Slides
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© 2026 First Advantage Q3 2026 Earnings Presentation November 5, 2026 © 2026 First Advantage
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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,” and “Constant Currency Revenues.” 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 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. 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. 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: adverse 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"); failure to identify attractive acquisition targets and strategic partnerships, successfully complete proposed business combination transactions or realize the expected benefits of such transactions; our 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, social, ethical, and legal issues relating to the use of new and evolving technologies, employee or other internal misconduct, computer viruses, or the mishandling of personal data; operating in a penetrated and competitive market; our reliance on third-party data providers; our sales to government entities and higher-tier contractors to governmental customers which involve unique competitive, procurement, budget, administrative and contractual risks; 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; real or perceived errors, failures, or bugs in our products could adversely affect our business, results of operations, financial condition, and growth prospects; failure to comply with anti-corruption, economic and trade sanctions, and anti-money laundering laws and regulations; disruptions at our Operation Centers of Excellence and other operational sites; our contracts with our customers, which do not guarantee exclusivity or contracted volumes; the timing, manner and volume of repurchases of common stock pursuant to our share repurchase program; 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; 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; risks relating to public opinion, which may be magnified by incidents or adverse publicity concerning our industry or operations; our reliance on third-party vendors to carry out certain portions of our operations; our dependence on the service of our key executives and other employees, and our ability to find and retain qualified employees; our ability to obtain, maintain, protect and enforce our intellectual property and other proprietary information; our ability to maintain, protect, and enforce the confidentiality of our trade secrets; the use of open-source software in our applications; seasonality in our operations from quarter to quarter; 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; and Silver Lake’s significant ownership of our common stock and the potential conflict of its interest 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 December 31, 2025, 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, 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 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. 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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© 2026 First Advantage Q3 2026 Highlights Scott Staples Chief Executive Officer
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© 2026 First Advantage Key Messages 1 2 3 4 4 1. Non-GAAP measure. See appendix for reconciliations of Adjusted EBITDA Margin and Adjusted Diluted Earnings Per Share to their most directly comparable respective GAAP measures. Outstanding Q3 2026 performance; Q3 YoY revenue growth of 14%, Adj. EBITDA Margin1 of 29.3%, and Adj. Diluted EPS1 YoY growth of 27%, demonstrating consistent go-to-market performance, strength of leading AI-driven technology platform and proprietary data, sustained operating efficiency, and durability of diverse enterprise customer base and vertical mix Executing FA 5.0 strategy; product innovation, platform capabilities, AI and automation, and go-to-market execution driving tangible results across the business and positioning us for sustainable long-term growth Balanced and disciplined capital allocation strategy supported by strong cash flow generation; subsequent to the end of the quarter, announced tuck-in acquisition of Data Diver Technologies, a data platform leveraging AI and automation Raising full year 2026 guidance; reflects strong year-to-date performance, continuing go-to-market success, stable labor market trends, and confidence in our growth outlook for the remainder of the year; low-end of updated full year guidance ranges exceeds high-end of prior guidance ranges across every metric
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© 2026 First Advantage $136.5M 29.3% Adj. EBITDA Margin1 $63.8M $241M Cash Balance Cash Flow from OperationsRevenues Adjusted EBITDA1 Adjusted Diluted EPS1 $0.38 27% YoY Growth $466M 14% YoY Growth Q3 Themes Strategic Milestones • Outstanding results exceeded stated expectations: • Sustained broad-based momentum across Americas business • Continued contribution from recent large contract wins • Peak holiday hiring progressing earlier than expected • Modest carryover from Q2 customer initiatives • Continued stability within broader hiring environment • Company strengths provide stability across macro environments and enable high-quality, highly automated, and high-volume screening globally at scale • Healthy pace of order volumes in October Outstanding Q3 2026 Results 5 1. Non-GAAP measure. See appendix for reconciliations of Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Diluted Earnings Per Share to their most directly comparable respective GAAP measures. © 2026 First Advantage Celebrated 2-year anniversary of Sterling acquisition • Executing well and realizing benefits well ahead of original expectations • Delivering diversified growth and synergies • Expect to finish the year near or at the top end of our run rate synergy target range • Transaction strengthened market position, expanded growth opportunities, and enhanced ability to create long- term value for shareholders Today, announced tuck-in acquisition of Data Diver Technologies • Applying proven M&A playbook • Further details on following slide
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© 2026 First Advantage The acquisition represents an important investment in a strategic data asset Acquisition of Data Diver Technologies 6 Transaction Details $125M Total Acquisition Purchase Price1 11/2026 Transaction Close A data platform leveraging AI and automation that collects, aggregates, retains, and delivers high-volume criminal and court records Strategic Benefits Adds records and technology that enhance First Advantage’s proprietary data offering, accelerate First Advantage’s data strategy, and meet customer needs Enhances proprietary data and technology capabilities Broadens automated coverage across U.S. jurisdictions and enhances fulfillment workflows Strengthens First Advantage’s ability to enhance existing solutions and develop new capabilities Expands automated fulfillment capabilities Advances product innovation A Complementary, Tuck-In Acquisition Advancing Proprietary Data and Technology Strategy 1. The acquisition includes a small employment background screening component focused on the small and medium -sized business market, which First Advantage plans to integrate into its broader business.
