Huron Consulting Group Inc. · NASDAQ:HURN
Huron Consulting — Investor Presentation (July 2026)
49 slides from Huron Consulting's investor presentation, July 2026
Slide 1: Huron Consulting Group Inc. Investor Presentation
Huron Consulting Group Inc. Investor Presentation July 2026 Huron | © 2026 Huron Consulting Group Inc. and affiliates
Slide 2: Forward-looking Statements
Forward-looking Statements Statements in this presentation that are not historical in nature, including those concerning the company’s current expectations about its future results, are “forward- looking” statements as defined in Section 21E of the Securities Exchange Act of 1934, as amended, and th
Slide 3: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures In evaluating the company’s financial performance and outlook, management uses earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA, adjusted EBITDA as a percentage of revenues before reimbursable expenses, adjusted net income,
Slide 4: Our Business
Our Business
Slide 5: Focused on Serving Enduring End Markets; 2025 Financial Results
Huron is a global professional services firm that collaborates with organizations to help solve their most complex challenges and achieve their most ambitious goals. Working across the private and public sectors, we partner closely with clients to improve performance, accelerate transformation, and
Slide 6: Our refreshed strategy for driving shareholder value
Our refreshed strategy for driving shareholder value Our market-tested strategy, balanced portfolio of offerings, and strong execution by our highly talented team has delivered strong multi-year financial performance for Huron and its shareholders consistent with the financial goals Leading Market P
Slide 7: Compelling mix of industry-differentiated offerings enhances our competitive advantage
Compelling mix of industry-differentiated offerings enhances our competitive advantage Deep industry, functional and technical expertise enables us to uniquely create integrated solutions to address our clients’ strategic, operational, financial, and technological challenges in essential areas Our C
Slide 8: Our global, integrated platform is client-focused
Our global, integrated platform is client-focused, bringing the full breadth of Huron’s offerings to our core industries Commercial Industrials & Financial Other Healthcare Education Industry Industry Manufacturing Services Commercial Industry Industry Industry Industries Aligned under a common go-t
Slide 9: Huron recognitions
Huron recognitions Consulting Magazine The Consulting Corporate Equality Forbes Named Best Firm to Work For the Report Index Named a World's Best last 15 years and honored as Named one of the Top Received perfect 100 on the Management Consulting Rising Star for Mentoring and Consulting Firms of 2026
Slide 10: Our Market Opportunity and Growth Initiatives
Our Market Opportunity and Growth Initiatives
Slide 11: Operate in large core end markets facing significant disruption
Operate in large core end markets facing significant disruption and/or regulatory change Total addressable market (TAM): $220B+ Healthcare(1) $63B Education(2) $35B Commercial Industries of Focus Financial Services(3) $23B Energy & Utilities(4) $22B Industrials & $43B Public Sector(6) $36B Manufactu
Slide 12: Healthcare segment
Healthcare segment Healthcare is facing ongoing financial pressure amidst disruption that has been exacerbated by the current regulatory environment, which we believe will drive demand for our breadth of offerings as clients seek a full-service partner with capabilities that span performance improve
Slide 13: A dynamic market environment
A dynamic market environment The healthcare industry remains an attractive market where we are well positioned to build upon our leading market position as our clients’ trusted advisor Illustrative Challenges REGULATORY IMPACT Impacts Facing Our Clients FINANCIAL STRAIN RISE IN AI AND WORKFORCE NEW
Slide 14: Sustaining accelerated growth in healthcare
Sustaining accelerated growth in healthcare We will continue to be nimble and innovative while leveraging our unique ability to bring the full breadth of our offerings to bear for our clients in order to enhance our competitive advantage in the market Enhance the Strengthen the Core Grow Addressable
Slide 15: Our Healthcare business is a market leader with strong growth potential
Our Healthcare business is a market leader with strong growth potential Growing End Market Strong Client Proven, Consistent Sustaining Growth Relationships Client Results Demonstrated Track The healthcare industry Record of Performance remains an attractive, We have and will continue to Our strong c
Slide 16: Education segment
Education segment The Education industry faces structural challenges and disruption that we believe will drive strong demand for the breadth of our offerings as clients seek a partner who can move beyond incremental actions toward integrated solutions that improve financial and operational performan
Slide 17: A dynamic market environment
A dynamic market environment The education industry remains an attractive end market as it faces potentially significant regulatory changes and an increasingly competitive landscape, which we believe play to our strengths given our scale and breadth of offerings Illustrative Challenges REGULATORY IM
