Huron Consulting Group Inc. Investor Presentation March 2026 © 2026 Huron Consulting Group Inc. and affiliates. HURON | 2 Forward-Looking Statements Statements in this presentation that are not historical in nature, including those concerning the company's current expectations about its future results, are "forward-looking" statements as defined in Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identifi ...

Financial Data and Key Metrics Changes - In Q4 2025, revenues grew 17% and EBITDA grew 29% year-over-year in US dollars [4] - For the full year, revenues increased nearly 10% and EBITDA grew 19% [4] - Annual EBITDA surpassed $2 billion with margins expanding to 45.7% [4][8] - Group revenue reached $4.4 billion in 2025, growing 9.9% in US dollar terms [16] - EBITDA for the year reached $2.01 billion, representing 18.8% growth [16] Business Line Data and Key Metrics Changes - Digital services revenue grew 84% year-over-year in Q4 and over 62% for the full year [4] - Digital revenues reached $759 million, representing 17% of group revenues for the full year [9][16] - EBITDA from digital services reached $207 million with an EBITDA margin of 27.3% [5] - Telecom and infrastructure revenues grew 3% despite the consolidation of TNS Plus, Deodar, and Kyrgyzstan [8] Market Data and Key Metrics Changes - Growth across markets remains balanced, with strong momentum in Pakistan, Ukraine, and Kazakhstan [10] - Bangladesh returned to positive growth during the year, while Uzbekistan continues to expand steadily [10] - Monthly active users in Pakistan's financial services business reached 21.5 million, with transaction value reaching $53 billion [11] Company Strategy and Development Direction - The company is focused on executing an asset-light strategy, having completed the sale of its Pakistan tower portfolio [5] - The listing of Kyivstar on Nasdaq was highlighted as a significant achievement [7] - The company aims to continue annual share buybacks of at least $100 million, reflecting confidence in long-term cash generation capacity [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in both telecommunications and digital services [18] - The company expects revenue growth of 9%-12% and EBITDA growth of 7%-10% for 2026 [18] - Management acknowledged the impact of inflation and pricing power in their markets [104] Other Important Information - The company is actively pursuing digital banking licenses across its markets, including Pakistan [88] - The acquisition of TPL Insurance is expected to enhance embedded insurance offerings through JazzCash [84] - The company is developing local language large models for AI applications in its markets [95] Q&A Session Summary Question: Inquiry about the Pakistan spectrum auction and 5G network aspirations - Management highlighted the successful spectrum auction in Pakistan and the potential for both 4G and 5G network improvements [24][25] Question: Revenue growth drivers and pricing versus volume - Management attributed revenue growth to a shift towards meaningful digital services and multi-play customer relationships [32][33] Question: Future digital revenue growth and margin profile - Management indicated a balanced model for cash flow generation between telecom and digital services, with a current digital margin of 27.3% [35] Question: Capital allocation and mid-term strategy - Management emphasized a disciplined approach to capital allocation, focusing on share buybacks and strategic acquisitions [46][50] Question: Ukraine market potential and future projections - Management expressed confidence in Ukraine's long-term growth potential post-conflict, highlighting digital service opportunities [62][63] Question: Settlement with Dhabi Group and implications - Management explained the rationale behind settling with Dhabi Group to eliminate distractions and enhance investor relations [67][76] Question: Embedded insurance strategy and digital banking licenses - Management discussed the integration of insurance products into existing platforms and the pursuit of digital banking licenses [84][88]

VEON Delivers Record Digital Growth Revenues +9.9% in 2025, +17.4% in 4Q25 EBITDA +18.8% in 2025, +29.1% in 4Q25 Digital Revenues +63% in 2025, +84% in 4Q25 13 March 2026 | FY25 & 4Q25 Results Presentation DISCLAIMER Notice To Readers Certain of VEON's results and other financial information presented in this document are, unless otherwise stated, prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the international Accounting Standards Board and have not been exter ...

