Exhibit 99.1

FOR IMMEDIATE RELEASE

Heidrick & Struggles Delivers 14% Revenue Growth in Q2, Driving Strong Profitability

Q2 Revenue Exceeds High End of Outlook

All Business Segments Contribute to Consolidated Revenue Growth

Second Quarter 2025 Financial Highlights:

•Net revenue of $317.2 million increased 13.9% year over year

•Adjusted EBITDA was $33.9 million with adjusted EBITDA margin of 10.7%

•Adjusted net income was $18.1 million with adjusted diluted earnings per share of $0.85

•Q3 2025 revenue outlook between $295 million and $315 million versus $278.6 million in year-ago period

•The Board of Directors declared a $0.15 per share cash dividend

CHICAGO, August 4, 2025 – Heidrick & Struggles International, Inc. (Nasdaq: HSII) (“Heidrick & Struggles”, “Heidrick” or the “Company”), a premier provider of global leadership advisory and on-demand talent solutions, today announced financial results for its second quarter ended June 30, 2025.

“We had a strong first half in 2025 highlighted by second quarter results that exceeded the high end of our outlook,” said Tom Monahan, CEO of Heidrick & Struggles. “While the macroeconomic environment remains uncertain, our teams are focused on staying close to clients, helping them navigate complexity, and maintaining our position as the most trusted advisor to the C-Suite.

As we enter the second half of the year, we remain laser focused on growing differentiated, deep and durable client relationships by meeting evolving client needs. We have proven that by focusing on what we can control - investing in and growing our bench of world-class professionals to deliver exceptional impact for our clients – we can create value for our shareholders.”

---

Selected Consolidated Results
(Dollars in millions, except per share amounts, and average revenue per executive search in thousands)
			Three Months Ended June 30,
			2025			2024
Revenue before reimbursements (net revenue)			$	317.2		$	278.6
Adjusted results (a):
Adjusted EBITDA			$	33.9		$	28.8
Adjusted EBITDA margin			10.7		%	10.3		%
Adjusted net income			$	18.1		$	14.1
Adjusted diluted earnings per share			$	0.85		$	0.67
Selected Executive Search Data
Revenue before reimbursements (net revenue)			$	238.2		$	210.0
Ending number of consultants			420			415
Annualized consultant productivity			$	2.3		$	2.0
Average revenue per executive search			$	162		$	151
Confirmations (% increase/decrease)			5.2		%	(1.6)		%
Selected On-Demand Talent Data
Revenue before reimbursements (net revenue)			$	47.9		$	41.9
Selected Heidrick Consulting Data
Revenue before reimbursements (net revenue)			$	31.2		$	26.8
Ending number of consultants			90			85
(a) Non-GAAP financial measures. See Non-GAAP Financial Measures, Reconciliations of Net Income (Loss) and Adjusted Net Income, and Reconciliations of Operating Income (Loss) to Adjusted EBITDA at the end of this press release for more information.

2025 Second Quarter Results

Consolidated net revenue increased, 13.9%, or $38.6 million, to $317.2 million in the 2025 second quarter compared to consolidated net revenue of $278.6 million in the 2024 second quarter (up 12.4%, or $34.5 million on a constant currency basis). The revenue increase was driven by year-over-year growth in each of the Company’s lines of business — Executive Search, On-Demand Talent, and Heidrick Consulting.

2025 second quarter net income was $21.1 million and diluted earnings per share was $0.99 which included acquisition-related earnout and contingent compensation fair value adjustments of $4.4 million related to the On-Demand Talent and Heidrick Consulting segments. Excluding these adjustments, 2025 second quarter adjusted net income was $18.1 million compared to adjusted net income of $14.1 million in the 2024 second quarter, reflecting goodwill impairment, restructuring charges and earnout and contingent compensation fair value adjustments. 2025 second quarter adjusted diluted earnings per share was $0.85 compared to $0.67 in the 2024 second quarter.

Adjusted EBITDA increased $5.0 million to $33.9 million in the 2025 second quarter compared to $28.8 million in the 2024 second quarter, and 2025 second quarter adjusted EBITDA margin expanded 40 basis points to 10.7% compared to 10.3% in the 2024 second quarter.

