Nice Ltd. · TASE:NICE
Nice — Investor Day (November 2025)
75 slides from Nice's investor day presentation, Nov 17, 2025
Slide 1: Capital Markets Day November 17, 2025
CAPITAL NICE MARKETS DAY : November 17, 2025
Slide 2: Disclaimer
Disclaimer Forward Looking Statements Disclaimer This presentation contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements may be identified by words such as “believe”, “expect”, “seek”, “may”, “wi
Slide 3: Vision and Opportunity
Vision and Opportunity Scott Russell, CEO
Slide 4: Key Takeaways
Key Key takeaways Takeaways Accelerate Massive Perfectly growth & CX AI positioned Massive shareholder marketmarketto win in the Positioned returns via Investing to opportunity opportunity CX AI Era to win the focused future NiCE at investment of customer accelerate intersection of AI growth in AI e
Slide 5: NiCE at a glance
27K #1 Global customers Customer Experience A #1 >85% Financial Crime and Compliance Fortune 100 companies World #1 10k+ Public Safety Global employees and Justice 10/10 Top global investment banks
Slide 6: Key Takeaways
Key Key takeaways Takeaways Massive CX AI Massive marketmarket Positioned Investing to opportunity opportunity to win the future NiCE at of customer accelerate intersection of AI growth in AI experience and automation
Slide 7: Brands that Invest in CX Outperform their Peers
Brands that Invest in CX Outperform their Peers Customer Customer Net Cost Employee Lifetime Retention Promoter Reduction Engagement Value Score 2x 3x 2x 30% 1.5x Revenue Retention Business Lower More engaged growth rates growth cost to serve employees Source: McKinsey Source: Forbes Source: Bain So
Slide 8: Global CX Interactions Volume Continues to Grow
Global CX Interactions Volume Continues to Grow 16% 2028 Source: Gartner
Slide 9: AI is Revolutionizing Customer Experience
AI is Revolutionizing Customer Experience Autonomous Context Aware Resolution Real-Time Engagements Intent-Driven Seamless Customer Human and AI Journeys Experiences From Reactive Self-Evolving to Proactive Learning Loops Orchestration
Slide 10: Human Assisted CX Still Matters
Human Assisted CX Still Matters Low complexity interactions High complexity interactions AI agents Augmented human agents
Slide 11: Key Takeaways
Key Key takeaways Takeaways Perfectly positioned Massive marketto win in the Positioned Investing to opportunity CX AI Era to win the future NiCE at of customer accelerate intersection of AI growth in AI experience and automation
Slide 12: Entering the CX AI Era from a Position of Leadership
Entering the CX AI Era from a Position of Leadership Customer AI Innovation Financial momentum and Growth performance 20B 6B $3B Interactions AI augmented 2025E Revenue orchestrated interactions 1B 2T +49% Minutes of voice AI analyzed words AI ARR (Q3/25) interactions monthly per month 40 +65% $692M
Slide 13: Undisputed Market Leadership
2025 Undisputed Market #1 Knowledge Management Customer Interaction Analytics Leadership Conversational AI for CX Contact Center as a Service Workforce Engagement Management Customer Journey Analytics Intelligent Self-Service Agent Management Intelligent Contact Center Customer Experience
Slide 14: Our AI Platform is Purpose-built for CX
Our AI Platform is Purpose-built for CX • AI native platform • Comprehensive CX suite Orchestrate Workflows • Agentic AI platform rpose-built A Pu I • Interactions-based data Automate Augment Customer Experiences Workforce Engagement • End-to end customer Data journey orchestration Predictive Custom
Slide 15: Our AI Advantage
Our AI Advantage tonomou u s A action We own the point of We turn customer customer engagement intelligence into C en u s t o m e r autonomous action g ag t e m en
Slide 16: Our AI Advantage
Our AI Advantage We own the point of We turn customer intelligence customer engagement into autonomous action Every channel tonomou AI-ready customer intelligence u s Every journey A action Every interaction Dynamic agentic orchestration to resolution C AI and human orchestration en u s t o m e r g
