Slide 1: Investor Presentation
Investor Presentation February 5, 2026 NASDAQ/TSX: OTEX
Slide 2: Safe Harbor and IP Statement
Safe Harbor and IP Statement This presentation contains forward-looking statements or information (forward-looking statements) within the meaning of the Private Securities Litigation Reform Act of 1995, Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the Exchange Act), Section 2
Slide 3: Financial Results & Outlook
Financial Results & Outlook DRAFT – PRIVILEGED & CONFIDENTIAL OpenText ©2025. All rights reserved. 3
Slide 4: Q2 F’26 Key Quarter Financial Highlights
Q2 F’26 Key Quarter Financial Highlights In Constant Currency(3) Y/Y Y/Y Key Financials Q2 F’26 Additional Metrics Q2 F’26 % Change Y/Y % Change Q2 F’26 % Change Total Revenues $1,327M -0.6% $1,299M -2.6% Enterprise Cloud Bookings(4) $295M 18.0% Annual Recurring Revenues(1) / $1,060M / 0.7% / $1,040
Slide 5: Cloud RPO & Cloud Bookings
Cloud RPO & Cloud Bookings RPO(1) Q2 F’26 Q2 F’25 % Y/Y Enterprise Cloud Bookings(2) Current RPO (cRPO) Cloud Services and Subscription $1.3B $1.2B 9% $295M Q2 F’26 +18% Y/Y Customer Support and Other $1.4B $1.4B 2% Total cRPO $2.7B $2.6B 5% Long Term RPO $773M F’25 Actuals +10% Y/Y Cloud Services a
Slide 6: Total Revenues by Product Category
Total Revenues by Product Category • Revenues for our Core Business continue to grow at approximately twice the pace of Total Revenues • Content continues to demonstrate strength, comprises ~40% of total revenues Q2 F'26 F'26 YTD US$M % of Total Revenue % Growth Y/Y US$M % of Total Revenue % Growth
Slide 7: Cloud Revenues by Product Category
Cloud Revenues by Product Category • Revenues for our Core Business continue to grow at approximately twice the pace of Total Revenues • Content continues to demonstrate strength, leads Cloud growth Q2 F'26 F'26 YTD % of Total US$M % Growth Y/Y US$M % of Total Revenue % Growth Y/Y Revenue Content $1
Slide 8: Cloud Driving the Business Model – Illustrative Migration Path
Cloud Driving the Business Model – Illustrative Migration Path 1. Focus on the Core Product Categories 2. Cloud to drive Core ARR(1) and RPO Growth 3. Grow A-EBITDA(2) Dollars per Share Total Revenue Over Time ARR & Total RPO Continued cloud expansion as it exceeds 50% total revenue RPO expansion as
Slide 9: Q2 F’26 Customer Wins
Business Network Content Q2 F’26 EMR Integration Extended ECM for SAP Customer Challenge & Solution: Existing customer Central Clinical Wins Labs wanted support for their business expansion to include Laboratory Orders as part of cultivating cost-effective ways to Challenge & Solution: Solenis faced
Slide 10: F’26 Annual & Q3 Outlook
F’26 Annual & Q3 Outlook Metrics F'26 Outlook • Content Cloud revenue growth leading the business 1% to 2% • Core business continues to grow Total Revenue Growth (Core business growing in CC(1)) • ARR(5) returns to growth in F’26 Cloud Revenue Growth 3% to 4% • Q3 F’26 Outlook: • Total revenue betwe
Slide 11: OpenText Strategy
OpenText Strategy DRAFT – PRIVILEGED & CONFIDENTIAL OpenText ©2025. All rights reserved. 11
Slide 12: Who is OpenText?
Who is OpenText? • Information Management products that train AI and are: • Anchored in enterprise content, data 120,000+ Enterprise customers in 180 countries and process automation • Secure and compliant to meet industry 31+ Million Public cloud users standards 9,000+ Private Cloud Deployments • O
Slide 13: Why Do Enterprises Need To Look At Their Own Data?
