Andersen Group Inc. · NYSE:ANDG
Andersen — Investor Presentation (December 2025)
31 slides from Andersen's investor presentation, December 2025
Slide 1: Investor Presentation
December 2025 Investor Presentation
Slide 2: Legal Disclaimer
Legal Disclaimer This presentation contains certain "forward-looking statements" within the meaning of applicable securities laws. The forward-looking statements are based on the beliefs, assumptions and expectations of future performance of Andersen Group Inc. ("we," "us," "our" or the "Company"),
Slide 3: Firm Overview
——— a ANDERSEN SECTION 1 Firm Overview
Slide 4: Andersen At-A-Glance
Andersen At-A-Glance Robust Top-Line $811MM 13% LTM Q3’25 LTM Q3’25 Performance Revenue YoY Growth Significant Client Base 11,900 21,000 Client Groups Client Engagements Large Pool of Talented 293 2,347 25+ Locations Professionals Managing Directors Total Employees Across the U.S. Healthy Margins an
Slide 5: Andersen: Over Two Decades of Integrated, Differentiated Service
$700MM+ Andersen: Over Two Decades of Integrated, Revenue Differentiated Service 2,000+ Personnel $500MM+ 2025 Revenue 1,000+ 2024 Personnel $250MM+ 2023 Revenue 2022 Launched 2019 Andersen 500+ Consulting $100MM+ Personnel 2018 Revenue 2016 Launched 2014 Andersen 2013 Institute of 2012 Finance and
Slide 6: We Continued to Execute on Our Firm Strategy in 2025
We Continued to Execute on Our Firm Strategy in 2025 1 2 3 4 5 Expanded Andersen’s Technology Regional Expansion Investment in Talent Continued Industry Multidimensional Partnerships Through Targeted With Launch of New AI Recognition and Platform With New Enhancing Scope of Acquisitions Focused Prog
Slide 7: Multi Dimensional Business With A Large Footprint in the US and Globally
Multi Dimensional Business With A Large Footprint in the US and Globally U.S. Business to be Listed as Part of the IPO U.S. business Global business Tax Tax (175 countries) Firm Overview Valuation Valuation (60 countries – over 1,900 Professionals) Consulting (2025) Consulting (76 Countries – 35,000
Slide 8: Andersen Global Unlocks International Reach
Member Firms of Andersen Global Collaborating Firms of Andersen Global Andersen Global Unlocks International Reach 300+ Member and 1,000+ 180+ 3,000+ 50,000+ Locations Countries Partners Professionals Collaborating Firms FIRM OVERVIEW 10 Notes: 1. All figures as of September 30, 2025 2. “Andersen Gl
Slide 9: Business Expansion Supported By a Four-Pronged Strategy
Business Expansion 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 Expansion Strategy Consolidate
Slide 10: U.S. Platform
——— a ANDERSEN SECTION 2 U.S. Platform
Slide 11: Increasingly Complex Operating Environment Creates Greater Financial and Operational Uncertainty
Increasingly Complex Operating Environment Creates Greater Financial and Operational Uncertainty Conflicts for Desire for Desire for Better Service Audit Firms with Broader Service Cross-Border Integration with Independence Offerings Capabilities Technology Issues Major Influx Greater Need Shift in
Slide 12: Integrated Multi-Dimensional Services Platform
Integrated What does Multi-Dimensional Services it mean for businesses today Platform Unlocking Client Success Family Office Consulting Real Estate Consulting Services Global Workforce Mobility Client Fund Tax Compliance and Advisory te riva Al Investment Consulting P Fund Formation and Global Struc
Slide 13: Our Brand Has Enabled Our Rapid Progress
Our Brand Has Enabled Our Rapid Progress Revenue (1) Personnel (1) $MM (#) 4.4x 3.1x 732 2,187 Build a Culture of Accelerate Growth Attract and Develop Excellence and Improved Top Talent Profitability Creating the highest Brand drawing high- Reputation for 712 standards of quality clients that excel
Slide 14: Unique Culture Defined by Our History and Identity
Unique Culture Defined by Our History and Identity Core Values Best-In-Class Stewardship Independence Seamless Transparency Our culture enables the Andersen brand to remain one of the most globally recognized and respected names within the professional services industry U.S. PLATFORM 16
Slide 15: Large Base of Talented Professionals Driving Success
Large Base of Talented Professionals Driving Success Commitment to Strong Talent Acquisition Deep Domain Expertise Seasoned Professionals Continuous Learning Structured Training and 47% Qualification Support 9,000 87% Employees have been with the firm for 3+ years (1) applicants for 183 open associa
Slide 16: Leveraging AI Capabilities to Enhance Service Delivery Capabilities Across the Firm
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 17: Well-Positioned Versus the Competition
