Epam Systems, Inc. · NYSE:EPAM
Epam Systems — Investor Day (March 2026)
143 slides from Epam Systems's investor day presentation, Mar 12, 2026
Slide 1: Investor Day, March 12, 2026, Boston
MARCHI2 12026 | BOSTON | MASSACHUSETTS INVESTOR <enam>
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 4 These materials contain forward-looking statements. You should not place undue reliance on these statements because they are subject 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 today. 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
Agenda 6 10:30 AM Engineering DNA + Talent Global Delivery Engine Driving Profitable Growth Closing Q+A 8:30 AM break 12:30 PM Live attendee leadership lunch + client demonstrations 10:20 AM Welcome Strategic Overview Our Transformation AI-Native Positioning Q+A
Slide 7: Balazs Fejes, Chief Executive Officer & President
Balazs Fejes Chief Executive Officer & President 7
Slide 8: Strategic overview: Positioning ourselves to win in the AI-native era
Strategic overview Positioning ourselves to win in the ai-native era 8
Slide 9: Key messages
Key messages Reinventing ourselves as a global leader in AI-native enterprise transformation services01 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 capabilities to
Slide 10: 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.” AI is Rocking our industry…and the world 10
Slide 11: EPAM at a glance: Who we are
E P A M A T A G L A N C E WHO We ARE Founded in Princeton, NJ, USA 1993 +30 YEARS EPAMers 62,000+ Headquartered Newtown, PA, USA Countries & Regions 55+ Delivery Professionals 56,600+ Revenue / YoY Growth $5.457B 15.4% 11Figures are as of 12/31/2025 unless otherwise noted. Refer to the Appendix for
Slide 12: EPAM at a glance: 2025 revenues by industry vertical and geography
E P A M A T A G L A N C E 2025 Revenues by industry vertical + geography (Reported $ & YoY Growth) 12 E P A M A T A G L A N C E Revenue by Industry (Reported $ & YoY Growth) Financial Services $1.316B 28.7%↑ Life Sciences & Healthcare $626M 8.9%↑ Consumer Goods, Retail & Travel $1.077B 6.4%↑ Emergin
Slide 13: EPAM at a glance: We are builders
E P A M A T A G L A N C E 13 We are builders Engineering DNA. Multidisciplinary Experts. Delivering Results. Relentlessly. Solve their most complex challenges Navigate disruption and technology innovation Become more cost competitive Helping our clients: Drive more revenue, change the business Deliv
Slide 14: EPAM at a glance: Who we serve
E P A M A T A G L A N C E Who we serve 14 11 Industries diverse and global client list 345+ of Forbes Global 2000 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-native E P A M A T
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: Proven by our 2025 AI-native and AI foundational momentum
Proven by our 2025 AI-native and AI foundational momentum EPAM IS ALREADY Benefiting FROM AI Close the Adoption Gap with Scalable Expertise Labor arbitrage moves to FDE and senior talent, enabling growth without linear headcount increases Physical AI Robotics across multiple sectors Delivery Efficie
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) Source: Gartner, Inc. Market Opportunity Map: IT Services, Worldwide 19 November 2025 - ID G00835557 We’re aligned to faster growing market segments • Business Consulting • T
Slide 18: Total AI spending addressable market by 2029
Source: Gartner, Inc. Forecast Analysis: AI Spending, 4Q25 – 17 December 2025 - ID G00843701 Total market of $4.7T (All Segments, AI Direct + AI Indirect) +30% CAGR (2025–2029) EPAM’s AI Services Market of $1.3T (AI Services + AI Cybersecurity) Most significant opportunities • Direct AI Services, ~$
Slide 19: Client Zero mentality and key strengths
‘Client Zero’ Mentality Internal AI transformation, driving creation of global delivery standards and playbooks, battle- tested tools, and best practices Engineering Excellence Pioneering engineering culture with long- standing R&D mindset, labs, early adoption of technology and reputation for techn
Slide 20: Significant opportunity ahead in faster growing IT + AI services
we have a significant opportunity ahead within faster growing parts of Total IT + AI services market 20 Become the Go-To Partner in Enterprise AI Transformation Empower organizations to navigate and accelerate their AI journeys through end- to-end transformation ASPIRATION Talent, Skills & Capabilit
Slide 21: Accelerating operational transformation