Slide 17: Going Beyond Customer Service from Intent to Fulfillment
Going Beyond Customer Service from Intent to Fulfillment Own the point of customer engagement Front- Mid- Back- Orchestrate end-to-end customer fulfillment office office office Any channel Human & Agentic AI
Slide 18: Our Market Opportunity is Accelerating and Expanding with AI
Our Market Opportunity is $72B Accelerating and 2028 TAM Expanding with AI Agentic AI Conversational AI $31B CCaaS 2025 TAM Mid-back office
Slide 19: Preferred Customer Choice for CX AI
Preferred Customer Choice for CX AI 28% Primary vendors (74%) 66% of global 100% positioned to Interactions will be win in two-thirds AI by 2029 of market 40% 26% 40% 18% AI domain providers prefer to buy CX AI from their primary CCaaS vendor 16% 40% 26% 26% Primary CCaaS prefer to buy from AI Prima
Slide 20: Positioned to Win
Positioned to Win AI-native CX platform Own point of engagement tonomou u s A action Interactions based AI-ready data C en u s t o m e r CX domain expertise gag t e me n Complete & unified CX suite Human and AI agent orchestration
Slide 21: Key Takeaways
Key takeaways Key Takeaways Accelerate growth & Massive market shareholder Positioned returns via Investing to opportunity to win the focused future NiCE at investment of customer accelerate intersection of AI growth in AI experience and automation
Slide 22: NiCE Growth Catalysts
NiCE Growth Catalysts Expand beyond the Accelerate contact global center Win the expansion and CCaaS ecosystem migration growth Automate wave agentic AI on AI-first our platform growth across every customer touchpoint
Slide 23: Doubling Our Cloud Revenue
Doubling Our Cloud Revenue Rapid Innovation >$4B Market Expansion $3.5B 2028E Operational and Delivery Foundations $2.2B 2025E
Slide 24: Key Takeaways
Key takeaways Key Takeaways Accelerate Massive Perfectly growth & CX AI positioned Massive shareholder marketmarketto win in the Positioned returns via Investing to opportunity opportunity CX AI Era to win the focused future NiCE at investment of customer accelerate intersection of AI growth in AI e
Slide 25: CX Product Strategy
CX Product Strategy Jeff Comstock, President CX Product and Technology
Slide 26: Market Forces Accelerating the Next Phase of CX Growth
Market Forces Accelerating the Next Phase of CX Growth Consumers expect AI-augmented Platform consolidation AI-powered CX workforce emerges accelerates Automation beyond the Demand for proactive contact center experiences
Slide 27: General Market Current State
General Market Current State Human Agent Self- Service
Slide 28: NiCE CX AI Platform Advantage
NiCE CX AI Platform Advantage AI-powered Engagement AI Learning Loop Human Human Automated Automated Assisted Assisted Insights Insights Self- Engagement Service Data
Slide 29: The World's Leading CX AI Platform
+ The World’s Leading Orchestrate CX AI Platform Workflows i se-bu lt AI mo o d rp Automate el Augment Pu Customer s Experiences Workforce Engagement Data Predictive Customer Advanced Open AI Models Intelligence Orchestration Ecosystem
Slide 30: AI Agents
Front AI-powered Workflow Orchestration Back Office Office Channel CX Workforce System Connectors Automation AI Agents Augmentation Connectors Authentication Compliance Voice CRM Self-Service Quality ERP Outreach Forecasting xApps UCaaS Ticketing Performance RPA Fulfillment Back Office Office Analyt
Slide 31: Key Product Investment Areas
Key Product Investment Areas Cognigy Platform Orchestration Accelerating native Extending enterprise CX flows across & stand-alone leadership the enterprise
Slide 32: Agentic AI: Turning Intelligence into Action
Agentic AI: Turning Intelligence into Action Philipp Heltewig, Chief AI Officer and GM of NiCE Cognigy
Slide 33: Nice to meet you! NiCE Cognigy
