Slides
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| Maximus: Q1 FY26 Earnings Presentation 1 February 5, 2026 Fiscal 2026 First Quarter Earnings Call Bruce Caswell President & Chief Executive Officer
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| Maximus: Q1 FY26 Earnings Presentation 2 These slides should be read in conjunction with our most recent quarterly earnings press release, along with listening to or reading a transcript of management comments from our most recent quarterly earnings conference call. This document contains non-GAAP financial information. Management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of our financial performance, identifying trends in our results, and providing meaningful period-to-period comparisons. These measures should be used in conjunction with, rather than instead of, their comparable GAAP measures. For a reconciliation of non-GAAP measures to the comparable GAAP measures presented in this document, see the Company’s most recent quarterly earnings press release. Included in this presentation are forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "goal," "seek,“ “on track,” "opportunity," "could," "potential," "believe," "project," "estimate," "expect," "continue," "forecast," "strategy," "future," "likely," "may," "should," "will," and similar references to future periods. Forward-looking statements that are not historical facts, including statements about our confidence, strategies and initiatives and our expectations about guidance and expectations about revenues, results of operations, profitability, future contracts, liquidity, market opportunities, market demand, acceptance of our products, or acquisitions and divestitures are forward-looking statements that involve risks and uncertainties. These risks could cause the Company’s actual results to differ materially from those indicated by such forward-looking statements. A Special Note Regarding Forward-Looking Statements is included within our forthcoming Form 10-Q and a summary of risk factors can be found in Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, filed on November 20, 2025. Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update the guidance herein or any other forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. Throughout this presentation, numbers may not add due to rounding. Forward-looking Statements & Non-GAAP Information
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| Maximus: Q1 FY26 Earnings Presentation 3 • Government shutdown in Q1 FY26 had virtually no direct impact to income statement • However, the shutdown impacted U.S. Federal Services award activity, which directly impacted our quarterly book-to-bill ratio • We anticipate award activity to pick up across the three remaining quarters of FY26 • The pipeline now includes some anticipated opportunities in Medicaid and SNAP related to the Working Families Tax Cut legislation, though they are not a major driver of the increase from Q4 FY25 pipeline • $3.8 billion proposals pending (submitted) + $2.4 billion proposal in prep = $6.2 billion, a 55% increase to the combined figure 1 year ago Awards and Pipeline New Awards (YTD) Dec 31, 2025 Signed Contracts $246 million Unsigned Contracts $699 million Book-to-Bill ratio (TTM) 0.5x Book-to-Bill ratio (Q1 FY26) 0.2x $59.1B Total pipeline of sales opportunities 59% New work 61% U.S. Federal Services Segment $3.8B Proposals pending $2.4B Proposals in preparation $52.9B Opportunities tracking Comprised of
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| Maximus: Q1 FY26 Earnings Presentation 4 • Starting in FY27, states need to conduct twice-yearly redeterminations and implement new community engagement requirements (work requirements) for the expansion population (~25% of Medicaid) • Opportunities to support states through existing state relationships and proven capabilities with greater program administration and compliance needs are anticipated to increase beneficiary engagement volumes; activity levels per beneficiary, not absolute enrollment, are the key drivers for many contracts • CMS recently announced Maximus as one of ten health technology companies with existing Medicaid contracts that have pledged to help states successfully implement the community engagement requirements, including making digital tools from our technology investments and resources available to existing clients at reduced costs Opportunities to Support States • SNAP , a predominantly federally funded program and traditionally self-administered by states and counties, presents an emerging opportunity • States with a payment error rate >6% (43 states, including D.C.) are required to increase their funding contribution beginning in FY27 and FY28, based on their error rate • We anticipate that affected states will move swiftly to reduce their error rate to maintain it at or below 6% • Recently launched our Accuracy Assistant by Maximus tool to help states detect data inconsistencies and offer real-time error prevention and reporting to support continuous improvement • Technology-based support in the near-term is likely, with process re-design, technology, and operating models offering possible longer-term opportunities Medicaid SNAP
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| Maximus: Q1 FY26 Earnings Presentation 5 Strategic Priority: AI Innovation • A recent win in the Outside the U.S. Segment scored 98% of available technical points, driven by an evolved version of our AI- powered clinical claim tool currently used in our U.S. businesses • Our AI solutions are designed to balance in-house development and a set of partnerships with leading providers, and now include practical applications of agentic AI in controlled environments • We continue to be “customer zero,” where we develop capabilities and experience that we believe are valuable to our customers. Our staff at all levels and departments within Maximus are quickly adopting AI tools and participating in training • Another program implemented an AI-based solution to streamline the processing of payment-related disputes, leading to 45% autonomous dispute resolution, significantly increased capacity for our customer, and drove material financial improvement New win: Maximus was recently selected as the single awardee of the U.S. General Services Administration (GSA) Blanket Purchase Agreement (BPA) to support the agency’s Government Experience Contact Center (gXCC) Services transformation
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| Maximus: Q1 FY26 Earnings Presentation 6 February 5, 2026 Fiscal 2026 First Quarter Earnings Call David Mutryn Chief Financial Officer
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| Maximus: Q1 FY26 Earnings Presentation 7 Total Company Results – First Quarter of FY26 • Q1 FY26 results were broadly in line with expectations contemplated in November guidance for FY26 • Revenue decreased 4.1%, with roughly 1.5% from divestiture activity and the balance from organic movements • Adjusted EBITDA margin was 12.7%, compared to 11.2% in the prior year period, driven by performance of the U.S. Federal Services Segment • Adjusted diluted EPS was $1.85, compared to $1.61 for the prior year period • Divested child support business in U.S. Services Segment in Q1 FY26, comprising ~$25 million annual revenue and resulting in a $9.0 million gain, compared to $38.3 million charge for an Outside the U.S. Segment divestiture in Q1 FY25 ($ in millions, except per share data) Q1 FY26 Margin Q1 FY25 Margin % Change U.S. Federal Services $ 786.6 $ 780.7 0.8 % U.S. Services 415.2 452.3 (8.2)% Outside the U.S. 143.2 169.8 (15.7)% Total Revenue $ 1,345.0 $ 1,402.7 (4.1)% U.S. Federal Services $ 129.7 16.5% $ 99.1 12.7% 30.9 % U.S. Services 29.3 7.1% 40.8 9.0% (28.3)% Outside the U.S. (1.4) -1.0% 8.1 4.8% nm Intangibles amortization (20.3) (23.0) (11.9)% Divestiture-related gains/charges 9.0 (38.3) nm Other (0.1) 0.1 nm Total Operating Income $ 146.2 10.9% $ 86.8 6.2% 68.5 % Intangibles amortization $ 20.3 $ 23.0 (11.9)% Divestiture-related gains/charges (9.0) 38.3 nm Depreciation & amortization (PP&E/CapSW) 12.9 8.5 52.4 % Adjusted EBITDA (Non-GAAP) $ 170.4 12.7% $ 156.6 11.2% 8.8 % Interest expense $ 20.8 $ 17.5 18.8 % Effective tax rate 25.6 % 40.3 % Net income $ 93.9 $ 41.2 128.0 % Diluted EPS $ 1.70 $ 0.69 146.0 % Intangibles amortization per share $ 0.27 $ 0.28 (3.6)% Divestiture-related gains/charges per share $ (0.12) $ 0.64 nm Adjusted Diluted EPS (Non-GAAP) $ 1.85 $ 1.61 14.9 %
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| Maximus: Q1 FY26 Earnings Presentation 8 Segment Results – First Quarter of FY26 U.S. Federal Services Segment • Revenue increased by 0.8% and the growth was all organic • The prior year period benefitted from expected and unexpected volume growth, with added contribution from natural disaster support • Segment operating margin of 16.5%, reflecting stability of volumes across multiple program areas combined with wider adoption of technology initiatives that enhance productivity of our staff U.S. Services Segment • Revenue decreased to $415 million as anticipated, resulting from several programs that are experiencing lower volumes or demand for engagement • Segment operating margin of 7.1% was contemplated in FY26 guidance in November and stems from higher open enrollment costs, following a similar pattern to FY25 • Segment margin guidance on a full- year basis is increasing for FY26 to 10.5% to 11% Outside the U.S. Segment • Revenue decreased to $143 million and was primarily driven by the Australian and South Korean divestiture in Q1 FY25 • Segment operating loss of $1.4 million this quarter results from lower-than-anticipated revenue contributions from new work • This quarter does not alter our view of a strengthening segment, and we remain focused on improving margins by scaling in our current geographies ($ in millions) Q1 FY26 Q1 FY25 % Change Revenue $786.6 $780.7 0.8 % Operating Income $129.7 $99.1 30.9 % Operating Margin % 16.5 % 12.7% ($ in millions) Q1 FY26 Q1 FY25 % Change Revenue $415.2 $452.3 (8.2) % Operating Income $29.3 $40.8 (28.3) % Operating Margin % 7.1 % 9.0 % ($ in millions) Q1 FY26 Q1 FY25 % Change Revenue $143.2 $169.8 (15.7) % Operating Income $(1.4) $8.1 nm Operating Margin % -1.0% 4.8%
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| Maximus: Q1 FY26 Earnings Presentation 9 Cash Flows & Balance Sheet Cash Flows & DSO • Q1 FY26 negative cash flows had been expected from seasonality around the timing of payments, and temporary delays of collections in our U.S. Federal Services segment, resulting from administrative delays on one of our programs. To a lesser extent, lingering delays from the government shutdown contributed to slower collections. FY26 cash flow guidance is unchanged. • DSO increased to 78 days at December 31, 2025, compared to 62 days at September 30, 2025. DSO is anticipated to remain temporarily elevated through H1 FY26 and improve in H2 FY26. Debt & Capital Allocation • At December 31, 2025, total debt was $1.58 billion, and the ratio of debt, net of allowed cash, to consolidated EBITDA on a TTM basis, as calculated in accordance with our credit agreement, was 1.8x and below our stated target leverage ratio range of 2–3x. This compares to 1.5x at September 30, 2025, and resulted from near-term borrowing needs amidst the cash outflow. • Absent M&A activity and/or share repurchases, we expect our consolidated net total leverage ratio to be 1.0x or below at September 30, 2026 • Our capital allocation framework is unchanged from prior remarks. Organic investment occurs through a disciplined process to evaluate and fund initiatives. • We seek acquisitions that can accelerate future organic growth under a disciplined evaluation framework, and with a bias towards the Federal market. $ in millions Q1 FY26 FY26 Guidance Cash (used in)/provided by operating activities $ (244.4) Purchases of property and equipment and capitalized software costs (6.3) Free cash flow (Non-GAAP) $ (250.7) $450M - $500M
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| Maximus: Q1 FY26 Earnings Presentation 10 Updated Fiscal Year 2026 Guidance • Revenue crosswalk illustrates narrowing of FY26 revenue guidance and Q1 results strengthen visibility to updated guidance • Adjusted EBITDA margin guidance increases by 30bps to ~14.0% and adjusted diluted EPS guidance increases by $0.10 to $8.05 - $8.35 per share • FY26 segment margin commentary: − U.S. Federal Services Segment: 16.5 – 17% − U.S. Services Segment: 10.5 – 11% − Outside the U.S. Segment: 1 – 3% • Other FY26 updated assumptions: − Interest expense: ~$75 million − Full-year effective income tax rate: 24.5 – 25.5% Fiscal 2026 Guidance Updated Previous Revenue $5.2B - $5.35B $5.225B - $5.425B Adjusted EBITDA margin Approx. 14.0% Approx. 13.7% Adjusted diluted EPS $8.05 - $8.35 $7.95 - $8.25 Free cash flow $450M - $500M (no change) $450M - $500M Revenue Crosswalk - $M's Low High Previous FY26 Revenue Guidance 5,225$ 5,425$ U.S. Services Divestiture (25) (25) New work shifting out (50) Updated FY26 Revenue Guidance 5,200$ 5,350$ ($ in millions except per share items) Low End High End Operating income 600$ 622$ Add: amortization of intangible assets 81 81 Add: depreciation & amortization of PP&E and CapSW 55 55 Add: divestiture-related gains (9) (9) Adjusted EBITDA 727$ 749$ Revenue 5,200$ 5,350$ Adjusted EBITDA margin 14.0% 14.0% Diluted EPS 7.09$ 7.39$ Add: effect of amortization of intangible assets on diluted EPS 1.08 1.08 Add: effect of divestiture-related gains on diluted EPS (0.12) (0.12) Adjusted diluted EPS 8.05$ 8.35$ Cash flows from operating activities 485$ 535$ Remove: purchases of property and equipment and capitalized software costs (35) (35) Free cash flow 450$ 500$ FY26 Guidance Reconciliation - Non-GAAP
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| Maximus: Q1 FY26 Earnings Presentation 11