Slides
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2025Full-Year ResultsAnalyst ConferenceFebruary 25, 2026 -Paris, France
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Disclaimer 2 FORWARDLOOKINGSTATEMENTThispresentationcontainsforecaststhatmaybesubjecttovariousrisksanduncertaintiesconcerningtheCompany’sfuturegrowthandprofitability.TheCompanyhighlightsthatcontractsignatures,whichrepresentinvestmentsforcustomers,arehistoricallymoresignificantinthesecondhalfoftheyearandmaythereforehaveamoreorlessfavourableimpactonfull-yearperformance.Furthermore,activityduringtheyearand/oractualresultsmaydifferfromthosedescribedinthisdocumentasaresultofanumberofrisksanduncertaintiessetoutinthe2024UniversalRegistrationDocumentfiledwiththeAutoritédesMarchésFinanciers(AMF)onMarch24,2025.Thedistributionofthisdocumentincertaincountriesmaybesubjecttoprevailinglawsandregulations.Individualspresentinthesecountriesandinwhichthisdocumentisdisseminated,publishedordistributed,shouldobtaininformationaboutsuchrestrictionsandcomplywiththem.
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Agenda74SW Highlights & Strategic ProgressAxway & SBS Operational ExecutionFY25 Financial ResultsOutlook Closing Remarks & Q&A 020301 04 Patrick Donovan Chief Executive Officer Tobias UngerChief Financial Officer Eric BierryDeputy Chief Executive Officer
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0174SW Highlights & Strategic Progress
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5 Executive Team & Corporate Chapters Human ResourcesFinanceIT & SystemsOperations, Legal & FacilitiesR&D Ops Brand LeadershipBrand Leadership Product LinesProduct Lines General ManagersGeneral Managers Corporate Chapters Operating model built for scale and accountabilityCentralized Governance and Capital Allocation, with Full Brand-level Accountability for Execution Clear Resource Allocation Efficient Decision Making Strong Accountability Why this works
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Atrusted,independententerprisesoftwareproviderthatsustainablygrowsenduringvaluebydeliveringsuccessfuloutcomesforitscustomers,opportunitiesforitsemployeesandreturnsforitsshareholders. 6 EMPLOYEESCUSTOMERSSHAREHOLDERS Creating Value for All Stakeholders
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Human Capital as a Driver of ExecutionEmployee engagement as of Q1 2026 7 7251Up 2 points year over yearIn line with industry benchmarkUp 3 points year over yearImproving trajectory post-integration Employee engagement improved across both brands, supporting execution quality and long-term value creation.
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Execution Translated into Structural Progress 8 DELIVERING CONSISTENT PROFITABLE GROWTH§+1–3% growth, recurring and resilient§Margin >21%, consistently sustained§Working capital improvements from maturing subscription business model SHIFTING TO A PURE SOFTWARE MODEL §+3–5% growth, product-led, planned reduction in services contribution§Margin ~20% by 2028, ~+3 pts per year§Drivers: efficiency, mix optimization, R&D focus Building Scale, Visibility and Financial FlexibilityEXPANDED STOCK COVERAGEENHANCED EQUITY STORYFINANCIAL DISCIPLINE & DELEVERAGINGOPPORTUNISTIC SYNERGY CAPTURE COST RATIONALIZATIONEFFICIENT SHARED PLATFORM FUNCTIONS BROADER MARKET ACCESS STRENGTHENED EMPLOYER BRANDON TRACK
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Delivering on Our 2025 Commitments 9 2025INITIAL GUIDANCE FY25 revenue increased by 3.8% organically, reaching €707.2m≈ €700mRevenue Profit on op. activities reached €107.3m, or a 15.2%margin14-16%Margin on Op. Activities Unlevered FCF reached €80.4m, or 11.4%of revenue10% Unlevered FCF / Revenue Net leverage reduced to 1.92x, improving financial flexibility< 2.0xLeverage Ratio