Nice to meet you! 1.2 Billion 96% Founded in 2016 in User Inputs Recommendation We are NiCE Cognigy, and Düsseldorf, Germany Processed in 2024 Rate we are the world’s leading Agentic AI Platform for CX. Loved by customers Praised by analysts A Leader in 2025 Gartner® A Leader in The Forrester Wave A
Slide 34: From Conversational AI Platform to Agentic AI
From Conversational AI Platform to Agentic AI The Cognigy Journey AI Agent Orchestration Platform GenAI-enhanced Conversational AI Founded Platform Conversational NLP AI Platform Frameworks Impact: Better CX Higher resolution rate Higher automation rate 2015 2020 2025
Slide 35: Design, Run & Optimize
The world’s leading Agentic AI Platform for CX Design, Run & Optimize AI Copilots Live Agent AI Agents Voice Gateway Insights Advanced Agent Assist Omni-Channel Agent Agentic AI Agents and Enterprise Voice End-to-end for Voice and Chat Workspace for Digital System Orchestration Connectivity Conversa
Slide 36: Beyond the hype: Agentic AI with guardrails and integrations
Beyond the hype: NiCE Cognigy combines leading Agentic AI, with logic guardrails and prebuilt system integrations “Hallucinations remain a “AI agents must be deeply “Agentic AI will lead to fundamental challenge for all aligned with the company’s unwanted outcomes if it is not large language models”
Slide 37: The enterprise-ready Agentic CX Platform
The enterprise-ready Prompt Wrappers Agentic CX Single LLM Connection Simple Chat Interface Basic Prompt Templates Platform Platform 30+ channels Omnichannel Routing Agentic Orchestration Orchestration, Tool Usage, Planning, & Reasoning End-to-end workflows Visual Flow Builder, Guardrails, Failbacks
Slide 38: How We Differentiate
How We Differentiate Hybrid AI AI Ops & Native CC Multi-Modal Enterprise Agents Orchestration Connectivity Experiences Readiness Blending agentic, LLM- Vendor-agnostic, Voice-native agents Blending voice, text, Certified with top driven autonomy with granular LLM with full-stack rich media, and mobi
Slide 39: Loved by the world's leading brands
Loved by the world’s leading brands… 4.8 Outranking Kore AI, Soundhound Amelia and Sierra AI on Gartner Peer Insights and G2. “While others do the slides, “Surpassing “Agentic AI Boosts Cognigy does the work.” Expectations” Teams with Easy Use” Gartner Peer Insights review (2025) Gartner Peer Insigh
Slide 40: The secret to our success is our customer obsession
The secret to our success is our customer obsession NiCE Cognigy Ratings Overview 4.8 138 ratings (All time)
Slide 41: Our Customers are Seeing Real Impact
Our Customers are Seeing Real Impact 60-90% 25%+ 20%+ Call Containment AHT Reduction CSAT Improvement Our customers see high Conversations that are routed The right blend of AI Agents containment rates through AI to humans, are optimized and human agents, leads to Agent self service. through AI. hig
Slide 42: NiCE Acquisition - the BIG News
NiCE Acquisition - the BIG News… NiCE Accelerates A new era for NiCE’s Cognigy NiCE Acquires Agentic AI Focus AI-powered CX Deal Targets $30B Cognigy: with Cognigy automation AI Customer Integrating Acquisition Experience Conversational AI Opportunity and Execution in One CX Stack NiCE Cognigy will
Slide 43: Better Together
Better Together Accelerating our success as one integrated platform, and stand-alone • AI agent orchestration • Global GTM expansion of front to back-office & partner ecosystem with evals & guardrails • Accelerated R&D • 100+ system Agentic AI & Scale & integrations for • Joint innovation enterprise
Slide 44: Fully Autonomous Customer Experience Engine
Fully Autonomous Customer Experience Engine AI Human / AI Human NiCE Cognigy Agents Cooperation Agents NiCE AI Agent Human-to-human KPIs & Insights Engagement 3 1 AI - Augment Operate Engage Billions of data 2 AI Agents 4 4 2 points, representing Deploy Optimize Learn Record real customer journeys 3
Slide 45: Financial Overview
Financial Overview Beth Gaspich, CFO
Slide 46: Key Takeaways
