Slide 1: Earnings Presentation: Fourth Quarter and Full Year 2025
Earnings Presentation Fourth Quarter and Full Year 2025 Ma rch 1 7, 2026
Slide 2: Disclaimer and Safe Harbor Statement
Disclaimer and Safe Harbor Statement This presentation includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that involve su
Slide 3: Today's Presenters
Today’s Presenters Mark Vorsatz Neal Livingston Chief Executive Officer, Chief Financial Officer Chairman 2
Slide 4: Fourth Quarter 2025 Highlights
Fourth Quarter 2025 Highlights Robust Top-Line Significant Client Large Pool of Talented Healthy Margins and Performance Base Professionals Profitability $ 170MM 12,350 319 4.4% Q4’25 Client Groups Managing Directors Q4’25 Revenue Adj. Net Income Margin 19.6% 22,450 2,296 5.5% YoY Revenue Growth Cli
Slide 5: Fiscal Year 2025 Highlights
Fiscal Year 2025 Highlights Robust Top-Line Significant Client Large Pool of Talented Healthy Margins and Performance Base Professionals Profitability $839MM 12,350 319 25.9% FY25 Revenue Client Groups Managing Directors FY25 Adj. Net Income Margin 14.6% 22,450 2,296 27.0% YoY Revenue Growth Client
Slide 6: Key Takeaways and Recent Business Highlights
Key Takeaways and Recent Business Highlights Robust FY25 revenue growth, Expanded high-value client base, Completed IPO and major equity with revenue increasing 14.6% increasing client groups to 687 reorganization in Q4 2025, YoY to $838.7MM, driven by generating over $250k in annual transitioning t
Slide 7: Services
Integrated What does Multi-Dimensional Services it mean for businesses today Platform Unlocking Client Success Family Office Consulting Real Estate Consulting nt Services Global Workforce Mobility Clie Fund Tax Compliance and Advisory iv ate Al Pr Investment Consulting Fund Formation and Global Stru
Slide 8: Andersen Unlocks International Reach
Andersen Global Andersen Consulting Collaborating Firms Andersen Unlocks International Reach 400+ Tax, Legal, Valuation 1,000+ 180+ 3,000+ 50,000+ Locations Countries Partners Professionals & Consulting Firms Notes: 1. Figures as of December 31, 2025. 7 2. “Andersen Global” refers to legally indepen
Slide 9: Advancing Strategic Priorities to Expand Growth and Margins
Advancing Strategic Priorities to Expand Growth and Margins Key Takeaways Adj. EBITDA Margin Improvement Driven by Productivity Gains and Operating Leverage “Our fourth quarter capped a record year for the firm, and underscores the strength of our global, multi-dimensional platform and the continued
Slide 10: Long Term Future Growth Supported By a Four-Pronged Strategy
Long Term Future Growth Supported By a Four-Pronged Strategy Existing Services New Services • Tax • Investment Banking • Managed Solutions • Private Trust • Legal • Consulting – Business Process Company Services • Valuation Outsourcing • Insurance Advisory – Internal Audit Business Expansion Strateg
Slide 11: Along with Expansion Opportunities Globally
Along with Expansion Opportunities Globally U.S. Business Listed as Part of the IPO U.S. business Global business Acquisitions in 2026 Tax Tax Fir mOverview During the first quarter of 2026, Andersen entered into definitive Valuation Valuation agreements for the acquisition or strategic integration
Slide 12: Leveraging AI Capabilities to Enhance Service Delivery Capabilities
Leveraging AI Capabilities to Enhance Service Delivery Capabilities Across the Firm AI Investment Initiatives AI Use Cases Deploy enterprise AI productivity tools across Andersen AI Native Consulting Capabilities: 1 Client Facing practice groups to improve firm efficiency 1 Delivering complex techni
Slide 13: Financial Results
——— ANDERSEN Financial Results
Slide 14: Summary of Fourth Quarter 2025 Financial Results
