Slide 1: Cover letter: intimation of analyst/investor call
4th November 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
Slide 2: Firstsource Solutions Investor Presentation November 2025
Firstsource Solutions Investor Presentation NOVEMBER 2025
Slide 3: Disclaimer
Disclaimer 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
Slide 4: We are a part of RP-Sanjiv Goenka Group
We are a part of RP-Sanjiv Goenka Group Too Yumm, a flavorful & better-for-you snacking India’s first fully integrated utility company, Group turnover of serving 4.7 Mn consumers across 7 locations Innovating in the personal care category through ~US$5 Bn* new-age brands Naturali and Within Beauty A
Slide 5: Journey so far… Strategy refresh & impact
Journey so far… Strategy refresh & impact
Slide 6: OneFirstsource has been our strategy playbook over the past two years
Strategy refresh & impact OneFirstsource has been our strategy playbook over the past two years Cross-sell/up-sell into existing clients Simplify Expand the organization capabilities Improve Amplify margins the ‘Firstsource’ brand Elevate TOP-QUARTILE REVENUE GROWTH Tech employee experience in every
Slide 7: We have strengthened our client relationships
Strategy refresh & impact We have strengthened our client relationships We are adding new logos at a faster pace… 17 142 39 13 13 9 10 10 3 10 9 5 2 7 4 2 US$1m+ clients (nos.) US$5m+ clients (nos.) Strategic logos 104 100 103 105 141 107 116 38 25 25 25 26 28 30 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q
Slide 8: Driven consistent industry leading revenue growth
Strategy refresh & impact Driven consistent industry leading revenue growth 22.2% 27.7% 25.0% ~2x 22.7% 19.2% 12.5% 14.8% 13.8% 9.0% 4.5% 2.8% 2.2% Firstsource IT large-cap Select IT Select BPO mid-cap peers Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Reported YoY US$ revenue growth on T
Slide 9: We improved our margins even while investing in the business
Strategy refresh & impact We improved our margins even while investing in the business 11.5% Expanded sales team 11.3% Senior leadership hires 11.2% 11.1% New roles to drive strategic initiatives 11.0% 11.0% Capability expansion Key investments areas 10.8% 10.7% AI infusion across services Vertical-
Slide 10: Creating strong shareholder returns
Strategy refresh & impact Creating strong shareholder returns Stock performance: Last 5 years^ Total Shareholder Return^ NSE: FSL | BSE: 532809 | Reuters: FISO.BO| Bloomberg: FSOL:IN 1% Market Capitalisation: US$2.8bn 1 Year return 4% Average daily trading volume (TTM): US$11.4mn Share price return
Slide 11: Looking beyond… Leading in the UnBPO world
Looking beyond… Leading in the UnBPO world
Slide 12: Macro trends reshaping the global business environment
Leading in the UnBPO world Macro trends reshaping the global business environment • Rise of nationalistic policies, tariffs and trade barriers Geopolitical • Growing client demand for closer cultural & time zone alignment • Accelerated pace of technology innovation Technological • Diminishing barrie
Slide 13: Traditional business model is at risk
Leading in the UnBPO world Traditional business model is at risk 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 a
Slide 14: UnBPO unlocks a ~7x larger addressable market
Leading in the UnBPO world UnBPO unlocks a ~7x larger addressable market Nativ dors eS en aa V sP are Enterprise lay Softw Software & Tech Spend ers Services mark nd et a Global bal Software Services-as-Software Market Opportunity US$1.5tn* o oviders Gl IT Service Enterprise s Pr Services Spend s e
Slide 15: Our deep domain expertise is a key differentiator
Leading in the UnBPO world Our deep domain expertise is a key differentiator BANKING & COMMUNICATION, DIVERSIFIED HEALTHCARE FINANCIAL SERVICES MEDIA & TECHNOLOGY INDUSTRIES US$336m* 33% US$345m* 34% US$219m* 21% US$124m* 12% 14 of Top 20 1 of Top 2 Mortgage lenders & servicers in the US 12 of Top 1
