Here are a few brief analogies for TIC Solutions:

• TIC Solutions is like **SGS** for industrial infrastructure, providing expert testing, inspection, and certification services to ensure critical asset integrity.
• TIC Solutions is like **AAA** for major industrial facilities, offering critical diagnostics, maintenance, and emergency support to prevent costly breakdowns.

• Nondestructive Testing (NDT) Services: Inspection and evaluation of industrial equipment using various technology-enabled methods to ensure asset integrity without damaging the asset.
• Rope Access Technician Solutions: Specialized services for inspection, testing, and maintenance tasks, including welding, insulation, and electrical work, often in challenging industrial environments.
• Engineering Consulting and Destructive Testing: Expert support services covering failure investigation, material selection, corrosion and welding engineering, fracture mechanics, and chemical analysis.
• Geospatial Services: Solutions involving data collection, data analytics, and software to support asset management and infrastructure planning.

TIC Solutions, Inc. (TIC) Major Customers

TIC Solutions, Inc. primarily sells its critical asset integrity services to other companies (B2B) within a diverse range of industrial markets. The provided background information does not list specific customer company names or their public symbols. Instead, it identifies the various industrial sectors and types of companies that constitute its customer base. These include:

• Chemical companies
• Pipeline operators
• Refineries
• Power generation facilities
• Oilsands operations
• Automotive manufacturers
• Aerospace companies
• Mining operations
• Manufacturing companies
• Renewable energy sector companies
• Pulp and paper mills

Benjamin Heraud, Chief Executive Officer

Benjamin Heraud was appointed Chief Executive Officer of TIC Solutions in March 2026. Prior to this, he served as President and Chief Operating Officer of TIC Solutions from August 2025 to March 2026. Mr. Heraud was Chief Executive Officer of NV5 Global, Inc. from January 2025 until its acquisition by TIC Solutions (then Acuren Corporation) in August 2025. From March 2024 until January 2025, he served as Co-Chief Executive Officer of NV5, and before that, he was Chief Operating Officer for NV5 since May 2017, when he joined NV5 through the acquisition of Energenz. Mr. Heraud co-founded Energenz in Hong Kong in November 2009 and served as its Chief Executive Officer from 2013 until its acquisition by NV5.

Kristin Schultes, Chief Financial Officer

Kristin Schultes was appointed Chief Financial Officer of TIC Solutions in December 2024. She joined TIC Solutions from APi Group ('APG'), where she most recently served as the Vice President of Corporate Development since January 2021. Prior to that, Ms. Schultes held several key financial and operational leadership positions at Metropolitan Mechanical Contractors, Inc., a portfolio company of APi Group, including President and Chief Financial Officer. She began her career in public accounting, working with Deloitte and Grant Thornton, where she focused on attestation, M&A, and Sarbanes-Oxley compliance.

MaryJo O'Brien, Chief Human Resources Officer

Ms. O'Brien was appointed Chief Human Resources Officer of TIC Solutions in August 2025. She has over 24 years of experience in human resources, administration, and the engineering and consulting engineering industry. She previously served as Executive Vice President of Human Resources and Administration at NV5 since 2010. From March 2008 through November 2009, she was Director of Human Resources for Nova Group Services, Inc. Prior to March 2008, she held various management positions with Bureau Veritas North America from September 2002 to January 2008.

Shamus Sullivan, President Inspection & Mitigation

Shamus Sullivan serves as the President of Inspection & Mitigation at TIC Solutions.

Alex Hockman, President Consulting Engineering & Geospatial

Alex Hockman serves as the President of Consulting Engineering & Geospatial at TIC Solutions.

Key Risks to the Business of TIC Solutions, Inc.

1. Sensitivity to Industrial Cycles and Economic Downturns: TIC Solutions, Inc. provides critical asset integrity services to a broad spectrum of industrial markets, including chemical, pipeline, refinery, power generation, oilsands, automotive, aerospace, mining, manufacturing, renewable energy, and pulp and paper. The demand for their testing, inspection, certification, and compliance (TICC) services is highly dependent on the capital expenditure, maintenance budgets, and operational activity levels within these industries. A significant economic downturn, recession, or slowdown in these key industrial sectors could lead to reduced demand for their services, impacting revenue and profitability.

2. Technological Disruption and Advancements in Inspection Methodologies: While TIC Solutions utilizes various established nondestructive testing (NDT) techniques and offers specialized solutions like rope access, the industrial inspection and asset management sector is subject to ongoing technological innovation. The emergence of new, highly automated, artificial intelligence-driven, or advanced robotics and drone-based inspection technologies could potentially offer more efficient, safer, or lower-cost alternatives to current methods. Failure by TIC Solutions to rapidly adapt, invest in, or integrate such disruptive technologies could erode its competitive advantage and market share.

