A. History and Development of the Company Corporate Information The legal and commercial name of our company is Endava plc. We were originally incorporated in February 2006 as Endava Limited, a private company with limited liability and indefinite life under the laws of England and Wales. In July 2018, we completed a corporate reorganization, pursuant to which all of our shareholders were required to elect to exchange each of the existing ordinary shares in the capital of Endava Limited held by them for the same number of Class B ordinary shares or Class C ordinary shares; provided, that the Endava Limited Guernsey Employee Benefit Trust, or the EBT, exchanged all existing ordinary shares held by it for the same number of Class A ordinary shares. Each Class A ordinary share is entitled to one vote per share and each Class B ordinary share is entitled to ten votes per share. On July 26, 2020, all of our Class C ordinary shares automatically converted to Class A ordinary shares. On July 6, 2018, we re-registered Endava Limited as a public limited company and our name was changed from Endava Limited to Endava plc. We are registered with the Registrar of Companies in England and Wales under number 5722669, and our registered office is 125 Old Broad Street, London, EC2N 1AR, United Kingdom. Our principal executive office is located at 125 Old Broad Street, London, EC2N 1AR, United Kingdom and our telephone number is +44 20 7367 1000. Our agent for service of process in the United States is Endava Inc., located at 757 Third Avenue, Suite 1901, New York, NY 10017 and the telephone number for Endava Inc. is +1 (917) 613-3859. Our website address is www.endava.com. Information contained on, or that can be accessed through, our website is not incorporated by reference into this Annual Report on Form 20-F, and you should not consider information on our website to be part of this Annual Report on Form 20-F. The Securities and Exchange 44 Commission, or SEC, maintains a website (http://www.sec.gov) that contains reports, proxy and information statements and other information regarding registrants, such as Endava, that file electronically with the Securities and Exchange Commission. Our capital expenditures for the years ended June 30, 2025, 2024 and 2023 amounted to £4.4 million, £5.1 million and £13.5 million, respectively. These capital expenditures were related primarily to purchases of property and equipment for our office spaces. We expect our capital expenditures to increase in absolute terms in the next twelve months as we continue to grow our operations. We anticipate our capital expenditures in fiscal year 2026 to be financed from cash generated from operations and our cash and cash equivalents. B. Business Overview Overview We are a leading provider of next-generation technology services, dedicated to enabling our clients to accelerate growth, tackle complex challenges and thrive in evolving markets. By combining innovative technologies and deep industry expertise with an AI-native approach, we consult and partner with our clients to create solutions that drive transformation, augment intelligence and deliver lasting impact. From ideation to production, we support our clients with tailor-made solutions at every stage of their digital transformation, regardless of industry, region or scale. For over 25 years, Endava has successfully delivered digital transformations, utilizing a holistic approach that leverages innovative technologies and enhances our clients’ systems to create modern value propositions that fuel their competitive edge in the market. This approach is centered around an in-depth analysis of legacy technology assets, led by data-driven automation and complemented by patented capabilities, enabling us to deliver a de-risked, cost-controlled, accurate end-to-end system transformation. This digital transformation approach now serves as our cornerstone for navigating the AI-driven digital shift, enabling us to increasingly help our clients transform their core systems in a way that allows us to share risk with clients for true business outcomes and deliver them tangible savings and business efficiencies. After several years of exploratory pilots, clients are now asking for production-grade AI projects with clear business impact. We are evolving our delivery model to address that need, by positioning our company for this next wave using top-tier engineering and delivery talent, our platform- and partner-agnostic stance, and an engagement model that anchors every engagement to clearly measurable business outcomes. A key factor in Endava’s success is our close collaboration with clients and partners, which enables us to stay attuned to industry trends, anticipate future developments and understand the specific needs of our clients. Using distributed enterprise agile at scale, our multidisciplinary teams seamlessly integrate with our clients’ teams, catalyzing ideation and delivering robust solutions. Our approach to ideation comprises an empathy for user needs, curiosity, creativity and a deep understanding of technologies. From proof of concept to prototype to production, we use our engineering expertise to deliver enterprise platforms for our clients that are capable of handling millions of transactions per day. Technological transformation poses numerous challenges for incumbent enterprises. They are often laden with legacy infrastructure and applications that are embedded in core systems, making it difficult to reconcile maintenance of existing infrastructure and applications with the agility needed to capitalize on next-generation technologies. Enterprises are also often stymied by institutional constraints that impede their ability to solve complex problems and rapidly respond to shifting competitive dynamics, as well as ingrained traditional approaches to development. The agile methodology stands in stark contrast to the information technology, or IT, driven, legacy approach, which is premised on a sequential and siloed structure, involves long development cycles, fails to integrate user feedback and is often more costly and brittle to change and system evolution. Likewise, internal IT teams often struggle to absorb the rapid pace and scale of technology development and its growing complexity. Incumbent enterprises often lack the talent and experience in ideation, strategy, user experience, agile development and next-generation technologies, including AI. While they have historically looked to traditional IT service providers to deliver technology development projects, these traditional players were built to service and remain focused on servicing legacy systems using offshore delivery. To allow us to deliver large scale distributed agile projects we have developed The Endava Adaptive Model, or TEAM, delivery framework that is based on our over 25 years of successful project delivery experience and reflects 45 the many lessons we have learned during that period. The TEAM framework encompasses (i) an Engagement Model that defines how we work with clients, (ii) an Interaction Model, called TEAM Enterprise Scaling, or TEAS, which defines how we implement agile delivery across every level, and (iii) Engineering Practices that guide our people to deliver effective and technically excellent solutions for our clients. TEAM utilizes advanced tools and techniques to quickly design, develop and test digital solutions, providing actionable insights into their value and business potential in a short time frame, which enables our clients to launch higher-quality products faster. We continue to apply agile continual feedback principles and we are constantly reviewing the TEAM framework to support emerging best practices associated with AI Native Delivery, a shift that effectively broadens the traditional Software Delivery Life Cycle, or SDLC, into a richer Change Delivery Life Cycle, or CDLC. For this emerging CDLC, we have created a distinctive framework for AI-enabled delivery that enables clients to augment intelligence and drive efficiencies across their organizations. As we continue to move forward on our own journey to becoming fully AI-native, we empower clients to become AI-native themselves, helping them to accelerate growth through the enhanced data, streamlined processes and increased productivity that AI technologies can unlock. Designed to fuel rapid, ongoing transformation, we help our clients to become more engaging, responsive and efficient with the right combination of strategies and technologies in place. As we continue to evolve our delivery model, we are moving towards an end-to-end agent-enabled delivery model, where AI software agents work side-by-side with our engineers. Intelligent AI software agents are autonomous programs that perceive their environment, reason about goals, and take actions, often learning and adapting over time, to achieve those goals on a user’s behalf. We are encapsulating the knowledge and experience we have gathered into a new way of delivering change to clients, which we call Endava Flow. Endava Flow is being built as a highly optimized lean model that enables a continuous change pipeline, reducing friction and increasing the speed of value delivery, representing a shift from a traditional SDLC approach to a CDLC approach. We provide services from our locations in European Union countries (Austria, Bulgaria, Croatia, Denmark, Germany, Ireland, the Netherlands, Poland, Romania, Slovenia and Sweden), non-European Union countries (Bosnia & Herzegovina, Moldova, North Macedonia, Serbia, Switzerland and the United Kingdom), Latin America (Argentina, Colombia, Mexico