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© 2026 First Advantage Q4 and Full Year 2025 Earnings Presentation February 26, 2026
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© 2026 First Advantage NON-GAAP FINANCIAL INFORMATION This presentation contains “non-GAAP financial measures” that are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Specifically, we make use of the non-GAAP financial measures “Adjusted EBITDA,” “Adjusted EBITDA Margin,” “Adjusted Net Income,” “Adjusted Diluted Earnings Per Share,” “Constant Currency Revenues,” and “Adjusted Operating Cash Flow.” Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, and Constant Currency Revenues have been presented in this presentation as supplemental measures of financial performance that are not required by or presented in accordance with GAAP because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management believes these non-GAAP measures are useful to investors in highlighting trends in our operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate, and capital investments. Management uses Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, and Constant Currency Revenues to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, to establish discretionary annual incentive compensation, and to compare our performance against that of other peer companies using similar measures. Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, and Constant Currency Revenues are not recognized terms under GAAP and should not be considered as an alternative to net income (loss) as a measure of financial performance or cash provided by (used in) operating activities as a measure of liquidity, or any other performance measure derived in accordance with GAAP. We define Adjusted EBITDA as net income (loss) before interest, taxes, depreciation, and amortization, and as further adjusted for loss on extinguishment of debt, share-based compensation, transaction and acquisition-related charges, integration and restructuring charges, and other non-cash charges. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenues. We define Adjusted Net Income for a particular period as net income (loss) before taxes adjusted for debt-related costs, acquisition-related depreciation and amortization, share-based compensation, transaction and acquisition-related charges, integration and restructuring charges, and other non-cash charges, to which we then apply the related effective tax rate. We define Adjusted Diluted Earnings Per Share as Adjusted Net Income divided by adjusted weighted average number of shares outstanding—diluted. We define Constant Currency Revenues as current period revenues translated using prior-year period exchange rates. Additionally, we use Adjusted Operating Cash Flow to review the liquidity of our operations. We define Adjusted Operating Cash Flow as cash flows from operating activities adjusted for cash costs directly associated with the Sterling acquisition and related integration. We believe Adjusted Operating Cash Flow is a useful supplemental financial measure for management and investors in assessing the Company’s ability to pursue business opportunities and investments and to service its debt. Adjusted Operating Cash Flow is not a measure of our liquidity under GAAP and should not be considered as an alternative to cash flows from operating activities. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures, see the reconciliations included at the end of this presentation. The presentations of these measures have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company. Numerical figures included in the reconciliations have been subject to rounding adjustments. Accordingly, numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures that precede them. To facilitate comparability, we present pro forma combined company results, consisting of First Advantage and Sterling historical results and certain pro forma adjustments as if the acquisition of Sterling had occurred on 1/1/2023. The pro forma information does not constitute Article 11 pro forma information. FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, our operations and financial performance. Forward-looking statements include all statements that are not historical facts. These forward-looking statements relate to matters such as our industry, business strategy, goals, and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources, and other financial and operating information. In some cases, you can identify these forward-looking statements by the use of words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable,” “target, ” “guidance,” the negative version of these words, or similar terms and phrases. These forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Such risks and uncertainties include, but are not limited to, the following: negative changes in external events beyond our control, including our customers’ onboarding volumes, economic drivers which are