Slide 1: Q4 and Full Year 2025 Earnings Presentation
Q4 and Full Year 2025 Earnings Presentation February 26, 2026 © 2026 First Advantage
Slide 2: Forward-Looking Statements and Non-GAAP Financial Information Note
FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, our operations and financial performance. For
Slide 3: Q4 and Full Year 2025 Highlights
Q4 and Full Year 2025 Highlights Scott Staples Chief Executive Officer
Slide 4: Key Messages
Key Messages Exceptional Q4 and FY 2025 performance1; Q4 revenue growth of 1 ~12%, Q4 Adj. EBITDA growth of ~17%, Q4 Adj. Diluted EPS growth of ~67%; exceeded high end of stated expectations Completed core Sterling integration activities; actioned $55M 2 in run rate acquisition synergies as of 12/31
Slide 5: First Advantage At a Glance
First Advantage At a Glance Our Scale Our Verticals5 200M+ 13+ Year $1.6B 5% 3% Healthcare Annual Average Tenure of Revenue Screens Top 100 Customers 4% YoY PF Growth1 8% 21% Transportation & Logistics Retail & E-Commerce 8% 200+ 80K+ $441M Financial Services Manufacturing & Industrials Countries an
Slide 6: Outstanding Q4 2025 Results
Outstanding Q4 2025 Results Adjusted Cash Flow Revenue Adjusted EBITDA1 from Operations2 Adjusted Diluted EPS1 $420M $117M $70M $0.30 11.9% 27.8% $240M 66.7% YoY Growth3 Adj. EBITDA Margin1 Cash Balance YoY Growth Q4 2025 Results Go-to-Market Momentum Vertical Takeaways • Performance exceeded previo
Slide 7: 2025 Execution Driving Momentum into 2026
2025 Execution Driving Momentum into 2026 2025 Accomplishments 2026 Key Focus Areas Completed core Sterling integration activities 1 Maximize benefits of post-acquisition strengthened profile and competitive positioning Continued deploying AI within products and technology to improve speed, consiste
Slide 8: Financial Results & Outlook
Financial Results & Outlook Steven Marks Chief Financial Officer
Slide 9: Q4 2025 Financial Results
Q4 2025 Financial Results ($ in millions, except per share data and percentages) Revenues Adjusted EBITDA and Margin1 Adjusted Diluted EPS1 $116.8 $420.0 $0.30 +11.9% +16.8% +66.7% $375.3 $100.0 27.8% $0.18 26.7% Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 (Pro Forma2) (Pro Forma2) • Go-to-marke
Slide 10: Full Year 2025 Financial Results
Full Year 2025 Financial Results ($ in millions, except per share data and percentages) Revenues Adjusted EBITDA and Margin1 Adjusted Diluted EPS1 $1,574.4 $441.4 $1.04 $1,509.6 +4.3% +11.3% +26.8% $396.5 28.0% $0.82 26.3% 2024 2025 2024 2025 2024 2025 (Pro Forma2) (Pro Forma2) • Go-to-market succes
Slide 11: Delivering on Net Cost Synergies
Delivering on Net Cost Synergies $65M – $80M Total Run Rate Synergy Target Expected Synergy Priorities Post-Close of Sterling Acquisition 10/31/2024 To Be Actioned Within 2 Years ($60M – $70M previous target, up from $50M+ originally) $55M Actioned as of 12/31/25 Run Rate Synergies Day 1 – 11/1/2024
Slide 12: Cash Flow and Capital Structure
Cash Flow and Capital Structure 2025 Cash Flow Synergized Net Leverage Capital Allocation • Cash balance of $240M at 12/31/25 De-levered by 0.4x since close of $25M 1 voluntary • 2025 Adjusted Operating Cash Flows of $231.9M1 Sterling acquisition prepayment in Feb ‘26, $95.5M in cumulative debt • Cl
Slide 13: Introducing Full Year 2026 Guidance
Introducing Full Year 2026 Guidance Full Year 2026 Guidance Implied YoY Growth Total Revenues $1,625M to $1,700M 3% to 8% Adjusted EBITDA $460M to $485M 4% to 10% Adjusted EBITDA Margin ~28.4% ~40 bps Adjusted Net Income $200M to $220M 10% to 21% Adjusted Diluted Earnings Per Share $1.15 to $1.25 11
Slide 14: Closing Remarks
Closing Remarks Scott Staples Chief Executive Officer
Slide 15: Investment Thesis and Reaffirmed 2028 Long-Term Targets