---

Executive Search net revenue was $238.2 million in the 2025 second quarter compared to net revenue of $210.0 million in the 2024 second quarter, an increase of $28.2 million, or 13.4% (up $26.1 million, or 12.4% on a constant currency basis). The higher revenue versus the year-ago period was driven by increases in all regions including 8.9% in the Americas (up 9.3% on a constant currency basis), 30.9% in Europe (up 24.1% on a constant currency basis), and 12.0% in Asia Pacific (up 11.8% on a constant currency basis) when compared to the 2024 second quarter.

Adjusted EBITDA increased $1.9 million to $54.6 million in the 2025 second quarter compared to $52.7 million in the 2024 second quarter, and 2025 second quarter adjusted EBITDA margin was 22.9% compared to 25.1% in the 2024 second quarter.

On-Demand Talent net revenue increased $6.0 million, or 14.3%, to $47.9 million in the 2025 second quarter compared to net revenue of $41.9 million in the 2024 second quarter (up $4.7 million, or 11.3% on a constant currency basis).

Adjusted EBITDA was $1.0 million in the 2025 second quarter compared to a loss of $1.6 million in the 2024 second quarter, and Adjusted EBITDA margin was 2.1% compared to (3.9)% in the 2024 second quarter.

Heidrick Consulting net revenue increased $4.4 million, or 16.6%, to $31.2 million in the 2025 second quarter compared to net revenue of $26.8 million in the 2024 second quarter (up $3.7 million, or 13.8% on a constant currency basis).

Adjusted EBITDA was $0.6 million in the 2025 second quarter compared to a loss of $1.4 million in the 2024 second quarter, and Adjusted EBITDA margin grew to 1.8% compared to (5.2)% in the 2024 second quarter.

Dividend

The Board of Directors declared a 2025 third quarter cash dividend of $0.15 per share payable on August 28, 2025, to shareholders of record at the close of business on August 14, 2025.

2025 Third Quarter Outlook

The Company expects 2025 third quarter consolidated net revenue between $295 million and $315 million, which may be impacted by external factors, such as the foreign exchange and interest rate environments, foreign conflicts, inflation and macroeconomic constraints on pricing actions. In addition, this outlook is based on the average currency rates in June 2025 and reflects, among other factors, management's assumptions for the anticipated volume of new Executive Search confirmations, On-Demand Talent projects, and Heidrick Consulting assignments, consultant productivity, and consultant retention along with the current backlog.

Quarterly Webcast and Conference Call

Heidrick & Struggles will host a conference call to review its second quarter results today, August 4, 2025, at 5:00 pm Eastern Time. Participants may access the Company’s call and supporting slides through its website at www.heidrick.com or by dialing (800) 715 9871 or (646) 307-1963, conference ID #4805686. For those unable to participate on the live call, a webcast and copy of the slides will be archived at www.heidrick.com and available for up to 30 days following the investor call.

About Heidrick & Struggles International, Inc.

Heidrick & Struggles (Nasdaq: HSII) is the world’s foremost advisor on executive leadership, driving superior client performance through premier human capital leadership advisory services. For more than 70 years, we’ve delivered value for our clients by leveraging unrivaled expertise to help organizations discover and enable outstanding leaders and teams. Learn more at www.heidrick.com.

---

Non-GAAP Financial Measures

To supplement the financial results presented in accordance with generally accepted accounting principles in the United States (“GAAP”), Heidrick & Struggles presents certain non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of comprehensive income, balance sheets or statements of cash flow of the Company.

Non-GAAP financial measures used within this earnings release are adjusted net income, adjusted diluted earnings per share, adjusted EBITDA, adjusted EBITDA margin, and net revenue excluding the impact of exchange rate fluctuations (referred to as constant currency). These measures are presented because management uses this information to monitor and evaluate financial results and allocate resources. Management believes this information is also useful for investors to evaluate the comparability of financial information presented. Reconciliations of these non-GAAP financial measures to the most directly comparable measures calculated and presented in accordance with GAAP are provided as schedules attached to this release.

Adjusted net income and adjusted diluted earnings per share are net income and diluted earnings per share excluding goodwill impairment, restructuring charges and earnout and acquisition contingent compensation fair value adjustments, net of tax.

