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Investor Presentation D e c e m b e r 2 0 2 5
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BUSINESS UNIT, CLIENT, OR PROJECT NAME © Morgan Stanley and/or certain of its affiliates. All rights reserved. Legal Disclaimer This presentation contains certain "forward-looking statements" within the meaning of applicable securities laws. The forward-looking statements are based on the beliefs, assumptions and expectations of future performance of Andersen Group Inc. ("we," "us," "our" or the "Company"), taking into account the information currently avail able to us. These statements are only predictions based upon our current expectations and projections about future events. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. Although we have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. You should not rely on forward-looking statements as a prediction of future events. The assumptions used in the preparation of this presentation, although considered reasonable by us at the time of preparation, may prove to be incorrect. You are cautioned that the information is based on assumptions as to many factors and that actu al results may vary from the results projected and such variations may be material. Accordingly, you should not place undue reliance on any forward-looking statements contained herein. We do not undertake to update any forward-looking statements, except in accordance with applicable securities laws. This presentation contains certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Net Income Margin. To the extent we include disclosure on non-GAAP financial measures, please refer to footnotes where presented on each page of this presentation and the appendix for reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures. We believe these non-GAAP financial measures are useful in evaluating our business, results of operations, and financial condition. However, non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP. Certain information contained in this presentation and statements made orally during this presentation relate to or are based on studies, publications and other data obtained from third-party sources as well as our own internal estimates and research. While we believe these third-party sources to be reliable as of the date of this presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. 2
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SECTION 1 Firm Overview 5
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BUSINESS UNIT, CLIENT, OR PROJECT NAME FIRM OVERVIEW 6 26% LTM Q3’25 Adj. EBITDA Margin 25% LTM Q3’25 Adj. Net Income Margin 2,347 Total Employees 293 Managing Directors 11,900 Client Groups 21,000 Client Engagements Robust Top-Line Performance Significant Client Base Large Pool of Talented Professionals Andersen At-A-Glance Note: 1. Financials are for the twelve months ending September 30, 2025; All other figures are as of September 30, 2025 2. Locations indicated on the map are approximates, actual count may differ 3. Adj. Net Income Margin and Adj. EBITDA Margin are non-GAAP financial measures. Please see Appendix A for the reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures 25+ Locations Across the U.S. 13% LTM Q3’25 YoY Growth $811MM LTM Q3’25 Revenue Healthy Margins and Profitability
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BUSINESS UNIT, CLIENT, OR PROJECT NAME FIRM OVERVIEW 7 Founded under the name Wealth and Tax Advisory Services, Inc. (“WTAS”) Expanded service capabilities to include investment consulting services, valuation services, and State & Local Tax, amongst others Completed Management buyout from HSBC 500+ Personnel Formed Andersen Global Acquired Andersen name and rebranded to Andersen Tax and Andersen Global Launched collaboration with the University of San Francisco Launched Student Loan Paydown Plan for employees $250MM+ Revenue 1,000+ Personnel $500MM+ Revenue 2,000+ Personnel $700MM+ Revenue Launched Andersen Consulting Launched Andersen Institute of Finance and Economics $100MM+ Revenue 2002 2003 2007 2008 2012 2013 2014 2016 2018 2019 2024 2023 2022 Andersen: Over Two Decades of Integrated, Differentiated Service 15% CAGR since 2003, the first full fiscal year following Andersen’s formation 2025
