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NOVEMBER 2025 Firstsource Solutions Investor Presentation
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Copyright © 2025 Firstsource. All rights reserved. 2 Disclaimer Certain statements in this presentation concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in BPS market including those factors which may affect our cost advantage, wage increases, our ability to attract and retain highly skilled professionals, time and cost overruns on client contracts, client concentration, our ability to manage ramp-ups and growth, our ability to manage our international operations, reduced demand in our key focus verticals, disruptions in telecom infrastructure and technology, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, performance of our subsidiaries, withdrawal of government fiscal incentives, political instability, legal restrictions on raising capital and acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry. Firstsource may, from time to time, make additional written and oral forward-looking statements, including our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company.
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Copyright © 2025 Firstsource. All rights reserved. 3 We are a part of RP-Sanjiv Goenka Group India’s first fully integrated utility company, serving 4.7 Mn consumers across 7 locations An entertainment Company with IP at its core having diverse portfolio of 170k+ songs, 70+ films, 10k+ hrs TV serials, 45+ web series, artist management & live events. India’s finest gourmet and multi-format organized retailer with varied assortments Too Yumm, a flavorful & better-for-you snacking Innovating in the personal care category through new-age brands Naturali and Within Beauty LSG is a premier IPL franchisee focused on nurturing the future of Indian cricket Eastern India’s definitive destination for luxury, style, and curated lifestyle experiences India’s largest producer of rubber & South India’s second largest cultivator of tea Delivering sharp journalism, bold storytelling, and immersive experiences across print, digital, and video—shaping conversations in business, culture, lifestyle and current affairs One of India’s new-age and fastest growing Conglomerates Presence in 60+ countries Strong workforce of 55,000+ employees, belonging to different nationalities *All figures are for FY25 or as on 31st March 2025 Group turnover of ~US$5 Bn* EBITDA of ~US$930 Mn* Asset base of >US$8 Bn* Over 1.2 Mn* Shareholders A global leader in BPS, transforming operations across industries through its UnBPO approach - delivering transformative, AI-powered solutions at speed and scale A Global Specialty Chemical company and India’s Largest Carbon Black player 100+ offices worldwide
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Journey so far… Strategy refresh & impact
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Copyright © 2025 Firstsource. All rights reserved. 5 Strategy refresh & impact OneFirstsource has been our strategy playbook over the past two years TOP-QUARTILE REVENUE GROWTH CONCURRENT MARGIN EXPANSION Simplify the organization Cross-sell/up-sell Amplify the ‘Firstsource’ brand Expand Elevate employee experience Improve margins Tech in everything we do capabilities into existing clients
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Copyright © 2025 Firstsource. All rights reserved. 6 2 3 5 2 9 4 10 9 10 13 13 7 17 10 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Strategic logos 5 1 3 3 3 5 4 4 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 104 103 100 105 107 116 141 142 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 25 25 25 26 28 30 38 39 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 13 13 13 13 14 15 17 17 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 8 8 9 11 10 10 11 9 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Strategy refresh & impact We have strengthened our client relationships US$1m+ clients (nos.) US$5m+ clients (nos.) US$10m+ clients (nos.) US$20m+ clients (nos.) We are adding new logos at a faster pace… …And winning more large deals Number of clients across revenue buckets on a TTM basis Strategic logo defined as one with potential of US$5m+ relationship Large deal defined as one with annual contract value of US$5m+