We’ve been accelerating operational transformation 21 Implementing AI in Internal Operations to Transform into an AI-Native Organization Corporate Functions Management Reporting Agentic tools to automate data and key KPI capture for internal reporting Finance & Legal Copilots for analytics, contract
Slide 22: Differentiated blueprints and playbooks accelerating client AI adoption
Differentiated Blueprints + playbooks, accelerating client ai adoption + Wallet share 22 Enterprise-Wide AI-Native Transformation Help redefine our customers business and envision the future of their organizations with AI Modular ‘Meet You Where You Are’ frameworks and methodologies Brings together
Slide 23: Market demand is transforming
Traditional Services AI-Driven Services Market Demand Is Transforming Creating + expanding our Ai-Native business models + services Agentic Intelligent Operations AI-Native Experiences Agentic Operations (Factories) Agentic Security Manual BPO Operations Legacy IT Support Traditional Agency Work Sta
Slide 24: Doubling down on our key growth drivers
Doubling down on our key growth drivers Talent, Skills & Capabilities Extending 30+ year heritage of integrating technology, business strategy, experience design and operations underpinned by superior software engineering Domain & Verticalization Expertise Strengthening deep client relationships roo
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 streams Interface layer New Agent Value Chain
Slide 27: Leadership team with deep industry expertise
Humble, Hungry, Smart Leadership Team with Deep Industry Expertise 420+ Years Industry Experience 220+ Years EPAM Tenure Strong Leadership Attributes • Industry Experience • Strategic Acumen • Deep Technical Expertise Balazs Fejes Jason Peterson Elaina Shekhter Larry Solomon Ed Rockwell Philip Storm
Slide 28: So why invest in EPAM?
So why invest in epam? Best positioned to be a growth leader in enterprise AI transformation Foundational AI work expanding, driving significant growth in enterprises and AI-native net-new growth acceleration Strongest end-to-end solution builders in the industry with a track record of solving our c
Slide 29: Elaina Shekhter, Chief Strategy & Transformation Officer
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 messages Adapting our go-to-market approach to meet a continuously evolving AI-centric environment and ensure the ability to solve clients’ toughest challenges 01 02 Focusing on domain and vertical expertise to position as an industry leader in the next wave of AI-Native enterprise transformatio
Slide 32: The enterprise IT landscape is complex, demanding greater agility
THE Enterprise IT Landscape is Complex, Demanding Greater Agility THAN EVER BEFORE 32 Market Trends • New competitors running on nimble organizational blueprints and technologies • Customer-centric experience • Pushing digital and embedded AI capabilities through products and services Technology Tre
Slide 33: Strategic pillars to elevate our go-to-market approach
Strategic Pillars to Elevate OUR Go-to-Market Approach 01 S H I F T I N G Extending focus from geographies to capabilities 02 I N T E G R A T I N G Consultative approach to bridge strategy and execution, creating a ‘Consulting Moat’ 03 A C C E L E R A T I N G Strategic partnership ecosystem and dire
Slide 34: Shifting: global delivery network across locations, skills and capabilities
Create a global delivery network optimized across locations, services, skills and capabilities Prioritize developing critical industry-specific skills by integrating centers of excellence across geographies Deliver broader value creation and higher productivity with an agile resource mix — High Velo
Slide 35: Expanding go-to-market opportunities with a focus on the end buyer
Expanding Go-to-Market Opportunities with a Focus On the End Buyer EXPANDING OUR ADDRESSABLE MARKET & INCREASING NUMBER OF BUYERS IN NEW WAYS Three brand doors to engage unique buyers and speak directly to their needs AI-Native Engineering AI-Native Consulting AI-Native Agency Cloud Cyber Security D
Slide 36: Adapting solution proposition for an AI-centric environment
Adapting Solutioning proposition for AN AI-Centric Environment Scaling Solutions in the Most Complex Environments Capturing ROI on AI Investments Focusing on the Highest Impact Areas Integrating Fundational & AI Solutions Across Enterprise(s) Scaling from POC’s to Full Deployment Consulting in Locks
Slide 37: Transformation themes 2026
Transformation Themes 2026 ELEMENT 2020-2024 MODEL (DIGITAL) 2025-2026/7 MODEL (AI-NATIVE) Value Prop Efficiency & Cloud Migration Full Digitization, Optimization & Agentic Operations Sales Lead Account Relationship Manager “Hybrid” Seller / Consultant-Engineer Pricing Headcount / Pure FTEs T&M/Outp
