IBEX posts record 2026 results, sets 2027 outlook
IBEX extended key HSBC credit facilities to 2029 and posted record 2026 revenue, profit, cash flow and 2027 growth guidance.
Rhea-AI Filing Summary
IBEX Ltd (IBEX) extended and expanded its credit facilities and reported record fiscal 2026 results with guidance for 2027. The U.S. Credit Agreement maturity was pushed to the earlier of October 22, 2029 or the Amended UAE Credit Agreement’s maturity, with a $25 million secured revolving facility subject to a 0.20% closing fee and a 0.30% annual commitment fee on the unused portion. In the UAE, Ibex Global FZ-LLC extended its facilities to October 22, 2029, kept a committed $50 million post-shipment seller revolving loan and a $50,000 credit card facility, added a $1 million performance bond facility, and granted a security interest over receivables up to $58.9 million.
For fiscal 2026, revenue rose 15.4% to $644.1 million, net income increased to $46.3 million, adjusted EBITDA to $82.4 million, and diluted EPS to $3.13, with free cash flow of $31.2 million and year-end net cash of $30.9 million. Guidance for fiscal 2027 calls for revenue of $700–$715 million and adjusted EBITDA of $90–$94 million, implying high-single to low-double-digit growth.
Positive
- Record fiscal 2026 performance with revenue of $644.1 million up 15.4%, net income of $46.3 million up 25.7%, and diluted EPS of $3.13 up 32.8% versus 2025.
- Strong cash generation and balance sheet with record operating cash flow of $59.0 million, free cash flow of $31.2 million, and net cash of $30.9 million as of June 30, 2026.
- Continued growth outlook with fiscal 2027 revenue guidance of $700–$715 million (9–11% growth) and adjusted EBITDA of $90–$94 million (9–14% growth).
- Extended credit capacity and tenor via U.S. and UAE HSBC facilities maturing as late as October 22, 2029, supporting liquidity and growth initiatives.
Negative
- Fourth-quarter profitability pressure as Q4 2026 net income fell to $8.7 million from $9.6 million and net income margin declined to 5.3% from 6.5%, driven by training costs and delivery mix shifts.
- Margin compression in Q4 with adjusted EBITDA of $20.2 million slightly below $20.5 million a year earlier and adjusted EBITDA margin declining to 12.3% from 13.9%.
Filing Explained
The June 30, 2026 quarter had revenue growth but lower net income and adjusted EBITDA, despite fiscal-year records.
As a Form 8-K, this filing reports specified material events and includes completed results for the quarter ended
Revenue increased to
Adjusted EBITDA decreased 1.3% to
The company also reports repurchasing 0.1 million shares for
The next specified benchmark is first-quarter fiscal 2027 guidance for revenue and adjusted EBITDA.
8-K Event Classification
4 items: 1.01, 2.02, 2.03, 9.01
4 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Fiscal 2026 Revenue: $644.1 million
Fiscal 2026 Net Income: $46.3 million
Fiscal 2026 Adjusted EBITDA: $82.4 million
+5 more
8 metrics
Fiscal 2026 Revenue
$644.1 million
For the twelve months ended June 30, 2026, up 15.4% year over year
Fiscal 2026 Net Income
$46.3 million
For the twelve months ended June 30, 2026, up 25.7% from $36.9 million
Fiscal 2026 Adjusted EBITDA
$82.4 million
For the twelve months ended June 30, 2026, up 14.5% from $72.0 million
Fiscal 2026 Diluted EPS
$3.13
For the twelve months ended June 30, 2026, up 32.8% from $2.36
Fiscal 2026 Free Cash Flow
$31.2 million
Free cash flow for the year ended June 30, 2026
Net Cash
$30.9 million
Cash and cash equivalents less debt as of June 30, 2026
Fiscal 2027 Revenue Guidance
$700–$715 million
Company outlook for fiscal year 2027, implying 9–11% growth
UAE Receivables Security Cap
$58.9 million
Maximum amount of UAE Company receivables pledged under the Security Agreement
Key Terms
Adjusted EBITDA, free cash flow, net cash, Amended UAE Credit Agreement, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA increased to $82.4 million compared to $72.0 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
free cash flow financial
"Free cash flow of $21.7 million for the fourth quarter contributed"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
net cash financial
"Net cash was $30.9 million, an improvement of $17.2 million"
Net cash is the amount of money a company has after subtracting any debts or obligations from its total cash holdings. It shows how much cash would remain if the company used its available funds to pay off its debts. For investors, positive net cash indicates financial health and flexibility, while negative net cash may suggest potential difficulties in meeting financial commitments.
