Unisys Corporation New · NYSE:UIS
Unisys Corporation New — Q2 2026 Earnings Presentation
27 slides from Unisys Corporation New's earnings presentation, Jul 30, 2026
Slide 1: Second Quarter Financial Results
Second Quarter Mike Thomson Chief Executive Officer & President Financial Results Deb McCann JULY 29, 2026 Chief Financial Officer
Slide 2: Disclaimer
Disclaimer Forward -Looking Statements This presentation contains forward - looking statements within the meaning of Section 27A of the Securities Act of 1933, as amende d, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Unisy
Slide 3: 2Q26 Financial Highlights
2Q26 Financial Highlights Revenue Operating Profit & Free Cash Flow Revenue declined (2.0%) year - over -year (YoY) and (5.2%) in Reaffirming 2026 full -year non - GAAP operating margin constant currency (CC) due to timing of ClearPath renewals guidance of 9.0% to 11.0% 2.0% YoY growth in Technology
Slide 4: The Unisys AI framework: Develop, Transform, Orchestrate
The Unisys AI framework Develop Transform Orchestrate Develop the Apply AI to Orchestrate foundation for transform AI securely, enterprise AI operations responsibly, at scale AI Infrastructure Agentic Workflow AI Managed Assessment Deployment Services Data Environment Intelligent Service Security &
Slide 5: AI technology stack
AI Frontier Models LLMs Data & Infrastructure Cloud/GPU compute technology Inference Private AI Model hosting Data governance stack Simplifying a complex AI ecosystem for our clients Develop the foundational models, data and compute that power enterprise - grade AI. Transform operations with agents,
Slide 6: The Modern ClearPath Ecosystem
The Modern ClearPath ® Ecosystem Secure, scalable operating systems with the flexibility to enable enterprise AI workflows Deployment Options CPF Ecosystem Application Environment Today’s CPF runs seamlessly in AWS and Azure, a private Evolve and enhance applications with capabilities ranging cloud,
Slide 7: 2Q Revenue
2Q Revenue ($M) COMPANY DWS CA&I ECS (2.0%) YoY (5.2%) CC 1 YoY +2.0% YoY Up +2.8% as reported, or Down (0.4%) as reported, Down (10.1%) as reported, (1.3%) CC YoY down (1.1%) in CC or down (3.2%) in CC or down (13.2%) in CC $483 $ 474 $396 $ 404 $185 $184 $138 $142 $140 $126 2025 2026 2025 2026 202
Slide 8: 2Q 2026 Revenue Profile
2Q 2026 Revenue Profile Highly diverse revenue streams with large base of recurring revenue Segments CA&I 39% DWS 30% ECS 27% All Other 4% 15% Geography US & Canada 39% ClearPath Solutions MIX EMEA 31% OF TOTAL COMPANY Asia Pacific 17% 85% REVENUE Latin America 13% TS&S Solutions Client Sector Finan
Slide 9: 2Q Gross Margin
2Q Gross Margin COMPANY DWS CA&I ECS (210) bps YoY +170 bps YoY (610) bps YoY +420 bps YoY (870) bps YoY 26.9% 24.8% 53.5% 19.3% 44.8% 17.6% 25.0% 16.9% 20.8% 10.8% 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 Total Company TS&S Total company margin contraction driven by the Margin contraction
Slide 10: 2Q Profitability and Free Cash Flow
2Q Profitability and Free Cash Flow ($M, except per share data) 2Q GAAP & Non -GAAP 1 2Q GAAP Net Income (Loss) 2Q GAAP & Non -GAAP 1 Diluted 2Q Operating Cash Flow Operating Profit & Margins & Adj. EBITDA 1 and Margins Earnings Per Share & Free Cash Flow 1 7.6% 6.3% 12.7% 5.3% 11.3% $37 $30 $54 $25