Adjusted EBITDA refers to net income before interest, taxes, depreciation and amortization, as adjusted, to the extent they occur, for earnout accretion, earnout fair value adjustments, contingent compensation, deferred compensation plan income or expense, certain reorganization costs, impairment charges and restructuring charges.

Adjusted EBITDA margin refers to adjusted EBITDA as a percentage of net revenue in the same period.

The Company evaluates its results of operations on both an as reported and a constant currency basis. The constant currency presentation is a non-GAAP financial measure, which excludes the impact of fluctuations in foreign currency exchange rates. The Company believes providing constant currency information provides valuable supplemental information regarding its results of operations, consistent with how it evaluates its performance. The Company calculates constant currency percentages by converting its financial results in a local currency for a period using the average exchange rate for the prior period to which it is comparing. This calculation may differ from similarly titled measures used by other companies.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding guidance for the third quarter of 2025. The forward-looking statements are based on current expectations, estimates, forecasts, and projections about the industry in which we operate and management's beliefs and assumptions. Forward-looking statements may be identified by the use of words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “outlook,” “projects,” “forecasts,” “aim” and similar expressions. Forward-looking statements are not guarantees of future performance, rely on a number of assumptions, and involve certain known and unknown risks and uncertainties that are difficult to predict, many of which are beyond our control. Factors that may cause actual outcomes and results to differ materially from what is expressed, forecasted or implied in the forward-looking statements include, among other things, our ability to attract, integrate, develop, manage, retain and motivate qualified consultants and senior leaders; our ability to prevent our consultants from taking our clients with them to another firm; our ability to maintain our professional reputation and brand name; our clients’ ability to restrict us from recruiting their employees; our heavy reliance on information management systems; risks arising from our implementation of new technology and intellectual property to deliver new products and services to our clients; our dependence on third parties for the execution of certain critical functions; the fact that we face the risk of liability in the services we perform; the fact that data security, data privacy and data protection laws and other evolving regulations and cross-border data transfer restrictions may limit the use of our services and adversely affect our business; any challenges to the classification of our on-demand talent as independent contractors; the fact that increased cybersecurity requirements, vulnerabilities, threats and more sophisticated and targeted cyber-related attacks could pose a risk to our systems, networks, solutions, services and data; the fact that our net revenue may be affected by adverse macroeconomic or labor market conditions, including impacts of inflation and effects of geopolitical instability; the aggressive competition we face; the impact of foreign currency exchange rate fluctuations; our ability to access additional credit; social, political, regulatory, legal and economic risks in markets where we operate, including the impact of the ongoing war in Ukraine, the conflict between Israel and Hamas and any broader regional conflict in the

---

Middle East, the risks of an expansion or escalation of those conflicts and our ability to quickly and completely recover from any disruption to our business; the impact from actions by the U.S. presidential administration and Congress; unfavorable tax law changes and tax authority rulings; our ability to realize the benefit of our net deferred tax assets; the fact that we may not be able to align our cost structure with net revenue; any impairment of our goodwill, other intangible assets and other long-lived assets; our ability to maintain an effective system of disclosure controls and internal control over our financial reporting and produce accurate and timely financial statements; our ability to execute and integrate future acquisitions; and the fact that we have anti-takeover provisions that make an acquisition of us difficult and expensive. We caution the reader that the list of factors may not be exhaustive. For more information on these risks, uncertainties and other factors, refer to our Annual Report on Form 10-K for the year ended December 31, 2024, under the heading "Risk Factors" in Item 1A. The forward-looking statements contained in this press release speak only as of the date of this press release. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts:

Investors & Analysts:

Vance Edelson

Vance.Edelson@icrinc.com

Media:

Bianca Wilson, Global Director, Public Relations

bwilson@heidrick.com

---

Heidrick & Struggles International, Inc.

