Slides
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1 3rd Quarter 2026 Earnings Presentation November 3, 2026 Alight, Inc.
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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 our client retention metrics, our growth opportunities, total addressable market, our strategic investments and initiatives, our ARR (as defined below), our ability to meet increasing demand and unique client needs, our synergies w ith Abett, our new user experience, our three year plan, and other non-historical statements, including certain statements in the “Full Year 2026 Expectations” and “A sequenced three-year plan establishes a platform advantage expected to deliver improved retention and sales” 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, 2026, 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, Adjusted Net Income Per Share (“Adjusted EPS”), 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. Annual recurring revenue (“ARR”) bookings is an operational metric that represents management’s estimate of new long-term agreements closed in the period referenced. Our revenue under contract and ARR bookings do not reflect potential future events such as unexpected client volume fluctuations, early contract terminations or early contract renewals. These metrics may differ from similar terms used by other companies and therefore comparability may be limited.
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3RD QUARTER 2026 EARNINGS Rohit Verma Chief Executive Officer Strategic update
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4 | © 2026 Alight. All rights res erved. $500M 3Q Revenue 3Q Adj. EBITDA 1 $86M 3Q Adj. EBITDA Margin 1 17.2% YTD Free cash flow 1 $108M Financial Highlights • Solid project revenue and higher volumes in Wealth Solutions - 3Q Recurring revenue: $ 458M - 3Q Project revenue: $ 42M • $108M free cash flow YTD • $542M in total liquidity; $212M in Cash • $2.1B of revenue under contract – 92% recurring • Abett Acquisition expands our reach and differentiates our capabilities in benefits vertical • Further strengthened leadership team with appointments across Health, Wealth, Leaves, and Consultant Partnerships • Insourced certain critical client service functions • Increased velocity of technology delivery and investments in people to improve customer experience and service excellence; seeing improved client retention metrics 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.
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5 | © 2026 Alight. All rights res erved. Focused on three primary levers: Health penetration, Wealth development and Leaves expansion • Large TAM provides growth opportunities; 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 • Strengthening broker and TPE relationships • Helping employers optimize benefits spend and outcomes • Expanding Network: eMed, Spring Health, Marquee Health, Alight GLP-1 reimbursement Leaves 3 Wealth 2 • One of the largest administrators in the wealth space with $1.7T assets under administration • Growing Partnerships and Opportunities: BNY collaboration, rollover IRA expansion, stable value funds, mid-market defined contribution Health 1
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6 | © 2026 Alight. All rights res erved. Building a stronger Alight STEP 1 Drive renewal retention and expansion We are already seeing proof points of improving retention Investing in the client experience: • Enable AI orchestration and benefits workflows • Personalize participant benefit decisions to drive best outcome + STEP 2 Reinforce market leadership To win new logos and displace competitors in white space • Increase investment in service delivery excellence • Deploy automation to improve quality and reduce cost-to-serve → ENABLED BY SPECIFIC STRATEGIES • Building world-class experience for employers and employees • Driving service excellence • Adding capabilities like Abett to drive industry-leading differentiation • Expanding account executive coverage representing over 95% of recurring revenue END RESUL T Driving growth • Expanded sales coverage and improving commercial discipline to drive growth
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7 | © 2026 Alight. All rights reserved. C L I E N T E X P E R I E N C E S E R V I C E E X C E L L E N C E C O R N E R S T O N E S New Client Service Model Culture and Values 6 7 AI-Native User Experience (UX) Modern, intuitive experience that drives adoption and reduces friction Unified Data Layer Intelligent data infrastructure powering the platform 1 2 Agentic Call Center Smarter routing, self-service, and agent enablement 3 AI-Enabled Implementation and Annual Enrollment Rules-driven setup replacing manual configuration 4 Intelligent Data Interchange Automated intake and processing to eliminate manual bottlenecks 5 Expanded coverage with clear, established client ownership and accountability Established culture and accountability that turns strategy into results Already seeing early impact from strategic initiatives and expect continued scaling into 2027 Strategic initiatives for investment
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8 | © 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 AI investments, benefits compliance, delivery, and technology, making outsourced administration a vital alternative. Providing employees access to medication, treatment, retirement savings, pensions, leaves and services remains essential. Non-discretionary offering Resilient business model Employee benefits administration is more resilient to economic cycles compared to other businesses. Uniquely positioned in large TAM Alight is uniquely positioned to meet client needs across benefits, compliance, delivery and technology at scale.
