Slide 1: Recoding the Business with AI, Driven by Execution
Recoding the Business with AI, Driven by Execution Nitin Rakesh Aravind Viswanathan CEO & Managing Director CFO October 2025
Slide 2: Safe Harbor
Safe Harbor Certain statements mentioned in this presentation concerning our future growth prospects are forward looking statements (the “Forward Statements”) and are based on reasonable expectations of the management, which involves a number of risks, and uncertainties that could cause actual resul
Slide 3: NeoIP Agentic Platform - Purpose-built AI Agents
NeoIPTM Agentic Platform - Purpose-built AI Agents NeoIPTM NextOps NeoOrko Goal Oriented Q2’26 NeoArche Launch Agent Business & Operations Agents Enterprise Agents Engineering Agents Orchestration NeoCruxTM Q1’25 launched NeoZetaTM Software Defines Q1’25 Architecture launched Software Reimagines Sof
Slide 4: Software will Now Eat Software - Clients are Living this Reality with Us
Software will Now Eat SoftwareTM -Clients are Living this Reality with Us Custodian & asset Insurance & wealth Asset management International management firm management firm company airlines Inability to innovate, Productivity led Client Onboarding CloudOps and FinOps constrained by Legacy transform
Slide 5: Doubling Down on AI
Doubling Down on AI Hypothesis continues to play out 68% 69% 65% 55% AI Led Pipeline Pipeline 2.4x 35% TCV Wins (in USD Mn) 30% 25% 760 12% 13% x 528 390 319 351 255 241 177 207 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Launch of Mphasis.AI Launch of Gen AI Mphasis NeoCruxTM and Large de
Slide 6: AI Supercharging Pipeline: 69% AI-led
AI Supercharging Pipeline: 69% AI-led Archetypes Driven Pipeline +9% +97% +97% 9% Data 5% 122% 16% 45% Modernization 14% IT Value Stream Acceleration 22% 21% Security 5% 5% 89% Next Ops 10% 9% Top 10 BFS XaaP 15% 12% 139% 8% Experience 11% Non-Top 10 Non-BFS Agile IT Ops 17% 20% Q2FY25 Q2FY26 Q2FY25
Slide 7: Strong Broad-based TCV Wins: 42% AI-led
Strong Broad-based TCV Wins: 42% AI-led New TCV Wins ($Mn) Large Deal Wins (>$20Mn TCV) +17 +155% 85 79 73 75 68 760 528 # of cumulative 351 390 deal wins since Q1FY18 207 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 • TCV (net new) for the quarter at $528 Mn • H1FY26 TCV mo
Slide 8: Q2FY26 Revenue Performance by Segment
Q2FY26 Revenue Performance by Segment 437 445 437 445 421 421 Direct Direct Direct Direct YoY YoY QoQ QoQ 10.0% 2.1% APPS 300 322 327 9.2% 1.4% Americas 340 365 372 BPO 69 65 66 -3.8% 2.4% EMEA 46 -13.4% 7.5% 38 41 ROW 35 34 32 ITO 52 50 52 18.2% 7.0% 15.5% -3.5% Q2 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q1 F
Slide 9: Q2FY26 Performance by Vertical
Q2FY26 Performance by Vertical 437 445 421 YoY QoQ Direct YoY Direct QoQ 13.8% -0.7% 17.3% -0.5% Banking & Financial Services 202 230 228 Insurance 47 62 31.5% 4.4% 32.2% 4.5% 60 TMT 69 24.3% 9.1% 26.7% 10.0% 79 86 Logistics & Transportation 55 -55.1% -2.7% -56.5% -2.4% 25 25 Others 47 43 44 -8.3% 2
Slide 10: Client Pyramid Performance: Direct
Client Pyramid Performance: Direct YoY Additions in multiple client bands 140 Client Additions Top Client Metrics LTM 137 Category YoY QoQ • Top 1 - 10 grew 10.8% 136 $200Mn+ - - $150Mn+ (1) - • Top 11 - 30 grew 10.7% $100Mn+ 1 - • Significant strengthening of client pyramid with $75Mn+ 2 - $50Mn+ 2
Slide 11: Financial Metrics: Quarterly Performance
Financial Metrics: Quarterly Performance Revenue Trend Operating Margin Trend +2.0% 445 437 421 15.4% 15.3% 15.3% Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26 Gross Revenue in $Mn at average USD/INR rate for respective periods # Revenue growth in constant currency EPS Trend Cash Flow Generation +6.2% N
Slide 12: DSO Movement
DSO Movement DSO in Days 84 89 YoY QoQ 73 74 82 +9 +8 Debtors 73 Contract Assets 10 7 +7 -3 0 Q2’25 Q1’26 Q2’26 • DSO has increased by 5 days due to ̶ Increase in Debtors relating to milestone contracts and movement from Contract Assets of last quarter ̶ Contract assets decreased QoQ due to movement
Slide 13: Q2FY26 in Summary: Sustained Execution, Expanding AI Propositions
Q2FY26 in Summary: Sustained Execution, Expanding AI Propositions • Highest-ever Revenue and EPS ̶ Growth led by Insurance and TMT verticals ̶ BFS momentum continued with 13.8% YoY growth • Launched Mphasis NeoIPTM, a unified AI Platform with purpose-built agents ̶ Continued investments in AI-driven
Slide 14: Outlook: Recoding the Business with AI
Outlook: Recoding the Business with AI Create-Pursue-Win-Execute • Continue to focus on pursuing, winning and executing at the account level ̶ Investments in scaling our AI-led propositions ̶ Expanding our Mphasis NeoIPTM suite of agents • Focus on conversion of pipeline to TCV and TCV to revenue •
Slide 15: About Mphasis
Link to financial data for the past three years: https://www.mphasis.com/home/corporate/investors.html About Mphasis At Mphasis, engineering has been in our DNA since inception. Mphasis is an AI-led, platform-driven company with human-in-the-loop intelligence, helping global enterprises modernize, i
Slide 16: © Mphasis 2025 Proprietary and confidential information
© Mphasis 2025 Proprietary and confidential information 31-10-2025 16
Slide 17: Analyst Recognitions
Analyst Recognitions © Mphasis 2025 Proprietary and confidential information 31-10-2025 17