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PROPRIETARY & CONFIDENTIAL©XBP GLOBAL 2025 ©XBP GLOBAL 2025 Third Quarter 2025 Financial Results November 14, 2025 Andrej Jonovic, Chief Executive Officer Dejan Avramovic, Chief Financial Officer 1
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PROPRIETARY & CONFIDENTIAL©XBP GLOBAL 2025 Safe Harbor Statements About Pro Forma Financial Information This presentation includes certain pro forma financial information, which is presented for informational purposes only and is not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Pro forma results are presented on an unaudited basis as if the acquisition of Exela BPA (as defined herein) had been consummated on January 1, 2024, regardless of the actual closing date. For financial reporting purposes, Exela BPA is treated as the accounting acquirer, and results exclude XBP Europe (as defined herein) until July 29, 2025. As a result, reported results for periods prior to July 29, 2025 are not comparable to previous earnings results of XBP Europe. Pro forma financial information is intended to provide investors with a clearer understanding of the underlying performance and trends of the combined business by illustrating the impact of the acquisition on historical results. These results are designed to facilitate period-to-period comparisons and enhance transparency into ongoing operations. Pro forma information is based on certain assumptions and adjustments, including the elimination of intercompany transactions, acquisition-related costs, and the alignment of accounting policies, as described in the accompanying tables and footnotes. This information is unaudited and does not purport to represent what actual results would have been had the acquisition occurred at the dates indicated, nor does it project future results. Pro forma financial information should be read in conjunction with historical financial statements, related notes, and the pro forma adjustments and explanatory notes included in this presentation. About Non-GAAP Financial Measures This presentation also includes certain non-GAAP financial measures, including EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, and Net Debt, which are not prepared in accordance with GAAP. These measures provide investors with additional insight into financial performance, results of operations, and liquidity, and help facilitate comparisons of underlying business trends across periods. Management uses these measures to evaluate performance consistently by excluding the effects of capital structure (such as varying debt levels, interest expense, and transaction costs from acquisitions). Adjusted EBITDA also excludes integration and restructuring expenses and other non-routine items, some of which are outside management’s control. Restructuring expenses are primarily related to strategic actions and initiatives associated with rightsizing the business. Net Debt is total debt minus cash and cash equivalents. These costs are variable, dependent on the nature and timing of the actions implemented, and can vary significantly based on business needs. Due to this variability, management excludes these charges as they do not believe such costs reflect past, current, or future operating performance. Non-GAAP financial measures should not be considered in isolation or as alternatives to liquidity or financial measures determined in accordance with GAAP. A limitation of these measures is that they exclude significant expenses and income required by GAAP to be recorded in the financial statements. In addition, the determination of which items to exclude or include involves management judgment, and these measures may not be comparable to similarly titled measures reported by other companies. These measures are not required to be uniformly applied, are unaudited, and should not be considered in isolation or as substitutes for results prepared in accordance with GAAP, and their presentation may not be comparable to similar measures used by other companies. Net loss is the GAAP measure most directly comparable to the non-GAAP measures presented here. For a reconciliation of the comparable GAAP measures to these non-GAAP financial measures, see the schedules attached to this presentation. Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. These statements include financial forecasts, projections, and other statements about future operations, financial position, business strategy, market opportunities, and trends. Forward-looking statements can often be identified by terms such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast,” or similar expressions. All forward-looking statements are based on estimates, forecasts, and assumptions that are inherently uncertain and subject to risks and factors that could cause actual results to differ materially. These include, but are not limited to: (1) risks related to the acquisition, including the inability to realize anticipated benefits, disruptions to operations, and costs associated with the acquisition; (2) legal proceedings; (3) failure to regain or maintain compliance with Nasdaq listing standards; (4) competition and market conditions; (5) economic, geopolitical, and regulatory changes; (6) challenges in retaining clients, employees, and suppliers; and (7) other risks detailed in the Company’s filings with the SEC, including the “Risk Factors” section of its Annual Report on Form 10-K for 2025, filed on March 19, 2025, and the proxy statement for the 2025 annual meeting. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date made. XBP Global undertakes no obligation to update these statements, except as required by law. There is no assurance that XBP Global or its subsidiaries will achieve the results projected in these statements. Rounding: Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages m ay not precisely reflect absolute figures. Supplemental Information: These slides are not intended to be a stand-alone presentation but should be read together with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and the related notes thereto included in our public filings. 2
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PROPRIETARY & CONFIDENTIAL©XBP GLOBAL 2025 ©XBP GLOBAL 2025 Meet the New XBP Global On July 29, 2025, XBP Europe Holdings, Inc. (“XBP Europe”) finalized its acquisition of Exela Technologies BPA, LLC (“BPA”). The combined entity operates under the new name XBP Global Holdings, Inc. (“XBP Global”), reflecting our expanded global footprint and enhanced capabilities. The transaction enhanced corporate governance, supported by an expanded slate of new directors and new institutional shareholders. We now look ahead and focus on our mission to grow with purpose. We engineer mission-critical systems that enable hyper-automation through domain expertise, adaptive AI, and measurable outcomes. XBP Europe and Exela Technologies BPA unite to launch a transformative new beginning Pro Forma Revenue1 $916.4M Pro Forma Adjusted EBITDA1,2 $103.6M 1. Results are presented on a trailing 12 month basis and reflect the combined pro forma operations of Exela BPA and XBP Europe as if the transaction closed on January 1, 2024. Reported results exclude XBP Europe until July 29, 2025 and treat BPA as the accounting acquirer. Thus, reported results are not comparable to previous earnings results of XBP Europe Holdings, Inc. 2. Pro Forma Adjusted EBITDA is a non-GAAP measure. Refer to Slides 20-22 of this presentation for non-GAAP reconciliations to the most comparable GAAP metrics. 3. Defined as Net Debt to Trailing Twelve Month Pro Forma Adjusted EBITDA. Leverage Ratio3 3.37x + = Pro Forma Adjusted EBITDA Margin1,2 11.3% 3
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PROPRIETARY & CONFIDENTIAL©XBP GLOBAL 2025 ©XBP GLOBAL 2025 A Global Presence With a Local Focus 30+ Years long journey from automation to hyper-automation 2500+ Global clients across industries and public and private sectors 60+ Percent of the Fortune® 100 served over time ~11K Employees 20 Countries with Physical Presence ©XBP GLOBAL 2025 4
