Amdocs Limited Q3 2025 Earnings

Amdocs Limited Q3 2025 Earnings

• 1. Amdocs Limited NASDAQ: DOX Fiscal Q3 2025 Earnings Presentation August 6, 2025 Shuky Sheffer President & CEO Tamar Rapaport-Dagim CFO & COO

• 2. 2 Information Security Level 2 – Sensitive. © 2025 – Proprietary & Confidential Information of Amdocs Disclaimer The information contained herein in this presentation or delivered or to be delivered to you during this presentation does not constitute an offer, expressed or implied, or a recommendation to do any transaction in Amdocs Limited securities or in any securities of its affiliates or subsidiaries. This presentation and the comments made by members of Amdocs management in conjunction with it can be found on the Investor Relations section of our website, and, as always, a copy of today’s prepared remarks will also be posted immediately following the conclusion of this call. This presentation includes information that constitutes forwardlooking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements about Amdocs’ growth and business results in future quarters and years. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the effects of general macroeconomic conditions, prevailing level of macroeconomic, business and operational uncertainty, including as a result of geopolitical events or other regional events or pandemics, changes to trade policies including tariffs and trade restrictions, as well as the current inflationary environment, and the effects of these conditions on the Company’s customers’ businesses and levels of business activity, including the effect of the current economic uncertainty and industry pressure on the spending decisions of the Company’s customers. Amdocs’ ability to grow in the business markets that it serves, Amdocs’ ability to successfully integrate acquired businesses, adverse effects of market competition, rapid technological shifts that may render the Company’s products and services obsolete, security incidents, including breaches and cyberattacks to our systems and networks and those of our partners or customers, potential loss of a major customer, our ability to develop long-term relationships with our customers, our ability to successfully and effectively implement artificial intelligence and Generative AI in the Company’s offerings and operations, and risks associated with operating businesses in the international market. Amdocs may elect to update these forward-looking statements at some point in the future; however, Amdocs specifically disclaims any obligation to do so. These and other risks are discussed at greater length in Amdocs’ filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2024 filed on December 17, 2024, and our Form 6-K furnished for the first quarter of fiscal 2025 on February 18, 2025, and for the second quarter of fiscal 2025 on May 19, 2025. This presentation includes non-GAAP financial measures, including non-GAAP operating margin, free cash flow, revenue on a constant currency basis, non-GAAP net income, non-GAAP net income attributable to Amdocs Limited, and non-GAAP earnings per share. Free cash flow equals cash generated by operating activities less net capital expenditures. While in prior years Amdocs used normalized free cash flow, a measure of our operating performance, is further adjusted to exclude net capital expenditures related to the new campus development, payments for non-recurring and unusual charges (such as capital gains tax to be paid in relation to the divestiture of OpenMarket), and payments of acquisition related liabilities, Amdocs is no longer reporting normalized free cash flow. Normalized free cash flow is not comparable to free cash flow. These non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. Amdocs believes that non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with Amdocs’ results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Amdocs’ results of operations in conjunction with the corresponding GAAP measures. Please refer to the appendix for a reconciliation of these metrics to the most comparable GAAP provision. This presentation also includes pro forma metrics which exclude the financial impact of OpenMarket (divested on December 31, 2020) from fiscal year 2021. Please also review the information contained in Amdocs’ press release dated August 6, 2025, with respect to earnings for fiscal Q3 2025. The press release contains additional information regarding Amdocs’ outlook for fiscal year 2025 and certain non-GAAP metrics and their reconciliations. 2 Information Security Level 0 – Public. © 2025 – Proprietary & Confidential Information of Amdocs

• 3. 3 Information Security Level 2 – Sensitive. © 2025 – Proprietary & Confidential Information of Amdocs Today’s Speakers Tamar Rapaport-Dagim Chief Financial Officer & Chief Operating Officer Shuky Sheffer President & Chief Executive Officer 3