Why Do Enterprises Need To Look At Their Own Data? ~90% of the world’s information expected to live inside organizations(1) (emails, documents, records, workflows, transactions, communications) Public LLMs are trained on open internet >> not enough for enterprise-grade, regulated insights Enterprise
Slide 14: Training Agentic AI
Training Agentic AI For an organization that is training agentic AI, a subset of very context specific data is required. The data is usually broken down into three types of content: • Human generated (Content Server) • Machine generated (ITOM) • Transactional (Business Networks) Cybersecurity (both
Slide 15: Refocusing on our Four Core Businesses
Refocusing on our Four Core Businesses OpenText Now OpenText Core Businesses $5 billion F’25 Total Revenue -10% y/y growth $2 billion F’25 Cloud Revenue ITOM +2% y/y growth Machine-generated Portfolio content 7 Product Categories Shaping Core: Content, Business Network, ITOM, (“shrink to grow”) Cybe
Slide 16: Content Management
Content Management $2.1B Revenue Winning Advantages F’25 • Trusted Info. Governance - wide installed base permissions-based, on-premise and cloud • Strategic partnership with SAP - structured & unstructured data to win in archiving, HR, and vendor invoice management Top Competitors • Industry focus
Slide 17: Business Network
Business Network Winning Advantages $633M Revenue F’25 • Deep and mature customer installed base - represents many of the Global Supply Chain 50, high dependency on B2B integrations for daily commerce with supplier Top Competitors • Global e-Invoicing solution - covers 50+ countries to provide advan
Slide 18: IT Operations Management (ITOM)
IT Operations Management (ITOM) Winning Advantages $453M Revenue F’25 • AI-Powered Service Management (ESM) - modules for IT, HR, and Customer Support with AI-led service management with content management • Universal Discovery - industry leading observability for IT, IoT, 3rd party discovery; combi
Slide 19: Cybersecurity Enterprise
Cybersecurity Enterprise $692M Revenue Winning Advantages F’25 • Best-in-Class Solutions - industry leading capabilities in application security, threat detection and response, data security and encryption • Open Architecture - interoperability with a wide array of security tools used in the NOC and
Slide 20: Appointment of Ayman Antoun as New CEO
Appointment of Ayman Antoun as New CEO • Appointed as OpenText's Chief Executive Officer and a • member of the Board, effective April 20, 2026. Brings over three decades of global technology, operating “ OpenText's core product portfolio, which is the foundation for training agentic AI, combined wit
Slide 21: Announced the Sale of Vertica
Announced the Sale of Vertica Transaction Highlights and Strategic Rationale Details(1) “We are executing on our strategic plan, focusing on our core product offerings, our expertise in secure data for Product Vertica, a part of OpenText’s on premise non-core Analytics portfolio Enterprise AI, and
Slide 22: Delivered on Our Promises
Delivered on Our Promises Delivered on Q2 Expectations. On Track for F'26 Outlook Appointed permanent CFO, Steve Rai Portfolio-shaping opportunities: Divested eDOCS, announced Vertica divestiture, and remain committed to divesting non-core portfolio-shaping opportunities Refreshed Board with the app
Slide 23: Resilience and Growth
Resilience and Growth Total Revenue US$ Billion A-EBITDA(1) US$ Billion A-EPS(1) US$ AMC AMC AMC divestiture divestiture divestiture +11% +11% +11% +9% +8% +6% 10-yr CAGR(2) 5-yr CAGR(2) 10-yr CAGR(2) 5-yr CAGR(2) 10-yr CAGR(2) 5-yr CAGR(2) *Total Revenue for 2016 of $1.8 billion grew 3% y/y in CC 1