Slide 38: Select partners
SELECT PARTNERS Accelerate revenue growth through joint go-to-market opportunities that drive adoption and consumption Elevate market sensing capabilities to stay abreast of the evolving market trends Cross-sell across multiple client functions Enhance delivery efficiency and effectiveness Awarded 2
Slide 39: Proven and growing partnerships
Proven + Growing Partnerships 39 EPAM Joins Microsoft Intelligent Security Association EPAM launches Advanced Agents into Google Marketplace EPAM Wins the 2025 Microsoft Innovate with Azure AI Platform Partner of the Year Award EPAM Receives 2025 AWS Global Innovation Partner of the Year EPAM and Or
Slide 40: Key takeaways
Transforming our go-to-market approach to meet a continuously evolving AI-centric environment and capture new demand Focusing on domain and verticalization expertise to enhance our position as an industry leader in the next wave of AI-native enterprise transformation Innovating and amplifying partne
Slide 41: Dmitry Tovpeko and 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?
42 If “coding is largely SOLVED,” why do CLIENTS need epam?
Slide 43: Key messages
Key messages Enterprise complexity is growing. Demand for complex engineering is infinite. 01 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 Security, Compliance & Governance Enterprise Legacy Ecosystems Vendor Strategy Talent, Culture & Change Business Process & Domain Expertise Software Delivery & Product Operating
Slide 45: When AI writes the code, it introduces new engineering discipline
When ai writes the code, It introduces new engineering discipline 45 ARCHITECT How Agents Work Not discrete agents — orchestrated pipelines with verification and governance as one system Ecosystem complexity grows with every capability addition and enterprise integration JUDGE What Agents Produce Sa
Slide 46: Delivery-as-code and a new kind of engineer to run it
DELIVERY-AS-CODE — AND A NEW KIND OF ENGINEER TO RUN IT DESIGN Architect Requirements Elaboration Discovery + Specification Agent Build Agent Verification Human-Agent Review Deploy, Test + UAT Agent-Owned Execution Human Judgement/Gate ProdM & Tech Lead Alignment ProdM Defines Requirements SMEs Prov
Slide 47: Our engineering depth is the moat
OUR Engineering Depth Is the Moat, AI Makes It Wider Why Most Companies Can’t Assemble Both Operating Delivery-as-Code & Scaling Full-Stack Agentic Engineers to Run it Requires Two Things Cost-arbitrage Firms have delivery volume, but talent built for narrow specialization — not the systems thinkers
Slide 48: Moving clients from experimentation to AI-native
20 types of AI agents now supporting multiple teams and business units across PostNL We are moving clients through Experimentation to AI Native WE ARE MEETING CLIENTS WHERE THEY ARE & STEWARDING THEIR JOURNEY TO LEVEL 03 Our AI-Native Team Working as L3 Offers Faster Delivery & Response to Market Di
Slide 49: Unique and repeatable engineering playbook
Deploying a Unique + Repeatable Engineering Playbook Codified delivery methodology Modular framework for enterprise-scale AI adoption: ▪ Governance, Measurements & ROI ▪ Change Management ▪ Ecosystem Strategy ▪ Workforce Enablement Flexibility to work across any ecosystem, including established mark
Slide 50: AI/Run.Blueprints
AI/Run.Blueprints Operationalize AI across the Enterprise Codified delivery methodology Modular framework for enterprise-scale AI adoption: • Orchestration • Change Management • Ecosystem Strategy • Workforce Enablement • Governance AI ADOPTION REQUIRES OPERATIONAL CHANGE ACROSS PEOPLE, PROCESS & TE
Slide 51: AI/Run.Tools accelerate value
Medical tech + healthcare solutions provider Enabled GenAI-driven modernization of legacy 10M+ LOC platform, including code exploration, reverse engineering, migrations, and enhanced unit and automated test coverage AI/Run.Tools accelerate value from + WITH ai Flexibility to work across any ecosyste
Slide 52: A new type of engineer: full-stack agentic engineers
We have built + deployed a new type of Engineer Full-Stack Agentic Engineers Engineers who combine deep software expertise with AI-driven development and agent orchestration to accelerate enterprise outcomes Core Capabilities • End-to-End Ownership → Code → Test → Deploy → Operate • Agentic Developm
Slide 53: What's next? Demand for complex engineering is infinite
