Houlihan Lokey, Inc. · NYSE:HLI
Houlihan Lokey — Q1 2027 Earnings Presentation
35 slides from Houlihan Lokey's earnings presentation, Jul 29, 2026
Slide 1: Investor Presentation
Investor July 2026 Presentation
Slide 2: Disclaimers: Forward-Looking Information
Disclaimers Forward-Looking Information This presentation contains forward-looking statements. All statements other than statements of historical facts contained in this presentation may be forward-looking statements. The words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “in
Slide 3: Disclaimers: Non-GAAP Financial Measures
Disclaimers Non-GAAP Financial Measures As a supplement to our financial measures presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company presents certain adjusted (non-GAAP) measures of financial performance. These non-GAAP financial measures are not intende
Slide 4: Our Culture
Our Culture Employee Firm’s Ownership DNA DNA and Controls → Client-centric → Global advice with local execution → New York Stock Exchange listed company → Entrepreneurial → Dedicated to exceeding client → Blue chip institutional ownership expectations → Collaborative → Broad-based, long-term employ
Slide 5: Our Product Knowledge and Industry Expertise
CORE SERVICES Corporate Finance Financial Restructuring Financial and Valuation Advisory Our Product Mergers & Acquisitions Debtor and Creditor Restructuring Financial Opinions Liability Management Transaction and Valuation Services Knowledge and Capital Solutions Distressed M&A Portfolio Valuation
Slide 6: Investment Tenets
Investment Track Record of Growth and Lower Revenues and Earnings Volatility Through Strong Growth Tenets Profitability Economic Cycles Prospects Strong and consistent financial Given our diversified business model, Significant room to grow all three performance. and mix of cyclical, counter-cyclica
Slide 7: Strong Financial Performance
Corporate Finance Financial Restructuring Strong Financial Performance Financial and Valuation Advisory $2,618 Revenues $2,389 $2,270 13% 13% $1,914 13% $1,809 20% $1,525 17% 15% 23% 16% 12% 27% 22% Strong revenue growth with a five-year 35% 67% CAGR of 11% 70% 64% 62% 58% 53% 2021 2022 2023 2024 20
Slide 8: Strong Partnership Culture with Experienced Leadership
Strong Partnership Culture with Experienced Leadership Deep and Experienced Executive Management Team Long Tenure Results in Collaborative Culture Scott J. Adelson Irwin N. Gold 1 CEO Co-Chairman Tenured Over 25-year average tenure of our Executive Management Management Team and our 19-person Operat
Slide 9: A Culture of Caring
A Culture of Caring HL has a matching charitable contribution program for active employees, which results in a number of donations to causes around the globe, and a give-a-day program that results in significant participation by our employees in programs local to our offices. Listed below are severa
Slide 10: Market Leader in All Three Business Segments
Market Leader in All Three Business Segments Top Global M&A Firm1 Top Global Restructuring Firm Top Global Fairness Opinion Firm Investment Banks by Number of Global CY 2025 Global Distressed Debt and Global M&A Fairness Advisors: Announced or M&A Deals in CY 2025 Bankruptcy Restructuring Deals Comp
Slide 11: No.1 Business Services
No.1 Business Services HOULIHAN LOKEY Rothschild & Co 92 Consumer1 HOULIHAN LOKEY Rothschild & Co 58 Financial Services1 HOULIHAN LOKEY Goldman Sachs & Co 66 Global 50 58 41 Market-Leading JP Morgan Oaklins Rothschild & Co 47 40 33 Advisor Across Oaklins Mizuho Financial Group UBS 31 Industries 42 3
Slide 12: Diversified Across Geography, Client, Industry, Professional and Segment
Diversified Across Geography, Client, Industry, Client Mix1 Industry Mix1 Professional and Segment 15% 5% 18% Financial Energy Public 52% Services Companies Financial 11% More than Sponsors Consumer 14% 2,000+ Healthcare 14% 20% Industrials Business Services clients served annually 33% 7% 11% Privat
Slide 13: Comprehensive Coverage and Global Scale
Comprehensive Coverage and Global Scale AMERICAS Atlanta Los Angeles EUROPE AND Amsterdam Milan ASIA- Beijing Shanghai Baltimore Miami MIDDLE EAST Dubai Munich PACIFIC Gurugram Singapore Boston Minneapolis Frankfurt Paris Hong Kong SAR Sydney Charlotte New York London Stockholm Mumbai Tokyo Chicago
Slide 14: Robust Long-Term Growth Opportunities
Robust Long-Term Growth Opportunities Growth will be driven by: We will continue to grow our Managing Director Headcount through: CORPORATE → Adding incremental industry expertise globally FINANCE → Continued geographic expansion 1 → Building out our Capital Solutions platform Development and matura
Slide 15: Growth Through Hiring and MD Productivity
Growth Through Hiring and MD Productivity History of Growing Managing 316 339 354 313 Director Headcount 289 190 198 198 165 169 173 146 125 HL has increased its Managing Director 107 115 100 Headcount by a CAGR of 8% over the last 72 75 78 85 88 20 years through internal promotions, opportunistic h
Slide 16: Growth Through Acquisitions
Growth Through Acquisitions Controlling Interest in a Insurance and Wealth Management- Real Estate Capital French-Focused Focused Independent Advisory Business → We have made 20 acquisitions over the last 15 Investment Banking Firm Advisory Firm years to deepen our industry coverage, expand February
Slide 17: Overview of Business Segments
Overview of Business Segments 17
Slide 18: Our Service Offerings
