Unless the context otherwise required, references in this Quarterly Report on Form 10-Q to "Andersen", "we", "us", and "our" shall mean Andersen Group Inc. and its subsidiaries. The following discussion is intended to assist in the understanding of our financial position at June 30, 2026 and December 31, 2025, results of operations for the three and six months ended June 30, 2026 and 2025, and cash flows for the six months ended June 30, 2026 and 2025, and should be read in conjunction with the unaudited condensed consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and with our Annual Report on Form 10-K for the year ended December 31, 2025. Some of the information contained in this discussion and analysis or set forth elsewhere, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties and should be read in conjunction with the disclosures and information contained in “Special Note Regarding Forward-Looking Statements” included elsewhere in this Quarterly Report on Form 10-Q and in Part I, Item 1A. "Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2025. Overview We are a leading provider of independent tax, valuation and financial advisory services to individuals, wealthy families, businesses and institutional clients in the United States and internationally. From our roots as a tax advisory firm, we have strategically expanded our business to build an integrated platform of service offerings that enables us to solve our clients’ most complex challenges. We have achieved this by delivering market-leading technical expertise combined with practical advice, supported by our unique firm culture, integrated services offerings and our relationship with Andersen Global, a Swiss association of over 300 member and collaborating firms. Our operating model is powered by a strong firm culture based on shared values, integrated services offerings and investments in our people, which has allowed us to build a differentiated approach to client service. Refer to the Annual Report on Form 10-K for the year ended December 31, 2025 for further discussion of our business and strategies as well as factors that currently impact our operations. Recent Developments Inorganic Growth Opportunities Andersen’s relationships with over 400 Andersen Global and Andersen Consulting member and collaborating firms provide opportunities for domestic and international expansion through closer partnerships, future acquisitions and future business combinations. In the second quarter of 2026, the Company closed the acquisitions of tax firms in Ireland and New Zealand, a tax firm and a consulting firm in Nigeria, and a tax firm and a law firm in Uruguay, expanding its presence across key developed and high-growth markets as it continues to scale its global platform. In addition, in the third quarter of 2026, Andersen closed the acquisition of a tax firm in Switzerland and a business combination in Canada and entered into definitive agreements for the acquisitions of a tax and legal firm in Mexico, a tax firm in the United Kingdom and six consulting firms in the United States. These eight additional acquisitions are expected to close in the fourth quarter of 2026, subject to the satisfaction of certain closing conditions. Executive Summary Revenue for the three months ended June 30, 2026 was $217.7 million, representing 23.7% year-over-year growth as compared to $176.0 million for the three months ended June 30, 2025. Revenue for the six months ended June 30, 2026 was $458.4 million, representing 19.4% year-over-year growth as compared with $384.1 million for the six months ended June 30, 2025. Revenue growth in 2026 was driven by strong execution and continued demand across our core markets, client growth, higher volume and service line expansion along with inorganic growth from acquisitions closed in the second quarter of 2026. There were no large one-time 2026 revenue items, and all of our service lines grew revenues year-over-year. 38 Key Financial and Operational Metrics We monitor the following key financial and operational metrics to evaluate our business, measure our performance and make strategic decisions: Revenue Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue: Revenue (in thousands) $ 217,658 $ 175,991 $ 458,404 $ 384,058 Clients Six Months Ended June 30, 2026 2025 Client groups 13,500 11,300 Client engagements 23,800 20,600 People Metrics June 30, December 31, 2026 2025 Total employees 2,690 2,296 Attrition rate - United States 15.7 % 14.2 % Revenue and Components of Revenue We generate our revenue from providing tax and financial advisory services to our clients. During the three and six months ended June 30, 2026 and 2025, the substantial majority of our revenue was generated on a time and materials basis and, to a lesser extent, on a fixed fee basis and contingent fee basis. In the future, our revenue and profitability could vary materially depending on changes in the nature of services provided, as well as the stage of performance at which the right to receive fees is finally determined. We provide services in four primary areas: •Private Client Services. We provide comprehensive tax and financial services for individuals and families, addressing complex client matters such as multigenerational wealth, charitable giving and trust and estate planning. •Business Tax Services. We offer a broad range of scalable, integrated tax-related consulting and compliance services for businesses, helping organizations with managing their tax planning, compliance and reporting needs. •Alternative Investment Funds. We deliver comprehensive tax and financial-related services for alternative investment funds, including family offices, funds of funds, hedge funds, private equity funds, venture capital funds and real estate investment trusts. •Valuation Services. We provide clients with independent valuation expertise that helps clients navigate tax laws and regulations and comply with regulatory requirements. During the three months ended June 30, 2026, our revenue increased by 23.7% to $217.7 million from $176.0 million during the three months ended June 30, 2025. During the six months ended June 30, 2026, our revenue increased by 19.4% to $458.4 million from $384.1 million during the six months ended June 30, 2025. Revenue consists of professional services revenue and reimbursable expenses, which primarily includes contracted costs from third parties that are billable to clients. 