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BUSINESS UNIT, CLIENT, OR PROJECT NAME FIRM OVERVIEW 8 We Continued to Execute on Our Firm Strategy in 2025 1 2 Expanded Andersen’s Multidimensional Platform With New Service Lines Technology Partnerships Enhancing Scope of Delivery Capabilities 5 Continued Industry Recognition and Market Leadership Recognized as a Top 100 Firm in 2025 by INSIDE Public Accounting Launched new Tax Transformation and Innovation Practice in July 2025 that combines deep tax knowledge with advanced technology and process innovation 3 Integrated the Berman & Associates team to expand presence in Atlanta Regional Expansion Through Targeted Acquisitions 4 Investment in Talent With Launch of New AI Focused Programs Partnered with University of San Francisco to introduce a new training program on the integration of GenAI into professional tax practice Introduced new partnerships in digital transformation, AI, cybersecurity and human capital management to enhance technology capabilities Source: Company Website, INSIDE Public Accounting, University of San Francisco
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BUSINESS UNIT, CLIENT, OR PROJECT NAME Notes: FIRM OVERVIEW 9 Multi Dimensional Business With A Large Footprint in the US and Globally Firm Overview U.S. business U.S. Business to be Listed as Part of the IPO 26 Locations Global business 1,000+ Locations (including US) Tax Valuation Global Mobility (2023) Consulting (2025) Alternative Investment Funds Tax (175 countries) Valuation (60 countries – over 1,900 Professionals) Investment Banking (9 countries – over 150 professionals) Consulting (76 Countries – 35,000+ professionals) Legal (163 countries – 4,500+ lawyers) Note: 1. All figures as of September 30, 2025
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BUSINESS UNIT, CLIENT, OR PROJECT NAME FIRM OVERVIEW 10 1,000+ Locations 180+ Countries 3,000+ Partners 50,000+ Professionals 300+ Member and Collaborating Firms Member Firms of Andersen Global Collaborating Firms of Andersen Global Andersen Global Unlocks International Reach Notes: 1. All figures as of September 30, 2025 2. “Andersen Global” refers to a Swiss verein, of which Andersen Tax LLC is a founding member
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 11 Business Expansion Supported By a Four-Pronged Strategy Consolidate Andersen Global Groups Over Time • Managed Solutions – Business Process Outsourcing – Internal Audit • Private Trust Company Services • Insurance Advisory • Member Firms: ~80 firms (cost sharing and profit sharing) • Collaborating Firms: ~320 firms (no cost sharing or profit sharing at this point) Expansion Strategy New ServicesExisting Services • Tax • Legal • Valuation • Investment Banking • Consulting • Litigation Support • Investment Advisory Services Develop Existing Services for Broader Potential FIRM OVERVIEW
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SECTION 2 U.S. Platform 12
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BUSINESS UNIT, CLIENT, OR PROJECT NAME U.S. PLATFORM 13 Increasingly Complex Operating Environment Creates Greater Financial and Operational Uncertainty Desire for Broader Service Offerings Desire for Cross-Border Capabilities Better Service Integration with Technology Conflicts for Audit Firms with Independence Issues Shift in Focus of Buyer from Functional Head to C-Suite Major Influx of Private Equity and Consolidation of Professional Services Firms Greater Need for Capital for Technology Investment and Service Expansion We Believe The Need for Financial Advisory Services is Greater than Ever
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BUSINESS UNIT, CLIENT, OR PROJECT NAME What does it mean for businesses today Integrated Multi-Dimensional Services Platform Unlocking Client Success Private Client Services AlternativeInvestm entFunds Business Tax Services ValuationServices Family Office Consulting Global Workforce Mobility Investment Consulting Private Accounting Solutions Trust, Estate and Charitable Planning Real Estate Consulting Fund Tax Compliance and Advisory Fund Formation and Global Structuring Fund Accounting Financial Due Diligence and Transaction Support International Tax Services and Transfer Pricing M&A Tax Advisory State and Local Tax Tax Compliance and Reporting Tax Technology Automation Tax Valuation Litigation and Dispute Support Fixed Assets and Cost Segregation Tax Transformation and Innovation 14U.S. PLATFORM
