Unisys Corporation New · NYSE:UIS

Unisys Corporation New — Q4 2025 Earnings Presentation

34 slides from Unisys Corporation New's earnings presentation, Feb 25, 2026

  1. Slide 1: Fourth Quarter & Full-Year 2025 Financial Results

    Fourth Quarter & Full-Year Mike Thomson Chief Executive Officer & President 2025 Financial Results Deb McCann Chief Financial Officer FEBRUARY 24, 2026

  2. 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 amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Unisys ca

  3. Slide 3: Full-Year 2025 Exceeded Profit Guidance

    Full-Year 2025 Exceeded Profit Guidance 9.1% Non-GAAP Operating Margin Exceeded top-end of Performance Highlights upwardly-revised guidance range Enhanced Free Cash Flow $1,950M $1,522M Strong Pre-Pension Free Cash Flow of $128M, exceeding full-year expectations and increasing $45M from prior year R

  4. Slide 4: How Unisys enables enterprise AI

    How Unisys enables enterprise AI A comprehensive AI portfolio and integrated approach Enterprise AI Roadmap & Use-Case Prioritization | AI Architecture & 1 Strategy & Engineering Platform Engineering | Model lifecycle management 2 Data for AI AI-Ready Data Foundations | Metadata, Lineage & Knowledge

  5. Slide 5: 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,

  6. Slide 6: Revenue ($M)

    Revenue ($M) 4Q25 FY25 (2.9%) YoY (3.3%) cc2 YoY +5.3% YoY +2.7% cc2 YoY (3.5%) YoY (3.9%) cc2 YoY (1.4%) YoY (3.9%) cc2 YoY $575 $2,008 $1,950 $545 $1,577 $1,522 $394 $388 2024 2025 2024 2025 2024 2025 2024 2025 Total Company Ex-L&S 1 Total Company Ex-L&S 1 Total company revenue growth was primaril

  7. Slide 7: FY 2025 Revenue Profile

    FY 2025 Revenue Profile Highly diverse revenue streams with large base of recurring revenue Segments CA&I 38% ECS 32% DWS 26% All Other 4% 22% Geography US & Canada 42% L&S Solutions MIX EMEA 31% OF TOTAL COMPANY Asia Pacific 15% 78% REVENUE Latin America 12% Ex-L&S Solutions Client Sector Commercia

  8. Slide 8: Segment Revenue ($M)

    Segment Revenue ($M) $300 DWS $250 CA&I ECS $200 $150 $100 $191 $237 $193 $204 4Q25 $128 $126 $50 $0 2024 2025 2024 2025 2024 2025 (3.7%) in constant currency (4.1%) in constant currency +14.0% in constant currency Primarily driven by lower volume with Primarily driven by lower volume with Driven by

  9. Slide 9: Gross Margins ($M)

    Gross Margins ($M) 4Q25 FY25 32.1% 33.9% 29.2% 28.2% 17.6% 16.8% 15.7% 13.2% 2024 2025 2024 2025 2024 2025 2024 2025 Total Company Ex-L&S 1 Total Company Ex-L&S 1 Total company margin expansion primarily driven by the Total company margin decline was primarily driven by timing of software license re

  10. Slide 10: Segment Gross Margins ($M)

    Segment Gross Margins ($M) DWS CA&I ECS 4Q25 63.2% 65.9% 15.9% 18.6% 20.7% 10.5% 2024 2025 2024 2025 2024 2025 Margin contraction primarily driven Margin expansion primarily driven Margin expansion due to the timing by one-time items including by labor cost savings and a one- of L&S software license

  11. Slide 11: Operating Profit, Net Income & Adjusted EBITDA ($M)

    Operating Profit, Net Income & Adjusted EBITDA ($M) 4Q25 FY25 4Q GAAP & Non-GAAP1 Operating 4Q GAAP Net Income & Full-Year GAAP & Non-GAAP1 Full-Year GAAP Net Income & Profit & Margin Adj. EBITDA1 and Margins Operating Profit & Margin Adj. EBITDA1 and Margins 18.0% 22.5% 8.8% 9.1% 14.5% 14.3% 13.3%

  12. Slide 12: Diluted Earnings Per Share & Cash Flow ($M)

    Diluted Earnings Per Share & Cash Flow ($M) 4Q25 FY25 4Q GAAP & Non-GAAP1 Diluted 4Q Operating Cash Flow & Full-Year GAAP & Non-GAAP1 Full-Year Operating Cash Earnings Per Share Free Cash Flow1 Diluted Earnings Per Share Flow & Free Cash Flow1 $0.93 $55 $0.62 $135 $105 $77 $86 $0.86 $56 ($2.79) ($14

