Epam Systems, Inc. · NYSE:EPAM
Epam Systems — Q1 2026 Earnings Presentation
40 slides from Epam Systems's earnings presentation, May 7, 2026
Slide 1: Investor Presentation
Investor Presentation M AY 2 0 2 6 EPAM Proprietary & Confidential.
Slide 2: Safe Harbor Statement
INVESTOR PRESENTATION Safe Harbor Statement These materials contain forward-looking statements. You should not place undue reliance on these statements because they are subject to numerous uncertainties and factors relating to the Company’s operations and business environment, all of which are diffi
Slide 3: Contents
Contents 01 Key Highlights 02 Company Overview 03 Strategic Positioning 04 Use-Cases 05 Awards & Recognition 06 Financial Profile EPAM Proprietary & Confidential. 12
Slide 4: Key Highlights
01 Key Highlights EPAM Proprietary & Confidential. 13
Slide 5: Winning in the AI Era
INVESTOR PRESENTATION Winning in the AI Era Long-Term Targets Best positioned to be a leader in Strongest engineering talent in Accelerating enterprise AI transformation the industry with a track record revenue growth of solving our clients’ most through 2028 complex problems 16%+ non-GAAP operating
Slide 6: Key Takeaways: FY26 Q1 Earnings Results
INVESTOR PRESENTATION Key Takeaways: FY26 Q1 Earnings Results 01 02 03 04 Solid organic constant AI-native and AI Improved Non-GAAP gross Announced new multi-year currency revenue growth foundational momentum margin, income from partnership with Anthropic continues operations, and EPS At the high en
Slide 7: EPAM Fast Facts – Q1 2026
EPAM Fast Facts – Q1 2026 REPORTED GAAP INCOME FROM NON-GAAP INCOME FROM G A A P D I LU T E D N O N - G A A P D I LU T E D REVENUES O P E R AT I O N S ( YOY ) O P E R AT I O N S ( YOY ) E P S ( YOY ) E P S ( Yo Y ) $1.400B $116.8M | 17.6% $200.7M | 14.2% $1.52 | 18.8% $2.86 | 18.7% R E V E N U E S B
Slide 8: Company Overview
02 Company Overview EPAM Proprietary & Confidential. 17
Slide 9: We Are Builders
We Are Helping Our Clients: Builders Engineering DNA. Solve their most Navigate disruption Become more Multidisciplinary Experts. complex challenges and technology cost competitive innovation Delivering Results. Relentlessly. Drive more revenue, Deliver Accelerate AI-native change the business produ
Slide 10: Our Major Technology Waves
INVESTOR PRESENTATION Our Major Technology Waves +30 years. Cycle-Tested. Engineering Remains. ERA OF AI ERA OF CLOUD / MOBILE / DATA ERA OF INTERNET 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Slide 11: At a Glance – 2025
INVESTOR PRESENTATION At a Glance – 2025 Founded in Revenue / Princeton, NJ, USA YoY Growth Headquartered 1993 $5.457B Newtown, +30 YEARS 15.4% PA, USA EPAMers Delivery Professionals Countries & Regions 62,750+ 56,500+ 55+ Figures are as of December 31, 2025, unless otherwise noted. EPAM Proprietary
Slide 12: Revenues by Industry Vertical & Geography - 2025
INVESTOR PRESENTATION Revenues by Industry Vertical & Geography - 2025 (Reported $ & YoY Growth) R E V E N U E S BY I N D U S T RY V E R T I C A L R E V E N U E S BY G EO G R A P H Y (Reported $ & YoY Growth) (Reported $ & YoY Growth) Consumer Goods, Financial Services Retail & Travel EMEA $1.316B 2
Slide 13: EPAM Global Delivery Engine - 2025
INVESTOR PRESENTATION EPAM Global Delivery ENGINE - 2025 Optimized, Balanced, Delivery Excellence Everywhere Delivery Professionals By Region 56,600+ Delivery Professionals Figures are as December 31, 2025, unless otherwise noted. EPAM Proprietary & Confidential. 22
Slide 14: Who We Serve
Select Partners Who We Serve 11 Industries diverse and global client list 345+ Google of Forbes Global 2000 64 of Top 100 clients are part of both the S&P 500 and Forbes Global 2000 13 Years average relationship across top 20 clients 80+ of our top 100 clients engaged in AI-native EPAM Proprietary &
Slide 15: Strategic Positioning
03 Strategic Positioning EPAM Proprietary & Confidential. 24
