Slides
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Q4 2025 Financial results January 27, 2026
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The information provided in this presentation contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements may include, among others, statements regarding operating results, the success of our internal operating plans, and the prospects for newly acquired businesses to be integrated and contribute to future growth, profit and cash flow expectations. Forward-looking statements may be indicated by words or phrases such as "anticipate," "estimate," "plans," "expects," "projects," "should," "will," "believes," "intends" and similar words and phrases. These statements reflect management's current beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement. Such risks and uncertainties include our ability to identify and complete acquisitions consistent with our business strategies, integrate acquisitions that have been completed, realize expected benefits and synergies from, and manage other risks associated with, acquired businesses, including obtaining any required regulatory approvals with respect thereto, and our ability to develop, deploy, and use artificial intelligence in our platforms and offerings. We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions and the conditions of the specific markets in which we operate, including risks related to labor shortages and rising interest rates, changes in foreign exchange rates, risks related to changing U.S. and foreign trade policies, including increased trade restrictions or tariffs, risks associated with our international operations, cybersecurity and data privacy risks, including litigation resulting therefrom, risks related to political instability, armed hostilities, incidents of terrorism, public health crises (such as the COVID-19 pandemic) or natural disasters, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, including as a result of inflation and potential supply chain constraints, environmental compliance costs and liabilities, risks and cost associated with litigation, potential write-offs of our substantial intangible assets, and risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products. Important risks may be discussed in current and subsequent filings with the SEC. You should not place undue reliance on any forward- looking statements. These statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. We refer to certain non-GAAP financial measures in this presentation. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found within this presentation. Safe harbor statement 2
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Q4 results adjusted for the following items: 1. Amortization of acquisition-related intangible assets 2. Financial impacts associated with minority investment See appendix for reconciliations. Today’s conference call will discuss results primarily on an adjusted (non-GAAP) and continuing operations basis. Reg. G Disclosure 3
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Agenda Q4 & 2025 enterprise highlights & financial results 2025 segment detail & 2026 outlook 2026 enterprise guidance Q&A 4
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5 Results are presented on an adjusted (non-GAAP) and continuing operations basis. See appendix for reconciliations. Roper entering 2026 Solid execution in 2025 +12% revenue, +11% EBITDA, +8% free cash flow Enhanced capital deployment Deployed $3.3B toward high-quality acquisitions Repurchased 1.12M shares for $500M Positioned for continued long- term cash flow compounding Investing for long-term growth Strengthened organic growth foundation Significantly advanced AI capabilities
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Q4’24 Q4’25 Revenue $1,877 $2,059 +10%; +5% M&A contribution; +4% organic Gross profit $1,282 $1,430 Gross margin 68.3% 69.5% Core +110 bps EBITDA $744 $818 +10% EBITDA margin 39.6% 39.7% Core +60 bps Interest expense $71 $93 Tax rate 20.6% 20.1% Net earnings $520 $561 +8% DEPS $4.81 $5.21 +8% Diluted shares 108.1 107.8 Q4 income statement metrics 6In millions, except DEPS. Results are presented on an adjusted (non-GAAP) and continuing operations basis. See appendix for reconciliations.
