FTI Consulting : 1Q26 Investor Presentation

Organic growth strategy with an emphasis on profitable revenue growth

Committed to building a profitable business with sustainable underlying growth, regardless of economic conditions

Willingness to invest EBITDA in key growth areas where we have a right to win

Healthy balance sheet and strong cash flows with a commitment to return capital to our shareholders

Path toward sustained double-digit year-over-year Adjusted EPS growth over time

• Transactions

• Transformation

• Turnaround & Restructuring

  Strategic Communications

• Corporate Reputation

• Financial Communications

• Public Affairs

  Forensic and Litigation Consulting

• Construction, Projects & Assets and Environmental Solutions

• Data & Analytics

• Dispute Advisory Services

• Healthcare Risk Management & Advisory

• Risk & Investigations

  Economic Consulting

• Antitrust & Competition Economics

• Financial Economics

• International Arbitration

  Technology

• Blockchain & Digital Assets

• Information Governance, Privacy & Security

• Investigations

• Litigation

• M&A, Antitrust and Competition

  Revenues Snapshot

  Segment Revenues and Geographic Revenues
  

  Q1 2026 Segment Revenues Q1 2026 Geographic Revenues

  10%

  18%

  10%

  42%

  29%

  5% 1%

  65%

  20%

  Corporate Finance Forensic and Litigation Consulting

  Economic Consulting

  Technology Strategic Communications

  North America EMEA

  Asia Pacific

  Latin America

  Corporate Finance

  • 
    Transactions

    • 
      Diligence (Financial, Tax, HR, IT, Synergy and Regulatory)

    • 
      Investment Banking

    • 
      Merger Integration & Carve-Out

    • 
      Valuation & Financial Advisory Services

  • 
    Transformation

    • 
      Cost Transformation

    • 
      Data & Technology Transformation

    • 
      HR Transformation

    • 
      Office of the Chief Financial Officer Solutions & Finance Transformation

    • 
      Operations & Supply Chain Transformation

    • 
      Revenue Transformation

    • 
      Strategy

  • 
    Turnaround & Restructuring

    • 
      Company Advisory

    • 
      Creditor Advisory

    • 
      Dispute Advisory & Litigation Support

    • 
      Insolvency

    • 
      Interim Management

26

countries and territories

• Revenues increased $65.9 million, or 19.2%, to $409.5 million for the three months ended March 31, 2026, primarily due to higher demand and realized bill rates for our turnaround & restructuring, transactions and transformation services. Excluding an estimated 2.5% positive impact from FX, revenues increased $57.4 million, or 16.7%.

• Segment gross profit increased $35.0 million, or 31.2%, to $147.1 million for the three months ended March 31, 2026. Gross profit margin increased 3.3 percentage points for the three months ended March 31, 2026. The increase in gross profit margin was primarily due to a 5 percentage point increase in utilization and higher realized bill rates.

• Adjusted Segment EBITDA was $88.7 million, or 21.6% of segment revenues, compared with

  $55.9 million, or 16.3% of segment revenues, in the prior year quarter.

  Forensic and Litigation Consulting

  Services

  			68 offices				20 countries 1,543 professionals
  (in thousands, except percentages and headcount data) (Unaudited)		2023	2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	2025	Q1 2026
  Segment Revenues		$654,105	$690,211	$190,602	$186,517	$194,689	$192,879	$764,687	$192,878
  Segment Gross Profit Margin		33.1%	32.6%	38.1%	35.3%	38.2%	31.8%	35.8%	33.9%
  Segment Operating Income		$81,296	$77,490	$30,106	$29,071	$40,460	$21,586	$121,223	$23,085
  Adjusted Segment EBITDA (1)		$88,109	$86,717	$37,523	$31,188	$42,616	$23,818	$135,145	$25,264
  Adjusted Segment EBITDA Margin (1)		13.5%	12.6%	19.7%	16.7%	21.9%	12.3%	17.7%	13.1%
  Utilization		57%	57%	59%	57%	58%	54%	57%	57%
  Billable Professionals		1,447	1,542	1,509	1,482	1,533	1,541	1,541	1,543

  • Construction, Projects & Assets and Environmental Solutions (“Construction Solutions”)