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© 2026 First Advantage Go-to-Market Update Joelle Smith President
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© 2026 First Advantage First Advantage Q3’25 Q4’25 2025 Q1’26 Q2’26 Q3’26 Upsell / Cross-sell 5% 12% 7% 8% 8% 9% New Logos 4% 5% 4% 4% 4% 4% Gross Retention 97% 97% 96% 97% 96% 96% Base (2%) (1%) (3%) 0% 7% 5% Revenue Growth Algorithm Drivers 8 Q3 Go-to-Market Success • 14% Q3 YoY revenue growth exceeded previously stated expectations and long-term growth algorithm target of 7-9% • Combined upsell, cross-sell, and new logo contribution of 12.5% — Benefitted from large go-lives from end of 2025 and contributions from other enterprise deals 1 • Excellent base growth of 5% — 3rd consecutive quarter of positive base growth • 14 enterprise bookings1 in Q3 • 96% retention, in line with growth algorithm 1. Enterprise bookings represent deals with at least $500,000 of expected annual contract value.
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© 2026 First Advantage Go-to-Market Update Transportation & Logistics Ongoing healthy consumer activity driving labor demand, along with earlier than expected start to peak holiday hiring Retail & E-Commerce Industrials & Manufacturing Strong demand for products and services provided by these industries and increased economic activity in aerospace and defense 9 Winning with a Differentiated Product Portfolio Identity Fraud Detection Spotlight Driving Commercial Impact Expanding pipeline, improving win rates, supporting customer retention Addressing Customer Challenges Enabling employers to combat hiring fraud and other emerging threats Advancing Capabilities Exclusive strategic partnership with ID.me to launch purpose-built, FCRA- compliant digital identity verification product for employment screening Broad-based Q3 revenue growth across nearly every vertical in the Americas, driven by balanced and resilient customer mix, focus on high-volume hirers, and verticalized go-to-market strategy
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© 2026 First Advantage Enhancing Fulfillment Capabilities 10 Launching New Product Introducing Criminal SmartHub A purpose-built intelligent routing platform for criminal fulfillment workflows, building on success of existing SmartHub for Employment and Education Verifications product Expanding Data Capabilities Acquisition of Data Diver Technologies A data platform leveraging AI and automation that collects, aggregates, retains, and delivers high-volume criminal and court records + Proprietary Criminal Records Database Public Data Sources Third-Party Data Sources Proprietary AI Intelligent Routing Platform Faster, more efficient screening outcomes for customers Enhancing existing solutions and creating new opportunities for product innovation © 2026 First Advantage Enhances proprietary data and technology capabilities Expands automated fulfillment capabilities Advances product innovation
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© 2026 First Advantage Financial Results & Outlook Steven Marks Chief Financial Officer
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© 2026 First Advantage ($ in millions, except per share data and percentages) Revenues Adjusted EBITDA and Margin1 Adjusted Diluted EPS1 • Results driven by broad-based volume acceleration in the Americas, earlier than expected start to peak holiday season hiring, and continuation of some Q2 customer initiatives • Go-to-market success resulted in strong combined new logo, upsell, and cross-sell contribution of 12.5% • 3rd consecutive quarter of positive base growth, 5% in Q3 • Retention remained strong at 96% • Constant currency revenue growth of 14%2 • Adjusted EBITDA Margin1 increased 70 bps sequentially from Q2, driven by broad-based revenue growth, strong operating leverage, data cost savings, synergy execution, and cost discipline, while flexing to adapt to product mix changes • Deeply ingrained, disciplined cost management approach within highly variable, flexible cost structure is a differentiator • Growth supported by outperformance in the quarter, year-to-date share buybacks, synergy realization, expense and capital management, and lower interest expense resulting from voluntary debt repayments to date and July 2025 debt repricing 1. Non-GAAP measure. See appendix for reconciliations of Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Diluted Earnings Per Share to their most directly comparable respective GAAP measures. 2. Currency impact on revenues was $(0.1) million. See appendix for reconciliation. Q3 2026 Financial Results 12 $0.30 $0.38 Q3 2025 Q3 2026 $409.2 $465.8 Q3 2025 Q3 2026 $118.5 $136.5 Q3 2025 Q3 2026 29.0% 29.3% +14% +15% +27%
