Investor

Presentation
January 2024

Design the future.

Disclaimer
This document has been prepared by John Wood Group PLC (“Wood” or “the Company”) solely for use for background. For the purposes of this notice, the
presentation that follows (the “Presentation”) shall mean and include the slides that follow, the presentation of the slides by the Company, any question and answer
session that follows that presentation, hard copies of this document and any materials distributed at, or in connection with, that presentation. In this Presentation,
“Group” means the Company and its subsidiaries.

The Presentation does not constitute or form part of and should not be construed as, an offer to sell or issue, or the solicitation of an offer to buy or acquire, securities
of the Company in any jurisdiction or an inducement to enter into investment activity. No part of this Presentation, nor the fact of its distribution, should form the
basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever.

Statements in this Presentation, including those regarding the possible or assumed future or other performance of the Company or its industry or other trend
projections, as well as statements about the Company’s or its management’s beliefs or expectations, may constitute forward-looking statements. By their nature,
forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond Wood’s control. These risks, uncertainties
and factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements.
Accordingly, no representation is made that any of the forward-looking statements will come to pass or that any forecast results will be achieved. Forward looking
statements in the Presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. They
speak only as at the date of this Presentation and the Company undertakes no obligation to update these forward-looking statements.

The information and opinions contained in this Presentation do not purport to be comprehensive, are provided as at the date of the Presentation and are subject to
change without notice. The Company is not under any obligation to update or keep current the information contained herein.

In no circumstances, to the fullest extent permitted by law, will the Company, or any of its respective subsidiaries, shareholders, affiliates, representatives, partners,
directors, officers, employees or advisers be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from or in connection with the
use of this Presentation, its contents, any omissions or any reliance placed upon it.

2
 Contents

Highlights

About Wood

A transformed business

Significant growth potential

Delivering on our strategy

Progress towards our financial targets

Conclusion

Appendix

3
Highlights
Leading global engineering and consultancy company
• Strong competitive positions across our markets​
• Lower risk business model​
• Well-diversified across markets and geographies

A transformed business
• Significant transformation over the last few years
• New leadership team in place​

Significant growth potential

• Well-positioned for market growth across energy and materials
• Significant sustainable solutions business

Financial recovery increasingly visible

• Strong momentum in revenue, order book and pipeline
• Return to cash flow positive in 2024
4
 About Wood

5
Leading global engineering
and consultancy company
Advise Operate
• Feasibility studies • Maintenance
• Concept design • Modifications
• Pre-FEED • Brownfield engineering
• Strategy planning • Asset management
• Asset optimisation Working together to
Design bring critical solutions
• FEED Repurpose to clients
• Detailed design • Life extension
• Owner’s engineer • Asset repositioning
• Decommissioning
Deliver
• PMC
• EPCm
• Commissioning

6
Strong competitive positions across our markets
Outstanding
global expertise
• World class SMEs and engineers c.36,000 people

Long-term client • Decades long relationships with major clients > 90% repeat
relationships
business
• Including Exxon, Chevron, Shell, BP, Dow, GSK

Highly valued by • NPS 20% higher than market average1

our clients • Ranked 1st amongst nine closest peers1 20% NPS

Top global
engineering firm
• Top 5 ENR design rankings: North America,
Petroleum, Industrial and Manufacturing ENR top 10 global
7 Source: Wood Core Industries Survey (N=250) and Key Markets Survey (N=250). Expert interviews conducted by independent consultant
Our competitive landscape

Consulting Projects Operations

8 Main peers shown, list not exhaustive

 Differentiated from the competition
Reimbursable Increasingly
balanced across
energy and
materials
Contracting model

World class
technical
expertise

Only one peer

competes across
Fixed
our business
price

0% 100%
O&G exposure1
Wood analysis as of November 2022, based on published company reports and statements. Illustrative chart only, not to scale.
9 1. O&G exposure includes upstream, midstream and downstream / chemicals. Wood position includes oil & gas and refining & chemicals
Lower risk business model
Mostly cost
Revenue split (HY23) Order book split (June 2023) reimbursable
contracts
3% 1%

