History, Development and Organizational Structure of Amdocs Amdocs Limited was organized as a company with limited liability under the laws of the Island of Guernsey in 1988. Since 1995, Amdocs Limited has been a holding company for the various subsidiaries that conduct our business on a worldwide basis. Our global business is providing software and services solutions to leading communications and media companies in North America, Europe and the rest of the world. Our registered office is Hirzel House, Smith Street, St. Peter Port, Guernsey, GY1 2NG, and the telephone number at that location is +44-1481-728444. The executive offices of our principal subsidiary in the United States are located at 625 Maryville Centre Drive, Suite 200, Saint Louis, Missouri 63141 and the telephone number at that location is +1-314-212-7000. 16 Our website address is www.amdocs.com. The information contained on, or that can be accessed from, our website does not form part of this Annual Report. The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers, such as we, that file electronically, with the SEC at www.sec.gov. Our subsidiaries are organized under and subject to the laws of many countries. Our principal operating subsidiaries are in Canada, Cyprus, India, Ireland, Israel, Switzerland, the United Kingdom and the United States. Please see Exhibit 8 to this Annual Report on Form 20-F for a listing of our significant subsidiaries. As part of our strategy, we have pursued and may continue to pursue acquisitions, partnerships and other initiatives in order to offer new products or services or otherwise enhance our market position or strategic strengths. In recent years, we have completed numerous acquisitions, which, among other things, have expanded our business into digital offerings, network and cloud technologies and expertise, and experience design and development. In June 2023, we acquired the service assurance business of TEOCO, executing on our network strategy of providing service providers with a holistic, end-to-end service orchestration offering, with the aim to assure the quality of service and enable the monetization of dynamic, next-generation customer experiences, and in August 2023 we completed the acquisition of ProCom Consulting, a digital transformation SI services and business consulting company. During fiscal year 2024, we acquired two companies, the larger of the two was Astadia, a company specializing in mainframe-to-cloud migration and modernization, as we further execute on our cloud strategy, and another immaterial company. In December 2024, we acquired Profinit, a data science, engineering and intelligence company based in the Czech Republic to help us address the rapidly growing demand for services related to data, AI and GenAI services in telecom and beyond. We have also made three other immaterial acquisitions during fiscal year 2025. Business Overview Amdocs is a leading provider of software and services for approximately 400 communications, entertainment and media industry and other service providers in developed countries and emerging markets. Our customers include some of the largest telecommunications companies in the world (including América Móvil, AT&T, Bell Canada, Singtel, Telstra, T-Mobile, Verizon Telefónica and Vodafone), as well as broadband, mobile and entertainment providers (including Charter Communications, Comcast, DISH, J:COM, Optimum, Rogers and Sky), small to midsized communications businesses and mobile virtual network enablers/mobile virtual network operators, satellite operators, and providers of media and other services, such as financial services. Our software and services, which we develop, implement and manage in a unique accountability model, are designed to meet the business imperatives of our customers, create value for society and make our increasingly connected world more empowering by unlocking our customers’ innovative potential and enabling them to transform their boldest ideas into reality, and make customer experiences that are simple, personal, contextual and valuable at every point of engagement and across all channels. Our offerings are based on a product and services mix, using technologies and methodologies including the cloud and cloud native, AI, and Related Tools including Model Context Protocol (MCP) and others, microservices, DevSecOps, low-code/no-code, edge computing, open source, bimodal operations, Site Reliability Engineering (SRE), and open APIs. As a result, our offerings enable service providers to efficiently and cost-effectively engage their customers, introduce new products and services, automate service and network operations, monetize connectivity and content, support new business models and generally enhance their understanding of their customers. Our technology, design-led thinking approach and expertise help service providers accelerate their journey to the cloud, enhance their entertainment offerings, deploy and manage existing and next-generation networks, and serve their customers across all channels. In order to fulfill our responsibilities to our customers, we sometimes engage third-party vendors and system integrators providing complementary products and services, including hardware and software, as well as cloud consumption and related services. We are able to offer customers superior products and services on a worldwide basis, in large part because of our highly qualified and trained technical, engineering, sales, marketing, consulting, and management personnel. We combine deep industry knowledge and experience, advanced methodologies, industry best practices and pre-configured tools to help deliver consistent results and minimize our customers’ risks. We invest significantly in the ongoing training of our personnel in key areas such as industry knowledge, software technologies and management capabilities. Based in significant part on the skills and knowledge of our workforce, as well as leading tools and methodologies, we believe that we have developed a reputation for reliably delivering quality solutions. We believe the demand for our solutions is driven by our customers’ continued migration to the cloud, deployment of 5G standalone, FWA, B2B acceleration, and fiber networks and their transformation into digital service providers to provide connectivity services, content and applications (apps) on any device through digital and non-digital channels. It is also driven by the trend towards integrated service offerings which we believe is leading to continued merger and acquisition activity among our customers who then require systems consolidation, which we provide, to ensure a consistent customer experience at all touchpoints. Our solutions enable service providers to help their consumer and enterprise (B2B) customers navigate the increasing number of devices, services, partner services and plans available in today’s digital world and the need of service providers to cope with the rapidly