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FOR IMMEDIATE RELEASE

Maximus to Acquire Agile Defense, Advancing Defense and National Security Growth Strategy

Acquisition adds the specialized capabilities of Agile Labs and an established track record serving mission-critical government programs

(TYSONS, Va. – October 19, 2026) – Maximus (NYSE: MMS), a leading provider of AI and tech-enabled government services, today announced that it has entered into a definitive agreement to acquire Agile Defense, LLC and certain of its affiliates (“Agile Defense”). The agreement has a cash purchase price of $660 million payable upon closing and subject to certain adjustments, with potential additional contingent consideration tied to achieving certain performance objectives.

The acquisition is expected to accelerate Maximus’ stated strategic priority to expand its presence in the defense and national security markets. Agile Defense has highly specialized cybersecurity, digital transformation, data analytics, and AI expertise to help enable better delivery of mission outcomes for government customers. This acquisition is expected to increase Maximus’ opportunities to pursue resilient, technology-intensive federal missions where spending growth is anticipated to be durable and Maximus’ existing scale, delivery capabilities, and operational expertise in managing workloads across FedRamp, CMMC, and rapid-experimentation environments can be leveraged.

“Maximus has long focused on supporting the mission of our government customers through technology-enabled services – and that’s a mission that Agile Defense clearly shares,” said Bruce Caswell, President and Chief Executive Officer of Maximus. “With the addition of their team and expertise, Maximus expects to expand our ability to deliver innovative solutions to some of the most complex and mission-critical needs of the Departments of War, Homeland Security, and other national security agencies. Together, we plan to deliver secure, purpose-built solutions that address today’s priorities and tomorrow’s challenges for the men and women in uniform serving our nation.”

The acquisition of privately held Agile Defense is subject to regulatory approvals and customary closing conditions, with an expected closing date in the first quarter of Maximus’ 2027 fiscal year.

“We are excited to join Maximus, a company that shares our deep understanding of complex government missions and our unwavering dedication to their support,” said Rick Wagner, Chief Executive Officer of Agile Defense. “By combining our distinctive expertise in data analytics, AI, and cybersecurity with Maximus’ extensive reach and operational strength, we will accelerate our ability to deliver innovative and highly sought-after solutions. We look forward to joining forces and continue bringing our best to the mission.”

Founded in 1998, Agile Defense brings established defense and national security customer relationships, strengthened capabilities in cybersecurity and the intelligence community, approved systems, contract vehicles, distinctive growth model, and approximately 1,100 cleared personnel. Agile Labs, Agile Defense’s innovation engine and a key market differentiator, is anticipated to expand Maximus’ technology capabilities through specialized talent, applied research and development, emerging technologies, and proven delivery methods. The company has a demonstrated track record of turning secure, AI-enabled solutions into mission-ready capabilities supporting the nation’s warfighters and priorities of defense and national security customers. Its human-centered, cloud-agnostic approach advances digital transformation and delivers mission outcomes with the speed, flexibility, and ingenuity needed to meet evolving requirements. The company is based in McLean, Virginia, and serves more than 50 federal government agencies.

Agile Defense is backed by Enlightenment Capital, a private investment firm that makes control and strategic, non-control investments in middle-market companies in the Aerospace, Defense, Government & Technology (ADG&T) sector.

Holland & Knight served as legal counsel, and Ernst & Young served as accounting and due diligence advisor to Maximus. Piper Sandler served as financial advisor, Moore & VanAllen as legal counsel, and RSM US as accounting advisor to Agile Defense.

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Conference Call and Webcast Information

Maximus will host a conference call tomorrow morning, October 20, 2026, at 9:00 a.m. ET.

The call is open to the public and available by webcast or by phone at:

877.407.8289 (Domestic) / +1.201.689.8341 (International)

For those unable to listen to the live call, a recording of the webcast will be available on investor.maximus.com.

About Maximus

As a leading strategic partner to government, Maximus helps improve the delivery of public services amid complex technology, health, economic, and social challenges. Maximus provides tech-enabled services to government

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FOR IMMEDIATE RELEASECONTACT:James Francis, VP - IR

IR@maximus.com

Date: August 6, 2026

Maximus Reports Fiscal Year 2026 Third Quarter Results

Strong earnings performance reflects disciplined execution

(Tysons, Va. - August 6, 2026) - Maximus (NYSE: MMS), a leading provider of government services, reported financial results for the three and nine months ended June 30, 2026.