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Copyright © 2025 Firstsource. All rights reserved. 7 2.8% 4.5% 14.8% 22.7% 27.7% 25.0% 19.2% 13.8% Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 22.2% 2.2% 12.5% 9.0% Firstsource IT large-cap Select IT mid-cap Select BPO peers Strategy refresh & impact Driven consistent industry leading revenue growth YoY constant currency revenue growth Reported YoY US$ revenue growth on TTM-basis as of 30th September 2025 IT large-cap include TCS, Infosys, HCL Tech, Wipro, Tech Mahindra and LTI Mindtree IT mid-cap include Mphasis, Persistent, Coforge and Zensar BPO peers include TP, Concentrix, Genpact, EXL Services, eClerx, Sagility and IKS ~2x
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Copyright © 2025 Firstsource. All rights reserved. 8 10.7% 11.0% 11.0% 10.8% 11.1% 11.2% 11.3% 11.5% Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Expanded sales team Senior leadership hires New roles to drive strategic initiatives Capability expansion AI infusion across services Vertical-specific language models Brand amplification Strategy refresh & impact We improved our margins even while investing in the business Key investments areas
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Copyright © 2025 Firstsource. All rights reserved. 9 Strategy refresh & impact Creating strong shareholder returns Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24 Oct-24 Apr-25 Oct-25 FSL;406% 406% 235% 4% 25% 10% 1% 5 Year return 3 Year return 1 Year return Share price return Dividend yield Promoter 54% FII 9% DII 25% Public & Others 12% Key institutional shareholders HDFC Mutual Fund Life Insurance Corporation SBI Mutual Fund Tata Mutual Fund Vanguard Group Blackrock HSBC Mutual Fund Dimensional Fund White Oak Aditya Birla Sun Life Mutual Fund Total Shareholder Return^ Shareholding Pattern* ^Till 31st October 2025 *As on 30th September 2025 NiftyIT;71% Nifty50;121% Stock performance: Last 5 years^ NSE: FSL | BSE: 532809 | Reuters: FISO.BO| Bloomberg: FSOL:IN Market Capitalisation: US$2.8bn Average daily trading volume (TTM): US$11.4mn
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Looking beyond… Leading in the UnBPO world
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Copyright © 2025 Firstsource. All rights reserved. 11 • Accelerated pace of technology innovation • Diminishing barriers to access • Growing regulations around AI on data privacy and security concerns • Increased lifespans leading to multi-generational workforce • Integrated workforce of digital and human employees • Rise of nationalistic policies, tariffs and trade barriers • Growing client demand for closer cultural & time zone alignment Geopolitical Technological Leading in the UnBPO world Macro trends reshaping the global business environment Anthropological
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Copyright © 2025 Firstsource. All rights reserved. 