2025 Annual Results - Universal Registration Document

Person responsible for the universal

registration document 346

Statutory auditors 346

Cross-reference table to the universal

registration document 346

Cross-reference table to the annual financial

report (and other information included) 349

Cross-reference table to the management report 349

Cross-reference table to the corporate

Excluding directors representing the employees in accordance with the AFEP-MEDEF code (§10.3).

Excluding directors representing the employees in accordance with article L.225-27-1 of the French Commercial Code.

Overview of the Group 18

1. Overview of Group business activities 18

2. The Group's assets for transformation 24

3. Group markets 30

4. Group strategy 35

5. 2025 highlights 38

6. Organization chart (December 31, 2025) 38

Reconciliation of Alternative Performance Measures (APMs)

with relevant IFRS sub-totals 40

Highlights of 2025 42

Group results in 2025 42

Cash flow and capital structure 44

Key figures of principal subsidiaries 46

Events after the reporting date 46

Risks and uncertainties 46

1. Overview of Group business activities

   A global leader in digital business services

   Founded in 1978 by Daniel Julien, TP has established its status as a global leader in digital business services. A preferred partner to fast-growing, market-leading multinationals and government agencies, TP is a major player in digital optimization and transformation strategies, customer experience, and business processes.

   The Group orchestrates solutions for clients worldwide combining technology with human expertise and leveraging its expertise in technology, including artificial intelligence, human capital management, and customer experience management infrastructures.

   Operating in nearly 100 countries, TP manages programs in more than 400 languages and dialects serving 170 markets. The Group is committed to being an employer of choice for its nearly 490,000 employees by implementing the highest standards in terms of working conditions (3.4.1.5 Working conditions and human rights).

   TP operations comprise two main segments:

   • Core Services;

   • Specialized Services.

   1. Core Services

      Core Services cover a broad range of services:

      • multichannel front-oflice services including customer care, technical support, customer acquisition (sales), and loyalty schemes;

      • back and middle-oflice services dedicated to corporate support functions, including operations consulting in digital transformation, data annotation services, and automated systems learning;

        Core Services break down into two broad geographical zones:

      • the Americas;

      • Europe, Middle East and Africa (EMEA) & Asia Pacific.

      2025 Core Services revenue amounted to €8,724 million and accounted for 85% of total Group revenue.

      2025 KEY FIGURES

      Revenue

      (in millions of euros)

      Total headcount

      Number of countries

      	Business scope	(% of total Group revenue)	at 12/31/2025	of operation	Main sectors
      Geographical zones	Americas	4,026 (39%)	290,701	47	All sectors
      	EMEA & Asia Pacific	4,698 (46%)	177,529	26	All sectors
      CORE SERVICES TOTAL		8,724 (85%)	468,230	73	All sectors

      Core Services is an integrated, omnichannel business comprising the management of all contact channels, including voice (phone, video, face-to-face) and non-voice (chat, email, social media), with a view to connecting consumers and citizens to brands and government agencies.

      The Core Services business is essentially based on managing contacts between TP clients and their own customers and users.

      The Group also operates customer acquisition services for large companies via omnichannel targeted sales processes.

      The Group draws on its global network to serve a large number of markets through a hybrid business model combining work-from-home solutions with onshore, multilingual, nearshore, and oflshore operating centers.

      BREAKDOWN OF CORE SERVICES REVENUE (2025)

      By region By service type

      5%

      Other(1)

      5%

      Back-oflice/BPO

      8%

      Sales

      2%

      Data services

      for AI

      46 %

      Americas

      54 %

      EMEA & APAC

      8%

      Technical support

      9%

      Trust & Safety

      63%

      Care

      (1) Includes Technology Products & Services, Consulting and Data Analytics.

      1.1. OVERVIEW OF THE GROUP

      1.

      DETAILS OF MAIN SERVICE TYPE

      Service type	Mission
      Care 63%(1)	Customer care services covering all types of sector and sales models (B2B, B2C, D2C) and contact channels. The solutions combine technology (primarily artificial intelligence) and human expertise (advisor emotional intelligence). Examples of scopes of application:
      Technical support 8%(1)	Product, service, and application support services covering all types of sector and sales model (B2B, B2C, D2C) and contact channels.
      Sales 8%(1)
      Trust & Safety 9%(1)
      Back-office/BPO 5%(1)	Solutions integrating back-oflice services with front-oflice operations for enhanced and more eflicient customer experience management and an optimized sales approach. The fields of application are varied:
      Other 5%(1)
      Data services for AI 2%(1)

      • claim management;

      • proactive measures to optimize customer care, such as welcome oflers;

      • integrated omnichannel support services.

      • B2B or B2C sales;

      • Customer loyalty and retention initiatives (welcome kits, analytics, customer retrieval programs, etc.);

      • Design and execution of cross-selling and up-selling programs;

      • Development of predictive purchasing models for existing clients;

      • Sales and negotiation training and coaching.

      • Content moderation solutions to protect a company's online reputation and identify dangerous or inappropriate content in compliance with client enforcement rules (especially social media platforms);

      • Online advertising moderation;

      • User authentication, fraud response, and transaction control solutions;

      • Development of tools and protocols specifically for content stemming from generative artificial intelligence to mitigate risks (biases, misinformation, errors, etc.).

      • dedicated processes for every sector, such as car insurance claim handling, healthcare billing management, and financial fraud claims handling;

      • customer account management, order processing, refund management, and accounts receivable management;

      • data security risk prevention and fraud detection processes;

      • document management: receipt of digital and printed documents, processing, and digitalization.

      • Consulting: strategies, customer experience design, process optimization, organizational structuring, etc.;

      • Technology: contact centers as a service (CCaaS), conversational artificial intelligence, advanced automation, etc.;

      • Design and creation: predictive models, digital touchpoints, digital marketing, etc.;

      • Analytics: market research, customer satisfaction analysis, employee engagement, etc.

      • Raw data labeling and annotation (image, video, audio, text) for model training;

      • Data annotation and generation combining several types of media;

      • Support and security for generative AI: support services for deploying and safeguarding models.

      (1) % of Core Services revenue.

      1.1. OVERVIEW OF THE GROUP

   2. Specialized Services

      Specialized Services comprise niche, high value-added activities operating in financial and strategic coordination with Core Services. TP is a major player in these markets characterized by their high barriers to entry.

      2025 Specialized Services revenue amounted to €1,485 million and accounted for 15% of total Group revenue.

      2025 KEY FIGURES

      Total headcount

      Number of countries

      	Business	at 12/31/2025	of operation	Main sectors
      LanguageLine Solutions (LLS)	Interpreting services including sign language	9,462*	34	Healthcare, government sector, financial services, telecommunications
      TLScontact	Visa application management and consulate services	1,982**	51	Government sector
      AllianceOne (ARM)	Accounts receivable management	3,364	12	Financial services, government sector, telecommunications, e-commerce
      Health Advocate	Online healthcare navigation and support	593	1	Healthcare
      PSG Global Solutions	Advisory and assistance services for hiring processes	1,865	2	Healthcare, travel agencies, hospitality, airlines
      TOTAL		17,266	78

      * Excluding external interpreters under contract with LLS, and including 2,395 employees of ZP Better Together.

      ** With TLScontact visa application centers.

      LanguageLine Solutions (LLS)

      Founded in 1982 and based in Monterey, California, LanguageLine Solutions was acquired by TP in September 2016. The company is the leading provider of over-the-phone and video interpreting solutions, and multilingual document translation and localization services in North America, serving a range of companies and institutions.

      Boasting a network of 35,000 employee and freelance interpreters, LanguageLine Solutions oflers essential services to a wide range of clients, particularly in the sectors covered by TP Core Services such as healthcare, government, insurance, financial services, and telecommunications. In 2025, the company provided services in more than 350 languages and dialects to around 30,000 client accounts in the United States, Canada, and the United Kingdom.

      DETAILS OF MAIN SERVICE TYPE

      Service type	Mission
      On-demand interpreting ("OPI" over-the-phone and "VRI" video remote interpreting)
      On-site interpreting ("OSI")
      Document translation and localization services
      Other services

      • 24/7 fast on-demand OPI and VRI access to top-class interpreters covering over 270 languages and two sign languages

      • Accessible using a dedicated phone number and an ERP system compatible with multiple digital platforms

      • On-demand interpreting solution powered by artificial intelligence, LanguageLine Automated Interpreter (LLAI)

      • Provision of interpreters on client premises

      • Required for more complex interactions regarding confidential or sensitive matters

      • Particularly suited to group settings, young children, and areas such as mental health

      • Implementation of multilingual content programs for all types of content through multiple digital platforms

      • Written and digital translation and localization services in over 350 languages and 580 language combinations

      • Transcription and subtitling services

      • Solutions using artificial intelligence technologies integrated into neural machine translation, quality assessment of translated content

      • Automation of multilingual content publication

      • Language proficiency tests

      • Interpreter training programs

      • Specific training and equipment related to language services

      • Document simplification

      • Braille translation services

      1.1. OVERVIEW OF THE GROUP

      BREAKDOWN OF LANGUAGELINE SOLUTIONS REVENUE BY LANGUAGE SERVICE TYPE (2025)

      Synergies with other TP business activities

      1.

