PART I - Financial Information [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) The unaudited consolidated financial statements for Q2 2025 report total assets of **$1.57 billion**, revenue of **$353.8 million**, and net income of **$21.8 million**, preceding a **$3.3 billion** acquisition by Capgemini [Notes to Unaudited Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) Notes detail accounting policies, the **$66.1 million** Kipi.ai acquisition, revenue disaggregation, debt structure, and segment performance, alongside ongoing tax disputes and the Capgemini acquisition - On March 10, 2025, the Company acquired Haukea Holdings Inc. (Kipi.ai) for a total consideration of **$66.1 million**, resulting in goodwill of **$53.9 million**, attributed mainly to expected synergies and the assembled workforce[59](index=59&type=chunk)[60](index=60&type=chunk)[64](index=64&type=chunk) - During the quarter ended June 30, 2025, the company purchased **1,300,000** ordinary shares for **$75.4 million** and cancelled **4,100,000** treasury shares[123](index=123&type=chunk) - The company has outstanding tax assessment orders from Indian authorities for various years, which could result in an estimated **$2.5 million** in additional taxes, though the company believes these orders are unlikely to be sustained[148](index=148&type=chunk)[321](index=321&type=chunk)[323](index=323&type=chunk) Revenue by Service Type (Three Months Ended June 30) | Service Type | 2025 ($ thousands) | 2024 ($ thousands) | | :--- | :--- | :--- | | Industry-specific | 161,943 | 140,043 | | Finance and accounting | 65,397 | 64,702 | | Customer experience services | 59,324 | 61,333 | | Research and analytics | 49,865 | 40,511 | | Others | 17,265 | 16,526 | | **Total** | **353,794** | **323,115** | Consolidated Balance Sheet Summary (As of June 30, 2025) | Balance Sheet Item | June 30, 2025 ($ thousands) | March 31, 2025 ($ thousands) | | :--- | :--- | :--- | | **Total Current Assets** | 548,050 | 564,794 | | **Total Assets** | 1,568,836 | 1,547,503 | | **Total Current Liabilities** | 373,550 | 320,952 | | **Total Liabilities** | 771,065 | 709,779 | | **Total Shareholders' Equity** | 797,771 | 837,724 | Consolidated Statement of Income Summary (Three Months Ended June 30) | Income Statement Item | 2025 ($ thousands) | 2024 ($ thousands) | | :--- | :--- | :--- | | **Revenue** | 353,794 | 323,115 | | **Gross Profit** | 116,573 | 113,672 | | **Operating Income** | 33,103 | 38,573 | | **Net Income** | 21,750 | 28,922 | | **Diluted EPS** | $0.48 | $0.61 | Consolidated Statement of Cash Flows Summary (Three Months Ended June 30) | Cash Flow Item | 2025 ($ thousands) | 2024 ($ thousands) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | 29,499 | 21,408 | | **Net cash provided by/(used in) investing activities** | 23,290 | (68,484) | | **Net cash (used in)/provided by financing activities** | (56,685) | 44,226 | | **Net change in cash, cash equivalents and restricted cash** | (3,660) | (2,963) | - On July 6, 2025, the Company entered into a transaction agreement to be acquired by Capgemini S.E. in an all-cash deal valued at approximately **$3.3 billion**, or **$76.50** per ordinary share, expected to close by the end of calendar year 2025, subject to shareholder and regulatory approvals[185](index=185&type=chunk)[186](index=186&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=51&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q2 FY26 saw revenue grow **9.5%** to **$353.8 million**, but operating profit declined to **$33.1 million** and net income to **$21.8 million** due to higher costs and acquisition-related expenses, amidst global economic and currency risks - On July 6, 2025, WNS entered into an agreement to be acquired by Capgemini S.E. for approximately **$3.3 billion** in an all-cash transaction, expected to close by the end of calendar year 2025[200](index=200&type=chunk) - The company's business is exposed to global economic risks, including inflation, rising interest rates, and geopolitical conflicts such as the war in Ukraine, which particularly affects its operations in Poland and Romania[202](index=202&type=chunk)[204](index=204&type=chunk) - Currency