Overview Key strengths Key risks Significant global operating scale, broad IT service offerings, and well-diversified end-market exposure. Highly competitive industry and rapidly evolving technologies require ongoing talent development and retention, as well as acquisitions. Established market position in digital transformation and cloud business, and leading position in intelligent industry, will help capture demand, while providing an edge over its peers. Exposure to economic cycles and clients' fluctuating IT budgets for traditional services. Robust operating cash flows, low capital investment requirements, and prudent discretionary spending provide financial flexibility. Although improving year-on-year, operating margins still trail those of principal U.S.- or India-based peers (adjusted EBITDA of about 15% versus peer average of 20%-25%). Strong liquidity position as of June 2024, with €2.9