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02Axway & SBS Operational Execution
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2025 Business Highlights – Axway 11 §MFT delivering double-digit ARR growth, supported by multi-year enterprise renewals and expansion within regulated industries§B2B Integration and API Management delivered sustained double-digit ARR expansion,driven by higher transaction volumes and deeper penetration in large accounts§Cloud penetration reached ~29% of bookings, while cloud revenue continued to grow, with more than half of new customers selecting Axway Managed offerings§Amplify Fusion secured 27 new customers during the year, exceeding initial targets and establishing a unified multi-pattern integration layer across APIs, MFT, B2B§AI execution accelerated across the portfolio, with AI Gateway launched and new capabilities deployed in Workbench and B2Bi (AI Mapper Assistant)
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2025 Business Highlights – SBS 12 §Customer satisfaction reached a record level, with NPS at 38 (vs. 7 in 2024), reflecting clear progress in delivery quality, support responsiveness, and product modernization§Commercial traction remained strong across integrated core banking and specialized finance, with 17 new logos added§Modular products delivered another year of double-digit ARR growth, supported by demand for instant payments, regulatory reporting, and digital engagement solutions§Banking Components gained momentum, with continued expansion in payments, lending, and composable banking modules§Integrated core banking remained a resilient anchor (ARR ~€100m), backed by long-term contracts and high retention in regulated system-of-record environments
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74Software Incubation Zone 13 REGULATORY REPORTING400+ SaaS services sold | 168 live across 70 banks DIGITAL ENGAGEMENTDigital Engagement Platform forming the foundation of digital banking, powered by modern UI, open APIs and enterprise AI capabilities.10 banks signed | 3 go-lives in 2025DIGITAL CORE AI-native core banking platform, extending SBS traction from payments into early digital core adoption.Payments: 25 live | Digital Core: 3 signedAMPLIFY FUSION + AMPLIFY ENGAGEEngage is now GA and continues to expand its installed base, while Fusion is gaining traction as a modern multi-pattern hybrid integration platform. Engage: 100+ active customers | Fusion: 50+ adopted From Spark To Scale LAUNCHED & MOVED TO PERFORMANCE ZONE
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Record Customer Satisfaction Across Both BrandsNet Promoter Scores as of 31/12/2025 14 5538+2 pts YoY / Record highSustained leadership-level customer advocacy+31 pts YoY / Major improvementTurnaround in customer perception underway
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AI Reinforces the Strategic Value of Trusted Software 15 MARKET CONTEXTPOSITIONINGWHY AI STRENGTHENS OUR ROLE•AI is reshaping software narratives and investment frameworks•Short-term volatility reflects uncertainty around monetization•Regulated industries cannot scale AI without control, auditability and accountability frameworks •We operate at the governance and control layer of mission-critical systems•We orchestrate and secure complex data flows•Deterministic execution and auditability are embedded in our DNA•Data is the object we manage, not the product we monetize •AI multipliesintegration complexity across systems, data and decision chains•AI increases governance and compliance requirements•AI agents require trusted infrastructure to operate at scale•As intelligence scales, control becomes a strategic asset In an AI-driven world, trust, control and determinism are strategic assets.That is precisely where 74Softwareoperates.