Consolidated Statements of Comprehensive Income (Loss)

(In thousands, except per share amounts)

(Unaudited)

			Three Months Ended June 30,
			2025						2024						$ Change						% Change
Revenue
Revenue before reimbursements (net revenue)			$	317,248					$	278,626					$	38,622					13.9		%
Reimbursements			4,660						4,251						409						9.6		%
Total revenue			321,908						282,877						39,031						13.8		%
Operating expenses
Salaries and benefits			209,203						177,892						31,311						17.6		%
General and administrative expenses			42,184						46,453						(4,269)						(9.2)		%
Cost of services			34,594						29,696						4,898						16.5		%
Research and development			6,037						5,605						432						7.7		%
Impairment charges			—						16,224						(16,224)						(100.0)		%
Restructuring charges			—						6,939						(6,939)						(100.0)		%
Reimbursed expenses			4,660						4,251						409						9.6		%
Total operating expenses			296,678						287,060						9,618						3.4		%
Operating income (loss)			25,230						(4,183)						29,413						NM
Non-operating income
Interest, net			2,639						2,612
Other, net			3,276						997
Net non-operating income			5,915						3,609
Income (loss) before income taxes			31,145						(574)
Provision for income taxes			10,072						4,583
Net income (loss)			21,073						(5,157)
Other comprehensive income (loss), net of tax			6,519						(2,094)
Comprehensive income (loss)			$	27,592					$	(7,251)
Weighted-average common shares outstanding
Basic			20,649						20,259
Diluted			21,215						20,259
Earnings (loss) per common share
Basic			$	1.02					$	(0.25)
Diluted			$	0.99					$	(0.25)
Salaries and benefits as a % of net revenue			65.9		%				63.8		%
General and administrative expenses as a % of net revenue			13.3		%				16.7		%
Cost of services as a % of net revenue			10.9		%				10.7		%
Research and development as a % of net revenue			1.9		%				2.0		%
Operating margin			8.0		%				(1.5)		%

---

Heidrick & Struggles International, Inc.

Segment Information

(In thousands)

(Unaudited)

			Three Months Ended June 30,
			2025						2024						$ Change						% Change						2025 Margin1						2024 Margin1
Revenue
Executive Search
Americas			$	160,170					$	147,078					$	13,092					8.9		%
Europe			52,451						40,082						12,369						30.9		%
Asia Pacific			25,553						22,807						2,746						12.0		%
Total Executive Search			238,174						209,967						28,207						13.4		%
On-Demand Talent			47,866						41,895						5,971						14.3		%
Heidrick Consulting			31,208						26,764						4,444						16.6		%
Revenue before reimbursements (net revenue)			317,248						278,626						38,622						13.9		%
Reimbursements			4,660						4,251						409						9.6		%
Total revenue			$	321,908					$	282,877					$	39,031					13.8		%
Adjusted EBITDA
Executive Search
Americas			$	46,655					$	48,112					$	(1,457)					(3.0)		%				29.1		%				32.7		%
Europe			5,388						2,840						2,548						89.7		%				10.3		%				7.1		%
Asia Pacific			2,507						1,740						767						44.1		%				9.8		%				7.6		%
Total Executive Search			54,550						52,692						1,858						3.5		%				22.9		%				25.1		%
On-Demand Talent			1,028						(1,629)						2,657						163.1		%				2.1		%				(3.9)		%
Heidrick Consulting			555						(1,395)						1,950						139.8		%				1.8		%				(5.2)		%
Total segments			56,133						49,668						6,465						13.0		%				17.7		%				17.8		%
Research and Development			(4,638)						(4,781)						143						3.0		%				(1.5)		%				(1.7)		%
Global Operations Support			(17,643)						(16,076)						(1,567)						(9.7)		%				(5.6)		%				(5.8)		%
Total Adjusted EBITDA			$	33,852					$	28,811					$	5,041					17.5		%				10.7		%				10.3		%

1 Margin based on revenue before reimbursements (net revenue).

---

Heidrick & Struggles International, Inc.

Consolidated Statements of Comprehensive Income

(In thousands, except per share amounts)

(Unaudited)