Slide 16: Significant Opportunity Within Faster Growing Parts of IT & AI Services Market
INVESTOR PRESENTATION We Have A Significant Opportunity Ahead Within Faster Growing Parts Of Total IT & AI Services Market Our cycle-tested strengths, innovation and unique DNA positions us to win in the AI-era ‘Client Zero’ Engineering Talent Management Deep Industry Long-Standing Mentality Excelle
Slide 17: Multi-Year Journey to Become Go-To-Partner in Enterprise AI Transformation
INVESTOR PRESENTATION We Are On Multi-Year Journey With An Aspiration to Become The Go-To-Partner in Enterprise AI Transformation Empowering organizations to navigate and accelerate their AI journeys through end-to-end transformation Strategic Pillars 01 02 03 Establish Transform Capitalize EPAM as
Slide 18: Creating and Expanding AI-Native Business Models and Services
INVESTOR PRESENTATION We Continue To Create And Expand Our AI-Native Business Models And Services Market Demand Is Transforming Illustrative Examples: Traditional Services AI-Driven Services Manual BPO Operations Agentic Intelligent Operations Traditional Agency Work AI-Native Experiences Standard C
Slide 19: Moving Clients Through Experimentation To AI-Native
INVESTOR PRESENTATION We Are Moving Clients Through Experimentation To AI-Native 20 types of AI agents now supporting multiple teams and business units 03 Disruptive & Novel Codified AI-native SDLC, agentic Few Companies Delivering at across PostNL workflows with cost-governed this Level optimizatio
Slide 20: Doubling Down On Our Key Growth Drivers
INVESTOR PRESENTATION Doubling Down On Our Key Growth Drivers Talent, Skills Domain & Internal Platforms Strategic & Capabilities Verticalization Expertise & IP Assets Partnerships Extending 30+ year heritage of Strengthening deep Capitalizing on industry-leading Combining strategic partner integrat
Slide 21: Building a New Profile: Full-stack Agentic Engineer
INVESTOR PRESENTATION Building a New Profile: Full-stack Agentic Engineer Narrow Specialist Skill Evolution In Progress EPAM Specialist Retiring (Engineering DNA) Beyond Copilot: • Stack-specific ownership Multi-Session Parallel Work • Sequential, handoff-based delivery Agentic Tooling Full-Stack •
Slide 22: Expanding Go-To-Market Opportunities with Focus on the End Buyer
INVESTOR PRESENTATION Expanding our Go-to-Market Opportunities with a Focus On the End Buyer Three brand doors to engage unique buyers and speak directly to their needs AI-Native Testing Engineering DevOps AI-Native EPAM Empathy Lab EPAM Continuum Engineering AI Data & Analytics Agency Innovation Fu
Slide 23: Differentiated Blueprints and Playbooks Accelerating Client AI Adoption
INVESTOR PRESENTATION Offering Differentiated Blueprints and Playbooks, Accelerating Client AI Adoption and Transformation AI-Native Engineering Transformation Enterprise-Wide AI-Native Transformation Help redefine our client's business and envision the future of AI-Innovation From Software their or
Slide 24: 160+ Ecosystem Partnerships
INVESTOR PRESENTATION 160+ Ecosystem Partnerships Leveraging Partnerships to: Select Partners Accelerate revenue growth through joint go-to-market opportunities that drive adoption and consumption Awarded 2025 GSI Elevate market sensing capabilities to stay abreast of the evolving market trends Cros
Slide 25: Proven Relationships and Growing Partnerships
INVESTOR PRESENTATION Proven Relationships and Growing Partnerships October November December December 2025 2025 2025 2025 EPAM and Oracle EPAM Wins the 2025 EPAM Launches EPAM Receives Collaborate to Microsoft Innovate with Advanced Agents into 2025 AWS Global Accelerate Adoption Azure AI Platform
Slide 26: Client Examples
04 Client Examples EPAM Proprietary & Confidential. 35
Slide 27: Hugo Boss
RETAIL & CONSUMER Hugo Boss A leading global fashion brand and retailer EPAM partnered with HUGO BOSS on the launch of the groundbreaking HUGO BOSS XP membership program, now available in the UK, Germany and France. Together, our best-in-class teams have harnessed the power of digital transformation
