Conduent Incorporated · NASDAQ:CNDT
Conduent — Investor Day (September 2026)
120 slides from Conduent's investor day presentation, Sep 30, 2026
Slide 1: Conduent Investor Day
Investor Day | September 29, 2026 Conduent Investor Day September 30, 2026
Slide 2: Forward-Looking Statements
Investor Day | Forward-Looking Statements This presentation and the accompanying oral remarks and question and answer session contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended, an
Slide 3: Forward-Looking Statements (cont'd)
Investor Day | Forward-Looking Statements (cont’d) This presentation includes financial measures that are not calculated in accordance with generally accepted accounting principles in the United States, including Adjusted EBITDA and Adjusted EBITDA margin. Management uses these measures to evaluate
Slide 4: Welcome & Introductions
Investor Day | Welcome & Introductions
Slide 5: Conduent Investor Day 2026 agenda
Investor Day | Conduent Investor Day 2026 03 Time Duration Session Speaker 8:00-8:25am 25 mins Networking Breakfast - Arrival / Check in 8:25-8:30am 5 mins Welcome & Introductions Kimberly Marshall (CCO) 8:30-9:00am 30 mins Focused on Consistent Growth, Built for Profitable Performance Harsha V. Aga
Slide 6: Focused on Consistent Growth, Built for Profitable Performance
Investor Day | Focused on Consistent Growth, Built for Profitable Performance Harsha V. Agadi (President & CEO)
Slide 7: Our Mission
Investor Day | O U R M I S S I O N To be the premier AI-led and technology-enabled business process partner for Government and Commercial clients, helping them modernize their operations, enhance customer and constituent experiences, and achieve measurable business outcomes. 7
Slide 8: Key takeaway for Investor Day
Investor Day | Key takeaway for Investor Day 1 Strong foundation and client relationships are in place. Proven assets, long-standing premier client relationships and deep domain expertise give Conduent a solid foundation for success. 2 The strategy is becoming crystal clear. A simpler, more concentr
Slide 9: Conduent's ASCEND 2026-28 journey is underway
Investor Day | Conduent’s ASCEND 2026-28 journey is underway 01 Reset and stabilize Decisive actions to simplify the portfolio, strengthen leadership and improve the cost structure. Simplify and concentrate Divestitures unlocked value and created a more focused portfolio centered on markets where Co
Slide 10: Reset and stabilize
Investor Day | Reset and stabilize 10
Slide 11: A global leader in business process services
Investor Day | We provide a diverse portfolio of solutions and services spanning both the government and commercial sectors with a heavy focus on Healthcare and Financial operations. Our clients include some of the largest corporations, governments, and public sector agencies across multiple industr
Slide 12: Connecting workflows, data and technology end-to-end
Investor Day | Enabled by connecting workflows, data and technology end-to-end. Elevating client outcomes across 3 dimensions Our clients Efficiency • Faster, simpler operations • Reduced friction across the value chain Experience • Connected, consistent interactions Value • Measurable outcomes at s
Slide 13: Global Delivery Expertise
Investor Day | Global Delivery Expertise Deploying Proprietary Technology and Unique Service Offerings at Scale ~42K Employees 22 Countries 100+ Delivery locations ~16% FTE tenure >10 years United States (~15k) India (~11k) Philippines (~7k) Europe Jamaica Guatemala (~4k) Major Presence ~33% FTE ten
Slide 14: Reflections on becoming CEO
Investor Day | Reflections on becoming CEO Strengths Challenges observed in past history ✓ Strong foundation and proven track record ✓ Solutions that remain highly relevant in our markets ✓ Long-standing relationships with premier clients ✓ Dedicated team with deep expertise and commitment to custom
Slide 15: Full confidence in the opportunity ahead for Conduent
Investor Day | I have full confidence in the tremendous opportunity ahead for Conduent “ I have led successful turnarounds before. They require strong assets, long-term client relationships, clear priorities, disciplined execution, and a culture of accountability. Conduent has the foundational ingre
Slide 16: New Senior Leadership Team
Investor Day | New Senior Leadership Team Harsha V. Agadi President and CEO Past Companies: Crawford & Company, Church’s Chicken, American Express, General Foods, PepsiCo Inc. Business and Sales Functions and Administration Giles Goodburn Chief Financial Officer Past Companies: Travelers, GE Capital
Slide 17: Strategic Priorities