			Six Months Ended June 30,
			2025						2024						$ Change						% Change
Revenue
Revenue before reimbursements (net revenue)			$	600,826					$	543,823					$	57,003					10.5		%
Reimbursements			8,524						8,152						372						4.6		%
Total revenue			609,350						551,975						57,375						10.4		%
Operating expenses
Salaries and benefits			398,678						352,305						46,373						13.2		%
General and administrative expenses			83,608						87,816						(4,208)						(4.8)		%
Cost of services			64,653						57,128						7,525						13.2		%
Research and development			12,429						11,320						1,109						9.8		%
Impairment charges			—						16,224						(16,224)						(100.0)		%
Restructuring charges			—						6,939						(6,939)						(100.0)		%
Reimbursed expenses			8,524						8,152						372						4.6		%
Total operating expenses			567,892						539,884						28,008						5.2		%
Operating income			41,458						12,091						29,367						242.9		%
Non-operating income
Interest, net			6,594						6,698
Other, net			710						3,568
Net non-operating income			7,304						10,266
Income before income taxes			48,762						22,357
Provision for income taxes			14,383						13,482
Net income			34,379						8,875
Other comprehensive income (loss), net of tax			9,021						(6,185)
Comprehensive income			$	43,400					$	2,690
Weighted-average common shares outstanding
Basic			20,557						20,202
Diluted			21,333						21,061
Earnings per common share
Basic			$	1.67					$	0.44
Diluted			$	1.61					$	0.42
Salaries and benefits as a % of net revenue			66.4		%				64.8		%
General and administrative expenses as a % of net revenue			13.9		%				16.1		%
Cost of services as a % of net revenue			10.8		%				10.5		%
Research and development as a % of net revenue			2.1		%				2.1		%
Operating margin			6.9		%				2.2		%

---

Heidrick & Struggles International, Inc.

Segment Information

(In thousands)

(Unaudited)

			Six Months Ended June 30,
			2025						2024						$ Change						% Change						2025 Margin1						2024 Margin1
Revenue
Executive Search
Americas			$	304,574					$	283,757					$	20,817					7.3		%
Europe			97,842						81,563						16,279						20.0		%
Asia Pacific			49,148						46,128						3,020						6.5		%
Total Executive Search			451,564						411,448						40,116						9.7		%
On-Demand Talent			90,430						79,752						10,678						13.4		%
Heidrick Consulting			58,832						52,623						6,209						11.8		%
Revenue before reimbursements (net revenue)			600,826						543,823						57,003						10.5		%
Reimbursements			8,524						8,152						372						4.6		%
Total revenue			$	609,350					$	551,975					$	57,375					10.4		%
Adjusted EBITDA
Executive Search
Americas			$	90,877					$	89,983					$	894					1.0		%				29.8		%				31.7		%
Europe			10,430						6,193						4,237						68.4		%				10.7		%				7.6		%
Asia Pacific			5,542						4,935						607						12.3		%				11.3		%				10.7		%
Total Executive Search			106,849						101,111						5,738						5.7		%				23.7		%				24.6		%
On-Demand Talent			1,428						(2,550)						3,978						156.0		%				1.6		%				(3.2)		%
Heidrick Consulting			(1,541)						(3,422)						1,881						55.0		%				(2.6)		%				(6.5)		%
Total segments			106,736						95,139						11,597						12.2		%				17.8		%				17.5		%
Research and Development			(9,262)						(9,706)						444						4.6		%				(1.5)		%				(1.8)		%
Global Operations Support			(34,500)						(30,754)						(3,746)						(12.2)		%				(5.7)		%				(5.7)		%
Total Adjusted EBITDA			$	62,974					$	54,679					$	8,295					15.2		%				10.5		%				10.1		%

1 Margin based on revenue before reimbursements (net revenue).

---

Heidrick & Struggles International, Inc.

Reconciliation of Net Income (Loss) and Adjusted Net Income (Non-GAAP)

(In thousands, except per share amounts)

(Unaudited)

			Three Months Ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
Net income (loss)			$	21,073					$	(5,157)					$	34,379					$	8,875
Adjustments
Acquisition related earnout and contingent compensation fair value adjustments, net of tax			(2,980)						749						(2,095)						749
Impairment charges, net of tax			—						14,190						—						14,190
Restructuring charges, net of tax			—						4,291												4,291
Total adjustments			(2,980)						19,230						(2,095)						19,230
Adjusted net income			$	18,093					$	14,073					$	32,284					$	28,105
Weighted-average common shares outstanding
Basic			20,649						20,259						20,557						20,202
Diluted			21,215						20,865						21,333						21,061
Earnings (loss) per common share
Basic			$	1.02					$	(0.25)					$	1.67					$	0.44
Diluted			$	0.99					$	(0.25)					$	1.61					$	0.42
Adjusted earnings per common share
Basic			$	0.88					$	0.69					$	1.57					$	1.39
Diluted			$	0.85					$	0.67					$	1.51					$	1.33

---

Heidrick & Struggles International, Inc.