Amended UAE Credit Agreement financial
"collectively, the “Amended UAE Credit Agreement”), in each case, with HSBC"
performance bond facility financial
"provides for an additional $1 million performance bond facility"
Earnings Snapshot
Revenue: $644.1 million fiscal year; $164.3 million Q4 · Guidance included
Fiscal year and quarter ended June 30, 2026
Revenue
$644.1 million fiscal year; $164.3 million Q4
Fiscal year up 15.4% vs 2025; Q4 up 11.6% vs prior-year quarter
Net income
$46.3 million fiscal year; $8.7 million Q4
Fiscal year up 25.7%; Q4 down 8.8% vs prior-year quarter
Diluted EPS
$3.13 fiscal year; $0.59 Q4
Fiscal year up 32.8%; Q4 down 11.3% vs prior-year quarter
Adjusted EBITDA
$82.4 million fiscal year; $20.2 million Q4
Fiscal year up 14.5%; Q4 down 1.3% vs prior-year quarter
Free cash flow
$31.2 million fiscal year; $21.7 million Q4
Fiscal year up from $27.3 million; Q4 near prior-year $22.8 million
Guidance
For fiscal 2027, revenue is projected at $700–$715 million and adjusted EBITDA at $90–$94 million; for Q1 2027, revenue is projected at $168–$170 million and adjusted EBITDA at $22–$23 million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did IBEX (IBEX) perform financially in fiscal year 2026?
IBEX reported fiscal 2026 revenue of $644.1 million, up 15.4% from $558.3 million, net income of $46.3 million up 25.7%, diluted EPS of $3.13 up 32.8%, and adjusted EBITDA of $82.4 million up 14.5% compared with 2025.
What guidance did IBEX (IBEX) provide for fiscal year 2027?
For fiscal 2027, IBEX expects revenue of $700–$715 million for 9–11% growth and adjusted EBITDA of $90–$94 million for 9–14% growth. Capital expenditures are forecast between $25 million and $30 million.
How were IBEX’s fourth-quarter 2026 results?
In Q4 2026, IBEX generated revenue of $164.3 million, up 11.6% year over year. Net income was $8.7 million versus $9.6 million, and adjusted EBITDA was $20.2 million versus $20.5 million, with margin impacted by training costs and delivery mix.
What is IBEX’s cash flow and net cash position after fiscal 2026?
For fiscal 2026, IBEX produced operating cash flow of $59.0 million and free cash flow of $31.2 million. As of June 30, 2026, net cash was $30.9 million, with cash and cash equivalents of $32.6 million and total debt of $1.7 million.
What changes did IBEX make to its U.S. and UAE credit facilities?
IBEX extended the U.S. Credit Agreement maturity to the earlier of October 22, 2029 or the Amended UAE Credit Agreement’s maturity for a $25 million secured revolver. In the UAE, it extended facilities to October 22, 2029, kept a $50 million PSL facility, added a $1 million performance bond line, and maintained a $50,000 credit card facility.
How is AI contributing to IBEX’s growth strategy?
Management highlighted a “new era of BPO” powered by AI agents, citing a strategic partnership with Sierra and more than 10 successful AI Agent implementations across five verticals, contributing to differentiation and client wins.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): September 8, 2026
____________________________________________________________
(Exact name of registrant as specified in its charter)
____________________________________________________________
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Registrant’s telephone number, including area code: (202 ) 580-6200
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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:
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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 o
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. o
Item 1.01 Entry into a Material Definitive Agreement
Amendment 1 to U.S. Credit Agreement
On September 8, 2026 (the “Effective Date”), Ibex Global Solutions, Inc. (the “Company”), Ibex Limited, Ibex Global Limited, the other borrowers party thereto from time to time, the other guarantors party thereto from time to time, the lenders party thereto from time to time and HSBC Bank USA, National Association, as administrative agent, entered into Amendment No. 1 (the “Amendment”) to the Credit Agreement, dated as of October 29, 2024 (as amended, modified, supplemented or restated from time to time, the “U.S. Credit Agreement”). The Amendment provides for, among other things, an extension of the maturity date applicable to the Credit Agreement to the earlier of October 22, 2029 and the termination or maturity of the obligations under the Amended UAE Credit Agreement (as defined below). In addition: (i) a closing fee at 0.20% of the $25 million secured revolving credit facility (the “U.S. Facility”) is payable at the time of accepting the Amendment; and (ii) a commitment fee at 0.30% per annum will be payable by the Company on the non-utilized portion of the U.S. Facility.
The foregoing summary of the Amendment does not purport to be complete and is qualified in its entirety by the terms of the Amendment, which is filed hereto as Exhibit 10.1 and incorporated herein by reference.
