Temenos Ag · SIX:TEMN

Temenos — Q4 2025 Earnings Presentation

44 slides from Temenos's earnings presentation, Feb 24, 2026

  1. Slide 1: Copyright © 2026 Temenos

    Copyright © 2026 Temenos 1

  2. Slide 2: Business Update and Financial Results

    Business Update and Financial Results Takis Spiliopoulos, CEO & interim CFO 24 February 2026 Quarter ended, 31 December 2025 Copyright © 2026 Temenos Copyright © 2026 Temenos 2

  3. Slide 3: Disclaimer

    Disclaimer Our presentation and this document may contain forward-looking statements relating to the future of the business and financial performance of Temenos AG. Any statements we make about our expectations, plans and prospects for the Company, including any guidance on the Company’s financial p

  4. Slide 4: Non-IFRS information

    Non-IFRS information In its presentation and in this document, the Company may present and discuss non-IFRS measures. Readers are cautioned that non-IFRS measures are subject to inherent limitations. Non-IFRS measures are not based on any comprehensive set of accounting rules or principles and shoul

  5. Slide 5: Agenda

    Agenda CEO update Operational and financial update Appendix 5 Copyright © 2026 Temenos 55

  6. Slide 6: Q4-25 and FY-25 highlights

    Q4-25 and FY-25 highlights Achieved FY-25 guidance which was raised twice, with strong performance across all key metrics Delivered product revenue growth of 11%, above the market growth of 7%, in first year of our strategic plan Sales environment remained stable Strong demand across regions and tie

  7. Slide 7: Expanding our footprint in tier 1 clients

    Expanding our footprint in tier 1 clients Key deal wins in Q4-25 European Tier 1 Bank Middle East Tier 1 Bank Extended partnership to a new country with Core banking and digital for a new digital payments to fast-track regulatory compliance bank in Egypt and strengthen our multi-market footprint US

  8. Slide 8: VPBank modernizes and moves to the cloud with Temenos

    Delivering significant customer value: VPBank modernizes and moves to the cloud with Temenos • Serves 30m+ customers across retail and corporate/SME Background • Executed one of the largest and most complex core upgrades in Vietnam • Hybrid architecture using Temenos Core and AWS for testing and sca

  9. Slide 9: Temenos recognized as a market leader across multiple awards in Q4-25

    Temenos recognized as a market leader across multiple awards in Q4-25 LEADER: BEST LEADER: LEADER & STAR IDC MarketScape for Core Banking Banking Customer PERFORMER: North America Retail System at Banking Experience Asset and Wealth Digital Banking Tech Awards 2025 Orchestration Management Solutions

  10. Slide 10: Focused and impactful execution in first 12 months of our strategic plan

    Focused and impactful execution in first 12 months of our strategic plan Strategic investments... ...delivering strong results Product: Reorganization of Product: Delivered on FY-25 platform and product functions into agile teams, hiring of roadmap. Launch of multiple differentiated new products sen

  11. Slide 11: A well-defined AI strategy to capitalize on our structural advantage

    A well-defined AI strategy to capitalize on our structural advantage Lower Total Cost of Ownership Build on our structural • Conversational Interfaces: Launched Temenos Copilot for Core advantage • AI Agents: Launched FCM AI Agent for Sanctions Screening with more Product coming in Core, Payments, D

  12. Slide 12: Agenda

    Agenda CEO update Operational and financial update Appendix 12 Copyright © 2026 Temenos 1212

  13. Slide 13: Strong ARR growth of 12%, ARR at 90%+ of product revenue

    Strong ARR growth of 12%, ARR at 90%+ of product revenue FY-25 ARR equal to 91% of FY-25 product revenue 943 +11% 850 860 770 +12% FY-24 FY-24 ARR FY-25 FY-25 ARR FY-24 product FY-24 revenue FY-25 product FY-25 revenue ARR Product revenue Above-market product revenue growth of 11% in FY-25 driven by

  14. Slide 14: Exceeding our FY-25 subscription and SaaS revenue growth target

    Exceeding our FY-25 subscription and SaaS revenue growth target +5% +10% +9% +9% 152 453 315 1,071 145 414 289 975 Q4-24 Q4-25 FY-24 FY-25 Q4-24 Q4-25 FY-24 FY-25 Subscription and SaaS Total Revenue Strong total revenue growth of 10% in FY-25 Note: Figures are non-IFRS, constant currencies and profo

