ACN: F3Q26 Results: Tough Macro Weighed on Results; FY27 to Improve

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ACN: F3Q26 Results: Tough Macro Weighed on Results; FY27 to Improve

RBC Capital Markets, LLC

David Paige (Analyst)

(646) 703-1063, david.paige@rbccm.com

Ashish Sabadra (Analyst)

(415) 633-8659, ashish.sabadra@rbccm.com

William Qi (AVP)

(646) 618-6963, william.qi@rbccm.com

June 18, 2026

Accenture plc Outperform

NYSE: ACN; USD 127.98RESEARCH F3Q26 Results: Tough Macro Weighed on Results; Price Target USD 175.00 ↓ 253.00

FY27 to Improve Scenario Analysis*

Our view: Bookings and guidance were below expectations, due to the

Middle East conflict ($100m headwind), elongated EMEA decision cycles, DownsideScenario CurrentPrice TargetPrice ScenarioUpside

and two large managed services opportunities slipping into FY27. However,

we view FY27 as a recovery year. Underlying AI demand remains healthy— 100.0017% 127.98 175.0042% 200.0061%

100 new advanced AI projects initiated in F3Q signal strong fundamentals.

*Implied Total ReturnsEQUITY Growth should accelerate as the federal headwind sunsets, large managed Key Statistics

services deals close and ramp, and AI bookings convert to revenue. The Shares O/S (MM): 622.6 Market Cap (MM): 79,685

~$9bn OT cybersecurity acquisitions and Accenture Edge platform should Dividend: 6.52 Yield: 5.1%

contribute modestly in FY27 while establishing higher-growth vectors for Debt to Cap: 0% Avg. Daily Volume: 5,623,302 Priced at 12:00pm ET on 03/19/2026

2028+.

RBC Estimates

Key points: FY Aug 2024A 2025A 2026E 2027E

F3Q26 bookings trends. Bookings of $19.3bn were down 3% y/y, driven by Revenue 64,896.0 69,673.0 73,533.0 77,402.0

Consulting bookings of $10.3bn (1.1 book-to-bill) and Managed Services of Prev. 74,250.0 78,155.0

EPS, Adj Diluted 11.95 12.93 13.84 14.76 $9.1bn (1.0 book-to-bill). Bookings were negatively impacted by ~$100m Prev.