# EDGAR Filing Document

**Accession Number:** 0001720420
**File Stem:** 0001720420-26-000005
**Filing Date:** 2026-2
**Character Count:** 35170
**Document Hash:** a9a9663604483f1082ab79d1a3d1b9dc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001720420-26-000005.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0001720420-26-000005

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260205

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IBEX Ltd
- **CENTRAL INDEX KEY:** 0001720420
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38442
- **FILM NUMBER:** 26603093

**BUSINESS ADDRESS:**
- **STREET 1:** 1717 PENNSYLVANIA AVENUE NW
- **STREET 2:** SUITE 825
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20006
- **BUSINESS PHONE:** (202)580-6200

**MAIL ADDRESS:**
- **STREET 1:** 1717 PENNSYLVANIA AVENUE NW
- **STREET 2:** SUITE 825
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20006

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IBEX Holdings Ltd
- **DATE OF NAME CHANGE:** 20171023

?xml version='1.0' encoding='ASCII'? ibex-20260205

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

____________________________________________________________

**FORM 8-K**

____________________________________________________________

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d)**

**of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): February 5, 2026

____________________________________________________________

**IBEX Limited**

(Exact name of registrant as specified in its charter)

____________________________________________________________

---

| | | |
|:---|:---|:---|
| **Bermuda** | **001-38442** | **00-0000000** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

**1717 Pennsylvania Avenue NW, Suite 825**

**Washington, District of Columbia 20006**

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: **(202) 580-6200**

**Not applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Each Exchange on Which Registered** |
| **Common shares, par value of $0.000111650536** | **IBEX** | **Nasdaq Global Market** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; □

------

**Item 2.02. Results of Operations and Financial Condition.**

On February 5, 2026, IBEX Limited issued a press release announcing its financial results for its second fiscal quarter ended December 31, 2025.

A copy of the February 5, 2026 press release is attached hereto as Exhibit 99.1 to this current report on Form 8-K.

The information in this Item 2.02, including the exhibits attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.

**Item 9.01. Financial Statements and Exhibits** 

(d) Exhibits.

**EXHIBIT INDEX** 

**Exhibit No.&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Description**

<u>[99.1](ibex-20260205exx991.htm)</u>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Press release announcing financial results for the second fiscal quarter ended December 31, 2025,

dated February 5, 2026

104&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | **<u>IBEX LIMITED</u>** | **<u>IBEX LIMITED</u>** |
| | (Registrant) | (Registrant) |
| Date: February 5, 2026 | /s/ Taylor Greenwald | /s/ Taylor Greenwald |
| | (Signature) | (Signature) |
| | Name: | Taylor Greenwald |
| | Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![image_0a.jpg](image_0a.jpg)

**IBEX Reports Record Quarterly Revenue and EPS, Raises Fiscal Year Guidance**

&nbsp;&nbsp;&nbsp;&nbsp;**• Record second quarter Revenue, Adjusted EBITDA, EPS, and Adjusted EPS**

&nbsp;&nbsp;&nbsp;&nbsp;**• Revenue grew 17% versus prior year quarter, fourth consecutive quarter of double-digit growth**

&nbsp;&nbsp;&nbsp;&nbsp;**• EPS grew 45% year-over-year to $0.83 and adjusted EPS grew 46% to $0.87**

&nbsp;&nbsp;&nbsp;&nbsp;**• Raises Fiscal Year Revenue and Adjusted EBITDA Guidance**