growing demand for content and data that these devices and services create, as well as to compete with over-the-top (OTT)-focused players. Regardless of 17 whether service providers are bringing their first offerings to market, scaling for growth, consolidating systems or transforming the way they do business, we believe that they seek to differentiate themselves by delivering customer experiences that are simple, personal, contextual and valuable at every point of engagement and across all channels. We invest time and resources to identify and address cybersecurity risks, including risks that our customers face with regard to our systems, products or services. We periodically review and update our policies and procedures as needed, benchmarking against industry best practices. Our policies and procedures are designed to protect the integrity and security of our products and services and follow guidelines for secure development practices. These policies and procedures as well as our cybersecurity strategies, including those related to cybersecurity risk, materiality assessment, incident response and disaster recovery, are periodically evaluated by our management and Board of Directors. To foster a culture of security awareness and responsibility among our workforce we utilize educational tools, such as cybersecurity awareness training, and reporting procedures and tools, such as our 24/7 global cybersecurity center. Additionally, in light of the transition across the globe to a hybrid working environment, we have enabled secure solutions for collaboration and remote connectivity. We also work with our customers and use overlapping controls to defend against cybersecurity attacks and threats on customers’ networks, end-user devices, servers, applications, data and our cloud solutions. As we work with our customers and partners to create a better-connected world, we seek to make a difference and we incorporate this commitment into our business culture, innovation, products and operations. ESG priorities are integral to our operations, and we seek to follow a comprehensive approach in our sustainability journey. We were included on the S&P Dow Jones Sustainability Index (DJSI) North America, placed in the S&P Global’s Corporate Sustainability Assessment (CSA) Yearbook, and received high ratings in the Carbon Disclosure Project (CDP), Sustainalytics, and EcoVadis, a leading provider of business sustainability ratings and assessments. We place high value on protecting the environment and minimizing negative environmental impacts that may be created by our operations, and are seeking to create sustainable products and services. For example, as we take the industry to the cloud, leveraging the economies of scale offered by the public cloud and the attributes of our cloud offerings, our customers should be better positioned to subsequently reduce their reliance on costly, space and energy-consuming hardware components. We also strive to optimize our customers’ network operations, energy efficiency, and energy reduction by intelligently identifying and removing redundant network equipment while still maintaining high network performance. For example, our AI, data and GenAI suite, amAIz, is designed to help make telecom processes more efficient, including, for example, by offering human agents a team of digital GenAI-powered assistants, known as amAIz agents, designed to improve productivity and reduce the resources required to resolve customer issues; or by rapidly analyzing and resolving network issues and reducing the need for human intervention, including physical network inspections or visits to customer homes. We have set a long-term climate change goal of becoming carbon neutral in our business operations (Scopes 1 and 2) by 2040 and also to reach 100 percent electricity from renewable sources by 2040. In July 2025, we completed the carbon-footprint assessment and verification process for fiscal year 2024. It confirms that Amdocs has achieved an absolute reduction of 49% in Scope 1 & 2 greenhouse gas emissions (using market-based calculations), and approximately 50% in Scope 3, compared to 2019 levels. This surpasses our Science Based Targets Initiative goals of a 21% reduction in Scope 1 & 2 and a 13% reduction in Scope 3 by the end of fiscal year 2024, compared to the 2019 base year. We are committed to achieving an inclusive workplace and seek to create a welcoming work environment for all employees. As we commit to enriching the lives of our employees, which we have encapsulated in our employer brand “Live Amazing. Do Amazing”, our efforts focus on providing a people-centric work environment, understanding that flexibility is key, from unlimited vacation to flexibility around how, when, and where a person works. We provide opportunities for growth and professional development, embracing a culture of continuous learning and upskilling, and have significantly expanded our employee well-being programs and investments. For the communities in the areas in which we operate, we implement a number of empowerment activities and initiatives, including digital inclusion programs, STEM education, and environmental awareness. Our business is conducted on a global basis. We maintain strategic development centers in Israel, Cyprus and India. We also have regional development centers in Brazil, Canada, Mexico, the Philippines, the United Kingdom and the United States, and have operations in North America, Europe, Eurasia, Latin America, Africa and the Asia-Pacific region. Industry Background We believe service providers will maintain a strong focus on growing new revenue streams, cost reduction and driving more efficient operations, and that the trends of ongoing digital transformation with a focus on customer experience, migration to the cloud, AI and Related Tools (including, in particular, agentic AI), next-generation networks, and consolidation within the industry will continue. Service providers are increasingly focusing on their core capabilities, investing in 5G and fiber rollouts, to meet the demand for increased bandwidth, faster pace of innovation for new digital services, as well as to improve their business and operational agility and optimize and monetize their investments in such services. At the same time, many service providers are partnering with leading suppliers to offer their customers a rich portfolio of offerings including media; entertainment; enterprise enablement; Internet of Things (IoT); and digital lifestyle services, all of which are driving growth in the demand for multi-modal customer engagement capabilities, data and GenAI. 