Slide 1: ibex Q2 FY2026 Investor Presentation
Built for what’s next. ibex Q2 FY2026 Investor Presentation February 2026
Slide 2: Disclaimer
Disclaimer This presentation includes forward-looking statements within the meaning of the Private Securities This presentation may also contain estimates and other statistical data made by independent Litigation Reform Act of 1995. All statements contained in this presentation, other than statement
Slide 3: We help the world's leading brands connect with their customers seamlessly
We help the world’s leading brands connect with their customers seamlessly through human and AI agents Our Journey, By The Numbers: CY25 Revenue CY25 Adj. EBITDA CY25 Adj. EPS $603m 16% $80m 16% $3.45 44% Expanding Margin Free Cash Flow Net Cash Position 13.3% v. 9.7% $29m 13% $14m CY25 v. FY2020 (a
Slide 4: Large Addressable Market in the Contact Center Space
Large Addressable Market in the Contact Center Space Highly Fragmented Outsourced Market Total Market Outsourced Market $345b $100b Outsourced Largest 10 $100 b Providers 35% ~30% All Other Providers ~70% 65% In-House $246b Outsourced In-House Largest 10 Providers All Other Providers Source: Everest
Slide 5: ibex leads the market on BPO 2.0
ibex leads the market on BPO 2.0 Omni-channel contact center Call center outsourcing outsourcing Clients seek to maximize customer Clients seek to minimize cost and lifetime value & brand experience cost benefit from economies of scale effectively Offshore locations are a cost ibex. Offshore locatio
Slide 6: The Differentiated BPO 2.0: Separating from the Pack
The Differentiated BPO 2.0: “Separating from the Pack” We Start with We Bring In We Layer In Deep ibex (BPO 2.0) Culture Our Tech Analytics 77 71 Industry-Best Purpose Built Tech Best in Class Best in Class Employee NPS Stack Business Insights Client NPS +98% World Class Client Retention Rate 6
Slide 7: Defining BPO 3.0: Extending the Separation
Defining BPO 3.0: “Extending the Separation” We Start with We Bring In We Layer In We Elevate ibex (BPO 3.0) Culture Our Tech Deep Analytics with AI 77 Innovation that • AI Agents Lifts the Entire Industry-Best Purpose Built Best in Class • AI Powered Enterprise Employee NPS Tech Stack Business Insi
Slide 8: Trophy Clients with Land & Expand Opportunities
“Trophy Clients” with Land & Expand Opportunities 60+ Clients with > $1M in Annual Revenue 98%+ Revenue Retention 1 #1 #1 #1 #1 #1 #1 Crypto Exchange Technology & Global Retail & Shipping & Healthcare E-commerce Company E-commerce Logistics #3 #1 #1 #1 #1 #2 Gaming Console Non-Emergency Gigabit Fibe
Slide 9: Investment Thesis: Compelling Track Record of Outperforming the Industry
Investment Thesis: Compelling Track Record of Outperforming the Industry Strong Financial Profile 17% 25% 46% YoY Q2 Revenue YoY Q2 Adj. EBITDA YoY Q2 Adj. EPS Growth Leader, Strong EBITDA, EPS, Free Cash Flow Growth Growth Growth Leader in BPO 2.0 >20% Powerful New Logo Engine leads to large Land &
Slide 10: Financial Metrics
Built for what’s next. Financial Metrics
Slide 11: Q2 FY2026: Financial Highlights – US GAAP
Q2 FY2026: Financial Highlights – US GAAP Record Q2 Revenue and EPS Revenue • Growth in high margin HealthTech vertical (+35.1%), Travel, Transportation & Logistics (+20.2%) and Retail & E-commerce (+17.2%) partially offset by an $164.2m Q2 FY26 vs. expected decline in Telecommunications vertical (-
Slide 12: Q2 FY2026: Financial Highlights – Non-GAAP
Q2 FY2026: Financial Highlights – Non-GAAP Q2 YoY Adjusted EBITDA Adjusted EBITDA and margin $20.7m Q2 FY26 vs. $22.0 13.5% $16.5m Q2 FY25 80 bps improvement in adjusted $20.7m EBITDA margin is driven by: 13.3% 25% yoy growth $20.0 13.2% 13.0% • Growth in our higher margin offshore locations $18.0 1