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© 2026 First Advantage • Cash balance of $241M at 9/30/26 • Q3 2026 Operating Cash Flows of $63.8M • Partially impacted by scale of recent revenue growth • Closely managing working capital to support cash flow and debt paydown De-levered by 0.9x since close of Sterling acquisition Cash Flow From Operations ($ in millions) 9/30/2024 9/30/2026 Mid-Term Target 3.5x <3x 1 4.4x 2 13 1. As previously presented in the 11/12/2024 Q3 2024 Earnings Presentation. 2. LTM 9/30/26 synergized net leverage is based on LTM 9/30/26 Synergized Adjusted EBITDA of $503.7M (which represents $487.2M of L TM 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 $56M of LTM Q3 2026 sy nergy benefits realized) and net debt as of 9/30/26; calculated as ($2,019.5M Debt - $240.9M Cash and Cash Equivalents) / $503.7M LTM Synergized Adjusted EBITDA. Note: Adjusted EBITDA and net leverage are non-GAAP measures. See appendix for a reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure. Cash Flow and Capital Structure YTD total as of 10/31/26 • $0.2M in Q3 • $0.7M Q4-to-date • $60.9M remaining under authorization $39.1M Share Repurchases Acquisition of Data Diver Technologies Closed November 2026 $125M Transaction value $72.4M $63.8M Q3 2025 Q3 2026 -12% Synergized Net Leverage Capital AllocationQ3 2026 Cash Flow $165.5M Debt Repayments total since Sterling acquisition close
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© 2026 First Advantage 14 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 include the impact of shares repurchased through October 31, 2026. • 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 earnings per share cannot be provided without unreasonable effort because of the inherent 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 r easons, 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. • “YoY Growth” compares "Guidance" to FY 2025 results of $1,574.4M Revenues, $441.4M Adjusted EBITDA, $181.7M Adjusted Net Income, and $1.04 Adjusted Diluted Earnings Per Share. • See appendix for additional modeling assumptions. Raising Full Year 2026 Guidance Updated Guidance (as of November 5, 2026) Prior Guidance (as of August 6, 2026) Total Revenues $1,720M to $1,745M 9% to 11% YoY Growth $1,670M to $1,710M 6% to 9% YoY Growth Adjusted EBITDA $488M to $498M 11% to 13% YoY Growth ~28.5% Margin $472M to $486M 7% to 10% YoY Growth ~28.3% Margin Adjusted Net Income $227M to $232M 25% to 28% YoY Growth $214M to $225M 18% to 24% YoY Growth Adjusted Diluted Earnings Per Share $1.30 to $1.33 25% to 28% YoY Growth $1.23 to $1.29 18% to 24% YoY Growth
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© 2026 First Advantage Closing Remarks Scott Staples Chief Executive Officer
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© 2026 First Advantage $1.8B - $2.0B Targeted Revenues 4% - 7% CAGR (4-year) $560M - $630M Targeted Adjusted EBITDA 9% - 12% CAGR (4-year) 31% - 32% Targeted Adjusted EBITDA Margin $1.65 - $2.00 Targeted Adjusted Diluted EPS 19% - 25% CAGR (4-year) 2.0x - 3.0x Targeted Net Leverage Ratio 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. Ther e 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 s et forth 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, (iii) Adjusted Diluted Earnings Per Share to GAAP diluted earnings per share, and (iv) net leverage ratio cannot be provided without unreasonable effort because of the inherent 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, we are unable to assess the probable significance of the unavailable information, which could have a material impact on 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 EBIT DA CAGRs calculated using 2024 pro forma. Targeted Adjusted Diluted EPS CAGR based on 2024 Adjusted Diluted EPS of $0.82. Net leverage ratio is defined as net debt (debt minus cash and cash equivalents) divided by LTM Adjusted EBITDA. Investment Thesis and Reaffirmed 2028 Targets A market leader offering AI-enabled 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 An industry-leader in operating margins, leading to strong and consistent free cash flow generation Track record of value-accretive capital deployment and balance sheet management 16 © 2026 First Advantage