sensitive to macroeconomic cycles, such as interest rate volatility and inflation, geopolitical unrest, global trade disputes, uncertainty in financial markets, and changes in tax laws; our operations in a highly regulated industry and the fact that we are subject to numerous and evolving laws and regulations, including with respect to personal data, data security, and artificial intelligence (“AI”); inability to identify and successfully implement our growth strategies on a timely basis or at all; potential harm to our business, brand, and reputation as a result of security breaches, cyber-attacks, or the mishandling of personal data; our reliance on third-party data providers; due to the sensitive and privacy-driven nature of our products and solutions, we could face liability and legal or regulatory proceedings, which could be costly and time-consuming to defend and may not be fully covered by insurance; our international business exposes us to a number of risks; the timing, manner and volume of repurchases of common stock pursuant to our share repurchase program; the continued integration of our platforms and solutions with human resource providers such as applicant tracking systems and human capital management systems as well as our relationships with such human resource providers; our ability to obtain, maintain, protect and enforce our intellectual property and other proprietary information; disruptions, outages, or other errors with our technology and network infrastructure, including our data centers, servers, and third-party cloud and internet providers and our migration to the cloud; our indebtedness could adversely affect our ability to raise additional capital to fund our operations, limit our ability to react to changes in the economy or our industry, and prevent us from meeting our obligations; the failure to realize the expected benefits of our acquisition of Sterling Check Corp.(“Sterling”); and control by our Sponsor, "Silver Lake" (Silver Lake Group, L.L.C., together with its affiliates, successors, and assignees) and its interests may conflict with ours or those of our stockholders. For additional information on these and other factors that could cause First Advantage’s actual results to differ materially from expected results, please see our Annual Report on Form 10-K for the year ended 12/31/2024, filed with the Securities and Exchange Commission (the “SEC”), as such factors may be updated from time to time in our filings with the SEC, including the Company’s Annual Report on Form 10-K for the fiscal year ended 12/31/2025, which is expected to be filed after this presentation, which are or will be accessible on the SEC’s website at www.sec.gov. The forward-looking statements included in this presentation are made only as of the date of this presentation, and we undertake 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. NOTE This presentation contains references to historical results of Sterling. Historical results through 6/30/2024 are from Sterling’s historical SEC filings and disclosures. Historical results for 7/1/2024 through 10/31/2024 (date of acquisition) are from Sterling’s books and records. First Advantage Corporation and its subsidiaries are collectively referred to as the “Company”, “FA”, and “First Advantage”. 2
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Q4 and Full Year 2025 Highlights Scott Staples Chief Executive Officer
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© 2026 First Advantage 1. Includes non-GAAP measures. Pro forma measures assume the acquisition of Sterling had occurred 1/1/2023. See appendix for reconc iliation of pro forma Revenues, Adjusted EBITDA, pro forma Adjusted EBITDA, and Adjusted Diluted Earnings Per Share to their most directly comparable respective GAAP measures.4 Exceptional Q4 and FY 2025 performance1; Q4 revenue growth of ~12%, Q4 Adj. EBITDA growth of ~17%, Q4 Adj. Diluted EPS growth of ~67%; exceeded high end of stated expectations Introducing full year 2026 guidance; continuing strong momentum from 2025 and progressing toward 2028 long-term targets Completed core Sterling integration activities; actioned $55M in run rate acquisition synergies as of 12/31/25; continued focus on synergy capture and deleveraging Executing on FA 5.0 strategy; actioning best-of-breed product and platform approach; driving incremental organic growth through go-to- market and product innovation Key Messages 1 2 3 5 Balanced capital allocation strategy to generate shareholder value at today’s valuation levels; announced new $100M share repurchase program and $25M voluntary Feb ‘26 debt prepayment, bringing total cumulative debt repayments since close to $95.5M 4