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Q4 segment results $740 $852 $1,057 $1,159 Q4'22 Q4'23 Q4'24 Q4'25 Revenue +10% vs PY _____ +4% organic 7In $ millions. Results are presented on an adjusted (non-GAAP) and continuing operations basis. See appendix for reconciliations. Application Software $337 $368 $439 $489 Q4'22 Q4'23 Q4'24 Q4'25 EBITDA Margin 45.6% 43.2% 41.5% 42.2% $350 $363 $374 $426 Q4'22 Q4'23 Q4'24 Q4'25 Revenue +14% vs PY _____ +5% organic Network Software $189 $208 $215 $225 Q4'22 Q4'23 Q4'24 Q4'25 EBITDA 54.0% 57.2% 57.4% 52.8% $341 $399 $447 $474 Q4'22 Q4'23 Q4'24 Q4'25 Revenue +6% vs PY _____ +5% organic Technology Enabled Products $119 $134 $155 $165 Q4'22 Q4'23 Q4'24 Q4'25 EBITDA 34.9% 33.6% 34.8% 34.8% Core margin +80 bps Core margin (70) bps
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2025 financial highlights Free cash flow $1,490 $1,962 $2,282 $2,466 2022 2023 2024 2025 +18% 3-year CAGR 8In $ millions, except DEPS. Results are presented on an adjusted (non-GAAP) and continuing operations basis. See appendix for reconciliations. Solid year for Roper Revenue EBITDA Total revenue +12%; M&A contribution +7%; organic revenue +5% EBITDA +11%; EBITDA margin 39.8%; core EBITDA margin +30 bps DEPS +9% to $20.00 Free cash flow +8% to $2.47B; 31% free cash flow margin $5,372 $6,178 $7,039 $7,902 2022 2023 2024 2025 $2,170 $2,511 $2,832 $3,143 2022 2023 2024 2025 +14% 3-year CAGR +13% 3-year CAGR
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9 Strong financial position $6B+ annual capacity for capital deployment Well positioned for continued deployment Large pipeline of attractive acquisition opportunities $2.5B remaining under share repurchase authorization Repurchased 1.12M shares for $500M $445.90 average price per share Exited Q4’25 at 2.9x net debt-to-EBITDA $297M of cash; $850M drawn on $3.5B revolver
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Segment detail & outlook
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Application Software FY 2025 highlights $2,640 $3,187 $3,868 $4,483 2022 2023 2024 2025 Revenue $1,165 $1,392 $1,661 $1,905 2022 2023 2024 2025 EBITDA FY 2026 outlook MSD+ organic growth; stronger H2 including CentralReach becoming organic Margin 44.1% 43.7% 43.0% 42.5% 11 In $ millions. Results are presented on an adjusted (non-GAAP) and continuing operations basis. See appendix for reconciliations. Revenue +16%; M&A revenue contribution +10%; organic revenue +5% Outstanding year for Aderant; continued SaaS momentum & AI innovation Deltek growth driven by private sector market; GovCon market remains challenging Vertafore continued AI innovation & ARR growth across agency, MGA & carrier solutions PowerPlan strong retention, cross sell & upsell; continued adoption of SaaS solution Solid execution from Illumia; Procare underperformed; CentralReach off to a great start Core margin +80 bps
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Network Software $1,378 $1,439 $1,476 $1,601 2022 2023 2024 2025 $735 $795 $827 $865 2022 2023 2024 2025 Margin 53.3% 55.2% 56.1% 54.1% Revenue EBITDA 12 In $ millions. Results are presented on an adjusted (non-GAAP) and continuing operations basis. See appendix for reconciliations. FY 2025 highlights FY 2026 outlook Core margin (10) bps Revenue +8%; M&A revenue contribution +4%; organic revenue +4% DAT growth driven by continued ARPU expansion; recent bolt-on acquisitions off to a promising start Strong year for ConstructConnect; continued ARR growth & AI innovation Foundry returned to YoY ARR growth; market recovery continues Continued growth & solid execution from MHA, SoftWriters & SHP Subsplash off to a great start MSD+ organic growth; Subsplash organic in Q4
