Annual Report and Accounts 2025

Leading

Banking

Forward

Contents

Overview

1 Highlights

2 Temenos at a glance

Integrated Report

4 Chairman’s statement

6 CEO’s statement

8 Market review

10 Strategy

12 Industry recognition

13 Temenos Value Benchmark

14 Software and products

20 Research and development

21 Our Partner strategy

23 Customer experience

28 Sustainability

126 Financial review

132 Principal risks and uncertainties

Corporate Governance

140 Board of Directors

142 Executive Committee

144 Corporate governance report

157 Compensation report

180 Report on the audit of the

compensation report

Financial Statements

182 Report on the audit of the consolidated

financialstatements

190 Consolidatedstatementofprofitorloss

191 Consolidated statement of other

comprehensiveincome

192 Consolidatedstatementoffinancialposition

193 Consolidatedstatementofcashflows

194 Consolidatedstatementofchangesinequity

195 Notestotheconsolidatedfinancialstatements

246 Reportontheauditofthefinancialstatements

251 Unconsolidated balance sheet

252 Unconsolidated income statement

253 Notes to the unconsolidated financial statements

259 Financial highlights

260 Information for investors

261 Temenos world offices

264 Sources

See our website for more information

temenos.com

Who we are

Temenos (SIX: TEMN) is a global leader in banking

technology. Through our market-leading core

banking suite and best-in-class composable

solutions, we are modernizing the banking industry.

Banks of all sizes utilize our adaptable technology

– deployed on-premise, in the cloud, or as SaaS – to

deliver next-generation services and AI-enhanced

experiences that elevate banking for their customers.

Our mission is to create a world where people can

live their best financial lives.

Our culture

Our culture guides the way we work. A culture that

encourages all of us to challenge convention and

committoeverythingwedotomakebankingbetter.

Aculturethatenablesustocollaboratewithour

communityandtrulycareaboutthepeoplewe

serve and the impact of our business.

Together with our customers, Partners and

employees,wewanttocontinuemakingapositive

contributiontotheworldofbankingandsociety.

Note: figures are non-IFRS proforma excluding contribution from Multifonds which was sold in Q2-25. Growth rates are reported.

Our purpose, vision, mission and values

2025

2024

We challenge

We challenge the

statusquo,trytolook

at things differently

anddrivechange.

We commit

We commit with

determination and

persistencetomake

thingshappen.

We collaborate

We collaborate within

Temenos and across a

broader Partner

ecosystem.

We care

We care and listen

toeachother,our

clients,ourPartners

and the communities

weserve.

Our values

Our purpose

Topoweraworldofbanking

that creates opportunities

foreveryone.

Our vision

We power a world where

financial institutions trust

Temenos to make banking

easier and help people live

their best financial lives.

Our mission

To modernize financial

institutions by building on the

most trusted, industry-leading

technology solutions.

Highlights of 2025

Non-IFRS proforma*

Annual Recurring Revenue (USDm)

859.9 +15%

Non-IFRS EBIT (USDm)

371.9 +22%

Free cash flow (USDm)

256.4 +15%

Non-IFRS EBIT margin (%)

34.7 +3%

Maintenance (USDm)

490.3 +14%

Subscription and SaaS revenue (USDm)

452.5 +10%

Non-IFRS earnings per share (USD)

4.20 +25%

Total revenue (USDm)

1,071.1 +11%

Highlights

749.5

859.9

304.8

371.9

223.2

256.4

410.8

452.5

31.6

34.7

431.9

490.3

3.35

4.20

965.2

1,071.1

Overview

1Temenos AG Annual Report and Accounts 2025

Temenos today

Over 950

core banking clients

Over 600

digital clients

Over 90%

of revenue generated by top 1,000 clients across

allproductsin FY-24

150+

countries in which clients arepresent

Business highlights

The Americas Europe Middle East and Africa Asia Pacific

Our global reach

Revenue % by region

25% 28% 26% 21%

Subscription and SaaS revenue % by region

35% 23% 21% 21%

Number ofoffices

10 17 8 14

Temenos at a glance

Overview

2 Temenos AG Annual Report and Accounts 2025

Deployment models to offer clients choice

License revenue: subscription license revenue SaaS revenue

Deployment model

⚫

Larger banks likely to run software

themselves for main business lines

–on‑premise, private or public

cloud

⚫

Banks in some jurisdictions remain

on-premise due to regulatory regime

⚫

Growth in public cloud usage

accelerates Temenos license revenue

Deployment model

⚫

Adopted by banks looking to outsource

infrastructure and operations, including

some largebanks, smaller banks

andnon‑incumbents

Public cloud

Temenos runs software

Bank operations

Temenos SaaS Ops

Temenos

software

On-

premise

Hybrid

cloud

Private

cloud

Public

cloud

Subscription and SaaS revenue is FY‑25 proforma, excluding Multifonds, which was sold in Q2‑25. Journey Manager and LMS are front office products.

Product revenue is subscription and SaaS and maintenance revenue.

Temenos today: Broad platform offering, trusted by clients globally

Geography

⚫

Strong presence in Emerging

MarketsandW. Europe

⚫

Established in other Mature Markets:

ANZ, CND

⚫

Increasing US penetration

Banking segments

⚫

Strong in Retail banking and Wealth

Management

⚫

Growing in Corporate banking

Deployment

⚫

Strong across all deployment

models:on‑premise, hybrid,

privateandpublic cloud, SaaS

ClientsPlatform

New logos

⚫

Leader in IBS core

banking sales league

tablefor20years

Installed base

950+

core banking

600+

digital

150+

countries

Key products

⚫

Core banking

⚫

Digital (front office)

⚫

Wealth

⚫

Payments

Adjacent point

solutions

⚫

Journey Manager

⚫

LMS

⚫

FCM

⚫

AI agents

% of product revenue in FY-25

Regions

Americas

c.25%

APAC

c.21%

Europe

c.27%

MEA

c.27%

Products

Core banking

c.81%

Digital

c.11%

3Temenos AG Annual Report and Accounts 2025

Overview

A strong

foundation

2025 was a year

defined by strong

strategic focus and

the early benefits of

a more aligned

leadership team

under Takis.

Thibault de Tersant

Chairman

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.

Chairman’s statement

Integrated Report

4 Temenos AG Annual Report and Accounts 2025

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.

Thibault de Tersant

Chairman

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.

Integrated Report

5Temenos AG Annual Report and Accounts 2025

Executing with clarity

andconsistency

Dear shareholders,

2025 was a year of focused and disciplined execution for

Temenos. Stepping into the CEO role, my priority was to ensure

that our strategic ambitions translate into predictable, tangible

outcomes operationally, financially and for our customers. I am

proud of the progress we made this year and of the way our

teams came together with a shared purpose to execute on

ourroadmap.

We have a clear vision as a business: Leading Banking Forward,

helping banks modernize with confidence, scale and flexibility,

so they can best serve their customers, people and communities.

We delivered above‑market growth in the first year of our

strategic plan, continued to take market share, and built a

strong foundation for our future growth and for delivering

onthat vision.

I am proud of the

progress we made

this year and of the

way our teams came

together with a

shared purpose and

vision to execute on

our roadmap.

Takis Spiliopoulos

Chief Executive Officer and interim Chief Financial Officer

CEO’s statement

Integrated Report

6 Temenos AG Annual Report and Accounts 2025

When I stepped into the role of CEO, we reconfirmed the

strategic roadmap that was announced in November 2024,

which was shaped through a comprehensive strategic review

with our Executive Committee and validated by the Board. Our

strategy focuses on three growth levers: strengthening our

best‑of‑suite leadership, advancing our modular core for Tier 1

and Tier 2 banks, and accelerating adjacent point solutions

where we see growing demand. These priorities define how we

invest, execute and measure our progress. Throughout 2025,

our teams executed consistently against these priorities, as

demonstrated by our strong quarterly and full year results.

Strengthening the foundations

forlong‑termgrowth

Temenos operates in a large, stable market with resilient

growth, driven by structural forces that continue to accelerate.

Banks remain under pressure to modernize their technology

platforms while managing rising regulatory complexity, higher

operating costs and intensifying competition from digital-native

players. As a result, buying behavior has continued to shift toward

platforms that offer flexibility, reliability, rapid deployment, and

a clear path to long‑term efficiency gains. In this context, we

have strengthened our focus on value selling, working closely

with our clients to build tangible business cases that demonstrate

the real-world value banks can achieve with our platform.

Institutions are prioritizing investments that reduce complexity,

consolidate vendors, and deliver measurable operational outcomes.

We saw increasing preference for cloud‑based architectures

and modular solutions that allow banks to progress transformation

in manageable steps rather than through large-scale replacements.

This aligns well with our portfolio and with how we have

structured our product and investment roadmap. Banks are

looking for partners which can combine deep functionality

with predictable delivery, and our focus on execution,

transparency and a simplified operating model means

wearewell positioned to meet these expectations.

Delivering stable and predictable performance

2025 was characterized by focused and predictable execution,

in particular over the last three quarters, and this was

reflected in our strong full year results. I was particularly

pleased with our ARR momentum, reflecting the continued

shift toward a recurring revenue model and the relevance of

our portfolio to the needs of financial institutions globally.

Our sales execution was a particular focus, supported by

investments in our go‑to‑market organization, with significant

new sales hiring and investment in sales enablement.

Engagement across our client base increased, and we saw the

quality of our pipeline continue to improve, in particular in the

US which is a key growth market for Temenos. These are

critical leading indicators of sustained growth, and they reflect

the hard work of our product and sales teams.

Driving innovation through disciplined execution

of our strategic roadmap

Across the Company we emphasized alignment, simplicity

andaccountability. The collaboration between product and

technology, go‑to‑market and corporate functions improved

significantly, enabling us to progress faster and with

greatercohesion.

We continued to make significant investments in our product

organization and roadmap to deliver innovation for our clients.

This included launching our first AI agents which we co-developed

with clients, leveraging our combination of deep domain

expertise and customer trust to build credible use cases that

bring material benefits to our clients. We have a structural

advantage in the AI era which we are capitalizing on to further

extend our market leadership.

We also focused on modernizing our operating model,

investingin process improvement, systems automation and

data-driven decision making. These changes are essential to

sustaining growth while creating an organization that is lean,

agile and accountable.

A unified leadership team

This was also a year of transition, and I would like to thank

ourBoard for their trust and support, particularly through

theleadership changes in the third quarter. I am proud of

theexecutive team we now have in place which is highly

experienced, aligned and focused on operational excellence.

Our leadership team is committed to continuing to

strengthenTemenos’ culture of execution, accountability

andcustomer‑centricity.

Our focus on people and culture

Our success is powered by our people. A people-first culture

built on collaboration, empowerment, accountability and

trustremains central to how we lead and how we operate.

Weinvested time in engaging with our people, through small

group conversations, feedback sessions and our employee

engagement survey, because meaningful progress starts with

open dialogue. We continued to recognize and celebrate the

teams and individuals who exemplify our values, and we

focused on strengthening cross‑team collaboration, ensuring

decisions are joined up and aligned to what is best for Temenos.

I believe that when our people have clarity, autonomy and the

right support, they deliver exceptional outcomes for our clients

and for each other.

Looking ahead

We started 2026 with a strong foundation for success. Our strategy

is clear, the organization is aligned, and we are already benefiting

from the investments we made in 2025. The opportunity ahead

is significant. We will continue to execute with discipline, invest

where it matters most, and stay focused on delivering long‑term

value for our shareholders, customers and employees.

Finally, I want to thank our people. Their resilience, commitment

and belief in our direction have been instrumental to our

progress. I am grateful for their dedication, and I am proud

tolead this organization forward.

Takis Spiliopoulos

Chief Executive Officer and interim Chief Financial Officer

Underpinning our strategy are our

strong culture and leadership, delivered

through our business enablers and

supported by ourculture andleadership

Alignment and

collaboration

Clarity of

direction

Transparency

Accountability

Integrated Report

7Temenos AG Annual Report and Accounts 2025

Structural trends drive growing demand for third party banking software

Trends in

banking

Cost optimization Digital experiences

and threat from

non-incumbents

Evolving security

and regulatory

landscape

Rise of hyperscalers,

Gen AI and modular

architecture

Demands on bank

tech providers

⚫

Highly automated and

streamlined banking

processes

⚫

Best-of-suite turnkey

solutions and simpler

tech estate

⚫

Cost‑effective SaaS

solutions powered by

low-code no-code

⚫

Best-in-class digital

front-ends backed

byscalable and agile

modern core

⚫

Seamless, personalized,

omnichannel offerings

at par with fintechs and

payment disruptors

⚫

Real-time data

processing and

analytics,

drivinginsights

⚫

Development of out

ofthe box tools to

address a complex

regulatory landscape

⚫

Security and fraud

detection covering

digital vulnerabilities

⚫

Data solutions for ESG

and sustainability

reporting

⚫

Cloud-native

solutions;multiple

cloud service providers

⚫

AI/Gen AI embedded in

key use cases across

core solutions

⚫

Composability to offer

choice and incremental

transformations

LTM

developments

Slightly upward

⚫

Legacy modernization

⚫

Digitization of products

⚫

Straight through

processing

Stable

⚫

Digital account opening

⚫

Payments innovation

⚫

Hyper‑personalization

Elevated

⚫

Cyber threats

⚫

Fraud management

⚫

Regulatory changes

Elevated

⚫

Acceleration of AI but

high adoption threshold

⚫

Public Cloud transition

⚫

Composable core

offerings

We serve a large

andgrowing market

Market growth remains attractive at 7% CAGR from FY-25 to FY-28

c.USD 23bn

c.USD 16bn

Mostly best of suite

Tier 3–5

c.USD 9bn

Mostly composable core,

bestofbreedsolutions

Tier 1–2

+12%

Temenos product revenue

c.USD 25bn

+7%

CAGR 7%

+USD 2bn

Outsourcing of

in-house spend

+USD 3bn

Upsell/cross-sell, volume growth

anddeploymentmodelshift

c.USD 30bn

Serviceable Addressable Market relates to banking third party software spend addressable by Temenos products.

Represents product revenue and includes spend on subscription, SaaS, term license and maintenance, excludes

contribution from Multifonds which was sold in Q2-25. 1) Includes Tier 3–5 and non-incumbents.

Market review

Serviceable Addressable Market

Total F Y-24 Total F Y-25 Total F Y-28

Integrated Report

8 Temenos AG Annual Report and Accounts 2025

Delivering on our US growth ambitions

Strong growth in demand for public cloud and SaaS

On-premise Public cloud SaaS

FY-25 SAM

USD 16bn USD 3bn USD 6bn

CAGR to FY-28

4% 15% 11%

Mix shift

FY-25–F Y-28

65% -> 59% 12% -> 15% 23% -> 26%

Serviceable Addressable Market

Building lighthouse references; large multi-regional bank going live in H2-26

FY-25 progress FY-26 deliverables

Extend US product capabilities

for market-leading solutions

Product and

technology

investment

Opened Orlando

innovation hub,

executed on US-

specific product

roadmap

Convert pipeline with first

deals expected H1-26, expand

GTM partnerships

Go To Market

investment

US sales headcount

increased to 20+

experienced hires

Build out US strategic

Partnercapacity

Customer

Experience

Strengthened

on-shore and near-

shore support for US

clients

Integrated Report

9Temenos AG Annual Report and Accounts 2025

Our growth strategy

Delivering our raised FY-28 targets through strategic levers and enablers

Strategy

Strategic Growth Levers Business Enablers

Culture and leadership

FY-28 Targets

Extend market

leadership in best

of suite

Product and

technologyinvestment

Enhance composable

core solutions

Go To Market

Accelerate adjacent

point solutions

Customer lifecycle

Operating model

ARR

FY-28E

>USD 1.23bn

increased from >USD 1.2bn

EBIT

FY-28E

c.USD 480m

increased from c.USD 450m

FCF

FY-28E

c.USD 410m

increased from c.USD 400m

Note: ARR and EBIT are constant currency. FCF is reported.

Integrated Report

10 Temenos AG Annual Report and Accounts 2025

Focused and impactful execution in the first 12 months

Strategic investments...

...delivering strong results

Product:

Reorganizationoffunctionsintoagile

teams, hiring of senior talent

Product:

Delivered on FY-25 platform and product

roadmap. Launch of multiple

differentiated new products

GTM*:

Increased IQC* headcount by 60% to

more than 140 globally, invested in sales

operations and enablement

GTM:

Strong pipeline growth in key target

geographies, significant number of new

logo wins

US expansion:

Focused US sales hiring, opened

innovation hub with 70+ developers; sales

headcount increased to over 20

US momentum:

Strong US pipeline growth in target

accounts, product co-innovation with

clients

A well-defined AI strategy to capitalize on our structural advantage

150

Global reach in over

150markets

950+

950+ core banking clients

and600+ digital clients

Trusted domain

expertise

Volume-based

pricing aligned to

banks’ growth

Temenos has the unique combination of customer trust and domain expertise

* GTM = Go To Market; IQC = Individual Quota Carrier.

