TIC Solutions, Inc.

Second-quarter revenue was $584 million, up 3.3% from $566 million a year ago; adjusted gross profit was $223 million, up 7.1%; adjusted gross margin was 38.2%, up 135 basis points; adjusted EBITDA was $95 million versus $89 million last year; adjusted EBITDA margin was 16.2%, up 40 basis points; and adjusted diluted EPS was $0.10. By segment, C&E revenue was $207 million, up 16.8%, with adjusted gross margin of 47.2%; I&M revenue was $297 million, down 5.5%, with adjusted gross margin of 28.3%; and GEO revenue was $81 million, up 7.9%, with adjusted gross margin of 51.5%. For full-year 2026, management reiterated revenue guidance of $2.15 billion to $2.25 billion and adjusted EBITDA guidance of $330 million to $355 million; for Q3, it guided to revenue of $610 million to $630 million and adjusted EBITDA of $100 million to $110 million.

Ben Heraud emphasized that the combined platform is starting to work as intended, with cross-selling, record backlog, and a broader service mix driving growth opportunities. He highlighted strong demand from aging infrastructure, power grid investment, LNG, data centers, and digitization, and said the company is building a more integrated, tech-enabled life-cycle partner. His tone was constructive and confident, with repeated references to long-term targets and momentum in both commercial execution and margin expansion.

Kristin Schultes said Q2 results were in line with internal expectations and were led by C&E and GEO, which delivered strong growth and margin expansion. She cited adjusted gross margin of 38.2%, adjusted EBITDA margin of 16.2%, and segment margin improvement in C&E and GEO, while noting I&M pressure from approximately $30 million of combined site-loss and outage-timing impact. She also detailed capital allocation and liquidity: $20 million of capex in Q2, 1.9 million shares repurchased for $16 million, a $1.6 billion term loan repriced lower by 25 basis points for about $4 million of annual cash interest savings, and $474 million of total liquidity as of June 30; bank-calculated net leverage was 3.7x. She said the company remains on track to deliver $25 million of annualized run-rate synergy savings by year-end, with $20 million already actioned.

Analysts focused on the pace and monetization of cross-selling, visibility between C&E and GEO, and when I&M would return to steady growth after site losses and outage timing pushed revenue lower. Management said it is not quantifying cross-sell revenue separately, but that it is showing up in record backlog and broader end-market exposure; it also said C&E has the highest visibility, while GEO remains more variable because of large fixed-fee projects. On I&M, management said June revenue turned positive year over year, the pipeline for new sites is the highest they have seen, and the team is already ramping for deferred outage work in the second half.