Slide 1: Third Quarter Fiscal Year 2025 Financial Results
Third Quarter Fiscal Year 2025 Financial Results April 30, 2025 NASDAQ/TSX: OTEX
Slide 2: Safe Harbor and IP Statement
Safe Harbor and IP Statement This presentation contains forward-looking statements or information (forward-looking statements) within the meaning of the Private Securities Litigation Reform Act of 1995, Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the Exchange Act), Section 2
Slide 3: Mark J. Barrenechea
Mark J. Barrenechea OpenText CEO & CTO OpenText ©2025 All rights reserved. 3
Slide 4: Focus Today
Focus Today OpenText is Distinct Strategic Priorities • Designed to perform across business cycles • Critically significant to companies across industries 1. Competitive Advantage and geographies • Leading with AI First, Business Cloud Suites, new Data Cloud, and new Security 2. Total Revenue Growth
Slide 5: Who is OpenText?
Who is • One of the largest software companies in the world OpenText? • #1 and growing in Content Management - our biggest market • Deployed in 98% of all Fortune 500 companies • Benefiting hundreds of millions of people every day • Strong bottom-line operator 31M Public cloud users • Long track rec
Slide 6: What Does OpenText Do?
What Does OpenText Do? • Information Management products are anchored in enterprise content, data and process automation • Secure and compliant content management to meet industry standards • Single source of truth for content management across various business applications • Unlock the value of tha
Slide 7: OpenText is Used by Millions
OpenText is Used by Millions Did you stop for gas? You might have benefited from OpenText already • Western Midstream – Content Cloud today: Where did you get the milk in your morning coffee or cereal? Did you see a doctor or take • Dairy Farmers of America – Content Cloud medicine? • Kellanova – Ap
Slide 8: How We Create Shareholder Value
How We Create Shareholder Value $4.1B Total RPO New Including $2.3B in Cloud customer RPO (Q3 F’25) $266M shares repurchased (Q3 F’25 YTD) bookings $3.9B Total Revenues Retired approx. 4% shares YTD $3.1B ARR(2) Share repurchases Revenue (Q3 F’25 YTD) & potential M&A (ARR, Cloud, etc.) Dividend Yiel
Slide 9: Resilience and Growth
Resilience and Growth OpenText has demonstrated resiliency and growth during key global economic events OTEX A-EBITDA(1) US$ Billion OTEX A-EPS(1) US$ $2.5 $4.50 $4.00 $2.0 $3.50 +12% +14% +9% +9% 5-yr 10-yr $3.00 5-yr 10-yr $1.5 CAGR CAGR CAGR CAGR $2.50 $2.00 $1.0 $1.50 $1.00 $0.5 $0.50 $0.0 $0.00
Slide 10: Titanium X: Cloud Editions 25.2
Titanium X: Cloud Editions 25.2 OpenText Next Generation Business Solutions Powered by AI Business AI For the digital knowledge worker ma tion ● Industry Spe s for ci f ic Tr an ● s s Business Digital Tr ne Networks Infrastructure u si st Management Management Bu ed Customer & Employee Cybersecurity
Slide 11: Key Quarter Financial Highlights
Key Quarter Financial Highlights In Constant Y/Y Currency(3) Y/Y Key Financials Q3 F’25 Additional Metrics Q3 F’25 % Change Y/Y % Change Q3 F’25 % Change Total Revenues $1,254M -13.3% $1,275M -11.9% Enterprise Cloud Bookings(4) $151M -8.4% Annual Recurring $1,030M / -10.1% / $1,046M / -8.7% / Cloud
Slide 12: Q3 F'25 Customer Wins
