Ncr Atleos Corporation · NYSE:NATL
Ncr Atleos — Q3 2025 Earnings Presentation
43 slides from Ncr Atleos's earnings presentation, Nov 6, 2025
Slide 1: Third Quarter 2025 Earnings Call
Third Quarter 2025 Earnings Call Thursday, November 6th, 2025 Tim Oliver, President & Chief Executive Officer Andy Wamser, Chief Financial Officer Stuart Mackinnon, Chief Operating Officer 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigat
Slide 3: Notes to Investors
Notes to Investors NON-GAAP MEASURES. While Atleos reports its results in accordance with Generally Accepted Accounting Principles in the United States, or GAAP, comments made during this conference call and in these materials will include or make reference to certain “non-GAAP” measures, including,
Slide 4: Business Update
Business Update Tim Oliver President and Chief Executive Officer 4
Slide 5: Industry Leading Self-Service Banking Solutions Platform
2 Industry Leading Self-Service Banking Solutions Platform #1 Cross-sell Leading Provider in Key Markets #1 Drive Network Solutions Add new ATMaaS and adoption Largest Independent 500K+ banking of incremental partners to Managed outsourcing Network ATM Network Self Service Services ATMs Provider ARP
Slide 6: Strategy is Working
Strategy is Working 2025 GOALS ACTIONS 3Q FINANCIAL RESULTS Allocate resources and investment to 6% Grow Efficiently: Prioritize growth achieve fastest returns while initiatives with high-potential positioning company to returns and strategic value capture sustained growth and leadership in industry
Slide 7: Self-Service Banking Segment
2 Self-Service Banking Segment Financial Results Grow Efficiently • Revenue growth of 11% y/y; 21% increase in • ATMaaS expansion in 2 new geographies with Adjusted EBITDA*, fueled by strong wins in the Middle East and Latin America performance in ATMaaS, Software & Hardware • Growth accelerating in
Slide 8: Network Segment
2 Network Segment Financial Results Grow Efficiently • Launched branding partnership expansion with a • Revenue -1% y/y - impacted by US immigration top 10 U.S. bank policy; strong LTM ARPU +2% y/y • Initiatives to recapture gig economy transaction • Strong Adjusted EBITDA margins* volume successful
Slide 9: Investment Thesis
2 Investment Thesis 1 World’s most comprehensive and scalable financial access solutions offering 2 Leading global installed base and industry-best service levels Outsourcing of physical transactions and cash management by banks and retailers 3 accelerating Building a track record of transparency an
Slide 10: Financial Review
Financial Review Andy Wamser Chief Financial Officer 10
Slide 11: Q3: Executing to Growth & Margin Expansion Goals
Consolidated Consolidated Adjusted Non-GAAP Revenue/Recurring EBITDA & Margin* Diluted EPS* +6% y/y Core +7% y/y +22% y/y Q3: Executing to Growth & Margin $1,121 Expansion Goals $1,073 $205 $219 $1.09 $1,112 $1,050 $ in millions, except 19.5% 19.1% $0.89 per share amounts 70% 74% 70% Q3 24 Q4 24 Q1
Slide 12: Strong Free Cash Flow and Financial Position
Free Cash Flow Q3 2025 Adjusted EBITDA(1) $219 Strong Free Capital Expenditures ($43) Cash Flow and Inventory Capitalized ($15) Financial Adjusted Capital Expenditures ($58) Position Maintenance capital expenditures(2) ($13) Growth capital expenditures(2) ($22) $ in millions ATMaaS capital expenditu
Slide 13: Self-Service Banking
Revenue Adjusted EBITDA & Margin* +11% y/y +21% y/y Self-Service $744 $196 Banking $672 $162 26.3% 24.1% Key Financials $ in millions Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Recurring Revenue Mix % ARR $1,712 Key Metrics 57% 61% $1,645 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1
Slide 14: ATMaaS
Revenue Gross Profit(1) +37% y/y +65% y/y ATMaaS $67 $26.6 $49 $16.1 Key Financials $ in millions, except ARPU Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 ARR (in millions) LTM ARPU (in thousands) $268 Key Metrics $8.8 $8.3 $196 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q
Slide 15: Network