Amendment to UAE Credit Agreement
On the Effective Date, Ibex Global FZ-LLC (the “UAE Company”) entered into (i) an amended facility offer letter (the “Amended FOL”); (ii) general terms and conditions applicable to corporate banking credit facilities; (iii) a letter of deviation; and (iv) a security agreement (the “Security Agreement” and collectively, the “Amended UAE Credit Agreement”), in each case, with HSBC Bank Middle East Limited (the “Bank”). The Amended FOL (i) extends the maturity date to October 22, 2029; (ii) provides for an additional $1 million performance bond facility; and (iii) maintains the existing committed $50 million post shipment seller revolving loan credit facility (the “UAE PSL Facility”), and $50,000 credit card facility (collectively the “UAE Facilities”). In addition: (i) a renewal fee at 0.20% of the UAE Facilities is payable at the time of accepting the Amended FOL; and (ii) a commitment fee at 0.30% of the unutilized portion of the UAE PSL Facility shall be payable to the Bank by the UAE Company on a quarterly basis.
Pursuant to the Security Agreement, The UAE Company granted to the Bank a security interest under the UAE Movable Assets Security Law over all of its rights, title and interest in Company’s account receivables, including all payments due to the UAE Company arising from such accounts receivable, of up to a maximum of $58,905,000.
The foregoing summary of the Amended UAE Credit Agreement does not purport to be complete and is qualified in its entirety by the terms of the Amended UAE Credit Agreement, which is filed hereby as Exhibits 10.2A through 10.2D and incorporated herein by reference.
Item 2.02. Results of Operations and Financial Condition.
On September 10, 2026, IBEX Limited issued a press release announcing its financial results for its fourth quarter and fiscal year ended June 30, 2026, a copy of which is attached hereto as Exhibit 99.1.
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 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 of this report is hereby incorporated by reference into this Item 2.03 insofar as it relates to the creation of a direct financial obligation.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
EXHIBIT INDEX
| Exhibit No. | Description | Status | ||||||
10.1 | Amendment No. 1 to Credit Agreement, dated September 8, 2026, by and among Ibex Global Solutions Inc., Ibex Limited, Ibex Global Limited, the other borrowers party thereto from time to time, the other guarantors party thereto from time to time, the lenders party thereto from time to time and HSBC Bank USA, National Association, as administrative agent | Filed herewith | ||||||
10.2A | Amended Facility Offer Letter, dated as of August 13, 2026, by and between HSBC Bank Middle East Limited and Ibex Global FZ-LLC | Filed herewith | ||||||
10.2B | HSBC Bank Middle East Limited General Terms and Conditions Applicable to Corporate Banking Credit Facilities | Filed herewith | ||||||
10.2C | Letter of Deviation, dated as of August 13, 2026, by and between HSBC Bank Middle East Limited and Ibex Global FZ-LLC | Filed herewith | ||||||
10.2D | Security Agreement dated September 8, 2026 by and between HSBC Bank Middle East Limited and Ibex Global FZ-LLC | Filed herewith | ||||||
99.1 | Press release announcing financial results for fourth quarter and fiscal year ended June 30, 2026, dated September 10., 2026 | Furnished herewith | ||||||
| 104 | 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.
| IBEX LIMITED | ||||||||
| (Registrant) | ||||||||
Date: September 10, 2026 | /s/ Taylor Greenwald | |||||||
| (Signature) | ||||||||
| Name: | Taylor Greenwald | |||||||
| Title: | Chief Financial Officer | |||||||
Exhibit 99.1
IBEX Reports Record Fiscal Year 2026 Financial Results, Introduces Fiscal Year 2027 Guidance
•Record fourth quarter revenue grew 12% versus prior year quarter, sixth consecutive quarter of double-digit growth
•Nine new logo wins in the fourth quarter, including two strategic AI Agent wins
•Strong operating cash flow of $24.8 million and free cash flow of $21.7 million in the fourth quarter
•Record full-year revenue, net income, adjusted net income, adjusted EBITDA, EPS, adjusted EPS, operating cash flow, and free cash flow
•Full-year revenue grew over 15% versus prior year; full-year diluted EPS grew 33% to $3.13, full-year adjusted EPS grew 28% to $3.52
•Introduces fiscal year and first quarter 2027 guidance, forecasting continued strong revenue and adjusted EBITDA growth
WASHINGTON, DC— September 10, 2026 —IBEX Limited (“ibex”) (Nasdaq: IBEX), a global leader in outsourced business services and AI-powered customer experience solutions, today announced financial results for its fourth quarter and fiscal year ended June 30, 2026.