Our Service Offerings HL’s investment banking service offerings address a wide spectrum of strategic and capital structure objectives HL maintains three primary service lines – Corporate Finance, Financial Restructuring, and Financial and Valuation Advisory 18
Slide 19: Our Service Offerings Summary Statistics
Our Service Offerings Summary Statistics Corporate Financial Financial and Finance Restructuring Valuation Advisory Financial Opinions Debtor and Creditor Restructuring Mergers & Acquisitions Transaction and Valuation Core Services Liability Management Capital Solutions Services Distressed M&A Portf
Slide 20: Corporate Finance
Corporate Finance PRODUCT SPECIALISTS Integrated Platform combining Industry Coverage, Product Expertise, Mergers and Acquisitions Balanced and insightful mergers and acquisitions advice and Global Reach Capital Solutions Comprehensive range of debt and equity capital raisings for companies, private
Slide 21: Corporate Finance Mergers & Acquisitions Market Leader Across All Industries
Corporate Finance Mergers & Acquisitions Market Leader Across All Industries Our global industry coverage model Houlihan Lokey closes more M&A deals than any other firm. brings sector-specific knowledge, experience, and relationships to every Top Global M&A Advisor Business Services Investment Banks
Slide 22: Corporate Finance Mergers & Acquisitions
Corporate Finance Mergers & Acquisitions 2% Global Closed M&A Mid-Cap Transactions CY 2025 Transactions Our market share in the Global mid-cap 42,525 41,914 space is approximately 2%, based on the Transactions Transactions number of closed Corporate Finance transactions we completed in CY 2025 1% 2%
Slide 23: Corporate Finance Capital Solutions
Corporate Finance Capital Solutions One Platform We believe we have one of the largest Solutions across every layer of the capital stack and every level of the corporate capital solutions groups at non- structure. balance-sheet banks, raising capital for both sponsors and corporate clients Private C
Slide 24: Financial Restructuring
Financial Restructuring Top Global Restructuring Advisor 15 Largest Bankruptcies 2025 Global Distressed Debt and Bankruptcy Advisor in 12 of the 15 Largest U.S. Restructuring Rankings Bankruptcies 2000–2025 By Deal Count Deepest bench in the industry with 59 HOULIHAN LOKEY Managing Directors and 219
Slide 25: Financial and Valuation Advisory
Financial and Valuation Advisory No. 1 Global M&A Fairness Opinion Services → Valuation: Expert valuation services for illiquid securities to help asset managers with financial reporting Advisor Over the Past 25 Years Offered → Advisory: Financial reporting, tax, and CFO advisory support, including
Slide 26: Financial Sponsors Group
Financial Sponsors Group Houlihan Lokey has one of the largest Broad and → HL has 30 senior officers dedicated to the financial sponsor Financial Sponsors Groups focused on Deep Financial community in North America, Europe, and Japan as of FYE 2026 Sponsor Group → 1,900 Financial Sponsor firms cover
Slide 27: Private Equity Portfolio Company Inventory
Given our strong market Private Equity Portfolio Company Inventory share serving the PE community, HL is well Current Inventory of U.S. Private-Equity-Backed Companies (2016–2026) positioned to benefit Greater than 5 Years Old from the growing Less than 5 Years Old number of portfolio companies held
Slide 28: Financial Overview
Financial Overview 28
Slide 29: Strong Top-Line Growth and Disciplined Expense
Strong Top-Line Growth and Disciplined Expense Revenues $2,618 $2,270 $2,389 $1,809 $1,914 Long history of revenue growth through various market cycles $605 $511 → Resilient business mix consisting of cyclical and 2022 2023 2024 2025 2026 3-mo ended 3-mo ended 6/30/2025 6/30/2026 countercyclical rev
Slide 30: Business Segment Financials
Business Segment Financials Revenues By Business Segment $2,618 $2,389 13% $2,270 13% 13% $1,914 20% $1,809 17% 15% 23% 16% 22% 27% 67% 70% 64% $605 $511 62% 58% 13% 21% 17% 23% 66% 60% 2022 2023 2024 2025 2026 3-mo ended 3-mo ended 6/30/2025 6/30/2026 Corporate Finance Financial Restructuring Finan
Slide 31: Expense, Balance Sheet and Cash Management
Expense, Balance Sheet and Cash Management Operating Expenses Balance Sheet Health Shareholder Return Compensation We operate We are committed to the following Capital with extremely low levels of debt Allocation principles: Given our diversified business model and compensation structure, we are abl
Slide 32: Reconciliation of GAAP to Adjusted Financials
Three Months Ended June 30, (In millions, except per share data) 2026 2025 Reconciliation of GAAP to Adjusted Financials Revenues $ 511 $ 605 Compensation expenses Compensation expenses (GAAP) $ 328 $ 393 Less: Acquisition related compensation and benefits (1) (14) (21) Compensation expenses (adjust
Slide 33: Comparable GAAP vs. Adjusted Financial Figures
Comparable GAAP vs. Adjusted Financial Figures GAAP Pre-tax Income GAAP Pre-tax Margin GAAP Net Income $604 $438 $562 $426 $531 26.8% 26.6% $400 22.2% 21.5% $313 $409 $391 20.4% $280 $324 17.9% $254 2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025 2026 Adjusted Pr
Slide 34: Our Vision Our Mission
Our We will be recognized globally for providing the finest financial advice Our Vision Mission and service to our clients and the best place to work for our colleagues. We help our clients achieve superior outcomes by providing thoughtful, caring advice while acting with honor and integrity We are
Slide 35: HL.com
CORPORATE FINANCE FINANCIAL RESTRUCTURING FINANCIAL AND VALUATION ADVISORY HL.com