Slide 1: Investor Presentation
Investor Presentation April 30, 2025 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: Who is OpenText?
Who is • One of the largest software companies in the world OpenText? • #1 and growing in Content Management - our biggest market • Deployed in 98% of all Fortune 500 companies • Benefiting hundreds of millions of people every day • Strong bottom-line operator 31M Public cloud users • Long track rec
Slide 4: What Does OpenText Do?
What Does OpenText Do? • Information Management products are anchored in enterprise content, data and process automation • Secure and compliant content management to meet industry standards • Single source of truth for content management across various business applications • Unlock the value of tha
Slide 5: How is OpenText Differentiated?
How is We are #1 in Content Management OpenText • • No one else can do what we do, and this makes us more resilient across economic cycles Global scale and security: we build the code, have the patents, global Differentiated? certifications, and key strategic partnerships Multi-Cloud Integration • S
Slide 6: Why Invest in OpenText Today?
Why Invest in Why You Should Invest OpenText • Significant current trading discount to peer multiples (platform to 2x current value) • Today? • • Resilient and steady high cash flow generating business model Opportunity to participate in the growth engine we are building Over $200B in Total Addressa
Slide 7: Strategic Focus
Strategic Focus 1. Competitive Advantage 2. Total Revenue Growth 3. Operational Excellence Through Innovation • Leading with AI First, Business • New product cycle, entering new • Upper quartile margins, FCF(1), Cloud Suites, new Data Cloud, market areas such as Security earnings, and capital return
Slide 8: How We Create Shareholder Value
How We Create Shareholder Value $4.1B Total RPO New Including $2.3B in Cloud customer RPO (Q3 F’25) $266M shares repurchased (Q3 F’25 YTD) bookings $3.9B Total Revenues Retired approx. 4% shares YTD $3.1B ARR(2) Share repurchases Revenue (Q3 F’25 YTD) & potential M&A (ARR, Cloud, etc.) Dividend Yiel
Slide 9: OpenText is Used by Millions
OpenText is Used by Millions Did you stop for gas? You might have benefited from OpenText already • Western Midstream – Content Cloud today: Where did you get the milk in your morning coffee or cereal? Did you see a doctor or take • Dairy Farmers of America – Content Cloud medicine? • Kellanova – Ap
Slide 10: Nearly 35 Years of Innovation
Nearly 35 Years of Innovation 1991 Total Revenue CAGR: +19% Today Founded out of University of Waterloo, Canada 69 Acquisitions Total Revenues 1995 to 1998 2000’s 2010’s 2020’s $5,220M Q3 F’25 TTM 1996: IPO on NASDAQ Select CEM and CCM Assets from HP 1998: Listing on TSX Dell EMC’s ECD R&D Expense T
Slide 11: Resilience and Growth
Resilience and Growth OpenText has demonstrated resiliency and growth during key global economic events OTEX A-EBITDA(1) US$ Billion OTEX A-EPS(1) US$ $2.5 $4.50 $4.00 $2.0 $3.50 +12% +14% +9% +9% 5-yr 10-yr $3.00 5-yr 10-yr $1.5 CAGR CAGR CAGR CAGR $2.50 $2.00 $1.0 $1.50 $1.00 $0.5 $0.50 $0.0 $0.00
Slide 12: Stable and Diverse Customer Base
Stable and Diverse Total ARR(1) by Vertical (Q3 F’25 YTD) Customer Base Healthcare Consumer goods 9% 10% Industrial goods 7% Public sector 11% Basic materials and • Deeply integrated “sticky” products with conglomerates 5% an average deployment life span of a decade or more Utilities 3% • Strong com
Slide 13: Go-to-Market Strategic Priorities
Go-to-Market Strategic Priorities Driving new Cloud growth, leading with our massive install base Scaled go-to-market Protect & grow the base What we offer Top 100 Strategic • Enhanced renewal programs to • Best in class SAP partnership to Accounts build retention replicate and expand specialized sa
Slide 14: Strategy to Grow Enterprise Customers
Strategy to Grow Enterprise Customers Land Operate Value Content Cloud Deployment OpenText integrates Continuous proactive Enterprise CIO initially purchases CIO deploys solution on with existing customer customer engagement solutions from SAP, brings cross-sell customer content management public/pr
Slide 15: Titanium X: Cloud Editions 25.2
