Key Takes — Jefferies Nasdaq Tech Conference

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Key Takes — Jefferies Nasdaq Tech Conference

USA | Technology & Information Services

Cognizant Technology EquityJuneResearch15, 2026

ESTIMATE CHANGEKey Takes — Jefferies Nasdaq Tech Conference

We come away a bit more cautious on the near-term, offset by a more positive RATING BUY

view of the long-term. Macro and pace of change are slowing client decision- PRICE $52.17^

making, but the opportunity set is growing. Conversations spanned a range of PRICE TARGET | % TO PT $65.00 | +25%

topics, aided by a diverse set of investors and a wide range of views. We also 52W HIGH-LOW $87.03 - $45.48

fortuitously met with the mgmt team of a large Indian competitor, which was FLOAT (%) | ADV MM (USD) 98.9% | 445.66

insightful, and helped frame our conversation with CTSH mgmt. MARKET CAP $24.9B

TICKER CTSH

Financial Outlook: ^Prior trading day's closing price unless otherwise noted.

1. No change in the demand environment since 1Q earnings, implying organic growth in 2Q

appears to be on target. Discretionary remains weak, with demand for cost takeout continuing. FY (Dec) CHANGE TO JEFe JEF vs CONS

2. Close of Astreya acquisition ($25-30M rev/month) delayed, but not at risk. 2Q guide assumes 2026 2027 2026 2027

the deal would close by June 1, so some headwind to 2Q reported numbers. REV NA NA NM +1%

3. Full year revenue guidance not yet at risk, but the midpoint assumes an improvement in

EPS NA NA NM +3%

discretionary spend. If current trends persist, may need to revisit during 2Q earnings.

4. Mgmt expressed confidence of its ability to continue expanding margins of +10-30 bps beyond

2026 ($) Q1A Q2 Q3 Q4 FY

expansion in 2026. Project Leap adjusts the delivery base to be more AI native / productive.

EPS 1.40 1.37 1.47 1.48 5.71

5.