Slides
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Fourth Quarter and Full-year 2025 Earnings Performance Summary Update – February 12, 2026
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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, theseforward-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, 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 return capital to stockholders, including through discretionary share repurchases; the ultimate benefits of continuous improvement programs and other cost savings plans; the impact of competitive pressures, including pricing and the introduction of new products and services by our competitors, as well as from less traditional competitors; 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 theusage of ATMs; the impact of general economic conditions, cyclicality and uncertainty; the impact of increased energy, raw material and labor costs; the impact of a cybersecurity incident or operational failure on our business; risks related to increasingly stringent laws, regulations and contractual obligations relating to privacy, data protection and information security; challenges associated with the use of artificial intelligence in our business and in solutions offered to our customers; 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 work stoppages or similar difficulties; 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 Foreign Corrupt Practices Act (FCPA) or other worldwide anti-bribery laws; the 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 U.S. Securities and Exchange Commission (the "SEC"), including its Annual Report on Form 10-K. 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, and adjusted EBITDA. 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 Record five consecutive quarters of positive free cash flow1; received two credit rating upgrades Banking: Branch Automation Solutions, Teller Cash Recycler and Fit-for-purpose wins Revenue up 1.5% to $3.81B, adjusted EBITDA1 up 7% to $485M, FCF1 more than doubled to record $239M Retail: Three quarters of sequential revenue growth; won 9 new logos in U.S. 4 2 1 3 Ended year with net debt leverage ratio2 of 1.1x; fortress balance sheet supports capital allocation strategy prioritizing new share repurchase authorization announced in Q4 2025 5 Key 2025 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 additional information.
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5 | DIEBOLD NIXDORF 2024 2025 Strong Year-over-Year Progress 2024 2025 Order Entry • Double-digit order entry growth fueled by laser focus on delivering value to customers • Banking and Retail contributed to growth Diebold Nixdorf delivered YoY improvements across key metrics; company is well positioned entering 2026 • Achieved higher-end of outlook in FY 2025 • Expanded margins by 60 bps YoY • Record FY 2025 FCF exceeded higher-end of outlook • Strong cash flow conversion of 40%+ in FY 2025, targeting 50%+ in FY 2026 (1) Represents a non-GAAP metric. Please refer to “Supplemental Slides” for additional information. (2) FY 2025 adjusted EPS includes favorable items including: $0.57 tax valuation allowance release benefit recognized in Q4 2025; and a $0.51 benefit related to a lowering of the statutory tax rate in Germany recognized in Q3 2025. Adjusted EBITDA ($M) / Adjusted EBITDA Margin(1) 2024 2025 Free Cash Flow ($M)(1) $239 $109 $452 $485 12.7% • Record FY 2025 adjusted EPS • Includes $1.08 of certain non-cash, non- operational tax benefits in FY 2025 2024 2025 Adjusted Earnings per Share(1,2) $5.59 $1.98 12.1% 2024 2025 $3,751 $3,806 • Growth in Banking and Retail • Product and Service contributed to revenue growth Total Revenue ($M) +17% +1.5% +7.2% +120% +182%