39 Revenue by Service Line We have built a multidimensional independent advisory firm with the ability to provide differentiated services across tax and financial services to address our clients’ most complex challenges. This is reflected in the revenue contribution of our services lines: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Private Client Services 47.1% 49.8% 49.2 % 49.9 % Business Tax Services 39.2% 35.5% 36.2 % 34.9 % Alternative Investment Funds 8.1% 8.5% 9.4 % 9.7 % Valuation Services 5.6% 6.2% 5.2 % 5.5 % The percentage of revenue by service line has largely remained stable over the past five years. Revenue by Geographic Region Since our founding, we have expanded our geographic reach across the United States, serving clients from 28 offices as of June 30, 2026. While our offices are primarily situated in major metropolitan areas, our expansive presence across the United States allows us to adapt to regional market fluctuations and capitalize on localized opportunities. Geographic revenue contribution is derived from the assigned office of each employee working on an engagement. This regional allocation typically aligns with the region in which the client is located, but in some cases, the client may be in a region different from the location of the office or employees. In the second quarter of 2026, we also expanded internationally as part of our inorganic growth strategy. Revenue by region was: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 United States - East 39.1% 37.6% 40.7 % 38.8 % United States - Central 17.3% 18.7% 16.8 % 17.8 % United States - West 41.1% 43.7% 41.3 % 43.4 % International 2.5% — 1.2 % — Clients Client groups will often comprise multiple client engagements with different entities or individuals, such as multiple subsidiaries of an entity, multiple principals within a single private equity fund or multiple individuals or trusts within a single wealthy family. We evaluate our portfolio of client groups and client engagements on a periodic basis using a variety of quality-based metrics and may, from time-to-time, modify, consolidate or discontinue client relationships or client engagements. Our clients are distributed across a substantial number of individuals, wealthy families and trusts and business enterprises within a wide range of industries, including financial services, consumer products, healthcare, hospitality, manufacturing, pharmaceutical and biotech, private equity, real estate, technology and venture capital. By serving a diverse range of clients across a diverse range of industries, we believe we can capitalize on growth opportunities in expanding sectors while offsetting potential slowdowns in others. 40 People Metrics Compensation represents the largest portion of our operating expenses. As a result, we monitor our total number of employees and growth in employees: As of June 30, 2026 2025 Managing Directors 349 315 Non-Managing Directors 2,341 1,905 Total Employees 2,690 2,220 Our workforce, which excludes temporary staff, consists of predominantly client serving professionals, and grew to 2,690 total employees as of June 30, 2026. As of June 30, 2026, our annualized attrition rate, excluding international acquisitions, increased by 1.5 percentage points to 15.7% from 14.2% as of December 31, 2025. As of June 30, 2026, our workforce had a balanced distribution of tenure, reflecting a blend of experienced professionals and newer talent. Our 2,690 total employees included 349 Managing Directors as of June 30, 2026. Non-GAAP Financial Measures We use certain non-GAAP financial measures to supplement our financial measures prepared in accordance with accounting principles generally accepted in the United States ("GAAP"), which include EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Net Income Margin ("Non-GAAP Financial Measures"). We believe that the Non-GAAP Financial Measures, when taken collectively, may be helpful to investors because they provide consistency and comparability with past financial performance. We also believe that the Non-GAAP Financial Measures can enhance an investor’s understanding of our financial and operating performance from period to period, because they exclude certain items relating to income tax expense, interest, depreciation and amortization, equity-based compensation, and transaction costs which are not necessarily reflective of our ongoing operations and performance. However, the Non-GAAP Financial Measures are presented for supplemental informational purposes only, have limitations as an analytical tool, and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Some of the limitations of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin include that they exclude certain tax payments that may reduce cash available to us, do not reflect any cash capital expenditure requirements for the assets being depreciated and amortized that may have to be replaced in the future, and do not reflect changes in, or cash requirements for, our working capital needs. Some of the limitations of Adjusted Net Income and Adjusted Net Income Margin include that they exclude the impact of expenses related to transaction activities, certain equity restructuring expenses and certain components of equity-based compensation. Other companies, including companies in the professional services industry, may calculate similarly titled non-GAAP financial measures differently or may use other measures to evaluate their performance, any of which could reduce the usefulness of our Non-GAAP Financial Measures as tools for comparison. A reconciliation is provided below for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these Non-GAAP Financial Measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business. Adjusted Net Income and Adjusted Net Income Margin We define Adjusted Net Income as net income plus expenses related to transaction activities, including costs related to planned mergers, acquisitions, and business combinations, non-recurring equity restructuring costs and non-cash equity-based compensation expense. We define Adjusted Net Income Margin as Adjusted Net Income divided by revenue. We believe Adjusted Net Income and Adjusted Net Income Margin enhance an investor’s understanding of our financial and operating performance because they exclude transaction-related costs allowing for greater transparency into what measures we use in operating our business and measuring our performance. In addition, these measures enable comparison of financial trends and results between periods. In the second quarter of 2026, we revised our definition of Adjusted Net Income and Adjusted Net Income Margin to include all non-cash equity-based compensation, and in the last twelve months ended June 30, 2026, non-cash equity-based compensation expenses for LTIP Units and restricted stock units were added to conform to the current presentation. The 41 change is intended to provide a more meaningful measure of our underlying operating performance by excluding equity-based compensation charges which are non-cash in nature and do not reflect our core operating results. The additional adjustments are consistent with our treatment of other equity-based compensation expenses and are intended to provide greater consistency in presentation. We applied the revised definition consistently to current and comparative periods, where applicable, to enhance period-to-period comparability. The impact of the revision is not material to previously disclosed figures. EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin We define EBITDA as net income plus income tax expense, interest expense, and depreciation and amortization less interest income. We define Adjusted EBITDA as EBITDA with adjustments to exclude results from expenses related to transaction activities, including costs related to planned mergers, acquisitions, and business combinations, non-cash equity-based compensation expense and non-recurring equity restructuring costs. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. In the second quarter of 2026, we revised our definition of Adjusted EBITDA and Adjusted EBITDA Margin to include all non-cash equity-based compensation, and in the last twelve months ended June 30, 2026, non-cash equity-based compensation expenses for LTIP Units and restricted stock units were added to conform to the current presentation. The change is intended to provide a more meaningful measure of our underlying operating performance by excluding equity-based compensation charges which are non-cash in nature and do not reflect our core operating results. The additional adjustments are consistent with our treatment of other equity-based compensation expenses and are intended to provide greater consistency in presentation. We applied the revised definition consistently to current and comparative periods, where applicable, to enhance period-to-period comparability. The impact of the revision is not material to previously disclosed figures. The following table summarizes the Non-GAAP Financial Measures (along with the most directly comparable GAAP measures) for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, Last Twelve Months Ended June 30, 2026 2025 2026 2025 2026 2025 ($ in thousands) Net (loss) income $ (10,094) $ (95,983) $ 7,644 $ (45,407) $ (77,118) $ 42,504 Adjusted Net Income(1) 39,002 28,105 106,283 83,333 240,634 172,825 EBITDA(1) (3,255) (101,840) 23,925 (46,096) (50,876) 45,005 Adjusted EBITDA(1) 45,960 29,678 122,793 86,855 262,954 179,549 Revenue 217,658 175,991 458,404 384,058 913,038 774,086 Net (Loss) Income Margin (4.6)% (54.5)% 1.7 % (11.8) % (8.4)% 5.5 % Adjusted Net Income Margin(1) 17.9% 16.0% 23.2 % 21.7 % 26.4% 22.3 % Adjusted EBITDA Margin(1) 21.1% 16.9% 26.8 % 22.6 % 28.8% 23.2 % (1)These are non-GAAP financial measures. See below for a reconciliation to the most directly comparable GAAP financial measure. 42 The following table reflects the reconciliation of net (loss) income to Adjusted Net Income and Adjusted Net Income Margin for each of the periods indicated: Three Months Ended June 30, Six Months Ended June 30, Last Twelve Months Ended June 30, 2026 2025 2026 2025 2026 2025 ($ in thousands) Net (loss) income $ (10,094) $ (95,983) $ 7,644 $ (45,407) $ (77,118) $ 42,504 Transaction costs(1) 935 1,959 4,984 3,392 8,970 4,985 Equity-based compensation: Vesting of Class X Aggregator Units and 2025 pre-IPO profits interest units(2) 42,268 129,559 83,372 129,559 100,501 129,559 Profits interest units at AT Umbrella LLC ("LTIP Units")(3) 1,748 — 2,648 — 2,749 — Restricted stock issued to acquired firms(4) 846 — 846 — 846 — Restricted stock units(5) 3,418 — 7,018 — 7,601 — Equity restructuring costs(6) — — — — 193,163 — Income tax effect of adjustments (119) (7,430) (229) (4,211) 3,922 (4,223) Adjusted Net Income $ 39,002 $ 28,105 $ 106,283 $ 83,333 $ 240,634 $ 172,825 Revenue 217,658 175,991 458,404 384,058 913,038 774,086 Net (Loss) Income Margin (4.6%) (54.5%) 1.7 % (11.8 %) (8.4%) 5.5 % Adjusted Net Income Margin 17.9% 16.0% 23.2 % 21.7 % 26.4% 22.3 % 43 The following table is a reconciliation of net (loss) income to EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin for each of the periods indicated: Three Months Ended June 30, Six Months Ended June 30, Last Twelve Months Ended June 30, 2026 2025 2026 2025 2026 2025 ($ in thousands) Net (loss) income $ (10,094) $ (95,983) $ 7,644 $ (45,407) $ (77,118) $ 42,504 Interest income (1,497) (1,030) (3,376) (2,230) (5,312) (4,854) Interest expense 5,887 104 12,121 247 13,310 279 Depreciation and amortization 2,522 2,036 4,796 4,131 9,670 8,351 Income tax expense (benefit) (73) (6,967) 2,740 (2,837) 8,574 (1,275) EBITDA (3,255) (101,840) 23,925 (46,096) (50,876) 45,005 Transaction costs(1) 935 1,959 4,984 3,392 8,970 4,985 Equity-based compensation: Vesting of Class X Aggregator Units and 2025 pre-IPO profits interest units(2) 42,268 129,559 83,372 129,559 100,501 129,559 Profits interest units at AT Umbrella LLC ("LTIP Units")(3) 1,748 — 2,648 — 2,749 — Restricted stock issued to acquired firms(4) 846 — 846 — 846 — Restricted stock units(5) 3,418 — 7,018 — 7,601 — Equity restructuring costs(6) — — — — 193,163 — Adjusted EBITDA 45,960 29,678 122,793 86,855 262,954 179,549 Revenue 217,658 175,991 458,404 384,058 913,038 774,086 Net (Loss) Income Margin (4.6)% (54.5)% 1.7 % (11.8) % (8.4)% 5.5 % Adjusted EBITDA Margin 21.1% 16.9% 26.8 % 22.6 % 28.8% 23.2 % (1)Transaction costs include certain legal, accounting and consulting costs incurred related to planned mergers, acquisitions, and business combinations during the three and six months ended June 30, 2026 and certain legal, accounting and consulting costs incurred for public company readiness not eligible for capitalization and related to the planned restructuring during the three and six months ended June 30, 2025. (2)Equity-based compensation expense associated with the vesting of Class X Aggregator Units consists of non-cash expenses associated with the vesting of Class X Aggregator Units, which were part of the Reorganization Transactions and described in Note 12, “Equity-based Compensation—Class X Aggregator Units” to our unaudited condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report. During the three and six months ended June 30, 2026, we recognized $36.2 million and $73.7 million, respectively, of non-cash equity-based compensation expense associated with Class X Aggregator Units in cost of services, and $6.1 million and $9.7 million, respectively, in sales, general and administrative expense. (3)Profits interest units at AT Umbrella LLC (“LTIP Units”) are exchangeable for Class A common stock from Andersen Group Inc. During the three and six months ended June 30, 2026, we recognized $1.5 million and $2.4 million, respectively, of non-cash equity-based compensation expense associated with LTIP Units in cost of services, and $0.3 million and $0.3 million, respectively, in sales, general and administrative expense. (4)Restricted stock issued to acquired firms represents shares of Class A common stock subject to a service period of 5 years. During each of the three and six months ended June 30, 2026, we recognized $0.8 million of non-cash equity-based compensation expense associated with restricted stock issued to acquired firms in cost of services. (5)Restricted stock units granted to employees are subject to a vesting service period of 6 years. During the three and six months ended June 30, 2026, we recognized $2.7 million and $5.5 million, respectively, of non-cash equity-based compensation expense associated with restricted stock units issued to employees in cost of services, and $0.7 million and $1.5 million, respectively, in sales, general and administrative expense. 