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Endava (DAVA) investor relations material
Endava Citi’s 2025 Global Technology, Media and Telecommunications Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Citi’s 2025 Global Technology, Media and Telecommunications Conference summary5 Sep, 2025
Industry environment and demand trends
IT services demand has shifted post-COVID, with enterprises now focusing on controlling technology spend and requiring stronger business cases for projects.
The sector is experiencing a pause similar to the early 2000s, driven by macroeconomic pressures and rapid AI advancements.
Gen AI and Agentic AI are seen as transformative, requiring deeper integration into client core systems and more complex engineering than previous digital transformation waves.
Client priorities remain inconsistent, but concerns over security, scalability, and regulation have eased compared to a year ago.
Large deal activity is increasing, with eight major deals closed in Q4 and a record order book, though revenue impact is expected to ramp gradually.
Business model evolution and deal structure
Shift from time-and-materials (T&M) to outcome-based contracts is accelerating, with outcome-based deals now at 23%, up from 17% a year ago.
Larger deals tend to be longer-term and more outcome-focused, reflecting increased confidence in managing risk and delivering business impact.
Flexible pricing structures and new offerings like Endava Flow are being adopted, with some deals providing immediate revenue uplift and others ramping more slowly.
Focus is shifting to larger clients, reducing the long tail of small accounts to improve operational efficiency and revenue quality.
Top 10 clients now account for 37% of revenue, up from 32%, with larger programs concentrated in this cohort.
Financial guidance and operational outlook
Guidance for the year is conservative, with 70% of revenue contracted or committed, up from 60% last year.
Revenue is expected to be flat for the year, with a sequential decline in Q1 due to weakness in payments and TMT, and growth picking up in the second half as large deals ramp.
Gross margin and adjusted operating margin will be pressured by investments in AI and bonus reestablishment, with adjusted PBT expected to end the year at about 8%, down from nearly 11%.
Headcount will see modest growth, mainly at the junior level through graduate recruitment, with a focus on data and AI skills.
Revenue per head is expected to rise over the next two to three years as AI-driven productivity and outcome-based pricing increase.
What's delaying large GenAI project scaling?
How will outcome-based deals impact revenue/head?
What's the outlook for the payments vertical?
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Q1 202611 Nov, 2025
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Frequently asked questions
Endava plc provides technology services for clients in the consumer products, healthcare, mobility, and retail verticals in Europe, Latin America, North America, and internationally. The company offers outsourcing services, including software development and support, product engineering, infrastructure management, testing and quality assurance services, web portal design and development, and business intelligence solutions. It also provides consulting services that include enterprise architecture assessments; software engineering process and practices analysis; application modernization analysis; special project services; needs assessment analysis; product life cycle management; mobility analyses; usability studies and design; systems integration strategy; cloud core offerings strategies; capacity expansion strategies; packaged application strategy; infrastructure architecture strategies.
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