Epam Systems, Inc. · NYSE:EPAM
Epam Systems — Investor Day (March 2026)
149 slides from Epam Systems's investor day presentation, Mar 12, 2026
Slide 1: Investor Day, March 12, 2026, Boston
MARCHI2 | 2026 | BOSTON | MASSACHUSETTS INVESTOR <epam>
Slide 2: Mike Rowshandel, Head of Investor Relations
Mike Rowshandel Head of Investor Relations 2
Slide 3: Welcome + opening remarks
Welcome + opening remarks 3
Slide 4: Safe harbor statement
Safe harbor statement These materials contain forward - looking statements. You should not place undue reliance on these statements because they are sub ject to numerous uncertainties and factors relating to the Company’s operations and business environment, all of which are difficult to predict and
Slide 5: Where we are headed over the next few years
Where we are today. Where we are headed over the next few years. 5
Slide 6: Agenda
8:30 AM 10:30 AM Agenda Welcome Engineering DNA + Talent Strategic Overview Global Delivery Engine Our Transformation Driving Profitable Growth AI-Native Positioning Closing Q+A Q+A 10:20 AM 12:30 PM break Live attendee leadership lunch + client demonstrations 6
Slide 7: Balazs Fejes, CEO & President
Balazs Fejes Chief Executive Officer & President 7
Slide 8: Strategic overview
Strategic overview Positioning ourselves to win in the ai-native era 8
Slide 9: Key messages
Key 01 Reinventing ourselves as a global leader in AI - native enterprise transformation services messages 02 Leveraging the strongest engineering talent in the industry to solve our clients’ most complex business and technology challenges 03 Strengthening internal and client - facing AI capabilitie
Slide 10: AI is Rocking our industry…and the world
AI is Rocking our industry…and the world “The era of AI evangelism is giving way to evaluation. Stanford faculty see a coming year defined by rigor, transparency, and a long - overdue focus on actual utility over speculative promise.” 10
Slide 11: Who we are: EPAM at a glance
WHO We ARE EPAM AT A GLANCE Founded in Revenue / Princeton, NJ, USA YoY Growth Headquartered 1993 $5.457B Newtown, PA, USA +30 YEARS 15.4% EPAMers Delivery Professionals Countries & Regions 62,000+ 56,600+ 55+ Figures are as of 12/31/2025 unless otherwise noted. Refer to the Appendix for all GAAP to
Slide 12: 2025 Revenues by industry vertical + geography
2025 Revenues by industry vertical + geography EPAM AT A GLANCE (Reported $ & YoY Growth) Financial Services Consumer Goods, EMEA Retail & Travel $1.316B 28.7%↑ $2.147B 19.7%↑ $1.077B 6.4%↑ Life Sciences Revenue Software Americas Revenue & Healthcare by Industry & Hi - Tech by Geography (Reported $
Slide 13: We are builders
We are Helping our clients: EPAM AT A GLANCE builders Solve their most complex challenges Navigate disruption and technology innovation Engineering DNA. Become more cost competitive Multidisciplinary Experts. Delivering Results. Drive more revenue, change the business Relentlessly. Deliver productiv
Slide 14: Who we serve
Who we serve selected Clients EPAM AT A GLANCE 11 Industries diverse and global client list 345+ of Forbes Global 2000 Google 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 - nativ
Slide 15: EPAM is poised to harness the value of AI
Epam is poised to harness the value of ai + capitalize on growth opportunities 15
Slide 16: EPAM is already benefiting from AI
EPAM IS ALREADY Benefiting FROM AI Proven by our 2025 AI - native and AI foundational momentum Close the Delivery Modernization Physical AI Sovereign AI Adoption Gap with Efficiency with AI Robotics across AI governance, Scalable Expertise Automation and Scaling will require multiple sectors securit
Slide 17: Total IT services addressable market by 2029
Total IT services addressable market by 2029 Total market of $1.8T (ex. IaaS) Expected to grow ~5% CAGR (2025 - 2029, ex. IaaS) We’re aligned to faster growing market segments • Business Consulting • Technology Consulting • Application Implementation Which are estimated to grow ~6.5% CAGR (2025 - 20
Slide 18: Total AI spending addressable market by 2029
Total AI Spending addressable market by 2029 Total market of $4.7T (All Segments, AI Direct + AI Indirect) +30% CAGR (2025 –2029) EPAM’s AI Services Market of $1.3T (AI Services + AI Cybersecurity) Most significant opportunities • Direct AI Services, ~$300B to +$500B • Indirect AI Services, ~$150B t
Slide 19: Significant opportunity within faster growing parts of IT + AI services
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 Excellence Approach Exp
Slide 20: Aspiration and strategic pillars
we have a significant opportunity ahead within faster growing parts of Total IT + AI services market ASPIRATION STRATEGIC PILLARS Become the Go - To Partner 01 02 03 in Enterprise AI Transformation Establish Transform Capitalize Empower organizations EPAM as a Leading AI - Delivery Into an AI - Nati
Slide 21: Accelerating operational transformation
We’ve been accelerating operational transformation Staffing + Development Recognized for Recruitment Best-in-Class Project Staffing AI - powered talent matching AI - enabled staffing based on AI Initiatives algorithms to identify Implementing employee skills, performance candidates with the right sk
Slide 22: Blueprints + playbooks accelerating client AI adoption
Differentiated Blueprints + playbooks, accelerating client ai adoption + Wallet share AI - Native Engineering Transformation From Software Enterprise - Wide AI - Native Transformation delivery Help redefine our customers business and envision the future AI - Innovation Business Transformation lifecy