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© 2026 First Advantage Appendix Supplemental Materials and Reconciliations to GAAP Measures
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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 100+ ATS and HCM4 Integrated Partners $1.6B Revenues 4% YoY PF Growth1 80K+ Customers ~66% of Fortune 100 and 50%+ of Fortune 500 96% Average Gross Retention 13+ Year Average Tenure of Top 100 Customers 200+ Countries and Territories 1B+ Records in Proprietary Databases 3 200M+ Annual Screens Healthcare Retail & E-Commerce Transportation & Logistics Financial Services Gig Economy Industrials & Manufacturing TMT & Hospitality General Staffing Business & Professional Services First Advantage At a Glance (2025) 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 Tr acking System and Human 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. 18
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© 2026 First Advantage $8M $10M $12M $8M $5M $4M $5M $4M $12M $22M $34M $42M $47M $51M $56M Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Synergy Priorities Post-Close of Sterling Acquisition 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 Cumulative Synergies Realized Prior-period cumulative synergies realizedIn-period synergies realized Delivering on Net Cost Synergies from Sterling Acquisition 19 Note: Run rate synergy targets represent estimated timing and value. Synergy Target at Closing Exceeded $50M+ $71M $80M $65M Run Rate Synergies Actioned as of 9/30/26 (Within Updated Run Rate Synergy Target Range)
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© 2026 First Advantage Full Year 2026 Guidance Details: Modeling Assumptions 20 $ in millions; all values are approximate Assumption Free Cash Flow Cash Flow from Operations less capital expenditures, including capitalized software development $180 - $195 Capital expenditures, including capitalized software development $70 - $75 Net interest expense Excluding amortization of financing fees and fair value gains/(losses) from interest rate swaps $130 - $135 Depreciation and amortization excluding intangible amortization $50 - $55 Foreign currency impact on revenues $0 - $6 Foreign currency impact on Adjusted EBITDA $0 - $2 Cash income tax payments $65 - $75 Adjusted effective tax rate 25.5% - 26.0% Fully diluted shares outstanding ~175M 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. Fully diluted shares outstanding includes the impact of shares repurchased through October 31, 2026.
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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 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 + – + = 21
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© 2026 First Advantage 1. 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 September 30, 2025, December 31, 2025, March 31, 2026, June 30, 2026, and September 30, 2026, include approximat ely $1.4 million, $0.5 million, $0.2 million, $0.3 million, and $0.1 million of expense, respectively, associated with the Sterling Acquisition. 2. Represents charges from organizational restructuring and integration activities, non-cash, and other charges primarily related to nonrecurring legal exposures, foreign currency (gains) losses, (gains) losses on the sale of assets, and other non- recurring items. Integration, restructuring, and other charges for the three months ended September 30, 2025, December 31, 2025, March 31, 2026, June 30, 2026, and September 30, 2026, include approximately $3.8 million, $2.7 million, $1.4 million, $2.2 million, and $1.3 million of expense, respectively, associated with the Sterling Acquisition. Adjusted EBITDA and Adjusted EBITDA Margin 22 LTM in thousands, except percentages Sep 30, 2025 Q3 Dec 31, 2025 Q4 Mar 31, 2026 Q1 Jun 30, 2026 Q2 Sep 30, 2026 Q3 Sep 30, 2026 Net income 2,593$ 3,469$ 2,168$ 16,914$ 20,489$ 43,040$ Interest expense, net 40,041 37,261 29,841 31,608 30,438 129,148 (Benefit) provision for income taxes (798) 3,750 1,137 8,142 8,566 21,595 Depreciation and amortization 62,274 62,737 62,190 61,893 66,866 253,686 Loss on extinguishment of debt 407 391 374 359 615 1,739 Share-based compensation 5,721 5,026 4,430 5,240 5,076 19,772 Transaction and acquisition-related charges(1) 1,585 770 565 497 713 2,545 Integration, restructuring, and other charges(2) 6,677 3,433 4,582 3,868 3,753 15,636 Adjusted EBITDA 118,500$ 116,837$ 105,287$ 128,521$ 136,516$ 487,161$ Revenues 409,151 420,017 385,201 448,763 465,776 1,719,757 Net income margin 0.6% 0.8% 0.6% 3.8% 4.4% 2.5% Adjusted EBITDA Margin 29.0% 27.8% 27.3% 28.6% 29.3% 28.3% Quarters Ended
