The following discussion and analysis is meant to provide material information relevant to an assessment of the financial condition and results of operations of our company, including an evaluation of the amounts and uncertainties of cash flows from operations and from outside sources, so as to allow investors to better view our company from management’s perspective. The following discussion should be read in conjunction with our consolidated financial statements and the related notes that appear elsewhere in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2025 and with the information under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025. In addition to historical information, this discussion includes forward-looking statements and information that involves risks, uncertainties and assumptions, including but not limited to those listed below and under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025. Special Note Regarding Forward-Looking Statements We have made statements in this Quarterly Report on Form 10-Q (the “Quarterly Report”) in, among other sections, Part I, Item 2—“Management’s Discussion and Analysis of Financial Condition and Results of Operations” that are forward-looking statements. In some cases, you can identify these statements by forward-looking terms such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “could,” “may,” “shall,” “will,” “would” and variations of such words and similar expressions, or the negative of such words or similar expressions. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, which in some cases may be based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements. In particular, you should consider the numerous risks outlined in Part I, Item 1A—“Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025. Forward-looking statements we may make include, but are not limited to, statements relating to: •our ability to retain existing clients and contracts; •our ability to win new clients and engagements; •the expected value of the statements of work under our master service agreements; •our beliefs about future trends in our market; •political, economic or business conditions in countries where we have operations or where our clients operate, and heightened economic uncertainty and geopolitical tensions; •expected spending by existing and prospective clients on our solutions and services; •foreign currency exchange rates; •our ability to convert bookings to revenue; •our rate of employee attrition; •our effective tax rate; and •competition in our industry. Factors that may cause actual results to differ from expected results include, among others: •our ability to anticipate, develop and incorporate advanced technologies, including artificial intelligence ("AI") technologies, such as generative and agentic AI, into our solutions and services as well as our internal operations and to compete in the rapidly evolving technological environment and successfully implement and generate revenue from new solutions and services; •our ability to develop and successfully execute our business strategies; •evolving global trade dynamics, including newly imposed or changing tariffs, trade restrictions and other measures introduced by major economies, any of which may disrupt global supply chains, increase operating costs for our clients and delay their business decisions; •deterioration in the global economic environment and its impact on our clients; 40 •our ability to hire and retain enough qualified employees to support our business, especially our advanced technology solutions; •our ability to safeguard our systems and protect client, Genpact or employee data from security incidents or cyberattacks; •our ability to effectively price our solutions and services and maintain our pricing and employee and asset utilization rates; •general inflationary pressures and our ability to share increased costs with our clients; •increasing competition in our industry; •increases in wages in locations where we have operations; •our ability to retain senior management; •our ability to comply with data protection laws and regulations and to maintain the security and confidentiality of personal and other sensitive data of our clients, employees or others; •telecommunications or technology disruptions or breaches, natural or other disasters, or medical epidemics or pandemics; •our dependence on favorable policies and tax laws that may be changed or amended in a manner adverse to us or be unavailable to us in the future, including as a result of tax policy changes in India, and our ability to effectively execute our tax planning strategies; •claims and lawsuits, including by clients, employees or other third parties; •regulatory, legislative and judicial developments, including the withdrawal of governmental fiscal incentives, particularly in India; •our dependence on revenues derived from clients in North America and Europe and clients that operate in certain industries; •geopolitical tensions, including the Russia-Ukraine war and the Middle East conflicts, and actions that may be taken by the United States and other countries in response; •our ability to successfully consummate or integrate strategic acquisitions; •our ability to attract and retain clients and to develop and maintain client relationships on attractive terms; •our ability to service our defined contribution and benefit plan payment obligations; •clarification as to the possible retrospective application of a judicial pronouncement in India regarding our defined contribution and benefit plan payment obligations; •financing terms, including changes in the Secured Overnight Financing Rate ("SOFR") and changes to our credit ratings; •our ability to meet our corporate funding needs, pay dividends and service debt, including our ability to comply with the restrictions that apply to our indebtedness that may limit our business activities and investment opportunities; •our ability to successfully implement our new enterprise resource planning system, including the effect of the transition on our internal control over financial reporting; •our ability to grow our business and effectively manage growth and international operations while maintaining effective internal controls; •restrictions on visas for our employees, in particular for employees traveling to the United States, the United Kingdom and the European Union, and restrictions on immigration more generally, as well as the potentially increased costs of visas and the wages we are required to pay employees on visas; •fluctuations in currency exchange rates between the currencies in which we transact business; •the selling cycle for our client relationships; •legislation in the United States or elsewhere that restricts or adversely affects demand for our services offshore; 41 •our ability to protect our intellectual property and the intellectual property of others; •the international nature of our business; •technological innovation; and •unionization of a significant number of our employees. Although we believe the expectations reflected in the forward-looking statements are reasonable at the time they are made, we cannot guarantee future results, level of activity, performance or achievements. Achievement of future results is subject to risks, uncertainties, and potentially inaccurate assumptions. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results could differ materially from past results and those anticipated, estimated or projected. You should bear this in mind as you consider forward-looking statements. We undertake no obligation to update any of these forward-looking statements after the date of this filing to conform our prior statements to actual results or revised expectations. You are advised, however, to consult any further disclosures we make on related subjects in our Form 10-K, Form 10-Q and Form 8-K reports to the Securities and Exchange Commission (the “SEC”). Macroeconomic and business environment Our results of operations are affected by economic and geopolitical conditions, including overall levels of business confidence, inflationary pressures, monetary policy uncertainty and the pace of global growth. Economic uncertainty continues to increase in several markets globally, which has impacted our business and may continue to impact our business in the future. Any extended periods of slower sales cycles could have a material adverse effect on our business, financial position, results of operations and cash flows. Conflicts in the Middle East, in particular the Iran conflict, as well as the ongoing conflict between Russia and Ukraine, have exacerbated global market volatility and regional instability. We do not have operations in Iran, Russia or Ukraine, and our direct exposure to affected countries in the Middle East remains limited. To date, these conflicts have not had a material impact on our business, financial position, operations, or cash flows, but it is difficult to anticipate the future impacts of these conflicts on our business or our clients’ businesses. For additional information about the risks we face, see Part I, Item 1A—“Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025. Overview We are an Agentic Operations company, where applied AI meets context-rich process intelligence. We run and transform mission-critical operations for global enterprises. Our Agentic Operations are grounded in decades of operating core business processes across finance, supply chain, banking, insurance, and more. We have over 141,000 employees serving clients from more than 35 countries. Our registered office is located at Canon’s Court, 22 Victoria Street, Hamilton HM 12, Bermuda. In the quarter ended June 30, 2026, we recorded net revenues of $1,343.4 million. Net revenues from Advanced Technology Solutions were $363.3 million and net revenues from Core Business Services were $980.1 million. Critical Accounting Policies and Estimates For a description of our critical accounting policies and estimates, see Note 2—“Summary of significant accounting policies” under Part I, Item 1—“Unaudited Consolidated Financial Statements” above, as well as Part II, Item 7—“Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” and Note 2—“Summary of significant accounting policies” under Part IV, Item 15—“Exhibits and Financial Statement Schedules” in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to our critical accounting policies and estimates during the six months ended June 30, 2026 from those described in our Annual Report on Form 10-K for the year ended December 31, 2025. Due to rounding, the numbers presented in the tables or in the narrative included in this “Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations” may not add up precisely to the totals provided. 42 Results of Operations The following table sets forth certain data from our consolidated statements of income for the three and six months ended June 30, 2026 and 2025. Percentage Change Increase/(Decrease) Three months ended June 30, Six months ended June 30, Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 2026 vs. 2025 2026 vs. 2025 (dollars in millions) (dollars in millions) Net revenues $ 1,343.4 $ 1,254.4 $ 2,639.5 $ 2,469.3 7.1 % 6.9 % Cost of revenue 853.1 804.4 1,677.5 1,590.3 6.1 % 5.5 % Gross profit 490.3 450.1 962.0 879.1 8.9 % 9.4 % Gross profit margin 36.5 % 35.9 % 36.4 % 35.6 % Operating expenses Selling, general and administrative expenses 294.1 266.4 564.5 507.5 10.4 % 11.2 % Amortization of acquired intangible assets 3.3 4.3 6.4 8.6 (23.9) % (25.9) % Other operating (income) expense, net 0.0 0.0 (0.4) (0.2) (54.5) % 146.2 % Income from operations 192.9 179.4 391.5 363.1 7.5 % 7.8 % Income from operations as a percentage of net revenues 14.4 % 14.3 % 14.8 % 14.7 % Foreign exchange gains, net 2.1 0.4 9.4 1.7 NM* NM* Interest income (expense), net (15.1) (13.5) (26.7) (24.9) 12.3 % 7.3 % Other income (expense), net 11.0 10.4 10.7 12.1 5.1 % (11.8) % Income before income tax expense 190.9 176.7 384.9 352.0 8.0 % 9.4 % Income tax expense 45.1 44.0 91.1 88.4 2.6 % 3.1 % Net income $ 145.7 $ 132.7 $ 293.7 $ 263.6 9.8 % 11.4 % Net income as a percentage of net revenues 10.8 % 10.6 % 11.1 % 10.7 % *Not Meaningful 43 Three Months Ended June 30, 2026 compared to the Three Months Ended June 30, 2025 Net revenues. Our net revenues were $1,343.4 million in the second quarter of 2026, up $89.0 million, or 7.1%, from $1,254.4 million in the second quarter of 2025. Adjusted for foreign exchange, primarily the impact of changes in the values of the euro and Australian dollar against the U.S. dollar, our net revenues grew 6.9% in the second quarter of 2026 compared to the second quarter of 2025 on a constant currency1 basis. We provide information about our revenue growth on a constant currency1 basis so that our revenue may be viewed without the impact of foreign currency exchange rate fluctuations, thereby facilitating period-to-period comparisons of our business performance. Our average headcount decreased by 2.6% to approximately 143,100 in the second quarter of 2026 from approximately 146,900 in the second quarter of 2025. Effective January 1, 2026, we revised our revenue disaggregation to better align with our current business structure, strategic priorities and internal reporting. Our revenue is now disaggregated between Advanced Technology Solutions and Core Business Services, replacing the prior disaggregation between Data-Tech-AI and Digital Operations. Accordingly, no disaggregation of revenue between Data-Tech-AI and Digital Operations has been presented for the three and six months ended June 30, 2026 and 2025. Net revenues disaggregated between Advanced Technology Solutions and Core Business Services were as follows: Three months ended June 30, Percentage Change Increase/(Decrease) 2026 2025 2026 vs. 2025 (dollars in millions) Advanced Technology Solutions $ 363.3 $ 292.7 24.1 % Core Business Services 980.1 961.8 1.9 % Net revenues $ 1,343.4 $ 1,254.4 7.1 % Net revenues from Advanced Technology Solutions in the second quarter of 2026 were $363.3 million, up $70.7 million, or 24.1%, from $292.7 million in the second quarter of 2025. This increase was broad-based and driven by increased demand for each component of our Advanced Technology Solutions, namely digital technology, data and AI solutions and services, agentic solutions and advisory services, in the second quarter of 2026 compared to the second quarter of 2025. Net revenues from Core Business Services in the second quarter of 2026 were $980.1 million, up $18.4 million, or 1.9%, from $961.8 million in the second quarter of 2025, primarily due to an increase in revenue from the technology services component of our Core Business Services in the second quarter of 2026 compared to the second quarter of 2025. Net revenues by reportable segment were as follows: Three months ended June 30, Percentage Change Increase/(Decrease) 2026 2025 2026 vs. 2025 (dollars in millions) Financial Services $ 349.9 $ 338.6 3.3 % Consumer and Healthcare 469.2 428.6 9.5 % High Tech and Manufacturing 524.4 487.2 7.6 % Net revenues $ 1,343.4 $ 1,254.4 7.1 % 1 Revenue growth on a constant currency basis is a non-GAAP measure and is calculated by restating current-period activity using the prior fiscal period’s foreign currency exchange rates adjusted for hedging gains/losses in such period. 