#18395792 2126548 4567356 ICF Investor Presentation Q4 2023 H 3852575 867442 기기 기 VICE March 2024#2Cautionary statements Caution Concerning Forward-looking Statements Statements that are not historical facts and involve known and unknown risks and uncertainties are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to the government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies; and our ability to acquire and successfully integrate businesses. These and other factors that could cause our actual results to differ from those indicated in forward- looking statements that are included in the "Risk Factors" section of our securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and we specifically disclaim any obligation to update these statements in the future. Note on Non-GAAP Measures The information presented in this presentation regarding certain unaudited adjusted results and certain historical adjusted results does not conform to generally accepted accounting principles in the United States (U.S. GAAP) and should not be construed as an alternative to our reported results determined in accordance with U.S. GAAP. ICF has included this non-GAAP information to assist in understanding the operating performance of the company. The non-GAAP information provided may not be consistent with the methodologies used by other companies to prepare similar non-GAAP measures. All non-GAAP information has been reconciled with reported U.S. GAAP under Appendix 1 and 2 of this presentation. Additionally, ICF does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to the variability and difficulty in making accurate forecasts and projections and because not all of the information necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures (such as the effect of share-based compensation or the impact of future extraordinary or non-recurring events like acquisitions) is available to ICF without unreasonable effort. For the same reasons, ICF is unable to estimate the probable significance of the unavailable information. ICF provides forward-looking non- GAAP financial measures that it believes will be achievable, but it cannot accurately predict all of the components of the adjusted calculations, and the U.S. GAAP financial measures may be materially different than the non-GAAP financial measures. 2 ICF#3ICF: A professional + technology services firm 3 Serve a roster of government clients with social + environmental missions, energy utilities + commercial clients Deliver strong cross- cutting capabilities in technology + engagement 品 L A growth platform combining organic initiatives + acquisitions H 100º Leverage deep domain expertise to achieve superior results for clients Benefit from visibility of a substantial backlog + growth profile of commercial revenues ICF#4Synergy in markets + capabilities ICF's work across core service areas including climate, energy efficiency, disaster management, public health and social programs addresses environmental and social issues Energy, Environment, Infrastructure + Disaster Recovery 41%¹ Health and Social Programs 42%¹ Security and Other Civilian + Commercial 17%¹ Advisory + Strategy Program Management Technology, Analytics + Engagement 'Percentages based on full-year 2023 financials released on February 27, 2024 4 ICF#5Track record of strong revenue and EPS growth ↑ Revenue 5-year CAGR 8.0% Non-GAAP EPS 5-year CAGR 11.7% 15-year Revenue and Non-GAAP EPS CAGRS calculated over 2018-2023 5 ICF#6Multiple catalysts for long-term organic growth 6 Energy efficiency and utility consulting 上 Climate, environment and infrastructure consulting Disaster management ⚫ IT modernization / digital transformation Public health H ~80% of revenue from continuing operations in 2023 represented work in these key growth areas, which are expected to grow 10% or more in the aggregate over the next several years ICF#7Utility consulting and decarbonization programs ● ICF is a leader in implementing decarbonization programs (energy efficiency, electrification, flexible