Investor Presentation Second Quarter 2025 Safe Harbor and other information This presentation contains "forward‐looking" statements that are based on our management's beliefs and assumptions and on information currently available to management. Forward‐looking statements include information concerning our possible or assumed strategy, future operations, financing plans, operating model, financial position, future revenues, projected costs, competitive position, industry environment, potential growth opportu ...

Core Insights - EXL has been recognized as a Leader and Star Performer in the Group Life Insurance and Benefits Core Technology Products PEAK Matrix Assessment 2025 by Everest Group [1][2] - The assessment evaluated 15 leading providers based on their delivery of cloud-native infrastructure, advanced analytics, and configurable core systems for group life and benefits administration [2] Company Strengths - EXL's deep domain expertise and a growing library of automation and AI tools tailored for group life operations contributed to its recognition [2][3] - The LifePRO™ platform supports integrated technology and operations, enhancing service levels and streamlining administration [3] - Proprietary assets like MedConnection™ facilitate intelligent workflow processing, case management, and underwriting optimization [3] Industry Context - The North American group life insurance industry is undergoing rapid digital transformation, with clients seeking tools to enhance quoting, underwriting, billing, and payout management capabilities [3]

Financial Data and Key Metrics Changes - In Q1 FY26, annual recurring revenue (ARR) increased 18% to 4,574 million ZAR and 24% to $254 million on a U.S. Dollar basis [5] - Total revenue for Q1 reached 1,277 million ZAR, an increase of 18%, with subscription revenue also increasing by 18% to 1,141 million ZAR [11][29] - Earnings per share rose 19% to 8.55 ZAR [15][34] - The company maintained a strong balance sheet with net cash and cash equivalents of 1,103 million ZAR [16] Business Line Data and Key Metrics Changes - Kartrak's subscription revenue grew 19% to 1,138 million ZAR, with an operating profit margin of 30% [11][30] - Karoo Logistics generated delivery as a service revenue of 121 million ZAR, an increase of 20% [10][22] - The total subscriber base increased by 17% to approximately 2,400,000 [11][32] Market Data and Key Metrics Changes - South Africa's subscription revenue growth accelerated to 16%, contributing 70% of total subscription revenue [17] - Southeast Asia and the Middle East saw subscription revenue growth accelerate to 30%, with a subscriber base of approximately 290,000 [20] - European subscription revenue growth accelerated to 22%, now comprising 10% of total subscription revenue [21] Company Strategy and Development Direction - The company aims to strengthen its leadership position in South Africa while expanding its distribution footprint in Asia and Europe [23][24] - Capital allocation strategy prioritizes organic growth and innovation, with a disciplined approach to M&A [25][26] - The company is focused on increasing ARPU in South Africa and expanding its sales headcount by 70% by February 2026 [20][24] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory for both consumer and commercial customers in South Africa [41] - The company does not foresee significant impacts from U.S. tariffs on its Southeast Asia operations, attributing growth to local market engagement [41] - Management reaffirmed the FY26 growth outlook, emphasizing the importance of strategic investments in sales and marketing [36] Other Important Information - The company reported a healthy subscription gross margin of 74% and a customer retention rate of 95% [16] - Free cash flow generation resumed, benefiting from disciplined working capital management [34] - The company plans to return surplus capital to shareholders primarily through dividends [26] Q&A Session Summary Question: Subscriber growth trajectory in South Africa - Management noted strong traction in both commercial and consumer customer growth, expecting this to continue throughout the year [41] Question: Impact of U.S. tariffs on Southeast Asia subscriber growth - Management believes that local economic growth is driving adoption rather than U.S. tariffs [41] Question: Cross-selling initiatives and their impact on ARR growth - Management aims for a 6% increase in ARPU this year, with good progress noted in Q1 [42] Question: Expansion strategy in Southeast Asia versus Africa - Management indicated that Southeast Asia presents a larger market opportunity compared to Africa [44] Question: Mix between subscriber growth and cross-selling initiatives - Management reported a 2% uplift from cross-selling, with expectations for this to increase by Q4 [45] Question: Hiring capacity plans and their impact on subscription growth - Management expects a correlation between increased sales staff and subscriber growth, targeting a 28% increase in Asia [48] Question: Contract performance rollout in South Africa - Management highlighted significant progress with the contract tag, viewing it as a game changer [53] Question: Effective tax rate and its outlook - Management noted benefits from profitable entities that previously had tax losses [54]

