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Earnings Presentation Fourth Quarter and Full Year 2025 February 25, 2026 CBIZ.COM | NYSE: CBZ
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2 Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical fact included in this presentation, including, without limitation our “2026 Outlook,” regarding our financial positions, business strategy plans and objectives for future performance are forward-looking statements. You can identify these statements by the fact that they do not relate strictly to historical or curr ent facts. Forward-looking statements are commonly identified by the use of such terms and phrases as “will,” “could,” “can,” “may,” “strive,” “hope,” “intend,” “believe,” “estimate,” “continue,” “plan,” “expect,” “project,” “anticipate,” “outlook,” “foreseeable future,” “seek” and words or phrases of similar import in connection with any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance or results of current and anticipated services, sales efforts, expenses, and financial results. From time to time, we may also provide oral or written forward-looking statements in other materials we release to the public. Any or all of our forward-looking statements in this presentation and in any other public statements that we make, are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Suc h risks and uncertainties include, but are not limited to: payments on accounts receivable may be slower than expected, or amounts due on receivables or notes may not be fully collectible; our business could be adversely affected if the non-attest business assets we acquired from Marcum LLP (“Marcum”) do not perform to our expectations or we underestimate the liabilities we have assumed; we are dependent on the services of our executive officers, and other key employees, the loss of any of whom may have a material adverse effect on our business, financial condition and results of operations; our profitability could suffer if we are not able to effectively utilize our employees, maintain operational efficiencies or mana ge our cost structure; restrictions imposed by independence requirements, and conflict of interest rules, as well as the nature and terms of our current administrative service agreements, limit our ability to provide services to clients of the attest firms with which we have contractual relationships and the ability of such attest firms to provide attestation services to our clients; our goodwill and other intangible assets could become impaired, which could lead to material non-cash charges against earnings and an adverse impact on our results of operations and financial condition; certain liabilities resulting from acquisitions are estimated and could lead to a material impact on our results of operations; we may fail to realize the anticipated benefits of acquisitions, or they may prove disruptive and could result in the combined business failing to meet our expectations; claims or adverse publicity could harm our brand, reputation and ability to compete and attract and retain clients, talent and future acquisition targets; we may not be able to acquire and finance additional businesses, which could limit our ability to pursue our business strategy; we will incur transaction, integration, and restructuring costs in connection with our acquisition program; governmental regulations and interpretations are subject to changes, which could have a material adverse effect on our financial condition; uncertainty in the current economic and geopolitical environment could lead to declines in demand for certain of our services; changes in the United States healthcare environment, including new healthcare legislation, may adversely affect the revenue and margins in our healthcare benefit business; we are subject to risks relating to processing customer transactions for our payroll and other transaction processing businesses; cyberattacks or other security breaches involving our computer systems or the systems of one or more of our vendo rs could materially and adversely affect our business; we are subject to risk as it relates to software that we license from third parties; we are reliant on information processing systems and any failure or disruptions of these systems could have a material adverse effect on our business, financial condition and results of operations; we could be held liable for errors and omissions; the business services industry is competitive and fragmented, if we are unable to compete effectively, our business, financial condition and results of operations could be negatively impacted; failure to maintain our reputation and brand could impact our ability to attract and retain clients, employees and future acquisition targets, and may have a material adverse effect on our business, financial condition and results of operations; we are dependent on our existing client base and our ability to retain and expand our relationships with those clients. Our clients may terminate our engagements with little or no notice and without penalty, which may result in unexpected declines in our revenue or unexpected costs; given our levels of share-based compensation, our tax rate may vary significantly depending on our stock price; we may be subject to the actions of activist stockholders; rapid technological changes could significantly impact our competitive position, client relationships and operating results and our ability to realize the anticipated benefits of our acquisition of the non-attest business assets and liabilities of Marcum and CBIZ CPAs P.C.’s purchase from Marcum of substantially all of Marcum’s attest business assets (the “Transaction”); climate change legislation or regulations restricting emissions of greenhouse gases could result in increased operating costs; the widespread outbreak of a communicable illness or any other public health crisis could adversely affect our business, financial condition and results of operations; we require a significant amount of cash for interest payments on our debt and to expand our business as planned; terms of the 2024 Credit Facilities could adversely affect our ability to run our business and/or reduce stockholder returns; our failure to satisfy covenants in our debt instruments could cause a default under those instruments; our increased leverage following the Transaction may adversely impact our business; we may be more sensitive to revenue fluctuations than other companies, which could result in fluctuations in the market price of our common stock; the significant number of shares issuable as the stock consideration in the Transaction may adversely impact our stock price; the future issuance of additional shares could adversely affect the price of our common stock; there is volatility in our stock price; and the price of our common stock could be adversely impacted if we do not perform to expectations following the Transaction. Such forward-looking statements can be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties. Should one or more of these risks materialize, or should the underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, projected or implied. Consequently, no forward-looking statement can be guaranteed. Our actual future results may vary materially. All forward looking statements made in this presentation are made only as of the date hereof, and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as re quired by law. You are advised, however, to consult any further disclosures we make on related subjects in the current, quarterly, periodic and annual reports we file with the Securities and Exchange Commission (“SEC”). Also note that we provide a cautionary discussion of the risks, uncertainties and possibly inaccurate assumptions relevant to our businesses in “Item 1. Business” and “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024. These are factors that we think could cause our actual results to differ materially from expected and historical results. Other factors besides those described here and could also adversely affect our operating or financial performance.
