Slide 1: Investor Briefing: Persistent and Nagarro
Investor Briefing Persistent and Nagarro to form a global leader in AI-led Digital Engineering June 2026 © 2026 Persistent Systems
Slide 2: Disclaimer and forward-looking statements
Disclaimer and forward-looking statements This document is neither an offer to purchase nor a solicitation of an offer to sell Nagarro shares. The final terms of the t akeover offer as well as other provisions relating to the takeover offer will be communicated in the offer document after the German
Slide 3: Your speakers today
Your speakers today Dr. Anand Deshpande Sandeep Kalra Vinit Teredesai Saurabh Dwivedi Founder, Chairman Executive Director & Chief Executive Director & Chief Head, Corporate Development & Executive Officer Financial Officer Investor Relations 3 © 2026 Persistent Systems
Slide 4: What have we announced
What have we announced a. A Strategic Long-term agreement with a Global Technology Leader headquartered in the United States b. The creation of Persistent – Nagarro Group, an unparalleled transatlantic, AI- led engineering powerhouse with 46k+ employees across 40+ countries 4 © 2026 Persistent Syste
Slide 5: What have we announced: long-term agreement with global technology leader
What have we announced a. Long-term agreement with a global technology leader headquartered in the United States A landmark large deal Powered by our strong capabilities • A Net New Deal with Annual Contract Value • Our deep domain expertise (ACV) of $125M+ • AI led, platform driven services approac
Slide 6: Our stated M&A strategy
Our stated M&A strategy 6 © 2026 Persistent Systems
Slide 7: What have we announced: creation of Persistent–Nagarro Group
What have we announced b. The creation of Persistent – Nagarro Group, an unparalleled transatlantic, AI-led engineering powerhouse with 46k+ employees across 40+ countries Creating a global leader Accelerating Persistent Scaling complementary A transaction built on in AI-Led digital – Nagarro Group’
Slide 8: Recap: Persistent's Strategic Priorities List
Recap: Persistent’s Strategic Priorities List ☐ Strengthening Forward Looking Capabilities ☐ Service Lines Diversification ☐ Verticals Augmentation ☐ Europe Business Expansion ☐ Nearshore Europe Delivery Presence 8 © 2026 Persistent Systems
Slide 9: Introducing the Persistent – Nagarro Group
Introducing the Persistent – Nagarro Group
Slide 10: Persistent: USD 1.7 billion AI-led, Platform-driven Digital Engineering leader
Persistent: USD 1.7 billion AI-led, Platform-driven Digital Engineering leader with strong North American footprint, deep technology & domain expertise… $ 1,654M 23.9% 15.6%* 12.6%* $8.1B FY26 Revenue 5-Year Revenue CAGR FY26 EBIT Margin FY26 PAT Margin Market Capitalization (As on March 31, 2026) •
Slide 11: Track record of long-term growth and shareholder returns
…and a track record of delivering long-term growth, industry leading shareholder returns 11 © 2026 Persistent Systems
Slide 12: Nagarro: EUR 1 billion digital engineering leader
Nagarro: EUR 1 billion digital engineering leader with a strong European footprint and complementary vertical and technology strengths 5.3% €1,001M €139M 3-year Revenue CAGR(1) 13.9% ($ 1,141.1M) ($158.5M) TTM Mar’26 Revenue 18.4% TTM Mar’26 Adj. EBITDA TTM Mar’26 Adj. EBITDA (2) Margin 5-year Reven
Slide 13: A partnership to create a global leader in AI-led digital engineering
A partnership to create a global leader in AI-led digital engineering… Persistent - Nagarro Group: A GLOBAL POWERHOUSE USD 2.9B 40+ 46,000+ Revenue Countries Employees A compelling fit: the right partners to serve at the next level By coming together, Persistent and Nagarro will be able to do more t
Slide 14: A highly complementary strategic fit across regions and verticals
… a highly complementary strategic fit that creates a globally balanced profile across regions and verticals 14 © 2026 Persistent Systems
Slide 15: 2nd largest Digital Engineering company globally
Persistent – Nagarro Group would be the 2nd largest Digital Engineering company globally and 7th largest Technology Services company in India Global Digital Engineering providers Indian Tech Services providers Company Revenue, $B (Run rate1) Company Revenue, $B (Run rate1) 1 30.5 1 5.6 2 20.2 3 14.7
Slide 16: Together, an AI-led engineering powerhouse
Together, Persistent – Nagarro Group will create an AI-led engineering powerhouse to serve global clients with end-to-end offerings across every major sector… A global leader in AI-led digital engineering with ~USD 2.9B run-rate revenue (Q4FY26) and New dimension of scale 46,000+ employees across 40
Slide 17: Where we are now: Persistent - Nagarro Group
Where we are now: Persistent - Nagarro Group ☐ Strengthening Forward Looking Capabilities: Global AI Powerhouse ☐ Service Lines Diversification: ERP and CX ☐ Verticals Augmentation: Industrials, Consumer, Public Sector ☐ Europe Business Expansion: 22% Europe Presence ☐ Nearshore Europe Delivery Pres
Slide 18: Re(Al)magining
TTT TTT Re(Al)magining’ ining to form a
Slide 19: Manas Human, Co-founder & CEO Nagarro
Manas Human Co-founder & CEO Nagarro
Slide 20: Unlocking synergies across platforms, delivery, geographies and verticals
By joining forces, Persistent – Nagarro Group will unlock meaningful synergies across platforms, delivery capabilities, geographies, and vertical markets, significantly expanding the combined addressable market anchored by an innovation-first culture and our leadership in AI-led digital engineering.
