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ExlService Holdings Inc.Fourth Quarter & Full Year 2025financial resultsFebruary 24, 2026
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©2025 ExlService Holdings, Inc. All rights reserved.2 Safe harborForward-looking statementsThis presentation contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place unduereliance on those statements because they are subject to numerous uncertainties and factors relating to EXL's operations and business environment, all of which aredifficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results ofoperations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,”“plan,” “estimate” 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 itsperceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You shouldunderstand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXLbelieves that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results orresults of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintainand grow client demand, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, rising interest rates, risinginflation and recessionary economic trends, are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report onForm 10-K. 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 anduncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-lookingstatements after the date hereof, except as required by applicable law.
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©2025 ExlService Holdings, Inc. All rights reserved.3 4Q 2025 PerformanceTotal revenue$ 542.6MGrowth of 12.7% YoY reported & 12.6% ccAdjusted operating margin 18.8%Flat YoYAdjusted diluted EPS$ 0.50Growth of 15% YoYInternational Growth Markets$ 92.0 M | 17.0%| 8.1%Insurance$ 185.8 M | 34.2%| 7.2%Healthcare and Life Sciences$ 142.2 M | 26.2%| 26.2%Banking, Capital Markets and Diversified Industries$ 122.6 M | 22.6%| 10.8% Insurance$ 215.2 M | 39.7%| 6.7%Healthcare and Life Sciences$ 142.5 M | 26.3%| 26.1%Banking, Capital Markets and Diversified Industries$ 185.0 M | 34.1%| 10.6%Revenue by reportable segments (Reported $, Revenue %& YoY cc Growth) Revenue by industry (incl. International Growth Markets) (Reported $, Revenue %& YoY cc Growth)………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….......
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©2025 ExlService Holdings, Inc. All rights reserved.4 Full Year 2025 PerformanceTotal revenue$ 2.09 BGrowth of 13.6% YoY both reported & ccAdjusted operating margin 19.5%Growth of 10 bps YoYAdjusted diluted EPS$ 1.95Growth of 18% YoYInternational Growth Markets$ 362.2 M | 17.3%| 11.9%Insurance$ 710.6 M | 34.0%| 8.2%Healthcare and Life Sciences$ 532.6 M | 25.5%| 23.7%Banking, Capital Markets and Diversified Industries$ 482.4 M | 23.1%| 13.1% Insurance$ 829.9 M | 39.8%| 8.3%Healthcare and Life Sciences$ 533.5 M | 25.6%| 23.6%Banking, Capital Markets and Diversified Industries$ 724.2 M | 34.7%| 13.4%Revenue by reportable segments (Reported $, Revenue %& YoY cc Growth) Revenue by industry (incl. International Growth Markets) (Reported $, Revenue %& YoY cc Growth)………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………….......
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©2025 ExlService Holdings, Inc. All rights reserved.5 4Q 2025 additional performance metrics…………………………………………………………………………………………………………………………………………………………………….………...…………………...Deal Data21 new clients addedEmployees65,351+1,715 from Q3’2520.8% attrition rate 4Q25 Geographic Markets(Revenue %) 83.0%North America14.4%United Kingdom & Europe2.5%Rest ofworld Data and AI-LedRevenue by service type (Reported $, Revenue % & YoY cc Growth)$ 310.2M | 57.2%| 20.7% Digital Operations$ 232.4 M | 42.8%| 3.4%Total Operations (1)$ 296.0 M | 54.5%| 10.9% (1) Total Operations comprise of revenue from data and AI-led operations and digital operations.
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©2025 ExlService Holdings, Inc. All rights reserved.6 Total Operations (1)$ 1,156.7 M | 55.4%| 13.9%Full Year 2025 additional performance metrics…………………………………………………………………………………………………………………………………………………………………….………...…………………...Deal Data65 new clients addedEmployees65,351+5,851 from FY’24 23.6% attrition rate FY25 Geographic Markets(Revenue %) 82.7%North America14.7%United Kingdom & Europe2.6%Rest ofworld Data and AI-LedRevenue by service type (Reported $, Revenue % & YoY cc Growth)$ 1,155.3 M| 55.3%| 18.0%Digital Operations$ 932.3 M | 44.7%| 8.6% (1) Total Operations comprise of revenue from data and AI-led operations and digital operations.
