Mumbai, Maharashtra, India & London, United Kingdom & New York, United States - Business Wire India WNS (Holdings) Limited (WNS) (NYSE: WNS), a digital-led business transformation and services company, today announced results for the fiscal 2025 fourth quarter and full year ended March 31, 2025.

Highlights – Fiscal 2025 Fourth Quarter: GAAP Financials Revenue of $336.3 million, down 0.2% from $336.8 million in Q4 of last year and up 1.0% from $333.0 million last quarter Profit of $50.8 million, compared to $14.5 million in Q4 of last year and $48.6 million last quarter Diluted earnings per share of $1.12, compared to $0.30 in Q4 of last year and $1.07 last quarter Non-GAAP Financial Measures* Revenue less repair payments of $323.3 million, down 0.8% from $325.9 million in Q4 of last year and up 1.3% from $319.1 million last quarter Adjusted Net Income (ANI) of $66.2 million, compared to $53.9 million in Q4 of last year and $47.0 million last quarter Adjusted diluted earnings per share of $1.45, compared to $1.12 in Q4 of last year and $1.04 last quarter Other Metrics Added 9 new clients in the quarter, expanded 50 existing relationships Days sales outstanding (DSO) at 34 days Global headcount of 64,505 as of March 31, 2025 Highlights – Fiscal 2025 Full Year: GAAP Financials Revenue of $1,314.9 million, down 0.6% from $1,323.4 million in fiscal 2024 Profit of $170.1 million, compared to $147.5 million in fiscal 2024 Diluted earnings per share of $3.71, compared to $2.99 in fiscal 2024 Non-GAAP Financial Measures* Revenue less repair payments of $1,265.5 million, down 1.5% from $1,284.3 million in fiscal 2024 Adjusted Net Income (ANI) of $208.7 million, compared to $218.0 million in fiscal 2024 Adjusted diluted earnings per share of $4.55, compared to $4.42 in fiscal 2024 As announced previously, beginning the first quarter of fiscal 2025, WNS transitioned from reporting to the SEC on the forms available to foreign private issuers and preparing its financial statements in accordance with IFRS to voluntarily reporting on US domestic issuer forms and preparing its financial statements in accordance with US GAAP. On July 9, 2024, WNS furnished a report on Form 8-K with the SEC containing a supplementary financial information package comprising its unaudited quarterly financial results for each of the quarters in fiscal 2024 and for full year fiscal 2024 and 2023 prepared in accordance with US GAAP. The supplementary financial information package sets forth the key impact on our quarterly financial statements for each of the quarters in fiscal 2024 and for full year fiscal 2024 and 2023 as a result of our transition to US GAAP. The comparative financial information in this release for the previous fiscal periods are also under US GAAP.

Reconciliations of the non-GAAP financial measures discussed below to our GAAP operating results are included at the end of this release. See also “About Non-GAAP Financial Measures.” Revenue in the fourth quarter was $336.3 million, representing a 0.2% decrease versus Q4 of last year and an increase of 1.0% from the previous quarter. Revenue less repair payments* in the fourth quarter was $323.3 million, decreasing 0.8% year-over-year and increasing 1.3% sequentially. Excluding exchange rate impacts, constant currency revenue less repair payments* in the fiscal fourth quarter was up 0.1% versus Q4 of last year and up 2.6% sequentially. Year-over-year, revenue growth driven by new client additions and the expansions of existing relationships was largely offset by headwinds from the loss of a large Healthcare client, lower volumes in the online travel segment, and unfavorable currency movements. Sequentially, broad-based revenue growth was partially offset by the Q3 completion of a platform migration project with a large Utilities client and unfavorable currency movements.