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© 2026 First Advantage A Global Software and Data Company Helping Organizations Hire with Confidence and Manage Risk 21% 19% 13% 12% 11% 8% 8% 5% 3% Our Verticals5Our Scale $441M Adjusted EBITDA2 28% Adjusted EBITDA Margin2 80K+ Customers ~66% of Fortune 100 and 50%+ of Fortune 500 200+ Countries and Territories 100+ ATS and HCM4 Integrated Partners 96% Average Gross Retention 1B+ Records in Proprietary Databases3 $1.6B Revenue 4% YoY PF Growth1 13+ Year Average Tenure of Top 100 Customers 200M+ Annual Screens Healthcare Retail & E-Commerce Transportation & Logistics Financial Services Gig Economy Manufacturing & Industrials TMT & Hospitality General Staffing Business & Professional Services Note: All metrics are approximate and as of and for the year ended December 31, 2025, unless otherwise noted. 1. Non- GAAP measure. Pro forma measures assume the acquisition of Sterling had occurred 1/1/2023. See appendix for reconciliation of pro forma Revenues to its most directly comparable GAAP measure. 2. Non- GAAP measure. See appendix for reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin to their most directly comparable respective GAAP measures. 3. Proprietary databases are in the US only and only for US residents and products. 4. Applicant Tracking System and H uman Capital Management. 5. Vertical breakdown chart represents each vertical as an approximate percentage of FY2025 revenues, excluding SMB. Small and Midsize Business (“SMB”) represents ~6% of FY2025 revenues. 5 First Advantage At a Glance
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© 2026 First Advantage $117M 27.8% Adj. EBITDA Margin1 $70M $240M Cash Balance Q4 2025 Results Outstanding Q4 2025 Results Go-to-Market Momentum Vertical Takeaways • Performance exceeded previously stated expectations • Exceptional Q4 combined upsell, cross-sell, and new logo rate of ~17%, significantly outperforming long-term growth algorithm driven by onboarding of large 2025 wins • Retention of 97%, maintaining robust momentum from Q3 • 17 enterprise bookings in Q4 and 66 in the last twelve months • Strength of enterprise bookings and late- stage pipeline support outlook for strong 2026 growth • Best-of-breed product strategy continues to provide customers with enhanced value proposition • Particular strength in retail & e-commerce, general staffing, transportation & logistics, and healthcare verticals • Balance across diverse verticals, customer segments, and hourly- and salaried-focused customers provides resiliency through macroeconomic cycles Adjusted Cash Flow from Operations2Revenue Adjusted EBITDA1 Adjusted Diluted EPS1 6 1. Non-GAAP measure. See appendix for reconciliation of Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Diluted Earnings Per Share to their most directly comparable respective GAAP measures. 2. Non-GAAP measure. The Company generated $65.9 million of cash flow from operations, or $70.4 million after adjusting for $4.5 mi llion of cash costs associated with the Sterling acquisition and related integration. 3. Non-GAAP measure. Pro forma measures assume the acquisition of Sterling had occurred 1/1/2023. See appendix for reconciliation of pro forma Revenues to its most directly comparable GAAP measure. © 2026 First Advantage $0.30 66.7% YoY Growth $420M 11.9% YoY Growth3
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© 2026 First Advantage 2025 Execution Driving Momentum into 2026 2025 Accomplishments 2026 Key Focus Areas Maximize benefits of post-acquisition strengthened profile and competitive positioning Continue to drive synergy realization 1 2 Accelerate go-to-market strategy to win share and drive higher levels of organic growth3 • Product, sales, and marketing innovation • Further leveraging AI across product portfolio • Increasing identity-fraud-related product penetration • Creating brand new products • Expanding international business 7 Completed core Sterling integration activities Deleveraged balance sheet with $70.5M of debt repayments in 2025 Impressive 2025 go-to-market momentum, substantial revenues booked entering 2026 Continued deploying AI within products and technology to improve speed, consistency, and efficiency Digital Identity live across a number of Fortune 500 companies
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Financial Results & Outlook Steven Marks Chief Financial Officer
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© 2026 First Advantage $0.18 $0.30 Q4 2024 Q4 2025 ($ in millions, except per share data and percentages) $375.3 $420.0 Q4 2024 Q4 2025 Revenues Adjusted EBITDA and Margin1 Adjusted Diluted EPS1 $100.0 $116.8 Q4 2024 Q4 2025 26.7% 27.8% (Pro Forma2) (Pro Forma2) +11.9% +16.8% +66.7% • Go-to-market success resulted in robust combined new logo, upsell, and cross- sell contribution of ~17% • Trends in base performance continued to improve • Retention remained high at 97% • Pro forma constant currency revenue growth of 11.7% 2,3 • Adjusted EBITDA Margin increased 110 bps YoY1,2 due to the acceleration of synergy actioning and realization • Deeply engrained, disciplined cost management approach within highly variable, flexible cost structure is a differentiator • Benefits of greater scale and expense and capital management more than offset incremental interest on transaction financing and dilutive impact of new shares issued for the Sterling acquisition 1. Non-GAAP measure. See appendix for reconciliation of Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Diluted Earnings Per Share to their most directly comparable respective GAAP measures. 2. Non-GAAP measure. Pro forma measures assume the acquisition of Sterling had occurred 1/1/2023. See appendix for reconciliation of pro forma Revenues, pro forma Adjusted EBITDA, pro forma Adjusted EBITDA Margin, and pro forma constant currency revenues to their most directly comparable respective GAAP measures. 3. Pro forma currency impact on revenues was $(0.8) million.9 Q4 2025 Financial Results