**WASHINGTON, DC— February 5, 2026** —IBEX Limited ("ibex"), a leading provider in global business process outsourcing and end-to-end customer engagement technology solutions, today announced financial results for its second fiscal quarter ended December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Six Months Ended December 31,** | **Six Months Ended December 31,** | **Six Months Ended December 31,** | **Six Months Ended December 31,** |
| *($ millions, except per share amounts)* | **2025** | **2024** | **Change** | **Change** | **2025** | **2024** | **Change** | **Change** |
| Revenue | $164.2 | $140.7 | 16.7 | % | $315.4 | $270.4 | 16.6 | % |
| Net income | $12.2 | $9.3 | 31.8 | % | $24.3 | $16.8 | 44.4 | % |
| Net income margin | 7.4% | 6.6% | 80 | bps | 7.7% | 6.2% | 150 | bps |
| Adjusted net income (1) | $12.8 | $9.6 | 33.0 | % | $25.9 | $18.6 | 39.0 | % |
| Adjusted net income margin (1) | 7.8% | 6.8% | 100 | bps | 8.2% | 6.9% | 130 | bps |
| Adjusted EBITDA (1) | $20.7 | $16.5 | 25.2 | % | $40.2 | $32.1 | 25.0 | % |
| Adjusted EBITDA margin (1) | 12.6% | 11.8% | 80 | bps | 12.7% | 11.9% | 80 | bps |
| Earnings per share - diluted (2) | $0.83 | $0.57 | 44.9 | % | $1.65 | $1.00 | 65.7 | % |
| Adjusted earnings per share - diluted (12) | $0.87 | $0.59 | 46.3 | % | $1.77 | $1.11 | 59.6 | % |
| <sup>(1)</sup>See accompanying Exhibits for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure. | <sup>(1)</sup>See accompanying Exhibits for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure. | <sup>(1)</sup>See accompanying Exhibits for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure. | <sup>(1)</sup>See accompanying Exhibits for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure. | <sup>(1)</sup>See accompanying Exhibits for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure. | <sup>(1)</sup>See accompanying Exhibits for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure. | <sup>(1)</sup>See accompanying Exhibits for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure. | <sup>(1)</sup>See accompanying Exhibits for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure. | <sup>(1)</sup>See accompanying Exhibits for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure. |
| <sup>(2)</sup>The current period percentages are calculated based on exact amounts, and therefore may not recalculate exactly using rounded numbers as presented. | <sup>(2)</sup>The current period percentages are calculated based on exact amounts, and therefore may not recalculate exactly using rounded numbers as presented. | <sup>(2)</sup>The current period percentages are calculated based on exact amounts, and therefore may not recalculate exactly using rounded numbers as presented. | <sup>(2)</sup>The current period percentages are calculated based on exact amounts, and therefore may not recalculate exactly using rounded numbers as presented. | <sup>(2)</sup>The current period percentages are calculated based on exact amounts, and therefore may not recalculate exactly using rounded numbers as presented. | <sup>(2)</sup>The current period percentages are calculated based on exact amounts, and therefore may not recalculate exactly using rounded numbers as presented. | <sup>(2)</sup>The current period percentages are calculated based on exact amounts, and therefore may not recalculate exactly using rounded numbers as presented. | <sup>(2)</sup>The current period percentages are calculated based on exact amounts, and therefore may not recalculate exactly using rounded numbers as presented. | <sup>(2)</sup>The current period percentages are calculated based on exact amounts, and therefore may not recalculate exactly using rounded numbers as presented. |

---

"Ibex continued to carry forward the momentum built over the past two years, and delivered an outstanding second quarter with revenue growth of 17% to a record $164.2 million and adjusted EPS growth of 46%," said Bob Dechant, ibex CEO. "This terrific performance is a direct result of exceptional operational delivery for our blue chip clients, enabling us to win significant market share from our competitors. In addition, our new logo engine delivered strong results."

"We continue to advance our leadership position in deploying AI solutions for our clients both internally within our operations as well as deployment of AI Agents to interact with our clients' customers. All this is enabling us to extend our separation from the traditional BPO pack."

**Second Quarter Financial Performance**

*Revenue*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue of $164.2 million, an increase of 16.7% from $140.7 million in the prior year quarter, was driven by growth in our top three verticals: HealthTech (+35.1%), Travel, Transportation and Logistics (+20.2%), and Retail & E-commerce (+17.2%), along with continued growth in the digital acquisition business.

------

*Net Income and Earnings Per Share*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income increased to $12.2 million compared to $9.3 million in the prior year quarter. Net income was favorably impacted by revenue growth in our higher margin offshore regions and lower selling, general, and administrative expenses as a percentage of revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income margin increased to 7.4% compared to 6.6% in the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted earnings per share increased to $0.83 compared to $0.57 in the prior year quarter, primarily due to higher net income and lower diluted shares outstanding as a result of our share repurchase activities during fiscal 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP adjusted net income increased to $12.8 million compared to $9.6 million in the prior year quarter (see Exhibit 1 for reconciliation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP adjusted diluted earnings per share increased to $0.87 compared to $0.59 in the prior year quarter (see Exhibit 1 for reconciliation).