Slide 21: Value for shareholders, clients, partners and employees
The transaction creates value for all shareholders, clients, partners and employees of both sides alike Nagarro Persistent Clients Partners Employees Shareholders Shareholders Full and fair value. All- Expansion of Total A single global partner Global coverage and Broader career cash offer of EUR 81
Slide 22: Transaction details
Transaction details Persistent has agreed to acquire 100% of Nagarro at an Enterprise Value** of EUR ~1.27B, based on EUR 81 per share in cash • A premium of ~140% to the undisturbed closing price on June 25, 2026, and ~94% to three-month volume- weighted average price • Transaction values Nagarro a
Slide 23: Valuation – Fair Premium for a High-Quality asset
Valuation – Fair Premium for a High-Quality asset with Strong Strategic fit Guidance (Mid-Point) • CY26 Growth – 3.1% • CY26 Adj. EBITDA – 15.0% 23 © 2026 Persistent Systems
Slide 24: Nagarro's Adjustments to EBITDA and EBIT on Reported Numbers
Nagarro’s Adjustments to EBITDA and EBIT on Reported Numbers Nagarro’s Financials for CY25 and TTM Mar’26 • Nagarro’s reported EBITDA for CY25 was at 11.9%, management has provided Particulars ( € M) CY 2025 TTM Mar'26 Reported Numbers adjustments of € 19.5M that are one-time in nature. Revenue 999.
Slide 25: The Transaction will be EPS Accretive
The Transaction will be EPS Accretive Proforma Combined Financials on TTM Basis • For illustration purposes: Persistent Nagarro Particulars ($M) Persistent Nagarro Group ▪ Estimated financials are presented on pro-forma basis assuming 100% Revenue 1,654 1,141 2,795 EBITDA * 304 159 463 consolidation
Slide 26: Financing and related details
Financing and related details • Transaction to be funded through committed bridge financing from Barclays o Interest: EURIBOR + Margin of 175 up to 250 bps (4.1% - 4.8%) o Leverage (Net Debt / Combined EBITDA): ~1.9x to 2.5x based on open offer acceptance (50% + 1 share to 100%) and is expected to r
Slide 27: Transaction timelines
Transaction timelines 26 June 2026 July - September 2026 Q4 CY26 / Q1 CY27 Announce Acceptance Persistent Regulatory Closing Offer Period Systems AGM Announcement of Submission of Offer Offer document Persistent Board Expected for Q4 CY26 / Q1 Voluntary Public Document and Review published
Slide 28: In Summary
In Summary… We remain confident about our growth… True to our aspiration, we are combining with the right partner at the right time, creating a unique company built for the future… and we are excited about our journey together, confident in a seamless integration, and ready to lead the future of AI-
Slide 29: Persistent
f Persistent
Slide 30: Persistent's broad-based momentum across industry segments
Persistent’s broad-based momentum across industry segments… Quarterly Revenue ($M) Software, Hi-Tech & Banking, Financial Healthcare Emerging Industries Services & Insurance & Life Sciences 170.8 150.4 114.8 2.4% -0.5% 3.2% 9.7% 14.1% 15.5% 14.7% 11.2% 7.3% 15.3% 22.0% 26.6% 30.7% 30.0% 29.3% 24.3%
Slide 31: Nagarro's Revenue Growth Over the Years
Nagarro’s Revenue Growth Over the Years 21.5% 8-Year CAGR Revenue (€M) 972.0 999.3 912.1 856.3 546.0 402.4 430.4 287.3 210.6 2017 2018 2019 2020 2021 2022 2023 2024 2025 YoY Growth % 36.5% 40.1% 7.0% 26.9% 56.8% 6.5% 6.6% 2.8% 31 © 2026 Persistent Systems
Slide 32: Nagarro's Share Price Movement Over the Years
Nagarro’s Share Price Movement Over the Years Nagarro Share Price 210.00 130.20 133.00 92.30 90.25 107.00 75.50 44.08 33.12 30-Jun-2021 30-Jun-2022 30-Jun-2023 30-Jun-2024 30-Jun-2025 30-Jun-2026 32 © 2026 Persistent Systems
Slide 33: Account pyramid: Robust at-scale customer base
Account pyramid: Robust at-scale customer base to power future growth Persistent Nagarro Engagement size1 Group $20M+ 7 12 19 20 43 $10M – $20M 18 16 33 24 59 $5M – $10M 16 33 48 45 83 $1M – $5M 163 134 294 257 331 1. Revenue pyramid based on CY25E data for Nagarro; Respective sources mentioned for
Slide 34: Persistent's Revenue Concentration and Client Engagement Sizes
Persistent’s Revenue Concentration and Client Engagement Sizes Q4FY26 Q3FY26 Q2FY26 Q1FY25 Q4FY25 FY26 FY25 Top 5 31.5% 32.9% 32.9% 31.8% 32.7% 32.2% 31.3% Revenue Top 10 42.1% 43.7% 43.2% 42.0% 42.2% 41.6% 40.9% Concentration Top 20 53.6% 54.8% 54.4% 53.8% 53.0% 52.9% 51.7% Top 50 69.7% 70.5% 70.1%