| Three months ended June 30, | Twelve months ended June 30, | ||||||||||||||||||||||||||||||||||
| ($ millions, except per share amounts) | 2026 | 2025 | Change | 2026 | 2025 | Change | |||||||||||||||||||||||||||||
Revenue (2) | $ | 164.3 | $ | 147.1 | 11.6 | % | $ | 644.1 | $ | 558.3 | 15.4 | % | |||||||||||||||||||||||
Net income (2) | $ | 8.7 | $ | 9.6 | (8.8) | % | $ | 46.3 | $ | 36.9 | 25.7 | % | |||||||||||||||||||||||
Net income margin (2) | 5.3 | % | 6.5 | % | (120) | bps | 7.2 | % | 6.6 | % | 60 | bps | |||||||||||||||||||||||
Adjusted net income (1) | $ | 12.7 | $ | 12.6 | 0.8 | % | $ | 52.2 | $ | 43.0 | 21.3 | % | |||||||||||||||||||||||
Adjusted net income margin (1) | 7.7 | % | 8.5 | % | (80) | bps | 8.1 | % | 7.7 | % | 40 | bps | |||||||||||||||||||||||
Adjusted EBITDA (1, 2) | $ | 20.2 | $ | 20.5 | (1.3) | % | $ | 82.4 | $ | 72.0 | 14.5 | % | |||||||||||||||||||||||
Adjusted EBITDA margin (1) | 12.3 | % | 13.9 | % | (160) | bps | 12.8 | % | 12.9 | % | (10) | bps | |||||||||||||||||||||||
Earnings per share - diluted (1,2) | $ | 0.59 | $ | 0.66 | (11.3) | % | $ | 3.13 | $ | 2.36 | 32.8 | % | |||||||||||||||||||||||
Adjusted earnings per share - diluted (1,2) | $ | 0.85 | $ | 0.87 | (1.9) | % | $ | 3.52 | $ | 2.75 | 28.3 | % | |||||||||||||||||||||||
(1) See accompanying Exhibits for the reconciliation of each non-GAAP measure to its most directly comparable GAAP measure. | |||||||||||||||||||||||||||||||||||
(2) The current period percentages are calculated based on exact amounts, and therefore may not recalculate exactly using rounded numbers as presented. | |||||||||||||||||||||||||||||||||||
“ibex delivered another record-breaking quarter with revenue growth of 12% to $164.3 million, our sixth straight double-digit growth quarter, capping off an amazing year with top-line organic growth of over 15%, and adjusted EPS growth of over 28%,” said Bob Dechant, ibex CEO. “Our differentiation continues to shine, enabling us to win new trophy clients and outperform our competition operationally which leads to significant market share gains.”
“Fiscal 2026 also marked a transformational step forward as ibex defined a new era of BPO, one powered by AI agents. Our strategic partnership with Sierra, a leader in conversational AI, has firmly strengthened our leadership position in this evolving market. To date, we have delivered more than 10 successful AI Agent implementations across five verticals. Momentum continues to build for these solutions, further separating us from traditional BPO providers.”
Fourth Quarter Financial Performance
Revenue
•Revenue of $164.3 million, an increase of 11.6% from $147.1 million in the prior year quarter, was driven by strong performance across four verticals: HealthTech (+42.3%), Technology (+27.4%), Travel, Transportation and Logistics (+17.8%), and Retail & E-Commerce (+7.0%), with accelerating growth in our Wave iX solutions.
Net Income and Earnings Per Share
•Net income of $8.7 million decreased from $9.6 million in the prior year quarter.
•Diluted earnings per share decreased to $0.59 compared to $0.66 in the prior year quarter.
•Net income margin decreased to 5.3% compared to 6.5% in the prior year primarily driven by training costs related to new client wins and the temporary impact of work transferring from nearshore to offshore delivery centers.
•Non-GAAP adjusted net income remained relatively consistent at $12.7 million when compared to the prior year quarter (see Exhibit 1 for reconciliation).
•Non-GAAP adjusted diluted earnings per share was $0.85 compared to $0.87 in the prior year quarter (see Exhibit 1 for reconciliation).
Adjusted EBITDA
•Adjusted EBITDA was $20.2 million compared to $20.5 million in the prior year quarter (see Exhibit 2 for reconciliation).
•Adjusted EBITDA margin decreased to 12.3% compared to 13.9% in the prior year quarter (see Exhibit 2 for reconciliation).