and Uruguay), Asia-Pacific (Australia, India, Malaysia, Singapore and Vietnam), North America (Canada and the United States), and the Middle East (United Arab Emirates). As of June 30, 2025, approximately 40.6% of our employees work in delivery locations in European Union countries. Industry Background Overview The technology industry is now experiencing a new wave of AI-driven transformation. While it presents unprecedented advancements, many organizations struggle to leverage their data to seize these opportunities. To stay competitive, they need clean data, composable architectures and a deeper understanding of their workflows and business logic. With over 25 years of experience in delivering digital transformations, we have honed our approach to support clients through this digital shift. By combining our expertise in building digital products and services with deep industry knowledge and advanced enterprise modernization capabilities, we help our clients delve deeper into their core systems. This enables the AI-driven functionality needed to navigate the digital shift and thrive in the next wave of digital transformation. The proliferation of new technologies has empowered clients and users across industries and increased their expectations. These technologies have allowed clients and users to have more information and more choices, thereby changing how they interact with enterprises and their products and services. Other users, such as employees, are bringing these same expectations to the workplace. Empowered clients and users are increasingly discerning, and their preferences keep changing as technology evolves. As a result, for enterprises, continually transforming their interactions with all constituencies has become a competitive imperative. These significant technological changes have enabled the emergence of digital native companies. These companies leverage emerging technologies in every aspect of their businesses and are nimble and innovative, data driven and focused on the user experience. Digital native companies are not encumbered by legacy technology. Over 46 the past decade, they have revolutionized the way technology is used across all functions in an organization, how technology infrastructure is built and maintained and how technology solutions are developed, deployed and continually improved. Many organizations are moving beyond the “Digital Native” stage by embedding AI across their operations and, in effect, becoming AI natives. In these companies, AI is woven into every activity. Achieving this level of integration requires a deep understanding of core systems, the data they hold, and how that data can be used to create the next generation of products and client interactions. Challenges to Transformation Incumbent enterprises must undertake digital transformation of their businesses by leveraging technology in order to meet ever-evolving client expectations and compete with digital native disruptors. There are several challenges incumbent enterprises face in achieving technological transformation, including the following: Significant Investment in Legacy Technology For most incumbent enterprises, reorienting IT operations with new technology is expensive, time-consuming and risks service disruption. Incumbent enterprises are often laden with legacy infrastructure and applications that are difficult and expensive to operate and maintain. They cannot switch off and move away from legacy technology infrastructure investments as the legacy infrastructure is often deeply embedded in the core transactional systems that drive revenue. Incumbent enterprises must find ways to reconcile maintenance of existing infrastructure and applications with a nimble approach to using next-generation technologies. Incumbent enterprises have historically looked to traditional IT service providers to undertake technology development projects. Traditional IT service providers are built for commoditized development, integration and maintenance engagements, where cost is key. They can deliver on large-scale projects using scaled, cost-effective infrastructure and are generally experts in legacy systems. While some traditional IT service providers have invested in capabilities for user experience strategy and design, as well as agile development, they were originally built to serve legacy systems using offshore delivery and remain focused on this, struggling to adapt to rapid change with the levels of efficiency needed to be competitive. Barriers to Innovation Incumbent enterprises are fundamentally optimized to do what they are already doing and can struggle with innovation. They are often characterized by ingrained processes and cultural norms that do not encourage strategic shifts, with decision makers isolated from the economic consequences of choices. The implementation of new technologies, such as AI, may require greater business case validation and more detailed prototyping before moving forward with such projects. These institutional constraints can impede incumbent enterprises’ ability to solve complex problems and rapidly respond to shifting competitive dynamics. Incumbent enterprises need to learn to “build many” and “fail fast” in order to efficiently allocate resources and optimize their opportunities for success. Lack of Required Expertise and Talent The modern competitive environment for our clients requires that incumbent enterprises deliver experiences to their clients and users that are intuitive and unobtrusive and respond to new entrants in their markets with innovative new approaches and products. This, in turn, requires updated user experience, better connectivity across channels and improved user interaction to successfully harness next-generation technology. Internal IT teams at incumbent enterprises often struggle to absorb the rapid pace of technology development and its growing complexity. Incumbent enterprises need user experience strategy and design capability, as well as technology and engineering expertise, to develop effective and frictionless user experiences. Developing this capability and expertise requires the acquisition and retention of talent in ideation, strategy, user experience, Agile development, AI and other next-generation technologies. However, the market for employees with expertise in these areas is highly competitive. 47 Our Competitive Strengths We have distinguished ourselves as a leader in next-generation technology services by leveraging the following competitive strengths: Ideation Through Production We help our clients become digital, experience-driven businesses by assisting them in their journey from idea generation to development and deployment of products, platforms and solutions. By providing user-centric digital strategies and engineering skills, we enable our clients to become more engaging, responsive and efficient in delivering products and services to their clients and users. We collaborate with our clients, understand their changing technology needs and seamlessly integrate with their teams to develop long-term embedded relationships and drive value. Our expertise spans the entire ideation-to-production spectrum. We create value for our clients through our product and technology strategies and intelligent digital experiences, delivered via world-class engineering and through our broad technical capabilities. Proven Proprietary Framework for Distributed Agile Delivery at Scale To allow us to deliver large-scale distributed agile projects, not only do we have at our disposition the digital transformation approach we have honed over two decades, but also the delivery framework we have developed that is based on our over 25 years of successful project delivery experience and reflects the many lessons we have learned during that period. We believe that our global delivery model puts our teams, based in locations with similar time zones to those of our clients, in a position to be in constant dialogue and interaction with our clients, enabling us to deliver high-quality technology services to meet our clients` needs. Specifically, our TEAM delivery framework provides a delivery model that has been developed by our practitioners for practitioners, adapted to each client’s context to allow us to create value with confidence. TEAM was intentionally designed with three elements that amplify each other to enhance product delivery excellence: an engagement model, an interaction model, and a set of recommended engineering practices. The engagement model defines how we collaborate with our clients to shape and evolve delivery engagements. The TEAS interaction model defines the enterprise agile lifecycle that we use to deliver products at all levels of scale, and the engineering practices define the set of techniques that our people use to deliver excellent solutions. Expertise in Next-Generation Technologies We have deep expertise in next-generation technologies that drives our ability to provide solutions for digital transformation and evolution, agile transformation, and automation and the emerging requirements for AI transformation. Our expertise ranges from technologies that form the bedrock of organizations globally, through to cutting edge technologies that underpin the fundamentals of the new AI landscape, including generative and agentic AI, large language models and agentic frameworks, to name a few. We then use our frameworks, methodologies and accelerators to rapidly deliver value to our clients. It is this blend of cutting edge technology and our know-how that makes a difference in the ways we deliver for our clients. We believe technology will continue to evolve and that enterprises must continue to evolve their service offerings in order to thrive in such a dynamic environment. Our company-wide initiatives such as Endava Innovation Labs, our annual innovation competition, our internal Innovation Community, our monthly Rapid Insights sessions and regular updates on technical trends, illustrate the innovative culture important for us to maintain our strong expertise in next-generation technologies. We continue to advance our service offerings and solutions areas to remain at the cutting edge of technological developments. In order to help our clients embrace and explore new and emerging technologies more rapidly, we have created a department called Dava.X, which is singularly focused on helping clients to accelerate and invent the future around new and emerging technologies. Dava.X represents an opportunity for differentiation by demonstrating our thought and delivery leadership across industry verticals, working with our industry teams to establish thought leading propositions around high momentum technologies. This is done by working alongside our delivery locations to ensure that the appropriate skills are built and available at scale as acceleration is realized. 