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©XBP GLOBAL 2025 ©XBP GLOBAL 2025 Our Flagship Solutions • High-volume Marketing Communications Services • AI infused Digital Commerce Platform • End-to-end Marketing Fulfillment Platform • Strategic Sourcing and Logistics Omnichannel Marketing Communications • Public Sector Financial & Information Management Solutions • AI-Powered Intelligent Document Processing (IDP) Platform for Seamless Citizen Workflows • Modernizing Workflows and Legacy Systems through AI-Led Automation Public Sector AI-Enabled Payer Solutions • Member Management • Network Management • Claims Adjudication • Fraud & Abuse Prevention AI-Enabled Provider Solutions • Patient Access • Autonomous Coding & Medical Billing • Claims & Denial Management • A/R Follow-ups Healthcare Solutions for Payers and Providers • AI-Powered Intelligent Document Processing (IDP) • Enterprise Information Management • Enterprise Content & Digital Asset Management • Information Governance & Lifecycle Management • Finance and Accounting Transformation • Smart Workplace Ops for Digital Mailrooms and Workplace Experience Enterprise Solutions • AI-Driven Payment Processing (IDP Enabled) • Liquidity Solutions connecting Lenders, Banks and Organizations • Automated Commercial Lockbox for streamlining payments • Check Clearing and Digitization • Seamless ERP & Treasury Data Integration to Boost Efficiency and Increase Accuracy • Exchange for Billers & Payers (XBP) Bills & Payments • Infusing Agentic AI across multiple workflows and systems • Next-Gen AI-Powered Infrastructure and Security Platform • Omni-Channel Customer Experience Management Center Emerging Growth 5©XBP GLOBAL 2025
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PROPRIETARY & CONFIDENTIAL©XBP GLOBAL 2025 A Key Part of the Critical Infrastructure in the United States Nuclear Reactors, Materials & Waste Defense Industrial Base Mailroom & Facilities Mgmt. Medical Records & RCM Check Clearing & Loan Origination Claims Processing & RCM Data Management & Tax Processing Top 5 Telecoms: 400M Subscribers $600Bn annual bills Hundreds of Facilities Managed Majority of Top 10 US Banks served200+ Hospitals & Healthcare Providers Over 5 PB of Data Stored Over 200M Insured + 20M Veterans IRS and State Departments of Revenue DOJ; DOI; DHS; FBI; VA; House of Reps Utility Bills & Payments 40+ Utilities Communications Chemical Critical Manufacturing Commercial Facilities Dams Healthcare & Public Health Information Technology Food & Agriculture Energy Emergency Services Government Facilities Financial Water Transportations Systems Master Data Management Mailroom, Billing & Legal Claims XBP Global orchestrates mission-critical systems that enable hyper-automation and is deemed an essential service provider Our presence 6
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PROPRIETARY & CONFIDENTIAL©XBP GLOBAL 2025 XBP Annual Statistics Overview - Metrics highlighting our Scale Automation in Healthcare Bills & Payments Legal Administration $61.9+ BILLION CLAIMS DENIAL ERRONEOUS ANNUAL BILLED CLAIMS VALUE IDENTIFIED UPFRONT 440+ MILLION PATIENT TOUCHPOINT ENGAGEMENTS SUPPORTED ANNUALLY AS IMAGES & MAIL PIECES $258+ BILLION NET PATIENT REVENUE (NPR) MANAGED WORTH OF CLAIMS SUPPORTED ANNUALLY 37+ MILLION CLAIMS PROCESSED ANNUALLY 700 MILLION+ PAYMENTS PROCESSED ANNUALLY 17,000 ACTIVE LOCKBOXES 460+ MILLION PIECES OF MAIL PROCESSED ANNUALLY 326+ ACTIVE LEGAL CASES IN 2024 1.7+ BILLION IMAGES PROCESSED ANNUALLY E-PAYMENTS DONE ANNUALLY 700,000+ ORDERS AUTOMATED THROUGH ICS DIGITAL WORKFLOWS PLATFORMS Americas Europe 58 146 41 BANKS FINANCIAL INSTITUTIONS GOVERNMENT CLIENTS 1+ MILLION $2 BILLION FUNDS DISBURSED ANNUALLY PROVIDERS MANAGED Our proprietary platforms, agentic AI-driven automation, and deep domain expertise across industries and the public and private sectors enable our clients to trust us with their most impactful workflows 8+ MILLION CHARTS CODED AND AUDITED ANNUALLY ~95-100% UK AND IRELAND CHECK PAYMENTS, NORWAY & SWEDEN BANK GIRO TRANSACTIONS ~800 MILLION PAYMENT TRANSACTIONS PROCESSED ANNUALLY Integrated Communication Solutions 3.2+ MILLION 46 28 27 7