fluctuations had a mixed impact, with appreciation of the pound sterling and Euro positively impacting results, while depreciation of the Indian rupee against the US dollar benefited cost structures for Q1 FY26[209](index=209&type=chunk)[210](index=210&type=chunk) Revenue Reconciliation (GAAP to Non-GAAP) | Metric | Q1 FY26 ($M) | Q1 FY25 ($M) | | :--- | :--- | :--- | | Revenue (GAAP) | 353.8 | 323.1 | | Less: Payments to repair centers | 13.9 | 10.7 | | **Revenue less repair payments (non-GAAP)** | **339.9** | **312.4** | [Results of Operations](index=65&type=section&id=Results%20of%20Operations) Q1 FY26 revenue grew **9.5%** to **$353.8 million**, but increased cost of revenue and G&A expenses, including acquisition costs, led to a decline in operating profit to **$33.1 million** and net income to **$21.8 million** - The increase in cost of revenue was driven by higher employee costs from headcount growth (including the Kipi.ai acquisition), increased facilities costs as more employees returned to the office, and higher repair payments[262](index=262&type=chunk) - General and administrative expenses increased primarily due to higher share-based compensation, transaction expenses for the proposed Capgemini acquisition, and costs related to the Kipi.ai acquisition[267](index=267&type=chunk) - Income tax expense rose to **$10.5 million** from **$9.1 million**, mainly due to the expiry of a tax holiday in Sri Lanka and higher taxable profits in jurisdictions with higher tax rates[274](index=274&type=chunk) Key Financial Metrics Comparison (Q1 FY26 vs Q1 FY25) | Metric ($ millions) | Q1 2025 | Q1 2024 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 353.8 | 323.1 | 30.7 | 9.5% | | **Gross Profit** | 116.6 | 113.7 | 2.9 | 2.6% | | **Operating Profit** | 33.1 | 38.6 | (5.5) | (14.2)% | | **Profit After Tax** | 21.8 | 28.9 | (7.2) | (24.9)% | [Results by Reportable Segment](index=74&type=section&id=Results%20by%20Reportable%20Segment) Q1 FY26 segment results show BFSI revenue grew **24.1%** to **$146.9 million** and MRHP by **9.5%** to **$84.3 million**, while HCLS declined **13.7%** to **$35.8 million** due to client loss - BFSI segment revenue growth was driven by a **$24.0 million** increase from existing clients and **$4.5 million** from new clients[291](index=291&type=chunk) - MRHP segment growth was primarily due to **$15.3 million** in revenue from new clients, partially offset by an **$8.0 million** decrease from existing clients[287](index=287&type=chunk) - HCLS segment revenue decreased mainly due to the loss of a large healthcare client[289](index=289&type=chunk) Segment Revenue (Three Months Ended June 30) | Strategic Business Unit | 2025 ($ millions) | 2024 ($ millions) | % Change | | :--- | :--- | :--- | :--- | | **BFSI** | 146.9 | 118.4 | 24.1% | | **TSLU** | 94.4 | 93.5 | 1.0% | | **MRHP** | 84.3 | 76.9 | 9.5% | | **HCLS** | 35.8 | 41.5 | (13.7)% | [Liquidity and Capital Resources](index=79&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company held **$100.9 million** in cash and **$266.2 million** in debt, with operating cash flow increasing to **$29.5 million**, while the pending Capgemini acquisition restricts capital actions - The company's liquidity sources include cash on hand, cash from operations, and available credit lines, with **$266.2 million** in debt outstanding and **$153.8 million** in available credit lines, of which **$55.0 million** was drawn as of June 30, 2025[296](index=296&type=chunk)[299](index=299&type=chunk)[304](index=304&type=chunk) - The pending transaction with Capgemini restricts the company from taking certain actions outside the ordinary course of business, such as incurring material capital expenditures or issuing new debt, without the buyer's consent[298](index=298&type=chunk) - Net cash provided by operating activities increased to **$29.5 million** for the quarter, up from **$21.4 million** YoY, primarily due to a decrease in cash outflow for working capital[311](index=311&type=chunk)[312](index=312&type=chunk) - Net cash used in financing activities was **$56.7 million**, mainly due to **$75.4 million** in share repurchases and **$21.1 