load management) for utilities Supporting utility transformation: distributed energy, grid resilience, and electrification (EVs, buildings, other) ● Majority long-term contracts Utility work across North America 210+ 75+ Active programs Utility clients 20 Large portfolios Industry leading planning and policy development 30 Location of ICF U.S. energy clients DSM program design clients 7 27 40+ Potential study clients Related regulatory testimonies ICF#8Climate, environment and infrastructure consulting ● ● ● IL ICF has one of the largest full-service climate consulting practices in the U.S. 40+ years of climate-related experience - amplified by ICF Climate Center Unprecedented federal funding to address climate change Climate concerns and regulatory pressures driving increased investments by corporations and utilities E ICF has additional expertise in services closely connected to climate + infrastructure Climate-adjacent services Disaster mitigation Decarbonization Public health impacts Environmental justice Infrastructure-adjacent services Energy Environment Water Transportation 8 ICF#9Recently enacted legislation and government spending priorities create additional opportunities Infrastructure Investment and Jobs Act (IIJA) - provides infrastructure and clean energy opportunities Inflation Reduction Act of 2022 (IRA) - provides significant climate and energy-related opportunities 9 ICF#10Disaster management ICF is a leader in disaster management with a long track record of managing post-disaster federally funded recovery programs • Federal funding for mitigation programs provides potential for steady flow of longer-term opportunities Currently running disaster recovery programs in 20+ states Working on mitigation efforts for 30+ clients across 18 states and territories Expect continued growth as appropriated disaster recovery and mitigation funds are released and territories ICF's expertise in recovery and resilience is closely aligned with efforts to manage the effects of climate change 10 ICF#11IT modernization / digital transformation Acquisitions have significantly expanded our qualifications qual ITG Creative Systems SemanticBits Expertise in >30 technology IT modernization is a bipartisan priority platforms Provide significant revenue synergies in our federal civilian agency markets ICF is now a recognized leader in the most widely used low-code / no-code and open-source platforms in the federal government 11 ICF#12Public health HHS is ICF's largest federal agency client - 26% of total revenues¹ Recognized expertise in addressing critical health issues Opioid abuse, obesity, cancer ICF has contract vehicles in all federal agencies actively involved in preparations for the next pandemic: Modernization of disease surveillance systems Guidelines for government roles and responsibilities in a pandemic ICF is recognized for deep domain expertise in public health and expanded IT modernization capabilities 1 Based on full-year 2023 financials released on February 27, 2024 12 ICF#13We serve a roster of government clients, energy utilities and commercial clients >90% of revenues from government clients + energy utility clients¹ Provides significant opportunities for expansion US Federal 55% Non-US Government 5% 1 Based on full-year 2023 financials released on February 27, 2024 2 Includes energy utilities, commercial marketing, and other US State + Local 16% Commercial 24% 13 ICF#14We work with a broad array of government clients Government revenues 76% of total revenues¹ US federal revenues primarily from civilian agencies HHS 26% DOS 6% DOD 3% EPA 3% 14 US State + Local 15% Commercial 24%2 1 Based on full-year 2023 financials released on February 27, 2024 2 Includes energy utilities, commercial marketing, and other DHS 2% USDA 2% GSA 2% TREAS 2% Other Fed 10% Non-US Government 5% ICF#15Drivers of long-standing client relationships Institutional memory of government + utility programs Workforce of long-time industry experts Long-term contract vehicles with