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©XBP GLOBAL 2025 Endorsed by Top Analyst Firms Forrester - Task-Centric Automation Software Landscape, 2024 Leader | Everest - Intelligent Automation in HealthCare, 2022 Star Performer | Everest - Intelligent Process Automation (IPA) Solutions, 2024 NelsonHall - Healthcare RCM NEAT Report 2025 Leader | Everest - Medical Coding Operations, 2022 Major Contender | Everest - Revenue Cycle Management (RCM) Operations, 2024 Major Player | IDC- U.S. RCM Service Solutions, 2023 Product Challenger | ISG - Digital HealthCare Services Provider, 2024 Leader HC PAYER NelsonHall - Healthcare Payer Operational Transformation, 2024 Major Contender | Everest - Healthcare Payer Operations, 2023 Product Challenger | ISG - Digital HealthCare Services Payer, 2024 Challenger | Avasant- HealthCare Payor Digital Services, 2024 IDC - Worldwide Finance & Accounting BPS, 2023 Niche Player | Gartner - Finance & Accounting Business Process Outsourcing, 2024 Emerging Player | The Hackett Group - Hackett’s FAO Value Matrix, 2023 Major Contender | Everest - Finance and Accounting Outsourcing (FAO), 2024 Market Challenger | ISG - Finance and Accounting Outsourcing Services, 2024 Major Player FINANCE & ACCOUNTING Strong Performer INTELLIGENT AUTOMATION Leader HC PROVIDER Strategic Insights in Revenue Cycle Management NEAT Intelligent Automation in HealthCare Medical Coding Operations Revenue Cycle Management Task-Centric Automation Software Landscape Talent Acquisition Business Process Transformation Recruitment Process Outsourcing (RPO) Services Financial Crime and Compliance (FCC) Operations Services Acknowledged by leading analyst firms for delivering high-performance solutions across diverse industries 8
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©XBP GLOBAL 2025 Major Contender - FCC OTHERS Leader - RCM NEAT Major Contender - RCM Peak Disruptor - RCM Radarview Major Player - RCM MarketScape Aspirant - Marketing Svcs. Top AI Use Cases - APIA Star Performer - IPA Market Challenger - Intelligent Automation Aspirant - Payment Integrity Disruptor - Payer BPT Contender - RPO Major Contender - FAO Aspirant - P2P Product Disruptor - FAO BPT FAO Services Market Challenger - Invoice to Pay Market Challenger - O2C Aspirant - RPO Key Results 2025 Challenger - Healthcare Payor Digital Services 2025 Disruptor - Talent Acquisition BILLS & PAYMENTSHEALTHCARE PROVIDERINTELLIGENT AUTOMATION HEALTHCARE PAYER FINANCE & ACCOUNTING Ongoing analyst interactions with increased focus on intelligent automation assessments 9
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PROPRIETARY & CONFIDENTIAL©XBP GLOBAL 2025 ©XBP GLOBAL 2025 3Q 2025 Pro Forma Financial & Operating Results 10
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PROPRIETARY & CONFIDENTIAL©XBP GLOBAL 2025 ©XBP GLOBAL 2025©XBP GLOBAL 2025 3Q 2025 Pro Forma Highlights1 • XBP Europe Holdings Inc. (“XBP Europe”) finalized its acquisition of Exela Technologies BPA, LLC (“BPA”) and renamed to XBP Global Holdings, Inc. • Issued approximately 81.8M shares for an equity valuation of the combined company of $585.7M, or $4.98/share. • Achieved Gross Margin expansion of 190 bps YoY and Adjusted EBITDA margin expansion of 260 bps YoY, driven by higher reliance on automation and better operational leverage 1. Unless otherwise noted, financial results are presented on a pro forma basis to reflect the combined operations of Exela BPA and XBP Europe as if the transaction closed on January 1, 2024. Reported results exclude XBP Europe until July 29, 2025 and treat Exela BPA as the accounting acquirer. Thus, reported results are not comparable to previous earnings results of XBP Europe. A reconciliation of pro forma results to GAAP reported results is included with this presentation. 2. Adjusted EBITDA is a non-GAAP measure. Please refer to the non-GAAP reconciliations in this presentation. Revenue1 $220.4M 18.1% YoY Gross Margin1 21.9% +190 bps YoY Adjusted EBITDA Margin2 11.2% +260 bps YoY Adjusted EBITDA2 $24.7M +7.4% YoY 11