Investor Day | Strategic Priorities 2 Reduce cost structure Profitable Revenue 4 Increase speed and accountability Faster Outcomes 3 Enforce financial discipline De-lever 5 Optimize the portfolio End-to-end Solutions 1 Convert pipeline to growth Sales Transformation 17
Slide 18: Decisive actions to reset and stabilize the business
Investor Day | Decisive actions to reset and stabilize the business AC TI O N S TAK E N Strategic reset ✓ Performed a reset of strategy and growth approach to be more targeted. ✓ Revamped the GTM leading to building momentum in sales. Simplify and strengthen the business ✓ Making significant progres
Slide 19: Simplify and concentrate
Investor Day | Simplify and concentrate 19
Slide 20: Announced 2026 divestitures focus Conduent on highest ROI segments
Investor Day | Announced 2026 divestitures focus Conduent on highest ROI segments The Public Transit and Tolling transactions represent a major milestone in reshaping the portfolio and sharpening strategic focus. Public Transit $164M expected gross proceeds Tolling $70M expected gross proceeds +7% e
Slide 21: Scale and reach
Investor Day | SCALE AND REACH Conduent 2027 (Jan 1st) 100+ Delivery locations 20 years Average tenure of top 20 clients Trusted long-term client partnerships Sustainable cost advantage ~42K Employees ~95% Recurring revenue Highly predictable revenue base Deep operational and domain expertise 22 Cou
Slide 22: Our solutions cater to large and growing market
Investor Day | Our solutions cater to large and growing market TOTAL ADDRESSABLE MARKET $215B 2026 TAM ~4% CAGR (2026-29) Large market with sustained growth potential SUPPORTED BY MARKET TAILWINDS 01 BPS adoption in regulated sectors – Government, Healthcare, Financial Institutions – continues to in
Slide 23: A repeated recognized leader by industry analysts
Investor Day | 35+ A repeated recognized leader by industry analysts *Sources: Conduent leader recognitions span 2025 to June 2026 from analyst firms – Everest, Gartner, ISG and NelsonHall. 2 0 2 5 & 2 0 2 6 Conduent ranked a leader across analyst categories by Everest Group, Gartner, ISG and Nelson
Slide 24: Scale of our impact is meaningful for our clients
Investor Day | Scale of our impact is meaningful for our clients ~2B Customer interactions annually 1 in 3 Americans served by Conduent Government Solutions ~$80B Government benefit payments disbursed annually 454M+ Medicaid claims processed annually 14B+ Documents and claims processed annually ~111
Slide 25: Proprietary Platforms
Investor Day | Proprietary Platforms Government Healthcare Medicaid Suite - Claims System of record module for State Medicaid claims Healthcare Claims Mgmt HSP Platform Auto-adjudicates healthcare claims and provides system of record accuracy Employee Benefits Life@Work Connect Platform Employee ben
Slide 26: Execute ASCEND 2026-28
Investor Day | Execute ASCEND 2026-28 26
Slide 27: ASCEND 2026-28 framework
Investor Day | ASCEND 2026-28: S1 | STANDARDIZE Standardize Operations & Infrastructure Create a more integrated, efficient and scalable enterprise EFFICIENCY S2 | SPECIALIZE Specialize in Core Solutions Focus investment where Conduent can lead and win DIFFERENTIATION S3 | SCALE Scale Go-to-Market D
Slide 28: ASCEND 2026-28: Standardize
Investor Day | ASCEND 2026-28: S1 Standardize S1 | STANDARDIZE Standardize Operations & Infrastructure Create a more integrated, efficient and scalable enterprise. EFFICIENCY • Deploy shared services model across corporate and administrative functions. • Create technology standardization across disp
Slide 29: ASCEND 2026-28: Specialize
Investor Day | ASCEND 2026-28: S2 Specialize S2 | SPECIALIZE Specialize in Core Solutions Focus investment where Conduent can lead and win. DIFFERENTIATION Leverage AI across segments • Accelerate embedding of repeatable AI capabilities across solutions to boost competitiveness and open new adjacenc
Slide 30: ASCEND 2026-28: Scale
Investor Day | ASCEND 2026-28: S3 Scale S3 | SCALE Scale Go-to-Market Deploy industry-aligned sales teams and government capture resources against priority opportunities GROWTH Government Segment • Leverage AI and domain expertise to increase wallet share across existing government clients. • Pursue
Slide 31: Conduent's growth journey is underway
Investor Day | Conduent’s growth journey is underway 01 Reset and stabilize Decisive actions to simplify the portfolio, strengthen leadership and improve the cost structure. Simplify and concentrate Divestitures unlocked value and created a more focused portfolio centered on markets where Conduent i
Slide 32: This is the New Conduent
Investor Day | This is the New Conduent ✓ Strengthened leadership ✓ Focused portfolio ✓ Differentiated solutions ✓ Disciplined execution 32