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6 | DIEBOLD NIXDORF Growth Engines Gaining Traction BANKING RETAIL KEY INITIATIVES - Branch Automation Solutions (BAS) - Fit-for-purpose ATMs BANKING HIGHLIGHTS - Accelerating BAS performance: Strong momentum in EU and in North America - DN Series® 300 and 350 - VCP 7 software rollouts continuing SERVICE RETAIL HIGHLIGHTS - Won new logos in the U.S. in the grocery and QSR space - High customer interest in DN’s solutions at National Retail Federation show - Increasing Vynamic Smart Vision live store count KEY INITIATIVES - AI-driven solutions - North America expansion KEY INITIATIVES - Increasing density - Driving efficiency SERVICE HIGHLIGHTS - Investments improving SLAs in North America to highest level of 2025 - North America field technician software rollout complete - Consolidated service and repair centers OPERATIONS KEY INITIATIVES - Improve working capital - Optimize where work gets done OPERATIONAL HIGHLIGHTS - Local-for-local strategy benefits - Finance initiatives driving steady DSO and DIO improvements - Driving strong global cross functional collaboration across Diebold Nixdorf
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7 | DIEBOLD NIXDORF Lean Driving Structural Margin and Cash Flow Improvement Warsaw, Poland Drove invoice processing time down by 17%, improving collection efficiency Standardized order processing for products and services, eliminating 95%+ variation across 11 countries Further advancing processes across additional geographies driving sustained improvement Global DN Manufacturing International intercompany Dynamic Kanban in place 3 Manufacturing plants implemented Dynamic Kanban Implemented Kanban for 400+ items resulting in ~30% sustained reduction in inventory Zero expedites on Kanban parts since implementation Recognition for DN Diebold Nixdorf recognized for strong supply chain, ethics and compliance standards, and contributions to local community programs Global Product Stewardship Program recycled 6.5M pounds of material Committed to making a positive global impact for all stakeholders
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8 | DIEBOLD NIXDORF Five Quarter Financial Trends $543 $508 $543 $544 $574 $446 $333 $373 $401 $531 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Service Product Total Revenue ($M) $945 $841 • Total revenue up 12% YoY and 17% sequentially with growth in Service and Product • Banking and Retail delivered double- digit growth YoY in Q4 Delivering revenue growth and margin expansion, $50M OpEx run rate cost savings program on track $989 $915 $1,104 25.3% 26.5% 26.2% 27.1% Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Total Gross Margin (%)(1) • Gross margin improved 320 bps YoY and 90 bps sequentially • Product margin benefitted from product and geographic mix • Investments in field technician service software rollout in Services Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Operating Expense ($M)(1,2) / Operating Expense % of Revenue(1,2) $171$165 • Solid progress executing on OpEx savings plan built with over 200 actions • Expect to realize up to half of OpEx savings benefits in FY 2026, resulting in 1% to 2% reduction of OpEx YoY $166 $170 (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” for additional details. 23.9% $161 17.1% 15.5%16.7% 19.7% 18.5%
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9 | DIEBOLD NIXDORF Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Five Quarter Financial Trends • Margin improvement of 350 bps YoY and sequential margin improvement of 200 bps • Adjusted EBITDA margin for FY 2025 of 12.7% increased 60 basis points YoY Record Q4 2025 adjusted EBITDA, record FY 2025 adjusted EPS and record FY 2025 free cash flow • Substantial YoY improvement and up more than double sequentially • $200M share repurchase authorization expected to lower share count over time • Includes $1.08 of certain non-cash, non- operational tax benefits in FY 2025 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Free Cash Flow ($M)(1) $25$13 • Strong working capital management, lower interest and higher profitability drove record FY 2025 FCF • Record 5 consecutive quarters of positive FCF $196$186 Adjusted Earnings per Share(1,2) $3.02 $0.37 $0.78 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Adjusted EBITDA ($M) / Adjusted EBITDA Margin(1) 12.9% 14.9%11.4% 10.4% 12.2% (1) Represents a non-GAAP metric. Please refer to “Supplemental Slides” for additional information. (2) FY 2025 adjusted EPS includes favorable items including: $0.57 tax valuation allowance release benefit recognized in Q4 2025; and a $0.51 benefit related to a lowering of the statutory tax rate in Germany recognized in Q3 2025. $0.94 $6 $122 $87 $112 $111 $164 $1.39