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PROPRIETARY & CONFIDENTIAL©XBP GLOBAL 2025 Applied Workflow Automation: · Revenue decline of 18.9% YoY (-8.0% excluding a one-time notification project in 3Q24); Revenue decline of 0.7% QoQ · Gross Margin of 17.3%, a 160 bps increase YoY and 60 bps increase QoQ 3Q 2025 Pro Forma Revenue Breakdown Applied Workflow Automation: · Bills & Payments · Data Capture, Analysis and Transformation · Healthcare Solutions · On-Site Enterprise Solutions · Integrated Communication Solutions · Enterprise Legal Management Technology: · Software licenses and maintenance · Professional services · Hardware solutions and maintenance Technology: · Revenue decline of 10.2% YoY, 3.6% QoQ · Gross Margin of 64.3%, a 60 bps increase YoY and 690 bps increase QoQ Reportable Segment Trends Segments ($ in Millions) 12
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PROPRIETARY & CONFIDENTIAL©XBP GLOBAL 2025 Quarterly Financial Performance 1. Adjusted EBITDA is a Non-GAAP financial metric. Please reference non-GAAP reconciliations for applicable reconciliations to GAAP measures · Outside of a one-time project in 3Q 24 totaling $36.5m, revenue now stabilizing while gross margin is expected to improve as a result of ongoing automation efforts. · Pro Forma Adjusted EBITDA growth driven by higher reliance on automation and better operational leverage. 13 Pro Forma Revenue and Gross Margin (Revenue in $ Millions) Pro Forma Adjusted EBITDA1 (in $ Millions)
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PROPRIETARY & CONFIDENTIAL©XBP GLOBAL 2025 Automation Trends led by Expanding AI Enablement · Our headcount fluctuates in part due to revenue changes; however, as a result of the underlying AI automation uplift, we are seeing a reduced need for employee backfills. · Objective is to continue to onboard new clients and migrate existing ones to AI-powered workflows. · The broader peer group comps average is $57.5k of revenue per employee whereas XBP is at $83k. Driving Superior Labor Efficiency Through Automation 14 Revenue per Employee vs Peers (TTM) (in $ thousands) Headcount Trends
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©XBP GLOBAL 2025 Client Metrics (in $ Millions) Low concentration of clients across industries and a balanced distribution with top 50 clients accounting for 59% of revenue 15 BFSI (Banking, Financial Services & Insurance) HealthcareBusiness Services Public Sector TMT Other Number of Active Clients 2,680 Regions Client Concentration (as % of TTM Revenue) Number of Clients by Size (as % of TTM Revenue) Top 3 17% Top 5 25% Top 10 34% Top 20 43% Top 50 59% Europe $37.8M Americas $182M >$20M 6 $10M-$20M 6 $5M-$10M 19 $1M-$5M 117 <$1M 2,532
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PROPRIETARY & CONFIDENTIAL©XBP GLOBAL 2025 ©XBP GLOBAL 2025 By the Numbers Renewal Conversion Rate - increased 9% YoY ~150 XBP Global benefits from a diversified client base, with no individual client accounting for more than 7.5% of total revenue and a stability of revenue through high renewal rates and long average tenure among largest clients Investing into an expanding sales force to add to our pipeline momentum 92% New Clients Added in Q3Clients with TTM revenue of >$1M 83% Driving stickiness through AI-enabled workflows and deep knowledge of clients, thereby enabling hyper-automation 42 Recent client wins include public sector in the US and Europe, insurance carriers and oil and gas clients. ©XBP GLOBAL 2025 15 Years average tenure of top 25 clients globally Increased focus on strategic partnerships and re- engagement with BPA clients to win back revenue lost prior to its restructuring 16
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PROPRIETARY & CONFIDENTIAL©XBP GLOBAL 2025 ©XBP GLOBAL 2025 Q&A 17
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PROPRIETARY & CONFIDENTIAL©XBP GLOBAL 2025 ©XBP GLOBAL 2025 APPENDIX 18
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PROPRIETARY & CONFIDENTIAL©XBP GLOBAL 2025 Glossary - ACV: Annual Contract Value - Bank Giro: An electronic payment system used for transferring money directly between bank accounts, particularly in Europe - BFSI: Banking, Financial Services, and Insurance - IDP: Intelligent Document Processing, an AI-powered solution that leverages neural networks to automate key operational processes, handle complex document extraction and validation, and significantly reduce labor dependency for a lean, scalable operation with reported automation of complex data formats exceeding 70%. - Lockbox: A platform that consolidates paper and electronic payments, automates reconciliation, and delivers real-time cash flow insights - PCH Health: A unified portal that connects providers, payers, and members for claims management, correspondence, and payments - RCM: Revenue Cycle Management - TCV: Total Contract value - TMT: Technology, Media, and Telecommunications - TTM: Trailing Twelve Months 19
