Temenos AgSIX: TEMN

Q1 2026 Results Press Release & Primary Statements

· Issued by Temenos Ag
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Ad hoc announcement pursuant to Art. 53 LR

Temenos announces strong Q1-26 results; FY-26 guidance reconfirmed Q1-26 (growth rates are vs. Q1-25 proforma, excluding Multifonds)

  • Q1-26 ARR of USD 861m, up 13% y-o-y c.c.

  • Non-IFRS Q1-26 product revenue growth of 14% c.c.

  • Non-IFRS Q1-26 subscription and SaaS up 12% c.c.

  • Non-IFRS Q1-26 maintenance up 15% c.c.

  • Non-IFRS Q1-26 EBIT up 20% c.c. with 2 points of margin expansion

  • Non-IFRS Q1-26 EPS up 20% reported

  • Q1-26 free cash flow (FCF) of USD 60m, up 22% reported

  • FY-26 guidance and FY-28 targets reconfirmed

GRAND-LANCY, Switzerland, April 21st, 2026 - Temenos AG (SIX: TEMN), a global leader in banking technology, today announces its first quarter 2026 results.

Commenting on the results, Temenos CEO and interim Chief Financial Officer, Takis Spiliopoulos said:

"Temenos delivered a strong first quarter, with product revenue growth of 14% and ARR growth of 13%, continuing the momentum we built through 2025 and reflecting the early benefits from strategic investments in product, technology and goto-market.

We saw good traction across geographies and client segments. Tier 1 wins in Japan and APAC, alongside expansion of relationships with banks in the Middle East, Switzerland and the UK, further demonstrates that we are making good progress against our strategy. In the US, we are making good progress on several deals in our pipeline and we expect to announce further signings this year, and we continue to roll out our AI strategy at pace across the organization.

I am also delighted to announce the appointment of Daniel Schmucki as CFO of Temenos, joining us from August 3rd, 2026. Daniel brings extensive financial and operating experience, most recently as CFO of SIX Group. He has a proven track record in developing and leading high performance teams in global and multicultural environments, and I am confident he will be a strong partner for the business and enable us to accelerate the delivery of our strategic roadmap.

We enter the rest of the year with reconfirmed FY-26 guidance and FY-28 targets, a growing pipeline, and a well-funded investment plan. Our product roadmap is on track, with targeted announcements this quarter. The strategy we laid out at the 2026 February Capital Markets Day is being executed with discipline, and I am confident in our ability to deliver on our vision of Leading Banking Forward."

Annual Recurring Revenue (ARR)

USDm, except EPS Q1-26

Q1-25

(proforma) Change C.C.*

16% 13%

Annual Recurring Revenue 860.7 741.4

Note: Proforma excludes Multifonds in previous quarters. The sale of Multifonds was completed in Q2 -25. *Constant currency (c.c.) adjusts prior year for movements in currencies

Income statement and free cash flow

Non-IFRS

Q1-26 Q1-25

Change C.C.*

USDm, except EPS

(proforma)

Subscription and SaaS

87.2

76.8

14% 12%

Maintenance

131.8

113.5

16% 15%

Services

33.9

30.0

13% 8%

Total revenues

253.0

220.3

15% 13%

EBIT

82.7

69.5

19% 20%

EBIT margin

32.7%

31.5%

1% pt 2% pts

EPS

0.90

0.75

20%

Free cash flow

59.5

48.8 22%

Note: Proforma excludes Multifonds in previous quarters. The sale of Multifonds was completed in Q2 -25. The definition of non-IFRS adjustments is provided below. *Constant currency (c.c.) adjusts prior year for movements in currencies

Business update

  • Strong Q1-26 performance across all key metrics, product revenue continues to grow above market

  • Sales environment remained stable

  • Good traction with existing customers and new logos across tiers

  • Momentum in US with several deals progressing through the pipeline and expected to sign this year

  • Continued strong growth in premium maintenance signings

  • Continued investment across the business to deliver strategic roadmap with selective senior hirings

  • CFO appointment announced, with Daniel Schmucki joining August 3rd, 2026, bringing strong financial and operational experience, most recently as CFO of the SIX Group AG

  • Operational leverage driving profitability, with growth in cost base from investments in FY-25 offset by strong revenue growth

  • FY-26 guidance and FY-28 targets reconfirmed

    Revenue

    Non-IFRS revenue was USD 253.0m for the quarter, an increase of 15% vs. Q1-25 (proforma excluding Multifonds). Reported IFRS revenue was USD 253.0m for the quarter, an increase of 9% vs. Q1-25.

    Non-IFRS subscription and SaaS revenue for the quarter was USD 87.2m, an increase of 14% vs. Q1-25 (proforma excluding Multifonds).

