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F E B R U A R Y 2 0 2 5 EPAM Proprietary & Confidential. Investor Presentation
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EPAM Proprietary & Confidential. 2 These materials contain forward-looking statements. You should not place undue reliance on these statements because they are subject to numerous uncertainties and factors relating to the Company’s operations and business environment, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements include information concerning the Company’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “might,” “would,” “continue” or similar expressions. These statements are based on assumptions that we have made in light of management’s experience in the industry as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Those known and unknown risks, uncertainties and assumptions may relate to, among other things, developments relating to the war in Ukraine and escalation of the war in the surrounding region, political and civil unrest or military action in the geographies where we conduct business and operate, difficult conditions in global capital and foreign exchange markets, and the broader economy, and the effect that they may have on our client demand, revenues, operations, access to capital, and profitability.Additional risks and uncertainties include but are not limited to the world economy; our expected financial performance; and macroeconomic and market conditions and volatility. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect the Company’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors are discussed in more detail in the Company’s filings with the Securities and Exchange Commission. These risks could cause actual results to differ materially from those implied by forward-looking statements. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect the Company. The Company has no obligation to update or correct any forward-looking statements after the date hereof, except as required by federal securities laws. Safe Harbor Statement
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EPAM Proprietary & Confidential. 3 Contents 01 02 03 04 05 06 Who We Are The EPAM Story Our Positioning Market Trends How We Do It Artificial Intelligence 07 Corporate Recognition 08 Investment Highlights 4 7 11 13 15 18 28 30
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EPAM Proprietary & Confidential. 4 Who We Are 01
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EPAM Proprietary & Confidential. 5 About EPAM We are consultants, designers, engineers, architects and trainers who enable our clients to be competitive and disruptive in the marketplace through innovative technology solutions, while helping them to successfully navigate through multiple waves of technology and social change. We help our clients be more competitive by delivering solutions through best-in-class engineering combined with strategy, design, consulting and innovation services. We adopt a global growth strategy, thinking and acting like a start-up, working in multidisciplinary teams and delivering Results. Relentlessly.
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EPAM Proprietary & Confidential. 6 EPAM Fast Facts – Q4 2024 Emerging Business Information & Media 24.8% -3.9%$171M$212M Life Sciences & Healthcare 8.6%$152M Consumer Goods, Retail & Travel -3.0%$250M Software & Hi-Tech 7.7%$182M Financial Services 15.9%$281M R E V E N U E S BY I N D U ST RY V E R T I C A L (Reported $ & YoY Growth) EMEA* AMERICAS 4.3% 3.1% 11.4%$753M $468M $27M R E V E N U E S BY G EO G R A P H Y (Reported $ & YoY Growth) APAC FO U N D E D I N 1993 U. S . H E A D Q UA R T E R E D P U B L I C C O M PA N Y (NYSE:EPAM) R E V E N U E S $1.248B 5 - Y E A R R E V E N U E G R OW T H CAGR of 16% (2019-2024) 2 0 2 4 R E V E N U E S $4.728B C O U N T R I E S & R E G I O N S 55+ N O N- G A A P D I LU T E D E P S ( Yo Y ) $2.84 | 3.3% E PA M E R S 61,200 D E S I G N E R S , E N G I N E E R S , & C O N S U LTA N T S 55,100+ G A A P D I LU T E D E P S ( Yo Y ) $1.80 | 8.4% Figures are as of Q4 2024 unless otherwise noted. Refer to EPAM’s 4th Quarter and Full Year 2024 Earnings Release for additional information and reconciliation of GAAP Diluted EPS to Non-GAAP Diluted EPS. *Starting in 2024, revenues from the CEE region are included in the EMEA region.
