Slides
Page 1
October 2026Investor Presentation
Page 2
Disclaimers 2 Forward-Looking Information This presentation contains forward-looking statements. All statements other than statements of historical facts contained in this presentation may be forward-looking statements. The words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors, that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from expectations are disclosed under the “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” sections of our annual report on Form 10-K for the year ended March 31, 2026, and subsequent filings with the Securities and Exchange Commission (the “SEC”). All written and oral forward- looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the cautionary statements. You should evaluate all forward-looking statements made in this presentation in the context of these risks and uncertainties. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements. The forward-looking statements in this presentation are made only as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.
Page 3
Disclaimers 3 Non-GAAP Financial Measures As a supplement to our financial measures presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company presents certain adjusted (non-GAAP) measures of financial performance. These non-GAAP financial measures are not intended to be considered in isolation from, as a substitute for, or as more important than, the financial information prepared and presented in accordance with GAAP. In addition, these non-GAAP measures have limitations in that they do not reflect all of the items associated with the Company’s results of operations as determined in accordance with GAAP. Adjusted net income, total and on a per share basis, and certain adjusted items used to determine adjusted net income, are presented and discussed in this presentation and are non-GAAP measures that management believes, when presented together with comparable GAAP measures, are useful to investors in understanding the Company’s financial and operating performance. The non-GAAP financial measures exclude the following items, as applicable in any given reporting period: → certain acquisition related costs, including (1) acquisition related deferred retention payments, which may be settled in cash or common stock of the Company; (2) amortization of intangible assets recognized in purchase accounting; (3) fair value remeasurements of acquisition-related contingent consideration; and (4) other integration and acquisition related costs, including asset write offs or impairments; → legal and other professional fees associated with the simplification of our legal entity structure that has resulted from acquisitions; → the income tax adjustments associated with the non-tax adjustments above, determined by applying the tax rates in effect in the jurisdictions for which the non-tax adjustment relates; and → significant discrete tax related items, including (1) acquisition-related costs which are non-deductible for income tax purposes and (2) other unusual or unique tax-related items and activities. In the future, the Company may also consider whether other items should also be excluded in calculating the non-GAAP financial measures used by the Company. These non-GAAP measures facilitate comparison of operating performance between periods and help investors to understand our underlying operating results by excluding certain items that may not be indicative of the Company’s core business, operating results, or future outlook. We consider quantitative and qualitative factors in assessing whether to adjust for the impact of items that could affect an understanding of our ongoing financial and business performance or trends. Internally, management uses these non-GAAP financial measures, along with GAAP financial measures, in assessing the Company’s operating results. The adjusted items included in this presentation as calculated by the Company are not necessarily comparable to similarly titled measures reported by other companies. Additionally, these adjusted amounts are not a measurement of financial performance or liquidity under GAAP and should not be considered as an alternative to the Company’s financial information determined under GAAP. For additional descriptions of the Company’s use of these adjusted items and a reconciliation with comparable GAAP items, see page 32 of this presentation, titled “Reconciliation of GAAP to Adjusted Financials.” We encourage investors to review our GAAP financial statements and other regulatory filings for a comprehensive understanding of our financial condition, results of operations, and cash flows.