Build on our

structural

advantage

Market share gains: above market product revenue growth in first year of our strategic plan

Lower TCO

⚫

Conversational interfaces:

launched Temenos Copilot

for Core

⚫

AI Agents: Launched FCM

AI agent for sanctions

screening with more

coming in Core, Payments,

Digital and Wealth

⚫

AI in Core: AI to drive

efficiencies and enable

faster implementations and

upgrades

⚫

AI in Digital: changing how

digital experiences are built

using AI

Faster delivery

⚫

Leveraging AI in our

software development

lifecycle

⚫

Support customers with

AI including the launch of

Gen AI assistant

AI first mindset

⚫

Rolled out M365 AI tooling

across all functions

⚫

Established AI champions

network to source

productivity use cases

Product

Process

People

Integrated Report

11Temenos AG Annual Report and Accounts 2025

A “Market Leader”

anda “Visionary”

Industry recognition

B Find sources on page 264

Core banking

and payments

Recognized as a

VisionaryintheGartner

“MagicQuadrantforRetail

Core Banking Systems,

Europe 2025”

Recognized as a Leader in

IDC’s MarketScape

forNorthAmerica

DigitalCoreBanking

Platforms

VendorAssessment2024

Ranked as the #1 best-selling

Core Banking Systemforthe

20th time in the IBS

SalesLeagueTable2025and

consistentlyinthetoptwofor

the past 24 years

Recognized as a Leader in

theForresterWaveforDigital

Banking Processing

Platforms, Q4-24

Recognized as a Leader in IDC’s

MarketScapeforEMEADigital

CoreBankingPlatformsVendor

Assessment 2024

Recognized as a Leader in IDC’s

MarketScapeforAPACDigital

CoreBankingPlatformsVendor

Assessment 2024

Digital banking

Recognized as a Leader in

IDC’s MarketScape for North

America Retail Digital

Banking Solutions 2025–

2026 Vendor Assessment

Ranked as the

#1best‑selling Digital

Banking &Channels System

intheIBSiSalesLeague

Table 2025

Client recognition: Temenos’

client Credito Emiliano

(Credem) named Overall

Winner and won in the Bank

Deposit Transformation

category in IDC’s

FinTechRealResults2025

Wealth

management

Recognized as a Leader in

IDC’s MarketScape for

Worldwide Wealth

Management Technology

Services for Investment

Advisors 2025 Vendor

Assessment

Ranked as the #1 best-

selling Private Banking &

Wealth Management in the

IBSi Sales League Table

2025

Recognized as a Leader in

the Forrester Wave for

Digital Wealth Management

Platforms, Q1-24

Lending, Islamic

banking and more

#1 for Islamic Banking across

multiple sub-categories –

Islamic Universal Core

Banking, Islamic Treasury &

Risk Management System,

Islamic Retail Payments

System, Islamic Digital

Banking Channels and

IslamicWholesaleTreasury–

intheIBSSalesLeagueTable

2025

Featured in CNBC’s World’s

TopFintechCompanies

Featured in TIME’s World’s

MostSustainableCompanies

Integrated Report

12 Temenos AG Annual Report and Accounts 2025

Unlocking business value

fromIT investment

Only 24% of banks explicitly connect their growth strategies to

key performance indicators (KPIs) (source: PwC). The Temenos

Value Benchmark (TVB) is a strategic advisory program offered

to our clients and prospects to help them connect their

business and IT strategy with tangible KPIs and business

recommendations, as well as optimize the tangible business

value created by their investment in IT. By leveraging our 30

years of banking domain experience and our banking client

base across more than 150 countries, we are able to provide

our clients with data-driven insights into business value

creation using a proven value-based methodology.

Participants in the program receive a customized confidential

report comparing their business performance with anonymized

peer group data from other participants, including executive

level findings with business and IT insights structured along the

banking value chain. They also have access to a team of experts,

leveraging Temenos’ unique expertise in banking software.

Over 200 quantitative metrics, as well as qualitative best

practices, are collected from each participant to enable us

toprovide correlations and insights to explain banking

performance. The program provides a view on high-performing

banks and their adoption of best practices, both globally and

regionally. It enables banks to identify opportunities for

operational improvements in their business in order to derive

even more value from their IT investment, by further leveraging

Temenos as not just a software provider but as a trusted

partner, committed to our clients’ success.

Today, we have 190 banks as part of our community across

76countries and three verticals (Retail & Business, Corporate

&Commercial and Wealth Management), we have collected

over 90,000 data points and we have met more than 1,600

senior business and IT executives as part of this initiative.

74%

faster

onboarding

94%

higher

customers/FTEs

29%

higher NPS

18%

more IT spend

ongrowth and

innovation

Source: Temenos Value Benchmark 2025, sample from 100+ banks.

1 Banks with Temenos Digital Banking. 2 Banks with Temenos Core Banking. 3 Banks running Temenos front-to-back.

Delivering tangible business value through our platform

Win on customer experience

Hyper‑personalization powered by

open banking and Explainable AI.

Scale without limits

Improved cost-to-income ratio

withunlimited scale and services

delivered at a fraction of the cost

oflegacy systems.

34%

faster

time to market

36%

higher

cross-sellrate

Agility to grow

Faster innovation with cloud‑native,

API-first banking capabilities and a

plug-and-play fintech ecosystem.

Reporting and analytics

Product

management

Sales and

relationship

management

Payments and

settlement

Embedded

finance

Operations

and execution

Risk and

compliance

Temenos Value Benchmark

Integrated Report

13Temenos AG Annual Report and Accounts 2025

Software and products

The Temenos

Banking Platform

Our products

The Temenos Banking Platform is the foundation for all Temenos products serving

allbankingsegments.Itprovidesthebasisforacontinuouslyupdatedarchitecture

enabling customers to benefit from the most recent software and to extend solutions

safely, without impacting operations. New technology is also continuously introduced

to keep banks at the leading edge of banking innovation, including AI infused across

allareas,analyticsandafullAPIarchitecturetoensurequickintegration.

The Temenos Banking Platform

B Visit the link to learn more:

temenos.com/innovation/platform

Point solutions

Onboarding

Onboarding is the first step for

some of your customers’ most

important life moments; make it

memorable by delivering an

outstanding digital experience.

B temenos.com/segments/retail-and-

business

Temenos has a long history of

success supporting loan and

account origination in North America

for banks and credit unions up to

USD 50 billion in assets. These

proven solutions are now integrated

into Temenos Digital Banking.

Origination

B temenos.com/segments/corporate-and-

commercial

Collections

Reducedelinquency,increase

efficiency, and boost collections

efforts all while creating a better

experience for borrowers and

lenders.

B temenos.com/products/wealth-

management

A single product family for fast

compliance, protection and time to

value.

FCM

B temenos.com/products/islamic-

banking

Digital Banking

Streamline operations and enhance client value

with Temenos Digital. Create memorable,

personalized customer experiences and power

high-performance transactional capabilities and

efficient processes, to optimize your business

performance.

Visit the link to learn more:

temenos.com/products/digital-banking

Payments

Drive payments business growth with secure,

real-time processing and accelerated product

innovation. Our scalable solution helps you boost

processing efficiency, elevate customer experiences,

and ensure compliance in an evolving market.

Visit the link to learn more:

temenos.com/products/payments

Core Banking

With capabilities across all segments, Temenos

Core has proven functionality designed to save

timeand costs as well as foster deeper client

relationships. Over 950 banks around the world

relyon Temenos Core.

Visit the link to learn more:

temenos.com/products/core-banking

Integrated Report

14 Temenos AG Annual Report and Accounts 2025

Our best-of-suite solutions across banking segments

Comprehensive, end‑to‑end banking platforms centered onamodern core banking system and extended

through pre‑integrated shared services. These solutions are designed to support the full breadth of a bank’s

business across retail, corporate, commercial, wealth and Islamic segments.

Retail and SME

Combining innovation and personalization, banks can

create solutions that address the unique challenges and

goals of both individual consumers and business clients.

Visit the link to learn more:

temenos.com/segments/retail-and-business

Wealth

An end-to-end solution made of best-of-breed

standalone components that deliver an integrated,

omnichannel solution to wealth managers and

privatebankers.

Visit the link to learn more:

temenos.com/products/wealth-management

Corporate and Commercial

Designed for banks serving large and multinational

enterprises, our platform simplifies operations,

automates processes, and supports faster decision

making with real-time services tailored to corporate

andcommercial banking.

Visit the link to learn more:

temenos.com/segments/corporate-and-commercial/

Islamic

Award‑winning omnichannel solution, delivering an

outstanding Shari’ah compliant experience to Islamic

banking customers.

Visit the link to learn more:

temenos.com/products/islamic-banking

Integrated Report

15Temenos AG Annual Report and Accounts 2025

Our products continued

Our composable core capabilities

Temenos’ composable core capabilities enable banks to

modernize progressively – targeting specific domains such as

deposits, lending, pricing or limits – without the risk, cost or

disruption of a full core replacement. This approach allows

financial institutions to evolve attheir own pace, modernizing

incrementally while continuing to operate their existing core

environments.

Built as independently deployable, scalable and cloud‑ready

modules, Temenos’ composable architecture supports

progressive modernization for our customers. Banks can

introduce new capabilities alongside legacy systems, deploy

enhancements faster with lower implementation risk, and

scale efficiently based on customers’ needs. This flexibility

enables faster innovation cycles, improved resilience, and

materially lower operating and upgrade costs over time.

By extracting key core banking capabilities into composable

components, Temenos allows institutions toaddress specific

business challenges – such as launching new products,

improving pricing agility, or enhancing credit and limits

management – without undertaking a multi-year replacement

program. As modernization progresses, these modules can be

composed into a fully modernized core, delivering long‑term

architectural simplification, reduced total cost of ownership,

and sustained innovation.

The value of Temenos’ composable Core

Independently deployable

Each module can be implemented,

upgraded and scaled independently.

Cloud ready

Lightweight, fast to deploy, minimal

operational footprint and built to scale.

Optimized

Slim databases, reduced Java footprint

and business focused APIs and events

with strong documentation.

Progressive

Step-by-step modernization without

abig‑bang replacement, preserving

business continuity during transition.

Lower cost of ownership

Smaller run time footprint, independent

upgrades, and more efficient scaling,

delivering materially lower run costs

compared to equivalent monolithic

functionality.

Software and products continued

Integrated Report

16 Temenos AG Annual Report and Accounts 2025

Our technology

A cloud-native and cloud-agnostic approach

forreal-time, non-stop banking

Temenos provides banks with an architecture designed

tosupport digital transformation andprovide the flexible

experiences demanded by today’s digital customers.

Elastic scalability eliminates the need to provision peak

processing volumes so that banks only pay for actual usage,

yielding significant cost savings. Temenos’ cloud‑agnostic

approach enables the highest levels of long-term resilience

and redundancy without creating a dependency on a single

cloud service provider. This is a key Temenos strategy and

an answer to regulatory concerns.

Cloud native

Designed for the digital banking age, our software allows

faster updates, lower provisioning, lower infrastructure

costs, elastic scaling, active‑active resilience and security.

This is built using API‑first and DevOps principles and

engineered to deploy both serverless and in containers

andmicroservices.

Cloud agnostic

We are the only banking platform readily available on

allmain commercial cloud platforms. With Temenos,

institutions can also deliver on‑premise, or adopt

hybridcloud deployment patterns, all using the same

underlying software.

Our technology innovations are the foundation upon which we offer

our comprehensive suite of solutions, powered by cloud-native

technology, extensibility, upgradability, SaaS and AI capabilities to

drive digital transformation. This is firmly supported by market-leading

R&D into our single code base that is accessible to all our clients.

Temenos has delivered market-leading and functionally

richSaaS and cloud banking solutions to clients in all

geographies and banking sectors since 2011.

We enable banks and financial services providers to adopt

an extremely agile approach to innovation, moving to

prototyping and into production quickly and easily – safe

inthe knowledge that the solutions are priced elastically

and can continue to be developed upon with real-world

feedback. This makes innovation fast and continuous,

further supported by continuous delivery, integration,

andupdates which ensure that the latest capabilities

andservices are automatically delivered to customers

onanongoing basis.

CI/CD

Strong DevOps practices enable high‑impact changes

tobemade frequently and predictably with minimal toil.

They enable continuous updates, continuous integration

anddelivery, and unmatched resilience that comes with

release validation tests provided with every capability

deployed and updated on the platform.

Continuous updates are a core tenet of cloud utilization.

DevOps teams delivering on continuous integration can

expedite project delivery timelines through self-service

andself‑management environments and tools, controlling

the pace with which development plans progress, from

configuration to full testing.

Embedded DevOps provides banks with the ability to

manage, configure and assemble Temenos software –

either fully deployed and supported by Temenos SaaS or

utilizing their own cloud infrastructure.

Service excellence

In 2025, the SaaS functions reimagined the service model

for the next phase of scalability and growth to provide

aglobal coverage through a “follow‑the‑sun” approach,

ensuring clients have direct access to regional SaaS support.

In addition, by extending core solutions across multiple

cloud hyperscalers, Temenos SaaS can be supported in

48hosting locations across Microsoft Azure and AWS.

Building on previous Temenos SaaS Foundation

investments, additional automation and optimizations

nowenable environment onboarding within hours in 2025,

accelerating time to value for clients. With the launch of

new service packages, including Audit Support Services,

Extended Support Services and the SaaS Insight Service,

banks can benefit from an improved customer experience.

Temenos SaaS

Cloud

Visit the link to learn more:

temenos.com/innovation/cloud

Visit the link to learn more:

temenos.com/innovation/saas

Integrated Report

17Temenos AG Annual Report and Accounts 2025

Software and products continued

API first

Temenos’ Open APIs allow banks to integrate quickly with

awide range of internal or external systems to help drive

product and service innovation.

Temenos’ Open APIs enable banks to execute strategies

tothrive in an age of open banking and finance. Temenos’

approach enables banks to meet regulatory requirements,

such as PSD2, through pre‑defined APIs that meet published

specifications, such as Berlin Group and STET. We enable

banks and fintechs to innovate at speed, with a growing

developer community, low‑code integration resources and

acomplete catalog of interactive API endpoints to build

innovative products and services on top of our open

platform and banking capabilities.

Furthermore, banks benefit from the ability to enrich their

offering to customers through the integration of new fintech

technologies using Temenos Exchange.

Temenos offers an API-first architecture across its entire

product range. This means that all significant product

capabilities are exposed as standard, documented Open

APIs and this forms part of the design and release process.

Temenos Developer Community

Our Open API catalog brings standardized out-of-the-box

APIs to fast‑track innovation, supported by Temenos experts

and a growing developer community with dedicated online

support and resources.

Distributed event-driven architecture

Temenos’ banking capabilities are increasingly defined by

their message schema, which ensures that they are loosely

coupled through an event-driven architecture.

The ongoing program to deliver Temenos’ capabilities in this

way enables customers to upgrade with ease and rely on

the agility they need to transform step by step, deliver

high-speed change and significantly reduce time to market

and value, only consuming those capabilities that they need.

Composable architecture

The extensibility framework enables banks, partners and

solution providers to easily extend and configure Temenos

solutions to meet evolving business needs while protecting

the reliability of the core platform and preserving the ability

to upgrade seamlessly over time. Through a low-code

environment, standardized tooling and government

extension points, institutions can introduce differentiation

without fragmenting the underlying software or increasing

operational risk.

This approach allows banks to respond rapidly to regulatory

change, market innovation and customer expectations by

building and deploying extensions at the edge of the

platform rather than modifying core code. Extensions can

be developed, tested and evolved independently, ensuring

that innovation remains continuous while the core platform

retains architectural integrity and long-term stability.

By enabling a consistent extension model across products

and deployment models, the extensibility framework also

supports a growing ecosystem of partners and solution

providers. This ecosystem-driven innovation expands

therange of available capabilities while giving banks the

flexibility to tailor solutions to local markets and strategic

priorities, without compromising resilience, security

orupgradability.

Extensibility framework

Our technology continued

Integrated Report

18 Temenos AG Annual Report and Accounts 2025

Embedding AI in our products

AI is pioneering a new era of banking, one defined by intelligence embedded

directly in how financial institutions design products, execute processes

andempowerpeopletobuild,runandevolvetheiroperations.Temenos’

long-standing investments in SaaS delivery, cloud-native architecture, modularity

andopenintegrationcreatetheplatformfoundationsrequiredtoadoptAIfaster,

more safely and at scale. Rather than treating AI as a standalone capability,

Temenos is embedding intelligence into its banking platform.

Conversational Interfaces: Enabling

people to interact with our systems

using natural language

This conversational paradigm shift is reshaping how bank

solutions are created. At TCF 2026, Temenos Digital will

mark its next major evolution — redefining how AI

powers the creation of digital experiences and unlocking

the full strength of our digital backend.

