Teleperformance (TEPRF.PA): Business Services, Transport, Leisure and Infra & Building Materials Conference — Key Takeaways

Research evidence excerpt

Teleperformance (TEPRF.PA): Business Services, Transport, Leisure and Infra & Building Materials Conference — Key Takeaways

Equity Research

17 June 2026 | 11:16PM BST

Teleperformance (TEPRF.PA): Business Services, Transport, Leisure and

Infra & Building Materials Conference — Key Takeaways

Suhasini Varanasi

+44(20)7774-3722 |

suhasini.varanasi@gs.com

Goldman Sachs International

Harshita Bhatter, CFA

+1(332)245-7830 |

harshita.bhatter@gs.com

Goldman Sachs India SPL

Presenters: We hosted Jorge Amar, Chief Executive Officer, and Simon Zaks, SVP of

Communications and Investor Relations at Teleperformance, today (June 17th) in our

London office, as part of our 2026 Goldman Sachs Business Services, Transport &

Leisure conference.

Key Takeaways

n Messaging was consistent with 1Q, with the company expecting 0-2% lfl growth

in 2026, and with growth expected to be 2H weighted. The key areas of drag

near term are automation in Trust & Safety and offshoring.

n TEP sees scope for revenue growth upside from AI through 3 main drivers: (1)

outcome-based activities (retention and collection activities, helping clients in

their sales process to large customers and SMEs) (2) helping with AI value chain

(eg. training LLMs, or specialized AI solutions like in healthcare), and (3) vendor

consolidation, as large clients look for more strategic partners who can deliver

integrated services.

n The company indicated ongoing potential for deflation on pricing (due to

offshoring etc.), which they expect to be more than offset by AI-driven cost

efficiencies; however, given ongoing investments into AI by clients, it is also

seeing vendor consolidation, with clients preferring companies that have balance

sheet strength. TEP sees this as an opportunity to gain share as a result.