Going

Further.

ANNUAL REPORT AND ACCOUNTS 2022

AJOREL AT A GLANCE 8

2.2 CHIEF EXECUTIVE’S REPORT 14

2.3 CHAIRMAN’S STATEMENT 18

2.4 A GLOBAL CX LEADER 22

2.4.1 MARKET OVERVIEW 22

2.4.2 BUSINESS MODEL 24

2.4.3 STRATEGY 26

2.4.4 RECOGNITION AND AWARDS 2022 28

2.5 CORPORATE RESPONSIBILITY 29

2.6 INFORMATION ABOUT MAJOREL LISTING AND SHARES 31

3.2 MANAGEMENT BOARD AND SUPERVISORY BOARD 55

3.3 REMUNERATION REPORT 62

3.4 SHARE CAPITAL AND SHAREHOLDINGS 72

3.5 LUXEMBOURG LAW ON TAKEOVER BIDS DISCLOSURES 74

4. Alternative Performance Measures (APMs) 79

5. Glossary of Terms 85

6. Consolidated Financial Statements 88

Consolidated statement of profit and loss 89

Consolidated statement of comprehensive income 90

Financial highlights

We have very high standards about the way we do business across the world – it’s all about doing the right thing

and acting with integrity – which is captured in our Code of Conduct. Acting with integrity brings respect in our

everyday dealings with each other and our business partners, and creates solid relationships based on mutual

We offer our clients, and their customers, reliability, and agility in a constantly changing world, and strive to be

the best home for talent.

positive impact to the world

around us.

The Company’s roots date back some 30 years, to 1992, giving us a deep reservoir of knowledge and experience

to draw upon for our clients today.

In 1998, we signed our first Global Internet client – a relationship that continues to thrive to this day.

Majorel is headquartered in Luxembourg, listed in Amsterdam, but at home in the world.

From Asia to Europe, and from Africa to the Americas, Majorel operates from 160+ sites in 45 countries

, serving

our clients’ end-customers in 130+ countries.

This equips us to bring consistent CX to global brands. In particular, we are one of the few international CX

providers with operations at scale in China, and have one of the largest footprints in Africa, where we employ

around 22,000 team members.

To provide seamless client support across the globe, our highly agile delivery model includes onshore and

expertise augmented with advanced proprietary technology tools, automation – such as robotic process

automation (RPA) and bots – and data insight. We enhance this approach with deep vertical, cultural, and CX

domain expertise, developed from partnering with top brands for around 30 years. This makes us the go-to

partner for full-service omnichannel CX, giving our clients a competitive edge, with services spanning the entire

customer lifecycle. These include solutions for Customer Service, Sales and Marketing, Loyalty and Retention,

and Tech Support. These services help our clients to successfully retain and grow their customer base while

ensuring brand engagement and advocacy.

Business Process Services. Since 2015, we have been pioneers in providing Content Services, Trust & Safety

services. Our work across social, gaming, and online retail platforms safeguards users and maintains the

Process Outsourcing (BPO) services for our clients with a focus on our different growth verticals - such as claims

management for the insurance sector, e-mobility services for automotive, and specialized back-office services for

Technology Services provider (December 2022).

In September, Majorel announced it had discontinued discussions with Sitel regarding the potential merger of

the two companies. Despite completed due diligence and validated synergies between the two companies,

alignment could not be reached on the final structure of the transaction against the background of the

prevailing macro environment.

In 2022, 52% of net revenue was from Global Internet clients (FY 2021: 45%), achieving our mid-term target of

>50% and including 23% of net revenue from Majorel’s Content Services, Trust & Safety line of business (FY

2021: 21%), in line with our mid-term target of 20-25%.

15% and, in line with our previous guidance. The net revenue share from the Telco vertical decreased to 9% of

net revenue at the end of 2022 (FY 2021: 12%) in line with our mid-term target of ~10%.

Offshore delivery represented 43% of net revenue (FY 2021: 39%), compared to our mid-term target of 45-50%.

success. In November 2022, we carried out our annual global employee survey. This year, we partnered with

‘’Great Place to Work’’ (GPTW) for the first time and were particularly proud to have achieved GPTW certification

status in 26 of the 38 participating countries.