Fiscal Year 2026 Financial Performance
Revenue
•Revenue of $644.1 million, an increase of 15.4% from $558.3 million in the prior year, was driven by broad-based growth across four verticals: HealthTech (+38.5%), Technology (+25.6%) Travel, Transportation and Logistics (+17.2%), and Retail & E-commerce (+14.1%), with growth in our Wave iX solutions and digital acquisition business.
Net Income and Earnings Per Share
•Net income increased to $46.3 million compared to $36.9 million in the prior year. Net income was favorably impacted by revenue growth in our higher margin offshore regions as well as lower selling, general, and administrative and income tax expenses as a percentage of revenue compared to the prior year.
•Diluted earnings per share increased to $3.13 compared to $2.36 in the prior year.
•Net income margin increased to 7.2% compared to 6.6% in the prior year.
•Non-GAAP adjusted net income increased to $52.2 million compared to $43.0 million in the prior year (see Exhibit 1 for reconciliation).
•Non-GAAP adjusted diluted earnings per share increased to $3.52 compared to $2.75 in the prior year (see Exhibit 1 for reconciliation).
Adjusted EBITDA
•Adjusted EBITDA increased to $82.4 million compared to $72.0 million in the prior year (see Exhibit 2 for reconciliation).
•Adjusted EBITDA margin remained relatively consistent at 12.8% when compared to the prior year (see Exhibit 2 for reconciliation).
Cash Flow and Balance Sheet
•Capital expenditures were $27.8 million compared to $18.4 million in the prior year. The planned increase in capital expenditures during the year was driven by expansions in our offshore regions and purchases of IT and telecommunications equipment to support the Company’s continued growth.
•Cash flow from annual operating activities increased to a record of $59.0 million compared to $45.7 million in the prior year. The increase was primarily driven by an increase in revenue and profit, offset by a higher use of working capital.
•Free cash flow of $21.7 million for the fourth quarter contributed to record annual free cash flow of $31.2 million, up from $27.3 million in the prior year (see Exhibit 3 for reconciliation).
•Net cash was $30.9 million, an improvement of $17.2 million compared to net cash of $13.7 million as of June 30, 2025 (see Exhibit 4 for reconciliation).
•Repurchased 0.1 million shares in the fourth quarter for $4.3 million at an average price of $29.83. Repurchased approximately 0.5 million shares for $14.4 million at an average price of $31.70 during fiscal year 2026.
Fiscal Year and First Quarter Fiscal 2027 Business Outlook
“Fiscal 2026 was a banner year that included record performance across many key operating metrics, including revenue, adjusted EBITDA, EPS, and free cash flow. Our financial results were driven by consistent performance throughout the year, supported by our differentiated strategy and increased traction in our AI-enabled solution offerings. Looking ahead, this momentum gives us confidence that our strategy will continue generating results that outpace our market as we head to fiscal year 2027,” said Taylor Greenwald, CFO of ibex.
“Forecasting the year ahead, our healthy balance sheet and cash flows are enabling us to continue to make smart investments to support increased capacity for anticipated growth as well as to further extend our current AI leadership position. Reflective of our current position and forward momentum, we are providing initial first quarter and fiscal year 2027 revenue and adjusted EBITDA guidance.”
Fiscal Year and First Quarter Fiscal 2027 Guidance
•For fiscal year 2027, revenue is expected to be in the range of $700 to $715 million for 9-11% growth. Adjusted EBITDA is expected to be in the range of $90 to $94 million for 9-14% growth.
•For first quarter fiscal year 2027, revenue is expected to be in the range of $168 to $170 million for 11-12% growth. Adjusted EBITDA is expected to be in the range of $22 to $23 million for 13-18% growth.
•Capital expenditures for the year are expected to be in the range of $25 to $30 million.
Conference Call and Webcast Information
IBEX Limited will host a conference call and live webcast to discuss its fourth quarter and fiscal year 2026 financial results at 4:30 p.m. Eastern Time today, September 10, 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/.
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 is a global leader in outsourced business services and AI-powered customer experience solutions, enabling the world’s best brands to deliver truly differentiated experiences for their customers. Leveraging a global team of approximately 35,000 human CX experts – powered by the best AI technology, decades of CX innovation, and deep business insights – ibex engineers seamless, end-to-end customer journeys from AI agents to human agents at scale across retail, e-commerce, healthcare, fintech, utilities, technology, logistics, and more. Discover more at ibex.co and connect with us on LinkedIn.