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Technology Enabled Products $1,354 $1,552 $1,695 $1,819 2022 2023 2024 2025 $479 $548 $596 $650 2022 2023 2024 2024 Margin 35.4% 35.3% 35.2% 35.7% Revenue EBITDA 13 In $ millions. Results are presented on an adjusted (non-GAAP) and continuing operations basis. See appendix for reconciliations. FY 2025 highlights FY 2026 outlook Revenue +7%; organic revenue +6% Fantastic NDI year; strong momentum for cardiac, neurology & orthopedic solutions Verathon growth driven by BFlex & GlideScope single-use offerings Neptune growth from continued demand for ultrasonic meters & cloud-based software solutions Strong growth & execution across CIVCO, FMI, Inovonics, IPA & rf IDEAS MSD organic growth; LSD in H1
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2026 enterprise guidance
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Establishing 2026 guidance 15 Guidance presented on an adjusted (non-GAAP) and continuing operations basis; excludes impact of unannounced future acquisitions or divestitures, as well as potential share repurchases. See appendix for reconciliations. FY 2026 Total revenue: ~8% Organic: +5 - 6% Adjusted DEPS: $21.30 - $21.55 Q1 2026 Adjusted DEPS: $4.95 - $5.00
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16 Results are presented on an adjusted (non-GAAP) and continuing operations basis. See appendix for reconciliations. Year-end summary Simple ideas. Powerful results. Solid execution in 2025 +12% revenue, +11% EBITDA, +8% free cash flow Enhanced capital deployment Deployed $3.3B toward high-quality acquisitions Repurchased 1.12M shares for $500M Investing for long-term growth Strengthened organic growth foundation Significantly advanced AI capabilities
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Market-leading businesses in defensible niches Decentralized operating environment Process-driven capital deployment 17
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Appendix
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Full year income statement metrics In millions, except DEPS. Results are presented on an adjusted (non-GAAP) and continuing operations basis. See subsequent slides for reconciliations. 19 2024 2025 Revenue $7,039 $7,902 +12%; +7% M&A contribution; +5% organic Gross profit $4,878 $5,472 Gross margin 69.3% 69.2% Core +60 bps EBITDA $2,832 $3,143 +11% EBITDA margin 40.2% 39.8% Core +30 bps Interest expense $259 $325 Tax rate 21.0% 20.9% Net earnings $1,978 $2,163 +9% DEPS $18.31 $20.00 +9% Diluted shares 108.0 108.2
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Disaggregated revenue reconciliation ($M) (from continuing operations) Q4 2025 Application Software Network Software Technology Enabled Products Roper Q4'24 Q4'25 Q4'24 Q4'25 Q4'24 Q4'25 Q4'24 Q4'25 Recurring 754$ 855$ 273$ 305$ 8$ 13$ 1,034$ 1,173$ Reoccurring 119 128 69 90 - - 188 218 Recurring + Reoccurring 873$ 983$ 342$ 395$ 8$ 13$ 1,222$ 1,391$ Non-recurring 184 175 32 31 - - 216 207 Total software revenue 1,057$ 1,159$ 374$ 426$ 8$ 13$ 1,438$ 1,598$ Total product revenue - - - - 439 461 439 461 Total revenue 1,057$ 1,159$ 374$ 426$ 447$ 474$ 1,877$ 2,059$ Software related Roper’s revenue composition – Q4 Note: Numbers may not foot due to rounding. 20 Disaggregated revenue - organic growth (from continuing operations) Q4 2025 Application Software Network Software Technology Enabled Products Roper Q4'24 Q4'25 Q4'24 Q4'25 Q4'24 Q4'25 Q4'24 Q4'25 Recurring 8% 6% 4% 5% 54% 26% 7% 6% Reoccurring 5% 4% 2% 7% - - 3% 5% Recurring + Reoccurring 8% 6% 4% 6% 54% 26% 7% 6% Non-recurring (2%) (8%) (3%) (3%) - - (2%) (8%) Organic software growth 6% 4% 3% 5% 43% 26% 5% 4% Organic product growth - - - - 12% 4% 12% 4% Total organic growth 6% 4% 3% 5% 12% 5% 7% 4% Software related
