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1 2nd Quarter 2026 Earnings Presentation Alight , Inc. August 4 , 2026 alight
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2 | © 2026 Alight. All rights rese rve d. 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 19 34, as amended. These statements include, but are not limited to, statements related to our expectations regarding the performance and outlook for Alight's business, financial results, liquidity and capital resources, including statements regarding client demand and Alight’s total addressable market, our revenue under contract, and other non-historical statements, including certain statements in the “Alight: The Opportunity” and “Well positioned for increasing client demand and the unique needs of clients across a spectrum of size and complexity” sections of this presentation. In some cases, these forward-looking statements can be identified by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties including, among others, risks related to declines in economic activity in the industries, markets, and regions our clients serve, including as a result of macroeconomic factors beyond our control, heightened interest rates or changes in monetary, trade and fiscal policies, risks associated with competition, our ability to successfully execute the next phase of our strategic transformation, including our ability to effectively and appropriately separate the Payroll and Professional Services business, an inability to successfully execute on operational and technological enhancements designed to drive value for our clients or drive internal efficiencies, issues relating to the use of new and evolving technologies, such as Artificial Intelligence (“AI”) and Machine Learning (“ML”), we may not achieve our financial projections, which could have an adverse effect on our business, operating results, and financial condition, cyber-attacks and security vulnerabilities and other significant disruptions in our information technology systems and networks that could expose us to legal liability, impair its reputation or have a negative effect on our results of operations, our handling of confidential, personal or proprietary data, actions or proposals from activist stockholders, the precision of assumptions underlying certain reported measures, and compliance with applicable laws or regulations, including changes thereto. Additional factors that could cause Alight’s results to differ materially from those described in the forward-looking statements can be found under the section entitled “Risk Factors” of Alight’s Annual Report on Form 10- K, filed with the Securities and Exchange Commission (the "SEC") on February 24, 20 26, as such factors may be updated from time to time in Alight's filings with the SEC, which are, or will be, accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be considered along with other factors noted in this presentation and in Alight’s filings with the SEC. Alight undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. Non-GAAP financial measures and other information Included in this presentation are certain non-GAAP financial measures, such as Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted Net Income, Free Cash Flow, and Net Debt, designed to complement the financial information presented in accordance with U.S. GAAP because management believes such measures are useful to investors. Additionally, Net Debt, as presented herein, differ from the Net Debt figures as those relate to the Credit Facility, as the Borrower under the Credit Facility is Tempo Acquisition, LLC rather than Alight. These non-GAAP financial measures should be considered only as supplemental to, and not superior to, financial measures provided in accordance with GAAP. Please refer to the appendix of this presentation for a reconciliation of the historical non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with GAAP. Reconciliations of the historical financial measures used in this presentation that are not recognized under U.S. GAAP are included or described in the tables attached to the appendix. Because GAAP financial measures on a forward- looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results. Revenue under contract is an operational metric that represents management’s estimate of anticipated revenue expected to be recognized in the period referenced based on available information that includes historical client contracting practices. Our Revenue under contract metric does not reflect potential future events such as unexpected client volume fluctuations, early contract terminations or early contract renewals. This metric may differ from similar terms used by other companies and therefore comparability may be limited.
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2ND QUARTER 2026 EARNINGS Rohit Verma Chief Executive Officer Strategic update
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4 | © 2026 Alight. All rights res erved. $511M 2Q Revenue 2Q Adj. EBITDA 1 $92M 2Q Adj. EBITDA Margin 1 18.0% YTD Free cash flow 1,2 $101M 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 • >$545M in total liquidity (post 1Q26 TRA payment) - $215M in Cash • $2B of revenue under contract – 94% recurring • Strengthened the management team • Insourced certain critical client service functions • Continuing to strategically invest in technology and people to improve customer experience and service excellence Financial Overview Operational Overview 1 Adjusted EBI TDA, adjusted EBITDA margin, and free cash flow are non -GAAP financial metrics . Please re fer to the tables in the appendix of this presentation for a full reconciliation of non -GAAP metrics to the ir mos t comparable GAAP re sults. 2Free cash flow is defined as cash provided by operating activities net of capital expenditures.
