Slide 1: Investor Presentation – Q1 2026
Investor Presentation – Q1 2026 April 30, 2026
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements within the meaning of applicable U.S. securities laws, including statements regarding our 2026 financial guidance; our plans to drive efficient revenue growth, maintain strong profitability and cash generation, and retu
Slide 3: Company Overview
Company Overview O OneSpan
Slide 4: OneSpan At a Glance
OneSpan At a Glance1 Two Divisions Cybersecurity Digital Agreements Revenue AEBITDA2 FCF2 $246M $76M $48M 73% 27% Revenue Split Subscription ARR2 Cash & Eq. 75% $192M $50M Shareholder Returns3 FY 2025 Q1 2026 Dividends $18.5M $5.0M Share Repurchases $13.1M $5.4M Total $31.6M $10.4M 1 Revenue, AEBITD
Slide 5: Cybersecurity Division
Cybersecurity Division Industry Leader in Securing Digital Banking Transactions • Trusted by the who’s who of global banks to protect identities, safeguard mobile apps, and secure high value digital transactions from sophisticated attacks • Improved margin profile – secular shift to software from ha
Slide 6: Digital Agreements Division
Digital Agreements Division Enterprise-Class Solutions with Strong Presence in BFSI Industries • Robust security, white-labeling and pricing model differentiate OneSpan Sign from peers • Land and expand SaaS model • Focus on new logos, customer expansion and profitable growth E-Signatures Identity V
Slide 7: Trusted Technology Partner to Global Blue-Chip Enterprises
Trusted Technology Partner to Global Blue-Chip Enterprises – Including more than 60% of the World’s 100 Largest Banks Other Financial Healthcare, Telecom & Banking Insurance Government Services Other PROPRIETARY AND CONFIDENTIAL. ALL RIGHTS RESERVED 7
Slide 8: GTM Focused on Enterprise Sales and Growing Partner Network
GTM Focused on Enterprise Sales and Growing Partner Network CUSTOMER SEGMENTATION BASED ON EMPLOYEE COUNT OSPN SALES FOCUS1 PARTNER COVERAGE Tiers Efficient Resource Global System Resellers & Platform (Employee Count) Allocation with Sellers Integrators Distributors Partners Large Enterprise SAM 100
Slide 9: Transforming to Drive Profitable, Long-Term Growth
Transforming to Drive Profitable, Long-Term Growth 2026+: Committed to driving efficient revenue growth while maintaining strong profitability and cash generation, and returning capital to shareholders • Expand existing and drive new customer relationships • Continue to innovate and expand product p
Slide 10: Adjusted EBITDA & Cash Flow: Strong Cash Generation, Disciplined Investment Approach
Adjusted EBITDA & Cash Flow: Strong Cash Generation, Disciplined Investment Approach Adjusted EBITDA1,2 Operating Cash Flow1,3 Free Cash Flow1,2,3 $78M $73M 32% $56M $59M $46M $50M 30% 23% 24% $28M 21% 19% $25M $21M $13M 43% 38% 32% $(23M) 5% $(11M) -5% -10% FY 2023 FY 2024 FY 2025 Q1 2026 FY 2023 F
Slide 11: Financial Highlights & Outlook
Financial Highlights & Outlook
Slide 12: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights1 $66M $21M $0.39 $50M Revenue Adjusted EBITDA2 Non-GAAP EPS2 Cash and Equiv. (4% growth) (32% margin) No long-term debt $53M $192M 105% $0.13 Subscription Revenue ARR2 NRR2 Dividend3 (8% growth) (14% growth) 1 Includes the acquisitions of Nok Nok Labs, which closed in Q2
Slide 13: Q1 2026 YoY Revenue Growth
Q1 2026 YoY Revenue Growth Total Company1 Cybersecurity Division1 Digital Agreements Division1 $65.9M $63.4M $47.7M $48.5M $52.7M $48.7M $35.3M $33.1M $17.4M $15.7M $11.1M $10.6M $11.1M $10.6M $3.6M $2.7M $3.5M $2.6M Q1 2025 Q1 20262 Q1 2025 Q1 20262 Q1 2025 Q1 2026 Revenue grew 4%, driven by 8% gro
Slide 14: Q1 2026 ARR Growth
