, including advisory services, infrastructure, environmental services, and defense. AI is being leveraged to optimize project workflows, automate repetitive tasks, and strengthen predictive analytics.”

Annual report 2025A · The company itself

Market

“Page 8 PA Consulting (PA) PA Consulting, the global innovation and transformation consultancy, accelerates new growth ideas from concept, through design and development and to commercial success, and revitalizes organizations, building leadership, culture, systems and processes to make innovation a reality. PA Consulting's global team of about 4,000, which includes strategists, innovators, designers, consultants, digital experts, scientists, engineers and technologists work across seven sectors: consumer and manufacturing, defense and security, energy and utilities, financial services, government, health and life sciences, and transport to make a positive impact alongside the clients it supports, bringing ingenuity to life.”

Annual report 2025A · The company itself

Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry

Cybersecurity (products and services)

Technology

DriverNegative impact: weakens

“Furthermore, as cybersecurity threats rapidly evolve in sophistication and become more prevalent globally, the associated risks described above may increase. Given that the techniques used in cyberattacks change frequently and may be difficult to detect for periods of time, we may face Page 25 difficulties in anticipating and implementing adequate preventative measures or mitigating harms after such an attack.”

Annual report 2025A · The company itself

StrategyPositive impact: strengthens

“These efforts entail inherent risks associated with innovation and competition from other participants in those areas, potential failure to help our clients respond to the challenges they face, our ability to manage risk exposure and comply with uncertain evolving legal standards applicable to certain of our offerings, including those in the cybersecurity area and related to PFAS services offered to our clients, and, with respect to potential international growth, risks associated with operating in foreign jurisdictions, such as compliance with applicable foreign and U.S. laws and regulations that may impose different and, occasionally, conflicting or contradictory requirements, and the economic, legal, and political conditions in the foreign jurisdictions in which we operate.”

Annual report 2025A · The company itself

Market

“Our capabilities in data analytics, digital architecture, advisory and transformation, software development and cybersecurity enable clients to unlock the full value of their data and digital infrastructure to improve performance, resilience and sustainability.”

Annual report 2025A · The company itself

Market

“From addressing water scarcity and aging infrastructure to access to life-saving therapies and cyber resilience, we combine creativity, agility and deep domain expertise to deliver outcomes that matter.”

Annual report 2025A · The company itself

Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation

Healthcare and hospitals

End markets

StrategyPositive impact: strengthens

“Challenge accepted In February 2025, we launched Challenge Accepted, our multi-year growth strategy designed to sharpen our focus and accelerate our performance. Aligned with our long-term financial framework, this strategy positions us to drive profitable growth and deliver scalable, full lifecycle solutions across water and environmental, life sciences and advanced manufacturing, and critical infrastructure.”

Annual report 2025A · The company itself

Market

“With a global team of approximately 43,000, we provide end-to-end capabilities across advanced manufacturing, cities & places, energy, environmental, life sciences, transportation and water.”

Annual report 2025A · The company itself

Market

“Infrastructure & Advanced Facilities (I&AF) In fiscal 2025, Jacobs' Infrastructure & Advanced Facilities business provided end-to-end solutions for our clients’ most complex challenges related to energy security, environmental resilience, safe and reliable transportation, buildings and infrastructure, integrated water management and biopharmaceutical manufacturing.”

Annual report 2025A · The company itself

Market

“Our end-to-end services span advanced manufacturing, cities & places, energy, environmental, life sciences, transportation and water.”

Annual report 2025A · The company itself

Chains in: Ageing population strengthens, GLP-1 and obesity treatment mixed effect

Industrial manufacturing

End markets

StrategyPositive impact: strengthens

“Challenge accepted In February 2025, we launched Challenge Accepted, our multi-year growth strategy designed to sharpen our focus and accelerate our performance. Aligned with our long-term financial framework, this strategy positions us to drive profitable growth and deliver scalable, full lifecycle solutions across water and environmental, life sciences and advanced manufacturing, and critical infrastructure.”

Annual report 2025A · The company itself

Market

“With a global team of approximately 43,000, we provide end-to-end capabilities across advanced manufacturing, cities & places, energy, environmental, life sciences, transportation and water.”

Annual report 2025A · The company itself

Market

“In doing so, we combine deep experience in the following end markets - Critical Infrastructure, Water & Environmental and Life Sciences & Advanced Manufacturing.”