• 4. 4 Information Security Level 2 – Sensitive. © 2025 – Proprietary & Confidential Information of Amdocs Earnings Call Agenda Strategy & business performance update 1 2 3 Shuky Sheffer, President & Chief Executive Officer Financial review & outlook Tamar Rapaport-Dagim, Chief Financial Officer & Chief Operating Officer Q&A

• 5. 5 Information Security Level 2 – Sensitive. © 2025 – Proprietary & Confidential Information of Amdocs Strategy and business performance update President & Chief Executive Officer Shuky Sheffer

• 6. 6 Information Security Level 2 – Sensitive. © 2025 – Proprietary & Confidential Information of Amdocs Q3 FY 2025: Solid Financial Results +280 bps YoY +10 bps QoQ Driven by internal efficiency improvements Slightly above midpoint of guidance +3.0% YoY(1) Revenue Non-GAAP operating margin(3) Non-GAAP EPS(3) 12-month backlog Up ~3.5% YoY(1)(2) Exceeding guidance midpoint Record quarter in Europe $1.14B 21.4% $1.72 $4.15B 1. For comparison purposes, pro forma adjusts third quarter fiscal year 2024 revenue by approximately $150 million and fiscal 2024 revenue by approximately $600 million to reflect the end of certain low margin, noncore business activities; these activities substantially already ceased in the first quarter fiscal 2025 and are not included in the full year fiscal 2025 revenue outlook 2. Constant currency. Assumes exchange rates in the current period were unchanged from the prior period 3. Non-GAAP. See reconciliation tables in appendix Information Security Level 0 – Public. © 2025 – Proprietary & Confidential Information of Amdocs Our global team of amazing people continued to support the strategic business imperatives of our customers with innovative cloud, digital and AI-based solutions

• 7. 7 Information Security Level 2 – Sensitive. © 2025 – Proprietary & Confidential Information of Amdocs Healthy third-quarter sales momentum Unparalleled project execution Powering mission-critical needs, scaling our customer activities over time Philippines Expanded multi-year managed services agreements Close to 100% renewal rates Brazil B2B modernization AI amAIz GenAI Agents amAIz billing agent AI Data Platform, CX Insights & amAIz suite Q3 Operational Highlights Cloud modernization SA Record quarter in managed services Leading Eastern European Operator Cloud migration Cloud Major Deployments Italy & Netherlands Leading US Service Provider Leading US Service Provider

• 8. 8 Information Security Level 2 – Sensitive. © 2025 – Proprietary & Confidential Information of Amdocs Accelerate the journey to the cloud Digitalize customer experience for consumer and B2B Strategic Growth Framework 8 Simplify and accelerate the adoption of Generative AI and Data Services Monetize next-generation network investments Streamline and automate complex network ecosystems

• 9. 9 Information Security Level 2 – Sensitive. © 2025 – Proprietary & Confidential Information of Amdocs Selected projects Business value Cloud Accelerate the journey to the cloud Strong partnerships B2B modernization Accelerate time to market, streamline lead-to-order, and unify experience across mobile & fixed-services Reduce infrastructure costs, improve agility and accelerate development cycles Brazil Modernize legacy enterprise B2B systems Cloud-based Customer Experience platform Transform customer experience and operational agility Leading Eastern European CSP Progress in Strategic Domains – Cloud Amdocs’ cloud-native ‘telco in a box’ SaaS platform Enables quick launch of new digital brands & services Brazil Poland South Africa US Adding to the growing list of customers: Vietnam On track to deliver double-digit cloud growth in FY25 Several new logos adopted connectX recently CP GCP

• 10. 10 Information Security Level 2 – Sensitive. © 2025 – Proprietary & Confidential Information of Amdocs Selected projects Business value Strategic foundation on which to demonstrate value and gradually scale our customer activities in this emerging domain over time amAIz billing agent Simplify billing enquiries and enhance customer experience Transform telecom data into actionable insights and leverage real-time predictive analytics AI & data platform, Customer Experience Insights and amAIz suite GenAI and Data Services Simplify and accelerate the adoption of GenAI & Data Services Transform e& customer-facing channels through GenAI Additional new amAIz GenAI use cases UAE Progress in Strategic Domains – GenAI & Data Services Leading US Service Provider