44 Net revenues from our Financial Services segment increased by 3.3% in the second quarter of 2026 compared to the second quarter of 2025, largely due to ramp-ups of recently signed deals and an increase in demand for our digital technology services within Advanced Technology Solutions. Net revenues from our Consumer and Healthcare and High Tech and Manufacturing segments increased by 9.5% and 7.6%, respectively, in the second quarter of 2026 compared to the second quarter of 2025, largely due to an increase in demand for our Advanced Technology Solutions and the technology services component of our Core Business Services. Cost of revenue. Cost of revenue was $853.1 million in the second quarter of 2026, up $48.8 million, or 6.1%, from $804.4 million in the second quarter of 2025. This increase was primarily driven by the higher costs associated with an increase in revenue from resold partner technology in the second quarter of 2026 compared to the second quarter of 2025 as well as wage inflation in the second quarter of 2026 compared to the second quarter of 2025. Gross margin. Our gross margin increased to 36.5% in the second quarter of 2026 from 35.9% in the second quarter of 2025, primarily driven by lower headcount and a foreign exchange benefit, partially offset by the higher costs associated with an increase in revenue from resold partner technology in the second quarter of 2026 compared to the second quarter of 2025. Selling, general and administrative (SG&A) expenses. SG&A expenses as a percentage of net revenues increased to 21.9% in the second quarter of 2026 from 21.2% in the second quarter of 2025. SG&A expenses were $294.1 million in the second quarter of 2026, up $27.7 million, or 10.4%, from $266.4 million in the second quarter of 2025. The increase was primarily due to increased strategic investments in partnerships, alliances, and other sales and marketing capabilities as well as wage inflation in the second quarter of 2026 compared to the second quarter of 2025. Amortization of acquired intangible assets. Amortization of acquired intangible assets was $3.3 million in the second quarter of 2026, down $1.0 million, or 23.9%, from $4.3 million in the second quarter of 2025. This decrease was primarily driven by the completion of useful lives of intangible assets acquired in prior periods. Other operating (income) expense, net. Other operating income (net of expense) was $0.0 million in the second quarters of both 2026 and 2025. Income from operations. As a result of the foregoing factors, income from operations as a percentage of net revenues increased to 14.4% in the second quarter of 2026 from 14.3% in the second quarter of 2025. Income from operations was $192.9 million in the second quarter of 2026, up $13.5 million from $179.4 million in the second quarter of 2025, primarily due to higher gross margin, partially offset by higher SG&A expenses in the second quarter of 2026 compared to the second quarter of 2025. Foreign exchange gains, net. We recorded a net foreign exchange gain of $2.1 million in the second quarter of 2026 compared to $0.4 million in the second quarter of 2025. The gain in the second quarter of 2026 resulted primarily from gains on fair value hedges and the depreciation of the Indian rupee against the U.S dollar. The gain in the second quarter of 2025 resulted primarily from gains on fair value hedges, partially offset by losses resulting from the appreciation of the Indian rupee against the U.S. dollar. Interest income (expense), net. Our interest expense (net of interest income) was $15.1 million in the second quarter of 2026, up $1.7 million from $13.5 million in the second quarter of 2025. Our interest expense increased primarily due to a higher interest rate on our Senior Notes issued in November 2025 compared to our 2021 Senior Notes (as defined below), which we repaid on April 10, 2026. The increase was partially offset by lower interest expense on our term loan due to a lower SOFR and reduced volume in the second quarter of 2026 compared to the second quarter of 2025. The weighted average rate of interest on our debt, including the net impact of interest rate swaps, increased to 5.4% in the second quarter of 2026 from 4.8% in the second quarter of 2025. See the section titled “Liquidity and Capital Resources—Financial Condition” for further discussion. Other income (expense), net. Our other income (net of expense) was $11.0 million in the second quarter of 2026, up from $10.4 million in the second quarter of 2025. The increase was primarily driven by a larger gain on the fair value of deferred compensation plan assets in the second quarter of 2026 compared to the second quarter of 2025, partially offset by a gain on a one-time sale of certain IT assets in the second quarter of 2025. Income tax expense. Our income tax expense was $45.1 million in the second quarter of 2026, up from $44.0 million in the second quarter of 2025, due to higher pre-tax income, representing an effective tax rate (“ETR”) of 23.7% in the second quarter of 2026, down from 24.9% in the second quarter of 2025. The decrease in our ETR in the second quarter of 2026 was primarily driven by the optimization of intercompany financing, as well as the mix of our pre-tax income and the impacts of other discrete items. 45 Net income. As a result of the foregoing factors, net income was $145.7 million in the second quarter of 2026, up $13.0 million from $132.7 million in the second quarter of 2025. Net income as a percentage of net revenues was 10.8% in the second quarter of 2026, up from 10.6% in the second quarter of 2025. Adjusted income from operations. Adjusted income from operations (“AOI”) increased by $16.3 million to $233.6 million in the second quarter of 2026 from $217.3 million in the second quarter of 2025. Our AOI margin increased to 17.4% in the second quarter of 2026 from 17.3% in the second quarter of 2025, largely driven by higher gross margin, partially offset by higher SG&A expenses in the second quarter of 2026 compared to the second quarter of 2025. AOI and AOI margin are non-GAAP measures and are not based on any comprehensive set of accounting rules or principles. They should not be considered as a substitute for, or superior to, financial measures calculated in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. We believe that presenting AOI alongside our reported results offers useful supplemental information to our investors and management regarding financial and business trends relating to our financial condition and results of operations. A limitation of using AOI versus net income calculated in accordance with GAAP is that AOI excludes certain recurring costs and certain other charges, namely stock-based compensation and amortization of acquired intangibles. We compensate for this limitation by providing specific information on the GAAP amounts excluded from AOI. We calculate AOI as net income, excluding (i) stock-based compensation expense, (ii) amortization of acquired intangible assets, (iii) foreign exchange gains, net, (iv) interest (income) expense, net, (v) acquisition-related expenses and (vi) income tax expense, as we believe that our results after considering these adjustments more accurately reflect our ongoing operations. To calculate AOI margin, we divided AOI (as calculated