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 15U.S. PLATFORM Our Brand Has Enabled Our Rapid Progress 168 732 2014 2024 Build a Culture of Excellence Accelerate Growth and Improved Profitability Attract and Develop Top Talent Creating the highest standards of professionalism in client service Brand drawing high- quality clients that supports $335k+ average revenue per employee (3) Reputation for excellence enabling us to attract and retain talented professionals 712 2,187 2014 2024 Revenue (1) $MM Personnel (1) (#) 4.4x 3.1x Notes: 1. As of 12/31/2014 and 12/31/2024 respectively 2. As of 12/31/2024
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BUSINESS UNIT, CLIENT, OR PROJECT NAME Unique Culture Defined by Our History and Identity Best-In-Class Our culture enables the Andersen brand to remain one of the most globally recognized and respected names within the professional services industry Core Values Stewardship Independence Seamless Transparency 16 U.S. PLATFORM
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 47% Employees have been with the firm for 3+ years (1) Notes: 1. Figures for year ended December 31, 2024 2. For the five-year period ending December 31, 2024 3. Figures as of September 30, 2025, for client-facing professionals at manager level or above 4. For the nine months ended September 30, 2025, excluding involuntary terminations 17 Large Base of Talented Professionals Driving Success Strong Talent Acquisition Deep Domain Expertise Seasoned Professionals Commitment to Continuous Learning 9,000 applicants for 183 open associate and internship positions (1) 750+ lateral hires with at least five years of experience (2) 87% client-facing professionals held professional licenses (3) 54% client-facing professionals held advanced degrees (3) 10+ Years Average Managing Director Tenure (1) Structured Training and Qualification Support Partnership with University of San Francisco 13% Attrition rate (4) U.S. PLATFORM
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BUSINESS UNIT, CLIENT, OR PROJECT NAME U.S. PLATFORM 18 Leveraging AI Capabilities to Enhance Service Delivery Capabilities Across the Firm AI Investment Initiatives Develop strategic alliances with leading third-party AI firms that provide access to proprietary technologies that support delivery of enhanced client services 2 Adopt internal AI Responsible Use Policy and AI Readiness Strategy, with specialized training and development programs to embed AI across Andersen 3 Automated Management of Billable Hours: AI Platform that tracks and manages billable hours for revenue generating professionals AI Native Consulting Capabilities: Delivering complex technical projects for clients with greater efficiency M&A Process Acceleration: Agentic AI for Legal Department to accelerate due diligence and contract reviews AI Use Cases 1 2 3 1 Deploy enterprise AI productivity tools across Andersen practice groups to improve firm efficiency Preparation of Tax Returns: Automated entry and review of tax returns 4 Client FacingInternal 4 Leverage vast client data set to support development of internal AI capabilities, while maintaining strict privacy and confidentiality standards 5 Invest in AI companies to accelerate capability building and access proprietary tech
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BUSINESS UNIT, CLIENT, OR PROJECT NAME U.S. PLATFORM 19 Well-Positioned Versus the Competition We Believe We Have Strong and Sustained Differentiation from Our Competition Not Constrained by Auditor Independence Rules Global Presence High Partner Engagement Recurring Client Relationships Premium Service Offerings Multi Dimensional Platform Boutique Accounting Firms Specialized Consultants Global Full-Service Accounting Firms ✓ ✓
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BUSINESS UNIT, CLIENT, OR PROJECT NAME Notes: 20 Powerful Go-to-Market Motion Driven by Targeted Managing Director Led Business Development Initiatives MD-Driven Wins Inbound Inquiries Referrals Expanded scope of service for existing engagements Expanding client coverage across other teams, business units, or geographies Introduction of new service lines across Andersen’s multidimensional portfolio of offerings 1 2 3 Initial Engagement U.S. PLATFORM
