Pegasystems J.P. Morgan TMC Conference Takeaways

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Pegasystems J.P. Morgan TMC Conference Takeaways

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

18 May 2026

Pegasystems Overweight

PEGA, PEGA US

J.P. Morgan TMC Conference Takeaways Price (15 May 26):$33.71

Vertical SaaS & HealthTech

Alexei Gogolev AC

(1-212) 622-9391

We hosted a fireside chat with the management of Pegasystems (PEGA – alexei.gogolev@jpmorgan.com

Overweight ), Alan Trefler (Founder and CEO) and Ken Stillwell (CFO & COO), Destiny Jackson

at our 54th annual J.P. Morgan Global TMC Conference. Our key takeaways (1-212) 622-4360

destiny.jackson@jpmorgan.com

include:

Ella Smith

• Product & Innovation. Management positioned Blueprint as a design-time (1-212)ella.smith@jpmchase.com622-2451

application of frontier models to help customers reimagine workflows—

Isabella A Camaj particularly in modernization scenarios like replacing older systems or

(1-212) 834-2379

consolidating multiple systems after M&A. They described Blueprint as bella.camaj@jpmorgan.com

embedding decades of Pega workflow best practices into the design process J.P. Morgan Securities LLC

and ingesting a range of inputs to generate a customer-specific workflow

design. The key architectural distinction they emphasized was using AI heavily

at design time but being selective at runtime—using AI narrowly for tasks like

language translation and workflow selection while executing governed

workflows for predictable outcomes.

• AI Strategy & Token usage. Management highlighted how quickly token

costs have become central in customer conversations, with CFO Stillwell

noting that nearly every recent client discussion includes “how many tokens”

will be charged. PEGA framed its approach as optimizing where AI is used—

leaning into design-time reasoning while minimizing runtime token-intensive