• 11. 11 Information Security Level Information Security Level 2 – Sensitive. © Sensitive. © 2025 – Proprietary & Confidential Information of Amdocs Proprietary & Confidential Information of Amdocs Progress in Additional Key Strategic Pillars Business value Acquiring Mobia`s telco network engineering business Expand fiber offering & fiber customer footprint in Canada Bill Presentment extension Multi-year commitment to leverage solution across all services. Multi-year OSS digitization Benefit from Amdocs’ GenAI and network automation capabilities Openet managed services engagement renewal 5G policy control capabilities Brazil Philippines Policy platform agreement Better serve evolving needs of prepaid & postpaid customers E2E RAN optimization services engagement Benefit from full spectrum of RAN optimization services Billing, Charging & Catalog modernization Establish converged, cloud-ready monetization platform Macedonia Fiber engineering services Supporting fiber expansion across AT&T’s markets as a key design partner Digital transformation Enhance customer experience for the consumer

• 12. 12 12 Information Security Level 3 – Highly sensitive. © 2024 – Proprietary & Confidential Information of Amdocs Information Security Level 0 – Public. © 2025 – Proprietary & Confidential Information of Amdocs Current Operating Environment Uncertain global macroeconomic environment • Watching for impacts on us and on our customers’ spending behavior Rich and encouraging pipeline of opportunities • Large serviceable addressable market of nearly $60 billion Healthy 12-month backlog position • On track to hit double-digit growth target in cloud this year

• 13. 13 Information Security Level 0 – Public. © 2025 – Proprietary & Confidential Information of Amdocs On-track to Deliver Expected Double-Digit Total Shareholder Return for the 5th Year Running in FY 2025 A 2.4%-3.4% YoY growth Expect 2.9% midpoint in pro forma, constant currency, +20 bps compared with previous outlook Double-digit cloud growth in FY2025 Revenue(1)(2) 21.1% - 21.7% % margin C Non-GAAP EBIT(3) Tracking towards the guidance midpoint, up 300 bps from a year ago including 60-70 bps from internal efficiency gains 8.0%-9.0% YoY growth D $710m-$730m >90% earning-to-cash flow conversion, and attractive free cash flow yield(4) of ~7% Free cash flow Non-GAAP EPS() B Reiterating 8.5% midpoint Positioned for double-digit expected total shareholder returns(5)in FY2025 1. For comparison purposes, pro forma adjusts third quarter fiscal year 2024 revenue by approximately $150 million and fiscal 2024 revenue by approximately $600 million to reflect the end of certain low margin, non-core business activities; these activities substantially already ceased in the first quarter fiscal 2025 and are not included in the full year fiscal 2025 revenue outlook 2. Constant currency. Assumes exchange rates in the current period were unchanged from the prior period 3. Non-GAAP. See reconciliation tables in appendix 4. Yield = expected free cash flow of $720M, the midpoint of FY2025 FCF guidance before restructuring payments, as a percentage of Amdocs’ market capitalization as of 8/6/2025 5. Expected total shareholder return = Non-GAAP EPS growth plus dividend yield); assumes the midpoint of fiscal 2025 non-GAAP EPS growth outlook, and dividend yield based on quarterly rate of $0.527 as of share price on 11/12/24

• 14. 14 Information Security Level 2 – Sensitive. © 2025 – Proprietary & Confidential Information of Amdocs Financial review & outlook Chief Financial Officer & Chief Operating Officer Tamar Rapaport-Dagim

