Slides
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Third Quarter 2025 Earnings Performance Summary Update – November 5, 2025
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2 | DIEBOLD NIXDORF This presentation may contain statements that are not historical information and are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events and are not guarantees of future performance. These forward-looking statements include, but are not limited to, projections, statements regarding the Company's expected future performance (including expected results of operations and financial guidance), future financial condition, anticipated operating results, strategy plans, future liquidity and financial position. Statements can generally be identified as forward looking because they include words such as “believes,” “anticipates,” “expects,” “intends,” “plans,” “will,” “estimates,” “potential,” “target,” “predict,” “project,” “seek,” and variations thereof or “could,” “should” or words of similar meaning. Statements that describe the Company's future plans, objectives or goals are also forward-looking statements, which reflect the current views of the Company with respect to future events and are subject to assumptions, risks and uncertainties that could cause actual results to differ materially. Although the Company believes that these forward- looking statements are based upon reasonable assumptions regarding, among other things, the economy, its knowledge of its business, and key performance indicators that impact the Company, these forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The factors that may affect our results include, among others: the success of new products and services, including Branch Automation Solutions for banking, cash recycling technology, DN Series® EASY family of retail checkout solutions and Vynamic® Smart Vision technology; ability to successfully execute on our digitally enabled hardware, services and software strategy; ability to generate sufficient cash flows to service our indebtedness, fund our operations, make adequate capital investments and repurchase our common shares; the ultimate benefits of continuous improvement programs and other cost savings plans; risks related to our international operations, including geopolitical instability and wars; developments from recent and potential changes to trade policies by the U.S. or other countries, including tariffs; the impact of the proliferation of payment options other than cash, which could result in a reduced need for cash in the marketplace and a resulting decline in the usage of ATMs; the impact of increased energy, raw material and labor costs; the impact of competitive pressures, including pricing and the introduction of new products and services by our competitors; the impact of a cybersecurity incident or operational failure on our business; challenges associated with the use of artificial intelligence in our business; reliance on suppliers, subcontractors and availability of raw materials and other components; reliance on third parties, including to provide security systems and systems integration as well as outsourced business processes and other financial services; ability to attract, retain and motivate key employees; the impact of additional tax expense or exposures; the potential for additional pension liability or expense associated with low investment performance by our pension plan assets; success in executing potential acquisitions, investments or partnerships and divestitures; the impact of market and economic conditions, including the bankruptcies, restructuring or consolidations of financial institutions, which could reduce our customer base and/or adversely affect our customers' ability to make capital expenditures, as well as adversely impact the availability and cost of credit; changes in political, economic or other factors such as currency exchange rates, inflation rates (including the impact of possible currency devaluations in countries experiencing high inflation rates), recessionary or expansive trends, disruption in energy supply, taxes and regulations and laws affecting the worldwide business in each of our operations; ability to maintain effective internal controls; the impact of regulatory and financial risks related to climate change; the impact of an adverse determination that our services, products or manufacturing processes infringe the intellectual property rights of others, or our failure to enforce its intellectual property rights; exposure to liabilities under the FCPA or other worldwide anti-bribery laws; effect of changes in law and regulations or the manner of enforcement in the United States and internationally and our ability to comply with applicable laws and regulations; the amount and timing of any repurchases of our common shares; and other factors included in our filings with the Securities and Exchange Commission (the "SEC"), including its Annual Report on Form 10-K for the year ended December 31, 2024. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to update these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events. You should consider these factors carefully in evaluating forward-looking statements and are cautioned not to place undue reliance on such statements. Forward-looking Statements