Slide 11: 2Q EBITDA and Cash Flow Detail
2Q EBITDA and Cash Flow Detail $M 2Q26 2Q25 YTD26 YTD25 EBITDA 1 ($ 39.8) $ 28.6 $ (26.0) $ 33.6 ADJUSTED EBITDA 1 $ 53.5 $ 61.4 $ 99.7 $ 101.6 ADJUSTED EBITDA MARGIN 1 11.3% 12.7% 10.9% 11.1% CASH (USED FOR) PROVIDED BY OPERATIONS ($ 26.3) ($ 316.2) ($ 30.7) ($ 282.9) CAPITAL EXPENDITURES ($ 22.7)
Slide 12: Leverage Detail
Leverage Detail $M JUNE 30, 2026 1 SENIOR SECURED NOTES $ 698.4 FINANCE LEASES AND OTHER DEBT 46.6 TOTAL DEBT EXCLUDING PENSION DEFICIT $ 745.0 GLOBAL NET PENSION DEFICIT(AS OF DECEMBER 3 1, 2025) 2 $448.5 TOTAL DEBT $ 1,193.5 CASH $324.3 NET LEVERAGE EXCLUDING PENSION DEFICIT $ 420.7 NET LEVERAGE $
Slide 13: Deleveraging as a core focus
Pension contributions expected to translate to ~$200M+ of deficit reduction 1 from 2025 to year -end 2029 Deleveraging as a core focus 1400 1200 1000 800 $M 600 Successful execution of 400 our strategy improves 200 0 our leverage position 2023 2024 2025 2026E 2027E 2028E 2029E Sr. Secured Notes & Ot
Slide 14: Reaffirming Financial Guidance
(5.0 % ) to (3.5 % ) 9.0 % to 11.0 % Constant Currency Non - GAAP Operating Revenue Growth Profit Margin • Revenue growth guidance translates to reported revenue growth of (2.6%) to (1.1%) based on exchange rates as of June 30 th , 2026 Reaffirming • Assumes reported ClearPath revenue of approximate
Slide 15: Appendix
Appendix Uunisys
Slide 16: Estimated Path of Deficit Reduction and Cost of Removal
Estimated Path of Deficit Reduction and Cost of Removal Removes gross liability with minimal impact to net leverage and significantly reduces costs to remove U.S. QDB Pension Plans • Reduces cost of full plan termination to more manageable size • Opportunity to continue annuity purchases beyond 2026
Slide 17: Why Unisys is a compelling investment
Why Unisys is a compelling investment An inflection point – from deleveraging to durable free cash flow Transformed Near -term Medium -term Unlocked Unisys catalysts value shareholder value +$3 / share from ~$200M targeted Recognized leader with Growth inflection Sustained growth step - up net debt
Slide 18: Potential Economic Benefit of Tax Assets
Potential Economic Benefit of Tax Assets (as of December 31, 2025) NET DEFERRED TAX FUTURE AVAILABLE REDUCTIONS $M DESCRIPTION 1 ASSETS IN TAXABLE INCOME U.S. NOLS AND TAX CREDITS: NET OPERATING LOSS – FEDERAL & STATE $ 583 $1,817 TAX CREDITS 71 340 PENSION AND OTHER: PENSION 83 331 OTHER DEFERRED T
Slide 19: TS&S and ClearPath Revenue and Gross Profit
Technology Solutions & Services (TS&S) and ClearPath Revenue and Gross Profit $M 2Q26 2Q25 YTD26 YTD25 CLEARPATH REVENUE $ 69.7 $ 87.6 $ 135.2 $ 158.7 TS&S REVENUE 403.8 395.7 775.9 756.7 REVENUE $ 473.5 $ 483.3 $ 911.1 $ 915.4 CLEARPATH GROSS PROFIT $ 39.5 $ 60.3 $ 79.3 $ 103.6 TS&S GROSS PROFIT 77
Slide 20: Non-GAAP Operating Profit
Non - GAAP Operating Profit $M 2Q26 2Q25 YTD26 YTD25 GAAP OPERATING (LOSS) PROFIT ($ 32.9) $ 30.3 ($ 16.7) $ 35.4 GOODWILL & INTANGIBLE ASSET IMPAIRMENT 48.7 - 48.7 - CERTAIN LEGAL MATTERS 1 1.2 0.1 1.4 0.6 COST REDUCTION AND OTHER EXPENSES 2 7.9 6.0 10.9 11.9 PENSION AND POSTRETIREMENT EXPENSE 1 0.
