Slides
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2025 Half-YearResults Analyst Conference July 24, 2025 Paris, France – Euronext Studio
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Disclaimer 2 FORWARD LOOKING STATEMENT This presentation contains forecasts that may be subject to various risks and uncertainties concerning the Company’s future growth and profitability. The Company highlights that contract signatures, which represent investments for customers, are historically more significant in the second half of the year and may therefore have a more or less favourable impact on full-year performance. Furthermore, activity during the year and/or actual results may differ from those described in this document as a result of a number of risks and uncertainties set out in the 2024 Universal Registration Document filed with the Autorité des Marchés Financiers (AMF) on March 24, 2025. The distribution of this document in certain countries may be subject to prevailing laws and regulations. Individuals present in these countries and in which this document is disseminated, published or distributed, should obtain information about such restrictions and comply with them.
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Agenda OpeningRemarks Axway&SBS KeyDevelopments H12025 FinancialResults ClosingRemarks andQ&ASession 02 0301 04 Patrick Donovan ChiefExecutiveOfficer Tobias Unger ChiefFinancialOfficer Eric Bierry DeputyChiefExecutiveOfficer
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01 OpeningRemarks Patrick Donovan ChiefExecutiveOfficer
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5 To be an independent technology provider that sustainably grows enduring value, based upon trust, for our customers, employees and shareholders through its market-leading portfolio of products delivering successful customer outcomes. A LISTED CENTRAL ENTITY SERVING ITS PORTFOLIO OF ENTERPRISE SOFTWARE LEVERAGING A PORTFOLIO OF RECOGNISED BRANDS AND LEADING PRODUCTS WITH ALWAYS THE SAME PURPOSE: 74Software – Combining Two Strong Brands…
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Delivering More Together 6 ENHANCED EQUITY STORY, EXPANDED STOCK COVERAGE & FINANCIAL STRENGTH OPPORTUNISTIC COMMERCIAL SYNERGIES DRIVING UPSELL & BROADER MARKET ACCESS STRONGER MARKET VISIBILITY & OPERATIONAL FIREPOWER STRONGER SHARED CORE FUNCTIONS, BETTER SERVICE TO THE BRANDS, LOWER COST ELEVATED EMPLOYER BRAND & OPPORTUNITIES FOR KEY TALENT
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Faithful to our Roots and Culture 7 OUR EMPLOYEES We invest in culture, leadership and purpose — to attract, empower and retain the best talent. OUR CUSTOMERS We design our products and services to exceed expectations and create long-term loyalty. OUR SHAREHOLDERS We focus on sustainable growth, recurring revenues and disciplined execution. Making our Group the place to be Delivering brilliant customer experience Building a predictable and profitable long-term project
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8 H1 2025 revenue of €344.0m, up 6.5% organically and 6.2% in total ARR increased by 11.8% at Axway and 10.9% at SBS, further strengthening recurring revenue model Strong H1 commercial momentum across both Axway and SBS, underpinned by disciplined execution Marked improvement in margin on operating activities, up 585bps to 12.0% of revenue (€41.3m) Sustained Momentum Reinforces Long-Term Objectives
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Eric Bierry DeputyChiefExecutiveOfficer 02 Axway&SBS KeyDevelopments
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H1 2025 Business Highlights 10 ▪ Growth across all product lines in H1 ▪ 58 new clients signed (vs. 49 in H1 2024), including 6 deals above €1m, over half in MFT ▪ Managed deployments = 35% of H1 bookings, 60% of which were B2B product line ▪ Amplify Fusion & Amplify Engage boosts momentum — 10 new Fusion signed in H1 ▪ Products now 75% of revenue, up 8pts YoY; Services down 19% in line with plan ▪ 230+ SaaS regulatory deals driving Modular growth ▪ Digital Engagement live in Europe, expanding in Africa ▪ 6 new logos signed including 1 in the US, 2 in Europe and 3 in Africa From Strategic Clarity to Operational Excellence
