Slide 1: Investor Presentation Third Quarter 2025
Investor Presentation THIRD QUARTER 2025 October 29, 2025 CBIZ.COM | NYSE: CBZ
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than st
Slide 3: Non-GAAP Measures
Non-GAAP Measures To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we also present Adjusted Net Income (Loss), Adjusted Diluted Earnings Per Share (“EPS”), and Adjusted EBITDA, which are non-GAAP measures. These non-GAAP measures are adju
Slide 4: CBIZ is the leading professional services advisor to middle-market businesses
CBIZ, Inc. (NYSE: CBZ) is the leading professional services advisor of its kind to middle-market businesses nationwide. With industry knowledge and expertise in accounting, tax, advisory, benefits, insurance, and technology, CBIZ delivers actionable insights to help clients anticipate what is next a
Slide 5: CBIZ – At a Glance
CBIZ – At a Glance (at year-end 2024) ~$2.8B LEADING PRO FORMA MIDDLE MARKET REVENUE(1) ADVISOR 10K+ 135K+ EMPLOYEES CLIENTS ~90% 22 CLIENT MAJOR RETENTION MARKETS Major Market RATE Office (1) Reflects total company pro forma revenue for fiscal 2024 as if the Marcum acquisition occurred on January 1
Slide 6: Business Model Attributes
Business Model Attributes Essential & Recurring Services Strong & Consistent Broad Geographic Cash Flows Footprint Diverse Client Base Operating Leverage (Size/Industry) High Client Retention 6
Slide 7: Revenue Breakdown
Revenue Breakdown (2025 YTD) 2% National Practice • IT Managed Services 14% Benefits & Insurance Services • Employee Benefits Consulting • Payroll/Human Capital Management • Property & Casualty 84% Financial Services • Retirement & Investment Services • Accounting & Tax • National Advisory • Governm
Slide 8: Recurring Revenue
Recurring Revenue ~28% Project-based Work ~72% Recurring Services • Compensation Studies • Annual Accounting & Tax Services • Executive Search • Government Health Care Consulting • Financial Consulting • Group Health Benefits • Litigation Support • Payroll/Human Capital Management • Risk Advisory •
Slide 9: Financial Services (Top 7 Accounting Provider)
Financial Services (2025 YTD) 74% Accounting & Tax 13% National Advisory 9% Government Health Care Consulting Top 7 Accounting Provider Nationally by Accounting Today(1) 4% Technology (1) Based on Accounting Today 2025 Top 100 Firms Report 9
Slide 10: Benefits & Insurance Services (Top 30 Broker)
Benefits & Insurance Services (2025 YTD) 33% Employee Benefits Consulting 24% Retirement & Investment Solutions 22% Property & Casualty Top 30 18% Payroll/Human Capital Management Broker of U.S. Business 2024 by Business Insurance Magazine 3% Other 10
Slide 11: Revenue Growth Components and Long-Term Growth Goals
Revenue Growth Components Long-Term Growth Goals INTERNAL REVENUE Organic INTERNAL REVENUE 8% -10% Cross-Serving EXTERNAL REVENUE M&A Adjusted Diluted Earnings Per Share 1.5x – 2x 11
Slide 12: Organic Growth Drivers
Organic Growth Drivers Marketing & Branding Technology & Offshoring • Efficient marketing programs and brand investments to support a full spectrum of client Cross-serving types and sizes Net New Pricing • Innovative technology solutions, data-driven Business insights powered by AI, and leading offs
Slide 13: Growth by Acquisition
Growth by Acquisition Strategy Attributes Structure • Enter Attractive Geographic Markets • Successful Local or Regional Company • Consideration Based on TTM EBITDA • Strengthen Presence in Existing • Cultural Fit • 50%+ Paid Up Front Markets • Strong Leadership • Balance Paid on Multi-year Earnout
Slide 14: Our People & Culture
Our People & Culture A group of people holding fruits AI-generated content may be incorrect. RECOGNITION
Slide 15: Recognition
Recognition vault AND! ACCOUNTING DE a THE nS BRIGHTEST & oe yi NKED TO WORK FOR 106 Workplace BRIGHTEST TOP RA IN THE NATION iN WELLNESS] WINNER 2025 Awards in 2024 WINNER 2025 ky FINANCIAL ;,\/ YBEST PLACES — TOWORK 075 r adetinncd ote eae.., USA ACBIZ
Slide 16: Guidance & Modeling Support
Guidance & Modeling Support 16
Slide 17: YTD Highlights, 2025 Guidance, & Modeling Support
YTD Highlights, 2025 Guidance, & Modeling Support SEGMENT YTD 2025 GUIDANCE(1) Financial Services 85.4% Benefits and Insurance Services 2.7% National Practices (10.6%) Revenue growth 63.7% $2.8B TO $2.95B GAAP EPS $3.06 $1.97 to $2.02 Adjusted diluted EPS(2) $4.27 $3.60 to $3.65 Tax Rate 28.1% ~29%
Slide 18: Common Stock Shares Outstanding
Common Stock Shares Outstanding 1.4M shares 3.1M shares repurchased 5.5M presented under under ROFR Marcum ROFR 1.7M shares cleared 0.2M shares deferred shares for sale in the open other, net issued (1) market Inclusive of ~400k Q3 open market share repurchases 54.1M shares outstanding 50.2M shares
Slide 19: Operating Expense & Incentive Compensation Overview
Operating Expense & Incentive Compensation Overview (Excluding the impact of the Company’s deferred compensation plan) Operating Expenses Personnel Costs 2023 A 2024 A 2025 E ~17% ~16% ~13% Incentive All other, net Personnel Costs Compensation 11% 80% ~87% ~83% ~84% Depreciation & Other Amortization