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To supplement our consolidated financial statements, which are prepared and presented in accordance with United States Genera lly Accepted Accounting Principles (“GAAP”), we also present Adjusted Net Income (Loss), Adjusted Diluted Earnings Per Share (“EPS”), Adjusted EBITDA, and Free Cash Flow, which are non -GAAP measures. These non-GAAP measures are adjusted to exclude the impact of the Transaction, integration costs, amortization of acquired intangible assets, and other significant n on-operating related gains and losses management does not consider ongoing in nature. The presentation of non-GAAP financial information is designed to supplement the Company’s financial information presented in ac cordance with GAAP, not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. W e use these non-GAAP financial measures for financial and operational decision-making, and to evaluate results relative to employee compensation targets. We believe that these non -GAAP financial measures provide meaningful supplemental information to stockholders, debt holders, and other interested parties in assessing our performance. These non -GAAP financial measures also facilitate management’s internal comparisons to our historical performance by excluding significant acquisition expenses, certain one -time non-recurring items, and gains and l osses that management does not consider ongoing in nature. We believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with resp ect to key measures used by management in its financial and operational decision-making and (2) they are used by our stockholders and analyst community to determine the health of our busin ess. These non-GAAP measures may not be comparable to similar non-GAAP measures presented by other companies. The presentation of such non -GAAP measures, which may include exclusion s of non-recurring items, should not be construed as an inference that the Company’s future results will be unaffected by other non -recurring items. Management provides specific information regarding the GAAP amounts excluded from or included in these non -GAAP financial measures. Additionally, management provides reconciliations of these non-GAAP financial measures to their most comparable financial measures in accordance with GAAP. Please see the schedules captioned “GAAP Reconciliation” within the Appendix for additional information and the applicable reconciliations. The Company does not reconcile its forward -looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to v ariability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information necessar y for a quantitative reconciliation of these forward -looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, is available to the Company without unreasona ble efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides non -GAAP financial measures that it belie ves will be achieved; however, it cannot accurately predict all of the components of the adjusted calculations, and the U.S. GAAP measures may be materially different than the non -GAAP measures. 3 Non-GAAP Measures
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4 Positioned to Win in the Middle Market Professional Services Industry CBIZ is the leading professional services advisor of its kind to middle-market businesses nationwide Attractive US Middle Market Professional Service Industry CBIZ Competitive Advantages to Win in the Market Service Line Breadth Expanding service offerings across accounting, tax, assurance, advisory, employee benefits and insurance Industry Expertise Dedicated teams with deep industry knowledge tailoring solutions to clients Client and Geographic Coverage Scaling to build client relationships and expand geographic density in key markets Talent and Technology Our people are our greatest asset – investing in talent and supporting teams with technology & innovation Strong Secular Growth Drivers Clients demanding expert advisors to navigate continually increasing regulatory complexity and risk Large & Growing TAM(1) >200k companies with ~$10 trillion in annual revenue and grow at ~10%+ annually Opportunity for Long-Term Relationship Companies are earlier in their lifecycle providing a long runway for recurring business and growing relationship Value Trusted Advisors Middle market companies are historically underserved, but carry same requirements as large firms (1) National Center for the Middle Market Year-End 2025 Middle Market Indicator ; middle market defined as companies with annual revenues between $10M and $1B
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5 2025 Highlights Advanced Marcum integration with synergy realization ahead of schedule Launched industry specialization by forming 12 industry verticals to increase revenue and enhance client service Increased investments in AI technology and offshoring to enhance automation and efficiency Delivered profitability in-line with guidance with Adjusted Diluted EPS of $3.61 Generated strong and consistent cash flow to support future growth
