Slides
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Built for what’s next. ibex Q2 FY2026 Earnings Call February 5, 2026 Bob Dechant, CEO
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Disclaimer Built for what’s next. This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation, other than statements of historical facts, are forward-looking statements. The words “believe,” “estimate,” “expect,” “may,” “will” and similar expressions are intended to identify forward-looking statements. Such forward- looking statements include, but are not limited to, the statements regarding our future financial and operating performance, including our outlook and guidance, and our strategies, priorities and business plans. Our expectations and beliefs regarding these matters may not materialize. Forward- looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated by these forward-looking statements, including, but not limited to, our ability to attract new business and retain key clients; our profitability based on our utilization, pricing and managing costs; the potential for our clients or potential clients to consolidate; our clients deciding to enter into or further expand their insourcing activities and current trends toward outsourcing services may reverse; general economic uncertainty in global markets and unfavorable economic conditions, including inflation, rising interest rates, recession, foreign exchange fluctuations and supply-chain issues; our ability to manage our international operations, particularly in the Philippines, Jamaica, Pakistan and Nicaragua; natural events, health epidemics, geopolitical conditions, including developing or ongoing conflicts, widespread civil unrest, terrorist attacks and other attacks of violences involving any of the countries in which we or our clients operate; our ability to anticipate, develop and implement information technology solutions that keep pace with evolving industry standards and changing client demands including the effective adoption of Artificial Intelligence into our offerings; our ability to recruit, engage, motivate, manage and retain our global workforce; our ability to comply with applicable laws and regulations, including those regarding privacy, data protection and information security, employment and anti-corruption; the effect of cyberattacks or cybersecurity vulnerabilities on our information technology systems, the impact of tax matters, including new legislation and actions by taxing authorities, as well as other risks and uncertainties discussed in the “Risk Factors” section of our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on September 11, 2025, as updated by our Quarterly Reports on Form 10-Q, and any other risk factors we include in subsequent filings with the SEC. Except as required by law, we assume no duty to update any of these forward-looking statements after the date of this presentation to conform these statements to actual results or revised expectations. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation. Moreover, except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements contained in this presentation. . This presentation may also contain estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Neither we nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this presentation. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk By attending or receiving this presentation you acknowledge that you will be solely responsible for your own assessment of the market and our market position and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of our business. This presentation includes non-GAAP financial measures which have certain limitations and should not be considered in isolation, or as alternatives to or substitutes for, financial measures determined in accordance with GAAP as issued by the FASB. The non-GAAP measures as defined by us may not be comparable to similarly titled non-GAAP measures presented by other companies and have limitations as analytical tools. Our presentation of such measures, which may include adjustments to exclude unusual, non-cash, or non-recurring items, should not be construed as an inference that our future results will be unaffected by these items. Non-GAAP financial measures and ratios are not measurements of our performance, financial condition or liquidity under GAAP as issued by the FASB and should not be considered as alternatives to operating profit or net income or as alternatives to cash flow from operating, investing or financing activities for the period, or any other performance measures, derived in accordance with GAAP as issued by the FASB or any other generally accepted accounting principles. We are not providing a quantitative reconciliation of forward-looking non-GAAP adjusted EBITDA to the most directly comparable GAAP measure because we are unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items include, but are not limited to, non-recurring expenses, fair value adjustments, share-based compensation expense, and impairment of assets. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. For additional information about ibex’s business, refer to our Annual Report on Form 10-K filed with the SEC on September 11, 2025, and other documents filed with the SEC from time to time, and relevant earnings press releases (including GAAP, Non-GAAP and other financial tables included therein). The documents that we filed with the SEC can be obtained for free by visiting EDGAR on the SEC website at www.sec.gov. 2
