TEAM, INC. REPORTS FIRST QUARTER 2026 RESULTS (Form 8-K)

TEAM, INC. REPORTS FIRST QUARTER 2026 RESULTS

SUGAR LAND, TX - May 13, 2026 - Team, Inc. (NYSE: TISI) ("TEAM" or the "Company"), a global, leading provider of specialty industrial services offering customers access to a full suite of conventional, specialized, and proprietary inspection, heat-treating, and mechanical services, today reported its financial results for the quarter ended March 31, 2026. The Company also provided guidance for the full year 2026.

First Quarter 2026 Highlights:

•Grew revenue to $215.1 million, up $16.4 million, or 8.3%, over the first quarter of 2025.

•Generated gross margin of $50.2 million, up $2.9 million, or 6.1%, over the first quarter of 2025.

•Reported a net loss of $11.3 million, an improvement of $18.4 million over the prior year period.

•Increased Adjusted EBITDA1 to $7.7 million (3.6% of consolidated revenue), up 45.2% from $5.3 million (2.7% of consolidated revenue) in the 2025 first quarter.

•Adjusted Selling, General and Administrative Expense1 improved to 21.2% of consolidated revenue compared to 22.7% in prior year period.

•Provided guidance for the full year 2026, which includes substantive increases at the midpoint of approximately 4%, 8% and 16% in revenues, gross margin and Adjusted EBITDA1, respectively, over 2025 results.

1 See the accompanying reconciliation of non-GAAP financial measures at the end of this earnings release.

"We delivered a solid start to 2026, with first-quarter revenues rising 8.3% year-over-year to $215.1 million - our highest Q1 revenue since 2019. This growth was driven by robust performance across both our Inspection & Heat-Treating and Mechanical Services segments," said Gary L. Hill, TEAM's Chief Executive Officer. "Our Inspection & Heat-Treating segment grew 8.6%, or $9.8 million, boosted by increased project and callout activity in the U.S. and Canada. Mechanical Services revenue increased 7.8%, supported by higher project and turnaround activity with both new and existing customers. These results drove meaningful profitability gains, including a 45.2% increase in Adjusted EBITDA to $7.7 million and a 90- basis point improvement in Adjusted EBITDA margin."

"In my first 100 days as CEO, I've been deeply impressed by the talent, technical expertise, and customer focus across the organization, and I've seen firsthand the value we deliver to our customers through best-in-class service, quality and safety. Building on the momentum we established in 2025, I am focused on accelerating that pace of improvement by sharpening our

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commercial execution, strengthening the team with targeted talent additions, and accelerating cost efficiency initiatives, and I will share more details around our go forward plan in the second quarter call. With a focus on gross margin improvement, we have already taken meaningful actions in the first quarter and see further opportunities in the second half of 2026. We expect these initiatives to further strengthen our cash flow and financial position," commented Hill.

"Looking ahead, we expect a healthy second quarter, and anticipate stronger performance in the second half of the year, driven by continued strength in the U.S. coupled with further improvement in Canada and other international markets, along with further margin expansion across both segments. For the full year, we are guiding to revenue of $920 million and $945 million and Adjusted EBITDA of between $68 million and $73 million - representing approximately 16% growth at the midpoint versus 2025. I am excited about TEAM's potential and remain confident in our ability to deliver profitable top-line growth, expand margins, and generate stronger cash flow. These results reflect the underlying strength of our franchise and our clear path forward," concluded Hill.

Financial Results

First quarter revenues reached $215.1 million, an increase of $16.4 million, or 8.3%, compared to the prior year period, driven by increases of 5.7% in the United States, 35.6% in Canada and 10.7% in our other international markets. First quarter consolidated gross margin was $50.2 million, or 23.3% of revenue.

Selling, general and administrative expenses for the first quarter were $48.1 million, essentially flat versus the 2025 first quarter. Adjusted Selling, General, and Administrative Expense, which excludes expenses not representative of TEAM's ongoing operations such as non-recurring professional, legal, financing and severance expenses, and non-cash expenses such as share-based compensation expense, represented 21.2% of consolidated revenue, a 150-basis point improvement over 22.7% for the prior year period.

Operating loss was $3.4 million, a $2.6 million improvement over the 2025 period. Net loss was $11.3 million, an improvement of $18.4 million versus the net loss of $29.7 million in the 2025 first quarter. Net loss attributable to common shareholders, which includes dividends and accretion related to the preferred shares, totaled $14.2 million and $3.12 per share as compared to a net loss of $29.7 million and $6.61 per share in the 2025 first quarter. Adjusted EBITDA, a non-GAAP measure, was $7.7 million (3.6% of consolidated revenue), an improvement of $2.4 million versus $5.3 million (2.7% of consolidated revenue) in the prior year quarter.

Adjusted net loss, Adjusted EBIT, Adjusted EBITDA and Adjusted Selling, General and Administrative Expense are non-GAAP financial measures that exclude certain items that are not indicative of TEAM's core operating activities. A reconciliation of these non-GAAP financial measures to the most comparable GAAP financial measures is at the end of this earnings release.

