Slide 1: Earnings Presentation Fourth Quarter and Full Year 2025
Earnings Presentation Fourth Quarter and Full Year 2025 February 25, 2026 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 United States Generally Accepted Accounting Principles (“GAAP”), we also present Adjusted Net Income (Loss), Adjusted Diluted Earnings Per Share (“EPS”), Adjusted EBITDA, and Fr
Slide 4: Positioned to Win in the Middle Market Professional Services Industry
Positioned to Win in the Middle Market Professional Services Industry CBIZ is the leading professional services advisor of its kind to middle-market businesses nationwide Attractive US Middle Market Professional Service Industry CBIZ Competitive Advantages to Win in the Market Large & Growing TAM(1)
Slide 5: 2025 Highlights
2025 Highlights Delivered profitability in-line with guidance with Adjusted Diluted EPS of $3.61 Generated strong and consistent cash flow to support future growth Increased investments in AI technology and offshoring to enhance automation and efficiency Launched industry specialization by forming 1
Slide 6: Marcum Acquisition: Integration Update
Marcum Acquisition: Integration Update Majority of integration complete – well positioned to capitalize on the value creation of the deal in 2026 Metric Status People Integration Complete, on time Process and Systems Integration On schedule Client and MD Retention Consistent with expectations and hi
Slide 7: Strategic Priorities to Unlock Growth
Strategic Priorities to Unlock Growth Strategically leveraging scale to generate strong organic revenue growth Structural Improve Client Retention Expand Existing Win New Growth Drivers and Enhance Value Relationships Client Logos Strategic Attract and Retain Top Talent Initiatives Continue to inves
Slide 8: Embedding Automation and AI Across our Service Model
Embedding Automation and AI Across our Service Model Competitive advantages driven by scale, breadth and depth of solutions as we implement enterprise AI Building Enterprise AI Foundation Scaling Proven Capabilities Realizing Expected Benefits Already in Production • Developing a standardized AI ✓ V
Slide 9: Increasing Offshoring to Improve Efficiency and Expand Capacity
Increasing Offshoring to Improve Efficiency and Expand Capacity Meaningful margin expansion opportunity through higher utilization of offshoring capabilities Offshore Share of Total Tax and Attest Hours • Currently operate delivery >20% centers in the Philippines and India, with >500 professionals •
Slide 10: Financial Overview
Financial Overview 10
Slide 11: 2025 Consolidated Financial Results
2025 Consolidated Financial Results Operating Expense / Adjusted Total Revenue Personnel Expense Detail Gross Margin(1) $ in millions $ in millions Incentive Compensation $2,758 Other Personnel Costs $2,382 $1,813 ~16% ~13% $1,612 13.6% ~84% ~87% 11.1% 2024 2025 2024 2025 2024 2025 • Growth driven b
Slide 12: 2025 Consolidated Financial Results
2025 Consolidated Financial Results Adjusted EBITDA / Margin(1) Adjusted EPS(1) Free Cash Flow / Conversion(1, 2) $ in millions $ per share $ in millions $447 $3.61 $176 $2.01 $111 $198 16.2% ~40% ~55% 10.9% 2024 2025 2024 2025 2024 2025 • Normalizing for incentive compensation and • Achieved Marcum
Slide 13: Financial Services Segment
Financial Services Segment Total Revenue 2025 Revenue Breakdown $ in millions $2,301 Technology 4% $1,363 Govt. Healthcare 9% Advisory 13% $2.3B 2024 2025 Adjusted EBITDA / Margin(1) $ in millions Accounting & Tax $449 74% $184 19.5% 13.5% 2024 2025 (1) Non-GAAP financial measure. See Appendix for G
Slide 14: Benefits & Insurance Segment
Benefits & Insurance Segment Total Revenue 2025 Revenue Breakdown $ in millions $410 $401 Other 5% Payroll / Human Capital Mgmt. 14% Employee Benefits Consulting 35% 2024 2025 $410M Adjusted EBITDA / Margin(1) Property & Casualty 22% $ in millions $86 Retirement & $83 Investment Solutions 24% 20.8%
Slide 15: Strong and Consistent Cash Generation
Strong and Consistent Cash Generation $ in millions 1Q25 2Q25 3Q25 4Q25 FY25 • Strength of business model and low capital Revenue $838 $683 $694 $543 $2,758 expenditure requirements drive meaningful cash Adjusted EBITDA(1) $238 $117 $120 $(29) $447 generation in almost all business climates to suppo
Slide 16: 2026 Outlook & Financial Modeling Support
2026 Outlook & Financial Modeling Support Metric 2025 Actuals 2026 Outlook(1) Key Details • Industry groups drive improved cross-serving and new logo wins with client tailored solutions ~$2.8B to $2.9B Revenue $2.76B • Range largely driven by macroeconomic assumptions, which could impact ~2% to 5% p
Slide 17: Disciplined Capital Allocation Framework
Disciplined Capital Allocation Framework Near-term (2026 / 2027) Long-term (2027+) Invest in future organic growth with focus on top talent, client service, operational excellence, and technology Debt Reduction Strategic M&A Share repurchases and Share repurchases Strategic M&A Debt Reduction Target
Slide 18: Investment Thesis – Value Creation Across Multiple Levers