AI Agents: Streamlining complexity

and freeing humans to focus on what

matters most

Agentic AI helps to simplify complex processes by

performing automated tasks without human intervention.

Our first product is Temenos FCM AI Agent, a proven

AI-enhanced compliance engine. It automatically evaluates

screening alerts using sophisticated models that replicate

human decision‑making, significantly reducing false

positives in real-time payment screening. This enables

more transactions to flow without unnecessary delays,

while maintaining strict auditability, explainability, a

controlled human‑in‑the‑loop framework. Compliance

teams can focus on higher-risk cases where human

expertise adds the most value.

Throughout 2026, we will expand this pillar with additional

AI agents, extending autonomous decisioning across new

banking domains to further reduce complexity, improve

efficiency and enhance risk management.

Integrated Report

19Temenos AG Annual Report and Accounts 2025

The highest R&D spend

in the industry

Ourdeepdomainknowledgemeansthatoursoftwareneverbecomeslegacy,

withapproximately20%ofrevenueinvestedeachyearinR&D.

Research and development

Continuous commitment to R&D

Temenos maintains a sustained, long‑term commitment to

innovation, consistently investing ~20% of revenue in R&D,

oneof the highest ratios in the banking software market.

Thisinvestment is focused on advancing a single, unified

platform, ensuring that innovations – across AI, cloud‑native

architecture, UX, and Open APIs – are delivered once and

benefit the entire client base rather than being fragmented

byregion or deployment model.

Innovation at Temenos is driven by our global R&D network,

anchored by dedicated collaboration hubs across India and

theUS. Our long‑standing innovation centers in Chennai,

Hyderabad and Bangalore are the heart of our engineering

excellence, where product teams lead core architecture

evolution, rapid prototyping, and applied research that power

our global platforms.

Building on this strong foundation, the Orlando Innovation

Hub,opened in Q2 2025, extends our innovation footprint into

NorthAmerica. As our US base for co‑creation and customer

collaboration, it connects seamlessly with our India hubs to

accelerate product delivery, ensure architectural consistency

and scale innovation globally.

Together, these hubs create a dynamic ecosystem that fuels

faster product innovation, strengthens brand visibility and

drives growth across markets bringing the best of Temenos

innovation to clients worldwide.

Customer-centric innovation

Customer outcomes are central to how Temenos prioritizes

and executes R&D. Through its Design Partner Program,

Temenos co‑develops new capabilities directly with banks,

ensuring that innovation is grounded in real-world business

problems rather than speculative features. This approach is

reinforced through early adopter programs and pilots, which

validate usability, scalability and regulatory readiness before

broad release.

Ongoing client feedback is captured through Temenos User

Groups (TUG) and direct client engagement, enabling

continuous refinement of the roadmap. This tight feedback

loop ensures innovations are practical, market relevant and

aligned with evolving retail and business banking needs

acrossgeographies.

Transparent and outcome focused

Temenos combines innovation with transparency and

measurable impact. Product roadmaps are clearly structured,

shared regularly with customers and open to feedback –

balancing near-term delivery with longer-term innovation

whileremaining adaptable to change.

Through the Temenos Value Benchmark, R&D success is

measured against tangible client outcomes rather than feature

delivery alone. This data-driven approach ensures innovation

priorities are tied to business. By linking roadmap decisions to

measurable outcomes, Temenos ensures R&D investment

translates directly into customer value and market leadership.

B Read more here: Our Temenos Value Benchmark

Integrated Report

20 Temenos AG Annual Report and Accounts 2025

A Partner-focused organization

In 2025, we continued the implementation of our

transformation strategy, and we evolved into a stronger

Partner‑led sales channel. Through strategic collaborations,

enhanced scalability and innovative business models, we

havestrengthened our alliances, grown our Referral Partner

ecosystem and positioned ourselves for sustainable growth.

We have shifted our mindset, culture and approach to using

these partnerships more and more to drive our new business

into new market segments and to expand in additional exciting

geographical areas.

By fostering collaboration, we are creating mutually beneficial

opportunities where Partners enhance our sales capabilities,

and we, in turn, empower both their delivery and operational

success. The core pillars of this transformation include:

⚫

reach: extending our network to unlock new markets through

additional Referral Partners and Value Added Resellers;

⚫

value: creating differentiated solutions with high-impact

potential by leveraging our innovative software with the

Partners’ expertise in delivery and managed services; and

⚫

scaling: boosting the sales pipeline by enabling all our

Partners to present value in the best way possible to

ourprospects and jointly go to market with them.

Strategic focus areas

1. Scaling sales process

Temenos has actively increased its Partner sales management

team to train and assist our Partners in promoting the

Temenos solutions in their home markets, and articulating

value to the prospects through our successful value added

sales methodology. Additionally we are supporting the

Scaling

sales

process

Scale into

underpenetrated

market segments

Present Temenos

in countries with

low/no coverage

Find the white

space together

Market platforms,

Banking as a Service,

embedded finance,

apps

New

segments

New

countries

New business

models and

propositions

Future

innovation

development of value propositions combining Temenos and

third party assets that our Partners are providing to their

customers as differentiated platform offerings.

Through an integrated approach, we have ensured that our

sales framework is scalable, efficient and optimized to meet

the needs of both our organization and our Partners.

Key elements in scaling our sales process include:

⚫

SI Partner presence: strengthening our relationships with

System Integrators (SIs), both global and regional, to improve

penetration into tier 1–3 accounts through their reach,

implementation, deployment and support across various

markets. This ensures that our solutions are seamlessly

integrated into customer environments with expert guidance;

⚫

strategic advisors: leveraging the expertise of strategic

advisors to refine market entry strategies, optimize sales

efforts and align with industry best practices;

⚫

technology Partners and hyperscalers: expanding our

collaborations with technology vendors and cloud

hyperscalers to provide scalable, high‑performance solutions

that drive operational efficiency and digital transformation;

⚫

delivery Partner capabilities: investing in Partner capabilities

through training programs, certification and technology

enablement, ensuring they have the skills and knowledge

todrive successful implementations and customer

engagement; and

⚫

platform providers: a number of our larger Partners are

developing and delivering platforms around the Temenos

assets, as managed services and in some cases including

business process outsourcing. Temenos is supporting the

development and delivery of these propositions, which will

drive growth and long-term revenue streams.

Our focused approach

Reach

Value

Our Partner strategy

Sales, delivery,

development,

consulting

Integrated Report

21Temenos AG Annual Report and Accounts 2025

Strategic focus areas continued

2. New segments

We have made significant strides in scaling into underpenetrated

market segments, leveraging our Partner ecosystem to identify

growth opportunities. By collaborating with specialized Partners,

we extended our reach into segments previously underserved

by our solutions. For example, in the US, the Temenos sales

team is focused on penetrating the tier 2 and tier 3 segments.

However, there are thousands of banks and credit unions in

thetier 4 and below segments that can be served through a

Partner-led approach creating scale for Temenos. Underpinning

this approach, we are investing in a specialized Partner sales

team that will be dedicated to making the Partners successful.

3. Expanding into new countries

A core focus of our new strategy is expanding our presence

incountries with low or no coverage from Temenos. Through

strategic partnerships, we will be able to introduce Temenos

solutions into new geographies, ensuring a strong foothold

inemerging economies and regions with high potential for

digitalbanking transformation. Global expansion remains a

cornerstone of our growth strategy. In 2025, we successfully

entered new markets, leveraging Partner expertise to navigate

local business landscapes. Key expansions in 2026 will include:

⚫

Southeast Asia: collaborations with regional banks and

fintech firms to deliver localized digital banking solutions;

⚫

Latin America: strategic alliances with payment processors and

financial institutions to accelerate digital transformation; and

⚫

Middle East and Africa: partnering with local governments and

enterprises to provide cloud-based banking infrastructure.

Similar to the scaling on business in new segments, the key to

success in new countries and geographies is now a dedicated

Partner sales team that is incentivized to grow the market for

both Temenos and our Partners exponentially.

4. Innovating business models

Our business model innovation has been driven by the need for

agility and adaptability in a rapidly evolving financial landscape.

To remain competitive, we continue to evolve our business

models. In partnership with industry leaders, we are developing

innovative go‑to‑market strategies, subscription‑based offerings

and service-driven revenue models that provide greater flexibility

and enhanced value to our customers. Our initiatives include:

⚫

SaaS offerings: expansion of cloud-based banking platforms

to improve scalability and customer retention;

⚫

usage-based pricing: implementing flexible pricing structures

to cater to diverse client needs; and

⚫

ecosystem collaboration: enabling cross-industry

partnerships to drive integrated solutions.

Key areas of development include:

⚫

Partner-led offerings: we continue to encourage Partners to

develop and lead industry-specific solutions that complement

our technology stack. By leveraging Partner expertise and

market knowledge, we ensure that our customers receive

localized, innovative and value‑driven solutions tailored to

their needs;

Our Partner strategy continued

⚫

Temenos Exchange: a robust marketplace where Partners can

list, distribute and commercialize their solutions seamlessly.

This initiative fosters collaboration, accelerates digital

transformation and enables financial institutions to access

awide range of pre‑integrated, cutting‑edge technologies

that enhance operational efficiency and customer experience;

Temenos is also developing collaborations to drive long-term

joint revenue streams with Exchange providers;

⚫

accelerated growth: by investing in co‑innovation programs,

funding initiatives and joint go‑to‑market strategies, we are

empowering our Partners to scale faster. Our ecosystem

approach ensures that innovative solutions reach customers

more efficiently, driving digital transformation across the

financial services industry; and

⚫

collaboration with key Partners to accelerate our composability

journey, ensuring relevance to progressive modernization

strategies in our customer base.

5. Driving future innovation

As we move forward, our focus is on co‑creating solutions

andfinding the white space together with our Partners. This

collaborative approach ensures that we are continually pushing

the boundaries of financial technology, fostering an ecosystem

where innovation thrives. By leveraging AI, blockchain and

sustainable finance initiatives, we will continue to lead the

industry into new frontiers. We are committed to four key areas:

⚫

collaborative R&D: by partnering with industry leaders and

fintech disruptors, we invest in research and development

initiatives that address evolving market needs and drive

technological advancements;

⚫

Innovation Labs: our dedicated Innovation Labs serve as

incubation centers for pioneering solutions, providing a

platform for experimentation, prototyping and scaling

transformative financial services;

⚫

AI and ML integration to enhance market capabilities and

Temenos’ operational efficiencies: leveraging Artificial

Intelligence (AI) and machine learning (ML) to improve

decision making, automation and predictive analytics for

financial institutions, while also industrializing the way

Temenos delivers and maintains its offerings through

strategic integration partnerships; and

⚫

open banking initiatives: supporting regulatory and technological

advancements that drive open banking ecosystems, ensuring

secure and seamless data sharing between financial

institutions, fintechs and third party developers.

Collaborative

R&D

Innovation

Labs

AI and ML

integration

Open banking

initiatives

By integrating these innovation‑driven initiatives, we continue

to lead the financial technology landscape, shaping the future

of banking through meaningful collaborations and

breakthrough solutions.

Integrated Report

22 Temenos AG Annual Report and Accounts 2025

Collaborative working between Temenos

and our delivery Partners to deliver

successful client outcomes

The Global Delivery Partner Program remains a critical function

of the overall Delivery Ecosystem supporting successful

Temenos projects for our mutual clients.

2025 saw the adoption of a Partner hybrid model, blending

active governance and expertise provided by Temenos with

thecapacity and capabilities from the Partners to deliver

successful client engagement. Depending on the client needs,

solution complexity and Partner capability will define an

engagement model that can be Temenos Primed, Partner

Primed or Co‑Primed.

Co‑priming involves Temenos providing a Spine team

comprising project management and architect level

consultants contracted directly to the client for specific

deliverables. The Partner also contracts with the client to

supply a team to deliver the implementation or upgrade

project. The Spine team initiative was a new approach rolled

out in 2025 for specific clients.

Partner Primed engagements are contracted directly between

the client and a Delivery Partner. Temenos provides active

project governance to the client (TAPS – Temenos Active

Participation), and supporting services (CIO – Collaborative

Implementation Offering) to the Partner.

Where clients require a single contract for both software and

services, Temenos may be required to prime such engagements.

Delivery Partners may be subcontracted by Temenos for

specific project deliverables or to provide certain resources

ona staff augmentation basis.

Temenos launched a tiering process for the Delivery Partners

in 2025. Dependent on scope, scale, target markets and

focused service offerings, the existing delivery Partners have

been mapped to either the Specialist, Premier, Advanced or

Elite tier. These mappings are reviewed on a regular basis as

the delivery partnerships evolve.

The latest Partner certification manual allows Partners to

achieve certification badges confirming their capabilities in the

core products or Core, Digital and Payments at a subregional

level. Niche products certification for Wealth, Financial Crime

Mitigation, Financial Inclusion and Data & Analytics are issued

globally, as are the functional certifications for development,

migration and upgrades.

By using the tiering and certification badges held, the Temenos

Partner and Selection process identifies the right Partner for

the right project and the most appropriate engagement model

for the client engagement.

With AI at the forefront of most business plans, Temenos is

working closely with the Delivery Ecosystem to support the

further development of its Temenos practices to combine

automation with human talent to optimize its delivery

capabilities and capacity for future projects.

Customer experience

A unified customer experience:

a solution-driven organization

Cognizant is excited to continue our long-standing relationship

with Temenos to help accelerate core modernization for

financial services firms. We’re working together with the goal

to provide a predictable path for modernization that mitigates

complexities and risks, enables banks to deliver enhanced

customer experiences and achieves faster time to market

fornewproducts.Cognizant’sdeepexpertiseinbanking

modernization, combined with Temenos’ cloud-native

banking platform, positions us to help banks fast-track

theirtransformationjourneys.

Ravi Kumar S

CEO, Cognizant

Today’s software provider must not only serve a client’s

immediate needs, but also possess the vision to be at the

forefront of innovation. Temenos’ relentless pursuit of

excellenceinproductdevelopmenthasdeliveredquantifiable

business value for the banking ecosystem. Capgemini is a

keyTemenosGlobalStrategicDeliveryPartner,andour

companies have been working together for over 20 years.

With our Temenos Center of Excellence and our proven

implementation methodologies, we have helped deliver

complexprojectsinanefficientandtime-savingmanner.

Together, we’ve forged a powerful go-to-market plan with

innovative solutions tailored to the North American and

European markets. We are aligned with Temenos’ strategy

and look forward to our continued collaboration, helping

banks become digital-first enterprises.

Kartik Ramakrishnan

CEO Financial Services, Capgemini

In 2025, several functions were consolidated under the 1CX (1 Customer Experience)

structure to enhance the customer experience throughout solution delivery. The new

organization improves collaboration across the Delivery Partner team, the Services

team, the Temenos Learning Community, Customer Success Managers and Support.

We expect better collaboration to eventually drive higher customer satisfaction.

Integrated Report

23Temenos AG Annual Report and Accounts 2025

The focus on Temenosservices

Temenos Services team is at the heart of our organization,

committed to delivering exceptional customer experiences.

Through seamless collaboration with our delivery partners,

ourskilled professionals ensure the successful implementation

of innovative solutions that drive measurable value. Guided

bycore engagement principles, the team focuses on:

⚫

Empowering customers through strong enablement

forindependence;

⚫

Fostering collaborative ways of working;

⚫

Accelerating time-to-value while driving ongoing innovation;

and

⚫

Delivering simplification and client‑led customization.

Model Bank Platform Approach (MBPA)

accelerating time to value

Temenos believes that customer enablement is key to successful

adoption of our solutions. Model Bank Platform Approach (aka

MBPA) has continued that focus on delivering real results for

business. MBPA assists in identifying the customers important

user journeys based on their specific needs, quicklyimplement

the solutions and focuses on enablement for customers/partners

to independently implement the remaining user journeys and

accelerate adoption.

Packaged services enabling hybrid

implementation along with Partners

We continue to expand our catalog of packaged services,

empowering clients to achieve hybrid implementations in

collaboration with partners leveraging MBPA. These packaged

services comprise clearly defined activities and deliverables

designed to address specific implementation needs.

With a growing portfolio that now spans the full implementation

lifecycle, Temenos offers customers the flexibility to engage expert

support when required, while enabling scalable delivery through

trusted partners. This approach ensures efficiency, consistency,

and accelerated time-to-value for our clients worldwide.

Focus on existing customers

Our Services Development Managers continue to play a

pivotalrole in driving customer success by maintaining close

engagement with existing clients and helping them stay ahead

of technological and functional advancements. Through strategic

positioning of Temenos productized and packaged services,

they have successfully built a robust services pipeline, ensuring

clients receive innovative solutions andmeasurable value.

Temenos Active Participation Service Launched

(TAPS)

In 2025, we introduced TAPS as the successor to TPCS, creating

a more collaborative and value-driven experience for our clients

and partners while building on the strong foundation established

by TPCS. The enhanced reporting capabilities now deliver

tailored, actionable insights into project progress, enabling

greater value, proactive governance, and improved customer

experience. Early TAPS projects have already demonstrated

strong success, and the data collected is being leveraged

tocontinuously refine and enhance the service.

