25-27BPStudyCovers

EBITDA

39.8%

36.5%

36.2%

35.4%

31.2%

30.4%

28.3%

28.3%

26.6%

26.4%

24.6%

24.0%

23.9%

20.0%

< $1.25M

$1.25-2.5M

$2.5-5M

$5-10M

$10-25M

$25-100M

>$100M

Average

Top Quartile

Pro Forma EBITDA

42.5%

37.0%

36.5%

36.0%

32.3%

31.0%

30.7%

29.9%

28.0%

27.0%

26.9%

26.9%

25.1%

23.2%

< $1.25M

$1.25-2.5M

$2.5-5M

$5-10M

$10-25M

$25-100M

>$100M

Average

Top Quartile

Note : Pro Forma EBITDA excludes all administrative expenses (depreciation, amortization of intangibles, officer life, interest and other)

RULE OF 20

AGENCIES WITH REVENUES OF:

<$1.25M $1.25-2.5M $2.5-5M $5-10M $10-25M $25-100M >$100M

The Rule of 20:

Low

7.2

-6.0 22.8 44.0 32.2

-1.8 26.1 47.5 30.1

0.6

-3.3 19.9 41.3 27.9

4.5

11.4 20.4 44.2 22.7

Median

25.6 49.1 34.1

22.0 45.2 28.6

19.3 33.1 23.1

High

Top Quartile

Rule of 20

34.1

32.2

30.1

29.5

28.6

28.5

27.9

26.4

26.1

25.6

24.9

23.1

22.8

22.7

22.0

21.7

20.9

20.4

19.9

19.3

19

< $1.25M

$1.25-2.5M

$2.5-5M

$5-10M

$10-25M

$25-100M

>$100M

2025 BPS Median 2026 BPS Median 2026 BPS Top Quartile

Cross Category Comparison

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