44 (6)In connection with the Reorganization Transactions, we incurred certain equity restructuring expenses as a result of the exchange of historical equity interests of the Management Holdcos for new Class H Aggregator Units and/or the combination of Class X Aggregator Units and Member Notes. The expense for these were incurred in December 2025. Components of Our Results of Operations Revenue The substantial majority of our revenue is recognized on a time and materials basis. Each of our professionals is assigned an hourly billing rate based on several factors, such as classification, experience level, location, market conditions, area of expertise, and service line. Time related to the performance of all services is maintained in a time and billing system. However, we may enter into service arrangements that are not based on a time and materials basis, such as fixed price or contingent fee arrangements, although to date such arrangements have not represented a material portion of our revenue. Our engagements may also provide for adjustments, refunds, or discounts under specific circumstances that are reflected in the transaction price. Our busiest periods typically align with U.S. tax filing deadlines, particularly the months leading up to March 15th for corporate tax filings, April 15th for individual tax filings, and the extension deadlines in September and October. During these peak times, we typically experience a substantial increase in client engagements and workload, which has historically driven an increase in billable hours and revenue in the first and third quarters of the year. Operating Expenses Our operating expenses consist of the following: Cost of Services Cost of services primarily consist of direct expenses related to the production of deliverables under client assignments. This includes personnel costs for revenue-generating personnel, such as wages, equity-based compensation, benefits and incentive compensation, and sub-consultant costs, software costs and an allocation of non-personnel costs such as occupancy costs. Sales, General and Administrative Sales, general and administrative expenses primarily consist of personnel costs such as wages, equity-based compensation, benefits and incentive compensation related to support and administrative functions, and non-personnel costs such as professional fees, business development, occupancy, advertising, recruiting and training costs. Equity-Based Compensation In connection with the IPO and the Reorganization Transactions, we incurred substantial equity-based compensation expense with respect to (1) RSUs and Aggregator LTIP Units that we granted in connection with the IPO, (2) the exchange of the profits interest units granted in 2025 for unvested Class X Aggregator Units as part of the Reorganization Transactions, and (3) the exchange of Management Holdco units for unvested Class X Aggregator Units as part of the Reorganization Transactions. We expect to incur equity-based compensation expense with respect to equity-based awards we intend to grant in the future, including RSUs under our equity incentive plan and Aggregator LTIP Units. Our equity-based compensation is described further in Note 12, “Equity-based Compensation” to our unaudited condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report. Depreciation and Amortization Depreciation and amortization primarily consist of depreciation and amortization of our property and equipment, software and acquired intangible assets. Interest Income Interest income consists of interest earned on cash and cash equivalent balances, investments in held-to-maturity debt securities, and notes receivable from related parties. 45 Interest Expense Interest expense consists primarily of interest related to the Capital Account Notes and the Holdover Note. We expect to incur lower interest expense in the future related to the Capital Account Notes and the Holdover Note as principal amounts are paid down. Other Income, Net Other income, net consists primarily of sublease income and license fee income. Income Tax Expense Income tax expense consists primarily of current and deferred income tax. Net Income Attributable to Noncontrolling Interest Net income attributable to noncontrolling interest reflects the income earned or loss incurred attributable to the equity interest Aggregator has in our AT Umbrella LLC subsidiary. See Note 1, “Organization and Business Description” and Note 2, "Summary of Significant Accounting Policies" to our unaudited condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report for further information. Net income attributable to Andersen Group Inc. represents the income attributable to the shareholders of Andersen Group Inc. Results of Operations Comparison of the Three Months Ended June 30, 2026 and 2025 The following table summarizes our consolidated results of operations for the three months ended June 30, 2026 and 2025: Three Months Ended June 30, Change 2026 2025 $ % ($ in thousands) Revenue $ 217,658 $ 175,991 $ 41,667 23.7 % Operating expenses: Cost of services (excluding depreciation and amortization) 173,554 225,243 (51,689) (22.9) Sales, general and administrative 50,504 53,879 (3,375) (6.3) Depreciation and amortization 2,522 2,036 486 23.9 Total operating expenses 226,580 281,158 (54,578) (19.4) Operating loss (8,922) (105,167) 96,245 NM Interest income 1,497 1,030 467 45.3 Interest expense (5,887) (104) (5,783) NM Other income, net 3,145 1,291 1,854 143.6 Loss before income tax benefit (10,167) (102,950) 92,783 NM Income tax benefit (73) (6,967) 6,894 NM Net loss $ (10,094) $ (95,983) $ 85,889 NM Less: net loss attributable to noncontrolling interest $ (9,086) Net loss attributable to Andersen Group Inc. $ (1,008) (1) NM—fluctuation in terms of percentage change is not meaningful. 46 The following table sets forth our consolidated results of operations expressed as a percentage of revenue: Three Months Ended June 30, 2026 2025 Revenue 100 % 100 % Operating expenses: Cost of services (excluding depreciation and amortization) 79.7 128.0 Sales, general and administrative 23.2 30.6 Depreciation and amortization 1.2 1.2 Total operating expenses 104.1 159.8 Operating loss (4.1) (59.8) Interest income 0.7 0.6 Interest expense (2.7) (0.1) Other income, net 1.4 0.7 Loss before income tax benefit (4.7) (58.5) Income tax benefit 0.0 (4.0) Net loss (4.6)% (54.5)% Less: net loss attributable to noncontrolling interest (4.2) Net loss attributable to Andersen Group Inc. (0.5)% Revenue Three Months Ended June 30, Change 2026 2025 $ % ($ in thousands) Revenue $ 217,658 $ 175,991 $ 41,667 23.7% Our revenue during the three months ended June 30, 2026 increased by $41.7 million, or 23.7%, to $217.7 million, compared to $176.0 million during the three months ended June 30, 2025. Revenue growth was broad-based across all service lines, driven by client additions, higher volume, and service line expansion during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Inorganic growth also contributed $5.5 million to the increase in revenue during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Operating Expenses Three Months Ended June 30, Change 2026 2025 $ % ($ in thousands) Cost of services (excluding depreciation and amortization) $ 173,554 $ 225,243 $ (51,689) (22.9)% Sales, general and administrative 50,504 53,879 (3,375) (6.3) Depreciation and amortization 2,522 2,036 486 23.9 Total operating expenses $ 226,580 $ 281,158 $ (54,578) (19.4)% Cost of services Our cost of services during the three months ended June 30, 2026 decreased by $51.7 million, or 22.9%, to $173.6 million compared to $225.2 million during the three months ended June 30, 2025. The decrease in cost of services was primarily attributable to a large one-time expense related to pre-IPO profits interest units during the three months ended June 30, 2025 of $104.5 million. We incurred $41.2 million in non-cash equity-based compensation in the second quarter of 2026 resulting from Class X Aggregator Units, LTIP Units, RSUs and restricted shares of Class A common stock granted. This decrease was offset partly by organic and inorganic growth. Cost of services as a percentage of revenue decreased period-over-period from 128.0% during the three months ended June 30, 2025 to 79.7% for the three months ended June 30, 2026. 