      The first synergies between Core Services and LanguageLine

      5%

      On-site interpreting ("OSI")

      17%

      Video remote interpreting ("VRI")

      4%

      Document translation

      74%

      Over-the-phone interpreting ("OPI")

      Solutions were developed in the area of interpreter recruitment. In 2025, TP employed over 5,900 interpreters serving the North American oflshore market. The boom in this shoring model has enabled LanguageLine Solutions to rapidly expand its international network of interpreters.

      TP is gradually deploying the solutions oflered by LanguageLine Solutions among its Core Services clients, focusing on the healthcare, insurance, financial services, telecommunications, and government sectors.

      Meanwhile, LanguageLine Solutions is intensifying its integration with the TP Core Services business by developing customized

      BREAKDOWN OF LANGUAGELINE SOLUTIONS REVENUE BY SECTOR

      (2025)

      6%

      document translation and localization solutions tailored to each client's operational and regulatory constraints. These solutions combine artificial intelligence with human expertise in order to ofler

      10%

      Insurance

      13%

      Other

      13%

      Government

      TLScontact

      Financial services

      58%

      Healthcare

      machine translation programs, audiovisual content transcription, and content management workflows.

      TLScontact is a major player in the digitally-enabled government services market, with a global footprint and established track record in outsourced visa application management and consular services, built up over almost two decades. Its business involves assisting government and public sector clients in processing applications

      submitted by persons wishing to access services, for example applying for a visa to travel to a country. TLScontact manages all the administrative aspects of the process, from the collection of supporting documents and biometric enrolment to the secure transfer of applications to the relevant decision-making body.

      TLSCONTACT'S MAIN BUSINESS ACTIVITY

      Physical collection & transmission

      of return documents

      Clients

      Quality control & transmission (digital or physical)

      Registration, appointment & reception

      Informations communication

      Clients

      Online

      Contact center

      Face-to-face

      Data capture

      verification & validation

      Biometric submission

      
      
      

      Free payment & reconciliation

      Submission

      (digital or non-digital)

      1.1. OVERVIEW OF THE GROUP

      TLScontact has a robust business model, based largely on long-term contracts with governments, won through public tenders. It operates through a self-funded model, where, in addition to government visa fees, applicants pay a TLScontact service fee covering appointment management, secure data processing, biometric enrolment, etc. TLScontact also oflers applicants a range of high value-added services for an additional fee, such as premium lounge access, travel insurance, out-of-hours "Prime Time" appointments, and on-demand appointments at a location of the applicant's choice.

      The company opened its first visa application center in Beijing in 2007, on behalf of the French Embassy. The company's rapid development was based on its technological expertise and the quality of its stafl, enabling it to ofler high-quality customer service, and secure end-to-end application tracking. Its technology platform oflers user-friendly digital interfaces, secure digitalization and transfer of documents, and biometric data collection in line with the most stringent international standards.

      TLScontact was the first company in its sector to obtain global ISO/IEC 27701 certification (Privacy Information Management System) in 2021, expanding its existing global ISO 27001 certification - Information Security. Since then, it has also obtained the ISO/IEC 27017 certification for Cloud Security, and the UK-government backed Cyber Essentials Plus certification, underscoring its ongoing commitment to protect its systems, data and customers from evolving cyber threats.

      AllianceOne Receivables Management

      AllianceOne Receivables Management ("AllianceOne") is a major outsourcer of accounts receivable management in North America. The company provides a comprehensive range of specialized services.

      27 centers perform debt collection services in the United States, Canada, and the countries where it conducts nearshore and oflshore activities (Canada, Colombia, Costa Rica, the Dominican Republic, India, Jamaica, Mexico, Peru, the Philippines, El Salvador, and Trinidad).

      The main sectors served by the company are telecommunications, financial services (credit cards, bank loans), retail and e-commerce (consumer credit cards), and the government sector (taxes, customs duties, healthcare).

      The company operates from over 130 locations throughout Europe, the Middle East, Asia, Africa and the United States, handling close to four million applications a year for 11 governments:

      • in the Schengen Area: France, Italy, Germany, the Netherlands, Belgium, Poland, Portugal, and the Czech Republic.

      • in the United Kingdom.

      • and in other countries with specific needs: Israel, Cyprus, and Morocco.

        In 2025, TLScontact opened new visa application centers for France across the USA and Jamaica, and won additional new contracts for France in Uzbekistan and Belarus. It won a significant new contract with the German Federal Foreign Oflice, which saw it open new visa application centers for Germany in eight locations across Central Asia, between June and August. It also won its first contract with the Czech Republic, in Thailand, and started processing Czech visa applications at its Bangkok center in August.

        In terms of performance over the year, TLScontact's activity was underpinned by the continued recovery in international travel and the increasing desire of governments to outsource their visa application and citizen services. In 2026, opportunities for expansion are expected with existing clients, including Germany, Italy, and the Netherlands, along with new government clients such as Canada and Greece.

        Over the medium term, the company can hope to pursue its growth, thanks to the continued increase in international travel, as well as its ability to leverage its visa application business expertise, its client portfolio and its global network integrated with that of TP Group in order to sign new contracts. It is well-positioned to continue its development in both its core visa business and in related consular and citizen services, expanding into other markets such as identity document management, residence permits or services for students applying for study abroad.

        BREAKDOWN OF REVENUE BY SECTOR (2025)

        7%

        Retail

        12%

        Telecom

        41%

        Financial services

        40%

        Government

        Building on the successful deployment of artificial intelligence solutions in 2025, AllianceOne's strategy is increasingly based on developing digital solutions designed to increase agent efliciency while strengthening and industrializing digital debt collection capabilities.

        1.1. OVERVIEW OF THE GROUP

        Health Advocate

        Health Advocate is an integrated healthcare experience management platform covering referral, clinical support, behavioral health, and prevention in response to the physical, emotional, social, and financial needs of American patients. Since 2001, the company

        1.

        has supported around 30 million beneficiaries, combining human expertise with technological innovation.

        Health Advocate's Population Health program spans the entire care continuum, aiming to optimize health outcomes while reducing operational costs.

        Health Advocate's business activities are organized around two categories of services:

        Service type	Mission
        Navigation & Advocacy	Clinical and administrative decision-making support services throughout the patient healthcare experience across all communication channels (voice and digital)
        Health and wellbeing	A comprehensive suite of solutions in the areas of employee wellbeing, employee engagement, behavioral health, and chronic care management aimed at ensuring better health, fulfillment, and efliciency for corporate clients' employees.

        In 2025, Health Advocate improved its service oflering by developing:

      • a behavioral health platform named "Care Connect"designed to connect healthcare professionals and patients in order to facilitate care planning and interactions via secure access;

      • a native mobile application oflering video-conference, calendar, alert, and secure messaging features as well as 24/7 access to services and support;

        PSG Global Solutions

        Founded in 2008, PSG Global Solutions is a leader in recruitment process outsourcing (RPO). The company oflers solutions spanning the key stages of the hiring process and all areas of recruitment support services, from strategic optimization and support to artificial intelligence-assisted automation, aimed at improving efliciency, speed, and candidate engagement.

        PSG Global Solutions oflers four types of services:

      • a multichannel digital engagement platform driven by artificial intelligence designed to enhance engagement in care pathways and reduce disruptions;

      • assistance tools based on artificial intelligence, including a digital assistant dedicated to providing support and facilitating understanding of services, a real-time case management tool, and an automated tool for generating evidence-based appeals and claims.

      With teams based in the United States, the Philippines, and India, PSG helps employers, healthcare organizations, and recruitment firms industrialize their processes by combining in-depth expertise in profile selection, flexible delivery models, and proprietary technology driven by artificial intelligence.

      Service type	Mission
      Recruitment	Modular and scalable solutions for optimizing recruitment processes, covering the entire recruitment cycle as well as one-ofl assignments and back-up assistance during peak periods
      Recruitment support for employers	High-volume operational and administrative support, including management of authorizations and certification, regulatory compliance, planning, onboarding, and recruitment operations
      Recruitment support for recruitment agencies	Deployment of white-label recruitment teams to help recruitment agencies increase production capacity, absorb peak activity, and streamline candidate management
      Artificial intelligence-based proprietary recruitment platform (Ana.ai)	Automation of candidate engagement, pre-screening, interview scheduling, and workflow management, while maintaining a people-centric recruitment experience

      1.1. OVERVIEW OF THE GROUP

2. ‌The Group's assets for transformation

   Over the last few years, TP has gradually transformed its model to meet the changing needs of its clients, who are faced with an increasing volume and complexity of contacts with their own customers due to changes in consumer behavior and rapid technological advances, particularly in terms of generative AI.