Our Global Services team serves as the cornerstone for turning

strategic vision into tangible outcomes. Through seamless

collaboration with delivery partners, our highly skilled

professionals ensure the successful implementation of

innovative solutions that drive value for our clients.

Customer experience continued

Integrated Report

24 Temenos AG Annual Report and Accounts 2025

Temenos Learning Community

The Temenos Learning Community (TLC) offers a comprehensive

suite of training solutions designed to meet the diverse needs

of learners across our ecosystem. TLC supports both internal

and external audiences in gaining deep knowledge of the

Temenos product suite, whether enabling Partners to build

certified practices for successful implementations or equipping

internal teams with the latest product functionality to better

serve client needs.

In 2025, we saw growing demand from clients and Partners

forstructured training programs to empower their own teams,

fostering self-sufficiency and confidence in using Temenos

solutions. This trend, combined with continued growth in the

Partner ecosystem, reinforced TLC’s role as a critical enabler

of knowledge and capability. TLC continues to invest in its core

offerings – TLC Online and TLC Services – to deliver scalable,

high‑quality learning experiences.

TLC Online

TLC Online is a cloud‑based, self‑paced e‑learning platform

offering over 1,200 courses, product sandboxes and exams.

Members gain access to the latest Temenos product content,

hands‑on practice environments, and role‑based learning

pathways designed to support Partner certification. In 2025,

TLC Online served as the foundation for industry‑recognized

certifications, helping Partners validate their expertise and

drive successful client projects.

Membership growth was significant, surpassing 6,500 paying

subscribers across Partners and clients. We introduced

microlearning and interactive formats, delivering bite‑sized

content with focused objectives. This approach makes learning

more efficient and engaging, reducing fatigue while improving

retention and attention.

TLC services

Instructor‑led training remains a cornerstone of TLC’s

offerings. Delivered on site or remotely, TLC Classroom

provides interactive, expert‑led sessions aligned with TLC

Online content. In 2025, our trainers delivered over 6,200 hours

of training to more than 70 clients and Partners. Classroom

training continues to be a cost-effective way to upskill larger

groups while preserving the value of human interaction.

Additionally, our Training Needs Analysis (TNA) service gained

traction, helping clients design tailored training plans aligned

with role-specific outcomes and organizational goals. This

personalized approach ensures the right level and type of

training for every learner. Complementing these services, TLC

Engine, an online tool for process mapping and training, offers

a process‑led learning solution. It allows customers to train,

test and internally certify end users at scale, with the flexibility

to integrate their own operating processes into Temenos

product workflows. Available in an on‑premise version, TLC

Engine provides an additional option for organizations seeking

structured, process‑driven learning.

Commitment to learning excellence

Our annual investment in TLC ensures that clients and Partners

have access to a robust learning platform that equips their

teams with the skills and knowledge to maximize the value

ofTemenos products.

Integrated Report

25Temenos AG Annual Report and Accounts 2025

Customer Success: driving customer

outcomes

At Temenos, we recognize that satisfied and successful clients

are not only more likely to continue their partnership with us

but also serve as advocates, promoting our value to the

broader market. To strengthen our ability to deliver exceptional

outcomes and elevate the customer experience, we made

substantial investments in people, processes and technology

dedicated to customer success.

In 2025, we organized Customer Success into a globalized

center of excellence in order to apply best practices for both

customers and internal operations. We also combined the

Customer Success team with the One Customer Experience

(1CX) organization to deliver aunified customer experience.

These investments have positioned Temenos to further

enhance client relationships and outcomes.

A key initiative for 2026 is ongoing investment in automation

and AI to consistently apply cross-functional data to drive

customer results. Our expert people, process and technology

will foster proactive partnerships aimed at continuous

improvement, ensuring long‑term success and satisfaction.

Bydeepening our understanding of client needs and maintaining

a focus on excellence, this approach will further differentiate

Temenos as a trusted partner.

Support as a strategic partner

Product Support at Temenos continues to play a pivotal role

inenabling customer success by delivering reliable, timely and

high‑quality assistance across our global operations. Over the

past year, we strengthened our operational discipline through

improved processes, enhanced tooling and a greater focus on

proactive engagement. By leveraging data‑driven insights,

weincreased case handling efficiency and elevated service

responsiveness, ensuring smooth and stable customer

interactions. Our teams deepened collaboration with clients,

cloud operations and engineering groups, resulting in faster

issue resolution and improved product quality. Investments

inskills development, governance and cross‑functional ways

of working further enhanced our ability to manage complex

product scenarios and support customers through ongoing

modernization and SaaS adoption.

During the year, we also advanced our transformation agenda

by integrating AI‑assisted self‑service, knowledge discovery

andautomation into our support workflows. These initiatives

reduced repetitive work, improved solution accuracy and

helped to promote self-service amongst our client and Partner

base. Enhanced knowledge management made solutions more

accessible, improving turnaround times across regions and

empowering both internal teams and Partners. We also expanded

Partner enablement to help our ecosystem deliver consistent and

scalable support. By combining innovation with operational rigor,

Product Support continued to evolve as a strategic differentiator

for Temenos, committed to delivering superior customer

experience, efficiency and long‑term service excellence.

Temenos Ambassador Program

We place our clients at the heart of everything we do –

championing their achievements and building long‑term,

strategic value together.

The Temenos Ambassador Program is our global platform for

driving innovation in banking and highlighting the transformative

impact of Temenos technology. Today, a community of more

than 900 Ambassadors – with 80% at the C‑suite or departmental

leadership level – represent financial institutions of every size

and region.

Ambassadors contribute their expertise, share real‑world

insights and elevate their profiles as industry thought leaders.

Each year, we celebrate one standout contributor with the

prestigious Temenos Forward Ambassador Award.

The program creates year‑round opportunities to connect,

including the exclusive Ambassador Reception at the Temenos

Community Forum, dedicated events and structured peer‑to‑peer

engagement. Ambassadors also benefit from a rich rewards

framework, with a personalized portal to track points, redeem

rewards and participate in new activities.

Customer experience continued

Integrated Report

26 Temenos AG Annual Report and Accounts 2025

Background

⚫

Institutional, digital‑first bank

serving the global asset

management industry

⚫

Envision to deliver fast, secure,

onboarding and seamless client

experiences

⚫

Expanded into the US and

Luxembourg with greenfield

systems

Background

⚫

Serves more than 30 million

customers across retail and

corporate/SME

⚫

Executed one of the largest

andmost complex core upgrades

in Vietnam

⚫

Hybrid architecture using

Temenos Core and Red Hat

OpenShift, with AWS for testing

and scalability

Why Temenos

⚫

Selected end-to-end Temenos

SaaS to scale globally without

adding operational complexity

⚫

Single, unified platform

supporting multi‑bank,

multi-jurisdictional operations

⚫

Deploy on Azure for hyperscale

resilience, security and

performance

Why Temenos

⚫

Temenos Core customer since

2006, continually upgrading to

stay ahead

⚫

Temenos provided unmatched

business functionality, scale and

local expertise, with 30+ clients

in Vietnam

⚫

More intuitive and business

friendly than alternative

platforms that required

nicheskills

Outcomes

⚫

Fully digital operations from day

one, with fast, secure, paperless

client onboarding

⚫

Single SaaS instance across

markets simplifies operations

and ensures consistent client

experience

⚫

Increased automation expected

to boost customer-per-employee

ratio

⚫

Foundation to support future

AI‑driven insights, advanced

analytics and blockchain-

enabled services

Outcomes

⚫

Core platform now handles

2xdaily volume with zero

incidents

⚫

30% faster business processing

speeds

⚫

40% increase in payment

transaction volumes

⚫

Near-zero customer disruption

during go‑live, enabled by

innovative DR‑mode upgrade

⚫

Strengthened stability and

customer trust across Vietnam’s

fast-growing financial sector

Case study

The technology provided by Temenos empowers our clients to move

faster, bank smarter and focus on what matters most, their investments.

Diarmuid O’Donovan

Global Chief Information Officer, FundBank

Today,wecanservetwicethevolumewithbetterquality.Thecustomer

experience is faster, more responsive and more reliable.

Do Cam Van

Director of Core Banking Applications Service, VPBank

Building a global digital bank

Scaling smarter and powering inclusion

Integrated Report

27Temenos AG Annual Report and Accounts 2025

Innovating

withpurpose

Thibault de Tersant

Chairman

Takis Spiliopoulos

Chief Executive Officer and interim Chief Financial Officer

Introduction

30 Our ESG approach

31 ESG ratings and rankings

32 Our priority areas

Our sustainability approach

33 General disclosures

44 Environmental disclosures

63 Social and societal disclosures

94 Governance disclosures

Appendix

105 Independent practitioner’s limited assurance report

111 International standards and certifications

113 Stakeholder groups

115 EU taxonomy disclosures

117 UN Global Compact Index

117 Disclosures in accordance with Art. 964b Swiss Code

ofObligations

118 GRI content index

Sustainability

Integrated Report

28 Temenos AG Annual Report and Accounts 2025

In a world of increasing environmental, social and technological

complexity, operational resilience is built through disciplined

execution, trusted technology and a long‑term commitment to

sustainable value creation, for our clients, our people and society.

The global landscape is evolving rapidly, reshaping how institutions

operate, invest and manage risk. Banks today face significantly

more demanding expectations from regulators, customers and

society at a time when resilience, trust and long‑term value

creation are more critical than ever.

The World Economic Forum’s Global Risks Report 2025 highlights

rising geopolitical tensions, extreme weather events, cyber risks

and the spread of mis‑ and disinformation. Challenges such as

climate change, biodiversity loss and ecosystem decline continue

to be among the most significant global risks, reinforcing the

need for responsible leadership and long‑term thinking.

In this context, Temenos remains focused on what we do best:

creating long‑term, sustainable value for all our stakeholders.

For more than 30 years, sustainability has been at the core of

how we operate, innovate and grow. Even as the external

environment becomes more complex and uncertain, our

commitment to sustainability remains clear and unchanged.

Building on our strong foundation, sustainability supports both

our mission to modernize financial institutions through trusted,

industry‑leading technology and our vision to power a world

where banks rely on Temenos to make banking simpler and

help people lead better financial lives. Our sustainability strategy

strengthens our business, supports our clients and enables

responsible operations amid growing environmental and

socialpressures.

Our journey begins with taking responsibility for our own

footprint. We continue to advance our Climate Transition

Action Plan and science‑based targets, focusing on reducing

greenhouse gas emissions, improving energy and water efficiency

and increasing the use of renewable energy across our operations

Transparency and accountability remain central to our approach.

In 2025, we further strengthened this commitment by enhancing

the accuracy of our emissions calculations, updating our Double

Materiality Assessment in line with CSRD requirements to more

clearly reflect our material impacts, risks and opportunities,

and introducing new tools that improve ESG data collection

and drive deeper engagement across our value chain.

Our greatest impact, however, lies in how we support our clients.

Banks are navigating rising cost pressures, expanding regulatory

requirements and rapidly evolving customer expectations while

transitioning toward a more digital, data‑intensive and AI‑enabled

future. Temenos enables banks to grow efficiently by aligning

digital modernization with capital and resource discipline.

Through our cloud‑native architecture and continuous

optimization of our software platform, banks can scale

transaction volumes, adopt AI‑enabled capabilities and

strengthen resilience without proportional increases in

infrastructure, operating costs or energy intensity.

By improving performance and reducing the resource footprint

of core banking operations, Temenos helps clients manage costs,

optimize technology investment and mitigate transition and

operational risks associated with large‑scale IT transformation.

Combined with the sustainability performance of our hyperscaler

Partners, this approach supports long‑term value creation for

banks transitioning to public cloud and Software‑as‑a‑Service

models, where efficiency, scalability and sustainability

increasingly reinforce financial performance.

Resilience also depends on strong governance, secure and

reliable technology and a clear long‑term strategy. At Temenos,

we continue to invest in these foundations, strengthening risk

management, cybersecurity and business continuity, while

embedding responsible innovation across our products

andoperations.

Our progress is driven by our people, because at Temenos,

people are the key. Temenosians bring the skills, expertise and

commitment needed to innovate responsibly and support our

sustainability goals. By fostering a culture of trust, inclusion

and continuous learning, we empower our people to balance

performance with responsibility. Our Partners also play a vital

role in scaling solutions, validating impact and delivering the

right technologies to our clients.

We are proud that our efforts continue to be recognized by

leading ESG indices and rating agencies, reinforcing the strong

link between sustainability performance and business resilience.

Temenos maintains its position as an ESG leader in the IT industry,

ranking among the top performers across major benchmarks

including the S&P Dow Jones Best‑in‑Class Indices, FTSE4Good,

MSCI, ISS, Sustainalytics, CDP, EcoVadis and the SXI Switzerland

Sustainability Index. We are also honored to be certified as a

Best Place to Work and to receive the Equileap Gold Seal for

Gender Equality, reflecting our commitment to culture,

inclusion and responsible leadership.

The years ahead will continue to challenge organizations

across all sectors. Environmental risks will intensify, and social

and technological pressures will evolve rapidly. Yet our strategy

is clear, our technology is future ready and our commitment to

long‑term sustainable value creation remains firm.

We would like to thank our people for their dedication and our

stakeholders for their trust and partnership. Together, we are

building a resilient, innovative and sustainable Temenos,

supporting our clients, strengthening our business and

contributing positively to the world around us.

This is our moment. And we are ready for what comes next.

Thibault de Tersant Takis Spiliopoulos

Chairman Chief Executive Officer and

interim Chief Financial Officer

Operational resilience in today’s complex environment

depends on disciplined delivery, trusted technology and

astrong commitment to long-term sustainable

valuecreation.

Integrated Report

29Temenos AG Annual Report and Accounts 2025

Our

E S G

approach

Our commitments

Operating responsibly is in our DNA and part of the Temenos culture. We strongly believe that our long‑term success requires a

business model that incorporates sustainability as a fundamental building block of our operations. We are committed to achieving

long‑term value creation through our strategic roadmap, while operating with integrity and respecting our stakeholders,

communities and the environment.

Creating sustainable value for our stakeholders

Helping our clients transform into smart,

inclusive and sustainable organizations

Managing our operations ethically

andresponsibly

Contributing to global social and

environmental initiatives

Our goal

To grow our business in a

way that takes care of the world

around us, delivering value to

anyone associated with us

Progress and targets

Social

2025 progress

35%

gender diversity in global

workforce

45%

gender diversity of employees

under 30 years old

Governance

2025 progress

43%

gender diversity in Board

ofDirectors

60%

gender diversity in

ExecutiveCommittee

99%

employees completed Business

Code of Conduct and mandatory

compliance trainings

Environment

2025 progress

26%

reduction of absolute Scope 1,

2 and 3 GHG emissions vs

revised science-based target

(SBT) 2019 baseline year

100%

use of renewable electricity in

Temenos internal operations

74%

ISO 14001:2015 certification

coverage

Targets

50%

reduction of absolute Scope 1,

2 and 3 GHG emissions by 2030

vs 2019. New target submitted

for SBTi validation

Net-zero

GHG emissions by 2050

Target s

40%

gender diversity in global

workforce by 2030

Targets

30%

gender diversity in Board

ofDirectors by 2025

>97%

completion rate of Business

Code of Conduct and mandatory

compliance trainings by 2025

Sustainability continued

Integrated Report

30 Temenos AG Annual Report and Accounts 2025

CSRD‑aligned

Double Materiality

Assessment

GRI and SASB

standards

CSRD‑compliant

Sustainability

Report

ESRS standards

ESG ratings and rankings

Developments in ESG reporting:

preparing for CSRD

Low risk – Toprated

Global Compact Network

Switzerland

Member

Women’s Empowerment

Principles

Signatory

UN Global Compact

(UNGC)

Participant

Equileap

Gold seal

Top 1%, Platinum medal

Ranked 4th among top 500

sustainable companies

Highest rating in E&S categories

Prime status top 10%

B Read more here: Our Achievements

SXI Switzerland

Sustainability25

Index

A for Climate

B for Water Security

S&P Sustainability

Yearbookmember

Dow Jones Best-in-Class

IndicesWorld and Europe

Highest rating

CSRD CSRD

CSRD

FY-25 Report FY-26 Report

Temenos has defined a clear roadmap for aligning our future Sustainability Reports with CSRD. In 2025, we refreshed our Double

Materiality Assessment in line with CSRD requirements and enhanced our Sustainability Report by strengthening the linkage

between disclosures and our material topics. Considering the European Commission’s Omnibus proposals, we plan to publish

aCSRD-aligned Sustainability Report on a voluntary basis for fiscal year 2026, to be issued in 2027.