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3 | DIEBOLD NIXDORF To supplement our consolidated financial information presented in accordance with GAAP, the Company considers certain financial measures that are not prepared in accordance with GAAP, including Non-GAAP results, Non-GAAP operating profit margin, adjusted diluted earnings per share, free cash flow (use) and free cash flow conversion, net debt, EBITDA, adjusted EBITDA, and constant currency results. The Company calculates constant currency by translating the prior year results at current year exchange rates. The Company uses these Non-GAAP financial measures, in addition to GAAP financial measures, to evaluate our operating and financial performance and to compare such performance to that of prior periods and to the performance of our competitors. Also, the Company uses these Non-GAAP financial measures in making operational and financial decisions and in establishing operational goals. The Company also believes providing these Non-GAAP financial measures to investors, as a supplement to GAAP financial measures, helps investors evaluate our operating and financial performance and trends in our business, consistent with how management evaluates such performance and trends. The Company also believes these Non-GAAP financial measures may be useful to investors in comparing its performance to the performance of other companies, although its Non-GAAP financial measures are specific to the Company and the Non-GAAP financial measures of other companies may not be calculated in the same manner. We provide EBITDA and Adjusted EBITDA because we believe that investors and securities analysts will find EBITDA and adjusted EBITDA to be useful measures for evaluating our operating performance and comparing our operating performance with that of similar companies that have different capital structures and for evaluating our ability to meet our future debt service, capital expenditure and working capital requirements. We consider free cash flow (use) to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business operations that, after the purchase of property and equipment and capitalized software development, can be used for debt servicing, strategic opportunities, including investing in the business, making strategic acquisitions, strengthening the balance sheet, paying dividends and repurchasing our common shares. Free Cash Flow Conversion is a liquidity ratio that measures the Company's ability to convert operating profits into free cash flow and is calculated as Free Cash Flow over Adjusted EBITDA. For more information, please refer to the section, "Notes for Non-GAAP Measures." Use of Non-GAAP Financial Information
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4 | DIEBOLD NIXDORF Fourth consecutive quarter of positive free cash flow(1); received S&P credit rating upgrade Revenue growth of 2% YoY , and adjusted EPS of $1.39 up more than a dollar YoY Third quarter in a row of double-digit YoY order entry growth, reflecting ongoing demand Strong Retail business momentum with order entry growth of ~40% YoY , revenue up 8% YoY 4 2 1 3 New $200M share repurchase authorization, highlighting our commitment of returning cash to shareholders 5 Key Highlights 1) Non-GAAP metric. See “Supplemental Slides” for additional information. 2) Net leverage calculated using net debt divided by trailing twelve month Adjusted EBITDA, which is a non-GAAP metric. See "Supplemental Slides” for a reconciliation. Given the seasonality of the business, net debt leverage range is +/- 25 bps
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5 | DIEBOLD NIXDORF Diebold Nixdorf: Investment Thesis…Multiple Ways to Win Capturing Secular Tailwinds: Large & growing TAM across Banking (~$20B) and Retail (~$12B); customers seeking more self-service Driving Growth & Profitability: Initial stages of lean journey driving significant improvements and positioning DN for long-term growth Banking • Accelerate growth driven by Branch Automation Solutions and Fit-for-purpose Devices • Stable installed base and ATM usage supports multi-year refresh opportunity • Increasing recycling technology adoption and attached recurring services & software Retail • Accelerate growth driven by enhanced AI-driven checkout capabilities & North American market penetration • Retailers prefer self-checkout to increase efficiency, customer experience and reduce shrink Increasing Cash Generation: Delivering growing FCF conversion to increase shareholder returns and enable growth investments Key Targets • Mid-single digit annual revenue growth rate by 2027 • Adjusted EBITDA margins of ~15% by 2027(1) • $800M in cumulative FCF from ’25-27 and 60%+ FCF conversion in 2027 (1) • Maintaining fortress balance sheet while increasing capital return to shareholders 1 2 3 DN is a global leader providing mission critical hardware, service and software transforming how people bank and shop Delivering value creation across three key drivers as set out at our February 2025 Investor Day 1)-With respect to the company’s adjusted EBITDA and free cash flow targets for 2025 to 2027, it is not providing a reconciliation to the most directly comparable GAAP financial measures because it is unable to predict with reasonable certainty those items that may affect such measures calculated and presented in accordance with GAAP without unreasonable effort. These measures primarily exclude future restructuring and refinancing actions and net non-routine items. These reconciling items are uncertain, depend on various factors and could significantly impact, either individually or in the aggregate, operating profit and net income calculated and presented in accordance with GAAP.