Slide 20: Synergy and Integration Update
Synergy and Integration Update $50M+ ~$3M ✓ Aligned reporting structure, 2027 Key cost synergy categories co-locations, and standardized operating processes ~$12M ✓ Administrative operations ✓ Accelerated operating ✓ Overlap in client-facing roles 2026 efficiency improvement ✓ Facility optimization
Slide 21: Capital Allocation Principles & Priorities
Capital Allocation Principles & Priorities Near-term Long-term Invest in future organic growth with focus on top talent, client service, operational excellence, and technology Debt Reduction Strategic M&A Strategic M&A and share Share repurchases repurchases Debt Reduction 21
Slide 22: Marcum Transaction Multiple
Marcum Transaction Multiple Inputs & Assumptions ($ In Millions) Original Terms Step-up Tax Benefit PURCHASE PRICE COMPONENTS: $2,285 $2,285 $2,285 - $315 Purchase Price $2,285 Tax Step-Up Value ($315) Base Purchase Price $1,970 Transaction Multiple 12.0x 10.4x 22
Slide 23: Target Leverage
Target Leverage Pro Forma Net Leverage of Adj. EBITDA ~3.25x to ~3.50x Significant free cash flow generated by the pro forma company to pay down transaction debt ~2.00x to ~2.25x Continued capital allocation approach addressing acquisitions, share repurchases, capital spending and deleveraging At Cl
Slide 24: Investment Highlights
Investment Highlights Operational Leverage Financial Attributes Results • Leading national platform • Strong balance sheet • Demonstrated ability to grow earnings • Full integration of acquired businesses • Strong and consistent cash flow at a faster rate than revenue growth • Size and scale provide
Slide 25: Five-Year Total Shareholder Return
Five-Year Total Shareholder Return Comparison of 5-year cumulative total return* *$100 invested on 12/31/19 in stock or index, including reinvestment of dividends. Fiscal years ending December 31. Peer Group companies identified in the CBIZ, Inc. Annual Report on Form 10-K for the year ended Decembe
Slide 26: Financial Goals
Financial Goals 2025 GAAP EPS: $1.97 to $2.02 Guidance(1) Revenue: $2.8B to $2.95B Continued Strong Cash Flow Adj. EPS(2) : $3.60 to $3.65 Long-term Goals Beyond 2025 Operating Leverage 8% - 10% Revenue Growth 1.5x – 2x Earnings Growth (1) Reflects guidance reiterated by the Company on October 29, 2
Slide 27: Appendix
Appendix 27
Slide 28: Workplace Awards in 2024
& 106 Workplace Awards in 2024 csiz National Workplaces Early Talent Award Ripplernatch Campus ward Winner 1024 Top 100 Brokers List 24 Top 100 Firs — Accounting Today kp Finan 285 Industry I ani c ms 2024 Top ef rica’s Greatest Adeninis kplaces - Newsweok Recommended Local Wellbeing miCEEET © Akron
Slide 29: GAAP Reconciliation – Three Months Ended September 30, 2025
GAAP RECONCILIATION Net Income and Diluted Earnings Per Share (“EPS”) to Adjusted Net Income, Adjusted Diluted EPS and Adjusted EBITDA " (hn thousands, except per share data) ‘Three Months Ended September 30, 2025 Benefits and Comorate Financial Services _Insurance Services _National Practices _and
Slide 30: GAAP Reconciliation – Three Months Ended September 30, 2024
ACBIZ GAAP RECONCILIATION Net Income and Diluted Earnings Per Share (“EPS”) to Adjusted Net Income, Adjusted Diluted EPS and Adjusted EBITDA “’ (in thousands, except per share data) Three Months Ended September 30, 2024 Benefits and Corporate and Financial Services __Insurance Services__ National Pr
Slide 31: GAAP Reconciliation – Nine Months Ended September 30, 2025
ACBIZ (1) (2) 3) (4) GAAP RECONCILIATION Net Income and Diluted Earnings Per Share (“EPS”) to Adjusted Net Income, Adjusted Diluted EPS and Adjusted EBITDA (in thousands, except per share data) Nine Months Ended September 30, 2025 Benefits and Corporate and Financial Services __Insurance Services__N
Slide 32: GAAP Reconciliation – Nine Months Ended September 30, 2024
ACBIZ (ty @) 8) 4) 6) GAAP RECONCII [ATION Net Income and Diluted Earnings Per Share (“EPS”) to Adjusted Net Income, Adjusted Diluted EPS and Adjusted EBITDA ” (in thousands, except per share data) ‘Nine Months Ended September 30, 2024 Benefits and Corporate and Financial Services __Insurance Servic
Slide 33: GAAP Reconciliation – Net Income and EPS to Adjusted, 2019-2023
GAAP RECONCILIATION (1) Net income and Diluted Earnings Per Share ("EPS") to Adjusted Net Income and Adjusted EPS (In thousands, except per share data) Year Ended December 31, 2023 EPS 2022 EPS 2021 EPS 2020 EPS 2019 EPS Net income $ 120,968 $ 2.39 $105,354 $ 2.01 $ 70,887 $ 1.32 $ 78,299 $ 1.41 $ 7
Slide 34: GAAP Reconciliation – Full Year 2025 Guidance
GAAP RECONCILIATION Full Year 2025 Net Income and Diluted Earnings Per Share ("EPS") to Adjusted Net Income, Adjusted Diluted EPS, and Adjusted EBITDA Guidance Full Year 2025 Guidance (Amounts in millions except per share data) Low High Amounts EPS Amounts EPS GAAP Net Income $ 127.9 $ 1.97 $ 131.1
Slide 35: Thank You
Thank You CBIZ.COM