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EPAM Proprietary & Confidential. 7 The EPAM Story 02
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EPAM Proprietary & Confidential. 8 Growing, Global Presence in 55+ Countries & Regions1 United States Canada Argentina Brazil Chile Colombia Dominican Republic Ecuador Peru Uruguay Mexico Australia China Hong Kong SAR Kazakhstan Kyrgyzstan Uzbekistan Israel Lebanon Türkiye Belarus Bulgaria Croatia Cyprus Czech Republic Greece Hungary Latvia Lithuania Montenegro Poland Romania Serbia Slovakia Ukraine Japan India Malaysia Singapore Vietnam Qatar Saudi Arabia United Arab Emirates Austria Belgium France Germany Ireland Italy Malta Netherlands Portugal Spain Sweden Switzerland United Kingdom Armenia Georgia South Africa Footnote References on Page 34
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EPAM Proprietary & Confidential. 9 The EPAM Advantage – 30+ Years of Software & Digital Platform Expertise EPAM is chosen to help Colgate-Palmolive develop a sales force automation solution. Its success opens the door to EPAM’s first major software product development client: SAP AG. EPAM enters the European market, beginning a multi- year journey of geographic and industry diversification. EPAM approaches the end of its second decade serving most of the world’s major new platform companies who were changing everything from search to transportation to collaboration. EPAM records its first billion- dollar revenue quarter and is now located in more than 40 countries and regions. The Company is included in the Forbes Global 2000 list and added to the S&P 500. EPAM turns 30, expands to 55 countries, and is recognized as a leader in the IDC MarketScapes for Worldwide Experience Build Services, Worldwide Experience Design Services and Worldwide Software Engineering Services. $434M REVENUES 10,000 EMPLOYEES EPAM opens for business with three employees. $0 REVENUES 3 EMPLOYEES 1993 EPAM completes its first decade having built a foundation of delivering Software Products and Solutions for more than 200 independent software companies. 2003 In the midst of a historic global recession, EPAM focuses on investing in talent and tools, which will serve as the platform to support the company's future growth. 2009 EPAM extends its leadership position into Digital Product & Platform Engineering Services space2, and is named one of the top 25 Fastest Growing Public Tech Companies by Forbes. 2016 As part of EPAM’s response to the war in Ukraine, the Company announced $100 million of humanitarian support for its Ukrainian employees and their families. EPAM also announced its phased exit from Russia, while at the same time accelerated its global diversification efforts and is now in more than 50 countries. 2022 20232021201220041996 Footnote References on Page 34 I P O Success in AI, GenAI & innovation. Expansion in India, Europe, Ibero & LATAM markets. Deepened FSI Manufacturing, Healthcare & Life Sciences expertise. Launched EPAM DIAL, EliteA & AI/RUN . 2024 $4.73B REVENUES 61,200 EMPLOYEES
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EPAM Proprietary & Confidential. 10 We serve a diverse and global list of clients across 11 industries, from 55+ countries. Among our clients are some of the world's foremost brands across all major industries. We partner with 340+ of the Forbes Global 2000 clients. Who We Serve Across our Top 100 clients, 68 are part of the S&P 500 and Forbes Global 2000 clients. We have long-tenured relationships, with an average of 13 years across our Top 20 clients.
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EPAM Proprietary & Confidential. 11 Our Positioning 03
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EPAM Proprietary & Confidential. 12 The Enterprise IT Services Market - a $2.1 Trillion+ Total Addressable Market for 20273 $457B $492B $357B Consulting Infrastructure as a Service (IaaS) Application Implementation & Managed Services $71B $416B $303B Hardware Support Infrastructure Implementation & Managed Services Business Process Services Footnote References on Page 34 EPAM is positioned in the Consult & Build Services Market Segment (which includes Cloud, Consulting & Security) “BUILD” “MAINTAIN”
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EPAM Proprietary & Confidential. 13 Market Trends 04
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EPAM Proprietary & Confidential. 14 Market • New competitors running on nimble technologies • The customer-centric experience • Pushing digital capabilities through products & services Technology • Generative AI • Mobile devices • IoT platforms • Location-detection technologies • Authentication & fraud detection • 3D printing • Smart sensors • Big data analytics & advanced algorithms • Multilevel customer interaction & customer profiling • Augmented reality & wearables • Cloud computing Enterprise • Adaptiveness • Agile IT • Application modernization • Talent transformation The Enterprise Landscape is Increasingly More Competitive, Complex and in Need of Change 01 02 03
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EPAM Proprietary & Confidential. 15 How We Do It 05
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EPAM Proprietary & Confidential. 16EPAM Proprietary & Confidential. 16 How We Do It O U R S E R V I C E S We enable our clients’ business transformation by engaging multidisciplinary teams who combine deep business expertise with design thinking, world-class engineering, modern operations practices and leading tools and frameworks for optimizing performance. We are Digital Orchestrators and we deliver agile transformation at scale. Strategize When our teams come together, we orchestrate transformation that can outpace a rapidly evolving world. Our integrated consulting approach accelerates breakthrough ideas into meaningful impact. Design Looking at the world through multiple lenses, our talented designers bring your ideas to life. They know how. Engineer Born in product and raised in digital, expert engineering is at our very core. Our multidisciplinary teams build cloud-native platforms, products and solutions to scale, powering the future of business. Operate By activating a diverse team of experts and deep thinkers, we connect people, processes, platforms and partnerships across multiple networks to harmonize enterprise ecosystems and move faster . Optimize Through a product-centric approach, we implement data platforms and automate the mundane to harness valuable business insights and enable more intelligent decisions so you can action strategy more effectively.