   This transformation was carried out in a coherent and disciplined manner. Today, TP is positioned as a trusted partner helping clients

   worldwide to achieve their operational transformation in the field of digital business services.

   This value creation model is based on four pillars: talent and empathy, in-depth industry expertise, advanced technologies, and operational excellence.

   
   
   

   Talents & Empathy

   Empathetic teams of experts deployed worldwide

   
   
   

   Domain expertise In-depth expertise by sector and service line, meeting local and global client needs

   The Group's four pillars

   Operational excellence Recognized operational standards thanks to know-how and rigorous methodologies

   
   
   

   Advanced technologies

   AI-based application suite

   to increase efliciency

   and new services

   1. High touch: teams of experts deployed worldwide

      TP is a partner of choice for the world's leading companies and governments, and a highly reputed global employer.

      1. An international partner in its market

         With operations in around 100 countries, TP covers 170 markets in more than 400 languages and dialects on behalf of over 1,500 clients, mainly major multinationals operating in various sectors, and government agencies. Two-thirds of the world's 100 largest companies are Group clients.

         The Group's global presence allows it to support multinationals in the rapid deployment of complex and integrated solutions in all global markets, meeting their requirements for uniform standards of quality, security, and efliciency.

         BREAKDOWN OF REVENUE BY BUSINESS AND LINGUISTIC REGION (2025) BREAKDOWN OF TOTAL WORKFORCE AT DECEMBER 31,

         2025 BY BUSINESS AND LINGUISTIC REGION

         15%

         Specialized Services

         39%

         Americas

         85%

         Core Services

         46%

         EMEA & APAC

         3%

         
         
         

         Specialized Services

         37%

         EMEA & APAC

         97%

         Core Services

         60%

         Americas

         1.1. OVERVIEW OF THE GROUP

      2. An employer of choice worldwide

         BREAKDOWN OF CORE SERVICES REVENUE BY PROGRAM TYPE

         Boasting nearly 490,000 employees in around 100 countries, TP plays a key role in generating professional opportunities worldwide.

         TP aims to be an employer of choice in order to ensure value creation among its stakeholders. Employee satisfaction is the primary condition for end-user and, therefore, client satisfaction. To achieve this goal, the Group implements numerous initiatives relating to recruitment, training, and career management, as well as respect for human rights, inclusion, and occupational health and safety.

         In 2025, the Group was recognized as one of the World's 25 Best Workplaces™ for the fifth year in a row. This exclusive distinction is

         57%

         1.

         43%

         58%

         42%

         59%

         41%

         awarded to leading employers worldwide by Great Place to Work Institute and Fortune magazine. This year, the Group rose to seventh place in the world ranking, obtaining Great Place to Work® certification in 69 countries covering 90% of its employees.

         2023

         Nearshore/offshore/multilingual
         
         

         2024

         Onshore

         2025

      3. A unique offering of operational "smartshoring" solutions

         Backed by a global integrated network of onshore operations, multilingual hubs in eight countries, and nearshore/oflshore operations in 45 countries, TP oflers a unique range of smartshoring solutions worldwide in all languages, tailored to all clients' needs and constraints. The Group also oflers work-from-home solutions.

         Domestic, offshore, and nearshore solutions

         TP's nearshore and oflshore solutions involve serving a market from a third country in the language of that market. They mainly target:

         • the North American market in English and Spanish via Mexico (nearshore), the Philippines and India (oflshore);

         • some European markets (nearshore).

           Their success is largely based on standard processes guaranteeing a uniform customer experience regardless of where the centers are located.

           BENEFITS OFFERED BY SOLUTION TYPE

           Onshore Nearshore Oflshore

           • No cultural diflerences

           • Same language and time zone

           • Proximity of operations

           • Same regulations

           • Enhanced efliciency

           • Geographic proximity

           • Cultural proximity

           • Easier travel

           • Less expensive communications

           • Enhanced efliciency

           • Highly skilled advisors

           • Select locations with the closest cultural aflinity to the market served

             Multilingual hubs

             TP operates multilingual hubs oflering multinationals multilingual omnichannel customer experience management solutions. These hubs house stafl from around the world, who work together in a single location on Pan-European, Pan-African, and Pan-Asian programs. They combine linguistic expertise, profitability, and technological innovation to deliver bespoke services to global brands.

             TP's multilingual oflering is a diflerentiating factor, mainly based in eight countries each serving at least five languages: Portugal, Greece, Romania, Spain, Egypt, Malaysia, Indonesia, and Thailand. The locations for multilingual hubs are chosen in accordance with rigorous selection criteria: regional attractiveness and stability combined with a skilled multicultural population.

             The hubs use instant translation systems based on artificial intelligence to cover a huge range of languages and dialects, thereby optimizing quality of service and operational efliciency.

             Multilingual hub features:

           • centralized operational responsibilities;

           • consolidated data management, standardized and consistent omnichannel and multilingual processes involving multiple markets;

           • nimble HR practices, especially during start-up and peak phases;

           • cost-eflectiveness through optimization of human resources and judicious smartshoring choices;

           • an agile solution serving new languages and new markets.

      4. The Cloud Campus solution: a virtual campus using remote working technologies

         Teleworking is a sustainable and value-creating business model deployed worldwide via the TP Cloud Campus (TPCC) solution. The scheme combines innovative technology, a people-centric approach, and exceptionally high operating standards. Following its successful rollout to overcome the global health crisis, the solution has developed into a sustainable and reliable remote operating model based on cloud technology and centralized management of work-from-home advisors. 30% of the Group's workforce now work from home.

         1.1. OVERVIEW OF THE GROUP

   2. A diversified client portfolio coupled with in-depth industry expertise

      Serving more than 1,500 clients including government agencies and leading firms in a wide variety of sectors, TP's Core Services business boasts one of the most diversified client portfolios in the field. In the Specialized Services business, LanguageLine Solutions, US market leader in remote interpreting services, has a portfolio of 30,000 client accounts.

      BREAKDOWN OF CORE SERVICES REVENUE BY SECTOR (2025)

      3%

      Automotive

      4%

      Energy & Utilities

      6%

      Public sector

      3%

      FMCG(1)

      3%

      Other

      21%

      Media,

      TP develops oflers that meet the specific needs of every business sector. The Group is particularly well positioned in the financial services, healthcare, social media, travel, hospitality, and government sectors.

      7%

      Healthcare

      8%

      Technology

      8%

      Telecom

      9%

      Retail &

      e-commerce

      (1) Fast Moving Consumer Goods.

      Entertainment

      & Gaming

      17%

      Financial services

      & insurance

      12%

      Travel & Hospitality

      TP has been investing for years in industry expertise and a thorough understanding of its clients' needs by deploying operational and commercial resources that have enabled it to accelerate the verticalization of its oflering and global organization. This expert positioning is particularly suited to the increasingly digital business environment in which its clients operate. The contribution of tech players covers a wide range of sectors.

      CLIENT PORTFOLIO CONCENTRATION RATE (% of total revenue*)

      	2025	2024	2023
      Top client	6%	7%	5%
      Top 5	22%	22%	19%
      Top 10	31%	31%	28%
      Top 20	40%	40%	38%
      Top 50	54%	54%	52%
      Top 100	66%	67%	66%

      * Excluding LanguageLine Solutions, Health Advocate, and PSG Global Solutions revenue, given the specificity of their businesses and client portfolios. These companies, Group subsidiaries since September 2016 (LanguageLine Solutions), July 2021 (Health Advocate), and November 2022 (PSG Global Solutions), were not included in the concentration rate calculation.

      TP's global positioning allows the Group to support multinational companies worldwide, whatever the market. These global accounts generate 56% of the Group's Core Services revenue (top 100 clients representing 66% of revenue). However, no single client accounts for more than 6% of Group revenue.

      The average length of TP's relationships with its top 100 clients is around 14 years.

   3. High-tech: a differentiating approach serving human beings

      The Group develops and acquires technology solutions in order to deliver services with increased efliciency and optimize client satisfaction, thereby positioning itself as a major player in digital transformation. For several years, the integration of automated solutions using interactive voice servers, Robotic Process Automation (RPA), and artificial intelligence (AI) has directly contributed to the Group's sustained growth and improved profitability.

      1.1. OVERVIEW OF THE GROUP

      1.