million** in long-term debt repayment, partially offset by **$40.0 million** drawn from short-term borrowings[317](index=317&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=87&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces significant exchange rate risk, with **48.1%** of expenses in Indian rupees and revenue in pound sterling/US dollars, mitigated by hedging, alongside interest rate risk from floating-rate debt - The company is exposed to significant exchange rate risk as approximately **48.1%** of its expenses are in Indian rupees, while revenue is primarily in pound sterling and US dollars[338](index=338&type=chunk) - A sensitivity analysis shows that a **10%** appreciation/depreciation of the pound sterling against the US dollar would impact revenue by approximately **$9.0 million**, while a similar change in the Indian rupee would impact expenses by approximately **$15.4 million** for the quarter[340](index=340&type=chunk) - Interest rate risk stems from floating-rate debt tied to SOFR and SONIA, which the company manages by maintaining a mix of fixed and floating rate borrowings[342](index=342&type=chunk) [Item 4. Controls and Procedures](index=89&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirmed effective disclosure controls and no material changes to internal controls during the quarter, with the recently acquired Kipi.ai operations excluded from the assessment scope - The Group CEO and Group CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period[346](index=346&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal controls[347](index=347&type=chunk) - The scope of management's assessment of internal controls for the quarter excludes the operations of Kipi.ai, acquired in March 2025[348](index=348&type=chunk) PART II - Other Information [Item 1. Legal Proceedings](index=90&type=section&id=Item%201.%20Legal%20Proceedings) The company is not involved in any material legal proceedings beyond the ordinary course of business, except for tax proceedings noted in financial statements - The company states that the disposition of currently instituted or asserted lawsuits, claims, and proceedings is not expected to have a material adverse effect on its financial position, results of operations, or cash flows[350](index=350&type=chunk) [Item 1A. Risk Factors](index=90&type=section&id=Item%201A.%20Risk%20Factors) A new material risk factor highlights the pending **$3.3 billion** Capgemini acquisition, which could disrupt business, divert management, and, if terminated, result in a **$118.0 million** fee - A significant new risk factor relates to the pending acquisition by Capgemini S.E., valued at approximately **$3.3 billion**, with completion subject to shareholder and regulatory approvals and not guaranteed[352](index=352&type=chunk) - Risks during the pre-closing period include potential adverse reactions from clients, business uncertainty, diversion of management attention, and difficulty in attracting and retaining key personnel[353](index=353&type=chunk) - If the transaction fails to close, the company's share price could decline, investor confidence may fall, and WNS may be required to pay a termination fee of **$118.0 million** under certain circumstances[356](index=356&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=91&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2025, the company repurchased **1,300,000** ordinary shares for **$75.4 million** under its approved share repurchase program, funded by cash on hand - The share repurchases were conducted under a program approved in fiscal 2025, authorizing the repurchase of up to **3,000,000** ordinary shares through November 29, 2025[357](index=357&type=chunk) Share Repurchases (Three Months Ended June 30, 2025) | Period | Shares Purchased | Average Price Paid per Share ($) | Total Consideration ($ millions) | | :--- | :--- | :--- | :--- | | April 2025 | — | — | — | | May 2025 | 705,454 | 56.83 | ~40.1 | | June 2025 | 594,546 | 59.34 | ~35.3 | | **Total** | **1,300,000** | **57.98** | **75.4** | [Item 5. Other Information](index=93&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter ended June 30, 2025 - No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the quarter[359](index=359&type=chunk) [Item 6. Exhibits](index=94&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including the Capgemini Transaction Agreement, employment agreement amendments, and CEO/CFO certifications - Key exhibits filed include the Transaction Agreement with Capgemini S.E., amendments to executive employment agreements, and required certifications under the Sarbanes-Oxley Act[360](index=360&type=chunk)