Slide 23: Creating AI-native business models + services
Creating + expanding our Ai-Native business models + services Market Demand Is Transforming Traditional Services AI-Driven Services Manual BPO Operations Agentic Intelligent Operations Traditional Agency Work AI - Native Experiences Standard Consulting Agentic Operations (Factories) Legacy IT Suppor
Slide 24: Doubling down on key growth drivers
Doubling down on our key growth drivers Talent, Skills Domain & Internal Platforms Strategic & Capabilities Verticalization Expertise & IP Assets Partnerships Extending 30+ year heritage Strengthening deep Capitalizing on industry - leading Combining strategic partner of integrating technology, clie
Slide 25: EPAM's digital platform - today
Epam’s digital platform - today Unified Dashboard with Integrated Agents 25
Slide 26: Future Digital Business
Future Digital Business A seamless stream of data can be accessed by agents to drive speed and decision quality Data Interface New Agent Value streams layer Chain
Slide 27: Leadership Team with Deep Industry Expertise
Humble, Hungry, Smart Leadership Team with Deep Industry Expertise CORPORATE EXECUTIVE CHAIR 420+ Years Industry Experience Balazs Jason Elaina Larry Ed Philip Phil Arkadiy Fejes Chief Executive Peterson Chief Financial Officer, Shekhter Chief Strategy & Solomon Chief People Rockwell General Counsel
Slide 28: So why invest in EPAM?
So why Best positioned to be a growth leader in enterprise AI transformation invest in Foundational AI work significant growth expanding, driving in enterprises and epam? AI - native net - new growth acceleration Strongest end - to- end solution builders in the industry with a track record of solvin
Slide 29: Elaina Shekhter
Elaina shekhter Chief Strategy & Transformation Officer, SVP 29
Slide 30: Transforming our go-to-market approach
Transforming our go-to-market approach 30
Slide 31: Key messages
Key 01 Adapting our go - to- market approach to meet a continuously evolving AI - centric environment ensure the ability to solve clients’ toughest challenges and messages 02 Focusing on domain and vertical expertise to position as an industry leader in the next wave of AI - Native enterprise transf
Slide 32: Enterprise IT Landscape is Complex
THE Enterprise IT Landscape is Complex, Demanding Greater Agility THAN EVER BEFORE Market Trends Technology Trends Enterprise Trends • New competitors running on • Agentic generative AI • Capital allocation nimble organizational blueprints • Physical AI • Business resiliency/adaptiveness and technol
Slide 33: Strategic Pillars to Elevate Go-to-Market Approach
Strategic Pillars to Elevate OUR Go-to-Market Approach 01 02 03 SHIFTING INTEGRATING ACCELERATING Extending focus from Consultative approach to Strategic partnership geographies to capabilities bridge strategy ecosystem and direct - to- client and execution, creating a sales and marketing motions ‘C
Slide 34: Future-Proofing Organization Across a Global Footprint
SHIFTING Future-Proofing Organization to Have Forward Capabilities Across A global Footprint Evolving Focus Areas Deliver broader value creation and higher productivity with an agile resource mix — High Velocity Teams Prioritize developing critical industry - specific skills by integrating centers o
Slide 35: Expanding Go-to-Market Opportunities with Focus on End Buyer
I N T EG R AT I N G Expanding Go-to-Market Opportunities with a Focus On the End Buyer Three brand doors to engage unique buyers and AI - Native speak directly to their needs AI - Native Testing Engineering DevOps Agency Engineering AI Data & Analytics Innovation Functional EPAM Empathy Lab EPAM Con
Slide 36: Adapting Solutioning Proposition for AI-Centric Environment
I N T EG R AT I N G Adapting Solutioning proposition for AN AI-Centric Environment Consulting in Lockstep with Scaling Solutions in the Most Technology Complex Environments • Guide clients on where and how AI should be applied Focusing on the Highest Impact Areas • Determine the right operating mode
Slide 37: Transformation Themes 2026
AC C E L E RAT IN G Transformation Themes 2026 ELEMENT 2020-2024 MODEL 2025-2026/7 MODEL DIGITAL AI-NATIVE Value Prop Efficiency & Cloud Migration Full Digitization, Optimization & Agentic Operations Sales Lead Account Relationship Manager “Hybrid” Seller / Consultant-Engineer Pricing Headcount / Pu
Slide 38: 160+ ecosystem partnerships
AC C E L E RAT IN G 160+ ecosystem partnerships SELECT PARTNERS Leveraging Partnerships to: 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 Cro
Slide 39: Proven + Growing Partnerships
Proven + Growing Partnerships October November December December January March 2025 2025 2025 2025 2026 2026 EPAM and Oracle EPAM Wins the 2025 EPAM launches EPAM Receives EPAM and Cursor EPAM Joins Collaborate to Microsoft Innovate Advanced Agents 2025 AWS Global Announce Strategic Microsoft Intell
Slide 40: Key takeaways
Key takeaways 01 02 03 Transforming our go - to- market Focusing on domain and Innovating and amplifying approach to meet a continuously verticalization expertise to partnerships and engagement evolving AI - centric environment enhance our position as an models to adapt to new and and capture new de
Slide 41: Dmitry Tovpeko, Adam Auerbach
Dmitry Tovpeko VP, AI Engineering Adam Auerbach VP, Head of AI Enablement 41
Slide 42: If coding is largely solved, why do clients need EPAM?