      TECHNOLOGICAL ADVANCES INTEGRATING SCALABLE AND COMPLEX FORMS OF ARTIFICIAL INTELLIGENCE

      Simple rule-based automation IVR1, RPA2, OCR3, ML4

      Automate repetitive, simple, and rule-based tasks to improve human productivity

      and accuracy

      Chat | Voice | Email

      Natural Language Processing (NLP)

      Advanced automation and in-depth interaction analysis to better understand the client's needs and provide the best possible solution

      Generative artificial intelligence Large Language Models (LLM)

      Vastly improved understanding of context, ability to summarize and auto-generate responses

      	Generative artificial intelligence
      	Conversational AI
      Basic and advanced automation
      OPERATIONAL EFFICIENCY, IMPROVED PRODUCTIVITY, AND REDUCED AVERAGE PROCESSING TIME OVER THE PAST 10 YEARS

      1. Interactive Voice Response.

      2. Robotic Process Automation.

      3. Optical Character Recognition.

      4. Machine Learning.

      1. The TP.ai FAB solutions ecosystem

         TP.ai FAB solutions constitute a portfolio of expertise in modular artificial intelligence that integrates artificial intelligence directly into operations. Organized into functional and sectoral suites, this ecosystem aims to reduce complexity, standardize execution, and drive performance in strategic areas.

         The main functional suites of TP.ai FAB are:

         • TP.ai FAB Assist: strengthening human expertise through AI to improve accuracy, productivity, and quality;

         • TP.ai FAB Connect: orchestrating hybrid, human, and agentic interactions throughout the customer experience;

         • TP.ai FAB Growth: accelerating revenue generation and business performance through AI-optimized workflows;

         • TP.ai FAB Collect: supporting large-scale, AI-driven, compliant debt collection and management operations;

         • TP.ai FAB Data: transforming corporate data into actionable insights through AI-powered data services;

         • TP.ai FAB Operate: applying AI to recruitment, training, and quality control in order to improve operational efliciency.

      2. TP Infinity: a digital transformation service offer

         TP's new range of TP Infinity services illustrates its ability to capitalize on its historical expertise to advise and support clients with their digital transformation.

         TP Infinity seeks to address growing client demand for an integrated approach to CX transformation in today's experience-led economy. The comprehensive oflering includes consulting, technology, analytics, design, and creation services. TP Infinity combines TP's

         global expertise in digital transformation and customer experience with three separate companies that joined the Group via the Majorel acquisition closed in November 2023:

         • IST Networks, a CX technology reseller, system integrator, and managed service provider based in Egypt with operations in Saudi Arabia, UAE, and broader EMEA;

         • Findasense, a digital marketing agency in Europe with operations in Mexico, Colombia, and the rest of Latin America; and

         • Junokai, a CX consulting firm based in Germany.

           TP Infinity is made up of a diverse team of experts in analytics and technologies, who are all creative and specialists in operational optimization.

      3. New digital back-office solutions

         Artificial intelligence is disrupting back-oflice business lines, which must adapt to the automation and optimization opportunities it presents. TP positions itself as a strategic partner in the provision of secure artificial intelligence solutions, drawing on machine learning best practices. As such, the Group is developing advanced capabilities in three main areas:

         • operations specializing in generative artificial intelligence: data annotation, classification, markup and storage, and text synthesis;

         • ethical and responsible artificial intelligence: detection and mitigation of biases and vulnerabilities in artificial intelligence systems, data and privacy protection, compliance with policies and legislation in force;

         • artificial intelligence optimization: vulnerability and penetration testing of IT systems and creation of accurate queries to obtain contextual artificial intelligence results from large language models (prompt engineering).

           1.1. OVERVIEW OF THE GROUP

           Data annotation plays a particularly essential role in developing environments using generative artificial intelligence. This service identifies raw data (images, files, texts, videos) before adding one or more labels to it in order to specify the context for the artificial intelligence software. Through this machine learning process, it trains the software to generate accurate predictions and make better use of data. This is the first step in creating an artificial intelligence system.

           The rise of data annotation is part of the development of the on-demand economy ("gig economy") which corresponds to the use of specialized resources oflering a certain flexibility, with opportunities for upskilling and retention. As a world leader in its market and an employer of choice, particularly in India, TP is especially well positioned to attract these new talents.

           For example, the TP.ai Data Services portfolio provides the data infrastructure that powers artificial intelligence, machine learning, and generative artificial intelligence at scale. From data annotation to advanced analytics, TP.ai Data Services transforms raw data into reliable, actionable insights, enabling companies to confidently design, deploy, and manage their artificial intelligence systems.

           TP's integrated services cover artificial intelligence life cycle management, advanced analytics, and Trust & Safety operations. They combine artificial intelligence, human expertise, and rigorous governance to improve accuracy, accelerate automation, protect digital ecosystems, and drive tangible results.

      4. A partnership strategy with key tech players

         Faced with a ramp-up in the pace of change, TP has developed proprietary solutions and formed key partnerships. Over the past two years, TP has been particularly active in bolstering its oflering of high-performance hybrid solutions through partnerships with leading players in the artificial intelligence sector, such as ServiceNow, Microsoft Azure, and Kore.ai.

         In particular, TP has become a leading partner of key players in the cloud sector. In 2023, TP extended its partnership with Microsoft Azure Cloud to ofler its clients comprehensive cloud infrastructure

         solutions. Its teams of experts provide consulting services (assessment of the best possible strategy and objectives), migration services (solution tailored to clients' needs), and cloud management services (infrastructure management, governance, security, and continuous optimization).

         TP wants to accelerate partnerships over the coming years as part of its strategy to further develop its advanced artificial intelligence capabilities by integrating proprietary technologies to strengthen its position as a leader in innovative artificial intelligence solutions designed to transform the customer experience.

         These partnerships will be developed in a "win-win" spirit. They will allow TP to invest in advanced artificial intelligence in order to ofler customer experience management services to its extensive client portfolio. Moreover, TP will be able to become the exclusive distributor of its partners' technology worldwide, and work closely with them to help them improve their technologies for the benefit of their customers.

      5. An integrated global cloud-based IT network

         Migration to the cloud is an essential step for companies' digital transformation. A controlled cloud strategy helps improve flexibility, reliability, and efliciency, enhancing performance while reducing IT costs. It also fosters innovation by seamlessly integrating artificial intelligence and machine learning into operations.

         TP delivers client services underpinned by a complex high-tech platform tapping into several data technologies covering state-of-the-art connection systems, computer hardware, and software.

         TP's global network provides secure connectivity between contact centers, employees working remotely, including with the TP Cloud Campus remote management solution, and the Group's clients, regardless of local infrastructure.

         The Group continues to streamline system architecture and technological standards. The Group uses a wide range of proprietary technical tools and solutions, tested and scalable, mainly in customer relationship management, operations, human resources, and data security.

   4. Procedures and security

      1. High Standards excellence procedures

         TOPS (TP Operational Process and Standards) and BEST (Baseline Enterprise Standard for TP) guarantee overall consistency in the Group's operations and support functions. These standards are based on quality criteria and comply with strict requirements in terms of personal and data security. They are characterized by:

         • industry practices that meet the highest market standards;

         • consistent Group-wide standards;

         • daily execution within operations;

         • a combination of artificial intelligence and emotional intelligence;

         • compliance with local and sector-based certification requirements;

         • a unified global customer experience through a consistent operational methodology across all facilities;

         • standardized management of operations and support functions;

         • an environment of excellence for employees.

           The Group also complies with industry standards such as COPC (Customer Operations Performance Centers), as well as international management standards such as ISO 9001.

           Operational excellence in procedures oflers numerous advantages:

         • improved efliciency and performance indicators;

         • increased customer satisfaction;

         • operational proximity;

         • consistent service oflering across all facilities;

         • integration of artificial intelligence and emotional intelligence;

         • streamlined partnership management.

           1.1. OVERVIEW OF THE GROUP

           1.

           EXAMPLES OF OPERATIONS MANAGEMENT PROCEDURES

           Procedure	Objectives:
           TOPS (TP Operational Processes and Standards)	TOPS (TP Operational Processes and Standards) is TP's operational and people management framework. It serves to standardize operations by optimizing management time via structured digital protocols. It also improves efliciency and KPIs by implementing consistent management, focusing on customer experience and innovation. TOPS promotes increased operational proximity, integrates technological advances, and places emotional intelligence at the heart of contacts.
           BEST (Baseline Enterprise Standard)	BEST processes comprise a set of quality standards to ensure top service quality, high performance, and proactive management of existing and future programs.
           Lean Six Sigma (LSS)	TP's Lean Six Sigma (LSS) program structures continuous improvement by endowing operational managers with the skills required to manage their processes. This standard defines training and project management tools in order to ensure methodological consistency. It regulates trainer onboarding, certification pathways, project implementation, quality assurance, and documentation throughout the life cycle of each initiative.
           TPLI (TP Loves Ideas)	TP Loves Ideas is TP's innovation program allowing employees to share their ideas for improvement. Through a centralized platform, it channels proposals to managers and transformation teams, driving change and creating value for clients, employees, and stakeholders.
           COPC (Customer Operations Performance Centers)	COPC certification, a global benchmark, provides TP with a framework for improving operational performance and customer experience. This independent evaluation system targets the critical drivers of customer satisfaction and profitability, while promoting employee engagement and reducing stafl turnover. Based on a robust and scalable management model, the COPC standard ensures consistent processes throughout the Group. In 2025, 22 subsidiaries were audited and renewed their certification.