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Disaggregated revenue - organic growth (from continuing operations) FY 2025 Application Software Network Software Technology Enabled Products Roper FY'24 FY'25 FY'24 FY'25 FY'24 FY'25 FY'24 FY'25 Recurring 8% 7% 4% 4% 54% 35% 7% 6% Reoccurring 5% 6% 2% 5% - - 3% 5% Recurring + Reoccurring 8% 7% 4% 5% 54% 35% 7% 6% Non-recurring (2%) (1%) (3%) (1%) - - (2%) (1%) Organic software growth 6% 5% 3% 4% 43% 35% 5% 5% Organic product growth - - - - 12% 6% 12% 6% Total organic growth 6% 5% 3% 4% 12% 6% 7% 5% Software related Disaggregated revenue reconciliation ($M) (from continuing operations) FY 2025 Application Software Network Software Technology Enabled Products Roper FY'24 FY'25 FY'24 FY'25 FY'24 FY'25 FY'24 FY'25 Recurring 2,880$ 3,282$ 1,070$ 1,155$ 26$ 46$ 3,976$ 4,483$ Reoccurring 354 523 270 310 - - 624 833 Recurring + Reoccurring 3,234$ 3,805$ 1,340$ 1,465$ 26$ 46$ 4,600$ 5,316$ Non-recurring 634 678 135 136 - - 770 814 Total software revenue 3,868$ 4,483$ 1,476$ 1,601$ 26$ 46$ 5,370$ 6,130$ Total product revenue - - - - 1,669 1,773 1,669 1,773 Total revenue 3,868$ 4,483$ 1,476$ 1,601$ 1,695$ 1,819$ 7,039$ 7,902$ Software related Roper’s revenue composition – full year Note: Numbers may not foot due to rounding. 21
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Adjusted EBITDA reconciliation ($M) (from continuing operations) Q4 2024 Q4 2025 V% to '24 FY 2022 FY 2023 FY 2024 FY 2025 V% to '24 3-Year CAGR GAAP revenue 1,877$ 2,059$ 10% 5,372$ 6,178$ 7,039$ 7,902$ 12% 14% GAAP earnings before income taxes 591$ 535$ 1,282$ 1,743$ 1,967$ 1,936$ Interest expense 71 93 192 165 259 325 Depreciation 9 10 37 35 37 40 Amortization 202 220 613 720 776 858 EBITDA 873$ 858$ (2%) 2,124$ 2,663$ 3,039$ 3,159$ 4% 14% Purchase accounting adjustment to acquired commission expense - - (5) - - - Restructuring-related expenses associated with the Syntellis ('23) and Transact ('24) acquisitions - - - 9 9 - Transaction-related expenses for completed acquisitions 1 - 5 8 8 9 Financial impacts associated with minority investments (141) (40) A - (165) (235) (25) A Gain on sale of non-operating assets - - - (3) - - Legal settlement charges 11 - 45 - 11 - Adjusted EBITDA 744$ 818$ 10% 2,170$ 2,511$ 2,832$ 3,143$ 11% 13% Adjusted EBITDA margin 39.6% 39.7% +10 bps 40.4% 40.6% 40.2% 39.8% (40 bps) Adjusted cash flow reconciliation ($M) (from continuing operations) Q4 2024 Q4 2025 V% to '24 FY 2022 FY 2023 FY 2024 FY 2025 V% to '24 3-Year CAGR Operating cash flow 722$ 738$ 607$ 2,037$ 2,393$ 2,540$ Taxes paid in period related to divestitures - - 954 32 - 30 Adjusted operating cash flow from continuing operations 722$ 738$ 2% 1,560$ 2,070$ 2,393$ 2,570$ 7% 18% Capital expenditures (27) (10) (40) (68) (66) (47) Capitalized software expenditures (12) (14) (30) (40) (45) (57) Adjusted free cash flow 684$ 714$ 4% 1,490$ 1,962$ 2,282$ 2,466$ 8% 18% Reconciliations I 22Note: Numbers may not foot due to rounding.