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AI Strategy at a Glance 16 BANKING INTELLIGENCE• Rules & Playbooks• Eligibility • Explainability • Governed Knowledge • ML Scores BANKING OUTCOMES• Copilots & Agents • Customer Journeys • Contact Center• RM Copilot • Assisted Case Resolution CONTROL PLANE• Security • Governance • Policy • Authorization • Cost controlsINTEGRATION, TOOLING & SKILLS• API & Workflow Wrappers • Read-Models • Semantic Definitions • Knowledge Indexing • Interoperability Control, Orchestration & Governance Regulated Execution & Automation A sovereign AI operating model to govern, deploy and scale AI safely across regulated environments. AI DRIVEN AI AUGMENTED DELIVERYSERVICESR&DTRAININGUPSKILLINGSUPPORTAUTOMATION
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03FY25 Financial Results
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FY 2025 –Key Figures 18 €707mRevenue§ARR Axway: €273m§ARR SBS: €244m +3.8%Organic Growth§ARR Growth Axway: +11.8%§ARR Growth SBS: +8.9% 15.2% 11.4%Unlevered FCF§€80m achieved§Unlevered FCF per share: €2.75 1.92XLeverage ratio§Down 0.95x(33%) since end of 2024§Net Debt down by €57m to €193m €1.39Margin on Operating Activities§Axway: 21.6%§SBS: 10.2% Earnings per Share§Fully diluted§Up 40%from 2024 PF Strong Performance Across All Key Performance Metrics
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FY 2025 –Income Statement 19 Significantly Improved Profitability€m% of Rev.€m% of Rev.€m%TOTAL REVENUE 707.2 690.0 + 17.2+2.5%Total costs of revenue 232.1 241.3GROSS PROFIT 476.167.3%448.865.0%+ 27.3+6.1%Operating expenses 368.8 354.7PROFIT ON OPERATING ACTIVITIES107.315.2%94.013.6%+ 13.3+14.1%Share-based expenses -9.6 -5.8 Amortization of allocated intangibles-12.3 -13.7 PROFIT FROM RECURRING OPERATIONS85.412.1%74.610.8%+ 10.8+14.5%Other operating income and expenses-12.1 -17.7 OPERATING PROFIT 73.310.4%56.98.2%+ 16.4+28.8%Cost of financial debt -16.7 -18.3 Other financial income and expenses-3.6 -5.9 Income tax expenses -12.2 -3.7 NET PROFIT 40.85.8%29.04.2%+ 11.8+40.7%Earnings per share 1.39 € 0.99 € + 0.40 €+40.4% 2025 2024Proforma12M AXW + 12M SBSChange
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690,0-8,414,910,9-0,2707,2 2024 ProformaFX ImpactAxwaySBSConsolidation2025 Revenue in €m 600 620 640 660 680 700 720 740 760 780 800 FY 2025 –Change in Revenue 20 +4.6%+3.0% +3.8% Solid Revenue Growth Despite FX Headwinds
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FY 2025 –Change in Revenue 21 Revenue Growth Driven by Strong Subscription Expansion 690,0-8,4-16,5 31,725,8-2,5-12,9707,2 2024 Proforma FX ImpactMaintenanceCustomer Managed SubscriptionOwn Managed Subscription LicenseServices2025 Revenue in €m 600 620 640 660 680 700 720 740 760 780 800 +17.5%+22.1% +3.8%-8.6% -5.3%-8.9%
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35% 6%19%10% 30%34% 7%23% 10% 26%21% 49%16% 3%11%15% 56% 17% 2%10% 25% (vs. 28%)Maintenance & SupportCustomer-managed SubscriptionsOwn-managed SubscriptionsLicensesServices30% (vs. 27%)20% (vs. 17%)6% (vs. 7%)19% (vs. 21%) Product revenue at 81% of 2025 total revenue (vs. 79% in 2024) Recurring revenue at 75% of 2025 total revenue (vs. 72% in 2024) FY 2025 –Revenue Breakdown by Type 22 Delivering as planned on the shift toward a structurally recurring subscription-driven model FY 25FY 24
