A strong foundation

2025 was a year defined by strong strategic focus and the early benefits of a more aligned leadership team under Takis.

As I look back on 2025, I am pleased with the performance of our management team, which demonstrated strong leadership and commitment to deliver against the first year of our strategic plan. Our total revenue growth of 10% and EBIT growth of 21% in constant currencies, despite various headwinds demonstrated the commitment of our teams and the relevance of our strategy. Although I recognize that the change of CEO in the third quarter was unexpected for many of you, I am confident it was the right course of action, as the subsequent quarterly and full year results have shown. We now have a strong and stable executive team in place under the leadership of Takis Spiliopoulos, who has demonstrated his ability to drive execution and empower our teams to excel by working together. We selected Takis after a thorough search of potential candidates, with some strong options outside of the Company leading to a robust selection process, a healthy discussion and a consensus of the Board. It became clear that Takis was the best candidate for the role, having proved himself as CFO since 2019 and then having excelled as interim CEO from September 2025, thanks to his deep knowledge of Temenos management teams, products and strategy.

Shareholder returns

We have reconfirmed the strategic roadmap that was first announced in the fourth quarter of 2024, and the management team has done an excellent job of executing against this.

2025 was a year defined by strong strategic focus and the early benefits of a more aligned leadership team under Takis, which translated into the stable and predictable performance we delivered this year.

During the year, we made good progress in advancing the three growth levers originally set out by the Executive Committee: strengthening our “best‑of‑suite” leadership, enhancing our modular and composable core solutions, and accelerating selected adjacencies where there is strong demand. The Board is pleased by the consistency with which the management team has acted on these priorities, and by the improved coordination and collaboration across product and technology, Go‑To‑Market and corporate functions.

Importantly, we continued to operate in a market environment characterized by both pressure and opportunity. Financial institutions are navigating evolving regulatory expectations, heightened demand from their customers, and an accelerated shift to modern, cloud‑based platforms. These dynamics reinforce our conviction that Temenos is well positioned to capitalize on the growing demand for third party banking software, with a portfolio aligned to the needs of our customers, and a well-funded investment plan to deliver on our growth.

I would like to underline the sustained momentum in ARR which reflects the Company’s evolution toward a resilient, recurring revenue model, the strengthening of engagement we have seen across our client base and ultimately the quality of our pipeline.

For the full year 2025 (proforma), Temenos delivered ARR of USD 860 million representing 12% growth year on year, non‑IFRS revenue of USD 1,071 million, non-IFRS EBIT of USD 372 million, and non-IFRS EPS of USD 4.20. Free cash flow came in at USD 256 million, up 15% versus 2024.

Based on these results, the Board of Directors is pleased to propose an annual dividend for 2025 of CHF 1.40 per share, representing an increase of 8% year on year, to be submitted for approval at the Annual General Meeting on 13 May 2026.

Our Board composition remains a critical source of strength. The expertise and diversity of experience represented within the Board, which cover all relevant domains for Temenos, has been instrumental in guiding the Company through a period of change while ensuring continuity in governance, oversight and long‑term vision. I would like to thank all Board members for their thoughtful contributions during the CEO transition and throughout the year.

Most importantly, on behalf of the entire Board, I want to express our gratitude to our shareholders, clients and employees. The commitment of our people, the trust of our customers, and the support of our investors have been essential to our progress in 2025. We enter 2026 with renewed confidence, a strong leadership team, and a clear strategy that is already demonstrating its impact.

I am confident that we have the right foundation in place to capture the significant opportunities ahead and to deliver long‑term, sustainable value for all our stakeholders.