Accenture plc J.P. Morgan TMC Conference Takeaways

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Accenture plc J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

18 May 2026

Accenture plc Overweight

ACN, ACN US

J.P. Morgan TMC Conference Takeaways Price (15 May 26):$168.82

Payments, Processors & IT Services

We hosted Accenture CEO Julie Sweet today at our TMC conference, where she Tien-tsin Huang, CFA AC

discussed AI and its impact on the company. The key takeaways were: 1) the (1-212) 622-6632

company is positioning itself as the scaled execution layer for enterprise AI tien-tsin.huang@jpmorgan.com

transformation, validated by frontier model companies needing services partners, Puneet Jain

2) ACN has navigated change management around AI well (and at enormous scale) (1-212) 622-1436

and believes geopolitical uncertainty, agentic commerce, and the shift to outcome- puneet.x.jain@jpmorgan.com

based models are creating durable new demand vectors beyond cyclical IT Brendan Biles

spending. Detailed takeaways below: (1-212) 270-0880

brendan.biles@jpmorgan.com

• Accenture is guiding clients through uncertainty. Clients are grappling with Abbey Hochreiner

three major challenges beyond AI: supply chain resilience, shifting global (1-212) 270-5798

abbey.hochreiner@jpmchase.com

strategies, and macroeconomic uncertainty. ACN is helping clients navigate J.P. Morgan Securities LLC

this geopolitical complexity by accelerating cost savings initiatives, pulling

forward growth plans, and rethinking supply chains. Discretionary spending

has been constrained for twelve consecutive quarters, leading ACN to treat the

environment as structurally challenged rather than waiting for a cyclical

unlock. Instead, ACN is leaning into areas where spending remains robust,

including cybersecurity, AI buildouts, and an expanding mid-market push