47 Sales, general and administrative Our sales, general and administrative expenses during the three months ended June 30, 2026 decreased by $3.4 million, or 6.3%, to $50.5 million compared to $53.9 million during the three months ended June 30, 2025. The decrease was primarily related to equity-based compensation costs. We incurred $25.0 million of equity based compensation expense related to pre-IPO profits interest units during the three months ended June 30, 2025. During the three months ended June 30, 2026, we incurred expenses of $7.1 million resulting from grants of equity-based compensation. This decrease was offset partly by increased legal expenses as the three months ended June 30, 2025 incurred a gain on a reversal of a legal accrual of $9.5 million. Sales, general and administrative costs as a percentage of revenue decreased period-over-period from 30.6% for the three months ended June 30, 2025 to 23.2% for the three months ended June 30, 2026. Depreciation and amortization Our depreciation and amortization expenses during the three months ended June 30, 2026 increased by $0.5 million or 23.9%, to $2.5 million compared to $2.0 million during the three months ended June 30, 2025. Depreciation and amortization costs as a percentage of revenue remained consistent period-over-period at 1.2%. Interest Income Three Months Ended June 30, Change 2026 2025 $ % ($ in thousands) Interest income $ 1,497 $ 1,030 $ 467 45.3% Interest income during the three months ended June 30, 2026 increased by $0.5 million, or 45.3%, to $1.5 million, compared to $1.0 million during the three months ended June 30, 2025. The increase in interest income is attributable to higher average balances held in interest-bearing cash and investment accounts. Interest Expense Three Months Ended June 30, Change 2026 2025 $ % ($ in thousands) Interest expense $ 5,887 $ 104 $ 5,783 NM Interest expense for the three months ended June 30, 2026 was approximately $5.9 million, and was $0.1 million for the three months ended June 30, 2025. The increase was attributable to the Capital Account Notes and Holdover Note incurred in connection with the IPO and Reorganization Transactions described in Note 1, “Organization and Business Description” to our unaudited condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report. Other Income, Net Three Months Ended June 30, Change 2026 2025 $ % ($ in thousands) Other income, net $ 3,145 $ 1,291 $ 1,854 143.6 % Other income, net during the three months ended June 30, 2026 increased by $1.9 million, or 143.6%, to $3.1 million, compared to $1.3 million during the three months ended June 30, 2025. The increase was primarily attributable to a gain on bargain purchase recognized during the three months ended June 30, 2026 of $1.4 million. 48 Income Tax Benefit Three Months Ended June 30, Change 2026 2025 $ % ($ in thousands) Income tax benefit $ (73) $ (6,967) $ 6,894 NM For the three months ended June 30, 2026 and 2025, we recorded an income tax benefit of $0.1 million and $7.0 million, respectively, on pre-tax loss of $10.2 million and $103.0 million respectively. Our effective tax rate for the three months ended June 30, 2026 was 0.7% compared to 6.8% for the three months ended June 30, 2025. The effective tax rate for the three months ended June 30, 2026 differed from the U.S. statutory rate of 21.0% primarily due to non-controlling interest as Andersen Group Inc. is only subject to income tax on its allocable share of partnership income from AT Umbrella LLC and state and local income taxes. The effective tax rate for the three months ended June 30, 2025 differed from the U.S. statutory rate of 21.0% primarily related to income not subject to entity level tax as we were taxed as a partnership and compensation expense recorded for accounting purposes related to profit interest units that are not deductible for tax purposes and certain state and local entity level taxes. As of June 30, 2026, our conclusion regarding the realizability of our US deferred tax assets did not change and we continued to conclude that substantially all of its investment in AT Umbrella LLC is not realizable on a more-likely-than-not basis as the investment in AT Umbrella LLC is capital in nature. Net Loss Attributable to Noncontrolling Interest The net loss attributable to the noncontrolling interest of AT Umbrella LLC for the three months ended June 30, 2026 was $9.1 million, which was 88.1% of the earnings of AT Umbrella LLC for the three months ended June 30, 2026. Comparison of the Six Months Ended June 30, 2026 and 2025 The following table summarizes our consolidated results of operations for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, Change 2026 2025 $ % ($ in thousands) Revenue $ 458,404 $ 384,058 $ 74,346 19.4 % Operating expenses: Cost of services (excluding depreciation and amortization) 339,935 343,206 (3,271) (1.0) Sales, general and administrative 98,515 89,241 9,274 10.4 Depreciation and amortization 4,796 4,131 665 16.1 Total operating expenses 443,246 436,578 6,668 1.5 Operating income (loss) 15,158 (52,520) 67,678 NM Interest income 3,376 2,230 1,146 51.4 Interest expense (12,121) (247) (11,874) NM Other income, net 3,971 2,293 1,678 73.2 Income (loss) before income tax expense (benefit) 10,384 (48,244) 58,628 NM Income tax expense (benefit) 2,740 (2,837) 5,577 NM Net income (loss) $ 7,644 $ (45,407) $ 53,051 NM Less: net income attributable to noncontrolling interest $ 8,158 Net loss attributable to Andersen Group Inc. $ (514) (1) NM—fluctuation in terms of percentage change is not meaningful. 49 The following table sets forth our consolidated results of operations expressed as a percentage of revenue: Six Months Ended June 30, 2026 2025 Revenue 100 % 100 % Operating expenses: Cost of services (excluding depreciation and amortization) 74.2 89.4 Sales, general and administrative 21.5 23.2 Depreciation and amortization 1.0 1.1 Total operating expenses 96.7 113.7 Operating income (loss) 3.3 (13.7) Interest income 0.7 0.6 Interest expense (2.6) (0.1) Other income, net 0.9 0.6 Income (loss) before income tax expense (benefit) 2.3 (12.6) Income tax expense (benefit) 0.6 (0.7) Net income (loss) 1.7% (11.8)% Less: net income attributable to noncontrolling interest 1.8 Net loss attributable to Andersen Group Inc. (0.1)% Revenue Six Months Ended June 30, Change 2026 2025 $ % ($ in thousands) Revenue $ 458,404 $ 384,058 $ 74,346 19.4 % Our revenue during the six months ended June 30, 2026 increased by $74.3 million, or 19.4%, to $458.4 million, compared to $384.1 million during the six months ended June 30, 2025. Revenue growth was broad-based across all service lines, driven by client additions, higher volume, and service line expansion during the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Inorganic growth also contributed $5.5 million to the increase in revenue during the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Operating Expenses Six Months Ended June 30, Change 2026 2025 $ % ($ in thousands) Cost of services (excluding depreciation and amortization) $ 339,935 $ 343,206 $ (3,271) (1.0)% Sales, general and administrative 98,515 89,241 9,274 10.4 Depreciation and amortization 4,796 4,131 665 16.1 Total operating expenses $ 443,246 $ 436,578 $ 6,668 1.5% Cost of services Our cost of services during the six months ended June 30, 2026 decreased by $3.3 million, or 1.0%, to $339.9 million compared to $343.2 million during the six months ended June 30, 2025. The decrease in cost of services was primarily attributable to the decrease in non-cash equity-based compensation in the second quarter of 2026 compared to the six months ended June 30, 2025, which had a large one-time expense incurred of $104.5 million related to pre-IPO profits interest units. This was offset partially by an increase in other personnel costs as a result of the organic and inorganic growth in the business and an increase in billable expenses from the growth in consulting client engagements. Cost of services as a percentage of revenue decreased period-over-period from 89.4% during the six months ended June 30, 2025 to 74.2% for the six months ended June 30, 2026. 