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6 Marcum Acquisition: Integration Update Metric Status People Integration Complete, on time Process and Systems Integration On schedule Client and MD Retention Consistent with expectations and historical experience Synergies $50M+ run-rate; Double initial expectations Process • ~70% of synergies realized in 2025, ahead of schedule • Aligned reporting structure, co-locations, and standardized operating processes Durable Changes • Capitalizing on scale to address evolving client needs • Broader, deeper capabilities that position us to win • Improved cross-serve efficiency 2026 Integration Focus Two primary areas remaining: • Common practice management system • Real estate footprint consolidation Majority of integration complete – well positioned to capitalize on the value creation of the deal in 2026 Strategic Benefits • Attracting and retaining talent • Expanded middle-market client base • Accelerated deployment of technology and offshore teams
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Win New Client Logos 7 Strategic Priorities to Unlock Growth Strategically leveraging scale to generate strong organic revenue growth Improve Client Retention and Enhance Value Expand Existing RelationshipsStructural Growth Drivers Strategic Initiatives Attract and Retain Top Talent Continue to invest in our people and grow our talent base Elevate National Brand Campaign and Marketing Raise awareness and reach in the market Utilize Industry Specialization Organize to deliver greater expertise and strengthen go-to-market Deliver Enhanced Breadth and Depth of Services Improve win rate and cross-serving across service lines and segments
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8 Embedding Automation and AI Across our Service Model Competitive advantages driven by scale, breadth and depth of solutions as we implement enterprise AI Scaling Proven Capabilities Already in Production ✓ Vertical Vector AI • Proprietary client-facing tool • 1M AI-assisted interactions completed ✓ 1040 Tax Return Preparation • Enterprise-wide rollout • ~50% reduction in review/view time ✓ K-1 Automation • Eliminating manual processing • Direct flow into tax compliance systems Building Enterprise AI Foundation • Developing a standardized AI platform across service lines • Strengthening data discipline and governance • Embedding AI tools into engagement workflows • Structured training across ~9,500 professionals • Dedicated team of over 60 professionals focused on innovation & transformation Realizing Expected Benefits ✓ Productivity gains through workflow automation ✓ Enhancing value without pricing disruption ✓ Improving speed, consistency, and accuracy ✓ Supporting operating leverage within our fixed-fee model ✓ Potential incremental growth opportunities with new and existing clients
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9 Increasing Offshoring to Improve Efficiency and Expand Capacity • Currently operate delivery centers in the Philippines and India, with >500 professionals • 2026 initiatives expected to expand offshore capacity and increase utilization • Tracking hours worked outside the U.S. monthly to ensure quality and efficiency Meaningful margin expansion opportunity through higher utilization of offshoring capabilities 6% 10% FY 2025 2026 Initiatives FY 2026 Exit Rate Long-Term Initiatives Long-Term Target Offshore Share of Total Tax and Attest Hours >20%
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Financial Overview 10
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11 2025 Consolidated Financial Results Total Revenue Operating Expense / Adjusted Gross Margin(1) Personnel Expense Detail $1,813 $2,758 2024 2025 $1,612 $2,382 2024 2025 • Growth driven by Marcum Acquisition • ~2% organic revenue growth YoY tempered by macroeconomic conditions in 1H25 • 4Q25 below expectation due to limited impact of enhanced utilization initiative, only partially offset by stronger advisory revenue • 2025 benefited from reduced incentive compensation • Operational synergies of ~$35M in 2025 results • ~$50M run rate savings achieved with remainder of benefit flowing into 2026 • 80% of operating expense related to personnel expense • Ensuring high-performing teams are recognized and retained, while driving growth, profitability, and value creation • Historically, incentive compensation represents closer to ~16-17% of total personnel expense $ in millions $ in millions (1) Non-GAAP financial measure. See Appendix for GAAP reconciliation. Excludes the impact of income and expenses related to the deferred compensation plan. 2024 2025 Incentive Compensation Other Personnel Costs 11.1% 13.6% ~16% ~13% ~84% ~87%