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Segment reconciliation ($M) (from continuing operations) Application Software Network Software Technology Enabled Products Q4'22 Q4'23 Q4'24 Q4'25 Q4'22 Q4'23 Q4'24 Q4'25 Q4'22 Q4'23 Q4'24 Q4'25 GAAP revenue 740$ 852$ 1,057$ 1,159$ 350$ 363$ 374$ 426$ 341$ 399$ 447$ 474$ GAAP operating profit 203$ 220$ 273$ 309$ 149$ 167$ 174$ 182$ 111$ 127$ 150$ 159$ Purchase accounting adjustment to acquired commission expense (1) - - - - - - - - - - - Adjusted operating profit 201$ 220$ 273$ 309$ 149$ 167$ 174$ 182$ 111$ 127$ 150$ 159$ Amortization 130 144 160 175 39 38 38 41 6 5 3 4 Adjusted EBITA 332$ 363$ 433$ 484$ 187$ 206$ 213$ 223$ 117$ 132$ 153$ 163$ Depreciation 6 5 5 5 2 2 2 2 2 2 2 2 Adjusted EBITDA 337$ 368$ 439$ 489$ 189$ 208$ 215$ 225$ 119$ 134$ 155$ 165$ Adjusted EBITDA margin 45.6% 43.2% 41.5% 42.2% 54.0% 57.2% 57.4% 52.8% 34.9% 33.6% 34.8% 34.8% Revenue growth reconciliation (from continuing operations) Q4 2025 Application Software Network Software Technology Enabled Products Roper Organic 4% 5% 5% 4% Acquisitions/divestitures 6% 9% 1% 5% Foreign exchange - - - - Total revenue growth 10% 14% 6% 10% Reconciliations II 23Note: Numbers may not foot due to rounding.
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Segment reconciliation ($M) (from continuing operations) Application Software Network Software Technology Enabled Products FY'22 FY'23 FY'24 FY'25 FY'22 FY'23 FY'24 FY'25 FY'22 FY'23 FY'24 FY'25 GAAP revenue 2,640$ 3,187$ 3,868$ 4,483$ 1,378$ 1,439$ 1,476$ 1,601$ 1,354$ 1,552$ 1,695$ 1,819$ GAAP operating profit 714$ 821$ 1,023$ 1,203$ 571$ 632$ 666$ 696$ 449$ 519$ 574$ 627$ Purchase accounting adjustment to acquired commission expense (5) - - - - - - - - - - - Restructuring-related expenses associated with the Syntellis ('23) & Transact ('24) acquisitions - 9 9 - - - - - - - - - Adjusted operating profit 709$ 829$ 1,033$ 1,203$ 571$ 632$ 666$ 696$ 449$ 519$ 574$ 627$ Amortization 433 543 608 681 157 155 154 163 22 21 14 15 Adjusted EBITA 1,143$ 1,373$ 1,641$ 1,884$ 728$ 788$ 821$ 859$ 471$ 540$ 588$ 642$ Depreciation 22 20 21 22 7 7 7 7 8 8 8 8 Adjusted EBITDA 1,165$ 1,392$ 1,661$ 1,905$ 735$ 795$ 827$ 865$ 479$ 548$ 596$ 650$ Adjusted EBITDA margin 44.1% 43.7% 43.0% 42.5% 53.3% 55.2% 56.1% 54.1% 35.4% 35.3% 35.2% 35.7% Revenue growth reconciliation (from continuing operations) FY 2025 Application Software Network Software Technology Enabled Products Roper Organic 5% 4% 6% 5% Acquisitions/divestitures 10% 4% 1% 7% Foreign exchange - - - - Total revenue growth 16% 8% 7% 12% Reconciliations III 24Note: Numbers may not foot due to rounding.