Slide 33: CFO Section: Turning The Page: Growth & Profitability
Investor Day | CFO Section Turning The Page: Growth & Profitability This section contains forward-looking statements and non-GAAP financial measures. See Forward-Looking Statements and Non-GAAP Financial Measures on slide 2 and the reconciliations in the Appendix. Giles Goodburn (CFO)
Slide 34: Conduent's ASCEND 2026-28 journey is underway
Investor Day | Conduent’s ASCEND 2026-28 journey is underway 01 Reset and stabilize Decisive actions to simplify the portfolio, strengthen leadership and improve the cost structure. Simplify and concentrate Divestitures unlocked value and created a more focused portfolio centered on markets where Co
Slide 35: Three-year outlook
Investor Day | Three-year outlook How we get there 01 | Optimize the portfolio Divestitures generate ~$200M of proceeds, directed to de-leverage the balance sheet and funding growth in the core. 02 | Take out cost, permanently Expect ~$120M of structural cost efficiencies from re-organization, vendo
Slide 36: ACV grows every year of the plan, on a building pipeline
Investor Day | ACV grows every year of the plan, on a building pipeline $0 $700 $1,400 $2,100 $2,800 $0 $130 $260 $390 $520 $650 2024 2025 2026E 2027E 2028E Q u a lif ie d p ip e lin e A C V ( $ M ) A C V ( $ M ) ACV closed/won — Commercial ACV closed/won — Government Qualified pipeline — Govt (2024
Slide 37: Revenue growth – continued operations
Investor Day | Revenue growth – continued operations Conduent is positioned for revenue growth in 2028. ($ i n m ill io n s ) $0 $500 $1000 $1500 $2000 $2500 $3000 FY'24A FY'25A FY'26E FY'27E FY'28E Commercial Government ACTUAL ESTIMATE $2,590 $2,433 $2,200 $2,200 $2,300 $1,606 $984 $1,511 $922 Reve
Slide 38: Adj. EBITDA growth: moving towards double digit margins
Investor Day | Adj. EBITDA growth…. Moving towards double digit margins Conduent is making progress toward profitability in-line with the industry. $100 $123 $155 $185 $230 3.9% 5.1% 7.0% 8.4% 10.0% 0% 2% 4% 6% 8% 10% 12% $0 $50 $100 $150 $200 $250 $300 $350 $400 FY'24A FY'25A FY'26E FY'27E FY'28E A
Slide 39: Estimated FY'26–FY'28 Adj. EBITDA Walk
Investor Day | $155 ($20) ($19) $24 $90 $230 2026 Adj. EBITDA (Excl. Transpo.) One-Time Adjustments Transaction Adjustments Revenue Flow Through Cost Improvements 2028 Adj. EBITDA (Pro Forma) Adj. EBITDA growth drivers Growth, contract margin expansion and $90 million of cost improvements are expect
Slide 40: Cost actions identify $120M in annual savings
Investor Day | Cost actions identify $120M in annual savings A $120M(1) opportunity set spans commercial, government and shared/corporate functions. $120M total target $40.7M commercial target $20.3M government target $58.6M shared / corporate Initiative details in $millions Initiative Commercial ta
Slide 41: Key takeaway for Investor Day
Investor Day | Key takeaway for Investor Day 1 Divestitures sharpen portfolio and strengthen balance sheet. Proceeds from non-core asset sales reduce leverage and increase financial flexibility. 2 Company is now positioned for topline revenue growth. Cost efficiencies and a focused portfolio set the
Slide 42: Commercial: Building a High-Functioning Growth Engine
Investor Day | Commercial: Building a High-Functioning Growth Engine Kimberly Marshall | Chief Commercial Officer
Slide 43: Commercial strategy: Standardize, Specialize, Scale
Investor Day | Simplify cost base, align one GTM model, install a measurable cadence S1 | STANDARDIZE Focus growth accelerators, solution architecture, & pursuit stories S2 | SPECIALIZE Extend repeatable motions S3 | SCALE 43
Slide 44: Standardize
Investor Day | Standardize 44
Slide 45: Standardize the engine
Investor Day | Simplify the base Govern the motions Standardize the engine Simplify the cost base, define how work moves, and measure what converts. One system. One commercial cadence. 45
Slide 46: One commercial motion and growth enablers
Investor Day | Focus markets Prioritize verticals, whitespace, buying centers and account signals Create demand Activate campaigns, lead-gen support, a consistent market voice, and measurable Demand Center handoffs. Convert pursuits Apply Deal Desk function and discipline, story support and solution
Slide 47: Demand Center, Solution Architects, Deal Desk
Investor Day | 01 Demand Center Combines market and competitive intelligence, outbound new-logo development, and a Customer Advisory Board to advise and scale pipeline growth. CAPABILITIES Competitive Intelligence Sales Enablement Customer Advisory Board New Logo Business Development 02 Solution Arc
Slide 48: Focus expertise. Differentiate the outcome.