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© 2026 First Advantage $0.82 $1.04 2024 2025 $1,509.6 $1,574.4 2024 2025 Revenues Adjusted EBITDA and Margin1 Adjusted Diluted EPS1 $396.5 $441.4 2024 2025 26.3% 28.0% (Pro Forma2) (Pro Forma2) +4.3% +11.3% +26.8% • Go-to-market success resulted in combined new logo, upsell, and cross- sell contribution of 11% • Base performance moderated throughout the year • Retention of 96% • Pro forma constant currency revenue growth of 4.3% 2,3 • Adjusted EBITDA Margin increased 170 bps YoY1,2 due to the acceleration of synergy actioning and realization • Deeply engrained, disciplined cost management approach within highly variable, flexible cost structure is a differentiator • Benefits of greater scale and expense and capital management more than offset incremental interest on transaction financing and dilutive impact of new shares issued for the Sterling acquisition 10 1. Non-GAAP measure. See appendix for reconciliation of Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Diluted Earnings Per Share to their most directly comparable respective GAAP measures. 2. Non-GAAP measure. Pro forma measures assume the acquisition of Sterling had occurred 1/1/2023. See appendix for reconciliation of pro forma Revenues, pro forma Adjusted EBITDA, pro forma Adjusted EBITDA Margin, and pro forma constant currency revenues to their most directly comparable respective GAAP measures. 3. Pro forma currency impact on revenues was $(0.7) million. ($ in millions, except per share data and percentages) Full Year 2025 Financial Results
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© 2026 First Advantage Total Run Rate Synergy Target Expected To Be Actioned Within 2 Years ($60M – $70M previous target, up from $50M+ originally) $65M – $80M Synergy Priorities Post-Close of Sterling Acquisition 10/31/2024 Day 1 – 11/1/2024: Corporate Costs First 180 Days: Internal Operations Year 1: Cost of Sales and Fulfillment Year 2: Scaling Automation and AI 2025 Synergy Realization $38M Synergy benefit realized in FY 2025 $8M Synergy benefit realized in Q4 2025 Run Rate Synergies Actioned as of 12/31/24 ACHIEVED $55M Run Rate Synergies Actioned as of 12/31/25 11 Note: Run rate synergy targets represent estimated timing and value. The acquisition of Sterling closed on 10/31/24. Figures above are incremental to $4M of synergies realized in Q4 2024 Delivering on Net Cost Synergies $20M
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© 2026 First Advantage Synergized Net Leverage Capital Allocation2025 Cash Flow • Cash balance of $240M at 12/31/25 • 2025 Adjusted Operating Cash Flows of $231.9M1 • Closely managing working capital to support cash flow and debt pay down De-levered by 0.4x since close of Sterling acquisition new share repurchase program Cash Flow From Operations, Adjusted for the Acquisition $28.2 $195.1 $136.3 $36.8 2024 2025 ($ in millions) $164.5 +41% +592% $231.9 GAAP Cash Flow From Operations Costs Related to the Acquisition Cash Flow from Operations, Adjusted 1 9/30/2024 12/31/2025 24 Months Post Close Long-Term Target Range 4.0x Target: ~3x+ 2 4.4x 3 Target: ~2-3x voluntary prepayment in Feb ‘26, $95.5M in cumulative debt repayments since close 12 1. Non-GAAP measure. The Company generated $195.1 million of cash flow from operations, or $231.9 million after adjusting for $36.8 million of cash costs associated with the Sterling acquisition and related integration. 2. As previously presented in the 11/12/2024 Q3 2024 Earnings Presentation. 3. LTM 12/31/25 synergized net leverage is based on LTM 12/31/25 Synergized Adjusted EBITDA of $471.9M (which represents $441.4M of LTM Adjusted EBITDA plus $72.5M of run rate target synergies (representing the mid- point of the $65M to $80M run rate synergy target range which is expected to be actioned within 2 years post -closing), less $42M of realized acquisition-to-date synergies already in LTM Adjusted EBITDA) and net debt as of 12/31/25; calculated as ($2.11B Debt - $240.0M Cash and Cash Equivalents) / $471.9M LTM Synergized Adjusted EBITDA. Note: Adjusted EBITDA and net leverage are non-GAAP measures. Pro forma measures assume the acquisition of Sterling had occurred 1/1/2023. See appendix for reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure. Cash Flow and Capital Structure 1 2 $25M $100M • Balanced strategy to generate shareholder value at today’s valuation levels • Underscores confidence in business and conviction in attractive long-term opportunities • Leverage management still key priority, with long- term goal of 2-3x net leverage unchanged • Committed to de-leveraging, liquidity, and long-term value creation