12 Leading in the UnBPO world Traditional business model is at risk Front, middle and back-office tasks with defined boundaries Labor arbitrage/global delivery are the key assets Labor-based resourcing model; focus on pyramid optimization Shared service delivery models; one size fits all Location dispersion driving competitive differentiation Hierarchical org. structure; generational workforce Traditional L&D; traditional incentive structures Leverage AI for point solutions and drive productivity Use partners to fill technology gaps Linear revenue model ‘Service-as-a-software’; boundaries between process and IT blurring ‘Technology arbitrage’ not just for cost, but for leverage Skill-based resourcing; full/part time, gig, and agentic workforce ‘Fit-for-purpose’ technology contextualized for deep domain Location dispersion is ‘location debt’; AI centers of excellence Cross-functional structure; distributed decision-making Personalized skilling and reskilling; Retooled incentive structures AI-at-the-core with human-in-the-loop Orchestration of specialized partners integrated into the operating model Disruptive growth with non-linear commercial models Traditional BPO Approach The UnBPO Mindset
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Copyright © 2025 Firstsource. All rights reserved. 13 Enterprise Software & Tech Spend Enterprise Services Spend Global Services-as-Software Market Opportunity US$1.5tn* ITServicesProviders SoftwareVendors NativeSaasPlayers US$220bn^ Global BPO services market Growing at 4-5% CAGR Leading in the UnBPO world UnBPO unlocks a ~7x larger addressable market GlobalSoftwareandServices market ^Source: Gartner Research *By 2035; Source: HfS Research BPOServicesProviders
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Copyright © 2025 Firstsource. All rights reserved. 14 14 of Top 20 Mortgage lenders & servicers in the US BANKING & FINANCIAL SERVICES COMMUNICATION, MEDIA & TECHNOLOGY HEALTHCARE DIVERSIFIED INDUSTRIES *US$ revenue and % revenue contribution, on TTM basis 7 of Top 10 Credit card issuers in the US 3 of Top 6 Retail banks in the UK 1 of Top 2 Media companies in the UK 3 of Top 5 Telecom & media companies in the US 4 of Top 5 Consumer Tech companies in the US 12 of Top 15 Health plans in the US 300+ Health systems in the US 2 of Top 5 Energy providers in the UK Retailers in the UK 2 of Top 10 Leading in the UnBPO world Our deep domain expertise is a key differentiator 33%US$336m* 34%US$345m* US$219m* US$124m* 12% 21%
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Copyright © 2025 Firstsource. All rights reserved. 15 35%+ improvement in customer feedback Top 5 retail bank in the UK 85%+ resolution by autonomous agents Leading financial services firm in the US 60%+ reduction in mean-time-to-repair Top 5 telecom & media company in the US 20%+ reduction in cost-to-serve One of the largest media player in the UK CUSTOMER EXPERIENCE Domain led solutions tailored for industry- specific pain points Tech-embedded global delivery operations AI-powered solutions for AI-first CX operations Leading in the UnBPO world We have infused AI to make our core services UnBPO ready 20%+ improvement in collections Leading auto lender in the US 24%+ increase in 6-month liquidation rate ‘Emerging50’ fintech player in the US 21%+ reduction in cost-to-collect Top 3 credit card issuer in the US 20%+ savings in 1st party servicing Top3 consumer bank in the US COLLECTIONS 30%+ improvement in content extraction HealthTech Digital Intake Platform 500mn+ claim documents processed HealthTech Digital Intake Platform 40%+ reduction in cycle-time Mortgage Workflow Platform 10%+ improvement in collections CX Tech Platform AI embedded into existing platforms for smarter workflows Leverage models (hyper-personalization, SLM) for scalable and reliable outcomes Applied agentic workflows/co-pilots to aid decisions and automate L1 support E2E collection capabilities, covering first- party, third-party and legal collections AI/ML infusion for hyper-personalized engagement AI-driven, privacy-first compliance and monitoring systems DOMAIN-LED PLATFORMS & SOLUTIONS