Well-Positioned Versus the Competition We Believe We Have Strong and Sustained Differentiation from Our Competition Boutique Accounting Specialized Global Full-Service Firms Consultants Accounting Firms Multi Dimensional Platform Global Presence Premium Service Offerings High Partner Engagement Recu
Slide 18: Powerful Go-to-Market Motion Driven by Targeted Managing Director Led Business Development Initiatives
Powerful Go-to-Market Motion Driven by Targeted Managing Director Led Business Development Initiatives Initial Engagement MD-Driven Wins Introduction of Expanding new service lines Expanded scope client coverage across Inbound Inquiries of service for across other Andersen’s existing teams, engageme
Slide 19: Diverse Portfolio of Established Client Relationships Supports Durability of Business Model
Diverse Portfolio of Established Client Relationships Supports Durability of Business Model 11,900 L9M’25 Revenue (3) Client Groups (1) 21,000 Alternate Investment Valuation Services Client Engagements (1) Funds Services 4% 10% 74% Revenue from client groups that have engaged Andersen for 3+ years (
Slide 20: Multiple Vectors to Deliver Ongoing Growth
Multiple Vectors to Deliver Ongoing Growth Expand Internationally Inorganic Growth Add New Service Offerings Attract New Cross-Sell High-Quality Clients Expand Work Service Offerings with Existing to Current Clients Leverage Andersen’s Clients global recognition to expand beyond the U.S. Selective a
Slide 21: Financial Overview
SECTION 3 Financial Overview 23
Slide 22: Financial Highlights
Financial Highlights Robust Top-Line Significant Client Large Pool of Talented Healthy Margins and Performance Base Professionals Profitability $811MM 11,900 293 25% LTM Q3’25 Client Groups Managing Directors LTM Q3’25 Revenue Adj. Net Income Margin 13% 21,000 2,347 26% LTM Q3’25 Client Engagements
Slide 23: Robust Top Line Performance…
Robust Top Line Performance… Revenue Revenue by Service Line Revenue by U.S. Geographic Region $MM % % $732 4.5% 4.5% 9.7% 9.5% $668 $639 $589 44.6% 42.7% 34.5% 34.1% 18.3% 18.5% 51.3% 51.9% 37.1% 38.8% 2023 2024 L9M'24 L9M'25 L9M'24 L9M'25 L9M'24 L9M'25 Private Client Services Business Tax Services
Slide 24: …Supported by Significant Client Base…
…Supported by Significant Client Base… Client Groups with Minimum Annual Client Groups Client Engagements Spend > $250,000 11,900 21,000 11,700 20,300 629 10,700 524 17,900 2023 2024 L9M'25 2023 2024 L9M'25 2023 2024 Growth 9% 6%(1) Growth 13% 7%(1) Growth 20% FINANCIAL OVERVIEW 26 Notes: 1. L9M’25
Slide 25: …Large, Tenured Pool of Talented Professionals…
…Large, Tenured Pool of Talented Professionals… Total Employees Attrition Rate (1) % 2,347 2,187 2,082 21% Industry Average (2) 1,732 17 1,499 14 1,325 13 11 2020 2021 2022 2023 2024 L9M'25 2022 2023 2024 L9M'25 Notes: FINANCIAL OVERVIEW 27 1. Attrition rate calculated for client-facing non partner
Slide 26: …And Flexible Fee Structure…
…And Flexible Fee Structure… Time and Fixed Contingent REVENUE Materials Fees Fees Contractual billing Fixed fee contracts Fees earned upon corresponding directly to determined by scope and achieving contractual nature of services value provided to clients outcomes provided (e.g., hours worked at ag
Slide 27: …That Drives Healthy Margins & Profitability
…That Drives Healthy Margins & Profitability Adj. EBITDA Adj. Net Income $MM $MM $217 $210 $151 $143 $145 $136 $126 $119 2023 2024 L9M'24 L9M'25 2023 2024 L9M'24 L9M'25 Adj. Net Adj. EBITDA 20% 20% 26% 33% Income 19% 19% 25% 31% Margin Margin Notes: FINANCIAL OVERVIEW 29 1. Adj. EBITDA, Adj. EBITDA
Slide 28: Key Investment Highlights
Key Investment Highlights 1 Unmatched Track Record of Organic Growth For Over Two Decades Durable Revenue Base with Low Volatility, Supported by Trusted 2 Client Relationships 3 Significant Growth Opportunities With Near-Term M&A Pipeline 4 Expansion of Service Offerings 5 Globally Recognized and Re
Slide 29: Non-GAAP Reconciliation
APPENDIX A Non-GAAP Reconciliation 32
Slide 30: GAAP to Non-GAAP Reconciliation: EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin
GAAP to Non-GAAP Reconciliation: EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin Last Twelve Months Ended September 30, Nine Months Ended September 30, Year Ended December 31, (in thousands except percentages) 2025 2025 2024 2024 2023 Net Income $55,999 $65,704 $144,506 $134,801 $118,683 Adjusted
Slide 31: GAAP to Non-GAAP Reconciliation: Net Income, Adjusted Net Income and Adjusted Net Income Margin
GAAP to Non-GAAP Reconciliation: Net Income, Adjusted Net Income and Adjusted Net Income Margin Last Twelve Months Ended September 30, Nine Months Ended September 30, Year Ended December 31, (in thousands except percentages) 2025 2025 2024 2024 2023 Net Income $55,999 $65,704 $144,506 $134,801 $118,
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