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© 2026 First Advantage Full Year 2026 Guidance Implied YoY Growth Total Revenues $1,625M to $1,700M 3% to 8% Adjusted EBITDA $460M to $485M 4% to 10% Adjusted EBITDA Margin ~28.4% ~40 bps Adjusted Net Income $200M to $220M 10% to 21% Adjusted Diluted Earnings Per Share $1.15 to $1.25 11% to 20% 13 Note: • Actual results may differ materially from First Advantage’s Full Year 2026 Guidance as a result of , among other things, the factors described under “Forward- Looking Statements” in this presentation. • All figures above presented before impact of potential share repurchases. • A reconciliation of the foregoing guidance for the non-GAAP metrics of (i) Adjusted EBITDA and Adjusted Net Income to GAAP net i ncome (loss), (ii) Adjusted EBITDA margin to GAAP net income (loss) margin and (iii) Adjusted Diluted Earnings Per Share to GAAP diluted income earnings per share cannot be provided without unreasonable effort because of the inher ent difficulty of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted. For the same reasons, the Company is unable to assess the probable significance of the unavailable information, which could have a material impact on its future GAAP financial results. • “Implied YoY Growth” column compares "Full Year 2026 Guidance" column to FY 2025 results of $1,574.4M Revenues, $441.4M Adjus ted EBITDA, $181.7M Adjusted Net Income, and $1.04 Adjusted Diluted Earnings Per Share. Introducing Full Year 2026 Guidance
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Closing Remarks Scott Staples Chief Executive Officer
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© 2026 First Advantage $1.8B - $2.0B Targeted Revenue 4% - 7% CAGR $560M - $630M Targeted Adjusted EBITDA 9% - 12% CAGR 31% - 32% Targeted Adjusted EBITDA Margin $1.65 - $2.00 Targeted Adjusted Diluted EPS 19% - 25% CAGR 2.0x – 3.0x Targeted Net Leverage Ratio A market leader offering proprietary technology and data in a large and growing market Significant organic revenue growth potential, accelerated by Sterling acquisition Business resiliency backed by flexible cost structure and high revenue diversity Industry-leading operating margins, leading to strong and consistent free cash flow generation Track record of value-accretive capital deployment and balance sheet management 15 The above estimated targets for the future are based on current information and assumptions available to us and arriving at s uch numbers requires us to make a number of assumptions that may not be true. These numbers reflect long- term targets and do not constitute guidance for any period. There are a number of circumstances in the future that could greatly impact actual results, given circumstances that are not within our control, including the factors set fort h under "Forward-Looking Statements". The targets should not be relied upon when making an investment decision. A reconciliation of the targets for the non- GAAP metrics of (i) Adjusted EBITDA to GAAP net income, (ii) Adjusted EBITDA margin to GAAP net income margin and (iii) Adjusted Diluted Earnings Per Share to GAAP diluted income earnings p er share cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the v arious adjusting items necessary for such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted. For the same reasons, w e are unable to assess the probable significance of the unavailable information, which could have a material impact on its future GAAP financial results. Assumes base year of 2024 and no inorganic growth, other than the Sterling acquisition, over 4-year target period. Targeted Revenue and Adjusted EBITDA CAGRs calculated using 2024 pro forma. Tar geted Adjusted Diluted EPS CAGR based on 2024 Adjusted Diluted EPS of $0.82. Investment Thesis and Reaffirmed 2028 Long-Term Targets
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Supplemental Materials and Reconciliations to GAAP Measures Appendix
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© 2026 First Advantage Legacy First Advantage 2023 2024 Upsell / Cross-sell 5% 5% New Logos 4% 4% Gross Retention 97% 96% Base (12%) (9%) Legacy Sterling 2023 2024 Upsell / Cross-sell 5% 10% New Logos 5% 7% Gross Retention 96% 96% Base (15%) (14%) First Advantage Q1’25 Q2’25 Q3’25 Q4’25 2025 Upsell / Cross-sell 5% 5% 5% 12% 7% New Logos 4% 4% 4% 5% 4% Gross Retention 96% 96% 97% 97% 96% Base (6%) (4%) (2%) (1%) (3%) 17 Revenue Growth Algorithm Drivers