Highlights for the third quarter of fiscal year 2026 include:

•Revenue of $1.28 billion, compared to $1.35 billion for the prior year period, was in line with expectations and supports our full year revenue guidance outlook.

•Diluted earnings per share were $1.95 and adjusted diluted earnings per share were $2.22, compared to $1.86 and $2.16, respectively, for the prior year period.

•Revenue guidance is reiterated and expected to range between $5.2 billion and $5.35 billion for fiscal year 2026.

•Earnings guidance for fiscal year 2026 is updated to reflect a temporary customer-directed contractual modification on a major federal program. Adjusted diluted earnings per share are now expected to range between $7.90 and $8.20 per share, and adjusted EBITDA margin is expected to be approximately 13.7% for fiscal year 2026.

•Free cash flow guidance is updated to range between $425 million and $475 million.

•Repurchases of Maximus common stock in the quarter totaled 0.75 million shares for $50.4 million.

•A quarterly cash dividend of $0.33 per share is payable on August 31, 2026, to shareholders of record on August 14, 2026.

"Our third quarter results demonstrate the resilience of the Maximus business and our ability to deliver strong earnings performance while continuing to invest in long-term growth opportunities," said Bruce Caswell, President and Chief Executive Officer.

Caswell continued, "More broadly, we continue to see encouraging demand signals across our markets, increased adoption of AI-enabled solutions, growing interest in our SNAP-related offerings, and a substantial opportunity set in the defense and national security markets."

Third Quarter Results

Revenue for the third quarter of fiscal year 2026 was $1.28 billion and was consistent with our expectations entering the quarter. Prior year period revenue was $1.35 billion and benefited from elevated natural disaster support activity as well as temporary clinical volume surges within the U.S. Federal Services Segment.

For the third quarter of fiscal year 2026, operating margin was 12.6% and adjusted EBITDA margin was 15.0%. This compares to margins of 12.3% and 14.7%, respectively, for the prior year period. Diluted earnings per share were $1.95, and adjusted diluted earnings per share were $2.22. This compares to $1.86 and $2.16, respectively, for the prior year period.

Consolidated earnings improved over the prior year period primarily due, in part, to ongoing efficiency initiatives across multiple program areas, including broader deployment of automation and AI-enabled tools.

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U.S. Federal Services Segment

U.S. Federal Services Segment revenue for the third quarter of fiscal year 2026 was $721 million. Prior year period revenue of $761 million benefited from elevated natural disaster response work and temporary clinical volume surges that did not recur at the same level in the current quarter.

The segment operating margin for the third quarter of fiscal year 2026 was 18.6%, compared to 18.1% reported for the prior year period. Productivity improvements, technology-enabled efficiencies, and stable performance across core program areas contributed to the improvement.

During the quarter, we received notification from a major customer regarding a temporary contractual modification effective July 1, 2026, through December 31, 2026, which affects profitability expectations for the remainder of fiscal year 2026. This is reflected in updated fiscal year 2026 guidance as well as the full-year operating margin for the U.S. Federal Services Segment, which is now expected to range between 16.5% and 17.0%.

U.S. Services Segment

U.S. Services Segment revenue for the third quarter of fiscal year 2026 was $418 million and was consistent with our expectation for continued sequential improvement as we progress toward the positive revenue growth anticipated by the end of the fiscal year. The prior year period segment revenue was $440 million.

The segment operating margin for the third quarter of fiscal year 2026 was 10.8%, reflecting continued progression throughout the fiscal year, and compares to the prior year period segment operating margin of 10.2%. The full-year fiscal 2026 operating margin for the U.S. Services Segment is expected to range between 9.5% and 10.0%.