48 Core Modernization For many organizations, digitization over the last decade has focused on “building around the edges” as IT teams focus on enhancing client experiences and integration layers as opposed to core systems. Advancements in embedded technologies, APIs and now AI have made it necessary for organizations to modernize their core enterprise systems to take full advantage of new table-stakes technologies. For over 25 years, we have successfully delivered digital transformations, utilizing a holistic approach that leverages innovative technologies and enhances our clients’ systems to create modern value propositions that fuel their competitive edge in the market. By modernizing their technology stacks, our clients are able to keep pace with the speed of technological change, quickly embracing AI and fully integrating it into their business. By combining deep system insights with tools that identify risks early, we minimize manual effort and maintain efficiency throughout the process, as evidenced by over 100 client projects, across more than 300 systems, and through analyzing over 500 million lines of code over many different technology stacks. Strong Domain Expertise in Numerous Verticals We have expertise and experience in industry verticals that are being disrupted by technological change. In the Payments vertical, we help accelerate the transformation of leading payment processing companies by building new platforms and solutions such as merchant acquiring platforms, merchant portals with real time analytics, cloud-based real-time payment processing platforms, omni-channel e-commerce gateways, mobile wallets, mobile payment system integrations, downloadable mobile device Point-of-Sale terminals and Buy Now Pay Later solutions. We are increasingly working on embedded payments solutions to enable, for example, consumer and business finance and online marketplaces, and also on regtech as our clients focus increasingly on fraud detection and prevention. In the Banking and Capital Markets, or BCM, vertical, we design and build software to solve problems from front office to back, which includes trading platforms, settlement systems, digital engagement channels and event-based data integration and analytics platforms. We also carry out the complete modernization of banking payment ecosystems, digital cores, lending platforms and all the necessary products, features and functions needed to support Retail and Commercial Banking as well as Capital Markets. In the Insurance vertical, we are engaged with some of the largest insurers from both Personal and Commercial Lines insurance and the London and Specialty Market, delivering business transformation through the automation of claims and underwriting and pricing processes and data platform implementations to generate insights from the large data sets that insurers possess, as well as the implementation of core insurance products such as Guidewire and Rulebook. In the Technology, Media and Telecommunications, or TMT, vertical, we help clients design and build solutions for the connected home and car, to enhance multi-channel client experiences and to automate processes, including developing an automated solution to facilitate the purchase of television advertising in the United States. In the telecoms area specifically, we work for major providers and operators to accelerate their digitization roadmap by introducing more digital services in areas including IoT, Internet Protocol Television, payments, automation, testing and 5G specific services. Additionally, we build platforms, marketplaces and immersive environments that have elevated the experience for gamers as well as delivered mobile and AAA game titles alongside our game studio and publisher client base. In the Mobility vertical, which represents the movement of people and goods, we help clients with the last mile logistics, connecting vehicle innovation and sharing and warehouse intralogistics. In the automotive industry, we are working with original equipment manufacturers and Tier 1 manufacturers to bring technology (and our know-how from other industries) into the automotive world to help them transition into their new role within the new Mobility ecosystem. In the Healthcare vertical, we help improve the quality of the services provided in healthcare by making them more efficient, more secure and more data driven. With our acquisition of GalaxE Group Inc, or GalaxE, we 49 expanded our offerings to include the provision of digital transformation and product development services in the US Healthcare market. For our Retail and Consumer Goods area, classified in the Other vertical, we provide technology leadership and services to clients to deliver integration of composable commerce packages and customized software solutions across e-commerce, product, mobile, in-store technology, supply chain and fulfillment, payments and client management. We also help clients to innovate for efficiency across all their business processes. Employer of Choice in Regions with Deep Pools of Talent We provide services from our locations in European Union countries (Austria, Bulgaria, Croatia, Denmark, Germany, Ireland, the Netherlands, Poland, Romania, Slovenia and Sweden), non-European Union countries (Bosnia & Herzegovina, Moldova, North Macedonia, Serbia, Switzerland and the United Kingdom), Latin America (Argentina, Colombia, Mexico and Uruguay), Asia-Pacific (Australia, India, Malaysia, Singapore and Vietnam), North America (Canada and the United States), and the Middle East (United Arab Emirates). We focus on being one of the leading employers of IT professionals in the regions where we operate and on being an employer of choice in local markets. As of June 30, 2025, approximately 40.6% of our employees were based in delivery locations in European Union countries. Our delivery locations are in countries with rich IT talent pools, providing us an opportunity to position among the preferred employers. For instance, over the last three years we have ranked among the top 10 most sought-after IT employers in Romania, where a significant portion of our employees are based. Distinctive Culture and Values We believe that our people are our most important asset. We have built an organization deeply committed to helping people succeed and our culture fosters our core values: •Open: We have confidence in our abilities, approach and people, so we are open and transparent. •Thoughtful: We care deeply about people, whether they are our employees, clients or our broader communities. •Adaptable: We embrace change and remain flexible, allowing us to operate successfully in complex environments. •Trusted: We build our relationships on trust and integrity. •Smart: We employ clever people who bring skills, experience and talent to craft smart solutions for our clients We provide our employees, whom we call Endavans with training to develop their technical and soft skills, in an environment where they are continually challenged and given opportunities to grow as professionals, and with tools and resources to innovate. Endava University, our “Pass It On” concept and Junior Programmes, are key elements of our training and development framework. Endava University is our learning management system, combining trainings, certifications and upskilling paths from various learning partners. Our “Pass It On” concept is built on apprenticeship and open sharing to encourage our people to grow by way of collective experiences and knowledge. Through classroom-based training, Endava University features “Schools” training programs to upskill and cross-skill employees in subjects including DevOps Engineering, Data, and Business Analysis, while “Pass It On” uses apprenticeship and open sharing so that our people can grow by way of collective experiences and knowledge. We also run Junior Programmes, learning programmes for our employees whereby we invest in upskilling professionals in many of our locations in subjects including engineering, AI (including ML) and data. Our employees also have career coaches to customize their integration into their respective teams and to help visualize their development and future. Through Endava Innovation Labs and other innovation events, our teams are encouraged to express their creativity in using next-generation technologies to build innovative solutions. We believe we have built an organization deeply committed to helping people succeed and our culture fosters our core values of openness, thoughtfulness and adaptability. 