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• Consistent strong cash generation to support capital allocation priorities • Free Cash Flow increased $65M in 2025 to $176M for the year • FCF conversion of ~40% impacted by Marcum integration-related spend • New 5 million share repurchase authorization expected to lower outstanding share count over time 12 2025 Consolidated Financial Results Free Cash Flow / Conversion(1, 2) $111 $176 2024 2025 $ in millions ~55% ~40% (1) Non-GAAP financial measure. See Appendix for GAAP reconciliation. (2) Free Cash Flow conversion is Free Cash Flow divided by Adjusted EBITDA. Adjusted EBITDA / Margin(1) • Normalizing for incentive compensation and acquisition timing, margin expansion consistent with past performance • Adjusted EBITDA margin expansion of 530 bps YoY driven by: • ~270 bps from lower incentive compensation • Durable benefit of greater scale and operating efficiency $198 $447 2024 2025 $ in millions 10.9% 16.2% Adjusted EPS(1) $2.01 $3.61 2024 2025 • Achieved Marcum accretion target • 2025 interest expense of $107M • 2025 effective tax rate of 28.2% • Weighted average fully diluted share count of 63.2 million shares • 54.4M shares outstanding at year end $ per share
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Accounting & Tax 74% Advisory 13% Govt. Healthcare 9% Technology 4% 13 Financial Services Segment $2.3B Total Revenue $1,363 $2,301 2024 2025 $ in millions Adjusted EBITDA / Margin(1) $184 $449 2024 2025 $ in millions 13.5% 19.5% 2025 Revenue Breakdown (1) Non-GAAP financial measure. See Appendix for GAAP reconciliation.
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14 Benefits & Insurance Segment Total Revenue $401 $410 2024 2025 $ in millions Adjusted EBITDA / Margin(1) $83 $86 2024 2025 $ in millions 20.8% 21.0% 2025 Revenue Breakdown Employee Benefits Consulting 35% Retirement & Investment Solutions 24% Property & Casualty 22% Payroll / Human Capital Mgmt. 14% Other 5% $410M (1) Non-GAAP financial measure. See Appendix for GAAP reconciliation.
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15 Strong and Consistent Cash Generation Note: columns and rows may not foot due to rounding (1) Non-GAAP financial measure. See Appendix for GAAP reconciliation. (2) Working capital source (use) includes accounts receivable, accounts payable and accrued personnel costs. (3) Includes Cash and Cash Equivalents, Restricted Cash and Cash Equivalents included in funds for clients. (4) Net debt represents gross debt minus Cash & Cash Equivalents (excluding Restricted Cash & Funds Held for Clients); net levera ge represents net debt divided by TTM Adjusted EBITDA. • Strength of business model and low capital expenditure requirements drive meaningful cash generation in almost all business climates to support capital allocation priorities • Quarterly revenue seasonality driven by busy season, with timing of billing and collections impacting working capital • Other operating cash items in 2025 are primarily acquisition-related and should begin to abate in 2026 • Ended the year with net debt of ~$1.45B resulting in a net leverage ratio of 3.3x $ in millions 1Q25 2Q25 3Q25 4Q25 FY25 Revenue $838 $683 $694 $543 $2,758 Adjusted EBITDA(1) $238 $117 $120 $(29) $447 Working Capital Source (Use)(2) (274) 84 (22) 199 (12) Cash Taxes Paid -- (21) (1) (2) (24) Cash Interest Payments (30) (26) (25) (24) (105) Capital Expenditures (5) (8) (2) (2) (17) Other Operating, net (22) (41) (48) -- (113) Free Cash Flow(1) $(93) $105 $22 $142 $176 Share Repurchase 0 (71) (56) (32) (160) M&A Earnout (30) (19) (7) (3) (59) Other Financing & Investing Activity 85 3 19 (33) 74 Change in Cash Position $(38) $17 $(23) $74 $31 Cash, Cash Equivalents & Restricted(3) $149 $167 $144 $218 $218 Net Debt(4) -- -- -- -- $1,454 Net Leverage(4) -- -- -- -- 3.3x
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16 2026 Outlook & Financial Modeling Support Metric 2025 Actuals 2026 Outlook(1) Key Details Revenue $2.76B ~$2.8B to $2.9B ~2% to 5% • Industry groups drive improved cross-serving and new logo wins with client tailored solutions • Range largely driven by macroeconomic assumptions, which could impact project-based work and lapping of client losses driven primarily by our risk tolerance Adjusted EBITDA(1)(2) $447M ~$450M to $460M • Up slightly YoY as incremental revenue flow through and synergy realization offset by funding of incentive pools, cost inflation and investments in enhanced automation • Committed to investing in our people to drive long-term growth Adjusted EPS(1)(2) $3.61 ~$3.75 - $3.85 • ~28.5% Effective tax rate • ~62M weighted average fully diluted share count Free Cash Flow(1)(2) $176M ~$270M to $290M • Continue to generate strong and consistent Free Cash Flow • Represents ~60% Free Cash Flow conversion (1) Non-GAAP financial measure. See Appendix for GAAP reconciliation. (2) With respect to the company’s adjusted EPS, adjusted EBITDA and Free Cash Flow outlook for 2026, the Company is not providing a reconciliation to the most directly comparable GAAP financial measures because it is unable to predict with reasonable certainty those items that may affect such measures calcul ated and presented in accordance with GAAP without unreasonable effort. These measures primarily exclude future net non -routine items. These reconciling items are uncertain, depen d on various factors and could significantly impact, either individually or in the aggregate, operating profit and net income calculated and presented in accordance with GAAP.
