ICF International (ICFI) investor relations material

Company overview and business mix

• Operates as a professional and technology services firm with nearly $2B in revenue and 9,500 employees, serving commercial, state, local, international, and US federal clients.

• Business is split between energy/environment/infrastructure/disaster recovery (48%) and public health/social programs (37%).

• Deep domain expertise enables both advisory and implementation services, with strong technology capabilities in IT modernization, digital engagement, and AI.

• Commercial work, about 30% of revenue, is higher margin and growing rapidly, especially in energy.

• Over 70% of annual revenue is typically secured in backlog, providing strong visibility.

Growth drivers and market trends

• Commercial, state, local, and international business (55% of revenue) is growing at about 15%, offsetting federal declines.

• Commercial energy, especially utility work tied to data center power demand, is growing over 25% annually.

• Disaster recovery for state and local clients is expanding due to increased frequency and severity of natural disasters.

• International revenues, particularly from EU and UK contracts, are set for 20% growth.

• Expectation to double non-government business to over 70% of total revenue in five years through sustained double-digit growth.

Federal business and policy impacts

• Federal business (about 45% of revenue) faced significant contract cancellations, totaling $117M in impacted 2025 revenue, mainly due to shifting administration priorities.

• Contract cancellations have stabilized, with no further material losses expected.

• IT modernization remains a bipartisan priority, with a focus on AI, agile development, and automation; this segment is expected to return to growth next year.

• Programmatic federal work, especially in health and human services, is down over 25% but is expected to stabilize and potentially rebound as new policy directions emerge.