50 The Endava workplace is based on a hybrid working model, enabling our people to work both from home and from an office, to get the best of both worlds. This approach offers a mix of working together in teams and communities within our offices as well as enjoying the flexibility to work remotely in their homes. We are also involved in initiatives that address social issues and encourage knowledge-sharing beyond our organization in the communities in which we operate. We regularly sponsor technical events and speak at global technical and industry-focused conferences. Our largest initiative consists of internship and graduate programs. By supporting local education, we seek to inspire exploration in engineering and technology. Founder-Led, Experienced Management Team Our management team, led by John Cotterell, our founder and Chief Executive Officer, has significant experience in the global technology and services industries. Since our Company was founded in 2000, we have expanded from a single office serving clients principally located in the city of London to a global enterprise serving clients across Europe, North America and the RoW from locations in Europe, Latin America, Asia-Pacific and the Middle East. Sustainability Building sustainable value for all our stakeholders has always been a key part of our business. Our Sustainability Report with respect to the fiscal year ended June 30, 2025 was published on September 4, 2025 and can be found on our website. The contents of the Sustainability report and our website are not incorporated by reference into this Annual Report on Form 20-F. Our Growth Strategy We are focused on continuing to distinguish ourselves as a leader in next-generation technology services. The key elements of our growth strategy include the following: Maintain and Expand Long-Term Relationships with Existing Clients We are focused on maintaining long-term relationships with existing clients by helping them solve new problems and become more engaging, responsive and efficient. Our ten largest clients together contributed 36.2% and 32.5% of our total revenue in the last two fiscal years, respectively, and the number of clients that have a minimum annual spend of at least £1.0 million was 133 in fiscal year 2025. We are also focused on expanding our relationships with existing active clients in fiscal year 2025. Establish New Client Relationships We believe there is significant potential for us to acquire new clients. We believe that we continue to have significant untapped opportunities in the verticals in which we operate, and we plan to leverage our experience and expertise to expand our reach. As waves of technological change sweep across industries and facilitate seamless integration of different aspects of clients’ and users’ lives, we believe our experience working within our core client base will also be of particular value in expanding our vertical reach. For example, as clients increasingly demand a frictionless and consistent buying experience, and as the payments and retail sectors converge, we believe our deep expertise in developing payment systems and e-commerce platforms will allow us to grow our retail client base. Similarly, we believe our expertise in data analytics and augmentation and virtual reality will become increasingly relevant in the healthcare industry as technology continues to reshape the practice and provision of medicine. Please refer to “—Our Clients” section below for more details. We are likewise focused on geographic expansion. Our acquisition of GalaxE has significantly increased our presence in North America. In the 2025 fiscal year, approximately 38.2% of our revenue came from clients in North America. We continuously evaluate other growth markets to expand our client footprint. 51 Expand Scale in Delivery Locations Collaboration and challenge remain vital to our work with clients. Our ability to interact with clients through engaged teams of expert engineers is what enables us to help clients truly deliver innovation. As we expand our relationships with existing clients and attract new clients, we plan to expand our teams at existing delivery locations and establish new delivery locations in areas with an abundance of technical talent. Growth Marketing In today’s dynamic digital market, achieving product-market fit is no longer sufficient to guarantee business success. By creating a customer-centric growth strategy, underpinned by industry and user data, we can build a scalable product that reflects customer and prospective customers needs. Our data-growth strategy supports the following areas: increasing net new users, activating dormant leads, improving conversions or engaging churned audiences. Our growth strategists and specialists rely on product testing, and feedback loops to improve the most important metrics. By combining an understanding of marketing, data, audience segmentation, product and technology, we balance achieving quick wins that support strategic growth, with long-term planning and execution that delivers outstanding results on a larger scale. Selectively Pursue Acquisitions We have demonstrated a track record of successfully identifying, acquiring and integrating complementary businesses and we plan to continue selectively pursuing acquisitions with a focus on augmenting our core capabilities to enhance our expertise in new technologies and verticals and increase our geographic reach, while preserving our corporate culture and sustainably managing our growth. Consistent with these goals, we have completed six major acquisitions in the past three years, all of which have enabled us to accelerate core strategic goals. For example, as part of our acquisition of Lexicon in October 2022, we acquired additional headcount and offices in Australia and a new delivery location in Vietnam. Our acquisitions of DEK and Mudbath in 2023 enhanced our presence in the Asia-Pacific region, increasing our headcount in Australia and the capability and size of our Vietnamese delivery location. In August 2023, through our acquisition of TLM Partners, Inc., or TLM, we gained expertise in outsourced development services across design, engineering and art/animation for PC and console video games and other digital entertainment. Our acquisition of EQ Tek, in February 2024 increased our presence in Poland, providing IT software development services to financial services, gaming, sports betting and other technology-led B2C businesses. Through our acquisition of GalaxE in April 2024, we expanded our healthcare footprint in North America and added our first delivery units located in India. Our Capabilities We provide a vast offering of capabilities, including digital product accelerations, advisory and digital strategy, leading delivery, digital engineering, data and AI, and operations and optimization. The multiplicative impact of different combinations of these capabilities across the delivery of strategies, experiences and engineering allows us to rapidly create real transformation for our clients. These are delivered using top-tier engineering, aiming to assist our clients in enhancing their engagement, responsiveness, and overall efficiency. 52 Step 1: Ideate Advisory and Digital Strategy Capability Group Many clients want to do more with their technology, investments and assets but don’t know where to start. Our technology and advisory teams help them to find the way forward. Whether it is evolving technology and getting code into production faster, assessing ecosystems and clients’ opportunities, or improving products and services, we can uncover insights clients weren’t aware of before. Using our industry-specific knowledge and expertise, we can take those insights and make practical, actionable improvement proposals. We not only deliver a roadmap; we help clients with actionable advice to get them to the next chapter in their journey. Our capabilities within this capability group include the following: Technology Strategy Strategy and execution are inseparable. A technology strategy doesn’t start and finish with a well-structured slide deck. It is a continuous process that involves observation, deliberation and action. Because we have delivered many different projects requiring business and technological decisions, we know what is doable and achievable, enabling us to create and execute realistic strategies for our clients. Enterprise Architecture Enterprise architecture is a strategic enabler for modern businesses, driving adaptability in a constantly changing business environment. It allows the strengths, weaknesses and opportunities within an organizational landscape to be analyzed and understood. This is used to align IT and business objectives, ensuring efficient use of resources and fosters integration. By focusing on meaningful results and consistent decision making, we are able to put together a realistic roadmap for client technology environments. Building on this, we can then create product and technical development collateral and processes to deliver business value quickly and effectively to ensure long-term sustainability and growth Data Strategy Businesses now have access to vast amounts of data but converting it into actionable insight is far from easy. We help clients source data, understand it and use it to their advantage. We do this by creating a data management strategy. First, we look at how data supports business goals, then, together with our