50 Sales, general and administrative Our sales, general and administrative expenses during the six months ended June 30, 2026 increased by $9.3 million, or 10.4%, to $98.5 million compared to $89.2 million during the six months ended June 30, 2025. The increase was primarily related to a large one-time reversal of a $9.5 million legal accrual in 2025 that did not recur in 2026. Sales, general and administrative costs as a percentage of revenue decreased period-over-period from 23.2% for the six months ended June 30, 2025 to 21.5% for the six months ended June 30, 2026. Depreciation and amortization Our depreciation and amortization expenses during the six months ended June 30, 2026 increased by $0.7 million or 16.1%, to $4.8 million compared to $4.1 million during the six months ended June 30, 2025. Depreciation and amortization costs as a percentage of revenue remained relatively consistent period-over-period at 1.0% compared to 1.1%. Interest Income Six Months Ended June 30, Change 2026 2025 $ % ($ in thousands) Interest income $ 3,376 $ 2,230 $ 1,146 51.4% Interest income during the six months ended June 30, 2026 increased by $1.1 million, or 51.4%, to $3.4 million, compared to $2.2 million during the six months ended June 30, 2025. The increase in interest income is attributable to higher average balances held in interest-bearing cash and investment accounts. Interest Expense Six Months Ended June 30, Change 2026 2025 $ % ($ in thousands) Interest expense $ 12,121 $ 247 $ 11,874 NM Interest expense for the six months ended June 30, 2026 was approximately $12.1 million, and was $0.2 million for the six months ended June 30, 2025. The increase was attributable to the Capital Account Notes and Holdover Note incurred in connection with the IPO and Reorganization Transactions described in Note 1, “Organization and Business Description” to our unaudited condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report. Other Income, Net Six Months Ended June 30, Change 2026 2025 $ % ($ in thousands) Other income, net $ 3,971 $ 2,293 $ 1,678 73.2 % Other income, net during the six months ended June 30, 2026 increased by $1.7 million, or 73.2%, to $4.0 million, compared to $2.3 million during the six months ended June 30, 2025. The increase was primarily attributable to a gain on bargain purchase recognized during the six months ended June 30, 2026 of $1.4 million. 51 Income Tax Expense (Benefit) Six Months Ended June 30, Change 2026 2025 $ % ($ in thousands) Income tax expense (benefit) $ 2,740 $ (2,837) $ 5,577 NM For the six months ended June 30, 2026 and 2025, we recorded an income tax provision of $2.7 million and an income tax benefit of $2.8 million, respectively, on pre-tax income of $10.4 million and pre-tax loss of $48.2 million respectively. Our effective tax rate for the six months ended June 30, 2026 was 26.4% compared to 5.9%, for the six months ended June 30, 2025. The effective tax rate for the six months ended June 30, 2026 differed from the U.S. statutory rate of 21.0% primarily due to non-controlling interest as Andersen Group Inc. is only subject to income tax on its allocable share of partnership income from AT Umbrella LLC and state and local income taxes. The effective tax rate for the six months ended June 30, 2025 differed from the U.S. statutory rate of 21.0% primarily related to income not subject to entity level tax as we were taxed as a partnership and compensation expense recorded for accounting purposes related to profit interest units that are not deductible for tax purposes and certain state and local entity level taxes. As of June 30, 2026, our conclusion regarding the realizability of our US deferred tax assets did not change and we continued to conclude that substantially all of its investment in AT Umbrella LLC is not realizable on a more-likely-than-not basis as the investment in AT Umbrella LLC is capital in nature. Net Income Attributable to Noncontrolling Interest The net income attributable to the noncontrolling interest of AT Umbrella LLC for the six months ended June 30, 2026 was $8.2 million, which was 89.1% of the earnings of AT Umbrella LLC for the six months ended June 30, 2026. Liquidity and Capital Resources Historically, we have generated sufficient cash to fund our operations, capital expenditures and discretionary funding needs through cash generated from our operating activities. As of June 30, 2026, cash and cash equivalents were $175.6 million and investments in treasury securities were $2.1 million. Working capital, which we define as current assets less current liabilities, was $220.0 million as of June 30, 2026, compared to $216.2 million as of December 31, 2025, an increase of $3.7 million. The increase was primarily driven by cash provided by operating activities of $65.8 million offset by principal payments on long-term debt and cash paid for business combinations. Working capital is not a measure defined under U.S. GAAP and may not be comparable to similarly titled measures used by other companies. Our expected liquidity needs may be impacted by discretionary investments, acquisitions and business combinations that we could pursue in the future. However, we could raise additional funds through public or private debt or equity financings in the future to, among other things: •purchase, redeem or exchange shares; •pay dividends; •acquire businesses; •expand geographically; or •invest in developing new services. We believe that our existing cash and cash equivalents and cash flows from operations will be sufficient to meet our current and longer-term working capital, investments and other general corporate funding requirements. Substantially all of our cash is held in the United States where there are no significant regulatory restrictions or material tax effects on the free flow of funds among entities in our corporate structure. Our working capital management primarily relates to trade accounts receivable, accounts payable, and incentive-based compensation and other assets typically related to activities in the normal course of our business operations. At any specific point in time, working capital is subject to many variables, including seasonality and the timing of cash receipts and payments. 