Conduent Incorporated · NASDAQ:CNDT
Conduent — Q3 2026 Earnings Presentation
25 slides from Conduent's earnings presentation, Nov 5, 2026
Slide 1: Conduent Q3 2026 Financial Results
November 05, 2026 Conduent Q3 2026 Financial Results
Slide 2: Forward-Looking Statements
2 Forward-Looking Statements This presentation and other public statements we make may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "expect," "intend," "plan," "target," "project," "will," "should," "c
Slide 3: Non-GAAP Financial Measures
3 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 for our Continuing Operations only, unless otherwise noted. We believ
Slide 4: Q3 2026 Results
4 Q3 2026 Results (1) Refer to the Appendix for complete Non-GAAP reconciliations of Adjusted EBITDA and Adjusted EBITDA Margin. (2) Full definition in the Appendix. Q3 Results / Metrics CEO Priorities • Revenue: $534M • Adj. EBITDA from continuing operations(1): $36M • Adj. EBITDA Margin from conti
Slide 5: Key Sales Metrics
5 Key Sales Metrics New Business ACV(1) Signings Q3 New Business ACV(1) by Segment (1) Full definition in the Appendix. $134 $117 Q3' 25 Q3' 26 $0M $50M $100M $150M New Business TCV(1) Signings $40 $35 Q3'25 Q3'26 $25M $50M $45M $16M Commercial Government $70 $61 Q3'25 Q3'26 $0M $25M $50M $75M New B
Slide 6: Key Sales Metrics: TCV Signings
6 Key Sales Metrics TCV Signings (incl. ARR(1) + NRR(1)) $206 $367 $286 $617 $349 $134 $193 $162 $194 $117 Renewal NB Q3' 25 Q4' 25 Q1' 26 Q2' 26 Q3' 26 $0M $200M $400M $600M $800M New Business (ARR(1) + NRR(1) Breakdown) $40 $46 $39 $73 $35 $36 $61 $74 $27 $37 NB ARR NB NRR Q3' 25 Q4' 25 Q1' 26 Q2'
Slide 7: Q3 2026 P&L Metrics
7 Q3 2026 P&L Metrics $605M $534M Q3 2025 Q3 2026 $0M $250M $500M $750M (11.7)% Y/Y (11.7)% in CC(2) Revenue $31M / 5.1% $36M / 6.7% Q3 2025 Q3 2026 $0M $20M $40M Adj. EBITDA(1) / Adj. EBITDA Margin(1) 16.1% Y/Y Revenue(1) Trend (1) Refer to the Appendix for complete Non-GAAP reconciliations of Adju
Slide 8: Q3 2026 P&L by Segment
8 $29M $63M $(56)M $36M Commercial Government Unallocated Costs Adjusted EBITDA Commercial, $308M Government, $226M Q3 2026 P&L by Segment (1) Refer to the Appendix for complete Non-GAAP reconciliations of Adjusted EBITDA and Adjusted EBITDA Margin. (5.0)% Y/Y (16.1)% Y/Y 3.3% Y/Y (21.6)% Y/Y Revenu
Slide 9: Q3 2026 Cash Flow and Balance Sheet
9 $520M Senior Notes 2026 2027 2028 2029 Q3 2026 Cash Flow and Balance Sheet Q3 2026 Cash(4) Balance Changes Balance Sheet For the complete set of footnotes associated with this slide, please refer to the last page of the Appendix. ($ in millions) 12/31/2025 9/30/2026 Total Cash(4) $243 $295 Total D
Slide 10: Three-Year Outlook
10 Three-Year Outlook(1) (1) Refer to the Appendix for additional information regarding Non-GAAP Outlook. (2) Refer to the Appendix for complete Non-GAAP reconciliations of Adjusted EBITDA, Adjusted EBITDA Margin, Adj. Free Cash Flow and Net Leverage Ratio 2.15 – 2.25Revenue ($B) Adj. EBITDA from Co
Slide 11: Appendix
CONDUENT ss Appendix
Slide 12: Key Achievements and Industry Accolades
12 Key Achievements and Industry Accolades Portfolio Optimization and Strategic Transformation • Completed the sale of the Public Transit business to Modaxo for $164 million and expect to complete the sale of the Tolling business by year-end, sharpening focus on Commercial and Government businesses.