*Non-GAAP adjusted EBITDA*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA increased to $20.7 million compared to $16.5 million in the prior year quarter (see Exhibit 2 for reconciliation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA margin increased to 12.6% compared to 11.8% in the prior year quarter (see Exhibit 2 for reconciliation).

**Cash Flow and Balance Sheet**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital expenditures were $11.7 million compared to $4.3 million in the prior year quarter. The planned increase in capital expenditures during this quarter was driven by capacity expansion to meet strong demand in our highest margin regions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash flow from operating activities was a second quarter record of $6.6 million compared to $1.1 million in the prior year quarter, which was primarily driven by an increase in our revenues resulting in increased profitability, as well as a lower use of working capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free cash flow was $(5.1) million compared to $(3.2) million in the prior year quarter (see Exhibit 3 for reconciliation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the quarter, we repurchased 78,200 shares for $2.9 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net cash was $14.0 million, an improvement of $0.3 million compared to net cash of $13.7 million as of June 30, 2025 (see Exhibit 4 for reconciliation).

**Second Quarter Review and Fiscal 2026 Business Outlook**

"In the second quarter we continued to build on the momentum we've generated over the past twelve months. Our strong quarterly revenue performance was again led by meaningful growth in our higher margin geographies, services, and vertical markets, particularly in HealthTech. This combination of drivers led to a record quarterly adjusted EBITDA of $20.7 million," said Taylor Greenwald, CFO of ibex.

"As we look ahead to the second half of the fiscal year, our robust balance sheet is enabling us to make opportunistic investments to further extend our current AI leadership position. Additionally, with the clear returns we've already seen, we are proactively investing in increased sales resources as well as capacity in our top performing geographies, positioning us for further success in the years ahead. Considering our outperformance in fiscal 2026 thus far, we are confident in further raising our revenue and adjusted EBITDA guidance for the year."

**Fiscal Year 2026 Guidance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• &nbsp;&nbsp;&nbsp;&nbsp;Revenue is expected to be in the range of $620 to $630 million, up from $605 to $620 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA is expected to be in the range of $80 to $82 million, up from $78 to $81 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital expenditures are expected to be at the upper end of our previous range of $20 to $25 million.

------

**Conference Call and Webcast Information**

IBEX Limited will host a conference call and live webcast to discuss its second quarter of fiscal year 2026 financial results at 4:30 p.m. Eastern Time today, February 5, 2026. We will also post to this section of our website the earning slides, which will accompany our conference call and live webcast, and encourage you to review the information that we make available on our website.

Live and archived webcasts can be accessed at: https://investors.ibex.co/.

**Financial Information**

This announcement does not contain sufficient information to constitute an interim financial report as defined in Financial Accounting Standards ASC 270, "Interim Reporting." The financial information in this press release has not been audited.

**Non-GAAP Financial Measures**

We present non-GAAP financial measures because we believe that they and other similar measures are widely used by certain investors, securities analysts and other interested parties as supplemental measures of performance and liquidity. We also use these measures internally to establish forecasts, budgets and operational goals to manage and monitor our business, as well as evaluate our underlying historical performance, as we believe that these non-GAAP financial measures provide a more helpful depiction of our performance of the business by encompassing only relevant and manageable events, enabling us to evaluate and plan more effectively for the future. The non-GAAP financial measures may not be comparable to other similarly titled measures of other companies, have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of our operating results as reported in accordance with accounting principles generally accepted in the United States ("GAAP"). Non-GAAP financial measures and ratios are not measurements of our performance, financial condition or liquidity under GAAP and should not be considered as alternatives to operating profit or net income / (loss) or as alternatives to cash flow from operating, investing or financing activities for the period, or any other performance measures, derived in accordance with GAAP.

ibex is not providing a quantitative reconciliation of forward-looking non-GAAP adjusted EBITDA to the most directly comparable GAAP measure because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items include, but are not limited to, non-recurring expenses, foreign currency gains and losses, and stock-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period.

**About ibex**

ibex helps the world's preeminent brands more effectively engage their customers with services ranging from customer support, technical support, inbound/outbound sales, business intelligence and analytics, digital demand generation, and CX surveys and feedback analytics.

