Xerox Holdings Corporation · NASDAQ:XRX
Xerox — Investor Presentation (August 2026)
31 slides from Xerox's investor presentation, August 2026
Slide 1: Strategic and Financial Overview
Xerox Holdings Corp. Strategic and Financial Overview August 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation and other written or oral statements made from time to time by management contain “forward looking statements” as defined in the Private Securities Litigation Reform Act of 1995 and involve certain risks and uncertainties. The words “anticipate”, “believe
Slide 3: Business Profile
Business Profile • Xerox is a leading provider of services-led, Financials and KPIs software-enabled hybrid workplace solutions. • Combined, Xerox and Lexmark form a ~$7.6B >10% ~200,000 vertically integrated designer, developer, 2026E Revenue1 Revenue from IT and Clients in 170 manufacturer, seller
Slide 4: Transformation Timeline
Transformation Timeline Xerox has taken actions to simplify operations and reposition the company for long-term, sustainable profit growth Announced JV with Expanded TPG Angelo Gordon agreement with Established Launched IJP to augment Sold stake in Fuji Xerox PEAC Solutions, Global Partner 900 and l
Slide 5: Transforming Xerox for Long-term Profit Growth
Transforming Xerox for Long-term Profit Growth Now a vertically-integrated manufacturer and leading provider of services-led, software-enabled hybrid workplace solutions across (i) Print & Managed Solutions, (ii) IT Solutions and (iii) Digital Services • Multi-year transformation in progress to driv
Slide 6: Strategic Priorities for 2026
Strategic Priorities for 2026 • Grow market share through a more vertically integrated entry-level portfolio, cost-efficient and Stabilize serviceable mid-range, and Production launches in new & adjacent segments Revenue • Leverage improved account coverage and integrated sales engine to accelerate
Slide 7: Strategy for Long-term Revenue Stabilization
Strategy for Long-term Revenue Stabilization A combination of market share gains and a higher mix of revenue from growing markets is expected to drive a stabilization of Xerox revenue in the medium-term Gain Share + Mix Shift Consistently gain share in Print to offset the natural erosion Increase re
Slide 8: Lexmark Acquisition: Strategic & Financial Rationale
Lexmark Acquisition: Strategic & Financial Rationale Opportunity Description Opportunity Size • Improves competitive positioning, with a leading share in all Print • Xerox’s Print portfolio covers a wider range of mid and high-end categories products, expanding the size of Lexmark’s market opportuni
Slide 9: Xerox Financial Update
Xerox Financial Update 9
Slide 10: 2025 Headwinds → 2026 Tailwinds
2025 Headwinds → 2026 Tailwinds 2025 affected by temporary headwinds that are reversing in 2026. With stabilizing revenue and expected cadence of cost savings, we expect a return to double-digit adjusted1 operating income margins over time. 2025 Impact 2026 Outlook Temporary • Xerox was disproportio
Slide 11: Business Update
Business Update Xerox is seeing improved momentum in 2026, confirmed by H1 results. Xerox has a stronger pipeline, greater profitability, lower leverage, and a clearer path forward than a year ago • Key Q2 2026 highlights: • Revenue of $1.92B exceeded analyst expectations by roughly $21M • Excluding
Slide 12: Q2 2026 Key Financial Measures
Q2 2026 Key Financial Measures Revenue ($B) Adjusted1 Operating Margin $1.92 10.6% $1.58 3.7% 2025 2026 2025 20262 2026 % Change: 22.0% @ AC, 21.2% @ CC1; Pro Forma1 (PF) % change: (6.5)% @ AC Free Cash Flow1 ($M) Leverage Framework3 7.0x $11 6.0x 5.9x 5.1x 5.6x 4.9x 4.5x 3.9x $(30) 2025 2026 Q1 202
Slide 13: 2026 Updated Full-Year Guidance
2026 Updated Full-Year Guidance1 STABILIZE REVENUE INCREASE PROFITABILITY REDUCE LEVERAGE Approximately $7.6B $555-605M Approximately $250M Revenue Adj.1 Operating Income Free Cash Flow 1 KEY CHANGES VS INITIAL EXPECTATIONS Up from above $7.5 billion Up from $450-500 million Unchanged ↑ Tariff recei
Slide 14: Additional Sources of Deleveraging
Additional Sources of Deleveraging Beyond operating performance, Xerox has put in place tools to further accelerate the deleveraging timeline • Excluding the benefits of the finance receivable winddown, we expect higher free cash flow conversion over time driven by: Higher Underlying Free − Higher o
Slide 15: Pro Rata Warrants – Enhance Shareholder Value & Accelerate Deleveraging
Pro Rata Warrants – Enhance Shareholder Value & Accelerate Deleveraging Transaction Overview Rationale and Benefits Illustrative Sensitivity Analysis Warrant Exercise % Warrant Distribution Accelerates Deleveraging • In February 2026, Xerox distributed dividend • Exercises using designated notes may
Slide 16: Why Invest in Xerox?