3. Regulatory and Compliance Environment Changes: A core aspect of TIC Solutions' business is assisting clients in meeting regulatory requirements and ensuring asset integrity. Changes in government regulations, industry standards, or environmental mandates related to industrial safety, asset maintenance, or operational compliance could significantly impact the demand for their services. While stricter regulations could potentially increase demand for compliance-related services, adverse changes, such as less stringent oversight in certain areas, or the introduction of complex new regulations that are costly to implement, could negatively affect their business model or increase their operational costs.

The increasing automation of asset integrity services, particularly through advanced robotics, autonomous drones, and artificial intelligence-powered inspection and data analysis, poses a clear emerging threat to TIC Solutions. These technologies have the potential to perform many of TIC's core nondestructive testing (NDT) techniques, such as visual, ultrasonic, and radiographic inspections, more efficiently, safely, and cost-effectively than human technicians. This could significantly reduce the demand for human-delivered testing, inspection, and rope access technician solutions across the industrial markets TIC serves.

• Nondestructive Testing (NDT) Services: The North American NDT market was valued at approximately USD 6.7 billion in 2025 and is projected to reach USD 7.3 billion in 2026. Another estimate indicates the North America Non-Destructive Testing Services Market was USD 6.5 billion in 2025.
• Rope Access Technician Solutions: The rope access services market in North America generated approximately USD 1.05 billion in revenue in 2025. It is expected to grow to USD 1,122.5 million in 2026.
• Geospatial Services: The North American geospatial solutions market, which includes data collection, data analytics, and software solutions supporting asset management and infrastructure planning, generated USD 166.65 billion in 2025. This market is expected to reach USD 189.55 billion in 2026.

For TIC Solutions, Inc. (symbol: TIC), several key drivers are expected to fuel future revenue growth over the next 2-3 years:

1. Integration and Cross-selling following the NV5 Acquisition: The successful integration of NV5 Global, acquired in August 2025, is a significant driver. TIC Solutions anticipates realizing substantial revenue synergies by combining the service offerings of legacy Acuren and NV5, enabling cross-selling to a broader customer base and expanding their overall platform. This strategy aims to leverage the combined entity's scale and diverse capabilities.
2. Expansion in High-Growth End Markets, notably Data Centers and Infrastructure: The company is experiencing robust demand within its Consulting Engineering and Geospatial segments, with particular strength in the data center market. Management expects revenue from data centers alone to grow significantly, projecting $100 million in 2026, up from $70 million in 2025. Growth is also supported by broader trends in transportation infrastructure, manufacturing, midstream energy, and power generation.
3. Technological Advancement and Data-Driven Solutions: TIC Solutions is positioning itself as a tech-enabled provider, focusing on the digitization of the physical world. This includes leveraging advanced geospatial services, data analytics, and various technology-enabled inspection methods like drone and robotics-based testing, which enhance efficiency and expand service offerings. This strategic emphasis on technology is expected to drive demand for its services.
4. Strategic Bolt-on Acquisitions: The company has a stated strategy of pursuing smaller, immediately accretive bolt-on acquisitions to expand its platform further. These acquisitions are designed to enhance exposure to higher-margin, faster-growing areas of the industry. Recent examples in August 2026, such as the acquisitions of We-do-it Inc. and GeoVerra Holdings Inc., are indicative of this ongoing growth strategy.

Share Repurchases

• The Board of Directors authorized a $200 million stock repurchase program on March 10, 2026.
• The share repurchase program has no expiration date and allows for repurchased shares to be retired.

Share Issuance

• In October 2025, the company completed a $250 million private placement, issuing approximately 20.8 million shares of common stock (or pre-funded warrants) to an existing shareholder.
• In August 2025, approximately 79 million shares of Acuren common stock were issued to NV5 shareholders as part of the $1.7 billion merger with NV5 Global, Inc.

Inbound Investments

• An existing investor made a $250 million private placement in October 2025, acquiring approximately 20.8 million shares of common stock (or pre-funded warrants) for general corporate purposes.

Outbound Investments

• On August 18, 2026, TIC Solutions acquired we-do-IT Inc., GeoVerra Holdings Inc., and Core Group Limited, which collectively generate approximately $90 million in annualized revenue and expand the company's technical capabilities and geographic reach into Canada and Europe.
• In August 2025, Acuren Corporation completed its transformational merger with NV5 Global, Inc. for approximately $1.7 billion, creating a combined entity with over $2 billion in revenue, aimed at broadening its service offerings and market reach.
• In 2025, the company completed 12 smaller acquisitions.

Capital Expenditures

• Capital expenditures for the last 12 months (as of September 24, 2026) were -$46.65 million.
• The company anticipates capital expenditures of approximately $70 million-$80 million in 2025 and $55 million-$65 million in 2026, primarily for equipment and fleet replacement.