• 15. 15 Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs Solid Q3 FY2025 financial results North America, $745 Europe, $189 Rest of World, $210 Recordquarter in Europe $1,130 $1,144 Original Q3F25 Guidance (midpoint) Q3F25A Q3 2025 Revenue by Region $ Millions Q3 2025 Revenue vs. Guidance $ Millions ~17% ~18% ~65% 1. For comparison purposes, pro forma adjusts third quarter fiscal year 2024 revenue by approximately $150 million and fiscal 2024 revenue by approximately $600 million to reflect the end of certain low margin, non-core business activities; these activities substantially already ceased in the first quarter fiscal 2025 and are not included in the full year fiscal 2025 revenue outlook 2. Constant currency. Assumes exchange rates in the current period were unchanged from the prior period 3. Non-GAAP. See reconciliation tables in appendix Sequential growth across regions Above guidance midpoint, even without ~$9m positive currency impact Key Metrics: Revenue: $1.144m -8.4% YoY as reported +3.5% YoY pro forma(1) constant currency(2) Non-GAAP(3) Operating Margin $1.72 Above guidance midpoint ($1.68 – $1.74) GAAP Diluted EPS $1.39 Above guidance range ($1.30 - $1.38) Non-GAAP(3) Diluted EPS 21.4% +280 bps YoY, +10 bps QoQ

• 16. 16 Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs Record managed services revenue in Q3 FY2025, supporting visibility and business resilience $741 Q3F24 Q3F25 67% of Q3 2025 revenue managed services ~100% contract renewals Close to Managed services arrangements support business model resiliency with highly recurring revenue streams, multi-year engagements and high renewal rates, and may also include largescale digital transformation projects Record Managed Services ~$771m Extended engagement, continuing a multi-year OSS digitization Digital transformation as part of a multi-year managed services engagement Expanded multi-year managed services engagement to transform billing, commerce, catalog and order management through GenAI powered solutions Leading US Service Provider

• 17. 17 Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs Strong balance sheet and cash flow Cash, Credit Facility & Debt Position $ Millions, as of June 30, 2025 Liquidity: Cash + Credit Facility $842 million Ample liquidity including available $500M revolving credit facility Committed to maintaining our Investment grade credit rating Baa1 Moody’s BBB S&P ~$342 $500 $650 Liquidity Debt Credit Facility Cash (2) Ample liquidity to support ongoing business needs while retaining the capacity to fund future strategic growth investments 1. Non-GAAP. See reconciliation tables in appendix 2. $650M senior note, maturing June 2030 DSO’s 76 days -1 day QoQ and +2 days YoY DSO’s may fluctuate from quarter to quarter Unbilled receivables net of deferred revenue declined by $71 million sequentially in Q3, aggregating the short-term and long-term balances The net difference between unbilled receivables and deferred revenue fluctuates from quarter to quarter, in line with normal business activities as well as progress on multi-year transformation programs Q3 2025 Free cash flow(1) bridge ~$241 ~$29 ~$230 $212 Operating Cash Flow Net capex Reported FCF Figures may not sum due to rounding * FCF includes ~$19M restructuring payments*

• 18. 18 Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs Disciplined capital allocation 100% 99% 104% 96% 112% $527 $869 $665 $718 $694 $720 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025E 88% 140% % FCF 102% 101% 93% >90% (1)(3)(5)(6)(7)/ Non-GAAP Net Income(1) FCF ($M) (1)(3)(5)(6)(7) % of FCF(1)(3)(5)(6)(7) Returned to Shareholders FCF: Five-year historical trend and FY2025E outlook (Guidance) FY2025E guidance: return majority Share repurchases, $135 Dividends, $59 ~$1.12B aggregate remaining share repurchase authorization Dividend Board authorized quarterly dividend payment: 52.7 cents Payable on October 31, 2025, to shareholders on record date of September 30, 2025 $194M Returned to shareholders in Q3 Share Repurchase Authorization Normalized (1)(3) ~7% Free cash flow yield(2) FY 2025 free cash flow(1)target reiterated: $710-$730M (before restructuring payments) >90% Earnings to cash conversion 1. Non-GAAP. See appendix tables for reconciliation of FCF 2. Yield = expected free cash flow of $720M, the mid point of FY2025 FCF guidance before restructuring payments, as a percentage of Amdocs’ market capitalization as of 8/6/2025 3. FCF in FY2020, FY2021 and FY2022 is presented on a normalized basis, which mainly excludes net capital expenditures related to the new campus development; normalized FCF disclosure is not applicable as of FY2023 onward 4. Refer to https://investors.amdocs.com/ and earnings reports issued on 11/2/2021 and 11/8/2022 for reconciliation of normalized FCF in FY2020, FY2021 and FY2022 5. FY2023 excludes $20M restructuring payments 6. FY2024 excludes $75M restructuring payments 7. FY2025 assumes midpoint of $710-$730M guidance range, before restructuring payments

