Exhibit 99.2
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS OF WEBHELP PARENT
This Management’s Discussion and Analysis of Financial Condition and Results of
Operations of Webhelp should be read in conjunction with Marnix Lux SA’s historical consolidated financial statements and the notes to those consolidated financial statements which are included in Exhibit 99.3 of the Current Report on Form 8-K
filed with the SEC on July 17, 2023 (the “Current Report”). It contains forward-looking statements, which are subject to risk, uncertainties, and other factors that could cause actual results to differ materially from those projected or implied
in the forward-looking statements. Please see “Risk Factors” and “Note Regarding Forward-Looking Statements” in Concentrix’ Annual Report on Form 10-K for the year ended November 30, 2022 and Concentrix’ Quarterly Report on Form 10-Q for the
quarter ended May 31, 2023 for a discussion of the uncertainties, risks and assumptions associated with these statements.
Marnix Lux SA’s consolidated financial statements were prepared in accordance with the
International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). Financial information for the fiscal years ended December 31, 2022 and December 31, 2021 have been derived from the audited
consolidated financial statements included in Exhibit 99.3 of the Current Report, which also include unaudited comparative figures for the year ended December 31, 2020. Financial information as of March 31, 2023 and for the three months ended
March 31, 2023 and March 31, 2022 have been derived from the unaudited interim condensed consolidated financial statements included in Exhibit 99.4 of the Current Report. The consolidated financial statements are presented in millions of euros,
rounded to one decimal place.
Unless otherwise indicated or except where the context otherwise requires, references
to “Webhelp” in this Management’s Discussion and Analysis of Financial Condition and Results of Operations of Webhelp refer to Marnix Lux SA, a public limited liability company (société anonyme) incorporated under the laws of the Grand Duchy of
Luxembourg (“Webhelp Parent”), the indirect parent company of Webhelp SAS (collectively referred to with Webhelp Parent and Webhelp Parent’s subsidiaries as “Webhelp”).
Overview and Basis of Presentation
Webhelp is a global provider of Customer Experience (“CX”) solutions and technologies
focused on enriching customer experiences and building solutions for its clients’ business needs. Webhelp offers an array of bespoke end-to-end solutions, with activities ranging from customer engagement, such as service, technical assistance
and sales, to specialized process outsourcing in regulated and digital realms, and dedicated industry approaches. Webhelp is currently majority owned and indirectly controlled by Sapiens S.à r.l, a wholly owned indirect subsidiary of Groupe
Bruxelles Lambert, while the remaining shares are held by the co-founders of Webhelp and certain employees.
Dynamicall Acquisition
On March 3, 2021, Webhelp completed its acquisition of 75% of the shares of Dynamicall,
a major Peruvian BPO company, based in Lima, with more than 4,500 employees. Dynamicall enhances Webhelp’s service portfolio in several strategic dimensions, including multilingual operations, through its capability to provide on-, near- and
off-shore services for the local and international Spanish-speaking market and North America, as well as coverage for multilingual customers worldwide. Webhelp acquired the remaining 25% of Dynamicall in the third quarter of 2022.
The total consideration for the transaction was €25.4 million at the date of
acquisition. An earnout of €8.4 million was paid in the second quarter of 2022. Webhelp acquired the remaining 25% of Dynamicall in the third quarter of 2022 including €17.0 million in cash payments and an obligation to make a deferred payment
of $3.0 million, of which one third was paid in the first quarter of 2023, and the two remaining payments are due in 2025 and 2026, respectively.
OneLink Acquisition
On August 2, 2021, Webhelp completed its acquisition of OneLink for a total
consideration of €487.6 million (excluding €10.0 million in transaction costs and €31.7 million in intercompany financing), funded with external bank financing. For additional information regarding the external bank financing, see the section
entitled “—Debt Arrangements” below. Webhelp wholly owns and exercises exclusive control over the company, which has been fully consolidated since August 1, 2021.