Key Takeaways Massive Perfectly Accelerate CX AI positioned growth & market to win in the shareholder opportunity CX AI Era returns via focused investments
Slide 47: Building on a Profitable Foundation to Fuel the Next Phase of Growth
Building on a Profitable Foundation to Fuel the Next Phase of Growth Total Revenue Operating Income and Margin (Non-GAAP) (Non-GAAP) CAGR 13% CAGR 16% $2,735M $850M $2,378M $704M $2,181M $625M $1,926M $544M $1,657M 31.1% $470M 29.6% 28.4% 28.7% 28.2% 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024
Slide 48: Strong Free Cash Flow Creates Significant Financial Flexibility
Strong Free Cash Flow Creates Significant Financial Flexibility Free Cash Flow FCF Margin (Non-GAAP) (Non-GAAP) $732M 27% CAGR 15% 25% 21% 20% 18% $477M $417M $395M $398M 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024
Slide 49: Delivering on 2025 Year-to-Date Revenue Growth and Profitability Targets
Delivering on 2025 Year-to-Date Revenue Growth and Profitability Targets Total Revenue Cloud Revenue EPS Guidance Actual Guidance Actual Guidance Actual Q1 5.9% 6.2% Q1 12.0% 12.4% Q1 9.7% 11.2% Q2 7.5% 9.4% Q2 12.0% 12.3% Q2 12.7% 14.0% Q3 5.4% 6.1% Q3 12.0% 12.6% Q3 9.7% 10.4%
Slide 50: Driving Shareholder Value Through Disciplined Capital Deployment
Driving Shareholder Value Through Disciplined Capital Deployment Strategic and Expanding share Maintain strong disciplined investment buyback program balance sheet • Focused investments in • Continued execution of • Optimize financial organic growth $500M buyback program flexibility to support both
Slide 51: Key Takeaways
Key Takeaways Massive Perfectly Accelerate CX AI positioned growth & market to win in the shareholder opportunity CX AI Era returns via focused investments
Slide 52: Our Revenue Growth Catalysts
Our Revenue Growth Catalysts Expand beyond the Accelerate contact global center expansion and Win the ecosystem CCaaS growth Automate migration agentic AI on wave AI-first our platform growth across ell every p-s customer ll &U touchpoint -se ss Cro
Slide 53: AI-First Growth Across Every Customer Touchpoint
AI-First Growth Across Every Customer Touchpoint Accelerating CX AI ARR Growth with NiCE Cognigy CX AI ARR expected to grow >2x pre-Cognigy by YE’26. 43% YoY excl. 42% Cognigy YoY 39% YoY Q1-2024 Q2-2024 Q3-2024 Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2026
Slide 54: Automate Agentic AI on our Platform: Evolving Monetization
Automate Agentic AI on our Platform: Evolving Monetization for an AI-Driven CX Economy Hybrid pricing model across user and sessions Users Sessions Sessions growth outpaces changes in users Revenue scales with AI adoption — driving growth as customers automate
Slide 55: AI Revenue Scales with Interaction Volume
Automate Agentic AI on Our Platform: AI Revenue Scales with Interaction Volume 300 600 $268M 250 $238M 500 $208M $198M 200 400 $179M $168M $150M 150 300 100 200 50 100 - - Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 AI ARR AI Volume of Interactions
Slide 56: Customer Success Story: Media & Entertainment
Automate Agentic AI on Our Platform: Customer Success Story Fortune 500 Media & Entertainment $9.0M Customer ARR ($M) $6.2M Non AI $4.7M AI $3.6M $2.1M $0.5M 2023/Q3 2024/Q3 2025/Q3 Seats 17k 24k 21k AI as a 11% 34% 40% % of ARR
Slide 57: Customer Success Story: U.S. Utilities Company
Automate Agentic AI on Our Platform: Customer Success Story Fortune 500 U.S. Utilities Company ($M) $5.9M $4.6M $4.7M Non AI AI $1.9M $1.0M $1.4M 2023/Q3 2024/Q3 2025/Q3 Seats 4k 4k 4k AI as a 21% 29% 33% % of ARR
Slide 58: Win the CCaaS Migration Wave
Win the CCaaS Migration Wave +$1M ARR Cloud ~15 million Customers Global CX agents 389 444 ~40% ~6 million 297 CCaaS seats 243 189 ~9 million On-prem seats Q3/21 Q3/22 Q3/23 Q3/24 Q3/25
Slide 59: Accelerate Global Expansion
Accelerate Global Expansion $65M International Cloud Revenue CAGR 36% $50M International Cloud revenue 57% $39M % of Total Internation Revenue 48% $31M 39% 32% $16M $10M 19% 15% Q3/2020 Q3/2021 Q3/2022 Q3/2023 Q3/2024 Q3/2025