Titanium X: Cloud Editions 25.2 OpenText Next Generation Business Solutions Powered by AI Business AI For the digital knowledge worker ma tion ● Industry Spe s for ci f ic Tr an ● s s Business Digital Tr ne Networks Infrastructure u si st Management Management Bu ed Customer & Employee Cybersecurity
Slide 16: Aviator squadron is fully available
OpenText AI Products Aviator squadron TM Content Experience DevOps Aviator Aviator Aviator is fully available Service Search Mapping Management Aviator Aviator • Business AI for the Enterprise Aviator • Your data and your Intellectual Property Application eDiscovery Cybersecurity • Bring your own la
Slide 17: Titanium X (CE 25.2) customer examples
Titanium X (CE 25.2) Powered by Business AI A leading provider in the media and entertainment industry, headquartered in Milan One of the largest marketer of branded consumer products for lawn and garden care • Increasing complexity in managing IT operations to • Multiple legacy document mgt solutio
Slide 18: OpenText's Six Business Clouds
OpenText’s Six Business Clouds Outperform (>50% of Revenue) Perform (FCF(1) & Long-term Growth) Cybersecurity Cybersecurity Application SMB Business IT Operations Content Services Enterprise Automation Analytics (~10% of Network (ITOM) (~10% of revenue) (ADM) revenue) #1 enterprise leader with End-t
Slide 19: Content Services
Content Services AI-Enabled Content Management Products and & Competitors F’24 Total Revenue • Anchoring our growth - our Key Products Information Management % of Total largest and fastest growing Revenue business Document Management Content Management 40% Content Management, Documentum Content • Co
Slide 20: Content Services
Content Services Robust set of AI-enhanced capabilities Leadership in Intelligent Content Services Forrester’s take. ”Customers seeking a robust set of AI-enhanced content governance and automation capabilities with flexible cloud deployment options should consider OpenText.” OpenText ©2025 All righ
Slide 21: Business Network
Business Network Secure B2B Integration Platform Products and & Competitors F’24 Total Revenue • Seamless integrated platform Key Products Information Management % of Total including financial, operational, Revenue and supply chain solutions Supply Chain Automation & Insights Content Management 40%
Slide 22: Cybersecurity
Cybersecurity Enterprise, SMB, and Consumer Products and & Competitors F’24 Total Revenue Solutions • Anticipates, protects & Key Products Information Management % of Total addresses cyber risks with Revenue advanced threat visibility and Application Security Content Management 40% Application Secur
Slide 23: IT Operations Management (ITOM)
IT Operations Management (ITOM) Proven Observability and Service Products and & Competitors F’24 Total Revenue Management Platform • SaaS or on-premises platform Key Products Information Management % of Total that consolidates data across Revenue IT toolsets, pinpoints service Service Management & A
Slide 24: Application Automation (ADM)
Application Automation (ADM) AI-Driven Software Delivery Products and & Competitors F’24 Total Revenue Lifecycle • AI-driven DevOps automation % of Total Key Products Information Management acts as a seamless facilitator, Revenue ensuring cloud-to-cloud DevOps Platform Content Management 40% Softwar
Slide 25: Analytics
Analytics AI-led Productivity & Insights Products and & Competitors F’24 Total Revenue • AI-powered, scalable data % of Total Key Products Information Management analytics platform that uses Revenue real-time analytics to Data Lakehouse & Analytics Content Management 40% Analytics Database transform
Slide 26: Explore Our Cloud Editions 25.2
Explore Our Cloud Editions 25.2 Learn more about our Cloud offerings: https://investors.opentext.com/videos/ OpenText ©2025 All rights reserved. 26
Slide 27: World-class Management Team
World-class Management Team Sales & Demand Products & Customers Corporate Operations Todd Cione Sandy Ono Savinay Berry Paul Duggan Chadwick Westlake Brian Sweeney President, Worldwide Sales EVP, CMO EVP, Chief Product Officer President, Chief Customer Officer EVP, Chief Financial Officer EVP, CHRO
Slide 28: Why We Are Excited About Tomorrow
Why We Are Excited • Number 1 in Content Management: biggest business and growing organically About • $200B+ total addressable market(1) • Continued investment in cloud innovation to gain Tomorrow market share • Positioned to benefit from AI adoption • Predictable high margin recurring revenue (ARR)