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EPAM Proprietary & Confidential. 17 Multidisciplinary teams in EPAM Continuum look at problems through specialty lenses – working with clients to frame the right problems to solve. We Help Clients Set The Right Direction We then support agile and iterative development teams within EPAM – ensuring ongoing improvements and enhancements along a multi -phase roadmap. Then We Deliver At Speed And Scale We believe the right solutions are the ones that improve people’s lives and fuel competitive advantage. We don’t just create blueprints, operating models and business plans — our thinking lives in code, products and in market. We make it real. Opportunity Identification Solution Definition Prototype Testing MVP BETA Scale & Operate EPAM Continuum The integrated business, experience and technology consulting service brand of EPAM Systems, applies a Systems Thinking mindset to help solve our clients’ most complex problems, develop their agility to adapt and empower them to compete.
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EPAM Proprietary & Confidential. 18 Artificial Intelligence 06
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EPAM Proprietary & Confidential. 19 A R T I F I C I A L I N T E L L I G E N C E “EPAM demonstrates best-in-class platform engineering capabilities and cloud-native services and above-par AI and data governance. Its vertical industry knowledge is also superior in the market, thanks to tailored AI analytics accelerators focused on industries such as consumer and retail, healthcare, financial services, and insurance.” The Forrester Wave: Modern Application Development Services, Q1 2025 (January 15, 2025)
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EPAM Proprietary & Confidential. 20 A R T I F I C I A L I N T E L L I G E N C E “Continued strong focus on GenAI: GenAI is central to EPAM’s custom software development process, with its delivery, engineering, testing, and DevOps teams assessing performance and integration with existing tools. Its R&D team refines use cases and develops proprietary solutions, while its legal framework manages IP , security and misuse risks. EPAM has partnerships with AWS, Google and Microsoft for advancements and collaboration. This makes EPAM a one-stop shop for clients with CSD-related GenAI needs.” Gartner®: Magic Quadrant for Custom Software Development Services, Worldwide, 2024
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EPAM Proprietary & Confidential. 21 A R T I F I C I A L I N T E L L I G E N C E “EPAM has taken a bold stance by acknowledging the disruptive impact of AI, particularly GenAI, on the testing and development services market. It believes that future testing services will heavily rely on AI accelerators, enabling greater utilization of less senior professionals. The firm expects this innovative approach to allow it to offer cost-effective services without compromising quality. EPAM has piloted this approach, and early results so far are encouraging. Moreover, its talent strategy sets it apart from competitors.” The Forrester Wave: Continuous Automation and Testing Services (June 11, 2024)
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EPAM Proprietary & Confidential. 22 EPAM Is Making GenAI Real A R T I F I C I A L I N T E L L I G E N C E EPAM DIAL A Unified Generative AI Orchestration Platform EPAM AI/RUN Revolutionizing the Delivery of Digital Products EPAM EliteA The Key to Unlocking AI For Every Team EPAM’s world-class GenAI platforms and methodologies help our clients accelerate the software development lifecycle with improved speed and productivity at scale. Helps enterprises speed their experimentation and innovation efforts across an extensive set of public and proprietary LLMs, AI-native applications and custom add-ons Serves as a single access point that merges private and public models with traditional data and knowledge bases Offers a unified natural language interface for the entire organization that promotes the development of novel enterprise assets that co-exist seamlessly with workflows • Safeguard information • Customize experience • Integrate private & public data • Launch fast & scale quickly Helps our clients improve productivity and recognize ROI for their AI investments A GenAI-powered methodology that accelerates the software development lifecycle Supports multidisciplinary teams, boosting enterprise- wide productivity and optimizing processes, through the power of accelerators, from ideation and hypothesis to roadmaps, stories and business case development Speeds up time-to-market to 30% or greater while also achieving: • Consistent quality • Boosted efficiency • Improved scalability Helps organizations streamline the management, development, accessibility and usability of LLM assets Supports Real QE/QA Teams Enhances client testing practices that positively impact overall engineering maturity Reduces costs, improves productivity and improves in-team and cross-team collaboration: • 15–35% improvement in speed & productivity • 35% cost reduction • 4x decrease in new engineer onboarding times