client, we agree on a data 53 strategy and delivery roadmap. We assess their technology, processes, people, tools and data culture and use the findings to help them become data-driven organizations. Step 2: Discover and Plan Digital Product Acceleration Capability Group Digital product acceleration helps clients figure out how to succeed in their product journeys. We work to understand their business, technology and client strategies; we research, design and test new product and technology approaches; and we shepherd delivery. Regardless of where they are on their journey, we help develop, grow and scale product experiences profitably and with minimum risk. Our capabilities within this capability group includes the following: Product Strategy We know how to create appealing products and to maximize value for our clients’ businesses. Our human-centered and data-driven approach can help them to build better products. We understand that for a digital product strategy to be successful, it must meet the needs of the client and the business while getting the best from the technology being used. Whether our clients want to start with brainstorming bold new ideas or move straight into building or growing a product, we have the capabilities to get to where they need to be. Experience Design Our digital experience design team offers end-to-end experience design capabilities at scale. When building a product or improving an existing one, we can make a measurable impact across the full design cycle, from idea to production. As problem solvers, we follow a human-centric process focused on empathy and our methodology is tailored to help clients create impact for the future. We uncover client and product insights to design user experiences that win hearts and imagine ambitious new products and services to nurture end users relationships through growth services. Our clients work with us to solve the challenges they face today and tomorrow. Growth Marketing In today’s dynamic digital market, achieving product-market fit is no longer sufficient to guarantee business success. By creating a data-driven growth strategy, we can build a scalable, profitable and self-sustainable product. Whether increasing new net users, activating dormant leads, improving conversions or engaging churned audiences, our growth strategists and specialists rely on product testing to improve the most important metrics. By combining an understanding of marketing, data, product and technology, we balance achieving quick wins that provide direct return on investment with strategic, long-term planning and execution that delivers outstanding results on a larger scale. Analytics Product design is a never-ending process – products that stand the test of time are always in a state of development. By analyzing user behavior, product usage patterns and conversion drivers, we can provide insights into the target audience and the future state of a product. Once a digital product is live, we measure performance against launch using established success metrics and use data-driven evolution to continually improve its design. By integrating this data-driven process into product strategy and growth marketing efforts, we also ensure that clients meet their objectives and client benchmarks. Step 3: Build and Integrate Digital Engineering Capability Group Our software teams use proven combinations of modern techniques and tools to select the right approach for each client. Adaptive, pragmatic and agile, we work in predictable and reliable iterations – normally using a scaled agile approach – to deliver client value rather than just technical features. Equally at home building mobile applications, console games, enterprise applications for household names and even national critical payment infrastructure, our teams can work in the most demanding domains. Taken together, these skills allow us to 54 undertake complex software engineering projects and deliver them in a predictable and consistent way. Our capabilities within this capability group include the following: Architecture Organizations across all industries need to deliver business value faster in the context of complex system landscapes, changing business processes and constantly evolving engagement channels. Using our decades of architecture experience in agile environments, we can identify ways to rapidly modernize technology systems and apply emerging technologies. This allows simplification, reduction of waste and achieving key qualities such as security, scalability and resilience, without compromising business functionality. With our experience in all aspects of software architecture, we can provide experienced hands-on capability from assessment through to execution. Cloud Application Engineering To fully harness the benefits of cloud computing, it is crucial to think beyond cloud-based infrastructure. Cloud platforms provide elasticity, resilience and security, along with a multitude of powerful services to power next-generation applications, which is why they are favored by so many businesses. Through our cloud engineering service, we build applications with modern web and mobile interfaces that harness the full capabilities of cloud platforms to capitalize on these innovations. To achieve this, we avoid the standard ‘lift-and-shift' approach and instead transform existing applications to be cloud-ready. By refactoring applications using microservices, containerization and cloud-native services, we ensure our clients can enjoy all the benefits that come with cloud. Platform Engineering Exceptional software needs a strong platform and set of lifecycle services to deliver maximum value. We can build infrastructure to support a single product or develop a comprehensive self-serve platform for an enterprise and we can design, build and operate these critical foundations and optimize for our client’s specific context. Our understanding of core infrastructure has been built over decades of experience spanning hundreds of projects and many industries, alongside our partnerships with all three major cloud providers. Combined with an understanding of business goals, regulatory and technical requirements and context, this enables us to balance the need for performance, resilience, security, cost efficiency and scalability. Software Security Systems and data are often impacted when security is treated as an afterthought. We help our clients make the change from bolting security at the end to building security into the development lifecycle. Because we build security into the software development lifecycle by mentoring our people and investing in tools and processes, we are able to make sure that the systems we deliver are secure by design. We enable security through our security champions and grow our security knowledge through the security community. Furthermore, we use a foundational model to select correct security practices and tools so you can identify and meet your security requirements. Test Engineering Test engineering ensures that software, hardware and other components work as intended prior to release. We provide support and guidance through test advisory, automation, performance, exploratory, security and accessibility testing throughout the software testing life cycle. By integrating functional, performance and security tests into the CI/CD pipeline, we ensure they can be executed as soon as there is a code change. This reflects our ’shift-left’ approach to software development and allows us to provide immediate feedback, reduce project delays and improve time to market. We aim to increase product quality by creating engineering solutions and harnessing testing as a driver for continuous improvement. Our test engineers take full ownership of the testing process, providing smart solutions and automation that enhance product quality and reduce time to market. VR, AR, XR We help our clients utilize virtual reality (VR), augmented reality (AR) and real-time 3D to deliver compelling experiences for their clients and employees. Our extended reality (XR) solutions bring immersive experiences to life, helping businesses become more engaging, safer and more efficient. VR and AR help spatially design, visualize and showcase products, data and workflows in interactive 3D, and facilitate immersive brand experiences. AR 55 enhances the real world in intelligent ways by layering contextually relevant information over a user’s view. We shape solutions across industries and support our clients in meeting their goals. Leading Delivery Capability Group Embarking on an agile project can be a daunting prospect which is why clients trust us to take them on the journey. We are highly experienced in large-scale agile delivery. With competencies across agile transformation, distributed agile delivery and accelerated DevOps delivery, we know how to achieve delivery success. And we are committed to sharing our knowledge and partnering so our clients achieve their goals in a way that works in their context and organization. Our capabilities within this capability group includes the following: Agile Transformation Through our agile transformation approach and proven TEAS toolkit (TEAM Enterprise Agile Scaling), we help clients to embrace agility beyond development teams and throughout the entire idea to production cycle. Our intention is to create an environment where business, technology and operations are collaborating and defining success based on a common language: value delivered to end users. To support this, we have built a comprehensive toolkit that facilitates organizational, technological and cultural change