Core Insights - VEON reported record digital growth with digital revenues increasing by 84% in Q4 2025, accounting for 20.1% of total revenues, which contributed to a 17% increase in total revenue and a 29% increase in EBITDA for the same quarter [1][4]. Financial Performance - In Q4 2025, total revenue reached USD 1,171 million, a 17.4% year-on-year increase, while EBITDA rose to USD 527 million, marking a 29.1% increase with an EBITDA margin of 45.0% [4]. - For the full year 2025, total revenue was USD 4,399 million, up 9.9% year-on-year, and EBITDA was USD 2,009 million, reflecting an 18.8% increase with an EBITDA margin of 45.7% [4]. - Digital revenues for the full year grew by 62.5% to USD 759 million, representing 17.3% of total group revenue, while financial services revenues increased by 34.3% to USD 425 million [4]. Capital Allocation and Strategic Developments - VEON completed its first USD 100 million buyback program and initiated a second program, targeting at least USD 100 million in annual share repurchases [3]. - The company reached an agreement with the Dhabi Group regarding historical shareholder claims and welcomed a new shareholder, His Highness Sheikh Nahyan bin Mubarak Al Nahyan [4]. - VEON successfully raised USD 140 million from a secondary public offering of Kyivstar shares and acquired Tabletki.ua for USD 160 million to enhance its digital healthcare offerings [5]. Future Outlook - For 2026, VEON anticipates total revenue growth of 9% to 12% year-on-year and EBITDA growth of 7% to 10% year-on-year [5]. - The company expects to maintain a capex intensity of 14% to 16% excluding Ukraine [5]. - VEON's CEO highlighted the pivotal shift in the company’s strategy, noting that digital service customers have surpassed traditional connectivity subscribers for the first time [6].

Core Insights - Korn Ferry reported a strong performance in Q3 FY'26, with fee revenue of $717.4 million, representing a 7% increase year-over-year, driven by growth across all solutions [1][2] - The company’s estimated remaining fees under existing contracts reached $1.9 billion, up 11% year-over-year, with notable growth in Digital (16%), Consulting (12%), and RPO (10%) [1][2] - Diluted earnings per share increased by 12% to $1.23, while adjusted diluted earnings per share rose by 8% to $1.28 [1][2] Financial Performance - Fee revenue for Q3 FY'26 was $717.4 million, up from $668.7 million in Q3 FY'25, with growth in all solutions [1][2] - Net income attributable to Korn Ferry increased to $65.3 million, with a margin of 9.1%, compared to $58.4 million and a margin of 8.7% in the previous year [1][2] - Adjusted EBITDA for Q3 FY'26 was $123.1 million, an 8% increase year-over-year, with an adjusted EBITDA margin of 17.2% [1][2] Segment Performance - Consulting fee revenue was $166.9 million in Q3 FY'26, a 5% increase from $158.7 million in Q3 FY'25, primarily driven by a 2% increase in average bill rates [1][2] - Digital segment reported fee revenue of $94.0 million, up 4% year-over-year, with an 8% increase in Subscription & License fee revenue [1][2] - Executive Search fee revenue increased by 13% to $231.9 million, attributed to a rise in both the number of engagements billed and the average fee billed per engagement [1][2] Outlook - For Q4 FY'26, the company expects diluted earnings per share to range between $1.34 to $1.40, with fee revenue anticipated to be between $730 million and $750 million [2]

Core Insights - Accenture plc is a global professional services company known for its strong client relationships and competitive edge in strategy, consulting, digital, technology, and operations [1] - Cowen & Co. maintains a "Buy" rating for Accenture, despite modest revenue growth projections of 2% to 5% for fiscal year 2026, leading to a mixed sentiment among analysts [2][5] - The company's competitive advantage is attributed to high switching costs and deep client relationships, although its consulting revenue is currently under pressure [3][5] Financial Performance - Accenture's stock is currently priced at $210, with a slight increase of 0.11, reflecting a 0.05% rise [4] - The stock has fluctuated between $208.61 and $215.54 during the trading day, with a market capitalization of approximately $130.23 billion [4] - Over the past year, the stock has seen a high of $347.10 and a low of $188.73, indicating significant volatility [4] Industry Trends - The adoption of AI presents both opportunities and challenges for Accenture, potentially increasing demand while also risking a reduction in billable hours due to automation [3][5]