Q3 F’25 Analytics Product: Analytics Database (Vertica) Business Network Product: B2B Integration Enterprise Content Product: Core Archive solution for SAP Document • and Date Archiving Criteo needed a sustainable data platform • Seamless extension to their internal Customer that can process exponen
Slide 13: Business Optimization Plan and Other Savings Initiatives
Business Optimization Plan and Other Savings Initiatives • Original announcement (July 2024): Represented actions taken post-AMC divestiture to support business growth to the Benefit Realization Cloud and realize Micro Focus synergies • Expansion announcement (April 2025): F’25 F’26 F’27 Savings Inc
Slide 14: F'25 Targets
F’25 Targets(1) F’25 Targets F’25 Targets Key Highlights Revenue Metrics Prior Updated • F’25 targets would be on track absent recent Cloud Revenue $1.85B to $1.90B $1.84B to $1.86B demand disruption Annual Recurring Revenue(2) $4.17B to $4.22B $4.15B to $4.19B • Cloud growth target: ◦ 1% to 2% (pri
Slide 15: Strategic Focus
Strategic Focus 1. Competitive Advantage 2. Total Revenue Growth 3. Operational Excellence Through Innovation • Leading with AI First, Business • New product cycle, entering new • Upper quartile margins, FCF(1), Cloud Suites, new Data Cloud, market areas such as Security earnings, and capital return
Slide 16: Chadwick Westlake
Chadwick Westlake OpenText Executive Vice President, CFO OpenText ©2025 All rights reserved. 16
Slide 17: F'26 And Medium-Term Aspirations to Growth
F’26 And Medium-Term Aspirations to Growth • Re-framing our Targets and Aspirations Example Key Metrics Cloud Revenue (Growth) • Simplifying and focusing on key performance metrics RPO / cRPO Annual Recurring Revenue(1) (% of Total Rev.) • Transparency into what matters most: cloud growth, margin, e
Slide 18: Bookings
Bookings Enterprise Cloud Bookings • Enterprise Cloud Bookings(1): $151M • Q3 F’25 down Y/Y due to: Q3 F’25 -8.4% Y/Y • Macro disruption, customers delaying their business decisions Q3 F’25 TTM $714M +4.4% Y/Y • Areas of strength in enterprise cloud bookings, especially in our Content cloud vertical
Slide 19: OpenText's Six Business Clouds
OpenText’s Six Business Clouds Outperform (>50% of Revenue) Perform (FCF(1) & Long-term Growth) Cybersecurity Cybersecurity Application SMB Business IT Operations Content Services Enterprise Automation Analytics (~10% of Network (ITOM) (~10% of revenue) (ADM) revenue) #1 enterprise leader with End-t
Slide 20: A-EBITDA Margin Performance
A-EBITDA Margin Performance A-EBITDA(1) Margin Y/Y • Q3 F’25 Y/Y down approximately 50 bps; Approx. expense actions and improving operations Q3 F’25 31.5% partially offset lower revenue -50 bps Approx. • Excluding AMC, Q3 F’25 A-EBITDA Q3 F’25 YTD 34.7% +20 bps margin up Y/Y F’25 Target 33% to 34% 1
Slide 21: Disciplined Capital Allocation
Disciplined Capital Allocation Our Capital Allocation Strategy Track Record of Capital Return(2) Growth Flexible: Allocate capital to the highest return scenario and thus F’25 reserve flexibility in our strategy. Target Primary: 50% of TTM Free Cash Flows(1) for Dividends and Buybacks. $720+ Additio
Slide 22: A-EPS Performance
A-EPS Performance • Repurchased and retired: A-EPS(1) Q3 F’25 $0.82 • Q3 F’25: 4.4M common shares for -12.8% Y/Y $115M Consensus A-EPS(2) • TTM basis: 14.3M common shares for Q3 F’25 $0.76 $416M • Common Shares Outstanding: Beat / (Miss) $0.06 • Q3 F’25: 260M, -4.7% Y/Y 1. Please refer to “Use of No
Slide 23: Why Invest in OpenText Today?