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11 REGULATORY REPORTING SaaS public cloud solution for new European IREF regulation. 230+ SaaS services sold (109 live for 57 banks). DIGITAL ENGAGEMENT PLATFORM SaaS mobile-first platform for individuals and SMEs. 4 clients signed, 1 live as early adopter. DIGITAL CORE SaaS public cloud modular services for Deposit and Savings banks. 22 Instant Payment live in H1. AMPLIFY FUSION + AMPLIFY ENGAGE Amplify Engage (formerly Marketplace) is GA with 100+ active customers and rapid growth. Amplify Fusion, a next-gen no-code hybrid integration solution, GA this year with 30+ early adopters. From Spark To Scale 74Software Incubation Zone
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02 H12025 FinancialResults Tobias Unger ChiefFinancialOfficer
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H1 2025 Key Figures 13 €344m Revenue ▪ ARR Axway: €256m ▪ ARR SBS: €233m +6.5% Organic Growth ▪ ARR Growth Axway: 11.8% ▪ ARR Growth SBS: 10.9% 12.0% Margin on Operating Activities ▪ Axway: 16.6% ▪ SBS: 7.9% 22.2% Unlevered FCF ▪ Before interest and other income and expenses 1.83X Leverage ratio ▪ Gearing ratio: 0.37x €0.20 Earnings per Share ▪ Fully diluted
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H1 2025 Income Statement 14 €m % of Rev. €m % of Rev. €m % of Rev. TOTAL REVENUE 344.0 323.9 148.7 Total costs of revenue -115.9 -117.1 -44.0 GROSS PROFIT 228.1 66.3% 206.9 63.9% 104.7 70.5% Operating expenses -186.8 -186.9 -87.6 PROFIT ON OPERATING ACTIVITIES 41.3 12.0% 19.9 6.1% 17.1 11.5% Share-based expenses -6.7 -2.4 -2.9 Amortization of allocated intangibles -6.2 -7.1 -1.7 PROFIT FROM RECURRING OPERATIONS 28.4 8.3% 10.5 3.2% 12.5 8.4% Other operating income and expenses -8.9 -7.9 -4.1 OPERATING PROFIT 19.5 5.7% 2.6 0.8% 8.3 5.6% Cost of financial debt -9.0 -8.9 -2.7 Other financial income and expenses -2.2 -2.0 -0.9 Income tax expenses -2.5 -7.2 -2.0 NET PROFIT 5.8 1.7% -15.6 -4.8% 2.8 1.9% Earnings per share 0.20 € -0.54 € 0.13 € Half-year 2025 Half-year 2024 Proforma 6M AXW + 6M SBS Half-year 2024 Reported Axway Standalone
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149 175 0 324 12 9 - 1 344 Axway H1 2024 SBS H1 2024 Consolidation Proforma H1 2024 Growth Axway Growth SBS Consolidation, FX H1 2025 Revenue in €m 0 50 100 150 200 250 300 350 400 H1 2025 Change in Revenue 15 +8.9% +5.0% +6.5%
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23% 45% 18% 2% 12% 17% 54% 17% 1% 11% 35% 5% 17% 10% 33% 35% 6% 23% 11% 25% 27% (vs. 30%) H1 2025 Revenue Breakdown by Type 16 Maintenance & Support Customer-managed Subscriptions Own-managed Subscriptions Licenses Services 29% (vs. 24%) 20% (vs. 17%) 6% (vs. 6%) 19% (vs. 23%) Product revenue at 81% of H1 2025 total revenue (vs. 77% H1 2024) Recurring revenue at 75% of H1 2025 total revenue (vs. 71% H1 2024) H1 25 H1 24
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44% 21% 17% 18% 40% 23% 20% 17% Managed File Transfer B2B Integration API Management Specialised Products 24% 9% 48% 19% 23% 11% 48% 18% Financing Products Modular Products Integrated Products Banking Components H1 2025 Revenue Breakdown by Product 17 H1 25 H1 24
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11.8% 10.4% 10.9% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 170 180 190 200 210 220 230 240 250 260 270 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2024 2025 ARR (@ actual FX rate end of quarter) YoY organic growth 6.6% 8.4% 7.2% 9.4% 7.4% 10.4% 11.8% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 170 180 190 200 210 220 230 240 250 260 270 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2024 2025 ARR (@ actual FX rate end of quarter) YoY organic growth H1 2025 Annual Recurring Revenue (ARR) Strong ARR growth for both brands 18 Methodologies differ between Axway and SBS due to differences in business model (time between signature and start of recurring revenue longer for SBS). Axway recognizes ARR at the time of signature of forward commitment, while SBS recognizes ARR from time of invoicing the recurring revenue (MRR) multiplied by 12.