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10 | DIEBOLD NIXDORF Banking $399 $382 $407 $402 $417 $317 $247 $272 $288 $381 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Service Product $716 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 $171 23.9% 25.7% 27.5% 26.8% 28.0% • Increased ATM recycler mix YoY across markets in Q4 • Strong Q4 and FY 2025 performance in Europe, APAC, and MEA • Branch Automation Solutions and Fit-for-purpose growth initiatives on track • Favorable geographic and product mix • Gross margin • Up 410 bps YoY • Up 120 bps sequentially Solid Product and Service revenue growth in FY 2025, expect Branch Automation Solutions and Fit-for-purpose to accelerate in FY 2026 $629 $162 $679 $187 $690 $185 Seq. as Reported +15.6% +32.2% +3.7% (1) Represents a non-GAAP metric. Please refer to “Supplemental Slides” for additional information. Revenue ($M) Gross Profit ($M) / Gross Margin (%)(1) $798 $224
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11 | DIEBOLD NIXDORF Retail Revenue ($M) Gross Profit ($M) / Gross Margin (%)(1) $144 $126 $135 $142 $157 $128 $85 $101 $113 $150 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Service Product $273 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 24.1% 24.4% 23.7% 24.7% 24.9% $212 $52 • Q4 and FY 2025 growth in North America self-checkout expected to continue in FY 2026 • Continued strong POS performance across markets • Proof-of-concept and pilot funnel expanding with target logos • Drove strong Retail growth in 2H 2025 • Gross margin • Up 80 bps YoY • Up 20 bps sequentially Strong sequential growth through FY 2025 in Retail, expect YoY revenue and gross profit growth on a quarterly basis in FY 2026 $66 $236 $56 $255 $63 Seq. as Reported +20.1% +32.6% +10.1% (1) Represents a non-GAAP metric. Please refer to “Supplemental Slides” for additional information. $306 $76
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12 | DIEBOLD NIXDORF 2026 Guidance 1) Non-GAAP metric. See “Supplemental Slides” for additional information. 2) With respect to the company’s adjusted EBITDA, free cash flow, and adjusted earnings per share outlook for 2026, 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. 3) Targets initially provided at Diebold Nixdorf’s 2025 Investor Day on February 26, 2025. 2026 financial outlook higher than previous targets provided at 2025 Investor Day(3) Metrics FY26 Outlook Key Details Total Revenue $3.86B - $3.94B Prior Target(3) $3.82B - $3.92B • Banking and Retail up low-single digits YoY • Revenue weighted towards back-half of year with a ~45% 1H / ~55% 2H split Adjusted EBITDA (1,2) $510M - $535M Prior Target(3) $500M - $530M • Growing adjusted EBITDA faster than revenue and maintaining cost discipline • Adjusted EBITDA weighted towards back-half of year with a ~40% 1H / ~60% 2H split Free Cash Flow (1,2) $255M - $270M Prior Target(3) $250M - $265M • Targeting 50%+ free cash flow conversion • Expect sustained positive free cash flow generation on a quarterly basis Adjusted EPS (1,2) $5.25 - $5.75 • EPS growth of 22% at the midpoint, excluding certain non-cash, non-operational tax benefits in FY 2025* * FY 2025 adjusted EPS includes favorable items including: $0.57 tax valuation allowance release benefit recognized in Q4 2025; and a $0.51 benefit related to a lowering of the statutory tax rate in Germany recognized in Q3 2025.
