Firstsource Solutions Ltd. — Investor Presentation 2025

Apr 28, 2025

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28[th] April 2025

To:

National Stock Exchange of India BSE Limited (Scrip Code: Limited (Scrip Code: FSL) 532809) Exchange Plaza, Phiroze Jeejeebhoy Towers, Plot no. C/1, G Block, Dalal Street, Bandra-Kurla Complex Mumbai - 400 001 Bandra (East), Mumbai - 400 051

Dear Madam/ Sir,

Sub: Intimation of Analyst/ Institutional Investor Call

We are enclosing herewith a copy of the presentation regarding conference call to be held on Monday, 28[th] April 2025 at 5.30 PM IST with the analysts and investors, on the financial results of the Company for the quarter and financial year 31[st] March 2025.

This is for your information and record.

Thanking you,

For Firstsource Solutions Limited

POOJA Digitally signed SURESH by POOJA NAMBIAR SURESH NAMBIAR Pooja Nambiar Company Secretary

Encl.: A/a

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INVESTOR PRESENTATION April 2025

Disclaimer

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Certain statements in this presentation concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in BPS market including those factors which may affect our cost advantage, wage increases, our ability to attract and retain highly skilled professionals, time and cost overruns on client contracts, client concentration, our ability to manage ramp-ups and growth, our ability to manage our international operations, reduced demand in our key focus verticals, disruptions in telecom infrastructure and technology, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, performance of our subsidiaries, withdrawal of government fiscal incentives, political instability, legal restrictions on raising capital and acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry. Firstsource may, from time to time, make additional written and oral forward-looking statements, including our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company.

2

Firstsource: Who we are?

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Specialized BPS partner

Established in 2001 Public listing in 2007

Hyper-focused, domain-centric teams with cutting-edge tech, data, and analytics

34,651* Firstsourcers

200+ global clients[#] including

Across US, UK, India, Philippines, South Africa, Australia, Mexico, Romania, Trinidad & Turkey

Several Fortune 500, FTSE 100 and ASX200 companies

Leaders in chosen verticals

Part of RP-Sanjiv Goenka Group

Banking & Financial Services, Healthcare, Communications, Media & Technology, Retail and Utilities

Since 2012

Revenues of INR 79.8 Billion (US$944 Million) in FY25

Deep partnerships with clients Average tenure of top 5 clients is over 20 years

For clients with trailing 12-months revenue over US$0.25mn *As on 31[st] March 2025

3

Part of RP-Sanjiv Goenka Group

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Group turnover of
~US$4.4 Bn []
EBITDA of Asset base of
~US$855 Mn [] >US$7.3 Bn []
Over
1.1 Million Shareholders
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One of India’s new-age and fastest growing

Conglomerates

Strong workforce of 50,000+ employees, belonging to different nationalities

Presence in 50+ countries

100+ offices worldwide

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Committed to powering millions of Indian homes and businesses with reliable electricity through its A global player and a national leader with portfolio of Global leader in specialized Business Process Services leveraging hyper-focused, domain-centric teams with to deliver value for over 200 clients

Diversified and innovative media company, with music catalogue that spans the gamut from the and a strong video play, spread across making Films, TV serials, OTT series and short video content catering to the youth

Nature's Basket is India's with international food products Spencer is an experience led with varied assortments

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Too Yumm is a , captivating consumers with its Playing in the category with brands like Naturali and Within Beauty

Inspiring communities, unite fans, set new benchmarks, foster championship culture, contribute to the Step into a world of unparalleled luxury. Quest, the first of its kind in Eastern India, curates India’s producer of rubber & South India’s second largest cultivator of tea

dedicated to helping its readers succeed big in business through best-in-class storytelling

* All figures as on FY24

4

We work with the leading global enterprises…

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Communications, Media & Technology

