74software · EURONEXT:74SW
74software — FY2025 Earnings Presentation
46 slides from 74software's earnings presentation, Feb 25, 2026
Slide 1: 2025 Full-Year Results Analyst Conference
2025 Full-Year Results Analyst Conference February 25, 2026 - Paris, France
Slide 2: Disclaimer
Disclaimer FORWARD LOOKING STATEMENT This presentation contains forecasts that may be subject to various risks and uncertainties concerning the Company’s future growth and profitability. The Company highlights that contract signatures, which represent investments for customers, are historically more
Slide 3: Agenda
Agenda 01 02 03 04 74SW Highlights Axway & SBS FY25 Outlook Closing & Strategic Progress Operational Execution Financial Results Remarks & Q&A Patrick Donovan Eric Bierry Tobias Unger Chief Executive Officer Deputy Chief Executive Officer Chief Financial Officer
Slide 4: 74SW Highlights & Strategic Progress
01 74SW Highlights & Strategic Progress
Slide 5: Operating model built for scale and accountability
Operating model built for scale and accountability Centralized Governance and Capital Allocation, with Full Brand-level Accountability for Execution Executive Team & Corporate Chapters Why this works Corporate Chapters Human Resources R&D Ops Operations, Legal Finance IT & Systems & Facilities Clear
Slide 6: Creating Value for All Stakeholders
Creating Value for All Stakeholders EMPLOYEES CUSTOMERS SHAREHOLDERS A trusted, independent enterprise software provider that sustainably grows enduring value by delivering successful outcomes for its customers, opportunities for its employees and returns for its shareholders. 6
Slide 7: Human Capital as a Driver of Execution
Human Capital as a Driver of Execution Employee engagement as of Q1 2026 72 Up 2 points year over year In line with industry benchmark 51 Up 3 points year over year Improving trajectory post-integration Employee engagement improved across both brands, supporting execution quality and long-term value
Slide 8: Execution Translated into Structural Progress
Execution Translated into Structural Progress FINANCIAL DISCIPLINE & DELEVERAGING OPPORTUNISTIC SYNERGY CAPTURE ENHANCED EQUITY STORY BROADER MARKET ACCESS EXPANDED STOCK COVERAGE Building Scale, Visibility and Financial Flexibility COST RATIONALIZATION EFFICIENT SHARED PLATFORM FUNCTIONS STRENGTHEN
Slide 9: Delivering on Our 2025 Commitments
Delivering on Our 2025 Commitments 2025 INITIAL GUIDANCE ≈€ 700 m FY25 revenue increased by 3.8% organically, reaching € 707 . 2 m Revenue 14 - 16 % Profit on op. activities reached €107.3m, or a 15 . 2 % margin Margin on Op. Activities 10 % Unlevered FCF reached €80.4m, or 11 . 4 % of revenue Unlev
Slide 10: Axway & SBS Operational Execution
02 Axway & SBS Operational Execution
Slide 11: 2025 Business Highlights – Axway
2025 Business Highlights – Axway § MFT delivering double-digit ARR growth, supported by multi-year enterprise renewals and expansion within regulated industries § B2B Integration and API Management delivered sustained double-digit ARR expansion, driven by higher transaction volumes and deeper penetr
Slide 12: 2025 Business Highlights – SBS
2025 Business Highlights – SBS § Customer satisfaction reached a record level, with NPS at 38 (vs. 7 in 2024), reflecting clear progress in delivery quality, support responsiveness, and product modernization § Commercial traction remained strong across integrated core banking and specialized finance
Slide 13: 74Software Incubation Zone
74Software Incubation Zone DIGITAL ENGAGEMENT Digital Engagement Platform forming the foundation of digital banking, powered by modern UI, open APIs and enterprise AI capabilities. 10 banks signed | 3 go-lives in 2025 DIGITAL CORE From Spark To Scale AI-native core banking platform, extending SBS tr
Slide 14: Record Customer Satisfaction Across Both Brands