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17 Disciplined Capital Allocation Framework Near-term (2026 / 2027) Long-term (2027+) Debt Reduction Strategic M&A Share repurchases and Strategic M&A Share repurchases Debt Reduction Invest in future organic growth with focus on top talent, client service, operational excellence, and technology Target Net Leverage <2.5x in 2027
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Longstanding Diverse Client Base Large middle-market client base across multiple industries and geographies with +90% client retention rates Investment Thesis – Value Creation Across Multiple Levers CBIZ is the leading professional services advisor of its kind to middle-market businesses nationwide High-Quality Resilient Business Model Attractive Industry with Secular Growth Tailwinds Strong & Consistent Cash Flow Scale-Driven Operating LeverageMultiple Revenue Growth Engines Clients demanding expert advisors to navigate continually increasing regulatory complexity and risk Leading national platform providing essential and recurring services – greater than 70% of revenue is recurring Broad service offering tailored to industry verticals, supported by national brand campaign, drives cross-serve and new logo wins, along with strong M&A track record Increased scale enhances operating leverage and ability to invest in technology and offshoring, driving significant margin expansion opportunity Strong cash generation and low capex requirements support high-return capital allocation priorities 18
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CBIZ.COM Thank You – Q&A
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Supplemental Slides 20
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21 Growing Revenue – Targeting 2 - 5% YoY Growth in 2026 ‘25 Organic Growth YoY ~2% ‘26 Organic Growth YoY ~2% - 5% $2.76B Retention 2025 Actual Revenue 2026 Estimate Revenue Enhance & Realize Value Win New LogosExpand Existing Relationships $2.8B - $2.9B • Assume ~90% client retention to start the year • Expand existing relationships through increased cross- serve penetration • Targeted new logo program introduced in 2025 driven through industry groups • CBIZ strategic initiatives focused on delivering sustainable MSD revenue growth long-term: • Attract and retain top talent • Elevate national brand campaign and marketing • Utilize industry specialization • Deliver enhanced breadth and depth of services Structural Growth Drivers
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22 Improving Profitability – Detailing Impact of Incentive Compensation & Synergies ‘25 Adjusted EBITDA Margin(1) 16.2% $447M Higher Incentive Comp 2025 Actual Adjusted EBITDA(1) 2026 Estimate Adjusted EBITDA(1) Annual Merit & Benefits Revenue Growth Flow Through Synergies & Other Efficiencies $450M - $460M • Refilling the incentive compensation pools becomes a headwind YoY at greater than 2% revenue growth and only represents the full headwind at 5% revenue growth • Annual merit increase in salary assumed at ~3-4% along with higher medical benefit costs • Other inflation related to investments in technology, transformation and marketing • Assumes revenue contribution at the midpoint of 2026 revenue guidance with normal flow through • Synergies & other efficiencies includes two items: • Modest early benefits from offshoring and AI / automation • Continued synergy realization from acquisition Other Inflation and investments ‘26 Adjusted EBITDA Margin(1) ~16% (1) Non-GAAP financial measure. See Appendix for GAAP reconciliation.