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13 | DIEBOLD NIXDORF Benefiting from Fortress Balance Sheet Targeting $800M of FCF generation cumulatively from 2025 through 2027, strong liquidity position of >$700M * Moody’s upgraded Diebold Nixdorf to B1, from B2, with a stable outlook on December 16, 2025. 1 Net leverage calculated using net debt divided by trailing twelve month Adjusted EBITDA, which is a non- GAAP metric. See “Supplemental Slides”. 2 Inclusive of cash, cash equivalents, restricted cash and short -term investments. 3 Non-GAAP metric. See “Supplemental Slides” for additional information. Figures are as of 12.31.2025 Cash Balance $310M No Borrowings Outstanding Revolving Credit Facility Net Leverage(1) $416M Cash & Short-Term Investments2 ~1.1x $950M Note No-call Expires in Q4 2026 Share Repurchase Authorization B+ / B1 S&P / Moody’s Credit Ratings Free Cash Flow Conversion(3) 49% More than Doubled FCF YoY in FY 2025 $28M / $172M Repurchased / Remaining Moody’s Upgraded from B2* Completed Prior $100M Program in Q4
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14 | DIEBOLD NIXDORF Capital allocation strategy prioritizing returning cash to shareholders supported by fortress balance sheet and sustained cash flow generation Built momentum in Banking with solutions that drive value across the portfolio: Branch Automation Solutions, Teller Cash Recyclers, Fit-for-purpose ATMs Diebold Nixdorf delivered on our commitments in 2025; enter 2026 with a strong foundation to fuel profitable growth Executing on expanded scope of opportunities in North America and Retail with AI-solutions that reduce shrink, speed checkout, and increase efficiency 4 2 1 3 Positioned for Value Creation
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Questions and Answer Session Octavio Marquez President & Chief Executive Officer Tom Timko Executive Vice President & Chief Financial Officer
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16 | DIEBOLD NIXDORF 16 | DIEBOLD NIXDORF Supplemental Slides
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17 | DIEBOLD NIXDORF Reconciliation of GAAP results to Non-GAAP results – Q4-25 ($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 – Q3-25 & Q2-25 ($M) Notes for Non-GAAP Measures To supplement our condensed consolidated financial statements presented in accordance with GAAP, the company utilizes certain financial measures that are not prepared in accordance with GAAP, including Non-GAAP results, EBITDA and Adjusted EBITDA, adjusted earnings per share, free cash flow (use) and net debt. Restructuring and other savings initiative expenses incurred during 2025 and 2024 relate to the cost savings initiative focused on operational simplification and automation of processes, and include severance and payroll of employees transitioning out of the organization and the costs of third parties assisting with the execution of the program. Refinancing related costs incurred in 2024 are advisor fees for the Company's restructuring process to optimize the capital structure that do not qualify for capitalization. Legal deal matters in 2024 primarily relates to third-party expenses and fees paid by the company and vendor adjustments in a foreign jurisdiction.
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19 | DIEBOLD NIXDORF Reconciliation of GAAP results to Non-GAAP results – Q1-25 & Q4-24 ($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 GAAP results to Non-GAAP results – FY-24 & FY-25 ($M) Notes for Non-GAAP Measures To supplement our condensed consolidated financial statements presented in accordance with GAAP, the company utilizes certain financial measures that are not prepared in accordance with GAAP, including Non-GAAP results, EBITDA and Adjusted EBITDA, adjusted earnings per share, free cash flow (use) and net debt. Restructuring and other savings initiative expenses incurred during 2025 and 2024 relate to the cost savings initiative focused on operational simplification and automation of processes, and include severance and payroll of employees transitioning out of the organization and the costs of third parties assisting with the execution of the program. Refinancing related costs incurred in 2024 are advisor fees for the Company's restructuring process to optimize the capital structure that do not qualify for capitalization. Legal deal matters in 2024 primarily relates to third-party expenses and fees paid by the company and vendor adjustments in a foreign jurisdiction.