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© 2026 First Advantage ($ in millions; all values are approximate) Assumption Free Cash Flow (Cash Flow from Operations less Capital expenditures, including capitalized software development) $160 – $190 Capital expenditures, including capitalized software development $60 – $70 Net interest expense, excluding amortization of financing fees and fair value gains/(losses) from interest rate swaps $130 – $140 Depreciation and amortization excluding intangible amortization $53 – $58 Foreign currency impact on revenues ($4) – $0 Foreign currency impact on Adjusted EBITDA ($2) – $0 Cash income tax payments $65 – $75 Adjusted effective tax rate 25.25% – 25.75% Fully diluted shares outstanding 176M – 177M 18 Note: Actual results may differ materially from First Advantage’s Full Year 2026 Guidance as a result of, among other things, the f actors described under “Forward-Looking Statements” in this presentation. All figures above presented before impact of potential share repurchases. Full Year 2026 Guidance Details: Modeling Assumptions
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© 2026 First Advantage Executing Integration Playbook. Seamless integration process focused on customer retention, synergy realization, and operational efficiency led by a dedicated team and supported by all functional areas Actioning Synergies. Target run rate cost synergy range of $65M to $80M to be actioned within 2 years post-closing, driven by reductions in third-party data costs and efficiencies across operations, product and technology, and SG&A Deleveraging Balance Sheet. Strong Adjusted EBITDA margins and robust operating cash flows will enable expected deleveraging Maintaining Continuity with Customers. Enabling a smooth transition for Sterling customers while uncovering opportunities to enhance the customer value proposition and unlock upsell and cross-sell opportunities Driving Innovation. Technology driven innovation that provides customers with fast background checks; enabled through aligning sales, product, and technology organizations Fostering High-Performing Culture. Fostering an environment of active participation and mutual respect that not only drives innovation and productivity but also ensures that everyone feels valued and empowered to succeed 19 Sterling Acquisition Post-Close Strategic Priorities
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© 2026 First Advantage Base Growth Upsell/ Cross-sell Retention New Customers Long-Term Organic Revenue Growth Target Expected Vended Market Growth Existing Customers 2%-3% 4%-5% ~96% 4%-5% 7%-9% 6%-7% Strategy and Key Organic Growth Drivers: • Continued focus on AI, automation, and technology • Strong track record of innovation • Vertical go-to-market strategy • Candidate experience • Quality and compliance • Customer success • Proprietary data 1 2 New Customers 20 Note: Percentages subject to rounding. 1. Based on average annual gross retention. 2. Reflects expected vended background scr eening market growth. Long-term Growth Algorithm Targets
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© 2026 First Advantage 1. Share-based compensation for the quarters ended March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025, and December 31, 2025, includes approximately $2.6 million, $2.5 million, $6.6 million, $5.6 million, $1.9 million, $1.8 million, $1.9 million, and $1.5 million, respectively, of incrementally recognized expense associated with the May 2023 vesting modification and 2024 retirements of the Company’s former CFO and former President, Americas. 2. Represents charges incurred related to acquisitions and similar transactions, primarily consisting of change in control-related costs, professional service fees, and other third-party costs. Transaction and acquisition related charges for the quarters ended March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025, and December 31, 2025, include approximately $11.1 million, $9.2 million, $13.2 million, $92.3 million, $3.8 million, $2.3 million, $1.4 million, and $0.5 million of expense, respectively, associated with the Sterling Acquisition, primarily consisting of legal, regulatory, and diligence professional service fees, compensation expense attributable to converted Sterling equity awards, post-combination restructuring expenses, success-based banking fees, and other one-time transaction costs. Also includes insurance costs incurred related to the First Advantage initial public offering. 3. Represents charges from organizational restructuring and integration activities, non-cash, and other charges primarily related to nonrecurring legal exposures, foreign currency (gains) losses, impairment of capitalized software, (gains) losses on the sale of assets, and other non-recurring items. Integration, restructuring, and other charges for the three months ended March 31, 2025, June 30, 2025, September 30, 2025, and December 31, 2025, include approximately $7.8 million, $3.7 million, $3.8 million, and $2.7 million of expense, respectively, associated with the integration of Sterling. The three months ended September 30, 2025 also includes approximately $1.5 million of expenses related to debt refinancing activities, as well as capitalized software impairment charges of approximately $1.2 million. Reported First Advantage Adjusted EBITDA 21
