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October 2025 Recoding the Business with AI, Driven by Execution Nitin Rakesh CEO & Managing Director Aravind Viswanathan CFO
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© Mphasis 2025 Proprietary and confidential information 30-10-2025 2 Safe Harbor Certain statements mentioned in this presentation concerning our future growth prospects are forward looking statements (the “Forward Statements”) and are based on reasonable expectations of the management, which involves a number of risks, and uncertainties that could cause actual results to differ materially from those in such Forward Statements. The risks and uncertainties relating to these Forward Statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, fluctuations in foreign exchange rates, revenue and profits, our ability to generate and manage growth, intense competition in IT services, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price and fixed-time frame contracts, restrictions on immigration, industry segment concentration, our ability to manage our international operations, our revenues being highly dependent on clients in the United States of America, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, withdrawal of fiscal governmental incentives, political instability, adverse impact of global pandemics (including COVID-19 impact), war, legal restrictions on raising capital or acquiring companies, unauthorized use of our intellectual property(ies) and general economic conditions affecting our businesses and industry. We may, from time to time, make additional written and oral Forward Statements. We do not undertake to update any Forward Statements that may be made from time to time by us or on our behalf, unless required under the law.
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© Mphasis 2025 Proprietary and confidential information 30-10-2025 3 NeoIPTM Agentic Platform - Purpose-built AI Agents Gen-1 : Point AI Capabilities Q2’26 Gen-2 : AI/ML Models, NLP Partner Applications Enterprise Applications Enterprise Data Software Learns Business Software Runs Software Enterprise Knowledge Graph Data Ops Product & Ops Configuration Software Writes Software Goal Oriented Agent OrchestrationBusiness & Operations Agents Enterprise Agents Engineering Agents NeoIPTM Launch NeoCruxTM launched NeoZetaTM launched GenAI foundry (AWS) Q1’25 Q1’25 Q3’24 Launched Mphasis.AI BUQ1’24 Software Reimagines Business Software Defines Architecture 2014-2017 2017-2023 NextOps NeoArche NeoOrko
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© Mphasis 2025 Proprietary and confidential information 30-10-2025 4 Software will Now Eat SoftwareTM -Clients are Living this Reality with Us International airlines CloudOps and FinOps AI Ops: utility-based model Insurance & wealth management firm Productivity led transformation for AI Ops and App. Dev. leading to modernization Asset management company Client Onboarding transformation using Agentic AI Custodian & asset management firm Inability to innovate, constrained by Legacy Relearn and Modernize core platform(s) AI Without Intelligence is Artificial TM
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© Mphasis 2025 Proprietary and confidential information 30-10-2025 5© Mphasis 2025 Proprietary and confidential information 30-10-2025 5 Doubling Down on AI Hypothesis continues to play out 12% 13% 25% 30% 35% 55% 65% 68% 69% 255 241 177 319 207 351 390 760 528 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Launch of Mphasis.AI business unit Launch of Gen AI Foundry with AWS Large deal team formed to focus on complex AI led deals Mphasis NeoCruxTM and NeoZetaTM for AI-Driven Modernization and SDLC - Sustained strong TCV wins - Largest ever pipeline - driven by Mphasis AI platforms - Launch of Mphasis NeoIPTM x 2.4x AI Led Pipeline Pipeline TCV Wins (in USD Mn)
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© Mphasis 2025 Proprietary and confidential information 30-10-2025 6© Mphasis 2025 Proprietary and confidential information 30-10-2025 6 AI Supercharging Pipeline: 69% AI-led Archetypes Driven Pipeline • BFS pipeline up 45% YoY and non-BFS is up 139% YoY • Significant large deals pipeline, up 180% YoY • Traction in AI archetypes including AI Ops, Modernization & Data Q2FY25 Q2FY26 Top 10 Non-Top 10 +97% 122% 89% Q2FY25 Q2FY26 BFS Non-BFS +97% 45% 139% 5% 14% 22% 5% 10% 15% 11% 17% Q1FY26 9% 16% 21% 5% 9% 12% 8% 20% Q2FY26 Data Modernization IT Value Stream Acceleration Security Next Ops XaaP Experience Agile IT Ops +9%