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21 | DIEBOLD NIXDORF Reconciliation of earnings per share - Quarter Trend ($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) 6.4$ 0.17 (14.5)$ (0.39) (7.5)$ (0.20) 12.7$ 0.34 41.7$ 1.13 50.5$ 1.39 97.5$ 2.62 Net income attributable to noncontrolling interests 0.8 0.02 2.0 0.05 0.8 0.02 0.5 0.01 0.6 0.02 0.9 0.02 2.9 0.08 Net income (loss) attributable to Diebold Nixdorf, Incorporated 5.6$ 0.15 (16.5)$ (0.44) (8.3)$ (0.22) 12.2$ 0.33 41.1$ 1.11 49.6$ 1.37 94.6$ 2.54 Restructuring and other savings initiative expenses 28.8 0.77 121.9 3.24 20.0 0.53 16.3 0.43 12.6 0.34 45.4 1.25 94.3 2.53 Legal deal matters 0.9 0.02 3.5 0.09 - - - - - - - - - - Other - - (2.2) (0.06) (1.7) (0.05) 0.6 0.02 0.3 0.01 0.8 0.02 0.1 0.00 Tax impact of Non-GAAP adjustments 1.3 0.03 (21.2) (0.56) (7.5) (0.20) (6.6) (0.18) (3.1) (0.08) 4.0 0.11 (13.2) (0.35) Total adjusted net income (Non-GAAP measure) 37.4 0.99 87.5 2.33 $ 3.3 0.09 23.0 0.61 51.5 1.39 100.7 2.77 178.7 4.80 Net income attributable to noncontrolling interests 0.8 0.02 2.0 0.05 0.8 0.02 0.5 0.01 0.6 0.02 0.9 0.02 2.9 0.08 Total adjusted net income attributable to Diebold Nixdorf, Incorporated (Non-GAAP measure) $ 36.6 0.97 $ 85.5 2.27 $ 2.5 0.07 $ 22.5 0.60 $ 50.9 1.38 $ 99.8 2.75 $ 175.8 4.73 Foreign exchange loss (gain), net (8.7) (0.23) (13.8) (0.37) $ 18.5 0.49 22.2 0.59 0.8 0.02 2.6 0.07 44.1 1.19 Tax impact of foreign exchange gain (loss) 1.5 0.04 2.8 0.07 (7.2) (0.19) (9.5) (0.25) (0.4) (0.01) 7.3 0.20 (11.9) (0.32) Total adjusted net income attributable to Diebold Nixdorf, Incorporated excluding foreign exchange loss (gain), net (Non-GAAP measure) $ 29.4 0.78 $ 74.5 1.98 $ 13.8 0.37 $ 35.2 0.94 $ 51.3 1.39 $ 109.7 3.02 $ 208.0 5.59 Q4 2025 FY 2025FY 2024 Q2 2025 Q3 2025Q4 2024 Q1 2025
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22 | DIEBOLD NIXDORF Reconciliation of free cash flow - Quarter Trend ($M) Notes for Non-GAAP Measures To supplement our condensed consolidated financial statements presented in accordance with GAAP, the company utilizes certain financial measures that are not prepared in accordance with GAAP, including Non-GAAP results, EBITDA and Adjusted EBITDA, adjusted earnings per share, free cash flow (use) and net debt. Restructuring and other savings initiative expenses incurred during 2025 and 2024 relate to the cost savings initiative focused on operational simplification and automation of processes, and include severance and payroll of employees transitioning out of the organization and the costs of third parties assisting with the execution of the program. Refinancing related costs incurred in 2024 are advisor fees for the Company's restructuring process to optimize the capital structure that do not qualify for capitalization. Legal deal matters in 2024 primarily relates to third-party expenses and fees paid by the company and vendor adjustments in a foreign jurisdiction. Q4-24 FY-24 Q1-25 Q2-25 Q3-25 Q4-25 FY-25 Net cash provided (used) by operating activities 196.2$ 149.2$ 15.7$ 30.0$ 37.4$ 217.6$ 300.7$ Capital expenditures (5.2) (17.4) (7.9) (8.0) (6.7) (14.8) (37.4) Capitalized software development (4.8) (23.0) (1.7) (9.4) (6.2) (7.0) (24.3) Free cash flow/(use) (non-GAAP measure) 186.2 108.8 6.1 12.6 24.5 195.8 239.0
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23 | DIEBOLD NIXDORF Reconciliation of free cash flow conversion – FY-24 & FY-25 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. FY-24 FY-25 Net cash provided (used) by operating activities 149.2$ 300.7$ Capital expenditures (17.4) (37.4) Capitalized software development (23.0) (24.3) Free cash flow (non-GAAP measure) 108.8 239.0 Adjusted EBITDA 452.2$ 484.8$ Free Cash Flow Conversion (non-GAAP measure) 24.1% 49.3%