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H1 2025 Margins on Operating Activities 19 99 9 108 - 61 - 20 - 13 15 Product GP Services GP Gross Profit R&D S&M G&A Profit on Op. Act. in €m 0 20 40 60 80 100 120 140 119 1 120 - 33 - 43 - 18 27 Product GP Services GP Gross Profit R&D S&M G&A Profit on Op. Act. in €m 0 20 40 60 80 100 120 140 74.9% of Rev. 16.6% of Rev. 83.2% of Rev. 7.0% of Rev. 20.3% of Rev. 26.8% of Rev. 11.3% of Rev. 7.9% of Rev. 58.4% of Rev. 71.6% of Rev. 19.3% of Rev. 32.9% of Rev. 10.7% of Rev. 6.8% of Rev. Gross Profit 66.3% of Revenue Profit on Op. Activities 12.0% of Revenue
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H1 2025 Cashflow Statement 20 Cash Flow Statement H1 2024 in €m 74Software SBS Axway Axway Standalone Operating cashflow 89.6 35.8 53.9 15.0 + 38.8 o/w change in NWC 55.0 29.4 25.6 2.6 + 23.1 o/w other operating cashflow 34.6 6.4 28.2 12.5 + 15.7 Investing cashflow -14.2 -9.8 -4.4 -2.7 - 1.6 o/w PP&E & others -5.0 -0.6 -4.4 -2.7 - 1.7 o/w capitalized R&D -9.2 -9.2 0.0 0.0 0.0 Financing cashflow -58.1 -14.6 -43.4 -12.6 - 30.8 o/w debt repayment -42.0 0.0 -42.0 0.0 - 42.0 o/w other financing cashflow -16.1 -14.6 -1.4 -12.6 + 11.2 NET CHANGE IN CASH 16.2 11.1 5.1 -0.2 + 5.3 Unlevered free cashflow 76.4 29.0 47.4 13.9 + 33.5 as a % of revenue 22.2% 15.7% 29.5% 9.4% + 20.1% Change Axway H1 25 vs. H1 24 H1 2025
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90 -5 -9 -42 -16 -1 16 Operating Cashflow Inv. CF Capex Inv. CF Capitalized R&D Fin. CF Debt repayment Fin. CF Other FX and Other Net Change in Cash in €m 0 10 20 30 40 50 60 70 80 90 100 Accelerated Deleveraging in H1 2025 21 31/12/2024 30/06/2025 Leverage (Net debt / EBITDA) 2.87x 1.83x Gearing (Net debt / Equity) 0.47x 0.37x Net debt / Total Capital 32% 27% 31/12/2024 30/06/2025 Equity €532m €509m Net debt €250m €192m Capital employed €783m €701m Net debt reduced by €58m in H1 2025
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03 ClosingRemarks Patrick Donovan ChiefExecutiveOfficer
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Our Software House Mindset 23 Customer Centric, NPS Driven Agile Portfolio Of Leading Products Focused R&D, Sales And Marketing Engaged People, Efficient Organization WE KNOW THE KEYS TO OUR SUCCESS… Rationalizing Systems & Facilities Centralising Productivity Functions Standardizing Offers & Products Optimizing R&D, Sales & Marketing … AND THE DISCIPLINE IT REQUIRES
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A Future of Dynamic Performance Driven by both organic expansion and strategic acquisitions Revenue Profit on Operating Activities Leverage Ratio Unlevered FCF / Revenue Targeting ≈ 20% from 2028 > 15% < 1.0x Excl. M&A & Buyback > €750m 2027 AMBITION 3 Years Plan > 17% 2 to 4% organic growth run rate Building a strong cash generating company Priority to deleveraging > 10% < 2.0x ≈ €700m 2025 14 - 16% GUIDANCE 74Software CONFIRMED Ambition €1bn Mid-term ≈ 4% 5.7% Achieved > 2.5x 2.87x Achieved ≈ €460m €461.9m Achieved GUIDANCE AXW + 4 Months SBS 13 - 17% 19% Achieved 2024 24
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Capital Allocation Priority Regular activation of share buyback authorizations SHARE BUYBACK RETURN TO DIVIDEND As soon as possible and appropriate 25 DISCIPLINED AND OPPORTUNISTIC APPROACH TO VALUE-CREATING M&A FROM 2026FOCUS ON DELEVERAGING < 2.0x by end-2025
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Thank you Q&A Session Call +44 (0) 33 0551 0200 or use the chat to ask a question
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Appendices 2025 Half-Year Results