Annual report 2025A · The company itself

Market

“Our end-to-end services span advanced manufacturing, cities & places, energy, environmental, life sciences, transportation and water.”

Annual report 2025A · The company itself

Digitalisation

Technology

StrategyPositive impact: strengthens

“Over the past eight years, Jacobs has transformed into a science-based consulting and advisory leader, focused on delivering digitally enabled, resilient solutions to complex sustainability, critical infrastructure and advanced manufacturing challenges.”

Annual report 2025A · The company itself

Market

“Our services span advisory and consulting, feasibility and planning, through to design, program delivery and lifecycle management — helping to create a more connected and sustainable world.”

Annual report 2025A · The company itself

Market

“Page 8 PA Consulting (PA) PA Consulting, the global innovation and transformation consultancy, accelerates new growth ideas from concept, through design and development and to commercial success, and revitalizes organizations, building leadership, culture, systems and processes to make innovation a reality. PA Consulting's global team of about 4,000, which includes strategists, innovators, designers, consultants, digital experts, scientists, engineers and technologists work across seven sectors: consumer and manufacturing, defense and security, energy and utilities, financial services, government, health and life sciences, and transport to make a positive impact alongside the clients it supports, bringing ingenuity to life.”

Annual report 2025A · The company itself

Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT

Shipping and logistics

End markets

Market

“With a global team of approximately 43,000, we provide end-to-end capabilities across advanced manufacturing, cities & places, energy, environmental, life sciences, transportation and water.”

Annual report 2025A · The company itself

Market

“In England, we provide engineering, technical advice and innovation services to National Highways.”

Annual report 2025A · The company itself

Market

“Our end-to-end services span advanced manufacturing, cities & places, energy, environmental, life sciences, transportation and water.”

Annual report 2025A · The company itself

Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens

Construction

End markets

Market

“With a global team of approximately 43,000, we provide end-to-end capabilities across advanced manufacturing, cities & places, energy, environmental, life sciences, transportation and water.”

Annual report 2025A · The company itself

Market

“Our end-to-end services span advanced manufacturing, cities & places, energy, environmental, life sciences, transportation and water.”

Annual report 2025A · The company itself

Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens

Oil

Raw materials and inputs

DriverNegative impact: weakens

“In addition, military action, geopolitical shifts or continued unrest, particularly in Ukraine and the Middle East, could disrupt our operations in the region and elsewhere and may also impact the supply or pricing of oil, increase our security costs and cost of compliance with local laws, and present risks to our reputation.”

Annual report 2025A · The company itself

Market

“For example, for those customers that produce commodity products such as oil, gas, batteries or fertilizers, fluctuations in price can have a direct effect on their profitability and cash flow and, therefore, their willingness to continue to invest or make new capital investments. Furthermore, declines in commodity prices can negatively impact our business in regions whose economies are substantially dependent on commodity prices, such as the Middle East.”

Annual report 2025A · The company itself

Chains out: this strengthens Plastics and polymers

Utilities

End markets

Market

“With a global team of approximately 43,000, we provide end-to-end capabilities across advanced manufacturing, cities & places, energy, environmental, life sciences, transportation and water.”

Annual report 2025A · The company itself

Market

“Our end-to-end services span advanced manufacturing, cities & places, energy, environmental, life sciences, transportation and water.”

Annual report 2025A · The company itself

Water

Raw materials and inputs

StrategyPositive impact: strengthens

“Challenge accepted In February 2025, we launched Challenge Accepted, our multi-year growth strategy designed to sharpen our focus and accelerate our performance. Aligned with our long-term financial framework, this strategy positions us to drive profitable growth and deliver scalable, full lifecycle solutions across water and environmental, life sciences and advanced manufacturing, and critical infrastructure.”

Annual report 2025A · The company itself

Market

“Infrastructure & Advanced Facilities (I&AF) In fiscal 2025, Jacobs' Infrastructure & Advanced Facilities business provided end-to-end solutions for our clients’ most complex challenges related to energy security, environmental resilience, safe and reliable transportation, buildings and infrastructure, integrated water management and biopharmaceutical manufacturing.”

Annual report 2025A · The company itself

Aviation and travel

End markets

Market

“In the U.S., we’re supporting the digital transformation of Dallas Fort Worth International Airport and contributing to the Frederick Douglass Tunnel program — one of the nation’s largest transportation infrastructure investments.”