Slide 16: We have infused AI to make our core services UnBPO ready
Leading in the UnBPO world We have infused AI to make our core services UnBPO ready CUSTOMER DOMAIN-LED COLLECTIONS EXPERIENCE PLATFORMS & SOLUTIONS Domain led solutions tailored for industry- E2E collection capabilities, covering first- AI embedded into existing platforms for specific pain points p
Slide 17: We are leveraging our core strengths to expand into AI-native services
Leading in the UnBPO world We are leveraging our core strengths to expand into AI-native services AI CONSULTING SERVICES Domain Capabilities AI Maturity Assessment 10+ AI Strategy & Roadmap Industry verticals expertise AI Labs setup 1000+ Processes transformation experience AI Platform Selec
Slide 18: relAI is at the core of our UnBPO strategy
Leading in the UnBPO world relAI is at the core of our UnBPO strategy Q1FY25 AI-first Platforms Data & AI Services Q3FY25 Mortgage LM 01 02 The Future of AI-Powered Mortgage Processing GenAI Creator Q4FY25 06 03 Agentic AI Economy Q4FY25 05 04 Firstsource Agentic AI Studio AI labs & GenAI Solutions
Slide 19: UnBPO in action: Case study #1
Leading in the UnBPO world UnBPO in action: Case study #1 The challenge Achieve cost optimization targets while maintaining service excellence Enhance accuracy and efficiency of the process through AI-driven interventions Client : Scale AI adoption in operations, overcoming integration and scalabili
Slide 20: UnBPO in action: Case study #2
Leading in the UnBPO world UnBPO in action: Case study #2 The challenge Optimize TCO, modernize operations, and build a future-ready service model Transformation spanned 16 core processes, 99 sub-processes, and 72 tools Client : Address complexity from fragmented systems and manual workloads One of
Slide 21: Rooted in shared values
Our core strengths Rooted in shared values RISK TAKING Courage | Innovation | Entrepreneurial Mindset EXECUTION EXCELLENCE Achievement, not activity | Clarity | Getting Things Done! AGILITY Growth Mindset | Progress over perfection | Learnability CUSTOMER FIRST Simplicity | Curiosity | Authenticity
Slide 22: Focused on driving sustainable impact
Our core strengths Focused on driving sustainable impact Climate Disclosure 2024 ‘B’ RATING Silver RATING Leader in Carbon Management ESG REPORT 2024-25 Supplier Engagement Assessment 2024 ‘A’ RATING Read our FY25 EGS report here Copyright © 2025 Firstsource. All rights reserved. 21
Slide 23: Recognized strength in our key capabilities
Our core strengths Recognized strength in our key capabilities Market Leader Major Contender & Major Contender & Horizon 3 BPaaS Solutions Star Performer Star Performer Mortgage Reinvention Healthcare Payer Market RCM Operations Financial Crime and Compliance HFS Horizons Peak Matrix Assessment Peak
Slide 24: Experienced leadership team
Our core strengths Experienced leadership team Ritesh Idnani Dinesh Jain Sohit Brahmawar Shamita Mukherjee Aniket Maindarkar Hasit Trivedi MD & CEO Chief Financial Officer Chief Operating Officer Chief Human Resources Chief Marketing Officer Chief Digital & AI Officer Officer Vivek Sharma Venkatgiri
Slide 25: In summary…
In summary… We see potential to grow at an accelerated pace over the medium term… Discontinuities caused by macro and technology shifts are creating market opportunities We are disrupting the traditional business model with the UnBPO playbook Our ‘right’ scale gives us an advantage …Helped by our un
Slide 26: Our FY26 guidance
Our FY26 guidance 13-15%* Constant currency revenue growth *Does not include the proposed acquisition of Pastdue Credit Solutions 11.25-12.0% EBIT margin Copyright © 2025 Firstsource. All rights reserved. 25