government + utility clients Proprietary IP 15 ICF#16Our culture: a source of competitive advantage MARKETING Purpose To build a more prosperous and resilient world for all. Values Interact with integrity Bring your passion Embrace differences Challenge assumptions Work together Be greater than 4861 160 VICF#17Our business, environmental and social responsibilities are intertwined 17 We create impact through our client work... $806M+ Revenue from services supporting energy saving, carbon reduction, and natural resource protection programs* $814M+ Revenue from services supporting health, education, development, and social justice programs* *Together represent >80% of 2023 revenue ICF ICF#18Impact through program support/execution... ENERGY STAR® (2020 data) 400 million metric tons of greenhouse gas reduction $42 billion energy costs avoided 5% of total U.S. emissions of greenhouse gases Smokefree.gov 100,000 quit plans completed in FY23 14% quit rate that's double the national average of 7% BioSense 6,500+ health care facilities nationwide contribute data 1 day data available within 24 hours of patient visits >8 million electronic health messages processed daily Head Start 1 million+ children and families from low- income households enrolled 6 regions served by ICF, including 40 states, the District of Columbia, and 140 tribes Utility Energy Efficiency Programs (2022 data) >180 programs delivered nationwide 6.1 million lifetime metric tons of CO2 avoided $2.1 billion total financial impact Disaster Management Programs $63 billion+ disaster recovery funds managed 100,000 homeowners helped 18 ICF#19...and in the way we operate ICF is proud of how we operate in our communities and in society Environment Carbon neutral since 2006 – high quality RECs & offsets - CDP Climate Leadership Award Total and per-employee emissions declining since 2013 80% 60% 40% 20% 0% -20% -40% -60% -80% -100% 2013 2014 2015 2016 2017 2018 2019 2020 Global Revenue Global FTE Employees Global Square Feet Total Emissions --Emissions/Sq Ft --Emissions/FTE --Emissions/MUSD Social Forbes list for "Best Employers for Diversity" 2021, 2022, 2023 ICF philanthropy driven primarily by employee giving choices 100% match and cash support for volunteer efforts - 8 Employee Community Networks . ⚫ Black Employees Women . LGBTQIA+ ⚫ First Nation & Indigenous • Veteran • Asian . Hispanic ⚫ Different abilities Governance Strong Lead Independent Director with clearly articulated responsibilities 38% female Directors 50% female +/or minority Directors Board oversees · Enterprise risk management process Management succession planning and development Regular executive sessions of independent directors 19#20Financial Performance#21Track record of consistent revenue and earnings Revenue ($ millions) $1,338 $1,507 $1,479 $1,553 8.0% 5 yr. CAGR $1,780 EPS $1,963 GAAP EPS Non-GAAP¹ 11.7% 5 yr. CAGR -- Non-GAAP $6.50 $5.77 $4.82 $4.15 $4.17 $4.35 $3.73 $3.18 $3.59 $3.72 $3.38 $2.87 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 ¹Non-GAAP EPS: GAAP EPS plus tax-affected impact of acquisition-related charges, special charges, and amortization of intangibles 1 21 ICF#22Q4 and full year 2023 performance Revenue ($ millions)1 EPS¹ $1,963.2 $6.50 $1,780.0 $5.77 22 22 $475.6 $478.4 $1.56 $1.68 $4.35 $3.38 $1.16 $0.47 Q4 2022 Q4 2023 FY 2022 Total Revenue FY 2023 Q4 2022 Q4 2023 ■GAAP EPS FY 2022 ■Non-GAAP EPS FY 2023 2 1 Based on full-year 2023 financials released on February 27, 2024 2 Non-GAAP EPS: GAAP EPS plus tax-affected impact of acquisition-related charges, special charges, and amortization of intangibles ICF#23Contract awards ($ millions)1 Book-to-bill ratio (TTM) Q4 2022 1.32 Q4 2023 1.19 $777 $611 Backlog ($ billions)1 23 Funded Unfunded $2,350 $2,337 $3.9 $3.8 $2.1 $2.0 $1.8 $1.8 Q4 2022 Q4 2023 YTD 2022 YTD 2023 Q4 2022 Q4 2023 1 Based on full-year 2023 financials released on February 27, 2024 ICF#24Pipeline ($ billions) $10.3 $9.9 $9.8 $9.7 $9.0 $8.7 $8.5 $7.9 $7.2 $7.3 $7.1 $6.0 Q1-20 Q2-21 Q3-21 Q4-21 Q1-21 Q2-22 