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6 | DIEBOLD NIXDORF Progress On Our Growth Strategy BANKING RETAIL KEY INITIATIVES - Branch Automation Solutions (BAS) - Fit-for-purpose ATMs BANKING HIGHLIGHTS - Momentum from formal BAS launch at Intersect - Continued installation of ATM and teller cash recyclers in North America - Large VCP 7 software win in North America SERVICE RETAIL HIGHLIGHTS - Retail business gaining momentum - Vynamic Smart Vision live in 50+ stores globally - Enhanced POS with launch of Vynamic Smart Vision KEY INITIATIVES - AI-driven solutions - North America expansion KEY INITIATIVES - Increasing density - Driving efficiency SERVICE HIGHLIGHTS - Accelerated investments - 80% reduction in long running service calls 1 - Bolstering multivendor capabilities to expand market opportunities OPERATIONS KEY INITIATIVES - Improve working capital - Optimize manufacturing operations OPERATIONAL HIGHLIGHTS - Finance initiatives driving strong DSO and DIO improvements - Quality improvements - Supply chain and local-for- local strategy benefits 1) 80% reduction is vs. July 2024 figures
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7 | DIEBOLD NIXDORF Lean Impact Update and Recognition: Q3 2025 Paderborn, Germany Continuously driving operation savings through daily management programs and LED lighting initiatives Powered by 100% renewable energy through 2027 supported by on-site solar generation of over 86,000 kWh yearly Achieved ISO 50001 certification Paris, France Achieved 40 safety-related improvements Business process optimization for billed work: Increased revenue visibility and reducing lead- time from occurrence to invoicing, and collections Reduced field faults to mitigate part returns: ~$4M estimated annual savings Redesign of our French logistics network: ~$2M estimated annual savings through reduced inventory and external spend Global Recognition for DN Diebold Nixdorf recognized after comprehensive analysis of employee satisfaction, revenue growth and sustainability Global award for a truly global company with nearly 21,000 employees Strong commitment to supporting our people that partner with leading financial institutions and retailers everyday
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8 | DIEBOLD NIXDORF Five Quarter Financial Trend $542 $543 $508 $543 $544 $385 $446 $333 $373 $401 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Service Product Total Revenue ($M)(3) $945 $841 • Total revenue up 2% YoY and 3% sequentially with growth in service and product • Healthy product backlog of ~$920M • Retail revenue up 8% YoY Continuing to deliver on sequential revenue growth – disciplined cost control to drive higher profitability over time $989 $915$927 26.1% 23.9% 25.3% 26.5% 26.2% Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Total Gross Margin (%)(1) • Gross margin improved 10 bps YoY and decreased 30 bps sequentially • Product margin benefitted from geographic mix, manufacturing productivity • Services margin affected by OFS rollout and other one-time costs Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Operating Expense ($M)(1)(2) $161$165 • Disciplined cost management • Strong operating profit of $87M, up 4% YoY and 19% sequentially • Strong operating margin of 9.2% $166 $170$159 (1) Represents a non-GAAP metric. Please refer to “Supplemental Slides” for additional information. (2) Operating expense consists of SG&A, R&D and Other Operating Expense for each period. See “Supplemental Slides” 17-19 for additional details. (3) Includes $22M YTD 2025 of favorable FX-impact.
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9 | DIEBOLD NIXDORF Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Five Quarter Financial Trend • Margin improvement 20 bps YoY and sequential margin improvement of 70 bps • Solid progress towards 2027 target of 15% Adjusted EBITDA margin 2 Line of sight to strong 4Q25 • Substantial YoY improvement and up ~5 0% sequentially • New $200M share repurchase authorization expected to lower share count over time Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Free Cash Flow ($M)(1) $25 $13 • Strong working capital management • Streamlining operations • Lower interest in full-year 2025 based on favorable refinancing in prior year $186 $(25) Adjusted Earnings per Share(1) $1.39 $0.37 $0.78 $0.19 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Adjusted EBITDA ($M) / Adjusted EBITDA Margin(1) 12.2% 12.9%12.7% 11.4% 10.4% (1) Represents a non-GAAP metric. Please refer to “Supplemental Slides” for additional information. (2) With respect to the company’s adjusted EBITDA target for 2025 to 2027, it is not providing a reconciliation to the most directly comparable GAAP financial measures because it is unable to predict with reasonable certainty those items that may affect such measures calculated and presented in accordance with GAAP without unreasonable effort. These measures primarily exclude future restructuring and refinancing actions and net non-routine items. These reconciling items are uncertain, depend on various factors and could significantly impact, either individually or in the aggregate, operating profit and net income calculated and presented in accordance with GAAP. 4 consecutive quarters of positive FCF $0.94 $6 $122 $87 $112$118 $111
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10 | DIEBOLD NIXDORF Banking $401 $399 $382 $407 $402 $290 $317 $247 $272 $288 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Service Product $716$691 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 $171 $184 26.6% 23.9% 25.7% 27.5% 26.8% • Strong 3Q25 order entry supports revenue outlook for the year • Sequential growth domestically and across many global markets • Branch automation solutions and fit-for-purpose growth initiatives on track • Gross margin • Up 20 bps YoY • Down 70 bps sequentially • More normalized geographic mix Banking continues to deliver solid quarterly results, expecting strong 4Q25 performance $629 $162 $679 $187 $690 $185 Seq. as Reported +1.6% +5.9% (1.2)% (1) Represents a non-GAAP metric. Please refer to “Supplemental Slides” for additional information. Revenue ($M) (1) Gross Profit ($M) / Gross Margin (%) (1)
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11 | DIEBOLD NIXDORF Retail Revenue ($M) (1) Gross Profit ($M) / Gross Margin (%) (1) $141 $144 $126 $135 $142 $95 $128 $85 $101 $113 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Service Product $273 $236 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 $59 24.8% 24.1% 24.4% 23.7% 24.7% $212 $52 • 3Q25 order entry, backlog, and Product and Service sales all improved sequentially expected to continue • Pipeline continues to grow in North America • Strong POS performance across Europe • Expect continued sequential improvement in 4Q25 • Gross margin • Down 10 bps YoY • Up 100 bps sequentially Strong Retail momentum from 3Q25 expected to continue $66 $236 $56 $255 $63 Seq. as Reported +8.1% +11.9% +5.2% (1) Represents a non-GAAP metric. Please refer to “Supplemental Slides” for additional information.