**Forward Looking Statements**

In addition to historical information, this press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "should," "plan," "expect," "predict," "potential," "forecast," or the negative of these terms or other similar expressions. These statements include, but are not limited to, statements regarding our future financial and operating performance, including our outlook and guidance, and our strategies, priorities and business plans. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could impact our actual results include: our ability to attract new business and retain key clients; our profitability based on our utilization, pricing and managing costs; the potential for our clients or potential clients to consolidate; our clients deciding to enter into or further expand their insourcing activities and current trends toward outsourcing services may reverse; general economic uncertainty in global

------

markets and unfavorable economic conditions, including inflation, rising interest rates, recession, foreign exchange fluctuations and supply-chain issues; our ability to manage our international operations, particularly in the Philippines, Jamaica, Pakistan and Nicaragua; natural events, health epidemics, global geopolitical conditions, including developing or ongoing conflicts, widespread civil unrest, terrorist attacks and other attacks of violence involving any of the countries in which we or our clients operate; our ability to anticipate, develop and implement information technology solutions that keep pace with evolving industry standards and changing client demands, including the effective adoption of Artificial Intelligence into our offerings; our ability to recruit, engage, motivate, manage and retain our global workforce; our ability to comply with applicable laws and regulations, including those regarding privacy, data protection and information security, employment and anti-corruption; the effect of cyberattacks or cybersecurity vulnerabilities on our information technology systems; the impact of tax matters, including new legislation and actions by taxing authorities; and other factors discussed in the "Risk Factors" described in our periodic reports filed with the U.S. Securities and Exchange Commission ("SEC"), including our annual reports on Form 10-K, quarterly reports on Form 10-Q, and past filings on Form 20-F, and any other risk factors we include in subsequent filings with the SEC. Because of these uncertainties, you should not make any investment decisions based on our estimates and forward-looking statements. Except as required by law, we undertake no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.

**IR Contact:** ir@ibex.co

**Media Contact:** Daniel Burris, VP, Marketing and Communication, ibex, daniel.burris@ibex.co

------

**IBEX LIMITED AND SUBSIDIARIES**

**Consolidated Balance Sheets**

**(Unaudited)**

(in thousands)

---

| | | |
|:---|:---|:---|
| | **December 31,<br>2025** | **June 30,<br>2025** |
| **Assets** | | |
| **Current assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $15460 | $15350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 130505 | 117136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 9171 | 9443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from related parties |  | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax advances and receivables | 1451 | 1522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 1937 | 2128 |
| **Total current assets** | **158524** | **145619** |
| **Non-current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 44217 | 32563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease assets | 57157 | 62276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 11832 | 11832 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax asset, net | 8595 | 7163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 15472 | 13762 |
| **Total non-current assets** | **137273** | **127596** |
| **Total assets** | $**295797** | $**273215** |
| **Liabilities and stockholders' equity** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $24632 | $18692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll and employee-related liabilities | 37355 | 38588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current deferred revenue | 8521 | 5498 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current operating lease liabilities | 14411 | 14332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current debt | 837 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to related parties |  | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 749 | 1986 |
| **Total current liabilities** | **86505** | **79941** |
| **Non-current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current deferred revenue | 1472 | 1130 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-current operating lease liabilities | 48499 | 53804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 594 | 796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities | 4212 | 3235 |
| **Total non-current liabilities** | **54777** | **58965** |
| **Total liabilities** | **141282** | **138906** |
| **Stockholders' equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock | 2 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock | (108893) | (103338) |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 223927 | 218241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (10521) | (6336) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 50000 | 25741 |
| **Total stockholders' equity** | **154515** | **134309** |
| **Total liabilities and stockholders' equity** | $**295797** | $**273215** |