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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. Pro Forma 2024 Adjusted EBITDA and Adjusted EBITDA Margin 23 in thousands, except percentages Net (loss) income (43,549)$ (110,273)$ 14,390$ (139,432)$ Interest expense, net 33,320 51,848 75,013 160,181 Provision (benefit) for income taxes 367 (4,342) 4,764 789 Depreciation and amortization 52,623 145,919 87,684 286,226 Loss on extinguishment of debt — 383 — 383 Share-based compensation 36,658 31,762 — 68,420 Transaction and acquisition-related charges 59,619 128,234 (181,851) 6,002 Integration, restructuring, and other charges 8,161 5,771 — 13,932 Adjusted EBITDA 147,198$ 249,302$ —$ 396,500$ Revenues 650,284 860,205 (929) 1,509,560 Ne t loss ma rgin (6.7)% (12.8)% n/a (9.2)% Adjusted EBITDA Margin 22.6% 29.0% n/a 26.3% Historical Pro Forma Adjustments for the Twelve Months Ended Dec 31, 2024 Period Ended Oct 31, 2024 Legacy Sterling (1) Year Ended Dec 31, 2024 Reported First Advantage Year Ended Dec 31, 2024 First Advantage
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© 2026 First Advantage 1. Share-based compensation for the year ended December 31, 2025 includes approximately $7.1 million of incrementally recognized expense associated with the May 2023 modification of the vesting terms of outstanding unvested and unearned performance-based options, restricted stock units, and restricted stock awards. 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 year ended December 31, 2025 include approximately $8.0 million of expense associated with the Sterling Acquisition, primarily consisting of $7.7 million of compensation expense attributable to converted Sterling equity awards. 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 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.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 $1.2 million Reported 2025 Adjusted EBITDA and Adjusted EBITDA Margin 24 Year Ended in thousands, except percentages Dec 31, 2025 Net (loss) income (34,824)$ Interest expense, net 168,667 Provision (benefit) for income taxes (2,427) Depreciation and amortization 248,583 Loss on extinguishment of debt 1,052 Share-based compensation (1) 24,456 Transaction and acquisition-related charges (2) 8,741 Integration, restructuring, and other charges (3) 27,147 Adjusted EBITDA 441,395$ Revenues 1,574,389 Net (loss) income margin (2.2)% Adjusted EBITDA Margin 28.0%
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© 2026 First Advantage 1. Represents the loss on extinguishment and non-cash interest expense associated with the amortization of debt issuance costs related to the refinancing of the Company’s First Lien Credit Facility. This adjustment also includes the impact of changes in fair value of interest rate swaps, which represents the difference between unrealized 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 amortization 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. 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 September 30, 2025, December 31, 2025, March 31, 2026, June 30, 2026, and September 30, 2026, include approximat ely $1.4 million, $0.5 million, $0.2 million, $0.3 million, and $0.1 million of expense, respectively, associated with the Sterling Acquisition. 4. Represents charges from organizational restructuring and integration activities, non-cash, and other charges primarily related to nonrecurring legal exposures, foreign currency (gains) losses, (gains) losses on the sale of assets, and other non- recurring items. Integration, restructuring, and other charges for the three months ended September 30, 2025, December 31, 2025, March 31, 2026, June 30, 2026, and September 30, 2026, include approximately $3.8 million, $2.7 million, $1.4 million, $2.2 million, and $1.3 million of expense, respectively, associated with the Sterling Acquisition. 