Slide 1: 2nd Quarter 2026 Earnings Presentation
2nd Quarter 2026 Earnings Presentation Alight, Inc. August 4, 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
2ND QUARTER 2026 EARNINGS Strategic update Rohit Verma Chief Executive Officer
Slide 4: Financial Highlights
Financial Overview Financial Highlights • Solid project revenue and higher volumes in Wealth Solutions - 2Q Recurring revenue: $ 471M - 2Q Project revenue: $ 40M • $101M free cash flow YTD; $48M in 2Q $511M $92M • >$545M in total liquidity (post 1Q26 TRA payment) - $215M in Cash 2Q Revenue 2Q Adj. E
Slide 5: Delivering value across Health, Wealth, & Leaves solutions
Delivering value across Health, Wealth, & Leaves solutions OUR SOLUTIONS Health Wealth Leaves • Benefit administration • Defined contribution admin • Leave of absence administration • Healthcare navigation • Defined benefit admin • Medical and disability guidelines • Reimbursement accounts • Pension
Slide 6: Well-positioned for increasing demand and the unique needs of clients
Well-positioned for increasing demand and the unique needs of clients across spectrum of size and complexity Increasing client Non-discretionary Resilient Uniquely positioned in demand offering business model large TAM Employers lack in-house Benefits is a non- Employee benefits Alight is uniquely e
Slide 7: Leveraging & deploying AI to create new pathways for client value creation
Leveraging & deploying AI to create new pathways for client value creation AI supports Alight’s operating model Governance and human Accountability cannot End-to-end ownership Proprietary data limits judgment limit AI-only be automated captures AI economics substitution models Alight’s governance an
Slide 8: 2026: Reinforcing our foundation
2026: Reinforcing our foundation Investment Focus Client User Operational experience experience effectiveness AI Native UX Unified Benefits Modernized Agentic AI Native Intelligent Data Data Layer Call Center Configuration and Interchange Onboarding AI Native UX – Unified Data Layer – Agentic Call C
Slide 9: Financial results
2ND QUARTER 2026 EARNINGS Financial results
Slide 10: 2Q & YTD financial results
2Q & YTD financial results ($ in millions) 2Q26 2Q25 Change YTD 2026 YTD 2025 Change Revenue Recurring Revenue $471 $492 (4.3%) $969 $1,012 (4.2%) Project Revenue $40 $36 11.1% $76 $64 18.8% Total Revenue $511 $528 (3.2%) $1,045 $1,076 (2.9%) Adjusted Gross Profit 1 $176 $205 ($29) $365 $405 ($40) %
Slide 11: Maximizing capital position
Maximizing capital position YTD Free Cash Flow 1 ($M) $102 $101 ($ millions) 6/30/2026 12/31/2025 Total Debt $1,996 $2,005 Less Cash $215 $273 Net Debt $1,781 $1,732 6/30/25 6/30/26 - >$545M of liquidity at June 30, 2026 (post 1Q26 TRA payment) - $215M in cash and equivalents - $330M available on re
Slide 12: 3Q and Full Year 2026 Expectations
3Q and Full Year 2026 Expectations ($ millions) Third Quarter Full Year 2026 Outlook Revenue $469 to $479 $2,078 to $2,098 Adjusted EBITDA $55 to $61 $400 to $415 12 | © 2026 Alight. All rights rese rve d.
Slide 13: Looking forward
2ND QUARTER 2026 EARNINGS Looking forward
Slide 14: Strong Leadership Team and Board Built for the Next Chapter
Strong Leadership Team and Board Built for the Next Chapter Executive Leadership Team Board of Directors Rohit Verma Russell P. Fradin Chief Executive Officer Chairman 25+ yrs experience in insurance, financial services, and claims. CD&R Partner; Former CEO Aon Hewitt, SunGard, Previously with McKin
Slide 15: Alight's growth strategy focuses on three primary levers
Alight's growth strategy focuses on three primary levers: Health penetration, Leaves expansion, and adjacent market growth 1 2 3 Health Leaves Other Adjacent Spaces • Growth opportunities in segments • Large, growing TAM with limited • Growth opportunities adjacent to our beyond Fortune 500 competit
Slide 16: Building a stronger Alight
Building a stronger Alight Retention Improvement Rebuilding Bookings Enhanced Delivery Quality Targeted investments in client experience intended • Increased investment in service • Expanded sales coverage to: delivery excellence and improved commercial • Deploying automation intended discipline int
Slide 17: A sequenced three-year plan establishes a platform advantage
A sequenced three-year plan establishes a platform advantage expected to deliver improved retention and sales 2026 2027 2028 Reinforcing Foundation Build Business Momentum Stabilize and Expand Strong cash generation supports Platform advantages begin to Differentiated operating system reinvestment s
Slide 18: Q&A
2ND QUARTER 2026 EARNINGS Q&A
Slide 19: GAAP to Non-GAAP Reconciliations
APPENDIX GAAP to Non-GAAP Reconciliations
Slide 20: Reconciliation of Net Income (Loss) to Adjusted EBITDA
Reconciliation of Net Income (Loss) to Adjusted EBITDA (unaudited) Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Net Income (Loss) From Continuing Operations $ (10) $ (1,073) $ (29) $ (1,090) Interest expense 24 22 48 44 Income tax expense (benefit) (9) (3)
Slide 21: Reconciliation of Gross Profit to Adjusted Gross Profit
Reconciliation of Gross Profit to Adjusted Gross Profit (unaudited) Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2026 2025 2026 2025 Gross Profit $ 142 $ 176 $ 298 $ 347 Add: stock-based compensation 2 2 4 5 Add: depreciation and amortization 32 27 63 53 Adjusted Gross Profi
Slide 22: Reconciliation of Net (Loss) Income to Adjusted Net Income & Adjusted Diluted EPS
Reconciliation of Net (Loss) Income to Adjusted Net Income & Adjusted Diluted Earnings per Share (unaudited) Three Months Ended June 30, Six Months Ended June 30, 1. Excludes the impact of discontinued operations. 2. Transaction and integration expenses primarily relate 2026 2025 2026 2025 to acquis
Slide 23: Reconciliation of Free Cash Flow
Reconciliation of Free Cash Flow (unaudited) Three Months Ended June 30, Six Months Ended June 30, ($ in millions) 2026 2025 2026 2025 Non-GAAP free cash flow reconciliation: Cash provided by operating activities - continuing operations $ 73 $ 86 $ 152 $ 159 Capital expenditures (25) (28) (51) (57)