Slide 1: Investor Presentation Second Quarter 2025
Investor Presentation SECOND QUARTER 2025 July 30, 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) #7 ~$2.8B TOP 100 PRO FORMA ACCOUNTING REVENUE(1) FIRM(2) 10K+ 135K+ EMPLOYEES CLIENTS 160+ 22 OFFICES MAJOR MARKETS Major Market Office (1) Reflects total company pro forma revenue for fiscal 2024 as if the Marcum acquisition occurred on January 1, 2023, as rep
Slide 6: CBIZ Clients
CBIZ Clients 135K+ MID-SIZED ~90% TOTAL CLIENTS BUSINESSES CLIENT RETENTION RATE 6
Slide 7: Business Model Attributes
Business Model Attributes ESSENTIAL & HIGH CLIENT RECURRING RETENTION SERVICES BROAD DIVERSE GEOGRAPHIC CLIENT BASE FOOTPRINT (Size/Industry) STRONG & CONSISTENT OPERATING CASH FLOWS LEVERAGE 7
Slide 8: 2024 Pro Forma Revenue Breakdown
2024 Pro Forma Revenue Breakdown(1) 2% 84% FINANCIAL • Accounting & Tax • Financial Advisory • Government Health Care Consulting 14% SERVICES 2024 14% BENEFITS & • • • Employee Benefits Consulting Payroll / Human Capital Management Property & Casualty Pro Forma Revenue INSURANCE SERVICES • Retiremen
Slide 9: Recurring Revenue
Recurring Revenue (YTD 2025) ~72% 28% ~28% RECURRING SERVICES PROJECT-BASED WORK • Annual Accounting & Tax Services • Compensation Studies • Government Health Care Consulting • Executive Search • Group Health Benefits • Financial Consulting • Payroll / Human Capital Management • Litigation Support •
Slide 10: Top 7 Accounting Provider: Financial Services
Financial Services (Year-end 2024) National Advisory 18% Accounting & Tax Government 16% Health Care Top 7 Consulting 66% Accounting Provider Nationally by Accounting Today(1) (1) Based on Accounting Today 2025 Top 100 Firms Report 10
Slide 11: Top 30 Broker: Benefits & Insurance Services
Benefits & Insurance Services (Year-end 2024) Other Payroll / HCM 4% Employee Benefits 14% Consulting 33% Top 30 Property & Casualty 24% Broker of U.S. Business 2024 by Business Insurance Magazine 25% Retirement & Investment Solutions 11
Slide 12: Our People & Culture
Our People & Culture A group of people holding fruits AI-generated content may be incorrect. RECOGNITION
Slide 13: Recognition
Recognition DE | BS & THE BAS BRIGHTEST A 7 P COMPANIES | ip y c TEC 106 Workplace B ue ITEST ToP RA endif) IN THE NATION vo 1 WINNER 2024 Awards in 2024 WINNER 2024 Fy ssiessmesoRANCE FINANCIAL SY / BEST PLACES sEAviceS —t ale 4FOWORK 2024 2024 le | aa ible cael flatten | 2024 ACBIZ
Slide 14: Marcum Strategic Rationale
Marcum Strategic Rationale Solidify position as a leading provider of professional services to the growing middle market Market Position and 7th largest accounting services provider in the U.S.(1) Growth Strategy Scale accelerates growth and further positions CBIZ as an acquirer of choice Our Attrac
Slide 15: Marcum Integration Plan
Marcum Integration Plan At 4Q24 Closing First 18 Months 2026 & Beyond ▪ People-focused onboarding ▪ Alignment of operational ▪ Anticipated $25M+ ▪ Brand elevation and joint processes and move to cost synergies marketing common platforms and ▪ Process and practice systems innovation ▪ Client engageme
Slide 16: Revenue Growth Components and Long-Term Growth Goals
Revenue Growth Components Long-Term Annual Growth Goals INTERNAL REVENUE Organic INTERNAL REVENUE 8% -10% Cross-Serving EXTERNAL REVENUE M&A Adjusted Diluted Earnings Per Share 1.5x – 2x 16
Slide 17: Internal Growth Drivers
Internal Growth Drivers Marketing & Branding Producers & Business Development Managers • Efficient and personalized marketing efforts tailored to full Cross-serving spectrum of client types and sizes Pricing Net New NET NEW Business PRICING • Deeper LOCAL client MARKET MARKETING & BUSINESS GOALS rel