  15. Slide 15: Operational leverage and revenue growth driving profitability

    Operational leverage and revenue growth driving profitability +13% +21% +14% +25% 106 372 1,32 4,20 94 308 1,16 3,35 Q4-24 Q4-25 FY-24 FY-25 Q4-24 Q4-25 FY-24 FY-25 Non-IFRS EBIT Non-IFRS EPS Strong EBIT growth driven by operating leverage, premium maintenance and cost efficiencies gains Note: Figur

  16. Slide 16: Proforma ARR and non-IFRS income statement – operating

    Proforma ARR and non-IFRS income statement – operating Q4-25 YTD ARR (USDm) Q4-25 Q4-24 Y-o-Y Y-o-Y c.c. reported ARR 859.9 749.5 15% 12% Cloud ARR as % of Total 39% 39% Q4-25 Q4-24 Y-o-Y Y-o-Y c.c. FY-25 FY-24 Y-o-Y Y-o-Y c.c. Income statement (USDm) reported reported Subscription and SaaS 151.7 14

  17. Slide 17: Non-IFRS income statement – non-operating

    Non-IFRS income statement – non-operating Q4-25 Q4-24 Y-o-Y FY-25 FY-24 Y-o-Y In USDm, except EPS reported reported EBIT 106.3 93.0 14% 371.9 304.8 22% Net finance charge (3.4) (2.7) 23% (9.1) (15.7) (42%) FX gain / (loss) (2.2) (0.2) 947% (6.0) 3.4 (277%) Tax (10.0) (7.0) 43% (61.9) (48.8) 27% Net

  18. Slide 18: Free cash flow growing double-digit

    Free cash flow growing double-digit +17% 113 +15% 256 97 223 Q4-24 Q4-25 FY-24 FY-25 FCF FCF Free cash flow growth of 15% Note: Figures are non-IFRS and proforma. Proforma excludes Multifonds from prior quarters. The sale of Multifonds was completed in Q2-25. Copyright © 2026 Temenos 18

  19. Slide 19: Group liquidity Q4-25 (reported)

    Group liquidity Q4-25 (reported) USDm (27) (18) (13) 179 (73) (29) 204 184 (809) (566) Cash on Operating Cash Tax Capex Share Buyback Net Proceeds / Interest, FX Cash on Borrowings Reported Balance Sheet Repayment of & Leases Balance Sheet Net Debt (30/09/25) Borrowings and (31/12/25) Investments Le

  20. Slide 20: Debt, leverage and capital allocation

    Debt, leverage and capital allocation Announced share buyback for total of CHF 100m in December 2025, to last until December 30th, 2026 at the latest (press release available here). The shares will be repurchased through the ordinary trading line and will be used for general business purposes Report

  21. Slide 21: FY-26 guidance (non-IFRS)

    FY-26 guidance (non-IFRS) FY-26 guidance FY-25 proforma (USD, c.c.) ARR (c.c.) c.12% growth 860m Subscription and SaaS (c.c.) c.9% growth 455m EBIT (c.c.) c.9% growth 372m EPS (reported) c.7% growth 4.20* Free cash flow (reported) c.16% growth 256m* FY-26 guidance includes the remaining headwind on

  22. Slide 22: Raising our FY-28 targets (non-IFRS)

    Raising our FY-28 targets (non-IFRS) • FY-28 targets raised to reflect strong first year of execution, confidence in strategic positioning and good visibility Raised FY-25 proforma (USD, c.c.) Implied CAGR FY-28 targets (USD) ARR >1.23bn (up from >1.2bn) 860m 13% EBIT c.480m (up from c.450m) 372m 9%

  23. Slide 23: Agenda

    Agenda CEO update Operational and financial update Appendix 23 Copyright © 2026 Temenos 2323

  24. Slide 24: Like-for-like revenue and costs

    Like-for-like revenue and costs • Q4-25 LFL non-IFRS revenue up 9% • Q4-25 LFL non-IFRS costs up 7% • Q4-25 LFL non-IFRS product revenue up 9% • Q4-25 LFL non-IFRS product costs up 10% LFL non-IFRS Services revenue LFL non-IFRS Product revenue LFL non-IFRS Services cost LFL non-IFRS Product costs 35