If “coding is largely SOLVED,” why do CLIENTS need epam? 42
Slide 43: Key messages
Key 01 Enterprise complexity is growing. Demand for complex engineering is infinite. messages 02 AI creates a new engineering discipline. Engineering depth is the moat. 03 We’re agentic platform builders, rebuilt and codified delivery for AI, and scaling a new kind of engineer to run it. 04 What we
Slide 44: AI makes the enterprise more complex, not less
AI makes the enterprise more complex, not less Enterprises Operate Across 8 Simultaneous Dimensions : Strategy & Economics New Major Requirements & Complexities Security, Compliance & Governance • Now includes AI strategy, AI business case, portfolio reprioritization for AI investments Data Foundati
Slide 45: When AI writes the code, new engineering discipline
When ai writes the code, It introduces new engineering discipline DESIGN ARCHITECT JUDGE CONNECT What Agents Build How Agents Work What Agents Produce Agents to Specification governs the Not discrete agents — Same tools, dramatically Enterprise Reality entire pipeline — ambiguity orchestrated pipeli
Slide 46: Delivery-as-Code and a new kind of engineer
DELIVERY-AS-CODE — AND A NEW KIND OF ENGINEER TO RUN IT DESIGN Architect Judge connect Requirements Discovery + Agent Build Agent Verification Human-Agent Deploy, Elaboration Specification Review Test + UAT Agentic Loop : Review Sliced AGENT BUILDER SWARM, Discrepancies Found? Human Code Review Blue
Slide 47: Our Engineering Depth Is the Moat
OUR Engineering Depth Is the Moat, AI Makes It Wider Operating Delivery - as - Code & Scaling Full - Stack Why Most Companies Can’t Agentic Engineers to Run it Requires Two Things Assemble Both Engineering Culture 01 + Talent DENSITY Strong engineering talent as the Cost-arbitrage Firms have deliver
Slide 48: Moving clients from experimentation to AI native
We are moving clients through Experimentation to AI Native 03 20 types of AI Disruptive & Novel Few Companies agents now supporting multiple Codified AI - native SDLC, Delivering at teams and business agentic workflows with this Level units across PostNL cost - governed optimization EPAM’S DIFFERENT
Slide 49: Unique + Repeatable Engineering Playbook
Deploying a Unique + Repeatable Engineering Playbook .Transform . Bl u epr i n t s .Tool s .Tal en t Codified delivery methodology Flexibility to work across any Forward deployed engineers, full - ecosystem, including established stack agentic engineers offering Modular framework for enterprise - sc
Slide 50: AI/Run.Blueprints Operationalize AI across the Enterprise
AI/Run.Blueprints Operationalize AI across the Enterprise EPAM’s AI/Run.Blueprints address the biggest barriers to “ By leveraging data and AI capabilities from trusted enterprise AI adoption: providers like EPAM — that are . Bl u epr i n t s • Fragmented AI experimentation with familiar with our te
Slide 51: AI/Run.Tools accelerate value
AI/Run.Tools accelerate value from + WITH ai AI Labs & Hyperscalers Medical tech + healthcare OpenAI, Anthropic, Gemini, etc. solutions provider Enabled GenAI - driven .Tool s modernization of legacy 10M+ LOC platform, including Industry AI Tools code exploration, reverse Flexibility to work across
Slide 52: A new type of Engineer
We have built + deployed a new type of Engineer Specialist Frontend engineer Backend engineer QA engineer .Tal en t Focus on a single technical domain Engineering Design Full - Stack Agentic Engineers T - Shaped Roles Product Deep specialization + broader context Engineers who combine deep Developme
Slide 53: Demand for Complex Engineering Is Infinite
What's Next? Demand for Complex Engineering Is Infinite • Product Support Engineering • Production Operations Fixed Demand • Infrastructure & Environment Management Infinite Backlog Where EPAM Competes PLATFORMS MODERNIZATION TRANSFORM CORE PRODUCTS INTO AI NATIVE Competitive Response Velocity Edwar
Slide 54: Autonomous Agents: next complex engineering opportunity
Autonomous Agents: The next complex engineering opportunity TODAY TOMORROW Building the Governance Layer An Adjacent Market Opens Every delivery - as - code engagement builds the • First autonomous use cases target low - complexity , governance framework that enterprise low - stakes work : steady -
Slide 55: Key takeaways
Key takeaways 01 02 03 04 Enterprise complexity AI creates a new We're agentic platform What we build for clients is growing. Demand engineering discipline. builders , rebuilt and today becomes the for complex engineering Engineering depth is codified delivery for AI , foundation for is infinite. th
Slide 56: The better AI gets at writing code, the more what we do matters
