Slide 1: Exchange filing cover letter: Investors presentation
December 28, 2025 The Manager, The General Manager, Department of Corporate Services Department of Corporate Services BSE Limited The National Stock Exchange of India Limited Floor 25, P.J. Towers, Exchange Plaza, Dalal Street, Mumbai – 400 001 Plot No. C/1, G Block, Bandra Kurla Complex, BSE Scrip
Slide 2: Coforge's Acquisition of Encora – EPS Analysis & Overview of Encora
Coforge’s Acquisition of Encora – EPS Analysis & Overview of Encora December 28, 2025
Slide 3: The Transaction will be EPS Accretive as Illustrated Below
The Transaction will be EPS Accretive as Illustrated Below FY27E Proforma Financials* Particulars (in US$Mn) Remarks: Coforge Encora Combined Revenue 2,136 690 2,826 ▪ Transaction is expected to close around Q1FY27 and the EBITDA 384 148 533 financials presented are pro forma in nature. EBITDA% 18.0
Slide 4: Post-Close Indicative Share Capital (Assuming QIP for Encora Term Loan Retirement)
Post-Close Indicative Share Capital (Assuming QIP for Encora Term Loan Retirement) Remarks: Encora Enterprise Value (US$ Mn) 2,350 ▪ Preferential issuance price to sellers of Encora is at INR 1,815.91 per share. This is at a premium of 8.5% to Encora Equity Value (US$ Mn) 1,897 closing price of INR
Slide 5: Appendix – Encora Overview
Appendix – Encora Overview 4 © Coforge, 2025 | Confidential
Slide 6: Overview of Encora
Overview of Encora Key Highlights Company Overview AI-Led Offerings Born in the Silicon Valley, CA Core Agent native US$600Mn FY26E Revenue1 One of the select AI-native firms providing AI for App Strategy & agentic ` product services to digital natives and Fortune 1000 Engineering Modernization
Slide 7: Unique Delivery Model with ~50% Workforce in Client Proximity Accelerating Engineering Velocity
Unique Delivery Model with ~50% Workforce in Client Proximity Accelerating Engineering Velocity Headquarters Global Offices Innovation Labs Europe 386 4,460 ~9,100 562 FTEs 2 US & Canada ◼ Santa Clara, CA (HQ) 4 7 20 2 3,100 Countries 3 India Asia Pacific LATAM & Middle East 10 Global Offices 619 33
Slide 8: Core Service Offerings: AI & Agent-First
Core Service Offerings: AI & Agent-First Strategy & Design Agent-Native Product AI-driven Business Model redesign • • Agentic UX/CX Design Engineering • AI-augmented s/w engineering • Intelligent process design • Agent-native App Development • AI Governance & Responsible AI framework • Intelligent D
Slide 9: Platform Solutions: AIVA, The Composability Engine
The Operating System of Encora’s Delivery is AIVATM – The Composability Engine Agents Pre -buil t Agents Agent T empla te s |Agent T ool s |A P I & D ata Co nnectors Cloud / Infra A I for En gine er ing A I for Ope ration s A I for Bu s in e s s Solutions Support & Process Reporting QA/Testing Conta
Slide 10: Combined Entity: ~US$2.5Bn Tech Services Powerhouse with Global Delivery and Scaled Relationships
Combined Entity: ~US$2.5Bn Tech Services Powerhouse with Global Delivery and Scaled Relationships Coforge Encora Combined (US$Bn) * Revenue ~US$2.5Bn revenue of the $1.85* ~$2.5 Combined Entity with US$2Bn+ $0.6 from AI-led Engineering, Data and Cloud 4 4.4 Overall, ~44,000 employees in the combined
Slide 11: “This presentation (“Presentation”) does not constitute a prospectus, offering memorandum or an offer, or
“This presentation (“Presentation”) does not constitute a prospectus, offering memorandum or an offer, or a solicitation of any offer, to purchase or sell any securities. This Presentation should not be considered as a recommendation that any investor should subscribe for or purchase any securities
Slide 12: Let's engage!
Let’s engage! Icon Icon Logo, icon Description Description Description automatically automatically automatically 11 © Coforge, 2025 | Confidential