What's Next? Demand for Complex Engineering Is Infinite 53 • Product Support Engineering • Production Operations • Infrastructure & Environment ManagementFixed Demand Edward Jones – Mainframe Modernization A latent program became active as a result of EPAM’s AI/Run MFLens Reverse and Forward Enginee
Slide 54: Autonomous agents: the next complex engineering opportunity
Autonomous Agents: The next complex engineering opportunity 54 Every delivery-as-code engagement builds the governance framework that enterprise autonomous AI will require; specification discipline, verification pipelines, compliance guardrails, enterprise context integration. This isn't future inve
Slide 55: Key takeaways
Key takeaways Enterprise complexity is growing. Demand for complex engineering is infinite. AI creates a new engineering discipline. Engineering depth is the moat. We're agentic platform builders, rebuilt and codified delivery for AI, and scaling a new kind of engineer to run it. What we build for c
Slide 56: If coding is largely solved, why do clients need EPAM?
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 and 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 messages AI-native transformation is reshaping business innovation and operations — and how EPAM accelerates that journey 01 02 Our AI/Run .Transformation playbook turns strategy into measurable business outcomes 03 We are strategically expanding our services mix to support and lead the next wav
Slide 61: AI is rewiring business innovation and operations
AI is Rewiring Business Innovation + Operations 61 AI Remains Centerpiece of Investment Strategies Optimize Current Operations AI provides functional solutions to help businesses reimagine processes and drive efficiency Grow & Run Your Business AI unlocks new growth, while agentic AI assists in runn
Slide 62: AI made real: accelerating value toward the AI-native enterprise
AI made real: Accelerating Value toward the AI-Native Enterprise Optimize Current Operations While delivering meaningful value… Grow & Run Your Business Inventory Optimization Using Real-Time Social Trends to Reduce Stockouts Global Cosmetics Manufacturer Establish AI Technical Strategy & Build the
Slide 63: Expand into new AI-native businesses
Expand into New AI-Native Businesses B2B Expanding into Direct-to-Consumer • Creating new e-commerce business to attract, target and convert customers to enable non-traditional growth using AI • Using AI to triangulate client's identity from multiple data sources (third-party hosted) • Using AI thro
Slide 64: AI/Run.Transform: unique and repeatable business playbook
AI/Run.Transform: Unique + Repeatable Business Playbook Driving Speed-to-Value AI 360 Framework Practical, modular AI framework driving top-down strategy and bottom-up use case acceleration AI Innovation & Verticalized Industry teams collaborate to build next-gen experiences and transformative solut
Slide 65: Expanding strategic capabilities to lead the next wave of AI adoption
Expanding Strategic capabilities to lead the next wave of ai adoption AI-Verticalized Consulting • Industry-driven consulting motion that is built with and for AI • Built to move AI from pilots to production at scale Agentic-Led Business Operations • Design-build-run high-end business process orches
Slide 66: Our clients' biggest challenges and opportunities to transform
Our Clients’ Biggest Challenges + Opportunities to Transform LEADING END-TO-END AI TRANSFORMATION, DRIVING LONG-TERM TAILWINDS FOR EPAM Real Change is Only Possible with Business Model Transformation… Reimagining Business Processes Targeting the right workflows and redesigning for optimal experience
Slide 67: Key takeaways
Key takeaways 01 02 03 04 Driving our clients’ AI-native business transformation at scale Leveraging our proven AI/Run .Transform playbook that turns AI strategy into measurable business outcomes Our clients’ biggest AI challenges create long-term, structural growth tailwinds for EPAM within both bu
Slide 68: Client testimonial
CLIENT TESTIMONIAL <epam>
Slide 69: Q+A
Q+A 69
Slide 70: Break
Break 70
Slide 71: Arkadiy Dobkin, Executive Chairman
ARKADIY DOBKIN Executive Chairman 71
Slide 72: Engineering DNA: competitive edge from the start
Engineering dna Competitive edge. From the start. 72
Slide 73: Key messages
Key messages History matters. Like previous technology waves, AI enterprise transformation is still an evolution driven by new shift and rising complexity — not a sudden revolution. 01 Engineering Excellence is a critical differentiator – and its importance spans the entire implementation lifecycle.
