Slides
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kyndryl First Quarter 2027 Earnings August 5 , 2026
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Disclaimers 2 Forward-looking statementsThis presentation and the related conference call contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements often contain words such as “aim,” “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “objectives,” “opportunity,” “plan,” “position,” “predict,” “project,” “seek,” “should,” “signpost,” “target,” “will,” “would” and other similar words or expressions or the negative thereof or other variations thereon. All statements, other than statements of historical fact, including without limitation, statements concerning the Company’s plans, objectives, goals, beliefs, business strategies, future events, business condition, results of operations, financial position, business outlook and business trends, including without limitation the outlook and financial objectives in this presentation and the related conference call (which does not assume any future acquisitions or divestitures) are forward-looking statements. These statements do not guarantee future performance and speak only as of August 5, 2026, and the Company assumes no obligation to update its forward-looking statements, except as required by law. Actual outcomes or results may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties which include, among others: failure to attract new customers, retain existing customers or sell services to customers; failure to meet growth and productivity objectives and maintain our capital allocation strategy; competition; impacts of relationships with critical suppliers and partners; failure to address and adapt to technological developments and trends; inability to attract and retain key personnel and other skilled employees; impact of economic, geopolitical, public health and other conditions; damage to the Company's reputation and impact on the Company and the Company's stock price resulting from negative publicity; inability to accurately estimate the cost of services and the timeline for completion of contracts; service delivery issues; the Company's ability to successfully complete and manage acquisitions and dispositions, including integration challenges, failure to achieve objectives, the assumption of liabilities and higher debt levels; the Company’s ability to refinance maturing debt on favorable terms in a timely manner, or at all, and risks related to the Company’s access to capital and credit markets; failure of the Company's intellectual property rights to prevent competitive offerings and the failure of the Company to obtain, retain and extend necessary licenses; the impairment of the Company's goodwill or long-lived assets; risks relating to cybersecurity, data governance and privacy; risks relating to non-compliance with legal and regulatory requirements and changes in laws, regulations and policies in the U.S. and countries where the Company and its customers do business, including with respect to tariffs, taxes and other controls on imports or exports; adverse effects from tax matters; risks related to legal and regulatory claims, suits, investigations, proceedings and other matters, and consequences related thereto; the Company’s ability to remediate, and the timing and costs related to the remediation of, material weaknesses in internal control over financial reporting, as well as the Company’s ability to maintain effective controls in the future; the impact of changes or developments in credit ratings, market liquidity conditions and customer credit risk on receivables; the Company's pension plans; the impact of currency fluctuations; and risks related to the Company's common stock and the securities market; and other factors described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2026, as such factors may be updated from time to time in the Company’s subsequent filings with the Securities and Exchange Commission.Non-GAAP financial measuresFinancial information contained in this presentation includes certain financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America (GAAP), such as adjusted EBITDA, adjusted pretax income (loss), adjusted net income (loss), adjusted EPS, adjusted EBITDA margin, adjusted pretax margin, adjusted net margin, net debt, net leverage ratio, free cash flow, adjusted free cash flow and constant currency results, which include or exclude certain items from the most directly comparable GAAP financial measure. These non-GAAP measures differ from reported GAAP measures and are intended to illustrate what management believes are relevant period-over-period comparisons and are helpful to investors as an additional tool for further understanding and assessing Kyndryl's expected ongoing operating performance. Exclusion of items in our non-GAAP presentation should not be considered an inference that these items are unusual, infrequent or non-recurring. Definitions and additional information about our calculation of the non-GAAP measures are included in the appendix of this presentation. A reconciliation of non-GAAP financial measures for historical periods to the most directly comparable GAAP financial measure appears in the appendix to this presentation. Any non-GAAP financial measure used in this presentation is in addition to, and not meant to be considered superior to, or a substitute for, measures prepared in accordance with GAAP. A reconciliation of forward-looking non-GAAP financial information is not included in this presentation because the Company is unable to predict with reasonable certainty some individual components of such reconciliation without unreasonable effort. These items are uncertain, depend on various factors and could have a material impact on future results computed in accordance with GAAP.In this presentation, projections are based on exchange rates as of July 2026. Additionally, certain amounts may not add due to the use of rounded numbers; percentages presented are calculated based on the underlying amounts.