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23 Increasing Free Cash Flow – Path to ~60% Conversion(2) by Year-end 2026 $176M Higher Adjusted EBITDA(1) (1) Assumes range and mid-point of YoY improvement in 2026 outlook. (2) Defining Free Cash Flow conversion as Free Cash Flow divided by Adjusted EBITDA. (3) Non-GAAP financial measure. See Appendix for GAAP reconciliation. 2025 Actual FCF(3) 2026 Estimate FCF(3) Working Capital Efficiency Lower Acquisition Related Spend $270M - $290M • 2026 improvement driven primarily by lower acquisition related items with only modest contributions from Adjusted EBITDA, working capital efficiency and lower interest • Higher capital expenditures in 2026 tied to facility optimization plans as part of Marcum integration • Will return to more historical levels following completion of the program • Over time, expect stronger contributions from Adjusted EBITDA growth, working capital efficiency and lower interest payments • Working capital efficiency tied to DSO improvement • Returning value to stakeholders through debt paydown is a priority leading to lower interest expense over time ‘25 FCF Conversion(2) ~40% ‘26 FCF Conversion(2) ~60% Lower Cash Interest Payments Purchase Price Adjustment
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24 Synergy and Integration Update Key cost synergy categories ✓ Administrative operations ✓ Overlap in client-facing roles ✓ Facility optimization ✓ IT systems consolidation ~$25M ~$35M 2025 ~$12M 2026 Original Cost Synergy Estimate $50M+ ~$3M 2027 Updated Cost Synergy Estimate ✓ Aligned reporting structure, co-locations, and standardized operating processes ✓ Accelerated operating efficiency improvement through investment in shared resource center and innovation team ✓ Improved client experience through industry verticals, streamlined processes, Vertical Vector AI, and brand campaign
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25 Common Stock Shares Outstanding 50.2M shares outstanding 54.4M shares outstanding 6.4M Marcum deferred shares issued (1) 1.5M shares repurchased under ROFR 0.7M shares other, net (as of Dec 31, 2024) (as of Dec 31, 2025) 4.2M increase in shares outstanding 3.8M shares presented under ROFR 2.3M shares cleared for sale in the open market Inclusive of ~0.9M open market share repurchases (1) An additional ~300K shares to be issued monthly through December 2027 for a total of ~7.2M additional shares
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26 Revenue Bridge – 2025 vs. 2024 FY 2024 CBIZ(1) FY 2025 Actual $1,705 FY 2024 Marcum $1,086 2024 Combined $2,790 Deal Related Known Items $(75) 2024 Adjusted $2,715 Pricing ~4% ~$90 Volume / Retention ~$(50) $2,758 ~2% Growth (1) Represents stand alone CBIZ revenue for full year 2024 only without the two months of Marcum revenue.
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27 Financial Goals 2026 Guidance(1) Revenue: $2.8B to $2.9B Adj. EPS(1)(2) : $3.75 to $3.85 Continued Strong Cash Flow Long-term Goals 1.5x – 2x Earnings Growth Operating Leverage8% - 10% Revenue Growth (1) Non-GAAP financial measure. See Appendix for GAAP reconciliation. (2) With respect to the company’s adjusted EPS, adjusted EBITDA and Free Cash Flow outlook for 2026, the Company is not providing a reconciliation to the most directly comparable GAAP financial measures because it is unable to predict with reasonable certainty those items that may affect such measures calcul ated and presented in accordance with GAAP without unreasonable effort. These measures primarily exclude future net non -routine items. These reconciling items are uncertain, depen d on various factors and could significantly impact, either individually or in the aggregate, operating profit and net income calculated and presented in accordance with GAAP.