Core Viewpoint - The comparison between WNS (Holdings) Limited and Thomson Reuters (TRI) indicates that WNS is more attractive to value investors based on various financial metrics and rankings [1]. Group 1: Zacks Rank and Earnings Outlook - WNS currently has a Zacks Rank of 2 (Buy), while TRI has a Zacks Rank of 4 (Sell), suggesting a more favorable earnings outlook for WNS [3]. - The Zacks Rank system emphasizes companies with positive earnings estimate revisions, indicating that WNS is likely experiencing an improvement in its earnings outlook compared to TRI [3]. Group 2: Valuation Metrics - WNS has a forward P/E ratio of 16.25, significantly lower than TRI's forward P/E of 52.78, indicating that WNS may be undervalued relative to TRI [5]. - The PEG ratio for WNS is 1.88, while TRI's PEG ratio is 6.39, further suggesting that WNS is more attractive in terms of expected earnings growth [5]. - WNS has a P/B ratio of 4.13 compared to TRI's P/B of 7.53, reinforcing the notion that WNS is undervalued [6]. Group 3: Value Grades - Based on the analysis of various metrics, WNS holds a Value grade of B, while TRI has a Value grade of F, indicating a stronger position for WNS among value investors [6].

[Fiscal 2026 First Quarter Financial Highlights](index=1&type=section&id=Fiscal%202026%20First%20Quarter%20Financial%20Highlights) WNS reported solid revenue growth driven by acquisitions and client expansion, though GAAP profit declined due to increased expenses and strategic investments [Overall Performance](index=1&type=section&id=Overall%20Performance) WNS reported solid revenue growth driven by acquisitions and client expansion, though GAAP profit declined due to increased expenses and strategic investments Q1 FY2026 Key Financial and Operational Metrics | Metric | Q1 FY2026 | Q1 FY2025 | Q4 FY2025 | | :--- | :--- | :--- | :--- | | **GAAP Metrics** | | | | | Revenue | $353.8 M | $323.1 M | $336.3 M | | Profit | $21.8 M | $28.9 M | $50.8 M | | Diluted EPS | $0.48 | $0.61 | $1.12 | | **Non-GAAP Metrics** | | | | | Revenue less repair payments* | $339.9 M | $312.4 M | $323.3 M | | Adjusted Net Income (ANI)* | $46.0 M | $44.0 M | $66.2 M | | Adjusted Diluted EPS* | $1.02 | $0.93 | $1.45 | | **Operational Metrics** | | | | | New Clients Added | 6 | N/A | N/A | | Existing Relationships Expanded | 28 | N/A | N/A | | Days Sales Outstanding (DSO) | 36 days | 36 days | 34 days | - The company repurchased **1,300,000 ordinary shares** at an average price of **$57.98**, for a total cash impact of **$75.4 million**, completing its authorized share buyback program[7](index=7&type=chunk)[8](index=8&type=chunk) [Revenue Analysis](index=1&type=section&id=Revenue%20Analysis) First-quarter revenue increased by **9.5%** year-over-year, driven by new clients and acquisitions, despite some client losses and volume reductions Q1 FY2026 Revenue Performance | Metric | Q1 FY2026 | YoY Growth | QoQ Growth | | :--- | :--- | :--- | :--- | | Revenue (GAAP) | $353.8 M | 9.5% | 5.2% | | Revenue less repair payments* (Non-GAAP) | $339.9 M | 8.8% | 5.2% | | Constant Currency Revenue less repair payments* (Non-GAAP) | N/A | 7.1% | 2.9% | - Key revenue drivers included new client additions, expansion of existing relationships, and the acquisition of Kipi.ai[3](index=3&type=chunk) - Revenue growth was negatively impacted by the loss of a large Healthcare client and lower volumes in the online travel segment[3](index=3&type=chunk) [Profitability Analysis](index=1&type=section&id=Profitability%20Analysis) GAAP profit declined to **$21.8 million** due to acquisition and transaction costs, while Adjusted Net Income (ANI) modestly increased to **$46.0 million** Q1 FY2026 Profitability