Banking & Financial Services

15 of Top 20

Mortgage lenders in the US

6 of Top 10

Credit card issuers in the US

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3 of Top 6

• Asset Finance

• Credit Cards

• Mortgages

• Retail & SME Banking

• FinTech

• Streaming Services, Cable TV

• Broadband & Telephony

• Consumer Technologies

• EdTech

• E-Commerce

Retail banks in the UK

1,000+

Hospitals in the US

12 of Top 15

Health plans/managed care providers in the US

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Healthcare

• Health Plans

• Healthcare Services

• Hospital Providers

• Physician Groups

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Diversified Industries

• Utilities

• Government Entities

• Retail and E-Commerce

1 of Top 2

Broadcasting and media companies in the UK

2 of Top 5

Telecom and broadcasting companies in the US

4 of Top 5

Consumer technology companies in the US

2 of Top 5

Utility companies in the UK

• Medical Devices

2 of Top 8

Retailers in the UK

5

And are market leaders in our solution offerings

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• Customer Experience (CX) • Omnichannel engagement

Collections

• White-labeled digital collections

• • First-party & third-party collections • Legal collections

• Active user personalization

• Intelligent automation

• Virtual Copilot

• Compliance & risk management

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Market Leader

Healthcare Payer BPaaS Solutions Peak Matrix Assessment | 2024

Major Contender & Star Performer RCM Operations Peak Matrix Assessment | 2024

Market Leader

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• Consulting • Technology solutions

• CX strategy and design

• Process optimization

• Metrics & measurement

• Domain-led Platforms/Solutions (DP&S) • Sympraxis – Digital intake operations

• Firstsource Healthcare Cloud – Revenue cycle management

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• Data & Analytics (D&A) • Data annotation and labeling

• Predictive analytics

• Managed services

• AI-enabled services

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Trust & Safety (T&S)

• Audit of policies/queue structures

• Workflow optimization

• Real-time content monitoring

• Predictive analytics

Lending Services Operations Peak Matrix Assessment | 2024

Leader

Mortgage Business Process Transformation RadarView | 2024

Featured among ‘The Booming 15’ (Companies with revenue <US$1Bn) ISG Index | 1Q25

Horizon 1

HCP Service Providers HFS Horizons | 2024

Front Runners

Operationalizing Generative AI in Healthcare Payer | 2025

6

We introduced the playbook

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TM
Traditional BPO Approach The UnBPO Mindset
Front, middle and back-office tasks with defined boundaries
‘Service-as-a-software’; boundaries between process and IT blurring
Labor arbitrage/global delivery are the key assets
‘Technology arbitrage’ not just for cost, but for leverage
Labor-based resourcing model; focus on pyramid optimization
Skill-based resourcing; full/part time, gig, and agentic workforce
Shared service delivery models; one size fits all
‘Fit-for-purpose’ technology contextualized for deep domain
Location dispersion driving competitive differentiation
Location dispersion is ‘location debt’; AI centers of excellence
Hierarchical org. structure; generational workforce
Cross-functional structure; distributed decision-making
Traditional L&D; traditional incentive structures Personalized skilling and reskilling; Retooled incentive structures
Leverage AI for point solutions and drive productivity AI-at-the-core with human-in-the-loop
Use partners to fill technology gaps Orchestration of specialized partners integrated into the operating model
Linear revenue model Disruptive growth with non-linear commercial models
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7

Our strategic priorities

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Cross-sell/up-sell into existing clients

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Simplify Expand
the organization capabilities
Improve Amplify
margins the ‘Firstsource’ brand
Elevate TOP-QUARTILE Tech
REVENUE GROWTH
employee experience in everything we do
CONCURRENT
MARGIN EXPANSION
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8

That are showing results

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Some of our strategic deal wins over FY25

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Secured a new multi-year BPaaS deal from a leading managed care company in the US , a new logo for us

Won a large deal from a Fortune500 managed health care companies in the US, one of our existing clients, for member services and end-to-end claims processing services

One of the Top3 consumer tech companies in North America selected us for providing GenAI services

Expanded our business with one of the largest utilities companies in the UK, an existing client, with additional business for customer support services

Selected by a large cooperative financial institution in the UK for services in the areas of financial crime, compliance, operations and customer service solutions