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28 Industry Verticals Capital Markets Alternative Investments Construction Financial Services Consumer & Industrial Products Food & Beverage Not-for-Profit & Higher Education Government Private Equity Real Estate Professional Services Technology & Life Sciences
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29 Reconciliation of GAAP to Non-GAAP Results(1) – FY25 (1) This table reconciles Adjusted net (loss) income, Adjusted diluted EPS, and Adjusted EBITDA to the most directly comparable G AAP financial measures. Adjusted net (loss) income, Adjusted diluted EPS, and Adjusted EBITDA exclude the impact of Marcum acquisition and other significant non -operating related gains and losses that management doe s not consider on-going in nature. Please refer to the 'Non -GAAP Financial Measures' section for further management discussion. (2) These costs include, but are not limited to, one -time and non-recurring legal settlement gains and losses, legal costs associate d with the settled cases, and legal costs associated with cases and claims against legacy Marcum. During the twelve months ended December 31, 2025, the Company recorded a gain of $12.5 million related to a legal set tlement payment from a small group of former employees. The gain was recorded in “other income (expense), net” on the consolidated statement of comprehensive income for the twelve months ended December 31, 2025. (3) Represents third-party consulting and professional services fees associated with a non -recurring project. (4) Depreciation expense reported for 2025 excluded $1.8 million of depreciation expense reported as integration costs related to acquisitions above. The accelerated depreciation was associated with certain technology assets from the acquisition of Marcum. Financial Services Benefits and Insurance Services National Practices Corporate and Other Consolidated EPS Net income 334,614$ 76,073$ 5,988$ (301,231)$ 115,444$ 1.83$ Adjustments: Amortization of acquired intangible assets 68,176 6,728 - - 74,904 1.18 Gain on sale of operations, net (1,076) - (1,124) 1,489 (711) (0.01) Litigation gain, net (2) - - - (8,811) (8,811) (0.14) Integration costs related to Marcum 31,850 1,090 - 56,149 89,089 1.41 Other adjustments(3) - - - 2,836 2,836 0.04 Income tax effect related to adjustments - - - (44,396) (44,396) (0.70) Adjusted net income 433,564$ 83,891$ 4,864$ (293,964)$ 228,355$ 3.61$ Interest expense - - - 107,215 107,215 Income tax expense - - - 45,391 45,391 Tax effect related to the adjustments above - - - 44,396 44,396 Depreciation(4) 14,995 2,123 6 4,417 21,541 Adjusted EBITDA 448,559$ 86,014$ 4,870$ (92,545)$ 446,898$ As a % of Revenue 19.5% 21.0% 10.4% N/A 16.2% Twelve Months Ended December 31, 2025
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30 Reconciliation of GAAP to Non-GAAP Results(1) – FY24 (1) This table reconciles Adjusted net (loss) income, Adjusted diluted EPS, and Adjusted EBITDA to the most directly comparable G AAP financial measures. Adjusted net (loss) income, Adjusted diluted EPS, and Adjusted EBITDA exclude the impact of Marcum acquisition and other significant non -operating related gains and losses that management doe s not consider on-going in nature. Please refer to the 'Non -GAAP Financial Measures' section for further management discussion. (2) These costs include, but are not limited to, one -time and non-recurring legal settlement gains and losses, legal costs associate d with the settled cases, and legal costs associated with cases and claims. (3) These costs primarily include the Company's facility optimization effort and integration costs related to non -marcum acquisitions we had in 2024. Financial Services Benefits and Insurance Services National Practices Corporate and Other Consolidated EPS Net income 149,540$ 72,925$ 10,189$ (191,616)$ 41,038$ 0.78$ Adjustments: Amortization of acquired intangible assets 24,869 7,873 - 1 32,743 0.62 Gain on sale of operations, net - - (4,932) - (4,932) (0.09) Litigation cost (2) - - - 5,564 5,564 0.11 Integration costs related to Marcum 883 22 - 54,561 55,466 1.05 Other adjustments(3) 404 169 - 1,282 1,855 0.04 Income tax effect related to adjustments - - - (26,310) (26,310) (0.50) Adjusted net income 175,696$ 80,989$ 5,257$ (156,518)$ 105,424$ 2.01$ Interest expense - - - 34,379 34,379 Income tax expense - - - 16,769 16,769 Tax effect related to the adjustments above - - - 26,310 26,310 Depreciation 8,440 2,279 25 4,572 15,316 Adjusted EBITDA 184,136$ 83,268$ 5,282$ (74,488)$ 198,198$ As a % of Revenue 13.5% 20.8% 10.6% N/A 10.9% Twelve Months Ended December 31, 2024