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© Mphasis 2025 Proprietary and confidential information 30-10-2025 7© Mphasis 2025 Proprietary and confidential information 30-10-2025 7 Strong Broad-based TCV Wins: 42% AI-led New TCV Wins ($Mn) Large Deal Wins (>$20Mn TCV) • TCV (net new) for the quarter at $528 Mn • H1FY26 TCV more than full-year FY25 TCV; LTM TCV at $2.03Bn ̶ H1 TCV wins broad-based across verticals • Six large deals in Q2FY26; One $100+Mn with a new BFS client and two $50+Mn deals 207 351 390 760 528 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 # of cumulative deal wins since Q1FY18 68 73 75 79 85 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 +155% +17
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© Mphasis 2025 Proprietary and confidential information 30-10-2025 8© Mphasis 2025 Proprietary and confidential information 30-10-2025 8 Q2FY26 Revenue Performance by Segment • Direct QoQ growth of 2.2%, YoY growth of 7.9% • Americas grew sequentially by 2.1%, led by ramp ups in recent large deals • ITO grew sequentially by 7.0%, led by steady ramp-ups of integrated Build + Run deals • APPS YoY growth driven by AI-led modernization deals Direct performance in Q2FY26 35 34 32 46 38 41 340 365 372 Q2 FY25 Q1 FY26 Q2 FY26 Americas EMEA ROW 421 437 445 52 50 52 69 65 66 300 322 327 Q2 FY25 Q1 FY26 Q2 FY26 APPS BPO ITO 421 437 445 Direct YoY 10.0% -13.4% 15.5% Direct QoQ 7.5% -3.5% 2.1% Direct YoY 9.2% -3.8% 18.2% Direct QoQ 1.4% 2.4% 7.0% Revenue in USD Mn at average USD/INR rate for the respective periods Revenue growth in constant currency
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© Mphasis 2025 Proprietary and confidential information 30-10-2025 9© Mphasis 2025 Proprietary and confidential information 30-10-2025 9 Q2FY26 Performance by Vertical • BFS revenue growth driven by wallet share gains and growth in New Wins/Accounts ̶ BFS Direct grew 17.3% YoY • Insurance and TMT verticals continued growth momentum with 25%+ YoY growth in Direct ̶ Insurance growth driven by ramp up in recent large deal wins ̶ Continued wins and conversion driving revenue growth in TMT • Logistics & Transportation vertical - expect sequential growth from Q3 Revenue in USD Mn at average USD/INR rate for the respective periods Revenue growth in constant currency 47 43 44 55 25 25 69 79 86 47 60 62 202 230 228 Q2FY25 Q1FY26 Q2FY26 Banking & Financial Services Insurance TMT Logistics & Transportation Others 421 437 445 YoY 13.8% 31.5% 24.3% -55.1% -8.3% Direct YoY 17.3% 32.2% 26.7% -56.5% -7.7% QoQ -0.7% 4.4% 9.1% -2.7% 2.4% Direct QoQ -0.5% 4.5% 10.0% -2.4% 2.5%
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© Mphasis 2025 Proprietary and confidential information 30-10-2025 10© Mphasis 2025 Proprietary and confidential information 30-10-2025 10 Client Additions Category $200Mn+ $150Mn+ $100Mn+ $75Mn+ $50Mn+ $20Mn+ $10Mn+ $5Mn+ QoQ - - - - - 1 (1) - YoY - (1) 1 2 2 2 3 (1) Client Pyramid Performance: Direct Revenue growth in Constant currency Top clients based on LTM rankings 1 2 3 4 5 9 1 1 4 6 7 10 1 1 4 6 7 11 >$150 Mn >$100 Mn >$75 Mn >$50 Mn >$20 Mn >$10 Mn >$5 Mn >$1 Mn 31 50 137 30 136 51 50 140 27 >$200 Mn Top Client Metrics LTM • Top 1 - 10 grew 10.8% • Top 11 - 30 grew 10.7% • Significant strengthening of client pyramid with addition of clients in $10Mn+ to $100Mn+ bands YoY Additions in multiple client bands Q1FY26 Q2FY25 Q2FY26
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© Mphasis 2025 Proprietary and confidential information 30-10-2025 11© Mphasis 2025 Proprietary and confidential information 30-10-2025 11 Financial Metrics: Quarterly Performance Operating Margin Trend Cash Flow Generation Gross Revenue in $Mn at average USD/INR rate for respective periods # Revenue growth in constant currency Net Operating Cash flow in $Mn as per MDA disclosures Converted at average USD/INR for respective periods Revenue Trend EPS in INR for respective periods EPS Trend Q2FY25 Q1FY26 Q2FY26 421 437 445 +2.0% 15.4% 15.3% 15.3% Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26 22.4 23.2 24.7 +6.2% 51 24 54 Q2FY25 22 Q1FY26 Q2FY26 46 Normalized Reported
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© Mphasis 2025 Proprietary and confidential information 30-10-2025 12© Mphasis 2025 Proprietary and confidential information 30-10-2025 12 DSO Movement YoY +9 +7 QoQ +8 -3 73 10 7 74 82 0 Q2’25 Q1’26 Q2’26 Debtors Contract Assets 73 84 89 • DSO has increased by 5 days due to ̶ Increase in Debtors relating to milestone contracts and movement from Contract Assets of last quarter ̶ Contract assets decreased QoQ due to movement of the same to Debtors partially offset by new contracts DSO in Days
