Exlservice Holdings, Inc. · NASDAQ:EXLS
Exlservice — Investor Presentation (October 2026)
27 slides from Exlservice's investor presentation, October 2026
Slide 1: Investor Presentation
INVESTOR PRESENTATION EXL Service Holdings, Inc. (NASDAQ: EXLS) October 2026 ©2026 ExlService Holdings, Inc. All rights reserved. 1
Slide 2: Safe Harbor
SAFE HARBOR Cautionary Statement Regarding Forward-Looking Statements: This presentation contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to n
Slide 3: EXL Business Overview
EXL BUSINESS OVERVIEW
Slide 4: Who We Serve
WHO WE SERVE 115+ Forbes G2000 400 Clients with Data & AI 10 Years average 94% AI deployment clients engagements relationship success rate Deep domain expertise, long trusted relationships Insurance Healthcare Banking Diversified Industries 10 out of 10 Top US Insurers, Trusted by leading 9/10 8 out
Slide 5: Proactive Business Model Evolution
PROACTIVE BUSINESS MODEL EVOLUTION Better Business Cost Efficiency + Outcomes Cost Efficiency + Growth & Cost Cost Better Decision Customer Better Decision Making + Improved Optimization with Speed Efficiency value Making CX 1999-2007 2008-2014 2015-2019 2020-2023 2024 onwards Business BPO + Operati
Slide 6: Our Strategic Blueprint
OUR STRATEGIC BLUEPRINT Durable growth and profitability Sustained business outcomes Trusted execution Data + Context + AI 6
Slide 7: Consistent Performance Through Value Alignment
CONSISTENT PERFORMANCE THROUGH VALUE ALIGNMENT Proven Strong High value Industry performance portfolio pools verticals 23% 60% 25% 80+ NPS 5-year adj. EPS CAGR1 Data and AI revenue of EXL revenue from IP last 5-year average • AI services and solutions Insurance, Healthcare 17% 40% • Data management
Slide 8: AI Opportunity Is Expanding Our TAM
AI OPPORTUNITY IS EXPANDING OUR TAM $1600B New AI-led value pools 2029 Spend in data and AI $1200B Larger number of adjacent 2028 capabilities Broadening of customer segments $950B 2027 Source: Everest, Gartner for TAM 8
Slide 9: EXL Advantage
EXL ADVANTAGE Trusted execution Data Context AI Data modernization Industry domain Agentic platforms Data lineage & Core business workflows Vertical IP solutions knowledge graphs Accelerators Regulatory knowledge Data governance & quality Client ecosystem Domain LLMs Agentic data platform AI model t
Slide 10: EXL's Agentic Platforms for Speed and Scale
EXL’S AGENTIC PLATFORMS FOR SPEED AND SCALE EXLdata.ai EXLdecision.ai EXLerate.ai Enterprise brain Enterprise decision suite Agentic workflows 125+ agents 800+ algorithms 250+ deployments 40+ domain ontologies 220+ connectors 16 domain workflows 50+ context graphs 5,000+ features 7 domain LLMs 6 pat
Slide 11: EXL's Data & AI and Operations Businesses Are Symbiotic
EXL’S DATA & AI AND OPERATIONS BUSINESSES ARE SYMBIOTIC Data and AI AI context and Business intelligence Trusted execution context and semantics Operations 11
Slide 12: Both Businesses Will Continue to Grow
BOTH BUSINESSES WILL CONTINUE TO GROW Data and AI Operations Large and Outsourcing penetration is still low with expanding TAM significant headroom for growth Differentiated value proposition: Complex and highly regulated workflows Data + Context + AI with trusted execution need domain depth and exp
Slide 13: AI Demand Vectors for EXL
AI DEMAND VECTORS FOR EXL Data for AI AI Services Agentic AI-led Integrated AI-led operations business solutions Make data AI-ready, From AI strategy to Running core AI-powered operations with governed and trusted agentic deployment and solutions built to across the lifecycle adoption AI-embedded op
Slide 14: Financial Overview
FINANCIAL OVERVIEW 14
Slide 15: Resilient Business Model
RESILIENT BUSINESS MODEL Annuity-like revenue Net revenue retention More than Net revenue retention three quarters of revenue greater than 1.11 is recurring 1 In FY 2025 15
Slide 16: Market-Leading Growth