Consolidated Balance Sheets

(In thousands)

(Unaudited)

			June 30, 2025						December 31, 2024
Current assets
Cash and cash equivalents			$	211,172					$	515,627
Marketable securities			188,355						47,896
Accounts receivable, net			210,577						134,331
Prepaid expenses			30,436						28,718
Other current assets			48,200						39,935
Income taxes recoverable			10,868						6,470
Total current assets			699,608						772,977
Non-current assets
Property and equipment, net			54,687						51,685
Operating lease right-of-use assets			82,282						83,518
Assets designated for retirement and pension plans			11,361						9,976
Investments			69,160						58,290
Other non-current assets			26,395						25,500
Goodwill			142,635						137,861
Other intangible assets, net			10,539						12,483
Deferred income taxes			44,378						41,898
Total non-current assets			441,437						421,211
Total assets			$	1,141,045					$	1,194,188
Current liabilities
Accounts payable			$	25,834					$	25,088
Accrued salaries and benefits			251,668						353,531
Deferred revenue			58,859						51,085
Operating lease liabilities			18,225						17,653
Other current liabilities			65,898						21,369
Income taxes payable			9,402						14,287
Total current liabilities			429,886						483,013
Non-current liabilities
Accrued salaries and benefits			40,789						58,547
Retirement and pension plans			84,999						72,138
Operating lease liabilities			86,914						83,152
Other non-current liabilities			4,527						42,905
Deferred income taxes			1,439						1,616
Total non-current liabilities			218,668						258,358
Total liabilities			648,554						741,371
Stockholders’ equity			492,491						452,817
Total liabilities and stockholders’ equity			$	1,141,045					$	1,194,188

---

Heidrick & Struggles International, Inc.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

						Three Months Ended June 30,
						2025						2024
Cash flows - operating activities
Net income (loss)						$	21,073					$	(5,157)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization						5,015						3,910
Deferred income taxes						509						(2,246)
Stock-based compensation expense						3,987						3,465
Accretion expense related to earnout payments						536						469
Gain on marketable securities						(1,702)						(441)
Loss on disposal of property and equipment						19						247
Impairment charges						—						16,224
Changes in assets and liabilities, net of effects of acquisition:
Accounts receivable						(23,178)						(14,717)
Accounts payable						980						(255)
Accrued expenses						72,256						57,843
Restructuring accrual						(461)						4,386
Deferred revenue						1,628						(2,624)
Income taxes recoverable and payable, net						(11,471)						645
Retirement and pension plan assets and liabilities						(702)						347
Prepaid expenses						4,097						3,339
Other assets and liabilities, net						(3,976)						(2,913)
Net cash provided by in operating activities						68,610						62,522
Cash flows - investing activities
Capital expenditures						(3,906)						(10,365)
Purchases of marketable securities and investments						(177,487)						(109,862)
Proceeds from sales of marketable securities and investments						104,106						289
Net cash used in investing activities						(77,287)						(119,938)
Cash flows - financing activities
Cash dividends paid						(3,251)						(3,182)
Payment of employee tax withholdings on equity transactions						(887)						(885)
Net cash used in financing activities						(4,138)						(4,067)
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash						12,119						(1,426)
Net decrease in cash, cash equivalents and restricted cash						(696)						(62,909)
Cash, cash equivalents and restricted cash at beginning of period						212,138						252,831
Cash, cash equivalents and restricted cash at end of period						$	211,442					$	189,922

---

Heidrick & Struggles International, Inc.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

