This report does not constitute a rating action. Javelin Buyer Inc.’s (dba Jaggaer) 2026 performance is in line with our expectations. Total revenue as of June 30, 2026, increased approximately 6% year-over-year to $168.7 million, primarily attributable to a 7.4% increase in recurring subscription revenue. Conversely, non-recurring revenue declined 6.8% as the company strategically exited lower-margin business to enhance scalability. S&P Global Ratings-adjusted EBITDA margins also expanded about 400 basis points to 37.1% in the first half of fiscal 2026. This stems from a more favorable revenue mix, operational efficiencies gained through AI adoption and offshore Centers of Excellence, and the absence of one-time leveraged buyout (LBO) costs. We anticipate total revenue will continue to increase approximately 6.3% for 2026
