Core Viewpoint - Mitsubishi Corp is set to acquire Aethon Energy Management's U.S. shale production for $7.53 billion, which includes debt [1] Group 1: Company Acquisition - The acquisition price of $7.53 billion reflects Mitsubishi Corp's strategic move to expand its presence in the U.S. shale market [1] - This deal signifies Mitsubishi Corp's commitment to diversifying its energy portfolio and enhancing its operational capabilities in North America [1] Group 2: Financial Implications - The inclusion of debt in the acquisition cost indicates a significant financial commitment by Mitsubishi Corp, which may impact its balance sheet [1] - The transaction highlights the ongoing trend of international companies investing in U.S. shale assets, driven by the potential for high returns in the energy sector [1]

Group 1 - The article discusses Infosys Limited (INFY), a global IT services and consulting company based in India, indicating that this is the third analysis of the company [1] - The previous recommendation for the stock was a Hold, suggesting a cautious outlook on its performance [1] - The focus of the analysis is on producing objective, data-driven research, particularly on small- to mid-cap companies, while also providing insights on large-cap names for a broader market perspective [1]

Core Insights - Infosys (INFY) reported third-quarter fiscal 2026 results with earnings and revenues exceeding the Zacks Consensus Estimate, showing adjusted earnings of 21 cents per share, surpassing the estimate of 20 cents, and a year-over-year increase of 10.5% [1][9] - The company's revenues for the fiscal third quarter rose 3.2% year over year to $5.1 billion, compared to $4.94 billion in the same quarter last year, and also beat the Zacks Consensus Estimate of $5.08 billion [2][9] Revenue Performance - Revenues from Europe and the Rest of the World increased by 13.3% and 2.4% year over year, while North America and India saw declines of 1.2% and 6.2%, respectively [3] - On a constant currency basis, Europe and the Rest of the World grew by 7.2% and 2.5%, while North America and India declined by 1% and 1.8% [3] Segment Analysis - Manufacturing revenues increased by 10.8% year over year to $849 million, Financial Services grew by 4.8% to $1.44 billion, and Communication sales rose by 11.5% to $619 million [4] - Hi-Tech division sales decreased by 2.5% to $378 million, Retail segment revenues fell by 3.7% to $654 million, and Life Sciences revenues declined by 3.2% to $366 million [5] Client and Profitability Metrics - Infosys added 121 clients in the fiscal third quarter, maintaining a total of 41 clients worth over $100 million [6] - Gross profits decreased by 3.7% year over year to approximately $1.44 billion, with a gross margin contraction of 210 basis points to 28.2% [6] Financial Position - The company ended the fiscal third quarter with consolidated cash and investments of $3.92 billion, down from $6.17 billion in the previous quarter, and generated a free cash flow of $965 million [7] Guidance Update - Infosys revised its fiscal 2026 revenue growth guidance to 3-3.5% on a constant currency basis, up from the previous guidance of 2-3%, while maintaining an expected operating margin of 20-22% [8]

Summary of ISG Global Index Call - Q4 2025 Company and Industry Overview - The call was hosted by Information Services Group (ISG), focusing on the IT and business services industry, which influences $200 billion of technology spending annually [5][11] - The ISG Index measures the health and growth of the technology industry, including managed services and cloud-based software and infrastructure services [11] Key Insights and Arguments Market Performance - The Americas led market growth in 2025, crossing $23 billion in managed services ACV for the first time, driven by strong ITO activity and a rebound in BFSI [12] - EMEA saw a 20% increase in ACV for engineering services, with cloud demand accelerating and deal sizes expanding [13] - The global combined market reached $34.3 billion in ACV in Q4 2025, marking a 16% year-over-year increase and the fourth consecutive quarter above $30 billion [14] - The as-a-service market grew 29% globally in 2025, while managed services grew only 1.3% [14][15] Segment Performance - SaaS accounted for 66% of the total combined market, with significant growth in cloud, software, and consumption-based services [15] - Managed services faced constraints due to fewer mega-deals and pricing pressure, with a slight decline in Q4 2025 [15][16] - Engineering services were the fastest-growing segment, with a 35% increase in ACV year-over-year, driven by large integrated multinational providers [21] - BPO generated over $2 billion in ACV in Q4 2025, up 13% year-over-year, but faced annual declines [24][25] Regional Insights - The Americas generated $23.5 billion in managed services ACV in 2025, up 9% from 2024, while EMEA's managed services ACV totaled $16.7 billion, down 1.4% [28][30] - Asia Pacific struggled, with managed services ACV down 27% year-over-year, primarily due to a decline in the smallest deal category [31] Future Outlook - For 2026, managed services growth is forecasted at 2.1%, while as-a-service is expected to grow by 20% [54] - Enterprises are navigating macroeconomic uncertainties, but investments in AI and cloud infrastructure are expected to continue [54] - The demand for AI-driven outcomes and flexible commercial models will shape the future of the outsourcing market [55] Additional Important Insights - The engineering segment showed strong growth across various sectors, with EMEA leading in ER&D spend, up 86% for the year [22] - AI is now a dominant driver of growth, with hyperscaler investments significantly impacting the market [13][41] - The BPO market is in a reset mode, with uneven growth concentrated in specific functions and industries, particularly industry-specific BPO [26][84] - The call highlighted the importance of AI in transforming traditional outsourcing models, with a focus on hyper-personalization and domain-led transformation [84] This summary encapsulates the key points discussed during the ISG Global Index call, providing insights into market performance, segment growth, regional dynamics, and future outlooks in the IT and business services industry.

