ANDG - Exceeding Expectations; Raising PT

Research evidence excerpt

ANDG - Exceeding Expectations; Raising PT

Truist Securities

Equity Research Report May 12, 2026

IT SERVICES: Consulting Andersen Group Inc. (ANDG)

ANDG - Exceeding Expectations; Raising PT Tobey Sommer

615-748-4435

Tobey.Sommer@truist.com

Andersen's second quarter as a public company once again delivered revenue and EBITDA

above consensus. In our view, ANDG’s private client business should be poised to capitalize

Jasper Bibb on rapid growth in ultra-high net worth individuals. We expect the company to continue to 212-303-1742

Jasper.Bibb@truist.com pursue M&A in order to increase scale, capture synergies and deepen client relationships.

We are raising our estimates and increasing our price target to $42 (prior $32).

Tyler Barishaw

212-303-4177 Andersen demonstrated solid pricing power which we believe should sustain.

Tyler.Barishaw@truist.com Revenue per hour was up 8% y/y, rev per professional increased 13% y/y and the firm's

3% tech charge has met/exceeded the company's expectations. We think some investors

Henry Roberts question the pricing power of consulting oriented businesses as AI utilization increases. We

212-326-3141 believe Andersen ability to deliver meaningful value for clients creates durable pricing power.

Henry.Roberts@truist.com

We estimate the company has closed deals on roughly $30M of the expected

$55M inorganic contributions contemplated in guidance. At this stage, the company

is primarily focusing on growth over profitability in the Consulting and Global Mobility

Stock Rating BUY businesses. Management estimated the Consulting business could reach profitability in

Unchanged 2H27, while Global Mobility could achieve that goal in 2028. We think investing for growth