If “coding is largely SOLVED,” why do CLIENTS need epam? The better AI gets at writing code, the more WHAT WE DO MATTERS. 56
Slide 57: Client testimonial: OneMain Financial
CLIENT TESTIMONIAL OneMain Financial. <epam>
Slide 58: Nir Kaldero, Eli Feldman
Nir kaldero Chief Data & AI Strategist Eli feldman Chief Technology Officer 58
Slide 59: Accelerating AI-Native Business Transformation with AI/Run.Transform
Accelerating AI-Native Business Transformation with ai/run .Transform 59
Slide 60: Key messages
Key 01 AI - native transformation is reshaping business innovation and operations — and how EPAM accelerates that journey messages 02 O ur AI/Run .Transfor m playbook turns strategy into measurable business outcomes 03 We are strategically expanding our services mix to support and lead the next wave
Slide 61: AI is Rewiring Business Innovation + Operations
AI is Rewiring Business Innovation + Operations Optimize Grow & Expand into AI Remains Current Run Your New AI - Native Centerpiece of Operations Business Businesses Investment Strategies AI provides functional AI unlocks new growth, Activating net - new solutions to help while agentic AI assists re
Slide 62: AI made real: Accelerating Value toward AI-Native Enterprise
AI made real: Accelerating Value toward the AI-Native Enterprise Optimize Current Grow & Run Your Operations Business Adjusting Production Lines Based on BOM Level Supply Chain Autonomous Optimizer Inventory Optimization Using Real - Time Anticipated AI Demand Generated Social Trends to Reduce Stock
Slide 63: AI made real: Expand into New AI-Native Businesses
AI made real: Accelerating Value toward the AI-Native Enterprise Expand into New AI - Native Businesses B2B Expanding into Direct - to- Consumer Sigma by Swiss Re: AI - Enabled Spinout • Creating new e - commerce business to attract, • Transforming 25+ years of propriety research into a target and c
Slide 64: AI/Run.Transform: Repeatable Business Playbook
AI/Run.Transform: Unique + Repeatable Business Playbook Driving Speed-to-Value . Bl u epr i n t s .Tal en t .Tool s AI 360 Framework AI Innovation & Verticalized Integrating and orchestrating Practical, modular AI framework Industry teams collaborate to best - of - breed solutions using driving top
Slide 65: Expanding Strategic capabilities for next wave of AI adoption
Expanding Strategic capabilities to lead the next wave of ai adoption Agentifying Accelerators AI - Verticalized • Consulting migVisor 2.0 as an agentic - Technology led migration stack • Industry - driven consulting motion • DIAL AI as an agentic that is built with and for AI orchestration platform
Slide 66: Clients' Biggest Challenges + Opportunities to Transform
Our Clients’ Biggest Challenges + Opportunities to Transform Real Change is Only Possible with Business Model Transformation… Shifting Reimagining Strengthening Culture & Mindset Business Processes Data Capture Enabling new ways Targeting the right workflows and Breaking silos, scaling unstructured
Slide 67: Key takeaways
Key takeaways 01 02 03 04 Driving our clients’ Leveraging our proven Expanding our service Our clients’ biggest AI - native business AI/Run .Transform mix and unlocking AI challenges create transformation playbook that turns new opportunities long - term, structural at scale AI strategy into while s
Slide 68: Client testimonial: LivaNova
CLIENT TESTIMONIAL LivaNova WS =< Ne Up EZ Za = y > | ~S Z Uf Hi \ E Y | \Z GG ! = Uh) QE pe Zp, . N \ Yn <epam> \wS \ \d
Slide 69: Q+A
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Slide 70: Break
BREAK <epam>
Slide 71: Arkadiy Dobkin, Executive Chairman
ARKADIY DOBKIN Executive Chairman 71
Slide 72: Engineering DNA
Engineering dna Competitive edge. From the start. 72
Slide 73: Key messages
Key 01 History matters. Like previous technology waves, AI enterprise transformation is still messages an evolution driven by new shift and rising complexity — not a sudden revolution. 02 Engineering Excellence is a critical differentiator – and its importance spans the entire implementation lifecyc
Slide 74: Our roots in building cutting-edge tech talent
Our roots go deep in building + growing cutting-edge tech talent + Advanced Teams expert. Agile. Mobile. 74
Slide 75: AI is Rocking our industry…and the world
AI is Rocking our industry…and the world “The era of AI evangelism is giving way to evaluation. Stanford faculty see a coming year defined by rigor, transparency, and a long - overdue focus on actual utility over speculative promise.” 75
Slide 76: One more very direct expert opinion
And One MORE very direct expert opinion “ The days when American programmers could expect lifetime employment are gone. “ This is not a distant threat. It is happening now, and those who wait too long will The work will be done faster, cheaper, and discover that their skills are obsolete. often bett