Slide 74: Our roots go deep in building cutting-edge tech talent
Our roots go deep in building + growing cutting-edge tech talent + Advanced Teams 74 expert. Agile. Mobile.
Slide 75: 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.” AI is Rocking our industry…and the world 75
Slide 76: Another very direct expert opinion
And One MORE very direct expert opinion Routine coding tasks are becoming commodities. The real value lies in creativity, design, and vision — areas where simply typing lines of code is not enough. “ This is not a distant threat. It is happening now, and those who wait too long will discover that th
Slide 77: Or in short, with the specific illustration
Or in short… And with the specific illustration… 77 “…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 i
Slide 78: Or in short, with the specific illustration
Or in short… And with the specific illustration… 78 “…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 i
Slide 79: Or in short, with the specific illustration
Or in short… And with the specific illustration… 79 “…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 i
Slide 80: Four years later, in 1996, Yourdon wrote a follow-up
Interestingly, Four Years Later…in 1996 80 Yourdon wrote a sort of “follow-up” titled “Rise & Resurrection of the American Programmer,” where he admitted he hugely have underestimated: Entrepreneurial Drive U. S . Innovation S IL ICON VA LLEY ’ S Growth of Economy T HA NK S TO INT ERNET Enterprise C
Slide 81: Our major technology waves
Our Major Technology Waves 81 ERA of Internet ERA of Cloud / Mobile / Data ERA of AI EPAM Founded Dot-Com Crash Financial Crisis IPO COVID Invasion of Ukraine Today +30 years. Cycle-Tested. Engineering Remains.
Slide 82: The pattern across eras
The Pattern Across Eras… So far… Was… 82 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 nev
Slide 84: The constraint will be people
AND… The constraint will be people CAPABLE TO ADDRESS The Enterprise Complexity of an AI ERA 84 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 articu
Slide 85: Key takeaways
Key takeaways 85 01 We are likely underestimating both the scale of AI-driven market expansion and the complexity of the enterprise transformation it will create. 02 Engineering matters in addressing future market and growing complexity. 03 Right Talent matters. Identifying and developing it is a cr
Slide 86: Sandra Loughlin and Aleksey Didik
Sandra loughlin Chief Learning Scientist 86 Aleksey Didik Head of Engineering Excellence.AI
Slide 87: AI talent of the future
Al TALENT OF THE FUTURE <epam>
Slide 88: New profile: full-stack agentic engineer
88 NEW PROFILE: Full-Stack Agentic Engineer SKILL EVOLUTION IN PROGRESS Retiring • Stack-specific ownership • Sequential, handoff-based delivery • Manual verification gates Retaining • Full-stack delivery ownership • Security and reliability engineering • System architecture design Rising • AI agent
Slide 89: How we build AI talent
HOW WE BUILD AI TALENT 89 BUILDING NEW TALENT PROFILES AT SCALE 18,300 ORIGINAL AI COURSES: 35 Participants at EPAM.AI Conference: 45 Participating countries: 287 AI MASTERCLASS REGISTRATIONS: 37,50 0 Teams participated in AI/Run Mission 2025: 1,700 People participated in AI/Run mission: Engineering
Slide 90: AI readiness requires a lot more than training
90 IF THAT SEEMS COMMON, IT IS AI readiness requires a lot more than training
Slide 91: Sensing and deploying the right skills unlocks impact
Sensing AND deploying the right skills unlocks impact Without these, DEVELOP efforts are ineffective Deploy Right Teams with Right Skills to Right Projects Sense Industry Market Our Talent Landscape Develop Through Formal & Informal Education Verified 91
Slide 92: This model reveals the 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 Deploy Metrics Time to Staff Positions with AI Skills Ratio of Rotations Due to Skills Mismatch Sense Metrics Supply Depth Skill Gap Develop Metrics ROI of Learning Programs Velocit
Slide 93: These are the elements of our talent engine
These are the elements of OUR talent engine 93 Enabled By Sense developDeploy
Slide 94: Sensing industry and market