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12 | DIEBOLD NIXDORF 2025 Guidance 1) Non-GAAP metric. See “Supplemental Slides” for additional information. 2) With respect to the company’s adjusted EBITDA and free cash flow outlook for 2025, it is not providing a reconciliation to the most directly comparable GAAP financial measures because it is unable to predict with reasonable certainty those items that may affect such measures calculated and presented in accordance with GAAP without unreasonable effort. These measures primarily exclude future restructuring and refinancing actions and net non-routine items. These reconciling items are uncertain, depend on various factors and could significantly impact, either individually or in the aggregate, operating profit and net income calculated and presented in accordance with GAAP. Reaffirming 2025 guidance – targeting the higher end of the ranges including potential impact of current tariffs Metrics FY24 Actuals FY25 Outlook Key Details Total Revenue $3.75B Flat to up low- single digits • Banking and Retail up low-single digits YoY • Sequential Retail revenue growth in Q4 Adjusted EBITDA (1,2) $452M $470M - $490M • Growing adjusted EBITDA faster than revenue and maintaining cost discipline • Net tariff impact is estimated to be $5M to $10M, under current conditions Free Cash Flow (2) $109M $190M - $210M • 40%+ free cash flow conversion - targeting to almost double full year free cash flow YoY • Year-to-date cash generation of $43M - first four consecutive quarters of positive cash flow in Diebold Nixdorf history
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13 | DIEBOLD NIXDORF Benefiting from Fortress Balance Sheet New $200M share repurchase program, successfully completed $100M program in Q4, strong liquidity position of ~$590M * S&P upgraded Diebold Nixdorf to B+, from B, with a stable outlook on September 18, 2025 1 Net leverage calculated using net debt divided by trailing twelve month Adjusted EBITDA, which is a non- GAAP metric. See “Supplemental Slides” for a reconciliation to net income. 2 Inclusive of cash, cash equivalents, restricted cash and short -term investments. Figures are as of 9.30.2025 Cash Balance $310M No Borrowings Outstanding Revolving Credit Facility Net Leverage(1) $280M Cash & Short-Term Investments2 ~1.6x Target Range of 1.25x to 1.75x Share Repurchase Authorization B+ / B2 S&P / Moody’s Credit Ratings Free Cash Flow Conversion Target 40%+ Nearly Doubling FCF YoY $200M New Authorization S&P Upgraded from B* Completed Initial $100M Share Repurchase Program in Q4 Targeting $800M Cumulative FCF Through 2027
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14 | DIEBOLD NIXDORF Capital allocation strategy prioritizes returning excess cash to shareholders via share repurchase program Retail portfolio gaining traction and pipeline continues to expand Diebold Nixdorf’s industry-leading Banking solutions position us for growth New operating model to capitalize on growth initiatives and accelerate business with superior financial structure 4 2 1 3 Key Takeaways
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Questions and Answer Session Octavio Marquez President & Chief Executive Officer Tom Timko Executive Vice President & Chief Financial Officer
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16 | DIEBOLD NIXDORF 16 | DIEBOLD NIXDORF Supplemental Slides
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17 | DIEBOLD NIXDORF Reconciliation of GAAP results to Non-GAAP results – Q3-25 ($M) Notes for Non-GAAP Measures To supplement our condensed consolidated financial statements presented in accordance with GAAP, the company utilizes certain financial measures that are not prepared in accordance with GAAP, including Non-GAAP results, EBITDA and Adjusted EBITDA, adjusted earnings per share, free cash flow (use) and net debt. Restructuring and other savings initiative expenses incurred during 2025 and 2024 relate to the cost savings initiative focused on operational simplification and automation of processes, and include severance and payroll of employees transitioning out of the organization and the costs of third parties assisting with the execution of the program. Refinancing related costs incurred in 2024 are advisor fees for the Company's restructuring process to optimize the capital structure that do not qualify for capitalization. Legal deal matters in 2024 primarily relates to third-party expenses and fees paid by the company and vendor adjustments in a foreign jurisdiction.