above) by net revenue. For additional information, see Note 18—“Segment reporting” under Part I, Item 1—“Unaudited Consolidated Financial Statements” above. The following table shows the reconciliation of AOI to net income, the most directly comparable GAAP measure, for the three months ended June 30, 2026 and 2025: Three months ended June 30, 2026 2025 (dollars in millions) Net income $ 145.7 $ 132.7 Foreign exchange gains, net (2.1) (0.4) Interest (income) expense, net 15.1 13.5 Income tax expense 45.1 44.0 Stock-based compensation expense 26.4 21.8 Acquisition-related expenses — 1.3 Amortization of acquired intangible assets 3.3 4.3 Adjusted income from operations $ 233.6 $ 217.3 The following table sets forth our AOI by segment for the three months ended June 30, 2026 and 2025: Three months endedJune 30, Percentage Change Increase/(Decrease) 2026 2025 2026 vs. 2025 (dollars in millions) Financial Services $ 67.8 $ 63.5 6.9 % Consumer and Healthcare 72.5 76.0 (4.6) % High Tech and Manufacturing 89.7 90.0 (0.4) % Total reportable segment $ 230.1 $ 229.5 0.2 % Unallocated corporate expenses 3.5 (12.2) NM* Adjusted income from operations $ 233.6 $ 217.3 7.5 % *Not Meaningful 46 AOI of our Financial Services segment increased by 6.9%, primarily driven by higher revenues and operating efficiency in the second quarter of 2026 compared to the second quarter of 2025. AOI of our High Tech and Manufacturing segment decreased by 0.4%, primarily driven by the ramp-down of a higher margin customer, partially offset by higher revenue in the second quarter of 2026 compared to the second quarter of 2025. AOI of our Consumer and Healthcare segment decreased by 4.6%, largely driven by investments in additional resources to drive business growth in the second quarter of 2026 compared to the second quarter of 2025. AOI for “Unallocated corporate expenses” in the table above primarily represents the adjustment of allowances for credit losses and over- or under-absorption of corporate overheads, which are not allocated to any individual segment for management's internal reporting purposes. See Note 18—“Segment reporting” under Part I, Item 1— “Unaudited Consolidated Financial Statements” above. 47 Six Months Ended June 30, 2026 compared to the Six Months Ended June 30, 2025 Net revenues. Our net revenues were $2,639.5 million in the first half of 2026, up $170.2 million, or 6.9%, from $2,469.3 million in the first half of 2025. Adjusted for foreign exchange, primarily the impact of changes in the values of the euro, British pound, and Australian dollar against the U.S. dollar, our net revenues grew 6.3% in the first half of 2026 compared to the first half of 2025 on a constant currency2 basis. We provide information about our revenue growth on a constant currency2 basis so that our revenue may be viewed without the impact of foreign currency exchange rate fluctuations, thereby facilitating period-to-period comparisons of our business performance. Our average headcount decreased by 0.4% to approximately 144,300 in the first half of 2026 from approximately 144,900 in the first half of 2025. Net revenues disaggregated between Advanced Technology Solutions and Core Business Services were as follows: Six months ended June 30, Percentage Change Increase/(Decrease) 2026 2025 2026 vs. 2025 (dollars in millions) Advanced Technology Solutions $ 708.6 $ 570.3 24.2 % Core Business Services 1,931.0 1,899.1 1.7 % Net revenues $ 2,639.5 $ 2,469.3 6.9 % Net revenues from Advanced Technology Solutions in the first half of 2026 were $708.6 million, up $138.3 million, or 24.2%, from $570.3 million in the first half of 2025. This increase was broad-based and driven by demand for each component of our Advanced Technology Solutions, namely digital technology, data and AI solutions and services, agentic solutions and advisory services, in the first half of 2026 compared to the first half of 2025. Net revenues from Core Business Services in the first half of 2026 were $1,931.0 million, up $31.9 million, or 1.7%, from $1,899.1 million in the first half of 2025, primarily due to an increase in revenue from the technology services component of our Core Business Services in the first half of 2026 compared to the first half of 2025. Net revenues by reportable segment were as follows: Six months ended June 30, Percentage Change Increase/(Decrease) 2026 2025 2026 vs. 2025 (dollars in millions) Financial Services $ 694.9 $ 665.8 4.4 % Consumer and Healthcare 915.5 849.0 7.8 % High Tech and Manufacturing 1,029.1 954.5 7.8 % Net revenues $ 2,639.5 $ 2,469.3 6.9 % Net revenues from our Financial Services segment increased by 4.4% in the first half of 2026 compared to the first half of 2025, largely due to an increase in revenue from Advanced Technology Solutions and ramp-ups of recently signed deals. Net revenues from our Consumer and Healthcare segment increased by 7.8% in the first half of 2026 compared to the first half of 2025, largely due to an increase in demand for our Advanced Technology Solutions and technology services within our Core Business Services. Net revenues from our High Tech and Manufacturing segment increased by 7.8% in the first half of 2026 compared to the first half of 2025, primarily driven by an increase in demand for our Advanced Technology Solutions and technology services within our Core Business Services. Cost of revenue. Cost of revenue was $1,677.5 million in the first half of 2026, up $87.2 million, or 5.5%, from $1,590.3 million in the first half of 2025. This increase was primarily driven by the higher costs associated with an increase in revenue from resold partner technology in the first half of 2026 compared to the first half of 2025 as well as wage inflation in the first half of 2026 compared to the first half of 2025. 2 Revenue growth on a constant currency basis is a non-GAAP measure and is calculated by restating current-period activity using the prior fiscal period’s foreign currency exchange rates adjusted for hedging gains/losses in such period. 48 Gross margin. Our gross margin increased to 36.4% in the first half of 2026 from 35.6% in the first half of 2025, primarily driven by lower headcount and a foreign exchange benefit, partially offset by the higher costs associated with an increase in revenue from resold partner technology in the first half of 2026 compared to the first half of 2025. Selling, general and administrative (SG&A) expenses. SG&A expenses as a percentage of net revenues increased to 21.4% in the first half of 2026 from 20.6% in the first half of 2025. SG&A expenses were $564.5 million in the first half of 2026, up $57.0 million, or 11.2%, from $507.5 million in the first half of 2025. This increase was primarily driven by increased strategic investments in partnerships, alliances, and other sales and marketing capabilities, increased spending on professional services and wage inflation in the first half of 2026 compared to the first half of 2025. Amortization of acquired intangible assets. Amortization of acquired intangible assets was $6.4 million in the first half of 2026, down $2.2 million, or 25.9%, from $8.6 million in the first half of 2025. This decrease was primarily due to the completion of useful lives of intangible assets acquired in prior periods. Other operating (income) expense, net. Other operating income (net of expense) was $0.4 million in the first half of 2026, consistent with $0.2 million in the first half of 2025. Income from operations. As a result of the foregoing factors, income from operations as a percentage of net revenues increased to 