F3Q26 Preview—Difficult to Shake the AI Disruption Narrative; Lowering F27/28

研报英文原文证据摘录

F3Q26 Preview—Difficult to Shake the AI Disruption Narrative; Lowering F27/28

g guide.

Organic growth in Consulting is likely flat y/y in F3Q. We believe Consulting organic growth is•

unlikely to materially improve in the year ahead (i.e., F2027). Exhibit 1 - Jefferies Estimates vs. Consensus

Estimates andRangeConsensusreflects 5% spread for quarters and 10% for annual EPS Estimates Rangeand reflectsConsensus30% spread for quarters and 15% for annual

Jefferies Jefferies Mean ConsensusRevenueLow High Mean ConsensusAdjLow High Organic growth in Managed Services is likely to persist near current MSD levels. Managed F3Q26 18,922 18,775 18,522 19,001 F3Q26 3.73 3.72 3.60 3.84• $18,300 $18,500 $18,700 $18,900 $19,100 $3.15 $3.35 $3.55 $3.75 $3.95 $4.15

F4Q26 3.37 3.30 3.19 3.43 Services bookings have been lumpy (+3% in F2Q26), but are up 10% through the fiscal year. F4Q26 18,608 18,530 18,336 18,854 $18,050 $18,250 $18,450 $18,650 $18,850 $2.80 $3.00 $3.20 $3.40 $3.60 $3.80

FY2026 74,317 74,027 73,557 74,406 FY2026 14.06 13.86 13.65 14.15 ACN Federal, which is approx. 8% of total revenues, was a -1.0% headwind to F2Q26 revenue $70,300 $71,800 $73,300 $74,800 $76,300 $12.80 $13.30 $13.80 $14.30 $14.80• FY2027 78,680 77,778 75,688 79,151 FY2027 15.32 14.90 14.07 15.22

growth, and should continue at these levels in F3Q. Starting in F4Q, the headwind would have

. Range$74,000reflects$75,5005%$77,000spread $78,500for quarters$80,000and $81,50010% for annual Range$13.75reflects$14.2530% spread$14.75for quarters$15.25 and$15.7515% for annual

been overlapped, making y/y growth comps easier. Source: FactSet, Jefferies

Expect quarterly commentary to remain focused on AI project examples and the work being• Exhibit 2 - ACN Outperformance vs. S&P 500