Selected by a global leader in financial technology solutions in the US for CX services

Won a large deal from a leading telecom player in Australia & New Zealand, a new logo, and first major win for our newly launched ANZ operations

Total headcount

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Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25
Attrition
Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25
32,898 34,144 34,651
29,231
27,940
35.4%
31.8% 30.6% 31.4% 29.8%
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Large deal from a premier SaaS platform provider for the Freight Industry in North America, a new logo for us, for providing customer service and back-office operations

*For employees in employment for more than 180 days

9

With relAI, we are building capabilities to address the AI opportunity

• Firstsource relAI is a suite of AI led platforms, solutions and digital services to drive digital transformation for our clients in a responsible and ethical manner

• Launched Agentic AI Studio, a core element of the relAI suite, in Q4FY25 that empowers businesses to deconstructs work into AI-powered micro-tasks, enabling intelligent, industry-specific transformation

• Strengthening the suite by leveraging our partner ecosystem across niche startups to hyperscalers to drive co-creation and joint go-to-market efforts

• Strategic investment in building a specialized language model for the US mortgage market, leveraging our domain expertise to create a seamless digital process and significantly reduce cycle times

• Infused our digital collection platform with the power of generative AI to enable empathetic, personabased communication, significantly improving collection efficiency

Added AI capabilities to our HealthTech platform for improved efficiency on claims documentation

• Acquired AccunAI, a GenAI application development startup, in Q3FY25 to add to our capabilities for AI services, especially to our technology clients

• Leveraging AI for Operational Impact: AI Coach - our in-house agent training program – has improved speed to competency by 25%; 100% of internal technology team is AI enabled

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Mortgage LLM
The Future of AI-Powered Mortgage Processing
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Digital Debt Collection
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10

We are socially conscious

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‘B’ RATING

CDP Climate Change Disclosure 2025

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Silver RATING

Firstsource included in S&P Sustainability Yearbook 2025 for the second consecutive year Recognized as an ‘Industry Mover’ and in Top 5% of S&P Global CSA score

	Environment	~15.42% Renewable energy mix	All UKOffices are supplied with renewable energy	100% Waste disposed to waste handler	68.97% Reduction in Scope 1 emission vs. FY23	100% Beverage vending machines in UK are plastic free
	Social	~44.41% of the total workforce comprise of women	Level 3 Disability Confident Leader in the UK	15,507 CSR – Hours of Volunteering	INR 11 Mn Spent directly through our CSR Initiatives	75% New suppliers screened on E&S KPI
	Governance	54.5% of the Board are Independent Directors	18.2% of Independent Directors are Women	53.6% Promoter shareholding	Zero Fines and penalties related to unethical business practices	Zero Cases of insider trading

Leader in Carbon Management

Read our FY24 EGS report here

11

And focused on shareholder value creation

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5 Years Stock Performance

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NSE: FSL | BSE: 532809 | Reuters: FISO.BO | Bloomberg: FSOL:IN
Market Capitalisation: US$2.9bn | Average daily trading volume: US$ 19.2mn
FSL, 936%
NSE IT, 177%
Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24 Oct-24 Apr-25
Shareholding Pattern Total Shareholder Return
Key institutional shareholders
• HDFC Mutual Fund
• Life Insurance Corporation 1 Year return 62% 2%
Public & Others
13% • SBI Mutual Fund
• Tata Mutual Fund 3 Year return 180% 9%
DII • Vanguard Group
23% Promoter • HSBC Mutual Fund
54% 5 Year return 936% 52%
• Blackrock
• Dimensional Fund
FII -100% 100% 300% 500% 700% 900% 1100%
10% • White Oak
Share Price Return Dividend yield
• Axis Mutual Fund
As on 31 [[st]] March 2025 Stock data based on closing prices as of 25 [th] April 2025; Average daily trading volume is the average for last six months
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As on 31 [[st]] March 2025
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12