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18 | DIEBOLD NIXDORF Reconciliation of GAAP results to Non-GAAP results – Q2-25 & Q1-25 ($M) Notes for Non-GAAP Measures To supplement our condensed consolidated financial statements presented in accordance with GAAP, the company utilizes certain financial measures that are not prepared in accordance with GAAP, including Non-GAAP results, EBITDA and Adjusted EBITDA, adjusted earnings per share, free cash flow (use) and net debt. Restructuring and other savings initiative expenses incurred during 2025 and 2024 relate to the cost savings initiative focused on operational simplification and automation of processes, and include severance and payroll of employees transitioning out of the organization and the costs of third parties assisting with the execution of the program. Refinancing related costs incurred in 2024 are advisor fees for the Company's restructuring process to optimize the capital structure that do not qualify for capitalization. Legal deal matters in 2024 primarily relates to third-party expenses and fees paid by the company and vendor adjustments in a foreign jurisdiction.
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19 | DIEBOLD NIXDORF Reconciliation of GAAP results to Non-GAAP results – Q4-24 & Q3-24 ($M) Notes for Non-GAAP Measures To supplement our condensed consolidated financial statements presented in accordance with GAAP, the company utilizes certain financial measures that are not prepared in accordance with GAAP, including Non-GAAP results, EBITDA and Adjusted EBITDA, adjusted earnings per share, free cash flow (use) and net debt. Restructuring and other savings initiative expenses incurred during 2025 and 2024 relate to the cost savings initiative focused on operational simplification and automation of processes, and include severance and payroll of employees transitioning out of the organization and the costs of third parties assisting with the execution of the program. Refinancing related costs incurred in 2024 are advisor fees for the Company's restructuring process to optimize the capital structure that do not qualify for capitalization. Legal deal matters in 2024 primarily relates to third-party expenses and fees paid by the company and vendor adjustments in a foreign jurisdiction.
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20 | DIEBOLD NIXDORF Reconciliation of earnings per share - Quarter Trend ($M) Notes for Non-GAAP Measures To supplement our condensed consolidated financial statements presented in accordance with GAAP, the company utilizes certain financial measures that are not prepared in accordance with GAAP, including Non-GAAP results, EBITDA and Adjusted EBITDA, adjusted earnings per share, free cash flow (use) and net debt. Restructuring and other savings initiative expenses incurred during 2025 and 2024 relate to the cost savings initiative focused on operational simplification and automation of processes, and include severance and payroll of employees transitioning out of the organization and the costs of third parties assisting with the execution of the program. Refinancing related costs incurred in 2024 are advisor fees for the Company's restructuring process to optimize the capital structure that do not qualify for capitalization. Legal deal matters in 2024 primarily relates to third-party expenses and fees paid by the company and vendor adjustments in a foreign jurisdiction. ($ in millions, except per share data) Net income (loss) (21.7)$ (0.58) 6.4$ 0.17 (7.5)$ (0.20) 12.7$ 0.34 41.7$ 1.13 Net income attributable to noncontrolling interests 0.7 0.02 0.8 0.02 0.8 0.02 0.5 0.01 0.6 0.02 Net income (loss) attributable to Diebold Nixdorf, Incorporated (22.4)$ (0.60) 5.6$ 0.15 (8.3)$ (0.22) 12.2$ 0.33 41.1$ 1.11 Restructuring and other savings initiative expenses 33.9 0.90 28.8 0.77 20.0 0.53 16.3 0.43 12.6 0.34 Legal deal matters 1.2 0.03 0.9 0.02 - - - - - - Other 1.5 0.04 - - (1.7) (0.05) 0.6 0.02 0.3 0.01 Tax impact of Non-GAAP adjustments (9.1) (0.24) 1.3 0.03 (7.5) (0.20) (6.6) (0.18) (3.1) (0.08) Total adjusted net income (Non-GAAP measure) $ 5.8 0.15 37.4 0.99 $ 3.3 0.09 23.0 0.61 51.5 1.39 Net income attributable to noncontrolling interests 0.7 0.02 0.8 0.02 0.8 0.02 0.5 0.01 0.6 0.02 Total adjusted net income attributable to Diebold Nixdorf, Incorporated (Non-GAAP measure) $ 5.1 0.14 $ 36.6 0.97 $ 2.5 0.07 $ 22.5 0.60 $ 50.9 1.38 Foreign exchange loss (gain), net $ 2.9 0.08 (8.7) (0.23) $ 18.5 0.49 22.2 0.59 0.8 0.02 Tax impact of foreign exchange gain (loss) (0.7) (0.02) 1.5 0.04 (7.2) (0.19) (9.5) (0.25) (0.4) (0.01) Total adjusted net income attributable to Diebold Nixdorf, Incorporated excluding foreign exchange loss (gain), net (Non-GAAP measure) $ 7.3 0.19 $ 29.4 0.78 $ 13.8 0.37 $ 35.2 0.94 $ 51.3 1.39 Q2 2025 Q3 2025Q3 2024 Q4 2024 Q1 2025