Segment Results

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The following table illustrates the composition of the Company's revenue and operating income (loss) by segment for the quarter ended March 31, 2026 and 2025 (in thousands):

TEAM, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(unaudited, in thousands)
						Three Months Ended March 31,												Favorable (Unfavorable)
						2026						2025						$						%
Revenues1
IHT						$	123,391					$	113,621					$	9,770					8.6		%
MS						91,665						85,034						6,631						7.8		%
						$	215,056					$	198,655					$	16,401					8.3		%
Operating income (loss)1
IHT						$	10,917					$	10,731					$	186					1.7		%
MS						(1,488)						(3,149)						1,661						52.7		%
Corporate and shared support services						(12,800)						(13,585)						785						5.8		%
						$	(3,371)					$	(6,003)					$	2,632					43.8		%

1 During the current period, Emission Control Services were reclassified from the MS segment to the IHT segment to better align with how management evaluates performance. Prior period segment information (revenues, and operating and depreciation expense) was recast to reflect this change, which did not impact the Company's consolidated revenue or adjusted EBITDA. For the three months ended March 31, 2025, this resulted in a decrease of $7.4 million in revenue and $2.0 million in operating income for the MS segment, with corresponding increases in the IHT segment.

Revenues. IHT revenues increased by $9.8 million, or 8.6%, compared to the prior year quarter, with revenue growth of $6.5 million, or 6.3%, in the U.S. driven by higher activity in turnaround services and capital projects. Revenues from Canada and other international markets also contributed to the segment's growth, increasing by $2.2 million and $1.1 million, respectively. MS revenues increased by $6.6 million, or 7.8%, versus the prior year period, primarily due to the increased turnaround and callout activity in the U.S. and higher project revenue in Canada and other international markets.

Operating income (loss). IHT's first quarter 2026 operating income was $10.9 million, up 1.7% versus the prior year period. MS operating loss improved by approximately $1.7 million compared to the prior year period, mainly due to stronger revenue in both the U.S. and Canada. Corporate and shared support services costs were lower by $0.8 million or 5.8%, mainly due to lower legal and professional services costs. Consolidated operating loss improved by $2.6 million driven by the factors discussed above.

Balance Sheet and Liquidity

At March 31, 2026, the Company had $49.2 million of total liquidity, consisting of consolidated cash and cash equivalents of $8.7 million, (excluding $4.1 million of restricted cash) and $40.5 million of undrawn availability consisting of $30.5 million available under the Revolving

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Credit Loans and $10.0 million available under the Second Lien Delayed Draw Term Loans that expired on April 15, 2026.

The Company's total debt as of March 31, 2026 was $306.5 million as compared to $297.2 million as of fiscal year end 2025. The increase is primarily due to the higher net borrowings under our ABL credit facility. The Company's net debt (total debt less cash and cash equivalents), a non-GAAP financial measure, was $293.7 million at March 31, 2026.

2026 Outlook

For fiscal year 2026, the Company has provided the following operating and cash flow guidance:

•Total Company Revenue of $920 million to $945 million, an increase of approximately 4% at the midpoint of guidance compared to 2025;

•Gross Margin of between $240 million and $260 million, an increase of approximately 8% at the midpoint of guidance compared to 2025;

•Adjusted EBITDA of between $68 million and $73 million, an increase of approximately 16% at the midpoint of guidance compared to 2025;

•Capital expenditures of between $13 million to $14 million.

Conference Call

As previously announced, the Company will hold a conference call to discuss its first quarter 2026 financial and operating results on Thursday, May 14, 2026, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). Interested parties in the United States may participate toll-free by dialing (877) 270-2148. Interested parties internationally may dial (412) 902-6510. Participants should ask to join "TEAM, Inc. First Quarter 2026 Conference Call." The Company will not host questions during the call. This call will also be webcast on TEAM's website at www.teaminc.com. An audio replay will be available on the Company's website following the call.

Non-GAAP Financial Measures

The non-GAAP measures in this earnings release are provided to enable investors, analysts and management to evaluate TEAM's performance excluding the effects of certain items that management believes impact the comparability of operating results between reporting periods. These measures should be used in addition to, and not in lieu of, results prepared in conformity with generally accepted accounting principles ("GAAP"). A reconciliation of each of the non-GAAP financial measures to the most directly comparable historical GAAP financial measure is contained in the accompanying schedule for each of the fiscal periods indicated.

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About Team, Inc.

Headquartered in Sugar Land, Texas, Team, Inc. (NYSE: TISI) is a global, leading provider of specialty industrial services offering customers access to a full suite of conventional, specialized, and proprietary inspection, heat-treating, and mechanical services. We deploy conventional to highly specialized inspection, condition assessment, maintenance, and repair services that result in greater safety, reliability, and operational efficiency for our customers' most critical assets. Through locations in 13 countries, we unite the delivery of technological innovation with over a century of progressive, yet proven integrity and reliability management expertise to fuel a better tomorrow. For more information, please visit www.teaminc.com.

Certain forward-looking information contained herein is being provided in accordance with the provisions of the Private Securities Litigation Reform Act of 1995. We have made reasonable efforts to ensure that the information, assumptions, and beliefs upon which this forward-looking information is based are current, reasonable, and complete. However, such forward-looking statements involve estimates, assumptions, judgments, and uncertainties. They include but are not limited to statements regarding the Company's financial and growth prospects and strategy, including the implementation of cost-saving measures. There are known and unknown factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking information. Although it is not possible to identify all of these factors, they include, among others: the Company's ability to generate sufficient cash from operations, access its credit facilities, or maintain its compliance with covenants under its credit agreements, and its preferred stock certificate of designation; negative market conditions, including domestic and global