Outside the U.S. Segment

Outside the U.S. Segment revenue for the third quarter of fiscal year 2026 was $140 million, compared to $147 million in the prior year period. Variances in volumes across several programs, including both clinical and emp

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FOR IMMEDIATE RELEASECONTACT:James Francis, VP - IR

IR@maximus.com

Date: May 7, 2026

Maximus Reports Fiscal Year 2026 Second Quarter Results

Raises earnings outlook and announces $400 million share repurchase program

(Tysons, Va. - May 7, 2026) - Maximus (NYSE: MMS), a leading provider of government services, reported financial results for the three and six months ended March 31, 2026.

Highlights for the second quarter of fiscal year 2026 include:

•Revenue of $1.31 billion was consistent with our full fiscal year 2026 expectations, and compares to $1.36 billion for the prior year period.

•Diluted earnings per share were $1.80 and adjusted diluted earnings per share were $2.07, compared to $1.69 and $2.01, respectively, for the prior year period.

•We are raising our adjusted EBITDA margin expectation by 20 basis points to approximately 14.2% and raising our adjusted diluted earnings per share expectation by $0.20 to range between $8.25 and $8.55 per share for the full fiscal year 2026. We are reiterating previous fiscal year 2026 revenue and free cash flow guidance.

•Repurchases of Maximus common stock in the quarter totaled 1.4 million shares for $111 million, with an additional 0.6 million shares totaling $39.9 million repurchased through May 1, 2026.

•The Board of Directors authorized a refresh to the repurchase program for Maximus common stock up to an aggregate of $400 million.

•A quarterly cash dividend of $0.33 per share is payable on June 1, 2026, to shareholders of record on May 15, 2026.

"Our second consecutive earnings guidance increase reflects growing confidence in our ability to leverage in-house AI and other technology capabilities to improve efficiency and support margin expansion. We continue to execute our capital deployment strategy, as highlighted by the refresh of our share repurchase authorization up to an aggregate of $400 million," said Bruce Caswell, President and Chief Executive Officer.

Caswell continued, "Our state customers are gaining clarity and beginning to take action to help address challenges with Medicaid community engagement, SNAP administration, and unemployment insurance support services. We’re pleased to be playing a role in devising these solutions and expect momentum to continue to build."

Second Quarter Results

Revenue for the second quarter of fiscal year 2026 was $1.31 billion and on track with full fiscal year 2026 expectations. Prior year period revenue was $1.36 billion and benefited from natural disaster support work and temporary clinical volume surges in both domestic segments.

For the second quarter of fiscal year 2026, operating margin was 11.4% and adjusted EBITDA margin was 14.4%. This compares to margins of 11.2% and 13.7%, respectively, for the prior year period. Diluted earnings per share were $1.80, and adjusted diluted earnings per share were $2.07. This compares to $1.69 and $2.01, respectively, for the prior year period.

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Consolidated earnings improved over the prior year period primarily due to efficiency gains through automation, including AI-enabled tools, across multiple program areas. The second quarter of fiscal year 2026 included a non-cash impairment charge that decreased the U.S. Services segment's operating income by $6.9 million, or $0.09 per share, and a discrete research & development tax benefit that reduced the income tax expense by $4.2 million, which equated to a $0.08 per share benefit. Both non-recurring items were excluded from adjusted EBITDA and had offsetting impacts on adjusted diluted earnings per share.

U.S. Federal Services Segment

U.S. Federal Services Segment revenue for the second quarter of fiscal year 2026 was $753 million. Prior year period revenue was $778 million and benefited from natural disaster support. We anticipated the absence of this work in our fiscal year 2026 guidance, and, excluding this support work, segment organic revenue growth was 1.5% over the prior year period.

The segment operating margin for the second quarter of fiscal year 2026 was 17.6%, compared to 15.3% reported for the prior year period. Technology initiatives, including automation that enables greater volume processing without a commensurate increase in labor costs, were the primary driver of the improved margin and the increase to the segment’s full fiscal year margin expectation. The full fiscal year 2026 operating margin for the U.S. Federal Services Segment is expected to be approximately 17.5%.

U.S. Services Segment

U.S. Services Segment revenue for the second quarter of fiscal year 2026 was $416 million and on track to improve segment revenue growth anticipated by the end of the fiscal year. The prior year period segment revenue was $442 million.

The segment operating margin for the second quarter of fiscal year 2026 was 9.3%, or 10.9% excluding the $6.9 million non-cash charge related to an asset impairment. The prior year period segment operating