Pegasystems Inc at UBS Global Technology and AI Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Radi Sultan - UBS AG - Analyst : <_ALACRA_META_ABSTRACT>Awesome. Maybe just to get started, for investors who are newer to the Pega story, can you provide some background on the company?

Question: Radi Sultan - UBS AG - Analyst : Awesome. And maybe just to start, like Pega has had a fantastic 2025, accelerating growth, free cash flow. What have been the sort of the biggest drivers behind that momentum in 2025? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 02, 2025 / 5:55PM, PEGA.OQ - Pegasystems Inc at UBS Global Technology and AI Conference

Question: Radi Sultan - UBS AG - Analyst : Awesome. ACV growth was mid-teens, in 3Q 2025. How does that impact your confidence in sort of the full year 2025 ACV growth guide of 12%?

Question: Radi Sultan - UBS AG - Analyst :

Question: Radi Sultan - UBS AG - Analyst : Awesome. So maybe just following up on that. The question I get actually is sort of how the competitive landscape here has evolved, especially, over the past 12 months and maybe as you think about, the next 12 months, just maybe spend a little bit of time talking about sort of the competitive landscape, how that's evolved and what you see as the biggest sort of competitive differentiators of Pega.

Question: Radi Sultan - UBS AG - Analyst : No. I mean, I cover UiPath and that distinction, I think in a lot of the, especially in the regulated industries between deterministic and sort of this generative and sort of the outcome is a little bit less reliable and they struggle, I think with that sort of side of the equation. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 02, 2025 / 5:55PM, PEGA.OQ - Pegasystems Inc at UBS Global Technology and AI Conference

Question: Radi Sultan - UBS AG - Analyst : Awesome. -- And maybe let's transition to talking about a Blueprint, a lot of buzz around Pega Blueprint. Maybe you can just talk through a little bit of the background there. What have been sort of some of the early use cases where you've seen the most traction?

Question: Radi Sultan - UBS AG - Analyst : And how does that impact the go-to-market, when you think about maybe any sort of pull throughs to your core business as well, so maybe you could just talk through how that impacts the go to market and then any pull throughs you're seeing across the business.

Question: Radi Sultan - UBS AG - Analyst : And does that change when you think about maybe the longer-term growth algorithm of sort of new customers versus existing customers because it is easier to sell? Like, does that change the longer-term growth algorithm to more new customers? Or maybe how do you think about that?

Question: Radi Sultan - UBS AG - Analyst : And your Chief Product Officer recently announced some updates to Blueprint, including enhanced business rules. Can you just walk through those product updates? How does that impact the TAM, your ability to sell Blueprint, how that opens up the market?

Question: Radi Sultan - UBS AG - Analyst : And like as Blueprint evolves, you add more features and functionality, does that change who you compete with, especially, everyone seems to be spinning up their own agent platform, everyone throws around automation, but maybe can you just talk through how that, sort of impacting the competitive landscape and where you see that going?

Question: Radi Sultan - UBS AG - Analyst : Just transitioning to the relationship with Amazon, given this is overlapping with Reinvent this week. In July of 2025, Pega announced a five-year strategic agreement with AWS. Can you just walk through the AWS relationship today? Anything you can quantify around traction you're seeing there? So any pull through to the business?

Question: Radi Sultan - UBS AG - Analyst : Awesome. Maybe just drilling into, Pega GenAI Blueprint works with AWS Transform for mainframe. So maybe can you just talk through how clients use Transform and Pega Blueprint together and how big is the opportunity there.

Question: Radi Sultan - UBS AG - Analyst : Is there any vertical or sort of the set of verticals where you think that there's sort of a bigger opportunity there like I imagine regulated industries still have a lot of that COBOL exposure, but maybe just sort of any sense of where you see the biggest opportunity for that Transform?

Question: Radi Sultan - UBS AG - Analyst : I mean, maybe just like zooming out a little bit when you think about this sort of legacy transformation opportunity, right, it's clearly a big opportunity to help these enterprise clients move from Mainframe SAP to Pega Cloud. Can you just talk through at a high level what has sort of been the biggest trends in those, digital transformation modernization conversations where you're seeing the most traction.

Question: Radi Sultan - UBS AG - Analyst : I mean, when you think about like the pace of cloud migrations more broadly, I mean, I think there was sort of this thought that AI would be this huge catalyst and it hasn't necessarily come through, I think, fully to that extent. There are obviously moving parts there. Maybe you can just talk through sort of the rate of Cloud migrations and sort of over the next 12 months, how do you see that changing.

Question: Radi Sultan - UBS AG - Analyst : Maybe speaking of the next few years, at your investor session back in June, you set the long-term target $700 million plus of free cash flow in 2028. How does the business need to evolve to meet or exceed that number?

Question: Radi Sultan - UBS AG - Analyst : Awesome. Maybe just to wrap it up, you talked to a lot of customers, a lot of CIOs. What do you see as sort of the biggest CIO priorities in 2026? And then how does Pega help fit into that equation?