18 OTT-focused players and device manufacturers continue to penetrate the communications market and are also competing for customer attention in the entertainment market, while traditional content creators are increasingly streaming their content direct-to-consumer (D2C). Additionally, social networks such as Facebook and X (previously known as Twitter), alongside OTT-focused players such as Snapchat and WhatsApp, have become widely accepted alternatives to traditional voice communications and also provide video streaming services. To meet the challenges from new competitors, service providers are developing cooperative partnerships with OTT-focused players to improve the customer experience as well as vertically integrating with content creators. Pay TV providers are introducing more IP-based (streaming) TV services in their need to meet customers’ on-demand experience expectations. As the business-to-consumer (B2C) domain is crowded with disruptors and heightened competition from OTT players, service providers are also looking to strengthen their standing with enterprise customers, explore new opportunities in the wholesale market and provide IoT services to new vertical market segments, such as the home, health and automotive industries. In North America, cable companies and communication service providers are increasingly expanding their lines of business as growth engines, and moving into each other’s core business areas, with telcos offering fixed-wireless broadband connectivity and cable companies providing wireless services as mobile virtual network operators (MVNO)s. To capture new revenue streams, service providers are expanding within existing and non-traditional business models and deploying new network technologies such as 5G Advanced (5.5G), 5G standalone networks, fixed wire access and fiber. We believe 5G Advanced and 5G will enable service providers to grow their enterprise revenues through the introduction of new business models such as B2B2x, the rollout of mobile private networks (MPN) and by exposing network-as-a-service (NaaS) functionality. As a result, we expect service providers will continue to place an emphasis on modernization and transformation projects for their networks and operational and business systems as they seek to introduce these new offerings, migrate to the cloud and offer innovative new services for both enterprise customers and individual consumers, and monetize these new capabilities. Global service providers are also accelerating their fiber network expansion investments to enable converged, value-added offerings which bundle broadband and mobile together. GenAI has led to increased interest in applying AI and Related Tools to telecom operations, with emerging use cases in customer experience, especially in customer care, sales, and marketing, enabling service providers to introduce new differentiated offerings. We believe GenAI will also provide operators an opportunity to apply GenAI to solve problems in network optimization and fault management as well as introduce enhanced productivity and efficiencies in their operations, and across all units from corporate to customer-facing. We believe these factors create significant opportunities for vendors of information technology software products and providers of managed services and end-to-end systems integration, such as Amdocs. Business Strategy Our goal is to provide software and services solutions and support to primarily communications and media companies of all sizes as they digitally transform, accelerate their migration to the cloud and remain competitive. We seek to accomplish our goal by pursuing the strategies described below. •Focus on the Communications and Media Industry. We focus our resources and efforts primarily on providing customer experience solutions to service providers in the communications and media industry. We consider our longstanding and continuing focus on this industry a competitive advantage. This strategy has enabled us to develop the specialized industry know-how and capability necessary to deliver the technologically advanced, large-scale, specifications-intensive solutions required by the leading wireless, wireline, broadband, cable and satellite companies as well as provide targeted point solutions for service providers of all sizes. These strengths have enabled us to diversify our customer base and expand our offering domains and may continue to provide us with opportunities to expand within other vertical segment markets. •Target Industry Leaders. We intend to continue to direct our marketing efforts primarily toward communications and media industry leaders and contenders. By targeting such leading service providers, which require the most sophisticated and relevant solutions, we believe that we are better able to remain at the forefront of developments in the industry. We believe that the development of this customer base has helped position us as a market leader. •Continued Expansion into New Geographies and Emerging Markets. We seek to grow our customer base by expanding into new markets inside the regions we currently serve and serving the needs of service providers operating in emerging markets. While we have a strong presence overall in developed markets, there are areas in which we believe we can further expand our presence. In fiscal year 2025 for example, we succeeded in growing our activities in Europe, including Finland and Poland, and expanded in our Rest of World outside of North America, including the United Arab Emirates and Japan. In emerging markets, prepaid subscriber growth remains high and average revenue per user remains relatively low in comparison to more developed markets. In order to increase subscriber revenue, service providers are focusing on customer experience and on increasing capacity, particularly for data and content offerings, as key 19 competitive differentiators. Our existing and prospective customers in these markets vary dramatically, with some service providers serving subscriber bases already numbering in the hundreds of millions and others introducing communications services to communities for the first time. We believe this shift in focus to customer experience and on increasing bandwidth and providing content helps to create the wide spectrum of emerging market service providers that require offerings ranging from relatively low-cost systems with pre-packaged services that can be implemented rapidly, to more robust services, to complete customer experience solutions. •Provide Customers with an Open, Dynamic and Cloud-Native Portfolio to Meet Key Industry Trends. With our offerings, we seek to accelerate our customers’ journey to the cloud and help them differentiate in the 5G era so they can deliver an always-on customer experience that is intuitive, simple, personal and valuable at every point of service. We provide solutions across digital business systems and legacy business and operational support systems (BSS/OSS) and network domains and multiple lines of business, including wireline, wireless, broadband, cable, fiber, satellite services, IoT and digital services. The business integration of our systems, supporting commerce, monetization and network automation, is achieved through a central, cloud-native catalog, built on an open, API-first