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5 | © 2026 Alight. All rights rese rve d. LeavesWealthHealth Delivering value across Health, Wealth, & Leaves solutions • Leave of absence administration • Medical and disability guidelines • Short-term Disability administration • Defined contribution admin • Defined benefit admin • Pension Risk Transfer • Benefit administration • Healthcare navigation • Reimbursement accounts • Eligibility & compliance • Retiree & voluntary benefit support OUR SOLUTIONS Ongoing engagement supporting smarter healthcare decisions and lower cost Consistent, simplified, and compliant support across major life events Long-term financial support driving confidence, security, and preparedness
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6 | © 2026 Alight. All rights res erved. Well-positioned for increasing demand and the unique needs of clients across spectrum of size and complexity Increasing client demand Employers lack in-house expertise to manage the increasing demands of benefits compliance, delivery, and technology, making outsourced administration a vital alternative. Benefits is a non- discretionary employee offering; access to medication, treatment and services remain essential. Non-discretionary offering Resilient business model Employee benefits administration is resilient to economic cycles. Uniquely positioned in large TAM Alight is uniquely positioned to meet all client needs across benefits, compliance, delivery and technology at scale.
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7 | © 2026 Alight. All rights res erved. Leveraging & deploying AI to create new pathways for client value creation Alight’s governance and human oversight enable safe AI deployment in high-trust environments (payroll, benefits elections) Governance and human judgment limit AI -only models End-to-end ownership enables AI-driven cost reduction across Alight specific workflows End-to-end ownership captures AI economics AI can execute tasks, but Alight remains accountable for compliance and outcome Accountability cannot be automated Alight’s deeply embedded data and workflows create structural defensibility Proprietary data limits substitution AI supports Alight’s operating model
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8 | © 2026 Alight. All rights res erved. Client experience Operational effectiveness User experience Investment Focus AI Native UX – Unified Data Layer – Agentic Call Center AI Native Configuration and Onboarding – Intelligent Data Interchange AI Native UX Unified Benefits Data Layer Modernized Agentic Call Center AI Native Configuration and Onboarding Intelligent Data Interchange 2026: Reinforcing our foundation
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2ND QUARTER 2026 EARNINGS Financial results
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10 | © 2026 Alight. All rights rese rve d. ($ 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 % margin $176 34.4% $205 38.8% ($29) (440 bps) $365 34.9% $405 37.6% ($40) (270 bps) Adjusted EBITDA 1 % margin $92 18.0% $127 24.1% ($35) (610 bps) $196 18.8% $245 22.8% ($49) (400 bps) Adjusted Net Income 1 $26 $56 ($30) $61 $108 ($47) Adjusted EPS1 $0.91 $2.09 ($1.18) $2.14 $4.01 ($1.87) 1 Adjusted gross profit, adjusted EBITD A, adjusted EPS, and adj usted net income are non -GAAP financial metrics. Please re fer to th e tables in the appe ndix of this presentation for a full reconciliation of non -GAAP metrics to the ir most comparable GAAP results . 2Q & YTD financial results
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11 | © 2026 Alight. All rights rese rve d. ($ millions) 6/30/2026 12/31/2025 Total Debt $1,996 $2,005 Less Cash $215 $273 Net Debt $1,781 $1,732 YTD Free Cash Flow 1 ($M) 1Free cas h flow is defined as cas h provided by operating activities net of capital expenditures. Pleas e refer to the tables in the appendix of this prese ntation for a full reconciliation of non -GAAP metrics to the ir mos t comparable GAAP results . Maximizing capital position $102 $101 6/30/25 6/30/26 - >$545M of liquidity at June 30, 2026 (post 1Q26 TRA payment) - $215M in cash and equivalents - $330M available on revolver - Preserving capital to maintain absolute flexibility on allocation
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12 | © 2026 Alight. All rights rese rve d. 2026 Outlook ($ millions) Third Quarter Full Year Revenue $469 to $479 $2,078 to $2,098 Adjusted EBITDA $55 to $61 $400 to $415 3Q and Full Year 2026 Expectations