• 19. 19 Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs Leading indicators & visibility: 12-month backlog $4.15B 12-Month Backlog 12-month backlog as percent of forward 12-month revenue Leading Indicator ~90% 2.7% 2.5% 2.7% 3.5% 3.0% Q3F24 Q4F24 Q1F25 Q2F25 Q3F25 Quarterly 12-Month Backlog Growth YoY % 12-month backlog includes: Anticipated revenue related to contracts Estimated revenue from managed services contracts Letters of intent Maintenance Estimated ongoing support activities 1. For comparison purposes, pro forma adjusts third quarter fiscal year 2024 revenue by approximately $150 million and fiscal 2024 revenue by approximately $600 million to reflect the end of certain low margin, non-core business activities; these activities substantially already ceased in the first quarter fiscal 2025 and are not included in the full year fiscal 2025 revenue outlook Up 3.0% YoY on a pro-forma(1) basis

• 20. 2.4% 7.0% 10.3% 7.7% 2.7% 2.4% FY2020 FY2021 FY2022 FY2023 FY2024 FY2025E 3.4% 1. For comparison purposes, pro forma adjusts third quarter fiscal year 2024 revenue by approximately $150 million and fiscal 2024 revenue by approximately $600 million to reflect the end of certain low margin, non-core business activities; these activities substantially already ceased in the first quarter fiscal 2025 and are not included in the full year fiscal 2025 revenue outlook 2. Pro forma metrics exclude the financial impact of OpenMarket (which was divested on December 31, 2020) from fiscal year 2021. 3. Constant currency. Assumes exchange rates in the current period were unchanged from the prior period FY2025 revenue growth of 2.4%-3.4% YoY in pro forma(1) constant currency (3), +20bps at midpoint compared to previous outlook Revenue Growth YoY% Growth Constant Currency(3) (2)(3) (2)(3) (3) (1) Expects 2.9% guidance midpoint (3) (3) (3) Fiscal 2025 revenue growth outlook incorporates another year of double-digit growth in cloud

• 21. Driving continued profitable growth 17.2% 17.5% 17.6% 17.8% 18.4% FY2020 FY2021 FY2022 FY2023 FY2024 FY2025E Guidance Range Non-GAAP Operating Margin 16.5% 17.5% 17.2% 17.8% 18.1% 18.7% 21.7% 21.1% +300 bps YoY at guidance midpoint 21.1%-21.7% Annual Non-GAAP(1) Operating Margin: FY2020 – FY2025E (2) 230 bps from phase out of low-margin business activities 60-70 bps from operational excellence, automation and gradual implementation of Gen AI 1. Non-GAAP. See reconciliation tables in appendix 2. Refer to https://investors.amdocs.com/ and earnings reports issued on 11/8/2018, 11/12/19, 11/10/20, 11/2/2021, 11/8/2022, 11/7/2023 and 11/12/2024 for reconciliation of non-GAAP operating margin in FY2018, FY2019, FY2020, FY2021, FY2022, FY2023 and FY2024