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BUSINESS UNIT, CLIENT, OR PROJECT NAME Note: 1. As of September 30, 2025 2. As of or for the year ended December 31. 2024 3. For the nine months ending September 30, 2025 21 Diverse Portfolio of Established Client Relationships Supports Durability of Business Model 11,900 Client Groups (1) 21,000 Client Engagements (1) L9M’25 Revenue (3) Private Client Services 52% Business Tax Services 34% Alternate Investment Funds Services 10% Valuation Services 4% 74% Revenue from client groups that have engaged Andersen for 3+ years (2) 5.3x Growth in aggregate contribution to our revenue from ten largest client groups in 2024 since the commencement of their respective engagements (2) 629 Client Groups with minimum annual spend of over $250K (2) U.S. PLATFORM ~5% Revenue from top 10 client groups (2)
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BUSINESS UNIT, CLIENT, OR PROJECT NAME Multiple Vectors to Deliver Ongoing Growth 22 Continue expanding relationships with existing clients beyond current engagements Introduce additional offerings to existing clients to expand our scope of services Leverage Andersen’s global recognition to expand beyond the U.S. Selective acquisitions of complementary businesses with strong cultural fit Near-term opportunities in consulting, investment banking, global mobility, international legal services and global tax litigation Further strengthen Andersen’s brand awareness amongst potential new clients Expand Work with Existing Clients Attract New High-Quality Clients Add New Service Offerings Inorganic Growth Expand Internationally Cross-Sell Service Offerings to Current Clients U.S. PLATFORM
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SECTION 3 Financial Overview 23
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BUSINESS UNIT, CLIENT, OR PROJECT NAME Note: 1. LTM Q3'25 figures are for the twelve months ended September 30, 2025; all other figures are as of September 30, 2025 2. Adj. Net Income Margin and Adj. EBITDA Margin are non-GAAP financial measures. Please see Appendix A for the reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures Financial Highlights 24 Robust Top-Line Performance 13% Large Pool of Talented Professionals Managing Directors Total Employees Significant Client Base Client Groups Client Engagements Healthy Margins and Profitability FINANCIAL OVERVIEW $811MM LTM Q3’25 Revenue 29311,900 25% LTM Q3’25 Adj. Net Income Margin LTM Q3’25 YoY Growth 2,34721,000 26% LTM Q3’25 Adj. EBITDA Margin
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 51.3% 51.9% 34.5% 34.1% 9.7% 9.5% 4.5% 4.5% L9M'24 L9M'25 37.1% 38.8% 18.3% 18.5% 44.6% 42.7% L9M'24 L9M'25 $639 $732 $589 $668 2023 2024 L9M'24 L9M'25 Revenue $MM Revenue by Service Line % Revenue by U.S. Geographic Region % 25 Robust Top Line Performance… WestEast CentralPrivate Client Services 14%Growth 13% Alternative Investment Funds Business Tax Services Valuation Services FINANCIAL OVERVIEW
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 10,700 11,700 11,900 2023 2024 L9M'25 17,900 20,300 21,000 2023 2024 L9M'25 26 …Supported by Significant Client Base… 9%Growth 524 629 2023 2024 13%Growth 20%Growth Client Groups Client Engagements Client Groups with Minimum Annual Spend > $250,000 Notes: 1. L9M’25 growth represents changes between nine months ending September 30, 2024 and nine months ending September 30, 2025 FINANCIAL OVERVIEW 6%(1) 7%(1)
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 17 11 14 13 2022 2023 2024 L9M'25 1,325 1,499 1,732 2,082 2,187 2,347 2020 2021 2022 2023 2024 L9M'25 27 …Large, Tenured Pool of Talented Professionals… Total Employees Attrition Rate (1) % Notes: 1. Attrition rate calculated for client-facing non partner employees, excludes involuntary terminations 2. Benchmark based on analysis from Mercer’s Public Accounting Firms Compensation Survey for the three years ended 12/31/2024 FINANCIAL OVERVIEW 21% Industry Average (2)
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BUSINESS UNIT, CLIENT, OR PROJECT NAME 28 …And Flexible Fee Structure… Time and Materials Fixed Fees REVENUE Contractual billing corresponding directly to value provided to clients (e.g., hours worked at agreed upon rates, time and materials charged) Contingent Fees Fixed fee contracts determined by scope and nature of services provided Fees earned upon achieving contractual outcomes FINANCIAL OVERVIEWNote: 1. To date, substantial majority of our revenue has been generated on a time and materials basis