1 index inclusion based on the 2024 CSA 2 EcoVadis Sustainability Rating

Integrated Report

31Temenos AG Annual Report and Accounts 2025

Our priority areas

Guided by the Sustainable Development Goals (SDGs), we integrate sustainability into

how we operate, innovate and deliver. Our four priority ESG areas drive value creation

and risk mitigation, serving as the foundation for our CSRD alignment from FY-26.

Environmental disclosures

Caring for the Planet

We are committed to aligning our business with the vision of a net‑zero world by collaborating

with our stakeholders across the value chain.

Preparation for CSRD alignment in FY-26

ESRS E1 Climate Change Mitigation

ESRS E1 Climate Change Adaptation

ESRS E1 Energy

Company specific: Enabling Emissions Reduction and ESG Reporting for Clients

B Read more on page 44

SDGs

Social and societal disclosures

Investing in Our People

We are committed to fostering an inclusive, safe and equitable workplace for our employees

and Partners while respecting the rights of the communities and clients we serve. Our approach

focuses on:

Preparation for CSRD alignment in FY-26

ESRS S1 Work‑Life Balance for Temenos Employees

ESRS S1 Health & Safety for Temenos Employees

ESRS S1 Gender Equality and Equal Pay for Equal Work for Temenos Employees

ESRS S1 Measures Against Violence and Harassment in the Workplace

ESRS S1 Diversity

ESRS S1 Training and Skills Development

ESRS S2 Health & Safety of Value Chain Workers

ESRS S2 Gender Equality and Equal Pay for Equal Work of Value Chain Workers

ESRS S4 Privacy of Temenos’ Consumers and End Users

Empowering Our Local Economies and Communities

We contribute to a more inclusive world by investing in our local communities while providing

equitable and affordable financial services to all.

Preparation for CSRD alignment in FY-26

ESRS S3 Communities’ Economic, Social and Cultural Rights

B Read more on page 63

SDGs

Governance disclosures

Operating Responsibly

We ensure stakeholder trust by taking responsibility for our business ethics, procurement and security.

Preparation for CSRD alignment in FY-26

ESRS G1 Protection of Whistleblowers

ESRS G1 Corruption and Bribery

ESRS G1 Management of Relationships with Suppliers

Company specific: Responsible and Ethical AI Use

Company specific: Cybersecurity

B Read more on page 94

SDGs

Sustainability continued

32 Temenos AG Annual Report and Accounts 2025

Integrated Report

General disclosures

Basis of preparation

Unless otherwise indicated, the information provided in this

report reflects the situation as of 31 December 2025 and covers

all Temenos operations as well as all financially consolidated

activities globally during FY‑25. The report is prepared in

accordance with Art. 964b of the Swiss Code of Obligations,

which is mandatory for Swiss companies of public interest and

in alignment with recommendations and standards issued by

the Integrated Reporting Framework, in accordance with the

Global Reporting Initiative (GRI) Standards and mapped to the

Sustainability Accounting Standards Board (SASB) Software

and IT Services Sustainability Accounting Standard. All references

to CSRD and ESRS are for information purposes to show the

progress made towards our CSRD alignment in FY-26. Our Board

of Directors acknowledges responsibilities and has approved

and signed off the 2025 Temenos Sustainability Report according

to the Swiss Code of Obligations. We also adhere to the requirement

of Art. 964j-l of the Swiss Code of Obligations (Ordinance on

Due Diligence and Transparency in relation to Minerals and

Metals from Conflict‑Affected Areas and Child Labor). We have

determined that we are exempt from the obligations of due

diligence and reporting obligations on minerals and metals

from conflict‑affected and high‑risk areas and in relation to

child labor (read more in the Human Rights section).

Please see our online GRI content index for detailed data and

additional information. In the Disclosures in accordance with

Art. 964b Swiss Code of Obligations section on page 117 we

summarize how this report complies with the requirements

ofArt. 964b of the Swiss Code of Obligations. In addition, it

serves as Temenos’ annual Communication on Progress under

the United Nations (UN) Global Compact. This is our tenth

Sustainability Report. In 2025, Temenos has revised and updated

its 2019baseline year and 2024 GHG emissions figures due

tomethodological enhancements designed to improve data

quality and comparability and reliability, as well as a change in

the reporting period boundary to match the financial reporting

year and ensure comparability and future CSRD alignment. We

have assured the content through an internal review process,

including Board of Directors and executive oversight of reviews

and validation. In addition to the internal review process, an

independent third party, PricewaterhouseCoopers SA, has provided

limited assurance in accordance with the International Standard

on Assurance Engagements (ISAE) 3000 (revised) and ISAE

3410 on selected indicators and disclosures of Temenos’

Sustainability Report 2025. The scope of the assured information

is indicated in the independent practitioner’s assurance report.

Our first report in accordance with GRI was published in 2017.

Environmental dashboard

Temenos operates 49 offices in large, leased, multi‑tenant

buildings in 36 countries. Temenos’ energy reporting and Scope

1 and 2 emissions follow a 1January–31 December cycle.

Reasons for recalculation of GHG emissions

⚫

Adoption of improved calculation approaches, transitioning

to publicly available emission factors (DESNZ, IEA) instead

ofproprietary datasets, introduction of an enhanced

working‑from‑home (WFH) emissions methodology,

andrefinement of estimation techniques providing

moregranular, site-specific natural gas data.

⚫

Change in reporting boundary: adjustment of the 2019 baseline

period from December 2018–November 2019 to January–

December 2019 for alignment with financial reporting and

comparability with the calendar reporting cycle.

⚫

Expanded scope: inclusion of new categories in baseline

year2019: emissions from leased cars, emissions from waste

generated in operations and from other fuel and energy‑related

activities for comparability with current reporting.

Effect of recalculation

The recalculation led to significant changes in previously

reported figures. The drivers of this impact are explained

below. Further detailed disaggregation of the recalculation

effect is considered beyond reasonable effort.

⚫

Scope 1 (Natural Gas): 2019 emissions increased by 487%

and2024 emissions increased by 68%, due to updated

methodology resulting in more granular site‑specific data.

⚫

Scope 3 (Waste): emissions decreased by 99% in 2024

duetoupdated emission factors for hazardous waste.

⚫

Scope 3 (Employee Commute): 2024 emissions increased by

80% following application of Well-to-Tank and Tank-to-Wheel

emission factors, including emissions from work from home.

⚫

Scope 3 (Business Travel): 2024 emissions increased by 69%

following application of Well‑to‑Tank and Tank‑to‑Wheel

emission factors, as well as the inclusion of emissions from

hotel stays.

⚫

Minor adjustments (averaging 15%) were observed across

other categories due to changes in reporting periods and

emission factor sets.

⚫

In accordance with Science Based Targets initiative (SBTi)

requirements, Temenos has also recalculated its targets

following these significant methodological and boundary

changes. The revised figures and associated targets are

currently under validation by the SBTi.

Methodology and assumptions

Energy and emissions calculations follow the Greenhouse Gas

Protocol Corporate Standard. Calculations also reference ISO

14064-1:2018 – Greenhouse gases, Part 1: Specification with

guidance at the organizational level for quantification and reporting

of greenhouse gas emissions and removals. All greenhouse

gases are included in the calculations. The consolidation

approach used to calculate the GHG inventory is operational

control, since Temenos has full authority over the operations,

and accounts for all the emissions resulting from all operations

across all offices in all countries. In the report, the metric ton/

UK ton equivalent to 1,000 kilograms is stated solely as ton.

Additionally, energy values in kilowatt‑hours (kWh) are equivalent

to 0.0036 gigajoules (GJ). Scope 1 and 2 emissions were calculated

using latest available IEA and DESNZ emission factors. Emissions

from Business Travel were calculated based on the distance

traveled using DESNZ emission factors. All GHG emissions

figures are in tons of carbon dioxide equivalents (tCO

e).

Renewable energy is valid only with an official certificate

(Energy Attribute Certificate), following the RE100 initiative

requirements. Employees exclusively working from home are

not taken into consideration when calculating the % coverage

for energy, waste and water data.

Integrated Report

33Temenos AG Annual Report and Accounts 2025

Methodology and assumptions continued

The energy consumption of our offices includes all types

ofenergy (renewable and non-renewable purchased grid

electricity, natural gas, diesel for on‑site electricity and for

heating and company cars). It represents consumption as

reported on invoices from utility providers and management

companies. For the energy use in company cars, average fuel

economy factors (km/L) were used from the GHG Protocol

transport tool version 7.2, and distance was converted to

energy using DESNZ conversion factors. In 2025, we measured

and reported 99% of the total energy consumption and GHG

emissions, excluding only a few individual offices with maximum

seating capacity of fewer than 10 works stations. When there is

no data available, we estimate based on extrapolation, taking

into consideration the average monthly consumptions per office.

For offices that use natural gas for heating but do not provide

primary consumption data, usage has been estimated through

extrapolation using region‑specific intensity factors. This approach

relies on actual data from comparable sites or publicly available

studies. Specifically, Bucharest consumption intensity has

been applied for EU locations, and CBECS data for sites in the

US and Canada. Assumptions have been made on the “months

per year” for natural gas‑based heating in different countries.

Our water withdrawal covers 100% of our workforce (estimation

based on extrapolation from actual data received from 91% of

Temenos workforce, excluding employees exclusively working

from home). Our offices in India Chennai measure inlet quantities

in the sewage treatment plants (STP) and estimate outlet

discharge based on landlord information, indicating that 80%

oftreated wastewater is reused and the remaining 20% is

discharged into municipality sewer system. Waste generation

covers 100% of our workforce (estimation based on extrapolation

from actual data received from 83% of Temenos workforce,

excluding employees exclusively working from home). The intensity

ratios were calculated using annual performance data(energy,

GHG emissions and water, and waste) for the period 1January

2025 to 31 December 2025. Per‑capita intensity metrics were

based on total employee headcount for the reporting year,

while economic intensity metrics were calculated using IFRS

revenue for the same period.

Scope 1 and 2

Our Scope 1 emissions are due to direct natural gas

consumption for heating, from diesel fuel consumption for

on‑site electricity generation, from fugitive emissions of the

airconditioning equipment and from leased company cars.

The Scope 1 fugitive emissions were calculated taking into

account the surface area of the office, the type of refrigerant,

the leakage rate, the quantity of refrigerant gas recharge and

the air conditioning capacity. A 6% annual leakage rate is

applied, with refrigerant quantities informed by US Green

Building Council guidance and air‑conditioning capacity

assumptions based on standard industry benchmarks where

primary data is unavailable. We collect the refrigerant type per

office and we map it with DESNZ emission factors to compute

the GHG emissions based on IPCC AR5 2025. In cases where

the refrigerant type is unknown, we assume R-407A.

Vehicle combustion Scope 1 emissions from company‑leased

cars were calculated using inputs such as type of vehicle,

distance traveled, commuting days from the employee commute

data and CO

emission factors from the manufacturer.

Our Scope 2 location‑based emissions are a result of the

consumption of purchased electricity from local grids. Our

Scope 2 market‑based emissions were calculated taking into

account the green energy products from local utility providers,

the Energy Attribute Certificates, as well as the residual mix

values for each location where available. Temenos does not

generate any biogenic CO

emissions from the combustion or

biodegradation of biomass. Calculation is based on building

electricity invoices and includes offices, common areas and

owned data centers.

Scope 3

Our Scope 3 categories Purchased Goods and Services,

CapitalGoods and Upstream Transportation and Distribution

are estimated based on a methodology covering both average

spend‑based and supplier‑specific spend‑based approaches,

and applying sector-specific emission factors (tCO₂e/USDm

revenue) from the Environmentally Extended Input‑Output

(EEI‑O) model provided by an external consultant company.

Wehave used as input actual accounts payable invoices.

Weare continuously improving the methodology used to

calculate Scope 3.1, 3.2 and 3.4 (moving from spend‑based

tosupplier-specific or hybrid method) for more accurate data.

In order to calculate upstream emissions of the Scope 3

category of other Fuel and Energy‑Related Activities from

purchased electricity (e.g. due to transmission and distribution

(T&D) losses for every unit of grid electricity procured) we used

actual energy consumption as reported on invoices from utility

providers and management companies and emission factors

from DESNZ and IEA.

In order to calculate upstream emissions of our Scope 3

category of Waste Generated In Our Offices, we used our 2025

office collection data for hazardous and non‑hazardous waste,

e‑waste and wastewater treatment, taking into account the

disposal methods and emission factors from DESNZ, specific

for each disposal method.

Our Scope 3 business travel‑related emissions from flights,

trains and taxis cover FY‑25 and all the countries where Temenos

operates, representing 100% of the total employee concentration.

The data was collected from the Company travel management

system as well as travel agency providers. Emissions from

Business Travel were calculated based on the miles flown

using DESNZ emission factors. For the taxi‑related emissions,

we have assumed a 20‑mile taxi ride for each flight. Hotel stay

emissions were calculated using DESNZ 2025 country‑specific

emission factors per room night, applied to the total number

of recorded room nights. For countries not covered by the

DESNZ database, regional averages were used instead.

The 2025 GHG emissions from employee commute were

calculated based on integrated information from Geocoding

Automation with Google Maps and from an employee survey

run on LRM platform (also used for the mandatory training).

This methodology covered 98.8% of total headcount. For cases

where the information platform system exceeded 60-mile

office to home distance (due to different tax and permanent

address), an average 13.47-mile distance was assigned. The

remaining 1.2% was estimated based on extrapolation, taking

into consideration the hybrid model frequency. The information

platform covered various aspects such as distance between

home and the office, modes of transport–private vehicles,

mass transit, cycling, carpooling, walking, fuel of private

vehicles used and average monthly office presence. The data

gathered covers private vehicles owned by our employees.

Theemissions have been calculated based on type of vehicles

owned by our employees, total distance traveled, fuel types

and emission factor. Work from home (WFH) emissions were

calculated using the employee survey data, which included

employee ID, country, commute distance, days in office and

mode of transport. Data was extrapolated to cover all FTEs, if

less than 100% participation rate in survey. Incremental energy

use for home working was estimated using publicly available

literature. The calculation assumed 261 working days per year.

Sustainability continued

General disclosures continued

Integrated Report

34 Temenos AG Annual Report and Accounts 2025

For electricity, Well‑to‑Tank (WTT) and Tank‑to‑Wheel (TTW)

emission were considered. with factors sourced from public

and licensed datasets, including IEA. For natural gas, WTT

andTTW factors were applied from DESNZ, and incremental

consumption was adjusted to zero for certain locations to

reflect warmer weather conditions.

Our Scope 3 category Use of Sold Products was estimated

considering two components: (a) on‑premise servers operated

by Temenos clients and (b) end‑user systems such as desktops

and laptops in client banks. For servers, emissions were derived

from Temenos’ Microsoft Azure dashboard, which provides

equivalent on‑premise server data. Assumptions made include:

regional averages and one server per client, multiplied by the

average license duration of four years. For end‑user systems,

emissions are calculated based on the number of client deals,

active users, concurrent usage rates, daily operating hours and

working days, combined with incremental energy consumption

and regional grid emission factors from IEA.

Diversity dashboard

Our headcount‑related figures and diversity dashboard are

based on the GRI and SASB Standards as well as S&P Global

CSA requirements, cover all Temenos operations globally and

are in full alignment with the Annual Report and Financial

Statements. Employee data is sourced from the corporate

internal IT and HR systems.

The Company’s highest governance bodies are the Board

ofDirectors and the Executive Committee.

All references to currency are in USD unless specified otherwise.

Methodology and assumptions

⚫

Data used to compile the dashboard represents actual

headcount (not FTE) as at 31 December 2025, unless

specified otherwise.

⚫

All charts refer to Temenos employees, unless

specifiedotherwise.

⚫

Temporary employees are employees on a fixed‑term

contract. The rest are permanent employees.

⚫

Part-time employees are employees at less than 100% FTE.

The rest are full‑time employees.

⚫

Non‑employees: included in total Temenos headcount, but

are not Temenos employees. This category includes the

Board of Directors, business Partners and external contractors.

⚫

Business Partners: consultants of Temenos Certified companies

have been considered as Temenos staff augmentation.

⚫

External contractors: consultants of third party companies

(not approved as Temenos Certified Partners) or freelancers

that get paid directly from Temenos have been considered as

Temenos staff augmentation.

⚫

Employee level: considers Temenos’ internal ranking system

(employee bands) and number of reporting lines and is mapped

to SASB TC‑SI‑330a.3 categories. Individual contributors refer

to the “all other employees” category of SASB TC‑SI‑330a.3

and are junior/mid‑level employees with no reporting lines.

Mid‑level managers refer to the “non‑executive management”

category of SASB TC‑SI‑330a.3 and are mid/senior‑level

employees with at least one reporting line. Management

refers to the “executive management” category of SASB

TC‑SI‑330a.3 and includes senior managers and senior

executives regardless of reporting lines.

⚫

Employee category: “tech” refers to the “technical

employees” category of SASB TC‑SI‑330a.3 and includes

employees working in R&D or Cloud functions; “non‑tech”

includes employees working in G&A, S&M or Services functions.