Annual report 2025A · The company itself

Chains in: Fuel strengthens, Pandemics and outbreaks weakens

Batteries and energy storage

Technology

Market

“For example, for those customers that produce commodity products such as oil, gas, batteries or fertilizers, fluctuations in price can have a direct effect on their profitability and cash flow and, therefore, their willingness to continue to invest or make new capital investments.”

Annual report 2025A · The company itself

Energy security

Regulation

Market

“Infrastructure & Advanced Facilities (I&AF) In fiscal 2025, Jacobs' Infrastructure & Advanced Facilities business provided end-to-end solutions for our clients’ most complex challenges related to energy security, environmental resilience, safe and reliable transportation, buildings and infrastructure, integrated water management and biopharmaceutical manufacturing.”

Annual report 2025A · The company itself

Chains in: Geopolitical uncertainty strengthens, Reconstruction of Ukraine strengthens
Chains out: this strengthens Wind power, strengthens Power grid expansion

M&A and consolidation

Macro

StrategyPositive impact: strengthens

“•On March 2, 2021, Jacobs completed the strategic investment of a 65% interest in PA Consulting, a U.K.-based leading innovation and transformation consulting firm.”

Annual report 2025A · The company itself

Inflation

Macro

DriverNegative impact: weakens

“Demand for our services may be impacted by continuing inflation, high interest rates, international trade issues, including tariffs and counter tariffs, and/or construction costs. •Project sites are inherently dangerous workplaces.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Delays in the timing of the awards or cancellations of such projects as a result of economic conditions, material and equipment pricing and availability or other factors could impact our long-term projected results.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Continuing inflation and high interest rates and/or construction costs could reduce the demand for our services as well as decrease our profit on our existing contracts, in particular with respect to our fixed-price contracts.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“The nature of our contracts, particularly any fixed-price contracts, subjects us to risks of cost overruns. We may experience reduced profits or losses if costs increase above budgets or estimates or the project experiences delays.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Rising commodity prices can negatively impact the potential returns on investments that are planned, as well as those in progress, and result in customers deferring new investments or canceling or delaying existing projects. Cancellations and delays have affected our past results and may do so in the future in significant and unpredictable ways and could have a material adverse impact on our business, financial condition and results of operations.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Accordingly, our effective tax rate is impacted by changes in the mix among earnings in countries with differing statutory tax rates. A material change in the statutory tax rate or interpretation of local law in a jurisdiction in which we have significant operations could adversely impact our effective tax rate and impact our financial results.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“These measures may also have the effect of heightening many of the other risks applicable to our business, including risks relating to: •the impact of inflation and high interest rates and/or construction costs, particularly on any fixed-price contract, which we may not be able to fully mitigate, •our failure to meet performance requirements or contractual schedules, including as a result of supply chain disruptions, •a reduction in the amount of available governmental funding, •our international operations, including risks of facing backlash from potential customers as a result of being headquartered in the United States, and •our indebtedness and credit markets.”

Annual report 2025A · The company itself

Chains out: this weakens Consumer spending, strengthens Interest rates

Labour and wages

Raw materials and inputs

DriverNegative impact: weakens

“The success of our business is dependent upon our ability to hire, retain and utilize qualified personnel, including engineers, architects, designers, craft personnel and corporate leadership professionals who have the required experience and expertise at a reasonable cost. The market for these and other personnel is competitive. From time to time, it may be difficult to attract and retain qualified individuals with the expertise, and in the timeframe, demanded by our clients, or to replace such personnel when needed in a timely manner.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“Attracting and Growing our Talent Jacobs’ success is dependent on our ability to hire, develop and retain exceptional talent across technical, professional, scientific and consulting disciplines. As of September 26, 2025, we had a workforce of approximately 43,000 people worldwide, including a contingent workforce of approximately 1,800 people.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“Fixed-price contracts are established in part on proposed designs, which may be partial or incomplete, cost and scheduling estimates that are based on a number of assumptions, including those about future economic conditions, commodity and other materials pricing and cost and availability of labor (including the cost of any related benefits or entitlements), equipment and materials and other exigencies. Cost overruns can occur, leading to reduced profits or, in some cases, a loss for that project for a variety of reasons, including if the design or the estimates prove inaccurate or if circumstances change due to, among other things, unanticipated technical problems, difficulties in obtaining permits or approvals, changes in local laws or labor conditions, weather, supply chain or other delays beyond our control, changes in the costs of equipment or raw materials, our vendors’ or subcontractors’ inability or failure to perform, or changes in geopolitical and general economic conditions, such as tariffs, counter tariffs and other inflationary pressures.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“Many of our contracts require us to satisfy specific progress or performance milestones in order to receive payment from the customer. As a result, we often incur significant costs for engineering, materials, components, equipment, labor or subcontractors prior to receipt of payment from a customer, which may impact our liquidity.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“With a workforce of approximately 43,000 people globally, we are also party to labor and employment claims in the normal course of business.”