Fixed price
19%
14% services average
contract size
< $10m

78%
85%
LSTK only in
Cost reimbursable exceptional
Fixed price services circumstances
(incl. fixed price Consulting)

Lump sum turnkey (LSTK)

10
Well-diversified by markets and geography
Revenue split by market (HY23) Revenue split by geography (HY23)

Life Sciences Other

2% 9%
Minerals Rest of the
6% world
4%
Middle
East &
Africa
Refining & Americas
18%
Chemicals 35%
21% Oil & Gas
56%

• Delivering revenue Europe

and EBITDA growth 24%
Asia
Hydrogen & • Strong business
CCUS momentum Pacific
1% 19%
• High quality pipeline
Renewables
1%
Power • Free cash positive in
4% second half
11
 A transformed
business

12
Significant transformation over
the last few years
• New leadership team in place

• Fixed the balance sheet - sold Built Environment

Consulting business in September 2022

• De-risked contract portfolio – lump sum turnkey now

only 1% of order book

• Addressed legacy issues – cash outflows mostly end in

2024

• Dedicated focus on culture – re-engaged our teams

• Defined priority markets and geographies to focus on

for growth
13
A new leadership team in place

Chief Executive
Ken Gilmartin
Joined ELT Aug 2021
CEO from July 2022

Executive President,
Executive President,
Chief Financial Business Chief Human Group General Executive President, Executive President, Executive President,
Strategy &
Officer Sustainability & Resources Officer Counsel Consulting Projects Operations
Development
David Kemp Assurance Marla Storm Michael Rasmuson Azad Hessamodini Craig Shanaghey Steve Nicol
Jennifer Richmond
Mike Collins

Joined ELT Joined ELT Joined ELT Joined ELT Joined ELT Joined ELT Joined ELT Joined ELT
May 2015 April 2022 October 2020 Jan 2024 Jan 2024 June 2022 July 2022 Feb 2023
Announced intention
to retire

14
Focused on the right markets

Large markets with

solid growth.
c.$235bn
Oil & Gas Chemicals
Delivering energy security Rising global demand

2025 total addressable

market in core Small markets with
geographies1 substantial growth. Hydrogen Carbon Capture
Enabling energy transition Enabling energy transition

Large markets where

we will significantly Minerals Life sciences
grow our share. Minerals for net zero Rising global demand

15 1. Addressable market sizes estimated using secondary sources

 Significant growth
potential
16
Well-positioned for market growth
Energy Materials
Focus Oil & Carbon Mineral Life
Hydrogen Chemicals
markets1 Gas capture processing sciences

• Energy security • Energy transition • Net zero agenda • Transition to net zero • Consumer demand • Consumer demand
Market • Net zero agenda • Supportive policy • Improving economics • Supportive policy • Circular initiatives • Onshoring commitments
drivers • High commodity prices • Technology • Supportive policy • Technology advancement • Net zero agenda • Aging populations

Addressable
market (2025)2 $124bn $4bn $4bn $21bn $50bn $26bn
Market CAGR
2022-20253 6% 67% 29% 7% 1% 6%
Market CAGR
2022-20303 2% 31% 15% 7% 2% 6%
Wood share
today
High Low Low High Medium Low

Market share
growth

1. Oil & Gas refers to upstream and midstream. Chemicals excludes refining
2. Addressable market sizes estimated using secondary sources, details available in our Capital Markets Day presentation (Nov 2022)
17 3. Market CAGR assumptions shown are nominal growth rates based on a range of global inflation assumptions from 0% to 2.5%
Significant sustainable solutions business

Energy. Materials.
Energy Transition Sustainable Materials Life sciences

Hydrogen Carbon Renewable Power LNG Minerals Waste to Materials Sustainable Pharma
Capture Energy Electrification Processing energy Recycling fuel/feedstocks
Battery storage Energy transition
materials

Decarbonisation1 across all markets

Over $1 billion a year business, growing at 20% (HY23)