Slide 24: Focused Capital Deployment
Focused Capital Deployment 1 Dividend Payout Strong Financial Position • Quarterly dividend payout of $0.275 per share • 12 consecutive years of dividend growth(2) 2 Share Repurchases • Revenue Growth • Acquired and cancelled ~10% of shares outstanding since May 2024 • Existing $300M share repurchas
Slide 25: opentext.com · twitter.com/opentext · linkedin.com/company/opentext
opentext.com · twitter.com/opentext · linkedin.com/company/opentext
Slide 26: Appendix
Appendix OpenText ©2025. All rights reserved. 26
Slide 27: Comprehensive Guide: Enterprise Artificial Intelligence
Comprehensive Guide: Enterprise Artificial Intelligence Building Trusted Al with Sovereign Cloud • Serves as a comprehensive guide for organizations navigating the transformative era of Generative AI. • Explores how enterprises can responsibly integrate AI by prioritizing trust, governance, and secu
Slide 28: Use of Non-GAAP Financial Measures
Appendix A Use of Non-GAAP Financial Measures In addition to reporting financial results in accordance with U.S. GAAP, the Company provides certain financial measures that are not in accordance with U.S. GAAP (Non-GAAP).These Non-GAAP financial measures have certain limitations in that they do not h
Slide 29: F’25 Full Fiscal Year Financial Highlights
F’25 Full Fiscal Year Financial Highlights In Constant Currency(3) Y/Y Y/Y Additional Metrics F’25 Commentary Key Financials F’25 % Change Y/Y % Change F’25 Ex-AMC % Change Up 10% y/y, led by gains in Enterprise Cloud Bookings(4) $773M Content Cloud Total Revenues $5,168M -10.4% -3.0% $5,171M -10.4%
Slide 30: OpenText’s Product Categories - Historical
OpenText’s Product Categories - Historical Total Revenue Business Unit F’25 F'25 % of Total F'25 Q1 F’26 Q1 F’26 % of Q1 F'26 Business Unit (US$M) Revenue % Growth Y/Y (US$M) Total Revenue % Growth Y/Y Content $2,136 41% 4% $523 41% 3% Business Network $633 12% -1% $161 13% 2% ITOM $453 9% -13% $113
Slide 31: OpenText’s Product Categories - Historical
OpenText’s Product Categories - Historical Cloud Revenue Business Unit F’25 F'25 % of Total F'25 Q1 F’26 Q1 F’26 % of Q1 F'26 (US$M) Revenue % Growth Y/Y (US$M) Total Revenue % Growth Y/Y Content $481 26% 17% $136 28% 21% Business Network $595 32% -1% $152 32% 3% ITOM $21 1% 25% $7 1% 58% Cybersecur
Slide 32: Stable and Diverse Customer Base
Stable and Diverse Customer Base F'25 Total Revenue • Deeply integrated “sticky” products with an average deployment life span of a decade or more • Strong competitive advantage that protects our position in the market and makes it difficult for competitors to enter or displace * Services consists o
Slide 33: Debt Profile
Debt Profile Interest Total Debt Q2 F’26 Additional Metrics Q2 F’26 Rate Senior Notes 2031 $650M 4.125% Total Fixed Debt % 66% Senior Notes 2030 $900M 4.125% Weighted Average Interest Rate 5.0% Senior Notes 2029 $850M 3.875% Annualized Interest Cost(1) $324M Senior Notes 2028 $900M 3.875% Consolidat
Slide 34: Business Optimization Plan and Other Savings Initiatives
Business Optimization Plan and Other Savings Initiatives On Track • >2x return on benefit vs. cost F’25 F’26 F’27+ Savings • Upside from early execution reflected in F25 Actuals and F26 Outlook • Remain committed to re-invest in $490m to Innovation and Growth through select 35% 35% 30% $550m investm
Slide 35: Summary of Quarterly Results with Constant Currency
Summary of Quarterly Results with Constant Currency Q2 F’26 % Change (In millions U.S. dollars, except per share data) Q2 F’26 Q2 F’25 $ Change % Change in CC* in CC* Revenues: Cloud services and subscriptions $478.1 $462.3 $15.8 3.4 % $471.0 1.9 % Customer support 581.9 590.6 (8.7) (1.5) % 568.8 (3