Slide 77: Or in short… with the specific illustration
Or in short… And with the specific illustration… “…Programmer is about to share the fate of the dodo bird. By the end of this decade, I foresee massive unemployment among the ranks of programmers, systems analysts, and software engineers. “… The dodo bird was a flightless bird and became extinct in
Slide 78: Or in short… with the specific illustration
Or in short… And with the specific illustration… “…Programmer is about to share the fate of the dodo bird. By the end of this decade, I foresee massive unemployment among the ranks of programmers, systems analysts, and software engineers. “… The dodo bird was a flightless bird and became extinct in
Slide 79: Or in short… with the specific illustration
Or in short… And with the specific illustration… “…Programmer is about to share the fate of the dodo bird. By the end of this decade, I foresee massive unemployment among the ranks of programmers, systems analysts, and software engineers. “… The dodo bird was a flightless bird and became extinct in
Slide 80: Interestingly, Four Years Later…in 1996
Interestingly, Four Years Later…in 1996 Yourdon wrote a sort of “follow - up” titled “Rise & Resurrection of the American Programmer,” where he admitted he hugely have underestimated: U.S. SILICON VALLEY’S THANKS TO INTERNET AND THE Entrepreneurial Growth of Enterprise Innovation Drive Economy Compl
Slide 81: Our Major Technology Waves
Our Major Technology Waves +30 years. Cycle - Tested. Engineering Remains. ERA of AI ERA of Cloud / Mobile / Data ERA of Internet EPAM Dot - Com Financial IPO COVID Invasion Today Founded Crash Crisis of Ukraine 81
Slide 82: The Pattern Across Eras
The Pattern Across Eras… So far… Was… Every Productivity Wave (structured programming, 4GLs, OOP, RAD, open source, low - code) promised to reduce builders' demand. In practice so far, while productivity gains significantly lowered the Cost of Building Software , we each time underestimated (as Your
Slide 83: In the AI era, demand is going to go up
In The AI-ERA, The Demand is going to go up. Not down. Not theoretically. For real. We will enter markets that traditional software could never afford to serve — enabled by “last - mile” solutions and by addressing levels of complexity we cannot yet fully imagine. We watched this happen… Demand has
Slide 84: The constraint will be people capable of addressing complexity
AND… The constraint will be people CAPABLE TO ADDRESS The Enterprise Complexity of an AI ERA The people who thrive in this new solution space are going to be the ones who understand customers deeply, who think in systems, who can hold ambiguity and make decisions under uncertainty, who can articulat
Slide 85: Key takeaways
Key takeaways 01 02 03 We are likely underestimating Engineering matters in Right Talent matters. both the scale of AI - driven addressing future market Identifying and developing it market expansion and the and growing complexity. is a critical differentiator. complexity of the enterprise We know h
Slide 86: Sandra Loughlin, Aleksey Didik
Sandra loughlin Chief Learning Scientist Aleksey Didik Head of Engineering Excellence.AI 86
Slide 87: AI talent of the future
Al TALENT OF THE FUTURE INVESTOR DAY 2026 87
Slide 88: New Profile: Full-Stack Agentic Engineer
NEW PROFILE: Full-Stack Agentic Engineer Narrow Specialist SKILL EVOLUTION IN PROGRESS EPAM Specialist Retiring (Engineering Beyond Copilot: • Stack - specific ownership DNA) Multi - Session Parallel Work Agentic • Sequential, handoff - based delivery Tooling • Manual verification gates Full - Stack
Slide 89: How we build AI talent
HOW WE BUILD AI TALENT D evelop ~100% Engineering staff trained on AI Foundations: ORIGINAL AI Participants at COURSES: EPAM.AI Conference: 35 18,300 Participating countries: 45 AI MASTERCLASS Teams participated in REGISTRATIONS: AI/Run Mission 2025: 37,500 287 People participated in AI/Run mission:
Slide 90: AI readiness requires a lot more than training
IF THAT SEEMS AI readiness COMMON, IT IS requires a lot more than training 90
Slide 91: Sensing and deploying the right skills unlocks impact
Sensing AND deploying the right skills unlocks impact Without these, DEVELOP efforts are ineffective Sense Develop Deploy Industry Through Formal & Right Teams with Market Informal Education Right Skills to Right Projects Our Talent Verified Landscape 91
Slide 92: Metrics that show progress to value
this model REVEALS the metrics that SHOW progress to value And set those up as new leading indicators for the industry Sense Metrics Develop Metrics Deploy Metrics Supply Depth ROI of Learning Time to Staff Positions Skill Gap Programs with AI Skills Velocity to Increase Ratio of Rotations Due Su
