Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation May 7, 2026 © 2026 First Advantage
Slide 2: Forward-Looking Statements; Non-GAAP Financial Information Note
FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, our operations and financial performance. For
Slide 3: Q1 2026 Highlights
Q1 2026 Highlights Scott Staples Chief Executive Officer
Slide 4: Key Messages
Key Messages Exceptional Q1 2026 performance; Q1 YoY revenue growth of 1 8.6% and 27.3% Q1 Adj. EBITDA Margin1; favorable versus stated expectations; driving excellent results amid dynamic environment Executing and accelerating FA 5.0 strategy; innovative product 2 and platform approach leading to w
Slide 5: Exceptional Q1 2026 Results
Exceptional Q1 2026 Results Cash Flow Revenues Adjusted EBITDA1 from Operations Adjusted Diluted EPS1 $385M $105M $49M $0.26 8.6% 27.3% $226M 52.9% YoY Growth Adj. EBITDA Margin1 Cash Balance YoY Growth Q1 2026 Results Macro Overview AI Overview • Performance favorable versus stated • Macro hiring c
Slide 6: Go-to-Market Update
Go-to-Market Update Joelle Smith President
Slide 7: Go-to-Market Update
Go-to-Market Update Accelerating FA 5.0 Strategy Encouraging Go-to-Market Momentum • AI creating meaningful customer and operational impact: • 17 enterprise bookings1 in Q1 • Next generation applicant platform improving user experience • Strength of enterprise bookings and late-stage pipeline suppor
Slide 8: Market Trends and Customer Engagement
Market Trends and Customer Engagement First Advantage’s 2026 Global Collaborate® 2026 Workforce Trends Report Annual User Conference Hollywood, FL 89% 76% of HR leaders are planning to of hiring professionals have add more screening and experienced falsified 10th Year identity verification solutions
Slide 9: Financial Results & Outlook
Financial Results & Outlook Steven Marks Chief Financial Officer
Slide 10: Q1 2026 Financial Results
Q1 2026 Financial Results ($ in millions, except per share data and percentages) Revenues Adjusted EBITDA and Margin1 Adjusted Diluted EPS1 $385.2 $105.3 $0.26 $354.6 +8.6% $92.1 +14.3% +52.9% 27.3% $0.17 26.0% Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 • 4th consecutive quarter of positive YoY
Slide 11: Cash Flow and Capital Structure
Cash Flow and Capital Structure Q1 2026 Cash Flow Synergized Net Leverage Capital Allocation • Cash balance of $226M at 3/31/26 De-levered by 0.5x since close of Share Repurchases $19.5M in Q1 • Q1 2026 Operating Cash Flows of $49.4M Sterling acquisition • Closely managing working capital to support
Slide 12: Reaffirming Full Year 2026 Guidance
Reaffirming Full Year 2026 Guidance Full Year 2026 Guidance Implied YoY Growth Total Revenues $1,625M to $1,700M 3% to 8% Adjusted EBITDA $460M to $485M 4% to 10% Adjusted EBITDA Margin ~28.4% ~40 bps Adjusted Net Income $200M to $220M 10% to 21% Adjusted Diluted Earnings Per Share $1.15 to $1.25 11
Slide 13: Closing Remarks
Closing Remarks Scott Staples Chief Executive Officer
Slide 14: Investment Thesis and Reaffirmed 2028 Targets
Investment Thesis and $1.8B - $2.0B Reaffirmed 2028 Targets Targeted Revenues 4% - 7% CAGR (4-year) A market leader offering AI-enabled proprietary technology and data in a large and growing market $560M - $630M Targeted Adjusted EBITDA Significant organic revenue growth potential, accelerated by St
Slide 15: Appendix
Appendix Supplemental Materials and Reconciliations to GAAP Measures
Slide 16: First Advantage At a Glance (2025)
First Advantage At a Glance (2025) Our Scale Our Verticals5 200M+ 13+ Year $1.6B 5% 3% Healthcare Annual Average Tenure of Revenues Screens Top 100 Customers 4% YoY PF Growth1 8% 21% Transportation & Logistics Retail & E-Commerce 8% 200+ 80K+ $441M Financial Services Manufacturing & Industrials Coun
Slide 17: Delivering on Net Cost Synergies from Sterling Acquisition
Delivering on Net Cost Synergies from Sterling Acquisition $65M – $80M Total Run Rate Synergy Target Expected Synergy Priorities Post-Close of Sterling Acquisition 10/31/2024 To Be Actioned Within 2 Years ($60M – $70M previous target, up from $50M+) $58M Actioned as of 3/31/26 Run Rate Synergies Day
Slide 18: Revenue Growth Algorithm Drivers
Revenue Growth Algorithm Drivers Legacy First Advantage 2023 2024 First Advantage Upsell / Cross-sell 5% 5% New Logos 4% 4% Q1’25 Q2’25 Q3’25 Q4’25 2025 Q1’26 Gross Retention 97% 96% Base (12%) (9%) Upsell / Cross-sell 5% 5% 5% 12% 7% 8% Legacy Sterling New Logos 4% 4% 4% 5% 4% 4% 2023 2024 Upsell /
Slide 19: Full Year 2026 Guidance Details: Modeling Assumptions
Full Year 2026 Guidance Details: Modeling Assumptions ($ in millions; all values are approximate) Assumption Free Cash Flow (Cash Flow from Operations less Capital $160 – $190 expenditures, including capitalized software development) Capital expenditures, including capitalized software development $
Slide 20: Sterling Acquisition Post-Close Strategic Priorities
Sterling Acquisition Post-Close Strategic Priorities Executing Integration Playbook. Seamless integration process focused on customer retention, synergy realization, and operational efficiency led by a dedicated team and supported by all functional areas Actioning Synergies. Target run rate cost syn
Slide 21: Long-term Growth Algorithm Targets
Long-term Growth Algorithm Targets New Existing Customers Customers Strategy and Key Organic Growth Drivers: • Continued focus on AI, automation, and technology 4%-5% ~96% • Strong track record of 4%-5% innovation 7%-9% • Vertical go-to-market strategy 6%-7% • Candidate experience 2%-3% • Quality an
Slide 22: Adjusted EBITDA and Revenues
Adjusted EBITDA and Revenues 1. Share-based compensation for the three months ended March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025, and March 31, 2026, includes approximately $1.9 million, $1.8 million, $1.9 million, $1.5 million and $0.6 million, respectively, of incrementally
Slide 23: Pro Forma 2024 Adjusted EBITDA and Revenues; Reported 2025 Adjusted EBITDA and Revenues
Pro Forma 2024 Adjusted EBITDA and Revenues Reported 2025 Adjusted EBITDA and Revenues To facilitate comparability, we present pro forma combined company results, consisting of First Advantage and Sterling 1. Share-based compensation for the year ended December 31, 2025 includes approximately $7.1 m
Slide 24: Adjusted Net Income and Adjusted Earnings Per Share
Adjusted Net Income and Adjusted Earnings Per Share 1. Represents the loss on extinguishment and non-cash interest expense related to the amortization of debt issuance costs related to the refinancing of the Company’s First Lien Credit Facility. This adjustment also includes the impact of the change
Slide 25: Constant Currency Revenues
Constant Currency Revenues 1. Constant currency revenues is calculated by translating current period amounts using prior-year period exchange rates. 25 © 2026 First Advantage