74software · EURONEXT:74SW

74software — H1 2026 Earnings Presentation

42 slides from 74software's earnings presentation, Jul 23, 2026

  1. Slide 1: 2026 Half-Year Results

    2026​ Half-Year​Results Analyst & Investor Conference July 23, 2026 | Paris, France

  2. Slide 2: Disclaimer

    Disclaimer FORWARD-LOOKING STATEMENTS This presentation contains forecasts that may be subject to various risks and uncertainties concerning the Company’s future growth and profitability. The Company highlights that contract signatures, which represent investments for customers, are historically mor

  3. Slide 3: Agenda

    Agenda 01 02 03 04 H1 Highlights Axway & SBS H1 2026 Outlook, Closing & Strategic Progress Operational Execution Financial Results Remarks & Q&A Patrick Donovan Eric Bierry Tobias Unger Chief​Executive​Officer Deputy​Chief​Executive​Officer Chief​Financial​Officer

  4. Slide 4: H1 Highlights & Strategic Progress

    01 H1 Highlights & Strategic Progress Patrick Donovan Chief​Executive​Officer

  5. Slide 5: H1 2026 at a glance

    H1 2026 at a glance FY 2026 + 8. 6% 15. 2% GUIDANCE ORGANIC REVENUE GROWTH Broad-based momentum across both brands MARGIN ON OPERATING ACTIVITIES Strong operating leverage, with margin up 3.2 pts from 12.0% in H1 2025 RAISED A strong first half combining growth, greater visibility, operating leverag

  6. Slide 6: Structural trends reinforce 74Software's relevance

    Structural​trends​reinforce​74Software’s​relevance AI INDUSTRIALIZATION SECURE AND ORCHESTRATE CRITICAL DATA FLOWS ARCHITECTURE APPLY POLICY, CONTROL AND COMPLEXITY OBSERVABILITY ACROSS COMPLEX ENVIRONMENTS SUPPORT REGULATED BANKING REGULATED AND HIGH-AVAILABILITY MODERNIZATION CRITICAL WORKFLOWS 6

  7. Slide 7: Two complementary brands, one investment case

    Two complementary brands, one investment case Distinct market positions, shared foundations for durable value creation. THE TRUSTED INTEGRATION AND CONTROL LAYER THE TRUSTED EXECUTION LAYER FOR BANKING • Securing and orchestrating critical data flows • Running mission-critical banking and financing

  8. Slide 8: Operating model built for scale and accountability

    Operating model built for scale and accountability Centralized discipline where scale matters, full brand accountability where customer proximity matters. Future brand(s) • Product strategy and roadmap • Product strategy and roadmap • Product strategy and roadmap • Go-to-market and customer relation

  9. Slide 9: Axway & SBS Operational Execution

    02 Axway & SBS Operational Execution Eric Bierry Deputy​Chief​Executive​Officer

  10. Slide 10: Strong execution across Axway's core integration franchises

    Strong​execution​across​Axway’s​core​integration​franchises €174.6m Amplify Fusion Revenue API Multi-pattern integration platform +11.7% organic growth MANAGEMENT €157.2m MANAGED AI Gateway Product Revenue FILE TRANSFER Secure control of model and agent connectivity +13.0% organic growth €288.7m B2B

  11. Slide 11: SBS delivered solid growth across banking modernization activities

    SBS delivered solid growth across banking modernization activities €193.3m INTEGRATED PRODUCTS Digital Revenue Banking Suite +5.9% organic growth €147.8m FINANCING PRODUCTS SBS Product Revenue AI Foundation +8.5% organic growth MODULAR PRODUCTS €252.8m BANKING COMPONENTS AI -enriched ARR Solutions +

  12. Slide 12: Broad-based ARR growth reinforces revenue visibility

    Broad-based​ARR​growth​reinforces​revenue​visibility A growing and diversified recurring base across both brands €288.7m €252.8m 310 +11.2% at constant FX 16.0% 310 +8.9% at constant FX 16.0% 289 14.0% 14.0% 290 290 APIM +18.9% 278 278 MFT +13.5% Modular Products +13.7% 267 12.0% 12.0% 270 260 270 F