⚫

Employee function: internal employee classification system

based on employee department.

⚫

Employee ethnicity/race: diversity group representation

ofUS employees according to SASB tc-si-330a.3.

⚫

Hires, leavers and turnover rates are calculated by comparing

employee headcount as at 31 December 2025 to actual

headcount as at 31 December 2024 according to GRI 401‑1.

Contextual information

As a rule, the vast majority of our global headcount is made

upof permanent, full-time employees. Fixed-term employee

contracts, not resulting from legal or statutory requirements,

represent a negligible percentage of our global workforce.

All Temenos employees are guaranteed a fixed number of

working hours per day, week or month.

Part-time employees represent below 1% of global workforce

(e.g. employees returned from parental leave and employees

who have opted to work part‑time instead of full‑time).

Fluctuations in headcount

Fluctuations in number of employees or workers who are not

employees (non‑employees) are considered significant if higher

than the specific thresholds set per category. The fluctuation

threshold is 15% for all employee categories including full-time,

part‑time, permanent and temporary employees. For non‑employees

the threshold is 20%.

The following methodology was applied to set the thresholds.

For each workforce category, the average annual net headcount

change over the last three years was calculated. Considering

the dynamic nature of the software industry, including

project-based delivery, evolving client demand, andongoing

technology and skills transformation, we applied a ±100%

tolerance to historical averages to define thresholds for

significant fluctuations. Outlier values were not considered.

In 2025, fluctuations in the headcount were identified that are

considered significant based on the respective thresholds.

Total Temenos employee workforce reduced by 20%, permanent

employees by 20%, temporary employees by 19%, full-time

employees by 19% and part-time employees by 35%. The fluctuation

in employee headcount was mainly driven by product portfolio

changes in line with our corporate strategy, including the

divestment of the Multifonds business and changes to the

operating model in the CPTO organization. Nosignificant

fluctuations in non-employee headcount wereidentified.

Contact

The 2025 Temenos Sustainability Report explains our policies,

procedures, programs and performance on our material

environmental, social and governance (ESG) focus areas

aswell as how we address other important CSR issues.

Wewelcome stakeholder feedback on the activities and

programs described in the report, as well as the focus

areasstakeholders expect to see addressed in the future.

Please email any comments to the below address.

Adam Snyder

Director of Corporate Affairs

Tel.: +41 22 708 11 50

sustainability@temenos.com

Integrated Report

35Temenos AG Annual Report and Accounts 2025

Sustainability continued

General disclosures continued

Sustainability governance

Membership

⚫

Chaired by a Non‑Executive Director

Responsibilities

⚫

Approves and oversees the sustainability, climate and CSRstrategy of the Group,

including the climate‑related impacts, risks and opportunities and associated

metrics and targets

⚫

Appoints and oversees the members of the ExecutiveCommittee

Board of Directors

Membership

⚫

Chaired by the Vice‑Chair,

Independent and Non‑Executive

Director

Responsibilities

⚫

Considers the strategy and targets

for the sustainability, climate and

CSR strategy, monitors progress

and trends in ESG matters and

reports accordingly to the Board

ofDirectors

Membership

⚫

Chaired by an Independent

andNon-Executive Director

Responsibilities

⚫

Oversees ESG reporting

andassurance

Nomination, Compensation

&Sustainability Committee

Audit Committee

Responsibilities

⚫

Manages the Group’s sustainability, climate and CSR strategy, including ESG impacts, risks, opportunities and related targets.

Engages stakeholders to embed sustainability in operations, drives ESG policies and reporting, and reports directly to the CEO

Director of Corporate Affairs

Responsibilities:

⚫

Monitors and coordinates the corporate sustainability/ESG/CSR strategy

andtargets across all functions; oversees management’s efforts to embed

sustainability across the organization; ensures internal and external stakeholder

voices are considered; and reports to the Board through the Nomination,

Compensation & Sustainability Committee

Sustainability Committee

Responsibilities:

⚫

Provides executive oversight of

sustainability and ESG matters,

ensuring alignment with corporate

strategy and integration into

business planning. Considers

environmental risks, opportunities

and future trends in strategic

decisions, remaining accountable

to the Board

CEO

Integrated Report

36 Temenos AG Annual Report and Accounts 2025

Value creation for key stakeholders

Clients

We enable banks and financial institutions to simplify complex

IT landscapes, improve scalability and accelerate product

innovation. SaaS and cloud‑based deployments enhance

system resilience, predictability of operating costs and energy

efficiency compared to traditional on‑premise environments,

supporting both performance and sustainability objectives.

Employees

We create an environment where our employees can thrive.

Weinvest in continuous learning, inclusion and wellbeing, fosterin

a culture of innovation and ethical conduct. Our commitment

to employee experience is reflected in our recognition as a

Great Place to Work

in 15 locations, supporting long‑term

engagement, skills development and organizational performance.

Suppliers and Partners

We work closely with suppliers and Partners to build a

responsible and resilient value chain. In 2025, we strengthened

our Supplier Engagement Program by introducing standardized

ESG scorecards, learning resources and corrective action plans

to support supplier improvement, including decarbonization

efforts. We have also strategically built long‑term relationships

with leading public cloud providers with strong ESG

commitments.

Investors and shareholders

By integrating sustainability considerations into strategy, risk

management and decision making, Temenos strengthens its

long‑term value creation and access to capital. Our approach

to sustainability is reflected in our consistently high performance

in leading ESG ratings, supporting transparency, risk management,

business resilience and investor confidence.

Regulators and society

By delivering a secure, compliant and resilient banking

infrastructure, Temenos contributes to financial system

stability and digital inclusion. Our solutions support regulatory

compliance, operational resilience and the broader transition

towards more efficient and sustainable banking technology.

Beyond our products, we invest in the communities where

weoperate through targeted initiatives focused on education,

financial inclusion and social impact.

Business performance and economic impact

Economic impact for Temenos means achieving our

medium‑term growth targets to generate long‑term

sustainable value for all of our stakeholders and contributing

to the global economy as well as the local economies where

our clients conduct their business.

In 2025, non-IFRS Subscription and SaaS increased by 10% in

comparison to 2024 and non‑IFRS total revenues increased by

11%. We have achieved a full year non-IFRS EBIT of USD 371.9

million with a non-IFRS EBIT margin of 35%, a 3pp increase

compared to 2024. Long‑term profit and cash flow strength

support the proposed dividend of CHF 1.40, an 8% annual

increase. Leverage decreased to 1.2x at year end, down from

1.3x in 2024 and we generated USD 398 million of operating

cash flow in 2025.

Note: Non‑IFRS figures are proforma. Proforma excludes Multifonds.

Thesale of Multifonds was completed in Q2-25.

Geographical outcomes

Europe – Romania: Temenos Romania benefited from

anincome tax exemption for employees in software

creation‑related roles. The amount of the exemption for

2025was USDnil (2024: USD 86,559). In addition, there is

alsoa reduction of 20% of the annual corporate tax if this

isredirected to donations. The 20% reduction of the annual

corporate tax redirected to CSR spending by Romania in

2025was USD 11,508 (2024: USD 20,857).

Asia – Singapore: Under Singapore’s Central Provident Fund

transition offset and progressive wage credit scheme, Temenos

claimed USD 1,338 in 2025 (2024: USD 6,282). Temenos also

received a benefit of USD 1,490 (2024: USD nil) in the form

ofaCIT Rebate Cash Grant.

Economic contribution to	FY-25	FY‑24
variousstakeholders	USD 000	USD 000
Revenue	1,09 0,8 30	1 , 0 4 4 ,1 0 5
Employee wages and benefits	521 ,3 36	501 ,626
Payment to provider of funds	1, 185,402	823,745
Payment to government	58,097	36 ,97 1
Community investment
(monetary donations only)	1,02 4	505

For more information on our financial performance, please visit

the respective section.

Temenos business model and value creation

Our business model is based on the development and delivery of banking solutions,

offered through SaaS, cloud or on-premise deployment models and supported by a

global ecosystem of technology and implementation Partners. A detailed view of

our business model is provided in the Our Growth Strategy section of this report.

Integrated Report

37Temenos AG Annual Report and Accounts 2025

Temenos Materiality Assessment

We continue to report on sustainability

disclosures related to our material topics,

inaccordance with the GRI framework.

To identify sustainability topics that are material to our business

and stakeholders and in line with our plan to publish our first

CSRD report in 2027, we updated our 2023 Double Materiality

Assessment (DMA) with a new, comprehensive assessment.

In 2025, as part of our CSRD journey, we carried out a DMA in

accordance with the requirements of the European Sustainability

Reporting Standards (ESRS) under the Corporate Sustainability

Reporting Directive (CSRD), based on the criteria defined in

EFRAG implementation guidance and ESRS 1. Our materiality

assessment in this report is also aligned with the specifications

of GRI Standard 3: Material Topics (2021), incorporating an

impact‑focused approach that adheres to the GRI 2021 framework.

The assessment covers Temenos’ own operations as well as

upstream and downstream value chain activities and considers

both actual and potential impacts, risks and opportunities

across short, medium and long‑term time horizons. The

process ensures that our disclosures reflect both impact

materiality and financial materiality. The assessment was

conducted at the level of impacts, risks and opportunities

(IROs), ensuring a granular and robust evaluation of

sustainability matters across our value chain.

According to CSRD guidelines, a topic is characterized as

material based on its impact materiality orfinancial materiality

or both.

Impact materiality refers to sustainability matters where our

activities have significant actual or potential impacts on people

or the environment. These impacts were assessed based on:

⚫

scale: the severity of the impact;

⚫

scope: the number of people or the extent of the

environment affected;

⚫

irremediable character: the extent to which the impact

canbe reversed or mitigated;

⚫

likelihood: for potential impacts, the probability

ofoccurrence; and

⚫

time horizon: short (<1 year), medium (1–5 years)

orlong-term (>5 years).

Upstream Own operations Downstream

IT hardware and components

Tier 1: servers, networking

equipment, storage

Tier 2: component manufacturing

Tier 3: raw material extraction

Software development

R&D, testing, deployment, Quality

Assurance, internal IT infrastructure

andcybersecurity

Products and platforms

Deployment of banking software

solutions via secure cloud or on‑premise

infrastructure

IT software and cloud services

Development tools, APIs,

enterprise software, cloud hosting

and data processing

Supporting functions

HR, Legal, Risk, Compliance, Finance

and Sales and Marketing

Use of software

Client use of Temenos platforms for

banking operations and services

Logistics, facilities and

professional services

Supplies transportation, office

leasing, legal, marketing and

advisory services

Facilities and resource management

Energy, water, waste, heating and

cooling across global offices

Delivery and services

Temenos delivery teams

Partners: system integrators, resellers

and fintech collaborators

Financial capital

Shareholders, investors and

financial institutions

Intellectual capital

Management of financial assets, internal

systems and proprietary software

Client resource management

E‑waste management and wastewater

discharge

Stakeholders

Suppliers, technology Partners,

cloud providers and investors

Stakeholders

Employees, regulators, auditors, public

authorities and analysts

Stakeholders

Clients, end users, delivery Partners

andcloud providers

Temenos value chain mapping

Our value chain mapping describes our interactions and relationships with the most important

stakeholder groups including upstream, own operations and downstream activities.

B For a more detailed view of how we engage with our stakeholders and what their key concerns are, please refer to the Stakeholder Groups section

Sustainability continued

General disclosures continued

Integrated Report

38 Temenos AG Annual Report and Accounts 2025

Financial materiality considers sustainability‑related risks

andopportunities that could influence our enterprise value.

These risks and opportunities were assessed based on:

⚫

magnitude of financial effect: estimated size of the potential

impact on financial indicators including revenue, operating

costs, capital expenditures, cost of capital, access to

financing and long‑term business resilience;

⚫

likelihood of occurrence: probability that the risk or

opportunity will materialize; and

⚫

time horizon: short (<1 year), medium (1–5 years)

orlong-term (>5 years).

Methodology

Our DMA followed a four‑phase approach:

1. Science-based analysis: leveraging Upright, the world’s

largest open‑access database on company impact, we

assessed all ESRS sustainability matters using quantitative

thresholds informed by over 300 million scientific articles,

public databases, and Temenos‑specific data. This analysis

identified 24 material IROs based on Upright’s methodology

and established thresholds.

⚫

Upright uses a four-point scale (0–4): None, Very Low,

Low, Medium and High.

⚫

Materiality thresholds:

⚫

Impact materiality: topics with scores ≥20 were

considered material.

⚫

The impact materiality thresholds is calibrated by

taking advantage of Upright’s database of 50,000+

companies and their materiality results, such that a

sensible amount of impacts end up being material for

each company, on average. This calibration is reviewed

and updated annually to align with the prevailing

interpretation of how sensitively impacts should be

assessed as material for a company.

⚫

Financial materiality: risks/opportunities with scores

≥8 were considered material.

⚫

According to EFRAG, “The undertaking may refer to

absolute monetary thresholds or to relative monetary

thresholds, such as a percentage of the amount

corresponding to a line item of its primary financial

statements, its revenues, costs, total assets, net equity”.

In the absence of more detailed guidance from the EU

or EFRAG, Upright has consulted tens ofcompanies to

understand which thresholds have been adopted in

practice. These best practices are further calibrated

based on Upright’s extensive database of 50,000+

companies and their financial materiality results,

ensuring that reasonable risks andopportunities are

classified as material for each company (on average).

2. Temenos working group review: to supplement Upright’s

science‑based analysis findings and provide industry context

for materiality determination, the Temenos Global Sustainability

team conducted a peer benchmarking analysis as well as

acomprehensive qualitative review of the material IROs.

Following the Upright science‑based analysis, peer benchmarking

and the qualitative review by the Temenos Global Sustainability

team, 40 material IROs were identified.

3. Stakeholder engagement: to validate and enhance the

quality of Upright’s science‑based materiality assessment,

we conducted a comprehensive stakeholder engagement

process, to ensure that the identified IROs accurately reflected

the perspectives of those who can affect or be affected

byTemenos’ operations while maintaining the scientific

foundation of the assessment. The engagement process

was conducted through customized surveys completed by

internal representatives with direct responsibility for, and

regular interaction with, key stakeholder groups, including

employees, clients, investors, suppliers, Partners and

regulators. These internal representatives were selected

based on their ability to represent affected stakeholder

interests and provide informed perspectives on stakeholder

expectations and concerns. This step was done to validate

the identified IROs, and to enable the integration of

stakeholder‑informed insights with quantitative data to

enhance the overall quality and business relevance of the

materiality determination.

⚫

Stakeholders rated topics on a five-point scale (0–5):

Notmaterial, Limited, Slightly material, Material, Highly

material and Critically material.

4. Integration and finalization

Survey results were integrated with Upright’s analysis

through a three‑step review process:

⚫

Threshold assessment and shortlisting Survey responses

were first assessed against predefined quantitative

thresholds to determine which topics needed a further

review. Specifically:

⚫

material risks or negative impacts: topics with an

average stakeholder rating above 2 (on a 0–5 scale)

were considered material; and

⚫

material opportunities or positive impacts: a stricter

threshold of 3 was applied to avoid potential greenwashing.

⚫

Comparative analysis and alignment

Shortlisted topics were then compared with Upright’s

science‑based materiality scores to finalize IRO materiality:

⚫

aligned Upright and survey scores: score retained;

⚫

1‑level difference: Upright score was kept, as Upright’s

methodology forms the basis of the DMAand provides

more granular analysis; and

⚫

2‑level difference: the median score was applied

toavoid bias.

⚫

Financial risk review and ERM alignment

We mapped our material risks to our Enterprise Risk

Management framework, ensuring consistency with

Company‑wide risk categorization and supporting

regulatory compliance and ongoing business relevance.

⚫

Governance oversight and management involvement

The results of the DMA, including the outcomes of

stakeholder engagement, were presented to senior

management through the Sustainability Committee

toinform validation and prioritization of material IROs.

Integrated Report

39Temenos AG Annual Report and Accounts 2025

Double Materiality Assessment Matrix

Financial materiality >

Impact materiality >

Low

Medium

High

Low Medium High Very high

Work‑life balance

(Ownworkforce) (S1)

Gender equality and

equal pay for work of

equal value (Workers in

the value chain) (S2)

Diversity (Own

workforce) (S1)

Measures against

violence and

harassment in the

workplace (Own

workforce) (S1)

Energy (E1)

Responsible and

ethicalAI use

Cybersecurity (CS)

Climate change

mitigation (E1)

Gender equality and

equal pay for work of

equal value (Own

workforce) (S1)

Enabling emissions

reduction and

ESGreporting for

clients (CS)

Protection of

whistleblowers (G1)

Corruption and

bribery(G1)

Privacy (Of consumers

and end users) (S4)

Climate change

mitigation (E1)

Diversity (Own

workforce) (S1)

Training and skills

development (Own

workforce) (S1)

Communities’

economic, social and

cultural rights (S3)

Management of

relationships with

suppliers (G1)

Health and safety

(Ownworkforce) (S1)

Health and safety

(Workers in the value

chain) (S2)

Climate change

adaptation (E1)

Management of

relationships with

suppliers (G1)

Cybersecurity (CS)

Responsible and

ethicalAIuse (CS)

Positive materiality Negative materiality

Temenos Materiality Assessment continued

The Double Materiality Assessment Matrix illustrates the outcome of our assessment of Temenos’ material topics, reflecting both

the significance of Temenos’ impacts on the environment and society and the financial risks and opportunities that sustainability

matters may present to the business. The matrix visualizes how topics are prioritized based on impact materiality and financial materiality.