Revenue Adjusted EBITDA & Margin* -1% y/y -9% y/y Network $332 $328 $102 $93 30.7% 28.4% Key Financials $ in millions Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 LTM ARPU (in thousands) Network Managed Units (in thousands) $16.2 80 81 Key Metrics $15.9 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q
Slide 16: Ability to Generate Meaningful Shareholder Value
2 Ability to Generate Meaningful Shareholder Value Strategic investments Share repurchase • Invest into business to • $200M authorization capture growth announced 8/25; plan to begin repurchases in Q4 Improving Capital Bolt-on M&A • Target return of Structure >25% IRR • Potential significant refinan
Slide 17: FY 2025 Outlook
FY 2025 Outlook $ in millions, except percentages and per share amounts FY 2025 Targets 2025 Guidance 2024 Base(3) 3% to 6% growth constant currency Core Revenue (excludes Voyix) $4,175 (est. FX impact -2%) 1% to 3% growth constant currency Total Revenue (est. FX impact -2%) $4,317 Assumes Voyix rel
Slide 18: Supplementary Materials
@ ATLEOS SUPPLEMENTARY MATERIALS
Slide 19: Capital Structure
Capital Structure Borrowings Balance as of Q3’25 Base Index Spread/Coupon Maturity Revolving Credit Facility 225M TSFR+ 250 bps 10/16/2028 Term Loan A - 1 725M TSFR+ 250 bps 10/16/2028 Term Loan A - 2 289M TFSR+ 250 bps 10/16/2028 Term Loan B 320M TFSR+ 300 bps 4/16/2029 9.5% Senior Notes due 2029 1
Slide 20: Certain Terms & Key Performance Indicators (KPIs)
Certain Terms & Key Performance Indicators (KPIs) Recurring revenue - all revenue streams from contracts where there is a predictable revenue pattern that will occur at regular intervals with a relatively high degree of certainty. This includes hardware and software maintenance revenue, processing r
Slide 21: Non-GAAP Measures
NON-GAAP MEASURES While Atleos reports its results in accordance with Generally Accepted Accounting Principles in the United States, or GAAP, comments made during this conference call and in these materials will include non-GAAP measures. Atleos’ definitions and calculations of these non-GAAP measur
Slide 22: Non-GAAP Measures
NON-GAAP MEASURES Adjusted Free Cash Flow-Unrestricted (FCF) is calculated as net cash provided by operating activities less capital expenditures, less additions to capitalized software, plus/minus the change in restricted cash settlement activity, plus proceeds from certain sale-leaseback transacti
Slide 23: Non-GAAP Measures
NON-GAAP MEASURES Net Leverage Ratio is calculated by dividing Net Debt by trailing twelve-month Adjusted EBITDA. Management believes this ratio provides useful information to investors because it is an indicator of the Company's ability to meet its future financial obligations. In addition, the net
Slide 24: Q3 2025 GAAP Results
Q3 2025 GAAP RESULTS $ in millions, except per share amounts Q3 2025 Q3 2024 % Change Revenue $1,121 $1,073 4% Gross Margin 271 256 6% Gross Margin Rate 24.2% 23.9% Operating Expenses 161 142 13% % of Revenue 14.4% 13.2% Operating Income 110 114 (4)% % of Revenue 9.8% 10.6% Interest and other expens
Slide 25: Q3 2025 Operational Results (Non-GAAP)
Q3 2025 OPERATIONAL RESULTS (Non-GAAP) $ in millions, except per share amounts Q3 2025 Q3 2024 % Change Revenue $1,121 $1,073 4% Adjusted Gross Margin (non-GAAP) 297 280 6% Adjusted Gross Margin Rate (non-GAAP) 26.5% 26.1% Adjusted Operating Expenses (non-GAAP) 121 121 —% % of Revenue 10.8% 11.3% Ad
Slide 26: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION $ in millions Q3 2025 % of Q3 2024 % of Revenue Revenue Net Income Attributable to Atleos (GAAP) $26 2.3% $21 2.0% Interest expense 68 6.1% 79 7.3% Interest income (2) (0.2)% (1) (0.1)% Income taxes 7 0.6% 10 0.9% Depreciation and amortization 43 3.8% 45 4.2% Amortiza
Slide 27: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION $ in millions Q2 2025 % of Q1 2025 % of Q4 2024 % of Revenue Revenue Revenue Net Income Attributable to Atleos (GAAP) $39 3.5% $14 1.4% $41 3.7% Interest Expense 69 6.3% 67 6.9% 72 6.5% Interest Income (1) (0.1)% (1) (0.1)% (2) (0.2)% Income Taxes 19 1.7% 9 0.9% 26 2.