Slide 18: Sustaining our accelerated growth trajectory in Education
Sustaining our accelerated growth trajectory in Education We aim to increase our competitive advantage by building upon the strong foundation of our core business while further broadening our portfolio Enhance the Strengthen the Core Grow Addressable Portfolio Market • Invest further in key areas, •
Slide 19: Our Education business is a market leader with strong growth potential
Our Education business is a market leader with strong growth potential Sustaining Growth Clear Differentiation Proven Growth Dynamic Market Trajectory Strategy Our strong client The education industry is We have and will continue to relationships, deep Our growth strategy and the facing a dynamic re
Slide 20: Commercial segment
Commercial segment We are a focused partner with distinct competitive advantage across our offerings RBR CAGR OUR OFFERINGS 2022 to 2025 Consulting Digital Managed Services • Strategy & Innovation • Digital Strategy • Financial Crimes and Fraud Consulting & • • Operating Model Design Change Manageme
Slide 21: A shifting competitive environment
A shifting competitive environment Commercial industries face significant regulatory change and ongoing disruption as government mandates shift and the market landscape becomes increasingly competitive Illustrative Challenges MACROECONOMIC AND RISE IN AI AND PHYSICAL AND DIGITAL REGULATORY IMPACT RE
Slide 22: Sustaining our accelerated growth trajectory in Commercial
Sustaining our accelerated growth trajectory in Commercial We aim to increase our competitive advantage by building upon the strong foundation of our core business while further broadening our portfolio Enhance the Strengthen the Core Grow Addressable Portfolio Market • Invest further in current • I
Slide 23: Our Commercial segment has points of unique competitive differentiation
Our Commercial segment has points of unique competitive differentiation across offerings that we believe creates a strong foundation from which can achieve sustainable growth Meaningful Growth Distinct Competitive Potential Focused Sectors, Balanced Portfolio Advantages Large Market Significant grow
Slide 24: AI: The Opportunity for Huron
AI: The Opportunity for Huron
Slide 25: AI: The Opportunity for Huron
AI: The Opportunity for Huron Huron’s focus is on serving blue chip clients in mission-critical, highly regulated industries or those facing 67% FY 2025 Outcomes-based, significant disruption, which requires a distinct understanding of our clients’ industries and business models, deep functional Fix
Slide 26: AI Opportunities: Healthcare and Education
AI: The Opportunity for Huron Continued Healthcare Operating Segment Education Operating Segment Regulatory & Business Complexity Regulatory & Business Complexity Profile(1) Profile(1) Segment Outcomes-based and Segment Fixed Fee and Recurring RBR HIGH HIGH Client Business Client Business Recurring
Slide 27: AI Opportunities: Commercial and Digital Capability
AI: The Opportunity for Huron Continued Commercial Operating Segment Digital Capability Regulatory & Business Complexity Client Business Profile Segment Fixed Fee, Outcomes-based, Profile(1) Profile(1) Profile(1) Capability Fixed Fee, Outcomes- and Recurring RBR as a % of Total Digital Capability RB
Slide 28: Our Proven Results
Our Proven Results
Slide 29: Our Proven Results
Our Proven Results Healthcare Education Financial Services Large, Multi-State Health System Large Public Research University Northeastern U.S. Regional Bank Client Challenges Client Challenges Client Challenges • Significant financial and environmental pressures • Faced a significant increase in dem
Slide 30: Putting AI to Work Illustrative Examples
Putting AI to Work Illustrative Examples Healthcare Education Commercial Enterprise Functions Clients are seeking AI strategy and advisory solutions in addition to AI implementation (ranging from data strategy and tool selection to workflow redesign and change management). As a trusted partner, Huro
Slide 31: Financial Overview
Financial Overview
Slide 32: Revenues before Reimbursable Expenses (RBR)
Revenues before Reimbursable Expenses (RBR) FY 2021 to FY 2026 Guidance $2,000 $1,850 - $1,890 $1,800 16% CAGR (2021 to 2025) $1,663 $1,600 $1,486 $1,400 $1,362 $1,132 ($ in millions) $1,200 $1,000 $906 $800 $600 $400 $200 $- 2021 2022 2023 2024 2025 2026 Guidance (1) Huron | © 2026 Huron Consulting
Slide 33: Net Income and Adjusted EBITDA
Net Income and Adjusted EBITDA(1) FY 2021 to FY 2026 Guidance Net Income & Net Income Margin $150 7.7% 8% 6.8% Net Income Margin 6.5% 6.2% 7% $125 6% ($ in millions) $117 Net Income $100 4.5% $105 5% $75 4% $76 $63 3% $50 $62 2% $25 1% $- 0% 2021 2022 2023 2024 2025 $350 Adjusted EBITDA & Adjusted E
Slide 34: Diluted and Adjusted Diluted Earnings Per Share
Diluted Earnings Per Share and Adjusted Diluted Earnings Per Share(1) FY 2021 to FY 2026 Guidance Diluted Earnings per Share $8.00 19% CAGR $6.27 (2021 to 2025) $5.84 $6.00 $4.00 $3.64 $3.19 $2.89 $2.00 $- 2021 2022 2023 2024 2025 Adjusted Diluted Earnings per Share(1) $9.00 - $9.40 $10.00 $7.83 $8.