      2. Compliance and data security

         TP applies the highest standards to protect client data, both on-site and among work-from-home employees. The Group deploys an Information Security Management System (ISMS) based on ISO 27001, which is audited annually. This framework uses regular operational assessments to mitigate risks.

         For remote work, the Group favors Virtual Desktop Infrastructure ( VDI), secure browsing, and thin clients. Each subsidiary complies with internal and international standards such as the NIST (National Institute of Standards and Technology) Cybersecurity Framework, ISO 27001, or SOC2 Type 2 (System and Organization Controls) audits. The Group also complies with the PCI DSS (Payment Card Industry Data Security Standard) and HIPAA (Health Insurance Portability and Accountability Act) standards with regard to healthcare services in the United States. Safeguard procedures and contractual measures ensure business continuity.

         Finally, TP maintains global ISO/IEC 27701 (PIMS - Privacy Information Management System) certification. The integration of the Majorel entities into this scope was finalized in 2025.

         This standard ensures compliance with the GDPR (General Data Protection Regulation) and the CCPA (California Consumer Privacy Act).

         TP deploys an application security program that examines each digital product to correct vulnerabilities and ensure risk management according to OWASP (Open Web Application Security Project) standards prior to release. A governance committee validates solutions' compliance with the Group's security and privacy policies, including third-party software approval via the supplier risk management process (Third-Party Risk Management).

         TP continuously invests in state-of-the-art tools and threat monitoring systems. The Group proactively shares its threat analyses with clients and BPO sector peers.

         The Group also ensures that the required insurance coverage is obtained and applied in relation to its activities.

      3. Cybersecurity

         Group strategy

         Like many large B2B and B2C firms, TP operates in a complex cybersecurity environment marked by escalating attacks on major companies and institutions. To address this issue, the Group is currently rolling out a continuous improvement program named "Project Eagle Eye". Launched in 2025 and renewed in 2026, it follows on from projects Eagle and Eagle Talon, a two-year plan dedicated to protecting identities and endpoints. Project Eagle Eye aims to strengthen Group-wide security through the following means:

         • implementation of a global process for identifying, assessing, prioritizing, and mitigating security vulnerabilities and risks;

         • protection of sensitive data within business-critical applications;

         • enhancing the security of back-oflice employee endpoints;

         • improving the security of TP's digital products.

           TP uses external service providers to create attack simulations (Red Teaming), then leverages the takeaways to refine the eflectiveness of security policies. The Group has adopted the NIST CSF (Cybersecurity Framework) and aligns its program with ISO/IEC 27001. The Group maintains all of its certification and systematically extends it to acquisitions once they are integrated. This system ensures compliance with GDPR, CCPA, and other personal data protection regulations.

           1.1. OVERVIEW OF THE GROUP

           TP has forged strategic partnerships in the BPO sector for real-time sharing of cyber threat intelligence (CTI). Meanwhile, the Group has increased its investments in proactive detection and warning systems. Finally, human risk management (HRM) remains a priority. In 2025, TP stepped up its awareness campaigns designed to reduce vulnerability to social engineering, particularly through phishing.

           Key initiatives include:

         • phishing simulations: more than 100,000 phishing tests conducted every month on a global scale to assess and improve employee resilience in the face of credential theft and malicious links;

         • targeted training: role-specific multilingual microlearning modules integrated into daily workflows to reinforce security best practices;

         • behavioral analytics: continuous monitoring of user reactions to identify risk trends and adapt corrective measures;

3. ‌Group markets

   • real-time alerts: instant notifications during active fraud campaigns via email messages (phishing) or telephone calls (voice phishing or vishing) in order to limit the risk of compromise.

   These measures help to make security awareness an ongoing process integrated into corporate culture. By combining training, simulation, and analytics, TP transforms its employees into proactive cyber defenders in accordance with market standards and regulatory requirements.

   Governance is provided by the Global Compliance and Security Council supported by the Audit, Risk and Compliance Committee. Escalation protocols ensure that major incidents are reported to senior management and the authorities. The Global Compliance and Security Council regularly assesses the eflectiveness of controls in order to tailor investments to changing cyber threats. By combining robust frameworks, cutting-edge technologies, and a culture of vigilance, TP maintains a resilient and adaptable cybersecurity program.

   1. Core Services markets

      TP's digital transformation has resulted in the expansion of its scope of operation and target market into business services (or business process outsourcing, BPO).

      The TP Core Services market is now divided into two parts:

      • the historical outsourced customer experience management market;

      • the broader BPO (business process outsourcing) market covering integrated business process outsourcing services specific to each sector (healthcare, banking, travel agencies, etc.) and dedicated to support functions (content moderation, human resources,

        BPO (OR "BUSINESS SERVICES") GLOBAL MARKET SIZE AND TRENDS

        (2023-2024E) (in billions of US dollars)

        Market growth in 2024E

        +3.8%

        496 516

        finance and accounting, etc.).

        The global outsourced business services management market, including outsourced customer experience management, covered by TP was estimated at US$514 billion in 2024, up over 4% compared to 2023 according to Group estimates. This target market is four to six times larger in value than the core outsourced customer experience management market, where the Group is the world leader.

        The growth of this market is mainly driven by:

      • the demand for increasingly sophisticated and integrated solutions

        383

        113

        2023 2024E

        400

        116

        Business Process Outsourcing (BPO)
        
        Outsourced customer experience management
        
        

        in a complex environment (artificial intelligence, omnichannel, multilingual, etc.);

      • new needs in terms of integrated (end-to-end) process automation and digital transformation solutions.

      Source: Group estimates, Everest, Frost & Sullivan, IDC, Nelson Hall.

      1.1. OVERVIEW OF THE GROUP

      1. Customer experience management market

         Customer experience management global market size and trends

         The customer experience management market mainly comprises customer care, technical support, customer acquisition (sales), and operations consulting. This is TP Group's historic market.

         According to Everest (2024 report), the size of the global customer experience management market, both insourced and outsourced, was worth around US$345-365 billion in 2024, up by an annual average of around 1.5% from US$280-300 billion in 2010. Market growth was driven by an ongoing increase in the number of omnichannel contacts between consumers and brands on the one hand, and between citizens and government agencies on the other hand.

         Outsourced customer experience management global market size and trends

         Outsourced customer experience management represented a worldwide market with an estimated worth of around US$117 to 118 billion in 2025E according to Everest. The outsourced market grew at an unprecedented annual rate of around 11% between 2020 and 2022, driven in particular by the digital boom during the pandemic in 2021 and 2022. Growth then slowed to about 2%

         market in terms of human resources and demanding ESG practices, and growing security risks aflecting people, data, and systems.

         1.

         Furthermore, the health crisis weakened the in-house model (non-outsourced). The increasing complexity of this environment and weakened cost structures in many companies triggered an acceleration in the development of outsourcing solutions, which particularly benefited market-leading groups able to attract the best talent.

         CHANGE IN CUSTOMER EXPERIENCE MANAGEMENT GLOBAL MARKET OUTSOURCING RATE (2010-2025E)

         +7 ppt

         and 2025E

         32%

         25%

         between 2019

         +3 ppt

         between 2010

         and 2019

         22%

         between 2022 and 2025, mainly due to the return to normalized consumer behavior after the health crisis.

         2010

         Source: Everest (2024).

         2019 2025E

         OUTSOURCED CUSTOMER EXPERIENCE MANAGEMENT MARKET SIZE

         AND TRENDS (2019-2025E) (in billions of US dollars

         CAGR*

         Regional breakdown of the outsourced customer experience management market

         +3%

         CAGR* 2020-2022

         +11%

         2022-2025E

         +2%

         117-118

         REGIONAL BREAKDOWN OF THE OUTSOURCED CUSTOMER EXPERIENCE

         MANAGEMENT MARKET IN 2024 (%)

         in 2020

         vs. 2019

         86-88 89-91

         101-102

         109-111 112-114 115-117

         17%

         Asia Pacific

         33%

         Europe, Middle East & Africa

         8%

         Latin America

         42%

         North America

         2019

         2020

         2021

         2022

         2023 2024

         2025E

         Source: Everest (2025).

         Source: Everest (2025).