---

------

**IBEX LIMITED AND SUBSIDIARIES**

**Consolidated Statements of Comprehensive Income**

**(Unaudited)**

(in thousands, except per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Six Months Ended December 31,** | **Six Months Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue | $164221 | $140682 | $315400 | $270399 |
| Cost of services (exclusive of depreciation and amortization presented separately below) | 116629 | 98762 | 223206 | 188803 |
| Selling, general and administrative | 27555 | 25706 | 54080 | 51921 |
| Depreciation and amortization | 4750 | 4286 | 9128 | 8655 |
| Total operating expenses | 148934 | 128754 | 286414 | 249379 |
| **Income from operations** | **15287** | **11928** | **28986** | **21020** |
| Interest income | 59 | 311 | 89 | 894 |
| Interest expense | (248) | (620) | (465) | (782) |
| **Income before income taxes** | **15098** | **11619** | **28610** | **21132** |
| Provision for income tax expense | (2881) | (2351) | (4351) | (4333) |
| **Net income** | $**12217** | $**9268** | $**24259** | $**16799** |
| **Other comprehensive income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | $(369) | $(911) | $(1581) | $477 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized (loss) / gain on cash flow hedging instruments, net of tax | (416) | (193) | (2604) | 186 |
| Total other comprehensive (loss) / income | **(785)** | **(1104)** | **(4185)** | **663** |
| **Total comprehensive income** | $**11432** | $**8164** | $**20074** | $**17462** |
| **Net income per share** |  |  |  |  |
| Basic | $0.91 | $0.61 | $1.81 | $1.05 |
| Diluted | $0.83 | $0.57 | $1.65 | $1.00 |
| **Weighted average common shares outstanding** |  |  |  |  |
| Basic | 13469 | 15126 | 13414 | 16007 |
| Diluted | 14737 | 16456 | 14673 | 16977 |

---

------

**IBEX LIMITED AND SUBSIDIARIES**

**Consolidated Statements of Cash Flows**

**(Unaudited)**

(in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Six Months Ended December 31,** | **Six Months Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $12217 | $9268 | $24259 | $16799 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
| &nbsp;&nbsp;Depreciation and amortization | 4750 | 4286 | 9128 | 8655 |
| &nbsp;&nbsp;Noncash lease expense | 3488 | 3083 | 6925 | 6409 |
| &nbsp;&nbsp;Deferred income tax | (370) | (637) | (1432) | (767) |
| &nbsp;&nbsp;Stock-based compensation expense | 1114 | 1235 | 3664 | 1905 |
| &nbsp;&nbsp;Allowance for expected credit losses | 173 | 240 | 225 | 323 |
| &nbsp;&nbsp;Change in assets and liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in accounts receivable | (14591) | (14856) | (13576) | (22505) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease / (increase) in prepaid expenses and other current assets | 1266 | 722 | (2206) | (1013) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Decrease) / increase in accounts payable and accrued liabilities | (546) | (1496) | (857) | 3078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in deferred revenue | 2751 | 2386 | 3365 | 2465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in operating lease liabilities | (3608) | (3090) | (7181) | (6446) |
| **Net cash inflow from operating activities** | **6644** | **1141** | **22314** | **8903** |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |  |  |
| &nbsp;&nbsp;Purchase of property and equipment | (11732) | (4319) | (19371) | (7949) |
| **Net cash outflow from investing activities** | **(11732)** | **(4319)** | **(19371)** | **(7949)** |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |  |  |
| &nbsp;&nbsp;Proceeds from line of credit | 11000 | 9100 | 11000 | 9160 |
| &nbsp;&nbsp;Repayments of line of credit | (11000) | (1600) | (11000) | (1660) |
| &nbsp;&nbsp;Proceeds from the exercise of options | 936 | 342 | 3348 | 724 |
| &nbsp;&nbsp;Taxes paid related to net share settlement of equity awards | (41) |  | (41) |  |
| &nbsp;&nbsp;Principal payments on finance leases | (257) | (182) | (549) | (353) |
| &nbsp;&nbsp;Purchase of treasury shares | (2786) | (46562) | (5553) | (51369) |
| **Net cash outflow from financing activities** | **(2148)** | **(38902)** | **(2795)** | **(43498)** |
| &nbsp;&nbsp;Effects of exchange rate difference on cash and cash equivalents | 2 | (19) | (38) | 30 |
| &nbsp;&nbsp;Net (decrease) / increase in cash and cash equivalents | (7234) | (42099) | 110 | (42514) |
| &nbsp;&nbsp;Cash and cash equivalents, beginning | 22694 | 62305 | 15350 | 62720 |
| **Cash and cash equivalents, ending** | $**15460** | $**20206** | $**15460** | $**20206** |

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**IBEX LIMITED AND SUBSIDIARIES**

**Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures**

**EXHIBIT 1: Adjusted net income, adjusted net income margin, and adjusted earnings per share**

We define adjusted net income as net income before the effect of the following items: severance costs, foreign currency gains and losses, and stock-based compensation expense, net of the tax impact of such adjustments. We define adjusted net income margin as adjusted net income divided by revenue. We define adjusted earnings per share as adjusted net income divided by weighted average diluted shares outstanding.