towards an agile state. It includes transformation strategy, adoption approach and implementation guidelines. Distributed Agile Delivery We have developed our distributed agile delivery approach with the goal of creating the optimal balance between on-site and near-shore staff. By having face-to-face workshops, we are able to maximize the agile benefits of collocation and take advantage of the efficiencies offered by near shoring. With our approach, we utilize the concepts of transparency and tooling to create a single vision on product strategy, vision, roadmap, detailing and delivering core features. This allows collocated and distributed teams to effectively close the distance gap and work as one. Accelerated DevOps Delivery In today’s high-paced digital world, companies need to deliver applications with speed and agility without compromising on quality. Building innovative digital products increasingly means shipping small increments of code very frequently and continuously evolving systems according to their real-world performance. We believe this is best achieved when the people who design and build systems also take responsibility for running them. This is central to our concept of DevOps continuous delivery and is a lesson drawn from our experience building next-gen digital products across various industries. We can build and operate entire services leveraging advanced engineering and automation practices to optimize the value stream. Delivery Management Our delivery managers support every aspect of delivery from the proposal stage to the final aspects of delivery. Our people are experts in matching and exceeding expectations, maintaining, and evolving relationships and focusing on the value delivered to our clients. In terms of delivery, we work with many models that are iteration or flow based as well a large scaled agile framework. Our focus is always on value delivery, and we organize our accounts to maximize the value we deliver. Data and AI Capability Group Data and AI will play a significant role in business over the coming years – creating leaner, smarter, more engaging and relevant companies. But integrating new technologies into current systems or bringing multiple organizational silos together for a more holistic solution can slow or delay the impact of transformational technology. That’s where our experts come in. With a unique blend of deep expertise and a pragmatic, outcome-focused approach, we help our clients identify the ways in which data and AI can build strong foundations for lasting success. Our capabilities within this capability group include the following: Artificial Intelligence 56 We have extensive expertise in data science, ML and generative AI, coupled with a proven track record of successfully implemented industrial-grade solutions. Our comprehensive AI ecosystem empowers clients to unleash the maximum potential of AI through continuous monitoring, precise metrics, transparency, fairness, privacy, ethics and efficiency. Data Engineering and Platforms Many organizations possess vast amounts of information that are difficult to access. Our data engineering and platform services help clients leverage this data, enhancing productivity, profitability and overall business performance. Just as significantly, we can drive innovation and enable an organization to make more informed decisions. With strategies covering business intelligence, data warehousing, big data, analytics and visualization, we help clients to transform their data into a competitive edge. Step 4: Run and Evolve Modern Managed Services Capability Group Every organization operates in its unique context. We are adaptable to these needs and can support the operation of products and platforms accordingly – via shared services or by assembling dedicated teams. Through the shared services delivered by our managed cloud, service desk, security operations and service delivery teams, we drive efficiency and optimization while never compromising on quality. By assembling dedicated teams of specialists aligned directly with your organization, we can enable shorter release cycles with fewer, more straightforward, handovers and an increased flow of value. We can also reduce delivery risk by including operational concerns much earlier in the cycle. Our capabilities within this capability group include the following: Modern Application Management Spikes in demand can stretch applications, which is why they need to be constantly monitored and updated. That’s when application lifecycle management comes into play. By deploying applications swiftly and safely, we can reduce operational risk and lower total cost of ownership. Our application management discipline covers the operation, maintenance, versioning and upgrading of applications throughout their lifecycle. This includes best practices, techniques and procedures essential to a deployed application’s operation. Our service – tailored to meet client needs – includes incident management, request fulfillment and change and release management. With business-as-usual operations, we constantly monitor our clients’ application estate, resulting in efficient and low-maintenance business software. Managed Cloud We help clients by addressing common pitfalls and ensuring that security, compliance and governance requirements are met when operating in a cloud environment. With more than 1,200 cloud engineers, we have the scale and depth of experience to handle cloud migrations, hybrid solutions and cloud operations. We can help to improve backup and recovery, enhance disaster recovery capabilities, drive efficiency, reduce costs or just improve IT performance, according to our clients’ needs. Service Delivery Our service delivery teams are structured to help our clients achieve business outcomes while minimizing the costs and risks. We can improve operational services or optimize existing processes. Before embarking on a project, we assess the current operating model and its components and then work to design, plan and implement best practice standards, policies, tools and grades of service. Once implemented, we measure the on-going outcomes with a constant eye on improvement and value. Through adopting our service delivery approach, clients can expect greater productivity, improved performance, a better user experience, risk avoidance and the ability to scale IT services in line with their business needs. Smart Desk Our Smart Desk can provide everything from changing a password to installing a complex application. We offer a 24/7 service, and being a ServiceNow Premium Partner enables us to perform smart automation. Our clients can 57 carry out basic functions like ordering a keyboard through a self-service portal without going through a resolving team. Besides lowering the cost per ticket, this makes servicing faster, more flexible and efficient. We can also act as an extension of the client’s team, providing faster service or product support to their clients. Our Smart Desk service offering has also been recognized by the Service Desk Institute, which awarded us five stars, its highest accreditation and one which only three service desks in the world have. Managed Security Our comprehensive 24/7 managed security service leverages our highly trained global team and advanced security tools. It proactively addresses the evolving cyber threat landscape, ensuring continuous security monitoring, threat detection, vulnerability management and incident response. This safeguards our clients' future and provides them with the peace of mind that their clients’ data is secure and complies with relevant data protection regulations. Our Frameworks, Methods and Tools Our frameworks, methods and tools, including TEAM and the emerging Endava Flow, enhance our ability to develop and deploy solutions based on next-generation technologies. Developed with a focus on providing innovation, quality and productivity at scale, we believe our frameworks, methods and tools allow us to: •enable our clients to embrace and explore new technologies more rapidly; •deliver outcome driven programs to our clients, with faster time-to-market and favorable return on investment; •tailor our approach to the needs of our clients and respond flexibly to changing client objectives and market conditions; •improve our clients’ visibility into budgets, status and progress of technology projects; and •provide better solutions. Our key frameworks, methods and tools include the following: TEAM Our TEAM delivery framework provides a delivery model that has been developed by our practitioners for practitioners, adapted to each client’s context to allow us to rapidly create value with confidence. Using TEAM makes our delivery teams more responsive, by driving business agility from idea to production, more effective by guiding value-focused delivery fostered by high quality engineering with more visible results and by providing our clients with high delivery assurance through efficiency and transparency. Traditional agile development approaches use small numbers of “scrum teams,” with members in close proximity. However, today, most enterprise development projects require large development teams that are often geographically or organizationally dispersed. Traditional agile development approaches also assume a single organization is developing the software whereas today a number of organizations, such as Endava and our client, are likely to be developing the software together. TEAM was intentionally designed with three elements that amplify each other to address the challenges of large-scale agile delivery: an Engagement