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Copyright © 2025 Firstsource. All rights reserved. 16 Leading in the UnBPO world We are leveraging our core strengths to expand into AI-native services AI CONSULTING SERVICES AI Maturity Assessment AI Strategy & Roadmap AI Labs setup AI Platform Selection & Benchmarking AI SOLUTIONS & IMPLEMENTATION SERVICES AI & Automation Implementation Services Agentic AI Assets Low code/No Code Implementation Managed Services GenAI DATA AS A SERVICE Enterprise Data Collection Model Refinement & Reinforcement Learning Prompt Engineering Prompt Validation 2000+ Certified AI professionals 25+ Partners across AI ecosystem Talent Pool & Partner Ecosystem 100+ Pre-built GenAI solutions & models 25+ IPs and tools Tech Expertise Domain Capabilities 10+ Industry verticals expertise 1000+ Processes transformation experience
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Copyright © 2025 Firstsource. All rights reserved. 17 Leading in the UnBPO world relAI is at the core of our UnBPO strategy 06 03 01 02 05 04 AI-first Platforms GenAI Creator Economy AI labs & Innovation Network GenAI Solutions Agentic AI Data & AI Services Q1FY25 Q3FY25 Q4FY25 Q4FY25 Q1FY26 Mortgage LM The Future of AI-Powered Mortgage Processing Firstsource Gigsourcing Platform Firstsource Agentic AI Studio
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Copyright © 2025 Firstsource. All rights reserved. 18 Client : Multi-state Medicare & Medicaid health plan The challenge Achieve cost optimization targets while maintaining service excellence Enhance accuracy and efficiency of the process through AI-driven interventions Scale AI adoption in operations, overcoming integration and scalability hurdles Accelerate time-to-value and seamless adoption of new processes The UnBPO Solution Domain expertise embedded into software solutions • Implemented Claims-as-a-Service for all lines of businesses • Combined operational transformation with cutting-edge AI technologies • Right shored operations while navigating regulatory restrictions Customized GenAI solutions • AI/GenAI claims decision agents and copilots to transform operations • ‘EAD’ framework leveraging AI agents/bots process mining for efficiency Creative financial structuring • Deliver savings early in the program with creative solutioning • Move towards an outcome-based model beyond just SLAs The impact 20% Cost savings over the deal term 20% Faster speed to competency 33% FTE effort saved Faster TAT & efficiency gains Leading in the UnBPO world U n B P O in action: Case study #1
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Copyright © 2025 Firstsource. All rights reserved. 19 Leading in the UnBPO world U n B P O in action: Case study #2 Client : One of the largest building societies The challenge Optimize TCO, modernize operations, and build a future-ready service model Transformation spanned 16 core processes, 99 sub-processes, and 72 tools Address complexity from fragmented systems and manual workloads Client’s first outsourcing partnership; mutual trust and alignment was critical The UnBPO Solution Innovation at the core • Deployed AI Coach for real-time personalized insights and on-the-fly training • GenAI QA automation for reviews at scale; spotting skill/compliance gaps • Introduced a compassionate bereavement services solution Seamless integration • Designed a model office for scalable workflows across banking value chain • Embed continuous process intelligence into each layer of operations • ‘EAD’ framework leveraging AI agents/bots process mining for efficiencyCulturally aligned and sustainable by design • Co-created governance model to align with the client's culture and purpose • Innovation Council to define long-term sustainable operating framework The impact 55% Cost savings over the deal term ~30% Reduction in headcount 5 - 8 points Improvement in NPS ~30% improvement in turnaround time
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Copyright © 2025 Firstsource. All rights reserved. 20 Courage | Innovation | Entrepreneurial Mindset EXECUTION EXCELLENCE Achievement, not activity | Clarity | Getting Things Done! AGILITY Growth Mindset | Progress over perfection | Learnability CUSTOMER FIRST Simplicity | Curiosity | Authenticity Vulnerability | Humility | Professionalism RISK TAKING Our core strengths Rooted in shared values CREDIBILITY Honesty | Selflessness | Trust HUMANENESS
