Slide 1: Fiscal 2025 Third Quarter Earnings Call
Fiscal 2025 Third Quarter Earnings Call Bruce Caswell President & Chief Executive Officer August 7, 2025 1 | Maximus: Q3 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: Continued Organic Growth in the Quarter
Continued Organic Growth in the Quarter Revenue of 4.3% organic Record-breaking 15% growth in $1.35 billion revenue growth adjusted diluted adjusted EBITDA, in the quarter year-over-year EPS of $2.16, year-over-year 24% increase year-over-year 3 | Maximus: Q3 FY25 Earnings Presentation
Slide 4: CEO Messages
CEO Messages • Maximus excels at translating policy changes into performance- based operational models, and is purpose-built for the fast- paced, policy-driven environment of government contracting • U.S. Services Segment working diligently to support states with recent legislation changes: • Medica
Slide 5: Delivering on Strategy Through Execution and Pipeline
Delivering on Strategy Through Execution and Pipeline • Maximus committed to strengthening its leadership New Awards (YTD) June 30, 2025 and expanding its growth team across U.S. Federal markets—civilian, defense, and health—while Signed Contracts $3.4 billion targeting adjacent agencies Unsigned Co
Slide 6: Fiscal 2025 Third Quarter Earnings Call
Fiscal 2025 Third Quarter Earnings Call David Mutryn Chief Financial Officer August 7, 2025 6 | Maximus: Q3 FY25 Earnings Presentation
Slide 7: Total Company Results – Third Quarter of FY25
Total Company Results – Third Quarter of FY25 • Revenue increased 2.5%, or 4.3% on an ($ in millions, except per share data) Q3 FY25 Margin Q3 FY24 Margin % Change organic basis, driven by the U.S. Federal U.S. Federal Services $ 761.2 $ 683.3 11.4 % Services Segment; U.S. Services U.S. Services 439
Slide 8: Segment Results
Segment Results U.S. Federal Services Segment U.S. Services Segment Outside the U.S. Segment • Revenue increased by 11.4% and the • Revenue decreased by 6.9% as a • Revenue decreased as anticipated growth was all organic result of prior year period being and was driven by divestitures of positively
Slide 9: Cash Flows & Balance Sheet
Cash Flows & Balance Sheet Cash Flows & DSO $ in millions Q3 FY25 FY25 Guidance Cash (used in)/provided by operating activities $ (182.7) Purchases of property and equipment and capitalized software costs (15.5) Free cash flow (Non-GAAP) $ (198.2) $370M - $390M • As anticipated, Q3 FY25 cash flows r
Slide 10: Raising Fiscal Year 2025 Guidance
Raising Fiscal Year 2025 Guidance Fiscal 2025 Guidance Updated Previous • Third consecutive raise to FY25 revenue guidance reflects exceptional Q3 results and an improved Q4 outlook Revenue $5.375B - $5.475B $5.25B - $5.4B • Revenue guidance at the midpoint increases by $100 million Adjusted EBITDA
Slide 11: Fiscal Year 2026 Early Thoughts
Fiscal Year 2026 Early Thoughts • As context, FY25 guidance has increased by $175 million for revenue and by $1.60 adjusted diluted earnings per share; Maximus is purpose-built to scale up to meet higher demand as seen in FY25, meaning volume-sensitive programs can sometimes be less easy to precisel
Slide 12: | Maximus: Q3 FY25 Earnings Presentation
12 | Maximus: Q3 FY25 Earnings Presentation