         Everest estimated the growth of the outsourced market at around 2% in 2025, reflecting heightened economic uncertainty and geopolitical risks: trade tensions, foreign exchange market volatility, etc.

         Change in customer experience management global market outsourcing rate

         In 2025, the customer experience management market outsourcing rate was estimated at 32%. Although the rate is still relatively low, it has grown steadily since 2010 (22%). This growth is due to the ability of firms specializing in outsourcing to improve the quality of companies' customer experience and meet increasingly complex and integrated customer needs: technology (including generative artificial intelligence), omnichannel, multilingual, hybrid forms of work (combining remote and on-site working), a tight

         Breakdown of the global outsourced customer experience management market by sector Telecommunications and financial services are the most significant sectors in the outsourced customer experience management market, accounting for 21% of the global market in 2024.

         Everest forecasts that, over the coming years, the healthcare and services sectors will continue to support market growth through significant investments in artificial intelligence solutions.

         1.1. OVERVIEW OF THE GROUP

         Breakdown of the outsourced customer experience management market by service line

         BREAKDOWN OF THE OUTSOURCED CUSTOMER EXPERIENCE MANAGEMENT MARKET BY SERVICE LINE IN 2024 (%)

         8%

         Operations consulting

         10%

         Sales

         13%

         • the development of advisory solutions to support clients' digital transformation;

         • the rise of new requirements, such as data annotation, machine learning, and AI training, as well as artificial intelligence monitoring and moderation, etc.

      2. The BPO market

         Digitalization of the environment

         The acceleration of TP's digital transformation is driving the expansion of its scope of operation and target market to include business process outsourcing as a whole.

         Technical support

         15%

         Other*

         Source: Everest (2024).

         * Mainly comprising order processing and payment management.

         54%

         Customer & citizen care

         The global business process outsourcing market (excluding customer experience management) covers:

         • industry-specific integrated BPO services (healthcare, banks, travel agencies, etc.);

         • integrated services dedicated to support functions (content moderation, human resources, finance and accounting, etc.).

           According to internal TP estimates, the market was worth US$400 billion in 2024E. In 2024E, global BPO market growth came to nearly 5% according to Group estimates.

           Customer and citizen relationship management is the main service line in the market (54% of the total). Operations consulting is the most buoyant service line, posting close to 10% growth in 2024. The

           demand for these solutions is mainly underpinned by corporate requirements in terms of digital transformation and changing

           BREAKDOWN OF THE BPO MARKET BY SEGMENT (2024)

           3%

           Content

           consumer expectations in favor of contacts that are as seamless as possible.

           Digitalization of customer experience management solutions

           The growth of the outsourced market is being driven by the rapid development of digital solutions that use machine learning, automated solutions (chatbots), and artificial intelligence (including generative artificial intelligence).

           From 2019 to 2024E, Everest estimated the average annual

           11%

           Finance

           & accounting

           26%

           Human Resources services

           moderation

           60%

           Sector-specific

           business processes

           growth rate of these digital solutions at around 20% per year, compared to approximately 5% for the "traditional" market (management of voice contacts, for example). In 2024E, the growth rate for these solutions remained close to 10%. Digital solutions represented around 13-15% of the outsourced customer experience market in 2024E, up from around 7-9% in 2018.

           The emergence of generative artificial intelligence in late 2022 is structurally transforming the customer experience industry. Its widespread adoption should generate considerable productivity gains and increase the quality of solutions by reducing errors, optimizing the duration of contacts, and improving training. This technology is driving TP's growth through the appearance of adjacent business lines, while helping to boost the outsourcing rate as clients draw on the cutting-edge expertise and investment capacities required for its deployment.

           Generative artificial intelligence is also expected to create new growth opportunities for the best-positioned market players such as TP, thanks to:

         • the increase of their market share among existing clients and the acquisition of new clients, by improving the competitiveness, consistency, and relevance of their solutions;

           Source: Group estimates, Everest, Frost & Sullivan, IDC, Nelson Hall.

           The rapid growth of this market is mainly driven by growing demand among businesses and government agencies for process automation and global end-to-end digital transformation solutions.

           This trend was underpinned by the strong growth in customer contacts coupled with the eflects of the pandemic: improving quality, oflering flexible forms of work (teleworking), and enhancing business process efliciency are becoming increasingly important issues.

           In recent years, the business services market has been boosted by the strong growth of social media, creating new needs among the major players in this sector. The new content moderation services (Trust & Safety), which rely on integrated back-oflice digital solutions, are an example of this trend.

           The business process outsourcing market is benefiting greatly from the development of generative artificial intelligence with the swift growth of new associated needs, particularly in terms of Large Language Model (LLM) training and machine learning.

           1.1. OVERVIEW OF THE GROUP

           1.

   2. Core Services competitive environment

      1. Direct competitors in outsourced customer experience management

         TP is the world leader in outsourced customer experience management, a market that remains fragmented despite the recent consolidation trend. Posting revenue of over €10 billion in 2025, TP's share of the global market is 10%.

         Sector consolidation has intensified in recent years, driven by companies' desire to strengthen their sector expertise, expand their geographical coverage, and achieve critical mass. This trend is in line with the streamlining strategy pursued by multinational clients, who are downsizing their partner portfolios in order to increase efliciency by prioritizing global players able to cover all their needs.

      2. Competition extended to consulting and IT service companies in the BPO market

         TP's competitive environment is broadening and diversifying due to the increasing complexity of outsourced customer experience markets, the growing integration of end-to-end digital solutions, and technological innovation, particularly artificial intelligence. This trend is eroding the boundaries between sectors. The market is seeing the emergence of players from technology services (IT Services), business process management consulting, and BPO. These multidisciplinary competitors are positioning themselves as global partners pursuing an approach geared to value creation rather than labor cost arbitrage.

         AN EXPANDING COMPETITIVE ENVIRONMENT

         #1 Global leader

         in the outsourced CX market

         …whose transformation leads to reaching to digital integrated business services market

         #1: TP

         #2: Concentrix

         • Foundever

         • Capita

         • Alorica

         • Sutherland

         • Konecta

         • Transcomos

           TOP 2: ≥US$10bn revenue each (CX global players)

           Top players in the digital integrated business services market by revenue

           • Accenture

           • TCS

           • Capgemini

           • Cognizant

           • Infosys

           • HCL

           • Wipro

           • TP

           • CGI

           • Tech Mahindra

           • Revenue >US$20bn

           • Revenue between

           US$10bn and US$20bn

           Tier 2:

           c. 10 companies*

         • Telus International

         • TTEC

         • TaskUs

         • WNS

         • EXL Services

         • Everise

         • IGT

         • Bell system 24

         • First Source

         • Aegis

         • HGS

         • IQor

         • Atento

         • TDCX…

         between US$2 and US$4.5bn revenue

         Tier 3:

         c. 20 companies* between US$700M and US$2bn revenue

         * Players specializing in customer experience and hybrid solutions.

         TP occupies a leading position in the BPO market applied to customer experience thanks to an oflering that combines automation of the customer experience via artificial intelligence wit process optimization consulting. Providers of tech solutions (SaaS, cloud, CRM) using artificial intelligence are generally not

         competitors, but expert partners contributing to an integrated global oflering (digital, omnichannel, multilingual). TP pursues a pragmatic partnership strategy based on Group initiative, where suitable proprietary solutions are not available, or client specifications.

   3. Specialized Services market and competition

      1. Online interpreting services

         According to Common Sense Advisory (CSA), the global language services market was worth around US$50.6 billion in 2024. A slight nominal contraction is forecast until 2027, resulting from the pressure on prices - especially in translation and localization - and from changes in purchasing behaviors. This trend reflects a shift in overall value rather than a general decline in demand.

         It is characterized by disparities between sectors: interpreting, particularly on-demand and in regulated environments, maintains strong growth drivers. Meanwhile, solutions integrating artificial intelligence are capturing a growing share of the market. CSA highlights the fact that future growth will depend on developments in the service mix and high value-added oflering, marking a definitive break with the pre-2019 market model

         LANGUAGE SERVICES MARKET SIZE AND TRENDS

         (2024-2027E) (in billions of US dollars)

         CAGR* 2024-2027E

         -4%

         45

         47

         49

         51

         centered on traditional translation.

         2024 2025E

         2026E 2027E

         Source: Common Sense Advisory.

         1.1. OVERVIEW OF THE GROUP

         The Covid-19 crisis accelerated the structural shift towards remote interpreting, permanently establishing over-the-phone and video interpreting as pillars of the market. Although demand for on-site services returned to 2019 levels as early as 2023, growth remains limited in the face of remote solutions, which ofler major competitive advantages in terms of scale, flexibility, and operational efliciency via dedicated platforms.