Our Leadership Team

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Ritesh Idnani
MD & CEO
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Dinesh Jain Sohit Brahmawar Aftab Javed Aniket Maindarkar Hasit Trivedi
Chief Financial Officer Chief Operating Officer Chief Human Resources Chief Marketing Officer Chief Digital & AI Officer
Officer
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Vivek Sharma Venkatgiri Vandali Rajiv Malhotra Arjun Mitra Ashish Chawla Sundara Sukavanam
Head – CMT, BFS Head – Healthcare & Head – Europe, Middle Head – Collections Head – CX and Consulting Head – Enterprise
and Emerging Geos Lifesciences East & Africa Transformation Office
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13

In summary…

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We see potential to grow at an accelerated pace over the medium term…

• Discontinuities caused by macro and technology shifts are creating market opportunities Our ‘market positioning’ gives us an advantage

…Helped by our unique differentiators…

• Roster of long-standing relationships with quality clients with large spend Recognized market leadership in our chosen domains

Bring technology and AI induced capabilities through the UnBPO[TM] playbook to solve clients’ business problems

…And driven by the OneFirstsource playbook…

• Focus on account mining and expanding capabilities

• Steady upward movement in client numbers across revenue buckets

Speed-to-market, clear accountability and improved market visibility are key imperatives

…Even as we remain focused on execution in the near term

• Five large deal wins in Q4; fourteen in FY25

• Largest-ever deal win in Healthcare in Q4FY25; highest ever ACV win in FY25 FY26 revenue growth guidance at the top decile of the peer group

14

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Factsheet

15

Financial performance snapshot | FY25

Revenue

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(in $ million)
5.6% 18.5% 16.0% -5.7% 2.0% 23.3%
6.6% 17.9% 14.6% -1.1% 1.1% 22.6%
FY19 FY20 FY21 FY22 FY23 FY24 FY25
YoY constant currency revenue growth YoY US$ revenue growth
944
795 750 765
685
548 578
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EBIT and Margin (%)

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(in ₹ million)
10,000 12.0% 11.8% 12.0%
9,000 10.8% 11.0% 11.0% 12.0%
8,000 9.4%
10.0%
7,000
6,000 8.0%
5,000
6.0%
4,000
3,000 4.0%
2,000
2.0%
1,000
- 0.0%
FY19 FY20 FY21 FY22 FY23 FY24 FY25
EBIT EBIT Margin (%)
8,806
7,105 6,962
5,979 5,633
4,610 4,437
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Note: FY25 EBIT margin was 11.1%, adjusted for one-time charges related to acquisitions in Q2FY25

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Revenue

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(in ₹ million)
7.1% 23.9% 16.6% 1.7% 5.2% 25.9%
FY19 FY20 FY21 FY22 FY23 FY24 FY25
YoY INR revenue growth
79,803
59,212 60,223 63,362
50,780
38,263 40,986
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PAT and Margin (%)

(in ₹ million)

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8,000 9.9%
9.1% 10.0%
7,000 8.3% 8.5% 8.1%
6,000 7.1% 7.4% 8.0%
5,000
6.0%
4,000
3,000 4.0%
2,000
2.0%
1,000
- 0.0%
FY19 FY20 FY21 FY22 FY23 FY24 FY25
PAT PAT Margin (%)
5,945
5,374 5,137 5,147
3,778 3,397 3,617
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Note: FY25 PAT includes one-time gain of ₹ 88mn in Q3FY25

16

Key performance indicators | FY25

Return on Equity (%)

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FY19 FY20 FY21 FY22 FY23 FY24 FY25
17.7%
13.9% 12.3% 12.9% 15.3% 13.9% 14.5%
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Cash Flow

(in ₹ million)

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FY19 FY20 FY21 FY22 FY23 FY24 FY25
Operating Cash Flow Free Cash Flow
8,921
7,225 7,870 7,141 7,634 7,119 7,011
6,441
5,590
4,775
4,000 4,104
2,913 3,156
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Return on Capital Employed (%)

