Exponent Inc Good Quarter with Improved 2026 Outlook

研报英文原文证据摘录

Exponent Inc Good Quarter with Improved 2026 Outlook

2 -0 0.54

utilities, and transportation markets, with overall growth led by strong double- 12/26E 2.26 2.32 2 2.27

digit growth in proactive work (reactive also grew). Adjusted EBITDA margin of 12/27E 2.50 2.60 4 2.54

28.7% was up 90bps yoy and above our 27.6% estimate. Some of the revenue 12/28E 2.70 2.82 4 2.70

upside was attributed to a large user research study that comprised 4% of revenue

Joshua Chan, CFA

in Q2 as compared to 2% embedded in the guide. This larger study also Analyst

contributed to utilization/margin leverage in the quarter. joshua.chan@ubs.com

+1-212-713 9957

Articulating some AI tailwinds. As AI has been a clear topic of conversation for

EXPO investors in recent months, the company believes that it can generate some Karandeep Singhania

demand for its services across several areas including consumer, life sciences, and Associate Analyst

karandeep.singhania@ubs.com utility end markets. Additionally, EXPO believes that AI can help the company

+1-212-713 4211

deliver more value to clients by solving more complex problems where EXPO's

competitive moat is even stronger. Brianna Kamdoum

Associate Analyst

Share buybacks remain strong. The company repurchased $67m of shares brianna.kamdoum@ubs.com

during Q2, remaining at a high level after repurchasing $79m in Q1. We believe +1-212-882 5027

these two quarters represent the highest quarterly repurchase amounts in EXPO

history. Buyback authorization was increased another $50m and we anticipate

Highlights (US$m) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E

Revenues 497 518 537 590 633 675 719 767

EBIT (UBS) 111 120 120 144 170 186 199 215

Net earnings (UBS) 100 109 106 114 128 140 151 164