Annual report 2025A · The company itself

InputNegative impact: weakens

“Furthermore, some of our personnel hold government granted clearance that may be required to obtain government projects. If we were to lose some or all of these personnel, they would be difficult to replace.”

Annual report 2025A · The company itself

Interest rates

Macro

DriverNegative impact: weakens

“Demand for our services may be impacted by continuing inflation, high interest rates, international trade issues, including tariffs and counter tariffs, and/or construction costs. •Project sites are inherently dangerous workplaces.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Continuing inflation and high interest rates and/or construction costs could reduce the demand for our services as well as decrease our profit on our existing contracts, in particular with respect to our fixed-price contracts.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“These measures may also have the effect of heightening many of the other risks applicable to our business, including risks relating to: •the impact of inflation and high interest rates and/or construction costs, particularly on any fixed-price contract, which we may not be able to fully mitigate, •our failure to meet performance requirements or contractual schedules, including as a result of supply chain disruptions, •a reduction in the amount of available governmental funding, •our international operations, including risks of facing backlash from potential customers as a result of being headquartered in the United States, and •our indebtedness and credit markets.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Borrowings under our credit facilities are at variable rates of interest and expose us to interest rate risk. In the past year, inflation and other factors have resulted in an increase in interest rates generally, which has impacted our borrowing costs.”

Annual report 2025A · The company itself

Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction

Climate change and extreme weather

Macro

DriverNegative impact: weakens

“Risks Related to Sustainability and Corporate Responsibility •Climate change and related environmental issues, including those related to compliance with new and evolving federal, state, local and foreign laws and regulations, could have a material adverse impact on our business, financial condition and results of operations. •We may be unable to achieve our climate commitments and targets. •Increasing scrutiny and changing and conflicting expectations from governmental organizations, clients, investors, suppliers and partners, communities and our employees with respect to our practices and disclosures related to sustainability and corporate responsibility may impose additional costs on us or expose us to new or additional risks.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Climate change related events, such as increased frequency and severity of storms, floods, wildfires, droughts, hurricanes, freezing conditions, and other natural disasters, may have both immediate and long-term impacts on our business, financial condition and results of operations.”

Annual report 2025A · The company itself

Chains out: this weakens Agriculture and food production

Currency exposure

Macro

DriverNegative impact: weakens

“We are a global professional services company, with our international operations accounting for approximately 38% of our annual revenue in fiscal 2025. Fluctuations in exchange rates for foreign currencies to the U.S. dollar could impact the earnings and cash flows we receive from projects in non-U.S. markets, negatively impact our competitiveness in those markets or otherwise adversely impact our business results, reported financial condition and the U.S. dollar value of our backlog.”

Annual report 2025A · The company itself

Cyber attacks and IT security risk

Macro

DriverNegative impact: weakens

“As a result, our information technology systems, including those provided by third-party cloud providers or other infrastructure-as-a-service providers,which have grown over time, including through acquisitions, have, and will continue to experience threats and cyber-attacks, including unauthorized access, state-sponsored cyber attacks, computer hackers, computer viruses, malicious code, ransomware, phishing and other security breaches, problems and system disruptions, including unauthorized access to and disclosure of our and our clients’ proprietary, classified or other protected information.”