Record Customer Satisfaction Across Both Brands Net Promoter Scores as of 31/12/2025 55 +2 pts YoY / Record high 38 +31 pts YoY / Major improvement Sustained leadership-level customer advocacy Turnaround in customer perception underway 14
Slide 15: AI Reinforces the Strategic Value of Trusted Software
AI Reinforces the Strategic Value of Trusted Software WHY AI MARKET CONTEXT POSITIONING STRENGTHENS OUR ROLE • AI is reshaping software • We operate at the governance • AI multiplies integration narratives and investment and control layer of mission- complexity across systems, frameworks critical sy
Slide 16: AI Strategy at a Glance
AI AUGMENTED AI Strategy at a Glance A sovereign AI operating model to govern, BANKING OUTCOMES Regulated Execution & Automation deploy and scale AI safely across regulated environments. • Copilots & Agents • Customer Journeys • Contact Center • RM Copilot • Assisted Case Resolution AUTOMATION BANKI
Slide 17: FY25 Financial Results
FY25 Financial Results 74Software = | a F yas y 2 ez aw Br he : = 4/4 = Ad as : 7 e i | "= - | ] = : | ae a 3 SE. d j s
Slide 18: FY 2025 – Key Figures
FY 2025 – Key Figures Strong Performance Across All Key Performance Metrics € 707 m Revenue 38 + . % Organic Growth 15 .2 % Margin on Operating Activities § ARR Axway: €273m § ARR Growth Axway: +11.8% § Axway: 21.6% § ARR SBS: €244m § ARR Growth SBS: +8.9% § SBS: 10.2% 11 .4 % Unlevered FCF 1 .92 X
Slide 19: FY 2025 – Income Statement
FY 2025 – Income Statement Significantly Improved Profitability 2024 2025 Proforma Change 12M AXW + 12M SBS €m % of Rev. €m % of Rev. €m % TOTAL REVENUE 707.2 690.0 + 17.2 +2.5% Total costs of revenue 232.1 241.3 GROSS PROFIT 476.1 67.3% 448.8 65.0% + 27.3 +6.1% Operating expenses 368.8 354.7 PROFIT
Slide 20: Change in Revenue
FY 2025 – Change in Revenue Solid Revenue Growth Despite FX Headwinds 800 780 +4.6% +3.0% +3.8% 760 740 Revenue in €m 720 10,9 707,2 700 14,9 - 0,2 690,0 680 - 8,4 660 640 620 600 2024 FX Impact Axway SBS Consolidation 2025 Proforma 20
Slide 21: Change in Revenue
FY 2025 – Change in Revenue Revenue Growth Driven by Strong Subscription Expansion 800 -8.6% +17.5% +22.1% -5.3% -8.9% +3.8% 780 760 740 25,8 Revenue in €m 720 - 2,5 707,2 700 31,7 - 12,9 690,0 680 - 8,4 660 - 16,5 640 620 600 FX Impact Customer Managed License 2025 Subscription 21 2024 Maintenance
Slide 22: FY 2025 – Revenue Breakdown by Type
FY 2025 – Revenue Breakdown by Type Delivering as planned on the shift toward a structurally recurring subscription-driven model Product revenue at 81% of 2025 total revenue (vs. 79% in 2024) Maintenance & Support Customer-managed Subscriptions Own-managed Subscriptions Licenses Services 25% (vs. 28
Slide 23: FY 2025 – ARR Growth
FY 2025 – ARR Growth Strong ARR expansion, achieving a 10% CAGR at constant FX across both Axway and SBS 290 90% of Product Revenue 290 89% of Product Revenue 270 270 250 R1 0% 250 CAG 230 230 R1 0% CAG 210 210 -0.4% +0.9% +2.4% +4.3% +2.8% +1.8% +2.9% +3.9% 2.2% +1.2% +2.1% +4.8% +2.3% +1.6% +2.0%
Slide 24: FY 2025 – Margin on Operating Activities
FY 2025 – Margin on Operating Activities 78.4% of Rev. 18.8% of Rev. 67.3% of Rev. 25.8% of Rev.* 17.8% of Rev. 23.7% of Rev. 8.5% of Rev. 15.2% of Rev. 77.3% in 2024 19.4% in 2024 65.0% in 2024 25.4% in 2024 17.4% in 2024 22.2% in 2024 8.6% in 2024 13.6% in 2024 500 25 476 451 450 400 350 300 - 183
Slide 25: FY 2025 – Brand Contribution
FY 2025 – Brand Contribution Axway further improving – SBS on track to deliver on plan 84.3% 9.6% 76.5% 19.0% 25.6% 31.9% 71.4% 22.2% 58.6% 32.0% 10.5% 16.1% of Rev. of Rev. of Rev. of Rev. of Rev. of Rev. of Rev. of Rev. of Rev. of Rev * of Rev. of Rev. 81.9% 2.8% in 73.3% 18.6% 25.0% 29.8% 71.3% 2
Slide 26: FY 2025 – Cashflow Statement
FY 2025 – Cashflow Statement Cashflow growth driven by operating improvements and optimized NWC management 2025 2024 Change Axway in €m 74Software SBS Axway Axway 2025 vs. 2024 Operating cashflow 110.9 33.6 77.3 39.0 + 38.3 o/w change in NWC 11.0 12.4 -1.4 -24.5 + 23.1 o/w other operating cashflow 99.