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©2025 ExlService Holdings, Inc. All rights reserved.7 Revenue*(USD in Million)$0.44 $0.48 $0.49 $0.48 $0.50 4Q24 1Q25 2Q25 3Q25 4Q25YoY growthAdjusted Diluted Earnings Per Share (USD $) * Revenue YoY growth in CC Quarterly financial performance$481.4 $501.0 $514.5 $529.6 $542.6 4Q241Q252Q253Q254Q2526.1%26.9%20.3%10.8%15.0%14.6%15.1%16.3%12.3%12.6%
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©2025 ExlService Holdings, Inc. All rights reserved.8 Revenue*(USD in Million)$0.97 $1.20 $1.43 $1.65 $1.95 FY21 FY22 FY23 FY24 FY25YoY growthAdjusted Diluted Earnings Per Share (USD $) * Revenue YoY growth in CC Full year financial performance$1,122.3 $1,412.0 $1,630.7 $1,838.4 $2,087.7 FY21FY22FY23FY24FY2536.8%24.6%19.1%15.4%Y18.0%15.6%27.3%16.5%12.7%13.6%
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©2025 ExlService Holdings, Inc. All rights reserved.9 Based on current visibility, and a U.S. dollar to Indian rupee exchange rate of 90, U.K. pound sterling to U.S. dollar exchange rate of 1.34, U.S. dollar to the Philippine peso exchange rate of 59.0 and all other currencies at current exchange ratesRevenue (in millions)$2,275 - $2,3159-11%11) Constant currency basis 2026 Guidance Adjusted diluted earnings per share$2.14 - $2.1910%-12%
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Appendix
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©2025 ExlService Holdings, Inc. All rights reserved.11 Non-GAAP financial measures and reconciliations In addition to its reported operating results in accordance with U.S. generally accepted accounting principles (GAAP), EXL has included in this release certain financial measuresthat are considered non-GAAP financial measures, including the following:•Adjusted operating income and adjusted operating income margin;•Adjusted EBITDA and adjusted EBITDA margin;•Adjusted net income and adjusted diluted earnings per share; and•Revenue growth on a constant currency basis.These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles, should not be considered a substitute for, or superior to, financialmeasures calculated in accordance with GAAP , and may be different from non-GAAP financial measures used by other companies. Accordingly, the financial results calculated inaccordance with GAAP and reconciliations from those financial statements should be carefully evaluated. EXL believes that providing these non-GAAP financial measures may helpinvestors better understand EXL’s underlying financial performance. Management also believes that these non-GAAP financial measures, when read in conjunction with EXL’sreported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company’s results and comparisons of the Company’sresults with the results of other companies. Additionally, management considers some of these non-GAAP financial measures to determine variable compensation of itsemployees. The Company believes that it is unreasonably difficult to provide its earnings per share financial guidance in accordance with GAAP , or a qualitative reconciliationthereof, for a number of reasons, including, without limitation, the Company’s inability to predict its future stock-based compensation expense under ASC Topic 718, theamortization of intangibles associated with future acquisitions and the currency fluctuations and associated tax effects. As such, the Company presents guidance with respect toadjusted diluted earnings per share. The Company also incurs significant non-cash charges for depreciation that may not be indicative of the Company’s ability to generate cashflow.EXL non-GAAP financial measures exclude, where applicable, stock-based compensation expense, amortization of acquisition-related intangible assets, provision for litigationmatters, certain defined social security contributions, other acquisition-related expenses or benefits and effect of any non-recurring tax adjustments. Acquisition-related expensesor benefits include, changes in the fair value of contingent consideration, external deal costs, integration expenses, direct and incremental travel costs and non-recurring benefitsor losses. Our adjusted net income and adjusted diluted EPS also excludes the effects of income tax on the above pre-tax items, as applicable. The effects of income tax of eachitem is calculated by applying the statutory rate of the local tax regulations in the jurisdiction in which the item was incurred.
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©2025 ExlService Holdings, Inc. All rights reserved.12 Non-GAAP financial measures and reconciliations (continued) EXL provides information about revenues on a constant currency basis so that the revenues may be viewed without the impact of foreign currency exchange rate fluctuationscompared to prior fiscal periods, thereby facilitating period-to-period comparisons of the Company's underlying business performance. Revenue growth on a constant currency basisis calculated by restating current-period activity using the prior fiscal period's foreign currency exchange rates adjusted for hedging gains/losses in such period. Foreign currencytranslation impacted revenue growth, primarily driven by movements in the U.S. dollar against the Indian rupee (INR), the U.K. pound sterling (GBP), and Australian dollar (AUD).A limitation of using non-GAAP financial measures versus financial measures calculated in accordance with GAAP is that non-GAAP financial measures do not reflect all of theamounts associated with our operating results as determined in accordance with GAAP and exclude costs that are recurring, namely stock-based compensation and amortization ofacquisition-related intangible assets. EXL compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP financialmeasures to allow investors to evaluate such non-GAAP financial measures.Definition of data and AI-led and digital operations revenueData and AI-led: Our data and AI-led revenue comes from AI-powered solutions and services in which we embed data and AI into client workflows, leveraging our depth of domain knowledge, analytics, data management and digital engineering expertise. Our digital and AI capabilities that drive data and technology-led transformation for our clients include generative AI, reinforcement learning, hyper automation, cloud data management, conversational AI, robotics, enterprise architecture development, integration platform as a service and AI for operations.Digital Operations: Our digital operations revenue comes from our technology-enabled managed services that blend our deep domain expertise with industry-specific solutions and services that help clients run business functions with enhanced productivity, greater speed and improved accuracy. We apply deep industry expertise and tailored technology—whether our proprietary technology or client technology—to solve complex challenges and drive measurable outcomes. These digital operations deployments form the foundation for future client transformation opportunities to infuse AI into client workflows and unlock even greater value.
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©2025 ExlService Holdings, Inc. All rights reserved.13 (a) To exclude effects of employee severance costs and outplacement support costs of $4,762 and litigation settlement costs and associated legalfees of $1,412 during the year ended December 31, 2024.
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©2025 ExlService Holdings, Inc. All rights reserved.14 (a) To exclude effects of employee severance costs and outplacement support costs of $4,762 and litigation settlement costs and associated legal fees of $1,412 during the year ended December 31, 2024.(b) To exclude tax expenses related to certain deferred tax assets and liabilities.(c) Tax impact includes $15,930 and $9,714 for the year ended December 31, 2025 and 2024 respectively , $1,138 and $500 for the three months ended December 31, 2025 and 2024 respectively, and $64 forthe three months ended September 30, 2025 related to discrete benefit recognized in income tax expense in accordance with ASU No. 2016-09, Compensation - Stock Compensation.
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Investor RelationsAndrew ThutSenior Vice President, Investor Relations+1 617 413 0069ir@exlservice.comexlservice.comGlobal headquarters320 Park Ave, 29th floorNew York, NY 10022T: +1(212) 277-7100F: +1(212) 277-7111United States | United Kingdom | AustraliaBulgaria | Colombia | Czech RepublicIndia | Ireland | Philippines | MexicoRomania | South Africa© 2025 ExlService Holdings, Inc. All rights reserved. For more information go to www.exlservice.com/legal-disclaimer