Houlihan Lokey, Inc. · NYSE:HLI
Houlihan Lokey — Investor Presentation (February 2026)
33 slides from Houlihan Lokey's investor presentation, February 2026
Slide 1: Investor Presentation
Investor February 2026 Presentation
Slide 2: Disclaimers
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: 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 4: 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 5: 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 6: Strong Financial Performance
Corporate Finance Strong Financial Performance Revenues Financial Restructuring Financial and Valuation Advisory $2,270 $2,389 $1,914 13% 13% $1,809 $1,525 17% 15% 23% 16% $1,159 12% 27% 22% Strong revenue growth with a five-year 14% 35% CAGR of 16% 30% 70% 64% 62% 58% 56% 53% 2020 2021 2022 2023 20
Slide 7: 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 8: 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 9: 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 10: 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 11: Diversified Across Geography, Client, Industry, Professional and Segment
Diversified Across Geography, Client, Industry, Client Mix1 Industry Mix1 Professional and Segment 17% 4% 19% Financial Public 52% Energy Services Financial Companies Sponsors 12% 14% More than Consumer 2,000+ Healthcare 16% 12% Industrials Business Services clients served annually 31% 7% 16% Privat
Slide 12: Comprehensive Coverage and Global Scale
Comprehensive Coverage and Global Scale AMERICAS Atlanta Los Angeles EUROPE AND Amsterdam Milan ASIA- Gurugram Singapore Baltimore Miami MIDDLE EAST Dubai Munich PACIFIC Hong Kong SAR Sydney Boston Minneapolis Frankfurt Paris Mumbai Tokyo Charlotte New York London Stockholm Shanghai Chicago San Fran
Slide 13: 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 14: Growth Through Hiring and MD Productivity
Growth Through Hiring and MD Productivity 339 313 316 History of Growing Managing 289 Director Headcount 190 198 198 165 169 173 146 125 115 HL has increased its Managing Director 100 107 85 88 Headcount by a CAGR of 9% over the last 65 72 75 78 20 years through internal promotions, opportunistic hi
Slide 15: 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 16: Overview of Business Segments
Overview of Business Segments 16
Slide 17: A Houlihan Lokey Model for Growth and Success
A Houlihan Lokey Model for Growth and Success Corporate Financial Financial and Finance Restructuring Valuation Advisory Financial Opinions HL maintains three primary service Mergers & Acquisitions Debtor and Creditor Restructuring Transaction and Valuation Core Services Liability Management lines –
Slide 18: 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 19: Corporate Finance Mergers & Acquisitions
Corporate Finance Mergers & Acquisitions 1% 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 1%, based on the Transactions Transactions number of closed Corporate Finance transactions we completed in CY 2025 1% 1%
Slide 20: Corporate Finance Capital Solutions
Corporate Finance Capital Solutions Private Capital → Houlihan Lokey is a market leader in placing bespoke capital in the private markets— from senior debt to equity Solutions – Access capital when traditional markets / providers are inappropriate or unreceptive We believe we have one of the largest
Slide 21: 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 57 HOULIHAN LOKEY Managing Directors and 234
Slide 22: Our Service Offerings
Our Service Offerings HL’s investment banking service offerings address a wide spectrum of strategic and capital structure objectives 22
Slide 23: 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 24: 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 Sponsor Group 2025 mid and large-cap funds → Coverage of
Slide 25: 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 (2015–2025) positioned to benefit Greater than 5 Years Old from the growing Less than 5 Years Old number of portfolio companies held
Slide 26: Financial Overview
Financial Overview 26
Slide 27: Strong Top-Line Growth and Disciplined Expense
Strong Top-Line Growth and Disciplined Expense Revenues $2,270 $2,389 $1,914 $1,982 $1,809 $1,723 Long history of revenue growth through $1,525 various market cycles → Resilient business mix consisting of cyclical and 2021 2022 2023 2024 2025 9-mo ended 9-mo ended countercyclical revenue categories
Slide 28: Business Segment Financials
Business Segment Financials Revenues By Business Segment $2,389 $2,270 13% 13% $1,982 $1,914 $1,809 13% 17% 23% $1,723 15% 16% $1,525 13% 21% 12% 27% 22% 22% 35% 70% 64% 66% 62% 58% 65% 53% 2021 2022 2023 2024 2025 9-mo ended 9-mo ended 12/31/2024 12/31/2025 Corporate Finance Financial Restructuring
Slide 29: 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 with extremely low levels of debt principles: Given our diversified business model and compensation structure, we are able to maintain We ma
Slide 30: Reconciliation of GAAP to Adjusted Financials
Reconciliation of GAAP to Adjusted Financials Three Months Ended December 31, Nine Months Ended December 31, (In thousands, except share and per share data) 2025 2024 2025 2024 Revenues $ 717,072 $ 634,428 $ 1,981,873 $ 1,722,994 Compensation expenses Compensation expenses (GAAP) $ 458,571 $ 402,971
Slide 31: 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 $531 26.8% 26.6% $400 22.2% $313 $409 $391 20.3% 20.4% $280 $324 17.9% $254 $236 $184 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 Adjusted Pr
Slide 32: 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 33: HL.com
CORPORATE FINANCE FINANCIAL RESTRUCTURING FINANCIAL AND VALUATION ADVISORY HL.com
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