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FY19 FY20 FY21 FY22 FY23 FY24 FY25
Debt Position (in ₹ million)
FY19 FY19 FY19 FY20 FY20 FY20 FY21FY21 FY21 FY22 FY22 FY22 FY23 FY23 FY23 FY24 FY24 FY24 FY259MFY25 FY25
Long term Debt Short term Debt Net Debt
including current maturities
17.6% 17.6%
15.4% 15.6%
14.1% 13.4%
12.3%
11,908
6,950 13,169
5,271
6,673
8,341
4,367
5,390 8,013
6,526 6,159 6,001
3,885 92 1,678 3,846 3,147 2,999 1,376 3,419
187
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17

Performance Summary | Q4FY25

REVENUE

₹ 21,615 Million (US$ 250 Million)

YoY growth of 29.4% YoY constant currency growth of 25.0% QoQ constant currency growth of 2.1%

PROFIT AFTER TAX

EBIT

₹ 2,422 Million (Margin 11.2%)

YoY growth of 32.4% YoY margin expansion of 20bps QoQ margin expansion of 10bps

EARNINGS PER SHARE

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(Diluted)

₹ 1,607 Million

(Margin 7.4%)

YoY growth of 22.6% QoQ growth of 6.1% (*normalized for non-recurring items)

₹ 2.28 per share

Q3FY25 at ₹ 2.27 per share Q4FY24 at ₹ 1.90 per share

18

Performance Summary | FY25

REVENUE

₹ 79,803 Million (US$ 944 Million)

YoY growth of 25.9% YoY constant currency growth of 22.6%

PROFIT AFTER TAX

₹ 5,945 Million (Margin 7.4%)

YoY growth of 21.7% (normalized for non-recurring items)

EBIT

₹ 8,806 Million (Margin 11.0%)

YoY growth of 26.5% YoY margin flat

EARNINGS PER SHARE

(Diluted) ₹ 8.42 per share FY24 at ₹ 7.34 per share

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19

Revenue distribution | Q4FY25

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By verticals By geography By delivery location
Diverse
RoW
11.8% Offshore &
0.8%
Nearshore
37.8%
BFS
EMEA
33.4%
CMT 31.5%
21.0%
Onshore
North 62.2%
America
Healthcare 67.7%
33.8%
Banking & Financial Services Healthcare North America EMEA Onshore
Communication, Media & Tech Diverse Industries Rest of World Offshore & Nearshore
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20

Cons. IndAS financials | Profit & Loss Statement

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In ₹ million	Q4FY24	FY24	Q1FY25	Q2FY25	Q3FY25	Q4FY25	QoQ	YoY	FY25	YoY
Income from services	16,693	63,325	17,839	19,326	20,879	21,678	3.8%	29.9%	79,721	25.9%
Other operating income	12	37	72	(72)	145	(63)	-	-	82	121.1%
Revenue from operations	16,705	63,362	17,911	19,254	21,024	21,615	2.8%	29.4%	79,803	25.9%
Revenue from operations (USD Mn)	$ 201	$ 765	$ 215	$230	$249	$250	0.4%	24.3%	$944	23.3%
QoQ Growth % - constant currency	4.2%	-	6.5%	6.9%	7.6%	2.1%	-	-	-	-
YoY Growth % - constant currency	4.5%	1.1%	14.8%	22.7%	27.7%	25.0%	-	-	22.6%	22.6%
Manpower expenses	10,558	39,093	11,268	12,104	13,070	13,515	3.4%	28.0%	49,958	27.8%
Operating expenses	3,643	14,705	3,944	4,277*	4,777	4,771	-0.1%	31.0%	17,769	20.8%
EBITDA	2,503	9,564	2,699	2,873	3,177	3,328	4.8%	33.0%	12,076	26.3%
EBITDA margin	15.0%	15.1%	15.1%	14.9%	15.1%	15.4%	30bp	40bp	15.1%	-
Depreciation & amortization	673	2,602	729	792	844	906	7.3%	34.6%	3,270	25.7%
EBIT	1,830	6,962	1,970	2,081*	2,333	2,422	3.8%	32.4%	8,806	26.5%
EBIT margin	11.0%	11.0%	11.0%	10.8%	11.1%	11.2%	10bp	20bp	11.0%	-
Other income / (expense)	3	296	(11)	(40)	(39)	(14)	-	-	(104)	-134.9%
Interest expense, net	(240)	(962)	(287)	(330)	(375)	(391)	4.3%	62.9%	(1,383)	43.8%
Exceptional items, net income	-	-	-	-	88	-	-	-	88	-
Profit before taxes	1,593	6,296	1,673	1,710	2,007	2,017	0.5%	26.6%	7,407	17.6%
Taxes and minority interest	258	1,150	320	328	404	410	1.7%	59.0%	1,462	27.2%
Profit after tax	1,335	5,147	1,353	1,382	1,603	1,607	0.2%	20.4%	5,945	15.5%
Net margin	8.0%	8.1%	7.6%	7.2%	7.6%	7.4%	-20bp	-60bp	7.4%	-70bp
Diluted EPS (₹/share)	1.90	7.34	1.92	1.96	2.27	2.28	0.4%	20.0%	8.42	14.7%