Investment Thesis and $1.8B - $2.0B Reaffirmed 2028 Long-Term Targets Targeted Revenue 4% - 7% CAGR A market leader offering proprietary technology and data in a large and growing market $560M - $630M Targeted Adjusted EBITDA Significant organic revenue growth potential, accelerated by Sterling 9% -
Slide 16: Appendix
Appendix Supplemental Materials and Reconciliations to GAAP Measures
Slide 17: Revenue Growth Algorithm Drivers
Revenue Growth Algorithm Drivers Legacy First Advantage 2023 2024 First Advantage Upsell / Cross-sell 5% 5% New Logos 4% 4% Q1’25 Q2’25 Q3’25 Q4’25 2025 Gross Retention 97% 96% Base (12%) (9%) Upsell / Cross-sell 5% 5% 5% 12% 7% Legacy Sterling New Logos 4% 4% 4% 5% 4% 2023 2024 Upsell / Cross-sell
Slide 18: Full Year 2026 Guidance Details: Modeling Assumptions
Full Year 2026 Guidance Details: Modeling Assumptions ($ in millions; all values are approximate) Assumption Free Cash Flow (Cash Flow from Operations less Capital $160 – $190 expenditures, including capitalized software development) Capital expenditures, including capitalized software development $
Slide 19: Sterling Acquisition Post-Close Strategic Priorities
Sterling Acquisition Post-Close Strategic Priorities Executing Integration Playbook. Seamless integration process focused on customer retention, synergy realization, and operational efficiency led by a dedicated team and supported by all functional areas Actioning Synergies. Target run rate cost syn
Slide 20: Long-term Growth Algorithm Targets
Long-term Growth Algorithm Targets New Existing Customers Customers Strategy and Key Organic Growth Drivers: • Continued focus on AI, automation, and technology 4%-5% ~96% • Strong track record of 4%-5% innovation 7%-9% • Vertical go-to-market strategy 6%-7% • Candidate experience 2%-3% • Quality an
Slide 21: Reported First Advantage Adjusted EBITDA
Reported First Advantage Adjusted EBITDA 1. Share-based compensation for the quarters ended March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025, and December 31, 2025, includes approximately $2.6 million, $2.5 million, $6.6 million,
Slide 22: Pro Forma 2024 First Advantage Adjusted EBITDA
Pro Forma 2024 First Advantage Adjusted EBITDA To facilitate comparability, we present pro forma combined company results, consisting of First Advantage and Sterling historical results and certain pro forma adjustments as if the acquisition of Sterling had occurred on 1/1/2023. The pro forma informa
Slide 23: Reported First Advantage Adjusted Net Income
Reported First Advantage Adjusted Net Income 1. Represents the loss on extinguishment and non-cash interest expense related to the amortization of debt issuance costs. This adjustment also includes the impact of the change in fair value of interest rate swaps, which represents the difference between
Slide 24: Reported First Advantage Adjusted Earnings Per Share
Reported First Advantage Adjusted Earnings Per Share 1. Represents the loss on extinguishment and non-cash interest expense related to the amortization of debt issuance costs. This adjustment also includes the impact of the change in fair value of interest rate swaps, which represents the difference
Slide 25: Pro Forma First Advantage Constant Currency Revenues
Pro Forma First Advantage Constant Currency Revenues 1. Constant currency revenue is calculated by translating current period amounts using prior-year period exchange rates. 2. To facilitate comparability, we present pro forma combined company results, consisting of First Advantage and Sterling hist
Slide 26: Reported First Advantage Adjusted Operating Cash Flow
Reported First Advantage Adjusted Operating Cash Flow 26 © 2026 First Advantage