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17 0 19 0 21 0 23 0 25 0 27 0 29 0 Q4Q1Q2Q3Q4Q1Q2Q3Q420 2320 24 20 25ARR (€m) 17 0 19 0 21 0 23 0 25 0 27 0 29 0 Q4Q1Q2Q3Q4Q1Q2Q3Q420 2320 24 20 25ARR (€m) 23 Methodologiesdiffer between Axway and SBS due to differences in business model (time between signature and start of recurring revenue longerfor SBS). Axwayrecognizes ARR at the time of signature of forward commitment, while SBSrecognizes ARR from time of invoicing the recurring revenue (MRR) multiplied by 12. -0.4%+0.9%+2.4%+4.3%+2.8%+1.8%+2.9%+3.9% CAGR 10% CAGR 10% 90%of Product Revenue89%of Product Revenue QoQ Organic ARR Growth (%) QoQ ARR Organic Growth (%) +1.2%+2.1%+4.8%+2.3%+1.6%+2.0%+4.1%2.2% Strong ARR expansion, achieving a 10% CAGR at constant FX across both Axway and SBSFY 2025 –ARR Growth
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FY 2025 –Margin on Operating Activities 24 45125476 -183 -126168 -60107 Product Gross ProfitServices Gross ProfitGross ProfitResearch & DevelopmentSales & MarketingBrand ContributionG&AProfit on Operating Activities in €m 050100150200250300350400450500 78.4% of Rev.77.3% in 202418.8% of Rev.19.4% in 202467.3% of Rev.65.0% in 202425.8% of Rev.*25.4% in 202417.8% of Rev.17.4% in 20248.5% of Rev.8.6% in 202415.2% of Rev.13.6% in 202423.7% of Rev.22.2% in 2024 * 28.1% (vs. 28.2% in 2024) before capitalization and amortization of R&D
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FY 2025 –Brand Contribution 25 2553259 -64 -87108 Product Gross Profit Services Gross ProfitGross ProfitR&DS&MBrand Contribution in €m 0 50 100 150 200 250 300 19621218 -119 -3960 Product Gross Profit Services Gross ProfitGross ProfitR&DS&MBrand Contribution in €m 0 50 100 150 200 250 84.3% of Rev.81.9% in 2024 76.5% of Rev.73.3% in 2024 25.6% of Rev.25.0% in 2024 9.6% of Rev.2.8% in 2024 31.9% of Rev.29.8% in 2024 19.0% of Rev.18.6% in 2024 71.4% of Rev.71.3% in 2024 58.6% of Rev.57.2% in 2024 10.5% of Rev.10.5% in 2024 22.2% of Rev.24.9% in 2024 16.1% of Rev.15.3% in 2024 32.0% of Rev *31.4% in 2024 21.6%ROA 10.2%ROA Axway further improving –SBS on track to deliver on plan * 36.3% (vs. 36.8% in 2024) before capitalization and amortization of R&D
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FY 2025 –Cashflow Statement 26 Cashflow growth driven by operating improvements and optimized NWC management2024in €m 74SoftwareSBSAxwayAxwayOperating cashflow 110.933.6 77.3 39.0 + 38.3o/w change in NWC 11.0 12.4 -1.4 -24.5 + 23.1o/w other operating cashflow99.9 21.2 78.6 63.5 + 15.1Investing cashflow -26.4 -21.6 -4.8 -312.1 + 307.3o/w PP&E & others -8.3 -3.5 -4.8 -4.7 - 0.1o/w capitalized R&D -18.1 -18.1 0.0 0.0 0.0Financing cashflow -76.0 0.7 -76.7 291.0- 367.7o/w debt repayment -47.5 0.0 -47.5 -68.2 + 20.7o/w other financing cashflow-28.5 0.7 -29.2 359.2- 388.4NET CHANGE IN CASH7.9 12.7 -4.8 17.9 - 22.7 Unlevered free cashflow80.4 17.3 63.2 37.2 + 26.0as a % of revenue 11.4%4.7%18.7%11.3%+ 7.4% 2025 Change Axway2025 vs. 2024
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FY 2025 –Cash Generation and Balance Sheet Evolution 27 31/12/202431/12/2025Leverage (Net debt / EBITDA)2.87x1.92xGearing (Net debt / Equity)0.47x0.35xNet debt / Total Capital32%26% 31/12/202431/12/2025Equity€532m€553mNet debt€250m€193mCapital employed€783m€746m Net debt reduced by 23% to €193 million –Leverage ratio down by 33% to 1.92x110,9-8,3 -18,1 -47,5 -28,5-0,67,9 Operating CashflowInv. CFCapexInv. CF Capitalized R&DFin. CFDebt repaymentFin. CFOthers FX and OthersNet Change in Cash in €m 0,0 20,0 40,0 60,0 80,0 100,0 120,0
