Dhi Group, Inc. · NYSE:DHX
Dhi — Q4 2025 Earnings Presentation
43 slides from Dhi's earnings presentation, Feb 4, 2026
Slide 1: Q4 2025 Investor Presentation
NYSE: DHX Q4 2025 Investor Presentation February 4, 2026
Slide 2: Forward looking statements
Forward looking statements This presentation and oral statements made from time to time by our representatives contain forward- revolving credit facility or refinance our indebtedness, restrictions on our current and future looking statements within the meaning of the Private Securities Litigation R
Slide 3: Listed NYSE: DHX (2007)
Listed HQ Year End Diluted Shares Outstanding (Q4 2025) NYSE: Denver, CO December 31 45M DHX (2007) Est. 1990
Slide 4: DHI Group owns ClearanceJobs and Dice
DHI Group owns ClearanceJobs and Dice, which are platforms for finding and engaging with top tech talent, including engineers, software developers, data scientists, cybersecurity experts, professionals with AI skills and more. With over 9 million tech professional profiles on our two platforms, we u
Slide 5: DHI Group: Two-Sided Marketplaces
DHI Group: Two-Sided Marketplaces Tech Companies and Professional Recruiters Candidates 7.7M Tech Professionals 1.9M Tech candidates with Security Clearances Help Companies and Two Online SaaS Business Model Millions of Candidate Recruiters Attract, Recruiting Platforms with approximately Profiles d
Slide 6: DHI Financial Overview
DHI Financial Overview 2025 Annual Results and Five-Year Performance $128M $126M $35M 27% Revenue Bookings1 Adjusted EBITDA2 Adjusted EBITDA Margin2 +2% CAGR3 -1% CAGR3 +8% CAGR3 $21M $14M $30M $11.4M Operating Free Cash Flow2 Debt Share Cash Flow <1.0x Repurchases Leverage4 $68.5M From 2021 –2025 1
Slide 7: DHI Offers Candidates that Cannot Be Found Elsewhere
DHI Offers Candidates that Cannot be Found Elsewhere • Many active Dice tech professionals are not • LinkedIn has no profile field for government found on generalist sites like ZipRecruiter, clearance Indeed or LinkedIn. • Government workers and contractors have • In cases where competitors do ha
Slide 8: Compelling ROI for Companies
Compelling ROI for Companies “Dice has paid for itself already as we made one hire that we could not find anywhere else.” American National Insurance Tech Professionals are very expensive. Most recruiters charge between 20-25% of the first-year salary of a candidate they place. Dice and CJ charge be
Slide 9: Forbes Claims Dice is the #1 Tech Job Resource
Forbes Claims Dice is the #1 Tech Job Resource Source: Forbes: The Go-To Job Boards for Tech and IT Job Seekers, July 19, 2024
Slide 10: EU Defense Spending Benefits U.S. GovTech Market
EU Defense Spending Benefits U.S. GovTech Market Historically, over 60% of EU defense procurement spending have been allocated to U.S.- based defense contractors. • The $1 trillion U.S. defense budget for 2026 marks the largest single-year increase in peacetime history. • Additionally, NATO countrie
Slide 11: Tech Workforce Growth
Tech Workforce Growth Over the next ten years, the tech workforce is projected to grow twice as fast as the overall U.S. workforce1. Projected tech growth rates above the national rate2: 2 414% Data Scientists and Data Analysts 367% Cybersecurity Analysts and Engineers 297% Software Developers and E
Slide 12: Data Suggests AI Could Have a Positive Impact on Tech Hiring
Data Suggests AI Could Have a Positive Impact on Tech Hiring Employment projections for selected occupations susceptible to potential artificial intelligence impacts, Increased AI usage in white-collar industries is 2023 - 33 positively correlated with employment growth Source: Census Bureau, Bureau
Slide 13: What's inside our profiles leads to better tech hires
What’s inside our profiles leads to better tech hires Visible Profiles Include: • Name • Resume • Job Title • Work Authorization • Work Preference • At Least 5 Skills • Location • Email • Clearance Level (ClearanceJobs)
Slide 14: Demonstrating ROI for Clients
Demonstrating ROI for Clients ClearanceJobs: To Leidos, ClearanceJobs is more than a vendor Results: Leidos: ClearanceJobs customer for over 10 years. Purchased additional database seats, career • Great response time contacting cleared candidates events and media programs since 2014 • Carry Clearanc
Slide 15: Opportunity for ClearanceJobs and Dice
Opportunity for ClearanceJobs and Dice 2025 Revenue 10,000+ $55M, +12% CAGR1 Cleared employers Cleared Professionals Subscription clients Growth opportunity 100+ Marketplace 1.8K Government agencies 2025 Revenue $73M, -4% CAGR1 80,000+ Commercial accounts 18,000 Subscription clients Growth Tech Cand
Slide 16: How do we make money?