40 Temenos AG Annual Report and Accounts 2025

Integrated Report

Sustainability continued

General disclosures continued

Material topics and IROs

Each material topic was determined based on its significance of Temenos’ impacts on people and the environment

or its potential influence on enterprise value. Following the process described above, we identified 33 material IROs

(17 impacts, 11 risks, 5 opportunities) grouped under nine material topics (six ESRS, three Company specific).

IRO description Material topic IRO type, scope, horizon

Temenos generates GHG emissions through its operations,

supply chain and the use of its products by clients. While

the direct footprint is limited, emissions arise from energy

use, travel, purchased goods and downstream software

usage, contributing to climate change impacts.

E1 – Climate Change

Mitigation

⚫

Actual negative impact

⚫

Upstream, operations,

downstream

⚫

Long term

Temenos enables banks to reduce their IT‑related emissions

by migrating from on‑premise infrastructure to cloud‑based

solutions. This supports lower energy use and improved

carbon efficiency across client operations.

E1 – Climate Change

Mitigation

⚫

Actual positive impact

⚫

Downstream

⚫

Medium term

Engaging suppliers on sustainability and emissions

reduction can lower the carbon footprint of Temenos’ value

chain. This creates potential for shared climate benefits

beyond direct operations.

E1 – Climate Change

Mitigation

⚫

Potential positive impact

⚫

Upstream

⚫

Medium term

The transition to a lower‑carbon economy exposes Temenos

to regulatory and compliance risks as climate‑related

requirements continue to evolve. Meeting these obligations

may require increased CapEx to support mitigation actions,

reporting capabilities and technology upgrades.

E1 – Climate Change

Mitigation

⚫

Risk

⚫

Upstream, operations

⚫

Medium to long term

Transitioning to renewable energy, green leases and

energy‑efficient equipment presents an opportunity to

reduce OpEx through improved efficiency and lower

exposure to energy price volatility. These actions also

strengthen resilience to regulatory and climate‑related

energy risks.

E1 – Climate Change

Mitigation

⚫

Opportunity

⚫

Operations

⚫

Short term

Temenos’ operations in climate‑exposed and lower‑resilience

regions may increase physical climate risks. Addressing

these risks could require additional CapEx for adaptation

measures such as resilient infrastructure, cooling solutions

or business continuity systems.

E1 – Climate Change

Adaptation

⚫

Risk

⚫

Operations

⚫

Medium to long term

Energy use across Temenos’ operations, supply chain and

product use contributes to resource depletion and GHG

emissions. Dependence on carbon‑intensive energy sources

increases environmental impact.

E1 – Energy

⚫

Actual negative impact

⚫

Upstream, operations,

downstream

⚫

Short term

The technology sector presents risks related to excessive

workloads and work‑life imbalance. If not managed, this

may negatively affect employee wellbeing, engagement

andproductivity.

S1 – Work-Life Balance of

Temenos Employees

⚫

Potential negative impact

⚫

Operations

⚫

Short term

Workplace health and safety violations pose a regulatory

compliance risk due to occupational safety laws and

inspection regimes, which may increase other operating

expenses as well as SG&A and R&D costs due to

absenteeism, turnover, insurance and training needs.

S1 – Health and Safety of

Temenos Employees

⚫

Risk

⚫

Operations

⚫

Short term

Gender pay gaps and unequal career opportunities can

negatively affect workforce fairness and inclusion. These

disparities may undermine employee trust and engagement.

S1 – Gender Equality and

Equal Pay of Temenos

Employees

⚫

Actual negative impact

⚫

Operations

⚫

Short term

Gender pay gaps and discrimination pose a regulatory

compliance risk, as regulators enforce gender pay gap

reporting and transparency obligations. This may increase

other operating expenses related to audits, benchmarking,

legal and advisory support.

S1 – Gender Equality and

Equal Pay of Temenos

Employees

⚫

Risk

⚫

Operations

⚫

Short to medium term

Integrated Report

41Temenos AG Annual Report and Accounts 2025

IRO description Material topic IRO type, scope, horizon

Gender‑based disparities in payment practices and power

imbalances may increase the risk of discrimination or

harassment in the workplace. Such incidents can harm

employee wellbeing, culture and retention.

S1 – Measures Against

Discrimination and

Harassment in the

Workplace

⚫

Potential negative impact

⚫

Operations

⚫

Short term

Limited diversity and inclusion may negatively affect

employee experience and organizational culture. This can

reduce employee engagement.

S1 – Diversity

⚫

Potential negative impact

⚫

Operations

⚫

Short term

Diverse and inclusive teams enhance innovation, creativity and

decision making. This strengthens product quality and

supports better outcomes for clients. Inclusive teams are more

likely to identify unconscious biases in software development.

S1 – Diversity

⚫

Actual positive impact

⚫

Operations, downstream

⚫

Medium term

Continuous training and skills development improve

employee capabilities and career prospects. This supports

workforce adaptability and sustainable value creation.

S1 – Training and Skills

Development

⚫

Actual positive impact

⚫

Operations

⚫

Medium term

Targeted upskilling presents an opportunity to strengthen

workforce capabilities, improve retention and future‑proof

critical skills. This may enhance employer brand and reduce

OpEx through lower turnover and recruitment costs.

S1 – Training and Skills

Development

⚫

Opportunity

⚫

Operations

⚫

Medium term

Unsafe or non‑compliant working conditions in the supply

chain may expose Temenos to regulatory compliance risks.

Mitigating these risks may increase other operating expenses

related to monitoring, corrective actions or legal penalties.

S2 – Health and Safety of

Value Chain Workers

⚫

Risk

⚫

Upstream

⚫

Medium to long term

Temenos has suppliers in countries where the skill‑level

adjusted gender pay gap exceeds the materiality threshold,

suggesting a potential contribution to unequal pay practices.

S2 – Gender Equality and

Equal Pay of Value Chain

Workers

⚫

Potential negative impact

⚫

Upstream

⚫

Short term

Positive community impact through volunteering, donations

and digital inclusion programs that strengthen local

education, digital skills and financial inclusion.

S3 – Communities’

Economic, Social and

Cultural Rights

⚫

Actual positive impact

⚫

Downstream

⚫

Short term

Collection and processing of personal data as well as

processing of personal financial data could negatively affect

consumers in case of mistreatment or data leaks.

S4 – Privacy of Temenos’

Consumers and End Users

⚫

Potential negative impact

⚫

Operations, downstream

⚫

Short term

Non‑compliance with data protection and cybersecurity

regulations may expose Temenos to legal, operational and

reputational risks. Such failures could lead to remediation

costs, regulatory sanctions and loss of client and investor trust.

S4 – Privacy of Temenos’

Consumers and End Users

⚫

Risk

⚫

Operations, downstream

⚫

Short term

Temenos has employees in countries where the Corruption

Perceptions Index is over the threshold measure. This

indicates an elevated risk of corruption and bribery, where

non‑functional whistleblowing channels pose a significant

risk and could negatively affect stakeholders’ trust,

including society at large.

G1 – Protection of

Whistleblowers

⚫

Potential negative impact

⚫

Operations

⚫

Short term

Temenos has employees in countries where the Corruption

Perceptions Index is over the threshold measure. Furthermore,

association with the financial industry is characterized by an

elevated risk of fraud, corruption and bribery.

G1 – Corruption and Bribery

⚫

Potential negative impact

⚫

Operations

⚫

Medium term

Exposure to corruption and bribery risks may lead to

regulatory compliance actions. These risks may increase

operating expenses related to investigations, penalties,

compliance enhancements or audits.

G1 – Corruption and Bribery

⚫

Risk

⚫

Operations

⚫

Short to long term

Integrating ESG criteria into supplier management promotes

responsible business conduct. This strengthens

sustainability performance across the value chain.

G1 – Management of

Relationships with Suppliers

⚫

Actual positive impact

⚫

Upstream

⚫

Medium term

Temenos Materiality Assessment continued

Material topics and IROs continued

42 Temenos AG Annual Report and Accounts 2025

Integrated Report

Sustainability continued

General disclosures continued

IRO description Material topic IRO type, scope, horizon

Insufficient supplier due diligence may expose Temenos to

ethical, regulatory and reputational risks. Mitigation efforts

may increase OpEx due to audits, corrective actions, claims

or compliance with evolving due diligence requirements.

G1 – Management of

Relationships with Suppliers

⚫

Risk

⚫

Upstream

⚫

Medium term

Temenos integrates Artificial Intelligence (AI) features into

its banking software to improve automation, credit‑scoring,

fraud detection and customer personalization. Inadequate

governance of AI systems may result in biased or non‑

compliant outcomes. This could lead to regulatory action,

reputational harm and financial impacts including legal

liabilities and remediation costs.

Company Specific –

Responsible and Ethical

AIUse

⚫

Risk

⚫

Operation, downstream

⚫

Medium term

Responsible AI practices present an opportunity to

strengthen market differentiation and client trust. This may

support revenue growth through increased adoption and

reinforce Temenos’ brand and intellectual capital.

Company Specific –

Responsible and Ethical

AIUse

⚫

Opportunity

⚫

Operation, downstream

⚫

Medium term

Temenos enables ESG data and reporting for clients, which

could improve sustainability management and have a

positive impact on sustainability performance.

Company Specific –

Enabling Emissions

Reduction and ESG

Reporting For Clients

⚫

Potential positive impact

⚫

Downstream

⚫

Medium term

By enabling clients to reduce operational emissions and

meet ESG reporting requirements, Temenos strengthens its

positioning as an ESG enabler. This may support revenue

growth, reduce OpEx through scalability and improve

access to sustainable financing.

Company Specific –

Enabling Emissions

Reduction and ESG

Reporting For Clients

⚫

Opportunity

⚫

Downstream

⚫

Medium to long term

Cybersecurity incidents may disrupt clients’ operations,

compromise integrity of Temenos software and expose

Temenos to regulatory and contractual risks. Addressing

incidents may increase OpEx for remediation and CapEx for

strengthening infrastructure resilience.

Company Specific –

Cybersecurity

⚫

Risk

⚫

Downstream

⚫

Medium term

Strong cybersecurity and privacy practices enhance client

trust and market reputation. This may reduce cost of capital

and support revenue growth, particularly in regulated markets.

Company Specific –

Cybersecurity

⚫

Opportunity

⚫

Downstream

⚫

Medium to long term

Integrated Report

43Temenos AG Annual Report and Accounts 2025

Caring for the Planet

With the global focus on climate change and an increasingly

complex regulatory landscape, we recognize the need to

understand and address our material environmental impacts,

risks and opportunities across our value chain. As well as

ensuring full compliance with all applicable environmental

laws across our global office locations, we embrace a proactive

approach to environmental challenges and conduct our

business in a responsible and sustainable manner.

We are committed to proving that profitability and environmental

stewardship are mutually reinforcing, delivering value for our

stakeholders while protecting the planet. To meet evolving

regulatory requirements, respond to growing expectations

fromclients, investors and society, and deliver a credible

climate transition action plan, Temenos has built its

environmental strategy on three core pillars: Ambition,

Actionand Accountability.

2025 key highlights

SBTi

positive progress towards

anear-term science-based

target validation

Zero

instances of non-compliance

with environmental laws

andregulations

74%

ISO 14001:2015

certificationcoverage

100%

renewable electricity

consumption

Environmental

disclosures

Contributing to

the UN SDGs

Sustainability continued

ESRS E1 Climate Change Mitigation

ESRS E1 Climate Change Adaptation

ESRS E1 Energy

Company specific: Enabling Emissions Reduction

andESG Reporting for Clients

Preparation for CSRD alignment in FY-26

By reducing

ourown

environmental

impact and

embedding

sustainability into

our offering, we

help shape a more

resilient and low-

carbon future

forour business,

clients and

communities.

Our environmental strategy framework

ActionAmbition

B Read more

about Ambition

Page 45

B Read more

about Action

Page 46

Accountability

B Read more about

Accountability

Page 53

Integrated Report

44 Temenos AG Annual Report and Accounts 2025

Ambition

Temenos is committed to aligning its business with the

visionof a net-zero global economy by working closely with

stakeholders across the value chain through concrete actions

and measurable targets. Our climate transition action plan

follows a 1.5°C pathway, reinforcing our support for the UN

Sustainable Development Goals (SDGs) and ensuring full

regulatory compliance. Integrated into the business strategy,

the transition plan is driven by clear, science‑based targets to

reduce emissions across Scope 1, 2 and 3, while addressing

material impacts, risks and opportunities with a strong

focuson resilience, accountability and building trust.

Theseprinciples guide our efforts to safeguard the natural

environment and deliver long‑term value for all stakeholders.

1.5°C

aligned officially validated science-based target by the SBTi

50%

GHG emissions reduction by 2030 with 2019 base year

Net-zero

emissions by 2050 with 2019 base year

Ambition towards net-zero

2017

Global

Environment

Policy

2019

SBTi year of

reference

2022

1.5°C‑aligned

target validated

by SBTi

(nearterm)

2024

>70% ISO 14001

coverage*: one

additional office

(Dubai)

2026

Validate new

near‑term SBTi target

Publish first TNFD

report, as early

adopter

Expand ISO 14001

coverage

2050

Achieve net‑zero:

90% reduction of

Scope 1, 2 and 3

GHG emissions

and removal of

residual emissions

2018

Launch of Temenos

Global

Environmental

Management

System and ISO

14001 certification of

India: Chennai and

Bangalore offices

2020–2021

>70% ISO 14001

coverage*: India,

Romania,

Luxembourg

andUK

2023

TCFD Report:

quantification of

risks and

opportunities and

scenario analysis

2025

Recalculation of

SBTi base line

(improved

methodology)

Supply chain

engagement

climate strategy

2030

Achieve SBTi 1.5°C‑aligned target:

50% reduction of Scope 1, 2 and

3 GHG emissions vs 2019, 100%

use of renewable electricity and

supply chain engagement: 50%

of suppliers with SBTs

2027–2029

Fully align with

EUCSRD

requirements

* Based on total employee workforce.

Integrated Report

45Temenos AG Annual Report and Accounts 2025

Action

Climate change strategy: mitigation,

adaptationand energy

At Temenos, environmental sustainability is both a strategic

priority and an ethical responsibility. We translate long‑term

objectives into actionable short and medium‑term initiatives,

embedding sustainability throughout our value chain.

Weacknowledge that climate-related impacts, risks and

opportunities (IROs) have material implications for our

business, communities and the planet. Our strategy focuses

onmitigation, adaptation and enabling clients to transition

towards a low‑carbon economy. This approach is supported

byrobust climate scenario analyses and resilience planning

toensure sustainable growth and operational integrity.

Global Environmental Policy

Temenos has established a Global Environmental Policy that

sets out our commitment to environmental protection, climate

change mitigation, nature conservation and biodiversity preservation

in line with applicable regulatory requirements. The policy is

approved by the CEO and governed through clear accountability

across the sustainability leadership and our environmental

management system. It is implemented through defined roles,

operational controls, performance monitoring and reporting,

with support from local teams. Employees and contractors are

required to comply with the policy and contribute to continuous

improvement across our operations.

Our commitments

⚫

Operate responsibly and sustainably, recognizing the

urgencyof addressing climate change, biodiversity loss,

andresource depletion.

⚫

Align operations with regulatory requirements and voluntary

frameworks to achieve net‑zero greenhouse gas (GHG)

emissions by 2050, in line with the Paris Agreement 1.5°C

ambition, the EU CSRD and international guidelines on

electronic waste management.

⚫

Develop and deliver innovative technology solutions that enable

banks and financial institutions to manage environmental impacts,

invest in sustainable initiatives and meet their net‑zero goals.

⚫

Continuously improve energy efficiency and reduce

emissions across our operations and value chain to minimize

our environmental footprint.

⚫

Monitor and transparently report on our global

environmental performance.

Risks and opportunities

We are advancing our climate and nature agenda by integrating

environmental risks and opportunities into decision making,

governance, strategy and risk management, while continuously

improving data quality and transparency. This supports proactive

risk management, value‑chain resilience and long‑term

sustainable value creation.