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04Outlook Closing Remarks & Q&A
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Disciplined Capital Allocation to Build Long-Term Optionality 29 FINANCIAL DISCIPLINE & CAPITAL ALLOCATIONàCash flow discipline : Prioritizing balance sheet strength to preserve flexibility across M&A, share buybacks and dividends over time.àM&A as a long-term value creation lever : A structural priority, pursued selectively and opportunity-led, not as a short-term commitment. MERGERS & ACQUISITIONS§StrategiclevertosupporttheGroup’s€1bnrevenuemid-termambition§Long-term,disciplinedcapitalallocationframework§Selective,return-drivenacquisitionsmeetingstrictIRRandvalue-creationcriteria§Clearfocusongrowthcontribution,marginprofileandstrategicfit SHARE BUYBACKS§Sharebuybacksprimarilyusedtoserviceemployeeshare-basedcompensationplans§Additionalbuybacksmaybeconsideredopportunistically,dependingonmarketconditions,valuationandliquidity DIVIDENDS§NodividendproposedforFY2025,consistentwithpost-acquisitioncapitalallocationframework;dividendsremainalonger-termoption
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Scaling a High-Margin, Cash-Generative Model 30 Revenue Margin on Op. Activities Unlevered FCF / Revenue≈ 16% Close to €800m 20283Y AMBITION ≈ 20% ≈ 10% 3 -5% 2026 15-17% 12M GUIDANCE €707mGuidance Achieved ACTUALS 15.2%Guidance Achieved 2025 11.4%Guidance Exceeded CAGR raised to 3–5% Operating leverage from SBS improvement Structural improvement in cash conversion €1bnMid-term including M&A
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74Software Is Built for Durable Value Creation 31 DISCIPLINED EXECUTIONIMPROVING KEY PERFORMANCE INDICATORSAI OPPORTUNITIES àGuidance delivered or exceededàMargin & cash generation improved materiallyàDeleveraging on track, restoring financial flexibility àStrong ARR growth across both brandsàRevenue mix continues to shift toward recurring softwareàCustomer satisfaction improved significantly àAI increases demand for trusted control and execution layersàAxway and SBS are positioned where AI must operate under constraintsà74Software is leveraging AI to accelerate product delivery, improve internal efficiency and effectiveness, and develop new product offerings
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Thank youQ&A SessionCall +39 028 020 911 or use the chat to ask a question
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Appendices
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FY 2025 – Revenue by Brand & Type 34 €m / %Product revenue302.5293.9288.02.9%5.1%Recurring revenue296.7283.7278.14.6%6.7%o/w Maintenance & Support50.068.466.3-26.8%-24.5%o/w Customer-managed Subscription189.5163.6161.515.9%17.4% o/w Upfront Revenue118.1103.9102.613.6%15.1% o/w Recurring71.459.658.919.7%21.3%o/w Own-managed Subscription57.151.750.310.4%13.6%License revenue5.810.29.9-42.9%-41.0%Services revenue35.435.835.0-1.2%1.0%Total revenue - Axway337.9329.8323.02.5%4.6% 2024RestatedTotal GrowthOrganic Growth20252024Proforma €m / %Product revenue274.9251.7250.69.2%9.7%Recurring revenue236.3214.7213.710.1%10.6%o/w Maintenance & Support125.8127.1126.8-1.1%-0.8%o/w Customer-managed Subscription25.320.620.623.0%23.0% o/w Upfront Revenue10.312.612.6-17.9%-17.9% o/w Recurring15.08.0 8.0 87.5%87.5%o/w Own-managed Subscription85.266.966.327.3%28.5%License revenue38.637.137.04.0%4.3%Services revenue96.3110.2109.6-12.6%-12.2%Total revenue - SBS371.2362.0360.32.6%3.0% Total GrowthOrganic Growth20252024Proforma2024Restated