14.8% in the first half of 2026 from 14.7% in the first half of 2025. Income from operations was $391.5 million in the first half of 2026, up by $28.4 million from $363.1 million in the first half of 2025, primarily due to higher gross margin, partially offset by higher SG&A expenses in the first half of 2026 compared to the first half of 2025. Foreign exchange gains, net. We recorded a net foreign exchange gain of $9.4 million in the first half of 2026, compared to $1.7 million in the first half of 2025. The gain in the first half of 2026 was primarily due to gains on remeasurement resulting from the depreciation of the Indian rupee against the U.S. dollar, partially offset by losses on fair value hedges. The gain in the first half of 2025 resulted primarily from gains on fair value hedges, partially offset by losses on remeasurement resulting from the appreciation of the Indian rupee against the U.S. dollar. Interest income (expense), net. Our interest expense (net of interest income) was $26.7 million in the first half of 2026, up $1.8 million from $24.9 million in the first half of 2025. Our interest income increased to $14.9 million in the first half of 2026 from $10.8 million in the first half of 2025, due to higher interest rates and higher cash balances in the first half of 2026 compared to the first half of 2025. Our interest expense increased primarily due to incremental interest expense on our senior notes issued in November 2025, partially offset by (i) a reduction in interest expense on our senior notes issued in 2021, which were repaid in April 2026, and (ii) lower interest expense on our term loan due to a lower SOFR and reduced volume in the first half of 2026 compared to the first half of 2025. The weighted average rate of interest on our debt, including the net impact of interest rate swaps, increased to 5.0% in the first half of 2026 from 4.8% in the first half of 2025. See the section titled “Liquidity and Capital Resources—Financial Condition” for further discussion. Other income (expense), net. Our other income (net of expense) was $10.7 million in the first half of 2026, compared to $12.1 million in the first half of 2025, primarily due to a gain on a one-time sale of certain IT assets in the first half of 2025. Income tax expense. Our income tax expense was $91.1 million in the first half of 2026, up from $88.4 million in the first half of 2025, due to higher pre-tax income, representing an ETR of 23.7% in the first half of 2026, down from 25.1% in the first half of 2025. The decrease in our ETR in the first half of 2026 was primarily driven by the optimization of intercompany financing, as well as the mix of our pre-tax income and the impacts of other discrete items. Net income. As a result of the foregoing factors, net income was $293.7 in the first half of 2026, up $30.2 million from $263.6 in the first half of 2025. Net income as a percentage of net revenues was 11.1% in the first half of 2026, up from 10.7% in the first half of 2025. Adjusted income from operations. AOI increased by $30.2 million to $457.2 million in the first half of 2026 from $427.0 million in the first half of 2025. Our AOI margin was 17.3% in the first half of both 2026 and 2025. AOI and AOI margin are non-GAAP measures and are not based on any comprehensive set of accounting rules or principles. They should not be considered as a substitute for, or superior to, financial measures calculated in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. We believe that presenting AOI alongside our reported results offers useful supplemental information to our investors and management regarding financial and business trends relating to our financial condition and results of operations. A limitation of using AOI versus net income calculated in accordance with GAAP is that AOI excludes certain recurring costs and certain other charges, namely stock-based compensation and amortization of acquired intangibles. We compensate for this limitation by providing specific information on the GAAP amounts excluded from AOI. 49 We calculate AOI as net income, excluding (i) stock-based compensation expense, (ii) amortization of acquired intangible assets, (iii) foreign exchange gains, net, (iv) interest (income) expense, net, (v) acquisition-related expenses and (vi) income tax expense, as we believe that our results after considering these adjustments more accurately reflect our ongoing operations. To calculate AOI margin, we divided AOI (as calculated above) by net revenue. For additional information, see Note 18—“Segment reporting” under Part I, Item 1—“Unaudited Consolidated Financial Statements” above. The following table shows the reconciliation of AOI to net income, the most directly comparable GAAP measure, for the six months ended June 30, 2026 and 2025: Six months ended June 30, 2026 2025 (dollars in millions) Net income $ 293.7 $ 263.6 Foreign exchange gains, net (9.4) (1.7) Interest (income) expense, net 26.7 24.9 Income tax expense 91.1 88.4 Stock-based compensation expense 48.6 41.8 Amortization of acquired intangible assets 6.4 8.6 Acquisition-related expenses — 1.3 Adjusted income from operations $ 457.2 $ 427.0 The following table sets forth our AOI by segment for the six months ended June 30, 2026 and 2025: Six months endedJune 30, Percentage Change Increase/(Decrease) 2026 2025 2026 vs. 2025 (dollars in millions) Financial Services $ 134.1 $ 121.6 10.2 % Consumer and Healthcare 137.2 146.4 (6.2) % High Tech and Manufacturing 182.1 170.1 7.1 % Total reportable segment $ 453.4 $ 438.1 3.5 % Unallocated corporate expenses 3.8 (11.1) NM* Adjusted income from operations $ 457.2 $ 427.0 7.1 % *Not Meaningful AOI of our Financial Services and High Tech and Manufacturing segments increased by 10.2% and 7.1%, respectively, in the first half of 2026 compared to the first half of 2025, primarily driven by higher revenues and operating efficiencies. AOI of our Consumer and Healthcare segment decreased by 6.2% in the first half of 2026 compared to the first half of 2025, primarily driven by higher investments in additional resources to drive business growth, partially offset by higher revenues and operating efficiency. AOI for “Unallocated corporate expenses” in the table above primarily represents the adjustment of allowances for credit losses and right-of-use assets, and over-or-under-absorption of corporate overheads, which are not allocated to any individual segment for management's internal reporting purposes. See Note 18—“Segment reporting” under Part I, Item 1— “Unaudited Consolidated Financial Statements” above. 