Q3-22 Q4-22 Q1-22 Q2-23 Q3-23 Q4-23 24 Strong pipeline of qualified opportunities, the majority relating to federal government clients ICF#25Operating cash flow, 2019 - 2024 $ M Dividends ■ Debt Repayment + Other ■Share Repurchase ■ CAPEX $173.1 $10.5 $162.2 $10.5 Operating Cash Flow: $155M $152.4 $10.5 Capex: $25M - $28M $110.2 $113.5 $10.6 $91.4 $106.0 $100.5 $10.5 $59.7 $31.9 $20.5 $29.7 $21.2 $20.0 $19.1 $28.5 $19.4 $19.9 $24.5 $22.3 2019 2020 2021 2022 2023 2024 GUIDANCE* Net Debt $159.0 $301.9 $415.3 $550.1 $427.7 1 2 EBITDA $128.9 $122.1 $142.0 $192.7 $198.3 Net Debt/ 1 2 1.23x 2.47x 2.92x 2.86x 2.16x EBITDA 1 Based on reported EBITDA of $157.2M plus: 1) pre-acq. EBITDA for SB (21.3M) and Blanton ($0.75M) and 2) one-time facility impairment charges ($13.3M) 2 Based on reported EBITDA of $197.0M plus pre-acq. EBITDA for CMY ($1.3M) 3 Based on full-year 2023 financials released on February 27, 2024 2020 included ~$50M of accelerated collections and deferral of $20M of employer social security tax liabilities to 2021/2022 under the CARES Act#26Historical cash flow conversion at ~100% $ Millions $200 $180 $160 78% $140 75% $120 $113 $100 $100 $80 $60 $40 $20 $75 109% $173 106% 103% $127 $116 $110 $106 $91 106% $162 $158 $152 120% 100% 80% 60% 40% 20% · Our Operating Cash Flow in 2023 remained strong at ~$152.3M, maintaining our conversion trend of ~100%. As of FY2023, over the past six years, we have converted ~100% of our net income (adjusted for non-cash items) and generated strong Operating Cash Flow... ...While growing our total revenue from $1.3B in 2018 to $2.OB in 2023 at an 8.0% CAGR (which required an investment in working capital) $0 0% 2018 2019 2020 2021 2022 2023 Historical Cash Conversion 2018A 2019A 2020A 2021A 2022A 2023A Net Income $61 $69 $55 $71 $64 $83 Non-Cash Comp $12 $16 $18 $13 $13 $15 Depr & Amort $27 $28 $34 $32 $50 $61 Adj. Net Income $100 $113 $106 $116 $127 $158 Operating Cash Flow (Op CF) $75 $91 $173 $110 $162 $152 Cum. Op CF as % of Adj. Net Inc. 75% 78% 106% 103% 109% 106%#272024 guidance 27 Revenue $2.03B – $2.10B - Non-GAAP EPS $6.60 - $6.90 GAAP EPS $5.25 - $5.55 °r Operating cash flow $155M H ICF#28Our roadmap for long-term value creation 1 Capture organic growth enabled by strong positions in high growth markets and expanded addressable market 2 Drive revenue synergies and larger contract wins through ability to execute at scale 3 Make strategic and accretive acquisitions in areas we know 4 Gain operating efficiencies 5 6 Continue to invest in Uniquely our people positive impact 28#29Appendix1 (in thousands, except per share amounts) Reconciliation of EBITDA Net income Interest, net Provision for income taxes Depreciation and amortization EBITDA Three months ended - December 31 2023 $22,162 2022 29 Twelve months ended - December 31 2023 2022 $ 8,878 $ 82,612 $ 64,243 9,535 9,186 39,681 23,281 7,631 3,046 13,935 19,737 14,532 15,778 60,738 49,917 $ 53,860 36,888 $ 196,966 157,178 Reconciliation of Non-GAAP Diluted EPS U.S. GAAP Diluted EPS Impairment of long-lived assets (1) Acquisition and divestiture-related expenditures (2) Severance and other costs related to staff realignment (3) Expenses related to facility consolidations and office closures (4) Expenses related to the transfer to our new corporate headquarters (5) Expenses related to our agreement for the sale of receivables (6) Pre-tax gain from divestiture of a business (7) Amortization of intangibles Income tax effects of the adjustments (8) Non-GAAP Diluted EPS $ 1.16 0.20 EA 0.47 4.35 EA 3.38 0.44 0.40 0.44 0.05 0.25 0.34 0.10 0.06 0.33 0.33 0.10 0.26 0.24 0.26 0.14 0.44 0.01 0.01 (0.17) | (0.30) 0.44 0.50 1.87 1.49 (0.15) (0.37) (0.64) (0.92) $ 1.68 1.56 $ 6.50 $ 5.77 (1) Represents impairment of operating lease right-of-use and leasehold improvement assets associated with exit from certain facilities, and an intangible asset associated with exit of a business. (2) These are primarily third-party costs related to acquisitions and potential acquisitions, integration