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FY 2025 –ARR by Type 35 20252024 ARR BY TYPE New disclosure –ARR at constant FX (as of 31/12/2025) 68%2% 30% 58% 8% 34% 21% 59% 20%13% 65% 22% Maintenance & SupportCustomer ManagedOwn Managed Q1Q2Q3Q4Q1Q2Q3Q4Axway 22622923424425125526327311.8%Maintenance & Support6157575149454036-29.0%Customer Managed12312513014314815416417723.5%Own Managed434647505456596019.6%SBS 2062092132242282312342448.9%Maintenance & Support149146147152142142147142-6.4%Customer Managed4 4 5 5 15148 19271.2%Own Managed535961677175788323.9% 2024 2025 ChangeYoY
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FY 2025 –ARR by Product Line 36 ARR BY PRODUCT LINE New disclosure –ARR at constant FX (as of 31/12/2025) 42% 23% 18% 17% 43% 23% 18% 16% 42% 21% 10% 27% 41% 20% 13% 26% 20252024 MFTB2B IntegrationAPIMOthers Integrated ProductsBanking ComponentsModular ProductsFinancing Products Q1Q2Q3Q4Q1Q2Q3Q4Axway 22622923424425125526327311.8%Managed File Transfer94949810310510710911814.3%B2B Integration545556575861636412.6%API Management414241444647494910.6%Others 38383940424141425.5%SBS 2062092132242282312342448.9%Financing Products52535660606063647.7%Modular Products192022232528293028.7%Integrated Products899189959496951005.5%Banking Components45454546484746497.4% 2024 2025 ChangeYoY
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25% 10% 47% 18%24% 11% 47% 18% 32% 23%15% 4% 22%4%32% 23%15% 3% 22% 3% 42% 25% 18% 15% 40% 26% 17% 17% 24% 3% 23% 42% 1%6%27% 4% 17% 44% 2%6% FY 2025 –Revenue Breakdown by Product & Region 37 20252024 Revenue by product Revenue by region Strong Performance across all Key Performance Metrics MFTB2B IntegrationAPIMOthers Financing ProductsModular ProductsIntegrated ProductsBanking Components Rest of EuropeAmericasMEAAPAC UKFrance Rest of EuropeAmericasMEAAPAC UKFrance
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FY 2025 – Revenue by Geography 38 €m% of Rev.Europe 425.760.2%418.6416.61.7%2.2%o/w France 213.830.2%194.6194.69.8%9.8%o/w UK 97.113.7%93.3 92.2 4.1%5.3%Americas 159.922.6%150.2143.96.5%11.1%Middle East & Africa90.912.9%85.485.46.4%6.5%Asia & Pacific 30.84.4%35.835.8-14.1%-13.9%74Software 707.2 690.0681.62.5%3.8% 20252024Proforma 2024RestatedTotalGrowthOrganic Growth
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€m% of Rev.€m% of Rev.€mBasis PointsProduct revenue 575.581.4%544.178.8%+ 31.5+ 254Services revenue 131.718.6%146.021.2%- 14.4- 254Total revenue 707.2 690.0 + 17.2Total costs of revenue 232.1 241.3 - 9.2GROSS PROFIT 476.167.3%448.865.0%+ 27.3+ 228o/w product gross profit451.378.4%420.477.3%+ 31.0+ 115o/w services gross profit24.818.8%28.419.4%- 3.6- 63Operating expenses 308.443.6%295.342.8%+ 13.1+ 81o/w research & development182.825.8%174.925.4%+ 7.9+ 50o/w sales & marketing 125.617.8%120.417.4%+ 5.2+ 31BRAND CONTRIBUTION167.723.7%153.422.2%+ 14.3+ 148o/w general & administrative60.48.5%59.48.6%+ 1.0- 6PROFIT ON OPERATING ACTIVITIES107.315.2%94.013.6%+ 13.2+ 154Net Capitalisation of R&D16.02.3%19.42.8%- 3.4- 55in % of gross R&D 8.0% 10.0% -1.9% 2025 2024ProformaChange FY 2025 – Margin Analysis 39
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€m% of Rev.€m% of Rev.€mBasis PointsProduct revenue274.974.1%251.769.5%+ 23.2+ 451Services revenue96.325.9%110.230.5%- 13.9- 451Total revenue 371.2362.0 + 9.2Total costs of revenue153.7155.0 - 1.3GROSS PROFIT 217.558.6%207.057.2%+ 10.6+ 142o/w product gross profit196.271.4%179.671.3%+ 16.6+ 2o/w services gross profit21.422.2%27.424.9%- 6.0- 268Operating expenses157.742.5%151.741.9%+ 6.0+ 56o/w research & development118.732.0%113.731.4%+ 4.9+ 55o/w sales & marketing39.010.5%38.010.5%+ 1.0+ 1BRAND CONTRIBUTION59.916.1%55.315.3%+ 4.6+ 86 2025SBS 2024ProformaSBS Change €m% of Rev.