Slide 35: Financial Outlook
Financial Outlook
Slide 36: Strong growth algorithm poised to drive shareholder value creation
Strong growth algorithm poised to drive shareholder value creation Medium-term Growth Goals 1 RBR Growth Goal: Low double-digit percentage RBR growth, primarily driven by Grow mid-upper single digit organic growth Revenues Grow Adj. EBITDA Margin(1) Expansion Goal: Expand adj. EBITDA margin to Margi
Slide 37: Expected to drive continued revenue growth
Expected to drive continued revenue growth Medium-term Goals Medium-term Growth Levers Low Double Digit % • Reaffirmed commitment to low Grow RBR Growth double-digit percentage RBR growth driven by: Revenues Achieved by: • Dynamic and macroeconomically significant end markets expected • Mid-upper si
Slide 38: Expected to drive continued margin expansion
Expected to drive continued margin expansion Medium-term Goals Medium-term Adj. EBITDA Margin(2) Expansion Goals Margin Levers Grow • Reaching the 15 to 17% range by 2029 • Committed to reinvesting for growth while driving Revenues • Expansion of 50 to 75 bps per year continued annual margin Free Ca
Slide 39: Runway for continued margin expansion
Runway for continued margin expansion Multiple pathways designed to support achieving our medium-term margin expansion goals Progress to date (2021 to 2025) Profitability Levers Opportunity Potential Medium-term Adj. EBITDA Margin • Increased project-level Goal(3): contribution margin 70 bps 15.0 –
Slide 40: Flexible balance sheet and strong underlying adjusted free cash flows
Flexible balance sheet and strong underlying adjusted free cash flows Balance Sheet Optimization Adjusted Free Cash Flow(1) $250 20% $180 - $220 18% 2025 Leverage Adjusted Free Cash Flow Yield 1.9x $200 16% Adjusted Free Cash Flow Ratio(2) $169 $162 14% ($ in millions) $150 12% 10% $100 7.3% $100 8%
Slide 41: Strategic capital deployment framework
Strategic capital deployment framework balances growth, flexibility and return of capital to shareholders Capital allocation strategy “North Stars” Target Free Cash Flow(1) Target Leverage Ratio of 2.0x Guiding conversion of 75% of adj. to 2.5x principles EBITDA (on average) Five-year capital alloca
Slide 42: M&A programmatic strategy to shape our growth trajectory
M&A is expected to continue to shape our growth trajectory through a programmatic strategy Our M&A Focus Proven M&A Approach • Well-defined enterprise and/or business unit strategy alignment Portfolio Role Strategic Play • Largely proprietary deal sourcing with some inbound pursuits • Rigorous selec
Slide 43: Company Criteria
Focused on identifying high quality, low risk opportunities that drive returns well in excess of WACC Revenue Potential at Scale Market Leadership Durable Organic Growth / Competitive Landscape Recurring Revenue Company Criteria Market Criteria Year 1 Margin and Huron’s Right to Win of Earnings Accr
Slide 44: Expected to drive continued earnings growth
Expected to drive continue earnings growth Medium-term Goal Grow Low double-digit RBR Growth Revenues Adj. Diluted EPS(2) Growth Goal + Expand adj. EBITDA margin(2) to • Double adj. diluted EPS(2) 15-17% by 2029 Grow Margins from 2024 to 2029 & Cash + Flows FY 2026 Guidance(1)(2) Strong free cash fl
Slide 45: A clear and compelling investment thesis
A clear and compelling investment thesis MEANINGFUL A PREEMINENT GROWTH EXPANSION OF CONTINUED MARGIN STRONG BALANCE GLOBAL OPPORTUNITY IN INDUSTRY EXPERTISE EXPANSION SHEET AND CASH CONSULTANCY AND OUR CORE AND CAPABILITIES OPPORTUNITY FLOW DIGITAL PARTNER INDUSTRIES Leading global consultancy Oper
Slide 46: Appendix
Appendix
Slide 47: Reconciliations of Non-GAAP Financial Measures
Reconciliations of Non-GAAP Financial Measures(1) Reconciliation of net income to adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) (in millions) 2021 2022 2023 2024 2025 Revenues before reimbursable expenses $ 906 $ 1,132 $ 1,362 $ 1,486 $ 1,663 Reimbursable expenses
Slide 48: Reconciliations of Non-GAAP Financial Measures
Reconciliations of Non-GAAP Financial Measures(1) Reconciliation of net income (loss) from continuing operations to adjusted net income from continuing operations (in millions, except earnings per share) 2021 2022 2023 2024 2025 Net income $ 63 $ 76 $ 62 $ 117 $ 105 Weighted average shares – diluted
Slide 49: Reconciliations of Non-GAAP Financial Measures
Reconciliations of Non-GAAP Financial Measures(1) Reconciliation of cash from operating activities to adjusted free cash flow (in millions) 2021 2022 2023 2024 2025 Cash from operating activities $ 18 $ 85 $ 135 $ 201 $ 193 Less: Capital expenditures (16) (24) (35) (33) (31) Free cash flow $ 2 $ 61
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