    • Environmental Cost & Damages Analyses

    • Expert Services in Delay, Disruption, Quantum & Damages

    • Project Delivery, Asset Management Advisory & Transformation

    • Technology Enablement, Data Intelligence & Construction Analytics

  • Data & Analytics

    • Data Strategy, Governance and Reconciliation

    • Data Visualization, Process Improvement and Business Intelligence

    • Machine Learning and Other Artificial Intelligence (“AI”) Solutions

    • Remediation and Settlement Administration

  • Dispute Advisory Services

    • Claims in International Public Law

    • Complex Commercial and Regulatory Disputes

    • Energy-related Disputes

    • Environmental Dispute Resolution

    • Financial Products and Broker-dealer Disputes

    • Insurance-related Disputes

    • Intellectual Property

    • Labor and Employment

  • Healthcare Risk Management & Advisory

    • Disputes and Investigations

    • Financial Advisory

    • Managed Care & Value-based Care

    • Risk, Regulatory & Quality

  • Risk & Investigations

    • Accounting Advisory & Restatements

    • Anti-Bribery & Corruption Investigations

    • Anti-money Laundering Investigations

    • Cybersecurity Investigations

    • International Trade

    • Financial Regulatory Investigations

    • Forensic Accounting & Fraud Investigations

    • Geopolitical and Related Security Risk

    • Monitorships

  (1) See accompanying financial tables and “End Notes: FTI Consulting Non-GAAP Financial Measures” for the reconciliation and definition of Adjusted Segment EBITDA, which is a non-GAAP financial measure, to the most directly comparable GAAP financial measure, and for the definition of Adjusted EBITDA Margin, which is a non-GAAP financial measure.

  Forensic and Litigation Consulting (continued)

  Grow overseas businesses e.g., United Kingdom and Hong Kong

  Medium-Term Growth Opportunities

  Enhance Construction, Projects and Assets & Environmental Solutions, Cybersecurity and Data & Analytics capabilities

  Segment Offering

  Our Forensic and Litigation Consulting segment provides law firms, companies, boards of directors, government entities, private equity firms and other interested parties with a multidisciplinary and independent range of services across risk & investigations and disputes, supported by our data & analytics technology-enabled solutions, with a focus on highly regulated industries. Our services are centered around five core offerings: Construction Solutions, Data & Analytics, Dispute Advisory Services, Healthcare Risk Management & Advisory and Risk & Investigations, which includes our cybersecurity and financial services-related offerings.

  Q1 2026 Key Financial Commentary

• Revenues increased $2.3 million, or 1.2%, to $192.9 million for the three months ended March 31, 2026, primarily due to higher realized bill rates for our risk & investigations and construction solutions services, which was partially offset by lower demand for our dispute advisory services. Excluding an estimated 2.1% positive impact from FX, revenues decreased

  $1.7 million, or 0.9%.

• Segment gross profit decreased $7.2 million, or 9.9%, to $65.5 million for the three months ended March 31, 2026. Gross profit margin decreased 4.2 percentage points for the three months ended March 31, 2026. The decrease in gross profit margin was primarily due to a 2 percentage point decrease in utilization, which was partially offset by higher realized bill rates.

• Adjusted Segment EBITDA was $25.3 million, or 13.1% of segment revenues, compared with $37.5 million, or 19.7% of segment revenues, in the prior year quarter.

  Economic Consulting

  • 
    Antitrust & Competition Economics

    • 
      M&A-related Antitrust

    • 
      Non-M&A-related Antitrust

  • 
    Financial Economics

    • 
      Contractual Claims

    • 
      Rate Setting

    • 
      Securities Litigation & Risk Management

    • 
      Transfer Pricing

    • 
      Valuation

  • 
    International Arbitration

    • 
      Business Valuations

    • 
      Commercial and Treaty Disputes

    • 
      Economic Damages

    • 
      Litigation Support

• Revenues decreased $4.2 million, or 2.3%, to $175.6 million for the three months ended March 31, 2026, primarily due to lower demand for our non-M&A-related antitrust services, which was partially offset by higher demand for our financial economics and M&A-related antitrust services, and higher realized bill rates. Excluding an estimated 3.4% positive impact from FX, revenues decreased $10.3 million, or 5.7%.

