Conduent Incorporated Common Stock Investor Day 2026

It is a thrill to finally be in this room today and with everyone on the line to have you join us for ASCEND 2026 to 2028. My name is Kimberly Marshall. I am the Chief Commercial Officer at Conduent. As I noted, our organization, our executive leadership team, our esteemed CEO, are thrilled to have you join us for a program that will walk you through how we are going to take this organization to 2028, telling you about what was to what is today, what we have already accomplished and you can have confidence in, and where we are headed to deliver exceptional growth in the years ahead. I want to remind everyone that throughout today's program, we will be making forward-looking statements and walk you through the agenda so you know what to expect. I can have the agenda, please? Thank you. We will be beginning right now with some welcome and introductions.

I will have the esteemed pleasure of turning over shortly here to our CEO. We will walk through the financials of the organization today, where we are headed for growth, what you can expect, and the material pieces around that from Giles Goodburn. We will then head into a short break, where I will come back and join you and walk you through the future of growth at Conduent, what you can expect specifically in our commercial business. I will turn over then to George Wehbe, who runs that commercial business. Then you will hear from Anna Sever, who will walk you through the government business and the thriving energy and pipeline and growth that is happening in that segment of our world today.

We will take another short break, and then you will have the opportunity to hear from our new CIO and CTO, who is joining us today, and also our shared services leader, so that we can hear from the organization what we are doing and how you will absolutely be able to have confidence in our 2028 vision. We will then close with Q&A. We welcome the opportunity to answer questions on what you are hearing and where you feel that we will be going together on this journey to 2028. With that, let me welcome the man who needs no introduction, our fearless CEO, the myth, the man, the legend, Mr. Harsha V. Agadi. Good morning, ladies and gentlemen, and welcome to this fine day in Manhattan.

I want to start by a couple of introductions, as there are a lot of people here in this room, and some of you might not know who is who. Just briefly, I will start with introducing, and I would like each person to stand up so that everybody knows them. I will start with our non-executive chairperson. I actually would like to say non-executive chairwoman because there are chairmen. But we have a chairwoman, and her name is Mrs. Palau-Hernández. Please give her an applause. Thank you, Maggie. Next, I want to introduce Michael Fucci, and he is one of our board members and chairs, I call a painful committee for me, the compensation committee as well as audit. Then we have Ms. Greta Van.

She is another board member who chairs risk and sustainability, and she's more focused on risk. We mean business in this company. Trust me. Finally, our youngest, dynamic, tallest board member, Mr. Demuyakor, Adam Demuyakor. Please give him a hand. He chairs our governance committee. We also have, amongst us, the entire senior leadership team, which if all of you can stand at one time, and let's just give a quick applause as we get into the materials. Thank you very much. Thank you. Finally, very quickly, if Nitin Jain can stand, and Remy Kaul, and Cindy Gutierrez, they have been driving this Investor Day that you will see unfold very carefully today. Huge thank you to all of you. Ladies and gentlemen, I will assure you this is not my first rodeo. Trust me on this. We're going to go through this in a lot of detail.

To begin with, you're going to need to have a clear, as you can see, mission statement, and it's actually simplified, it's focused, and it should not change for a while to come. To be the premier AI-led Premier, which means number one. That is our mission. AI-led, that is the relevancy today and will change the way we function as humans. Technology-enabled, that's what drives the AI-led business process partner for government and commercial clients, helping them modernize daily. Their operations enhance customer and constituent experiences and achieve measurable and business outcomes. When I, as CEO, meet another CEO, generally a client, I have to be very clear in the value add to each of our clients for it to be, one, a lasting impression, and to drive more growth between us in our relationship. The key takeaways today are very simple.

First, laying out that strong foundation that we have and the client relationships are in place. When I joined in May of last year as a board member, as any individual would do, I did some research. I said, "Oh my, there's a lot of depth here in terms of foundation, as well as a multi-decade client relationship." The second, the strategy is becoming clearer and clearer. Finally, it is time to execute and produce results. When I say it is time, it is now, it is present, and you're going to start seeing as each quarterly result comes out. How we look at this journey today, and we have a monitor on this, ASCEND 2026-2028 journey is underway. It's simple. We're going to look at it first, step one, reset and stabilize. Second, simplifying the operations. Finally, executing ASCEND.