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PROPRIETARY & CONFIDENTIAL©XBP GLOBAL 2025 Non-GAAP Financial Metrics and Reconciliations In addition to its reported operating results in accordance with U.S. generally accepted accounting principles (GAAP), XBP Global has included in this presentation certain financial measures that are considered non-GAAP financial measures, including Adjusted EBITDA and Adjusted EBITDA margin along with pro forma revenue and pro forma gross profit. These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles, should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. Accordingly, the financial results calculated in accordance with GAAP and reconciliations from those financial statements should be carefully evaluated. XBP believes that providing these non-GAAP financial measures may help investors better understand XBP’s underlying financial performance. Management also believes that these non-GAAP financial measures, when read in conjunction with XBP’s reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company’s results and comparisons of the Company’s results with the results of other companies. Management believes providing investors with an operating view consistent with how we manage the Company provides enhanced transparency into our operating results. For our internal management reporting and budgeting purposes, we use various GAAP and non-GAAP financial measures for financial and operational decision-making, to evaluate period-to-period comparisons and for making comparisons of our operating results to those of our competitors. Accordingly, we believe that the presentation ofour non-GAAP measures, which exclude certain costs, when read in conjunction with our reported GAAP results, can provide useful supplemental information to our management and investors regarding financial and business trends relating to our financial condition and results of operations. A limitation of using non-GAAP financial measures versus financial measures calculated in accordance with GAAP is that non-GAAP financial measures do not reflect all of the amounts associated with our operating results as determined in accordance with GAAP and may exclude costs that are recurring such as our net non-operating foreign currency exchange gains or losses. In addition, other companies may calculate non-GAAP financial measures differently than us, thereby limiting the usefulness of these non-GAAP financial measures as a comparative tool. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from our non-GAAP financial measures to allow investors to evaluate such non-GAAP financial measures. 20
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PROPRIETARY & CONFIDENTIAL©XBP GLOBAL 2025 Reconciliation of Net Income to Pro Forma Adjusted EBITDA 21
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PROPRIETARY & CONFIDENTIAL©XBP GLOBAL 2025 Reconciliation of Revenue and Gross Profit As Reported to Combined Pro Forma Revenue and Gross Profit 22
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PROPRIETARY & CONFIDENTIAL©XBP GLOBAL 2025 Footnotes to Non-GAAP Reconciliation (1) Represents one-time costs associated with restructuring, including legal and lease termination costs (2) Represents a loss/(gain) recognized on the disposal of property, plant, and equipment and other assets (3) Represents the annualized run-rate cost savings from optimization and restructuring initiatives implemented during the period. These adjustments reflect the impact as if such cost savings had been realized for the entire period presented. (4) Represents loss related to discontinued operations (5) Represents non-cash charges related to stock-based compensation 23
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PROPRIETARY & CONFIDENTIAL©XBP GLOBAL 2025 Thank You