Slide 13: Growth in all Key Metrics
Growth in all Key Metrics Organic Revenue Growth ($m) Adjusted EBITDA ($m) 4 yr. CAGR: 6% 4 yr. CAGR: 11% $800 $100.0 $603 $80.0 $558 $80.0 $66.6 $72.0 $600 $493 $523 $509 $65.2 $443 $60.0 $47.0 $44.7 $400 $40.0 $200 $20.0 $- $- FY21 FY22 FY23 FY24 FY25 CY25 FY21 FY22 FY23 FY24 FY25 CY25 Adjusted EP
Slide 14: Client Growth: Number of Clients by Revenue Cohort
Client Growth: Number of Clients by Revenue Cohort Number of Clients 70 65 60 52 50 50 39 40 30 >45% increase in revenue 20 7 6 6 9 10 - >$1m pa $1-10m $10-20m $20m+ Q2 FY24 Q2 FY26 Clients generating over $1 million per annum in revenue increased by 25% from Q2 FY24 14
Slide 15: Strong Growth in our Higher Margin Geographies & Services
Strong Growth in our Higher Margin Geographies & Services Offshore Revenue ($m) Omni Channel Revenue ($m) $300 $282 $500 $446 $250 $400 $200 $266 $143 $300 $150 $200 $100 $50 $100 $- $- @ IPO (FY20) FY25 @ IPO (FY20) FY25 • Offshore revenue represents 51% of total revenue as compared to 35% at IPO •
Slide 16: Revenue: Model Client Diversification
Revenue: Model Client Diversification Q2 FY26 Client Statistics (% of Revenue) 10.4% 38.5% Largest Client Top 5 Clients 56.6% 79.2% Top 10 Clients Top 25 Clients 65 clients > $1m annualized revenue vs 32 at IPO (FY20) 29 clients > $5m annualized revenue vs 13 at IPO (FY20) 16
Slide 17: Winning in Strategic Verticals
Winning in Strategic Verticals Maintaining Strong Diversification while Growing Across Vertical Markets Revenue by vertical ($m) & % of Total revenue Q2 FY25 Q2 FY26 $50.0 $47.0 Revenue increases by vertical $45.0 $40.1 • HealthTech increased 35.1% $40.0 YoY & projected >$100m $35.0 FY26 $28.6 $30.0
Slide 18: New Logo Engine: Strong Performance Winning Great Brands
New Logo Engine: Strong Performance Winning Great Brands New Client Cohort Data ($m) FY19-FY25 $80 Year 1 Year 2 Year 3 $70 $60 $50 $40 $30 $20 $10 $- NewFY19 Logo NewFY20 Logo NewFY21 Logo NewFY22 Logo NewFY23 Logo New FY24 Logo New Logo FY25 in FY19 in FY20 in FY21 in FY22 in FY23 in FY24 in FY25
Slide 19: Healthy Balance Sheet
Healthy Balance Sheet Cash and Cash Equivalents $15.5m • Record Q2 Cash flow from operating activities June 30, 2025, $15.4m of $6.6m Total Debt • Repurchased 78,000 shares for $2.9m at an ~$1.4m average price of $36.74, bringing our fiscal June 30, 2025, $1.6m year share repurchases to 170,000 for
Slide 20: Appendix
Built for what’s next. Appendix
Slide 21: Recent Industry Awards
Recent Industry Awards 2026 America’s Dream 2026 & 2025 America's 2025 & 2024 Globee 2025 & 2024 Business 2025 & 2024 Excellence 2025, 2024, 2023 & 2022 Employers Most Admired Technology Award for Award for Achievement in Customer Service Customer Experience Workplaces Wave iX in Technology Innovati
Slide 22: Reconciliation of Net Income to Adjusted Net Income
Reconciliation of Net Income to Adjusted Net Income US$ in thousands, except per share amounts, unaudited FY21 FY22 FY23 FY24 FY25 CY25 Net income $13,089 $21,456 $31,582 $33,655 $36,864 $44,325 Net income margin 3.0% 4.4% 6.0% 6.6% 6.6% 7.3% Severance Costs 0 0 0 1,621 558 717 Impairment losses 0 0
Slide 23: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA US$ in thousands, unaudited FY21 FY22 FY23 FY24 FY25 CY25 Net income $13,089 $21,456 $31,582 33,655 $36,864 $44,325 Net income margin 3.0% 4.4% 6.0% 6.6% 6.6% 7.3% Interest expense 1,892 1,246 792 514 1,634 1,317 Income tax expense 2,064 (2,077) 8,744