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© Mphasis 2025 Proprietary and confidential information 30-10-2025 13 © Mphasis 2025 Proprietary and confidential information 30-10-2025 13 Q2FY26 in Summary: Sustained Execution, Expanding AI Propositions • Highest-ever Revenue and EPS ̶ Growth led by Insurance and TMT verticals ̶ BFS momentum continued with 13.8% YoY growth • Launched Mphasis NeoIPTM, a unified AI Platform with purpose-built agents ̶ Continued investments in AI-driven growth initiatives, driving pipeline and TCV wins • Pipeline at record levels: 9% QoQ and 97% YoY growth, 69% of pipeline is AI-led • Sustained strong TCV wins : $528Mn ̶ One $100+Mn with a new BFS client, and two $50+Mn deals ̶ H1FY26 TCV more than full-year FY25 TCV; TTM TCV at $2.03Bn • Delivered stable margins
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© Mphasis 2025 Proprietary and confidential information 30-10-2025 14 © Mphasis 2025 Proprietary and confidential information 30-10-2025 14 Outlook: Recoding the Business with AI • Continue to focus on pursuing, winning and executing at the account level ̶ Investments in scaling our AI-led propositions ̶ Expanding our Mphasis NeoIPTM suite of agents • Focus on conversion of pipeline to TCV and TCV to revenue • Expect to be >2X industry growth, on the back of our H1 performance and steady conversion of strong TCV wins to revenue ̶ Steady ramp-up of large deals in upcoming quarters • Target operating (EBIT) margin within band of 14.75% - 15.75% Create-Pursue-Win-Execute
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© Mphasis 2025 Proprietary and confidential information 30-10-2025 15 © Mphasis 2025 Proprietary and confidential information 30-10-2025 15 Thank You! About Mphasis This document is the property of, and is proprietary to Mphasis, and identified as “Confidential”. Those parties to whom it i s distributed shall exercise the same degree of custody and care afforded their own such information. It is not to be disclosed , in whole or in part to any third parties, without the express written authorization of Mphasis. It is not to be duplicated or us ed, in whole or in part, for any purpose other than the evaluation of, and response to, Mphasis’ proposal or bid, or the performance and execution of a contract awarded to Mphasis. This document will be returned to Mphasis upon request. Mphasis’ purpose is to be the “Driver in the Driverless Car” for Global Enterprises by applying next-generation design, architecture, and engineering services, to deliver scalable and sustainable software and technology solutions. Customer centricity is foundational to Mphasis and is reflected in the Mphasis’ Front2Back™ Transformation approach. Front2Back™ uses the exponential power of cloud and cognitive to provide hyper-personalized (C = X2C² ™= 1) digital experience to clients and their end customers. Mphasis’ Service Transformation approach helps ‘shrink the core’ through the application of digital technologies across legacy environments within an enterprise, enabling businesses to stay ahead in a changing world. Mphasis’ core reference architectures and tools, speed and innovation with domain expertise and specialization, combined with an integrated sustainability and purpose-led approach across its operations and solutions are key to building strong relationships with marquee clients. Click here to know more. (BSE: 526299; NSE: MPHASIS). Mphasis’ purpose is to be the “Driver in the Driverless Car” for Global Enterprises by applying next -generation design, architecture, and engineering services, to deliver scalable and sustainable software and technology solutions. Customer centr icity is foundational to Mphasis and is reflected in the Mphasis’ Front2Back Transformation approach. Front2Back uses the exponential power of cloud and cognitive to provide hyper-personalized (C = X2C² = 1) digital experience to clients and their end customers. Mphasis’ Service Transformation approach helps ‘shrink the core’ through the application of digital technologi es across legacy environments within an enterprise, enabling businesses to stay ahead in a changing world. Mphasis’ core referen ce architectures and tools, speed and innovation with domain expertise and specialization, combined with an integrated sustainability and purpose-led approach across its operations and solutions are key to building strong relationships with marquee clients. Click here to know more. (BSE: 526299; NSE: MPHASIS). Important Confidentiality Notice Link to financial data for the past three years: https://www.mphasis.com/home/corporate/investors.html
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© Mphasis 2025 Proprietary and confidential information 30-10-2025 16
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© Mphasis 2025 Proprietary and confidential information 30-10-2025 17 © Mphasis 2025 Proprietary and confidential information 30-10-2025 17 Analyst Recognitions