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Copyright © 2025 Firstsource. All rights reserved. 21 ‘B’ RATING Read our FY25 EGS report here ESG REPORT 2024-25 Our core strengths Focused on driving sustainable impact Silver RATING Leader in Carbon Management Climate Disclosure 2024 ‘A’ RATING Supplier Engagement Assessment 2024
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Copyright © 2025 Firstsource. All rights reserved. 22 Our core strengths Recognized strength in our key capabilities Market Leader BPaaS Solutions Healthcare Payer Market Peak Matrix Assessment 2024 Major Contender & Star Performer RCM Operations Peak Matrix Assessment 2024 Major Contender & Star Performer Financial Crime and Compliance Peak Matrix Assessment 2025 Horizon 3 Mortgage Reinvention HFS Horizons 2025 Leader Mortgage Business Process Transformation RadarView 2025 ‘The Booming 15’ (Companies with revenue <US$1bn) ISG Index 3QCY25 Front Runners Operationalizing Generative AI Healthcare Payer Market 2025 Top Riser among Top 50 Players (On CY24 revenue; YoY growth) Everest Group BPS Top 50 2025
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Copyright © 2025 Firstsource. All rights reserved. 23 Our core strengths Experienced leadership team Sundara Sukavanam Head – Enterprise Transformation Office Ritesh Idnani MD & CEO Shamita Mukherjee Chief Human Resources Officer Rajiv Malhotra Head – Europe, Middle East & Africa Arjun Mitra Head – Collections Ashish Chawla Head – CX and Consulting Vivek Sharma Head – CMT, BFS and Emerging Geos Venkatgiri Vandali Head – Healthcare & Lifesciences Hasit Trivedi Chief Digital & AI Officer Sohit Brahmawar Chief Operating Officer Aniket Maindarkar Chief Marketing Officer Dinesh Jain Chief Financial Officer
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Copyright © 2025 Firstsource. All rights reserved. 24 In summary… We see potential to grow at an accelerated pace over the medium term… Discontinuities caused by macro and technology shifts are creating market opportunities We are disrupting the traditional business model with the UnBPO playbook Our ‘right’ scale gives us an advantage …Helped by our unique differentiators… Roster of long-standing relationships with quality clients with large spend Recognized leadership with strong domain expertise Bring technology and AI contextualized to solve clients’ business problems Scrappy culture focused on driving impact and underwrite business outcomes …And driven by the OneFirstsource playbook… Focus on account mining and expanding capabilities Steady upward movement in client numbers across revenue buckets Speed-to-market, clear accountability and improved market visibility are key imperatives …Even as we remain focused on execution in the near term Four large deal wins in Q2FY26; third straight quarter of 4 or more deals 2QFY26 exit deal pipeline at US$1bn+, highest ever FY26 revenue growth guidance at the top decile of the peer group
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Copyright © 2025 Firstsource. All rights reserved. 25 Our FY26 guidance 13-15%* Constant currency revenue growth *Does not include the proposed acquisition of Pastdue Credit Solutions 11.25-12.0% EBIT margin
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Copyright © 2025 Firstsource. All rights reserved. 26 Our medium-term aspirations Cross-sell/upsell (in existing clients) New Logos (incl. strategic logos) Services Expansion (for existing verticals) Geo Expansion (Middle-East/Canada*) Vertical Expansion (Retail/Utilities in the US) Optimise Execution (Delayer/internal seeding) Low-margin Accounts (cure or cease) Rightshore Delivery Corporate Initiatives (G&A cost control) Automation/AI tools (in output/outcome commercial contracts) 50 - 75bps expansion EBIT margin Double – digit Constant currency YoY revenue growth *Under evaluation