SENSING INDUSTRY AND MARKET 94 CLIENT DEMAND FOR AI SKILLS IS ACCELERATING, WE TRACK IT IN REAL TIME EPAM AI Practice Leaders Define the Target • Where AI-native delivery is heading in 12–36 months • Sets the talent profile the market will need before it knows it needs it INDUSTRY SIGNALS MARKET SIG
Slide 95: Sensing our talent
SENSING OUR TALENT 95 AI-READY TALENT, VERIFIED & ACTIVE AI-Inferred Signals • Interviews, code reviews, collaboration patterns Delivery History • What shipped, complexity, speed, impact Peer Endorsement • Who vouches for them, who seeks their input Learning Velocity • Self-directed growth, courses,
Slide 96: Deploying verified mastery
Deploying verified mastery 96 MAKING DATA-DRIVEN DECISIONS IN PROJECT SELECTION, FOCUSED ON SKILLS FIT Number of assessed talent attributes: 25+ EPAM NPS improvement in 2025 in comparison with 2024: +4% Utilize AI-Powered Skills Matching Algorithms to Identify TALENT with THE Right Skills for Client
Slide 97: Building tomorrow's AI-native engineers
BUILDING TOMORROW'S AI-NATIVE ENGINEERS AI-Ready Talent from Day One Total universities: 214 Total number of enrolled students in 2025: 11,700 97 Partnering with leading universities to train students in development CULTIVATING A PIPELINE OF NEXT-GENERATION TALENT EUROPE UKRAINE WESTERN & CENTRAL AS
Slide 98: The results are evident
98 The results are evident WIP: Update PLACEHOLDER internal stats; Update industry stats for 2025 Key Takeaways 01 02 03 04 We are building talent that simply does not exist in the market today We are sensing industry, market and potential of people using decades of employee-data and proprietary tal
Slide 99: This talent engine is not new
this talent engine IS NOT NEW 99 Enabled By Sense developDeploy IT’S BEEN THE HISTORIC BACKBONE OF epam’s SUCCESS for 30+ years
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 messages Rebalanced delivery base during the invasion of Ukraine by relocating talent and expanding nearshore / offshore capacity to maintain client continuity 01 Strengthened business resiliency while de-risking execution and enabling better access to talent and capabilities Capitalized on our
Slide 103: Delivery professionals by region, 2021
Delivery Professionals By Region As of the end of December 31, 2021 59% Ukraine, Belarus & Russia EPAM Global Delivery Model - 2021 Early Diversification Before the Invasion of Ukraine 52,617 Delivery Professionals 103
Slide 104: Delivery professionals by region, 2025
Delivery Professionals By Region As of the end of December 31, 2025EPAM Global Delivery ENGINE - TODAY Optimized, Balanced, Delivery Excellence Everywhere 21% Ukraine & Belarus -38% 56,627 Delivery Professionals 104
Slide 105: Able to rapidly pivot and scale talent, mobility and delivery globally
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
01 02 03 04 Better Talent & Skills Access Expanding talent pool, recruiting and developing across many markets, opening access to specialized skills and faster scale AI-Enabled Optimization Optimizing cost, pyramids, utilization and talent management across all geographic locations Improved Delivery
Slide 108: Victor Dvorkin, Head of Global Engineering, Cloud & Platforms
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 messages One of the Best Delivery Engines in the Industry. 30 Years in the Making. Winner of the Digital Transformation Wave. 01 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 111: EPAM global delivery engine: talent and delivery model configurations
EPAM Global Delivery ENGINE 111 TALENT + Delivery MODEL CONFIGURATIONS B A L A N C E D + R E S I L I E N T Optimized & Balanced for Delivery Excellence US Serving NA Clients IN- MARKET NEARSHORE OFFSHORE U.S. & Canada Central & LATAM India Ukraine West & Central Asia, Belarus EU Serving EU / ME Clie
Slide 112: Delivery model configuration (Data practice)
EPAM Global Delivery ENGINE 112 Delivery MODEL CONFIGURATION (Data Practice) T - S H A P E D E X P E R T I S E Horizontal Practices Data US Serving NA Clients IN- MARKET NEARSHORE OFFSHORE U.S. & Canada Central & LATAM India Ukraine West & Central Asia, Belarus EU Serving EU/ME Clients IN- MARKET NE
Slide 113: Delivery model configuration (Data & AI + Life Sciences)