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21 | DIEBOLD NIXDORF Reconciliation of free cash flow - Quarter Trend ($M) Notes for Non-GAAP Measures To supplement our condensed consolidated financial statements presented in accordance with GAAP, the company utilizes certain financial measures that are not prepared in accordance with GAAP, including Non-GAAP results, EBITDA and Adjusted EBITDA, adjusted earnings per share, free cash flow (use) and net debt. Restructuring and other savings initiative expenses incurred during 2025 and 2024 relate to the cost savings initiative focused on operational simplification and automation of processes, and include severance and payroll of employees transitioning out of the organization and the costs of third parties assisting with the execution of the program. Refinancing related costs incurred in 2024 are advisor fees for the Company's restructuring process to optimize the capital structure that do not qualify for capitalization. Legal deal matters in 2024 primarily relates to third-party expenses and fees paid by the company and vendor adjustments in a foreign jurisdiction. Q1-24 Q2-24 Q3-24 Q4-24 FY-24 Q1-25 Q2-25 Q3-25 FY-25 YTD Net cash provided (used) by operating activities (23.5)$ (8.0)$ (15.5)$ 196.2$ 149.2$ 15.7$ 30.0$ 37.4$ 83.1$ Capital expenditures (6.7) (1.7) (3.8) (5.2) (17.4) (7.9) (8.0) (6.7) (22.6) Capitalized software development (6.2) (6.4) (5.6) (4.8) (23.0) (1.7) (9.4) (6.2) (17.3) Free cash flow/(use) (non-GAAP measure) (36.4) (16.1) (24.9) 186.2 108.8 6.1 12.6 24.5 43.2
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22 | DIEBOLD NIXDORF Reconciliation of GAAP net income to EBITDA and Adjusted EBITDA – TTM Trend ($M) The company defines EBITDA as net income (loss) excluding income tax benefit (expense), net interest expense, and depreciation and amortization expense. Adjusted EBITDA is EBITDA excluding the effects of the following items: share- based compensation, foreign exchange gain/loss net, miscellaneous gain, net (2024 periods only), equity in earnings (loss) of unconsolidated subsidiaries, restructuring and other savings initiative expenses, refinancing related costs, and non-routine (income) expenses, net as outlined in Note 1 of the Non-GAAP measures. Deferred financing fee amortization is included in interest expense; as a result, the company has excluded such fees from the depreciation and amortization caption. Depreciation and amortization includes $4.9, $4.1, $4.3, and $4.4 million for the 12-months ended December 31, 2024, March 31, 2025, June 30, 2025, and September 30, 2025, r espectively, of amortization of cloud-based software implementation represents amortization of capitalized implementation costs related to cloud-based software arrangements that are included in selling and administrative expenses. These are Non-GAAP financial measures used by management to enhance the understanding of our operating results. EBITDA and Adjusted EBITDA are key measures we use to evaluate our operational performance. We provide EBITDA and Adjusted EBITDA because we believe that investors and securities analysts will find EBITDA and Adjusted EBITDA to be useful measures for evaluating our operating performance and comparing our operating performance with that of similar companies that have different capital structures and for evaluating our ability to meet our future debt service, capital expenditures, and working capital requirements. However, EBITDA and Adjusted EBITDA should not be considered as alternatives to net income as a measure of operating results or as alternatives to cash flows