and microservices-based approach to enable third-party integration. We believe that our ability to provide a broad, open, dynamic, modular, GenAI-embedded and cloud-native portfolio, with certified end-to-end business processes deployed using best practice DevSecOps, helps position us as a strategic partner for our customers as they seek to migrate to the cloud and continue to transform into digital service providers. This provides us with multiple avenues for strengthening and expanding our ongoing customer relationships. Our strategic collaborations with Amazon Web Services, NVIDIA, Microsoft Azure, Google Cloud and Oracle Cloud Infrastructure will further enable service providers to offer new and differentiated services to drive growth, customer loyalty and value-add with fast, intelligent, and agile interactions, and a wide ecosystem of third-party partners. •Lead with innovative technology to better serve our customers. We look to provide our customers with leading technologies designed to address industry-specific challenges and opportunities so that they can differentiate themselves with new offerings, accelerate their time to market, and optimize their operations. GenAI is one such technology, which we are implementing in different ways, including via our AI, data and GenAI suite, amAIz, building our telecom-tailored GenAI agents and use-case factory, and infusing GenAI across our products and services. As a result, service providers may deploy GenAI in various ways across their businesses, from customer experiences to network provisioning. We also believe our GenAI capabilities, including rapidly evolving agentic AI capabilities, may enable service providers to deliver increased efficiencies and productivity, as well as benefit our own operations. Underpinning our product capabilities is a broad set of data, AI and Related Tools and services designed to ensure our customers are able to harness data from across their operating ecosystem to deliver better experiences for their customers. We believe that our amAIz suite, and strategic collaborations with Microsoft and NVIDIA, may position us to increase the adoption of GenAI applications and services across the communications industry. •Expand Our Managed Services Capabilities. We seek to assume responsibility for the operation, development and management of our customers’ Amdocs systems, as well as systems developed by in-house IT departments or by other vendors. Our mandate can extend across the service provider’s entire IT and network automation environment and encompass key business process operational needs, organizational readiness preparation and employee upskilling. Many of these projects involve what we call managed transformations: a multi-year project in which we modernize legacy systems while operating them, and then continue to provide managed services once the transformation is complete, usually to a cloud infrastructure. Our customers receive predictable service levels based on agreed-upon key performance indicators, access to a global repository of automation processes, as well as improved efficiencies and long-term savings over the day-to-day costs of operating and maintaining these systems. Managed transformations also provide an improved end-user experience, so service providers can focus on their own internal strengths and strategy to grow their business, leaving system concerns to us. We are continuing to expand our cloud operations, covering the full cloud management lifecycle, including cloud cost optimization (FinOps), multi-cloud management, cloud security, and cloud workloads. We expect embracing GenAI as a part of our next generation of managed services will enable us to assist our customers in streamlining application management, dynamically addressing operational issues, and improving resiliency. Managed services also benefit us, as they can be a source of predictable recurring revenue and long-term relationships. •Develop and Maintain Long-Term Customer Relationships. We seek to develop and maintain long-term, mutually beneficial relationships with our customers, and have organized our internal operations to better anticipate and respond to our customers’ needs. We believe these relationships can lead to additional product and services sales, including products and services from recent acquisitions which have expanded our offering, as well as ongoing, long-term support, system enhancement, modernization, maintenance and managed services agreements. We believe that such relationships are facilitated in many cases by the mission-critical, strategic nature of Amdocs systems and by the added value we provide through our specialized skills and knowledge. We believe that the longevity of our customer relationships, and the recurring revenue that such relationships provide, produce a competitive advantage for us. 20 The Amdocs Offerings Our understanding of our customers’ business needs and the importance of delivering an amazing experience to their end users provide the framework for our portfolio of capability-based products and services. Our offerings are designed to meet the challenges facing our customers as they roll out 5G, fixed wireless access and fiber networks, migrate to the cloud, introduce AI and Related Tools and transform into digital service providers within the framework of a hybrid IT environment, which requires them to rapidly introduce new cloud-native applications while still operating legacy systems. They enable modular expansion as a service provider evolves, ensuring lower-cost and reduced-risk implementations, while their microservices-based architecture enables the rapid deployment of complex applications as suites of independently deployable services that can be frequently upgraded via DevSecOps. With our portfolio’s open and modular structure, organized by capability such as monetization, commerce and care, service and network automation, consulting, delivery, systems integration, operations and others, and matched to industry standards, our customers have the flexibility to choose business offerings that address their specific needs and improve their time to market and value. In the second quarter of fiscal year 2025, we released Amdocs CES25 (CES25), a telco-native, GenAI-led customer experience suite, spanning business, operations and network domains, embedded with AI and Related Tools, including GenAI agents, and which includes our Customer Engagement Platform, Amdocs Monetization Suite, Amdocs Intelligent Networking Suite, Amdocs Charging, Amdocs eSIM Cloud, Amdocs MarketONE, and Amdocs CatalogONE. A key addition to CES25 was the new Amdocs amAIz telco-intelligence suite, which is a holistic, modular, portfolio of telco-native data management, AI, ML and GenAI platforms, applications and services for telecom, which is pluggable to any data ecosystem. The Customer Engagement Platform is a telecom-specific customer relationship management (CRM) solution developed