Slide 1: Investor Presentation – Q2 2025
Investor Presentation – Q2 2025 August 5, 2025
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements within the meaning of applicable U.S. securities laws, including statements regarding our 2025 financial guidance; our beliefs and expectations regarding the impact of the Nok Nok Labs, Inc. acquisition; our plans to ev
Slide 3: Company Overview
Company Overview O OneSpan
Slide 4: OneSpan At-a-Glance
OneSpan At-a-Glance1 $560M $241M $178M 101% $93M 4,000+ 100+ >60% Market Cap Revenue ARR2 NRR3 Cash & Equiv. Customers Countries of the World’s (TTM) 100 Largest Banks are Customers 1 Approximate market capitalization as of 8/04/25. Other metrices as of 6/30/25. 2,3 See appendix for definitions. PRO
Slide 5: Trusted Security Partner to Global Blue-Chip Enterprises
Trusted Security Partner to Global Blue-Chip Enterprises Other Financial Banking Insurance Government Healthcare Other Services PROPRIETARY AND CONFIDENTIAL. ALL RIGHTS RESERVED 5
Slide 6: Security Solutions & Digital Agreements Business Units
Security Solutions & Digital Agreements Business Units Total Revenue: $241M1 Common BU Attributes Operational Excellence Recurring Revenue Growth Security Digital Enterprise Class Solutions Solutions Agreements Key Verticals – BFSI, Healthcare, Government $178M $62M 74% 26% Revenue by Geography1 EME
Slide 7: Security Solutions
SECURITY SOLUTIONS Industry Leader in Securing Digital Banking Transactions • Trusted by the who’s who of global banks to secure high value digital transactions • (6%) Revenue growth1,2 • 9% Software & Services growth1,3 • 27% Subscription revenue growth1,3 MFA & Passkeys Digital Transaction Mobile
Slide 8: Digital Agreements
DIGITAL AGREEMENTS Key Enterprise-Class Solutions • Robust security, white-labelling and pricing model differentiate • 9% Revenue growth1,2 • 14% Subscription revenue growth1,3 • 20% Segment operating margin1 E-Signatures Identity Verification • Land and expand model with focus on new logos and prof
Slide 9: GTM Focused on Enterprise Sales and Growing Partner Network
GTM Focused on Enterprise Sales and Growing Partner Network CUSTOMER SEGMENTATION BASED ON EMPLOYEE COUNT OSPN SALES FOCUS PARTNER COVERAGE Tiers Efficient Resource Global System Resellers & Platform (Employee Count) Allocation with Sellers Integrators Distributors Partners Large Enterprise SAM 100,
Slide 10: Competitive Differentiation
Competitive Differentiation Broadest authentication portfolio in the industry; Enterprise-class e-signature provider Strong roots and experience in highly regulated global markets Deep expertise in end-user experience, cloud workflows, document verification and e-signatures World-class security DNA
Slide 11: Financial Highlights & Outlook
Financial Highlights & Outlook
Slide 12: Q2 2025 Financial Highlights
Q2 2025 Financial Highlights $60M $36M $178M 101 % Revenue Subscription Revenue ARR1,3 NRR2 (-2% growth) (22% growth) (8% growth) $18M $0.34 $93M $0.12 Adjusted EBITDA Non-GAAP EPS Cash and Equiv. Dividend4 (29% margin) no long-term debt 1,2 See appendix for definition. 3 The acquisition of Nok Nok
Slide 13: Q2 2025 Revenue Growth
Q2 2025 Revenue Growth1,2,3 Security Solutions Digital Agreements Total Company (-3% growth) (1% growth) (-2% growth) $60.9M $59.8M $45.5M $44.2M $15.5M $15.6M Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Subscription Maintenance Subscription Maintenance Subscription Maintenance PS & Other Hardwa
Slide 14: Q2 2025 ARR Growth
Q2 2025 ARR Growth1,2,3 Security Solutions Digital Agreements Total Company (9% growth) (4.5% growth) (8% growth) $178M $165M $114.5M $105M $63M $61M Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 1 The June 4, 2025, acquisition of Nok Nok Labs added $8 million to Security Solution’s ARR. 2 The inc
Slide 15: 2025 Guidance Metrics
2025 Guidance Metrics FY 2025 FY 2025 Metric Previous Guidance Current Guidance Revenue1 $245M – $251M $245M – $251M Adjusted EBITDA2 $72M – $76M $72M – $76M ARR3 $180M – $186M $186M – $192M 1 Revenue guidance affirmed. Due to increased visibility into hardware orders and shipping schedules, includi
Slide 16: Revenue and ARR: FY 2025 Guidance and Prior Year Results
Revenue and ARR: FY 2025 Guidance and Prior Year Results Revenue1,2 ARR2,3 FY 2025 FY 2025 Guidance Guidance $186M - $192M $235M $243M $245M - $251M $219M $168M $155M $139M FY 2022 FY 2023 FY 2024 FY 2025E FY 2022 FY 2023 FY 2024 FY 2025E Security SW & Services Security Hardware Digital Agreements S
Slide 17: Adjusted EBITDA: FY 2024 Increase Driven by Cost Reductions
Adjusted EBITDA: FY 2024 Increase Driven by Cost Reductions Adjusted EBITDA1 Cumulative Annualized Cost Savings2,3 December 31, 2022: $10.0 million FY 2025 Guidance December 31, 2023: $58.5 million $73M $72M - $76M December 31, 2024: $77.0 million* * Annualized cost savings initiatives were substant
Slide 18: Appendix
Appendix O OneSpan
Slide 19: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA5 (in thousands, unaudited) Three months ended Six months ended June 30, June 30, 2024 2025 2024 2025 Net income (loss) $ 6,553 $ 8,342 $ 20,021 $ 22,847 Interest income, net (521) (732) (622) (1,424) Provision for income taxes 1,936 2,227 2,970 5,587 1
Slide 20: Definitions
Definitions 1 – ARR, or Annual Recurring Revenue, is calculated as the approximate annualized value of our customer recurring contracts as of the measurement date. These include subscription, term-based license, and maintenance and support contracts and exclude one-time fees. To the extent that we a
Slide 21: Non-GAAP Financial Measures
Non-GAAP Financial Measures We report financial results in accordance with GAAP. We also evaluate our performance using certain non-GAAP financial metrics, namely Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP Net Income Per Diluted Share. Our management believes that these measures, when taken t
Slide 22: Copyright and Trademarks
Copyright and Trademarks Copyright© 2025 OneSpan North America Inc., all rights reserved. OneSpan®, the “O” logo, “BE BOLD. BE SECURE.” , Nok Nok Labs and DIGIPASS® are registered or unregistered trademarks of OneSpan North America Inc. or its affiliates in the U.S. and other countries. Any other tr
Slide 23: OneSpan
OneSpan