  13. Slide 13: 4Q25 & FY24 EBITDA and Cash Flow Detail

    4Q25 & FY24 EBITDA and Cash Flow Detail $M 4Q25 4Q24 FY25 FY24 EBITDA1 $ 79.5 $ 90.3 $ (144.3) $ 39.8 ADJUSTED EBITDA1 $ 129.0 $ 91.4 $ 278.8 $ 292.1 ADJUSTED EBITDA MARGIN 1 22.5% 16.8% 14.3% 14.5% CASH (USED FOR) PROVIDED BY OPERATIONS $ 104.9 $ 76.6 ($ 140.0) $ 135.1 CAPITAL EXPENDITURES ($ 19.1)

  14. Slide 14: Leverage Detail

    Leverage Detail $M DECEMBER 31, 2025 SENIOR SECURED NOTES 1 $ 700.0 FINANCE LEASES AND OTHER DEBT 54.5 TOTAL DEBT EXCLUDING PENSION DEFICIT $ 754.5 ESTIMATED GLOBAL NET PENSION DEFICIT2 $448.5 TOTAL DEBT $ 1,203.0 CASH $413.9 NET LEVERAGE EXCLUDING PENSION DEFICIT $ 340.6 NET LEVERAGE $ 789.1 LTM AD

  15. Slide 15: Defined Benefit Plans Update

    Defined Benefit Plans Update Global GAAP pension deficit decreased by approximately $300 million to ~$450 million, primarily as a result of contributions made during the year. In 2025, we had one U.S. annuity purchase which removed approximately $320 million of pension liabilities. Global Defined Be

  16. Slide 16: Expected 10-Year Cash Pension Contributions ($M)

    Expected 10-Year Cash Pension Contributions ($M) • As of December 31, 2025, expected contributions to our global pension plans for the 2026 to 2029 period are $352 million. • Expected contributions to our U.S. Qualified Defined Benefit Plans for the four-year period beginning in 2026 are $213 millio

  17. Slide 17: Ability to Continue U.S. Annuity Purchases

    Ability to Continue U.S. Annuity Purchases 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 to further r

  18. Slide 18: Financial Guidance Full-Year 2026

    (6.5%) to (4.5%) 9.0% to 11.0% Constant Currency Non-GAAP Operating Revenue Growth Profit Margin • Revenue growth guidance translates to reported revenue growth of (3.8%) to (1.8%) based on exchange rates as of February 1, 2026 • Assumes reported L&S revenue of approximately $415 million Financial •

  19. Slide 19: Appendix

    Appendix Us unisys

  20. Slide 20: 4Q 2025 Revenue Profile

    4Q 2025 Revenue Profile Highly diverse revenue streams with large base of recurring revenue Segments ECS 41% CA&I 33% DWS 22% All Other 4% 32% Geography US & Canada 41% L&S Solutions MIX EMEA 32% OF TOTAL COMPANY Asia Pacific 15% 68% REVENUE Latin America 12% Ex-L&S Solutions Client Sector Public Se

  21. Slide 21: Our Portfolio of Offerings

    Our Portfolio of Offerings Simplifying mission-critical IT at scale Software (L&S) Tech-Enabled Services (Ex-L&S) (~80% of Revenue)1 (~20% of Revenue)1 Consistent Revenue Recognition Up-Front License Revenue / Revenue Growth / Margin Expansion Support Over Term Cloud, Applications Digital Workplace

  22. Slide 22: Our Opportunity

    Grow Ex-L&S Accelerate ClearPath Forward revenue growth rate 2050 Our Building awareness and recognition of our solutions & capabilities Through higher-value solutions and leveraging AI to more rapidly scale Invest in L&S ecosystem, unlock data & insights, Opportunity and support client solution del

  23. Slide 23: Strategic Capital Structure Objectives

    Strategic Capital Structure Objectives We continue to focus on the following objectives related to our capital structure and pension Reduce the size of the U.S. Reduce uncertainty and volatility Maintain strong cash Qualified Defined Benefit (QDB) of cash requirements, including balances and liquidi

  24. Slide 24: Strengthening our Capital Structure

    Strengthening our Capital Structure Unisys has taken meaningful strategic steps in its multi-year strategy to reduce and remove U.S. qualified defined benefit pension plan liabilities within three to five years Recent Debt Raise & Pension Actions Benefits June 2025 Mitigates pension Enables further

  25. Slide 25: Potential Economic Benefit of Tax Assets

    Potential Economic Benefit of Tax Assets (as of December 31, 2025) FUTURE AVAILABLE NET DEFERRED TAX $M DESCRIPTION REDUCTIONS IN TAXABLE ASSETS 1 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