Page 4
Employee DNA → Client-centric → Entrepreneurial → Collaborative → Solution oriented → Data informed Firm’s DNA → Global advice with local execution → Dedicated to exceeding client expectations → Data driven approach to decision making → Commitment to innovation → Community minded Ownership and Controls → New York Stock Exchange listed company → Blue chip institutional ownership → Broad-based, long-term employee ownership → Consensual, data driven decision making Our Culture 4
Page 5
DEDICATED INDUSTRY GROUPS CORE SERVICES Technology Financial Services Real Estate Energy Industrials Consumer Healthcare Business Services Debtor and Creditor Restructuring Liability Management Distressed M&A Financial Opinions Transaction and Valuation Services Portfolio Valuation Mergers & Acquisitions Capital Solutions FinTech Our Product Knowledge and Industry Expertise Deliver Superior Results Note: As of September 30, 2026. 1. LTM ended September 30, 2026. KEY FACTS AND FIGURES 34 Locations Worldwide 2,937 Global Employees 370 Managing Directors $2.6B Revenue1 Corporate Finance Financial Restructuring Financial and Valuation Advisory 5
Page 6
Given our diversified business model, and mix of cyclical, counter-cyclical and non-cyclical businesses, we believe we are less volatile than other investment banking firms. Diversified across clients, industries, geographies, transactions and financial professionals. Lower Revenues and Earnings Volatility Through Economic Cycles High Quality, Diversified Revenues Track Record of Growth and Profitability Long-Tenured Management Team Strong and consistent financial performance. The average tenure of our Executive Management Team and our 20- person Operating Committee Team is over 25 years. Significant room to grow all three businesses globally through both organic hires and acquisitions. Focus on leveraging technology and data drives differentiated advice and superior decision making. Strong Growth Prospects Data-Centric Strategy Investment T enets 6
Page 7
Adjusted Pre-tax Margin1 Strong Financial Performance 7 Strong revenue growth with a five-year CAGR of 11% Fiscal year 2022 experienced exceptional results during extremely bullish market conditions Adjusted pre-tax income grew at a CAGR of 9% over the same five-year period Maintained solid adjusted pre-tax margins throughout, with higher pre-tax margins for fiscal years 2021 and 2022 as a result of temporarily lower non-compensation expenses because of the COVID-19 pandemic $434 $680 $428 $440 $619 $678 2021 2022 2023 2024 2025 2026 28.4% 29.9% 23.7% 23.0% 25.9% 25.9% 2021 2022 2023 2024 2025 2026 Revenues Adjusted Pre-tax Income1 Note: For fiscal years ended March 31. All dollar amounts in millions unless otherwise noted. 1. Adjusted Pre-tax Income and Adjusted Pre-Tax Margin are non-GAAP financial measures. See page 33 for comparable GAAP figures. 7 53% 70% 62% 58% 64% 67% 35% 17% 22% 27% 23% 20% 12% 13% 16% 15% 13% 13% $1,525 $2,270 $1,809 $1,914 $2,389 $2,618 2021 2022 2023 2024 2025 2026 Corporate Finance Financial Restructuring Financial and Valuation Advisory
Page 8
Strong Partnership Culture with Experienced Leadership 8 Scott L. Beiser Co-Chairman Deep and Experienced Executive Management Team Irwin N. Gold Co-Chairman Over 25-year average tenure of our Executive Management Team and our 20-person Operating Committee Team 1 1. As of March 31, 2026. Excludes Managing Directors from acquisitions. 2. For the fiscal year ended March 31, 2026. Scott J. Adelson CEO J. Lindsey Alley CFO Long Tenure Results in Collaborative Culture Tenured Management Team 2 High Retention 12-year average tenure of Managing Directors across all business segments¹ 3 No “Star” Culture No single individual generated more than 2% of revenues² P . Eric Siegert Co-Chairman Prabha Sipi Bhandari CLO
Page 9
A Culture of Caring 9 HL has a matching charitable contribution program for active employees, which results in a number of donations to causes around the globe, and a give-a-day program that results in significant participation by our employees in programs local to our offices. Listed below are several of the beneficiaries of our programs:
Page 10
716 769 1,034 1,069 1,170 33 44 50 55 83 357 364 400 441 458 Market Leader in All Three Business Segments 10 Source: LSEG. 1. M&A ranking excludes accounting firms and brokers. 2. Announced or completed transactions. Top Global M&A Firm1 Investment Banks by Number of Global M&A Deals in CY 2025 → No. 1 U.S. M&A Advisor → Leading Capital Solutions Advisor Top Global Restructuring Firm CY 2025 Global Distressed Debt and Bankruptcy Restructuring Deals → No. 1 Global Restructuring Advisor → Advised on 12 of the 15 Largest U.S. Bankruptcies Since 2000 Top Global Fairness Opinion Firm Global M&A Fairness Advisors: Announced or Completed Deals (CY 2001 to CY 2025) → No. 1 Global M&A Fairness Opinion Advisor Over the Past 25 Years 2 → 2,500+ Annual Valuation Engagements Goldman Sachs & Co JP Morgan Rothschild & Co Morgan Stanley HOULIHAN LOKEY PJT Partners Inc Rothschild & Co Lazard Evercore Inc HOULIHAN LOKEY Duff & Phelps, A Kroll Business UBS JP Morgan Morgan Stanley HOULIHAN LOKEY
Page 11
29 30 40 58 58 28 31 33 41 66 81 95 112 116 128 55 59 64 66 68 32 37 41 43 45 41 42 47 50 92 No.1 Consumer1Business Services Industrials1 TechnologyHealthcare Financial Services1 Rothschild & Co Oaklins JP Morgan Clearwater HOULIHAN LOKEY Source: LSEG. Excludes accounting firms and brokers. Note: Advisory rankings based on total number of Global M&A transactions completed in CY 2025. 1. Transactions under $1 billion in total deal value. Rothschild & Co Mizuho Financial Group Oaklins Goldman Sachs & Co / Lincoln International HOULIHAN LOKEY Goldman Sachs & Co UBS Rothschild & Co Morgan Stanley HOULIHAN LOKEY Rothschild & Co Jefferies LLC Goldman Sachs & Co Morgan Stanley HOULIHAN LOKEY Mizuho Financial Group Oaklins Rothschild & Co ICBC HOULIHAN LOKEY Goldman Sachs & Co Morgan Stanley JP Morgan Rothschild & Co HOULIHAN LOKEY 11 Global Market-Leading Advisor Across Industries 11
Page 12
52% 34% 14% 66% Corporate Finance 20% Financial Restructuring 14% Financial and Valuation Advisory 15% Business Services 13% Consumer 6% Energy 19% Financial Services 12% Healthcare 21% Industrials 9% Technology 5% Other More than 2,000+ clients served annually Industry Mix1Client Mix1 Geographic Mix1Segment Mix1 → No single transaction fee represented more than 2% of our revenues → No individual financial professional was responsible for more than 2% of our revenues → No single employee shareholder owns more than 2% of shares outstanding 2% For FY 2026: 1. Based on fee revenues for the LTM ended September 30, 2026. 12 Diversified Across Geography, Client, Industry, Professional and Segment 12 Public Companies Financial Sponsors Private Non-Sponsor 6% Asia 24% EMEA 70% The Americas
Page 13
ASIA- PACIFIC Beijing Shanghai Gurugram Singapore Hong Kong SAR Sydney Mumbai Tokyo AMERICAS Atlanta Miami Baltimore Minneapolis Boston New York Charlotte San Francisco Chicago São Paulo Dallas Washington, D.C. Houston West Palm Beach Los Angeles EUROPE AND MIDDLE EAST Amsterdam Milan Dubai Munich Frankfurt Paris London Stockholm Madrid Zurich Manchester Comprehensive Coverage and Global Scale 13
Page 14
FINANCIAL RESTRUCTURING → Adding incremental industry expertise globally → Continued geographic expansion → Building out our Capital Solutions platform → Increasing deal size and deal fees → Increasingly complex and ever-changing regulatory reporting, valuation and tax environments → Continued geographic expansion of service portfolio → Addition of new high-value services and scaling of existing services through targeted senior hires → Deepening client relationships and wallet share, supported by a complete lifecycle of services Growth will be driven by: → Growing availability and use of leverage globally → Continued globalization of financial restructuring advice → Increasingly complex balance sheets → Impact from ongoing technology disruption CORPORATE FINANCE FINANCIAL AND VALUATION ADVISORY We will continue to grow our Managing Director Headcount through: Development and maturation of financial professionals Targeted hiring of senior industry and product bankers Strategic acquisitionsand joint ventures 1 2 3 14 Robust Long-Term Growth Opportunities 14 Use of advanced data and the latest technologies to drive innovation and excellence 4
Page 15
72 75 78 85 88 100 107 115 125 146 165 169 173 190 198 198 289 313 316 339 354 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 History of Growing Managing Director Headcount Note: For fiscal years ended March 31. All dollar amounts in millions unless otherwise noted. 1. MD count calculated using the average of the number of MDs at the beginning of the fiscal year and the end of the fiscal year. HL has increased its Managing Director Headcount by a CAGR of 8% over the last 20 years through internal promotions, opportunistic hirings, and strategic acquisitions. HL has maintained solid MD productivity through the cycles. Productivity increased in FY21 and FY22 due to significantly less travel and more time for deal execution as a result of the COVID-19 pandemic. 15 Growth Through Hiring and MD Productivity 15 Revenue per MD1 $7.7 $9.3 $6.0 $6.1 $7.3 $7.6 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026
Page 16
16 Growth Through Acquisitions 16 → We have made 21 acquisitions over the last 15 years to deepen our industry coverage, expand our geographic reach and add additional service offerings → HL has used acquisitions as a complement to our organic growth → We believe that there are hundreds of potential boutique acquisition candidates around the globe that could be a strategic fit → Our primary acquisition premise is that our global platform, and our breadth of service offerings, industry and private equity coverage will enable sellers to increase the productivity of their bankers and, in many cases, engage with larger clients → Acquisitions are structured using a combination of upfront consideration and contingent consideration at a multiple that makes the acquisition accretive to HL Prytania Solutions Limited UK-Based Tech-Enabled Valuation Platform October 2024 April 2024 Global Independent Advisory Firm December 2024 Insurance and Wealth Management- Focused Independent Advisory Firm February 2023 Telecoms, Technology, Media, & Data-Focused Advisory Firm October 2021 Global Technology-Focused Investment Bank December 2023 Global Information Technology Services Advisory Firm August 2020 Technology, Media, & Telecom- Focused Investment Bank December 2019 Financial Institutions Group-Focused Investment Bank July 2021 Household, Beauty and Personal Care Investment Bank February 2026 Controlling Interest in a French-Focused Investment Banking Firm January 2026 Real Estate Capital Advisory Business September 2026 Energy Sector-Focused Investment Bank
Page 17
Overview of Business Segments 17
Page 18
Our Service Offerings 18 HL’s investment banking service offerings address a wide spectrum of strategic and capital structure objectives HL maintains three primary service lines – Corporate Finance, Financial Restructuring, and Financial and Valuation Advisory
Page 19
Our Service Offerings Summary Statistics 19 Corporate Finance Financial Restructuring Financial and Valuation Advisory Core Services Mergers & Acquisitions Capital Solutions Debtor and Creditor Restructuring Liability Management Distressed M&A Financial Opinions Transaction and Valuation Services Portfolio Valuation Managing Directors1 267 57 46 5-Year FY Revenue CAGR2 17% 0% 13% LTM September 30, 2026 Revenues / % of Total $1,692 / 66% $503 / 20% $361 / 14% LTM September 30, 2026 Revenues per MD3 $6.6 $8.8 $7.9 LTM September 30, 2026 Closed Transactions / Fee Events4 617 121 2,567 Note: All dollar amounts in millions unless otherwise noted. Figures may not tie due to rounding. 1. As of September 30, 2026. 2. Revenue CAGR for the last 5 fiscal years. 3. MD count calculated using the average of the number of MDs at the beginning of the LTM and the end of the LTM. 4. References in this presentation to closed transactions should be understood to be the same as transactions that are “effectively closed” as described in our annual report on Form 10-K.
Page 20
INDUSTRY GROUPS PRODUCT SPECIALISTS TechnologyFinancial Services Real EstateEnergy IndustrialsConsumer HealthcareBusiness Services FinTech Balanced and insightful mergers and acquisitions advice Comprehensive range of debt and equity capital raisings for companies, private equity groups and alternative asset managers Capital Solutions Mergers and Acquisitions Integrated Platform combining Industry Coverage, Product Expertise, and Global Reach Corporate Finance 20
Page 21
357 364 400 441 458 Corporate Finance Mergers & Acquisitions 21 Our global industry coverage model brings sector-specific knowledge, experience, and relationships to every client we work with Market Leader Across All Industries Houlihan Lokey closes more M&A deals than any other firm. 900+ dedicated professionals across 28 offices in 14 countries as of March 31, 2026 Top Global M&A Advisor Source: LSEG and Pitchbook. Note: Advisor rankings based on deal count. Excludes accounting firms and brokers. Investment Banks by Number of Global M&A Deals in CY 2025 Goldman Sachs & Co JP Morgan Rothschild & Co Morgan Stanley HOULIHAN LOKEY Excludes Corporate employees 184 Managing Directors as of March 31, 2026 Technology No.1 M&A advisor across all global transactions Financial Services No.1 M&A advisor across global transactions <$1B Real Estate Leading Real Estate advisor Energy No.1 M&A advisor across U.S. transactions <$1B Industrials No.1 M&A advisor across global transactions <$1B Consumer No.1 M&A advisor across global transactions <$1B Healthcare No.1 M&A advisor across all global transactions Business Services No.1 M&A advisor across all global transactions FinTech No.1 M&A advisor across all global transactions
Page 22
98% 2% CY 2025 Global Closed M&A Transactions CY 2025 Source: LSEG. 1. Includes capital advisory transactions. The mid-cap space is less volatile than the large-cap space, which, when combined with HL’s ongoing opportunities to increase its relatively low market share, generally results in less revenue “downside” in weaker M&A markets 42,525 Transactions 41,914 Transactions 611 Transactions > $1B in Value 41,914 Transactions < $1B in Value HL Market Share1 Room to Grow – The BIG Target Mid-Cap Transactions Our market share in the global mid-cap space is approximately 2%, based on the number of closed Corporate Finance transactions we completed in CY 2025 2% Corporate Finance Mergers & Acquisitions 22 99% 1% CY 2025
Page 23
Corporate Finance Capital Solutions 23 200 dedicated professionals across 18 offices in eight countries as of March 31, 2026 $36B Capital Raised 140+ Transactions Closed Solutions across every layer of the capital stack and every level of the corporate structure. We believe we have one of the largest capital solutions groups at non- balance-sheet banks, raising capital for both sponsors and corporate clients Private Corporate Credit → ABLs / FILOs → First Lien and Unitranche Loans → Second Lien and Mezzanine Loans → HoldCo PIK Instruments Asset & Structured Finance → Financial Assets – Specialty Finance & Esoteric Asset Classes → Infrastructure & Project Finance → Private Securitizations & Structured Asset Sales Markets Advisory → Bank Commitments, Leveraged Loans, HY Bonds → IPOs, Follow-Ons, Monetization Alternatives, Rights Offerings, Convertibles → Privatizations, Spin-Offs Equity Placements → Growth Equity → Structured Equity → Minority Stake Sales Directs & Co-Investments → LP-Style Capital to Support Single-Asset Transactions → Mid-Life Co-Investments → Specialty Investment Vehicles for Esoteric Asset Classes Secondary Solutions → Continuation Vehicles → Fund Tender Processes With Stapled Capital → Sale of LP Interests and Strip Sales GP Advisory → Strategic Advisory for Asset Managers → Firm-Level Equity Stake Sales and Debt Financings → Fund-Level NAV Loans and Preferred Equity Primary Capital Advisory → Control Buyout → Growth Equity → Alternatives Real Estate Advisory → Strategic Advisory → Asset Level Debt & Equity → Fund Solutions One Platform LTM ended March 2026
Page 24
$53 $76 $101 $130 $160 33 44 50 55 83 Assets ($B) Lehman Brothers Holdings Inc. 691 Washington Mutual Inc.1 328 WorldCom Inc. 104 General Motors Corporation 91 CIT Group Inc. 80 PG&E Corporation (Pacific Gas) (2019) 71 Enron Corp. 66 Conseco Inc. 61 Energy Future Holdings Corp. 41 MF Global Holdings Ltd. 41 Chrysler LLC 39 AIG Financial Products Corp. 38 Thornburg Mortgage Inc. 37 Pacific Gas & Electric (2004)2 36 Refco Inc. 33 Deepest bench in the industry with 59 Managing Directors and 219 total finance professionals as of March 31, 2026 A true global player, having dedicated resources in 18 offices worldwide and executed transactions in more than 65 countries since 2000 Extensive experience and flexibility to work on large global restructurings as well as mid-cap restructurings for debtors and creditors With contracting monetary policies and credit market instabilities, global restructuring activity has elevated and is expected to remain robust for the foreseeable future. We have maintained our market share throughout various economic cycles and continue to execute groundbreaking transactions in nearly all industries and geographies Top Global Restructuring Advisor Source: LSEG, BankruptcyData.com and Debtwire. Excludes sovereign debt. Includes corporate bankruptcies (Chapter 11 or Chapter 7). 1. Houlihan Lokey advised certain creditors of the Washington Mutual Receivership. 2. Houlihan Lokey advised a group of noteholders of Pacific Gas & Electric subsidiary National Energy Group Inc. 2025 Global Distressed Debt and Bankruptcy Restructuring Rankings Financial Restructuring 24 15 Largest Bankruptcies Advisor in 12 of the 15 Largest U.S. Bankruptcies 2000–2025 By Deal Count By Deal Value ($B) PJT Partners Inc Rothschild & Co Lazard Evercore Inc HOULIHAN LOKEY PJT Partners Inc Rothschild & Co Lazard Moelis HOULIHAN LOKEY
Page 25
→ Valuation: Expert valuation services for illiquid securities to help asset managers with financial reporting → Advisory: Financial reporting, tax, and CFO advisory support, including business valuations, transaction due diligence, data analytics, and M&A accounting → Opinions: Independent fairness, solvency, and valuation opinions for public and private transactions (corporate and fund clients) Financial and Valuation Advisory 25 No. 1 Global M&A Fairness Opinion Advisor Over the Past 25 Years Note: As of December 31, 2025. Source: LSEG. Announced or completed transactions. Services Offered Diversified Revenue Stream → Market Resilient Portfolio: Diverse, full-cycle service portfolio balanced to mitigate volatility and perform across changing M&A markets → Consistent Growth: Demonstrated record of consistent revenue and client growth across all market cycles → Financial Outperformance: Realizing above -market revenue and margin growth performance across diverse global business segments and end -markets → Massive Addressable Markets : Operating in massive global and growing addressable markets with substantial runway for continued expansion Operating Philosophy → Premium Brand & Pricing Power: Extending the HL brand and reputation as a premium provider and leading advisor in complex matters to drive strong pricing power → Strategic Fee Mix: Strengthening fee mix with larger -cap and public clients using value -added transaction driven services. Rapid growth in number of $1M+ clients → Client-Centric Lifecycle: Client-centric focus, providing recurring and transaction -based services through the client's full lifecycle → Innovation & Thought Leadership: Market thought leader with innovative service offerings, proprietary branded market data, research, indices, and analytical tools → Global Operational Leverage: Technology enabled and diversified professional staff across global geographies enhancing efficiency and scalability Over the past 50 years, Houlihan Lokey has established one of the largest worldwide financial and valuation advisory practices Awarded the Best Valuations Firm for Hard to Value Assets globally annually for the past 7 consecutive years
Page 26
Houlihan Lokey has one of the largest Financial Sponsors Groups focused on mid and large-cap funds Most Active Advisor to Private Equity - Globally 1 1 HOULIHAN LOKEY 286 2 Rothschild 232 3 Jefferies 196 4 Goldman Sachs 164 5 JPMorgan Chase 162 Broad and Deep Financial Sponsor Group → HL has 30 senior officers dedicated to the financial sponsor com munity in North America, Europe, and Japan as of FYE 2026 → 1,900 Financial Sponsor firms covered across Private Equity, Cre dit, Family Offices and other Institutional Investors as of FYE 2026 → Organized geographically to ensure client coverage proximity → Each year, we work on hundreds of engagements for private equity gr oups and their portfolio companies → Sold over 850 companies to financial sponsors over the last five years → Buyout firms have approximately $650 billion of dry powder2 → Provide financial sponsors access to successful solutions – wit h coverage officers facilitating two-way information flow between sponsors and Houlihan Lokey In-Depth Data on Buyer Behavior Importance of Our Sponsor Relationships → Knowledge of and database on financial sponsor preferences and b ehavior through our relationships and deal flow → Collect and analyze co mprehensive data on industry, size and general market trends Financial Sponsors Group 26 1. 2025 Global Private Equity Financial Advisors Rankings. Source: The Deal. 2. As of December 31, 2025. U.S. only. Source: Preqin.
Page 27
Private Equity Portfolio Company Inventory 27 Source: PitchBook as of September 30, 2026. Current Inventory of U.S. Private-Equity-Backed Companies (2016–2026) Given our strong market share serving the PE community, HL is well positioned to benefit from the growing number of portfolio companies held by private equity 4,330 9,289 7,821 8,290 8,760 9,209 9,701 10,386 10,865 11,283 11,808 13,143 13,619 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Greater than 5 Years Old Less than 5 Years Old
Page 28
Financial Overview 28
Page 29
Strong Top-Line Growth and Disciplined Expense 29 → Resilient business mix consisting of cyclical and countercyclical revenue categories → Leader in each of our three business segments with ample growth opportunities Long history of revenue growth through various market cycles → Maintained double-digit adjusted pre-tax margins through downturns in the economy → Each business segment is similarly profitable to shareholders Consistent track record of profitability through market cycles → Minimal capital balance sheet requirements → Low leverage levels → Scalable model that can be further leveraged to support top-line growth Scalable, capital-light model Revenues Adjusted Pre-tax Margin1 Adjusted Net Income 1 Note: Fiscal year ended March 31. All dollar amounts in millions. 1. See page 32 for a description and reconciliation to the most directly comparable GAAP measures for relative year-to-date periods for fiscal 2026 and 2027. See page 33 for comparable historical GAAP figures and refer to previously filed earnings releases for historical adjustments. 2. Operated at higher margins due to temporarily lower non-compensation expenses as a result of the COVID-19 pandemic. $2,270 $1,809 $1,914 $2,389 $2,618 $1,265 $1,203 2022 2023 2024 2025 2026 6-mo ended 9/30/2025 6-mo ended 9/30/2026 29.9% 23.7% 23.0% 25.9% 25.9% 25.9% 23.7% 2022² 2023 2024 2025 2026 6-mo ended 9/30/2025 6-mo ended 9/30/2026 $485 $315 $310 $434 $518 $275 $215 2022² 2023 2024 2025 2026 6-mo ended 9/30/2025 6-mo ended 9/30/2026
Page 30
Business Segment Financials 30 Note: Fiscal year ended March 31. All dollar amounts in millions unless otherwise noted. Revenues By Business Segment 70% 62% 58% 64% 67% 66% 65% 17% 22% 27% 23% 20% 21% 20% 13% 16% 15% 13% 13% 13% 15% $2,270 $1,809 $1,914 $2,389 $2,618 $1,265 $1,203 2022 2023 2024 2025 2026 6-mo ended 9/30/2025 6-mo ended 9/30/2026 Corporate Finance Financial Restructuring Financial and Valuation Advisory
Page 31
Expense, Balance Sheet and Cash Management 31 Compensation Given our diversified business model and compensation structure, we are able to maintain a tight compensation ratio through market cycles Non-compensation We believe our annual non-compensation ratio is among the lowest of our publicly traded peers Operating Expenses We operate with extremely low levels of debt We maintain a revolver of $150 million, which has remained undrawn We generate a significant amount of cash flow throughout the year We are focused on maintaining balance sheet flexibility to enable us to be opportunistic, especially regarding acquisition opportunities Balance Sheet Health We are committed to the following Capital Allocation principles: → Grow our quarterly dividend as the business grows → We have grown our dividend at a 15% CAGR over the last 10 years → When possible, use excess cash to make acquisitions that are strategic as well as accretive to shareholders → If excess cash accumulates, return it to shareholders in the most efficient manner possible Shareholder Return
Page 32
