Amentum (AMTM) Raymond James & Associates’ 46th Annual Institutional Investors Conference 2025 summary

Company background and recent transformation

• Originated as a $4B PE-backed spin-out from AECOM, focused on U.S. government services.

• Expanded to $8.2B revenue by 2023 through two major acquisitions, with global operations.

• Pursued a Reverse Morris Trust (RMT) with Jacobs' CMS business to unlock shareholder value.

• Integration planning began pre-close, with a 50/50 team from both companies.

• Announced new vision, mission, values, and org structure to all employees before deal close.

Integration strategy and synergy realization

• Focused on merging cultures, integrating systems, and unifying business development.

• Integration management office established to accelerate post-close execution.

• Cost synergy target set at $60M net, with delivery on track for the next 18 months.

• Revenue synergies pursued by cross-selling technology solutions and leveraging enterprise scale.

• Created an enterprise-level business development function for large bids ("mega deals").

Market positioning and growth opportunities

• 80% of revenue from U.S. government, less concentrated than peers.

• Critical mission focus in national security, environmental remediation, and infrastructure.

• Expanding into commercial and international markets, especially Europe.

• Positioned for growth in missile defense, UAVs, and nuclear energy engineering.

• Technology showcase and productization efforts to drive cross-sell and margin improvement.