Slide 93: Elements of our talent engine
These are the elements of OUR talent engine Sense Enabled By Deploy develop 93
Slide 94: Sensing industry and market
SENSING INDUSTRY AND MARKET S ENS E EPAM AI Practice Leaders New AI skills defined: 71 Define the Target • Where AI - native delivery is heading in INDUSTRY SIGNALS 12–36 months • Sets the talent profile the market will need before it knows it needs it Number of new positions with advanced AI skills
Slide 95: Sensing our talent
SENSING OUR TALENT S ENS E AI - Inferred Signals Peer Endorsement • Interviews, code • Who vouches for them, reviews, collaboration who seeks their input Our supply depth: Evidence POSITIVE patterns Learning Velocity SOURCES Delivery History • What shipped, • Self - directed growth, courses, complex
Slide 96: Deploying verified mastery
Deploying verified mastery D EPLOY Number of assessed talent attributes: Utilize AI-Powered to Identify TALENT Skills Matching Algorithms with THE Right Skills for Client Projects 25+ Positions with AI - skill staffed in under 7 days: Match employee skills to project requirements, ensuring the right
Slide 97: Building tomorrow's AI-native engineers
BUILDING TOMORROW'S AI-NATIVE ENGINEERS Partnering with leading universities to train students in development AI-Ready Talent from Day One EUROPE UKRAINE WESTERN & CENTRAL ASIA Total universities: INDIA 214 Total number of enrolled students in 2025: 11,700 LATAM CULTIVATING A PIPELINE OF NEXT - GENE
Slide 98: The results are evident
The results are evident Key Takeaways 01 02 03 04 05 We are building talent We are sensing industry, We develop proprietary We deploy right people We leverage connection that simply does not market and potential of learning programs to to right projects and to universities to source exist in the mar
Slide 99: This talent engine is not new
this talent engine IS NOT NEW Sense IT’S BEEN THE HISTORIC BACKBONE Enabled By OF epam’s SUCCESS Deploy develop for 30+ years 99
Slide 100: Larry Solomon, Chief People Officer
LARRY SOLOMON Chief People Officer, SVP 100
Slide 101: Optimized Talent + Delivery model
Optimized Talent + Delivery model 101
Slide 102: Key messages
Key 01 Rebalanced delivery base during the invasion of Ukraine by relocating talent and expanding nearshore / offshore capacity to messages maintain client continuity 02 Strengthened business resiliency while de - risking execution and enabling better access to talent and capabilities 03 Capitalized
Slide 103: EPAM Global Delivery 2021
EPAM Delivery Professionals By Region As of the end of December 31, 2021 Global Delivery Model - 52,617 2021 Delivery Professionals Early Diversification Before the Invasion of Ukraine 59% Ukraine, Belarus & Russia 103
Slide 104: EPAM Global Delivery 2025
EPAM Delivery Professionals By Region As of the end of December 31, 2025 Global Delivery ENGINE - 56,627 TODAY Delivery Professionals Optimized, Balanced, Delivery Excellence Everywhere 21% Ukraine & Belarus - 38% 104
Slide 105: Able to Rapidly Pivot + Scale Talent, Mobility + Delivery
Able to Rapidly Pivot + Scale Talent, Mobility + Delivery Globally 105
Slide 106: Fostering a More Powerful Global Delivery Model
Fostering a More Powerful Global Delivery Model to Drive Advantages Across Our Business 106
Slide 107: Benefits of a Balanced, Global Delivery Footprint
Poised to Continue to Capitalize on the Benefits of a Balanced, Global Delivery Footprint 01 02 03 04 De - Risked Better Talent & AI - Enabled Improved Delivery Execution Skills Access Optimization Performance Reducing exposure Expanding talent pool, Optimizing cost, pyramids, Supporting clients 24/
Slide 108: Victor Dvorkin
VICTOR DVORKIN Head of Global Engineering, Cloud & Platforms, SVP 108
Slide 109: Global Delivery engine: AI native, built for the future
Global Delivery engine ai native, Built for the future 109
Slide 110: Key messages
Key 01 One of the Best Delivery Engines in the Industry. 30 Years in the Making. Winner of the Digital Transformation Wave. messages 02 Built to Deliver. Resilient. Right Now. No Legacy Delivery Centers. Orchestrated by AI - Powered Digital Ecosystem. 03 Deep T - Shaped Expertise. Horizontal Practic
Slide 111: Balanced + Resilient talent and delivery model
BALANCED + RESILI ENT EPAM TALENT + Delivery MODEL CONFIGURATIONS Global US EU IN Delivery Serving NA Clients IN-MARKET Serving EU / ME Clients IN-MARKET Serving India GCC INDIA GCC ENGINE U.S. & Canada Western Europe & Middle East India NEARSHORE NEARSHORE Optimized & Balanced for Central & LATAM E
Slide 112: T-Shaped Expertise (Data Practice)