Slide 60: Accelerate Ecosystem Growth
Accelerate Channel Partners involved in Ecosystem Growth % of Partner-Led CXone Mpower Large Enterprise New ACV 73% of new large enterprise CXone ACV 70% 64% 51% 2022 2023 2024 YTD/2025
Slide 61: Expand Beyond the Contact Center
Expand Beyond the Contact Center Beyond A Automating Customer Service Customer Service A Customer Service NiCE CX AI Front Office Beyond Front Office
Slide 62: Expand Beyond the Contact Center
Expand Beyond the Contact Center Beyond A Automating Customer Service Customer Service B Fulfilling Customer Service Intents A Customer Service NiCE B CX AI Front Office Beyond Front Office
Slide 63: Expand Beyond the Contact Center
Expand Beyond the Contact Center C Beyond A Automating Customer Service Customer Service B Fulfilling Customer Service Intents A Customer C Automating Beyond Customer Service Service NiCE B CX AI Front Office Beyond Front Office
Slide 64: Expanding Value Within Our Installed Base
60% 90% 10% 40% 70% 80% 30% 50% 100% 20% 0% Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23 using Q4’23 Q1’24 Q2’24 Q3’24 2+ solutions Q4’24 % of Customers using 2+ applications Q1’25 % of CXone customers Q2’25 Q3’25 Q1’21 Q2’21 Q3’21 Q4’21 Q1’22 Q2’22 Q3’22 Q4’22 Q1’23 Q2’23 Q3’23
Slide 65: Investing for Accelerated Revenue Growth
Investing for Accelerated Revenue Growth 2026E & Mid-Term Outlook
Slide 66: Investing to Unlock Accelerated Revenue Growth
Investing to Unlock Accelerated Revenue Growth Incremental 2026E Investment ~$95M ~$65M Cloud & AI Delivery Accelerated Product Go-To-Market Acceleration (COGS) Innovation (R&D) Expansion (S&M) • Optimize compute for scalable • Advance Cognigy AI roadmap • Strengthen global reach performance and int
Slide 67: Investing for Future Growth: Key Cloud Delivery Investments
Investing for Future Growth: Key Cloud Delivery Investments Growth initiatives Gross Margin Cloud Gross Margin represent a ~200 bps impact on 2026E gross margin. 2025E 2026E 2028E
Slide 68: Everyday AI Across NiCE
Internal AI Investments: Driving Future Operating Leverage Everyday AI Across NiCE OM & Customer Quoting & Billing Support Pricing Sales R&D Finance HR
Slide 69: Increased GTM and R&D Investment to Accelerate Top-Line Growth
Increased GTM and R&D Investment to Accelerate Top-Line Growth Operating Expenses and R&D Capitalization as a % of Revenue 46% 45% 41% 3% 3% 3% Capitalized 14% Software 13% 12% R&D Net of Software Capitalization 22% S&M 20% 24% G&A 7% 7% 5% 2025E 2026E 2028E
Slide 70: 2025E-2028E Financial Outlook (Non-GAAP)
2025E-2028E Financial Outlook (Non-GAAP) 2025-E 2026-E 2028-E Revenue Growth 7%-8% 7%-9% 12%-14% Cloud Revenue Growth 12%-13% 13%-15% 17%-19% Operating Margin 31% 25%-26% 26%-28% Free Cash Flow Margin 19%-20% 18%-19% 20%-21% Capital Return as % of FCF 50%+ 50%+ 50%+
Slide 71: Fuel for the Future: Cloud Backlog Accelerates Trajectory
Fuel for the Future: Cloud Backlog Accelerates Trajectory NiCE Remaining Performance Obligations $3,314M $3,020M $3,073M $481M Non-Cloud $559M $530M Cloud C Cloud Backlog +15% YoY $2,833M $2,461M $2,543M +13% YoY excluding Cognigy 9/30/2024 12/31/2024 9/30/2025
Slide 72: AI Driving the Next Phase of Cloud Revenue Growth
AI Driving the Next Phase of Cloud Revenue Growth 2025E Cloud Revenue 2028E Cloud Revenue AI, AI, 12% 30% ~$2.2B ~$3.5B > $1B in AI Revenue expected by 2028E
Slide 73: Summary: Accelerating with Purpose in the CX AI Market
Summary: Accelerating with Purpose in the CX AI Market
Slide 74: Leading with Strength. Investing with Purpose. Delivering Value.
Leading with Strength. Investing with Purpose. Delivering Value. Cloud Revenue Operating Free Capital Growth Margin Cash Flow Return Prioritize investment in Proven operational Strong 90%+ customer Targeting 50%+ return product led AI to rigor to deliver retention and vertically of free cash flow to
Slide 75: Capital Markets Day
CAPITAL N \ C E MARKETS