50 Liquidity and Capital Resources Overview Information about our financial position as of June 30, 2026 and December 31, 2025 is presented below: As of June 30, 2026 As of December 31, 2025 Percentage Change Increase/(Decrease) (dollars in millions) 2026 vs. 2025 Cash and cash equivalents $ 517.4 $ 853.8 (39.4 %) Short-term investments — 350.0 NM* Current portion of long-term debt 26.2 376.0 (93.0) % Long-term debt, less current portion 1,154.1 1,166.3 (1.0) % Total equity $ 2,604.8 $ 2,549.4 2.2 % *Not Meaningful Financial Condition We have historically financed our operations and our expansion, including acquisitions, with cash from operations and borrowing facilities. On February 5, 2026, our board of directors approved a 10% increase in our quarterly cash dividend from $0.17 per common share to $0.1875 per common share, representing a planned annual dividend of $0.75 per common share for 2026, up from $0.68 per common share in 2025. On March 31, 2026, and June 25, 2026, we paid a dividend of $0.1875 per share, amounting to $31.8 million and $31.6 million in the aggregate, to shareholders of record as of March 16, 2026, and June 10, 2026, respectively. On February 6, 2025, our board of directors approved an 11% increase in our quarterly cash dividend from $0.1525 per common share to $0.17 per common share, representing an annual dividend of $0.68 per common share for 2025, up from $0.61 per common share in 2024. On March 26, 2025, and June 30, 2025, we paid a dividend of $0.17 per share, amounting to $29.8 million and $29.6 million in the aggregate, to shareholders of record as of March 11, 2025, and June 18, 2025, respectively. As of June 30, 2026, the total authorization under our existing share repurchase program was $2,750.0 million, of which $244.1 million remained available as of June 30, 2026. Since our share repurchase program was initially authorized in 2015, we have repurchased 74,271,373 of our common shares at a weighted average price of $33.74 per share, for an aggregate purchase price of $2,505.9 million. During the six months ended June 30, 2026 and 2025, we repurchased 3,372,227 and 1,898,010 of our common shares, respectively, on the open market at a weighted average price of $35.57 and $48.98 per share, respectively, for an aggregate purchase price of $119.9 million and $93.0 million, respectively. All repurchased shares have been retired. For additional information, see Note 16—“Capital stock” under Part I, Item 1—“Unaudited Consolidated Financial Statements” above. We expect that for the next twelve months and for the foreseeable future, our cash from operations, cash reserves and debt capacity will be sufficient to finance our operations, our growth and expansion plans, dividend payments and additional share repurchases we may make under our share repurchase program. In addition, we may raise additional funds through public or private debt or equity financing. Our working capital needs are primarily to finance our payroll and other administrative and information technology expenses in advance of the receipt of accounts receivable. Our primary capital requirements include opening new delivery centers, expanding existing operations to support our growth, financing acquisitions and enhancing capabilities, including building certain digital solutions. 51 Cash flows from operating, investing and financing activities, as reflected in our consolidated statements of cash flows, are summarized in the following table: Six months ended June 30, Percentage Change 2026 2025 2026 vs. 2025 (dollars in millions) Net cash provided by/(used for): Operating activities $ 48.9 $ 217.8 (77.5) % Investing activities 299.8 (104.4) 387.1 % Financing activities (645.3) (106.7) (504.9) % Net increase in cash and cash equivalents $ (296.6) $ 6.7 NM* *Not Meaningful Cash flows provided by operating activities. Net cash provided by operating activities was $48.9 million in the six months ended June 30, 2026 compared to $217.8 million in the six months ended June 30, 2025. This decrease was primarily driven by a $183.8 million increase in operating assets and liabilities primarily driven by higher receivables balances, a reduction in customer advances and higher income tax and employee related payments, as well as a $15.2 million decrease in non-cash expense, primarily due to a deferred tax benefit in the six months ended June 30, 2026 compared to a deferred tax expense in the six months ended June 30, 2025. Additionally, a lower allowance for credit losses was partially offset by higher stock-based compensation expenses in the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The impact of these items was partially offset by lower vendor-related payments and higher net income in the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Cash flows provided by/used for investing activities. Our net cash provided by investing activities was $299.8 million in the six months ended June 30, 2026 compared to net cash used for investing activities of $104.4 million in the six months ended June 30, 2025. Net cash provided by investing activities increased primarily due to (i) the maturity of term deposits amounting to $350.0 million in the six months ended June 30, 2026 compared to $23.4 million in the six months ended June 30, 2025 and (ii) payments of $80.6 million for business acquisitions, net of cash acquired, in the six months ended June 30, 2025, with no corresponding payment in the six months ended June 30, 2026. This increase was partially offset by a $3.1 million increase in payments (net of sales proceeds) for the purchase of property, plant and equipment and intangible assets in the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Cash flows used for financing activities. Our net cash used for financing activities was $645.3 million in the six months ended June 30, 2026 compared to net cash provided by financing activities of $106.7 million in the six months ended June 30, 2025. This change was primarily due to (i) higher repayments of borrowings and debt issuance and refinancing costs (net of proceeds), amounting to $363.6 million in the six months ended June 30, 2026 compared to proceeds from borrowings (net of repayments and debt issuance and refinancing costs) of $71.8 million in the six months ended June 30, 2025, (ii) a $77.5 million earn-out consideration payment in connection with our acquisition of XponentL in the six months ended June 30, 2026, with no corresponding payments in the six months ended June 30, 2025, (iii) higher payments for stock repurchased and retired (including related expenses), amounting to $120.0 million in the six months ended June 30, 2026, compared to $93.0 million in the six months ended June 30, 2025, (iv) higher dividend payments of $63.3 million in the six months ended June 30, 2026, compared to $59.4 million in the six months ended June 30, 2025, and (v) lower proceeds from the issuance of common shares under stock-based compensation plans, amounting to $5.1 million in the six months ended June 30, 2026, compared to $9.3 million in the six months ended June 30, 2025. This change was partially offset by lower payments for the net settlement of stock-based awards, amounting to $22.1 million in the six months ended June 30, 2026 compared to $30.9 million in the six months ended June 30, 2025. 52 Financing Arrangements In December 2022, we entered into an amended and restated credit agreement (the "2022 Credit Agreement") with Genpact USA, Inc. (“Genpact USA”), Genpact Global Holdings (Bermuda) Limited (“GGH”) and Genpact Luxembourg S.