52 Tax Receivable Agreement In connection with the Reorganization Transactions, we entered into a Tax Receivable Agreement (TRA) with certain pre-IPO owners. Under the TRA, we are required to pay to Aggregator 85% of the cash tax savings, if any, that we realize or are deemed to realize as a result of (i) increases in tax basis of AT Umbrella LLC’s assets resulting from purchases or exchanges of Class X Umbrella Units for our Class A common stock and (ii) certain other tax benefits, including payments made under the TRA. The TRA includes assumptions that may result in payments exceeding actual tax savings. These payment obligations are expected to be significant and could reduce the amount of cash available for general corporate purposes, negatively impacting our liquidity. In the event of insufficient cash resources, unpaid amounts will accrue interest until paid. Our obligations under the TRA could have a material adverse effect on our financial condition and may limit our ability to deploy cash for other strategic purposes. We might need to incur debt to finance payments under the TRA to the extent our cash resources are insufficient and there can be no assurance that we will be able to finance our obligations. We have not yet incurred a liability in connection with the TRA. Distributions During the six months ended June 30, 2026, we paid distributions to Aggregator of $41.9 million related to members' tax obligations, members’ undistributed capital and allocated income declared prior to the IPO and Reorganization Transactions. The AT Umbrella LLC Agreement requires cash distributions to the holders of economic interests in AT Umbrella LLC (including holders of Class X Umbrella Units, LTIP Units, the Capital Account Notes and the Holdover Note) for purposes of funding their (or in the case of Aggregator, its members’) tax obligations in respect of the taxable income of AT Umbrella LLC that is allocated to them. During the six months ended June 30, 2026, AT Umbrella LLC paid distributions to Aggregator of $41.7 million in satisfaction of member tax liabilities. Promissory Notes In connection with the Reorganization Transactions, AT Umbrella LLC issued two types of promissory notes to Aggregator representing (1) the Holdover Note and (2) the Capital Account Notes. The Holdover Note was issued at an initial principal amount of $162.3 million and accrues interest at 7.63% payable over eight years. The Capital Account Notes were issued at an aggregate initial principal amount of $187.8 million and accrue interest between 6.31% to 7.50% payable over two to seven years. At June 30, 2026, the Holdover Note and Capital Account Notes have an aggregate principal balance of $301.2 million. See Note 9, “Long-Term Debt” to our unaudited condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report for further information. Credit Facility Revolving Line of Credit We previously maintained a $20.0 million revolving line of credit (the “Credit Agreement”) with JPMorgan Chase Bank, N.A. ("JPMorgan"), which was collateralized by substantially all the assets of the Company. The Credit Agreement expired on June 30, 2026 in accordance with its terms and was not renewed. As such, no amount was outstanding on this line of credit as of June 30, 2026. As of December 31, 2025, we had one outstanding standby letter of credit of $1.3 million and no cash borrowings under the Credit Agreement. Revolving Credit Facility In June 2026, we entered into a new credit agreement ("New Credit Agreement") with JPMorgan Chase Bank, N.A. (“JPMorgan”) which provides for up to $50.0 million asset-based revolving credit facility (the "Revolving Credit Facility"). Borrowing availability under the Revolving Credit Facility is determined by reference to an asset-based borrowing base, which includes up to 85% of certain accounts receivable, as reduced by certain reserves. The Revolving 53 Credit Facility matures in June 2029 and may be used for general corporate purposes, refinancing of existing debt, permitted acquisitions, and ongoing working capital needs. The Revolving Credit Facility includes a sublimit of $5.0 million for letters of credit, and the interest rate for cash borrowings equal to Term Secured Overnight Financing Rate ("SOFR") plus 1.75%. As of June 30, 2026, we had outstanding standby letters of credit of $1.3 million. We had no cash borrowings as of June 30, 2026. Our outstanding letter of credit is subject to a commitment fee of 0.25% per annum. These fees are included in sales, general and administrative expenses and are immaterial for the three and six months ended June 30, 2026. The New Credit Agreement includes certain financial and liquidity covenants. The New Credit Agreement includes a springing minimum fixed charge coverage ratio (“FCCR”) requirement of 1.00x, tested monthly on a trailing twelve-month basis, that becomes effective if borrowing availability falls below 25% of the line cap (with a $6.0 million floor). We may make discretionary distributions, earnout payments, and subordinated debt principal payments only if: (i) pro forma availability exceeds 20% of the line cap (with a $4.5 million floor) and pro forma FCCR is 1.00x, or pro forma availability exceeds 25% of the line cap (with a $6.0 million floor); (ii) no existing or pro forma default exists; and (iii) the Lenders have received notice that the payment conditions are satisfied. Permitted acquisitions are subject to the following conditions: (A) for domestic acquisitions, total consideration does not exceed $25 million; (B) for foreign acquisitions during an undrawn period, total consideration does not exceed $15 million per transaction and $75 million in the aggregate per annum; (C) for foreign acquisitions during a drawn period, total consideration does not exceed $15 million per transaction and $75 million in the aggregate per annum; (D) no existing or pro forma event of default exists; and (E) standard acquisition documentation and certifications are provided to JPMorgan. During the three and six months ended June 30, 2026, we had no uncured events of default with respect to the financial covenants required by the New Credit Agreement. See Note 9, “Long-Term Debt” to our unaudited condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report for further information. Cash Flows for the Six Months Ended June 30, 2026 and 2025 Cash flows from operating, investing and financing activities for the six months ended June 30, 2026 and 2025 were as follows: Six Months Ended June 30, Change 2026 2025 $ % ($ in thousands) Net cash flows provided by operating activities $ 65,815 $ 61,875 $ 3,940 6.4 % Net cash flows (used in) provided by investing activities (6,692) 15,604 (22,296) (142.9) Net cash flows used in financing activities (133,724) (86,527) (47,197) 54.5 Effect of exchange rate changes on cash and cash equivalents (48) — (48) NM Change in cash and cash equivalents $ (74,649) $ (9,048) Operating Activities Net cash flows provided by operating activities were $65.8 million during the six months ended June 30, 2026 compared to net cash flows provided by operating activities of $61.9 million during the six months ended June 30, 2025, an increase of $3.9 million. The increase was driven by an increase in net income during the six months ended June 30, 2026 to $7.6 million compared to a net loss of $45.4 million during the six months ended June 30, 2025 and offset by lower equity-based compensation added back during the six months ended June 30, 2026. 