						Six Months Ended June 30,
						2025						2024
Cash flows - operating activities
Net income						$	34,379					$	8,875
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization						9,862						8,700
Deferred income taxes						(1,374)						(2,333)
Stock-based compensation expense						6,497						6,109
Accretion expense related to earnout payments						1,017						935
Gain on marketable securities						(2,650)						(980)
Loss on disposal of property and equipment						26						261
Impairment charges						—						16,224
Changes in assets and liabilities:
Accounts receivable						(68,787)						(55,842)
Accounts payable						(1,530)						(2,324)
Accrued expenses						(127,064)						(124,747)
Restructuring accrual						(1,425)						4,386
Deferred revenue						5,975						(673)
Income taxes recoverable and payable, net						(9,625)						5,368
Retirement and pension plan assets and liabilities						6,030						5,800
Prepaid expenses						(576)						(4,652)
Other assets and liabilities, net						(14,369)						(6,009)
Net cash used in operating activities						(163,614)						(140,902)
Cash flows - investing activities
Capital expenditures						(6,640)						(16,538)
Purchases of marketable securities and investments						(296,206)						(115,262)
Proceeds from sales of marketable securities and investments						152,431						66,574
Net cash used in investing activities						(150,415)						(65,226)
Cash flows - financing activities
Debt issuance costs						(360)						—
Cash dividends paid						(6,447)						(6,398)
Payment of employee tax withholdings on equity transactions						(3,776)						(3,747)
Net cash used in financing activities						(10,583)						(10,145)
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash						20,241						(6,423)
Net decrease in cash, cash equivalents and restricted cash						(304,371)						(222,696)
Cash, cash equivalents and restricted cash at beginning of period						515,813						412,618
Cash, cash equivalents and restricted cash at end of period						$	211,442					$	189,922

---

Heidrick & Struggles International, Inc.

Reconciliation of Net Income (Loss) to Adjusted EBITDA (Non-GAAP)

(In thousands)

(Unaudited)

			Three Months Ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
Revenue before reimbursements (net revenue)			$	317,248					$	278,626					$	600,826					$	543,823
Net income (loss)			21,073						(5,157)						34,379						8,875
Interest, net			(2,639)						(2,612)						(6,594)						(6,698)
Other, net			(3,276)						(997)						(710)						(3,568)
Provision for income taxes			10,072						4,583						14,383						13,482
Operating income (loss)			25,230						(4,183)						41,458						12,091
Adjustments
Depreciation			3,428						1,990						6,607						4,483
Intangible amortization			1,587						1,920						3,255						4,217
Earnout accretion			536						469						1,017						935
Earnout fair value adjustments			(3,257)						1,211						(2,315)						1,211
Acquisition contingent consideration			1,566						3,285						4,387						5,273
Deferred compensation plan			5,198						956						4,840						3,306
Reorganization costs			(436)						—						3,725						—
Impairment charges			—						16,224						—						16,224
Restructuring charges			—						6,939						—						6,939
Total adjustments			8,622						32,994						21,516						42,588
Adjusted EBITDA			$	33,852					$	28,811					$	62,974					$	54,679
Adjusted EBITDA margin			10.7		%				10.3		%				10.5		%				10.1		%

---

Heidrick & Struggles International, Inc.

Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Line of Business (Non-GAAP)

(In thousands)

(Unaudited)

																					Three Months Ended June 30, 2025
																					Executive Search						On-Demand Talent						Heidrick Consulting						Research & Development						Global Operations Support						Total
Revenue before reimbursements (net revenue)																					$	238,174					$	47,866					$	31,208					$	—					$	—					$	317,248
Operating income (loss)1																					48,200						3,198						(1,557)						(6,037)						(18,574)						25,230
Adjustments
Depreciation																					1,329						196						233						1,501						169						3,428
Intangible amortization																					11						1,279						297						—						—						1,587
Earnout accretion																					—						479						57						—						—						536
Earnout fair value adjustments																					—						(3,419)						162						—						—						(3,257)
Acquisition contingent compensation																					—						293						1,273						—						—						1,566
Deferred compensation plan																					5,010						2						90						84						12						5,198
Reorganization costs																					—						(1,000)						—						(186)						750						(436)
Total adjustments																					6,350						(2,170)						2,112						1,399						931						8,622
Adjusted EBITDA																					$	54,550					$	1,028					$	555					$	(4,638)					$	(17,643)					$	33,852
Adjusted EBITDA margin																					22.9		%				2.1		%				1.8		%				(1.5)		%				(5.6)		%				10.7		%
																					Three Months Ended June 30, 2024
																					Executive Search						On-Demand Talent						Heidrick Consulting						Research & Development						Global Operations Support						Total
Revenue before reimbursements (net revenue)																					$	209,967					$	41,895					$	26,764					$	—					$	—					$	278,626
Operating income (loss)1																					46,821						(21,695)						(6,530)						(5,605)						(17,174)						(4,183)
Adjustments
Depreciation																					863						117						82						809						119						1,990
Intangible amortization																					20						1,533						367						—						—						1,920
Earnout accretion																					—						409						60						—						—						469
Earnout fair value adjustments																					—						1,125						86						—						—						1,211
Acquisition contingent compensation																					295						1,835						1,155						—						—						3,285
Deferred compensation plan																					920						—						18						15						3						956
Impairment charges																					1,463						14,761						—						—						—						16,224
Restructuring charges																					2,310						286						3,367						—						976						6,939
Total adjustments																					5,871						20,066						5,135						824						1,098						32,994
Adjusted EBITDA																					$	52,692					$	(1,629)					$	(1,395)					$	(4,781)					$	(16,076)					$	28,811
Adjusted EBITDA margin																					25.1		%				(3.9		%)				(5.2		%)				(1.7)		%				(5.8)		%				10.3		%