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Compelling Track Record of Outperforming the Industry Leader in BPO 2.0 Top Performer with our Trophy Clients Deep Analytics & Business Insights Top-Tier Business Insights & Quality Analyst Team Powerful AI Enabled Tech Stack Award winning Wave iX technology Best in Class Culture & Client Partnerships World class employee NPS, client NPS & Client Retention 800+ Data & QA Analysts Strong Financial Profile Growth Leader, Strong EBITDA, EPS, Free Cash Flow 25% YoY Q2 Adj. EBITDA Growth 46% YoY Q2 Adj. EPS Growth >20% Growth with Top 10 Clients 12 Awards won in FY25 400+ CX & AI Developers 3 Defining the Market in End-to-End AI Solutions for CX Leader in AI Solutions, Partnerships and Deployments BPO 3.0 17% YoY Q2 Revenue Growth 77 Employee NPS 71 Client NPS >98% Client Retention
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Key Highlights 4 ✓Record Revenue in Q2 of $164m - 17% Growth, 46% adjusted EPS Growth ✓4 Key wins in HealthTech & FinTech in the quarter ✓Delivered record Revenue of $603m in CY2025, up 16% vs. prior year ✓Posted record adjusted EBITDA of $80m in CY2025, up >15% vs. prior year ✓Achieved record adjusted EPS of $3.45 in CY2025, up >44% vs. prior year ✓Launched 2 sites in India, growing to 1,000 agents
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Built for what’s next. Financial Results Taylor Greenwald CFO
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Q2 FY2026: Financial Highlights – US GAAP • Growth in high margin HealthTech vertical (+ 35.1%), Travel, Transportation & Logistics (+ 20.2%) and Retail & E-commerce (+ 17.2%) partially offset by an expected decline in Telecommunication s vertical (-23.1%) from prior year quarter • Strong performance by our digital acquisition services Revenue $164.2m Q2 FY26 vs. $140.7m Q2 FY25 16.7% yoy growth Fully Diluted EPS $0.83 Q2 FY26 vs. $0.57 Q2 FY25 6 Net Income $12.2m Q2 FY26 vs. $9.3m Q2 FY25 • 16% revenue growth in our higher margin offshore regions vs. prior year qtr. • 28% revenue growth in our onshore region driven by high margin digital acquisition services • Operating leverage gained from SG&A expenses as cost decreased to 16.8% from 18.3% of revenue in prior year quarter • Strong Operating performance • Fewer diluted shares outstanding as a result of our ongoing share repurchase program (14.7m vs 16.5m) Record Q2 Revenue and EPS
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Q2 FY2026: Financial Highlights – Non-GAAP 13.9% Margin 14.4% Margin Adjusted Net Income $12.8m Q2 FY26 vs. $9.6m Q2 FY25 Adjusted EPS $0.87 per share Q2 FY26 vs. $0.59 per share Q2 FY25 7 80 bps improvement in Adjusted EBITDA margin is driven by: • Growth in our higher margin offshore locations • Growth in key high margin verticals from existing and new clients launched throughout FY25 and FYTD26 • Reduction in SGA as a percentage of Revenue Adjusted EBITDA $20.7m Q2 FY26 vs. $16.5m Q2 FY25 11.5% 11.7% 11.8% 12.0% 12.1% 12.3% 12.4% 12.6% 12.7% 12.9% 13.0% 13.2% 13.3% 13.5% $10.0 $12.0 $14.0 $16.0 $18.0 $20.0 $22.0 Q2 FY25 Q2 FY26 Q2 YoY Adjusted EBITDA and margin 12.6% Margin 11.8% Margin $16.5m $20.7m
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8 Revenue: Model Client Diversification Q2 FY26 Client Statistics (% of Revenue) Top 5 Clients 38.5% Top 10 Clients56.6% Top 25 Clients 79.2% Largest Client10.4% 65 clients > $1m annualized revenue vs 32 at IPO 29 clients > $5m annualized revenue vs 13 at IPO
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Winning in Strategic Verticals 9 28.5% 15.1% 13.7% 13.1% 11.0% 8.0% 10.6% 28.6% 17.4% 14.1% 8.7% 9.3% 8.1% 13.7% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% Q2 FY25 Q2 FY26 Maintaining Strong Diversification while Growing Across Vertical Markets % of Total Revenue Revenue increases by vertical • HealthTech increased 35.1% YoY • Travel, Transportation & Logistics increased 20.2% YoY • Retail & E-commerce increased 17.2% YoY • FinTech flat YoY
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Q2 FY2026: Cash Flow and CapEx 10 Non-GAAP Free Cash Flow (-$5.1m) Q2 FY26 (-$3.2m) Q2 FY25 Net Cash Generated from Operations $6.6m Q2 FY26 $1.1m Q2 FY25 Capital Expenditures Q2 FY26: Increased to $11.7m (7.1% of Revenue) to meet demand Q2 FY25: $4.3m, 3.1% of Revenue DSO 73 days Q2 FY26 71 days Q1 FY26 79 days Q2 FY25