54 Investing Activities Net cash flows used in investing activities were $6.7 million during the six months ended June 30, 2026 compared to net cash provided by investing activities of $15.6 million during the six months ended June 30, 2025, a decrease of $22.3 million. The decrease was primarily driven by increased capital expenditures during the six months ended June 30, 2026 and fewer proceeds from maturity of investments. Financing Activities Net cash flows used in financing activities were $133.7 million during the six months ended June 30, 2026 compared to $86.5 million during the six months ended June 30, 2025, an increase of $47.2 million. The increase was driven primarily by principal payments of $48.9 million on the Capital Account Notes and the Holdover Note during the six months ended June 30, 2026. Critical Accounting Estimates Our critical accounting estimates are disclosed in the Critical Accounting Estimates section in Part II, “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2025. Since December 31, 2025, there have been no material changes to our critical accounting estimates, except as follows: Business Combinations We evaluate acquisitions of assets and other similar transactions to assess whether or not the transaction should be accounted for as a business combination or asset acquisition by first applying a screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If the screen is met, the transaction is accounted for as an asset acquisition. If the screen is not met, further determination is required as to whether or not we have acquired inputs and processes that have the ability to create outputs, which would meet the requirements of a business. If determined to be a business combination, we account for the transaction under the acquisition method of accounting, which requires the acquiring entity in a business combination to recognize the fair value of all assets acquired, liabilities assumed, and any noncontrolling interest in the acquiree and establishes the acquisition date as the fair value measurement point. Accordingly, we recognize assets acquired and liabilities assumed in business combinations, including contingent assets and liabilities, and noncontrolling interest in the acquiree based on the fair value estimates as of the date of acquisition. In accordance with ASC 805, Business Combinations, we recognize and measure goodwill as of the acquisition date, as the excess of the fair value of the consideration paid over the fair value of the identified net assets acquired. In cases where the fair value of identified net assets acquired exceeds consideration paid, we recognize a gain on bargain purchase. The consideration for our business acquisitions may include future payments that are contingent upon the occurrence of a particular event or events. The obligations for such contingent consideration payments are recorded at fair value on the acquisition date. The contingent consideration obligations are then evaluated each reporting period. Changes in the fair value of contingent consideration, other than changes due to payments, are recognized as a gain or loss and recorded within other income (expense) in the unaudited condensed consolidated statements of operations. If determined to be an asset acquisition, we account for the transaction under ASC 805-50, which requires the acquiring entity in an asset acquisition to recognize assets acquired and liabilities assumed based on the cost to the acquiring entity on a relative fair value basis, which includes transaction costs in addition to consideration transferred. No gain or loss is recognized as of the date of acquisition unless the fair value of non-cash assets given as consideration differs from the assets’ carrying amounts on the acquiring entity’s books. Consideration transferred that is non-cash will be measured based on either the cost (which shall be measured based on the fair value of the consideration transferred) or the fair value of the assets acquired and liabilities assumed, whichever is more reliably measurable. Goodwill is not recognized in an asset acquisition and any excess consideration transferred over the fair value of the net assets acquired is allocated to the identifiable assets based on relative fair values. Significant judgment is often required in estimating the fair value of assets acquired, particularly intangible assets. We generally obtain the assistance of a valuation specialist in estimating fair values of tangible and intangible assets. The fair value estimates are based on available historical information and on expectations and assumptions about the future, considering the perspective of marketplace participants. While management believes those expectations and assumptions 55 are reasonable, they are inherently uncertain. Unanticipated market or macroeconomic events and circumstances may occur, which could affect the accuracy or validity of the estimates and assumptions. Determining the useful lives of intangible assets also requires judgment. Acquired intangible assets such as customer relationships are expected to have determinable useful lives. The estimates of the useful lives of definite-lived intangible assets are primarily based upon historical experience, the competitive and macroeconomic environment, and our operating plans. The costs of definite-lived intangibles are amortized to expense over their estimated life. Contractual Obligations and Commitments Operating Leases Our operating lease commitments include corporate office space. As of June 30, 2026, we have recorded lease liabilities associated with lease payment obligations of $113.1 million, with $9.7 million considered current and the remainder noncurrent. Andersen Global Commitments Management of Andersen Global has established a program to allocate certain global management, business development and other costs to its member firms. We fund these costs on behalf of Andersen Global and allocate a portion to be reimbursed by non-U.S. member firms. Our sales, general and administrative expenses in the unaudited condensed consolidated statements of operations include amounts for our share of cost allocations for Andersen Global with respect to global business development initiatives. As of June 30, 2026 and December 31, 2025, amounts due from member firms related to the program included in prepaid expenses and other current assets were $12.9 million and $4.3 million, respectively, and amounts due to member firms related to the program included in other current liabilities were $5.3 million and $0.6 million, respectively. See Note 14, “Transactions with Related Parties—Andersen Global Commitments” to our unaudited condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report for additional details. Other Commitments We are party to an agreement to use certain professional services training facilities (the Training Center Agreement) for a limited number of days per year. The minimum future commitment as of June 30, 2026 under the Training Center Agreement is approximately $4.3 million through 2030. During 2024 and 2025, we signed commitments for software licenses for certain financial accounting systems and cloud hosting services. The contracts require minimum payments of $13.9 million through 2031. See Note 15, “Commitments and Contingencies” to our unaudited condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report for additional details on our commitments. 56