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; our access to financing to support our operations and growth; 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; our ability to compete effectively in our industry; general economic uncertainty in global markets and unfavorable economic conditions, including inflation, rising interest rates, recession, and foreign exchange fluctuations; 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)
| June 30, 2026 | June 30, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 32,566 | $ | 15,350 | |||||||
| Accounts receivable, net | 125,292 | 117,136 | |||||||||
| Prepaid expenses | 15,205 | 9,443 | |||||||||
| Due from related parties | — | 40 | |||||||||
| Tax advances and receivables | 4,226 | 1,522 | |||||||||
| Other current assets | 2,348 | 2,128 | |||||||||
| Total current assets | 179,637 | 145,619 | |||||||||
| Non-current assets | |||||||||||
| Property and equipment, net | 40,725 | 32,563 | |||||||||
| Operating lease assets | 55,496 | 62,276 | |||||||||
| Goodwill | 11,832 | 11,832 | |||||||||
| Deferred tax asset, net | 7,170 | 7,163 | |||||||||
| Other non-current assets | 14,275 | 13,762 | |||||||||
| Total non-current assets | 129,498 | 127,596 | |||||||||
| Total assets | $ | 309,135 | $ | 273,215 | |||||||
| Liabilities and stockholders' equity | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable and accrued liabilities | $ | 22,996 | $ | 18,692 | |||||||
| Accrued payroll and employee-related liabilities | 40,914 | 38,588 | |||||||||
| Current deferred revenue | 6,384 | 5,498 | |||||||||
| Current operating lease liabilities | 13,936 | 14,332 | |||||||||
| Current debt | 882 | 823 | |||||||||
| Due to related parties | — | 22 | |||||||||
| Income taxes payable | 427 | 1,986 | |||||||||
| Total current liabilities | 85,539 | 79,941 | |||||||||
| Non-current liabilities | |||||||||||
| Non-current deferred revenue | 2,075 | 1,130 | |||||||||
| Non-current operating lease liabilities | 46,849 | 53,804 | |||||||||
| Long-term debt | 777 | 796 | |||||||||
| Other non-current liabilities | 3,665 | 3,235 | |||||||||
| Total non-current liabilities | 53,366 | 58,965 | |||||||||
| Total liabilities | 138,905 | 138,906 | |||||||||
| Stockholders' equity | |||||||||||
| Common shares | 2 | 1 | |||||||||
| Treasury shares | (117,703) | (103,338) | |||||||||
| Additional paid-in capital | 227,346 | 218,241 | |||||||||
| Accumulated other comprehensive loss | (11,487) | (6,336) | |||||||||
| Retained earnings | 72,072 | 25,741 | |||||||||
| Total stockholders' equity | 170,230 | 134,309 | |||||||||
| Total liabilities and stockholders' equity | $ | 309,135 | $ | 273,215 | |||||||
IBEX LIMITED AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income
(Unaudited)
(in thousands, except per share data)
| Three months ended June 30, | Twelve months ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue | $ | 164,269 | $ | 147,138 | $ | 644,076 | $ | 558,273 | |||||||||||||||
| Cost of services (exclusive of depreciation and amortization presented separately below) | 117,349 | 100,872 | 456,169 | 385,692 | |||||||||||||||||||
| Selling, general and administrative | 31,474 | 29,756 | 113,021 | 108,738 | |||||||||||||||||||
| Depreciation and amortization | 5,624 | 4,248 | 19,922 | 17,232 | |||||||||||||||||||
| Total operating expenses | 154,447 | 134,876 | 589,112 | 511,662 | |||||||||||||||||||
| Income from operations | 9,822 | 12,262 | 54,964 | 46,611 | |||||||||||||||||||
| Interest income | 115 | 29 | 266 | 955 | |||||||||||||||||||
| Interest expense | (222) | (448) | (936) | (1,634) | |||||||||||||||||||
| Income before income taxes | 9,715 | 11,843 | 54,294 | 45,932 | |||||||||||||||||||
| Provision for income tax expense | (968) | (2,247) | (7,963) | (9,068) | |||||||||||||||||||
| Net income | $ | 8,747 | $ | 9,596 | $ | 46,331 | $ | 36,864 | |||||||||||||||
| Other comprehensive income / (loss) | |||||||||||||||||||||||
| Foreign currency translation adjustments | $ | (436) | $ | 263 | $ | (3,140) | $ | 1,114 | |||||||||||||||
