- **Revenue Resilience**: Q4 net revenue up 1.3% sequentially, FY2026 guidance of +7%-11% YoY reflects strong pipeline and AI-driven growth.
- **Strategic Acquisitions**: Kipi.ai adds 600 AI experts, enabling 2% FY2026 revenue contribution and neutral EPS impact.
- **AI Expansion**: 20 clients using GenAI, 13 digital assets developed. Targeting 5%+ AI revenue by year-end.
- **Financial Strength**: Adjusted EPS up 25% YoY in Q4, $207 million cash flow in FY2025, disciplined share buybacks.
- **Risks**: 39% Q4 attrition, 2% headwind from prior-year client ramp-downs, macro uncertainty in discretionary spending.

**【CEO Summary Section】**
- **Q4 Revenue Growth**: Net revenue of $323.3 million, up 1.3% sequentially (2.6% constant currency), driven by AI-led transformation and cost reduction solutions.
- **Kipi.ai Acquisition**: Added 600 Snowflake-certified employees, enhancing data management and AI capabilities. Two large deals signed in Q4 (banking/financial services and travel) to begin generating revenue in H1 2026.
- **FY2025 Challenges**: Full-year net revenue $1.266 billion (-1.5% YoY), impacted by client-specific headwinds. However, 33 new logos and 179 expansions (+16% sales) offset declines.
- **FY2026 Outlook**: Guidance of $1.352-$1.404 billion (+7%-11% YoY), 90% visibility to midpoint. Expects 2% headwind from prior-year ramp-downs but 11%+ adjusted EPS growth (excluding one-time benefits).

**【CFO Financial Commentary】**
- **Q4 Financials**: Adjusted operating margin 21.4% (vs. 20.9% YoY), driven by currency and productivity. Adjusted EPS $1.40, up 25% YoY. Free cash flow $53.4 million, debt repayments $33 million.
- **FY2025 Results**: Adjusted net income $208.7 million (-4% YoY), EPS $4.55 (+3%). Generated $207.2 million in cash from operations, repurchased 2.8 million shares.
- **FY2026 Guidance**: Adjusted net income $199-$211 million, EPS $4.43-$4.70. Capital expenditures expected up to $65 million.

**【Q&A Highlights】**
- **Client Sentiment**: 90% of business recurring, cost reduction-focused. Q4 saw accelerated deal closures amid macro uncertainty. Travel vertical pipeline robust, with 3% of revenue now in corporate travel management.
- **AI Adoption**: 20 clients using GenAI solutions, 13 digital assets developed. FY2026 expects AI-driven revenue growth, with 5%+ contribution by year-end.
- **Attrition Management**: Q4 attrition 39% (vs. 33% YoY), driven by entry-level turnover. Long-term attrition expected in low-mid 30s, manageable with hiring for growth.
- **Currency Impact**: FY2026 assumes GBP/USD rate of $1.29. 2% headwind from prior-year ramp-downs offset by 2% Kipi.ai contribution.


WNS (Holdings) Ltd. (WNS) Q4 2025 Earnings Call Transcript	

- **Revenue Momentum**: Sequential growth of 3.2% (constant currency) driven by digital transformation demand. FY26 targets high single to low double-digit growth. 
- **AI Innovation Lead**: 13 Gen AI digital assets in production, 22,000+ employees trained. New U.S. insurance client to become top-10 in FY26. 
- **Margin Expansion**: Q4 adjusted operating margin ~20%, with FY26 run rate of 19.5%-20%. 
- **Pipeline Confidence**: 7 new logos, 52 relationship expansions. Large deal pipeline includes captive carve-outs and strategic initiatives. 
- **FY25 Guidance**: $1.255B-$1.271B net revenue, $4.46-$4.55 EPS. Excludes large deal contributions. 


**【CEO Summary Section】**
- **Revenue Performance**: Q3 net revenue of $319.1 million, up 1% YoY (flat on constant currency). Sequential growth of 2.7% (3.2% constant currency) driven by broad-based demand for digitally led transformation and cost reduction initiatives. 
- **Pipeline Strength**: 7 new logos and 52 relationship expansions. Traditional deal pipeline remains stable, with high single to low double-digit growth expected in FY26. Large deal pipeline includes captive carve-outs and strategic initiatives across key verticals.
- **AI & Gen AI Innovation**: 30+ Gen AI use cases and 13 reusable digital assets (e.g., automated freight management platform, Gen AI-powered knowledge engine). 13 clients in production, with a new top-10 U.S. insurance client projected for FY26. Over 22,000 employees trained in AI/Gen AI.
- **FY25 Guidance**: Expect $1.255B-$1.271B net revenue (down 2%-1% YoY), $205M-$209M adjusted net income, and $4.46-$4.55 EPS. Excludes large deal contributions.

**【CFO Financial Commentary】**
- **Profitability**: Adjusted operating margin 19.3% (down 40bps YoY, up 70bps QoQ). Sequential margin expansion from operating leverage and favorable currency. 
- **Cash Flow**: $88.7M cash from operations, $12.1M capex, $58.4M debt repayment. DSO improved to 34 days (35 days YoY, 38 days QoQ). 
- **Headcount & Attrition**: 63,390 total employees, 32% attrition (up from 29% YoY). Expect low-mid 30% attrition range. 
- **FY25 Outlook**: $60M capex guidance. Q4 includes $12.2M one-time benefit from facility asset sale. 

**【Q&A Highlights】**
- **FY26 Growth Drivers**: 2% unusual headwinds (healthcare client anniversary, online travel reductions) vs. typical 10%-11% headwinds. Sequential growth rate of 3%-4% expected to normalize. 
- **Margin Cadence**: Q4 adjusted operating margin ~20%, with run rate of 19.5%-20% in FY26. 
- **Large Deal Progress**: 20+ deals in pipeline, with potential closures in next 1-2 quarters. Board and C-suite engagement adds complexity but also signals strategic importance. 
- **M&A Strategy**: Focused on capability expansion (e.g., data analytics, AI). No forced deals; prioritize right fit and value. 
- **Agentic AI**: Testing internally, potential long-term opportunity. Investments in AI/Gen AI baked into margin guidance. 


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