INVESTOR PRESENTATION
EXL Service Holdings, Inc. (NASDAQ: EXLS)
October 2026
©2026 ExlService Holdings, Inc. All rights reserved. 1
BUSINESS OVERVIEW
3
WHO WE SERVE115+
Forbes G2000 clients
Clients with Data & AI engagements
400
Years average relationship
10
AI deployment success rate
94%
Insurance
10 out of 10 Top US Insurers, 4/5 UK Insurers &
3/5 Australian Insurers
Deep domain expertise, long trusted relationships
Healthcare
Trusted by leading 9/10
US Healthcare Players,
2/3 Pharmacy Benefit Managers and 6/15 Pharma & Life Sciences
Diversified Industries
Top 3 US Sports Leagues Top 2 Global retailer
Top 2 UK Energy & Utilities
Banking
8 out of top 10 US Banks 4 top UK Banks
Top Fintech Players
4
PROACTIVE BUSINESS MODEL EVOLUTION
Data & AI-Led
Data-led
Operations +
Analytics + Digital
BPO +
Analytics
BPO
Business Pivots
2024 onwards
2020-2023
2015-2019
2008-2014
1999-2007
CX
Better Business Outcomes with Speed
Growth & Cost Optimization
aking + Improve
Better Decision M d
Cost Efficiency +
Cost Efficiency + Better Decision Making
Cost Efficiency
Customer value
5
OUR STRATEGIC BLUEPRINT
Durable growth and profitability
Sustained business outcomes
Trusted execution
Data + Context + AI
6CONSISTENT PERFORMANCE THROUGH VALUE ALIGNMENT
Insurance, Healthcare and Banking
Heavily regulated
Highly complex
Customer-centric
80+ NPS
last 5-year average
Industry verticals
AI services and solutions
Data management
Payment integrity
25%
of EXL revenue from IP
High value pools
40%
Operations revenue
60%
Data and AI revenue
Strong portfolio
17%
5-year revenue CAGR1
23%
5-year adj. EPS CAGR1
Proven performance
1 CAGR 2020-2025
7AI OPPORTUNITY IS EXPANDING OUR TAM
$1600B
2029
$1200B
2028
$950B
2027
New AI-led value pools
Spend in data and AI
Larger number of adjacent capabilities
Broadening of customer segments
Source: Everest, Gartner for TAM
8EXL ADVANTAGE
Data Data modernization Data lineage & knowledge graphs Data governance & quality Agentic data platform |
Context Industry domain Core business workflows Regulatory knowledge Client ecosystem AI model training |
AI Agentic platforms Vertical IP solutions Accelerators Domain LLMs |
Trusted execution
Expert and scalable AI talent
9
ai
ai
ai
EXL'S AGENTIC PLATFORMS FOR SPEED AND SCALEEXLdata.
Enterprise brain
125+ agents
40+ domain ontologies
50+ context graphs
6 patents
EXLdecision.
Enterprise decision suite
800+ algorithms
220+ connectors
5,000+ features
2 patents
EXLerate.
Agentic workflows
250+ deployments
16 domain workflows
7 domain LLMs
9 patents
10
EXL'S DATA & AI AND OPERATIONS BUSINESSES ARE SYMBIOTIC
Data and AI
Trusted execution
Operations
AI context and intelligence
Business context and semantics
11BOTH BUSINESSES WILL CONTINUE TO GROW
Data and AI
Large and expanding TAM
Differentiated value proposition:
Data + Context + AI with trusted execution
Expert and scalable talent:
18K+ data scientists, AI engineers and architects
Agentic platforms for speed and scale
Operations
Outsourcing penetration is still low with significant headroom for growth
Complex and highly regulated workflows need domain depth and expertise
Large enterprises open to higher level of outsourcing with AI enablement
Small/medium-sized enterprises need AI-led transformational outsourcing
12
AI DEMAND VECTORS FOR EXL
Data for AI |
Make data AI-ready, governed and trusted across the lifecycle Data |
AI Services |
From AI strategy to agentic deployment and adoption Data + AI |
Agentic AI-led operations |
Running core operations with AI-embedded workflows Data + AI + Operations |
Integrated AI-led business solutions |
AI-powered solutions built to operate at scale Data + AI + Operations + Proprietary Technology |
FINANCIAL OVERVIEW
14
RESILIENT BUSINESS MODELAnnuity-like revenue
More than
three quarters of revenueis recurring
Net revenue retentionNet revenue retention
greater than 1.111 In FY 2025
15MARKET-LEADING GROWTH
EXL 9.0%
10.7%
16.3%
14.9%
6.9%
Revenue growth (Y/Y)
14.8% 14.7%
12.2% 12.7%
13.8%
6.2%
15.6%
Industry Peers1
2.1% 2.5%
5.2%
4.1% 5.1% 4.7% 4.0%
4.1%
Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
1 11 major services businesses as a proxy for the overall industry peers i.e., Accenture, Globant, Endava,
EPAM, Genpact, TCS, Infosys, Wipro, Cognizant, Concentrix, Verisk Analytics 16
STRATEGY EXECUTION DRIVING SUSTAINED FINANCIAL PERFORMANCE
Revenue YoY growth
26%
15%
17%
ADJ. EPS1 YoY growth
25%
19%
15%
18%
20%
22%
37%
13%
14%
14%
16%
2021
2022 2023 2024 2025 Q1'26 Q2 '26
2021
2022 2023 2024 2025 Q1'26 Q2 '26
GM%
38.4%
34.9%
2020 2025
AOPM%1
19.5%
15.9%
2020 2025
ROIC%2
20.2%
8.9%
2020 2025
1 See "Appendix" slides for information regarding the use of our non-GAAP financial measures.
2 Return on invested capital is calculated as net operating profit after tax / avg. (debt + equity) 17
Data & AI-led
$1,155M
AI embedding
AI first
$366M
21% 1
CAGR
55%
38%
2020
2025
$931M
26% CAGR 1
$224M
DATA & AI-LED PIVOT DRIVING GROWTHTotal operations
$1,157M
14% 1
CAGR
$593M
$932M
$224M
2020 2025
1 CAGR 2020-2025
Digital operations
Data & AI-led operations
Data & AI solutions and services Data & AI-led operations
18DIVERSIFIED VERTICAL STRENGTH AND EXPANDING GLOBAL FOOTPRINT FUELING GROWTH
$534
18%1
$232
$724
20%1
$297
2025
2020
2025
2020
Banking, Capital Markets &
Diversified Industries
Healthcare & Life Sciences
Revenue by industry
Insurance
$830
$429
14%1
2020
2025
Revenue by geography
85.7%
1 CAGR 2020-2025
14.3%
2020 2025
82.7%
17.3%
North America International
194X INVESTMENTS FUELED BY GROSS MARGIN EXPANSION
350 bps gross margin expansion
38.4%
4X increase in investments1
$81M
34.9%
$20M
2020 2025 2020 2025
1 Investments include CAPEX and OPEX
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