Profit in the fiscal fourth quarter was $50.8 million, as compared to $14.5 million in Q4 of last year and $48.6 million in the previous quarter. Year-over-year, profit increased as a result of a $30.9 million goodwill impairment charge in Q4 of last year, $12.2 million from a facility asset sale in India in Q4’25, reductions in ADS transition costs, and favorable currency movements. These benefits were partially offset by higher acquisition-related expenses, increased investments, and a higher effective tax rate. Sequentially, Q4 profit increased as a result of $12.2 million from the facility asset sale, higher volumes, operating margin expansion, and favorable currency movements. These benefits were partially offset by a $13.7 million reversal of contingent consideration relating to the acquisition of The Smart Cube in fiscal Q3, increased share-based compensation expense, and a higher effective tax rate.

Adjusted net income (ANI)* in Q4 was $66.2 million, as compared to $53.9 million in Q4 of last year and $47.0 million in the previous quarter. Explanations for the ANI* movements on a year-over-year and sequential basis are the same as described for GAAP profit above with the exception of amortization of intangible expenses, share-based compensation expense, impairment of intangible assets, costs associated with ADS program termination and transition to voluntarily reporting on US domestic issuer forms, acquisition-related items, and associated tax impacts which are excluded from ANI*.

From a balance sheet perspective, WNS ended Q4 with $267.4 million in cash and investments and $243.5 million in debt. In the quarter, the company generated $53.4 million in cash from operations, incurred $18.6 million in capital expenditures, and repaid $33.0 million in debt. WNS also paid $63.4 million in up-front consideration for the Q4 acquisition of Kipi.ai. Fourth quarter days sales outstanding were 34 days, as compared to 33 days reported in Q4 of last year and 34 days in the previous quarter.

“In the fiscal fourth quarter, WNS sequentially grew constant currency revenue less repair payments* by 2.6%, expanded our adjusted operating margins* by over 200 basis points, and generated strong free cash flow. Other fourth quarter highlights include the acquisition of Kipi.ai, which expands our capabilities in data, analytics, and AI, and the signing of two large transformational deals – one each in the Banking & Financial Services and Travel verticals,” said Keshav Murugesh, WNS’ Chief Executive Officer. “Despite top-line headwinds in fiscal 2025, the company continued to make progress on our strategic investments and position the business for long-term success. Our balanced, disciplined approach to capital allocation was highlighted by the repurchase of 2.8 million ordinary shares of stock, the acquisition of Kipi.ai, and the completion of scheduled debt repayments. Also during the year, WNS voluntarily transitioned to reporting as a domestic filer under US GAAP and gained inclusion in the Russell 2000 and MSCI US Small Cap indices, improving our access to capital. In the second half of fiscal 2025, the company re-established a healthy sequential revenue growth cadence as our client-specific headwinds abated. Entering fiscal 2026, we are excited about our solid business momentum and pipeline, differentiated capabilities, and healthy market opportunity. WNS remains committed to driving strong financial and operational execution, investing ahead of the curve, and delivering long-term sustainable business value for all of our stakeholders.” Fiscal 2026 Guidance WNS is providing guidance for the fiscal year ending March 31, 2026, as follows: • Revenue less repair payments* is expected to be between $1,352 million and $1,404 million, up from $1,265.5 million in fiscal 2025. Guidance assumes an average GBP to USD exchange rate of 1.29 versus 1.28 in fiscal 2025.

• ANI* is expected to range between $199 million and $211 million versus $208.7 million in fiscal 2025. Guidance assumes an average USD to INR exchange rate of 87.0 versus 84.5 in fiscal 2025.

• Based on a diluted share count of 44.9 million shares, the company expects fiscal 2026 adjusted diluted earnings per share* to be in the range of $4.43 to $4.70 versus $4.55 in fiscal 2025 (which included $21.0 million or $0.46 per adjusted diluted earnings per share* of non-recurring benefit from the reversal of a tax liability on intangibles in fiscal Q2’25 and the asset sale in fiscal Q4’25).