Model; an Interaction Model (TEAS); and a set of recommended Engineering Practices. The Engagement Model defines how we collaborate with our clients, and other stakeholders, to shape and evolve delivery, with the aim of ensuring efficiency and transparency to provide high delivery assurance. It embodies a set of structured collaboration patterns that create common understanding, alignment and trust between the parties involved in the engagement and comprises a set of well-defined phases covering the entire journey from idea to operation. The Interaction Model, referred to as TEAS, defines the agile lifecycle that we use to deliver products at all levels of scale, leading to business agility to make the business more responsive. TEAS encompasses the full idea to operation lifecycle and enables collaboration across the business using one common language. It provides flexible 58 scaling for differently sized products or groups of products and adapts to all stages of a product's life. It achieves this by having product level planning for a group of releases, portfolio level planning for a group of products and an overarching strategy to guide the development of the portfolio. Some Agile development approaches have constraints that prevent them from scaling in a truly industrialized way without sacrificing agility. TEAS avoids these problems by utilizing aspects of well-known agile scaling frameworks but improves on them by applying the lesson we have learned to balance prescriptive approaches with empowerment and flexibility. To achieve this, TEAS provides enough guidance to allow teams to start tackling client challenges with confidence, while building in flexibility to adapt to evolving client needs, environments and cultures. Our Engineering Practices are the tools, technologies and techniques our people use to deliver technically excellent solutions when working in their multi-skilled teams. The practices cover the entire delivery lifecycle, across all of our professional disciplines, from product strategy and user experience though architecture, automated testing, development, continuous delivery and platform engineering. Uniquely, these comprehensive engineering practices are embedded in our delivery approach rather than being an afterthought or a set of references to other approaches, which is common in other delivery frameworks. The proven practices that we recommend for our teams drive quality and effectiveness driving value-focused delivery and deliver engineering excellence tailored to aspects of the delivery context such as complexity, criticality, and risk. We believe that the tight integration of the engagement model, interaction model and engineering practices makes TEAM unique in the industry and is a major contributor to our success. These three interlocking and synergistic aspects of our delivery model mean that our teams are able to quickly design, develop and test digital solutions, providing actionable insights into their value and business potential in a short timeframe, while our clients are able to release higher-quality products to market faster, respond better to market changes and incorporate client and user feedback through rapid releases and product iterations. We believe that our dynamic and proven approach to distributed enterprise agile delivery creates tangible and valuable benefits for our clients. Dava.X We want to help our clients embrace and explore new technologies more rapidly. To that end, we created a department called Dava.X, which is singularly focused on helping clients accelerate and invent the future around new and emerging technologies. Dava.X represents an opportunity for differentiation by demonstrating our thought and delivery leadership across industry verticals, working with our industry teams to establish thought leading propositions around high momentum technologies. This is done by working alongside our delivery locations to ensure that the appropriate skills are built and available at scale as acceleration is realized. Some of the high-momentum technologies Dava.X focuses on are: AI, Cloud, Core Modernization, Strategy, Cyber Security, Embedded Computing, Google Cloud Platform, Quantum, Sustainability and Physical Computing. Our Accelerators We use accelerators to map out the core system and create innovative solutions that meet our clients' evolving needs, ensuring they stay ahead in a competitive market. Compass Compass is our proprietary tool that helps engineers understand and modify clients’ systems more effectively. A pluggable ingestion system pulls in source code, documentation and other artifacts to build a virtual subject matter expert, which teams can query through a generative AI interface. This gives every delivery-team member immediate, context-aware answers on architecture, engineering, testing, and related topics. Since Compass was rolled out, our teams have ramped up on legacy platforms more quickly and have improved both the quality of their work and the time-to-value of each change. Chronos 59 Chronos is our proprietary software analysis tool for risk assessment of software systems. It analyzes data from multiple relevant artifacts around development: the code, the version control system, and the issue tracking system. Chronos detects traits and “anti-patterns" of a software system, many of which are not directly visible in the codebase, by innovatively combining data points from these artifacts, including the system’s evolution and the behaviors of the team who developed it. “Anti-patterns” are common practices that initially appear to be appropriate solutions but end up having negative consequences that outweigh any benefits. Chronos supports both quality and productivity improvement by providing deep insights into the evolution of large-scale software systems. Chronos offers several benefits to our clients as well as to our employees. First, it is the backbone of our Software Assessment service, through which we support our clients in gaining an integrated, balanced, and holistic view of the code-related risks embodied in a specific software system or across a landscape of systems. Second, Chronos increases the value and productivity of due diligence and technical reviews by providing information on the technologies and their evolution, on key people involved with the project, and on code and process quality issues. Finally, Chronos helps us to ramp up development projects more efficiently by allowing developers to get up to speed quickly and by helping managers oversee risks and proactively ensure that skills are balanced effectively across teams. Ray Ray is an assessment process that provides in-depth overview of complex enterprise systems. It guides detailed assessments against business and technology requirements identifying gaps and challenges. Our Ray methodology is a rigorous process that validates system functionality against business and technical requirements while identifying gaps and challenges. This independent verification and validation solution identifies our client’s future state and provides an automated ‘x-ray’ of their entire system. Ray brings to the industry new methodologies and automated tools that validate system functionality, providing a profound and independent view into a system’s internal workings and business process behavior. Dash Dash is a centralized command and control platform that provides a holistic view of enterprise technology, which offers automated dependency mapping and predictive analysis capabilities. It implements an enterprise dashboard for all technology tiers, providing automation for building dependency maps, predictive analysis, code and test case generation. This automation reduces risk, giving our clients comprehensive test case coverage and significantly reduces the software development timeline. Dash allows our clients to elevate the role of service provider staff. The result is a reduction in headcount, time and cost of delivery for troubleshooting, major changes, risky changes, re-platforming or M&A situations. Infra Infra is a full-scale end-to-end service that evaluates steady-state data center environments to enhance efficiency, reliability, dependability and security. Leveraging data center infrastructure management expertise, our automated services provide the optics necessary to refine and improve data center performance. It provides real, added value intelligence to our clients’ IT assessments. Our proprietary data collectors compare multiple data points to uncover hard to detect issues, measure risk based on impact to the network, suggest recommended fixes and track remediation progress. Its fully automated response to incident mitigation and security remediation allows for faster response times for detection and isolation which allows your network to protect itself. Maps Our automated dependency mapping tool is designed to visualize complex relationships between different components within a software system. It also identifies the impact of code changes reducing risks. Upon custom configuration, we use Maps to find and analyze the impact of changes in applications and infrastructure, enterprise wide, including documents in different programming languages that reside in a separate code environment. This end-to-end traceability provides a holistic view of our client’s environment, how systems 60 are inter-related and how systems implement business processes in the enterprise, enabling consulting recommendations, management of consolidation, refactoring, cloud migration, modernization and roadmap building. Maps finds and analyses the impact of changes in a particular