€m% of Rev.€mBasis PointsProduct revenue302.589.5%293.989.1%+ 8.6+ 39Services revenue35.410.5%35.810.9%- 0.4- 39Total revenue 337.9329.8 + 8.1Total costs of revenue79.4 88.0 - 8.6GROSS PROFIT 258.676.5%241.873.3%+ 16.8+ 319o/w product gross profit255.284.3%240.881.9%+ 14.4+ 242o/w services gross profit3.49.6%1.02.8%+ 2.4+ 685Operating expenses150.744.6%143.643.5%+ 7.1+ 105o/w research & development64.119.0%61.218.6%+ 2.9+ 42o/w sales & marketing86.625.6%82.425.0%+ 4.2+ 63BRAND CONTRIBUTION107.931.9%98.229.8%+ 9.7+ 214 2025Axway2024ReportedAxwayChange FY 2025 –Brand Contribution 40
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FY 2025 – Balance Sheet 41 in €m 20252024IFRS ConsolidatedChange in €m 20252024IFRS ConsolidatedChange Accounts receivables279.9293.5- 13.6Cash & cash equivalents-48.4 -41.4 - 7.0Other current assets104.0101.9+ 2.0Financial debt241.4291.8- 50.4Accounts payables-32.7-28.7- 4.0Net debt 193.0250.4- 57.4Deferred revenue-95.4-88.6- 6.8Equity 553.5532.4+ 21.1Other current liabilities-156.1-158.0+ 1.9CAPITAL EMPLOYED746.5782.8- 36.3Net working capital99.6120.1- 20.5Tangible fixed assets24.925.0- 0.1Goodwill 523.2497.4+ 25.8Other intangibles133.5192.3- 58.8Fixed assets 681.6714.7- 33.1Ratios Other assets 84.178.1+ 6.0DSO (days) 135 145-10 Other liabilities-118.8-130.1+ 11.3Net debt / total capital25.9%32.0%- 6.1%Other assets - liabilities-34.7-52.0+ 17.3Equity / total capital74.1%68.0%+ 6.1%INVESTED ASSETS746.5782.8- 36.4 2025FY 2024IFRS ConsolidatedChange
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FY 2025 – Headcount 42 31/12/202531/12/2024Change Europe 2 965 3 090 -125Americas 360 378 -18Asia - Pacific 824 882 -58Middle East - Africa 422 437 -15 TOTAL 4 571 4 787 -216
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Capital Structure at 31/12/2025 43 29,746,194 Shares outstanding40,816,540 Voting rightsSHAREHOLDERS’ AGREEMENT55.29% of shares outstanding / 60.31% of voting rights SHARES VOTING RIGHTS41.70%11.07%2.52%43.12%1.59% 41.42%16.14%2.74%39.69% FOUNDERS& MANAGERSPUBLICTREASURYSHARES 74Software SASopra GMTSHARES VOTING RIGHTS53.9%22.4%22.6%0.5%0.4% 60.9%25.6%12.9%0.5%0.0% PASQUIER FAMILYODINFAMILYONE EQUITY PARTNERSHISTORICAL MANAGERSTREASURY SHARES
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Glossary and Alternative Performance Measure 44 §AxwayARR:AnnualRecurringRevenue–Expectedannualbillingamountsfromallactivemaintenanceandsubscriptionagreements.§BrandContribution:Contributiontoprofitonoperatingactivitiesfromthetwobrands(AxwayandSBS)beforegeneral&administrativeexpenses,whichwillbereportedunderaCorporatesegmentinthefuture.§SBSARR:AnnualRecurringRevenue–Monthlyrecurringrevenue(MRR)forthelastmonthofthereportingperiodmultipliedby12.Wherecontractsareaffectedbyseasonalityorcontractedvolume-basedelements,thelast12monthsofrevenueareaggregatedindeterminingARR.ExpectedrecurringrevenuefromcontractssignedbutnotyetactivearenotincludedinARR.§NPS:NetPromoterScore–Customersatisfactionandrecommendationindicatorforacompany.§Organicgrowth:Growthinrevenuebetweentheperiodunderreviewandthepriorperiod,restatedforconsolidationscopeandexchangerateimpacts.§Profitonoperatingactivities:Profitfromrecurringoperationsadjustedforthenon-cashshare-basedpaymentexpense,aswellastheamortizationofallocatedintangibleassets.§Proforma:ProformameasuresassumetheacquisitionofSBShappenedatthebeginningoftherespectivereportingperiod.§Restatedrevenue:Revenuefortheprioryear,adjustedfortheconsolidationscopeandexchangeratesofthecurrentyear.§Unleveredfreecashflow:Freecashflowbeforeexceptionalitemsandbeforenetinterestexpense.
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Notes