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SpeakersLori Chaitman, Global Head of Investor Relations Martin Schroeter, Chairman and Chief Executive OfficerHarsh Chugh, Interim Chief Financial Officer3
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4 Executing a differentiated strategy in a rapidly changing market We are strengthening our operations to deliver on our priorities1 2 3 4Drivingprofitable growth Targeting consistent revenue growth and ongoing margin expansionLeveraging our leadership positionCapitalizing on our alliances, AI-led modernization and mission-critical expertiseProgressing on key initiatives Growing Kyndryl Consult,winning new logos and sustaining delivery excellenceFocusing on growth areasInvesting in Consult, alliances, Kyndryl Bridge and tuck-in acquisitions
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Signposts to fiscal 2028 5 Q1 progressDrivers in FY27 outlookExiting FY26SignpostSignings performance and mix5-point improvementBacklog trajectory entering yearConsult capacity and productivity improvement$4B signings, $3.5B revenueKyndryl Consult signings > revenueContinued momentum in alliance activity+59% in FY26Hyperscaler-related revenue growthFocus on scope expansion and new logosSufficient with better mixPipeline at start of FY27 vs. FY26Maintain pricing discipline8% projected pretax margin on post-spin signingsMaintain priced margins at high-single digit Agentic AI infused Advanced Delivery$1B cumulative savings from Advanced DeliveryOptimize labor costs and skills mixWorkforce rebalancing actions, substantially in Q1Improve SG&A efficiencySimilar conversionLast two years on trackCash conversion cycle at adjusted pretax income less cash taxesThe margin profile of our post-spin signings is driving our earnings growthTargeting to deliver $1B in adjusted free cash flow by fiscal 2028
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6 Driving growth through our mission-critical capabilities Delivering value and driving incremental opportunities with existing and new customers LTM is last twelve months. Growth rates are as reported1Approximately 35% of hyperscaler-related revenue is a subset of Kyndryl Consult • Strength in Kyndryl Consult and hyperscaler-related revenue streams driven by demand for AI-led modernization• Kyndryl Consult LTM signings of $4.4B • Last six months signings exceeded revenue, supported by strength in the U.S. • 40 large deals >$50M over LTM consist of 30% scope expansion and new logos• Q1 included 10 large deals >$50MSignposts highlightsHyperscaler-related revenue1LTM June 2026$2.0BLTM June 2025$1.4B+48%Kyndryl Consult revenue1LTM June 2026$3.6BLTM June 2025$3.2B+14%
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7 Faster, consistent, scalable implementationIncreased agilityUncompromised quality and securityCustomers turn to Kyndryl for business outcomesCost visibility and optimizationTransform business workflowsKyndryl’s differentiated agentic AI solutions accelerate customers’ modernization Unlocking opportunities with our unique methodologies, approach and IP Our expanding agentic capabilitiesChoice and control Services-as-softwareScaling modernization with pre-defined agentic workflows that adapt to changing business priorities Kyndryl Agentic AI Framework Accelerate business outcomes with intellectual property and reusable AI workflows Kyndryl Bridge Governs and orchestrates AIacross mission-critical hybrid IT estates
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Global technology company New LogoLeading financial institution13-year relationshipGlobal payments company20-year relationshipApplication-led Business transformation-led Application-led ApproachSupport edge AI innovation with robust software engineering, integrated testing, and continuous IT OperationsAccelerate IT and business transformation to enable agentic banking and improve regulatory complianceImprove ROI, predictability and agility of strategic modernization efforts already underwayCustomer needsProvide AI-native consulting services to scale edge-to-cloud architectures with the Kyndryl Agentic FrameworkUnified modernization across applications, infrastructure and business operations with Kyndryl Bridge and Agentic AIAccelerate implementation with services-as-software Agentic Modernization and FDEs, using AI-powered insights and AI workflowsKyndryl Solution• Reduce deployment complexity and risk• Accelerate innovation in edge AI• Enable global expansion• Step change in banking efficiency and customer experience• AI-powered operations and resiliency• Increased business agility• Shrink timelines and program costs• Pivot teams globally to AI-led modernization agility and consistencyCustomer outcomesExtend edge-to-cloud solutionsScale AI-native business platform Expand enterprise modernizationWhat’s next AI-led modernization customer wins Expanding scope with long-standing customers and winning new logos8