by Amdocs in partnership with Microsoft, serving both the B2C and B2B markets across all lines of business. The AI-native platform includes GenAI domain-specific agents alongside sentiment analysis, predictive and conversational AI and Related Tools and additional GenAI capabilities. This CRM solution leverages the power of Microsoft Dynamics 365 and Azure, verticalized for telecoms by Amdocs, to deliver unified and omni-channel customer journeys driven by AI and Related Tools with enhanced automation and personalization. The platform spans the entire customer lifecycle – including marketing, commerce, sales, ordering, and customer service – and leverages the Amdocs Low-Code Experience Platform for accelerated introduction of new customer journeys, experiences, and offerings, over any channel, in real time and at scale. The Amdocs Monetization Suite enables our customers to monetize their broad set of services and offerings, from traditional connectivity, through content and entertainment, to advanced digital telco and non-telco services enabled by 5G, edge, cloud and programmable networks. These solutions are powered by GenAI, enabling service providers to leverage advanced billing and charging capabilities in order to introduce new monetization models (e.g., API-usage billing), and new business models (e.g., B2B2x, private mobile networks, and network-as-a-service), and align with the partner ecosystem. The Amdocs Intelligent Networking Suite set of solutions provides end-to-end service orchestration, supporting the orchestration of complex services across multiple domains such as 5G, software-defined networks/network function virtualization (SDN/NFV), cloud and edge. It leverages Amdocs amAIz’s capabilities (with respect to AI and Related Tools), around intent recognition, policy optimization, anomaly detection and root cause analysis, and ensures closed-loop, intent-driven, end-to-end network and service lifecycle automation, in order to enhance the customer service consumption experience and improve service providers’ operational efficiency. Amdocs CatalogONE spans the entire CES25 suite, and combines embedded business intelligence with telecom-specific GenAI agents. These capabilities enable service providers to design, develop and go-to-market with innovative services and bundles that combine connectivity, content, partners’ digital services, new monetizable elements (e.g., quality of service, slicing, API usage) and physical devices, targeting both consumer and business segments. The CES25 B2B portfolio enables service providers to serve all customer segments such as small and medium businesses (SMBs), enterprise and government customers. The modular portfolio digitalizes and automates service providers’ lead-to-care processes and end-to-end customer lifecycle management. CPQ Pro, the cornerstone of the B2B portfolio, is embedded with autonomous GenAI agents empowered by analytics, designed to increase B2B deal-closure ratios, facilitate automation, and accelerate revenue. The CES25 suite also optimizes and automates service-provider operations by modernizing their IT and network stacks with cloud-native products built over Amdocs Microservices Management Platform to ensure agility and IT velocity, and with embedded data-driven intelligence powered by Amdocs amAIz, to utilize telco-specific GenAI capabilities for various business and operational needs, in a simple, trusted, secured and cost-effective manner. Our offerings with respect to data and AI Related Tool widely span various aspects of the service provider’s business, with detailed use cases embedded within our products and best practices to help service providers become truly data-driven organizations. We also offer Amdocs MarketONE, a based Software-as-a-Service (SaaS)-based platform which has been designed to enable service providers to aggregate and monetize partners in a frictionless way to enable a superior customer experience. The platform includes an expansive network of pre-integrated digital services, ranging from media, gaming, eLearning, sports and retail to security and business services. Amdocs connectX, a cloud-native "telco-in-a-box" software-as-a-service platform, is designed for digital 21 telecom brands covering care, commerce, ordering and monetization needs. The Amdocs eSIM Cloud enables service providers to offer “digital SIM” (eSIM) for any device, download method and line of business – consumer, enterprise and IoT from Apple, Samsung, Microsoft, Google and other device manufacturers, while our mature cybersecurity practices and service help protect and manage enterprises. Our broad portfolio of services capabilities ranges from consulting, experience design, data, cloud, network services, delivery, to quality engineering (testing), operations, systems integration, and content services, across a wide variety of platforms and technologies. The extent and scope of services provided varies from customer to customer, depending on each customer’s unique needs. Our services engagements can range in size and scope and include advising customers on business and technical strategy, designing and implementing particular business solutions, managing specific business operations processes, adopting DevSecOps, migrating applications to, and operating them on, the cloud, migrating mainframe systems to the cloud, and orchestrating large-scale transformation projects. We also provide end-to-end application development and maintenance, from ideation to deployment, managing all steps of the development lifecycle, supporting bi-modal development methodologies, as well as ongoing maintenance. In addition, we are generally retained by the customer to provide ongoing services, such as maintenance, enhancement design and development and operational support, or to act as a lead systems integrator for post-production activities that may include interfaces with third-party and legacy systems. We also provide network deployment and optimization services, supporting the industry’s move to 5G and the cloud. For a substantial number of our customers, the implementation and integration of an initial system has been followed by the sale of additional systems and modules. We aim to establish long-term maintenance and support contracts with our customers. These contracts generally involve an expansion in the scope of support delivered and provide us with recurring revenue. Our managed services, including those using AI and Related Tools, other predictive analytics, and robotic process automation, are designed to enable service providers’ IT and network departments to keep pace with the speed of business requirements as they continue their journey towards zero-touch operations, provide faster time to market for new services as well as the cost-effective management of existing offerings. Our Services360 platform supports more agile and reliable operations and also includes dedicated tools that automate tasks that would