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2ND QUARTER 2026 EARNINGS Looking forward
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14 | © 2026 Alight. All rights res erved. Strong Leadership Team and Board Built for the Next Chapter Rohit Verma Chief Executive Officer 25+ yrs experience in insurance, financial services, and claims. Previously with McKinsey, Zurich, and Crawford Russell P. Fradin Chairman CD&R Partner; Former CEO Aon Hewitt, SunGard, McKinsey partner Naveen Baweja Chief Technology Officer 25+ yrs experience in digital, data, and AI transformation. Previously with Disney, CNA, and McKinsey. Allison Bassiouni Chief Delivery Officer 25+ yrs experience in benefits delivery, customer experience, and global operations. Donna Dorsey Chief HR Officer 25+ yrs experience in HR, legal strategy, and organizational culture. Previously with International Motors. Martin Felli Chief Legal Officer 25+ yrs experience in legal, compliance, M&A, and governance. Previously with Blue Yonder and HBO. Stephen Lasher Chief Financial Officer 30+ yrs experience in financial strategy, transformation, and operations. Previously with Digital Turbine, Vonage, and IBM. Dinesh Tulsiani President, Employer Solutions 25+ yrs experience in corporate strategy, M&A, and P&L management. Previously with Aon, Hewitt, and EY. Karen Frost SVP, Health Leader 25+ yrs experience in health admin, compliance, navigation, and benefits innovation. Steve Rush Chief Commercial Officer 25+ yrs experience in benefits admin, HR outsourcing, & commercial strategy. Kevin Curry SVP, Leaves Leader 25+ yrs experience in absence mgmt., FMLA, & leave solutions. Previously with Mercer and ReedGroup. William P. Foley, II Chairman FNF, Vice Chairman Cannae Robert Lopes, Jr. Former CHRO Randstad; HR outsourcing across Aon, Towers Perrin Richard Massey Former CEO of Cannae Coretha Rushing Former CHRO Equifax and Coca-Cola Rohit Verma Alight CEO Mike Hayes Former COO VMware, SVP Cognizant Siobhan Nolan Mangini Former President/CFO Castlight Kausik Rajgopal EVP Strategy & former EVP People & Sourcing, PayPal Robert Schriesheim Former CFO of Hewitt; Former CFO Sears Denise Williams Former CHRO of FIS Executive Leadership Team Board of Directors
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15 | © 2026 Alight. All rights res erved. Alight's growth strategy focuses on three primary levers: Health penetration, Leaves expansion, and adjacent market growth • Growth opportunities adjacent to our core businesses • Rollover IRA expansion • Stable value funds • Mid-Market DC • Voluntary Benefits Other Adjacent Spaces • Large, growing T AM with limited competition; Alight is one of few scaled players • Significant whitespace across the existing client base; cross-sell alongside Health • Growth opportunities in segments beyond Fortune 500 • Driving growth in point solutions e.g. navigation • Expanding Alight Partner Network (APN) • Expanding broker and TPE relationships to further penetrate the segment LeavesHealth 2 31
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16 | © 2026 Alight. All rights res erved. Building a stronger Alight Retention Improvement Targeted investments in client experience intended to: • Modernize member experience • Evolve the data layer • Improve user journeys Rebuilding Bookings • Increased investment in service delivery excellence • Deploying automation intended to improve quality and reduce cost-to-serve Enhanced Delivery Quality • Expanded sales coverage and improved commercial discipline intended to drive Net Commercial ARR recovery
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17 | © 2026 Alight. All rights res erved. S t r o n g c a s h g e n e r a t i o n 2026 Reinforcing Foundation 2027 Build Business Momentum Strong cash generation supports reinvestment Platform advantages begin to show through • Near-term cost actions expected to protect margins and cash • Prioritize delivery reliability and retention • Fund needed investments in UX, AI enablement, and sales coverage 2028 Stabilize and Expand Differentiated operating system drives growth • Efficiency gains from delivery realignment and AI-enabled workflows • Expect improved bookings and stabilized renewal outcomes • Revenue stabilizes and sales begin to expand • Expect continued margin expansion through AI enablement A sequenced three-year plan establishes a platform advantage expected to deliver improved retention and sales 17 | © 2026 Alight. All rights reserved.