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H1 2025 Revenue Breakdown by Portfolio Brand & by Type 28 €m / % Product revenue 143.3 130.5 129.7 9.8% 10.5% Recurring revenue 141.6 127.9 127.1 10.7% 11.4% o/w Maintenance & Support 27.2 34.6 34.3 -21.3% -20.6% o/w Customer-managed Subscription 87.0 67.3 67.2 29.3% 29.5% o/w Own-managed Subscription 27.4 25.9 25.6 5.5% 6.8% License revenue 1.7 2.6 2.6 -35.8% -34.9% Services revenue 17.5 18.2 17.9 -3.7% -2.2% Total revenue - Axway 160.8 148.7 147.6 8.1% 8.9% H1 2025 H1 2024 Reported H1 2024 Restated Total Growth Organic Growth €m / % Product revenue 137.7 118.2 118.4 16.5% 16.3% Recurring revenue 117.3 101.4 101.6 15.7% 15.5% o/w Maintenance & Support 64.2 61.6 61.6 4.3% 4.2% o/w Customer-managed Subscription 11.7 9.3 9.3 25.5% 25.5% o/w Own-managed Subscription 41.4 30.5 30.6 35.5% 35.2% License revenue 20.4 16.8 16.8 21.3% 21.2% Services revenue 46.5 57.0 57.0 -18.5% -18.5% Total revenue SBS 184.2 175.2 175.4 5.1% 5.0% H1 2025 H1 2024 Proforma H1 2024 Restated Total Growth Organic Growth
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H1 2025 Revenue Breakdown by Geography 29 €m % of Rev. Europe 208.1 60.5% 203.0 203.2 2.5% 2.4% o/w France 99.5 28.9% 99.7 99.7 -0.2% -0.2% o/w UK 46.7 13.6% 44.8 45.0 4.3% 3.7% Americas 73.3 21.3% 65.6 64.6 11.7% 13.5% Middle East & Africa 43.1 12.5% 39.3 39.3 9.7% 9.7% Asia & Pacific 19.4 5.7% 15.9 15.8 22.0% 22.7% 74Software 344.0 323.9 323.0 6.2% 6.5% H1 2025 H1 2024 Proforma H1 2024 Restated Total Growth Organic Growth
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H1 2025 Margin on Operating Activities 30 218 10 228 - 93 - 63 - 31 41 Product Gross Profit Services Gross Profit Gross Profit Research & Development Sales & Marketing General & Administrative Profit on Operating Activities in €m 0 50 100 150 200 250 77.8% of Rev. 15.9% of Rev. 66.3% of Rev. 27.1% of Rev. 18.3% of Rev. 8.9% of Rev. 12.0% of Rev.
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€m % of Rev. €m % of Rev. €m Basis Points Product revenue 280.0 81.4% 248.7 76.8% + 31.3 + 461 Services revenue 64.0 18.6% 75.2 23.2% - 11.2 - 461 Total revenue 344.0 323.9 + 20.1 Total costs of revenue 115.9 117.1 - 1.2 GROSS PROFIT 228.1 66.3% 206.9 63.9% + 21.2 + 243 o/w product gross profit 217.9 77.8% 191.7 77.0% + 26.2 + 75 o/w services gross profit 10.2 15.9% 15.2 20.2% - 5.0 - 422 Operating expenses 186.8 54.3% 186.9 57.7% - 0.1 - 341 o/w research & development 93.2 27.1% 95.0 29.3% - 1.8 - 224 o/w sales & marketing 62.8 18.3% 62.3 19.2% + 0.5 - 96 o/w general & administrative 30.8 8.9% 29.6 9.1% + 1.1 - 20 PROFIT ON OPERATING ACTIVITIES 41.3 12.0% 19.9 6.1% + 21.4 + 585 Net Capitalisation of R&D 8.4 2.4% 9.1 2.8% - 0.8 - 39 in % of gross R&D 8.2% 8.8% -0.5% H1 2025 H1 2024 Proforma Change Margin Analysis – 74Software 31
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€m % of Rev. €m % of Rev. €m Basis Points Product revenue 143.3 89.1% 130.5 87.8% + 12.8 + 134 Services revenue 17.5 10.9% 18.2 12.2% - 0.7 - 134 Total revenue 160.8 148.7 + 12.1 Total costs of revenue 40.3 44.0 - 3.7 GROSS PROFIT 120.5 74.9% 104.7 70.5% + 15.7 + 448 o/w product gross profit 119.3 83.2% 104.6 80.2% + 14.7 + 308 o/w services gross profit 1.2 7.0% 0.1 0.6% + 1.1 + 644 Operating expenses 93.8 58.4% 87.6 58.9% + 6.2 - 58 o/w research & development 32.6 20.3% 31.2 21.0% + 1.4 - 69 o/w sales & marketing 43.0 26.8% 41.8 28.1% + 1.2 - 137 o/w general & administrative 18.2 11.3% 14.6 9.8% + 3.6 + 148 PROFIT ON OPERATING ACTIVITIES 26.7 16.6% 17.1 11.5% + 9.6 + 508 H1 2025 Axway H1 2024 Reported Axway Change H1 2025 Margin Analysis – Portfolio Brands 32