Comparison (in millions) | Metric | Q1 FY2026 | Q1 FY2025 | Q4 FY2025 | | :--- | :--- | :--- | :--- | | Profit (GAAP) | $21.8 | $28.9 | $50.8 | | Adjusted Net Income (ANI)* | $46.0 | $44.0 | $66.2 | - Year-over-year profit decline was driven by several factors[4](index=4&type=chunk) - Increased expenses from the Kipi.ai acquisition (costs and amortization) - Transaction expenses related to the proposed acquisition by Capgemini - Higher share-based compensation - Increased investments and hiring in advance of revenue ramps for large deals Q1 FY2026 Earnings Per Share (EPS) | Metric | Q1 FY2026 | Q1 FY2025 | Q4 FY2025 | | :--- | :--- | :--- | :--- | | Diluted EPS (GAAP) | $0.48 | $0.61 | $1.12 | | Adjusted Diluted EPS* (Non-GAAP) | $1.02 | $0.93 | $1.45 | [Balance Sheet and Cash Flow](index=2&type=section&id=Balance%20Sheet%20and%20Cash%20Flow) The company maintained a strong financial position with **$225.8 million** in cash and investments, generating **$29.5 million** in operating cash flow while completing a **$75.4 million** share repurchase Key Financial Position Data (as of June 30, 2025) | Item | Amount (in millions) | | :--- | :--- | | Cash and Investments | $225.8 | | Debt | $266.2 | - Key cash flow activities for Q1 FY2026 included[7](index=7&type=chunk) - Generated **$29.5 million** in cash from operations - Incurred **$14.8 million** in capital expenditures - Repaid **$21.1 million** in debt - Used **$75.4 million** for share repurchases - Days sales outstanding (DSO) was **36 days**, unchanged from Q1 of the previous year but up from **34 days** in the prior quarter[7](index=7&type=chunk) [Corporate Developments](index=2&type=section&id=Corporate%20Developments) WNS entered a definitive agreement to be acquired by Capgemini, leading to the suspension of guidance and conference calls, while extending the CEO's contract - WNS entered into a definitive agreement to be acquired by Capgemini[9](index=9&type=chunk) - In light of the pending acquisition, WNS will not hold a Q1 2026 conference call or provide updated guidance for fiscal year 2026[9](index=9&type=chunk) - The contract of CEO Keshav Murugesh has been extended through the earlier of **August 5, 2026**, or the closure of the Capgemini acquisition[9](index=9&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) This section presents the company's condensed consolidated statements of income and financial position for the first quarter of fiscal year 2026 [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) The income statement details the company's revenues, costs, and expenses, resulting in a net income of **$21.8 million** for the quarter ended June 30, 2025 Condensed Consolidated Statements of Income (Unaudited, in millions) | | Three months ended Jun 30, 2025 | Three months ended Jun 30, 2024 | Three months ended Mar 31, 2025 | | :--- | :--- | :--- | :--- | | **Revenue** | **$353.8** | **$323.1** | **$336.3** | | Cost of revenue | $237.2 | $209.4 | $216.3 | | **Gross profit** | **$116.6** | **$113.7** | **$120.0** | | Selling and marketing expenses | $20.9 | $21.5 | $20.0 | | General and administrative expenses | $55.7 | $45.7 | $43.2 | | Amortization of intangible assets | $8.7 | $6.9 | $7.5 | | **Operating income** | **$33.1** | **$38.6** | **$50.3** | | Income before income tax expense | $32.2 | $38.0 | $67.4 | | Income tax expenses | $10.5 | $9.1 | $16.6 | | **Net income** | **$21.8** | **$28.9** | **$50.8** | [Condensed Consolidated Statements of Financial Position](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Position) The balance sheet as of June 30, 2025, shows total assets of **$1,568.8 million** and total liabilities of **$771.1 million**, with shareholders' equity decreasing due to share repurchases Key Balance Sheet Items (Unaudited, in millions) | | As at Jun 30, 2025 | As at Mar 31, 2025 | | :--- | :--- | :--- | | **Total Current Assets** | **$548.1** | **$564.8** | | Cash and cash equivalents | $100.9 | $106.9 | | Accounts receivable, net | $140.7 | $129.7 | | **Total Assets** | **$1,568.8** | **$1,547.5** | | **Total Current Liabilities** | **$373.5** | **$321.0** | | Short-term borrowings & Current portion of long-term