Slide 1: Investor Presentation – Q3 2025
Investor Presentation – Q3 2025 October 30, 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 plans to drive profitable, efficient revenue growth, and our general goals and expectations regardin
Slide 3: Company Overview
Company Overview O OneSpan
Slide 4: OneSpan At-a-Glance
OneSpan At-a-Glance1 $580M $241M $180M 103% $86M 4,000+ 100+ >60% Market Cap Revenue ARR2 NRR2 Cash & Equiv. Customers Countries of the World’s (TTM) 100 Largest Banks are Customers 1 Includes financial contributions related to the acquisition of Nok Nok Labs, which closed in Q2, 2025. Approximate m
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 Divisional Attributes Operational Excellence Recurring Revenue Growth Cybersecurity Digital Enterprise Class Solutions $178M Agreements Key Verticals – BFSI, Healthcare, Government $64M 74% 26% Revenue by Geography1
Slide 7: Security Solutions
Security Solutions Industry Leader in Securing Digital • Trusted by the who’s who of global banks to secure Banking Transactions high value digital transactions • Strong growth in software; secular decline in hardware – Improved margin profile • 23% Subscription revenue growth1,2 • 9% Software & Ser
Slide 8: Digital Agreements Division
Digital Agreements Division Key Enterprise-Class Solutions • Robust security, white-labelling and pricing model differentiate • 11% Subscription revenue growth1 • 7% Total revenue growth1,2 • 20% Segment operating margin1 E-Signatures Identity Verification • Land and expand model with focus on new l
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: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights1 $57M $38M $180M 103 % Revenue Subscription Revenue ARR2 NRR2 (1% growth) (12% growth) (10% growth) $18M $0.33 $86M $0.12 Adjusted EBITDA Non-GAAP EPS Cash and Equiv. Dividend3 (31% margin) no long-term debt 1 Includes financial contributions related to the acquisition o
Slide 13: Q3 2025 Revenue Growth
Q3 2025 Revenue Growth1,2,3 Security Solutions Digital Agreements Division Total Company (-1% growth) (9% growth) (1% growth) $56.2M $57.1M $40.8M $40.3M $16.7M $15.4M Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Subscription Maintenance Subscription Maintenance Subscription Maintenance PS & Othe
Slide 14: Q3 2025 ARR Growth
Q3 2025 ARR Growth1,2,3 Security Solutions Digital Agreements Division Total Company (11% growth) (8% growth) (10% growth) $180M $164M $115.5M $104M $65M $60M Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 1 Includes financial contributions related to the acquisition of Nok Nok Labs, which closed i
Slide 15: 2025 Guidance Metrics
2025 Guidance Metrics FY 2025 FY 2025 Metric Previous Guidance Current Guidance Revenue $245M – $251M $239M – $241M* Adjusted EBITDA1 $72M – $76M $72M – $76M ARR2 $186M – $192M $183M – $187M * Revenue guidance includes estimated subscription, maintenance and support, and professional services and ot
Slide 16: Revenue and ARR: FY 2025 Guidance and Prior Year Results
Revenue and ARR: FY 2025 Guidance and Prior Year Results Revenue1,2 ARR1,2,3 FY 2025 FY 2025 Guidance Guidance $243M $239M - $241M $183M - $187M $235M $219M $168M $155M $139M FY 2022 FY 2023 FY 2024 FY 2025E FY 2022 FY 2023 FY 2024 FY 2025E Security SW&S Security HW Digital Agreements Security Solut
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 Nine months ended September 30, September 30, 2024 2025 2024 2025 Net income (loss) $ 8,273 $ 6,514 $ 28,294 $ 29,361 Interest income, net (624) (388) (1,246) (1,812) Provision for income taxes 1,688 1,893
Slide 20: Definitions
Definitions 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 are n
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