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Factsheet
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Copyright © 2025 Firstsource. All rights reserved. 28 Financial performance snapshot | H1FY26 Revenue Revenue (in ₹ million) (in $ million) EBIT and Margin (%) PAT and Margin (%) 3,397 3,617 5,374 5,137 5,147 5,945 3,488 8.3% 7.1% 9.1% 8.5% 8.1% 7.4% 7.7% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 FY20 FY21 FY22 FY23 FY24 FY25 H1FY26 PAT PAT Margin (%) 2.0% 1.1% 578 685 795 750 765 944 524 FY20 FY21 FY22 FY23 FY24 FY25 H1FY26 YoY constant currency revenue growth YoY US$ revenue growth (in ₹ million) (in ₹ million) 17.9% 18.5% 14.6% 16.0% -1.1% -5.7% 21.9%23.9% 16.6% 1.7% 5.2% 40,986 50,780 59,212 60,223 63,362 79,803 45,299 FY20 FY21 FY22 FY23 FY24 FY25 H1FY26 4,437 5,979 7,105 5,633 6,962 8,806 5,163 10.8% 11.8% 12.0% 9.4% 11.0% 11.0% 11.4% 0.0 % 2.0 % 4.0 % 6.0 % 8.0 % 10. 0% 12. 0% - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 FY20 FY21 FY22 FY23 FY24 FY25 H1FY26 EBIT EBIT Margin (%) YoY INR revenue growth 23.3% 22.6% 25.9% 16.4% 17.8%
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Copyright © 2025 Firstsource. All rights reserved. 29 Key performance indicators | H1FY26 6,526 3,903 8,083 6,159 6,001 13,169 10,820 4,104 9,756 7,036 7,950 6,441 7,011 5,927 3,158 8,060 6,307 7,436 5,590 4,775 5,424 FY20 FY21 FY22 FY23 FY24 FY25 H1FY26 12.3% 12.9% 17.7% 15.3% 13.9% 14.5% 16.0% FY20 FY21 FY22 FY23 FY24 FY25 H1FY26* 12.3% 17.6% 17.6% 13.4% 15.4% 15.6% 18.0% FY20 FY21 FY22 FY23 FY24 FY25 H1FY26* Long term Debt Short term Debt Net DebtOperating Cash Flow Free Cash Flow (in ₹ million) (in ₹ million) Return on Equity (%) Return on Capital Employed (%) Cash Flow Debt Position 28 846 2,733 1,394 3,419 3,552 8,406 5,199 7,364 6,876 8,049 11,908 10,217 FY21 FY22 FY23 FY24 FY25FY20 H1FY26 *Annualised
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Copyright © 2025 Firstsource. All rights reserved. 30 Performance Summary | Q2FY26 ₹ 23,122 Million (US$ 265 Million) REVENUE YoY growth of 20.1% YoY constant currency growth of 13.8% QoQ constant currency growth of 2.0% EBIT PROFIT AFTER TAX ₹ 2.54 per share EARNINGS PER SHARE (Diluted) ₹ 2,665 Million (Margin 11.5%) YoY growth of 28.1% YoY margin expansion of 70bps QoQ margin expansion of 20bps ₹ 1,795 Million (Margin 7.8%) YoY growth of 29.9% QoQ growth of 6.0% Q1FY26 at ₹ 2.40 per share Q2FY25 at ₹ 1.96 per share
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Copyright © 2025 Firstsource. All rights reserved. 31 Performance Summary | H1FY26 ₹ 45,299 Million (US$ 524 Million) REVENUE YoY growth of 21.9% YoY constant currency growth of 16.4% EBIT PROFIT AFTER TAX ₹ 4.95 per share EARNINGS PER SHARE (Diluted) ₹ 5,163 Million (Margin 11.4%) YoY growth of 27.4% YoY margin expansion of 50bps ₹ 3,488 Million (Margin 7.7%) YoY growth of 27.6% H1FY25 at ₹ 3.88 per share TTM at ₹ 9.50 per share
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Copyright © 2025 Firstsource. All rights reserved. 32 Revenue distribution | Q2FY26 By verticals By delivery locationBy geography BFS 33.2% Healthcare 33.5% CMT 21.7% Diverse 11.6% North America 69.4% EMEA 29.4% RoW 1.2% Onshore 58.4% Offshore & Nearshore 41.6%