debt | $125.1 | $83.7 | | **Total Liabilities** | **$771.1** | **$709.8** | | **Total Shareholders' Equity** | **$797.8** | **$837.7** | [Non-GAAP Financial Measures and Reconciliations](index=7&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section explains and reconciles WNS's non-GAAP financial measures, providing a clearer view of its core operating performance by adjusting for specific non-recurring or non-core items [Explanation of Non-GAAP Measures](index=7&type=section&id=Explanation%20of%20Non-GAAP%20Measures) WNS utilizes several non-GAAP financial measures to provide investors with a view of its core operating performance, including 'Revenue less repair payments', 'Constant currency revenue', and 'Adjusted Net Income (ANI)' - **Revenue less repair payments:** Calculated as revenue minus payments to third-party repair centers, intended to more accurately reflect the value of WNS's direct services[21](index=21&type=chunk) - **Constant currency revenue less repair payments:** Recalculates prior period revenues using current period exchange rates to eliminate the impact of currency fluctuations for better period-to-period comparison[22](index=22&type=chunk) - **Adjusted Net Income (ANI):** Calculated by excluding items such as share-based compensation, acquisition-related expenses, transaction expenses for the Capgemini deal, and amortization of intangible assets (and their tax effects) from GAAP net income[23](index=23&type=chunk) [Reconciliation of GAAP to Non-GAAP Measures](index=8&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) This section provides detailed tables that bridge the gap between reported GAAP results and the company's non-GAAP metrics for revenue, operating income, and net income, clarifying the specific adjustments made for each [Revenue Reconciliation](index=8&type=section&id=Revenue%20Reconciliation) For Q1 FY2026, GAAP revenue of **$353.8 million** is reconciled to non-GAAP revenue less repair payments of **$339.9 million** by subtracting **$13.9 million** in payments to repair centers Reconciliation of Revenue (in millions) | | Three months ended Jun 30, 2025 | | :--- | :--- | | Revenue (GAAP) | $353.8 | | Less: Payments to repair centers | (13.9) | | **Revenue less repair payments (non-GAAP)** | **$339.9** | | Exchange rate impact | 0.9 | | **Constant currency revenue less repair payments (non-GAAP)** | **$340.9** | [Operating Income Reconciliation](index=8&type=section&id=Operating%20Income%20Reconciliation) GAAP Operating Income of **$33.1 million** for Q1 FY2026 is adjusted for items including share-based compensation (**$11.7 million**), amortization of intangibles (**$8.7 million**), acquisition expenses (**$4.1 million**), and Capgemini transaction expenses (**$2.2 million**) to arrive at an Adjusted Operating Income of **$61.1 million** Reconciliation of Operating Income (in millions) | | Three months ended Jun 30, 2025 | | :--- | :--- | | **Operating income (GAAP)** | **$33.1** | | Add: Share-based compensation expense | 11.7 | | Add: Acquisition-related expenses | 4.1 | | Add: Transaction expenses (Capgemini) | 2.2 | | Add: Amortization of intangible assets | 8.7 | | Add: Other adjustments | 1.3 | | **Adjusted operating income (non-GAAP)** | **$61.1** | [Net Income Reconciliation](index=9&type=section&id=Net%20Income%20Reconciliation) GAAP Net Income of **$21.8 million** for Q1 FY2026 is reconciled to Adjusted Net Income (ANI) of **$46.0 million**, with major adjustments including adding back share-based compensation (**$11.7 million**), amortization of intangibles (**$8.7 million**), and acquisition-related expenses (**$4.1 million**), offset by a tax impact of **$3.8 million** Reconciliation of Net Income to ANI (in millions) | | Three months ended Jun 30, 2025 | | :--- | :--- | | **Net income (GAAP)** | **$21.8** | | Add: Share-based compensation expense | 11.7 | | Add: Acquisition-related expenses / (benefits), net | 4.1 | | Add: Transaction expenses (Capgemini) | 2.2 | | Add: Amortization of intangible assets | 8.7 | | Add: Other adjustments | 1.3 | | Less: Tax impact on above | (3.8) | | **Adjusted Net Income (non-GAAP)** | **$46.0** |