Slide 28: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION $ in millions Q3 2025 Q3 2024 Income from Operations (GAAP) $110 $114 Transformation and restructuring costs 9 7 Stock-based compensation expense 8 9 Acquisition-related amortization of intangibles 24 24 Acquisition-related costs 2 — Separation costs 1 5 Voyix indemni
Slide 29: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION Q3 2025 $ in millions Income Interest & Income Tax Effective Net Income Gross Gross Operating from Other Expense Income Tax attributable Margin Margin rate Expenses operations Expenses, (Benefit) Rate to Atleos Net GAAP Results $271 24.2% $161 $110 $(77) $7 21.2% $26
Slide 30: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION Q3 2024 $ in millions Income Interest & Income Tax Effective Net Income Gross Gross Operating from Other Expense Income Tax (Loss) Margin Margin rate Expenses operations Expenses, (Benefit) Rate attributable Net to Atleos GAAP Results $256 23.9% $142 $114 $(84) $10 33
Slide 31: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION Q3 2025(1) Q2 2025(1) Q1 2025(1) Q4 2024(1) Q3 2024(1) GAAP Diluted Earnings per Share $0.34 $0.52 $0.19 $0.55 $0.28 Plus: Special Items Transformation and restructuring costs 0.13 (0.12) 0.01 0.09 0.09 Stock-based compensation expense 0.09 0.09 0.12 0.13 0.11 Acquisi
Slide 32: Q3 2025 Segment Results - GAAP
Q3 2025 SEGMENT RESULTS - GAAP* $ in millions Self-Service Network T&T Other(1) Corporate(2) Total Banking Unallocated Product Revenue $260 $13 $1 $— $— $274 Service Revenue $484 $315 $39 $9 $— $847 Total Revenue $744 $328 $40 $9 $— $1,121 Cost of Products $191 $12 $1 $2 $13 $219 Cost of Services $3
Slide 33: Q3 2025 Segment Results - Non-GAAP
Q3 2025 SEGMENT RESULTS - NON-GAAP $ in millions Self-Service Network T&T Other(1) (4) Corporate(2) (4) Total(4) Banking Unallocated Product Revenue $260 $13 $1 $— $— $274 Service Revenue $484 $315 $39 $9 $— $847 Total Revenue $744 $328 $40 $9 $— $1,121 Adjusted Cost of Products (non-GAAP) $190 $12
Slide 34: Q3 2025 GAAP to Non-GAAP Segment Reconciliation
Q3 2025 GAAP TO NON-GAAP Segment Reconciliation $ in millions Acquisition Corporate Voyix GAAP* Transformation Stock Based Related Separation Non-GAAP Costs Compensation Amortization of Acquisition- Costs Indemnification Related Costs Expense Intangibles Self Service Banking $191 $(1) $— $— $— $— $—
Slide 35: Q3 2024 GAAP to Non-GAAP Segment Reconciliation
Q3 2024 GAAP TO NON-GAAP Segment Reconciliation $ in millions Stock Based Acquisition Related GAAP* Transformation Costs Amortization of Separation Costs Non-GAAP Compensation Intangibles Self Service Banking $167 $— $— $— $— $167 Network 13 — — — — 13 T&T 3 — — — — 3 Other 7 — — — — 7 Corporate Una
Slide 36: Services & Software and Hardware
Revenue Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Services & Software $536 $557 $522 $554 $558 Transactional (Network segment) 325 309 293 312 319 Services & Hardware 189 215 150 226 235 Software and Total Core Revenues $1,050 $1,081 $965 $1,092 $1,112 Hardware Fuels Topline Other – Voyix 23 27 14 10
Slide 37: Q3 2025 GAAP to Non-GAAP Product Reconciliation
Q3 2025 GAAP TO NON-GAAP Product Reconciliation $ in millions Stock Based Acquisition Related GAAP* Transformation Costs Compensation Amortization of Non-GAAP Intangibles GROSS PROFIT(1) Software and Services $192 $— $— $— $192 Transactional 66 2 — 19 87 Hardware 52 — — 1 53 Corporate unallocated (3
Slide 38: Q2 2025 GAAP to Non-GAAP Product Reconciliation
Q2 2025 GAAP TO NON-GAAP Product Reconciliation $ in millions Transformation Stock Based Acquisition Related GAAP* Costs Compensation Amortization of Non-GAAP Intangibles GROSS PROFIT(1) Software and Services $185 $— $— $— $185 Transactional 58 (1) — 19 76 Hardware 43 2 — 1 46 Corporate unallocated
Slide 39: Q1 2025 GAAP to Non-GAAP Product Reconciliation
Q1 2025 GAAP TO NON-GAAP Product Reconciliation $ in millions Stock Based Acquisition Related GAAP* Transformation Costs Compensation Amortization of Non-GAAP Intangibles GROSS PROFIT(1) Software and Services $175 $— $— $— $175 Transactional 61 1 — 19 81 Hardware 25 — — 1 26 Corporate unallocated (3
Slide 40: Q4 2024 GAAP to Non-GAAP Product Reconciliation
Q4 2024 GAAP TO NON-GAAP Product Reconciliation $ in millions Acquisition GAAP* Transformation Stock Based Related Separation Costs Non-GAAP Costs Compensation Amortization of Intangibles GROSS PROFIT(1) Software and Services $198 $— $— $— $— $198 Transactional 88 — — 19 — 107 Hardware 44 — — — — 44
Slide 41: Q3 2024 GAAP to Non-GAAP Product Reconciliation
Q3 2024 GAAP TO NON-GAAP Product Reconciliation $ in millions Acquisition GAAP* Transformation Stock Based Related Separation Costs Non-GAAP Costs Compensation Amortization of Intangibles GROSS PROFIT(1) Software and Services $177 $1 $— $— $— $178 Transactional 79 — — 20 — 99 Hardware 30 — — — — 30
Slide 42: GAAP to Non-GAAP Reconciliation
GAAP TO NON-GAAP RECONCILIATION $ in millions Q3 2025 Q2 2025 Q1 2025 Q4 2025 Q3 2024 Cash provided by operating activities $27 $(25) $123 $80 $107 Capital expenditures $(30) $(21) $(29) $(18) $(22) Additions to capitalized software $(13) $(14) $(12) $(13) $(11) Restricted cash settlement activity $
Slide 43: Thank You
@ ATLEOS THANK YOU