MANH - Attended Momentum Customer Conf and Analyst Q&A; Innovation Cycle Remains Strong; Reiterate Buy

Research evidence excerpt

MANH - Attended Momentum Customer Conf and Analyst Q&A; Innovation Cycle Remains Strong; Reiterate Buy

Truist Securities

Equity Research Report May 19, 2026

TMT: Application Software and Manhattan Associates, Inc. (MANH)

Agentic AI

MANH - Attended Momentum Customer Conf and Analyst Q&A;

Terry Tillman Innovation Cycle Remains Strong; Reiterate Buy

404-926-5362

Terry.Tillman@truist.com

While the company introduced new branding, updated color scheme and new product names

Connor Passarella at this year’s Momentum customer conference, what remained very consistent is a strong

212-326-6153 new product and innovation agenda. This year’s event was no different. We were impressed

Connor.Passarella@truist.com with enhancements to the core ActivePlatform as well as five major products, which coupled

with AI agents deeply embedded in apps and user experiences, position the company for

Giancarlo Valle sustained strong cloud subscription rev growth while maintaining top quartile profitability and

212-537-9006 cash flow generation. The note includes mgmt Q&A recap on page 2. Reiterate Buy.

Giancarlo.Valle@Research.truist.com

Active Platform Advantages and New Products/Updates. We attended Manhattan

Associates’ Momentum customer conference the past couple of days. The leadership team

Stock Rating BUY discussed the structural advantages the company has in supply chain and commerce

Unchanged markets post the strategic decision a decade ago to rearchitect the entire platform and

apps for agility, scalability and performance. The company successfully rebuilt the core

Price Target $240.00 platform into a unified cloud native, microservices and open API-based architecture that is

Unchanged ideally suited for delivering agentic solutions with trust and governance directly within the