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BUSINESS UNIT, CLIENT, OR PROJECT NAME $119 $136 $145 $210 2023 2024 L9M'24 L9M'25 $126 $143 $151 $217 2023 2024 L9M'24 L9M'25 29 …That Drives Healthy Margins & Profitability 20% 33% 19% 31%Adj. EBITDA Margin Adj. EBITDA Adj. Net Income $MM$MM Notes: 1. Adj. EBITDA, Adj. EBITDA Margin, Adj. Net Income and Adj. Net Income Margin are non-GAAP financial measures. Please see Appendix A for the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. Adj. Net Income Margin FINANCIAL OVERVIEW 25%19%20% 26%
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BUSINESS UNIT, CLIENT, OR PROJECT NAME FINANCIAL OVERVIEW 31 Key Investment Highlights Unmatched Track Record of Organic Growth For Over Two Decades 1 2 Durable Revenue Base with Low Volatility, Supported by Trusted Client Relationships Expansion of Service Offerings 4 3 Significant Growth Opportunities With Near-Term M&A Pipeline Globally Recognized and Respected Brand Name5
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APPENDIX A Non-GAAP Reconciliation 32
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BUSINESS UNIT, CLIENT, OR PROJECT NAME Last Twelve Months Ended September 30, Nine Months Ended September 30, Year Ended December 31, (in thousands except percentages) 2025 2025 2024 2024 2023 Net Income $55,999 $65,704 $144,506 $134,801 $118,683 Adjusted for: Interest Income (4,679) (3,111) (2,956) (4,524) (2,660) Interest expense 283 267 48 64 138 Depreciation and amortization 8,938 6,768 6,155 8,325 7,691 Income tax expense 4,861 5,033 2,567 2,395 2,257 EBITDA $65,402 $74,661 $150,320 $141,061 $126,109 Adjusted for: Transaction costs (1) 7,150 5,773 $216 1,593 -- Equity-based compensation (2) 136,460 136,460 -- -- -- Adjusted EBITDA $209,012 $216,894 $150,536 $142,654 $126,109 Revenue $810,756 $668,346 $589,183 $731,593 $639,111 Adjusted EBITDA Margin 25.8% 32.5% 25.5% 19.5% 19.7% 33 GAAP to Non-GAAP Reconciliation: EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin Notes: 1. Transaction costs include certain legal, accounting and consulting costs incurred for public company readiness not eligible f or capitalization and related to the planned restructuring and amounts incurred in advance of planned mergers and acquisitions. 2. Equity-based compensation consists of profits interest units granted in connection with services performed for Andersen Tax LLC to certain Managing Directors and service providers to share in the profits and losses of the parent entities. We recognized $104.5 million of non-cash compensation expense in cost of services and $32.0 million in sales, general and administrative expense during the nine months ended September 30, 2025. NON-GAAP RECONCILIATION
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BUSINESS UNIT, CLIENT, OR PROJECT NAME Last Twelve Months Ended September 30, Nine Months Ended September 30, Year Ended December 31, (in thousands except percentages) 2025 2025 2024 2024 2023 Net Income $55,999 $65,704 $144,506 $134,801 $118,683 Adjusted for: Transaction costs (1) 7,150 5,773 216 1,593 -- Equity-based compensation (2) 136,460 136,460 -- -- -- Income tax effect of adjustments 1,558 1,583 13 (12) -- Adjusted Net Income $201,167 $209,520 $144,735 $136,382 $118,683 Revenue $810,756 $668,346 $589,183 $731,593 $639,111 Net Income Margin 6.9% 9.8% 24.5% 18.4% 18.6% Adjusted Net Income Margin (1) 24.8% 31.3% 24.6% 18.6% 18.6% 34 GAAP to Non-GAAP Reconciliation: Net Income, Adjusted Net Income and Adjusted Net Income Margin Notes: 1. Transaction costs include certain legal, accounting and consulting costs incurred for public company readiness not eligible f or capitalization and related to the planned restructuring and amounts incurred in advance of planned mergers and acquisitions. 2. Equity-based compensation consists of profits interest units granted in connection with services performed for Andersen Tax LLC to certain Managing Directors and service providers to share in the profits and losses of the parent entities. We recognized $104.5 million of non-cash compensation expense in cost of services and $32.0 million in sales, general and administrative expense during the nine months ended September 30, 2025. NON-GAAP RECONCILIATION