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell even higher, with the expectation that established trends will continue [1] Company Overview: WNS (Holdings) Limited - WNS currently holds a Momentum Style Score of A, indicating strong momentum characteristics [2] - The company has a Zacks Rank of 2 (Buy), suggesting it is positioned for potential outperformance in the market [3] Performance Metrics - WNS shares have increased by 14.26% over the past week, while the Zacks Business - Services industry remained flat [5] - Over the past month, WNS's price change is 25.7%, significantly outperforming the industry's 1.35% [5] - In the last quarter, WNS shares rose by 17.18%, and over the past year, they gained 28.86%, compared to the S&P 500's increases of 16.27% and 12.91%, respectively [6] Trading Volume - The average 20-day trading volume for WNS is 3,272,020 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Outlook - In the past two months, one earnings estimate for WNS has increased, raising the consensus estimate from $4.59 to $4.60 [9] - For the next fiscal year, one estimate has also moved upwards, with no downward revisions during the same period [9] Conclusion - Given the strong performance metrics and positive earnings outlook, WNS is identified as a promising momentum pick with a Momentum Score of A and a Zacks Rank of 2 (Buy) [11]

Core Viewpoint - Investors are evaluating WNS (Holdings) Limited and Thomson Reuters for potential value opportunities in the Business - Services sector, with WNS currently presenting a stronger case for investment [1]. Valuation Metrics - WNS has a forward P/E ratio of 16.27, significantly lower than Thomson Reuters' forward P/E of 51.03, indicating WNS may be undervalued [5]. - The PEG ratio for WNS is 1.79, while TRI's PEG ratio is 6.17, suggesting WNS has a more favorable earnings growth outlook relative to its price [5]. - WNS's P/B ratio stands at 4.12 compared to TRI's 7.34, further supporting the notion that WNS is a better value option [6]. Earnings Outlook - WNS holds a Zacks Rank of 2 (Buy), indicating a stronger improvement in its earnings outlook compared to Thomson Reuters, which has a Zacks Rank of 3 (Hold) [3]. - Based on the combination of valuation metrics and earnings outlook, WNS is positioned as the superior value investment at this time [6].

Group 1 - Halper Sadeh LLC is investigating CARGO Therapeutics, Inc. for potential violations of federal securities laws related to its sale to Concentra Biosciences, LLC, which is proposed at $4.379 in cash per share plus a contingent value right [1] - WNS (Holdings) Limited is also under investigation for its sale to Capgemini at $76.50 per share [2] - The firm may seek increased consideration for shareholders and additional disclosures regarding the proposed transactions [3] Group 2 - Shareholders are encouraged to contact Halper Sadeh LLC to discuss their legal rights and options without any out-of-pocket payment for legal fees [4] - Halper Sadeh LLC represents investors globally who have experienced securities fraud and corporate misconduct, recovering millions for defrauded investors [4]

Group 1: Company Overview - WNS (Holdings) Limited shares increased by 14.3% to close at $74.7, driven by higher trading volume compared to typical sessions [1] - The stock has gained 9.4% over the past four weeks, reflecting investor optimism following Capgemini's announcement to acquire WNS for $76.50 per share in an all-cash deal [1] Group 2: Earnings Expectations - WNS is expected to report quarterly earnings of $0.95 per share, representing a year-over-year increase of 2.2% [2] - Revenue expectations for WNS stand at $323.35 million, which is a 3.5% increase from the same quarter last year [2] Group 3: Stock Performance and Estimates - The consensus EPS estimate for WNS has remained unchanged over the last 30 days, indicating that stock price movements may not continue without trends in earnings estimate revisions [3] - WNS currently holds a Zacks Rank of 3 (Hold), indicating a neutral outlook [4] Group 4: Industry Comparison - WNS is part of the Zacks Business - Services industry, where another company, Willdan Group (WLDN), saw a 1.3% increase to $73.26 and has returned 26.9% over the past month [4] - Willdan's consensus EPS estimate has also remained unchanged at $0.72, reflecting a year-over-year change of 30.9% [5]