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Gross magin reconciliation (from continuing operations) Roper Q4'24 gross margin 68.3% Core margin impact +110 bps Margin impact associated with businesses owned for less than 4 full quarters +10 bps Q4'25 gross margin 69.5% Roper FY'24 gross margin 69.3% Core margin impact +60 bps Leverage impact associated with businesses owned for less than 4 full quarters (70 bps) FY'25 gross margin 69.2% Reconciliations IV 25Note: Numbers may not foot due to rounding; operating leverage derived from adjusted EBITDA. Adjusted EBITDA margin reconciliation (from continuing operations) Application Network Software Software Roper Q4'24 adjusted EBITDA margin 41.5% 57.4% 39.6% Core margin impact +80 bps (70 bps) +60 bps Margin impact associated with businesses owned for less than 4 full quarters (10 bps) (390 bps) (50 bps) Q4'25 adjusted EBITDA margin 42.2% 52.8% 39.7% Application Network Software Software Roper FY'24 adjusted EBITDA margin 43.0% 56.1% 40.2% Core margin impact +80 bps (10 bps) +30 bps Margin impact associated with businesses owned for less than 4 full quarters (130 bps) (190 bps) (70 bps) FY'25 adjusted EBITDA margin 42.5% 54.1% 39.8%
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Forecasted adjusted DEPS reconciliation (from continuing operations) Q1 2026 FY 2026 Low end High end Low end High end GAAP DEPS D 3.42$ 3.47$ 15.20$ 15.45$ Financial impacts associated with the minority investment in Indicor A TBD TBD TBD TBD Amortization of acquisition-related intangible assets B 1.53 1.53 6.10 6.10 Adjusted DEPS C 4.95$ 5.00$ 21.30$ 21.55$ Adjusted DEPS reconciliation (from continuing operations) Q4 2024 Q4 2025 V % FY 2024 FY 2025 V % GAAP DEPS 4.28$ 3.97$ (7%) 14.35$ 14.20$ (1%) Restructuring-related expenses associated with the Transact acquisition - - 0.07 - Transaction-related expenses for completed acquisitions 0.01 - 0.06 0.06 Financial impacts associated with minority investments (0.97) (0.30) A (1.68) (0.22) A Legal settlement charges 0.08 - 0.08 - Amortization of acquisition-related intangible assets 1.41 1.53 B 5.45 5.95 B Adjusted DEPS C 4.81$ 5.21$ 8% 18.31$ 20.00$ 9% Adjusted net earnings reconciliation ($M) (from continuing operations) Q4 2024 Q4 2025 V % FY 2024 FY 2025 V % GAAP net earnings 462$ 428$ (7%) 1,549$ 1,536$ (1%) Restructuring-related expenses associated with the Transact acquisition - - 7 - Transaction-related expenses for completed acquisitions 1 - 6 7 Financial impacts associated with minority investments (105) (32) A (182) (24) A Legal settlement charges 9 - 9 - Amortization of acquisition-related intangible assets 153 165 B 588 644 B Adjusted net earnings C 520$ 561$ 8% 1,978$ 2,163$ 9% Reconciliations V 26Note: Numbers may not foot due to rounding.
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A. Adjustments related to the financial impacts associated with the minority investment in Indicor as shown below ($M, except per share data). Forecasted results do not include any potential impacts associated with our minority investment in Indicor, as these potential impacts cannot be reasonably predicted. These impacts will be excluded from all non-GAAP results in future periods. Q4 2025A FY 2025A Q1 2026E FY 2026E Pretax (40)$ (25)$ TBD TBD After-tax (32)$ (24)$ TBD TBD Per share (0.30)$ (0.22)$ TBD TBD B. Actual results and forecast of estimated amortization of acquisition-related intangible assets as shown below ($M, except per share data). Q4 2025A FY 2025A Q1 2026E FY 2026E Pretax 208$ 815$ 208$ 833$ After-tax 165$ 644$ 164$ 658$ Per share 1.53$ 5.95$ 1.53$ 6.10$ C. All actual and forecasted non-GAAP adjustments are taxed at 21% with the exception of the financial impacts associated with minority investments. D. Forecasted GAAP DEPS do not include any potential impacts associated with our minority investment in Indicor. These impacts will be excluded from all non-GAAP results in future periods. Footnotes Note: Numbers may not foot due to rounding. 27