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December 2025 Balance Sheet 11 • Record Q2 Cash flow from operating activities of $6.6m • Repurchased 78,000 shares for $2.9m at an average price of $36.74, bringing our fiscal year share repurchases to 170,000 for $5.6m • Maintaining strong Balance sheet Cash and Cash Equivalents $15.5m June 30, 2025, $15.4m Total Debt ~$1.4m June 30, 2025, $1.6m Net Cash ~$14.0m June 30, 2025, $13.7m
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Full Year 2026 Guidance Revenue Adj. EBITDA CapEx 12 $620-630m Up from $605-620m $80-82m Up from $78-81m $20-25m FY26
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Compelling Track Record of Outperforming the Industry Leader in BPO 2.0 Top Performer with our Trophy Clients Deep Analytics & Business Insights Top-Tier Business Insights & Quality Analyst Team Powerful AI Enabled Tech Stack Award winning Wave iX technology Best in Class Culture & Client Partnerships World class employee NPS, client NPS & Client Retention 800+ Data & QA Analysts Strong Financial Profile Growth Leader, Strong EBITDA, EPS, Free Cash Flow 25% YoY Q2 Adj. EBITDA Growth 46% YoY Q2 Adj. EPS Growth 20% Growth with Top 10 Clients 12 Awards won in FY25 400+ CX & AI Developers 13 Defining the Market in End-to-End AI Solutions for CX Leader in AI Solutions, Partnerships and Deployments BPO 3.0 17% YoY Q2 Revenue Growth 77 Employee NPS 71 Client NPS >98% Client Retention
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Built for what’s next. Q & A
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Built for what’s next. Appendix
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Reconciliation of Net Income to Adjusted Net Income 16 Three months ended Twelve months ended 31-December 30-June US$ in thousands, except per share amounts, unaudited 2025 2024 2025 2024 Net income $ 12,217 $ 9,268 $ 36,864 $ 33,655 Net income margin 7.4% 6.6% 6.6% 6.6% Severance Costs — — 558 1,621 Impairment losses — — 1,429 1,532 Warrant contra revenue — — 0 1,183 Foreign currency (gains)/losses (445) (912) 693 (1,815) Stock-based compensation expense 1,114 1,235 5,432 3,765 Total adjustments $ 669 $ 323 $ 8,112 $ 6,286 Tax impact of adjustments (95) 24 (1,975) (1,590) Adjusted net income $ 12,791 $ 9,615 $ 43,001 $ 38,351 Adjusted Net Income Margin 7.8% 6.8% 7.7% 7.5% Diluted earnings per share $ 0.83 $ 0.57 $ 2.36 $ 1.84 Per share impact of adj. to Net Income 0.04 0.02 0.39 0.26 Adj. earnings per share – diluted $ 0.87 $ 0.59 $ 2.75 $ 2.10 Weighted average diluted shares outstanding 14,737 16,456 15,725 18,255
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Reconciliation of Net Income to Adjusted EBITDA 17 Three months ended Twelve months ended 31-December 30-June US$ in thousands, unaudited 2025 2024 2025 2024 Net income $ 12,217 $ 9,268 $ 36,864 $ 33,655 Net income margin 7.4% 6.6% 6.6% 6.6% Interest expense 248 620 1,634 514 Income tax expense 2,881 2,351 9,068 7,331 Depreciation and amortization 4,750 4,286 17,232 19,461 EBITDA $ 20,096 $ 16,525 $ 64,798 $ 60,961 Severance Costs — — 558 1,621 Impairment losses — — 1,429 1,532 Interest Income (59) (311) (955) (2,071) Warrant contra revenue — — 0 1,183 Foreign currency (gains)/losses (445) (912) 693 (1,815) Stock-based compensation expense 1,114 1,235 5,432 3,765 Adjusted EBITDA $ 20,706 $ 16,537 $ 71,955 $ 65,176 Adjusted EBITDA Margin 12.6% 11.8% 12.9% 12.8%
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2024 Best Employers for Diversity 2024 Artificial Intelligence Excellence Award for Wave iX 2024 & 2023 Philippines Best Employers 2024, 2023 & 2022 Product of the Year Award 2024 Generative AI Product of the Year Award 2024, 2023 & 2022 Contact Center Technology Award 2024 Top Customer Outsourcing Service Provider 2024 Golden Bridge Business and Innovation Awards for Business Services 2024 Ranked #10 in North America Top 100 Inspiring Workplaces 2024 Technological Breakthrough of the Year – Artificial Intelligence 2024 Ranked #2 in America’s Best Employers for Tech Workers 2025 Gold Stevie® Award in the Achievement in Technology Innovation 2025 Product of the Year (Wave iX Translate and AI Virtual Agent) 2025 America’s Best Large Employers 2024, 2022, 2021, 2020 & 2019 Great Place to Work – ibex Nicaragua 2025 Asia’s Most Influential Companies 2025 & 2024 American Business Awards for Innovation 2026 & 2025 America's Most Admired Workplaces 2025 Leader in Frost Radar for Customer Experience Management 2025 America’s Best Employers for Women 2025 America’s Greatest Workplaces for Professional Services 2025 America's Greatest Workplaces for Inclusion/Diversity 2025 & 2024 Business Award for Achievement in Technology Innovation 2025 & 2024 Excellence in Customer Service “Technology of the Year” 2025, 2024, 2023 & 2022 Customer Experience Innovation Award 2025 & 2024 Globee Technology Award for Wave iX 2025 Excellence in Customer Experience 2024 Technology Excellence for Wave iX 2026 America’s Dream Employers 2025 Top 10 Best Place to Work in Central America and Caribbean Recent Industry Awards