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Principal Markets is comprised of Kyndryl’s operations in Canada, France, Germany, India, Italy, Spain/Portugal and the United Kingdom/Ireland. Strategic Markets is comprised of Kyndryl’s operations in all other geographic locations Revenue growth (year-over-year) as reported was (3%) in the quarter ended June 30, 2026 and 0% in the quarter ended June 30, 2025See appendix for reconciliation of non-GAAP metrics; numbers may not add due to rounding Fiscal first quarter 2027 financial results Quarter ended June 30, 2025Quarter ended June 30, 2026$3,743$3,618Revenue(3%)(3%)Growth in constant currency$647$512Adjusted EBITDA17.3%14.2%Adjusted EBITDA margin$128($37)Adjusted pretax income3.4%(1.0%)Adjusted pretax margin($ in millions)$954 $534 $1,262 $868 9 Strategic MarketsUnited StatesPrincipal MarketsJapanQuarterlyrevenue by segmentWorkforce rebalancing charges of $152M in Q1 2027, compared to $25M in Q1 2026
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10 Our partnership with IBM continues to evolve Our fiscal 2027 outlook assumes a similar impact from our evolving IBM relationship* Represents the approximate effect on constant-currency revenue performance from the evolution of IBM content, based on the amount of IBM content in our customer engagements, at costSee appendix for reconciliation of non-GAAP metrics(4%)FY25FY26 Primarily driven by our Focus Accounts initiativeFY24(6%)Reported constant currency revenue performance(3%)Evolving IBM content had ~3 point unfavorable impact on revenue performance*Year-over-year revenue trendsSimilar trends for LTM June 2026
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($37)$183 ($91)($381)($76)($401)AdjustedPretax IncomeDepreciationexpenseNet capitalexpendituresWorking capitaland otherCash taxespaidFreeCash Flow($ in millions, three months ended June 30)Cash flow seasonality and investment-grade balance sheet Priorities: Maintain a strong balance sheet and financial flexibility11 Free cash flow 1 Primarily driven by outflows related to prepaid software subscriptions and renewals, and incentive compensation payments, partially offset by workforce rebalancing accruals2 See appendix for additional information on our calculation of free cash flow that reflects the historical and expected application of the Company's cash management practices3 Consists of $2.1B of cash and $2.2B of undrawn senior unsecured credit facility as of June 30, 20264 Net leverage ratio is calculated by dividing net debt at period ending by the last twelve months’ adjusted EBITDA $4.3BAvailable liquidity3$2.1BCash$2.0BNet debtWell-laddered debt maturityInvestment-grade balance sheet(as of June 30, 2026)21 0.8xNet leverage ratio4($ in millions, three months ended June 30, 2026)
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Strong projected margins on signings support our goals The quality of our post-spin signings is driving earnings growth Pretax margin expected on post-spin signingsGross margin expected on post-spin signingsFY26FY25Gross profit book-to-bill126%26%LTMJune202725%FY26FY25LTMJune20271.5x1.0xFY26FY259%8%LTMJune20278% Supports ourhigh-single-digitmargin target1 See appendix for further information on gross profit book-to-bill121.1x
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Reaffirming our fiscal 2027 outlook Focused on delivering innovation, expanding margins and growing revenue13Outlook assumes adjusted EBITDA margin of approximately 18.3%Based on recent exchange rates, currency effects are expected to favorably impact revenue by approximately $50M year-over-yearOther outlook items: Workforce rebalancing charges ~$200M; depreciation expense ~$730M; amortization expense of transition costs and prepaid software $1.2B+; interest expense ~$140M; income tax expense (related to adjusted pretax income) ~$200M; diluted shares outstanding ~230M, excluding any future share repurchases; cash taxes ~$200M1 See appendix for additional information about our calculation of free cash flow. Free cash flow outlook included in this presentation or the Company's other earnings materials reflects the historical and expected application of the Company’s cash management practices Fiscal 2027 outlook$600 to $700 millionAdjusted pretax income$400 to $500 millionFree cash flow1Constant-currency flat to down 2% year-over-yearRevenue
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Recognized as a Leader in the 2025 Gartner® Magic Quadrant for Data Center Outsourcing Services, Global report; Industry RecognitionA Leader for Mainframe Technology Consulting, Mainframe as a Service, and Application Modernization Services: 2026 ISG Provider Lens®Mainframes – Services and Solutions U.S. Report Recent accolades and industry recognition 15 Kyndryl named a Customers' Choice in Gartner® Peer Insights “Voice of the Customer” for Outsourced Digital Workplace Services for second consecutive year2026 Dell Strategic Impact GSI Partner of the Year – North AmericaA Leader in 2025-2026 IDC MarketScape Worldwide for Mainframe Modernization Infrastructure Solutions Vendor Assessment* Received a Gold sustainability rating from Ecovadis, placing Kyndryl in the top 5% of participating companies in 2025 2025 Cloudflare Americas Systems Integrator Partner of the Year2026 Google Cloud Global Partner of the Year Award for Infrastructure Modernization 2026 HPE Global System Integrator Momentum Partner of the Year*IDC MarketScape: Worldwide Mainframe Modernization Infrastructure Solutions 2025–2026 Vendor Assessment, doc #US52975425, November 2025Gartner, Voice of the Customer for Outsourced Digital Workplace Services, Peer Community Contributor, 24 April 2026; Gartner®, Magic Quadrant for Data Center Outsourcing Services, Biswajit Maity et al., 3 November 2025 GARTNER, PEER INSIGHTS and MAGIC QUADRANT are trademarks of Gartner, Inc. and its affiliates. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. Ranked #2 by Economist Enterprise on the 2026 Global Top 100 Most Loved Workplaces® list A Leader for Insurance GenAI and Agentic AI Services Quadrants, Insurance Services - Strategic Capabilities 2025 ISG Provider Lens®Study – Global Report Awarded the Microsoft Frontier Partner badge reflecting our advanced capabilities across Microsoft Cloud and AI
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($69)$21 ($38)$38 $12 ($37)$183 $331 $34 $512 Pretaxincome (loss)as reportedStock-basedcompensatonTransaction-relatedcostsImpairmentexpenseIntangiblesamortization andother adjustmentsAdjustedpretaxincome (loss)DepreciationexpenseAmortizationexpenseInterestexpenseAdjustedEBITDA Fiscal first quarter 2027 adjusted pretax income and adjusted EBITDA 1643211Includes a transaction-related gain of $40 million from the sale of a digital solutions subsidiary in the Principal Markets segment2 Related to the sale of a facility in the United States3Consists of amortization of acquisition-related intangible assets and other adjustments, which represent pension costs other than pension servicing costs and multi-employer plan costs, significant litigation costs and benefits, and currency impacts of highly inflationary countries4Depreciation of property, equipment and capitalized software 5Amortization of transition costs and prepaid software5 ($ in millions)
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$512 ($91)($353)($50)($76)($343)($401)AdjustedEBITDANet capitalexpendituresDeferred costsInterestpaidCash taxespaidWorking capital (excl. deferredcosts) & otherFreecash Flow ($ in millions, three months ended June 30th)Fiscal first quarter 2027 adjusted EBITDA and free cash flow($ in millions) 1712 431Net capital expenditures consists of capital expenditures less proceeds from dispositions of property and equipment2Deferred transition costs and prepaid software (excluding amortization)3Primarily driven by outflows related to prepaid software subscriptions and renewals, and incentive compensation payments, partially offset by workforce rebalancing accruals4See slide 18 for additional information about our calculation of free cash flow
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Definitions and rationale for non-GAAP metricsWe present certain non-GAAP financial measures to provide useful supplemental information to investors. We provide these non-GAAP financial measures as we believe it enhances investors' visibility to management decisions and their impacts on operational performance; enables better comparison to peer companies; and allows us to provide a long-term strategic view of the business going forward. 18 Adjusted EBITDA and adjusted EBITDA marginAdjusted EBITDA is defined as net income (loss) excluding net interest expense, income taxes, depreciation and amortization (excluding depreciation of right-of-use assets and amortization of capitalized contract costs), charges related to ceasing to use leased/fixed assets, charges related to lease terminations, transaction-related costs (benefits), pension costs other than pension servicing costs and multi-employer plan costs, stock-based compensation expense, impairment expense, significant litigation costs and benefits, and currency impacts of highly inflationary countries. Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue.Adjusted pretax income and adjusted pretax marginAdjusted pretax income is defined as pretax income excluding transaction-related costs (benefits), charges related to ceasing to use leased/fixed assets, charges related to lease terminations, pension costs other than pension servicing costs and multi-employer plan costs, stock-based compensation expense, amortization of acquisition-related intangible assets, impairment expense, significant litigation costs and benefits, and currency impacts of highly inflationary countries. Adjusted pretax margin is calculated by dividing adjusted pretax income by revenue.Adjusted net income, adjusted net margin and adjusted earnings per share (EPS)Adjusted net income is defined as adjusted pretax income less the reported provision for income taxes, minus or plus the tax effect of the non-GAAP adjustments made to calculate adjusted pretax income, and excluding exceptional items impacting the reported provision for income taxes. Adjusted net margin is calculated by dividing adjusted net income, as defined above, by revenue. Adjusted earnings per share (EPS) is defined as adjusted net income divided by diluted weighted average shares outstanding to reflect shares that are dilutive or anti-dilutive based on the amount of adjusted net income.Constant-currencyConstant-currency information compares results between periods as if exchange rates had remained constant period over period. We define constant-currency