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© 2026 First Advantage To facilitate comparability, we present pro forma combined company results, consisting of First Advantage and Sterling historical results and certain pro forma adjustments as if the acquisition of Sterling had occurred on 1/1/2023. The pro forma information does not constitute Article 11 pro forma information. 1. Historical results through 6/30/2024 are from Sterling’s historical SEC filings and disclosures. Historical results for 7/1/2024 through 10/31/2024 (date of acquisition) are from Sterling’s books and records. 22 Pro Forma 2024 First Advantage Adjusted EBITDA
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© 2026 First Advantage 23 Reported First Advantage Adjusted Net Income 1. Represents the loss on extinguishment and non-cash interest expense related to the amortization of debt issuance costs. This adj ustment also includes the impact of the change in fair value of interest rate swaps, which represents the difference between the fair value gains or losses and actual cash payments and receipts on the interest rate swaps. 2. Represents the depreciation and amortization expense related to incremental intangible and developed technology assets recorded due to the application of ASC 805, Business Combinations. As a result, the purchase accounting related depreciation and amort ization expense will recur in future periods until the related assets are fully depreciated or amortized, and the related purchase accounting assets may contribute to revenue generation. 3. Share-based compensation for the three months and year ended December 31, 2024, include approximately $5.6 million and $17.3 mil lion, respectively, of incrementally recognized expense associated with the May 2023 vesting modification and 2024 retirement s of the Company’s former CFO and former President, Americas. Share- based compensation three months and year ended December 31, 2025, include approximately $1.5 million and $7.1 million, respectively, of incrementally recognized expense associated with the May 2023 modifi cation of the vesting terms of outstanding unvested and unearned performance- based options, restricted stock units, and restricted stock awards. 4. Represents charges incurred related to acquisitions and similar transactions, primarily consisting of change in control -related costs, professional service fees, and other third- party costs. Transaction and acquisition related charges for the three months ended December 31, 2024 and 2025 include approximately $92.3 million and $0.5 million of expense, respectively, associated with the Sterling Acquisition. Transaction and acquisition related charges for the year ended December 31, 2024 and 2025 include approximately $125.7 million and $8.0 million of expense associated with the Sterling Acquisition. Also includes insurance costs incurred related to the First Advantage initial publi c offering. 5. Represents charges from organizational restructuring and integration activities, non- cash, and other charges primarily related t o nonrecurring legal exposures, foreign currency (gains) losses, impairment of capitalized software, (gains) losses on the sale of assets, and other non- recurring items. Integration, restructuring, and other charges for the three months ended December 31, 2025 include approximatel y $2.7 million of expense associated with the integration of Sterling. Integration, restructuring, and other charges for the year ended December 31, 2025 include approximately $18.1 million of expense associated with the integration of Sterling, $1.5 million of expenses related to debt refinancing activities, as well as capitalized software impairment charges of approximately $1.2 million. 6. Effective tax rates of approximately 27.6% and 26.6% have been used to compute Adjusted Net Income and Adjusted Diluted Earni ngs Per Share for the three months ended December 31, 2024 and 2025, respectively. Effective tax rates of approximately 24.9% and 25.7%, have been used to compute Adjusted Net Income and Adjusted Diluted Earnings Per Share for the years ended December 31, 2024 and 2025, respectively. As of December 31, 2025, the Company had net operating loss carryforwards of approximately $15.1 million for federal income tax purposes available to reduce future income subject to income taxes. The federal net operating loss carryforward is subject to annual limitation under IRC Section 382, which affects the timing of when these attributes can be used. As a result, the amount of actual cash taxes we may pay for federal income taxes differs significantly from the effective income tax rate computed in accordance with GAAP and fr om the normalized rate shown above.