from operating activities as a measure of liquidity in accordance with GAAP. Trailing Twelve Month (TTM) Quarter End Q4-24 Q1-25 Q2-25 Q3-25 Net income (loss) (14.5)$ (8.0)$ (10.1)$ 53.3$ Income tax expense (benefit) 64.3 65.2 38.0 17.7 Interest income (12.3) (9.6) (9.1) (8.3) Interest expense 155.3 133.2 116.4 99.8 Loss on Refinancing 7.1 7.1 7.1 7.1 Depreciation and amortization 137.2 137.0 138.1 139.6 EBITDA 337.1 324.9 280.4 309.2 Share-based compensation 9.7 10.8 11.5 11.6 Foreign exchange loss (gain), net (13.8) 5.1 34.9 32.8 Restructuring and other savings initiative expenses 106.1 89.3 95.1 75.9 Equity in loss (earnings) of unconsolidated subsidiaries (2.5) (3.1) (1.9) (2.3) Non-routine (income) expense, net 1.3 0.7 2.5 0.1 Miscellaneous loss (gain), net (1.5) (0.5) 2.1 3.8 Refinancing related costs 15.8 8.9 3.9 1.8 Adjusted EBITDA 452.2$ 436.1$ 428.5$ 432.9$
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23 | DIEBOLD NIXDORF Financial Results of Segments – Quarter Trend ($M) Notes for Non-GAAP Measures To supplement our condensed consolidated financial statements presented in accordance with GAAP, the company utilizes certain financial measures that are not prepared in accordance with GAAP, including Non-GAAP results, EBITDA and Adjusted EBITDA, adjusted earnings per share, free cash flow (use) and net debt. Restructuring and transition - personnel expenses incurred during 2025 and 2024 relate to the cost savings initiative focused on operational simplification and automation of processes, and include severance and payroll of employees transitioning out of the organization. Costs of third parties assisting with the execution of the program are categorized as other savings initiatives. Refinancing related costs incurred in 2024 are advisor fees for the Company's restructuring process to optimize the capital structure that do not qualify for capitalization. Legal deal matters in 2024 primarily relates to third-party expenses and fees paid by the company and vendor adjustments in a foreign jurisdiction. Gross Margin by Segment - Unaudited ($ in millions) Banking Retail Banking Retail Banking Retail Banking Retail Banking Retail Banking Retail Banking Retail Banking Retail Services 386.6$ 138.0$ 401.5$ 139.2$ 400.5$ 141.2$ 398.8$ 144.4$ 1,587.4$ 563.0$ 382.2$ 126.3$ 407.4$ 135.2$ 402.0$ 142.2$ Products 262.2 110.1 305.9 93.1 290.1 95.3 317.2 128.5 1,175.4 425.3 247.3 85.3 271.8 100.8 288.2 112.8 Total net sales 648.8$ 248.1$ 707.4$ 232.3$ 690.6$ 236.5$ 716.0$ 272.9$ 2,762.8$ 988.3$ 629.5$ 211.6$ 679.2$ 236.0$ 690.2$ 255.0$ Services 94.1$ 38.4$ 101.8$ 40.5$ 102.9$ 39.1$ 100.4$ 40.9$ 399.3$ 158.8$ 93.3$ 34.4$ 103.4$ 35.0$ 98.1$ 40.0$ Products 71.1 21.6 83.0 19.0 80.8 19.5 70.4 24.8 305.2 85.0 68.2 17.3 83.3 21.0 86.7 23.1 Total gross profit 165.2$ 60.0$ 184.8$ 59.5$ 183.7$ 58.6$ 170.8$ 65.7$ 704.5$ 243.8$ 161.5$ 51.7$ 186.7$ 56.0$ 184.8$ 63.1$ Services 24.3% 27.8% 25.4% 29.1% 25.7% 27.7% 25.2% 28.3% 25.2% 28.2% 24.4% 27.2% 25.4% 25.9% 24.4% 28.1% Products 27.1% 19.6% 27.1% 20.4% 27.9% 20.5% 22.2% 19.3% 26.0% 20.0% 27.6% 20.3% 30.6% 20.8% 30.1% 20.5% Total gross margin 25.5% 24.2% 26.1% 25.6% 26.6% 24.8% 23.9% 24.1% 25.5% 24.7% 25.7% 24.4% 27.5% 23.7% 26.8% 24.7% December 31, 2024 Non-GAAP Three months ended September 30, 2025 Non-GAAP June 30, 2025 Non-GAAP Non-GAAP Twelve months ended Three months ended Three months ended March 31, 2025 Non-GAAP Non-GAAP Non-GAAP Non-GAAP Three months ended March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024
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24 | DIEBOLD NIXDORF Reconciliation of GAAP net income to Adjusted EBITDA – Quarter Trend ($M) The company defines EBITDA as net income (loss) excluding income tax benefit (expense), net interest expense, and depreciation and amortization expense. Adjusted EBITDA is EBITDA excluding the effects of the following items: share- based compensation, foreign exchange gain/loss net, miscellaneous gain, net (2024 periods only), equity in earnings (loss) of unconsolidated subsidiaries, restructuring and other savings initiative expenses, refinancing related costs, and non-routine (income) expenses, net as outlined in Note 1 of the Non-GAAP measures. Deferred financing