EPAM Global Delivery ENGINE 113 Delivery MODEL CONFIGURATION T - S H A P E D E X P E R T I S E T-Shaped Data & AI + Life Sciences US Serving NA Clients IN- MARKET NEARSHORE OFFSHORE India Ukraine West & Central Asia, Belarus EU Serving EU/ME Clients IN- MARKET NEARSHORE OFFSHORE Western Europe & Mid
Slide 114: AI-powered delivery platform
EPAM Global Delivery ENGINE 114 AI-Powered Delivery Platform B U I LT T O D E L I V E R
Slide 115: AI-powered delivery platform
EPAM Global Delivery ENGINE 115 B U I LT T O D E L I V E R AI-Powered Delivery Platform
Slide 116: AI-native delivery and direct knowledge access in AI/Run Tools
EPAM Global Delivery ENGINE 116 AI-Powered Delivery Platform AI-Native Delivery & Direct Knowledge Access in AI/Run Tools B U I LT T O D E L I V E R
Slide 117: AI-native delivery and direct knowledge access in AI/Run Tools
EPAM Global Delivery ENGINE 117 B U I LT T O D E L I V E R AI-Powered Delivery Platform AI-Native Delivery & Direct Knowledge Access in AI/Run Tools
Slide 118: Key messages
Key messages One of the Best Delivery Engines in the Industry. 30 Years in the Making. Winner of the Digital Transformation Wave. 01 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 Srinivas Reddy SVP, Head of EPAM India 2015 Enver Amdiy SVP, Head of Business, Europe 2003 Stepan Mitish VP, Head of Ukraine 2006 Martin Mendez SVP, Head of Business, Ibero America 2024 MODERATOR Amit Singhal SVP, Head of Delivery, Europe 2015 119
Slide 120: Client testimonial: ivaNova
CLIENT TESTIMONIAL -ivaNova <epam>
Slide 121: Jason Peterson, Chief Financial Officer
Jason peterson Chief Financial Officer 121
Slide 122: Key messages
Key messages Accelerating revenue growth through AI-native transformation01 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: Revenue, non-GAAP operating income and EPS
Revenue ($M) Non - GAAP Operating Income ($M) Non - GAAP Diluted EPS ($M) Returning to growth • Stability during period of geopolitical challenge • Expanded delivery locations • AI focus driving growth • Stable profitability while repositioning delivery • Continuing to invest in capabilities • Renew
Slide 124: Expanded geographic footprint drives growth and margin expansion
Expanded Geographic Footprint Drives Growth + Margin Expansion Global Capabilities: • Custom Build • Software Engineering • Products / Platforms • Advanced AI-Native • Data • Cloud • Security • Consulting Right talent, right place, right price, and right value Advanced AI-native capabilities and cen
Slide 125: Reiterating full year and Q1 2026 guidance
Reiterating Full Year + Q1 2026 Guidance Q1 2026 Full Year 2026 Revenue $1.385B – $1.400B $5.703B – $5.866B Y/Y Revenue Change 6.4% – 7.6% 4.5% – 7.5% Y/Y Revenue Growth Rate in Organic Constant Currency at the Midpoint ~3.0% 4.5% Income from Operations GAAP Income from Operations 7% – 8% 10% – 11%
Slide 126: Long-term financial algorithm
Growth Growing Market for AI-Native and Foundational AI services, enabling return to double digit revenue growth 01 Capital Allocation Combining strategic M&A transactions with Ongoing Share Repurchases Profitability Margin Expansion through ongoing improvement in cost efficiency, AI productivity an
Slide 127: Key drivers of growth
Key Drivers Of Growth AI-Native • Core AI products, platforms and solutions • Strategic AI enterprise-wide transformation AI-Foundational • Data prep and foundational readiness • Data, cloud, modernization, classic digital New Services • Agentic BPO, AI-enabled managed services M&A • Modest contribu
Slide 128: Key drivers of growth beyond 2026: margin expansion
2025A 2026E 2027E 2028E Key Drivers Of Growth Beyond 2026 Gross Margin Improvement (~50 to 70 bps) • Ongoing cost efficiencies in global delivery locations • Pyramid / Seniority index improvement • Utilization improvement • AI benefit to productivity with new commercial models SG&A Efficiency (~20 t
Slide 129: History of robust free cash flow generation
History of Robust Free Cash Flow Generation 1) Free cash flows is calculated as cash flows from operating activities as presented in the statement of cash flows under GAAP, less capital expenditures. 2) Adjusted net income conversion is calculated by dividing free cash flows by non-GAAP net income.