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© 2026 First Advantage 1. Represents the loss on extinguishment and non-cash interest expense related to the amortization of debt issuance costs. This adj ustment also includes the impact of the change in fair value of interest rate swaps, which represents the difference between the fair value gains or losses and actual cash payments and receipts on the interest rate swaps. 2. Represents the depreciation and amortization expense related to incremental intangible and developed technology assets recorded due to the application of ASC 805, Business Combinations. As a result, the purchase accounting related depreciation and amort ization expense will recur in future periods until the related assets are fully depreciated or amortized, and the related purchase accounting assets may contribute to revenue generation. 3. Share-based compensation for the three months and year ended December 31, 2024, include approximately $5.6 million and $17.3 mil lion, respectively, of incrementally recognized expense associated with the May 2023 vesting modification and 2024 retirement s of the Company’s former CFO and former President, Americas. Share- based compensation three months and year ended December 31, 2025, include approximately $1.5 million and $7.1 million, respectively, of incrementally recognized expense associated with the May 2023 modifi cation of the vesting terms of outstanding unvested and unearned performance- based options, restricted stock units, and restricted stock awards. 4. Represents charges incurred related to acquisitions and similar transactions, primarily consisting of change in control -related costs, professional service fees, and other third-party costs. Transaction and acquisition related charges for the three months ended December 31, 2024 and 2025 include approximately $92.3 million and $0.5 million of expense, respectively, associated with the Sterling Acquisition. Transaction and acquisition related charges for the year ended December 31, 2024 and 2025 include approximately $125.7 million and $8.0 million of expense associated with the Sterling Acquisition. Also includes insurance costs incurred related to the First Advantage initial publi c offering. 5. Represents charges from organizational restructuring and integration activities, non- cash, and other charges primarily related t o nonrecurring legal exposures, foreign currency (gains) losses, impairment of capitalized software, (gains) losses on the sale of assets, and other non- recurring items. Integration, restructuring, and other charges for the three months ended December 31, 2025 include approximatel y $2.7 million of expense associated with the integration of Sterling. Integration, restructuring, and other charges for the year ended December 31, 2025 include approximately $18.1 million of expense associated with the integration of Sterling, $1.5 million of expenses related to debt refinancing activities, as well as capitalized software impairment charges of approximately $1.2 million. 6. Effective tax rates of approximately 27.6% and 26.6% have been used to compute Adjusted Net Income and Adjusted Diluted Earni ngs Per Share for the three months ended December 31, 2024 and 2025, respectively. Effective tax rates of approximately 24.9% and 25.7%, have been used to compute Adjusted Net Income and Adjusted Diluted Earnings Per Share for the years ended December 31, 2024 and 2025, respectively. As of December 31, 2025, the Company had net operating loss carryforwards of approximately $15.1 million for federal income tax purposes available to reduce future income subject to income taxes. The federal net operating loss carryforward is subject to annual limitation under IRC Section 382, which affects the timing of when these attributes can be used. As a result, the amount of actual cash taxes we may pay for federal income taxes differs significantly from the effective income tax rate computed in accordance with GAAP and fr om the normalized rate shown above. 24 Reported First Advantage Adjusted Earnings Per Share
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© 2026 First Advantage 1. Constant currency revenue is calculated by translating current period amounts using prior-year period exchange rates. 2. To facilitate comparability, we present pro forma combined company results, consisting of First Advantage and Sterling historical results and certain pro forma adjustments as if the acquisition of Sterling had occurred on 1/1/2023. The pro forma information does not constitute Article 11 pro forma information. 25 Pro Forma First Advantage Constant Currency Revenues
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© 2026 First Advantage 26 Reported First Advantage Adjusted Operating Cash Flow