Having been CEO six times prior to joining Conduent, I believe management and turnarounds are not an art. It is a science. It's proven. It's repeatable across sectors. These are the three steps we will go through today in detail to tell you how we're climbing, why, which, when, et cetera. I'm going to go with the first piece, which is reset and stabilize. To begin with, let me just make sure there is no confusion who we are. 46, get ready for this, 46 out of the 50 states in the U.S. we serve directly. It could be Medicaid claims. It could be Medicare. It could be eligibility. It could be enrollment. It could be EBT cards. I can go on and on. My dream a long time ago was to work for the government. I'm actually now finally living it. Guess what? I watch the dollars, and I see a lot of interesting things that I won't go too deep into.

Next, we have, if you look at the slew, 31 out of the Fortune 100 companies. The single example here, one-third of the Fortune 100, and guess what our ratio is in the next Fortune 400? Almost 60%. We have 300-plus clients, and it's very interesting that I am now receiving calls. It took a few months. The calls have begun, where inbound CEO calls of other service companies are coming to me wanting to partner, wanting to jointly bid, and make sure we land on the transaction. Look at the other stats very quickly. 8 out of the top 15 U.S. health plans. 4 out of the top 10 U.S. banks. As part of our mission, I want to make sure there is total domination in our services.

We are serving all of the sectors we only are focused on. 6 out of the 10 pharma companies. 3 out of 5 automakers. It helps when my close summer interns, 40-plus years ago, are today running some of the auto companies. It's perfect timing in life, I would say. Let me just jump on and also talk about elevating client outcomes on three dimensions. Efficiency. That is a daily mantra for all CEOs. Get there quick, get there fast, get there at the lowest cost. Experience for our end customer. It could be somebody receiving a pension from a company. It could be somebody processing a Medicare claim. The experience has to be seamless. The experience has to be short. The experience needs to be resolved quickly. Latency needs to be at its lowest. And finally, true value delivery. Are we really providing value to enhance our client's business?

These are the dimensions we're going to look at constantly. Our KPIs will revolve around these measures, all the way down to the single call center agent. It could be an AI bot, but KPIs are KPIs, whether it's human or AI. I hate to break it to you. Our expertise is wide. We have deeply entrenched 24 by 7, 365 days service. We have approximately 46,000 employees. When I began in January, we had about 60,000. Our efficiency continues to go up. We have large concentration of our delivery centers in India, Philippines, United States, Guatemala, and we have a number of other locations, whether it's in Europe or in South America, stretching in Europe from Western to Eastern Europe, as an example.

I have had the pleasure, at this point in my first seven or eight months, to have visited far-off offices, spent time in different cultures, sat and listened to calls from call center agents, and watching how things work. I have to say an interesting thing. The further we are from the headquarters of any company, the action is greater. This is just the principle of corporations. Let me move on to the next. This is a very important slide. I joined the company, to remind all of you, as a board member in May. I elected as chair of the board. In January, the board made a decision to have me become CEO, and I moved on to an operating role, while Mrs. Palau-Hernandez took on the role of the chair of the board, and we're going to come back to that in a moment.

What were the challenges observed in the past history? I had a brief glimpse in the 6 months. I was not a dependent board member. I was independent those days. Now I'm dependent. I'll start with the first one, limited strategic focus and prioritization. When you're in battle, when you have a fight, or you're about to have a fight, your priorities are the most important thing that you need lined up. You miss the priorities, you will miss the entire story. You might not even be in battle. The second, this was very important. Inconsistent execution and implementation had to be much more decisive. When you have a meeting, you need to make decisions. You do not have a meeting for the sake of having a meeting. Next, a very complex operating system and elevated cost structure. Then the last two, underinvestment in targeted growth areas.

For example, if it is sales, we need to invest more. If it is AI functionality, we need to invest more. My first customer internally is our employees. They need to feel better, and I'm going to give you an example a little later. Finally, a reactive culture as opposed to a proactive culture. The minute the government makes a decision and changes how a payment is made, even if it is Social Security, Medicare, Medicaid, I should not be telling my board. I text at 5:00 A.M. I tell them I'm asleep at that time. But Anna Sever will get a message immediately. How does this impact us, and how do we get ahead of this before it really becomes a bigger issue? Let's look at the strengths. Very strong foundation. Solutions that remain highly relevant.