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EPAM Proprietary & Confidential. 23 A multilateral organization that works to achieve sustainable growth and prosperity for all of its 191 member countries With the support of the International Monetary Fund, EPAM released the StatGPT v2.0 GenAI powered platform for evaluating and testing by Statistical Data and Metadata eXchange (SDMX) sponsor organizations and selected national statistical organizations. StatGPT v2.0 sets new standards in data accessibility and user interaction in statistical data management and exchange. It is based on EPAM DIAL technology and the collaboration of EPAM and IMF data scientists and engineers. The Platform allows users to access and engage with the world’s economic and financial data using natural language. It is more efficient than current query tools and ensures users are directed seamlessly to the specific data they need. International Monetary Fund F I N A N C I A L S E R V I C E S
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EPAM Proprietary & Confidential. 24 A Canadian retail company EPAM is actively collaborating with CTC. Working closely with CTC’s Product Engineering Centre of Excellence and leveraging EPAM’s Engineering Excellence (EngX ) solutions, plus the power of Generative AI (GenAI) through our Agentic AI platform (EPAM’s EliteA ) and Microsoft’s GitHub Co-Pilot, we have embarked on a journey to standardize and modernize their software development lifecycle (SDLC). EPAM’s team has effectively deployed the EliteA platform across CTC’s delivery organization and trained 700+ individuals within CTC, and across multiple partners and vendors, to ensure a comprehensive adoption of the modernized tools. The calibration phase is currently underway, and CTC is beginning to realize the projected performance enhancements in Q1 2025. Canadian Tire Corporation (CTC) R E T A I L & C O N S U M E R
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EPAM Proprietary & Confidential. 25 A global energy technology company Baker Hughes, a global energy technology company, partnered with EPAM to develop Leucipa , a cloud-based AI application to automate field production and manage oil and gas assets. Initially facing development challenges, EPAM was brought in to restart the development process, focused on AI architecture, data governance, best practices and helping launch the solution to market. Responding to customer demands, EPAM created a Generative AI digital assistant within Leucipa , helping engineers with oil production, well performance, and more. Today, Leucipa supports 60k connected wells, 10k installed ESPs and 70+ workflows, enhancing Baker Hughes' service offerings and digital revenue stream. Baker Hughes E N E R G Y
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EPAM Proprietary & Confidential. 26 A global CPG leader in hygiene, nutrition & healthcare Reckitt partnered with EPAM to establish a Responsible AI governance process to ensure the safe and controlled use of AI/ML technologies across the business. With 50+ existing AI/ML-powered solutions in need of manual oversight given the GenAI technologies regulation, Reckitt had concerns over responsible use. Using EPAM’s Responsible AI Framework and bringing together leadership across Reckitt’s global legal, data science and analytics teams, results were delivered from day one. EPAM helped Reckitt create a standard operating procedure to enable risk assessments and govern AI/ML products. Reckitt is now scaling GenAI applications in a safe and controlled way, developing high impact use cases with a comprehensive Responsible AI training program for employees, including specialized training for Product Managers, through EPAM’s eLearning program and workshops. Reckitt C P G & R E T A I L
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EPAM Proprietary & Confidential. 27 A global healthcare IT leader Altera Digital Health, owner of 200+ healthcare companies, wanted to leverage the power of Generative AI to increase efficiency and optimize costs by building custom assistants, simplifying daily tasks and developing bespoke applications. Altera turned to EPAM to implement and customize EPAM’s DIAL AI orchestration platform to create two custom solutions, a Code Assistant Agent and a Paralegal Assistant Agent, to help Altera manage its complex systems and contracts. EPAM supported the upskilling of Altera's teams to successfully deliver eight DIAL-based solutions within the first three months. Altera Digital Health L I F E S C I E N C E S & H E A L T H C A R E
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EPAM Proprietary & Confidential. 28 Corporate Recognition 07