à r.l. (“Genpact Luxembourg”, and together with Genpact USA and GGH, the “Borrowers”), as borrowers, Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent, swingline lender and issuing bank, and the lenders and other parties thereto, which consists of a $530.0 million term loan and a $650.0 million revolving credit facility. An additional third-party fee paid in connection with the 2022 Credit Agreement is being amortized over the duration of the term loan and revolving credit facility, which expire on December 13, 2027. The 2022 Credit Agreement is guaranteed by us and certain of our subsidiaries. The obligations under the 2022 Credit Agreement are unsecured. Borrowings under the 2022 Credit Agreement bear interest at a rate equal to, at our election, either Adjusted Term SOFR (which is the rate per annum equal to (a) Term SOFR (the forward-looking secured overnight financing rate) plus (b) a Term SOFR Adjustment of 0.10% per annum, but in no case lower than 0.00%) plus an applicable margin equal to 1.375% per annum or a base rate plus an applicable margin equal to 0.375% per annum, in each case subject to adjustment based on the Borrowers' debt ratings provided by Standard & Poor’s Rating Services and Moody’s Investors Service, Inc. from time to time (the "Debt Ratings"). The revolving credit commitments under the 2022 Credit Agreement are subject to a commitment fee equal to 0.20% per annum, subject to adjustment based on the Debt Ratings. The commitment fee accrues on the actual daily amount by which the aggregate revolving commitments exceed the sum of outstanding revolving loans and letter of credit obligations. The 2022 Credit Agreement restricts certain payments, including dividend payments, if there is an event of default under the 2022 Credit Agreement or if we are not, or after making the payment would not be, in compliance with certain financial covenants contained in the 2022 Credit Agreement. These covenants require us to maintain a net debt to EBITDA leverage ratio of less than 3x and an interest coverage ratio of more than 3x. During the period ended June 30, 2026, we were in compliance with the terms of the 2022 Credit Agreement, including all of the financial covenants therein. Our retained earnings are not subject to any restrictions on availability to make dividend payments to shareholders, subject to compliance with the financial covenants described above that are contained in the 2022 Credit Agreement. As of June 30, 2026 and December 31, 2025, our outstanding term loan, net of unamortized debt issuance costs of $0.4 million and $0.6 million, respectively, was $436.8 million and $449.9 million, respectively. We also have fund-based and non-fund based credit facilities with banks, which are available for operational requirements in the form of overdrafts, letters of credit, guarantees and short-term loans. As of June 30, 2026 and December 31, 2025, the limits available under such facilities were $30.9 million and $26.6 million, respectively, of which $7.6 million and $8.0 million, respectively, was utilized, constituting non-funded drawdown. As of June 30, 2026 and December 31, 2025, a total of $1.3 million of our revolving credit facility was utilized, all of which constituted non-funded drawdown. Our outstanding term loan and revolving credit facility expire on December 13, 2027. We manage a portion of our interest rate risk related to floating rate indebtedness by entering into interest rate swaps under which we receive floating rate payments based on the greater of Term SOFR and the floor rate under our term loan and make payments based on a fixed rate. As of June 30, 2026, we were party to interest rate swaps covering a total notional amount of $215.6 million. Under these swap agreements, the rate that we pay to banks in exchange for Term SOFR ranges between 4.25% and 4.72%. In March 2021, Genpact Luxembourg and Genpact USA co-issued $350.0 million aggregate principal amount of 1.750% senior notes (the "2021 Senior Notes"). The 2021 Senior Notes were fully guaranteed by the Company. The total debt issuance cost of $3.0 million incurred in connection with the 2021 Senior Notes offering was amortized over the life of the 2021 Senior Notes as additional interest expense. As of June 30, 2026 and December 31, 2025, the amount outstanding under the 2021 Senior Notes, net of unamortized debt issuance costs of $0.0 and $0.2 million, respectively, was $0.0 million and $349.8 million, respectively. The 2021 Senior Notes were repaid on April 10, 2026. In June 2024, Genpact Luxembourg and Genpact USA co-issued $400.0 million aggregate principal amount of 6.000% senior notes (the "2024 Senior Notes"). The 2024 Senior Notes are fully guaranteed by the Company and Genpact UK Finco plc. The total debt issuance cost of $4.4 million incurred in connection with the 2024 Senior Notes offering is being amortized over the life of the 2024 Senior Notes as additional interest expense. As of June 30, 2026 and December 31, 2025, the amount outstanding under the 2024 Senior Notes, net of unamortized debt issuance costs of $2.6 million and $3.0 million, respectively, was $397.4 million and $397.0 million, respectively, which is payable on June 4, 2029. 53 In November 2025, Genpact UK Finco plc and Genpact USA co-issued $350.0 million aggregate principal amount of 4.950% senior notes (the “2025 Senior Notes,” and together with the 2024 Senior Notes, the "Senior Notes"). The 2025 Senior Notes are fully guaranteed by the Company and Genpact Luxembourg. The total debt issuance cost of $4.6 million incurred in connection with the 2025 Senior Notes is being amortized over the life of the 2025 Senior Notes as additional interest expense. As of June 30, 2026 and December 31, 2025, the amount outstanding under the 2025 Senior Notes, net of unamortized debt issuance costs of $4.0 million and $4.4 million, respectively, was $346.0 million and $345.6 million, respectively, which is payable on November 18, 2030. We paid interest on the 2021 Senior Notes semi-annually in arrears on April 10 and October 10 of each year. We pay interest on (i) the 2024 Senior Notes semi-annually in arrears on June 4 and December 4 of each year and (ii) the 2025 Senior Notes semi-annually in arrears on May 18 and November 18 of each year, ending on the maturity dates of June 4, 2029 and November 18, 2030, respectively. For additional information, see Notes 10 and 11—“Short-term borrowings” and “Long-term debt” under Part I, Item 1—“Unaudited Consolidated Financial Statements” above. We use a revolving accounts receivable-based facility for managing our cash flows. As part of this arrangement, accounts receivable sold under this facility are de-recognized upon sale along with the related allowances, if any. As of each of June 30, 2026 and December 31, 2025, we had a revolving accounts receivable-based facility of $100.0 million permitting us to sell accounts receivable to banks on a non-recourse basis in the ordinary course of business. The aggregate maximum capacity utilized at any time during the period ended June 30, 2026 and December 31, 2025, was $79.5 million and $60.0 million, respectively. The principal amount outstanding against this facility as of June 30, 2026 and December 31, 2025, was $77.1 million and $55.1 million, respectively. The cost of factoring accounts receivable sold under this facility during the three and six months ended June 30, 2026 and 2025 was $0.7 million and $0.4 million, respectively, and $1.4 million and $1.1 million, respectively. We also have arrangements with financial institutions that manage the accounts payable program for certain of our large clients. We sell certain accounts receivable pertaining to such clients to these financial institutions on a non-recourse basis. There is no cap on the value of accounts receivable that can be sold under these arrangements. We used these arrangements to sell accounts receivable amounting to $147.3 million and $327.2 million during the periods ended June 30, 2026 and December 31, 2025, respectively, which also represents the maximum utilization under these arrangements in each such period. The cost of factoring such accounts receivable during the three and six months ended June 30, 2026 and 2025 was $1.1 million and $1.4 million, respectively, and $2.4 million and $2.6 million, respectively. For additional information, see Note 4—“Accounts receivable, net of allowance for credit losses” under Part I, Item 1—“Unaudited Consolidated Financial Statements” above. Off-Balance Sheet Arrangements