T- SHAPED EXPERTI SE EPAM Delivery MODEL CONFIGURATION (Data Practice) Global US EU IN Delivery Serving NA Clients IN-MARKET Serving EU/ME Clients IN-MARKET Serving India GCC INDIA GCC ENGINE U.S. & Canada Western Europe & Middle East India NEARSHORE NEARSHORE Horizontal Practices Central & LATAM Ea
Slide 113: T-Shaped Expertise (Data & AI + Life Sciences)
T- SHAPED EXPERTI SE EPAM Delivery MODEL CONFIGURATION Global US EU IN Delivery Serving NA Clients IN-MARKET Serving EU/ME Clients IN-MARKET Serving India GCC INDIA GCC ENGINE U.S. & Canada Western Europe & Middle East India NEARSHORE NEARSHORE T - Shaped Central & LATAM Eastern Europe Data & AI + U
Slide 114: Built to Deliver: AI-Powered Delivery Platform
BUI LT TO DELIV ER EPAM Global Delivery ENGINE AI - Powered Delivery Platform 114
Slide 115: Built to Deliver: AI-Powered Delivery Platform
BUI LT TO DELIV ER EPAM Global Delivery ENGINE AI - Powered Delivery Platform 115
Slide 116: Built to Deliver: AI-Native Delivery & Knowledge Access
BUI LT TO DELIV ER EPAM Global Delivery ENGINE AI - Powered Delivery Platform AI - Native Delivery & Direct Knowledge Access in AI/Run Tools 116
Slide 117: Built to Deliver: AI-Native Delivery & Knowledge Access
BUI LT TO DELIV ER EPAM Global Delivery ENGINE AI - Powered Delivery Platform AI - Native Delivery & Direct Knowledge Access in AI/Run Tools 117
Slide 118: Key messages
Key 01 One of the Best Delivery Engines in the Industry. 30 Years in the Making. Winner of the Digital Transformation Wave. messages 02 Built to Deliver. Resilient. Right Now. No Legacy Delivery Centers. Orchestrated by AI-Powered Digital Ecosystem. 03 Deep T - Shaped Expertise. Horizontal Practices
Slide 119: Panel discussion: Geographic spotlight
Panel discussion Geographic spotlight MODERATOR Amit Singhal Stepan Mitish Martin Mendez Srinivas Reddy Enver Amdiy SVP, Head of Delivery, VP, Head of SVP, Head of Business, SVP, Head of SVP, Head of Business, Europe Ukraine Ibero America EPAM India Europe 2015 2006 2024 2015 2003 119
Slide 120: Client testimonial: LivaNova
CLIENT TESTIMONIAL LivaNova WS =< Ne Up EZ Za = y > | ~S Z Uf Hi \ E Y | \Z GG ! = Uh) QE pe Zp, . N \ Yn <epam> \wS \ \d
Slide 121: Jason Peterson, Chief Financial Officer
Jason peterson Chief Financial Officer 121
Slide 122: Key messages
01 Key Accelerating revenue growth through AI - native transformation messages 02 Driving margin expansion through operating efficiency and evolving commercial models 03 Leveraging significant free cash flow generation and strong balance sheet to drive value accretive capital deployment 122
Slide 123: Returning to growth
Returning to growth Revenue ($M) Non-GAAP Operating Income ($M) Non-GAAP Diluted EPS ($M) $5,785 $12.75 $5,457 $1,000 30% $897 29% $831 28% $4,825 $4,691 $4,728 $900 $818 $779 27% $800 $765 26% 25% $11.50 24% $700 23% $10.90 $10.86 $10.59 22% 21% $600 20% 19% 18% $500 17% 16% $400 15% 14% 13% $300 1
Slide 124: Expanded Geographic Footprint Drives Growth + Margin Expansion
Expanded Geographic Footprint Drives Growth + Margin Expansion Global EUROPE Capabilities: UKRAINE WESTERN & CENTRAL ASIA, BELARUS NORTH AMERICA INDIA • Custom Build • Software Engineering • Products / Platforms • Advanced AI - Native • Data LATAM • Cloud • Security • Consulting Delivery excellence
Slide 125: Reiterating Q1 and Full Year 2026 Guidance
Reiterating Q1 2026 Full Year 2026 $1.385B – $5.703B – Revenue Full Year + $1.400B $5.866B Y/Y Revenue Change 6.4% – 7.6% 4.5% – 7.5% Q1 2026 Y/Y Revenue Growth Rate in Organic Constant Currency at the Midpoint ~3.0% 4.5% Guidance Income from Operations GAAP Income from Operations 7% – 8% 10% – 11%
Slide 126: Long-Term Financial Algorithm
Long-Term Financial Algorithm Accelerating revenue growth through AI - native transformation 01 Growth Growing Market for AI - Native and Foundational AI services, 02 Profitability Margin Expansion through ongoing improvement in cost enabling return to double digit efficiency, AI productivity and re
Slide 127: Positioning ourselves to deliver double digit growth
Positioning ourselves to Addressing a $1.8T IT Services market, with a focus on capturing market share deliver double digit growth across higher growth AI opportunities Key Drivers Of Growth Total Revenue ($M) Committed to accelerating growth AI - Native • Core AI products, platforms over the next 3
Slide 128: Operating Efficiently to Expand Margins while Driving Growth
Operating Efficiently to Expand Margins while Driving Growth Key Drivers Of Growth Beyond 2026 Non - GAAP Operating Income Margin (%) Targeting a return to Gross Margin Improvement (~50 to 70 bps) 16%+ AIFO 16%+ • Ongoing cost efficiencies in global delivery locations • Pyramid / Seniority index imp
Slide 129: History of Robust Free Cash Flow Generation