    Reported IFRS subscription and SaaS revenue for the quarter was USD 87.2m, an increase of 9% vs. Q1-25.

    EBIT

    Reported non-IFRS EBIT was USD 82.7m for the quarter, an increase of 19% vs. Q1-25 (proforma, excluding Multifonds). Reported IFRS EBIT was USD 56.6m for the quarter, an increase of 41% vs. Q1-25.

    Earnings per share (EPS)

    Non-IFRS EPS was USD 0.90 for the quarter, an increase of 20% vs. Q1-25 (proforma, excluding Multifonds). Reported IFRS EPS was USD 0.58 for the quarter, an increase of 45% vs. Q1-25.

    Cash flow

    USD 59.5m of free cash flow was generated in the quarter, an increase of 22% vs. Q1-25 (proforma, excluding Multifonds).

    FY-26 non-IFRS guidance

    Temenos reconfirms its FY-26 guidance. The guidance for FY-26 is organic, non-IFRS, in constant currencies, except for EPS and FCF which are reported. Growth rates are versus FY-25 proforma (excluding Multifonds).

  • ARR growth of c.12% c.c.

  • Subscription and SaaS growth of c.9% c.c.

  • EBIT growth of c.9% c.c.

  • EPS growth of c.7% reported

  • FCF growth of c.16% reported

    FY-26 guidance includes a negative headwind on growth from the termination of one BNPL client in FY-25. There is no further headwind from this termination after FY-26. The impact is as follows:

  • 3% pts on ARR

  • 5% pts on subscription & SaaS

  • 4% pts on EBIT and EPS

    Currency assumptions for FY-26 guidance

    In preparing the FY-26 guidance, the Company has assumed the following:

  • EUR to USD exchange rate of 1.15;

  • GBP to USD exchange rate of 1.33; and

  • USD to CHF exchange rate of 0.79

    The Company has also assumed the following for FY-26 guidance:

  • FY-26 tax rate expected to be between 19-21%

    FY-28 targets

    Temenos reconfirms its FY-28 targets. These targets are organic and non-IFRS.

  • ARR of at least USD 1.23bn

  • EBIT of c.USD 480m

  • FCF of c.USD 410m

    The guidance provided above and other statements about Temenos' expectations, plans and prospects in this press release constitute forward-looking financial information and represent the Company's current view and estimates as of April 21st, 2026. We anticipate that subsequent events and developments may cause the Company's guidance and estimates to change. Future events are inherently difficult to predict. Accordingly, actual results may differ materially from those indicated by these forward-looking statements as a result of a variety of factors. More information about factors that potentially could affect the Company's financial results is included in its annual report available on the Company's website.

    Conference call and webcast

    At 18.30 CET / 17.30 BST / 12.30 EST today, April 21st, 2026, Takis Spiliopoulos, CEO and interim CFO, will host a webcast to present the results and offer an update on the business outlook. The webcast can be accessed through the following link:

    Q1 2026 webcast link

    Please use the webcast in the first instance to avoid delays in joining the call. For those who cannot access the webcast, the following dial-in details can be used as an alternative. Please dial in 15 minutes before the call commences.

    Switzerland / Europe: + 41 (0) 58 310 50 00

    United Kingdom: + 44 (0) 207 107 06 13

    United States: + 1 (1) 631 570 56 13

    Non-IFRS financial information

    Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Company's supplemental non-IFRS financial information may not be comparable to similarly titled non-IFRS measures used by other companies. The Company's non-IFRS figures exclude share-based payments and related social charges costs, any deferred revenue write-down resulting from acquisitions, discontinued activities that do not qualify as such under IFRS, gain/loss from business disposals, acquisition/investment/carve out related charges such as financing costs, advisory fees and integration costs and fair value changes on investments, charges as a result of the amortization of acquired intangibles, costs incurred in connection with a restructuring program or other organizational transformation activities planned and controlled by management, and adjustments made to reflect the associated tax charge relating to the above items.

    Below are the accounting elements not included in the FY-26 non-IFRS guidance, which remain unchanged

    • FY-26 estimated share-based payments and related social charges of c.5% of revenue

    • FY-26 estimated amortisation of acquired intangibles of USD 40m

    • FY-26 estimated restructuring/M&A related costs of USD 10m

- Ends -

About Temenos

Temenos (SIX: TEMN) is a global leader in banking technology. Through our market-leading core banking suite and best-in-class modular solutions, we are modernizing the banking industry. Banks of all sizes utilize our adaptable technology - deployed on-premises, in the cloud, or as SaaS - to deliver next-generation services and AI-enhanced experiences that elevate banking for their customers. Our mission is to create a world where people can live their best financial lives. For more information, please visit https://www.temenos.com.