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€m % of Rev. €m % of Rev. €m Basis Points Product revenue 137.7 74.8% 118.2 67.5% + 19.5 + 729 Services revenue 46.5 25.2% 57.0 32.5% - 10.5 - 729 Total revenue 184.2 175.2 + 8.9 Total costs of revenue 76.6 73.1 + 3.5 GROSS PROFIT 107.6 58.4% 102.1 58.3% + 5.5 + 14 o/w product gross profit 98.6 71.6% 87.1 73.6% + 11.5 - 202 o/w services gross profit 9.0 19.3% 15.1 26.4% - 6.1 - 710 Operating expenses 93.0 50.5% 99.3 56.7% - 6.3 - 619 o/w research & development 60.6 32.9% 63.8 36.4% - 3.3 - 354 o/w sales & marketing 19.8 10.7% 20.5 11.7% - 0.7 - 93 o/w general & administrative 12.6 6.8% 15.0 8.6% - 2.4 - 173 PROFIT ON OPERATING ACTIVITIES 14.6 7.9% 2.8 1.6% + 11.8 + 633 H1 2025 SBS H1 2024 Proforma SBS Change H1 2025 Margin Analysis – Portfolio Brands 33
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H1 2025 Balance Sheet 34 in €m H1 2025 IFRS Consolidated FY 2024 IFRS Consolidated Change in €m H1 2025 IFRS Consolidated FY 2024 IFRS Consolidated Change Accounts receivables 246.7 293.5 - 46.8 Cash & cash equivalents -57.8 -41.4 - 16.4 Other current assets 123.3 101.9 + 21.4 Financial debt 249.6 291.8 - 42.2 Accounts payables -34.1 -28.7 - 5.4 Net debt 191.8 250.4 - 58.6 Deferred revenue -138.2 -88.6 - 49.6 Equity 512.8 532.4 - 19.6 Other current liabilities -137.2 -158.0 + 20.8 CAPITAL EMPLOYED 704.6 782.8 - 78.2 Net working capital 60.5 120.1 - 59.7 Tangible fixed assets 20.9 25.0 - 4.1 Goodwill 523.1 497.4 + 25.7 Other intangibles 132.1 192.3 - 60.2 Fixed assets 676.1 714.7 - 38.6 Ratios Other assets 100.2 78.1 + 22.1 DSO (days) 121 145 -24 Other liabilities -132.1 -130.1 - 2.0 Net debt / total capital 27.2% 32.0% - 4.8% Other assets - liabilities -31.9 -52.0 + 20.1 Equity / total capital 72.8% 68.0% + 4.8% INVESTED ASSETS 704.5 782.8 - 78.4 H1 2025 IFRS Consolidated FY 2024 IFRS Consolidated Change
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Capital Structure at 30/06/2025 35 29,746,194 Shares outstanding 40,813,815 Voting rights SHARES VOTING RIGHTS 41.70% 11.07% 0.69% 1.17% 0.72% 43.04% 1.62% 40.94% 15.95% 0.55% 1.31% 0.84% 39.24% SHAREHOLDERS’ AGREEMENT 55.3% of shares outstanding / 59.6% of voting rights PASQUIER FAMILY ODIN FAMILY MANAGERS PUBLIC TREASURY SHARES
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Glossary and Alternative Performance Measure 36 ▪ Axway ARR: Annual Recurring Revenue – Expected annual billing amounts from all active maintenance and subscription agreements. ▪ SBS ARR: Annual Recurring Revenue – Monthly recurring revenue (MRR) for the last month of the reporting period multiplied by 12. Where contracts are affected by seasonality or contracted volume-based elements, the last 12 months of revenue are aggregated in determining ARR. Expected recurring revenue from contracts signed but not yet active are not included in ARR. ▪ NPS: Net Promoter Score – Customer satisfaction and recommendation indicator for a company. ▪ Organic growth: Growth in revenue between the period under review and the prior period, restated for consolidation scope and exchange rate impacts. ▪ Profit on operating activities: Profit from recurring operations adjusted for the non-cash share-based payment expense, as well as the amortization of allocated intangible assets. ▪ Proforma: Proforma measures assume the acquisition of SBS happened at the beginning of the respective reporting period. ▪ Restated revenue: Revenue for the prior year, adjusted for the consolidation scope and exchange rates of the current year. ▪ Unlevered free cashflow: Free cashflow before exceptional items and before net interest expense.