  25. Slide 25: FX and other assumptions underlying FY-26 guidance

    FX and other assumptions underlying FY-26 guidance In preparing the FY-26 guidance, the Company has assumed the following FX rates: EUR to USD exchange rate of 1.18 GBP to USD exchange rate of 1.35; and USD to CHF exchange rate of 0.78 The Company has also assumed the following for FY-26 guidance: •

  26. Slide 26: FX exposure

    FX exposure % of total USD EUR GBP CHF INR RON Other Subscription and SaaS 77% 11% 2% 2% 0% 0% 8% Maintenance 84% 8% 2% 1% 0% 0% 5% Services 48% 27% 5% 6% 0% 0% 14% Revenues 76% 12% 2% 2% 0% 0% 8% Non-IFRS costs 34% 12% 11% 7% 13% 2% 21% Non-IFRS EBIT 157% 13% (15%) (7%) (26%) (3%) (19%) NB. All % a

  27. Slide 27: Quarterly proforma ARR and FCF

    Quarterly proforma ARR and FCF ARR, USD m Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 ARR 683.5 703.7 721.4 749.5 741.4 790.6 811.0 859.9 FCF, USD m Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 FCF 43.5 60.6 22.5 96.6 48.8 65.3 29.3 113.0 Copyright © 2026 Temenos 27

  28. Slide 28: Total subscription and SaaS revenue breakdown by geography

    Total subscription and SaaS revenue breakdown by geography Q4-25 (proforma) 24% 29% APAC Europe MEA Americas 20% 27% Copyright © 2026 Temenos 28

  29. Slide 29: Q4-25 go-lives

    Q4-25 go-lives Customer success 80 go-lives in Q4-25 Total of 316 go-lives in FY-25 Copyright © 2026 Temenos 29

  30. Slide 30: ARR to FCF bridge FY-25

    ARR to FCF bridge FY-25 c.USD 860m c.USD 256m FY-25 ARR Services Other Operating Restructuring Other Non- Operating R&D Other Financing FY-25 FCF Tax Revenue Working Costs Costs Cash Items Cashflow Capitalization Capex and Leases Capital (D&A) Items Note: chart is for illustrative purposes only. Num

  31. Slide 31: ARR to FCF bridge FY-28E

    ARR to FCF bridge FY-28E >USD 1.23bn c.USD 410m FY-28E ARR Services Other Working Operating Restructuring Other Non- Operating R&D Other Tax Financing FY-28E FCF Revenue Capital Items Costs Costs Cash Items Cashflow Capitalization Capex and Leases (D&A) Note: chart is for illustrative purposes only.

  32. Slide 32: Group liquidity FY-25 (reported)

    Group liquidity FY-25 (reported) USDm (111) 319 (44) (73) (320) 398 (36) 204 (44) 114 (809) (566) Cash on Operating Tax Capex Net Proceeds Dividend Share Buyback Net Proceeds / Interest, FX & Cash on Borrowings Reported Balance Sheet Cash on Disposal of Payment Repayment of Leases Balance Sheet Net

  33. Slide 33: DSOs

    DSOs 180 161 160 160 164 160 152 153 151 152 146 147 140 136 133 134 120 100 80 60 40 20 0 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Proforma Proforma Proforma Proforma Proforma Note: Proforma excludes Multifonds revenue and receivables Copyright © 2026 Temenos 33

  34. Slide 34: Balance sheet – leverage

    Balance sheet – leverage Leverage ratios 2,0x 1,8x Target leverage range 1.0-1.5x 1,5x 1,4x 1,4x 1,4x 1,3x 1,3x 1,2x 1,2x 1,0x 0,5x 0,0x Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Note: Includes Multifonds EBITDA Copyright © 2026 Temenos 34

  35. Slide 35: Capitalization of development costs

    Capitalization of development costs USDm Q1-24 Q2-24 Q3-24 Q4-24 FY-24 Cap’ dev’ costs (19.3) (17.1) (17.4) (16.5) (70.3) Amortisation 14.8 14.3 16.1 14.8 60.0 Net cap’ dev’ (4.6) (2.7) (1.3) (1.7) (10.3) Proforma, USDm Q1-25 Q2-25 Q3-25 Q4-25 FY-25 Cap’ dev’ costs (15.4) (15.0) (15.3) (15.1) (60.7)