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Copyright © 2025 Firstsource. All rights reserved. 33 Cons. IndAS financials | Profit & Loss Statement *include one-time charges In ₹ million FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 FY25 Q1FY26 Q2FY26 QoQ YoY Income from services 63,325 17,839 19,326 20,879 21,678 79,721 22,209 23,147 4.2% 19.8% Other operating income 37 72 (72) 145 (63) 82 (33) (25) -24.4% -65.7% Revenue from operations 63,362 17,911 19,254 21,024 21,615 79,803 22,177 23,122 4.3% 20.1% Revenue from operations (US$m) $765 $215 $230 $249 $250 $944 $259 $265 2.3% 15.2% QoQ growth % - constant currency - 6.5% 6.9% 7.6% 2.1% - 1.6% 2.0% - - YoY growth % - constant currency 1.1% 14.8% 22.7% 27.7% 25.0% 22.6% 19.2% 13.8% - - Manpower expenses 39,093 11,268 12,104 13,070 13,515 49,958 13,207 13,618 3.1% 12.5% Operating expenses 14,705 3,944 4,277* 4,777 4,771 17,769 5,499 5,744 4.5% 34.3% EBITDA 9,564 2,699 2,873 3,177 3,328 12,076 3,471 3,760 8.3% 30.9% EBITDA margin 15.1% 15.1% 14.9% 15.1% 15.4% 15.1% 15.7% 16.3% 60bp 140bp Depreciation & amortization 2,602 729 792 844 906 3,270 972 1,096 12.7% 38.4% EBIT 6,962 1,970 2,081* 2,333 2,422 8,806 2,498 2,665 6.7% 28.1% EBIT margin 11.0% 11.0% 10.8% 11.1% 11.2% 11.0% 11.3% 11.5% 20bp 70bp Finance cost 1,034 316 343 393 426 1,479 434 428 -1.6% 24.5% Other income, net 368 18 (27) (21) 21 (9) 68 (13) - - Exceptional items, net - - - 88 - 88 - 19 - - Profit before taxes 6,297 1,673 1,710 2,007 2,017 7,407 2,132 2,243 5.2% 31.2% Taxes and minority interest 1,150 320 328 404 410 1,462 439 448 2.1% 36.6% Profit after tax 5,147 1,353 1,382 1,603 1,607 5,945 1,693 1,795 6.0% 29.9% Net margin 8.1% 7.6% 7.2% 7.6% 7.4% 7.4% 7.6% 7.8% 20bp 60bp Diluted EPS (₹/share) 7.34 1.92 1.96 2.27 2.28 8.42 2.40 2.54 5.8% 29.6%
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Copyright © 2025 Firstsource. All rights reserved. 34 Cons. IndAS financials | Balance Sheet In ₹ million As on Mar 31, 2025 As on Sep 30, 2025 Equity and liabilities Shareholder's Funds Equity share capital 6,970 6,970 Reserve and surplus 34,006 36,687 Non-controlling interest 4 4 Total equity 40,980 43,660 Non-current liabilities Financial liabilities Long-term borrowings 3,419 3,552 Lease liabilities 8,070 7,378 Other financial liabilities 580 1,592 Provisions 241 297 Deferred tax liabilities 1,645 1,708 Total non-current liabilities 13,955 14,527 Current liabilities Financial liabilities Short-term and other borrowings 11,908 10,217 Trade payables 3,976 4,586 Lease liabilities 2,296 2,542 Other financial liabilities 4,209 5,133 Other current liabilities 1,106 1,183 Provisions 643 750 Provision for tax, net 149 613 Total current liabilities 24,287 25,023 Total liabilities 79,222 83,211 In ₹ million As on Mar 31, 2025 As on Sep 30, 2025 Assets Non-current assets Fixed assets 3,254 3,199 Right-of-use assets 9,126 8,710 Goodwill on consolidation 36,799 38,243 Other intangible assets 1,248 788 Intangible assets under development - 95 Investment in associates 0 0 Financial assets Investments 115 337 Other financial assets 1,026 899 Deferred tax assets 2,735 3,202 Income tax assets, net 714 907 Other non-current assets 1,965 2,483 Total non-current assets 56,982 58,864 Current assets Financial assets Current investments 616 694 Trade receivables 16,860 17,744 Cash and cash equivalents 1,542 2,255 Other bank balances 128 73 Other financial assets 206 319 Other current assets 2,888 3,263 Total current assets 22,240 24,348 Total assets 79,222 83,211
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Copyright © 2025 Firstsource. All rights reserved. 35 Cons. IndAS financials | Cash Flow Statement In ₹ million 6 Months ended Sep 30, 2024 6 Months ended Sep 30, 2025 Cash flow from operating activities Net profit before taxation and non-controlling interest 3,383 4,376 Depreciation and amortization 1,520 2,068 Finance costs (for borrowings & lease liabilities) 659 862 Non-cash expense 482 353 Non-operating items (13) (22) Exceptional items, net - (19) Working capital changes (3,220) (1,004) Income taxes paid (601) (688) Net cash generated from/(used in) operating activities (A) 2,211 5,927 Cash flow from investing activities Capital expenditure, net (1,413) (503) Interest income received 5 15 (Increase)/decrease in current investments 190 (50) Investment in short-term fixed deposits - (4) Acquisition of