Investor and media contacts Investors

Adam Snyder

Director of Corporate Affairs, Temenos Email: asnyder@temenos.com

Tel: +44 207 423 3945

International media

Conor McClafferty

FGS Global on behalf of Temenos

Email: Conor.McClafferty@fgsglobal.com Tel: +44 7920 087 914

Swiss media

Martin Meier-Pfister

IRF on behalf of Temenos

Email: meier-pfister@irf-reputation.ch Tel: +41 43 244 81 40

Appendix I - Q1-26 reported income statement Reported income statement

Non-IFRS reported

87.2

80.2

9%

7%

131.8

120.9

9%

7%

33.9

31.2

9%

4%

253.0

232.2

9%

7%

82.7

75.8

9%

9%

32.7%

32.6%

0% pts

1% pt

0.90

0.81

11%

USDm, except EPS Q1-26 Q1-25 Change CC* Subscription and SaaS

Maintenance Services

Total revenues

EBIT

EBIT margin

EPS

The definition of non-IFRS adjustments is provided below. * Constant currency (c.c.) adjusts prior year for movements in currencies

Appendix II - Q1-26 IFRS primary statements TEMENOS AG

All amounts are expressed in thousands of US dollars except earnings per share

Three months to

Three months to

Twelve months to

Twelve months to

31 March 2026

31 March 2025

31 March 2026

31 March 2025

Revenues

Subscription and SaaS

87,219

80,152

465,131

446,619

Maintenance

131,820

120,890

513,776

472,454

Services

33,917

31,154

132,683

127,348

Total revenues

252,956

232,196

1,111,590

1,046,421

Operating expenses

Sales and marketing

(73,485)

(69,579)

(321,349)

(295,211)

Services

(31,934)

(32,132)

(126,550)

(128,030)

Software development and maintenance

(67,632)

(65,591)

(281,654)

(288,149)

General and administrative

(23,276)

(24,808)

(117,503)

(110,102)

Total operating expenses

(196,327)

(192,110)

(847,056)

(821,492)

Operating profit

56,629

40,086

264,534

224,929

Other

Gain on sale of business and contingent

consideration fair value losses

-

-

120,280

-

Net interest expenses

(3,186)

(1,751)

(10,566)

(14,091)

Foreign exchange loss and movement in fair value

from financial instruments

(545)

(829)

(22,678)

(4,791)

Total other (expenses) / income

(3,731)

(2,580)

87,036

(18,882)

Profit before taxation

52,898

37,506

351,570

206,047

Taxation

(13,158)

(8,480)

(60,250)

(32,107)

Profit for the period

39,740

29,026

291,320

173,940

Earnings per share (in US$):

basic

0.59

0.41

4.27

2.43

diluted

0.58

0.40

4.22

2.41

31 March

31 December

31 March

2026

2025

2025

Assets

Current assets

Cash and cash equivalents

136,674

203,536

134,556

Trade receivables

179,298

181,927

165,979

Other receivables and financial assets

114,532

108,657

111,741

430,504

494,120

412,276

Assets classified as held for sale

-

-

243,417

Total current assets

430,504

494,120

655,693

Non-current assets

Property, plant and equipment

45,275

46,027

48,027

Intangible assets

1,267,758

1,277,777

1,283,212

Trade receivables

316,331

298,962

223,679

Other long term assets

61,853

72,729

49,192

Deferred tax assets

67,883

59,638

58,394

Total non-current assets

1,759,100

1,755,133

1,662,504

Total assets

2,189,604

2,249,253

2,318,197

Liabilities and equity

Current liabilities

Trade and other payables

287,280

263,914

223,853

Deferred revenues

462,675

468,048

438,065

Income tax liabilities

119,247

101,561

118,366

Borrowings

20,232

16,864

265,011

889,434

850,387

1,045,295

Liabilities relating to assets classified as held for sale

-

-

42,849

Total current liabilities

889,434

850,387

1,088,144

Non-current liabilities

Borrowings

761,394

792,084

451,965

Deferred tax liabilities

64,255

67,165

55,703

Trade and other payables

15,524

17,626

3,518

Deferred revenues

23,757

24,532

16,361

Retirement benefit obligations

20,218

19,484

19,048

Total non-current liabilities

885,148

920,891

546,595

Total liabilities

1,774,582

1,771,278

1,634,739

Shareholders' equity

Share capital

236,245

236,245

254,764

Treasury shares

(419,516)

(396,879)

(352,957)

Share premium and capital reserves

(578,620)

(507,609)

(287,522)

Fair value and other reserves

(293,160)

(284,115)

(217,837)

Retained earnings

1,470,073

1,430,333

1,287,010

Total equity

415,022

477,975

683,458

Total liabilities and equity

2,189,604

2,249,253

2,318,197

Three months to

Three months to

Twelve months to

Twelve months to

31 March 2026

31 March 2025

31 March 2026

31 March 2025

Cash flows from operating activities

Profit before taxation

52,898

37,506

351,570

206,047

Adjustments:

Depreciation and amortization

27,991

29,259

123,054

127,227

Gain on sale of business and contingent consideration fair value losses

-

-

(120,280)

-

Other non-cash and non-operating items

12,853

17,869

92,712

79,380

Changes in working capital: Trade and other receivables

(20,653)

(8,736)

(101,213)

(89,669)

Trade and other payables, and retirement benefit obligations

16,666

9,877

34,524

48,776

Deferred revenues

(5,383)

(6,921)

23,105

26,874

Cash generated from operations

84,372

78,854

403,472

398,635

Income taxes paid

(3,918)

(4,188)

(43,864)

(30,295)

Net cash generated from operating activities

80,454

74,666

359,608

368,340

Cash flows from investing activities

Purchase of property, plant and equipment

(1,626)

(1,473)

(5,195)

(5,410)

Disposal of property, plant and equipment

-

-

95

163

Purchase of intangible assets

(812)

(640)

(3,126)

(3,303)

Capitalized development costs

(14,992)

(17,857)

(62,208)

(68,833)

Proceeds on sale of business, net of cash disposed

4,000

-

323,045

-

Settlement of financial instruments

(803)

(3,333)

(25,426)

(1,826)

Interest received

346

354

2,533

1,624

Net cash (used in) / generated from investing activities

(13,887)

(22,949)

229,718

(77,585)

Cash flows from financing activities

Dividend paid

-

-

(110,549)

(96,938)

Disposal of treasury shares

-

-

-

67,447

Acquisition of treasury shares

(104,362)

-

(424,797)

(226,783)

Proceeds from borrowings

15,000

21,971

403,744

339,899

Repayments of borrowings

(40,000)

(49,436)

(445,995)

(339,461)

Proceeds from issuance of bonds

-

-

281,976

-

Repayment of bond

-

-

(273,312)

(166,181)

Proceeds from long-term loans

-

-

467

467

Payment of lease liabilities

(3,041)

(3,178)

(13,953)

(14,533)

Interest paid

(578)

(1,295)

(17,404)

(26,303)

Settlement of financial instruments

-

-

-

5,507

Payment of other financing costs

(216)

(574)

(7,196)

(2,945)

Net cash used in financing activities

(133,197)

(32,512)

(607,019)

(459,824)

Effect of exchange rate changes (232)

1,197

19,811

1,169

Net (decrease) / increase in cash and cash equivalents in the

(66,862)

20,402

2,118

(167,900)

Cash and cash equivalents at the beginning of the period

203,536

114,154

134,556

302,456

Cash and cash equivalents at the end of the period

136,674

134,556

136,674

134,556

period

PRESS RELEASE



FOR IMMEDIATE RELEASE

April 21, 2026

Appendix III - reconciliation of IFRS to non-IFRS Q1-26 Income Statement

Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Company's supplemental non-IFRS financial information may not be comparable to similarly titled non-IFRS measures used by other companies.

To compensate for these limitations, the supplemental non-IFRS financial information should not be read in isolation, but only in conjunction with the Company's consolidated financial

statements prepared in accordance with IFRS.

IFRS - Non- IFRS Reconciliation Thousands of US Dollars

3 Months Ending 31 March

Change

2026

IFRS

Non-IFRS

adjustments

2026

Non-IFRS

2025

IFRS

Non-IFRS

adjustments

2025

Non-IFRS

IFRS

Non-IFRS

Subscription and SaaS

87,219

-

87,219

80,152

-

80,152

9%

9%

Maintenance

131,820

131,820

120,890

120,890

9%

9%

Services

33,917

33,917

31,154

31,154

9%

9%

Total Revenue

252,956

-

252,956

232,196

-

232,196

9%

9%

Total Operating Expenses

(196,327)

26,051

(170,276)

(192,110)

35,711

(156,399)

2%

9%

Restructuring

(2,888)

2,888

-

(9,489)

9,489

-

(70%)

Amort of Acquired Intangibles

(9,436)

9,436

-

(10,651)

10,651

-

(11%)

Share based payment

(13,727)

13,727

-

(15,571)

15,571

-

(12%)

Operating Profit

56,629

26,051

82,680

40,086

35,711

75,797

41%

9%

Operating Margin

22%

33%

17%

33%

5.1% pts

0.0% pts

Finance Costs

(3,731)

-

(3,731)

(2,580)

-

(2,580)

45%

45%

Taxation

(13,158)

(4,691)

(17,849)

(8,480)

(6,365)

(14,845)

55%

20%

Net Earnings

39,740

21,360

61,100

29,026

29,346

58,372

37%

5%

EPS (USD per Share)

0.58

0.32

0.90

0.40

0.41

0.81

45%

11%