  36. Slide 36: Reconciliation from IFRS to non-IFRS

    IFRS revenue measure + Deferred revenue write-down = Non-IFRS revenue measure Reconciliation IFRS profit measure from IFRS to +/- +/- Share-based payments and related social charges Deferred revenue write down non-IFRS +/- Discontinued activities +/- Gain/loss from sale of business +/- Amortisation

  37. Slide 37: Accounting elements not included in non-IFRS guidance

    Accounting elements not included in non-IFRS guidance Below are the accounting elements not included in the FY-26 non-IFRS guidance: FY-26 estimated share-based payments charge of c.5% of revenue FY-26 estimated amortisation of acquired intangibles of USD 40m FY-26 estimated restructuring / M&A rela

  38. Slide 38: Earnings Reconciliation – IFRS to non-IFRS (reported)

    Earnings Reconciliation – IFRS to non-IFRS (reported) 3 Months Ending 31 Dec 3 Months Ending 31 Dec In USDm, except EPS 2025 2025 2024 2024 IFRS Non-IFRS adj. Non-IFRS IFRS Non-IFRS adj. Non-IFRS Subscription and SaaS 151.7 151.7 168.2 168.2 Maintenance 131.3 131.3 119.7 119.7 Services 31.6 31.6 31.

  39. Slide 39: Earnings Reconciliation – IFRS to non-IFRS (reported)

    Earnings Reconciliation – IFRS to non-IFRS (reported) 12 Months Ending 31 Dec 12 Months Ending 31 Dec In USDm, except EPS 2025 2025 2024 2024 IFRS Non-IFRS adj. Non-IFRS IFRS Non-IFRS adj. Non-IFRS Subscription and SaaS 458.1 458.1 450.5 450.5 Maintenance 502.8 502.8 464.3 464.3 Services 129.9 129.9

  40. Slide 40: Net earnings reconciliation IFRS to non-IFRS

    Net earnings reconciliation IFRS to non-IFRS In USDm, except EPS Q4-25 Q4-24 FY-25 FY-24 IFRS net earnings 42.5 77.0 280.6 177.2 Share-based payments 19.1 16.8 54.6 50.4 Amortisation of acquired intangibles 13.0 11.5 45.0 43.4 Restructuring / M&A related costs 4.7 5.6 34.8 29.5 Fair value change on

  41. Slide 41: Proforma & Reported ARR and non-IFRS income statement – operating

    Proforma & Reported ARR and non-IFRS income statement – operating Q4-25 proforma Q4-25 reported (excluding Multifonds) Q4-25 Q4-24 Y-o-Y Y-o-Y c.c. Q4-25 Q4-24 Y-o-Y Y-o-Y c.c. ARR (USDm) reported reported ARR 859.9 749.5 15% 12% 859.9 804.2 7% 4% Q4-25 Q4-24 Y-o-Y Y-o-Y c.c. Q4-25 Q4-24 Y-o-Y Y-o-Y

  42. Slide 42: Non-IFRS income statement – non-operating

    Non-IFRS income statement – non-operating Reported Reported Q4-25 Q4-24 Y-o-Y FY-25 FY-24 Y-o-Y In USDm, except EPS reported reported EBIT 106.4 120.0 (11%) 382.4 354.6 8% Net finance charge (3.4) (2.7) 23% (9.1) (15.7) (42%) FX gain / (loss) (2.2) (0.2) 947% (6.0) 3.4 (277%) Tax (10.0) (9.2) 9% (64

  43. Slide 43: Non-IFRS definitions

    Other Non-IFRS definitions Proforma (excluding Multifonds) Income statement line items and free cash flow adjusted to remove any contribution from Multifonds which closed in Q2-25. Constant currencies Prior year results adjusted for currency movement Non-IFRS adjustments Like-for-like (LFL) Share-ba

  44. Slide 44: Thank you

    Thank you temenos.com Copyright © 2026 Temenos 44

Temenos — Q4 2025 Earnings Presentation on 6ix