revenues as total revenues excluding the impact of foreign exchange rate movements and use it to determine the constant-currency revenue growth on a year-over-year basis. Constant-currency revenues are calculated by translating current period revenues using corresponding prior-period exchange rates.Net debt and net leverage ratioNet debt is defined as total debt less cash and cash equivalents. Net leverage ratio is calculated by dividing net debt by the last twelve months’ adjusted EBITDA. Management uses net debt and net leverage ratio to evaluate its leverage.Free cash flow and adjusted free cash flowFree cash flow is defined as cash flows from operating activities, less net capital expenditures. Adjusted free cash flow is defined as cash flows from operating activities after adding back transaction-related payments, charges related to lease terminations, and significant litigation payments, less net capital expenditures. Management uses free cash flow and adjusted free cash flow as measures to evaluate our operating results, plan strategic investments and assess our ability and need to incur and service debt. We believe these metrics are useful supplemental financial measures to aid investors in assessing our ability to pursue business opportunities and investments and to service our debt. Free cash flow and adjusted free cash flow are financial measures that are not recognized under U.S. GAAP and should not be considered as an alternative to cash flows from operations or liquidity derived in accordance with U.S. GAAP. As part of the Company’s ongoing cash and commercial management strategy with customers and suppliers and as previously disclosed, the Company’s standard practice since the time of the Company’s spin-off from International Business Machines Corporation is to actively manage the Company’s working capital, including accounts receivables and accounts payables. This includes optimizing payment terms and conditions, accelerating certain cash receipts and delaying certain cash payments (including deferring vendor payments quarter to quarter), and undertaking other discretionary cash and working capital management initiatives. The magnitude of these practices (including deferrals) has varied from quarter to quarter and impacted the Company’s cash flows (and related non-GAAP financial measure of adjusted free cash flow), including positively in certain periods. The effects of these practices have been and are reflected in the Company’s accounts payable, accounts receivable and cash flow balance, which are accounted for in accordance with GAAP. The Company’s working capital and cash flows have also reflected the impact of accrued contract costs in certain periods due to the timing of vendor billings. The Company may, from time to time, revise or adapt the Company’s cash and working capital management practices as it deems appropriate. Free cash flow and adjusted free cash flow for the three months ended June 30, 2026 and 2025, and other historical periods in this presentation, as well as the free cash flow outlook and adjusted free cash flow targets included in this presentation or the Company's other earnings materials, reflect the historical and expected application of these practices.Signings, book-to-bill and gross profit book-to-billSignings are defined by Kyndryl as an initial estimate of the value of a customer’s commitment under a contract. The calculation involves estimates and judgments to gauge the extent of a customer's commitment, including the type and duration of the agreement as well as the presence of termination charges or wind-down costs. Contract extensions and increases in scope are treated as signings only to the extent of the incremental new value. Signings can vary over time due to a variety of factors including, but not limited to, the timing of signing a small number of larger outsourcing contracts, as well as the length of those contracts. Signings should not be considered a comprehensive measure of future revenue, and the conversion of signings into revenue may vary based on the types of services and solutions, customer decisions and other factors, which may include, but are not limited to, macroeconomic environment or external events. Management uses signings to monitor the performance of the business, as a measure of customer engagement and our ability to drive growth.Our book-to-bill is defined as signings for the last twelve months divided by our revenues for the same period. Our gross profit book-to-bill is defined as our projected gross profit on signings ("book") for the last twelve months divided by our gross profit ("bill") for the same period. Projected gross profit on signings is calculated by multiplying the Company's projected gross margin for the last twelve months by total signings for the same period; and reported gross profit is revenue for the last twelve months less cost of services for the same period. Management uses book-to-bill and gross profit book-to-bill as supplemental color to illustrate to investors how our signings support future revenue growth and the quality of our signings growth in describing the financial and strategic progress on the Company's long-term strategy.