*include one-time charges

21

Cons. IndAS financials | Balance Sheet

In ₹ million	As on 31-Mar-24	As on 31-Mar-25
Assets
Non-current assets
Fixed assets	2,461	4,502
Right-of-use assets	6,355	9,126
Goodwill on consolidation	29,885	36,799
Investment in associates	0	0
Financial assets
Investments	115	115
Other financial assets	777	1,026
Deferred tax assets	2,921	2,735
Income tax assets (net)	809	714
Other non-current assets	2,086	1,965
Total non-current assets	45,409	56,982
Current assets
Financial assets
Current investments	300	616
Trade receivables	11,608	16,860
Cash and cash equivalents	1,748	1,542
Other balances with bank	137	128
Other financial assets	68	206
Other current assets	1,486	2,888
Total current assets	15,347	22,240
Total assets	60,756	79,222

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In ₹ million	As on 31-Mar-24	As on 31-Mar-25
Equity and liabilities
Shareholder's Funds
Equity share capital	6,970	6,970
Reserve and surplus	30,034	34,006
Non-controlling interest	4	4
Total Equity	37,008	40,980
Non-current liabilities
Financial liabilities
Long-term borrowings	-	3,419
Lease liabilities	5,714	8,070
Other financial liabilities	-	580
Provisions	188	241
Deferred tax liabilities	1,470	1,645
Total non-current liabilities	7,372	13,955
Current liabilities
Financial Liabilities
Short-term and other borrowings	8,049	11,908
Trade payables	3,056	3,976
Lease liabilities	1,496	2,296
Other financial liabilities	2,047	4,209
Other current liabilities	1,057	1,106
Provisions	467	643
Provision for tax (net)	205	149
Total current liabilities	16,376	24,287
Total liabilities	60,756	79,222

22

Cons. IndAS financials | Cash Flow Statement

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In ₹ million	Year ended Mar 31, 2024	Year ended Mar 31, 2025
Cash flow from operating activities
Netprofit before taxation and non controllinginterest	6,297	7,407
Depreciation and amortization	2,602	3,270
Finance costs(for borrowing& lease liabilities)	1,034	1,479
Exceptional items,net	-	(88)
Adjustment: Non-cash expense/(other income)	(363)	1,106
Add: Workingcapital changes	(2,411)	(4,944)
Less: Income taxespaid	(718)	(1,219)
Net cashgenerated from/(used in) operating activities(A)	6,441	7,011
Cash flow from investing activities
Capital expenditure,net	(850)	(2,236)
Interest income received	10	27
(Increase)/decrease in current investments	357	(160)
Redemption of short-term fixed deposits	(33)	1
Acquisition of business	-	(5,099)
Earmarked balances with banks	(64)	9
Net cashgenerated from/(used in) investing activities(B)	(580)	(7,459)
Cash Flow from financing activities
Net change in borrowings	(283)	6,787
Net interestpaid	(1,011)	(1,579)
Payment of lease liabilities	(1,410)	(1,636)
Purchase of treasuryshares,net	59	(362)
Purchase of non controllinginterest in subsidiary	(583)	(225)
Dividendpaid	(2,406)	(2,759)
Net cashgenerated from/(used in) financing activities(C)	(5,635)	226
Net increase/(decrease) in cash and cash equivalents(A+B+C)	226	(222)
Cash and cash equivalents at the beginningof theperiod	1,515	1,748
Foreign exchange(loss)/gain on translatingcash and cash equivalents	6	16
Closing cash and cash equivalents	1,748	1,542
Current investments	300	616
Cash and cash equivalents including investments	2,048	2,158

