Slide 1: FY26 Second Quarter Earnings
FY26 Second Quarter Earnings Three Months Ended 3.31.26 May 7, 2026
Slide 2: Call Participants
CALL ZACH PARKER PARTICIPANTS President & Chief Executive Officer KATHRYN JOHNBULL Chief Financial Officer © Copyright 2026 DLH Holdings Corp. All Rights Reserved. 2
Slide 3: Forward-Looking Statements
Forward-Looking Statements “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or DLH`s future
Slide 4: CEO key updates – Q2 fiscal 2026
CEO key updates – Q2 fiscal 2026 Dynamic federal procurement environment emphasizing speed to market and service delivery excellence • Multiple delayed procurements now advancing through the pipeline with award decisions expected near-term • FY27 President’s Budget signals historic Defense & Intelli
Slide 5: Financial Results
FINANCIAL RESULTS © Copyright 2026 DLH Holdings Corp. All Rights Reserved. 5
Slide 6: FY26 Q2 results
FY26 Q2 results Q2 results reflect the anticipated impact of legacy contract transitions on revenue, earnings, and cash flow $6.5 Revenue Adjusted EBITDA1 Free Cash Flow1 ($ millions) ($ millions) ($ millions) $89.2 $9.4 $14.5 $59.3 $5.3 $3.8 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 $60.7 TPS
Slide 7: Consistent deleveraging trajectory reinforces balance sheet discipline
Consistent deleveraging trajectory reinforces balance sheet discipline On track for accelerated paydown in second half of Total Debt fiscal 2026 ($ millions) $174.4 $170.8 $166.5 $167.0 • Total debt reduced to $132.7M in Q2 fiscal 2026, down from $174.4M in Q1 fiscal 2024 — a cumulative reduction of
Slide 8: © Copyright 2026 DLH Holdings Corp. All Rights Reserved.
© Copyright 2026 DLH Holdings Corp. All Rights Reserved.
Slide 9: Appendix
APPENDIX © Copyright 2026 DLH Holdings Corp. All Rights Reserved. 9
Slide 10: Non-GAAP Reconciliations
Non-GAAP Reconciliations The Company uses EBITDA, Adjusted EBITDA, EBITDA as a percent of revenue, and Adjusted Three Months Ended EBITDA as a percent of revenue as supplemental non-GAAP measures of performance. The Company uses Free Cash Flow as a supplemental non-GAAP liquidity measure. We define