Our off-balance sheet arrangements consist of foreign exchange contracts. For additional information, see Part I, Item 1A—“Risk Factors”—“Currency exchange rate fluctuations in various currencies in which we do business, especially the Indian rupee, the euro and the U.S. dollar, could have a material adverse effect on our business, results of operations and financial condition” in our Annual Report on Form 10-K for the year ended December 31, 2025, and Note 6— "Derivative financial instruments" under Part I, Item 1—“Unaudited Consolidated Financial Statements” above. Other Liquidity and Capital Resources Information As of June 30, 2026 and December 31, 2025, we have purchase commitments, net of capital advances, of $9.5 million and $16.5 million, respectively, to be paid in respect of such purchases over the next year. For additional information, see Note 22—“Commitments and contingencies” under Part I, Item 1—“Unaudited Consolidated Financial Statements” above and Part II, Item 7—“Management’s Discussion and Analysis of Financial Condition and Results of Operations”—“Other Liquidity and Capital Resources Information” in our Annual Report on Form 10-K for the year ended December 31, 2025. As of June 30, 2026 and December 31, 2025, we have operating and finance lease commitments of $277.2 million and $268.4 million, respectively, to be paid over the lease terms. For additional information, see Part II, Item 7—“Management’s Discussion and Analysis of Financial Condition and Results of Operations”—“Other Liquidity and Capital Resources Information” in our Annual Report on Form 10-K for the year ended December 31, 2025. 54 Supplemental Guarantor Financial Information As discussed in Note 11, “Long-term debt,” under Part I, Item 1—“Unaudited Consolidated Financial Statements” above, Genpact Luxembourg and Genpact USA co-issued the 2024 Senior Notes. Genpact UK Finco plc and Genpact USA co-issued the 2025 Senior Notes. As of June 30, 2026, the outstanding balance of the 2024 Senior Notes and the 2025 Senior Notes (collectively, the "Senior Notes") was $397.4 million and $346.0 million, respectively. Each series of Senior Notes is fully and unconditionally guaranteed by the Company. Genpact UK Finco plc co-guaranteed the 2024 Senior Notes, and Genpact Luxembourg S.à r.l. co-guaranteed the 2025 Senior Notes. Our other subsidiaries (such subsidiaries are referred to as the “non-Guarantors”) do not guarantee any series of outstanding Senior Notes. The Company (with respect to all series of Senior Notes) has fully and unconditionally guaranteed (i) that the payment of the principal, premium, if any, and interest on the Senior Notes shall be promptly paid in full when due, whether at stated maturity of the Senior Notes, by acceleration, redemption or otherwise, and that the payment of interest on the overdue principal and interest on the Senior Notes, if any, if lawful, and all other obligations of the applicable issuer or issuers of the Senior Notes, respectively, to the holders of the Senior Notes or the trustee under the Senior Notes shall be promptly paid in full or performed, and (ii) in case of any extension of time of payment or renewal of any Senior Notes or any of such other obligations, that the same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failure of payment by Genpact Luxembourg, Genpact UK Finco plc or Genpact USA when due of any amount so guaranteed or any performance so guaranteed for whatever reason shall obligate the Company to pay the same immediately. The Company has agreed that the guarantees described above are guarantees of payment of the Senior Notes and not guarantees of collection. The following tables present summarized financial information for Genpact Luxembourg, Genpact USA, Genpact UK Finco plc and the Company (collectively, the “Debt Issuers and Guarantors”) on a combined basis after elimination of (i) intercompany transactions and balances among the Debt Issuers and Guarantors and (ii) equity in earnings from and investments in the non-Guarantors. Summarized Statements of Income Six months ended June 30, 2026 Year ended December 31, 2025 (dollars in millions) Net revenues $ 209.3 $ 398.6 Gross profit 209.3 398.6 Net income 910.1 224.4 Below is a summary of transactions with non-Guarantors included in the summarized statement of income above: Six months ended June 30, 2026 Year ended December 31, 2025 (dollars in millions) Revenue from services $ 209.3 $ 398.6 Interest income (expense), net 38.0 11.1 Other income (expense), net (6.4) (11.3) 55 Summarized Balance Sheets As of June 30, 2026 As of December 31, 2025 (dollars in millions) Assets Current assets $ 2,717.7 $ 2,658.1 Non-current assets* 1,122.0 1,116.0 Liabilities Current liabilities $ 5,474.2 $ 5,017.3 Non-current liabilities* 1,169.1 1,208.6 Below is a summary of the balances with non-Guarantors included in the summarized balance sheets above: As of June 30, 2026 As of December 31, 2025 (dollars in millions) Assets Current assets Accounts receivable, net $ 122.6 $ 175.9 Loans receivable 2,305.4 1,731.5 Others 238.9 302.3 Non-current assets Loans receivable* $ 150.0 150.0 Liabilities Current liabilities Loans payable $ 3,630.9 $ 3,170.1 Others 1,784.7 1,475.5 Non-Current liabilities Loans payable $ 13.0 $ 38.0 *The comparative guarantor and non-guarantor financial information has been updated to reflect the presentation of a loan by a co-issuer within the summarized balance sheets. As a result, the respective assets and liabilities as of December 31, 2025 increased by $150 million. The Senior Notes and the related guarantees rank pari passu in right of payment with all senior and unsecured debt of the Debt Issuers and Guarantors and rank senior in right of payment to all of the Debt Issuers’ and Guarantors’ future subordinated debt. The Senior Notes are effectively subordinated to all of the Debt Issuers’ and Guarantors’ existing and future secured debt to the extent of the value of the assets securing such debt. The Senior Notes are structurally subordinated to all of the existing and future debt and other liabilities of the Guarantors' subsidiaries (other than the Issuer), including the liabilities of certain subsidiaries pursuant to our senior credit facility. The non-Guarantors are separate and distinct legal entities and have no obligation, contingent or otherwise, to pay any amounts due under the Senior Notes or to make the funds available to pay those amounts, whether by dividend, distribution, loan or other payment. If the Debt Issuers or Guarantors have any right to receive any assets of any of the non-Guarantors upon the insolvency, liquidation, reorganization, dissolution or other winding-up of any non-Guarantor, all of that non-Guarantor’s creditors (including trade creditors) would be entitled to payment in full out of that non-Guarantor’s assets before the holders of the Senior Notes would be entitled to any payment. Claims of holders of the Senior Notes are structurally subordinated to the liabilities of certain non-Guarantors pursuant to their liabilities under our senior credit facility. 56 Recent Accounting Pronouncements For a description of recent accounting pronouncements, see Note 2, "Summary of significant accounting policies —(f) Recently issued accounting pronouncements” under Item 1—“Unaudited Consolidated Financial Statements” above and Part II, Item 7—“Management’s Discussion and Analysis of Financial Condition and Results of Operations”—“Critical Accounting Policies and Estimates” in our Annual Report on Form 10-K for the year ended December 31, 2025.