code repository enterprise wide, including documents in different programming languages that reside in a separate code environment. It can be used for both reverse and forward engineering purposes in multiple programming languages. Agentic AI Industry Accelerator Our agentic AI industry accelerator, internally designated as Morpheus, and its AI-powered industry tools combine the power of data and multi-agent autonomous teams to tackle complex challenges across all industries, including highly regulated fields like healthcare, insurance, financial services and private equity. We are operationalizing large language models, or LLMs, around data to overcome common barriers caused by hallucinations, ensuring that all activity is transparent, knowable and critically auditable. ‘Morpheus’ represents the first significant step in applying advanced language model operations to automate complex processes within industries with strict regulatory requirements or data transparency needs. The heart of the design is based on three foundational themes: •Data at the core with full transparency •Teams of agents to break down complex workflows •Dynamic scaling of teams to accelerate processes Lead AI agents distribute workload amongst a team of specialist agents, collating their results and orchestrating the next workflow steps while also capturing data for traceability and governance at every step. LLM- and cloud-agnostic, Morpheus can be considered a flexible and trustworthy way to rapidly transform businesses across any industry. Creating data products in this way enables an entirely new avenue of thinking about autonomous teams, removing the notion of constraints and freeing up entire workforces to do more meaningful work. CSAT Client Satisfaction Analysis Tool, or CSAT, is our client experience management tool, which allows us to collect regular client feedback. CSAT relies on surveys, common use testimonials and other inputs to gather a robust view of how clients feel about Endava. Through CSAT, we collect, analyze and generate powerful management information that drives our continuous experience improvements. CSAT helps us differentiate ourselves in managing clients in a sustainable way. Our Delivery Model We believe the development of a scaled global delivery model with selective close-to-client capabilities enables us to deliver high-quality technology services to meet our clients’ needs. We currently provide services from our locations in European Union countries, non-European Union countries, Latin America, Asia-Pacific, North America, and the Middle East. Our primary delivery locations are in Romania, where we employed approximately 3,289 employees involved with delivery of our services as of June 30, 2025. As of June 30, 2025, we had 1,082 such employees located in Cluj-Napoca, the second largest city in Romania and 909 such employees located in Bucharest, the capital of Romania. We believe Romania is an ideal location to source IT delivery talent due to its educational infrastructure, large multi-lingual population, advanced technological infrastructure and flexible labor regulation. As of June 30, 2025, we also had approximately 2,860 IT professionals across our locations in Bosnia & Herzegovina, Bulgaria, Croatia, Moldova, North Macedonia, Poland, Serbia and Slovenia, which are countries that we believe offer many of the same benefits as Romania. 61 To serve our North American clients, we had approximately 1,191 employees involved with delivery of our services across our Latin American delivery locations as of June 30, 2025, the majority of which are located in Argentina (443 employees) and Colombia (511 employees). We believe that the Latin American region as a whole has an abundant talent pool of individuals skilled in IT. In India, we are among a group of companies pioneering more engaged client approaches, bypassing traditional hierarchical structures and fostering more collaborative and efficient engineering and more engaged careers for our staff in this region. Our Clients As of June 30, 2025, we had 619 active clients, which we define as clients who spent money with us over the preceding 12-month period. Our clients are primarily enterprises based in the United Kingdom, European Union and United States. Our clients principally operate in the Payments, BCM, Insurance, TMT, Mobility, and Healthcare verticals. We are also focused on growing our client base in other verticals, such as the consumer products, natural resources, and retail verticals, and on providing services to our clients that span verticals. During the fiscal years ended June 30, 2025, 2024 and 2023, our 10 largest clients based on revenue accounted for 36.2%, 32.5% and 32.8%, of total revenue, respectively. No client contributed more than 10% of our revenue in the fiscal years ended June 30, 2025 and 2024, and our largest client contributed 10.7% of our revenue in the fiscal year ended June 30, 2023. For additional information, see “Item 5. Operating and Financial Review and Prospects” below. Sales and Marketing Our sales and marketing strategy is focused on driving revenue growth from existing and new clients. We run a highly integrated sales and marketing organization that comprises an industry specific go-to-market strategy, including solutions and offers, marketing, lead generation, sales and account teams. As of June 30, 2025, we had 185 employees on our sales, client leadership, and marketing teams located across global locations and near our clients. We have a Commercial Center of Excellence that is responsible for cultivating sales and client leadership talent internally and recruiting and onboarding new talent, creating a high-performing sales workforce that is culturally aligned with our values. Our sales and client leadership teams benefit from comprehensive onboarding and mentoring, AI-enabled sales tools and resources that drive awareness and understanding of all areas of our commercial functions. Over the course of approximately three months, new team members witness our full client lifecycle and are prepared for their new sales and client leadership roles. Competition We operate in a global and dynamic market and compete with a variety of organizations that offer services similar to those that we offer. We face competition primarily from: •next-generation digital IT service providers, such as Globant S.A, EPAM Systems, Grid Dynamics and Thoughtworks; •digital agencies and consulting companies, such as McKinsey & Company, Ideo and Publicis Sapient; •global consulting and traditional IT service companies, such as Accenture PLC, Capgemini SE, Cognizant Technology Solutions Corporation and Tata Consultancy Services Limited; and •in-house development departments by our clients of their technology and IT capabilities. We believe the principal competitive factors in our business include: ability to innovate; technical expertise, including AI-enabled innovations, combined with industry knowledge; end-to-end solution offerings; the ability to effectively incorporate rapidly emerging technologies, such as AI technology (including AI tools) in our operations and service offering; delivery locations; price; reputation and track record for high-quality and on-time delivery of 62 work; effective employee recruiting; training and retention; responsiveness to clients’ business needs; scale; and financial stability. We believe that we compete favorably with respect to each of these factors. Facilities Our corporate headquarters are located at 125 Broad Street, London, EC2N 1AR, United Kingdom, where we lease approximately 1,000 square meters of office space. We lease all of our facilities and also use them as office space. We believe our current facilities are suitable and adequate to meet our current needs and for the foreseeable future. Our People As of June 30, 2025, 2024 and 2023, we had 11,479, 12,085 and 12,063 employees (including directors), respectively. We have collective bargaining agreements with our employees in Romania, Moldova, Vietnam, Austria, and Spain as is market practice in these countries. We believe our employee relations are good, and we have not experienced any work stoppages. We vet our employees in accordance with the BS7858 screening standards. At each date shown, we had the following employees (including directors), broken out by department and geography: As of June 30, 2025 2024 2023 Function: Employees involved in delivery of our services 10,321 10,812 10,938 Selling, General and Administrative(1) 1,158 1,273 1,125 Total 11,479 12,085 12,063 Geography As of June 30, 2025 2024 2023 Western Europe(1) 489 562 659 Central Europe - EU Countries 4,658 4,904 5,693 Sub-total: Western Europe & Central Europe - EU Countries(1) 5,147 5,466 6,352 Central Europe - Non-EU Countries 2,100 2,346 2,689 Latin America 1,289 1,357 1,661 North America(2) 698 807 324 Asia-Pacific(3) 2,237 2,101 1,032 Middle East 8 8 5 Total 11,479 12,085 12,063 (1) Includes the members of our board of directors (2) The increased headcount in North America from 2023 to 2024 includes 47 acquired employees in connection with our acquisition of TLM in August 2023, and 495 acquired employees in connection with our acquisition of GalaxE in April 2024. (3) The increased headcount in Asia-Pacific from 2023 to 2024 includes 1,018 acquired employees in connection with our acquisition of GalaxE in April 2024. C. Organizational Structure See Exhibit 8.1 to this Annual Report on Form 20-F for a list of our significant subsidiaries. D. Property, Plant and Equipment. For a discussion of our facilities, see “Item 4.B. Business Overview—Facilities.” 63