Investor Day | Focus expertise. Differentiate the outcome. Align growth accelerators and Conduent capabilities to priority markets and end-to-end client problems in a more concentrated portfolio. FINANCIAL OPERATIONS Supporting business processes across Government and Commercial segments in 3 focuse
Slide 49: New operating cadence
Investor Day | WEEKLY | Create demand Demand Center + Sales review lead quality, clean handoffs, account ownership and priority-deal needs. MONTHLY | Convert pursuits Sales + pursuit leaders review pipeline coverage, proposal conversion, win rate and required interventions. QUARTERLY | Scale the str
Slide 50: Specialize
Investor Day | Specialize 50
Slide 51: Focus expertise. Differentiate the outcome.
Investor Day | Focus expertise. Differentiate the outcome. Align growth accelerators and Conduent capabilities to priority markets and end-to-end client problems in a more concentrated portfolio. Healthcare operations Financial operations Enterprise operations Supporting 3 critical business processe
Slide 52: Healthcare specialization connects the value chain to enterprise outcomes
Investor Day | Healthcare specialization connects the value chain to enterprise outcomes 1 2 3 4 5 Engage & Intake Connect member and provider interactions, enrollment materials, and service requests across channels. Digitize & Understand Capture documents and communications; apply AI to classify co
Slide 53: Orchestration engine
Investor Day | Orchestration engine Connecting engagement, orchestration and execution to deliver repeatable business outcomes Conni turns specialized intelligence into a scalable platform Conni AI Platform Outcome-driven responses Journey trigger / initiation Orchestration Execution paths • Interpr
Slide 54: Specialized AI proves the model in healthcare
Investor Day | 5 4 Recognized as the winning solution in a healthcare payer innovation competition, based on the strength of its personalized agentic AI navigator and its potential business impact. The navigator simplifies complex information, guides members and providers through next steps in real-
Slide 55: Scale
Investor Day | Scale 55
Slide 56: Commercial segment 2028 ambition
Investor Day | 5 6 GROWTH PROOF | 2028 Commercial Segment AMBITION Momentum is building – and the engine is ready to scale. YEAR 3 · SCALE 01 MARKET COVERAGE MOMENTUM NOW 60% increase in client and sales team coverage over the last 10 months 2028 AMBITION 3X pipeline coverage to budget by 2028 02 QU
Slide 57: Key Takeaways
Key Takeaways 01 One commercial operating system A single motion runs from market focus through demand creation to pursuit conversion, operated by our new Demand Center 02 A concentrated portfolio aimed at end-to-end client problems Three focused portfolios replace a broad offering set, with automat
Slide 58: Commercial: Standardize, Innovate and Differentiate
Commercial: Standardize, Innovate and Differentiate This section contains forward-looking statements and non-GAAP financial measures. See Forward-Looking Statements and Non-GAAP Financial Measures on slide 2 and the reconciliations in the Appendix. George Wehbe (President, Commercial Solutions)
Slide 59: Commercial business overview
Commercial business overview: Serving mission critical operations Healthcare Operations Financial Operations Enterprise Operations • Claims Processing Solutions • Healthcare Payment Integrity Solutions • Pharma and Life Sciences Solutions • Lockbox Services • Banking Operations • Mortgage Document S
Slide 60: Commercial business delivers major client outcomes
Commercial business delivers major client outcomes 60 2B customer interactions 14B+ items processed 600M+ outbound communications 4B+ images printed annually Healthcare Operations 500M+ healthcare claims processed annually 80M+ covered lives 25M health plan members supported $600M+ recovered annuall
Slide 61: Trends Shaping Commercial Business
Trends Shaping Commercial Business Outcome Focus Enterprise buyers want speed, agility, transparency, and measurable results – not just lower labor cost AI Expanding Digital Execution GenAI and agentic automation expand the scope of digital workflows, enabling a greater share of process steps to be
Slide 62: Commercial Business Priorities
Investor Day | Standardizing Operations & Technology S1 | STANDARDIZE Building Differentiated, AI- Enabled Solutions S2 | SPECIALIZE Scaling GTM & Sales S3 | SCALE Commercial Business Priorities 62