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2ND QUARTER 2026 EARNINGS Q&A
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APPENDIX GAAP to Non-GAAP Reconciliations
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20 | © 2026 Alight. All rights rese rve d. Reconciliation of Net Income (Loss) to Adjusted EBITDA (unaudited) 1. Transaction and integration expenses primarily relate to acquisition and divestiture activities. 2. Goodw ill and other primarily includes a $983 million non-cash goodwill impairment charge for the three and six months ended June 30, 2025 related to the Company's Health Solutions reporting unit. 3. Adjusted EBITDA excludes the impact of discontinued operations. 4. Adjusted EBITDA Margin From Continuing Operations is defined as Adjusted EBITDA From Continuing Operations as a percentage of revenue. 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) (16) (6) Depreciation 35 30 69 60 Intangible amortization 70 70 140 141 EBITDA From Continuing Operations 110 (954) 212 (851) Share-based compensation 7 5 11 11 Transaction and integration expenses (1) 3 5 7 8 Restructuring 16 36 28 40 (Gain) Loss from change in fair value of financial instruments — 28 — 20 (Gain) Loss from change in fair value of tax receivable agreement (46) 23 (65) 32 Goodwill impairment and other (2) 2 984 3 985 Adjusted EBITDA From Continuing Operations (3) $ 92 $ 127 $ 196 $ 245 Revenue $ 511 $ 528 $ 1,045 $ 1,076 Adjusted EBITDA Margin From Continuing Operations (4) 18.0% 24.1% 18.8% 22.8%
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21 | © 2026 Alight. All rights rese rve d. 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 Profit $ 176 $ 205 $ 365 $ 405 Gross Profit Margin 27.8% 33.3% 28.5% 32.2% Adjusted Gross Profit Margin 34.4% 38.8% 34.9% 37.6%
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22 | © 2026 Alight. All rights rese rve d. Reconciliation of Net (Loss) Income to Adjusted Net Income & Adjusted Diluted Earnings per Share (unaudited) 1. Excludes the impact of discontinued operations. 2. Transaction and integration expenses primarily relate to acquisition and divestiture activities. 3. Goodw ill impairment and other primarily includes a $983 million non-cash goodwill impairment charge for the three and six months ended June 30, 2025 related to the Company's Health Solutions reporting unit. 4. Income tax effects have been calculated based on the statutory tax rates for both U.S. and foreign jurisdictions based on the Company's mix of income and adjusted for significant changes in fair value measurement. 5. Assumes the full exchange of the units held by noncontrolling interests for shares of Class A Common Stock of Alight, Inc. pursuant to the exchange agreement. 6. Includes non-vested time-based restricted stock units that were determined to be antidilutive for U.S. GAAP diluted earnings per share purposes. 7. Excludes two tranches of contingently issuable seller earnout shares: (i) 0.4 million shares will be issued if the Company's Class A Common Stock’s volume- weighted average price ("VWAP") is >$ 250.00 for any 20 trading days within a consecutive period of 3 0 trading days; (ii) 0.4 million shares will be issued if the Company's Class A Common Stock VWAP is >$300.00 for any 20 trading days within a consecutive period of 30 trading days. Both tranches have a seven-year duration. 8. Excludes approximately 1.9 million and 0.3 million performance-based units, which represents the gross number of shares expected to vest based on achievement of performance and market conditions as of June 30, 202 6 and 2 025, respectively. Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in millions, except share and per share amounts) Numerator: Net Income (Loss) From Continuing Operations Attributable to Alight, Inc. (1) $ (10) $ (1,072) $ (29) $ (1,089) Conversion of noncontrolling interest — (1) — (1) Intangible amortization 70 70 140 141 Share-based compensation 7 5 11 11 Transaction and integration expenses (2) 3 5 7 8 Restructuring 16 36 28 40 (Gain) Loss from change in fair value of financial instruments — 28 — 20 (Gain) Loss from change in fair value of tax receivable agreement (46) 23 (65) 32 Goodw ill impairment and other (3) 2 984 3 985 Tax effect of adjustments (4) (16) (22) (34) (39) Adjusted Net Income From Continuing Operations $ 26 $ 56 $ 61 $ 108 Denominator: Weighted average shares outstanding - basic 26,351,020 26,423,496 26,294,427 26,518,940 Dilutive effect of the exchange of noncontrolling interest units — — — — Dilutive effect of RSUs — — — — Weighted average shares outstanding - diluted 26,351,020 26,423,496 26,294,427 26,518,940 Exchange of noncontrolling interest units(5) 24,217 25,505 24,217 25,505 Impact of unvested RSUs(6) 2,146,325 370,259 2,146,325 370,259 Adjusted shares of Class A Common Stock outstanding - diluted(7)( 8) 28,521,562 26,819,260 28,464,969 26,914,704 Basic (Net Loss) Earnings Per Share From Continuing Operations $ (0.38) $ (40.57) $ (1.10) $ (41.06) Diluted (Net Loss) Earnings Per Share From Continuing Operations $ (0.38) $ (40.57) $ (1.10) $ (41.06) Adjusted Diluted Earnings Per Share From Continuing Operations $ 0.91 $ 2.09 $ 2.14 $ 4.01
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23 | © 2026 Alight. All rights rese rve d. 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) Non-GAAP free cash flow $ 48 $ 58 $ 101 $ 102