History of Robust Free Cash Flow Generation Free Cash Flow 1 ($M) and Adj. Net Income Conversion 2 (%) $534M $527M $613M 85% 84% 95% $800 $700 $700 ~$1.8B+ $600 $600 $500 80% - 90% $500 $400 $300 $400 Cumulative $300 Adj. Net Income Free Cash Flow $200 $200 Conversion Target Generation 2026 through
Slide 130: Nominal Debt + Significant Cash Position Underpins Capital Allocation
Nominal Debt + Significant Cash Position Underpins Balanced Capital Allocation Strategy Balance Sheet Highlights Historical Uses of Cash Go - Forward Priorities (As of 12/31/2025) Capital Deployment 2024 – 2025 Cash & Cash Equivalents $1.3B Share Reinvestment 01 Reinvestment Organic reinvestment to
Slide 131: Strategic + Disciplined Approach to M&A
Strategic + Disciplined Approach to M&A Strategic Filters Financial Criteria Expand In - Market Point of Entry for Select Act as a Catalyst to Financial Operating Industry Vertical Geographic Markets Accelerate Future Revenue Model Consistent with Capabilities Growth EPAM’s Operating Target Goal of
Slide 132: Clear Strategy to Drive Value Creation
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 operating cumulativ
Slide 133: Client testimonial: Bank of Ireland
CLIENT TESTIMONIAL SS = Bank of Ireland <epam>
Slide 134: Q+A
Q+A \\ ae ia | Wee Wi s J i, Pp La ai 026 134 | 4A) il | \\ia <epam>
Slide 135: Balazs Fejes, CEO & President
Balazs Fejes Chief Executive Officer & President 135
Slide 136: Our positioning + right to win in the AI-native era
Our positioning + right to win in the ai-native era 136
Slide 137: And have emerged stronger
Our People Have Navigated Technology, Social + Geopolitical Changes. And have emerged stronger. 137
Slide 138: Why Invest in EPAM: Winner in AI Era
Why Invest in EPAM: Winner in AI Era 2028 GOALS Best positioned to be a leader in Strongest engineering talent in enterprise AI transformation the industry with a track record of Accelerating solving our clients’ most complex revenue growth problems through 2028 16%+ non - GAAP operating income marg
Slide 139: Srini Maddineni, Group Chief Information Officer
Srini Maddineni Group Chief Information Officer Responsible for leading enterprise-wide technology strategy, digital transformation, and IT operations.
Slide 140: Chris Michaud
CHRIS MICHAUD VP, Product Strategy & Business Innovation 140
Slide 141: Afternoon Programming
AFTERNOON 12:15 PM Short break lunch Programming 12:40 PM tours Client demos NETWORKING 1:30 PM CONCLUSION 141 141
Slide 142: Tours start at 12:40
Main stage Immersive e periences TOURS START at 12:40 Behind-the-Scenes Experience Tour 01 restrooms 1 Starts at entrance to Advanced Prototyping Behind-the-Scenes Experience Tour 02 2 Starts at Intelligent Products demonstration 4 Life Sciences & Healthcare Tour 1 3 Starts near Real-Time Operations
Slide 143: Demos
DEMOS DECISION INTELLIGENT AI - NATIVE INTELLIGENCE PRODUCTS TEAMS REAL TIME IMMERSIVE RESPONSIVE OPERATIONS EXPERIENCES ENVIRONMENTS 143
Slide 144: Tours
TOURS TOURS 1 & 2 TOUR 3 Behind-the-Scenes Life sciences & Experience Tours Healthcare Tour TOUR 4 TOUR 5 Consumer & Energy Tour ServiceS Tour 144
Slide 145: Appendix: Non-GAAP to GAAP Reconciliation Tables
Appendix: NON-GAAP to GAAP Reconciliation Tables 145
Slide 146: Non-GAAP Financial Measures
Non-GAAP Financial Measures EPAM supplements results reported in accordance with United States generally accepted accounting principles, referred to as G AAP , with non - GAAP financial measures. Management believes these measures help illustrate underlying trends in EPAM’s business and uses the mea
Slide 147: Reconciliations of Non-GAAP Financial Measures to Comparable GAAP
Reconciliations of Non-GAAP Financial Measures to Comparable GAAP Financial Measures (Unaudited) (In thousands, except percent and per share amounts) Year ended December 31, 2025 GAAP Adjustments Non - GAAP Year ended December 31, 2024 GAAP Adjustments Non - GAAP Cost of revenues (exclusive of depre
Slide 148: Reconciliations of Non-GAAP Financial Measures (continued)
Reconciliations of Non-GAAP Financial Measures to Footnotes: a. We have excluded from non-GAAP results the portion of the benefit from Poland R&D incentives related to qualifying activities performed in 2023 as it represents a nonrecurring one- time benefit. Comparable GAAP Financial Measures (conti
Slide 149: Reconciliations of Non-GAAP Financial Measures (continued)
Reconciliations of Non-GAAP Financial Measures to Comparable GAAP Financial Measures (continued) (Unaudited) (In thousands, except percent and per share amounts) First Quarter Full Year First Quarter Full Year Organic Constant Currency Revenue Non - GAAP Diluted Earnings per Share 2026 2026 2026 202