business (5,018) - Purchase of non-current investment - (221) Earmarked balances with banks 4 58 Payment of contingent consideration towards acquisition - (27) Net cash generated from/(used in) investing activities (B) (6,232) (731) Cash Flow from financing activities Net change in borrowings 6,188 (2,232) Net interest paid (764) (851) Payment of lease liabilities (755) (1,298) Purchase of treasury shares, net (152) (134) Purchase of non controlling interest in subsidiary (225) - Net cash generated from/(used in) financing activities (C) 4,292 (4,516) Net increase/(decrease) in cash and cash equivalents (A+B+C) 271 680 Cash and cash equivalents at the beginning of the period 1,748 1,542 Foreign exchange (loss)/gain on translating cash and cash equivalents 5 33 Closing cash and cash equivalents 2,024 2,255 Current investments 235 694 Cash and cash equivalents including investments 2,258 2,949
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Copyright © 2025 Firstsource. All rights reserved. 36 Operating Metrices | Q2FY26 * For employees in continuous employment for more than 180 days Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Revenue by Vertical Banking & Financial Services 40.8% 38.3% 37.3% 36.4% 34.4% 32.4% 33.4% 32.5% 33.2% Healthcare 32.7% 33.5% 32.9% 35.7% 36.3% 34.0% 33.8% 33.4% 33.5% Communications, Media & Tech 21.2% 22.5% 23.6% 22.3% 21.3% 20.3% 21.0% 22.4% 21.7% Diverse Industries 5.3% 5.7% 6.2% 5.6% 8.0% 13.3% 11.8% 11.7% 11.6% Revenue by Geography North America 65.1% 65.4% 65.0% 68.2% 68.5% 66.3% 67.7% 68.7% 69.4% Europe, Middle East, and Africa 34.8% 34.5% 34.9% 31.8% 31.4% 33.4% 31.5% 30.1% 29.4% Rest of World 0.1% 0.1% 0.1% 0.0% 0.1% 0.3% 0.8% 1.2% 1.2% Revenue by Delivery Offshore & Nearshore 26.7% 30.3% 31.4% 35.0% 35.8% 40.1% 37.8% 41.2% 41.6% Onshore 73.3% 69.7% 68.6% 65.0% 64.2% 59.9% 62.2% 58.8% 58.4% Client Addition New logos (added during the quarter) 12 10 9 10 13 13 7 17 10 Strategic logos (added during the quarter) 4 7 3 2 3 5 2 9 4 Client Concentration Top 5 clients (share of total revenues) 35.0% 35.8% 36.7% 34.6% 32.5% 29.0% 29.3% 29.6% 28.9% Top 10 clients (share of total revenues) 51.3% 52.0% 52.6% 51.5% 48.6% 43.4% 43.7% 42.6% 42.3% Client Distribution US$ 1m+ clients (nos.) 101 104 103 100 105 107 116 141 142 US$ 5m+ clients (nos.) 24 25 25 25 26 28 30 38 39 US$ 10m+ clients (nos.) 13 13 13 13 13 14 15 17 17 US$ 20m+ clients (nos.) 8 8 8 9 11 10 10 11 9 US$ 50m+ clients (nos.) 2 2 2 2 2 2 2 2 2 Revenue by Currency USD 65.0% 64.9% 64.8% 67.9% 68.2% 64.9% 65.7% 67.9% 68.5% GBP 34.3% 34.4% 34.4% 31.4% 30.9% 34.2% 32.7% 30.1% 29.2% Others 0.7% 0.7% 0.8% 0.7% 0.9% 0.9% 1.6% 2.0% 2.3% Employee Metrices Total employees (period-end) 23,953 25,947 27,940 29,231 32,898 34,144 34,651 34,495 35,997 Net addition 1,569 1,994 1,993 1,291 3,667 1,246 507 (156) 1,502 Attrition* (TTM) 39.8% 37.7% 35.4% 31.8% 30.6% 31.4% 29.8% 28.9% 28.0%
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Firstsource is a specialized global leader providing business process services and an RP-Sanjiv Goenka Group company. Spanning the customer lifecycle across Healthcare, Banking and Financial Services, Communications, Media and Technology, Retail, and other diverse industries, we ‘make it happen’ for our clients, solving their biggest challenges with hyper-focused, domain-centered teams and cutting-edge tech, data, and analytics. With a global footprint across US, UK, India, Philippines, Mexico, Romania, Turkey, Trinidad & Tobago, South Africa, and Australia, our inch-wide, mile-deep practitioners work collaboratively, leveraging UnBPOTM - our differentiated approach to reimagining traditional outsourcing - to deliver real-world, future-focused solutions that drive speed, scale, and smarter decision, turning transformation into tangible results for our clients. Copyright © 2025 Firstsource. All rights reserved. www.firstsource.com