Slide 63: Standardize
Investor Day | Standardize 63
Slide 64: Resetting the cost base and strengthening the operating model
Decisive actions are resetting the cost base and strengthening the operating model S 1 | S T AN D AR D I Z E ( 1 / 2 ) ACTIONS UNDERWAY MEASURABLE PROGRESS Simplifying the Operating Model • Reducing organizational layers, overlap and support complexity. • Shifting eligible work to lower-cost global
Slide 65: Embedding AI into the operating model
Embedding AI into the operating model S 1 | S T AN D A R D I Z E ( 2 / 2 ) · 1 O F 3 HOW WE STANDARDIZE CONDUENT PROOF POINTS: DELIVERING TODAY TARGETS BY Q1 2028 Engineering productivity AI across software development, legacy modernization, testing and code quality to accelerate delivery Intelligen
Slide 66: Conduent proof points: delivering today
Conduent proof points: delivering today S 1 | S T AN D A R D I Z E ( 2 / 2 ) · 2 O F 3 HOW WE STANDARDIZE CONDUENT PROOF POINTS: DELIVERING TODAY TARGETS BY Q1 2028 70% Productivity Improvement in Software Quality Assurance AI-assisted code reviews cut review time by 70% while maintaining quality st
Slide 67: Targets by Q1 2028
Targets by Q1 2028 S 1 | S T AN D A R D I Z E ( 2 / 2 ) · 3 O F 3 HOW WE STANDARDIZE CONDUENT PROOF POINTS: DELIVERING TODAY TARGETS BY Q1 2028 30–40% AI-enabled throughput across targeted teams 10–15% lower operational effort in selected workflows 2× migration velocity across selected client waves
Slide 68: Specialize
Investor Day | Specialize 68
Slide 69: Domain expertise and platforms create differentiated value
Conduent’s domain expertise and platforms create differentiated value S 2 | S P E C I AL I Z E ( 1 / 4 ) Standardization creates operating leverage. Specialization directs investment toward high-value workflows where Conduent can win. EXPAND ADDRESSABLE MARKET • INCREASE PLATFORM RELEVANCE • DELIVER
Slide 70: Turning unstructured data into intelligent workflows
Turning unstructured data into intelligent workflows S 2 | S P E C I AL I Z E ( 2 / 4 ) – B U I L D I N G U N S T R U C T U R E D D AT A C AP AB I L I T I E S HEALTHCARE CLIENT PROOF POINT AI-powered document understanding delivering measurable results For a leading U.S. health benefits company, our
Slide 71: From a benefits portal to an open AI-powered workforce platform
From a benefits portal to an open AI-powered workforce platform S 2 | S P E C I AL I Z E ( 3 / 4 ) – E V O L U T I O N O F L I F E @ W O R K C O N N E C T More than a decade of platform innovation has expanded connectivity, intelligence and the value we deliver across the HR ecosystem. 1 2010s Life@
Slide 72: Analytics to recover value and prevent future losses
Analytics to recover value and prevent future losses S 2 | S P E C I AL I Z E ( 4 / 4 ) – AD V AN C I N G AN AL Y T I C S & AU T O M AT I N G W O R K F L O W S Turning deep process expertise and proprietary data into measurable client value. PROVEN CAPABILITIES TODAY ✓ Payment Integrity Healthcare s
Slide 73: Key Takeaways
Key Takeaways 01 Established scale Scale across multiple mission-critical workflows provides a strong foundation for growth 02 Simplification and standardization of the operating model Standardizing the operating model improves economics while increasing speed and effectiveness 03 Targeted investmen
Slide 74: Government Solutions: Growth Built on Better Outcomes for Our Communities
Government Solutions: Growth Built on Better Outcomes for Our Communities This section contains forward-looking statements and non-GAAP financial measures. See Forward-Looking Statements and Non-GAAP Measures on slide 2 and the reconciliations in the Appendix. Anna Sever (President, Government Solut
Slide 75: Government solutions business overview
Investor Day | Government solutions business overview Residents receive services accurately, securely and on time. A “no wrong door” approach Residents empowered to engage and thrive Agencies able to optimize their impact We help citizens become engaged members of their communities and lead producti
Slide 76: What we deliver: five program areas
What we deliver Five program areas spanning the social determinants of health spectrum Healthcare Enhancing care, insights and health outcomes while streamlining operations. • Medicaid Program Management: claims, financial, reporting and provider management • Medicaid Pharmacy Management • Public He
