Slides
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ExlService Holdings Inc.Second Quarter 2026financial resultsJuly 28, 2026
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©2026 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 the satisfaction orwaiver of applicable closing conditions to the consummation of the iMerit acquisition and the expected timing thereof, our ability to successfully integrate announced orfuture strategic acquisitions or achieve anticipated synergies, our ability to maintain and grow client demand, risks related to the use of AI technology, impact on clientdemands by our selling cycles, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, and risks related tothe international nature of our business and other factors are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s AnnualReport on Form 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 risksand uncertainties 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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©2026 ExlService Holdings, Inc. All rights reserved.3 2Q 2026 PerformanceTotal revenue$ 594.8MGrowth of 15.6% YoY reported & 15.9% ccAdjusted operating margin (1)19.7%Up by 10bps YoYAdjusted diluted EPS$ 0.59Growth of 22.3% YoYInternational Growth Markets$ 105.1M | 17.7%| 16.3%Insurance$ 197.8 M | 33.2%| 14.9%Banking, Capital Markets and Diversified Industries$ 133.9 M | 22.5%| 10.7%Revenue by reportable segments (Reported $, Revenue %& YoY cc Growth) Revenue by industry (incl. International Growth Markets) (Reported $, Revenue %& YoY cc Growth)…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………....... 1) Refer "Appendix" slides for information regarding the use of our non-GAAP financial measuresInsurance$ 233.7 M | 39.3%| 14.9%Healthcare and Life Sciences$ 158.3 M | 26.6%| 22.0%Banking, Capital Markets and Diversified Industries$ 202.8 M | 34.1%| 12.8% Healthcare and Life Sciences$ 158.0M | 26.6%| 22.0%
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©2026 ExlService Holdings, Inc. All rights reserved.4 2Q 2026 additional performance metrics…………………………………………………………………………………………………………………………………………………………………….………...…………………...Deal Data17 new clients addedEmployees68,413+986 from Q1’2624.7% attrition rate 2Q26 Geographic Markets(Revenue %) 82.3%North America15.0%United Kingdom & Europe2.7%Rest ofworld Data and AI-LedRevenue by service type (Reported $, Revenue % & YoY cc Growth)$ 362.6 M | 61.0%| 30.7%Digital Operations$ 232.2 M | 39.0%| -1.5%Total Operations$ 317.4 M | 53.4%| 10.8%
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©2026 ExlService Holdings, Inc. All rights reserved.5 Revenue*(USD in Million)$0.49 $0.48 $0.50 $0.58 $0.59 2Q25 3Q25 4Q25 1Q26 2Q26YoY growthAdjusted Diluted Earnings Per Share (USD $) * Revenue YoY growth in CC Quarterly financial performance$514.5 $529.6 $542.6 $570.4 $594.8 2Q253Q254Q251Q262Q2620.3%10.8%15.0%20.2%22.3%12.6%12.3%14.6%13.4%15.9%
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©2026 ExlService Holdings, Inc. All rights reserved.6 Based on current visibility, and a U.S. dollar to Indian rupee exchange rate of 95.0, U.K. pound sterling to U.S. dollar exchange rate of 1.33, U.S. dollar to the Philippine peso exchange rate of 61.0 and all other currencies at current exchange ratesRevenue (in millions)$2,390 - $2,41514%-16%113%-14%21) Reported Currency Basis. Incudes $28 million to $32 million of anticipated revenue from the iMerit acquisition which is expected to close on July 31, 20262) Organic Constant currency basis3) Reported and Constant currency basis 2026 GuidanceAdjusted diluted earnings per share$2.25 - $2.2916%-18%Previous $2,300 - $2,33010%-12%3 $2.18 - $2.2312% - 14%
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Appendix
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©2026 ExlService Holdings, Inc. All rights reserved.8 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, amortization of priorservice cost arising from implementation of new Labor Codes in India, certain defined social security contributions, other acquisition-related expenses or benefits and effect of anynon-recurring tax adjustments. Acquisition-related expenses or benefits include, changes in the fair value of contingent consideration, external deal costs, integration expenses,direct and incremental travel costs and non-recurring benefits or losses. Our adjusted net income and adjusted diluted EPS also excludes the effects of income tax on the abovepre-tax items, as applicable. The effects of income tax of each item is calculated by applying the statutory rate of the local tax regulations in the jurisdiction in which the item wasincurred.
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©2026 ExlService Holdings, Inc. All rights reserved.9 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, digital operations and total operations revenueData and AI-led: Data and AI-led revenue is derived from our Data Management, Analytics, AI services and solutions businesses. It includes revenue from fully integrated business operations like Payment Integrity, which combine operations, technology, data, analytics, and AI. It also includes revenue from operations that embed data and AI within clients’ operational workflows.Digital Operations: Digital operations revenue is derived from managed services that blend our deep domain expertise with industry-specific solutions and services to operate client’s business functions with enhanced productivity, greater speed and improved accuracy. These digital operations deployments form the foundation for future client transformation opportunities to infuse AI into client workflows and unlock even greater value.Total Operations:Total Operations revenue includes revenue from Digital Operations and Data & AI-led Operations.
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©2026 ExlService Holdings, Inc. All rights reserved.10
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©2026 ExlService Holdings, Inc. All rights reserved.11
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Andrew 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© 2026 ExlService Holdings, Inc. All rights reserved. For more information go to www.exlservice.com/legal-disclaimer