traditionally require various software development skills. It contains a set of advanced technologies, blueprints, automated processes and integrations to external applications to enable our services across many aspects of the IT lifecycle in service provider environments. These services include solution development, quality engineering, cloud migration and operations, FinOps, hyper-automation, governance and more. Managed services provide multi-year, flexible and tailored support, managing IT, business processes and applications services, such as application development and maintenance, operations, IT and infrastructure hosting, cloud operations and in-house developed practices, and legacy modernization. In fiscal year 2025, we announced the launch of Amdocs Studios, a holistic high-end digital services offering combining deep expertise across four key technology disciplines: Quality Engineering, Data & GenAI, Cloud, and Experience & Digital Engineering. The services provided by our Quality Engineering Studio are designed to help modernize our customers’ approach to testing. They combine upskilling our customers’ organization, employing our AI-driven test automation platform, and integrating a DevSecOps approach to ensure faster time to market combined with higher product quality. We support the complete quality-engineering spectrum of services, from project-based to enterprise-level engagements, and cover consulting through to execution of quality-engineering services throughout the entire software-development lifecycle and into production. Our Quality-Engineering services help enabling organizations to scale their testing capabilities with greater speed and accuracy, and accelerate operations through integration, optimization of test cases, testing-environment management, and continuous testing, as well as through the implementation of next-generation technologies in areas such as predictive AI, GenAI, augmented AI, and agentic AI. The services provided by our Data & GenAI Studio are designed to align with every phase of the data lifecycle, from the initial strategy and architecture to implementation and ongoing management, in order to help our customers effectively integrate AI and GenAI into their broader business strategies. We support a range of organizational needs, including digital transformations, mergers and acquisitions, cloud adoption, and the demands of next-generation networks. Our support extends to managing AI and analytics use cases, developing GenAI agents and advancing towards autonomous operations. The services provided by our Cloud Studio help enterprises to adopt, migrate and operate on the cloud, and include strategy services to help ensure governance and compliance across the organization, as well as engineering services to help customers set up, run and optimize their cloud operations. We modernize and migrate both Amdocs and non-Amdocs applications and workloads to the cloud, and provide security services to help enterprises enhance their security posture and protect against human error and malicious actors. We are leveraging our expertise in cloud, cloud data, automation, and processes to help our customers prepare to scale with AI, ML operations and GenAI operations. The services provided by our Experience & Digital Engineering Studio enable our clients to deepen their engagement with customers and expand into new markets to create new revenue streams. By integrating advanced experience design, outcome-driven innovation in application development, data and technology modernization, and enterprise platform implementation, we deliver solutions that work for our clients’ customers and their business. 22 Our mobile network services help customers deploy and operate their next-generation networks, from 5G to fiber. Through our end-to-end services, we provide design, engineering, and operations, leading to optimized networks operations to lower costs and enhance the customer experiences. Our services are backed by a full suite of network and workflow automation software, helping improve our customers’ time to market with increased efficiency and quality. Our professional services are designed to assist customers in the selection, implementation, operation, management, modernization and maintenance of their IT, network and content systems. As a lead systems integrator, we assume end-to-end responsibility to monitor, manage and deploy the overall development and integration activities of Amdocs and third-party vendors throughout the transformation lifecycle and business-as-usual state. We also offer integration design and implementation services to help bridge between modern digital channels and a customer’s existing legacy back-end and third-party systems. Our unique integration platform as a service solution is built specifically for the challenges of the communications and media industry, enabling modernization with minimal impact on the systems of record and other legacy systems. Our business and top-level technology strategy consulting services cover both Amdocs and non-Amdocs systems. Our consultants understand the service provider’s environment and bring with them the experience we accumulated when modernizing our own Amdocs product lines and re-skilling our people to master hybrids of the legacy and the new. We also provide experts in areas such as experience design, digital software engineering and cloud transformation. With an extensive range of end-to-end media supply chain services enabled by AI and Related Tools that can be rapidly and flexibly deployed, services and solutions are designed to enable content owners, service providers and distributors to power and deliver unparalleled entertainment experiences, anywhere and on any platform. From content packaging and delivery, localization, mastering, QC (quality check), metadata and media library clean-up, through to building new, or enhancing existing services with content and subscription offerings; our end-to-end content ecosystem delivers accessible and effective solutions for content owners and distributors. Technology Our portfolio architecture enables our applications to work in multiple customer environments ranging from on premise to public cloud. To help service providers respond more quickly to changes in their markets, we embrace an open and integrated approach to our technology built on the following key principles: •Design Led. Adopting design-led principles and methodologies across software applications to ensure improved and optimized customer experiences. •API-First. Leveraging domain-driven design to expose APIs across key applications and ensure consumption and interaction between applications is easily enabled. It exposes the Amdocs portfolio application programming interfaces to external systems, allowing our applications to integrate with each other and with third-party applications. •Secure Software Development Lifecycle (SSDLC). Integrating security into each step of the software