Why Invest in Xerox? Q1 and Q2 2026 exceeded consensus; transformation underway with improving momentum, a clear path to margin expansion, and a disciplined approach to balance sheet improvement Vertically integrated, scaled platform Post-Lexmark, Xerox holds top-5 share across all Print categories
Slide 17: Xerox Business Overview
Xerox Business Overview 17
Slide 18: Xerox Offerings
Xerox Offerings Print and Managed Print Services Industry-leading Xerox product and print technology and managed print service offerings are services designed to address the productivity Digital Services challenges of a IT Solutions Adjacent services hybrid workplace offerings to Full suite of IT an
Slide 19: Print and Services Market / Xerox Print Strategy
Print & Managed Print Services Print and Services Market / Xerox Print Strategy We expect to gain share in Print by optimizing offerings and distribution within the strongest Print sub-markets Print and Print Services Market Size ($B)1 Xerox Print Equipment: Market Share Opportunities 2024-2028 CAGR
Slide 20: Breadth and Quality of Offerings Underpin Leading Market Position
Print & Managed Print Services Breadth and Quality of Offerings Underpin Leading Market Position PRINT AT POINT OF NEED TECHNOLOGY AS A SERVICE • #2 share1 in combined • #1 share2 in Managed Office & Production Print Print Services • Integrated Workflow • Leader in Cloud-enabled Automation software
Slide 21: IT Solutions: Cross-sale Opportunity
IT SOLUTIONS IT Solutions: Cross-sale Opportunity Xerox’s IT Solutions business is expected to leverage an enhanced platform and existing Print Service relationships to generate above-market rates of growth • Full-service IT infrastructure solutions provider • Portfolio of offerings enhanced by rece
Slide 22: Digital Services: Workflow Transformation Adjacencies
Digital Services Digital Services: Workflow Transformation Adjacencies Digital Services are natural adjacencies to Print Services, delivering improved client outcomes and incremental sales opportunities • Suite of services that enable the digital transformation of clients’ documentation workflows De
Slide 23: Non-GAAP Financial Measures
Non-GAAP Financial Measures 23
Slide 24: Non-GAAP Financial Measures
Non-GAAP Financial Measures We have reported our financial results in accordance with generally accepted accounting Adjusted Operating Income and Margin principles (GAAP). In addition, we have discussed our financial results using the non-GAAP We calculate and utilize adjusted operating (loss) and m
Slide 25: Adjusted Operating Income and Margin Reconciliation
Non-GAAP Financial Measures Adjusted Operating Income and Margin Reconciliation FY-24 Q1-25 Q2-25 Q3-25 Q4-25 FY-25 Q1-26 Q2-26 (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (in millions) Profit Revenue Margin Profit Revenue Margin Profit Revenue Margin Profit Revenue Margin Profit Revenue
Slide 26: Adjusted EBITDA and Margin Reconciliation
Non-GAAP Financial Measures Adjusted EBITDA and Margin Reconciliation FY-24 Q1-25 Q2-25 Q3-25 Q4-25 FY-25 Q1-26 Q2-26 (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (Loss) (in millions) Profit Revenue Margin Profit Revenue Margin Profit Revenue Margin Profit Revenue Margin Profit Revenue Margin Pr
Slide 27: Free Cash Flow Reconciliation
Non-GAAP Financial Measures Free Cash Flow Reconciliation (in millions) FY-24 Q1-25 Q2-25 Q3-25 Q4-25 FY-25 Q1-26 Q2-26 Net cash provided by (used in) operating activities $511 ($89) ($11) $159 $208 $224 ($144) $37 Less: capital expenditures 44 20 19 28 24 91 21 26 Free Cash Flow $467 ($109) ($30) $
Slide 28: Guidance – Adjusted Operating Income and Free Cash Flow
Non-GAAP Financial Measures Guidance – adjusted operating income and margin Guidance – free cash flow (in millions) FY 2026 (in millions) FY 2026 Estimated Pre-tax (loss) ~$(100) Estimated Net cash provided by operating activites ~$340 Adjustments: Less: capital expenditures 90 Restructuring and rel
Slide 29: Pro Forma Financial Measures
Pro Forma Financial Measures • To better understand the trends in our business, we discuss our 2026 operating results by comparing them against 2025 pro forma results. The 2025 pro forma results include estimated results of Lexmark. Lexmark is included in our 2025 results as of July 1, 2025, the eff
Slide 30: Pro Forma Segment Revenue and Profit
Pro Forma Financial Measures Pro Forma Segment Revenue and Profit As reported Pro Form a(3) Pro Forma (3) % (in m illions) Q2-26 Q2-25 Q2-25 % Change Change Revenue Print & Other $ 1,733 $ 1,366 $ 1,846 26.9% (6.1)% IT Solutions 194 213 213 (8.9)% (8.9)% Intersegment elimination(1) (5) (3) (3) NM NM
Slide 31: © 2026 Xerox Corporation. All rights reserved. Xerox®, the Xerox logo and spark graphic
© 2026 Xerox Corporation. All rights reserved. Xerox®, the Xerox logo and spark graphic are trademarks of XRX Brandco LLC in the United States and/or other countries. 05/26 BR42576