The share price fell nearly 6.5% over the past week, but crucially without the kind of capitulation that usually signals structural danger. The more interesting story is that TP, far from being blindsided by AI, is reshaping itself around it technologically and culturally. And that may ultimately put the company in a stronger position than before.
A Business That Absorbs Shocks — and Keeps Growing
The backdrop to TP’s transformation is not a company in turmoil but one demonstrating stability in a difficult macroeconomic year. Revenue for the first nine months of 2025 reached €7.6 billion, up 1.5% like-for-like. Core Services — the heart of TP’s business — grew by 3.2% over nine months and accelerated to +3.9% in the third quarter. Growth remains strong in EMEA and Asia-Pacific (+5.1%), and the Americas have returned to momentum with +2.4% in Q3.
This does not resemble an industry collapsing under the weight of automation. If anything, the data confirms what Seeking Alpha recently observed: fears that AI will “kill” customer experience outsourcing are reminiscent of past technological panics that never came to pass — from the Kindle “eliminating” books to Bitcoin “obliterating” accounting.The only notable drag has been in Specialised Services, down 8.7% due to the non-renewal of a single large visa-processing contract. Adjusted for that one exceptional item, revenue in this segment would actually be up 2.6%.,“We have once again proven the group’s ability to absorb shocks while maintaining growth,” said aspiring CEO Thomas Mackenbrock, summarising the quarter.
AI as an Accelerator — Not a Replacement
Where TP distinguishes itself is in its methodical, disciplined integration of AI. The company’s “Future Forward” transformation plan places artificial intelligence at the centre of its operating model, as an enhancer of human capability.
At the core of this is TP.AI FAB, a platform designed to orchestrate industry-specific, “agentic” AI solutions — automation that works with humans rather than seeking to remove them. Nearly 400 AI projects have been launched this year alone, including 150 in Q3, supporting both client-facing activities and internal functions such as recruitment, predictive workforce planning, and real-time quality improvement.The company’s shift echoes Mackenbrock’s remarks to Fortune earlier this year, where he argued that AI would “change jobs far more than it destroys them” and that the real challenge is scaling safe, reliable systems that improve human service rather than replace it. His vision aligns closely with TP’s operational reality: AI is reducing friction, not replacing employees; it is expanding service offerings, not shrinking them.
Unsurprisingly, TP’s AI-related businesses — data services, consulting, and automation — are delivering double-digit growth in 2025, further evidence that the pivot is not theoretical but commercially validated.
A Company Re-Architecting Itself From Within
Structural change is also underway. TP has created a new Value Creation Office responsible for ensuring that AI initiatives translate into measurable performance across markets. This is making TP leaner, faster, and more coherent globally — all necessary conditions for scaling advanced technology.
Yet perhaps the most strategically important advantage TP has is cultural. The group has long ranked among the world’s best employers, a reputation critical in an industry that depends on attracting and retaining large, skilled teams. This people-first culture gives TP a realistic pathway to augment human work with AI without triggering the backlash seen in other sectors.
Given the heavy macroeconomic fog — currency swings, the US government shutdown, natural disasters — TP’s decision to revise guidance down to 1–2% like-for-like growth and a recurring EBITA margin of 14.7–15% appears measured. The company still expects around €900 million in free cash flow this year, preserving both financial stability and investment capacity.
What emerges is a picture of a company misunderstood by markets but increasingly aligned with the technological future of its sector.
If anything, the transformation underway suggests something else entirely: TP is not entering its twilight but the beginning of a new cycle — one driven by AI-powered value creation, operational resilience, and renewed investor interest in a company built for the long term.