• Segment gross profit decreased $20.8 million, or 50.3%, to $20.6 million for the three months ended March 31, 2026. Gross profit margin decreased 11.3 percentage points for the three months ended March 31, 2026. The decrease in gross profit margin was primarily due to higher forgivable loan amortization, variable compensation and outside consultant expenses as a percentage of revenues, which was partially offset by higher realized bill rates.

• Adjusted Segment EBITDA was $(5.9) million, or (3.3)% of segment revenues, compared with $14.4 million, or 8.0% of segment revenues, in the prior year quarter.

  Technology

  • Blockchain & Digital Assets

    • Blockchain Managed Services

    • Cryptocurrency and Digital Asset Regulatory Compliance

    • Cryptocurrency Disputes and Investigations

    • Decentralized Due Diligence

    • Digital Asset Expert Services and Investigations

    • Enterprise Blockchain Innovation

  • Information Governance, Privacy & Security

    • Advisory on Governance, Policy, Standards & Execution, including for AI

    • Compliance and Risk Technology, including Governance, Risk and Compliance

    • Data Privacy Program Development, Implementation & Data Subject Access Requests

    • Data Migration, Remediation, Disposition and Protection

    • Legal Department Operations and Technology

    • Microsoft 365 and Copilot Readiness, Governance, Data Protection and Risk Management

    • Pixel, Ad Tracker and AdTech Advisory & Services

    • Post-data Breach Privacy Analysis & Response

  • Investigations

    • Digital Forensics & Collection

    • E-Discovery

    • Emerging Data Solutions

    • Expert Witness Testimony

    • Find Facts Fast Solutions

  • Litigation

    • End-to-end E-discovery Software and Solutions

    • Legal Hold & Preservation

    • Managed Review

  • M&A, Antitrust and Competition

    • Contracts for Pre- and Post-M&A Analysis and Repapering

    • Dawn Raids

    • Phase II Merger Investigations (EMEA)

    • Pre- and Post-M&A Data Separation and Remediation

    • “Second Request” Investigations under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (U.S.)

    • “Secondary Information Request” Investigations (Canada)

• Revenues increased $5.2 million, or 5.3%, to $102.3 million for the three months ended March 31, 2026, primarily due to higher demand for our litigation and information governance, privacy & security services, which was partially offset by lower demand for our investigations and M&A-related “second request” services. Excluding an estimated 2.5% positive impact from FX, revenues increased $2.7 million, or 2.8%.

• Segment gross profit increased $0.4 million, or 1.2%, to $33.3 million for the three months ended March 31, 2026. Gross profit margin decreased 1.3 percentage points for the three months ended March 31, 2026. The decrease in gross profit margin was primarily due to lower profitability of our hosting and processing services, which was partially offset by higher profitability of our consulting and review services.

• Adjusted Segment EBITDA was $11.8 million, or 11.6% of segment revenues, compared with $11.6 million, or 11.9% of segment revenues, in the prior year quarter.

  Strategic Communications

  • Corporate Reputation

    • Crisis and Issues Management

    • Cybersecurity and Data Privacy Communications

    • Digital, Analytics and Insights

    • Litigation Communications

    • People & Transformation

  • Financial Communications

    • Corporate Governance & Shareholder Activism

    • Environmental, Social and Governance & Sustainability

    • M&A Communications

    • Restructuring and Financial Issues

  • Public Affairs

    • Government Investigations

    • Government Relations

    • Public Affairs Research & Opinion Polling

    • Public Affairs Strategy

    • Public Policy Advocacy

• Revenues increased $16.0 million, or 18.4%, to $103.0 million for the three months ended March 31, 2026, primarily due to higher demand for our corporate reputation, public affairs and financial communications services. Excluding an estimated 3.9% positive impact from FX, revenues increased $12.6 million, or 14.5%.

• Segment gross profit increased $10.1 million, or 33.3%, to $40.4 million for the three months ended March 31, 2026. Gross profit margin increased 4.4 percentage points for the three months ended March 31, 2026. The increase in gross profit margin was primarily due to lower compensation expenses as a percentage of revenues.

• Adjusted Segment EBITDA was $21.9 million, or 21.3% of segment revenues, compared with $12.9 million, or 14.8% of segment revenues, in the prior year quarter.