MEG

• 2025 was a record year for Montrose in terms of revenue, EBITDA, cash flow, and margins. Revenue grew 19.3% vs 2024, driven by organic growth of 12.7%. Consolidated adjusted EBITDA grew 21.3% year over year and margin expanded to 14%. - Montrose's business is predominantly private sector with less than 3% of revenue from U.S. federal government. Private sector clients drive sustained demand. - Priorities for 2026 include organic revenue growth and margin expansion, strong cash flow generation with expected 60% operating cash conversion, and strategic capital allocation including organic investments, share repurchases, and accretive acquisitions.

• 2026 revenue guidance is 840 million to 900 million, and consolidated adjusted EBITDA guidance is 125 million to 130 million. - Revenue is expected to be split roughly 50 - 50 front half and back half, with front half about 40% Q1, 60% Q2. EBITDA is expected to be split 40% first half, 60% second half, with first half about a third Q1 and two - thirds Q2. - Environmental emergency response revenue assumption is in the range of 50 million to 70 million. - Expect to generate approximately $180 million in cumulative operating cash flow between 2025 and 2026.

In 2025, the Permitting, Assessment, and Response segment had full - year revenue increase of 43% to $307.4 million, with segment adjusted EBITDA of $68.5 million, up from $48 million in the prior year. The Measurement and Analysis segment had full - year revenue growth of 9.6% to $245.9 million, and full - year segment adjusted EBITDA was $64.4 million, a 370 basis point margin expansion. The Remediation and Reuse segment had full - year revenue growth of 7.8% to $277.3 million, with full - year segment adjusted EBITDA of $36.3 million, mainly driven by the loss from the strategic wind - down of the renewable energy operations.

Q: Please provide more color on the cadence of revenue and EBITDA as we move through 2026.

A: Revenues expected to be split roughly 50 - 50 front half, back half, with front half about 40% Q1, 60% Q2. EBITDA expected to be split 40% first half, 60% second half, with first half about a third Q1 and two - thirds Q2.

Q: How does Montrose think about the net impact from AI on its business?

A: AI presents opportunities for efficiency, revenue from data aggregation, and is a client for Montrose. There are nascent opportunities in areas like pharma, data center, semiconductor work.

Q: Where does Montrose see the biggest opportunities for organic growth?

A: Water technology business is a focus, core business of testing and consulting has ongoing demand, and there are opportunities in Australian, Canadian, and U.S. markets.

Q: Can you elaborate on M&A potential?

A: No imminent deals, looking at small bolt - on acquisitions, sensitive to leverage, likely to do in back half of 2026, focused on testing and consulting segments.

Q: What's driving the revenue outlook for the first quarter?

A: Primarily lower emergency response, with some project timing and tougher comparisons year over year