1 The Company does not allocate interest income or expense, other income or expense, and the provision for income taxes to the Company’s reportable operating segments. As such, the Company has concluded that operating income (loss) represents the most directly comparable measure of financial performance presented in accordance with U.S. GAAP for the reconciliation of Adjusted EBITDA in this presentation.

---

Heidrick & Struggles International, Inc.

Reconciliation of Operating Income (Loss) to Adjusted EBITDA (Non-GAAP)

(In thousands)

(Unaudited)

																					Six Months Ended June 30, 2025
																					Executive Search						On-Demand Talent						Heidrick Consulting						Research & Development						Global Operations Support						Total
Revenue before reimbursements (net revenue)																					$	451,564					$	90,430					$	58,832					$	—					$	—					$	600,826
Operating income (loss)1																					98,708						(2,436)						(5,384)						(12,429)						(37,001)						41,458
Adjustments
Depreciation																					2,505						404						441						2,938						319						6,607
Intangible amortization																					22						2,569						664						—						—						3,255
Earnout accretion																					—						906						111						—						—						1,017
Earnout fair value adjustments																					—						(2,477)						162						—						—						(2,315)
Acquisition contingent compensation																					—						2,210						2,177						—						—						4,387
Deferred compensation plan																					4,661						2						86						79						12						4,840
Reorganization costs																					953						250						202						150						2,170						3,725
Total adjustments																					8,141						3,864						3,843						3,167						2,501						21,516
Adjusted EBITDA																					$	106,849					$	1,428					$	(1,541)					$	(9,262)					$	(34,500)					$	62,974
Adjusted EBITDA margin																					23.7		%				1.6		%				(2.6		%)				(1.5		%)				(5.7)		%				10.5		%
																					Six Months Ended June 30, 2024
																					Executive Search						On-Demand Talent						Heidrick Consulting						Research & Development						Global Operations Support						Total
Revenue before reimbursements (net revenue)																					$	411,448					$	79,752					$	52,623					$	—					$	—					$	543,823
Operating income (loss)1																					92,353						(26,544)						(10,372)						(11,320)						(32,026)						12,091
Adjustments
Depreciation																					2,104						248						279						1,563						289						4,483
Intangible amortization																					37						3,368						812						—						—						4,217
Earnout accretion																					—						815						120						—						—						935
Earnout fair value adjustments																					—						1,125						86						—						—						1,211
Acquisition contingent compensation																					(335)						3,391						2,217						—						—						5,273
Deferred compensation plan																					3,179						—						69						51						7						3,306
Impairment charges																					1,463						14,761						—						—						—						16,224
Restructuring charges																					2,310						286						3,367						—						976						6,939
Total adjustments																					8,758						23,994						6,950						1,614						1,272						42,588
Adjusted EBITDA																					$	101,111					$	(2,550)					$	(3,422)					$	(9,706)					$	(30,754)					$	54,679
Adjusted EBITDA margin																					24.6		%				(3.2		%)				(6.5		%)				(1.8		%)				(5.7		%)				10.1		%

1 The Company does not allocate interest income or expense, other income or expense, and the provision for income taxes to the Company’s reportable operating segments. As such, the Company has concluded that operating income (loss) represents the most directly comparable measure of financial performance presented in accordance with U.S. GAAP for the reconciliation of Adjusted EBITDA in this presentation.