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Reconciliation of non-GAAP metrics Three months endedJune 30, 2025Threemonths endedJune 30, 2026Reconciliation of cash flows from operations to free cash flow ($124)($310)Cash flow from operating activities (GAAP)(97)(91)Less: Net capital expenditures4($222)($401)Free cash flow (non-GAAP)5 Three months endedJune 30, 2025Three months endedJune 30, 2026Reconciliation of net income to adjusted pretax income and adjusted EBITDA$56($55)Net income (loss) (GAAP)36(14)Plus: Provision for income taxes$92($69)Pretax income (loss) (GAAP)1.5%(1.5)%Net income (loss) margin2.5%(1.9)%Pretax income (loss) marginNon-operating adjustments (before tax)–(38)Transaction-related costs (benefits)12421Stock-based compensation expense76Amortization of acquisition-related intangible assets–38Impairment expense255Other adjustments3$128($37)Adjusted pretax income (loss) (non-GAAP)3.4%(1.0)%Adjusted pretax income (loss) margin1934Interest expense191183Depreciation of property, equipment and capitalized software308331Amortization of transition costs and prepaid software$647$512Adjusted EBITDA (non-GAAP)17.3%14.2%Adjusted EBITDA margin$3,743$3,618Revenue (GAAP) Three months endedJune 30, 2025Three months endedJune 30, 2026Reconciliation of adjusted pretax income to adjusted net income and adjusted EPS$128($37)Adjusted pretax income (loss) (non-GAAP)(36)14Provision for income taxes (GAAP)(3)(4)Tax effect of non-GAAP adjustments$90($26)Adjusted net income (loss) (non-GAAP)239.1220.6Diluted weighted average shares outstanding$0.23($0.25)Diluted earnings per share (GAAP)$0.37($0.12)Adjusted EPS (non-GAAP)Balance as ofJune 30, 2026Reconciliation of net debt and net leverage ratio$1,781Short-term debt2,289Long-term debt$4,070Total debt2,104Cash$1,966Net debt (non-GAAP)$2,537Latest twelve months adjusted EBITDA (non-GAAP)0.77xNet leverage ratio (non-GAAP) ($ in millions, except per-share amounts) Numbers may not add due to rounding1 Kyndryl’s reported results for the three months ended June 30, 2026 include a transaction-related gain of $40 million from the sale of a digital solutions subsidiary in the Principal Markets segment.2Kyndryl’s reported results for the three months ended June 30, 2026 include an impairment expense for the sale of a facility in the United States.3Other adjustments represent pension costs other than pension servicing costs and multi-employer plan costs, significant litigation costs and benefits, and currency impacts of highly inflationary countries.4Net capital expenditures consists of capital expenditures less proceeds from dispositions of property and equipment 5Free cash flow for the three months ended June 30, 2026 includes transaction-related payments of $1 million and significant litigation payments of $11 million. See slide 18 for additional information about our calculation of free cash flow 19 Twelve months endedMar. 31, 2024Twelvemonths endedMar. 31, 2025Twelvemonths endedMar. 31, 2026Reconciliation of revenue growth to constant currency revenue growth(6%)(6%)0%Revenue growth %(6%)(4%)(3%)Constant currency revenue growth % (non-GAAP)