I am proud that during 2022 we have continued to grow the two flagship projects we identified in 2021: Majorel

Women and the Majorel Impact Sourcing Standard. Majorel Women aims to build an inclusive and collaborative

community to discuss and raise awareness of the unique issues that women face in the workplace. This includes

training, professional, and personal development opportunities, and networking. The Majorel Impact Sourcing

Standard continues to play an increasingly important part in Majorel’s recruitment strategy, giving

disadvantaged groups career opportunities that lead to economic self-sufficiency, skills development, and

The safety, wellbeing, and personal development of our team members remain a primary objective, enabled by

Majorel Feel Good, our global wellbeing and resiliency (W&R) program. We continuously strive to improve our

operations and process and have further strengthened this program, which receives high praise from our team

members, clients, and industry commentators.

of our differentiated offer. We strongly believe that the value-added services we provide to our clients in this

assurance, and policy adherence - support our clients in making the internet a safer place for everyone.

Supporting our communities

alleviation of suffering. In addition to helping our team members affected by the crisis, Majorel made donations

company has consistently over-delivered on its targets.

This has been driven by its outstanding strategy execution

and unique entrepreneurial culture that’s relentless,

resilient, and resourceful. Put simply – driven to go

Moulay Mhamed Elalamy

Dear Shareholders,

outstanding execution of our proven growth strategy has allowed us to continue to expand and create more

opportunities for people to join us on this journey.

bringing together a group of highly talented individuals, we are able to leverage their collective knowledge and

experience to drive our company forward. Our three new members will bring an interesting new expertise to

I would like to take this opportunity to thank everyone at Majorel for their extraordinary commitment to the

Company: operating as one team, united, and totally focused on one goal – delivering the best customer

I would also like to commend the team for its solidarity in the face of adversity. For example, the support of our

co-workers in Türkiye and our colleagues from Syria, affected by the recent earthquakes has been

Furthermore, a big thank you to Majorel’s clients and its shareholders for continuing to place their trust in our

company. And lastly, to the Management Board, for our excellent collaboration, that underpins our continuing

success.

global CX leader.

Chairman of the Supervisory Board

base.

Technology and the internet have transformed the way consumers engage with businesses. Today’s interactions

are infinitely more diverse than simply calls to contact centers. Customers expect to be able to solve their

queries at any time and through the channel that is most convenient for them. Therefore, good CX has

developed into omnichannel, providing a seamless experience across multiple channels such as mobile apps,

chat and instant messaging, email and social media, in addition to voice interaction.

With this migration to digital channels, which was further accelerated by the COVID-19 pandemic, CX has also

become a key driver of brand equity. This market environment, combined with technological innovation, has

created new service opportunities that encompass the entire brand experience, including CX consulting,

customer journey design, direct marketing automation, data annotation and data labeling, as well as Content

Services, Trust & Safety.

Majorel is a global CX specialist in a market valued at US$101-103 billion in 2021

global outsourced CX market, which is estimated to grow by 7%-9% from 2021 to 2022 (US$109-111 billion)

.

However, with outsourcing accounting for only 30% of all CX expenditure (in 2021)

, it is a market that remains

with high-touch human intervention to transform the customer experience. This digital segment is also expected

.

In addition, Content Services, Trust & Safety offerings, which exist to help ensure that digital platforms are safe

proliferation of user-generated content on digital platforms, driving expected double-digit growth in the years

ahead

more information, choices, and influence than ever before. They expect to engage with brands at any time, on

any device and on the channel of their choice. Brand perception is no longer determined by individual

interchangeable, customer experience has become a vital point of difference. Companies are exploring new

ways to provide meaningful and intuitive interactions that reflect the intentions and characteristics of individual

consumers. Brands that maintain a merely transactional approach are losing value, while those managing

experiences holistically across the consumer lifecycle can become an indispensable part of their lives.

A shift to CX leaders. In shifting their focus to managing customer experiences along the entire lifecycle,

brands are increasingly realizing the need for a fundamental change in their operating model: front- and back-

end processes need to be managed holistically and enabled by the latest technology to deliver the desired

results. However, they may not have the in-house expertise to build the technology and process architecture

they need. Instead, they are consolidating activities with integrated CX solution providers that combine deep

the rise in niche languages on the internet. These tailwinds have been bolstered by emerging growth vectors

such as a globally dynamic regulatory landscape and evolving ESG mandates. Socially responsible, professional

content services which put the health and wellbeing of team members at the forefront, will be key in supporting

growing demand in this area.

have been enthusiastically adopted by millions around the world. This recent progress confirms the digital

developments in the industry. Harnessing their real value to allow for new user experiences and to enhance

supporting processes (for example, agent augmentation) will be key in the coming years.

2.4.2 BUSINESS MODEL

such as analytics and automated

interactions, that optimize the

customer experience. Our

innovative Tech & Expert

Services deliver a slick and

seamless experience through

specialized CXaaS services, CX

consulting, design and

technology, vertical digital

solutions and digital

consumer engagement

We support our delivery model