1Q26 CIO调查：IT服务未进一步恶化，但背景喜忧参半；整体预算带来希望 1Q26 CIO调查：IT服务未进一步恶化，但前景喜忧参半；整体预算带来希望

IT Services| North America 1Q26 CIO Survey: IT ServicesNot Getting Worse, But MixedBackdrop; Hope In Broader Disappointing lack of budget growth acceleration (core to ACNOW thesis): 1Q26 CIO survey data indicates CY26 budgetgrowth of 2.0% y/y (modestly below 2.1% CY25 growth) andmonitoring new weakness in Financials (~29% of CTSH FY25 IT Services North AmericaIndustry View hope. M Annual IT Services budget growth is still down vs. CY25, but no change vs. lastquarter’s CIO survey, while expected growth rates across the US and EU diverge. 1Q26 CIO survey data indicate CY26 budget growth of +2.0% y/y, modestly belowCY25 growth of +2.1%, and consistent with the CY26 growth outlook from our 4Q25CIO survey (published January 14, 2026) ( Exhibit 3 ). Squinting, we are slightlyencouraged that our survey now indicates slightly faster overall IT Budget growth inCY26 at +3.7% (vs. last qtr., which forecasted slightly slower IT Budget growth of+3.4% in CY26 vs. +3.6% in CY25— see here for the broader US Tech note). Retail and Financials industry verticals show the greatest QoQ downwardrevision to 2026 IT Services spending intentions.Retail and Financials respondents expect to temper their spending intentions on IT Services vs. lastquarter's expectations, with Retail decelerating spend by (120)bps to +1.6% y/y andFinancials decelerating by (130)bps to +0% y/y ( Exhibit 6 ). For context, Financialsmade up 18%/29%/24%/~44% of ACN, CTSH, EPAM and KDFY25 revenue,respectively. By contrast, Services (e.g., media, hospitality, etc.) respondents showeda 200bp QoQ acceleration in expected CY26 IT Services spend, to +5.5%. (vs. 3.5%in 4Q25). Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a result,investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of Morgan StanleyResearch. Investors should consider Morgan Stanley Willingness to engage a strategic consulting vendor on Gen AI decreases slightlyQoQ.1Q26 survey results show that +9% of respondents are utilizing a strategicconsulting vendor such as ACN for Gen AI / ML efforts (down from +11% in 4Q25). For analyst certification and other important disclosures,refer to the Disclosure Section, located at the end of thisreport. better understand the growth implications for IT Services ( Exhibit 9 ). As areminder, we believe Gen AI will impact US IT Services companies primarily through1) pricing pressure, with some contracts building in 20-30% AI-related costreductions upfront, 2) the need for increased IP investment that will likely pressureROIC, and 3) a shift toward outcome-based pricing models that transfer technology Monitoring the defensiveness of IT Services-related priorities.We find itnoteworthy that Digital Transformation screened as the 5th most defensive techpriority (vs. 6th most defensive last quarter), especially with Digital Transformationamong CIOs' top 3 priorities in terms of projects with largest spend increases in2026 ( Exhibit 10 ). Conversely, strategic consulting remains the least defensive Relative to CY25, CY26 budget growth expectations reflect an accelerationacross in Technology and Services verticals and a deceleration in Energy, •Technology industry respondents expect IT Services spending to increase+2.4% in CY26 (vs. +1.4% in CY25).•Services industry respondents anticipate a stronger +5.5% growth in CY26(vs. +3.3% in CY25). Percentage expecting a positive revision to overall IT budgets ticks up.The ratioof respondents expecting an upward revision to overall IT budgets (not IT Services-specific) relative to those expecting a downward revision modestly accelerated to0.8x in our 1Q26 survey (vs. 0.5x in 4Q25) ( Exhibit 8 ). 24% of respondents now Key CIO Survey Exhibits Exhibit 5:2026 spending intentions point to modest YoYacceleration in the US, offset by decelerating spending intentions Exhibit 6: Retail and Financials saw the greatest downward revisions in IT Services spending growth expectations relativeto our 4Q25 survey, while Services saw the greatest upward revision Exhibit 9:9% of respondents surveyed intend to engage with a strategy consulting vendor (i.e, ACN) as it Exhibit 11:Strategy Consulting continues to rank among the least defensible IT projects in a downturn, while Morgan Stanley CIO Survey Demographics This report contains the results of our CIO Macro Survey. The survey was conducted byour legacy vendor through telephone and online interviews with 100 decision makers,representing 100 enterprise Information Technology organizations, during February 3rd to Valuation Methodology and Risks Accenture Plc (ACN.N) Our price target is derived from our Base Case scenario, which assumes mid-single-digitorganic growth near-term. Our price target applies a market multiple of 16x multiple to ourFY27E EPS, which is meaningfully below the 10-year average market premium of 30%. Risks to Upside nAcceleration in high-growth st