18 1. Only included if the decarbonisation scope(s) are greater or equal to 75% of total contract value
Leading capabilities
across hydrogen and
carbon capture
Performed over 175 carbon
Designed and built over 130 hydrogen
capture studies, worked on over a
plants in 40 years
third of the world’s projects1

Helping deliver world’s largest Blue hydrogen technology that can

CCUS hub in Middle East capture up to 95% of CO2

Setting standards in CCUS – Involved in three industrial cluster

leading joint industry partnership projects in the UK

Designing 400km of CCUS pipeline FEED to eliminate 95% of CO2 emissions

in Canada in some US Gulf Coast complexes

19 1. Based on Wood calculation using data from www.iea.org/energy-system/carbon-capture-

utilisation-and-storage
A higher grade, growing pipeline
Factored pipeline (24 months) • Disciplined in where we bid
Not to scale - Strategic clean up in Q4 2022 to remove LSTK and large EPC
- Significant opportunity to grow within our risk appetite

• Double digit growth in factored pipeline

- Strong market growth across our focus markets
- Demand for Wood’s offering
Q3 2022 Q4 2022 Q1 2023 Q2 2023

• Continued diversification of pipeline

Total pipeline market split % - Materials 37% (vs. 28% of HY23 revenue)
- Growing across energy and materials markets

• Growth in sustainable solutions

Materials - 10% increase in sustainable pipeline in H123 to $600M
37% Energy
61%
• Improving pricing
- Gross margin as a percentage of revenue starting to increase
20
Delivering on our
strategy
21
Our strategy

Profitable Performance Inspired

growth. excellence. culture.

Energy. Materials.
Oil & Gas | Hydrogen | Carbon Capture Minerals | Chemicals | Life Sciences

Decarbonisation

Digitalisation
22
Good progress since our CMD in November 2022
Targets HY23 progress Future focus

Profitable • EBITDA mid to high single digit CAGR • EBITDA up 12%1 • Continue to improve pricing
Strong operating cash flow • Significant improvement in • Selective market focus
growth.
•
• Return to positive free cash flow operating cash flow • Optimise portfolio – reviewing
A higher-grade • Focus on reimbursable contracts • LSTK now only c.1% of order c.4% of business
business book • Improve cash generation

Performance • Grow order book • Order book up 5%2 • Continued focus and
• Increase use of Global Execution • GEC headcount over 3,000 discipline in where we bid
excellence. Centres (GEC) • Sustainable solutions • Further GEC growth
Results focused • Consistent Project outcomes revenue up 20% • Continue to grow sustainable
and delivering solutions
• Increase % sustainable solutions

Inspired • Improve employee engagement • Employee NPS up 23 points

YoY
• Continual focus on safety
Lower voluntary turnover Develop employee experience
culture.
• •
• Reduce recordable safety incidents • Lower voluntary turnover • Further increase diversity
Creating a great across professional roles
• 40% leadership female by 2030 • Expand graduate intake
place to work • 35% leadership female • Continue SME recruitment
(vs. 32% at Dec 2022)

23 1. At constancy currency
2. Compared to December 2022, at constant currency and excludes Gulf of Mexico labour operations business sold in March 2023
 Progress towards
our financial targets

24
Highlights from HY23 results

Continuing to
build momentum.
Delivering
on our strategy. • $6bn order book, up 5%1,3 vs. Dec 2022
• Sustainable solutions revenue up 20% YoY
Good trading Double-digit growth in key
to over $600 million

across business.
•
markets (revenue and pipeline) • Headcount up 5% YoY

• Significant contract wins across

• Revenue up 20%1 energy and materials

• Adjusted EBITDA up 12%1 • Employee NPS +23ppt YoY

• Improved operating cash flow

• Increased FY23 guidance2
1. At constancy currency
25 2. For revenue and adjusted EBITDA
3. Excludes Gulf of Mexico labour operations business sold in March 2023
Medium-term financial targets

• Revenue to outperform market CAGR of around 5%

• EBITDA margins flat in the nearer term, opportunity for

some improvement in the medium term

• Adjusted EBITDA to grow at mid to high single digit

CAGR with momentum building as our strategy delivers

26
On track for positive free cash flow from 2024
FY26
$ Note: Illustrative chart, not to scale
FY25
FY24
Operating cash
FY23 flow growing
faster than
EBITDA