Group 1 - Halper Sadeh LLC is investigating Core Scientific's sale to CoreWeave, where shareholders will receive 0.1235 newly issued shares of CoreWeave Class A common stock for each share of Core Scientific common stock, resulting in Core Scientific shareholders owning less than 10% of the combined company after the transaction [1] - WNS (Holdings) Limited is being sold to Capgemini for $76.50 per share, prompting an investigation into potential shareholder rights and options [2] - The firm may seek increased consideration for shareholders, additional disclosures, or other relief and benefits on behalf of shareholders, operating on a contingent fee basis [3] Group 2 - Shareholders are encouraged to contact Halper Sadeh LLC for a free discussion regarding their legal rights and options, with contact details provided for further inquiries [4]

Group 1: Trade Policies and Tariffs - The U.S. President Trump announced a 25% tariff on all products imported from Japan and South Korea, effective from August 1, 2025, citing trade imbalances as a significant threat to the U.S. economy and national security [5][6][10] - Trump extended the grace period for the implementation of these tariffs until August 1, 2025, allowing for further negotiations [8][9] - Japan's Prime Minister expressed regret over the tariffs and outlined three measures to mitigate their impact, emphasizing the need for continued negotiations with the U.S. [12] Group 2: Agricultural Trade Agreements - Indonesia signed a five-year agreement to import at least 1 million tons of U.S. wheat annually, valued at approximately $1.25 billion [13][14] - This agreement is part of Indonesia's strategy to increase imports of U.S. agricultural products to avoid high tariffs imposed by the U.S. [15][17] Group 3: Artificial Intelligence Regulations - Nearly 50 major European companies, including Airbus and Mercedes-Benz, are calling for a delay in the implementation of the EU's AI regulations, arguing that the regulations could jeopardize the region's ambitions in AI [20] - The UK and Singapore are deepening their digital finance cooperation, focusing on AI and asset tokenization [21][22] Group 4: Semiconductor Industry Developments - South Korea has reduced its reliance on Japanese chip materials, with the import dependency for photoresist dropping from 93.2% to 65.4% [39][40] - TSMC is delaying the construction of its second factory in Japan due to U.S. policy impacts, while also accelerating investments in the U.S. [45][51] - Samsung's Q2 profits are expected to drop by 39% due to weak sales of AI chips, raising concerns about its competitiveness in the AI chip market [52][53][54] Group 5: Automotive Industry Updates - BYD has begun assembling cars in Brazil, with plans to produce 60,000 vehicles annually once fully operational [58][60][62] - Mercedes-Benz reported a 9% decline in Q2 sales, with significant drops in both the North American and Chinese markets [64] Group 6: Aerospace and Space Exploration - The International Deep Space Exploration Society was established in China, marking a significant step in international cooperation in space exploration [66][67] - Globalstar has signed a launch service agreement with SpaceX to enhance its satellite services [68]

Core Viewpoint - Class Action Attorney Juan Monteverde is investigating the fairness of WNS (Holdings) Limited's sale to Capgemini, S.E. for $76.50 per share in cash to WNS shareholders [1] Group 1: Company Overview - Monteverde & Associates PC is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report and has recovered millions for shareholders [1] - The firm is located in the Empire State Building, New York City, and specializes in class action securities litigation [2] Group 2: Legal Investigation - The investigation focuses on whether the $76.50 per share offer from Capgemini is a fair deal for WNS shareholders [1] - The firm encourages shareholders with concerns to contact them for additional information [3]