This report does not constitute a rating action. After Orion improved operating performance in the first half of 2026, we expect its revenue to increase 7%-10% in 2026 and 2027. Supporting this is an increase in technology revenue from new client wins, expansion of existing accounts, and targeted pricing actions. The company's S&P Global Ratings-adjusted EBITDA margins increased to 30% in 2025 from 28.5% in 2024, owing to increased revenue and improved operating efficiencies. In 2026, we forecast EBITDA margin will exceed 30% due to similar trends and reduced restructuring charges. Greater technology adoption, growth in client assets, and stronger execution helped improve Orion's operating performance in first-half 2026. Technology platform revenue increased 11% due to robust new client wins,