Slide 29: OpenText
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Slide 30: Appendix
Appendix OpenText ©2025 All rights reserved. 30
Slide 31: Debt Profile
Debt Profile Total Debt Q3 F’25 Additional Metrics Q3 F’25 Senior Notes 2031 $650M Total Fixed Debt % 66% Senior Notes 2030 $900M Weighted Average Interest Rate 5.1% Senior Notes 2029 $850M Annualized Interest Cost(1) $334M Senior Notes 2028 $900M Consolidated Net Leverage Ratio(2) 3.09x Senior Secu
Slide 32: OpenText ex-AMC
OpenText ex-AMC(1),(2) F’25 Actual F’24 Actual F’23 Actual $ in millions Q1 Q2 Q3 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Cloud 457 462 463 451 450 455 465 1,821 405 409 435 452 1,700 Customer Support 595 591 567 614 612 606 599 2,430 311 310 518 622 1,760 License 126 189 138 129 248 158 161 696 60 105 117 19
Slide 33: Appendix A: 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 34: Summary of Quarterly Results with Constant Currency
Summary of Quarterly Results with Constant Currency Q3 F'25 % Change (In millions U.S. dollars, except per share data) Q3 F'25 Q3 F'24 $ Change % Change in CC* in CC* Revenues: Cloud services and subscriptions $462.6 $454.5 $8.1 1.8 % $468.1 3.0 % Customer support 567.4 691.4 (124.1) (17.9) % 578.1
Slide 35: 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'25 YTD F'24 YTD $ Change % Change F'25 in CC* in CC* Revenues: Cloud services and subscriptions $1,381.9 $1,355.6 $26.3 1.9 % $1,386.6 2.3 % Customer support 1,753.5 2,084.9 (331.5) (1
Slide 36: Reconciliation of Selected Non-GAAP Measures | Q3 F'25
Reconciliation of Selected Non-GAAP Measures | Q3 F'25 Three Months Ended March 31, 2025 GAAP % of Non-GAAP % of (In ‘000's U.S. dollars, except per share data) GAAP Total Revenue Adjustments FN Non-GAAP Total Revenue Cost of revenues Cloud services and subscriptions $ 174,186 $ (1,846) (1) $ 172,34
Slide 37: Reconciliation of Selected Non-GAAP Measures | Q3 F'25
Reconciliation of Selected Non-GAAP Measures | Q3 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 38: Reconciliation of Selected Non-GAAP Measures | F'25 YTD
Reconciliation of Selected Non-GAAP Measures | F'25 YTD Nine Months Ended March 31, 2025 GAAP % of Non-GAAP % of (In ‘000's U.S. dollars, except per share data) GAAP Total Revenue Adjustments FN Non-GAAP Total Revenue COST OF REVENUES Cloud services and subscriptions $ 521,731 $ (6,828) (1) $ 514,90
Slide 39: Reconciliation of Selected Non-GAAP Measures | F'25 YTD
Reconciliation of Selected Non-GAAP Measures | F'25 YTD 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 40: Reconciliation of Selected Non-GAAP Measures | Q3 F'24
Reconciliation of Selected Non-GAAP Measures | Q3 F'24 Three Months Ended March 31, 2024 GAAP % of Non-GAAP % of (In ‘000's U.S. dollars, except per share data) GAAP Total Revenue Adjustments FN Non-GAAP Total Revenue COST OF REVENUES Cloud services and subscriptions $ 186,400 $ (3,292) (1) $ 183,10
Slide 41: Reconciliation of Selected Non-GAAP Measures | Q3 F'24
Reconciliation of Selected Non-GAAP Measures | Q3 F'24 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 42: Reconciliation of Selected Non-GAAP Measures | F'24 YTD
Reconciliation of Selected Non-GAAP Measures | F'24 YTD Nine Months Ended March 31, 2024 GAAP % of Non-GAAP % of (In ‘000's U.S. dollars, except per share data) GAAP Total Revenue Adjustments FN Non-GAAP Total Revenue COST OF REVENUES Cloud services and subscriptions $ 537,960 $ (9,892) (1) $ 528,06
Slide 43: Reconciliation of Selected Non-GAAP Measures | F'24 YTD
Reconciliation of Selected Non-GAAP Measures | F'24 YTD 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 44: Reconciliation of Adjusted EBITDA and Free Cash Flows
Reconciliation of Adjusted EBITDA and Free Cash Flows (In '000's U.S. dollars) Q3 F'25 Q3 F'24 GAAP-based net income, attributable to OpenText $ 92,805 $ 98,285 Add: Provision for income taxes 10,842 6,028 Interest and other related expense, net 78,816 132,663 Amortization of acquired technology-bas
Slide 45: Reconciliation of Adjusted EBITDA and Free Cash Flows
Reconciliation of Adjusted EBITDA and Free Cash Flows (In '000's U.S. dollars) F'15 F'16 F'17 F'18 F'19 F'20 F'21 F'22 F'23 F'24 Adjusted EBITDA GAAP-based net income, attributable to OpenText $ 234,327 $ 284,477 $1,025,659 $ 242,224 $ 285,501 $ 234,225 $ 310,672 $ 397,090 $ 150,379 $ 465,090 Add: P