fee amortization is included in interest expense; as a result, the company has excluded such fees from the depreciation and amortization caption. Depreciation and amortization includes $1.8, $1.0, $1.0, $1.1, $1.0, $0.9, and $1.4 for the three months ended March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024, March 31, 2025, June 30, 2025, and September 30, 2025, respectively, of amortization of cloud- based software implementation represents amortization of capitalized implementation costs related to cloud-based software arrangements that are included in selling and administrative expenses. These are Non-GAAP financial measures used by management to enhance the understanding of our operating results. EBITDA and Adjusted EBITDA are key measures we use to evaluate our operational performance. We provide EBITDA and Adjusted EBITDA because we believe that investors and securities analysts will find EBITDA and Adjusted EBITDA to be useful measures for evaluating our operating performance and comparing our operating performance with that of similar companies that have different capital structures and for evaluating our ability to meet our future debt service, capital expenditures, and working capital requirements. However, EBITDA and Adjusted EBITDA should not be considered as alternatives to net income as a measure of operating results or as alternatives to cash flows from operating activities as a measure of liquidity in accordance with GAAP. Q1-24 Q2-24 Q3-24 Q4-24 FY-24 Q1-25 Q2-25 Q3-25 Net income (loss) (14.0)$ 14.8$ (21.7)$ 6.4$ (14.5)$ (7.5)$ 12.7$ 41.7$ Income tax expense (benefit) (3.1) 32.0 29.9 5.5 64.3 (2.2) 4.8 9.6 Interest income (4.2) (3.0) (2.9) (2.2) (12.3) (1.5) (2.5) (2.1) Interest expense 43.6 38.6 38.4 34.7 155.3 21.5 21.8 21.8 Loss on Refinancing - - - 7.1 7.1 - - - Depreciation and amortization 35.1 31.2 31.6 39.3 137.2 34.9 32.3 33.1 EBITDA 57.4 113.6 75.3 90.8 337.1 45.2 69.1 104.1 Share-based compensation 1.9 2.6 2.9 2.3 9.7 3.0 3.3 3.0 Foreign exchange loss (gain), net (0.4) (7.6) 2.9 (8.7) (13.8) 18.5 22.2 0.8 Restructuring and other savings initiative expenses 36.7 10.5 31.8 27.0 106.1 20.0 16.3 12.6 Equity in loss (earnings) of unconsolidated subsidiaries 2.9 (1.5) 1.5 (5.4) (2.5) 2.3 (0.3) 1.1 Non-routine (income) expense, net (1.1) (1.2) 2.7 0.9 1.3 (1.7) 0.6 0.3 Miscellaneous loss (gain), net (1.0) (2.6) (1.7) 3.8 (1.5) - - - Refinancing related costs 6.9 5.0 2.1 1.8 15.8 - - - Adjusted EBITDA 103.3$ 118.8$ 117.5$ 112.5$ 452.2$ 87.3$ 111.2$ 121.9$ Adjusted EBITDA as a % of revenue 11.5% 12.6% 12.7% 11.4% 12.1% 10.4% 12.2% 12.9%
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25 | DIEBOLD NIXDORF Net Debt Summary ($M) and Net Leverage We believe that cash, cash equivalents, restricted cash, and short-term investments on the balance sheet that net cash against outstanding debt, presented as net debt above, is a meaningful measure. * * * Notes for Non-GAAP Measures To supplement our condensed consolidated financial statements presented in accordance with GAAP, the company utilizes certain financial measures that are not prepared in accordance with GAAP, including Non-GAAP results, EBITDA and Adjusted EBITDA, adjusted earnings per share, free cash flow (use) and net debt. Restructuring and other savings initiative expenses incurred during 2025 and 2024 relate to the cost savings initiative focused on operational simplification and automation of processes, and include severance and payroll of employees transitioning out of the organization and the costs of third parties assisting with the execution of the program. Refinancing related costs incurred in 2024 are advisor fees for the Company's restructuring process to optimize the capital structure that do not qualify for capitalization. Legal deal matters in 2024 primarily relates to third-party expenses and fees paid by the company and vendor adjustments in a foreign jurisdiction. Q1-25 Q2-25 Q3-25 Cash, cash equivalents, restricted cash and short-term investments 328.3$ 310.4$ 280.0$ Debt instruments (966.0) (966.5) (967.8) Net debt (637.7) (656.1) (687.8) Adjusted EBITDA (trailing twelve months)* 436.1$ 428.5$ 432.9$ Net Leverage (Adjusted EBITDA TTM / Net Debt)* 1.5 1.5 1.6