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EPAM Proprietary & Confidential. 29 Industry Leading Recognitions A W A R D S & R E C O G N I T I O N S Listed Among the Top 25 World’s Largest Agency Companies by Ad Age (2020 - 2023) Named a CRN IoT Innovator: Fueling The Real-World Data Revolution (2023 - 2024) Ranked the Top 100 Best Places to Work (2023 - 2025) Ranked in the Top 15 IT Services Companies on the Fortune 1000 (2022 - 2023) Named a Top 100 Most Loved Workplace by Newsweek (2021 - 2024) EPAM Ranked #104 on Forbes’ Top 200 List of Most Cybersecure Companies (2023) Named an Inc. Power Partner (2023) Named a Frost & Sullivan Enlightened Sustainable Growth Leader (2022 - 2024)
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EPAM Proprietary & Confidential. 30 Investment Highlights 08
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EPAM Proprietary & Confidential. 31 Financial Performance over the past 5 years 14% 15% 16% 17% 18% 19% 2019 2020 2021 2022 2023 2024 Non-GAAP Operating Margins4 Non-GAAP Diluted EPS5 Total Shareholder Return6 5-Year Cumulative Total Return7 Revenues ($B) $1.0 $2.0 $3.0 $4.0 $5.0 2019 2020 2021 2022 2023 2024 CAGR 5-Year – 16% $3.0 $5.0 $7.0 $9.0 $11.0 2019 2020 2021 2022 2023 2024 Cash Balance ($B) $0.7 $1.1 $1.5 $1.9 $2.3 2019 2020 2021 2022 2023 2024 CAGR 5-Year – 15% 0% 50% 100% 150% 200% 2022 2023 2024 S&P 500 S&P 500 IT EPAM EPAM S&P 500 S&P 500 IT Footnote References on Page 34 -30% -15% 0% 15% 30% 3-Year CAGR 5-Year CAGR
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EPAM Proprietary & Confidential. 32 Market Positioning Revenue Profitability Cash Flow & Balance Sheet Investment Highlights As of year end 2024, unless otherwise noted 01 02 03 04 • Well positioned in a large $700B+ market • 68 of EPAM’s top 100 clients are in both the Fortune 500 and Forbes Global 2000 • Diversified client portfolio across 11 key industries • Loyal client base with an average of 13 years among our top 20 clients • Strong 5-Year revenue CAGR of 16% • More than 95% of revenues generated from multi-year client relationships • Approximately 80% of revenues are time & material • Committed to profitable growth and solid operating margins over the long-term • Demonstrated ability to sustain profitability with a 5-Year Non-GAAP Diluted EPS CAGR of 15% • Relatively consistent levels of margin performance allowing for continuous investment across the business • $559M of cash flow from operations for the last 12 months • $1.3B cash balance with nominal debt • Capital allocation strategy focused on acquisitions, which bolster our capabilities and fuel organic growth, as well as share repurchases to offset dilution from employee equity programs • Available line of credit of $675M
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EPAM Proprietary & Confidential. 33 Thank you!
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EPAM Proprietary & Confidential. 34 1. As of December 31, 2024 2. Forrester Wave : Digital Platform Engineering Services, Q2 2016 3. Gartner Market Opportunity Map: IT Services, Worldwide. March 2024 - ID G00806430 4. Non-GAAP Operating Margin excludes stock-based compensation expenses, acquisition-related costs including amortization of acquired intangible assets, impairment of assets, expenses associated with EPAM's humanitarian commitment to its professionals in Ukraine, unbilled business continuity resources resulting from Russia's invasion of Ukraine, costs associated with the geographic repositioning of EPAM employees based outside of Ukraine impacted by the war and geopolitical instability in the region, employee separation costs incurred in connection with restructuring programs including the Company's exit from Russia, and certain other one-time charges and benefits 5. Non-GAAP Diluted EPS stock-based compensation expenses, acquisition-related costs including amortization of acquired intangible assets, impairment of assets, expenses associated with EPAM's humanitarian commitment to its professionals in Ukraine, unbilled business continuity resources resulting from Russia's invasion of Ukraine, costs associated with the geographic repositioning of EPAM employees based outside of Ukraine impacted by the war and geopolitical instability in the region, employee separation costs incurred in connection with restructuring programs including the Company's exit from Russia, certain other one-time charges and benefits, changes in fair value of contingent consideration, foreign exchange gains and losses, excess tax benefits related to stock-based compensation, and the related effect on income taxes of the pre-tax adjustments 6. Total Shareholder Return CAGRs are based on performance through 2024 7. Cumulative Total Return assumes that on December 31, 2019, equal amounts were invested in EPAM and both indices Footnotes