Slide 77: Our Footprint
Our Footprint Where we deliver today, by program Marker rings show which programs Conduent delivers in each location. CNMI is the Commonwealth of the Northern Mariana Islands. Data as of September 2026. Eligibility and Enrollment (13) Arizona Connecticut Indiana Iowa Kansas Kentucky Louisiana Massac
Slide 78: Key Market Trends
Key Market Trends Trends shaping government business and outcomes HR1 & Budget Pressures Governors and agency leaders are prioritizing cost savings while also implementing HR1 requirements amidst concerns of policy permanence. Election Cycle Impact 36 states have gubernatorial elections which create
Slide 79: Government Business Priorities
Investor Day | Standardizing Operations & Technology S1 | STANDARDIZE Building Differentiated, AI- Enabled Solutions S2 | SPECIALIZE Scaling GTM & Sales S3 | SCALE 79
Slide 80: Products and services
Products and services Together we help government agencies better serve their residents. A broad range of products From healthcare access and payment services to public health monitoring and fraud prevention. Engaged, healthier residents We empower citizens to be engaged members of their communities
Slide 81: Standardize
Investor Day | Standardize 81
Slide 82: 2026/27 Key Growth and Efficiency Areas
2026/27 Key Growth and Efficiency Areas Targeted actions that drive sustainable growth, efficiency, and momentum Operating Model & Efficiency Align the operating model around growth and client centricity while simplifying work, reducing friction, and lowering cost. Cultural Sales Revolution Build an
Slide 83: Implementations: YTD Improvement Focus
Implementations | YTD Improvement Focus Several key initiatives to accelerate execution and build confidence in successful, repeatable delivery: Scope + Timeline + Budget. Transforming from a reactive delivery function into a disciplined capability that protects growth, improves client confidence an
Slide 84: Implementations: Process Focus
Implementations | YTD Improvement Focus Process Focus Standardizing how work is taken in, prioritized, governed and delivered across the lifecycle COMPLET E Resource demand management framework Standardizes intake, prioritization and capacity planning, promoting early engagement and more predictable
Slide 85: Specialize
Investor Day | Specialize 85
Slide 86: Proven technology strategy continuum
Enables our customer mission making critical service delivery simpler, safer and resilient. Proven technology strategy continuum MISSION OUTCOME Timely & accurate answers. Uninterrupted and secure service delivery. 01 Customer centricity and experience Timely and consistent answers across service ch
Slide 87: AI moves service delivery from reactive to proactive
Four capabilities turn trusted data into early action, easy access and better outcomes. AI moves service delivery from reactive to proactive PROTECT People Flag anomalies and identity risk early. ANTICIPATE Benefits Predict drop-off and trigger support. ENGAGE Proactively Answer routine needs across
Slide 88: Scale
Investor Day | Scale 88
Slide 89: 2027 & 2028 strategic investment themes
2027 & 2028 strategic investment themes Stabilization Across Platforms • Common 3.0 payments framework • Modernized file and report processing • Private cloud and self-healing runs Compliance, FWA & CX • CMS Mandates & NCPDP Pharmacy • Fraud detection, analytics, prevention • Real-time transaction r
Slide 90: Enter new states, grow existing states, expand federal
ENTER NEW STATESGROW EXISTING STATES EXPAND FEDERAL Profitable growth will come from deeper state penetration and acceleration of expansion into federal KEY LOBs Shift existing-state accounts from a renewal posture to proactive share growth through deeper cross-LOB penetration and targeted product a
Slide 91: Pipeline mix by segment and product
Pipeline mix by segment and product 2027 Total pipeline of $2.59B, split between State and Federal business T O T AL P I PEL I N E $2.7B State $2.5B ~88% Federal $320M ~12% STATE $2.5B · ~88% of pipeline Claims & Financial 49% Eligibility & Enrollment Services 26% Payments Services 7% Pharmacy 6% Ch
Slide 92: Government: Where We Will Focus
Government: Where We Will Focus Active Government Health Solutions and Eligibility & Enrollment presence Referenceable modern, cloud-based Medicaid platform Established state footprint and proven Medicaid platform OUR STRENGTHS Grow within priority states, then selectively expand PRIORITY MOVES Deep