Summary of Fourth Quarter 2025 Financial Results Revenue ($ in MM) Adj. EBITDA ($ in MM) Adj. Net Income ($ in MM) $9 $170 $7 $142 Q4'24 Q4’25 Q4'25 Q4'24 Q4'25 Q4’25 ($8) ($8) Q4'24 Q4'25 Growth 19.6% Margin (5.5%) 5.5% Margin (5.9%) 4.4% Note: FINANCIAL RESULTS 13 1. Adj. EBIT DA, Adj. EBI TDA Mar
Slide 15: Summary of 2025 Financial Results
Summary of 2025 Financial Results Revenue Revenue by Service Line Revenue by U.S. Geographic Region $MM $839 5.0% 5.0% 9.5% 8.7% $732 44.3% 42.1% $639 35.7% 34.8% 18.5% 19.0% 49.8% 51.5% 37.2% 38.9% 2023 2024 2025 2024 2025 2024 2025 Private Client Services Business Tax Services East Central West Gr
Slide 16: Summary of 2025 Financial Results (Cont'd)
Summary of 2025 Financial Results (Cont’d) Client Groups with Minimum Annual Client Groups Client Engagements Spend > $250,000 22,450 12,350 20,300 687 17,900 629 11,700 524 10,700 2023 2024 2025 2023 2024 2025 2023 2024 2025 Growth 9.3% 5.6% Growth 13.4% 10.6% Growth 20.0% 9.2% FINANCIAL RESULTS 15
Slide 17: Summary of 2025 Financial Results (Cont'd)
Summary of 2025 Financial Results (Cont’d) Adj. EBITDA Adj. Net Income $MM $MM $217 $226 $136 $143 $119 $126 2023 2024 2025 2023 2024 2025 Margin % 19.7% 19.5% 27.0% 18.6% 18.6% 25.9% Note: FINANCIAL RESULTS 16 1. Adj. EBIT DA, Adj. EBI TDA Margin, Adj. Net Income and Adj. Net Income Margin are non-
Slide 18: Summary of 2025 People Metrics
Summary of 2025 People Metrics Total Employees Attrition Rate (1) % 2,296 16.8 2,187 2,082 14.1 14.2 1,732 1,499 11.0 1,325 2020 2021 2022 2023 2024 2025 2022 2023 2024 2025 FINANCIAL RESULTS 17 Note: 1. Attrition rate cal cul ated for client-facing non-partner employees , excludes involuntary termi
Slide 19: Outlook and Guidance
Outlook and Guidance FY25 Results FY26 Outlook $955 to 970MM Revenue $838.7MM (14% to 15% growth) Adjusted EBITDA $226.3MM $213 to 220MM Adjusted EBITDA Margin 27.0% 22% to 23% Net Loss (GAAP) ($130.2)MM Loss Impact of Seasonality on Financial Performance: Our busiest periods typically align with U.
Slide 20: Non-GAAP Reconciliation
APPENDIX Non-GAAP Reconciliation 19
Slide 21: Appendix: Quarterly GAAP to Non-GAAP Reconciliation
Appendix: Quarterly GAAP to Non-GAAP Reconciliation Three Months Ended December 31, (in thousands except percentages) 2025 2024 Change Net Loss ($195,873) ($9,705) ($186,168) Adjusted for: Interest Income (1,055) (1,568) 513 Interest expense 1,169 16 1,153 Depreciation and amortization 2,237 2,170 6
Slide 22: Appendix: Quarterly GAAP to Non-GAAP Reconciliation (Cont'd)
Appendix: Quarterly GAAP to Non-GAAP Reconciliation (Cont’d) Three Months Ended December 31, (in thousands except percentages) 2025 2024 Change Net Loss ($195,873) ($9,705) ($186,168) Adjusted for: Transaction costs (1) 1,605 1,377 228 Equity-based compensation expense associated with pre-IPO profit
Slide 23: Appendix: Annual GAAP to Non-GAAP Reconciliation
Appendix: Annual GAAP to Non-GAAP Reconciliation Year Ended December 31, (in thousands except percentages) 2025 2024 2023 Net (Loss) Income ($130,169) $134,801 $118,683 Adjusted for: Interest Income (4,166) (4,524) (2,660) Interest expense 1,436 64 138 Depreciation and amortization 9,005 8,325 7,691
Slide 24: Appendix: Annual GAAP to Non-GAAP Reconciliation (Cont'd)
Appendix: Annual GAAP to Non-GAAP Reconciliation (Cont’d) Year Ended December 31, (in thousands except percentages) 2025 2024 2023 Net (Loss) Income ($130,169) $134,801 $118,683 Adjusted for: Transaction costs (1) 7,378 1,593 -- Equity-based compensation expense associated with pre-IPO profits inter
Slide 25: Non-GAAP Financial Measures
Non-GAAP Financial Measures We use certain non-GAAP financial measures to supplement our financial measures prepared in accordance with accounting principles generally accepted in the United States (GAAP), which include EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjuste