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Verra Mobility Q3 2026 Earnings Presentation For the Quarter Ended September 30, 2026 Earnings Overview
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2 FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements which address our expected future business and financial performance, and may contain words such as “goal,” “target,” “future,” “estimate,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “project,” “may,” “should,” “will” or similar expressions. Forward-looking statements include statements regarding changes and trends in the market for our products and services, including expected operating results and metrics, such as revenue growth and expected margins; expansion plans and opportunities; expectations regarding the impact of the termination of our contract with ABG, effective January 30, 2027, and our ability to replace the revenue expected under that contract; expectations regarding fluctuations in fleet volume under our arrangement with our second significant Commercial Services customer; expectations relating to our selection by the City of Los Angeles to implement California’s largest speed safety program and the contract with the New York City Department of Transportation (“NYCDOT”); expectations regarding the upcoming renewal of our contract with our third significant Commercial Services customer; our ability to protect our intellectual property, trade secrets and confidential information; our ability to support sustainable growth and strong customer outcomes; our leadership transitions, including the transition to our new President and Chief Executive Officer and the search for a permanent Chief Financial Officer; potential changes to our segment reporting; full year guidance for 2026, including expected total revenue, Adjusted EBITDA, Adjusted EPS, and Free Cash Flow, and the underlying assumptions for the 2026 full-year guidance, including anticipated TSA volume, expected weighted average fully diluted share count, effective tax rate and cash taxes, expected depreciation and amortization expenses, expected interest expense, net and total net cash interest, expected change in working capital, expected capital expenditures, and expected operating expenditures; expectations relating to momentum across key growth areas and our pipeline; our ability to meet our long-term outlook; the expected benefits of our smart mobility platform, including margin expansion impact; and expectations concerning our share repurchase program. Forward-looking statements involve risks and uncertainties, and a number of factors could cause actual results to differ materially from those currently anticipated. These factors include, but are not limited to, the impact of negative industry and macroeconomic conditions, including inflation and higher interest rates, the impact of government actions and regulations, such as tariffs, trade protection measures, and military conflicts, on our customers or Verra Mobility; customer concentration in our Commercial Services and Government Solutions segments, including risks impacting these segments such as travel demand and legislation, and the risk of losing a customer; risks related to our contract with NYCDOT, which comprises a material portion of our revenue, including the timing of payments; risks related to the termination of our contract with one of our significant Commercial Services customers, effective January 30, 2027, and our ability to replace the revenue expected under that contract on a timely basis or at all; risks associated with fluctuations in fleet volume under the contract extension with our second significant Commercial Services customer; risks related to the upcoming renewal of our contract with our third significant Commercial Services customer, which may involve a competitive process, including the risk that we may not be successful in retaining the contract or may retain it only on terms less favorable to us than the current agreement; risks related to the future termination of any such contracts; risks and uncertainties related to our government contracts, including legislative changes, termination rights, delays in payments, audits, and investigations; decreases in the prevalence or political acceptance of, or an increase in governmental restrictions regarding, automated and other similar methods of photo enforcement, parking solutions, or the use of tolling; our ability to successfully implement our acquisition strategy or integrate acquisitions; failures in or breaches of our networks or systems, including as a result of cyber-attacks or other incidents; risks and uncertainties related to our international operations and our ability to develop and successfully market new products and technologies into new markets; our failure to acquire necessary intellectual property or adequately protect our intellectual property; our ability to successfully improve operational efficiencies, generate cost savings, and achieve expected benefits from our transformation and strategic initiatives, including organizational changes that could result in a change to our segment reporting; risks related to our ongoing leadership transitions, including the transition to our new President and Chief Executive Officer, our reliance on an Interim Chief Financial Officer provided through a third- party engagement and the search for a permanent Chief Financial Officer, and our ability to attract and retain key management personnel; our ability to manage our substantial level of indebtedness; our ability to maintain effective internal controls over financial reporting; risks related to our goodwill and intangible assets, which have been subject to impairment and may be subject to further impairment in the future; our ability to properly perform under our contracts and otherwise satisfy our customers; risks associated with the use of artificial intelligence (“AI”) and related tools and our ability to achieve expected benefits from AI; our ability to incorporate AI into our business and transform our data into valuable insights, deliver more intelligent software and hardware, improve our efficiency of our operations and create a new generation of AI-enabled transportation solutions that strengthens customer outcomes, improves roadway safety and increases the long-term value of our technology platform; decreased interest in outsourcing from our customers; our ability to keep up with technological developments and changing customer preferences; our ability to compete in a highly competitive and rapidly evolving market; risks and uncertainties related to our share repurchase program; risks and uncertainties related to litigation, including pending securities litigation, and other disputes and regulatory investigations; our reliance on specialized third-party providers; and other risks and uncertainties indicated from time to time in documents we filed or will file with the Securities and Exchange Commission (the “SEC”). In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this presentation can or will be achieved. This presentation should be read in conjunction with the information included in our other presentations, reports, and other filings with the SEC. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in our SEC filings, including our 2025 Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026, June 30, 2026, and September 30, 2026. These forward-looking statements speak only as of the date of this presentation and except to the extent required by applicable law, we do not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments, or otherwise. Understanding the information contained in these filings is important in order to fully understand our reported financial results and our business outlook for future periods. Use of Non-GAAP Financial Measures This presentation uses certain non-GAAP financial information, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA, adjusted EBITDA margin, Free Cash Flow, Free Cash Flow Conversion, Adjusted EPS, Net Debt and Net Leverage. Verra Mobility believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Verra Mobility’s financial condition and results of operations. These financial measures are not recognized measures under GAAP and they are not intended to be and should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted EPS, Free Cash Flow, Net Debt and Net Leverage are non-GAAP financial measures as defined by SEC rules. This non- GAAP financial information may be determined or calculated differently by other companies. A reconciliation of Verra Mobility’s non-GAAP financial information to GAAP financial information is provided in the Appendix hereto and in Verra Mobility’s Form 8-K, filed with the SEC, with the earnings presentation for the period indicated. Verra Mobility is not providing a quantitative reconciliation of Adjusted EBITDA, Adjusted EPS, and Free Cash Flow to the nearest GAAP metric in our 2026 financial guidance, in reliance on the “unreasonable efforts” exception for forward-looking non-GAAP measures set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated without unreasonable effort and expense.
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3 Verra Mobility Executive Summary 1 Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EPS, Free Cash Flow, Free Cash Flow Conversion, Net Debt and Net Leverage are non-GAAP financial measures. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure, see the appendix. Page 14 reconciles Adjusted EBITDA; page 16 reconciles Adjusted Net Income and Adjusted EPS; page 17 reconciles Free Cash Flow and page 18 reconciles net leverage. 2 Free Cash Flow represents Net Cash Provided by Operating Activities, less Capex. Free Cash Flow Conversion represents Free Cash Flow divided by Adjusted EBITDA Total Revenue $259 million; 1% YoY decrease Adjusted EBITDA 1 $104 million; 8% YoY decrease Adjusted EPS 1 $0.36; 3% YoY decrease Free Cash Flow 1, 2 $89 million; 83% YoY increase Q3 Financial Highlights Service Revenue Composition - Government Solutions: 13% YoY service revenue growth driven by NYC red-light camera installations and 14% growth outside of New York City - Commercial Services: 14% YoY revenue decrease driven by RAC re-pricing, RAC fleet volume fluctuations and tolling volume - Parking Solutions: 3% YoY SaaS and Services revenue decline driven by a reduction in subscription & professional services revenue and partially offset by increased SaaS revenue Commercial Services Customer Contracts • Avis Budget Group - Subsequent to the end of the third quarter, due to a significant reduction in fleet volumes and other factors, we exercised our option to terminate the contract, effective January 30, 2027 • Hertz - Entered into a five-year contract extension in the 3rd quarter, extending a partnership of more than 20 years, and agreed to collaborate on the development of new technology solutions • Enterprise – Contract expires September 30, 2027 and company will follow Enterprise’s procurement process Executive Leadership Transition • On October 29, 2026, the Board appointed Matthew Kvarda as interim Chief Financial Officer of the Company effective as of November 5, 2026 and until a permanent Chief Financial Officer is appointed Government Solutions Bookings • Booked $31 million of incremental annual recurring revenue in Government Solutions in Q3, bringing trailing twelve-month bookings to about $92 million • Strong bookings across speed, red light & school bus enforcement programs
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4 Adjusted EPS* Free Cash Flow ($M)*,1 Total Revenue ($M) $243 $240 $19 $19 $262 $259 Q3 2025 Q3 2026 $0.37 $0.36 Q3 2025 Q3 2026 Top-line growth driven by NYC expansion & core market trends Consolidated – Q3 Results -3% $49 $89 Q3 2025 Q3 2026 +83% Service Product Adjusted EBITDA ($M)* $113 $104 Q3 2025 Q3 2026 Total -8% Total -1% Srvc -1% * Reconciliations of non-GAAP financial measures (Adjusted EBITDA, Adjusted EPS and Free Cash Flow) to the most directly comparable GAAP financial measures are contained in the Appendix. 1 Free Cash Flow represents Net Cash Provided by Operating Activities, less Capex.
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5 Results reflect RAC contract extensions and fleet management one-time adjustments Commercial Services – Q3 Results Total Revenue & YoY Growth Segment Profit & YoY Growth $117 $100 Q3 2025 Q3 2026 Srvc Rev -14% $78 $61 Q3 2025 Q3 2026 Segment Profit -22% Q3 – Key Highlights • Third quarter Revenue declined 14% compared to Q3 2025 due to decreases in RAC tolling and Fleet Management • RAC tolling revenue down 20% compared to Q3 2025 due to the effect of contract extensions entered into with ABG and Hertz on materially less favorable terms, fleet volume fluctuations with ABG, and reduced travel demand compared to the same period in 2025 • Fleet management revenue decreased $2.2 million or 13% in 2026 compared to the same period in 2025 due primarily to a one-time operational adjustment and prior period churn. Normalizing for these adjustments, fleet management revenue would have grown 4% over the prior year period • Q3 Segment Profit margins decreased ~560 basis points compared to Q3 2025 due to reduced RAC tolling revenue, increased credit loss expense and decreased volume rebates earned from total spend on credit card transactions due to decreased tolling and travel activity
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6 Revenue fueled by NYC expansion and core market acceleration Government Solutions – Q3 Results Total Revenue & YoY Growth Segment Profit & YoY Growth Q3 – Key Highlights • Service Revenue grew 13%, driven by strong growth of 14% outside of New York City (new awards & expansion of existing programs) and NYC installation services on new red-light cameras, net of pricing changes • Q3 Segment Profit margins increased due primarily to NYC installation volume, revenue mix and decreased wage expenses $108 $122 $14 $14$123 $137 Q3 2025 Q3 2026 Product RevenueService Revenue Srvc Rev +13% Total Rev +12% $31 $39 Q3 2025 Q3 2026 Segment Profit +25%
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7 Total Revenue & YoY Change Segment Profit & YoY Change Q3 – Key Highlights • SaaS and Services revenue declined 3% compared to last year; comprised of a 12% decline in Subscription and Professional Services compared to the prior year and partially offset by SaaS revenue growth of 2% compared to the prior year • Q3 Segment Profit margins declined ~90 basis points driven by revenue mix and increased operating expenses $18 $17 $4 $5 $22 $22 Q3 2025 Q3 2026 Product RevenueSaaS & Service Revenue $4 $3 Q3 2025 Q3 2026 Srvc Rev -3% Total Rev -2% Segment Profit -7% SaaS and Services Revenue decline driven by a decline in professional services and subscription revenue Parking Solutions – Q3 Results
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8 Strong, Flexible Balance Sheet + Robust Cash Flow 2 0 2 1 I N V E S T O R D A Y – © B U I L D E R S F I R S T S O U R C E8 Capital Summary & Financial Highlights ($M) Net Leverage* Evolution ($M) * A reconciliation for Net Leverage to the most directly comparable GAAP financial measure is included in the Appendix. 1 Term Loan Debt and ABL Revolver were refinanced in October 2025; new Term Loan maturity is 2032; new Term Loan pricing is Term SOFR + 200 bps. Fixed Rate debt securities priced at 5.500% and due 2029. Available Credit assumes borrowing base supports full accordion capacity and is net of letters of credit. Strong cash generation maintained consistent leverage levels through Q3 2026 No Debt Maturities until 20291 ($M) September 30, 2026 Cash & Cash Equivalents $137 Debt $1,040 Stockholders’ Equity $265 $182 $9 $8 $7 $7 $7 $357 $7 $7 $646 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Available Credit (Revolving Credit Facility & accordion feature) 1 $220 Cash & Cash Equivalents $137 Total Available Liquidity $357 $843 $972 $1,017 $993 $903 2.0x 2.3x 2.5x 2.2x Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 2.4x
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9 Reaffirming 2026 Guidance Provided August 5, 2026 Reaffirming guidance on the strength of Government Solutions growth Expect Total Revenue decline of 2% at the mid-point of guidance CS impacted by RAC contracts and TSA volume GS driven by NYC expansion and expected low double-digit service revenue growth outside of NYC PS (T2) driven by expected growth in SaaS revenue 2026 Guidance In millions, except per share data Commentary Total Revenue $945 - $965 CS … LDD expected decline YoY GS … HSD growth expected YoY (GS Service Rev expected to grow HSD) PS (T2) … LSD expected growth YoY Adjusted EBITDA $360 - $370 Adjusted EBITDA margin expected to decline about ~400 bps YoY due primarily to NYC M/WBE subcontractor costs, TSA and RAC contracts Adjusted EPS $1.11 - $1.17 Low teens expected decline YoY Free Cash Flow $105 - $115 FCF conversion of ~30% expected Terms that are used on this page are defined on pages 12-13 of this presentation
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10 Full Year 2026 TSA volume assumed to decline over 1% compared to full year 2025 2026 fully diluted share count expected to be approximately ~153 million shares (weighted average for the year) Effective tax rate expected to be 28.0% to 29.0% including State taxes; with approximately $30 million expected in 2026 total cash taxes paid 2026 depreciation and amortization expected to be approximately $120 million 2026 total interest expense expected to be about $62 million; ~$60 million in net cash interest paid 2026 change in working capital is expected to result in a use of cash of approximately $40 million primarily related to both our RAC contract renewals and the timing of expenditures and collections of our ongoing installation work in New York City 2026 capital expenditures expected to be approximately $125 million – primarily focused on investments for cameras installations and MOSAIC implementation in Government Solutions Additional 2026 Guidance Assumptions
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11 Appendix
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12 KEY DEFINITIONS EBITDA and Adjusted EBITDA We define "EBITDA" as net income adjusted to exclude interest expense, net, income taxes, depreciation and amortization. "Adj usted EBITDA" further excludes certain non-cash expenses and non-recurring items. Adjusted EBITDA Margin We define “Adjusted EBITDA Margin” as Adjusted EBITDA as a percentage of total revenue. Adjusted EPS We define “Adjusted EPS” as Adjusted Net Income divided by the diluted weighted average shares for the period. Adjusted Net Income We define “Adjusted Net Income” as net income adjusted to exclude amortization of intangibles and certain non -cash or non-recurring expenses such as loss on extinguishment of debt, among other items. Annual recurring revenue (ARR) Annual recurring revenue (ARR) is a key metric that enables measurement of progress in growing our recurring revenue business . ARR represents the annual contract value of all new customer contracts and expansion of programs for existing clients. “Full run -rate ARR” refers to twelve months of recurring service revenue generated upon a contract or program being implemented and operational. Change in working capital We define change in working capital as the change in operating assets and liabilities. Capital expenditures We define capital expenditures as the purchases of installation and service parts and property and equipment. Free Cash Flow We define "Free Cash Flow" as net cash flow provided by operating activities less capital expenditures (purchases of installa tion and service parts and property and equipment).
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13 Net Debt We define “Net Debt” as total debt, net excluding original issue discounts and unamortized deferred financing costs, less cas h and cash equivalents. Net Leverage We define “Net Leverage” as Net Debt divided by the trailing twelve months Adjusted EBITDA as of the current quarter- end. The trailing twelve months Adjusted EBITDA is the sum of the year-to-date Adjusted EBITDA reported in the current year and the applicable quarter -to-date Adjusted EBITDA amounts reported in the prior year period (for example, the trailing twelve months Adjusted EBITDA as of June 30, 2025 is the sum of the six months e nded June 30, 2025 and the quarters ending December 31, 2024 and September 30, 2024). Trailing Twelve Months Trailing Twelve Months or “TTM” refers to the trailing four quarters and is calculated by adding the sum of the current quart er’s and the prior three quarters’ financial metric being measured. TSA Volume TSA passenger volume represents the number of airline passengers passing through Transportation Security Administration check points. Use of Abbreviations Throughout this presentation, we use abbreviations including “LSD”, “MSD”, “HSD”, “LDD” and “M/WBE”. These abbreviations repr esent Low-Single digit revenue growth, Mid-Single digit revenue growth, High-Single digit revenue growth, Low-Double digit revenue growth and Minority and Women-Owned Business Enterprise. KEY DEFINITIONS
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14 Verra Mobility Quarterly Results Q1 2024 – Q3 2026 ($ in millions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Full Year 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Full Year 2025 Q1 2026 Q2 2026 Q3 2026 Service revenue $202.7 $212.0 $217.3 $209.7 $841.7 $211.9 $223.5 $243.2 $239.8 $918.1 $213.4 $246.7 $239.9 Product sales 7.0 10.4 8.3 11.8 37.5 11.4 12.5 18.7 18.3 $60.9 $10.2 $16.9 $19.0 Total revenue $209.7 $222.4 $225.6 $221.5 $879.2 $223.3 $236.0 $261.9 $257.9 $979.1 $223.6 $263.6 $258.9 Cost of service revenue, excluding depreciation and amortization 4.3 4.6 5.4 4.7 19.0 4.8 4.6 9.2 11.7 30.3 7.4 14.2 14.9 Cost of product sales 5.3 7.8 5.6 8.3 27.1 8.0 8.9 12.8 15.7 45.5 8.3 14.0 17.6 Operating expenses 70.6 74.9 76.0 74.4 295.9 73.7 81.3 88.1 90.1 333.3 86.0 90.6 90.4 Selling, general and administrative expenses 48.2 46.3 47.9 52.6 195.1 51.5 48.5 47.6 67.6 215.2 40.8 44.0 43.5 Depreciation, amort, impairment and (gain) loss on disposal of assets, net 27.0 27.5 26.7 124.9 206.1 27.8 29.5 29.3 29.8 116.3 29.3 133.6 26.9 Total costs and expenses $155.4 $161.3 $161.7 $264.9 $743.2 $165.9 $172.8 $187.1 $214.8 $740.7 $171.8 $296.4 $193.3 Income (loss) from operations 54.4 $61.2 $63.9 ($43.4) $136.0 $57.4 $63.2 $74.8 $43.0 $238.4 $51.8 ($32.8) $65.6 Interest expense, net 19.6 18.8 18.7 16.7 73.9 16.6 16.6 16.4 15.0 64.6 15.4 15.5 15.0 Gain on interest rate swap - .02 - - - - - - - - - - - Change in fair value of private placement warrants - - - - - - - - - - - - - Tax receivable agreement liability adjustment - - - (0.3) (0.3) - - - 0.7 0.7 - - - Loss on interest rate swap (0.4) - 0.9 - 0.5 - - - - - - - - Loss on extinguishment of debt 0.6 - 0.0 1.1 1.7 .03 .02 .02 1.3 1.3 - - - Other income, net (4.5) (5.2) (4.3) (5.0) (19.0) (4.1) (6.0) (6.3) (6.8) (23.2) (4.1) (6.0) (4.7) Total other expenses $15.4 $13.6 $15.4 12.6 56.9 12.6 10.6 10.1 10.1 43.4 11.3 9.4 10.3 Income (loss) before income taxes 39.0 47.6 48.5 (55.9) 79.1 44.8 52.6 64.7 32.9 195.0 40.5 (42.2) 55.3 Income tax provision 9.8 13.4 13.8 10.7 47.7 12.5 14.0 17.8 14.0 58.3 13.7 6.0 14.9 Net income (loss) $29.1 $34.2 $34.7 ($66.7) $31.4 $32.3 $38.6 $46.8 $18.9 $136.6 $26.7 ($48.2) $40.4 Bridge to adj. EBITDA Net income (loss) $29.1 $34.2 $34.7 ($66.7) 31.4 32.3 38.6 46.8 18.9 136.6 $26.7 (48.2) 40.4 Interest expense, net 19.6 18.8 18.7 16.7 73.9 16.6 16.6 16.4 15.0 64.6 15.4 15.5 15.0 Income tax provision 9.8 13.4 13.8 10.7 47.7 12.5 14.0 17.8 14.0 58.3 13.7 6.0 14.9 Depreciation and amortization 26.9 27.5 26.6 27.5 108.5 27.5 29.2 28.5 28.9 114.1 29.2 28.5 26.2 EBITDA $85.5 $93.9 $93.8 ($11.7) $261.5 $89.0 $98.3 $109.6 $76.8 $373.7 $85.1 $1.8 $96.5 Transaction and other related 1.5 0.1 2.5 1.2 5.4 - 1.1 - 6.3 7.4 - - 0.1 Transformation expense (0.0) 1.6 1.0 1.9 4.4 - (1.4) 0.3 10.3 9.1 (6.1) 3.2 5.7 Legal accrual/settlement - - - 8.3 8.3 - - (1.5) - (1.5) - 1.1 0.8 Loss on extinguishment of debt 0.6 - 0.0 1.1 1.7 .03 .02 .02 1.3 1.3 - - - GW and Intangible Assets Impairment - - - 97.1 97.1 - - - - - - 104.4 - Gain or Loss on interest rate swap & Other non-recurring expenses (0.4) (0.0) 0.9 - 0.5 - - - - - - (0.0) 0.0 Tax receivable agreement liability adjustment - - - (0.3) (0.3) - - - 0.7 0.7 - Stock-based compensation 5.6 6.6 6.4 4.4 23.0 6.5 7.3 5.0 6.5 25.2 7.0 0.2 0.8 Adjusted EBITDA $92.8 $102.2 $104.7 $102.0 $401.6 $95.4 $105.3 $113.3 $101.8 $415.9 $86.0 $110.7 $103.9 Adjusted EBITDA Margin % 44% 46% 46% 46% 46% 43% 45% 43% 39% 42% 38% 42% 40% * Refer to the earnings release, dated October 30, 2026 for additional detail on the reconciliation
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15 Verra Mobility Quarterly Results Segment Results of Operations Commercial Services Government Solutions Parking Solutions ($ in millions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Full Year 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Full Year 2025 Q1 2026 Q2 2026 Q3 2026 Total Revenue Commercial Services $95.9 $104.0 $109.1 $98.7 $407.7 $101.4 $109.0 $117.3 $108.1 $435.8 $97.8 $115.1 $100.3 Segment Profit Commercial Services $60.8 $69.5 $72.9 $64.6 $267.8 $63.1 $72.0 $78.3 $69.1 $282.5 $61.8 $77.2 $61.3 ($ in millions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Full Year 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Full Year 2025 Q1 2026 Q2 2026 Q3 2026 Total Revenue Government Solutions $94.2 $97.7 $95.9 $103.2 $390.9 $101.8 $107.1 $122.6 $129.2 $460.7 $105.3 $128.5 $136.8 Segment Profit Government Solutions $29.2 $29.9 $28.1 $34.6 $121.7 $29.4 $30.1 $31.3 $31.1 $121.9 $20.8 $31.2 $39.1 ($ in millions) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Full Year 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Full Year 2025 Q1 2026 Q2 2026 Q3 2026 Total Revenue Parking Solutions $19.7 $20.7 $20.6 $19.7 $80.6 $20.0 $19.9 $22.1 $20.6 $82.6 $20.4 $20.0 $21.7 Segment Profit Parking Solutions $2.8 $2.8 $3.7 $2.8 $12.2 $2.9 $3.2 $3.7 $1.6 $11.5 $3.4 $2.3 $3.5