Slide 93: Government Growth Execution Plan
Government Growth Execution Plan Sequencing immediate priorities into sustained growth through 2027 IN FLIGHT REMAINING 2026 2027 GO FORWARD IMMEDIATE PRIORITIES 1 Build internal knowledge and cross-share information 2 Right-size the organization 3 Establish new partnerships 4 Advance key product in
Slide 94: Government Growth Execution Plan: Immediate priorities
Government Growth Execution Plan In Flight | Immediate priorities IN FLIGHT REMAINING 2026 2027 GO FORWARD Build internal knowledge and cross-share information Right-size the organization Establish new partnerships Advance key product investments Prioritize the right deals OTH ER PR IOR IT IES • Imp
Slide 95: Government Growth Execution Plan: Build momentum
Government Growth Execution Plan Remaining 2026 | Build momentum IN FLIGHT REMAINING 2026 2027 GO FORWARD 1 Increase government affairs resources to targeted states 2 Expedite activities that move the needle for clients and teams 3 Adopt an aggressive growth mindset — from processes to compensation
Slide 96: Government Growth Execution Plan: Scale the platform
Government Growth Execution Plan 2027 go forward | Scale the platform IN FLIGHT REMAINING 2026 2027 GO FORWARD 1 Continue key product investments 2 Advance strategic automation 3 Increase presence at key industry conferences 4 Expand strategic Medicaid relationships with consultants 5 Build thought
Slide 97: Key Takeaways
Key Takeaways 01 A stable foundation Operating in 46 states, 2 U.S. territories and 3 countries with long-cycle, federally matched contracts. The base business is healthy and positioned to compound. 02 A $2.7B pipeline concentrated in proven products The pipeline is ~88% state and ~12% federal, with
Slide 98: Conduent's AI-Powered Transformation
Conduent’s AI-Powered Transformation Narayanan Sundaresan (CITO) & Nitin Jain (VP, Corporate Strategy)
Slide 99: AI disruption to opportunity
AI disruption to opportunity AI is shifting BPS value from labor arbitrage to process expertise and outcomes. Traditional Labor- Arbitrage BPO Technology-Enabled Business Services • AI-led automation reduces demand for labor. • FTE-based models face pricing and volume pressure. • Labor arbitrage adv
Slide 100: Strong foundation to lead enterprise innovation
Conduent has a strong foundation to lead enterprise innovation A majority of Conduent solutions combine AI, advanced analytics, proprietary platforms, and workflow automation to enable complex business processes. AI & Intelligent Automation Applying AI to high-value, complex workflows Government Pay
Slide 101: End-to-end solutions
End-to-end solutions Conduent solutions are composed of all the elements across people, processes & technology. Ability to approach AI from multiple angles in a solution. Reach across the client value chain Conduent participates across multiple interconnected client workflows. Reveals opportunities
Slide 102: Deep process & domain expertise
Deep process & domain expertise Decades of experience with clients’ processes, rules, data and exceptions. Embed AI effectively within complex, real-world workflows. Technology talent & ecosystem An established technology workforce and partnerships with major technology providers. Support faster sol
Slide 103: AI strategy focused on four value levers
Conduent's AI strategy is focused on four value levers Each lever targets a distinct source of value, with proof points already in market Differentiate and Grow Embedding AI in Client Solutions • Enhance client outcomes through improved insights and decision support • Strengthen the competitiveness
Slide 104: Strategic partnerships accelerate our AI capabilities
Strategic partnerships accelerate our AI capabilities Our AI partnership approach combines enterprise technology platforms with specialized solution providers, giving Conduent the flexibility to accelerate innovation and deploy fit-for-purpose capabilities Enterprise AI Partners Domain & Solution Pa
Slide 105: AI implementation approach: Deploy, Prove and Scale
Our AI implementation approach- Deploy, Prove and Scale Conduent is building on focused solutions already in production to address interconnected workflows, expand into adjacent client needs and create differentiated value IN PRODUCTION GenAI account-takeover fraud detection ❑ Combines rules-based A