development process to identify and mitigate security vulnerabilities and threats. •Cloud Flexibility. Architected to run in public, on-premise and hybrid cloud environments, on certain popular prior product versions, and across a variety of providers based on customer needs. •Microservices. Developing highly granular, lightweight distributed software architecture, shipped and delivered using containers and orchestrated using Kubernetes, the industry-leading cluster management for containers. •Scalability. Designed to take full advantage of the capabilities of the underlying platform, allowing progressive system expansion, proportional with increases in business volumes. Using the same software, our applications can support operations for small and very large service providers. •Reliability. System and component architecture supports high availability and redundancy to allow connected and uninterrupted operations at full network utilization and device load. •Modularity. Applications can be installed on an individual standalone basis, interfacing with the customer’s existing systems, or as part of an integrated Amdocs system environment. We believe this modularity provides our customers with a highly flexible solution that is able to incrementally expand with the customer’s growing needs and capabilities. •Composability. Our composable architecture approach allows customers to rapidly assemble, adapt and scale solutions to meet evolving transformation strategies and business needs. 23 •Software-as-a-Service (SaaS). We develop software for some solutions that may be provided via a subscription model. Offering SaaS solutions enables our customers to quickly deploy, simply operate and continuously benefit from our investment in portfolio platforms. •Continuous Updates. Ongoing delivery of software functionality enables customers to adopt the latest features and functions as they are made available, accelerating time to market and business agility. •Virtualization. Business agility improves with virtualization as it allows introduction of new services rapidly. Moreover, virtualization reduces cost by improving resource utilization and by automating processes. •Hybrid-Cloud. Supporting application architecture that spans physical, virtual and cloud-based infrastructures. We work with multiple hyper-scale providers in the deployment, security and operation of these diverse permutations which must be orchestrated in order to deliver seamless experiences. •Open-Source Software. Enabling rapid time to market and lower-cost functionality introduction, our software leverages open-source components to encourage standardization and improved quality where possible. We are a founding partner of the Khasm Labs (formerly the 5G Open Innovation Lab), a global ecosystem for developers, enterprises, wireless carriers and technology leaders to fuel the development and monetization of new 5G-powered technology use cases and markets. We are also a contributor to the O-RAN Alliance whose mission is to reshape the RAN industry towards more intelligent, open, virtualized and fully interoperable mobile networks. •Service-Oriented Architecture. SOA enables improved flow of information, rapid function development, easier scaling and simplified introduction of new services. •Embedded Automation. End-to-end automation capabilities spanning multiple domains and extending across users, business and operating systems and networks, to optimize the efficient utilization of resources while enabling adaptive, real-time responsiveness to specific business and customer requirements in a timely and cost-efficient manner. •Low-code/No code. A visual software development approach that requires little to no coding skill on the part of the user, allowing the rapid development of applications with minimal dependency on IT and code developers. •AI/ML. Delivering automation and providing service providers with more intelligence about their customers and the performance of their infrastructures, optimizing the customer experience and enabling zero-touch operations. •GenAI. Leveraging GenAI built on foundational large language and small language models (LLMs and SLMs) and a telecom-specific GenAI framework to improve our existing product and service offerings and create new and enhanced experiences (ranging from context-aware customer care interactions to resource-aware network operations). Sales and Marketing Our sales and marketing activities are primarily directed at major communications and media companies. As a result of the strategic importance of our solutions to the operations of service providers, a number of constituencies within a customer’s organization are typically involved in purchasing decisions, including senior management, information systems and network personnel and user groups, such as the finance, customer service and marketing departments. Our sales activities are supported by marketing efforts and increasing cooperation with strategic partners. We interact with other third parties in our sales activities, including independent sales agents, information systems consultants engaged by customers and system integrators that provide complementary products and services. We also have value-added reseller agreements with leading hardware and software vendors. Our sales and marketing activities also support projects with our partner ecosystem in domains such as cloud, digital and consumer experience, media and entertainment, IoT, data intelligence, open source, security and privacy. Partner companies include Amazon Web Services, NVIDIA, Microsoft, Databricks, Intel, Google, BMC, Snowflake, Oracle, Redhat, Dell EMC, VMware, Hewlett Packard Enterprise and IBM, as well as start-up companies. Customers Our target market is comprised of service providers in the communications and media industry that require customer experience solutions with advanced functionality and technology. The companies in our target segment are typically market leaders. By working with such companies, we help ensure that we remain at the forefront of developments in the industry and that our product offerings continue to address the market’s most sophisticated needs. Additionally, we deliver experience-driven and cloud transformations for customers in other industry verticals, such as financial services. We have a global orientation and customers in approximately 90 countries. 