• 22. 22 Information Security Level 0 – Public. © 2024 – Proprietary & Confidential Information of Amdocs 3.0% 9.8% 12.1% 11.5% 2.3% 1.9% 2.0% 2.1% 2.2% 2.3% 5.3% 11.7% 14.1% 13.6% 9.0% FY2020 FY2021 FY2022 FY2023 FY2024 FY2025E Non-GAAP Diluted EPS Growth Dividend Yield Total Shareholder Return On-track to deliver double-digit expected total shareholder returns 8.0% (1) *Non-GAAP(2) EPS growth of 8.5%, plus ~2.3% dividend yield (1) Reiterating 8.5% guidance midpoint 10.8%* 11.2% 9.0% Total Shareholder Return(3)(4) Non-GAAP(2) Diluted EPS Growth YoY % + Dividend Yield FY21 and FY22 non-GAAP(2) EPS growth is presented pro forma(1) For the 5th consecutive year in FY2025E 1. Pro forma metrics exclude the financial impact of OpenMarket (which was divested on December 31, 2020) from fiscal year 2021. 2. Non-GAAP. See reconciliation tables in appendix 3. Expected total shareholder return assumes Non-GAAP EPS growth plus dividend yield (based on fiscal year end closing share price); FY2025E assumed 8.5% midpoint of non-GAAP EPS outlook, and dividend yield based on quarterly rate of $0.527 as of share price on 11/12/24 4. Refer to https://investors.amdocs.com/ and earnings reports issued on 11/10/2020, 11/2/2021, 11/8/2022, 11/7/2023 and 11/12/2024 for non-GAAP reconciliation in FY2019, FY2020, FY2021, FY2022, FY2023 and FY2024 Reiterating 8.5% midpoint of non-GAAP(2) EPS growth outlook of 8.0%-9.0% in FY2025E

• 23. 23 Information Security Level 0 – Public. © 2025 – Proprietary & Confidential Information of Amdocs Q&A

• 24. 24 Information Security Level 0 – Public. © 2025 – Proprietary & Confidential Information of Amdocs Outlook & Reconciliation Tables Appendix

• 25. 25 Information Security Level 2 – Sensitive. © 2025 – Proprietary & Confidential Information of Amdocs Information Security Level 0 – Public. © 2025 – Proprietary & Confidential 25 Information of Amdocs Q4 Fiscal 2025 Outlook Revenue $1,125 - $1,165 million GAAP EPS $1.41 - $1.49 Non-GAAP(1) EPS $1.79 - $1.85 Share Count 111 million Full Year Fiscal 2025 Outlook Updated Previous Revenue growth As reported (10.0)% - (9.0)% (10.9)% - (9.1)% Revenue growth Pro forma(2) Constant currency(3) 2.4% - 3.4% 1.7% - 3.7% GAAP EPS growth 31.5% - 33.5% 28.0% - 35.0% Non-GAAP(1) EPS growth 8.0% - 9.0% 6.5% - 10.5% Operating Margin Non-GAAP(1) 21.1% - 21.7% 21.1% - 21.7% Effective Tax Rate Non-GAAP(1) 15.0% - 17.0% 15.0% - 17.0% Free cash flow(1) $710-$730 million $710-$730 million 1. Non-GAAP. See reconciliation tables in appendix. Free cash flow outlook is before expected restructuring payments 2. For comparison purposes, pro forma adjusts fiscal 2024 revenue by approximately $600 million to reflect the end of certain low margin, non-core business activities which substantially already ceased in the first quarter of fiscal 2025 and are not included in the full year fiscal 2025 revenue outlook 3. Constant currency. Assumes exchange rates in the current period were unchanged from the prior period Q4 & FY2025 Outlook Positioned for double-digit expected total shareholder return for the 5th year running

• 26. 26 Information Security Level 2 – Sensitive. © 2025 – Proprietary & Confidential Information of Amdocs Information Security Level 0 – Public. © 2025 – Proprietary & Confidential 26 Information of Amdocs a) During the three months ended December 31, 2024, we phased out several low-margin, noncore business activities, which were included in the prior periods numbers b) The amounts under "Purchase of property and equipment, net”, include immaterial proceeds from sale of property and equipment for the three and nine months ended June 30, 2025 and 2024, respectively. Reconciliation Tables

• 27. 27 Information Security Level 2 – Sensitive. © 2025 – Proprietary & Confidential Information of Amdocs Information Security Level 0 – Public. © 2025 – Proprietary & Confidential 27 Information of Amdocs Reconciliation Tables

• 28. 28 Information Security Level 2 – Sensitive. © 2025 – Proprietary & Confidential Information of Amdocs Information Security Level 0 – Public. © 2025 – Proprietary & Confidential 28 Information of Amdocs Reconciliation Tables

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