Financial Data and Key Metrics Changes - The company reported a revenue growth of 2.6% sequentially and 3.8% year on year in constant currency terms [2][4] - The guidance for growth for financial year 2026 has been revised from 0% to 3% to 1% to 3% in constant currency terms, while margin guidance remains unchanged at 20% to 22% [4] Business Line Data and Key Metrics Changes - Large deals amounted to $3.8 billion, driven by leadership in enterprise AI and client consolidations [3] - The company has built 300 AI agents across various business areas, enhancing operational efficiency and customer experience [3] Market Data and Key Metrics Changes - The company observed strong growth in Europe, while the U.S. market showed flat growth [20][21] - The performance in financial services remains strong, with the company being the AI partner of choice for many large clients [34] Company Strategy and Development Direction - The company is focusing on enterprise AI and has seen positive growth from AI-driven projects and client consolidations [14][29] - There is an emphasis on maintaining a strong position in financial services and expanding capabilities in IP-led businesses [36] Management's Comments on Operating Environment and Future Outlook - Management noted that while the economic environment is stabilizing, it is not fully settled, leading to cautious guidance adjustments [10][70] - The company is optimistic about future growth driven by AI and digital transformation initiatives [43][44] Other Important Information - The company has maintained a constant headcount, with utilization at a peak of 85% [15] - Wage hikes have been implemented, impacting margins by 100 basis points this quarter [28] Q&A Session Summary Question: Why has the upper end of guidance not been raised despite strong performance? - Management explained that while performance was strong, the economic environment remains uncertain, leading to a cautious approach in guidance adjustments [10][70] Question: How much of the growth is attributed to acquisitions? - Approximately 40 basis points of the 2.6% growth came from inorganic sources [12] Question: What is the outlook for hiring and productivity with AI? - The company plans to continue hiring in line with previous announcements, and AI is expected to enhance productivity without significantly increasing headcount [15][65] Question: Is there any revenue cannibalization observed? - Management indicated that productivity benefits from AI are being shared with clients, but there is no significant revenue cannibalization reported [25][26] Question: What is the impact of wage hikes on margins? - Wage hikes and higher variable pay have contributed to a 100 basis point decline in margins this quarter [28] Question: How is the company addressing geopolitical uncertainties? - Management stated that while there are changes in the economic outlook, no specific project changes have been observed due to geopolitical factors [63]

Core Insights - Atos has renewed its status as a Google Cloud Managed Service Provider, reinforcing the strategic partnership and commitment to cloud transformation and innovation [2][4][5] - The renewal highlights Atos' expertise in delivering cloud-native services, scalable infrastructure, and end-to-end digital modernization for enterprises [3][4] - Atos aims to accelerate customers' digital journeys to AI solutions and maximize the value of their cloud investments through advanced support and optimization [3][4] Company Overview - Atos Group is a global leader in digital transformation with approximately 72,000 employees and annual revenue of around €10 billion, operating in 68 countries [5] - The company is recognized as the European leader in cybersecurity, cloud, and high-performance computing, committed to a secure and decarbonized future [5][6] - Atos provides tailored AI-powered, end-to-end solutions across various industries, supporting the development of knowledge, education, and research [6]

Core Insights - IBM is expected to report higher revenues in the Consulting segment due to increased demand for technology consulting and business transformation services in Q2 2025 [1] Group 1: Consulting Segment Performance - The Consulting segment includes Business Transformation, Technology Consulting, and Application Operations, providing value and innovation through industry and technology expertise [2] - Consulting revenues are projected to reach $5.21 billion, a slight increase from $5.18 billion in the same quarter last year [6][9] - Incremental revenues are anticipated from new AI features launched during the Masters tournament, which provided predictive analytics and data-backed recaps for golf fans [3][9] Group 2: Strategic Partnerships - IBM extended its partnership with Deutsche Bank, enhancing access to its software solutions, which will aid in the bank's digital transformation and process optimization [4] - A new contract with Finanz Informatik aims to modernize its infrastructure, improving cyber resilience and operational efficiency, likely contributing to Consulting segment revenues [5] Group 3: Overall Financial Expectations - The total revenue estimate for IBM stands at $16.58 billion, up from $15.77 billion in the prior-year quarter, with earnings expected to grow from $2.43 to $2.64 per share [7] - The model does not predict an earnings beat for IBM in Q2, with an Earnings ESP of +1.35% and a Zacks Rank of 4 (Sell) [8]