How do we make money? Clients Candidates Contracts Engagement Pay for Annual Don’t Pay to Create a Most have an We strategically limit Subscription Profile or Engage autorenewal clause and profile views and Contracts with Recruiters price escalator encourage connections 90%+ annual recurring revenue
Slide 17: DHI Group Annual Financial Performance
DHI Group Annual Financial Performance 2 2 2 1 CAGR represents Compound Annual Growth Rate, in dollars, from 2021 to 2025. 2 In June 2021, the Company transferred majority ownership and control of its eFinancialCareers (“eFC”) business to eFC’s man agement. Bookings, revenue and Adjusted EBITDA thro
Slide 18: DHI Group Quarterly Financial Performance
DHI Group Quarterly Financial Performance 7% 14% 10% 11% 9% 10% 19% 9% 9% 5% 5% 10% 19% 12% Percentages, other than Adju sted EBITDA Margin, reflect year-over-year performance changes.
Slide 19: Revenue Stability: Recurring Revenue Model
Revenue Stability: Recurring Revenue Model With a subscription-based business, a large portion of revenue is contracted and booked at the beginning of each year with high predictability as we renew our contracts throughout the year.
Slide 20: DHI Group Cash Flow
DHI Group Cash Flow 1 Operating cash flows in Q4 2025 were $7.2M Capitalized development costs comprise over 90% of capex and cap dev is trending down 1 Cap Dev refers to capitaliz ed development costs (cap dev) from both internal labor and external vendors incurred from building new products and fe
Slide 21: Illustration of DHI Group Free Cash Flow
Illustration of DHI Group Free Cash Flow 1 2 Long term goal to deliver free cash flow at or above 10% of revenue DHI Group Free Cash Flow Sources/ Uses composed of multiple elements, with Capex being the primary driver Reduced capitalized development costs resulted in $6.6 million lower capex spend
Slide 22: DHI Group Liquidity
DHI Group Liquidity 1 2 Q4 2025 cash of $3M, debt of $30M, leverage ratio of 0.85 18M shares repurchased for $69M since 2021 1. Includes shares repurchased under an approved stock repurchase plan and shares repurchased pursuant to our equity award plan as shares withheld for employee taxes from the
Slide 23: DHI Group Buyback History
DHI Group Buyback History Shares Outstanding and Share Repurchases1 (shares in thousands) Shares count down 4.3M shares, of 9%, since 2021 $10M stock repurchase plan in place through February 2027 Shares repurchased outpacing equity grants to employees and directors, offsetting dilution 1 Includes s
Slide 24: Brand Performance
BRAND PERFORMANCE DHi
Slide 25: ClearanceJobs
ClearanceJobs 2025 Revenue 10,000+ Cleared Professionals $55M, +12% CAGR1 Cleared employers Marketplace Subscription clients Growth opportunity 100+ 1.8K Government agencies 1 CAGR represents Compound Annual Growth Rate from 2021 to 2025.
Slide 26: ClearanceJobs Bookings
ClearanceJobs Bookings 2 1% 0% 3% 0% 7% ClearanceJobs Bookings CAGR 9% Q4 2025 Bookings for ClearanceJobs up 3% YoY Q4 2025 revenue renewal rate for ClearanceJobs at 90% Q4 2025 revenue retention rate for ClearanceJobs at 109% 1 CAGR represents Compound Annual Growth Rate from 2021 to 2025. 2 Percen
Slide 27: ClearanceJobs Revenue
ClearanceJobs Revenue 2 7% 1% 3% 1% 1% ClearanceJobs revenue CAGR 12% ClearanceJobs revenue up +1% YoY in Q4 2025 1 CAGR represents Compound Annual Growth Rate from 2021 to 2025. 2 Percentage represents the change versus the prior year quarter.
Slide 28: ClearanceJobs Adjusted EBITDA and Capex
ClearanceJobs Adjusted EBITDA and Capex Adjusted EBITDA and Capital Expenditures ($ in millions) Q4 2025 Adjusted EBITDA at $6M, a margin of 43%. Strong Adjusted EBITDA conversion to cash with low cap dev. Capex primarily consists of cap dev.
