Slide 1: Q4 and Full Year 2025 Financial Results
Conduent Q4 and Full Year 2025 Financial Results February 12, 2026
Slide 2: Cautionary Statements
Cautionary Statements Forward-Looking Statements This document, any exhibits or attachments to this document, and other public statements we make may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “estimate,
Slide 3: Cautionary Statements: Non-GAAP Financial Measures
Cautionary Statements Non-GAAP Financial Measures We have reported our financial results in accordance with accounting principles generally accepted in the U.S. (U.S. GAAP). In addition, we have discussed our financial results using non-GAAP measures. We believe these non-GAAP measures allow investo
Slide 4: Q4 & Full Year 2025 Results and CEO Priorities
Q4 & Full Year 2025 Results and CEO Priorities • Adj. Revenue(1): Q4 $770M / FY $3,042M Q4 and Full • Adj. EBITDA(1): Q4 $50M / FY $164M Year Results / • Adj. EBITDA Margin(1): Q4 6.5% / FY 5.4% Metrics • New Business Signings ACV(2): Q4 $152M / FY $517M • Increase speed and accountability: Accelera
Slide 5: Key Sales Metrics
Key Sales Metrics New Business ACV(1) New Business ARR(1) New Business TCV(1) $750M $300M $1,500M $228 $237 $1,118 $517 $969 $485 $500M $200M $1,000M $250M $152 $100M $73 $500M $318 $137 $54 $269 $0M $0M $0M Q4'24 Q4'25 FY'24 FY'25 Q4'24 Q4'25 FY'24 FY'25 Q4'24 Q4'25 FY'24 FY'25 Trailing Four Quarte
Slide 6: Key Sales Metrics
Key Sales Metrics New Business ACV(1) Signings TCV Signings (incl. ARR(1) + NRR(1)) $200M $1,000M $145 $152 $150M $137 $323 $109 $111 $500M $318 $269 $100M $280 $246 $361 $243 $469 $213 $368 $50M $0M Q4' 24 Q1' 25 Q2' 25 Q3' 25 Q4' 25 $0M Q4' 24 Q1' 25 Q2' 25 Q3' 25 Q4' 25 Renewal NB New Business (A
Slide 7: Full Year 2025 P&L Metrics
Full Year 2025 P&L Metrics Adj. Revenue(1) Adj. Revenue(1) Trend (Y/Y Compare) $4,000M (4.2)% Y/Y (4.5)% in CC(2) $3,176M $3,042M $3,000M (2.6)% (1.8)% (3.8)% $2,000M (6.0)% (8.5)% $1,000M $0M 2024 2025 Q4' 24 Q1' 25 Q2' 25 Q3' 25 Q4' 25 Adj. EBITDA(1) / Adj. EBITDA Margin(1) • Adj. Revenue(1): Decl
Slide 8: Full Year 2025 P&L by Segment
Full Year 2025 P&L by Segment Adj. Revenue(1) Adj. EBITDA(1) Contributions Transportation, $609M n/m 3.9% Y/Y 5.2% Y/Y $18M 10.2% Y/Y $221M (8.9)% Y/Y 32.3% Y/Y $154M $164M Commercial, $1,511M $(229)M (5.9)% Y/Y Government, $922M (6.3)% Y/Y Commercial Government Transportation Unallocated Adjusted C
Slide 9: Q4 and Full Year 2025 Cash Flow and Balance Sheet
Q4 and Full Year 2025 Cash Flow and Balance Sheet Balance Sheet • Adj. Free Cash Flow(1): Q4 $28M / FY $(130)M ($ in millions) 12/31/2024 12/31/2025 Total Cash(5) $377 $243 • Capex(2) as % of revenue: Q4 4.2%(3)/ FY 3.4% 608 629 Total Debt(6) • Net adjusted leverage ratio(4): 2.8x Current Portion of
Slide 10: Appendix
Appendix
Slide 11: Segment Adjusted Revenue Trend
Segment Adjusted Revenue(1) Trend Commercial Government 1.8% (2.9)% (2.1)% (6.7)% (4.1)% (4.7)% (5.9)% (8.9)% (16.3)% (16.3)% Q4' 24 Q1' 25 Q2' 25 Q3' 25 Q4' 25 Q4' 24 Q1' 25 Q2' 25 Q3' 25 Q4' 25 Transportation 14.9% 7.1% 1.3% 1.9% (7.6)% Q4' 24 Q1' 25 Q2' 25 Q3' 25 Q4' 25 (1) Refer to complete Non-
Slide 12: Definitions
Definitions New Business Total Contract Value (TCV): Estimated total future revenues from contracts signed during the period related to new logo, new service line or expansion with existing customers. New Business Non-Recurring Revenue (NRR): Metric measures the non-recurring revenue for any new bus
Slide 13: Non-GAAP Financial Measures
Non-GAAP Financial Measures Non-GAAP Financial Measures We have reported our financial results in accordance with accounting principles generally accepted in the U.S. (U.S. GAAP). In addition, we have discussed our financial results using non-GAAP measures. We believe these non-GAAP measures allow i