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31 Reconciliation of GAAP to Non-GAAP Results(1) – Quarterly Results and FY25 (1) This table reconciles Adjusted net (loss) income, Adjusted diluted EPS, and Adjusted EBITDA to the most directly comparable G AAP financial measures. Adjusted net (loss) income, Adjusted diluted EPS, and Adjusted EBITDA exclude the impact of Marcum acquisition and other significant non -operating related gains and losses that management doe s not consider on-going in nature. Please refer to the 'Non -GAAP Financial Measures' section for further management discussion. (2) These costs include, but are not limited to, one -time and non-recurring legal settlement gains and losses, legal costs associate d with the settled cases, and legal costs associated with cases and claims against legacy Marcum. (3) These costs represent third-party consulting and professional services fees associated with a non -recurring project for the year ended December 31, 2025. (4) Depreciation expense reported for 2025 excluded a total of $1.8 million of depreciation expense reported as integration costs related to acquisitions above. The accelerated depreciation was associated with certain technology assets from the acquisition of Marcum. 1Q25 2Q25 3Q25 4Q25 2025 Net income 122,773$ 41,942$ 30,146$ (79,417)$ 115,444$ Adjustments: Amortization of acquired intangible assets 18,666 18,790 18,748 18,700 74,904 Gain on sale of operations, net - - (1,124) 413 (711) Litigation gain, net (2) 796 (11,859) (293) 2,545 (8,811) Integration costs related to Marcum 15,692 19,163 28,639 25,595 89,089 Other adjustments (3) - - - 2,836 2,836 Income tax effect related to adjustments (10,193) (7,323) (12,635) (14,245) (44,396) Adjusted net income 147,734$ 60,713$ 63,481$ (43,573)$ 228,355$ Interest expense 25,156 27,867 27,960 26,232 107,215 Income tax expense 50,137 15,837 10,260 (30,843) 45,391 Tax effect related to the adjustments above 10,193 7,323 12,635 14,245 44,396 Depreciation (4) 5,196 5,413 5,692 5,240 21,541 Adjusted EBITDA 238,416$ 117,153$ 120,028$ (28,699)$ 446,898$ As a % of Revenue 28.4% 17.1% 17.3% (5.3%) 16.2% ($ in thousands)
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32 Reconciliation of GAAP to Non-GAAP Results(1) – FY25 & FY24 Gross Margin As Reported Deferred Compensation Plan Adjusted % of Revenue As Reported Deferred Compensation Plan Adjusted % of Revenue Operating Expense $ 2,402,598 $ (20,316) $ 2,382,282 86.4% $ 1,631,003 $ (18,776) $ 1,612,227 88.9% Gross margin $ 355,393 $ 20,316 $ 375,709 13.6% $ 182,469 $ 18,776 $ 201,245 11.1% (Amounts in thousands, except percentages) Twelve Months Ended December 31, 2025 Twelve Months Ended December 31, 2024 (1) CBIZ sponsors a deferred compensation plan, under which select CBIZ employees compensation deferral is held in a rabbi trust and invested as directed by the employee. Income and expenses related to the deferred compensation plan are included in "Operating expenses" and "Corporate general and administrative expenses," and are directly offset by deferred compensation gains or losses in "Other income (expense), net." The deferred compensation plan has no impact on "Income before income tax expense."
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33 Reconciliation of GAAP to Non-GAAP Results(1) – Free Cash Flow (1) This table reconciles Free Cash Flow to the most directly comparable GAAP financial measure of net cash provided by operating activities. Free Cash Flow is a non -GAAP measure that management believes provides a more complete understanding of the factors and trends affecting our cash flows. This information is useful to investors, as i t offers a measure of cash generated from our business that can be used for our strategic business objectives. 2025 2024 Net cash provided by operating activities 192,485$ 123,692$ Less: Additions to property and equipment (16,959) (12,914) Free Cash Flow 175,526$ 110,778$ March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 Net cash provided by operating activities (88,266)$ 113,146$ 23,966$ 143,639$ Less: Additions to property and equipment (5,177) (7,948) (1,910) (1,924) Free Cash Flow (93,443)$ 105,198$ 22,056$ 141,715$ For the Three Months Ended Twelve Months Ended December 31,
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34 Reconciliation of GAAP to Non-GAAP Results(1) – Net Debt & Net Leverage Year Ended 2025 Long-term portion, term loan 1,260,000$ Revolver facility 142,400 Current portion, term loan 70,000 Total gross debt 1,472,400$ Less: Cash and cash equivalents (18,290) Net Debt 1,454,110$ Adjusted EBITDA 446,898 Net leverage ratio 3.3x (1) This table reconciles gross debt to net debt. We calculate net debt as the outstanding gross debt less the Cash and Cash Equi valents on the balance sheet. The net debt is taken to calculate the net leverage ratio, which is net debt divided by Adjusted EBITDA. Management believes these non -GAAP measures are useful to investors and lenders in evalu ating the Company’s capital structure and leverage.