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Parsons Continues to Drive Success for San Diego Pure Water Program

1. Parsons extends contract for San Diego Pure Water program worth $110 million. 2. The program aims to provide 83 million gallons of water daily by 2035. 3. Parsons to manage construction for a key water treatment facility. 4. The project promotes sustainability and reduces reliance on imported water. 5. Healthy ocean ecosystems will benefit from reduced wastewater discharges.

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Why Bullish?

The contract extension indicates consistent revenue growth, similar to past project successes.

How important is it?

The significant contract extension indicates robust future earnings potential for PSN.

Why Long Term?

Long-term water supply projects typically have a sustained impact on revenue streams.

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BEVIVAQUA
January 15, 2025 06:30 ET  | Source: Parsons Services Company CHANTILLY, Va., Jan. 15, 2025 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that it has initiated a task order extension supporting the San Diego Pure Water program. This task order is a component of the eight-year, $110 million contract the Parsons-led joint venture with Black & Veatch was awarded in 2018 to provide comprehensive construction management services for treatment plants and associated facilities integral to the Pure Water Program. The San Diego Pure Water Program is a pivotal initiative implemented by the City of San Diego to reduce its reliance on imported water and provide a reliable, local, and sustainable water supply. Upon full implementation by 2035, the program is expected to produce 83 million gallons of water per day, nearly half of San Diego's overall water supply and will reduce the city’s treated wastewater ocean discharges by 50%, contributing to healthier ocean ecosystems and promoting responsible water reuse. “Parsons is proud of our involvement in the San Diego Pure Water Program, which not only addresses critical water needs but also advances sustainability,” said Mark Fialkowski, president of Infrastructure North America for Parsons. “This project exemplifies our commitment to delivering innovative solutions that enhance community resilience and promote resource conservation.” Under this task order, Parsons and Black & Veatch will continue to provide construction management services for the North City Pure Water Facility (NCPWF), which is part of Phase 1 of the Pure Water Program. The new facility will be a state-of-the-art advanced water treatment facility designed to produce up to 34 million gallons of water per day and will be equipped with the most advanced controls and monitoring systems to ensure treatment reliability. Parsons remains dedicated to delivering high-quality construction management services that support the long-term goals of the San Diego Pure Water Program and the City of San Diego’s vision of innovative water resource management, ensuring a sustainable and eco-friendly water supply for the community. To learn more about Parsons’ sustainable solutions for our most important resource, visit https://www.parsons.com/water-wastewater/. About Parsons Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. Please visit Parsons.com and follow us on LinkedIn and Facebook to learn how we're making an impact. Media Contact:Chelsie McKittrick+1 512.719.6877Chelsie.Mckittrick@parsons.com Investor Relations Contact:Dave Spille+1 703.775.6191Dave.Spille@parsons.us

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