  13. Slide 13: Product momentum supported by disciplined execution

    Product momentum supported by disciplined execution ▪ Strong MFT, B2B and APIM renewals and ▪ 48 Fusion wins year-to-date expansion ▪ Broader multi-pattern adoption EXPANDING SCALING ▪ Momentum in large regulated organizations CORE NEWER FRANCHISES PLATFORMS ▪ 3 new DBS signatures in H1 ▪ 11 Amplitu

  14. Slide 14: Turning AI into Customer Value and Execution Benefits

    Turning​AI​into​Customer​Value​and​ AI-AUGMENTED BANKING SOFTWARE Execution​Benefits Domain intelligence & Regulated execution SBS AI Foundation A pragmatic AI strategy focused on customer value, product differentiation and execution efficiency. INTERNAL AI Governed erational Scale Knowledge ivity,

  15. Slide 15: H1 2026 Financial Results

    03 H1 2026 Financial Results Tobias Unger Chief​Financial​Officer

  16. Slide 16: H1 2026 – Key Financial Figures

    H1 2026 – Key Financial Figures Strong growth translated into higher profitability and earnings € 367m Revenue 86 + . % Organic Growth 15.2% Margin on Operating Activities ▪ +6.7% reported growth ▪ Axway: +11.7% ▪ €55.7m, up 34.8% ▪ €6.2m FX headwind ▪ SBS: +5.9% ▪ Margin increased by 3.2 pts 8. 9%

  17. Slide 17: H1 2026 – Income Statement

    H1​2026​– Income​Statement Significantly Improved Profitability – Strong Operating Leverage H1 2025 H1 2026 Change Reported €m % of Rev. €m % of Rev. €m % TOTAL REVENUE 367.0 344.0 23.0 +6.7% Total costs of revenue -120.2 -115.9 -4.3 GROSS PROFIT 246.8 67.2% 228.1 66.3% 18.7 +8.2% Operating expenses

  18. Slide 18: H1 2026 – Change in Revenue

    H1​2026​– Change​in​Revenue Both brands contributed to strong organic growth despite FX headwinds 400 +11.7% +5.9% +8.6% 380 +10.9 0.0 367.0 360 +18.3 344.0 340 -6.2 Revenue in €m 320 300 280 260 240 220 200 H1 2025 FX impact Growth Growth Consolidation H1 2026 Reported Axway SBS 18

  19. Slide 19: H1 2026 – Change in Revenue

    H1​2026​– Change​in​Revenue Growth driven by strong subscription expansion -14.1% +30.0% +13.5% +20.6% -0.8% +8.6% 400 380 +9.1 +4.5 367.0 360 +28.8 -0.5 344.0 340 -6.2 Revenue in €m 320 -12.6 300 280 260 240 220 200 FX impact Customer Managed H1 2026 Subscriptions Licenses H1 2025 Own Managed Repor

  20. Slide 20: H1 2026 – Revenue Breakdown by Type

    H1​2026​– Revenue​Breakdown​by​Type Revenue mix continues to shift toward recurring software Product revenue at 83% of H1 2026 total revenue (vs. 81% in H1 2025) Maintenance & Support Customer-managed Subscriptions Own-managed Subscriptions Licenses Services 21% (vs. 27%) 34% (vs. 28%) 21% (vs. 20%)

  21. Slide 21: H1 2026 – Margin on Operating Activities

    H1​2026​– Margin​on​Operating​Activities Strong operating leverage driving margin expansion H1 26 % of Rev.* 77.7% 16.6% 67.2% 24.7%** 17.4% 25.2% 10.0% 15.2% H1 25 % of Rev. 77.8% 15.9% 66.3% 27.1% 18.3% 20.9% 8.9% 12.0% 250 10 247 236 200 in €m 150 -91 100 93 -64 56 50 -37 0 Product Services Gross

  22. Slide 22: H1 2026 – Brand Contribution

    H1​2026​– Brand​Contribution Strong operating leverage at Axway – Continued profitability progress at SBS 84.7% 11.9% 77.4% 17.1% 24.7% 35.6% 69.9% 18.4% 57.7% 31.4% 10.7% 15.7% of Rev. of Rev. of Rev. of Rev. of Rev. of Rev. of Rev. of Rev. of Rev. of Rev * of Rev. of Rev. 83.2% in 7.0% in 74.9% in