23

Operating Metrices | Q4FY25

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		Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25	Q4FY25
Revenue by Vertical	Banking & Financial Services	40.3%	40.8%	40.8%	38.3%	37.3%	36.4%	34.4%	32.4%	33.4%
	Healthcare	33.2%	32.6%	32.7%	33.5%	32.9%	35.7%	36.3%	34.0%	33.8%
	Communications, Media & Tech	22.3%	21.8%	21.2%	22.5%	23.6%	22.3%	21.3%	20.3%	21.0%
	Diverse Industries	4.2%	4.8%	5.3%	5.7%	6.2%	5.6%	8.0%	13.3%	11.8%
Revenue by Geography	North America	63.3%	63.5%	65.1%	65.4%	65.0%	68.2%	68.5%	66.3%	67.7%
	Europe, Middle East, and Africa	36.3%	36.4%	34.8%	34.5%	34.9%	31.8%	31.4%	33.4%	31.5%
	Rest of World	0.4%	0.1%	0.1%	0.1%	0.1%	0.0%	0.1%	0.3%	0.8%
Revenue by Delivery	Offshore & Nearshore	24.6%	25.6%	26.7%	30.3%	31.4%	35.0%	35.8%	40.1%	37.8%
	Onshore	75.4%	74.4%	73.3%	69.7%	68.6%	65.0%	64.2%	59.9%	62.2%
New Logos#	New logos added (during the quarter)	9	10	12	10	9	10	13	13	7
Client Concentration	Top 5 clients_(share of total revenues)_	37.4%	37.2%	35.0%	35.8%	36.7%	34.6%	32.5%	29.0%	29.3%
	Top 10 clients_(share of total revenues)_	53.6%	52.7%	51.3%	52.0%	52.6%	51.5%	48.6%	43.4%	43.7%
Client Distribution#	US$ 1m+ clients_(nos.)_	99	98	101	104	103	100	105	107	116
	US$ 5m+ clients_(nos.)_	28	24	24	25	25	25	26	28	30
	US$ 10m+ clients_(nos.)_	11	14	13	13	13	13	13	14	15
	US$ 20m+ clients_(nos.)_	7	9	8	8	8	9	11	10	10
	US$ 50m+ clients_(nos.)_	2	2	2	2	2	2	2	2	2
Revenue by Currency	USD	62.2%	63.2%	65.0%	64.9%	64.8%	67.9%	68.2%	64.9%	65.7%
	GBP	37.0%	36.3%	34.3%	34.4%	34.4%	31.4%	30.9%	34.2%	32.7%
	Others	0.9%	0.5%	0.7%	0.7%	0.8%	0.7%	0.9%	0.9%	1.6%
Employee Metrices	Total employees_(period-end)_	23,018	22,384	23,953	25,947	27,940	29,231	32,898	34,144	34,651
	Net addition	(609)	(634)	1,569	1,994	1,993	1,291	3,667	1,246	507
	Attrition*(TTM)	43.5%	41.7%	39.8%	37.7%	35.4%	31.8%	30.6%	31.4%	29.8%

• For employees in employment for more than 180 days |[#] Excludes Ascensos

24

Business Outlook | FY26

12-15% constant currency revenue growth

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11.25-12.0% EBIT margin

25

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