5. Effective tax rates of approximately 25.1% and 25.7% have been used to compute Adjusted Net Income and Adjusted Diluted Earni ngs Per Share for the three months ended September 30, 2025 and 2026, respectively. Adjusted Net Income and Adjusted Earnings Per Share 25 in thousands Sep 30, 2025 Q3 Sep 30, 2026 Q3 Net income 2,593$ 20,489$ (Benefit) provision for income taxes (798) 8,566 Income before provision for income taxes 1,795 29,055 Debt-related charges(1) 2,585 (1,825) Acquisition-related depreciation and amortization(2) 51,516 53,791 Share-based compensation 5,721 5,076 Transaction and acquisition-related charges(3) 1,585 713 Integration, restructuring, and other charges(4) 6,677 3,753 Adjusted Net Income before income tax effect 69,879 90,563 Less: Adjusted income taxes (5) 17,567 23,297 Adjusted Net Income 52,312$ 67,266$ Quarters Ended Sep 30, 2025 Q3 Sep 30, 2026 Q3 Diluted net income per share (GAAP) 0.01$ 0.12$ Adjusted Net Income adjustments per share (Benefit) provision for income taxes (0.00) 0.05 Debt-related charges(1) 0.01 (0.01) Acquisition-related depreciation and amortization(2) 0.29 0.31 Share-based compensation 0.03 0.03 Transaction and acquisition related charges(3) 0.01 0.00 Integration, restructuring, and other charges(4) 0.04 0.02 Adjusted income taxes (5) (0.10) (0.13) Adjusted Diluted Earnings Per Share (Non-GAAP) 0.30$ 0.38$ Weighted average number of shares outstanding used in computation of Adjusted Diluted Earnings Per Share: Weighted average number of shares outstanding—diluted (GAAP and Non-GAAP) 175,549,342 175,435,437 Quarters Ended
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© 2026 First Advantage 1. Represents the loss on extinguishment and non-cash interest expense associated with the amortization of debt issuance costs related to the refinancing of the Company’s First Lien Credit Facility. This adjustment also includes the impact of changes in fair value of interest rate swaps, which represents the difference between unrealized 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 amortization 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 years ended December 31, 2024 and 2025 includes approximately $13.1 million and $7.1 million, respectively, of incrementally recognized expense associated with the May 2023 modification of the vesting terms of outstanding unvested and unearned performance-based options, restricted stock units, and restricted stock awards. Share- based compensation for the year ended December 31, 2024, also includes approximately $4.2 million of incrementally recognized expense associated with the retirements of the Company's former Chief Financial Officer and President, Americas. 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 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 public offering. 5. 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 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 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, we had net operating loss carryforwards of approximately $15.1 million for federal income tax purposes available to reduce future income subject to income taxes. The federal net operating loss carryforward is subject to annual limitation under IRC Section 382, which affects the timing of when these attributes can be used. As a result, the amount of actual cash taxes we may pay for federal income taxes differs significantly from the effective income tax rate computed in accordance with GAAP and from the normalized rate shown above. Historical Adjusted Earnings Per Share 26 Dec 31, 2024 Dec 31, 2025 Diluted net loss per share (GAAP) (0.74)$ (0.20)$ Adjusted Net Loss adjustments per share Benefit for income taxes (0.03) (0.01) Debt-related charges(1) 0.00 0.10 Acquisition-related depreciation and amortization(2) 0.75 1.17 Share-based compensation(3) 0.21 0.14 Transaction and acquisition related charges(4) 0.85 0.05 Integration, restructuring, and other charges(5) 0.05 0.16 Adjusted income taxes (6) (0.27) (0.36) Adjusted Diluted Earnings Per Share (Non-GAAP) 0.82$ 1.04$ Weighted average number of shares outstanding used in computation of Adjusted Diluted Earnings Per Share: Weighted average number of shares outstanding—diluted (GAAP and Non-GAAP) 148,582,226 173,199,004 Options and restricted stock not included in weighted average number of shares outstanding—diluted (GAAP) (using treasury stock method) 2,606,405 1,956,781 Adjusted weighted average number of shares outstanding—diluted (Non-GAAP) 151,188,631 175,155,785 Years Ended
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© 2026 First Advantage 1. Constant currency revenues are calculated by translating current period amounts using prior-year period exchange rates. Constant Currency Revenues 27 Quarter Ended in thousands, except percentage Sep 30, 2026 Q3 Revenues, as reported (GAAP) 465,776$ Foreign currency translation impact(1) (143) Constant currency revenues 465,633$ Constant currency revenues growth 13.8%