Slide 1: Fiscal 2025 Year End Earnings Call
Fiscal 2025 Year End Earnings Call Bruce Caswell President & Chief Executive Officer November 20, 2025 1 | Maximus: Q4 FY25 Earnings Presentation
Slide 2: Forward-looking Statements & Non-GAAP Information
Forward-looking Statements & Non-GAAP Information These slides should be read in conjunction with our most recent quarterly earnings press release, along with listening to or reading a transcript of management comments from our most recent quarterly earnings conference call. This document contains n
Slide 3: Fiscal Year 2025 Highlights
Fiscal Year 2025 Highlights Achievements & Customer Relationships Looking Ahead Financial Performance • Navigated shifting political • Services remain essential • Strategic investments priorities with disciplined and trusted by customers position Maximus as a tech- guidance enabled, mission-critical
Slide 4: Fiscal Year 2026 Strategic Priorities
Fiscal Year 2026 Strategic Priorities Expanding U.S. Federal Markets • Strengthened Growth Platform: Investments in infrastructure, certifications, and Mission Threads enhance competitiveness • Civilian Market Leadership & Modernization: Distinguished civilian portfolio in essential services are bip
Slide 5: New Awards and Pipeline
New Awards and Pipeline New Awards (YTD) Sept 30, 2025 New Award Highlight Signed Contracts $4.7 billion • $86 million Joint Cyber Command & Control Readiness contract awarded by the U.S. Air Force, Unsigned Contracts $0.3 billion expanding Maximus’ defense technology Book-to-Bill ratio (TTM) 0.9x p
Slide 6: Fiscal 2025 Year End Earnings Call
Fiscal 2025 Year End Earnings Call David Mutryn Chief Financial Officer November 20, 2025 6 | Maximus: Q4 FY25 Earnings Presentation
Slide 7: Total Company Results – Fiscal Year 2025
Total Company Results – Fiscal Year 2025 ($ in millions, except per share data) FY25 Margin FY24 Margin % Change • Full year revenue increased 2.4%, or U.S. Federal Services $ 3,067.7 $ 2,737.2 12.1 % 3.9% on an organic basis, driven U.S. Services 1,763.7 1,911.8 (7.7)% primarily by performance in t
Slide 8: Segment Results – Fiscal Year 2025
Segment Results – Fiscal Year 2025 U.S. Federal Services Segment U.S. Services Segment Outside the U.S. Segment • Revenue increased by 12.1% and the • Revenue decreased by 7.7% primarily • Revenue decreased as anticipated growth was all organic due to the FY24 positive impact from and was driven by
Slide 9: Cash Flows & Balance Sheet
Cash Flows & Balance Sheet Cash Flows & DSO $ in millions FY25 FY25 Guidance Cash (used in)/provided by operating activities $ 429.4 Purchases of property and equipment and capitalized software costs (63.2) Free cash flow (Non-GAAP) $ 366.2 $370M - $390M • Q4 FY25 free cash flow of $642 million drov
Slide 10: Establishing Fiscal Year 2026 Guidance
Establishing Fiscal Year 2026 Guidance • FY26 guidance reflects improved visibility to the year, including a reduction of perceived Fiscal 2026 Guidance threats from budget concerns, and expected margin expansion attributable to technology initiatives primarily in the U.S. Federal Services Segment R
Slide 11: | Maximus: Q4 FY25 Earnings Presentation
11 | Maximus: Q4 FY25 Earnings Presentation