Slide 1: Progress Financial Results Q4 2025
Progress Financial Results Q4 2025 Supplemental Information January 20, 2026
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Progress has identified some of these forward-lookin
Slide 3: Conference Call Details
Conference Call Details What: Progress Fiscal Q4’25 Financial Results When: Tuesday, January 20, 2026 Time: 5:00 p.m. ET Register for the Live Call: Use this this link. Access the Webcast: here. Please note: Webcast is listen-only. © 2026 Progress Software Corporation and/or its subsidiaries or affi
Slide 4: Summary Highlights Q4 2025
Summary Highlights Q4 2025 Rev Growth 18%, ARR Growth of 2%, Net Retention Rate 100% Substantial overperformance on EPS and Cash Flow • Revenues of $253M vs. prior guidance of $250M - $256M, up 18% year-over-year as reported, or 16% in constant currency • ARR: $852M, up 2% year-over-year • NRR: 100%
Slide 5: Annualized Recurring Revenue Trend
Annualized Recurring Revenue Trend Pro Forma ARR growth of 2% year-over- year (ShareFile included in all periods) Consistent Annual Growth All periods reported in constant currency, using current year budgeted exchange rates Net Retention % - TTM 102% 102% 101% 100% 100% 100% 100% 100% 100% © 2026 P
Slide 6: Total Growth Strategy
Total Growth Strategy Invest & Innovate Enable our products with the latest functionality and capabili ty. Acquire & Integrate Disciplined M&A: pay a reasonable multiple for high-quality technology with strong recurring revenue; integrate quickly to reach 40% operating margins. Focus on Customer Suc
Slide 7: Total Growth Strategy: Driving ARR Growth
Total Growth Strategy: Driving ARR Growth ARR CAGR of 15% Q4 2020 – Q4 2025 All periods reported in constant currency, using current year budgeted exchange rates Excludes ARR values from acquisitions prior to purchase date © 2026 Progress Software Corporation and/or its subsidiaries or affiliates. A
Slide 8: Total Growth Strategy: Driving Revenue Growth
Total Growth Strategy: Driving Revenue Growth Revenue CAGR of 15% 2021 – 2025 © 2026 Progress Software Corporation and/or its subsidiaries or affiliates. All rights reserved. 8
Slide 9: Total Growth Strategy: Growing Profitability
Total Growth Strategy: Growing Profitability Operating Income CAGR of 14% 2021 – 2025 Best-in-class non-GAAP operating margins consistently above 35% © 2026 Progress Software Corporation and/or its subsidiaries or affiliates. All rights reserved. 9
Slide 10: Total Growth Strategy: Growing Unlevered Free Cash Flow
Total Growth Strategy: Growing Unlevered Free Cash Flow Unlevered FCF CAGR of 12% 2021 – 2025 © 2026 Progress Software Corporation and/or its subsidiaries or affiliates. All rights reserved. 10
Slide 11: Capital Allocation Strategy
Capital Allocation Strategy PRIMARY Continue to prioritize accretive M&A opportunities that meet our disciplined FOCUS criteria to create the strongest returns. Use our significant free cash flow to aggressively pay down debt and reload for the next acquisition. • $20M repaid in Q4 ’25; $130M in FY
Slide 12: Well Defined M&A Framework
Well Defined M&A Framework End Market ▪ Cast a wide net across infrastructure software Alignment and all aspects of the development lifecycle ▪ Tight alignment increases synergy potential Appropriate ▪ ~10-25% of current Progress revenues Sizing ▪ Can be financed and integrated efficiently Financial
Slide 13: Summary Q4 2025 Financial Results
Summary Q4 2025 Financial Results Q4 2025 Results Prior Q4 2025 Outlook (provided on September 29, 2025) Revenue $253M $250M - $256M GAAP earnings per share (Diluted) $0.59 $0.31 - $0.37 Non-GAAP earnings per share (Diluted) $1.51 $1.29 - $1.35 GAAP Operating Margin 15% Not guided Non-GAAP Operating
Slide 14: Business Outlook (as of January 20, 2026)
Business Outlook (as of January 20, 2026) Q1 2026 FY 2026 Current Outlook Current Outlook Revenue $244M - $250M $986M - $1B GAAP EPS $0.47 - $0.53 $1.74 - $1.91 Non-GAAP EPS $1.56 - $1.62 $5.82 - $5.96 GAAP Operating Margin Not guided 16% - 17% Non-GAAP Operating Margin Not guided 39% Cash from Oper
Slide 15: Outstanding Debt and Potential Impact on Share Count
Outstanding Debt and Potential Impact on Share Count Convertible # 1 Convertible # 2 Revolver (as of 11/30/25) Balance: $360M Balance: $450M Balance: $600M drawn out of $1.5B Interest Rate: 1.00% Interest Rate: 3.50% Interest Rate: 1.25% to 2.5% above benchmark Conversion Price: $57.30 Conversion Pr
Slide 16: Supplemental Financial Information
Supplemental Financial Information
Slide 17: Supplemental Revenue Information (Unaudited)
Supplemental Revenue Information (Unaudited) © 2026 Progress Software Corporation and/or its subsidiaries or affiliates. All rights reserved. 17
Slide 18: Important Information Regarding Non-GAAP Financial Information
Important Information Regarding Non-GAAP Financial Information Progress furnishes certain non-GAAP supplemental information to our financial results. We use such non-GAAP financial measures to evaluate our period-over-period operating performance because our management team believes that excluding t
Slide 19: Important Information Regarding Non-GAAP Financial Information
Important Information Regarding Non-GAAP Financial Information • Provision for income taxes - We adjust our income tax provision by excluding the tax impact of the non-GAAP adjustments discussed above. • Constant currency - Revenue from our international operations has historically represented a sub
Slide 20: Important Information Regarding Non-GAAP Financial Information
Important Information Regarding Non-GAAP Financial Information • ARR continued - ARR is not defined in GAAP and is not derived from a GAAP measure. Rather, ARR generally aligns to billings (as opposed to GAAP revenue which aligns to the transfer of control of each performance obligation). ARR does n
Slide 21: D Progress’
D Progress’