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TO ALL STOCK EXCHANGES BSE LIMITED NATIONAL STOCK EXCHANGE OF INDIA LIMITED NEW YORK STOCK EXCHANGE October 28, 2026 Dear Sir/ Madam, Sub: Transcripts of the press conference and earnings call conducted after the Meeting of Board of directors on October 23, 2026 Please find enclosed the transcripts of the press conference and earnings call conducted after the Board meeting held on October 23, 2026, for your information and records. This information will also be hosted on the Company’s website, at https://www.infosys.com/investors/reports-filings/quarterly-results/2026-2027/q2.html The audio/video recordings of the press conference and earnings call are also made available on the Company’s website, at https://www.infosys.com/investors/reports-filings/quarterly-results/2026- 2027/q2.html This is for your information and records. Yours Sincerely, For Infosys Limited A.G.S. Manikantha Company Secretary Membership No: A21918 Infosys Limited Media Conference Call October 23, 2026 CORPORATE PARTICIPANTS: Salil Parekh Chief Executive Officer and Managing Director Jayesh Sanghrajka Chief Financial Officer Rishi Basu Associate Vice President and Global Head - Corporate Communications JOURNALISTS Meghna Sen CNBC-TV18 Mansee Dave ET Now Chandra Srikanth Moneycontrol Haripriya Suresh Reuters Beena Parmar The Economic Times Shilpa Phadnis The Times of India Poulomi Chatterjee Financial Express Uma Kannan Deccan Herald Jas Bardia Mint External Document © 2025 Infosys Limited Sanjana B The Hindu BusinessLine Rukmini Rao Fortune India Pooja Patil Businessworld External Document © 2025 Infosys Limited Rishi Basu A very good evening, everyone, and thank you for joining Infosys' Second Quarter Financial Results. My name is Rishi, and I would like to welcome all of you. One question. Okay. With that, I am going to hand it over to Salil for his opening remarks. Over to you, Salil. Salil Parekh Thanks, Rishi. It is good to see that everyone listens to you so well. So good evening, and welcome, everyone. Thank you for joining us. Our revenue growth for Q2 was 1.5% YoY and 1.2% sequentially in constant currency terms. AI revenue was a standout at 10.5% of our revenue, growing at 29% sequentially. And last quarter, it was at 8.2%. Large deals were another standout at $5.2 bn for the quarter. This includes two mega deals. One of these mega deals was for over $2 bn with a large international company for a period of seven years, and this is net new. This deal is expected to contribute over 1% revenue growth in the coming financial year. The second mega deal was for $1 bn for a renewal. Our large deal pipeline is healthy and includes some other mega deals in this pipeline. Operating margin was stable at 21%. Free cash flow was strong at $928 mn (Editor’s comment) for the quarter. As enterprises adopt AI at scale, another quarter of strong growth in AI revenues is a recognition of our differentiated market positioning and client confidence. As an ecosystem integrator, we continue to work closely with the frontier model companies, both open-weight and closed models. Our deep investments in Topaz Fabric help our clients seamlessly navigate between models to ensure token optimization and value realization. Infosys continues to gain market share, especially where economics of the program is aligned to the stakeholder interest. We remain the preferred AI strategy and deployment partner for our top clients. As AI remains central to enterprise transformation in the years ahead, Infosys is well positioned to help navigate this shift. Based on our Q2 performance and revised outlook for rest of the year, our revenue growth guidance is 1% to 2% YoY.in constant currency terms. Our operating margin guidance remains at 20% to 22% for the year. Thank you. And with that, we can open it up for questions. Rishi Basu External Document © 2025 Infosys Limited Thank you, Salil. We will now open the floor for questions. Joining Salil is Mr. Jayesh Sanghrajka, Chief Financial Officer, Infosys. The first question is from Meghna Sen from CNBC-TV18. Meghna Sen Thank you very much. My first question is on your guidance. So, you have narrowed both the lower and upper end. Could you help us understand why? Explain the margin performance, the benefit of rupee depreciation, any offset and loss due to deflation, etc.? And did your salary hike also impact your margins in the second half? Third is, your AI revenue is 10.5% of your Q2 revenue. So how many deals won will have AI element? And with AI jitters globally, is there a change in business? And fourth, how are your December quarter furloughs shaping up versus last year and which sectors look the most vulnerable? Salil Parekh Okay. Let me start off with some of them, and Jayesh will also jump in with some of the other ones. So first, AI is really an incredible performance for us. It is 10.5% of our revenue, growing sequentially 29%. We had laid out the AI approach in the Hexagon with six different areas of focus. And in this revenue mix, we see each of those areas growing well, especially things that we do where we are building agents, where we are doing legacy modernization, where we are doing process AI, where we are doing data AI. So those are growing exceptionally well, but all of them are doing well. And then we have the partner ecosystem with that. That is really gaining momentum. I think in terms of the global AI our attention is really much more on the large enterprises with which we are working. So for them, this is starting to become more-and-more relevant. And with the investments we made and build the Topaz Fabric and the capabilities we have, plus all the training that we have done for all of our people, which many and more are certified now, ready to do work with different partners of the frontier companies, that is where we are getting the good traction with the enterprise clients. I will spend a couple of minutes on the industries. I think what we see, and Jayesh will add more to that, we see really good strength on the Financial Services. We see good strength on Energy Utilities. We see good strength on the Manufacturing. And we see some weakness on the Retail and we see some weakness on the Hi-Tech. But it is a mix of all of those that we have put together in how we see this. Jayesh Sanghrajka External Document © 2025 Infosys Limited So if you look at our guidance, our our last guidance was 1.5% to 3%. We had clearly called out at 1.5%, we expect even more uncertainty. Our Q2 has been softer and our volume continues to remain softer. We have also seen pricing pressure on the back of competitive intensity and higher ask on productivity. So all that is baked in, in our revised guidance as we look forward. On top of that, as Salil said, some of the sectors, we see softness, Retail, Hi-Tech, where the discretionary is lower than what we are expecting. So all of that is reflected in our guidance on the revenue and which is where it is 1% to 2% now. Our margin continues to remain at 21%. I think it is a strong performance on the back of all the efforts that we have put in Project Maximus. If you look at last many years, we have been able to maintain margins despite investment in business, whether it is sales and marketing, whether it is AI-led investment, talent investments and all of that. If you look at put-and-takes of this quarter, the margins have remained flat. We had 70 bps of impact on post-sale customer support, which is a delta between two quarters. Last quarter, we had a reversal. This quarter, it is an impact, so it is a difference in that. We had 20 bps coming from our acquisition, it is a one-month additional impact last quarter to only two months of impact, so one month additional on account of amortization, etc. That was offset by tailwinds of currency, 40 bps coming from the currency, 20 bps coming from a higher calendar and working days and 20 bps from the Project Maximus. So that kind of sums up the margin walk. As you look [Showing first 8,000 characters — download PDF for full document]