Annual report 2025A · The company itself

Chains out: this strengthens Cybersecurity (products and services)

Tariffs and trade policy

Macro

DriverNegative impact: weakens

“Demand for our services may be impacted by continuing inflation, high interest rates, international trade issues, including tariffs and counter tariffs, and/or construction costs. •Project sites are inherently dangerous workplaces.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Cost overruns can occur, leading to reduced profits or, in some cases, a loss for that project for a variety of reasons, including if the design or the estimates prove inaccurate or if circumstances change due to, among other things, unanticipated technical problems, difficulties in obtaining permits or approvals, changes in local laws or labor conditions, weather, supply chain or other delays beyond our control, changes in the costs of equipment or raw materials, our vendors’ or subcontractors’ inability or failure to perform, or changes in geopolitical and general economic conditions, such as tariffs, counter tariffs and other inflationary pressures.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Additionally, recent events, including changes in U.S. trade policies and responsive changes in policy by foreign jurisdictions and similar geopolitical tensions and conflicts, including the Russia-Ukraine and Israel-Hamas conflicts, escalating tensions in the Middle East, increasing tensions between the U.S. and China and uncertainty in the E.U., Asia and elsewhere, have increased levels of Page 33 political and economic unpredictability globally, and may increase the volatility of global financial markets and the global and regional economies.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Increases in protectionist measures such as tariffs or import or export licensing requirements, whether imposed by the United States or such other countries, may adversely impact our business by causing a slowdown in global trade and a decrease in government or corporate spending.”

Annual report 2025A · The company itself

Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes

Equity and capital markets

Macro

DriverNegative impact: weakens

“Uncertain global economic, socioeconomic and political conditions may negatively impact our clients’ ability and willingness to fund their projects, including their ability to raise capital and pay, or timely pay, our invoices. These factors may also cause our clients to reduce their capital expenditures, alter the mix of services purchased, seek more favorable pricing and other contract terms and otherwise slow their spending on our services.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“In an uncertain or downturn economic environment, third parties may find it difficult to obtain sufficient financing to help fund their operations. The inability to obtain financing could adversely affect a third party’s ability to provide materials, equipment or services which could have a material adverse impact on our business, financial condition, and results of operations.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Disruptions of the credit or capital markets could also adversely affect our clients’ ability to finance projects and could result in contract cancellations or suspensions, project delays and payment delays or defaults by our clients.”

Annual report 2025A · The company itself

ESG and sustainability reporting

Regulation

DriverNegative impact: weakens

“In addition, laws and regulations governing data privacy and the unauthorized disclosure of personal data, including the European Union General Data Protection Regulation ("GDPR"), the United Kingdom Data Protection Act, the California Consumer Privacy Act, the California Privacy Rights Act, and other emerging U.S. state and global privacy laws pose increasingly complex compliance challenges and potentially elevate costs and may require changes to our business practices resulting from the variation of regulatory requirements and increased enforcement frequency. Failure to comply with these laws and regulations, including related regulatory enforcement and/or private litigation resulting from a potential privacy breach, could result in governmental investigations, significant fines and penalties, damages from private causes of action, or reputational harm.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Our domestic and international sales and operations are subject to risks associated with changes in laws, regulations and policies (including environmental and employment requirements, export/import laws, tax policies, integrated financial/non-financial reporting requirements, such as the Corporate Sustainability Reporting Directive and the Corporate Sustainability Due Diligence Directive in the European Union and other similar legal requirements).”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“There is increasing scrutiny from governmental organizations, clients, investors, suppliers, partners, communities, employees and other stakeholders on companies’ practices and disclosures related to sustainability and corporate responsibility, including with respect to climate change and carbon emissions, human rights, ethics, supply chain management and human capital management.”

Annual report 2025A · The company itself

Business cycle and GDP growth

Macro

DriverMixed impact: mixed

“Demand for our services is impacted by economic downturns, reductions in private or government spending and times of political uncertainty. We provide full spectrum technical and professional solutions to clients operating in a number of sectors and industries, including programs for various national, state and local governments, including advanced manufacturing, cities & places, energy, environmental, life sciences, transportation, water and other general industrial and consumer businesses and sectors. These sectors and industries and the resulting demand for our services have been, and we expect will continue to be, subject to significant fluctuations due to a variety of factors beyond our control, including economic conditions and changes in client spending, particularly during periods of economic or political uncertainty.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“We are now a smaller, less diversified and more narrowly focused business than before the Separation Transaction, which makes us more vulnerable to changing market and economic conditions. Additionally, the loss of scale from the Separated Business could negatively impact our results of operations, financial condition and cash flows.”

Annual report 2025A · The company itself

Chains out: this strengthens Global trade volumes, strengthens Construction

Geopolitical uncertainty

Macro

DriverNegative impact: weakens

“In addition, military action, geopolitical shifts or continued unrest, particularly in Ukraine and the Middle East, could disrupt our operations in the region and elsewhere and may also impact the supply or pricing of oil, increase our security costs and cost of compliance with local laws, and present risks to our reputation.”