Slide 27: Cash Generation and Balance Sheet Evolution
FY 2025 – Cash Generation and Balance Sheet Evolution Net debt reduced by 23% to €193 million – Leverage ratio down by 33% to 1.92x 120,0 110,9 100,0 -8,3 80,0 -18,1 in €m 60,0 40,0 -47,5 20,0 7,9 -28,5 -0,6 0,0 Operating Cashflow Inv. CF Inv. CF Fin. CF Fin. CF FX and Others Net Change in Cash Cape
Slide 28: Outlook Closing Remarks & Q&A
04 Outlook Closing Remarks & Q&A
Slide 29: Disciplined Capital Allocation to Build Long-Term Optionality
Disciplined Capital Allocation to Build Long-Term Optionality FINANCIAL DISCIPLINE & CAPITAL ALLOCATION à Cash flow discipline : Prioritizing balance sheet strength to preserve flexibility across M&A, share buybacks and dividends over time. à M&A as a long-term value creation lever : A structural pr
Slide 30: Scaling a High-Margin, Cash-Generative Model
Scaling a High-Margin, Cash-Generative Model 2025 2026 2028 ACTUALS 12M GUIDANCE 3Y AMBITION Close to €1bn € 707 m 3 - 5% Revenue Guidance Achieved CAGR raised to 3–5% € 800 m Mid-term including M&A Margin on Op. Activities 15 .2 % 15 - 17 % Operating leverage from SBS improvement ≈ 20 % Guidance Ac
Slide 31: 74Software Is Built for Durable Value Creation
74Software Is Built for Durable Value Creation IMPROVING KEY DISCIPLINED EXECUTION AI OPPORTUNITIES PERFORMANCE INDICATORS à Guidance delivered or exceeded à Strong ARR growth across both brands à AI increases demand for trusted control à Margin & cash generation improved à Revenue mix continues to
Slide 32: Thank you
Thank you Q&A Session Call +39 028 020 911 or use the chat to ask a question
Slide 33: Appendices
Appendices 74Software
Slide 34: Revenue by Brand & Type
FY 2025 – Revenue by Brand & Type 2024 2024 Total Organic 2025 €m / % Proforma Restated Growth Growth Product revenue 302.5 293.9 288.0 2.9% 5.1% Recurring revenue 296.7 283.7 278.1 4.6% 6.7% o/w Maintenance & Support 50.0 68.4 66.3 -26.8% -24.5% o/w Customer-managed Subscription 189.5 163.6 161.5 1
Slide 35: FY 2025 – ARR by Type
FY 2025 – ARR by Type New disclosure – ARR at constant FX (as of 31/12/2025) ARR BY TYPE 2024 2025 Change YoY Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Axway 226 229 234 244 251 255 263 273 11.8% Maintenance & Support 61 57 57 51 49 45 40 36 -29.0% Customer Managed 123 125 130 143 148 154 164 177 23.5% Own Managed 43
Slide 36: FY 2025 – ARR by Product Line
FY 2025 – ARR by Product Line New disclosure – ARR at constant FX (as of 31/12/2025) 2024 2025 Change ARR BY PRODUCT LINE YoY Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Axway 226 229 234 244 251 255 263 273 11.8% Managed File Transfer 94 94 98 103 105 107 109 118 14.3% B2B Integration 54 55 56 57 58 61 63 64 12.6% API