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24 | DIEBOLD NIXDORF Reconciliation of operating expense as a % of revenue- Quarter Trend (%) 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. Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Operating expenses (GAAP) 190.4$ 172.8$ 177.8$ 171.3$ 197.4$ Restructuring and transformation expenses (24.0)$ (9.2)$ (7.6)$ (9.8)$ (25.5)$ Non-routine (income) expense, net (0.8)$ 1.7$ (0.6)$ $ (0.3) (0.8)$ Operating expense (Non-GAAP measure) 165.6$ 165.3$ 169.6$ 161.2$ 171.1$ % of revenue (Non-GAAP measure) 16.7% 19.7% 18.5% 17.1% 15.5%
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25 | 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, $4.4 and $4.8 million for the 12-months ended December 31, 2024, March 31, 2025, June 30, 2025, September 30, 2025, and December 31, 2025 respectively, of amortization of cloud-based software implementation represents amortization of capitalized implementation costs related to cloud-based software arrangements that are included in selling and administrative expenses. These are Non-GAAP financial measures used by management to enhance the understanding of our operating results. EBITDA and Adjusted EBITDA are key measures we use to evaluate our operational performance. We provide EBITDA and Adjusted EBITDA because we believe that investors and securities analysts will find EBITDA and Adjusted EBITDA to be useful measures for evaluating our operating performance and comparing our operating performance with that of similar companies that have different capital structures and for evaluating our ability to meet our future debt service, capital expenditures, and working capital requirements. However, EBITDA and Adjusted EBITDA should not be considered as alternatives to net income as a measure of operating results or as alternatives to cash flows from operating activities as a measure of liquidity in accordance with GAAP. Trailing Twelve Month (TTM) Quarter End Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Net loss (14.5)$ (8.0)$ (10.1)$ 53.3$ 97.5$ Income tax expense (benefit) 64.3 65.2 38.0 17.7 24.1 Interest income (12.3) (9.6) (9.1) (8.3) (8.9) Interest expense 155.3 133.2 116.4 99.8 85.7 Loss on Refinancing 7.1 7.1 7.1 7.1 - Depreciation and amortization 137.2 137.0 138.1 139.6 132.3 EBITDA 337.1 324.9 280.4 309.2 330.7 Share-based compensation 9.7 10.8 11.5 11.6 12.1 Restructuring and transformation expenses 106.1 89.3 95.1 75.9 94.3 Foreign exchange loss (gain), net (13.8) 5.1 34.9 32.8 44.1 Equity in loss (earnings) of unconsolidated subsidiaries (2.5) (3.1) (1.9) (2.3) 3.5 Non-routine (income) expense, net 1.3 0.7 2.5 0.1 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$ 484.8$
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26 | DIEBOLD NIXDORF Financial Results of Segments – Quarter Trend ($M) Notes for Non-GAAP Measures To supplement our condensed consolidated financial statements presented in accordance with GAAP, the company utilizes certain financial measures that are not prepared in accordance with GAAP, including Non-GAAP results, EBITDA and Adjusted EBITDA, adjusted earnings per share, free cash flow (use) and net debt. Restructuring and transition - personnel expenses incurred during 2025 and 2024 relate to the cost savings initiative focused on operational simplification and automation of processes, and include severance and payroll of employees transitioning out of the organization. Costs of third parties assisting with the execution of the program are categorized as other savings initiatives. Refinancing related costs incurred in 2024 are advisor fees for the Company's restructuring process to optimize the capital structure that do not qualify for capitalization. Legal deal matters in 2024 primarily relates to third-party expenses and fees paid by the company and vendor adjustments in a foreign jurisdiction. Gross Margin by Segment - Unaudited Three months ended ($ in millions) Banking Retail Banking Retail Banking Retail Banking Retail Banking Retail Banking Retail Banking Retail Services 398.8$ 144.4$ 1,587.4$ 563.0$ 382.2$ 126.3$ 407.4$ 135.2$ 402.0$ 142.2$ 417.0$ 156.6$ 1,608.6$ 560.3$ Products 317.2 128.5 