Investment Thesis – Value Creation Across Multiple Levers CBIZ is the leading professional services advisor of its kind to middle-market businesses nationwide Attractive Industry with Secular High-Quality Resilient Longstanding Diverse Client Base Growth Tailwinds Business Model Large middle-market
Slide 19: Thank You – Q&A
Thank You – Q&A CBIZ.COM
Slide 20: Supplemental Slides
Supplemental Slides 20
Slide 21: Growing Revenue – Targeting 2-5% YoY Growth in 2026
Growing Revenue – Targeting 2 - 5% YoY Growth in 2026 ‘25 Organic ‘26 Organic • Assume ~90% client retention to start the year Growth YoY Growth YoY ~2% ~2% - 5% • Expand existing relationships through increased cross- serve penetration $2.8B - $2.9B • Targeted new logo program introduced in 2025 dr
Slide 22: Improving Profitability – Detailing Impact of Incentive Compensation & Synergies
Improving Profitability – Detailing Impact of Incentive Compensation & Synergies ‘25 Adjusted ‘26 Adjusted • Refilling the incentive compensation pools becomes a EBITDA Margin(1) EBITDA Margin(1) headwind YoY at greater than 2% revenue growth and 16.2% ~16% only represents the full headwind at 5% re
Slide 23: Increasing Free Cash Flow – Path to ~60% Conversion by Year-end 2026
Increasing Free Cash Flow – Path to ~60% Conversion(2) by Year-end 2026 ‘25 FCF ‘26 FCF • 2026 improvement driven primarily by lower acquisition Conversion(2) Conversion(2) related items with only modest contributions from ~40% ~60% Adjusted EBITDA, working capital efficiency and lower interest $270
Slide 24: 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 2026 ✓ Overlap in client-facing roles efficiency improvement ✓ Facility optimization
Slide 25: Common Stock Shares Outstanding
Common Stock Shares Outstanding 1.5M shares 3.8M shares repurchased 6.4M presented under under ROFR Marcum ROFR 2.3M shares cleared 0.7M shares deferred for sale in the open other, net shares issued market (1) Inclusive of ~0.9M open market share repurchases 54.4M shares outstanding 50.2M shares out
Slide 26: Revenue Bridge – 2025 vs. 2024
Revenue Bridge – 2025 vs. 2024 $1,086 $2,790 $(75) ~$90 ~$(50) $2,715 $2,758 Deal Related Pricing Volume / Known Items ~4% Retention $1,705 ~2% Growth FY 2024 Marcum 2024 2024 FY 2024 Combined Adjusted FY 2025 CBIZ(1) Actual (1) Represents stand alone CBIZ revenue for full year 2024 only without the
Slide 27: Financial Goals
Financial Goals 2026 Guidance(1) Revenue: $2.8B to $2.9B Adj. EPS(1)(2) : $3.75 to $3.85 Continued Strong Cash Flow Long-term Goals Operating Leverage 8% - 10% Revenue Growth 1.5x – 2x Earnings Growth (1) Non-GAAP financial measure. See Appendix for GAAP reconciliation. (2) With respect to the compa
Slide 28: Industry Verticals
Industry Verticals Consumer & Alternative Capital Financial Food & Construction Industrial Investments Markets Services Beverage Products Not-for-Profit Private Professional Real Technology & Government & Higher Equity Services Estate Life Sciences Education 28
Slide 29: Reconciliation of GAAP to Non-GAAP Results – FY25
Reconciliation of GAAP to Non-GAAP Results(1) – FY25 Twelve Months Ended December 31, 2025 Benefits and Financial Insurance National Corporate Services Services Practices and Other Consolidated EPS Net income $ 334,614 $ 76,073 $ 5,988 $ (301,231) $ 115,444 $ 1.83 Adjustments: Amortization of acquir
Slide 30: Reconciliation of GAAP to Non-GAAP Results – FY24
Reconciliation of GAAP to Non-GAAP Results(1) – FY24 Twelve Months Ended December 31, 2024 Benefits and Financial Insurance National Corporate Services Services Practices and Other Consolidated EPS Net income $ 149,540 $ 72,925 $ 10,189 $ (191,616) $ 41,038 $ 0.78 Adjustments: Amortization of acquir
Slide 31: Reconciliation of GAAP to Non-GAAP Results – Quarterly Results and FY25
Reconciliation of GAAP to Non-GAAP Results(1) – Quarterly Results and FY25 ($ in thousands) 1Q25 2Q25 3Q25 4Q25 2025 Net income $ 122,773 $ 41,942 $ 30,146 $ (79,417) $ 115,444 Adjustments: Amortization of acquired intangible assets 18,666 18,790 18,748 18,700 74,904 Gain on sale of operations, net
Slide 32: Reconciliation of GAAP to Non-GAAP Results – FY25 & FY24 Gross Margin
Reconciliation of GAAP to Non-GAAP Results(1) – FY25 & FY24 Gross Margin Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024 (Amounts in thousands, except percentages) Deferred Deferred % of % of As Reported Compensation Adjusted As Reported Compensation Adjusted Revenue Reve
Slide 33: Reconciliation of GAAP to Non-GAAP Results – Free Cash Flow
Reconciliation of GAAP to Non-GAAP Results(1) – Free Cash Flow Twelve Months Ended December 31, 2025 2024 Net cash provided by operating activities $ 192,485 $ 123,692 Less: Additions to property and equipment (16,959) (12,914) Free Cash Flow $ 175,526 $ 110,778 For the Three Months Ended March 31,
Slide 34: Reconciliation of GAAP to Non-GAAP Results – Net Debt & Net Leverage
Reconciliation of GAAP to Non-GAAP Results(1) – Net Debt & Net Leverage Year Ended 2025 Long-term portion, term loan $ 1,260,000 Revolver facility 142,400 Current portion, term loan 70,000 Total gross debt $ 1,472,400 Less: Cash and cash equivalents (18,290) Net Debt $ 1,454,110 Adjusted EBITDA 446,