Slide 27: Our medium-term aspirations
Our medium-term aspirations Services Expansion Cross-sell/upsell Optimise Execution Rightshore Delivery (for existing verticals) (in existing clients) (Delayer/internal seeding) Vertical Expansion Automation/AI tools (Retail/Utilities (in output/outcome in the US) Double–digit 50-75bps expansion com
Slide 28: Factsheet
DP firstsource’ Factsheet
Slide 29: Financial performance snapshot | H1FY26
Financial performance snapshot | H1FY26 Revenue (in $ million) Revenue (in ₹ million) 18.5% 16.0% -5.7% 2.0% 23.3% 17.8% 23.9% 16.6% 1.7% 5.2% 25.9% 21.9% 17.9% 14.6% -1.1% 1.1% 22.6% 16.4% 79,803 944 63,362 60,223 59,212 795 765 750 50,780 685 45,299 40,986 578 524 FY20 FY21 FY22 FY23 FY24 FY25 H1F
Slide 30: Key performance indicators | H1FY26
Key performance indicators | H1FY26 Return on Equity (%) Return on Capital Employed (%) 18.0% 17.6% 17.6% 17.7% 16.0% 15.6% 15.4% 15.3% 14.5% 13.9% 13.4% 12.9% 12.3% 12.3% FY20 FY21 FY22 FY23 FY24 FY25 H1FY26* FY20 FY21 FY22 FY23 FY24 FY25 H1FY26* Cash Flow (in ₹ million) Debt Position (in ₹ million
Slide 31: Performance Summary | Q2FY26
Performance Summary | Q2FY26 REVENUE EBIT ₹ 23,122 Million ₹ 2,665 Million (US$ 265 Million) (Margin 11.5%) YoY growth of 20.1% YoY growth of 28.1% YoY constant currency growth of 13.8% YoY margin expansion of 70bps QoQ constant currency growth of 2.0% QoQ margin expansion of 20bps PROFIT AFTER TAX
Slide 32: Performance Summary | H1FY26
Performance Summary | H1FY26 REVENUE EBIT ₹ 45,299 Million ₹ 5,163 Million (US$ 524 Million) (Margin 11.4%) YoY growth of 21.9% YoY growth of 27.4% YoY constant currency growth of 16.4% YoY margin expansion of 50bps PROFIT AFTER TAX EARNINGS PER SHARE (Diluted) ₹ 3,488 Million ₹ 4.95 (Margin 7.7%) p
Slide 33: Revenue distribution | Q2FY26
Revenue distribution | Q2FY26 By verticals By geography By delivery location RoW Diverse 1.2% 11.6% Offshore & Nearshore EMEA 41.6% BFS 29.4% CMT 33.2% 21.7% Onshore North America Healthcare 58.4% 69.4% 33.5% Copyright © 2025 Firstsource. All rights reserved. 32
Slide 34: Cons. IndAS financials | Profit & Loss Statement
Cons. IndAS financials | Profit & Loss Statement In ₹ million FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 FY25 Q1FY26 Q2FY26 QoQ YoY Income from services 63,325 17,839 19,326 20,879 21,678 79,721 22,209 23,147 4.2% 19.8% Other operating income 37 72 (72) 145 (63) 82 (33) (25) -24.4% -65.7% Revenue from operati
Slide 35: Cons. IndAS financials | Balance Sheet
Cons. IndAS financials | Balance Sheet In ₹ million As on Mar 31, 2025 As on Sep 30, 2025 In ₹ million As on Mar 31, 2025 As on Sep 30, 2025 Assets Equity and liabilities Non-current assets Shareholder's Funds Fixed assets 3,254 3,199 Equity share capital 6,970 6,970 Right-of-use assets 9,126 8,710
Slide 36: Cons. IndAS financials | Cash Flow Statement
Cons. IndAS financials | Cash Flow Statement In ₹ million 6 Months ended Sep 30, 2024 6 Months ended Sep 30, 2025 Cash flow from operating activities Net profit before taxation and non-controlling interest 3,383 4,376 Depreciation and amortization 1,520 2,068 Finance costs (for borrowings & lease li
Slide 37: Operating Metrices | Q2FY26
Operating Metrices | Q2FY26 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Banking & Financial Services 40.8% 38.3% 37.3% 36.4% 34.4% 32.4% 33.4% 32.5% 33.2% Revenue by Healthcare 32.7% 33.5% 32.9% 35.7% 36.3% 34.0% 33.8% 33.4% 33.5% Vertical Communications, Media & Tech 21.2% 22.5%
Slide 38: About Firstsource
Firstsource is a specialized global leader providing business process services and an RP-Sanjiv Goenka Group company. Spanning the customer lifecycle across Healthcare, Banking and Financial Services, Communications, Media and Technology, Retail, and other diverse industries, we ‘make it happen’ for