of acquisitions, and separation of discontinued businesses or divestitures. (3) These costs are mainly due to involuntary employee termination benefits for our officers, and employees who have been notified that they will be terminated as part of a business reorganization or exit. (4) These are exit costs associated with terminated leases or full office closures that we either (i) will continue to pay until the contractual obligations are satisfied but with no economic benefit to us, or (ii) paid upon termination and cease-use of the leased facilities. (5) These costs represent incremental non-cash lease expense associated with a straight-line rent accrual during the "free rent" period in the lease for our new corporate headquarters in Reston, Virginia. We took possession of the new facility during the fourth quarter of 2021, while also maintaining and incurring lease costs for the former headquarters in Fairfax, Virginia. The transition to the new corporate headquarters was completed in the fourth quarter of 2022. (6) These costs include legal and structuring fees related to our 2022 Master Receivables Purchase Agreement with MUFG Bank, Ltd. put in place for the sale of our receivables. (7) Includes pre-tax gain of $2.5 million and of $3.2 million from the divestitures of our U.S. commercial marketing and Canadian mobile text aggregation businesses. VICE (8) Income tax effects were calculated using the effective tax rate, adjusted for discrete items, if any, of 21.1% and 25.5% for the three months ended December 31, 2023 and 2022, respectively, and 22.8% and 28.0% for the twelve months ended December 31, 2023 and 2022, respectively.#30Appendix 2 30 (in thousands, except per share amounts) Reconciliation of EBITDA Net income Interest, net Provision for income taxes Depreciation and amortization EBITDA Reconciliation of Non-GAAP Diluted EPS U.S. GAAP Diluted EPS Impairment of long-lived assets 2023 2022 2021 2020 2019 2018 $ 64,243 $ 71,132 $ 54,959 $ 68,938 $ 61,400 82,612 39,681 23,281 9,984 13,712 10,561 8,594 13,935 19,737 28,958 19,714 21,235 21,427 60,738 49,917 31,970 33,748 28,182 27,206 $ 157,178 $ 142,044 $ 122,133 $ 128,916 $ 118,627 $196,966 2023 2022 2021 2020 2019 2018 4.35 3.38 3.72 2.87 3.59 3.18 0.40 0.44 0.43 0.16 0.09 Acquisition-related expenditures 0.25 0.34 0.25 0.10 0.10 0.07 Severance and other costs related to staff realignment 0.33 0.33 0.06 0.25 0.09 0.08 Facilities consolidations, office closures, and our future corporate headquarters (1) 0.24 0.26 0.08 0.10 0.08 0.01 Special charges related to bad debt reserve Expenses related to the transfer to our new corporate headquarters (2) Expenses related to retirement of Executive Chair | | | | - (0.04) 0.06 0.44 0.05 0.02 0.46 0.01 Expenses related to our agreement for the sale of receivables Pre-tax gain from divestiture of a business Amortization of intangibles Income tax effects of the adjustments Non-GAAP Diluted EPS (1) These charges were related to the January 2019 bankruptcy filing of a utility client. (0.30) 1.87 1.49 0.65 (0.64) (0.92) (0.44) 0.70 (0.47) 0.42 (0.18) 0.52 (0.19) $6.50 $ 5.77 $ 4.82 $ 4.17 $ 4.15 $ 3.73 (2) These costs include severance, pro rata incentive bonus, welfare benefits, and acceleration of equity awards we incurred under the departing officer's severance agreement during the fourth quarter of 2020. As a result of the employment agreement, the departing officer was able to maintain certain equity awards beyond his retirement date, including performance-based awards that are subject to changes until they vest. ICF#31VICF#32VICE icf.com xx.com/ICF in linkedin.com/company/icf-international facebook.com/ThislslCF σ #thisisicf About ICF ICF (NASDAQ:ICFI) is a global consulting and digital services company with approximately 9,000 full- and part-time employees, but we are not your typical consultants. At ICF, business analysts and policy specialists work together with digital strategists, data scientists, and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future.