Slide 106: GenAI improves fraud detection
C AS E S T U D Y — G O V E R N M E N T GenAI combined with rules-based analytics improves fraud detection A production GenAI solution turns fragmented account data into prioritized fraud cases, increasing the volume of cases for fraud-detection and accelerating review T H E I M P A C T 150% Increase
Slide 107: VeriSight AI-Powered Eligibility Solution
VeriSight AI-Powered Eligibility Solution for SNAP error rates Evolving from fraud detection to AI-powered program integrity Intake applications Capture complete and accurate information from the start Verify identity and key data for new applications Conduct pre-decision review and make recommendat
Slide 108: Conni introduced GenAI-assisted support within Life@Work
C AS E S T U D Y — C O M M E R C I AL Conni introduced GenAI-assisted support within Life@Work An embedded GenAI assistant helps employees navigate benefits information, understand plan documents and connect with human support when needed T H E I M P A C T 86% of queries resolved without a human age
Slide 109: From AI assistance to intelligent execution at scale
From AI assistance to enabling intelligent execution at scale Creating a scalable AI infrastructure that orchestrates data, workflows, AI agents, and domain expertise to drive enterprise outcomes. AI Orchestration Layer AI models & agents Workflow automation Deep domain expertise Shared capabilities
Slide 110: Key takeaway for Investor Day
Key takeaway for Investor Day 1 Positioned to leverage AI. Domain expertise and end-to-end process ownership. 2 Focused on scalable execution. Building reusable AI capabilities and infrastructure. 3 AI strengthens Conduent’s competitiveness. Multiple opportunities to improve client outcomes and crea
Slide 111: Q&A
Investor Day | Investor Q&A This section contains forward-looking statements and non-GAAP financial measures. See Forward-Looking Statements and Non-GAAP Financial Measures on slide 2 and the reconciliations in the Appendix. 111
Slide 112: Closing: the Opportunity Ahead
Investor Day | Closing: the Opportunity Ahead 112
Slide 113: This is the New Conduent
This is the New Conduent Investor Day | ✓ Strengthened leadership ✓ Focused portfolio ✓ Differentiated solutions ✓ Disciplined execution 113
Slide 114: Appendix
Investor Day | Appendix 114
Slide 115: Definitions
Investor Day | Definitions New Business Total Contract Value (TCV): Estimated total future revenues from contracts signed during the period related to new logo, new service line or expansion with existing customers. New Business Non-Recurring Revenue (NRR): Metric measures the non-recurring revenue
Slide 116: Non-GAAP Financial Measures
Investor Day | Non-GAAP Financial Measures We have reported our financial results in accordance with accounting principles generally accepted in the U.S. (U.S. GAAP). In addition, we have discussed our financial results using non-GAAP measures for our Continuing Operations only, unless otherwise not
Slide 117: Non-GAAP Financial Measures: Adjusted Revenue and Operating Income
Investor Day | Non-GAAP Financial Measures Adjusted Revenue, Adjusted Operating Income from Continuing Operations and Adjusted Operating Margin from Continuing Operations. We make adjustments to Revenue, Costs and Expenses and Operating Margin from Continuing Operations for the following items, as a
Slide 118: Non-GAAP Financial Measures: Adjusted EBITDA
Investor Day | Non-GAAP Financial Measures Adjusted EBITDA from Continuing Operations and EBITDA Margin from Continuing Operations We use Adjusted EBITDA from Continuing Operations and Adjusted EBITDA Margin from Continuing Operations as an additional way of assessing certain aspects of our operatio
Slide 119: Free Cash Flow
Investor Day | Free Cash Flow Free Cash Flow is defined as cash flows from operating activities as reported on the consolidated statement of cash flows, less cost of additions to land, buildings and equipment, cost of additions to internal use software, and proceeds from sales of land, buildings and
Slide 120: Non-GAAP Reconciliations
Investor Day | Non-GAAP Reconciliations ($ in millions) FY 2024 FY 2025 Reconciliation to Adjusted Revenue Revenue $ 2,770 $ 2,433 Adjustments: Divestitures (180) - Adjusted Revenue $ 2,590 $ 2,433 Reconcilation to Adjusted EBITDA Income (Loss) from Continuing Operations $ 426 $ (174) Adjustments: I