| Unrealized gain / (loss) on cash flow hedging instruments, net of tax | 1,748 | 204 | (2,535) | 775 | |||||||||||||||||||
| Actuarial gain / (loss) on defined benefit plan | 524 | (312) | 524 | (312) | |||||||||||||||||||
| Total other comprehensive income / (loss) | 1,836 | 155 | (5,151) | 1,577 | |||||||||||||||||||
| Total comprehensive income | $ | 10,583 | $ | 9,751 | $ | 41,180 | $ | 38,441 | |||||||||||||||
| Net income per share | |||||||||||||||||||||||
| Basic | $ | 0.65 | $ | 0.72 | $ | 3.45 | $ | 2.51 | |||||||||||||||
| Diluted | $ | 0.59 | $ | 0.66 | $ | 3.13 | $ | 2.36 | |||||||||||||||
| Weighted average common shares outstanding | |||||||||||||||||||||||
| Basic | 13,372 | 13,380 | 13,414 | 14,678 | |||||||||||||||||||
| Diluted | 14,892 | 14,491 | 14,808 | 15,725 | |||||||||||||||||||
IBEX LIMITED AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
| Three months ended June 30, | Twelve months ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||||||||
| Net income | $ | 8,747 | $ | 9,596 | $ | 46,331 | $ | 36,864 | |||||||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||
| Depreciation and amortization | 5,624 | 4,248 | 19,922 | 17,232 | |||||||||||||||||||
| Noncash lease expense | 3,592 | 3,358 | 13,911 | 13,378 | |||||||||||||||||||
| Noncash gain on lease terminations | (85) | — | (85) | — | |||||||||||||||||||
| Deferred income tax | 782 | (1,168) | (8) | (2,877) | |||||||||||||||||||
| Stock-based compensation expense | 3,285 | 1,926 | 7,737 | 5,432 | |||||||||||||||||||
| Allowance of expected credit losses | 114 | 86 | 427 | 514 | |||||||||||||||||||
| Impairment losses | 1,092 | 1,429 | 1,092 | 1,429 | |||||||||||||||||||
| Change in assets and liabilities: | |||||||||||||||||||||||
| Decrease / (increase) in accounts receivable | 3,695 | 2,788 | (8,659) | (19,262) | |||||||||||||||||||
| (Increase) / decrease in prepaid expenses and other current assets | (983) | (31) | (11,356) | 361 | |||||||||||||||||||
| Increase in accounts payable and accrued liabilities | 3,051 | 9,290 | 2,506 | 6,248 | |||||||||||||||||||
| (Decrease) / increase in deferred revenue | (204) | (451) | 1,830 | 752 | |||||||||||||||||||
| Decrease in operating lease liabilities | (3,887) | (3,134) | (14,647) | (14,403) | |||||||||||||||||||
| Net cash inflow from operating activities | 24,823 | 27,937 | 59,001 | 45,668 | |||||||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||||||||
| Purchase of property and equipment | (3,163) | (5,159) | (27,807) | (18,375) | |||||||||||||||||||
| Net cash outflow from investing activities | (3,163) | (5,159) | (27,807) | (18,375) | |||||||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||||||||
| Proceeds from line of credit | 3,000 | 13,400 | 38,600 | 82,710 | |||||||||||||||||||
| Repayments of line of credit | (3,000) | (32,500) | (38,600) | (82,710) | |||||||||||||||||||
| Proceeds from the exercise of options | 195 | 773 | 4,009 | 4,307 | |||||||||||||||||||
| Taxes paid related to net share settlement of equity awards | (36) | — | (2,338) | — | |||||||||||||||||||
| Principal payments on finance leases | (383) | (314) | (1,216) | (953) | |||||||||||||||||||
| Purchase of treasury shares | (4,249) | (1,593) | (14,382) | (78,014) | |||||||||||||||||||
| Net cash outflow from financing activities | (4,473) | (20,234) | (13,927) | (74,660) | |||||||||||||||||||
| Effects of exchange rate difference on cash and cash equivalents | (30) | (171) | (51) | (3) | |||||||||||||||||||
| Net increase / (decrease) in cash and cash equivalents | 17,157 | 2,373 | 17,216 | (47,370) | |||||||||||||||||||
| Cash and cash equivalents, beginning | 15,409 | 12,977 | 15,350 | 62,720 | |||||||||||||||||||
| Cash and cash equivalents, ending | $ | 32,566 | $ | 15,350 | $ | 32,566 | $ | 15,350 | |||||||||||||||
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, impairment losses, gains or losses on asset disposals, gains or losses on lease terminations, 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:
| Three months ended June 30, | Twelve months ended June 30, | ||||||||||||||||||||||