Core Insights - Infosys reported better-than-expected third-quarter earnings with adjusted earnings of 21 cents per share, surpassing market estimates of 20 cents per share, and sales of $5.099 billion, up from $4.939 billion in the same period last year [1][2] Financial Performance - The company achieved adjusted earnings of 21 cents per share, exceeding market expectations [1] - Sales increased to $5.099 billion, reflecting a year-over-year growth from $4.939 billion [1] Strategic Focus - Infosys emphasized its differentiated value propositions in enterprise AI through Infosys Topaz, which is driving higher market share and positioning the company as a preferred AI partner for clients [2] - The CEO highlighted the importance of reskilling and empowering the workforce to succeed in an AI-augmented environment [2] Future Outlook - Infosys projects FY26 revenue growth of 3% to 3.5% in constant currency [3] - Following the earnings announcement, Infosys shares fell by 3.9% to trade at $18.58 [3] Analyst Ratings - Stifel analyst David Grossman maintained a Hold rating on the stock and raised the price target from $16.5 to $19 [4] - BMO Capital analyst Keith Bachman maintained a Market Perform rating and increased the price target from $18 to $20 [4]

Core Insights - Infosys reported better-than-expected third-quarter earnings with adjusted earnings of 21 cents per share, surpassing market estimates of 20 cents per share, and sales of $5.099 billion, up from $4.939 billion in the same period last year [1][2] Financial Performance - The company achieved adjusted earnings of 21 cents per share compared to market expectations of 20 cents per share [1] - Sales increased to $5.099 billion from $4.939 billion year-over-year [1] Strategic Focus - CEO Salil Parekh highlighted the company's strong performance in enterprise AI through Infosys Topaz, which is driving higher market share and positioning Infosys as a preferred AI partner for clients [2] - The commitment to reskill and empower the workforce is central to the company's strategy in an AI-augmented environment [2] Future Outlook - Infosys projects FY26 revenue growth of 3% to 3.5% in constant currency [3] - Following the earnings announcement, Infosys shares fell by 3.9% to $18.58 [3] Analyst Ratings - Stifel analyst David Grossman maintained a Hold rating on the stock and raised the price target from $16.5 to $19 [4] - BMO Capital analyst Keith Bachman maintained a Market Perform rating and increased the price target from $18 to $20 [4]

It posted sequential revenue growth of 0.6% and year-on-year growth of 1.7% in constant currency terms. In dollar terms, revenues rose 0.5% sequentially and 3.2% year-on-year to $5 billion.TCS reported a 0.8% rise in revenue in constant currency terms but posted a 2.6% year-on-year decline. In contrast, HCLTech recorded stronger growth, with an increase of 4.2% quarter-on-quarter and 4.8% year-on-year. Infosys revised its revenue growth guidance for FY26 to 3%–3.5%, indicating improving visibility on demand ...

Core Viewpoint - Infosys Limited is a leading player in technology services and consulting, demonstrating strong revenue performance despite a slight miss in earnings per share (EPS) estimates [1][2]. Financial Performance - On January 14, 2026, Infosys reported an EPS of $0.17, which was below the estimated $0.20, while revenue reached approximately $5.04 billion, exceeding expectations of $4.93 billion [2][5]. - The strong revenue performance is attributed to increased demand for technology services from financial services clients, prompting the company to raise its annual forecast range [3]. Valuation Metrics - Infosys has a price-to-earnings (P/E) ratio of approximately 23.83 and a price-to-sales ratio of about 4.05, indicating a positive market valuation of its earnings and revenue [3]. Financial Health - The company maintains a low debt-to-equity ratio of 0.085, reflecting conservative use of debt, and a strong liquidity position with a current ratio of approximately 2.28, showcasing its ability to cover short-term liabilities [4][5].

Exhibit 99.3 Form of Release to Stock Exchanges Infosys Logo Infosys Limited Regd. office: Electronics City, Hosur Road, Bengaluru 560 100, India CIN : L85110KA1981PLC013115 Website: www.infosys.com email: investors@infosys.com T: 91 80 2852 0261, F: 91 80 2852 0362 Statement of Consolidated Audited Results of Infosys Limited and its subsidiaries for the quarter and nine months ended December 31, 2025 prepared in compliance with the Indian Accounting Standards (Ind-AS) | | | | | (in crore, except per equity ...

Core Insights - The IT consulting company has met its quarterly earnings expectations and has raised its fiscal-year guidance [1] Financial Performance - The company reported earnings that aligned with market expectations for the quarter [1] - The fiscal-year guidance has been increased, indicating a positive outlook for future performance [1]