(In millions, except per share data) 2026 2025 2026 2025 Revenues $ 692 $ 660 $ 1,203 $ 1,265 Compensation expenses Compensation expenses (GAAP) $ 441 $ 423 $ 769 $ 816 Less: Acquisition related compensation and benefits (1) (15) (17) (29) (38) Compensation expenses (adjusted) 426 406 740 778 Non-compensation expenses Non-compensation expenses (GAAP) $ 97 $ 86 $ 202 $ 208 Less: Acquisition related legal structure reorganization (2) - - - (1) Less: Integration and acquisition related costs (3) (3) - (6) - Less: Acquisition amortization (4) (3) (3) (5) (12) Less: Revaluation of acquisition contingent consideration (5) - - - (18) Non-compensation expenses (adjusted) 91 83 191 177 Operating income Operating income (GAAP) $ 154 $ 151 $ 232 $ 241 Plus: Adjustments (6) 21 20 40 69 Operating income (adjusted) 175 171 272 310 Other (income) expense, net Other (income) expense, net (GAAP) $ (5) $ (9) $ (13) $ (17) Other (income) expense, net (adjusted) (5) (9) (13) (17) Provision for income taxes Provision for income taxes (GAAP) $ 49 $ 49 $ 57 $ 49 Less: Non-deductible acquisition related costs (7) - (1) - (2) Adjusted provision for income taxes 49 48 57 47 Plus: Resulting tax impact (8) 5 5 10 5 Provision for income taxes (adjusted) 54 53 67 52 Net (income) loss attributable to noncontrolling interest Net (income) loss attributable to noncontrolling interest (GAAP) $ (1) $ - $ (1) $ - Less: Impact of adjustments on noncontrolling interest, net of tax (9) (1) - (2) - Net (income) loss attributable to noncontrolling interest (adjusted) (2) - (3) - Net income attributable to Houlihan Lokey, Inc. Net income attributable to Houlihan Lokey, Inc. (GAAP) $ 109 $ 111 $ 187 $ 209 Plus: Adjustments (10) 15 16 28 66 Net income attributable to Houlihan Lokey, Inc. (adjusted) $ 124 $ 127 $ 215 $ 275 Fully diluted shares outstanding Fully diluted shares outstanding (GAAP) 67.0 68.6 67.3 68.8 Plus: Impact of unvested GCA retention and deferred share awards - 0.3 - 0.3 Fully diluted shares outstanding (adjusted) 67.0 68.9 67.3 69.1 Fully diluted EPS (GAAP) $ 1.64 $ 1.63 $ 2.78 $ 3.04 Fully diluted EPS (adjusted) $ 1.85 $ 1.84 $ 3.20 $ 3.98 Six Months Ended September 30,Three Months Ended September 30, Reconciliation of GAAP to Adjusted Financials 32 Notes to Reconciliation of GAAP to Adjusted Financial Information: (1) Reflects acquisition related deferred retention payments. (2) Reflects legal and other professional fees associated with the simplification of our legal entity structure that has resulted from acquisitions. (3) Reflects integration and acquisition related costs, including asset write offs or impairments. (4) Reflects amortization of intangible assets recognized in purchase accounting from our acquisitions. (5) Reflects the fair value remeasurement of acquisition-related contingent consideration. (6) The aggregate of adjustments from compensation and non-compensation expenses. (7) Reflects acquisition-related costs which are non-deductible for income tax purposes. (8) Reflects the tax impact of the non-tax adjustments identified above. (9) Reflects the impact of adjustments attributable to the noncontrolling interest, net of tax. (10) Consists of all adjustments identified above, net of the associated tax impact.
Page 33
GAAP Pre-tax Income Comparable GAAP vs. Adjusted Financial Figures 33 Note: For fiscal years ended March 31. All dollar amounts in millions unless otherwise noted. GAAP Pre-tax Margin GAAP Net Income Adjusted Pre-tax Income Adjusted Pre-tax Margin Adjusted Net Income $409 $604 $324 $391 $531 $562 2021 2022 2023 2024 2025 2026 26.8% 26.6% 17.9% 20.4% 22.2% 21.5% 2021 2022 2023 2024 2025 2026 $313 $438 $254 $280 $400 $426 2021 2022 2023 2024 2025 2026 $434 $680 $428 $440 $619 $678 2021 2022 2023 2024 2025 2026 28.4% 29.9% 23.7% 23.0% 25.9% 25.9% 2021 2022 2023 2024 2025 2026 $317 $485 $315 $310 $434 $518 2021 2022 2023 2024 2025 2026
Page 34
Our Mission We will be recognized globally for providing the finest financial advice and service to our clients and the best place to work for our colleagues. We help our clients achieve superior outcomes by providing thoughtful, caring advice while acting with honor and integrity We are strategic in our approach to growth and are committed to creating lasting value for our shareholders We maintain an intellectually stimulating, fair and fun place to work We seek to improve our local and global communities through the responsible and direct actions of our firm and its people Our Vision 34
Page 35
CORPORATE FINANCE FINANCIAL RESTRUCTURING FINANCIAL AND VALUATION ADVISORY HL.com