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16 Verra Mobility Adj. Net Income and Adjusted EPS Reconciliations (in $MM, except per share data) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net Income $46.8 $18.9 $26.7 ($48.2) $40.4 Amortization of intangibles 15.6 15.6 15.6 14.3 11.6 Transaction and other related expenses - 6.3 - - 0.0 Transformation expenses 0.3 10.3 4.2 3.2 5.7 Legal accrual/settlement (1.5) - (10.3) 1.1 0.8 Goodwill impairment - - - 64.0 - Impairment of intangible assets - - - 40.4 - Tax settlement payment related to a prior acquisition - 0.7 - - - Tax credit on impairment - - - (11.3) - Tax receivable agreement imputed interest - - - - - Loss on extinguishment of debt 0.0 1.3 - - - Change in fair value of interest rate swap - - - - - Stock-based compensation 5.0 6.5 7.0 0.2 0.7 Total adjustments before income tax effect 19.4 40.7 16.5 112.0 19.0 Income tax effects on adjustments (5.6) (11.2) (4.6) (5.3) (5.3) Total adjustments after income tax effect 13.8 29.4 11.9 106.7 13.7 Adjusted Net Income $60.6 $48.3 $38.6 58.5 54.1 Adjusted EPS $0.37 $0.30 $0.25 $0.38 $0.36 Diluted weighted average shares outstanding 161,861 159,713 153,689 153,154 152,120 Annual estimated effective income tax rate 29% 29% 28% 28% 28% * Refer to the earnings release, dated October 30, 2026 for additional detail on the reconciliation
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17 Verra Mobility Free Cash Flow Reconciliation, incl. % of Adj. EBITDA ($MM) Q3 2025 Q3 2026 Net cash provided by operating activities $78 $115 Purchases of installation and service parts and property and equipment (29) (25) Free Cash Flow $49 $89 1 See slide 14 for a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure.
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18 Verra Mobility Net Debt and Net Leverage Reconciliation ($MM) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 2021 Term Loan, due 2028 $689 $687 $685 $684 $682 Plus: Senior Notes, due 2029 $350 $350 $350 $350 $350 Plus: Credit Revolver - - $26 - - Plus: Other debt - - $3 $9 $8 Long-term Debt, excluding original issue discounts and unamortized deferred financing costs $1,038 $1,037 $1,064 $1,043 $1,040 Less: Cash and Cash Equivalents $196 $65 $47 $50 $137 Net Debt $843 $972 $1,017 $993 $903 Divided by: Trailing Twelve Months Adjusted EBITDA* $416 $416 $406 $412 $402 Net Leverage 2.0x 2.3x 2.5x 2.4x 2.2x * A reconciliation for the four quarters comprising Trailing Twelve Months Adjusted EBITDA is contained on slide 14 in the Appendix. Trailing Twelve Months or “TTM” refers to the trailing four quarters and is calculated by adding the sum of the current quarter’s and the prior three quarters’ financial metric being measured.
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