​“The company has provided our initial forecast for fiscal 2026 based on current visibility levels and exchange rates,” said Arijit Sen, WNS’ Chief Financial Officer. “As compared to fiscal 2025, our guidance for the full year reflects growth in revenue less repair payments* of 7% to 11% on both a reported* and constant currency* basis. We enter the fiscal year with 90% visibility to the midpoint of our revenue projection, which includes a 2% contribution from our acquisition of Kipi.ai. Year-over-year, guidance reflects an increase in adjusted diluted earnings per share* of 8% to 15% excluding non-recurring benefits in fiscal 2025. For the year, we currently expect capital expenditures to be up to $65 million.” * See “About Non-GAAP Financial Measures” and the reconciliations of the historical non-GAAP financial measures to our GAAP operating results at the end of this release.

Conference Call WNS will host a conference call on April 24, 2025, at 8:00 am (Eastern) to discuss the company's quarterly results. To access the call in “listen-only” mode, please join live via the company’s investor relations website at ir.wns.com. For call participants, please register using this online form to receive your dial-in number and unique PIN/passcode which can be used to access the call. A replay of the webcast will be archived on the company website at ir.wns.com.

About WNS WNS (Holdings) Limited (NYSE: WNS) is a digital-led business transformation and services company. WNS combines deep domain expertise with talent, technology, and AI to co-create innovative solutions for over 700 clients across various industries. WNS delivers an entire spectrum of solutions including industry-specific offerings, customer experience services, finance and accounting, human resources, procurement, and research and analytics to re-imagine the digital future of businesses. As of March 31, 2025, WNS had 64,505 professionals across 64 delivery centers worldwide including facilities in Canada, China, Costa Rica, India, Malaysia, the Philippines, Poland, Romania, South Africa, Sri Lanka, Turkey, the United Kingdom, and the United States. For more information, visit www.wns.com.

Safe Harbor Statement This release contains forward-looking statements, as defined in the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations and assumptions about our Company and our industry. Generally, these forward-looking statements may be identified by the use of terminology such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “will,” “seek,” “should” and similar expressions. These statements include, among other things, expressed or implied forward-looking statements relating to discussions of our strategic initiatives and the expected resulting benefits, our growth opportunities, industry environment, our expectations concerning our future financial performance and growth potential, including our fiscal 2026 guidance, estimated capital expenditures, and expected foreign currency exchange rates. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include but are not limited to worldwide economic and business conditions, our dependence on a limited number of clients in a limited number of industries; currency fluctuations; political or economic instability in the jurisdictions where we have operations; regulatory, legislative and judicial developments; increasing competition in the BPM industry; technological innovation; our liability arising from fraud or unauthorized disclosure of sensitive or confidential client and customer data; telecommunications or technology disruptions; our ability to attract and retain clients; negative public reaction in the US or the UK to offshore outsourcing; our ability to collect our receivables from, or bill our unbilled services to our clients; our ability to expand our business or effectively manage growth; our ability to hire and retain enough sufficiently trained employees to support our operations; the effects of our different pricing strategies or those of our competitors; our ability to successfully consummate, integrate and achieve accretive benefits from our strategic acquisitions, and to successfully grow our revenue and expand our service offerings and market share; future regulatory actions and conditions in our operating areas; our ability to manage the impact of climate change on our business; and volatility of our share price. These and other factors are more fully discussed in our most recent annual report on Form 20-F and subsequent reports on Form 6-K and Form 8-K filed with or furnished to the US Securities and Exchange Commission (SEC) which are available at www.sec.gov. We caution you not to place undue reliance on any forward-looking statements. Except as required by law, we do not undertake to update any forward-looking statements to reflect future events or circumstances.

References to “$” and “USD” refer to the United States dollars, the legal currency of the United States; references to “GBP” refer to the British pound, the legal currency of Britain; and references to “INR” refer to Indian Rupees, the legal currency of India. References to GAAP or US GAAP refer to United States generally accepted accounting principles. References to IFRS refer to International Financial Reporting Standards, as issued by the International Accounting Standards Board.

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