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9 | © 2026 Alight. All rights res erved. Abett acquisition accelerates strategic priorities BENEFITS ECOSYSTEM DATA Health plans and TPAs Medical claims, eligibility Pharmacy benefit managers Pharmacy claims Benefits administration Enrollment, elections, dependents HR and workforce systems Census, demographics Point solutions and navigation Engagement, utilization, referrals ONE FOUNDATION Alight Data Engine Connects, normalizes, governs, and exchanges data across the benefits ecosystem Consistent visibility | Clearer priorities | Guidance into action WHAT IT POWERS Benefit Program Performance How are my benefits programs performing? See activity, utilization and value across programs, and where to grow, optimize or rethink. Target Populations Who may benefit and what action comes next? Identify priority individuals and cohorts using connected signals, with person-level detail available to support approved action.
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10 | © 2026 Alight. All rights res erved. Unified data layer — one source of truth across every channel for health and leaves. AI simplifies benefits, personalizes answers, and guides actions for employees. Clients receive increased self service control and insights that drive value outcomes. Introducing a new experience — powered by AI New data foundation Agentic experience Increased self-service control
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11 | © 2026 Alight. All rights res erved. Call center modernization investments – driving real results Coming next Voice Assistant Seamlessly and quickly surfacing relevant information to participants and routing to best-suited agent when needed. Natural language interactive voice response (IVR) 28% of participant issues resolved without waiting for an agent Matching participants to the best-suited agent in real time Automated call summarization 30 second decrease in time spent per call by representative AI training simulation 3X the practice More hands-on practice, completed in less total training time Agent assist 40 second decrease in call handling time, resulting is faster answers for participants Automating routine calls with conversational self-service so participants reach resolution faster Auto-generating concise, accurate summaries—reducing wrap time and improving follow - through Helping agents resolve issues faster with real-time guidance, improving speed and accuracy Accelerating agent readiness through realistic AI practice, shortening time to proficiency
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3RD QUARTER 2026 EARNINGS Financial results Steve Lasher Chief Financial Officer
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13 | © 2026 Alight. All rights rese rve d. ($ in millions) 3Q26 3Q25 Change YTD 2026 YTD 2025 Change Revenue Recurring Revenue $458 $489 (6.3%) $1,427 $1,501 (4.9%) Project Revenue $42 $44 (4.5%) $118 $108 9.3% Total Revenue $500 $533 (6.2%) $1,545 $1,609 (4.0%) Adjusted Gross Profit 1 % margin $168 33.6% $206 38.6% ($38) (505 bps) $533 34.5% $611 38.0% ($78) (348 bps) Adjusted EBITDA 1 % margin $86 17.2% $138 25.9% ($52) (869 bps) $282 18.3% $383 23.8% ($101) (555 bps) Adjusted Net Income 1 $19 $62 ($43) $80 $170 ($90) Adjusted EPS1 $0.66 $2.32 ($1.66) $2.80 $6.32 ($3.52) 1 Adjusted gross profit, adjusted EBITD A, adjusted EPS, and adj usted net income are non -GAAP financial metrics. Please re fer to th e tables in the appe ndix of this presentation for a full reconciliation of non -GAAP metrics to the ir most comparable GAAP results . 3Q & YTD 2026 financial results
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14 | © 2026 Alight. All rights rese rve d. ($ millions) 9/30/2026 12/31/2025 Total Debt $1,991 $2,005 Less Cash $212 $273 Net Debt $1,779 $1,732 YTD Free Cash Flow ($M) Maximizing capital position $151 $108 9/30/25 9/30/26 - $542M of liquidity at September 30, 2026 - $212M in cash and equivalents - $330M available on revolver - Preserving capital to maintain flexibility on allocation
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15 | © 2026 Alight. All rights rese rve d. 2026 Outlook ($ millions) FY’26 New Guidance FY’26 Prior Guidance (reported as of 8/4) 2026 Revenue $2,115 to $2,125 $2,078 to $2,098 2026 Adjusted EBITDA $410 to $420 $400 to $415 Full Year 2026 Expectations Raising Full Year Guidance