1,175.4 425.3 247.3 85.3 271.8 100.8 288.2 112.8 381.0 149.6 1,188.4 448.4 Total net sales 716.0$ 272.9$ 2,762.8$ 988.3$ 629.5$ 211.6$ 679.2$ 236.0$ 690.2$ 255.0$ 798.0$ 306.2$ 2,797.0$ 1,008.7$ Services 100.4$ 40.9$ 399.3$ 158.8$ 93.3$ 34.4$ 103.4$ 35.0$ 98.1$ 40.0$ 103.7$ 46.4$ 398.5$ 155.7$ Products 70.4 24.8 305.2 85.0 68.2 17.3 83.3 21.0 86.7 23.1 119.9 29.7 358.2 91.0 Total gross profit 170.8$ 65.7$ 704.5$ 243.8$ 161.5$ 51.7$ 186.7$ 56.0$ 184.8$ 63.1$ 223.6$ 76.1$ 756.7$ 246.7$ Services 25.2% 28.3% 25.2% 28.2% 24.4% 27.2% 25.4% 25.9% 24.4% 28.1% 24.9% 29.6% 24.8% 27.8% Products 22.2% 19.3% 26.0% 20.0% 27.6% 20.3% 30.6% 20.8% 30.1% 20.5% 31.5% 19.9% 30.1% 20.3% Total gross margin 23.9% 24.1% 25.5% 24.7% 25.7% 24.4% 27.5% 23.7% 26.8% 24.7% 28.0% 24.9% 27.1% 24.5% Non-GAAP Three months ended December 31, 2025 Non-GAAP Twelve months ended Three months ended Three months ended December 31, 2024 December 31, 2024 March 31, 2025 Non-GAAP Three months ended September 30, 2025 Non-GAAP June 30, 2025 Non-GAAP Non-GAAP Twelve months ended December 31, 2025 Non-GAAP
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27 | 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 $1.1 and $4.9 for the three and twelve months ended December 31, 2024, respectively; and $1.0, $0.9, $1.4, $1.4 and $4.8 for the three months end March 31, 2025, June 30, 2025, September 30, 2025, December 31, 2025 and twelve months ended December 31, 2025 respectively, of amortization of cloud-based software implementation represents amortization of capitalized implementation costs related to cloud-based software arrangements that are included in selling and administrative expenses. These are Non-GAAP financial measures used by management to enhance the understanding of our operating results. EBITDA and Adjusted EBITDA are k ey measures we use to evaluate our operational performance. We provide EBITDA and Adjusted EBITDA because we believe that investors and securities analysts will find EBITDA and Adjusted EBITDA to be useful measures for evaluating our operating performance and comparing our operating performance with that of similar companies that have different capital structures and for evaluating our ability to meet our future debt service, capital expenditures, and working capital requirements. However, EBITDA and Adjusted EBITDA should not be considered as alternatives to net income as a measure of operating results or as alternatives to cash flows from operating activities as a measure of liquidity in accordance with GAAP. Q4-24 FY-24 Q1-25 Q2-25 Q3-25 Q4-25 FY-25 Net loss 6.4$ (14.5)$ (7.5)$ 12.7$ 41.7$ 50.5$ 97.5$ Income tax expense (benefit) 5.5 64.3 (2.2) 4.8 9.6 11.9 24.1 Interest income (2.2) (12.3) (1.5) (2.5) (2.1) (2.8) (8.9) Interest expense 34.7 155.3 21.5 21.8 21.8 20.6 85.7 Loss on Refinancing 7.1 7.1 - - - - - Depreciation and amortization 39.3 137.2 34.9 32.3 33.1 32.1 132.3 EBITDA 90.8 337.1 45.2 69.1 104.1 112.3 330.7 Share-based compensation 2.3 9.7 3.0 3.3 3.0 2.8 12.1 Restructuring and transformation expenses 27.0 106.1 20.0 16.3 12.6 45.4 94.3 Foreign exchange loss (gain), net (8.7) (13.8) 18.5 22.2 0.8 2.6 44.1 Equity in loss (earnings) of unconsolidated subsidiaries (5.4) (2.5) 2.3 (0.3) 1.1 0.4 3.5 Non-routine (income) expense, net 0.9 1.3 (1.7) 0.6 0.3 0.8 0.1 Miscellaneous loss (gain), net 3.8 (1.5) - - - - - Refinancing related costs 1.8 15.8 - - - - - Adjusted EBITDA 112.5$ 452.2$ 87.3$ 111.2$ 121.9$ 164.3$ 484.8$ Adjusted EBITDA as a % of revenue 11.4% 12.1% 10.4% 12.2% 12.9% 14.9% 12.7%
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28 | DIEBOLD NIXDORF Net Debt Summary ($M) and Net Leverage – Quarter Trend 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 Q4-25 Cash, cash equivalents, restricted cash and short-term investments $328.3 $310.4 $280.0 $416.4 Debt instruments (966.0) (966.5) (967.8) (970.7) Net debt (637.7) (656.1) (687.8) (554.3) Adjusted EBITDA (trailing twelve months)* $436.1 $428.5 $432.9 $484.8 Net Leverage (Adjusted EBITDA TTM / Net Debt)* 1.5 1.5 1.6 1.1 Quarter Ended