Growth
in FCF
c.$130m
Reducing capex

c.$30m
c.$30m
c.$65m
Reducing legacy
c.$135m liabilities

Operating cash flow Capex Interest, tax, other Legacy liabilities

27
Conclusion

28
Conclusion
Leading global engineering and consultancy company
• Strong competitive positions across our markets​
• Lower risk business model​
• Well-diversified across markets and geographies

A transformed business
• Significant transformation over the last few years
• New leadership team in place​

Significant growth potential

• Well-positioned for market growth across energy and materials
• Significant sustainable solutions business

Financial recovery increasingly visible

• Strong momentum in revenue, order book and pipeline
• Return to cash flow positive in 2024
29
Appendix

30
A summary of the Group
Investment Consulting Middle East & Rest of the Other
Services 12% Africa world 9%
4% 18% 4%

Americas
HY23 35% Materials
Operations
revenue: 42%
28% Energy
Projects Europe 63%
42% 24%
Asia Pacific
19%

Investment Consulting Middle East

Services 10% & Africa, 17% Other
2% 5%

Americas,
Order book 27% Materials
25%
at June 2023: Operations Projects Europe,
52% 36% 32% Asia Pacific, Energy
24% 70%

31
Business model across our BUs
Consulting
Consulting Projects
Projects Operations
Operations
Number of employees (Dec 2022) c.4,000 c.14,000 c.16,000

Average contract length 5 months 12 months 3 years

Average contract size c.$0.1m c.$10m c.$90m

Contract mix:

- Cost reimbursable c.60% c.70% c.95%

- Fixed price services c.40% c.22% c.5%

- Lump sum turnkey Nil c.8% Nil

Level of repeat business c.85% c.90% c.95%

Capex/opex exposure Both Capex-led Opex-led

EBITDA margins (FY22) 11.7% 7.6% 6.1%

Operating cash conversion profile > 90% > 90% by 2024 > 90%

32
Adjusted income statement detail (1/2)
HY23 HY22 FY22
Notes
Reported Restated Restated
Consulting 355.8 312.5 652.4 Restatement1: FY22 $27m, HY22 $10m
Projects 1,245.3 990.0 2,211.2
Operations 1,244.5 1,176.9 2,407.0
Investment Services 140.8 91.3 198.8
Total revenue 2,986.2 2,570.7 5,469.3

Consulting 37.8 40.1 76.2 Restatement1: FY22 $3m, HY22 $1m

Projects 91.6 81.3 168.8
Operations 76.7 76.0 147.6
Investment Services 26.2 26.6 69.3 Includes Turbines JVs
Central costs (30.6) (38.2) (73.6)
Total adjusted EBITDA 201.7 185.8 388.3

Consulting 10.6% 12.8% 11.7% Restatement1

Projects 7.4% 8.2% 7.6%
Operations 6.2% 6.4% 6.1%
Investment Services 18.6% 29.3% 34.9% Includes Turbines JVs
Total adjusted EBITDA margin % 6.8% 7.2% 7.1%

Depreciation (PPE) (15.1) (14.2) (29.3)

Depreciation (right of use asset) (44.8) (43.6) (90.5)
Impairment of PPE and right of use assets (0.4) (0.4) (2.4)
Amortisation - software and system development (52.0) (45.7) (89.0)

Total adjusted EBIT 89.4 81.9 177.0

33 1. HY22 and FY22 restated to include Built Environment Consulting Saudi Arabia, (previously held for sale)
Adjusted income statement detail (2/2)
HY23 HY22 FY22
Notes
Reported Restated Restated
Tax and interest charges on JVs (8.3) (5.2) (14.3)
Exceptional items - - -
Net finance expense (34.8) (50.9) (103.9)
Interest charge on lease liability (8.5) (7.5) (16.4)
Adjusted profit before tax 37.8 18.3 42.4

Adjusted tax charge (28.3) (34.0) (59.2)

