<a id="bm-comp-7d9678b5-9fc0-4483-8fb9-380619b8ea63" name="bm-comp-7d9678b5-9fc0-4483-8fb9-380619b8ea63" class="BMCustomAnchor"></a><table><tr><td bm-component-id="7d9678b5-9fc0-4483-8fb9-380619b8ea63" style="vertical-align: top; width:100.000000%;"><ul><li>Accenture Q1'25 grew 8% (+3% vs cons), driven by a broad base</li><li>Raises FY guidance from 3-6% growth to 4-7%</li><li>Positive read-across and correlation with BTS over time</li></ul></td></tr></table><a id="bm-comp-93dacc73-1c3e-449b-925e-2c95a2925f87" name="bm-comp-93dacc73-1c3e-449b-925e-2c95a2925f87" class="BMCustomAnchor"></a><table><tr><td bm-component-id="93dacc73-1c3e-449b-925e-2c95a2925f87" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">A strong quarter for Accenture</h3><p>Accenture reported its Q1’25 yesterday with raised FY guidance (from 3-6% to 4-7% growth) and stock +7% in after-market. Q1 showed broad-based revenue growth across both consulting and managed services revenues, as well as regional and end market growth. Q1 sales grew 8% y-o-y in local currency (+3% vs cons), with Americas growing strongest (11% y-o-y in local currency). This is a clear improvement over preceding quarters, and as Accenture raised its outlook, it looks promising for coming quarters.</p><h3 class="bm-h3">Positive market indicator for BTS</h3><p>Accenture is a global giant, and BTS is a much smaller company, but the similarities are still valid, with both being exposed to the global management consulting market and trends in it. As the correlation has been solid over time, we view Accenture's numbers as positive for BTS and the ongoing recovery for management consulting demand.</p></td></tr></table><a id="bm-comp-05d2686a-626b-4242-afd3-e41bf0a8e82b" name="bm-comp-05d2686a-626b-4242-afd3-e41bf0a8e82b" class="BMCustomAnchor"></a><table><tr><td bm-component-id="05d2686a-626b-4242-afd3-e41bf0a8e82b" style="vertical-align: top; width:100.000000%;"><table id="bm-img-0e29c12e-cb1c-4276-b275-7f69cd4b345d" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Accenture LCCY growth, y-o-y</td></tr><tr><td><img bm-img-encrypt="0e29c12e-cb1c-4276-b275-7f69cd4b345d" bm-img-original-height="437" bm-img-original-width="793" bm-img-svg="image:image_upload/84096_4638acf7-2f16-4a02-a265-2f1b68301220.svg" bm-img-width-hint="72.63%" id="bm-id-0e29c12e-cb1c-4276-b275-7f69cd4b345d" src="https://abgsc.bluematrix.com/images/image_upload/84096_4638acf7-2f16-4a02-a265-2f1b68301220_528.png" svg="/nas/web/clients/abgsc/images/image_upload/84096_4638acf7-2f16-4a02-a265-2f1b68301220.svg" width="528" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table></td></tr></table><a id="bm-comp-c2839558-3eba-4095-8007-3409744d3472" name="bm-comp-c2839558-3eba-4095-8007-3409744d3472" class="BMCustomAnchor"></a><table><tr><td bm-component-id="c2839558-3eba-4095-8007-3409744d3472" style="vertical-align: top; width:100.000000%;"><table id="bm-img-b9e225bf-1826-4b33-b16d-0e55c458a58b" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Accenture LCCY growth per region</td></tr><tr><td><img bm-img-encrypt="b9e225bf-1826-4b33-b16d-0e55c458a58b" bm-img-original-height="437" bm-img-original-width="793" bm-img-svg="image:image_upload/84096_1c9c8abb-0260-472f-9a85-86386493d197.svg" bm-img-width-hint="72.63%" id="bm-id-b9e225bf-1826-4b33-b16d-0e55c458a58b" src="https://abgsc.bluematrix.com/images/image_upload/84096_1c9c8abb-0260-472f-9a85-86386493d197_528.png" svg="/nas/web/clients/abgsc/images/image_upload/84096_1c9c8abb-0260-472f-9a85-86386493d197.svg" width="528" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table></td></tr></table><a id="bm-comp-da68b524-18c6-414b-a8f3-e8f642be03d9" name="bm-comp-da68b524-18c6-414b-a8f3-e8f642be03d9" class="BMCustomAnchor"></a><table><tr><td bm-component-id="da68b524-18c6-414b-a8f3-e8f642be03d9" style="vertical-align: top; width:100.000000%;"><table id="bm-img-16c7b605-b5ea-4976-a055-711828e5c947" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">BTS organic growth and Accenture LCCY growth per quarter</td></tr><tr><td><img bm-img-encrypt="16c7b605-b5ea-4976-a055-711828e5c947" bm-img-original-height="438" bm-img-original-width="793" bm-img-svg="image:image_upload/84096_12bad7a3-382c-47a5-b33c-4afba6eff67b.svg" bm-img-width-hint="72.63%" id="bm-id-16c7b605-b5ea-4976-a055-711828e5c947" src="https://abgsc.bluematrix.com/images/image_upload/84096_12bad7a3-382c-47a5-b33c-4afba6eff67b_528.png" svg="/nas/web/clients/abgsc/images/image_upload/84096_12bad7a3-382c-47a5-b33c-4afba6eff67b.svg" width="528" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data, FactSet</td></tr></table></td></tr></table><a id="bm-comp-7d216f8e-307b-4d67-b8f6-9fa97a6f4a3d" name="bm-comp-7d216f8e-307b-4d67-b8f6-9fa97a6f4a3d" class="BMCustomAnchor"></a><table><tr><td bm-component-id="7d216f8e-307b-4d67-b8f6-9fa97a6f4a3d" style="vertical-align: top; width:100.000000%;"><table id="bm-img-69414b2b-598c-48aa-805a-db78fd490a2e" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">NTM EV/EBITA BTS vs Accenture</td></tr><tr><td><img bm-img-encrypt="69414b2b-598c-48aa-805a-db78fd490a2e" bm-img-original-height="437" bm-img-original-width="793" bm-img-svg="image:image_upload/84096_a37071a9-64c0-48af-b15d-826de5a15bb4.svg" bm-img-width-hint="72.63%" id="bm-id-69414b2b-598c-48aa-805a-db78fd490a2e" src="https://abgsc.bluematrix.com/images/image_upload/84096_a37071a9-64c0-48af-b15d-826de5a15bb4_528.png" svg="/nas/web/clients/abgsc/images/image_upload/84096_a37071a9-64c0-48af-b15d-826de5a15bb4.svg" width="528" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, FactSet</td></tr></table></td></tr></table>