Why You Should Invest Why Invest • Significant current trading discount to peer multiples (platform to 2x in OpenText current value) • Resilient and steady high cash flow generating business model • Opportunity to participate in the grow engine we are building with over Today? • • $200B in Total Add
Slide 24: Management Q&A
Management Q&A OpenText ©2025 All rights reserved. 24
Slide 25: Appendix
Appendix OpenText ©2025 All rights reserved. 25
Slide 26: OpenText ex-AMC
OpenText ex-AMC(1),(2) F’25 Actual F’24 Actual F’23 Actual $ in millions Q1 Q2 Q3 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Cloud 457 462 463 451 450 455 465 1,821 405 409 435 452 1,700 Customer Support 595 591 567 614 612 606 599 2,430 311 310 518 622 1,760 License 126 189 138 129 248 158 161 696 60 105 117 19
Slide 27: Appendix A: Use of Non-GAAP Financial Measures
Appendix A Use of Non-GAAP Financial Measures In addition to reporting financial results in accordance with U.S. GAAP, the Company provides certain financial measures that are not in accordance with U.S. GAAP (Non-GAAP).These Non-GAAP financial measures have certain limitations in that they do not h
Slide 28: Summary of Quarterly Results with Constant Currency
Summary of Quarterly Results with Constant Currency Q3 F'25 % Change (In millions U.S. dollars, except per share data) Q3 F'25 Q3 F'24 $ Change % Change in CC* in CC* Revenues: Cloud services and subscriptions $462.6 $454.5 $8.1 1.8 % $468.1 3.0 % Customer support 567.4 691.4 (124.1) (17.9) % 578.1
Slide 29: Summary of Year to Date Results with Constant Currency
Summary of Year to Date Results with Constant Currency % Change (In millions U.S. dollars, except per share data) F'25 YTD F'24 YTD $ Change % Change F'25 in CC* in CC* Revenues: Cloud services and subscriptions $1,381.9 $1,355.6 $26.3 1.9 % $1,386.6 2.3 % Customer support 1,753.5 2,084.9 (331.5) (1
Slide 30: Reconciliation of Selected Non-GAAP Measures | Q3 F'25
Reconciliation of Selected Non-GAAP Measures | Q3 F'25 FOOTNOTES 1 Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results. 2 Adjustment relates to the exclusion of
Slide 31: Reconciliation of Selected Non-GAAP Measures | F'25 YTD
Reconciliation of Selected Non-GAAP Measures | F'25 YTD Nine Months Ended March 31, 2025 GAAP % of Non-GAAP % of (In ‘000's U.S. dollars, except per share data) GAAP Total Revenue Adjustments FN Non-GAAP Total Revenue COST OF REVENUES Cloud services and subscriptions $ 521,731 $ (6,828) (1) $ 514,90
Slide 32: Reconciliation of Selected Non-GAAP Measures | F'25 YTD
Reconciliation of Selected Non-GAAP Measures | F'25 YTD FOOTNOTES 1 Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results. 2 Adjustment relates to the exclusion of
Slide 33: Reconciliation of Selected Non-GAAP Measures | Q3 F'24
Reconciliation of Selected Non-GAAP Measures | Q3 F'24 Three Months Ended March 31, 2024 GAAP % of Non-GAAP % of (In ‘000's U.S. dollars, except per share data) GAAP Total Revenue Adjustments FN Non-GAAP Total Revenue COST OF REVENUES Cloud services and subscriptions $ 186,400 $ (3,292) (1) $ 183,10
Slide 34: Reconciliation of Selected Non-GAAP Measures | Q3 F'24
Reconciliation of Selected Non-GAAP Measures | Q3 F'24 FOOTNOTES 1 Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results. 2 Adjustment relates to the exclusion of
Slide 35: Reconciliation of Selected Non-GAAP Measures | F'24 YTD
Reconciliation of Selected Non-GAAP Measures | F'24 YTD Nine Months Ended March 31, 2024 GAAP % of Non-GAAP % of (In ‘000's U.S. dollars, except per share data) GAAP Total Revenue Adjustments FN Non-GAAP Total Revenue COST OF REVENUES Cloud services and subscriptions $ 537,960 $ (9,892) (1) $ 528,06
Slide 36: Reconciliation of Selected Non-GAAP Measures | F'24 YTD
Reconciliation of Selected Non-GAAP Measures | F'24 YTD FOOTNOTES 1 Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results. 2 Adjustment relates to the exclusion of
Slide 37: Reconciliation of Adjusted EBITDA and Free Cash Flows
Reconciliation of Adjusted EBITDA and Free Cash Flows (In '000's U.S. dollars) Q3 F'25 Q3 F'24 GAAP-based net income, attributable to OpenText $ 92,805 $ 98,285 Add: Provision for income taxes 10,842 6,028 Interest and other related expense, net 78,816 132,663 Amortization of acquired technology-bas
Slide 38: Reconciliation of Adjusted EBITDA and Free Cash Flows
Reconciliation of Adjusted EBITDA and Free Cash Flows (In '000's U.S. dollars) F'15 F'16 F'17 F'18 F'19 F'20 F'21 F'22 F'23 F'24 Adjusted EBITDA GAAP-based net income, attributable to OpenText $ 234,327 $ 284,477 $1,025,659 $ 242,224 $ 285,501 $ 234,225 $ 310,672 $ 397,090 $ 150,379 $ 465,090 Add: P
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