The following table provides a reconciliation of net income to adjusted net income, net income margin to adjusted net income margin, and diluted earnings per share to adjusted earnings per share for the periods presented:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Six Months Ended December 31,** | **Six Months Ended December 31,** |
| *($000s, except per share amounts)* | **2025** | **2024** | **2025** | **2024** |
| **Net income** | $**12217** | $**9268** | $**24259** | $**16799** |
| **Net income margin** | **7.4%** | **6.6%** | **7.7%** | **6.2%** |
| Severance costs |  |  | 159 |  |
| Foreign currency (gain) / loss | (445) | (912) | (1765) | 545 |
| Stock-based compensation expense | 1114 | 1235 | 3664 | 1905 |
| **Total adjustments** | $**669** | $**323** | $**2058** | $**2450** |
| Tax impact of adjustments<sup>1</sup> | (95) | 24 | (392) | (602) |
| **Adjusted net income** | $**12791** | $**9615** | $**25925** | $**18647** |
| **Adjusted net income margin** | **7.8%** | **6.8%** | **8.2%** | **6.9%** |
| Diluted earnings per share | $0.83 | $0.57 | $1.65 | $1.00 |
| Per share impact of adjustments to net income | 0.04 | 0.02 | 0.12 | 0.11 |
| **Adjusted earnings per share** | $**0.87** | $**0.59** | $**1.77** | $**1.11** |
| **Weighted average diluted shares outstanding** | **14737** | **16456** | **14673** | **16977** |

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<sup>1</sup>The tax impact of each adjustment is calculated using the effective tax rate in the relevant jurisdictions.

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**EXHIBIT 2: EBITDA, adjusted EBITDA, and adjusted EBITDA margin**

EBITDA is a non-GAAP profitability measure that represents net income before the effect of the following items: interest expense, income tax expense, and depreciation and amortization. Adjusted EBITDA is a non-GAAP profitability measure that represents EBITDA before the effect of the following items: severance costs, interest income, foreign currency gains and losses, and stock-based compensation expense. Adjusted EBITDA margin is a non-GAAP profitability measure that represents adjusted EBITDA divided by revenue.

The following table provides a reconciliation of net income to EBITDA and adjusted EBITDA and net income margin to adjusted EBITDA margin for the periods presented:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Six Months Ended December 31,** | **Six Months Ended December 31,** |
| *($000s)* | **2025** | **2024** | **2025** | **2024** |
| **Net income** | $**12217** | $**9268** | $**24259** | $**16799** |
| **Net income margin** | **7.4%** | **6.6%** | **7.7%** | **6.2%** |
| Interest expense | 248 | 620 | 465 | 782 |
| Income tax expense | 2881 | 2351 | 4351 | 4333 |
| Depreciation and amortization | 4750 | 4286 | 9128 | 8655 |
| **EBITDA** | $**20096** | $**16525** | $**38203** | $**30569** |
| Severance costs |  |  | 159 |  |
| Interest income | (59) | (311) | (89) | (894) |
| Foreign currency (gain) / loss | (445) | (912) | (1765) | 545 |
| Stock-based compensation expense | 1114 | 1235 | 3664 | 1905 |
| **Adjusted EBITDA** | $**20706** | $**16537** | $**40172** | $**32125** |
| **Adjusted EBITDA margin** | **12.6%** | **11.8%** | **12.7%** | **11.9%** |

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**EXHIBIT 3: Free cash flow**

We define free cash flow as net cash provided by operating activities less capital expenditures.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Six Months Ended December 31,** | **Six Months Ended December 31,** |
| *($000s)* | **2025** | **2024** | **2025** | **2024** |
| **Net cash provided by operating activities** | $6644 | $1141 | $22314 | $8903 |
| Less: capital expenditures | 11732 | 4319 | 19371 | 7949 |
| **Free cash flow** | $**(5088)** | $**(3178)** | $**2943** | $**954** |

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**EXHIBIT 4: Net cash**

We define net cash as total cash and cash equivalents less debt.

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| | | |
|:---|:---|:---|
| | **December 31,** | **June 30,** |
| *($000s)* | **2025** | **2025** |
| Cash and cash equivalents | $15460 | $15350 |
| *<u>Debt</u>* |  |  |
| Current | $837 | $823 |
| Non-current | 594 | 796 |
| &nbsp;&nbsp;&nbsp;Total debt | $1431 | $1619 |
| **Net cash** | $**14029** | $**13731** |

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