Q1 2026 ARR Growth Total Company1 Cybersecurity1 Digital Agreements (14% growth) (16.5% growth) (10% growth) $192.1M $168.4M $124.6M $106.9M $67.5M $61.4M Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 1 Includes the acquisitions of Nok Nok Labs, which closed in Q2 2025, and Build38, which closed i
Slide 15: 2026 Guidance Metrics
2026 Guidance Metrics1 FY 2026 FY 2026 Metric Previous Guidance Current Guidance Total Revenue $244M – $249M $244M – $249M Software & Services $201M - $204M $201M - $204M Revenue* Hardware Revenue $43M - $45M $43M - $45M Adjusted EBITDA2 $64M – $68M $64M – $68M ARR2 $192M – $196M $194M – $198M * Sof
Slide 16: FY 2026 Guidance Metrics and Prior Year Results
FY 2026 Guidance Metrics and Prior Year Results1 Revenue2 Adjusted EBITDA3 ARR3 $244M – $194M – $243M $243M $249M $198M $235M $187M $78M $64M – $168M $73M $68M $155M $13M FY23 FY24 FY25 FY26E FY23 FY24 FY25 FY26E FY23 FY24 FY25 FY26E Software & Services Hardware 1 Includes the acquisitions of Nok No
Slide 17: Appendix
Appendix O OneSpan
Slide 18: Revised Presentation of Revenue by Business Division
Revised Presentation of Revenue by Business Division1 (in millions, unaudited) Three months ended, March 31 June 30 Sept. 30 Dec. 31 March 31 June 30 Sept. 30 Dec. 31 March 31 2024 2024 2024 2024 2025 2025 2025 2025 2026 Cybersecurity Revenue Subscription $ 30.6 $ 19.5 $ 23.2 $ 25.9 $ 33.1 $ 26.5 $
Slide 19: Definitions
Definitions ARR, or Annual Recurring Revenue, is calculated as the approximate annualized value of our customer recurring contracts as of the measurement date. These include subscription, term- based license, and maintenance and support contracts and exclude one-time fees. To the extent that we are
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures We report financial results in accordance with GAAP. We also evaluate our performance using certain non-GAAP financial metrics, namely Adjusted EBITDA, Non-GAAP Net Income, Non- GAAP Net Income Per Diluted Share, and Free Cash Flow. Our management believes that these meas
Slide 21: Non-GAAP Financial Measures, Continued
Non-GAAP Financial Measures, Continued Non-GAAP Net Income and Non-GAAP Net Income Per Share are defined as net income or net income per diluted share, as applicable, before the consideration of long-term incentive compensation expenses, the amortization of intangible assets, restructuring costs, an
Slide 22: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA5 (in thousands, unaudited) Three months ended March 31, 2025 2026 Net income (loss) $ 14,505 $ 11,565 Interest income (expense), net (692) 19 Provision for income taxes 3,360 2,847 1 Depreciation and amortization of intangible assets 2,129 3,132 2 Long
Slide 23: Reconciliation of Net Income to Non-GAAP Net Income
Reconciliation of Net Income to Non-GAAP Net Income (in thousands, except per share data; unaudited) Three months ended March 31, 2025 2026 Net income $ 14,505 $ 11,565 Provision for income taxes 3,360 2,847 Income loss before income taxes 17,865 14,412 Long-term incentive compensation and related p
Slide 24: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation (in thousands, unaudited) Three months ended March 31, 2025 2026 Net cash provide by operating activities $ 29,366 $ 28,172 1 Purchases of property and equipment (1,626) (3,120) Free Cash Flow $ 27,740 $ 25,052 1 Includes capitalized software. PROPRIETARY AND CONFIDENTI
Slide 25: Copyright and Trademarks
Copyright and Trademarks Copyright© 2026 OneSpan North America Inc., all rights reserved. OneSpan and related names, logos, products and service names are registered trademarks or trademarks of OneSpan Inc. or its subsidiaries in the U.S. and other countries. All other trademarks or trade names are
Slide 26: OneSpan
OneSpan