Annual report 2025A · The company itself

DriverNegative impact: weakens

“Additionally, recent events, including changes in U.S. trade policies and responsive changes in policy by foreign jurisdictions and similar geopolitical tensions and conflicts, including the Russia-Ukraine and Israel-Hamas conflicts, escalating tensions in the Middle East, increasing tensions between the U.S. and China and uncertainty in the E.U., Asia and elsewhere, have increased levels of Page 33 political and economic unpredictability globally, and may increase the volatility of global financial markets and the global and regional economies.”

Annual report 2025A · The company itself

Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine

Insurance premiums and reinsurance

Raw materials and inputs

InputNegative impact: weakens

“We maintain insurance coverage from third-party insurers as part of our overall risk management strategy and because some of our contracts require us to maintain specific insurance coverage limits. Catastrophic events, litigation claims, and other market factors can result in decreased coverage limits, coverage that is more limited, increased premium costs or higher deductibles and/or retentions or quota shares.”

Annual report 2025A · The company itself

Labour regulation

Regulation

DriverNegative impact: weakens

“Increased nationalization and heightened “buy-local” policies and regulations could reduce the effectiveness and competitive differentiation enabled by our global delivery model and compound the existing talent shortage in key geographies.”

Annual report 2025A · The company itself

Europe

Geography

Geography

“We serve national, state and local government clients across multiple regions — including the U.S., Europe, U.K., Middle East, and Asia Pacific — and multinational and local private sector organizations globally.”

Annual report 2025A · The company itself

Geography

“In England, we provide engineering, technical advice and innovation services to National Highways.”

Annual report 2025A · The company itself

Geography

“For fiscal 2025, approximately 38% of our revenue was earned from clients outside the U.S.”

Annual report 2025A · The company itself

Geography

“PROPERTIES Our properties consist primarily of office space within general, commercial office buildings located in major cities primarily in the following countries: United States; United Kingdom; Australia; India; Canada; Poland and United Arab Emirates.”

Annual report 2025A · The company itself

United States

Geography

Geography

“Significant Customers The following table sets forth the percentage of total revenues from continuing operations earned directly or indirectly from agencies of the U.S.”

Annual report 2025A · The company itself

Geography

“We serve national, state and local government clients across multiple regions — including the U.S., Europe, U.K., Middle East, and Asia Pacific — and multinational and local private sector organizations globally.”

Annual report 2025A · The company itself

Geography

“In the U.S., we’re supporting the digital transformation of Dallas Fort Worth International Airport and contributing to the Frederick Douglass Tunnel program — one of the nation’s largest transportation infrastructure investments.”

Annual report 2025A · The company itself

Geography

“PROPERTIES Our properties consist primarily of office space within general, commercial office buildings located in major cities primarily in the following countries: United States; United Kingdom; Australia; India; Canada; Poland and United Arab Emirates.”

Annual report 2025A · The company itself

Chains in: USD vs DKK/EUR mixed effect

Asia and emerging markets

Geography

Geography

“We serve national, state and local government clients across multiple regions — including the U.S., Europe, U.K., Middle East, and Asia Pacific — and multinational and local private sector organizations globally.”

Annual report 2025A · The company itself

Geography

“For fiscal 2025, approximately 38% of our revenue was earned from clients outside the U.S.”

Annual report 2025A · The company itself

Geography

“PROPERTIES Our properties consist primarily of office space within general, commercial office buildings located in major cities primarily in the following countries: United States; United Kingdom; Australia; India; Canada; Poland and United Arab Emirates.”

Annual report 2025A · The company itself

Competitors mentioned in the report

No named competitors in the report.

Financial figures

Revenue
latest fiscal year
12.03 bn USD
Revenue growth
vs. the year before, same method
4.6 %
EBITDA
reported by the company
0.95 bn USD
Net debt
debt incl. leasing minus cash
1.47 bn USD
Diluted EPS
per share
2.38 USD

Source: 10-K (SEC) A. See the report

Criteria

Profit✓
Growing✓
Healthy balance sheet✓

Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.

Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in English.

This page describes what the company itself writes. It isn't an assessment and isn't a recommendation. Run an analysis to see how the company connects to your view.