  23. Slide 23: H1 2026 – Cash Flow Statement

    H1​2026​– Cash​Flow​Statement Increase in NWC requirement partly offset by other operating improvements C h H1 2026 H1 2025 Change in €m Axway Operating cash flow 25.1 53.9 - 28.7 o/w change in NWC -10.0 25.6 - 35.7 o/w other operating cash flow 35.2 28.2 + 7.0 SBS Operating cash flow 28.8 35.8 - 7.

  24. Slide 24: H1 2026 – Unlevered Free Cash Flow Bridge

    H1​2026​– Unlevered​Free​Cash​Flow​Bridge 90 80 76 Operating cash flow before NWC 70 Axway: +€7.0m | SBS: +€20.2m 60 -19 50 in €m 27 40 33 30 -8 20 10 -44 0 H1 2025 Year-on-year Other NWC Improvement in Other UFCF H1 2026 Unlevered FCF factoring effect movements operating cash flow before NWC adjust

  25. Slide 25: H1 2026 – Cash Generation and Balance Sheet Evolution

    H1​2026​– Cash​Generation​and​Balance​Sheet​Evolution Net​debt​reduced​to​€181​million​– leverage ratio improved to 1.39x 60 54 50 -4 40 -9 -6 in €m 30 20 -14 10 0 6 -15 0 Operating Inv. CF Inv. CF Fin. CF Fin. CF Fin. CF FX Net Change cash flow Capex Capitalized R&D Refinancing Treasury shares Othe

  26. Slide 26: Outlook, Closing Remarks & Q&A

    04 Outlook, Closing Remarks & Q&A Patrick Donovan Chief​Executive​Officer

  27. Slide 27: 2026 Guidance Raised

    2026 Guidance Raised 2026 2026 PREVIOUS RAISED GUIDANCE GUIDANCE Revenue 3 - 5% Broad-based growth across both brands 4 - 6% Margin on Op. Activities 15 - 17 % Strong H1 operating leverage 16 - 18 % Unlevered FCF / Revenue ≈ 10 % Full-year cash conversion trajectory maintained ≈ 10 % 27

  28. Slide 28: Scaling a higher-margin and increasingly cash-generative software model

    Scaling a higher-margin and increasingly cash-generative software model 2026 2028 RAISED AMBITION GUIDANCE CONFIRMED Close to €1bn Revenue 4 - 6% Product-led growth across Axway and SBS € 800 m Mid -term including M&A Further SBS improvement, mix and Margin on Op. Activities 16 - 18 % operating leve

  29. Slide 29: A Stronger Platform for Durable Value Creation

    A Stronger Platform for Durable Value Creation H1​2026​strengthened​the​Group’s​growth,​visibility,​profitability​and​strategic​flexibility STRONGER EXECUTION GREATER VISIBILITY STRATEGIC RELEVANCE → Broad-based organic growth → Both brands now exceed €250m in ARR → Mission-critical software → Signi

  30. Slide 30: Thank you

    Thank you Q&A Session Call +39 028 020 911 or use the chat to ask a question

  31. Slide 31: Appendices

    Appendices 74Software

  32. Slide 32: H1 2026 – Revenue by Brand & Type

    H1 2026 – Revenue by Brand & Type H1 2025 H1 2025 Total Organic H1 2026 €m / % Reported Restated* Growth Growth Product revenue 157.2 143.3 139.1 9.7% 13.0% Recurring revenue 152.3 141.6 137.5 7.6% 10.8% o/w Maintenance & Support 17.9 27.2 26.1 -34.2% -31.2% o/w Customer-managed Subscription 103.2 8

  33. Slide 33: H1 2026 – ARR by Type

    H1​2026​– ARR​by​Type ARR Breakdown by Type at Constant Exchange Rates as of End-Q2 2026 2025 2026 YoY Change at constant FX Q1 Q2 Q3 Q4 Q1 Q2 Axway 255.2 259.7 267.1 277.6 277.7 288.7 + 11.2% Maintenance and support 50.5 46.3 41.2 36.9 34.7 29.9 - 35.3% Customer-managed subscription 149.6 156.1 166