| ($000s, except per share amounts) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net income | $ | 8,747 | $ | 9,596 | $ | 46,331 | $ | 36,864 | |||||||||||||||
| Net income margin | 5.3 | % | 6.5 | % | 7.2 | % | 6.6 | % | |||||||||||||||
| Severance costs | 267 | 558 | 1,240 | 558 | |||||||||||||||||||
| Impairment losses | 1,092 | 1,429 | 1,092 | 1,429 | |||||||||||||||||||
| Gain on asset disposals | (150) | — | (150) | — | |||||||||||||||||||
| Loss on lease terminations | 744 | — | 744 | — | |||||||||||||||||||
| Foreign currency (gains) / losses | (499) | 27 | (3,177) | 693 | |||||||||||||||||||
| Stock-based compensation expense | 3,285 | 1,926 | 7,737 | 5,432 | |||||||||||||||||||
| Total adjustments | $ | 4,739 | $ | 3,940 | $ | 7,486 | $ | 8,112 | |||||||||||||||
| Tax impact of adjustments1 | (821) | (969) | (1,650) | (1,975) | |||||||||||||||||||
| Adjusted net income | $ | 12,665 | $ | 12,567 | $ | 52,167 | $ | 43,001 | |||||||||||||||
| Adjusted net income margin | 7.7 | % | 8.5 | % | 8.1 | % | 7.7 | % | |||||||||||||||
| Diluted earnings per share | $ | 0.59 | $ | 0.66 | $ | 3.13 | $ | 2.36 | |||||||||||||||
| Per share impact of adjustments to net income | 0.26 | 0.21 | 0.39 | 0.39 | |||||||||||||||||||
| Adjusted earnings per share | $ | 0.85 | $ | 0.87 | $ | 3.52 | $ | 2.75 | |||||||||||||||
| Weighted average diluted shares outstanding | 14,892 | 14,491 | 14,808 | 15,725 | |||||||||||||||||||
1 The tax impact of each adjustment is calculated using the effective tax rate in the relevant jurisdictions.
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: interest income, severance costs, impairment losses, gains or losses on asset disposals, gains or losses on lease terminations, 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:
| Three months ended June 30, | Twelve months ended June 30, | ||||||||||||||||||||||
| ($000s) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net income | $ | 8,747 | $ | 9,596 | $ | 46,331 | $ | 36,864 | |||||||||||||||
| Net income margin | 5.3 | % | 6.5 | % | 7.2 | % | 6.6 | % | |||||||||||||||
| Interest expense | 222 | 448 | 936 | 1,634 | |||||||||||||||||||
| Income tax expense | 968 | 2,247 | 7,963 | 9,068 | |||||||||||||||||||
| Depreciation and amortization | 5,624 | 4,248 | 19,922 | 17,232 | |||||||||||||||||||
| EBITDA | $ | 15,561 | $ | 16,539 | $ | 75,152 | $ | 64,798 | |||||||||||||||
| Interest income | (115) | (29) | (266) | (955) | |||||||||||||||||||
| Severance costs | 267 | 558 | 1,240 | 558 | |||||||||||||||||||
| Impairment losses | 1,092 | 1,429 | 1,092 | 1,429 | |||||||||||||||||||
| Gain on asset disposals | (150) | — | (150) | — | |||||||||||||||||||
| Loss on lease terminations | 744 | — | 744 | — | |||||||||||||||||||
| Foreign currency (gains) / losses | (499) | 27 | (3,177) | 693 | |||||||||||||||||||
| Stock-based compensation expense | 3,285 | 1,926 | 7,737 | 5,432 | |||||||||||||||||||
| Adjusted EBITDA | $ | 20,185 | $ | 20,450 | $ | 82,372 | $ | 71,955 | |||||||||||||||
| Adjusted EBITDA margin | 12.3 | % | 13.9 | % | 12.8 | % | 12.9 | % | |||||||||||||||
EXHIBIT 3: Free cash flow
We define free cash flow as net cash provided by operating activities less capital expenditures.
| Three months ended June 30, | Twelve months ended June 30, | ||||||||||||||||||||||
| ($000s) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net cash provided by operating activities | $ | 24,823 | $ | 27,937 | $ | 59,001 | $ | 45,668 | |||||||||||||||
| Less: capital expenditures | 3,163 | 5,159 | 27,807 | 18,375 | |||||||||||||||||||
| Free cash flow | $ | 21,660 | $ | 22,778 | $ | 31,194 | $ | 27,293 | |||||||||||||||
EXHIBIT 4: Net cash
We define net cash as total cash and cash equivalents less debt.
| ($000s) | June 30, 2026 | June 30, 2025 | |||||||||
| Cash and cash equivalents | $ | 32,566 | $ | 15,350 | |||||||
| Debt | |||||||||||
| Current | $ | 882 | $ | 823 | |||||||
| Non-current | 777 | 796 | |||||||||
| Total debt | $ | 1,659 | $ | 1,619 | |||||||
| Net cash | $ | 30,907 | $ | 13,731 | |||||||