TIC Solutions Investor Day: Clear Targets, Scaled Platform, and Execution Focus for Long-Term Growth

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TIC Solutions Investor Day: Clear Targets, Scaled Platform, and Execution Focus for Long-Term Growth

J P M O R G A N North America Equity Research

20 May 2026

TIC Solutions Underweight

TIC, TIC US

Investor Day: Clear Targets, Scaled Platform, and Price (19 May 26):$8.56

Execution Focus for Long-Term Growth Price Target (Dec-26):$9.00

We attended TIC Solutions’ 2026 Investor Day after its transformational North America Small and Mid Cap

combination of Acuren and NV5, gaining a clearer view of the company’s long- Industrials

term strategic vision, financial framework, and execution discipline. Management Tomohiko Sano AC

presented a compelling case for lifecycle asset services across engineering, (1-212) 622-1099

inspection, and geospatial, supported by structural demand tailwinds and a focus tomohiko.sano@jpmorgan.com

on disciplined execution. The “3/18/85” framework ($3B+ revenue, 18%+ Adj. Brendan Shea, CFA

EBITDA margin, 85%+ FCF conversion by 2029) offers a measurable roadmap, (1-212) 622-0770

but the pace of delivery remains a key focus. Integration is ahead of schedule, brendan.shea@jpmorgan.com

cross-sell momentum is building, and capital allocation discipline is evident. Ethan Coyle

(1-212) 270-0613

• 3/18/85: A Simple Framework with Credible Underpinnings: TIC’s 2029 ethan.coyle@jpmchase.comJ.P. Morgan Securities LLC

financial targets imply a ~9% revenue CAGR from 2025, 320bps of margin

expansion, and 400bps of FCF conversion improvement. Revenue growth is

split between mid-single-digit organic growth and ~$100-$150M of annual

M&A spend funded by free cash flow. Margin drivers include synergy capture,

improved utilization, tech enablement, procurement excellence, and SG&A

leverage. The CFO noted ~68% of identified synergies have been actioned,