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3RD QUARTER 2026 EARNINGS Looking forward
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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 expected to stabilize and sales anticipated 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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3RD 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 impairment and other primarily includes $6 million of certain professional fees incurred in connection with our debt refinancing activities for the three and nine months ended September 30, 2026 and $1,338 million and $2,321 million non-cash goodwill impairment charges for the three and nine months ended September30, 2025, respectively. 3. Adjusted EBITDA From Continuing Operations 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 September 30, Nine Months Ended September 30, (in millions) 2026 2025 2026 2025 Net Income (Loss) From Continuing Operations $ (51) $ (1,055) $ (80) $ (2,145) Interest expense 25 24 73 68 Income tax expense (benefit) (19) (198) (35) (204) Depreciation 35 33 104 93 Intangible amortization 70 70 210 211 EBITDA From Continuing Operations 60 (1,126) 272 (1,977) Share-based compensation 8 3 19 14 Transaction and integration expenses (1) 2 4 9 12 Restructuring 25 4 53 44 (Gain) Loss from change in fair value of financial instruments — (19) — 1 (Gain) Loss from change in fair value of tax receivable agreement (15) (66) (80) (34) Goodwill impairment and other (2) 6 1,338 9 2,323 Adjusted EBITDA From Continuing Operations (3) $ 86 $ 138 $ 282 $ 383 Revenue $ 500 $ 533 $ 1,545 $ 1,609 Adjusted EBITDA Margin From Continuing Operations (4) 17.2% 25.9% 18.3% 23.8%
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21 | © 2026 Alight. All rights rese rve d. Reconciliation of Gross Profit to Adjusted Gross Profit (unaudited) Three Months Ended September 30, Nine Months Ended September 30, ($ in millions) 2026 2025 2026 2025 Gross Profit $ 135 $ 178 $ 433 $ 525 Add: stock-based compensation 2 — 6 5 Add: depreciation and amortization 31 28 94 81 Adjusted Gross Profit $ 168 $ 206 $ 533 $ 611 Gross Profit Margin 27.0 % 33.4 % 28.0 % 32.6 % Adjusted Gross Profit Margin 33.6 % 38.6 % 34.5 % 38.0 %
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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 $6million of certain professional fees incurred in connection with our debt refinancing activities for the three and nine months ended September30, 2026 and $1,338 million and $2,321 million non-cash goodwill impairment charges for the three and nine months ended September30, 2025, respectively. 4. Income tax effects have been calculated based on the statutory tax rates for both U.S. and foreign jurisdictions based on the Company's mix of income and adjusted for significant changes in fair value measurement. 5. Assumes the full exchange of the units held by noncontrolling interests for shares of Class A Common Stock of Alight, Inc. pursuant to the exchange agreement. 6. Includes non-vested time-based restricted stock units that were determined to be antidilutive for U.S. GAAP diluted earnings per share purposes. 7. Excludes two tranches of contingently issuable seller earnout shares: (i) 0.4 million shares will be issued if the Company's Class A Common Stock's volume-weighted average price ("VWAP") is >$ 250.00 for any 20 trading days within a consecutive period of 30 trading days; and (ii) 0.4 million shares will be issued if the Company's Class A Common Stock VWAP is >$300.00 for any 20 trading days within a consecutive period of 30 trading days. Both tranches have a seven-year duration. 8. Excludes approximately 2.1 million and 0.1 million performance-based units, which represents the gross number of shares expected to vest based on achievement of performance and market conditions as of September 30, 2026 and 2025, respectively.
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23 | © 2026 Alight. All rights rese rve d. Reconciliation of Free Cash Flow (unaudited) Nine Months Ended September 30, ($ in millions) 2026 2025 Non-GAAP free cash flow reconciliation: Cash provided by operating activities - continuing operations $ 181 $ 236 Capital expenditures (73) (85) Non-GAAP free cash flow $ 108 $ 151