         The growth outlook in the on-demand interpreting market is underpinned by multiple long-term structural factors:

         • the increasing adoption of interpreting and workflow support solutions integrating artificial intelligence;

         • ongoing innovation in video, cloud, and platform technologies, enabling broader and more flexible use cases;

         • a firmly established preference for outsourcing language services among organizations in order to improve operational efliciency and focus on core business;

         • persisting regulatory and compliance requirements in key sectors such as healthcare, financial services, and the public sector.

           The growing use of artificial intelligence allows companies to increase productivity and innovation without replacing the human element, thereby supporting the growth of on-demand solutions. In the field of document translation and localization, faced with the pressure on prices induced by automation, LanguageLine Solutions has deployed neural machine translation and LLM capabilities for quality estimation and multilingual flow automation. These solutions help optimize team management and customer service at scale.

           Structural demand remains strong: according to the US Census Bureau, approximately 69 million US residents (22-23% of the population) speak a language other than English at home.

           Moreover, 12 million people sufler from hearing disorders, therefore fueling the need for sign language interpreting and video relay services.

           LanguageLine Solutions is maintaining its leadership in North America in regulated sectors (healthcare, finance, public sector). In 2025, the company ranked second worldwide in language services

           Over the medium to long term, international travel growth, tightening compliance requirements, and increased government focus on cost-eflectiveness and service quality are expected to strengthen the outlook for the outsourced visa application management services market.

           EVOLUTION OF INTERNATIONAL TOURIST ARRIVALS

           (2020-2030E) (in millions)

           CAGR** 2020-2030E

           +16%

           1,740

           1,626

           1,520

           1,800

           1,400

           1,682

           1,572

           1,286

           960

           407

           458

           2020

           2021

           2022

           2023

           2024

           2025

           2026

           2027

           2028

           2029

           2030

           Source: Souter Point Analysis (2023).

           * Compounded annual growth rate.

           TLScontact is a major player in the world outsourced visa application management market, with a share of nearly 11%. Its main competitors are VFS Global, the global sector leader, regional operators serving the North American market such as CGI and GDIT, and BLS International.

           MARKET SHARE OF KEY PLAYERS IN THE OUTSOURCED VISA APPLICATION MANAGEMENT GLOBAL MARKET (2025 data) (%)

           according to CSA and Slator, and remains the global leader in interpreting according to the Nimdzi index.

      2. Visa application management services

         TLScontact provides outsourced visa application management services, primarily on behalf of government authorities in the Schengen area and the United Kingdom. The company operates at the intersection of international mobility, public service outsourcing, and secure digital services.

         The visa application management outsourcing market is underpinned by long-term structural drivers, including continued growth in cross-border travel, tightening regulatory and security

         4%

         BLS International

         10%

         GDIT

         11%

         TLScontact

         14%

         CGI

         6%

         Other

         55%

         VFS Global

         requirements, and increased government reliance on specialized private operators capable of providing high-quality services to citizens at scale.

         While short-term demand may be aflected by external shocks such as geopolitical or health crises, underlying trends indicate a continued increase in global mobility. According to the World Tourism Barometer created by the United Nations World Tourism Organization (UN Tourism), international tourist arrivals increased by 4% in 2025 to an estimated 1.52 billion, around 60 million more than in 2024. This strong post-Covid recovery in international travel triggered a renewed and sustained increase in visa application volumes.

         The market for ancillary services related to visa applications is expected to remain strong, including services to enhance travelers' comfort, convenience and safety.

         Digital innovations are also expected to streamline visa application management procedures and increase user satisfaction over the coming years. Governments, which are generally slow to adopt digital processes and innovate in terms of biometric technology, saw the impacts of this lack of action during the Covid-19 crisis. They are now seeking to deploy more automated and digitalized services to improve process management, profitability and travelers' experience.

         1.1. OVERVIEW OF THE GROUP

         Thanks to the TP Group's expertise in digital transformation, TLScontact is well positioned to take advantage of these opportunities.

         The deployment of outsourcing solutions is a process that requires time and eflective government coordination, to ensure the right structures are in place.

      3. Accounts receivable management services

         Fact.MR estimated the global outsourced accounts receivable management market (AllianceOne business) at US$30.2 billion in 2023. The average annual growth rate (AAGR) is expected at about 3% between 2023 and 2033.

         OUTSOURCED ACCOUNTS RECEIVABLE MANAGEMENT GLOBAL MARKET

         TRENDS (2023E-2033E) (in billions of US dollars)

         TVAM* 2023-2033E

         c + 3 %

         39,4

         30,2

         2023 2033E

         Source: Fact.MR (2024).

         * Compounded annual growth rate.

      4. Consumer healthcare support services in the United States

         The US market for consumer healthcare support services (Health Advocate business) was estimated at over US$250 billion according to internal estimates.

         ‌According to internal estimates, the annual growth rate for this market is over 10%. This market is driven by the growing demand for personalized support and the increasing importance given by companies to the wellbeing of their employees.

4. Group strategy

   This market comprises two main segments:

   1.

   • Navigation & Safety: clinical and administrative decision-making support services during the user healthcare experience across all communication channels (voice and digital). This segment is partly driven by difliculties accessing healthcare and increasing costs in the United States, as well as the complexity of insurance policies;

   • the health and wellbeing sector, combining a complete suite of solutions in the areas of employee wellbeing, employee engagement, behavioral health, and chronic care management. The rapid development of this segment is further driven by companies' increasing investments in employee wellbeing.

   1. Recruitment process outsourcing (RPO) services

      According to Staffing Industry Analysts, the US recruitment process outsourcing services market was estimated at around US$3.7 billion in 2024. This market is expected to increase by around 12% each year until 2028.

      Growth is primarily driven by a long-standing mismatch between labor market supply and demand, seasonality of demand, and increased recruitment costs for companies. RPO solutions currently have a relatively modest, albeit growing, market share. The firm estimates that only 20% of companies are currently using these solutions.

      The market breaks down into two segments:

      • "partial cycle" recruitment process outsourcing, including recruitment (sourcing, screening, and vetting of the profiles of candidates to be interviewed by the client's recruiting teams) and recruitment support services (administrative solutions in the areas of pre-recruitment, recruitment, and post-recruitment, enabling clients to focus on key value-added decisions);

      • outsourcing of all hiring processes, from job ofler publication through to induction.

   PSG Global Solutions is a leading US provider of partial cycle recruitment process outsourcing services.

   1. History of transformation

      Ever since the company was , TP has gradually and successfully transformed itself. TP continues to steadily ramp up its digital transformation, which began in 2018 with the acquisition of Intelenet. The Group anticipates and adapts to technological progress, particularly generative artificial intelligence, in order to respond to changes in interactions, which are increasing in number and complexity.

      It has also diversified its activities and revenue streams from high value-added services, and has strengthened the verticalization of its oflering by sector and by region. This strategy has enabled the Group to generate strong business growth and improved profit margins over the long term.

      1. OVERVIEW OF THE GROUP

         MILESTONES IN THE EVOLUTION OF THE GLOBAL BUSINESS SERVICES* MARKET (2000-2025)

         Late 1990s - Early 2000s

         • Market dominated by in-house services

         • Ofler largely based on labor arbitrage

         • Simple interactions: basic customer care and standard telemarketing

         • Access to customer systems via Citrix (server)

           Early 2000s - 2015

         • Rapid development of IT service companies

         • Use of Lean Six Sigma to improve operational efliciency

         • Value added generated by analytics and predictive modeling

         • Growing complexity of dedicated outsourced services per sector and support function

         • Emergence of mobile technologies and digital information systems

           Since 2015

         • Period of digital transformation during which the pace of change is accelerated by disruptive technologies such as AI

         • Development of integrated business service outsourcing

         • New service lines, such as content moderation, developed to support tech companies

         • New hybrid work organization

      * Business process outsourcing (BPO).

      MILESTONES IN THE GROUP'S TRANSFORMATION (1990-2025)

      2024

      Acquisition of 'ZP Better Together'

      2025

      Partnerships with AI start-ups (Sanas, Parloa, Ema)

      and acquisition of AgentsOnly

      2018

      Acquisition of Intelenet and launch of Digital Integrated Business Services (D.I.B.S.)

      2023

      Acquisition of Majorel

      2012

      Full control of TLScontact (Luxembourg)

      2021/2022

      Acquisitions of Health Advocate, Senture and PSG

      1998-2002

      Started operations in Latin America: acquisitions in Argentina and Brazil (1998)

      and Mexico (2002)

      2008

      Acquisition of The Answer Group (US)

      2014

      Acquisition of Aegis (USA)

      2020

      Transition of over 200k active employees to work-at-home in response to COVID-19

      1978

      Founded in France, with 12 employees in telemarketing

      1986

      First listed on the Paris stock market

      1993

      Started operations in the US

      1996

      Started operations

      in Asia, including the Philippines

      2007

      Acquisition of Alliance One

      2010

      Acquisition of BeCogent (UK) and Teledatos (Colombia)

      2016

      Acquisition of LanguageLine Solutions

      
      
      

      1978 1990 2000 2010 2020 2025

      Legend:

      Customer Experience Digital Customer Experience Digital business services
      
      

      The acquisition of Intelenet in 2018 accelerated TP's transformation towards integrated digital solutions and high value-added BPO. This strategic acquisition had three main objectives:

      • strengthening the offer: integration of cutting-edge expertise in digital transformation and integrated solutions;

      • geographic expansion: consolidation of the Group's footprint in India, a strategic market;

      • sector diversification: broadening the client portfolio to include financial services, insurance, tourism, e-commerce, and healthcare.