Slide 14: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted Revenue, Adjusted Operating Income and Adjusted Operating Margin. We make adjustments to Revenue, Costs and Expenses and Operating Margin for the following items, as applicable,for the purpose of calculating Adjusted Revenue, Adjusted Operating Income and Adjuste
Slide 15: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted EBITDA and EBITDA Margin We use Adjusted EBITDA and Adjusted EBITDA Margin as an additional way of assessing certain aspects of our operations that, when viewed with the U.S. GAAP results and the accompanying reconciliations to corresponding U.S. GAAP financial m
Slide 16: Non-GAAP Financial Measures
Non-GAAP Financial Measures Free Cash Flow Free Cash Flow is defined as cash flows from operating activities as reported on the consolidated statement of cash flows, less cost of additions to land, buildings and equipment, cost of additions to internal use software, and proceeds from sales of land,
Slide 17: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted Revenue, Revenue at Constant Currency, Adjusted Net Income (Loss), Adjusted Effective Tax Rate, Adjusted Operating Income (Loss) and Adjusted EBITDA (see footnotes on last page of Non-GAAP reconciliations) (in millions) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 FY 202
Slide 18: Continued
CONTINUED (in millions) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 FY 2025 FY 2024 ADJUSTED NET INCOME (Loss) – from Income (loss) before income tax Income (Loss) Before Income Taxes $ (28) $ (38) $ (38) $ (56) $ (82) $ (160) $ 504 Adjustment: Total Non-GAAP Adjustments 15 18 15 33 54 81 (609) Adjusted
Slide 19: Continued
CONTINUED (in millions) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 FY 2025 FY 2024 ADJUSTED EBITDA Net Income (Loss) $ (33) $ (46) $ (40) $ (51) $ (12) $ (170) $ 426 Income tax expense (benefit) 5 8 2 (5) (70) 10 78 Depreciation and amortization 50 48 48 48 47 194 204 Contract inducement amortization 1
Slide 20: Continued
CONTINUED Adjusted Weighted Average Shares Outstanding, Adjusted Diluted EPS, Adjusted Effective Tax Rate, Adjusted Operating Margin, and Adjusted EBITDA Margin (Amounts are in whole dollars, shares are in thousands and margins are in %) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 FY 2025 FY 2024 ADJUST
Slide 21: Continued
CONTINUED (Margins are in %) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 FY 2025 FY 2024 ADJUSTED OPERATING MARGIN Income (Loss) Before Income Taxes Margin (3.6)% (5.0)% (5.0)% (7.5)% (10.3)% (5.3)% 15.0 % Adjustments: Total non-GAAP adjustments 1.9 2.4 1.9 4.4 6.8 2.7 (18.1) Interest expense 1.6 1.6 1.
Slide 22: Free Cash Flow and Adj. Free Cash Flow
CONTINUED Free Cash Flow and Adj. Free Cash Flow (in millions) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 FY 2025 FY 2024 Operating Cash Flow $ 39 $ (39) $ (15) $ (58) $ 41 $ (73) $ (50) Cost of additions to land, buildings and equipment (15) (15) (15) (14) 11 (59) (28) Cost of additions to internal us
Slide 23: Continued
CONTINUED The below footnotes correspond to the "Q4 and Full Year 2025 Cash Flow and Balance Sheet" slide (1) Refer to Appendix for complete Non-GAAP reconciliations of Adjusted Free Cash Flow. (2) Capex refers to additions to Land, Buildings & Equipment, Internal Use Software, Product Software Addi
Slide 24: © 2025 Conduent, Inc. All rights reserved
© 2025 Conduent, Inc. All rights reserved. Conduent and Conduent Agile Star are trademarks of Conduent, Inc. and/or its subsidiaries in the United States and/or other countries.