J – Quick Take – Live from the Truist Securities Industrials & Services Conference

研报英文原文证据摘录

J – Quick Take – Live from the Truist Securities Industrials & Services Conference

Truist Securities

Equity Research Report June 16, 2026

INDUSTRIALS: Infrastructure Jacobs Solutions Inc. (J)

Consulting Firms

J – Quick Take – Live from the Truist Securities Industrials &

Jamie Cook, CFA Services Conference

212-303-4116

Jamie.Cook@truist.com

Record backlog supports above-average growth: J has seen broad-based bookings

Kevin Wilson, CFA across its major end markets in recent quarters with backlog reaching a record $27B at

212-590-0996 2Q’26 and TTM book-to-bill of 1.2x on an adjusted net revenue basis. The AI ecosystem

Kevin.S.Wilson@truist.com (semiconductors, power & energy, data centers) now represents ~10–11% of revenue and is

growing >40% y/y; J’s data center business (~3–4% of revenue) grew >100% y/y in 2Q’26,

Stephen Farkouh with the data center pipeline up ~400% y/y and strong visibility into 2028. Recent award

212-401-4459 activity includes hyperscalers and neo-cloud providers across the full lifecycle from advisory

Stephen.Farkouh@truist.com through EPCM, supported by J’s strategic partnership with NVIDIA (NVDA, Buy, Stein). In

the near term, J noted M&A is effectively off the table as the company sees significant organic

growth opportunities in its current markets and geographies, with capital allocation focused

on debt paydown and share repurchase.

Current Price (Jun. 16, $124.82

2026) Management sees AI as a tailwind to growth and margins, not a detractor. J has been

Stock Rating HOLD an active participant in AI for more than five years, is focused on utilizing AI across the company and sees the technology as an opportunity to help deliver differentiated solutions Unchanged

to customers, driving both revenue growth and margin expansion. J believes its strong