Slide 21: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation $M 2Q26 2Q25 YTD26 YTD25 NET LOSS ATTRIBUTABLE TO UNISYS CORPORATION ($ 95.3) ($ 20.1) ($ 131.1) ($ 49.6) NET (LOSS) INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS (0.3) 0.1 (1.3) (1.0) INTEREST EXPENSE, NET OF INTEREST INCOME OF $4.4, $5.6, $9.3 AND $11.3, RESPECTIVE
Slide 22: Non-GAAP Net Income
Non - GAAP Net Income $M EXCEPT SHARE AND PER SHARE DATA 2Q26 2Q25 YTD26 YTD25 NET LOSS ATTRIBUTABLE TO UNISYS CORPORATION ($ 95.3) ($ 20.1) ($ 131.1) ($ 49.6) PENSION & POSTRETIREMENT EXPENSE PRETAX 30.4 22.0 60.9 43.9 TAX 1.2 0.6 2.4 1.2 NET OF TAX $ 29.2 $ 21.4 $ 58.5 $ 42.7 GOODWILL & INTANGIBLE
Slide 23: Non-GAAP Diluted Earnings Per Share
Non - GAAP Diluted Earnings Per Share $M EXCEPT SHARE AND PER SHARE DATA 2Q26 2Q25 YTD26 YTD25 NON - GAAP NET (LOSS) INCOME ATTRIBUTABLE TO UNISYS CORPORATION ($ 5.7) $ 14.3 ($ 15.6) $ 10.8 WEIGHTED AVERAGE SHARES (THOUSANDS) 72,914 71,261 72,358 70,683 PLUS INCREMENTAL FROM ASSUMED VESTING OF EMPLO
Slide 24: Non-GAAP Net Income (Loss) Margin
Non - GAAP Net Income (Loss) Margin $M 2Q26 2Q25 YTD26 YTD25 REVENUE $ 473.5 $ 483.3 $ 911.1 $ 915.4 NET LOSS ATTRIBUTABLE TO UNISYS CORPORATION ($ 95.3) ($ 20.1) ($ 131.1) ($ 49.6) NON - GAAP NET (LOSS) INCOME ATTRIBUTABLE TO UNISYS ($ 5.7) $ 14.3 ($ 15.6) $ 10.8 NET (LOSS) INCOME ATTRIBUTABLE TO U
Slide 25: Adjusted Free Cash Flow
Adjusted Free Cash Flow $M 2Q26 2Q25 YTD26 YTD25 CASH USED FOR OPERATIONS ($ 26.3) ($ 316.2) ($ 30.7) ($ 282.9) ADDITIONS TO MARKETABLE SOFTWARE (10.7) (12.4) (21.1) (23.6) ADDITIONS TO PROPERTIES AND OTHER ASSETS (12.0) (7.9) (22.7) (16.8) FREE CASH FLOW ($ 49.0) ($ 336.5) ($ 74.5) ($ 323.3) PENSIO
Slide 26: Definitions of Non-GAAP Financial Metrics
Definitions of Non - GAAP Financial Metrics Non -GAAP operating profit –This measure excludes pretax pension and postretirement expense, pretax goodwill and intangible asset impairment charge and pretax charges or gains associated with certain legal matters related to settlements, professional servi
Slide 27: Definitions of Other Metrics
Definitions of Other Metrics ClearPath® – Represents software license and related support services, primarily ClearPath Forward®, within the company's ECS segment. Technology Solutions & Services ( TS&S ) – These measures exclude revenue, gross profit and gross profit margin in connection with softw
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