        The acquisition of Majorel, a major European business services player, closed in November 2023 represented a new turning point for TP. It enabled the Group to:

      • considerably broaden its presence in Europe, such as in France and Germany, where the Group has a relatively small presence, and in a number of high-growth potential verticals, such as social media, luxury goods, automotive, and travel, and in areas of high-value expertise, such as claim management and end-to-end document processing;

      • strengthen its exposure to European clients, whereas TP's current client portfolio is mainly American.

      1.1. OVERVIEW OF THE GROUP

      1.

   2. Medium-term strategic plan and objectives: step up value-enhancing transformation

      1. A medium-term transformation strategy through internal and external growth

         A favorable environment

         Operating in a volatile and competitive economic environment, the Group's growth potential is bolstered by the transformation of the business process outsourcing market, including customer experience management, whose main drivers are as follows (see section 1.1.3 Group markets):

         • the acceleration of digitalization and the deployment of artificial intelligence, with new services such as, in the world of social media, content moderation a few years ago and data annotation and automated systems learning today. The result is an increase in the size of TP's target market that goes beyond the historical customer experience management market to cover the entire business process outsourcing and IT services market;

         • offshore development, which oflers opportunities to optimize business processes and access a wider talent pool, enabling companies to increase their competitive advantage. With world-class IT infrastructures, a pool of qualified English-speaking talent and a culture focused on new technologies, India has become a key partner;

         • major outsourcing potential - 68% of services are still managed in-house by companies and government agencies (according to Everest). New country-specific requirements in each sector relating to remote working arrangements, omnichannel security and technologies required to optimize customer satisfaction are strengthening barriers to entry and driving outsourcing. The uncertainty of the macroeconomic environment and the related client budget constraints provide a favorable backdrop for outsourced oflshoring;

         • integration into an appropriate ecosystem of tools and tech partners, a strategy the Group initiated several years ago by forging partnerships with a number of tech firms. TP continuously monitors and regularly reviews developments in this area in order to remain at the cutting edge of the sector.

           A digital transformation strategy based on a unique approach combining emotional intelligence and artificial intelligence

           TP's ambition is to step up its transformation in order to become a strong and undisputed global leader in business services specializing in digital solutions.

           The Group is developing a value-creating business model based on a high-tech, high-touch approach (see section 1.1.2 The Group's assets for transformation). This approach combines expertise in human capital management with investment in technologies aimed at optimizing operating processes and client satisfaction. The Group's business model enables it to generate long-term, profitable and sustainable organic growth and integrates a strategy of targeted acquisitions in high value-added services.

           Leveraging AI to enhance internal efficiency and process excellence

           As an additional part of the 'Future Forward' plan, TP has led a thorough review of its processes and structures on the back of the acceleration of AI adoption to drive operating efliciencies. To date, 90+ efliciency initiatives have been launched to drive cost savings, productivity, and operational excellence along 3 pillars:

         • internal AI Transformation: deployment of AI across core operations to increase efliciency and reduce manual work in recruiting, training, Workforce Management, supervisors and Quality Management;

         • cost optimization: structural reduction of SG&A and other direct costs optimization through delayering, automation and optimized procurement practices and controls;

         • organizational redesign: simplification of organizational structure

           These initiatives will lead to annual run-rate savings estimated to be above €100m.

           Scaling TP.ai FAB

           TP is building up with TP.ai FAB AI-powered solution suites addressing horizontal as well as vertical specific tasks to transform services for its clients across various industry verticals. TP.ai FAB aims for example to achieve greater outcomes and efliciency through the integration of agentic AI in the field of human augmentation, collections, customer experience, revenue generation, data services for AI and operations.

           Over 500 AI projects were launched in 2025, allowing for scale across the diflerent FAB solution suites.

           The deployment of these solutions involves, in particular, a strategy of partnerships with companies with expertise in artificial intelligence. These partnerships are developed in a "win-win" spirit. They enable TP to invest in advanced artificial intelligence to strengthen its range of services for customers. TP is able to become the exclusive distributor of its partners' technology worldwide, and work closely with them to help them enhance their expertise in serving their customers. In 2025, TP invested around €50 million

           Lastly, TP has been certified with the ISO/IEC 42001: 2023 AI Management System from BSI. ISO 42001 is the world's first international standard specifically covering AI systems, providing a structured framework that demonstrates AI governance, risk management, and responsible AI systems. The certification creates an additional competitive advantage for the Group, demonstrating its commitment to AI and the rigorous set of standards it adheres to. It complements other standards in the fields of Information Security, Privacy and Compliance, reflecting robust standards for the protection of client data and adherence to global regulations, including the EU AI Act.

           1.1. OVERVIEW OF THE GROUP

           Investing in growing lines of business

           In line with the momentum observed and the outlined strategy, TP is accelerating and investing in identified lines of business with significant potential for the future. This includes Back-oflice-related tasks, the Data Services for AI and Sales business lines, which operate in growing markets and for which TP has the right capabilities, global footprint, domain expertise and track-record. Additionally, TP maintains close relationships and open commercial discussions with its clients around potential large-scale transformation contracts that could amount to hundreds of millions of Euros of impact on the top line on a run rate basis. However, at this stage the discussions are still ongoing, and the outcome is uncertain.

           Launch of a portfolio strategic review

           To focus its resources on value-creating activities, TP will initiate a strategic review of the company's portfolio, including potential divestitures and M&A.

5. ‌2025 highlights

   1. Outlook

      2026 annual outlook:

      • group LFL revenue growth expected between +0.0% and +2.0%. In an uncertain market context, TP anticipates a soft start to the year with Q1 revenue anticipated below the yearly guidance range;

      • stable recurring EBITA margin of around 14.6%(1);

      • net free cash flow generation of €800-850 million excluding non-recurring cash-outs(2);

      • around €70-90m of non-recurring restructuring costs to be booked in the P&L.

        2026-2028 financial objectives:

        TP's mid-term financial objectives are:

      • returning to sustained mid-single digit like-for-like revenue yearly growth with 4-6% in 2028:

      • recurring EBITA margin at ~15.5% in 2028, expected post AI transformation;

      • generating cumulative net free cash flow of ~€3 billion including organic AI eflorts incurred over 2026-2028

   1. Continued investment in artificial intelligence

      In 2025, TP made new investments combining cutting-edge technologies and human expertise to accelerate growth and create long-term value. These initiatives aim to create competitive advantages for Group clients through integrated digital business services, by judiciously orchestrating artificial intelligence in conjunction with human empathy, judgment, and expertise.

      Innovation

      In June 2025, a new strategic plan named "Future Forward" was unveiled, the aim being to integrate artificial intelligence into the Group's oflering, organizational system, and structures. Meanwhile, the Group launched TP.ai FAB, a proprietary technology integration platform designed to securely orchestrate artificial intelligence, human expertise, and technology at scale.

      Capacity building through strategic partnerships and acquisitions

      TP has expanded its artificial intelligence expertise through strategic partnerships and acquisitions.

      The Group has launched an artificial intelligence partnership program involving:

      • the acquisition of "Agents Only", an AI-augmented crowdsourcing platform, in order to strengthen the positioning of TP.ai Data Services; and

      • partnerships with pioneering tech players in artificial intelligence:

        • Sanas, a company specializing in real-time understanding of conversations,

        • Parloa, an agentic artificial intelligence platform dedicated to customer service,

        • Ema, a leading start-up in the field of horizontal agentic artificial intelligence.

      TP and the prestigious School of Computer Science at Carnegie-Mellon University have partnered to accelerate applied research in the field of human augmentation through artificial intelligence.

      Finally, more than 500 new artificial intelligence projects were launched in 2025.

   2. Capital expenditure

      The Group's production capacity continued to increase despite tight control over expenditure.

      (in millions of euros)	2025	2024 2023
      Net capital expenditure	246	214 212
      ‌% of revenue	2.4%	2.1% 2.5%

      The Group strictly monitors capex volumes and ROI per project dedicated to business growth, in order to optimize Group capital allocation.

6. Organization chart (December 31, 2025)

   1. Teleperformance SE and its subsidiaries