Core Insights - Eshallgo Inc. has launched a suite of scenario-specific AI solutions aimed at addressing critical needs in enterprise environments, marking its entry into the enterprise-level AI sector [1][2] - The company aims to empower enterprises with intelligent tools that enhance automation, security, and strategic insights, which is expected to unlock significant long-term shareholder value [2] Industry Overview - The total value of China's AI industry surpassed RMB 700 billion (approximately USD 96 billion) in 2025, with an annual growth rate exceeding 20% [2] - The enterprise-focused AI application market is rapidly expanding as businesses modernize operations and integrate AI-driven automation [2] - The AI all-in-one device segment in China is projected to grow from RMB 123.6 billion (approximately USD 17 billion) in 2025 to over RMB 520.8 billion (approximately USD 71 billion) by 2027, reflecting a compound annual growth rate (CAGR) exceeding 60% [3] Company Strategy - Eshallgo is leveraging its extensive office services infrastructure to enter the intelligent office AI segment through a fully integrated hardware-software platform [1][4] - The company has partnered with leading domestic AI R&D teams to develop enterprise-grade intelligent applications, with a working demo now available for selected enterprise customers [5] - The initial product suite includes intelligent document management, automated task routing, smart procurement assistance, and cybersecurity-enhanced collaboration tools, designed for integration into existing IT systems [6] Market Positioning - Eshallgo is well-positioned to bring AI innovation directly into business environments, addressing previously underserved enterprise use cases where traditional software lacks real-time learning and decision-making automation [4][6][7] - By focusing on scenario-based intelligence, the company aims to close a critical gap in China's enterprise AI landscape while enhancing efficiency, security, and agility in daily operations [7]

Core Insights - Yantai is pioneering the market-oriented allocation of data elements in Shandong, showcasing how digital technology can reshape industrial genetics and empower urban governance [1][11] - The city has made significant strides in data rights registration and the monetization of data assets, marking a transformative shift in how data is perceived and utilized [2][11] Data Element Marketization - Yantai has achieved a breakthrough in data rights registration with the issuance of the first judicially effective data property registration certificate in Shandong, enabling the market circulation of data elements [1][2] - The successful case of Shandong Portong Company pledging pure data assets for a loan demonstrates the transition of data from a "credit auxiliary tool" to a "core pledge asset" [2] Industrial Transformation - Yantai is implementing a "digital dialectics" approach to transform traditional industries, integrating digital technology into production processes [4][5] - The use of blockchain technology in the Zhangyu International Wine City allows consumers to verify production information, enhancing trust and transparency [5] Urban Governance - Yantai is recognized as a national model for data-driven governance, utilizing a "1751" digital government operation system to improve service efficiency [9][10] - The city has streamlined reporting processes for community workers, reducing the number of required reports by 62%, which enhances operational efficiency [10] Future Prospects - Yantai's initiatives in data rights, asset monetization, and digital transformation are seen as a blueprint for Shandong's broader digital economy strategy [11][12] - The ongoing development of data value release and digital economic quality improvement actions is expected to yield more innovative and impactful stories in the region [12]

Company Overview - NextEra Energy, Inc. operates in the electric power and energy infrastructure sector in the US and Canada, with its main businesses being NEER and Florida Power & Light Company (FPL) [2][3] - NEER focuses on developing, constructing, and operating long-term contracted assets, including renewable power generation and electric transmission facilities [2] - FPL is engaged in the generation, transmission, distribution, and sale of electric energy in Florida [2] Operational Capacity - As of December 31, 2024, NextEra Energy had approximately 72 gigawatts of net generation and storage capacity from various sources, including wind, natural gas, solar, nuclear, and battery storage facilities [3] Technology and Innovation - The report highlights NextEra's digital transformation strategies, innovation programs, and technology initiatives, including partnerships, product launches, and investments [4][6] - Insights into NextEra's technology operations and strategies are provided, focusing on technology themes, objectives, and benefits [6] - The company has a venture arm, NextEra Energy Investments, which is involved in various technology initiatives and partnerships [6] Financial Insights - The report includes details on estimated ICT budgets and contracts related to NextEra's technology initiatives [6] - Key executives and a network map of partnerships and investments are also covered [6]

Core Insights - Southern Company has appointed Hans Brown as Executive Vice President & Chief Information Technology Officer (CITO), effective July 31, 2025, to lead its technology strategy and digital transformation efforts [1][2]. Group 1: Leadership and Experience - Hans Brown brings a distinguished career in platform operating models, technology transformation, digital innovation, and strategic fintech investments, having held key leadership roles at BNY [3]. - At BNY, Brown was responsible for overseeing a team of over 1,200 professionals across 10 international locations and led significant global technology transformations [4]. Group 2: Strategic Vision - Southern Company's chairman, president & CEO Chris Womack emphasized that Brown's expertise in integrating emerging technologies with traditional business models aligns with the company's vision for the future [4]. - The company aims to leverage Brown's proven track record in technology and digital innovation to enhance customer service and operational efficiency [4]. Group 3: Company Overview - Southern Company is a leading energy provider serving 9 million customers across the Southeast and beyond, with a mission to provide clean, safe, reliable, and affordable energy [6]. - The company is committed to innovation, resilience, and sustainability, with a goal of achieving net-zero greenhouse gas emissions by 2050 [6].