Slide 28: 1&1
MEDIA, ENTERTAINMENT & TELCO 1&1 A major provider for telecommunications, cloud and internet services in Germany 1&1 partnered with EPAM to revolutionize its customer service using agentic AI. By deploying EPAM's AI/Run .Transform blueprint and leveraging Microsoft Azure, 1&1 launched AI voice agent
Slide 29: Nelnet
FINANCIAL SERVICES Nelnet A global multi-faceted services company In a landscape buzzing with AI advancements, Nelnet wanted to understand the practical impact of generative AI (GenAI) on its business. EPAM partnered with the company to transform its Product Development Lifecycle (PDLC) using GenAI,
Slide 30: National Geographic Society
TRAVEL & HOSPITALITY National Geographic Society Global nonprofit renowned for showcasing and protecting the planet To further its mission of exploration and conservation, the National Geographic Society is partnering with EPAM to open its Museum of Exploration in Washington, D.C. As the Society's p
Slide 31: Awards & Recognition
05 Awards & Recognition EPAM Proprietary & Confidential. 40
Slide 32: Industry Leading Recognitions
INVESTOR PRESENTATION Industry Leading Recognitions EPAM included in the Forrester Customer EPAM named a leader in IDC MarketScape: EPAM improved position and now ranked #42 Experience Strategy Consulting Services Landscape Worldwide Data Modernization Services Providers among public companies in th
Slide 33: Financial Profile
06 Financial Profile EPAM Proprietary & Confidential. 42
Slide 34: Long-Term Financial Algorithm
INVESTOR PRESENTATION Long-Term Financial Algorithm Accelerating revenue growth through AI-native transformation Growth Profitability 01 Growing market for AI-native and foundational AI services, enabling 02 Margin expansion through ongoing improvement in cost efficiency, AI return to double digit r
Slide 35: Returning to Growth
INVESTOR PRESENTATION Returning to Growth Revenue ($M) Non-GAAP Operating Income ($M) Non-GAAP Diluted EPS ($) $13.13 $5,457 $5,744 $831 $890 $818 $765 $779 $4,825 $4,691 $4,728 $11.50 $10.90 $10.59 $10.86 2022 2023 2024 2025 2026E 2022 2023 2024 2025 2026E 2022 2023 2024 2025 2026E • Stability duri
Slide 36: History of Robust Free Cash Flow Generation
INVESTOR PRESENTATION History of Robust Free Cash Flow Generation Free Cash Flow1 ($M) and Adj. Net Income Conversion2 (%) $534M $527M $613M 85% 84% 95% $70 0 $80 0 $70 0 $60 0 $50 0 $60 0 ~$1.8B+ 80%-90% $50 0 Cumulative $40 0 $40 0 Free Cash Flow $30 0 $30 0 Adj. Net Income $20 0 $20 0 Conversion
Slide 37: Balanced Capital Allocation Strategy
INVESTOR PRESENTATION Balanced Capital Allocation Strategy Efficient free cash flow generation and a strong balance sheet Historical Uses of Cash Cash Returned to Shareholders Go-Forward Priorities Capital Deployment 2024 – 2025 Share Repurchases 01 Reinvestment Organic reinvestment to support Share
Slide 38: Full Year and Q2 2026 Guidance
Q2 2026 Full Year 2026 Full Year Revenue $1.400B – $1.415B $5.675B – $5.812B and Q2 2026 Y/Y Revenue Change Y/Y Revenue Growth Rate in Organic 4% 4.0% – 6.5% Guidance Constant Currency at the Midpoint 3% 2.5% – 5.0% Income from Operations GAAP Income from Operations 9% – 10% 10% – 11% Non-GAAP Incom
Slide 39: Clear Strategy to Drive Value Creation
INVESTOR PRESENTATION Clear Strategy to Drive Value Creation Growth Profitability Free Cash Flow Returns Durable Operating Income Strong & Durable Disciplined Revenue Growth Margin Expansion Free Cash Flow Capital Allocation Accelerating 16%+ $1.8B+ Invest in Expected Results revenue growth non-GAAP
Slide 40: Footnotes
INVESTOR PRESENTATION Footnotes 1. Non-GAAP Operating Income excludes stock-based compensation expenses, acquisition-related costs including amortization of acquired intangible assets, impairment of assets, expenses associated with EPAM's humanitarian commitment to its professionals in Ukraine, unbi