Slide 1: 4th Quarter and FY 2025 Earnings Presentation
4th Quarter and FY 2025 Earnings Presentation Alight, Inc. February 19, 2026 1
Slide 2: Disclaimer
Disclaimer Forward-looking statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements re
Slide 3: Strategic update
4TH QUARTER AND FY 2025 EARNINGS Strategic update Rohit Verma Chief Executive Officer
Slide 4: The opportunity
The opportunity DNA Market share Data Product Partner breadth ecosystem Scale Fortune 30M+ people Health 50+ Expertise 500 & are our Wealth Brand Mid-size AI Bedrock Leaves Partners Helping people in their most critical moments 4 | © 2026 Alight. All rights rese rve d.
Slide 5: Attractive market dynamics
Attractive market dynamics Increasing Non-discretionary Resilient complexity buy business model Employers often lack in-house Healthcare is a non- Employee benefits expertise to manage the discretionary sector where administration is resilient to increasing complexity of access to medication, econom
Slide 6: Three operating principles
Deliver service and operational excellence OUR WAY FORWARD Three operating Innovate products that create real value and actionable insights principles Build relationships that result in enduring, trusted partnerships 6 |© © 2026 2026Aligh Alight. t. All Allrigh rights ts res reseerved. rve d.
Slide 7: Innovating the user experience with AI
Innovating the user experience with AI Increased annual enrollment participant satisfaction in Q4 Piloted conversational AI assist during annual enrollment - Significant decrease in channel jumping from digital to other channels - Results demonstrate the efficiency and satisfaction gains AI can prov
Slide 8: FY 2025 performance overview
FY 2025 performance overview - Revenue was down 3.9% YoY $2.3B $561M compared to FY24 revenue1 - Non-recurring revenues down Revenue Adj. EBITDA 21.8% to $154M - Adjusted EBITDA impacted by 24.8% $250M increased compensation expense in Q4 Adj. EBITDA Free cash flow margin - Strong liquidity with $25
Slide 9: Financial results
4TH QUARTER AND FY 2025 EARNINGS Financial results
Slide 10: 4Q & FY25 financial results
4Q & FY25 financial results ($ in millions) 4Q25 4Q24 Change FY25 FY241 Change Revenue Recurring Revenue $607 $617 -1.6% $2,108 $2,156 -2.2% Project Revenue $46 $63 -27.0% $154 $197 -21.8% Total Revenue $653 $680 -4.0% $2,262 $2,353 -3.9% Adjusted Gross Profit2 $272 $300 -9.3% $883 $942 -6.3% % marg
Slide 11: Maximizing capital position
Maximizing capital position ($ millions) 12/31/2025 12/31/2024 - Entering 2026 with $603M of liquidity Total Debt $2,005 $2,025 - $273M in cash and equivalents Less Cash $273 $343 - $330M available on revolver Net Debt $1,732 $1,682 - Sufficient to cover 2026 TRA payment Full-Year Free Cash Flow1,2
Slide 12: Looking forward
4TH QUARTER AND FY 2025 EARNINGS Looking forward
Slide 13: Capital allocation focus
Capital allocation focus AVAILABLE OPTIONS CURRENT ALLOCATION NEAR-TERM FOCUS Re-investment Re-investment Re-investment Dividend Dividend Deleverage Buyback Buyback Buyback Deleverage TRA *No significant TRA payment expected in 2027 and M&A 2028 TRA 13 | © 2026 Alight. All rights rese rve d.
Slide 14: The year of execution
Deliver service and operational excellence 2026 The year of $100M+ Innovate products that create real CAPEX value and actionable insights execution Build relationships that result in enduring, trusted partnerships 14 | © 2026 Alight. All rights rese rve d.
Slide 15: Q&A
4TH QUARTER AND FY 2025 EARNINGS Q&A
Slide 16: Proforma adjustment reconciliations
APPENDIX Proforma adjustment reconciliations
Slide 17: Background regarding proforma adjusted supplemental financial results
Background regarding proforma adjusted supplemental financial results Proforma adjusted supplemental financial results are designed to show the impact of the sale of the Payroll and Professional Services business as if it had happened at the beginning of 2023 with the objective of providing better c
Slide 18: 2024 Total Revenue Disaggregation with Proforma Adjustments
2024 Total Revenue Disaggregation with Proforma Adjustments (unaudited) Twelve Months Ended December 31, ($ in millions) 2024 Revenue: Recurring $ 2,135 Proforma Adjustments 21 Recurring - adjusted 2,156 Project 197 Total Revenue $ 2,353 18 | © 2026 Alight. All rights rese rve d. Note: Proforma adju
Slide 19: Reconciliation of 2024 Gross Profit to Adjusted Gross Profit
Reconciliation of 2024 Gross Profit to Adjusted Gross Profit with Proforma Adjustments (unaudited) Twelve Months Ended December 31, ($ in millions) 2024 Gross Profit $ 794 Add: stock-based compensation 14 Add: depreciation and amortization 96 Add: Proforma Adjustments 38 Adjusted Gross Profit $ 942
Slide 20: Reconciliation of 2024 Net Income to Adjusted EBITDA
Reconciliation of 2024 Net Income (Loss) to Adjusted EBITDA with Proforma Adjustments (unaudited) Twelve Months Ended December 31, (in millions) 2024 Net Income (Loss) From Continuing Operations $ (140) Interest expense 103 Income tax expense (benefit) (8) Depreciation 115 Intangible amortization 28
Slide 21: Reconciliation of 2024 Free Cash Flow
Reconciliation of 2024 Free Cash Flow with Proforma Adjustments (unaudited) (in millions) Twelve Months Ended December 31, Non-GAAP Free Cash Flow Reconciliation 2024 Cash provided by operating activities - continuing operations $ 193 Proforma Adjustments 149 Cash provided by operating activities -
Slide 22: Reconciliation of Net Income to Adjusted Net Income
Reconciliation of Net Income (Loss) to Adjusted Net Income and Adjusted Diluted Earnings per Share From Continuing Operations with Proforma Adjustments (unaudited) Year Ended December 31, 2024 (in millions, except share and per share amounts) Numerator: Net Income (Loss) Attributable to Alight, Inc.
Slide 23: GAAP to Non-GAAP Reconciliations
APPENDIX GAAP to Non-GAAP Reconciliations
Slide 24: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income (Loss) to Adjusted EBITDA (unaudited) 24 | © 2026 Alight. All rights rese rve d.
Slide 25: Reconciliation of Gross Profit to Adjusted Gross Profit
Reconciliation of Gross Profit to Adjusted Gross Profit (unaudited) 25 | © 2026 Alight. All rights rese rve d.
Slide 26: Reconciliation of Net Income to Adjusted Net Income
Reconciliation of Net (Loss) Income to Adjusted Net Income & Adjusted Diluted Earnings per Share (unaudited) (1) Excludes the impact of discontinued operations. (2) Transaction and integration expenses primarily relate to acquisition and divestiture activities. (3) Goodwill impairment and other prim