Slide 37: Revenue Breakdown by Product & Region
FY 2025 – Revenue Breakdown by Product & Region Strong Performance across all Key Performance Metrics 17% 18% 24% 15% 18% 25% MFT 40% Financing Products 42% B2B Integration 17% 18% Revenue by product Modular Products APIM 10% Integrated Products 11% Others Banking Components 47% 25% 47% 26% 2024 6%
Slide 38: Revenue by Geography
FY 2025 – Revenue by Geography 2025 2024 2024 Total Organic Proforma Restated Growth Growth €m % of Rev. Europe 425.7 60.2% 418.6 416.6 1.7% 2.2% o/w France 213.8 30.2% 194.6 194.6 9.8% 9.8% o/w UK 97.1 13.7% 93.3 92.2 4.1% 5.3% Americas 159.9 22.6% 150.2 143.9 6.5% 11.1% Middle East & Africa 90.9 1
Slide 39: FY 2025 – Margin Analysis
FY 2025 – Margin Analysis 2024 2025 Change Proforma €m % of Rev. €m % of Rev. €m Basis Points Product revenue 575.5 81.4% 544.1 78.8% + 31.5 + 254 Services revenue 131.7 18.6% 146.0 21.2% - 14.4 - 254 Total revenue 707.2 690.0 + 17.2 Total costs of revenue 232.1 241.3 - 9.2 GROSS PROFIT 476.1 67.3%
Slide 40: FY 2025 – Brand Contribution
FY 2025 – Brand Contribution 2024 2025 Reported Change Axway Axway €m % of Rev. €m % of Rev. €m Basis Points Product revenue 302.5 89.5% 293.9 89.1% + 8.6 + 39 Services revenue 35.4 10.5% 35.8 10.9% - 0.4 - 39 Total revenue 337.9 329.8 + 8.1 Total costs of revenue 79.4 88.0 - 8.6 GROSS PROFIT 258.6
Slide 41: FY 2025 – Balance Sheet
FY 2025 – Balance Sheet 2024 2024 2025 IFRS Change 2025 IFRS Change Consolidated Consolidated in €m in €m Accounts receivables 279.9 293.5 - 13.6 Cash & cash equivalents -48.4 -41.4 - 7.0 Other current assets 104.0 101.9 + 2.0 Financial debt 241.4 291.8 - 50.4 Accounts payables -32.7 -28.7 - 4.0 Net
Slide 42: FY 2025 – Headcount
FY 2025 – Headcount 31/12/2025 31/12/2024 Change Europe 2 965 3 090 -125 Americas 360 378 -18 Asia - Pacific 824 882 -58 Middle East - Africa 422 437 -15 TOTAL 4 571 4 787 -216 42
Slide 43: Capital Structure at 31/12/2025
Capital Structure at 31/12/2025 74Software SA Sopra GMT FOUNDERS TREASURY & MANAGERS PUBLIC PASQUIER ODIN ONE EQUITY HISTORICAL TREASURY SHARES FAMILY FAMILY PARTNERS MANAGERS SHARES SHARES SHARES 53.9% 22.4% 22.6% 0.5% 0.4% 41.70% 11.07% 2.52% 43.12% 1.59% VOTING RIGHTS 60.9% 25.6% 12.9% 0.5% 0.0%
Slide 44: Glossary and Alternative Performance Measure
Glossary and Alternative Performance Measure § Axway ARR: Annual Recurring Revenue – Expected annual billing amounts from all active maintenance and subscription agreements. § Brand Contribution: Contribution to profit on operating activities from the two brands (Axway and SBS) before general & admi
Slide 45: Notes
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Slide 46: 74Software
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