Slide 13: Definitions
13 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
Slide 14: Non-GAAP Financial Measures
14 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 for our Continuing Operations only, unless otherwise noted. We belie
Slide 15: Adjusted Revenue, Adjusted Operating Income and Margin
15 Adjusted Revenue, Adjusted Operating Income from Continuing Operations and Adjusted Operating Margin from Continuing Operations. We make adjustments to Revenue, Costs and Expenses and Operating Margin from Continuing Operations for the following items, as applicable, for the purpose of calculatin
Slide 16: Adjusted EBITDA and EBITDA Margin from Continuing Operations
16 Adjusted EBITDA from Continuing Operations and EBITDA Margin from Continuing Operations We use Adjusted EBITDA from Continuing Operations and Adjusted EBITDA Margin from Continuing Operations as an additional way of assessing certain aspects of our operations that, when viewed with the U.S. GAAP
Slide 17: Free Cash Flow
17 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, buildings and equipment,
Slide 18: Non-GAAP Reconciliations
18 Non-GAAP Reconciliations (in millions) Q3 2026 Q2 2026 Q1 2026 FY 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2025 REVENUE Revenue $ 534 $ 531 $ 587 $ 2,433 $ 607 $ 605 $ 603 $ 618 Foreign currency impact 1 (1) (4) (4) (2) (3) (1) 2 Revenue at Constant Currency $ 535 $ 530 $ 583 $ 2,429 $ 605 $ 602 $ 602 $ 6
Slide 19: Non-GAAP Reconciliations (continued)
19 CONTINUED (in millions) Q3 2026 Q2 2026 Q1 2026 FY 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Adjusted Net Income (Loss) from Continuing Operations calculated from Income (Loss) before Income Taxes from Continuing Operations Income (Loss) Before Income Taxes from Continuing Operations $ (35) $ (57) $ (
Slide 20: Adjusted EBITDA from Continuing Operations
20 (in millions) Q3 2026 Q2 2026 Q1 2026 FY 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2025 ADJUSTED EBITDA FROM CONTINUING OPERATIONS Net Income (Loss) from Continuing Operations $ (40) $ (69) $ (22) $ (174) $ (34) $ (42) $ (42) $ (56) Income tax expense (benefit) from continuing operations 5 12 3 4 7 4 (1) (
Slide 21: Adjusted Diluted EPS (continued)
21 CONTINUED (Amounts are in whole dollars, shares are in thousands and margins are in %) Q3 2026 Q2 2026 Q1 2026 FY 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2025 ADJUSTED DILUTED EPS FROM CONTINUING OPERATIONS(4) Weighted Average Common Shares Outstanding 155,594 155,288 154,903 158,422 153,803 157,004 161,
Slide 22: Adjusted Operating and EBITDA Margin
22 (Margins are in %) Q3 2026 Q2 2026 Q1 2026 FY 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2025 ADJUSTED OPERATING MARGIN FROM CONTINUING OPERATIONS Income (Loss) Before Income Taxes from Continuing Operations Margin (6.6) % (10.7) % (3.2) % (7.0) % (4.4) % (6.3) % (7.1) % (10.0) % Adjustments: Total non-GAAP
Slide 23: Free Cash Flow and Adj. Free Cash Flow
23 CONTINUED (in millions) Q3 2026 Q2 2026 Q1 2026 FY 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Operating Cash Flow $ (107) $ 7 $ (8) $ (73) $ 39 $ (39) $ (15) $ (58) Cost of additions to land, buildings and equipment (5) (9) (9) (59) (15) (15) (15) (14) Proceeds from sale of land, buildings and equipmen
Slide 24: Adjusted Net Leverage Ratio
24 CONTINUED ($ in millions, except ratio) September 30, 2026 December 31, 2025 Long-term debt $ 709 $ 665 Current portion of long-term debt 191 22 Total GAAP debt 900 687 less cash and cash equivalents 292 233 less estimated proceeds from divestitures at closing 180 180 Adjusted Net Debt $ 428 $ 27
Slide 25: All rights reserved. Conduent and Conduent Agile Star are trademarks of Conduent, Inc. and/or
© 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.© 2026 Conduent, Inc. All rights reserved. Conduent and Conduent Agile Star are trademarks of Conduent, Inc. and/or its sub