Slide 18: Growth by Acquisition
Growth by Acquisition STRATEGY ATTRIBUTES STRUCTURE ▪ Enter attractive geographic markets ▪ Successful local or ▪ Consideration based on TTM ▪ Strengthen presence in existing regional company EBITDA markets ▪ Cultural fit ▪ 50%+ paid up front ▪ Add breadth of service or depth of ▪ Strong leadership
Slide 19: Financial Overview
Financial Overview 19
Slide 20: Marcum Transaction Multiple
Marcum Transaction Multiple INPUTS & ASSUMPTIONS ($ 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 20
Slide 21: YTD Highlights, 2025 Guidance & Modeling Support
YTD Highlights, 2025 Guidance & Modeling Support SEGMENT YTD 2025 GUIDANCE(1) FINANCIAL SERVICES 88.2% BENEFITS AND INSURANCE SERVICES 4.4% NATIONAL PRACTICES (13.1%) REVENUE GROWTH 66.4% $2.8B TO $2.95B GAAP EPS $2.58 $1.97 to $2.02 ADJUSTED DILUTED EPS(2) $3.26 $3.60 to $3.65 TAX RATE 28.6% ~29% S
Slide 22: Clear Path to Leverage Reduction
Clear Path to Leverage Reduction 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 d
Slide 23: Investment Highlights
Investment Highlights OPERATIONAL FINANCIAL RESULTS LEVERAGE ATTRIBUTES • Demonstrated ability to grow • Established national platform • Strong balance sheet earnings at a faster rate than revenue growth • Full integration of acquired • Strong and consistent cash flow businesses • 2019 – 2023 Revenu
Slide 24: Five-Year Total Shareholder Return
Five-Year Total Shareholder Return COMPARISON OF 5-YEAR CUMULATIVE TOTAL RETURN* Among CBIZ, Inc., the S&P 500 Index, the Russell 2000 Index, and a Peer Group *$100 invested on 12/31/19 in stock or index, including reinvestment of dividends. Fiscal years ending December 31. Peer Group companies iden
Slide 25: Financial Goals
Financial Goals 2025 GUIDANCE (1) GAAP EPS: $1.97 to $2.02 Revenue: $2.8B to $2.95B Continued Strong Cash Flow Adj. EPS(2) : $3.60 to $3.65 LONG-TERM ANNUAL GOALS – BEYOND 2025 8% - 10% Revenue Growth 1.5x – 2x Earnings Growth OPERATING LEVERAGE (1) Reflects guidance reinterated by the Company on Ju
Slide 26: Appendix
Appendix 26
Slide 27: 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 28: GAAP Reconciliation: Three Months Ended June 30, 2025
GAAP RECONCILIATION (1) 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 June 30, 2025 Benefits and Corporate Financial Services Insurance Services National Practices and Other
Slide 29: GAAP Reconciliation: Six Months Ended June 30, 2025
GAAP RECONCILIATION (1) Net Income and Diluted Earnings Per Share (“EPS”) to Adjusted Net Income, Adjusted Diluted EPS and Adjusted EBITDA (In thousands, except per share data) Six Months Ended June 30, 2025 Benefits and Corporate Financial Services Insurance Services National Practices and Other Co
Slide 30: GAAP Reconciliation: Three Months Ended June 30, 2024
GAAP RECONCILIATION (1) 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 June 30, 2024 Benefits and Corporate Financial Services Insurance Services National Practices and Other
Slide 31: GAAP Reconciliation: Six Months Ended June 30, 2024
GAAP RECONCILIATION (1) Net Income and Diluted Earnings Per Share (“EPS”) to Adjusted Net Income, Adjusted Diluted EPS and Adjusted EBITDA (In thousands, except per share data) Six Months Ended June 30, 2024 Benefits and Corporate Financial Services Insurance Services National Practices and Other Co
Slide 32: GAAP Reconciliation: Years 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 33: 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 34: Thank You
Thank You CBIZ.COM