Profit/(loss) from discontinued operations - 56.5 60.2 Restatement1
Adjusted profit for the period 9.5 40.8 43.4

Non-controlling interest (2.3) (0.4) (4.6)

Adjusted earnings 7.2 40.4 38.8

Number of shares (m) – diluted 684.9 706.1 680.4

Adjusted diluted EPS (cents) 1.1 5.7 5.7

34 1. HY22 and FY22 restated to include Built Environment Consulting Saudi Arabia, (previously held for sale)
Free cash flow reconciliation
HY23 HY22 FY22
Pre-IFRS 16 to post-IFRS 16 free cash flow reconciliation Excluding
Leases Total
Excluding
Leases Total Total
leases leases

Adjusted EBITDA (includes continued and discontinued operations) 151 51 202 190 61 250 458

Less: JV element of EBITDA (25) (4) (29) (20) (3) (22) (59)

Add: JV dividend 8 - 8 16 - 16 30

Adjusted EBITDA excl. IFRS 16 and JVs 134 47 181 186 58 244 429

Provisions (12) - (12) (74) - (74) (44)

Other 11 - 11 15 1 16 28

Working capital (94) - (94) (208) - (208) (367)

Operating cash flow 39 47 86 (82) 59 (23) 47

Net capex (76) - (76) (57) - (57) (129)

Interest paid (41) - (41) (51) - (51) (94)

Tax paid (43) - (43) (29) - (29) (82)

Other 1 - 1 (30) - (30) (46)

Non-cash movement in leases - (28) (28) - (41) (41) (15)

Free cash flow pre-exceptionals (121) 19 (102) (250) 18 (231) (293)

Exceptionals (99) 6 (93) (102) 8 (94) (304)

Free cash flow (219) 25 (194) (352) 26 (325) (597)

FX movements on cash and debt facilities (22) (8) (30) (12) 24 12 (26)

Divestments (20) - (20) - - - 1,729

(Increase)/decrease in net debt (261) 17 (244) (364) 50 (313) 1,107

35
Reducing legacy liabilities (unchanged since CMD)

All cash outflows

FY23e FY24e FY25e Commentary

Aegis Poland contract c.$20m Nil Nil • Project complete, in commercial settlement process

Asbestos (provisions) • Long term profile to 2050

c.$35m c.$30m c.$30m
• Gradually reducing over time

SFO settlement c.$35m c.$30m Nil • Final payment in early 2024

Restructuring costs n/m n/m n/m • No material costs expected

Onerous leases c.$20m c.$5m Nil • Reduce to nil beyond 2024

LSTK losses / working

capital c.$25m Nil Nil • Exiting LSTK, unwind of advances

Total: c.$135m c.$65m c.$30m

36
Our joint ventures

Others

Turbine services across gas turbines, steam Maintenance, repair and overhaul services for Around 20 joint ventures across the rest of
turbines, generators, compressors and Siemens Energy industrial aero-derivative gas the Group. Typical business model to enter
transformers generators and power turbines different territories.

51% share (Siemens Energy own 49%) 50% share (Siemens Energy own 50%) % share varies

HY23 EBITDA contribution of $14m HY23 EBITDA contribution of $7m HY23 EBITDA contribution of $8m

Included in Investment Services Included across three BUs

Total JV contribution to Group’s results in HY23: $29m EBITDA, $8m dividends

37
Liquidity position at June 2023
Facility Costs Size Maturity

RCF c.7.5% $1,200m 2026

UKEF c.8% $200m 2024 • Expected to be repaid in September 2024

USPP c.4.5% $90m 2024

$116m 2026

$18m 2027

$128m 2029+

$352m

Overdrafts & other $150m

Total $1,902m

38
Our capital allocation policy
• Medium term target leverage range around 0.5x to
Strong balance sheet 1.5x (pre-IFRS 16)

Invest in our business • Invest in the business to secure growth

• Schedule of payments related to legacy issues, reducing

Legacy issue payments each year to only asbestos from 2025

Ordinary Share
M&A
dividends buybacks

39