MARKET-LEADING GROWTH 16.3% 15.6% 14.9% 14.8% 14.7% 13.8% 12.2% 12.7% Revenue growth (Y/Y) 10.7% 9.0% EXL 6.9% 6.2% 5.2% 5.1% 4.7% 4.1% 4.0% 4.1% 2.1% 2.5% Industry Peers1 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 1 11 major services businesses as a proxy for the overall industry p
Slide 17: Strategy Execution Driving Sustained Financial Performance
STRATEGY EXECUTION DRIVING SUSTAINED FINANCIAL PERFORMANCE Revenue YoY growth ADJ. EPS1 YoY growth 17% 26% 15% 13% 14% 14% 16% 37% 25% 19% 15% 18% 20% 22% 2021 2022 2023 2024 2025 Q1’26 Q2 ‘26 2021 2022 2023 2024 2025 Q1’26 Q2 ‘26 GM% AOPM%1 ROIC%2 38.4% 19.5% 20.2% 34.9% 15.9% 8.9% 2020 2025 2020 2
Slide 18: Data & AI-Led Pivot Driving Growth
DATA & AI-LED PIVOT DRIVING GROWTH Total operations Data & AI-led 26% CAGR 1 $1,155M $1,157M AI embedding $224M $224M 14% 1 AI first CAGR 21% 1 $593M CAGR 55% $366M $932M $931M 38% 2020 2025 2020 2025 Digital operations Data & AI solutions and services Data & AI-led operations Data & AI-led operatio
Slide 19: Diversified Vertical Strength and Expanding Global Footprint Fueling Growth
DIVERSIFIED VERTICAL STRENGTH AND EXPANDING GLOBAL FOOTPRINT FUELING GROWTH Revenue by industry Banking, Capital Markets & Insurance Healthcare & Life Sciences Diversified Industries $830 $534 $724 14%1 18%1 20%1 $429 $232 $297 2020 2025 2020 2025 2020 2025 Revenue by geography 14.3% 17.3% North Ame
Slide 20: 4X Investments Fueled by Gross Margin Expansion
4X INVESTMENTS FUELED BY GROSS MARGIN EXPANSION 350 bps gross margin expansion 4X increase in investments1 38.4% $81M 34.9% $20M 2020 2025 2020 2025 1 Investments include CAPEX and OPEX 20
Slide 21: Effective Capital Allocation Strategy Driving Shareholder Value
EFFECTIVE CAPITAL ALLOCATION STRATEGY DRIVING SHAREHOLDER VALUE Return on invested capital1 20.2% 17.7% 17.5% 15.0% 12.6% 8.9% 2020 2021 2022 2023 2024 2025 1 Return on invested capital is calculated as net operating profit after tax / avg. (debt +equity) 21
Slide 22: Significant Capacity to Allocate Capital
SIGNIFICANT CAPACITY TO ALLOCATE CAPITAL 119% Debt as of 2Q’26: $381M $298M 112% Leverage as of 2Q’261,2: 0.7X $222M 34% Cash position as of 2Q’26: $284M Leverage potential: 2X 2024 2025 Disciplined Stock buyback Free cash flow3 Free cash flow % of net income M&A program 1 As of 6/30/2026; does not
Slide 23: Continued Industry-Leading Metrics in 2026 and Beyond
CONTINUED INDUSTRY-LEADING METRICS IN 2026 AND BEYOND 2026 guidance Medium-term targets1 Revenue 14%-16% 2 Double digit Reported YoY growth YoY growth Approximately Incremental 19.5% 2 AOPM improvement ADJ. EPS 3 16%-18% EPS growth higher than revenue growth YoY growth 1 Medium term represents 2026-
Slide 24: Appendix
Appendix 24
Slide 25: Non-GAAP Financial Measures and Reconciliations
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS In addition to our reported operating results in accordance with U.S. generally accepted accounting principles (GAAP), we have included certain financial measures that are considered non-GAAP financial measures, including adjusted operating income and
Slide 26: Reconciliation of Adjusted Operating Income and Adjusted EPS
RECONCILIATION OF ADJUSTED OPERATING INCOME AND ADJUSTED EPS (Amount in millions, except per-share data) FY'20 FY'25 Income from operations (GAAP) $110.0 $313.8 add: Amortization of acquisition-related intangibles 14.4 13.1 add: Stock-based compensation expense 28.2 79.5 Adjusted operating income (N
Slide 27: Andrew Thut, Investor Relations
Andrew Thut exlservice.com Head of Investor Relations and Capital Markets Global headquarters investors@exlservice.com 320 Park Ave, 29th floor New York, NY 10022 +1(212) 277-7100 United States | United Kingdom | Australia Bulgaria | Colombia | Czech Republic India | Ireland | Philippines | Mexico R
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