Financial Data and Key Metrics Changes - The company reported service revenues of $1.55 billion for Q4 2025, an increase of 15.9% year-on-year, with organic growth of 5.2% excluding contributions from newly acquired operations in Ecuador and Uruguay [14][15] - Adjusted EBITDA for the quarter reached $778 million, representing a 25.9% year-on-year increase and an EBITDA margin of 47.1% [15][18] - Equity Free Cash Flow (EFCF) grew by $139 million or 17.9% over the last 12 months, reaching $916 million [16][24] Business Line Data and Key Metrics Changes - The mobile business generated service revenue of $954 million, with a 5.7% year-on-year growth when excluding perimeter effects [5][6] - The Postpaid customer base increased by 12.6% year-on-year, reaching 9.1 million, while the Prepaid base saw a revenue growth of 3% [6][7] - The Home business added 40,000 customers, with a 5.1% year-on-year increase, although service revenues declined marginally by 0.3% [7][8] Market Data and Key Metrics Changes - In Guatemala, Postpaid grew by 20% year-on-year, with mobile service revenue increasing by 5.9% [9] - Colombia's mobile service revenue grew by 6.9% year-on-year, with Adjusted EBITDA reaching a record margin of 44% [9][10] - Panama's Postpaid customer base expanded by 14.6% year-on-year, with mobile service revenue growing by 4.5% [10] Company Strategy and Development Direction - The company is focused on integrating newly acquired operations in Ecuador, Uruguay, and Chile, aiming for operational efficiency and market consolidation [2][11] - The strategy includes a disciplined approach to network investment and a focus on Prepaid to Postpaid migration, which is expected to enhance customer satisfaction and ARPU [5][6] - The company plans to maintain a strong balance sheet while pursuing further acquisitions in adjacent markets like Peru and Venezuela, avoiding larger markets like Brazil and Mexico [47][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of Chile, citing its strong macroeconomic conditions and the company's ability to stabilize operations quickly [33][34] - The company anticipates a challenging operating environment due to ongoing integrations and potential currency risks, but remains optimistic about achieving an EFCF of at least $900 million in 2026 [27][39] - Management highlighted the importance of operational excellence and disciplined financial management in navigating macro volatility in Latin America [26] Other Important Information - The company distributed $334 million to shareholders in dividends, with plans to maintain a sustainable dividend policy while managing leverage [25][66] - The company expects leverage to increase temporarily due to acquisitions but aims to bring it back down to around 2.5 by year-end 2026 [28][79] Q&A Session Summary Question: Can you provide insights on the acquisition of operations in Chile and the competitive environment? - Management highlighted Chile's strong macroeconomic conditions and the company's position as number one in Home subscribers, with plans for operational improvements to achieve EFCF neutrality [33][34] Question: What is embedded in the Equity Free Cash Flow guidance for this year? - Management indicated that the guidance includes contributions from Uruguay and Ecuador, with expectations of low to mid double-digit EFCF from these countries [36][41] Question: How sustainable are the margin increases observed? - Management attributed margin expansion to ongoing efficiency programs and top-line growth, with expectations for continued improvement in Colombia and other operations [45][46] Question: What is the appetite for acquisitions in new countries? - Management stated a focus on in-market consolidation and adjacent markets, with no immediate plans to enter larger markets like Brazil and Mexico [47][48] Question: What are the drivers behind the strong revenue growth in Guatemala? - Management credited excellent execution in migrating customers from Prepaid to Postpaid, network investments, and effective base management as key factors [62][63] Question: What are the restructuring plans for 2026? - Management indicated that restructuring costs in Uruguay and Ecuador were around $20 million in 2025, with expectations of higher costs related to the Coltel acquisition in 2026 [74][75]

Core Insights - The SGA Emerging Markets Growth Strategy experienced a divergence from the market in Q4 2025, with the portfolio returning 0.8% (Gross) and 0.6% (Net), compared to the MSCI EM Net TR Index return of 4.7% and the MSCI EM Growth Net TR Index return of 3.3% [1] - For the full year 2025, the portfolio achieved returns of 23.8% (Gross) and 22.8% (Net), lagging behind the indexes which returned 33.6% and 34.3% respectively [1] - The portfolio anticipates annual revenue growth of 13% and earnings growth of 16% over the next three years [1] Company Focus: Infosys Limited - Infosys Limited (NYSE:INFY) was highlighted as a top contributor in Q4 2025, benefiting from steady execution, resilient recurring revenues, and strong performance in large-scale digital transformation projects [2][3] - As of February 11, 2026, Infosys's stock closed at $15.76 per share, with a one-month return of -16.26% and a twelve-month decline of 27.51% [2] - The company has a market capitalization of $63.76 billion [2] - Despite recent investor sentiment cooling towards India due to softening domestic demand and tariff uncertainties, Infosys's strong operating margins and client retention support robust free cash flow generation [3] - Concerns regarding potential disruptions from AI in outsourced IT services have affected Infosys shares, but the company is well-positioned to assist enterprises with AI deployment challenges [3] - The position in Infosys was trimmed to a below-average weight due to valuation considerations [3]