  26. Slide 26: Excluding License and Support Revenue and Gross Profit

    Excluding License and Support (Ex-L&S) Revenue and Gross Profit $M 4Q25 4Q24 FY25 FY24 L&S REVENUE $ 186.4 $ 151.7 $ 428.1 $ 431.5 EX-L&S REVENUE 388.1 393.7 1,522.0 1,576.9 REVENUE $ 574.5 $ 545.4 $ 1,950.1 $ 2,008.4 L&S GROSS PROFIT $ 143.3 $ 113.1 $ 293.9 $ 308.3 EX-L&S GROSS PROFIT 51.3 61.9 255

  27. Slide 27: Non-GAAP Operating Profit

    Non-GAAP Operating Profit $M 4Q25 4Q24 FY25 FY24 GAAP OPERATING PROFIT $ 76.6 $ 48.6 $ 78.5 $ 97.4 CERTAIN LEGAL MATTERS, NET 1 0.3 0.8 1.6 9.0 GOODWILL IMPAIRMENT 0.0 0.0 55.0 39.1 COST REDUCTION AND OTHER EXPENSES 2 26.1 13.6 40.2 29.5 PENSION AND POSTRETIREMENT EXPENSE 1 0.4 0.3 1.6 1.4 NON-GAAP

  28. Slide 28: Adjusted EBITDA Reconciliation

    Adjusted EBITDA Reconciliation $M 4Q25 4Q24 FY25 FY24 N E T IN CO ME ( L O SS) AT T RI B U T AB L E TO U N I SYS CO RP O RAT I O N $ 18.7 $ 30.0 ($ 339.8) ($ 193.4) N E T IN CO ME ( L O SS) AT T RI B U T AB L E T O N O N CO N T RO L L I N G I N T EREST S 1.1 0.5 (0.2) 0.2 IN TE RE S T EX P EN SE, N

  29. Slide 29: Non-GAAP Net Income

    Non-GAAP Net Income $M EXCEPT SHARE AND PER SHARE DATA 4Q25 4Q24 FY25 FY24 N E T IN CO ME (L O SS) ATTRIBUT ABL E TO UN ISYS CO RP O RATIO N $ 18.7 $ 30.0 ($ 339.8) ($ 193.4) PE N SION & POST RE T IR E ME N T E X PE N SE PRE T AX 22.2 11.1 309.0 182.2 T AX 0.6 0.2 2.5 0.6 N E T O F TAX $ 21.6 $ 10.9

  30. Slide 30: Non-GAAP Diluted Earnings Per Share

    Non-GAAP Diluted Earnings Per Share $M EXCEPT SHARE AND PER SHARE DATA 4Q25 4Q24 FY25 FY24 NON-GAAP NET INCOME ATTRIBUTABLE TO UNISYS CORPORATION $ 63.4 $ 26.6 $ 68.3 $ 44.0 WEIGHTED AVERAGE SHARES (THOUSANDS) 71,308 69,458 70,994 69,199 PLUS INCREMENTAL FROM ASSUMED VESTING OF EMPLOYEE STOCK PLANS

  31. Slide 31: Non-GAAP Net Income Margin

    Non-GAAP Net Income (Loss) Margin $M 4Q25 4Q24 FY25 FY24 REVENUE $ 574.5 $ 545.4 $ 1,950.1 $ 2,008.4 NET INCOME (LOSS) ATTRIBUTABLE TO UNISYS $ 18.7 $ 30.0 ($ 339.8) ($ 193.4) NON-GAAP NET INCOME ATTRIBUTABLE TO UNISYS $ 63.4 $ 26.6 $ 68.3 $ 44.0 NET INCOME (LOSS) ATTRIBUTABLE TO UNISYS 3.3% 5.5% (1

  32. Slide 32: Adjusted Free Cash Flow

    Adjusted Free Cash Flow $M 4Q25 4Q24 FY25 FY24 CASH PROVIDED BY (USED FOR) OPERATIONS $ 104.9 $ 76.6 ($ 140.0) $ 135.1 ADDITIONS TO MARKETABLE SOFTWARE (11.5) (10.8) (47.6) (47.5) ADDITIONS TO PROPERTIES AND OTHER ASSETS (7.6) (10.1) (30.0) (32.3) FREE CASH FLOW $ 85.8 $ 55.7 ($ 217.6) $ 55.3 PENSIO

  33. Slide 33: 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 impairment charge and pretax charges or gains associated with certain legal matters related to settlements, professional services and legal fees, inc

  34. Slide 34: Definitions of Other Metrics

    Definitions of Other Metrics License and Support (L&S) –Represents software license and related support services, primarily ClearPath Forward®, within the company's ECS segment. Excluding License and Support (Ex-L&S) –These measures exclude revenue, gross profit and gross profit margin in connection

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