Slide 130: Nominal debt and significant cash position underpin capital allocation
Nominal Debt + Significant Cash Position Underpins Balanced Capital Allocation Strategy Go-Forward Priorities 01 Reinvestment Organic reinvestment to support high-growth opportunities Capital Returns Disciplined share repurchases when share price is undervalued 02 M&A Targeted tuck-in acquisitions t
Slide 131: Strategic and disciplined approach to M&A
Act as a Catalyst to Accelerate Future Revenue Growth Financial Operating Model Consistent with EPAM’s Operating Target Goal of 16%+ AIFO High Free Cash Flow Generation Strategic + Disciplined Approach to M&A Strategic Filters Financial Criteria Expand In-Market Industry Vertical Capabilities Point
Slide 132: Clear strategy to drive value creation
Clear Strategy to Drive Value Creation Growth Durable Revenue Growth Accelerating revenue growth through 2028 16%+ non-GAAP operating income margin in 2028 $1.8B+ cumulative free cash flow generation through 2028 Invest in growth vectors and return capital to shareholders Profitability Operating Inc
Slide 133: Client testimonial: Bank of Ireland
CLIENT TESTIMONIAL —w =——_ Bank of Ireland <epam>
Slide 134: Q+A
Q+A 134
Slide 135: Balazs Fejes, Chief Executive Officer & President
Balazs Fejes Chief Executive Officer & President 135
Slide 136: Our positioning and right to win in the AI-native era
Our positioning + right to win in the ai-native era 136
Slide 137: Our people have navigated technology, social and geopolitical changes
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 138 Best positioned to be a leader in enterprise AI transformation Foundational AI work expanding, driving significant growth opportunity Strongest engineering talent in the industry with a track record of solving our clients’ most complex problems Clear strategy
Slide 139: Appendix: Non-GAAP to GAAP reconciliation tables
Appendix: NON-GAAP to GAAP Reconciliation Tables 139
Slide 140: Non-GAAP financial measures
Non-GAAP Financial Measures EPAM supplements results reported in accordance with United States generally accepted accounting principles, referred to as GAAP, with non-GAAP financial measures. Management believes these measures help illustrate underlying trends in EPAM’s business and uses the measure
Slide 141: Reconciliations of non-GAAP financial measures to comparable GAAP measures
141 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 Cost of revenues (exclusive of depreciation and amortization)(1) $3,883,535 $(88,055) $3,79
Slide 142: Reconciliations of non-GAAP financial measures (continued)
142 Reconciliations of Non-GAAP Financial Measures to Comparable GAAP Financial Measures (continued) (Unaudited) (In thousands, except percent and per share amounts) Adjustments Year Ended December 31, 2025 2024 2023 2022 Stock-based compensation expenses $ 86,252 $ 80,944 $ 68,797 $ 47,470 Poland R
Slide 143: Reconciliations of non-GAAP financial measures (continued)
143 Reconciliations of Non-GAAP Financial Measures to Comparable GAAP Financial Measures (continued) (Unaudited) (In thousands, except percent and per share amounts) Organic Constant Currency Revenue First Quarter 2026 Full Year 2026 (at midpoint of range) Revenue growth 7.0% 4.5% to 7.5% Foreign ex