Analogy 1: "Think of Shimmick as the 'Waste Management' for America's critical water infrastructure, building and maintaining the massive systems that provide clean water and protect communities from floods."

Analogy 2: "They're like a highly specialized AECOM, singularly focused on tackling the nation's most complex water and heavy civil infrastructure challenges."

• Water Treatment: Shimmick provides services for expanding, rehabilitating, upgrading, building, and rebuilding water and wastewater treatment infrastructure, including desalination plants.
• Water Resources: Shimmick builds, expands, and improves water storage and conveyance systems, dams, levees, flood control systems, pump stations, and coastal protection infrastructure.
• Other Critical Infrastructure: Shimmick builds, retrofits, expands, rehabilitates, operates, and maintains a range of critical national infrastructure projects such as mass transit, bridges, and military facilities.

Based on the provided background information, Shimmick (SHIM) is a leading provider of water and other critical infrastructure solutions. The company's projects include complex water treatment facilities, water storage and conveyance systems, dams, levees, flood control systems, mass transit, bridges, and military infrastructure.

Given the nature of these projects, Shimmick primarily serves government entities (federal, state, and local agencies) and public utilities that are responsible for developing, maintaining, and upgrading critical infrastructure. The background information does not list specific customer companies or individuals by name.

Therefore, Shimmick sells primarily to other organizations, specifically:

• Government agencies (federal, state, and local)
• Public utilities (e.g., water districts, sanitation districts)

No specific customer company names or their symbols are provided in the background text.

Ural Yal, Chief Executive Officer

Ural Yal was appointed Chief Executive Officer of Shimmick, effective December 2, 2024. He brings over 26 years of experience in water and critical infrastructure construction. Before joining Shimmick, Mr. Yal held various senior roles at Flatiron Construction from 2017 to 2024, most recently as Executive Vice President, where he was responsible for market expansion and the adoption of collaborative project delivery methods. His career began in engineering and progressed through operational and leadership roles, with a focus on the California market. He holds a Civil Engineering degree from Istanbul Technical University and an MBA from California State University, Dominguez Hills, and is a licensed civil engineer in California.

Todd Yoder, Executive Vice President and Chief Financial Officer

Todd Yoder was appointed Executive Vice President and Chief Financial Officer of Shimmick, effective April 14, 2025. He has over 20 years of public company finance leadership experience, with more than 15 years in global infrastructure. Prior to Shimmick, Mr. Yoder served as Executive Vice President and Chief Financial Officer for Shikun & Binui America, Inc. and Shikun & Binui Concessions USA. He also served for over 12 years as Global Managing Director of Strategic Finance at Fluor Corporation, a NYSE-listed company, and held senior finance leadership roles at publicly traded companies including Elevance Health, Zimmer Biomet Holdings, and Capital Bancorp Ltd. Mr. Yoder holds undergraduate degrees from Indiana University and Goshen College, and an MBA from the University of Notre Dame.

John Carpenter, Executive Vice President, Chief Legal Officer

John Carpenter serves as the Executive Vice President and Chief Legal Officer for Shimmick. He is part of Shimmick's leadership team which comprises industry veterans with decades of combined expertise.

Amanda Mobley, Chief Accounting Officer

Amanda Mobley serves as the Chief Accounting Officer for Shimmick. She previously served as interim Chief Financial Officer from June 2024 until April 2025. Ms. Mobley has been with Shimmick since 2011, holding various financial management roles, including project accounting and financial reporting. Prior to joining Shimmick, she was an Audit Manager at KPMG, focusing on public financial companies. She is a Certified Public Accountant and holds a B.S. in Business Administration from Colorado State University.

• Limited operating history as an independent company and historical dependence on AECOM, posing risks such as difficulty in obtaining necessary bonding and increased operating expenses to establish independent corporate infrastructure.
• Ongoing disputes with AECOM.

Shimmick (SHIM) is expected to drive future revenue growth over the next 2-3 years through several key factors:

1. Significant Market Opportunity in Water and Critical Infrastructure: Shimmick operates in a robust market, with the total nominal market opportunity for water infrastructure alone forecasted to exceed $60 billion per year, according to a 2023 S&P Global Construction Spending report. This large and growing market, fueled by climate change, water scarcity, and infrastructure needs, provides ample demand for Shimmick’s specialized services in water treatment, water resources, and other critical infrastructure.
2. Strategic Acquisitions: The company identifies the existing water industry as highly fragmented by geography and capability, presenting a significant opportunity to expand its core infrastructure services and introduce new services through strategic acquisitions. This inorganic growth strategy is a stated path for future revenue expansion.
3. Strong Project Backlog: As of June 30, 2023, Shimmick reported a project backlog in excess of $1 billion, with over half of this amount comprising water projects. This substantial backlog provides a secure foundation for future revenue generation as these projects are executed over the coming years.
4. Focus on Complex, High-Value Projects and Self-Performance: Shimmick's strategic shift as an independent company is focused on meeting the nation's growing need for complex water and other critical infrastructure solutions. Its ability to self-perform many of these intricate projects differentiates it from competitors, enabling the company to compete for and secure larger, more complex contracts, which are typically associated with higher revenue potential.

Inbound Investments

• In January 2021, Shimmick began operating as an independent company under new private ownership after consummating the AECOM Sale Transactions.