Financial Data and Key Metrics Changes - Group service revenue grew by 5.4% in Q3 2026, supported by growth in Europe and Africa, particularly in Germany, Africa, and Turkey [3][4] - Group EBITDA increased by 2.3% in Q3 and 5.3% year-to-date, aligning with expectations and guidance for FY26 [3][4] Business Line Data and Key Metrics Changes - In Germany, mobile customer numbers increased, with new customer ARPUs up 21% year-on-year, stabilizing consumer broadband revenues [4][6] - The U.K. integration and network investment plan is progressing well, with initial upgrades delivered ahead of schedule [4][5] - The acquisition of Skaylink supports growth in digital services, particularly in cloud and security [6] Market Data and Key Metrics Changes - Emerging markets continue to show double-digit growth, contributing positively to overall service revenue [29] - The competitive landscape in the U.K. is evolving, with potential consolidation among operators, which may impact pricing and competition [42] Company Strategy and Development Direction - Vodafone is focused on enhancing customer experience and value strategy, particularly in Germany and the U.K. [4][5] - The company is investing GBP 11 billion over ten years to build the leading 5G network in the U.K. [5] - The acquisition of a controlling stake in Safaricom is expected to strengthen Vodafone's position in Africa, leveraging growth opportunities in digital services [6][38] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the multi-year growth trajectory, with expectations for continued good growth in EBITDA and adjusted free cash flow [31][32] - The company is navigating a competitive market environment but is confident in its strategic initiatives and operational progress [6][7] Other Important Information - The company is seeing improvements in Net Promoter Scores and is focused on reducing complexity while accelerating opportunities in digital and financial services [6] - The EU Digital Networks Act and Cybersecurity Act are under review, with potential implications for investment and innovation in the telecom sector [77][78] Q&A Session Summary Question: Insights on Germany's EBITDA trajectory - Management expects EBITDA performance in Germany to improve in the second half of the year, but does not anticipate a return to positive EBITDA this year [12][14] Question: Clarification on broadband strategy and pricing actions - The focus is on value over volume, with recent price increases expected to stabilize broadband losses and improve ARPU [21][25] Question: Group-wide growth prospects for 2027 and beyond - Management is confident in the multi-year outlook for adjusted free cash flow growth, with continued good growth expected for the group overall [31][32] Question: Impact of potential consolidation in the UK broadband market - Management believes consolidation could make sense in the current environment but is pleased with Vodafone's multi-partner approach in the UK [42][43] Question: Opportunities in Africa following the Safaricom acquisition - The acquisition is seen as a strategic move to leverage growth opportunities in Africa, particularly in digital services and financial technology [38][39] Question: Thoughts on tower market dynamics and Vantage - Management is satisfied with the current position in Vantage and is monitoring market trends for potential consolidation opportunities [56][57] Question: Discussion on Fixed Wireless Access (FWA) growth - Management expects FWA to continue to grow in the UK, with seasonal factors impacting recent performance [48][49] Question: Comments on the EU Digital Networks Act and Cybersecurity Act - Management is cautiously optimistic about potential reforms but acknowledges the uncertainty surrounding the Cybersecurity Act [78][79]

Business Update Sale of Control Devices February 2, 2026 stoneridge.com © 2026 Non-GAAP Financial Measures This presentation contains information about the Company's financial results that is not presented in accordance with accounting principles generally accepted in the United States ("GAAP"). The Company provides Non- GAAP financial measure reconciliations to their closest GAAP financial measure, when all information is reasonably available to the Company at the date of the disclosure and management can ...