Slide 29: Dice
Dice 2025 Revenue 80,000+ $73M, -4% CAGR1 Commercial accounts Tech Candidate Subscription clients Growth opportunity 18,000 Marketplace 4.1K Staffing, Recruiting, Consulting Firms 1 CAGR represents Compound Annual Growth Rate from 2021 to 2025
Slide 30: Dice Bookings
Dice Bookings 2 20% 14% 11% 16% 17% Dice Bookings CAGR -7% Q4 2025 Dice bookings down $2M, or -11% YoY Q4 2025 revenue renewal rate for Dice at 78% Q4 2025 revenue retention rate for Dice at 94% 1 CAGR represents Compound Annual Growth Rate from 2021 to 2025. 2 Percentage represents the change versu
Slide 31: Dice Revenue
Dice Revenue 2 14% 18% 18% 15% 17% Dice Revenue CAGR -4% Dice revenue down -17% YoY in Q4 2025 1 CAGR represents Compound Annual Growth Rate from 2021 to 2025. 2 Percentage represents the change versus the prior year quarter.
Slide 32: Dice Adjusted EBITDA and Capex
Dice Adjusted EBITDA and Capex Adjusted EBITDA and Capital Expenditures ($ in millions) Q4 2025 Adjusted EBITDA of $5.2M, a margin of 30%. Capex primarily consists of cap dev.
Slide 33: Catalysts for Expected Growth
Catalysts for Expected Growth • Built for potential double-digit growth in a “normal” demand environment with ClearanceJobs and Dice Total Addressable Markets • $1 trillion U.S defense budget • Dice Employer Experience increases efficiency and expands offering by providing smaller firms with additio
Slide 34: AgileATS Acquisition
AgileATS Acquisition • Applicant Tracking System (ATS) features deepen CJ's reach across the full talent acquisition lifecycle • Further solidifies CJ as essential tool for recruiting cleared talent in the GovTech space • Immediate opportunity to offer ATS to 1,500+ existing CJ customers, bundled wi
Slide 35: Why Buy DHX Stock
WHY BUY DHX STOCK DHi
Slide 36: Why Buy DHX Stock
Why Buy DHX Stock • SaaS business with market cap of <1x revenue and <3x Adjusted EBITDA • Strong Adjusted EBITDA margin and free cash flow • Both CJ and Dice have brand recognition; approximately 90% annual recurring revenue • CJ historically has minimal economic cycles or competition and anticipat
Slide 37: Appendix
H Appendix DHi
Slide 38: DHI Group, Inc. Supplemental customer data
DHI Group, Inc. Supplemental data - customer data (unaudited) ClearanceJobs Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Bookings1 2(in millions) $ 14.2 $ 9.9 $ 11.8 $ 12.4 $ 16.2 $ 10.7 $ 12.3 $ 14.2 $ 17.0 $ 11.5 $
Slide 39: Supplemental data – Historical Activity
DHI Group, Inc. Supplemental data – Historical Activity (unaudited) (dollars in millions) DHI Group, Inc. Q1 24 Q2 24 Q3 24 Q4 24 FY 2024 Q1 25 Q2 25 Q3 25 Q4 25 FY 2025 ClearanceJobs Q1 24 Q2 24 Q3 24 Q4 24 FY 2024 Q1 25 Q2 25 Q3 25 Q4 25 FY 2025 Revenues $36.0 $35.8 $35.3 $34.8 $141.9 $32.3 $32.0
Slide 40: Notes regarding the use of non-GAAP financial measures and guidance
Notes regarding the use of non-GAAP financial measures and guidance Notes Regarding the Use of Non-GAAP Financial Measures The Company has provided certain non-GAAP financial information as additional information for its operating results. These measures are not in accordance with, or alternatives t
Slide 41: DHI Group, Inc. Supplemental data - non-GAAP
DHI Group, Inc. Supplemental data - non-GAAP (unaudited) (Dollars in millions) Full Year Full Year Full Year Full Year Full Year 2021 2022 2023 2024 2025 Cash provided by operating activities $ 28.6 $ 36.0 $ 21.3 $ 21.0 $ 21.1 Interest expense 0.7 1.6 3.5 3.2 2.5 Amortization of deferred financing c
Slide 42: DHI Group, Inc. Supplemental data - non-GAAP
DHI Group, Inc. Supplemental data - non-GAAP (unaudited) (Dollars in millions) Full Year Full Year Full Year Full Year Q1 Q2 Q3 Q4 Full Year 2021 2022 2023 2024 2025 2025 2025 2025 2025 Reconciliation of Net Income (loss) to Adjusted EBITDA Net Income (loss) $ (29.7) $ 4.2 $ 3.5 $ 0.3 $ (9.8) $ (0.8
Slide 43: DHI Group, Inc. Supplemental data - non-GAAP ClearanceJobs
DHI Group, Inc. Supplemental data - non-GAAP (unaudited) ClearanceJobs (Dollars in millions) Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year 2024 2024 2024 2024 2024(1 ) 2025 2025 2025 2025 2025(1 ) Reconciliation of Income (Loss) before income taxes to Adjusted EBITDA Income (Loss) Before Income Taxes