24 Our customers include service providers, such as: A1 Bulgaria Odido A1 Macedonia One Hungary A1 Telekom Austria Group Optimum ABN Amro Bank NV Optus Airtel Orange Belgium Altice France Orange Liberia Amazon MGM Studios Orange Spain América Móvil Paramount, a SkyDance Corporation AT&T PLDT AT&T Mexico Proximus Azercell Rogers Bank Hapoalim Safaricom Beeline SES Bell Canada Singtel Bharat Sanchar Nigam Limited (BSNL) Sky Italia Botswana Telecommunications Corporation Sky UK Brightspeed Sunrise BT-EE Telefónica Argentina (Movistar) Capita Telefónica Brasil (Vivo) Cellcom Telefónica Chile (Movistar) Charter Communications Telefónica Germany Claro Argentina Telefónica Peru (Movistar) Claro Brasil Telenet Claro Chile Telia Finland Claro Dominican Republic Telia Norway Claro Puerto Rico Telia Sweden Crnogorski Telekom Telkom SA Colt Technology Services Telkomsel Comcast Telstra Consumer Cellular TELUS DELTA Fiber Three Ireland Deutsche Telekom Three UK DISH TIM Brazil DirecTV TPG Telecom Elisa True etisalat by &e Tusass Far EasTone T-Mobile Fastweb UScellular Fidium VEON Flow Verizon Foxtel Virgin Media O2 Frontier Communications Vodacom Globe Telecom Vodafone Czech Republic J:COM Vodafone Germany KT Vodafone Idea Kyivstar Vodafone Ireland LG Uplus Vodafone Italy Liberty Global Vodafone Romania Lumen Vodafone Spain M1 Vodafone Turkey Magyar Telekom Vodafone UK Maxis VodafoneZiggo Melon Digital Warner Bros. Discovery Metronet Wind Tre MTS Winity Telecom NTT Infrastructure Network Corporation XLSMART 25 The following is a summary of revenue by geographic area. Revenue is attributed to geographic region based on the location of the customer: Year Ended September 30, 2025 2024 2023 North America 65.8 % 66.5 % 67.7 % Europe 15.6 % 14.5 % 14.4 % Rest of the World 18.6 % 19.0 % 17.9 % Competition The market for customer experience solutions in the communications and media industry continues to be highly competitive. Amdocs’ competitive landscape is comprised of internal IT departments of our customers, as well as independent competitors or new entrants that may compete broadly with us or in limited segments of our market, and can be generally categorized as follows (competitors in each category referenced below in alphabetical order): •providers of BSS/OSS and CRM/digital systems, including CSG International, Netcracker (an NEC subsidiary), Oracle, Pegasystems, Salesforce, SAP and ServiceNow; •system integrators and providers of IT services, such as Accenture, Cap Gemini, Cognizant, DXC Technology, Infosys, Kyndryl, Tata Consultancy Services, Tech Mahindra and Wipro (some of whom we also cooperate with in certain opportunities and projects); •network equipment providers such as Ciena, Ericsson, Huawei, and Nokia, (some of whom we also cooperate with in certain opportunities and projects and some of whom also have BSS/OSS offerings); and •niche domain players, often start-up companies, which compete against particular parts of our portfolio, such as Matrixx in charging; Hansen in catalog; Aria Systems, Stripe, Zuora in subscription billing; Deluxe Media and Evergent in media; Slalom in cloud consulting; Material+ and Work & Co in experience design. We expect the competition in our industry to increase from many of such companies. We believe that we are able to differentiate ourselves from these competitors by, among other things: •applying our more than 40-year heritage to the development and delivery of products and professional services that enable our customers to overcome their challenges and achieve service differentiation by migrating to the cloud, providing a personalized and intelligent customer experience, shaping the quality of network experience and simplifying the complexity of the operating environment; •continuing to design and develop solutions targeted specifically to the communications and media industry; •innovating and enabling our customers to quickly adopt new business models that will improve their ability to drive new revenues, and compete and win in a changing market; •providing high-availability, high-quality, reliable, scalable, integrated and modular applications, leveraging cloud technology, AI, GenAI and other new software development and deployment options; •leveraging our strategic partnerships, collaborations and alliances in order to offer innovative products, solutions or services or to otherwise enhance our market position and customer reach; •providing flexible and tailored IT solutions and delivery models; and •offering customers end-to-end accountability from a single vendor. Employees We invest significant resources in the training, retention and motivation of high-quality personnel. Training programs cover areas such as technology, applications, development methodology, project methodology, programming standards, industry background, business, management development and leadership. Our management development efforts are reinforced by an organizational structure that provides opportunities for talented managers to gain experience in general management roles. We also invest considerable resources in personnel motivation, including providing various incentive plans for sales staff and high-quality employees. Our future success depends in large part upon our continuing ability to attract and retain highly qualified managerial, 26 technical, sales and marketing personnel and outstanding leaders. Moreover, we are committed to diversity and inclusion, believing a gender-diverse, multi-cultural workforce spread across the globe provides strength and a competitive business advantage. See “Directors, Senior Management and Employees — Workforce Personnel” for further details regarding our employees and our relationships with them. Property, Plants and Equipment Our principal capital expenditures for fiscal years 2025, 2024 and 2023 have been for computer equipment and software in our operating facilities and development centers, for which we spent approximately $83 million, $72 million and $84 million, respectively. Facilities Our properties consist of leased and owned (only in Ra’anana, Israel) facilities an aggregate of approximately 3.2 million square feet worldwide, including significant leases in the Canada, Cyprus, India, Israel, the Philippines, Mexico, the United Kingdom and the United States. The following table summarizes information with respect to the principal facilities leased and owned by us and our subsidiaries as of September 30, 2025: Location Area (Sq. Feet) Americas 462,134 EMEA 1,064,501 APAC 1,638,432 Total 3,165,066 Our leases expire on various dates through 2035. In fiscal year 2023, the Company has started to use its campus in Ra’anana, Israel on land acquired by a legal entity owned equally by the Company and Union Investments and Development Limited (“Union”) pursuant to agreements entered into by the Company and Union in December 2017. The campus provides an advanced working environment that meets the needs of Amdocs Israel and its employees, and supports the Company’s future growth. The design for the campus is in accordance with LEED Gold standards and includes advanced energy and water saving systems. Equipment We develop our solutions over a system of Linux and Windows servers owned or leased by us, as well as over cloud providers. We use a variety of software products in our development centers, including products by Microsoft, CouchBase, Syncsort, Red Hat, Oracle, CA, IBM, Hewlett-Packard or others. Our data storage is based mainly on equipment from EMC, InfiniDat, IBM and Hewlett-Packard.