  34. Slide 34: H1 2026 – ARR by Product Line

    H1​2026​– ARR​by​Product​Line​ ARR Breakdown by Product Line at Constant Exchange Rates as of End-Q2 2026 2025 2026 YoY Change at constant FX Q1 Q2 Q3 Q4 Q1 Q2 Axway 255.2 259.7 267.1 277.6 277.7 288.7 + 11.2% Managed File Transfer 107.0 109.2 111.2 120.1 119.4 124.0 + 13.5% B2B Integration 59.4 62.

  35. Slide 35: H1 2026 – Revenue by Geography

    H1 2026 – Revenue by Geography H1 2026 H1 2025 H1 2025 Total Organic Reported Restated* Growth Growth €m % of Rev. Europe 222.8 60.7% 208.1 206.5 7.1% 7.9% o/w France 104.8 28.6% 99.4 100.3 5.4% 4.5% o/w UK 52.7 14.4% 46.8 45.6 12.6% 15.6% Americas 79.3 21.6% 73.3 69.1 8.2% 14.8% Middle East & Afric

  36. Slide 36: H1 2026 – Margin Analysis

    H1 2026 – Margin Analysis H1 2025 H1 2026 Change Reported €m % of Rev. €m % of Rev. €m Basis Points Product revenue 304.1 82.9% 280.0 81.4% + 24.0 + 144 Services revenue 62.9 17.1% 64.0 18.6% - 1.0 - 144 Total revenue 367.0 344.0 + 23.0 Total costs of revenue 120.2 115.9 + 4.3 GROSS PROFIT 246.8 67.

  37. Slide 37: H1 2026 – Brand Contribution

    H1 2026 – Brand Contribution H1 2025 H1 2026 Change Reported Basis €m % of Rev. €m % of Rev. €m Points Product revenue 157.2 90.1% 143.3 89.1% + 13.9 + 93 Services revenue 17.4 9.9% 17.5 10.9% - 0.1 - 93 Total revenue 174.6 160.8 + 13.8 Total costs of revenue 39.4 40.3 - 0.9 GROSS PROFIT 135.2 77.4%

  38. Slide 38: H1 2026 – Balance Sheet

    H1 2026 – Balance Sheet H1 2026 FY 2025 Change H1 2026 FY 2025 Change in €m in €m Accounts receivables 308.7 279.9 + 28.8 Cash & cash equivalents -64.4 -48.4 - 16.1 Other current assets 103.1 104.0 - 0.9 Financial debt 245.8 241.4 + 4.4 Accounts payables -29.3 -32.7 + 3.5 Net debt 181.3 193.0 - 11.7

  39. Slide 39: H1 2026 – Headcount

    H1 2026 – Headcount 30/06/2026 31/12/2025 Change Europe 2 903 2 965 -62 Americas 340 360 -20 Asia-Pacific 838 824 14 Middle East & Africa 446 422 24 TOTAL 4 527 4 571 -44 39

  40. Slide 40: Capital Structure as of June 30, 2026

    Capital​Structure​as​of​June​30,​2026 74Software SA Sopra GMT FOUNDERS TREASURY & MANAGERS PUBLIC PASQUIER ODIN ONE EQUITY HISTORICAL TREASURY SHARES FAMILY FAMILY PARTNERS MANAGERS SHARES SHARES SHARES 54.0% 22.4% 22.6% 0.6% 0.4% 41.70% 11.07% 1.84% 43.16% 2.23% VOTING RIGHTS 60.8% 25.5% 12.9% 0.5%

  41. Slide 41: Glossary and Alternative Performance Measures

    Glossary​and​Alternative​Performance​Measures ▪ Axway ARR: Annual Recurring Revenue – Expected annual billing amounts from all active maintenance and subscription agreements. ▪ Brand Contribution: Contribution to profit on operating activities generated by Axway and SBS before centrally managed gene

  42. Slide 42: 74Software

    74Software |

74Software — H1 2026 Earnings Presentation on 6ix