Slide 36: Summary of Year to Date Results with Constant Currency
Summary of Year to Date Results with Constant Currency % Change (In millions U.S. dollars, except per share data) F’26 YTD F’25 YTD $ Change % Change F’26 in CC* in CC* Revenues: Cloud services and subscriptions $962.6 $919.3 $43.3 4.7 % $947.3 3.0 % Customer support 1,168.8 1,186.1 (17.3) (1.5) % 1
Slide 37: Reconciliation of Selected Non-GAAP Measures | Q2 F’26
Reconciliation of Selected Non-GAAP Measures | Q2 F’26 Three Months Ended December 31, 2025 GAAP % of Total Non-GAAP % of (In ‘000's U.S. dollars, except per share data) GAAP Revenue Adjustments FN Non-GAAP Total Revenue COST OF REVENUES Cloud services and subscriptions $ 170,252 $ (1,597) (1) $ 168
Slide 38: Reconciliation of Selected Non-GAAP Measures | Q2 F’26
Reconciliation of Selected Non-GAAP Measures | Q2 F’26 FOOTNOTES 1 Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results. Adjustment relates to the exclusion of am
Slide 39: Reconciliation of Selected Non-GAAP Measures | F’26
Reconciliation of Selected Non-GAAP Measures | F’26 Six months ended December 31, 2025 GAAP % of Total Non-GAAP % of (In ‘000's U.S. dollars, except per share data) GAAP Revenue Adjustments FN Non-GAAP Total Revenue COST OF REVENUES Cloud services and subscriptions $ 342,469 $ (3,346) (1) $ 339,123
Slide 40: Reconciliation of Selected Non-GAAP Measures | F’26
Reconciliation of Selected Non-GAAP Measures | F’26 FOOTNOTES 1 Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results. Adjustment relates to the exclusion of amort
Slide 41: Reconciliation of Selected Non-GAAP Measures | Q2 F’25
Reconciliation of Selected Non-GAAP Measures | Q2 F’25 Three Months Ended December 31, 2024 GAAP % of Total Non-GAAP % of (In ‘000's U.S. dollars, except per share data) GAAP Revenue Adjustments FN Non-GAAP Total Revenue COST OF REVENUES Cloud services and subscriptions $ 172,288 $ (2,796) (1) $ 169
Slide 42: Reconciliation of Selected Non-GAAP Measures | Q2 F’25
Reconciliation of Selected Non-GAAP Measures | Q2 F’25 FOOTNOTES 1 Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results. 2 Adjustment relates to the exclusion of
Slide 43: Reconciliation of Selected Non-GAAP Measures | F’25
Reconciliation of Selected Non-GAAP Measures | F’25 Six Months Ended December 31, 2024 GAAP % of Total Non-GAAP % of (In ‘000's U.S. dollars, except per share data) GAAP Revenue Adjustments FN Non-GAAP Total Revenue COST OF REVENUES Cloud services and subscriptions $ 347,545 $ (4,982) (1) $ 342,563
Slide 44: Reconciliation of Selected Non-GAAP Measures | F’25
Reconciliation of Selected Non-GAAP Measures | F’25 FOOTNOTES 1 Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results. Adjustment relates to the exclusion of amort
Slide 45: Reconciliation of Adjusted EBITDA and Free Cash Flows
Reconciliation of Adjusted EBITDA and Free Cash Flows (In '000's U.S. dollars) Q2 F’26 Q2 F’25 GAAP-based net income, attributable to OpenText $ 168,091 $ 229,862 Add: Provision for income taxes 47,334 50,893 Interest and other related expense, net 79,227 83,615 Amortization of acquired technology-b
Slide 46: Reconciliation of Adjusted EBITDA and Free Cash Flows
Reconciliation of Adjusted EBITDA and Free Cash Flows (In '000's U.S. dollars) F’17 F’18 F’19 F’20 F’21 F’22 F’23 F’24 F’25 Adjusted EBITDA GAAP-based net income, attributable to OpenText $1,025,659 $ 242,224 $ 285,501 $ 234,225 $ 310,672 $ 397,090 $ 150,379 $ 465,090 $ 435,868 Add: Provision for (r