TCFD reporting

Since 2021, we have adopted the recommendations of the

Financial Stability Board’s Task Force on Climate‑Related Financial

Disclosures (TCFD) and published our first qualitative TCFD Report

on climate-related risks and opportunities. Byengaging with

external consultants, we are committed toimproving our scenario

analysis and the quantification oftheidentified impacts. Based on

the risk assessment, wesetmitigation and adaptation measures

and internal targets to manage these climate‑related risks and

opportunities. In 2025, Temenos strengthened its approach

toenvironmental and sustainability risk management.

Wehave enhanced our risk assessments, including analysis of

ESG regulatory compliance, market, technology and nature‑related

risks. We commit to continuously improving the climate risk

assessment for each office location, informing our strategy

and resilience efforts. Looking forward, we also plan to align

with IFRS S1 and S2 standards, reinforcing our commitment

totransparent climate disclosures.

Mitigation measures

Our aim is to reduce our operational carbon footprint by

implementing a series of key initiatives, in order to improve energy

efficiency, reduce emissions and invest in carbon capture projects

for the carbon emissions we cannot reduce or replace, such as:

⚫

implementing our ISO 14001‑certified Global Environmental

Management System (EMS);

⚫

strengthening internal communications and mandatory

environmental training;

⚫

reducing business travel emissions by expanding virtual

collaboration, applying travel and global mobility policies and

using a flight‑booking tool that displays emissions to support

lower‑carbon choices;

⚫

embedding environmental criteria in new leases and

renewals through our facilities management strategy;

⚫

working with landlords on joint energy‑efficiency initiatives

in leased buildings;

⚫

partnering with suppliers and event management vendors

that share our environmental expectations; and

⚫

investing in carbon removal projects to address residual

emissions that cannot yet be reduced or replaced.

In addition, Temenos has committed to migrate from carbon‑based

electricity (generated by fossil fuels) to low‑carbon electricity

(renewable and decarbonized energy). Our goal is to increase

the use of renewable energy and the energy efficiency in our

operations and reach net‑zero of our Scope 1, 2 and 3 GHG

emissions, at a rate compatible with the SBTi methodology,

by2050, with 2019 asthe baseline year.

Adaptation measures

Following the TCFD recommendations, we identify physical

climate risks for each region. Our operations in India – the

region expected to experience the most significant adverse

climate impacts across all our locations – are currently assessed

as having negligible to low financial impact. Nevertheless, we

are proactively implementing physical climate risk adaptation

measures based on a three‑year time horizon. As part of our

overall approach, we maintain an ISO22301-certified business

continuity plan to prevent or minimize adverse impacts and to

ensure the continuity of services to our clients should such

events occur.

Key components of the plan include:

⚫

back‑up processes of data centers from primary

tosecondary locations;

⚫

switching computing to other sites;

⚫

using back‑up generators and uninterruptible power supply

(UPS) systems;

⚫

internal corporate IT service continuity and disaster

recoveryplans;

⚫

supplier contingency planning;

⚫

crisis management and major incident handling procedures;

and

⚫

property insurance covering SFTI risks and employee mobility.

Sustainability continued

Environmental disclosures continued

Integrated Report

46 Temenos AG Annual Report and Accounts 2025

TNFD reporting

We were an early adopter of the Taskforce on Nature‑related

Financial Disclosures (TNFD) framework in 2023. We have

undertaken an initial assessment of nature‑related risks and

dependencies across our operations and value chain, using the

TNFD LEAP approach to identify priority nature‑related topics.

Building on this foundation, we plan to refine our analysis,

strengthen data quality and governance, and prepare for the

publication of our first TNFD‑aligned disclosure by the end

of2026.

Environmental Management System

We are committed to measuring, monitoring and reporting our

environmental footprint and mapping our journey towards net‑zero,

across the whole value chain, including our own operations,

our products and services, and our supply chain. OurISO

14001‑certified Global Environmental Management System (EMS),

built on the principles of continuous improvement, supports

our commitment to minimizing environmental impact. It enables

the efficient management of energy, water and waste, and provides

a structured framework to achieve compliance with current

and emerging environmental regulations and stakeholder

requirements. It is a key tool for Temenos’ environmental

performance and the transition to a low‑carbon economy,

asitenables us to usetransparent and accurate environmental

data to monitor progress towards our action plans and the

achievement ofournear-term science-based target.

Our CEO is responsible for the Global Environmental Policy

andthe management team periodically reviews progress and

compliance. The local EMS teams, led by dedicated and trained

office managers, are responsible for annual targets, monitoring

action plans, implementing operational controls and reporting

environmental performance (energy, water, waste and GHG

emissions). The Global Sustainability team is responsible for

the rollout ofinternal and external audits.

B Read more here: Caring for the Planet

Our climate transition action plan

Our climate transition action plan defines time‑bound actions,

targets and KPIs to achieve an emissions reduction pathway

aligned with the 1.5°C ambition of the Paris Agreement. Our focus

through to 2030 is on emissions reduction rather than offsetting.

The plan addresses three key areas across our value chain, and is

embedded into the business strategy and decision making to

strengthen resilience and minimize environmental impact,

following the TCFD recommendations.

⚫

Operations: reduce ourcarbon footprint, manage identified

impacts and risks, implement mitigation and adaptation

measures through energy reduction and emission avoidance

initiatives, increase of energy efficiency and the use of

renewable energy, in all operations (including offices, own

and collocated data centers and cloud). Please read more

asoutlined below:

⚫

Offices, page 48

⚫

Data centers and cloud, page 49

⚫

Products and services, page 50

⚫

Sustainable mobility, page 51

⚫

Event Sustainability Management System, page 51

⚫

Employee environmental awareness, page 50

⚫

Suppliers: engage with critical suppliers, supporting them to

achieve net‑zero by encouraging them to commit to the SBTi,

and integrating environmental criteria into procurement and

event management processes.

B Read more on page 51

⚫

Clients: accelerate the digital transformation from on‑premise

to cloud solutions by the use of the Temenos Cloud platform,

enabling our clients to increase their energy efficiency, reduce

their GHG emissions and get a deeper insight into carbon

emissions data associated with their consumption of our

cloud offering.

B Read more on page 52

Physical climate risk

Identified region

Adaptation measures

Extreme heat

India, Indonesia,

Singapore, United Arab

Emirates, Australia

⚫

Incorporation of extreme

heat conditions in

emergency response plans

(part of ISO 14001 and

ISO22301)

⚫

Operation of back‑up

generators and UPS systems

in case of power outage

Water shortage

India

⚫

Assessment of high‑risk

depletion areas (Telangana

State vs Tamil Nadu and

Karnataka) and proactive

reduction of Hyderabad

data center

⚫

Reuse of recycled wastewater

within the building complex

⚫

Plan for rainwater

harvesting on site

Floods

Europe, India

⚫

Implementation of spill

prevention and

management procedures

(ISO 14001)

⚫

Incorporation of flood

hazard in emergency

response plans for

employees and assets

Hurricanes

Americas

⚫

Ensure continuity of

business by switching

computing to other

locations (ISO 22301)

Our offices are located in large, leased office buildings, where suchphysical risks are included in the lease agreement.

Ourregion-specific plan is as follows:

Region-specific adaptation plan

Integrated Report

47Temenos AG Annual Report and Accounts 2025

Action continued

Operations

Offices

Temenos operates exclusively from leased office buildings

located in urban areas, close to city centers and outside legally

protected lands or sensitive habitats, in alignment with our

commitment to respect protected areas.

Our workplaces are designed to optimize natural resources

while ensuring a high‑quality employee experience. This

includes maximizing daylight, utilizing flexible open layouts,

and integrating outdoor spaces where feasible. For new

officesand refurbishments, we follow procedures to identify

efficiency opportunities and enhance operational performance

through modern building technologies.

Renewable energy

As part of our commitment to a low‑carbon economy, we

continuously explore opportunities to integrate renewable

energy into our operations, even in the challenging context

ofleased properties. During 2025, we sustained our progress,

with all of our offices successfully transitioning to renewable

electricity. This was achieved through local suppliers or the

purchase of Energy Attribute Certificates, allowing us to cover

100% of our total electricity consumption with clean energy.

Green building certification

Temenos integrates environmental performance criteria into its

corporate facilities governance, applying a structured facilities

management strategy that considers financial, environmental

and operational factors when entering into new property leases

or renewing existing ones. At the end of 2025, our offices in

Canada (Toronto), the US (New York, Miami, Orlando), China

(Hong Kong), Indonesia (Jakarta), Taiwan (Taipei), Denmark

(Copenhagen), France (Paris), Luxembourg (Luxembourg),

Romania (Bucharest), Spain (Madrid), Switzerland (Zürich,

Geneva), South Africa (Johannesburg), Mexico (Mexico City),

Poland (Kraków), Romania (Bucharest), India (Hyderabad),

Singapore (Singapore) and Philippines (Manila) were certified

for their environmental performance as per a sustainable/

green building standard, such as LEED Gold, LEED Platinum,

LEED Silver, Energy Star, Wiredscore Platinum, Green Mark

Certificate Platinum, BEAM Plus Platinum, WELL Core Platinum,

Greenship Existing Building Gold Certification (GBCI) Gold,

German Sustainable Building Council (DGNB) Gold, HQE,

BREAM, Minergie, Swiss Sustainable Building Standard

(Standard Nachhaltiges Bauen Schweiz) Platinum and Green

Star. In total, 27% of Temenos’ occupied area is now covered

by green building certifications, representing 13,324 m² of

certified space. Alongside certification, we continue to pursue

initiatives to improve energy efficiency and reduce carbon

emissions, supporting our environmental objectives while

accommodating the ongoing growth of our business.

Alongside certification, we continue to mitigate our

environmental impact by incorporating operational control

measures and clean technology in our facilities, such as:

⚫

installation of electricity and water motion sensors

incommon areas;

⚫

installation of smart metering with real‑time data;

⚫

upgrades of A/C systems and consolidation of critical rooms

(data center server rooms and switch rooms);

⚫

use of LED lights;

⚫

use of ID secure printers;

⚫

monthly preventive maintenance of office facilities, servers,

diesel generators, UPS and fire preventive equipment;

⚫

use of electricity from renewable sources;

⚫

investing in landscaping and plantations;

⚫

construction of organic waste converter and garbage room

to recycle wet waste (India);

⚫

installation of reverse osmosis plant in series with existing

STP, to enable HVAC systems to utilize recycled water (India);

⚫

solar energy rooftop plant and application of “solar reflective

paint” on the terrace in all the exposed areas (India); and

⚫

installation of EV charging points in the parking lots with

more planned as per the increase in EVs (India).

Sustainability continued

Environmental disclosures continued

Integrated Report

48 Temenos AG Annual Report and Accounts 2025

Energy efficiency audits

We evaluate andsubstantiate measures to reduce energy use,

improve efficiency and lower associated emissions. Audits

consider factors such as building envelope characteristics

(e.g.wall thickness, masonry and roof type), basement condition,

heating distribution, and the performance of heating and

ventilation systems, based on on‑site assessments by

authorized auditors, supporting documentation,

building-ownerinputs and targeted measurements.

Our European offices in Germany, Luxembourg and Romania,

which qualify under the European Union Energy Efficiency

Directive requirements, are undergoing energy efficiency

auditsaligned with the Directive’s guidelines.

In the United Kingdom, we comply with the Energy Savings

Opportunity Scheme (ESOS), a mandatory four‑year energy

assessment scheme administered by the Environment Agency.

Having achieved full compliance with ESOS Phase 3, we have

transitioned into the ESOS Phase 4 compliance period, which

runs through December 2027. In addition, our UK offices comply

with the Streamlined Energy and Carbon Reporting (SECR)

framework, ensuring annual disclosure of energy consumption,

Scope 1 and 2 emissions, and energy efficiency actions.

To meet UK requirements, we engaged a third party to conduct

energy efficiency audits in line with BS EN 16247 and identify

improvement opportunities. By the end of 2025, our UK offices

achieved a 75.8% reduction in energy use vs 2024, supported

by optimized facilities operations with building management,

LED lighting upgrades (including automatic sensors) and

automatic meter reading (AMR).

During 2025, following multi‑site audits, we implemented

targeted conservation measures across offices, including air

conditioning upgrades and UPS optimization, supported by

preventive maintenance and aligned with ASHRAE Level 2

guidelines. In 2026, a new audit cycle in India will assess

progress achieved during 2021–2025 and identify further

energy efficiency opportunities.

Data centers and cloud

Strategic planning of data centers (SASB C-SI-130a.3)

We recognize that data centers can make a substantial

contribution to climate change mitigation, if implementing

acomprehensive set of energy efficiency practices, and that

cloud and SaaS products can lead to a more efficient use of

energy and can contribute to mitigating climate change effects

through replacement by digital services.

Own data centers

We are reducing our data centers’ carbon footprint by carefully

considering our platform design and leveraging our multi‑tenant

architecture. We choose to repurpose our existing servers;

when a server is no longer suitable for its current workload due

to age or performance restrictions, we investigate options of

repurposing it for another function inside the organization. By

doing so, we can extend its life and reduce e‑waste by delaying

the purchase of a new one. We also applyhyperconvergence,

an IT infrastructure technique that consolidates compute,

storage and networking resources into a unified system,

helping to reduce data center complexity andfootprint.

Whenever needed, we opt for selection of the most efficient

power supply on the server, optimum airflow management,

and cooling and decommissioning of underutilized servers to

avoid waste of power/cooling, thus reducing further our carbon

footprint. During the past few years, we have shut down our

own data centers in Brussels and Luxembourg and reduced the

size and the electrical load of our data centers in Hyderabad,

India, considering the high‑risk water stress of the area, based

on the World Resources Institute’s (WRI) Water Risk Atlas tool,

Aqueduct. Since 2020, we have rolled out an energy project in

our own data centers in India, Chennai/Bangalore/Hyderabad,

based on the recommendations of the ASHRAE level 2

guidelines of the 2021 energy efficiency audit. For 2025, the

estimated average power usage effectiveness (PUE) ratio was

1.8.

Collocated data centers

Most of our IT infrastructure is in facilities managed by third

party companies, specialized in data center services, where

wedo not procure the energy or control the operations of the

buildings, the so‑called collocated data centers. We recognize

the value added in allowing experts with green initiatives in

place to manage the IT environment, including air cooling, gray

water usage, power usage effectiveness ratio, renewable

energy use, etc. We work closely with these collocated data

centers on our sustainability journey and collaborate with

those that have sustainability goals and monitor their

performance to mitigate the risks of climate change. In 2025,

we partnered with two collocated data centers in Switzerland,

which utilize 100% renewable energy. For 2025, we estimated

that the average PUE ratio for the collocated data centers we

used in Europe, the Americas and Australia was 1.5, based on

reports from our providers.

Public cloud

The momentum towards sustainable banking and green IT and

cloud is only increasing. Our mission towards a modern banking

technology transformation is critical to providing our clients

with the products to enable them to decarbonize. Temenos

recognizes the environmental benefits of cloud computing and

employs a cloud‑agnostic approach for its cloud and SaaS

products. By deploying on the cloud, the Temenos Banking

Platform helps banks reach their sustainability targets by

operating their software more efficiently while reducing their

carbon footprint. Regarding cloud providers, westrategically

partner with public cloud providers (Microsoft Azure, AWS) with

strong environmental agendas and commitment towards using

100% renewable energy and improving the energy efficiency of

their infrastructure. By transitioning to a flexible, cloud‑based

infrastructure, we anticipate significant reductions in both

ourown and our clients’ energy use. This shift is expected to

lead to higher utilization rates compared tothe inefficiencies

often seen in on‑premise data centers operating below

capacity. Migrating to cloud also means less infrastructure,

andhence less e-waste. Therefore, our clients that adopt

Temenos SaaS will also accrue the inherent business and

environmental benefits of this technology compared to an

on‑premise deployment.

B Read more here: EU Taxonomy

Integrated Report

49Temenos AG Annual Report and Accounts 2025

Action continued

Operations continued

Products and services

In 2025, we published our latest Performance Benchmark,

assessing the scalability, performance and sustainability of our

cloud‑native banking platform running on Microsoft Azure. The

benchmark replicated a large‑scale retail banking environment

using our Retail Enterprise Services on our SaaS platform,

simulating 25 million customers, 25 million savings accounts,

12.5 million current accounts and 12.5 million loans, while, for

the first time, integrating AI workloads to reflect real‑world

banking demand.

The 2025 benchmark demonstrated our ability to handle

risingtransaction volumes and AI-enabled use cases with

significantly improved resource efficiency. We achieved 17,119

transactions per second (TPS), representing a 3.7% year-on-year

increase, while simultaneously delivering a 46.3% reduction in

application server cores and a 6.8% reduction in database cores

compared to the previous benchmark. These results highlight

the impact of continued code optimization, architectural

simplification and cloud‑native design, enabling higher

performance with lower infrastructure requirements.

For the benchmarked R25 release, improvements such as

leaner application architecture, removal of unnecessary

event‑streaming components, migration to more efficient

technology stacks (including Jakarta EE and serverless

options), and optimized near‑real‑time ingestion frameworks

reduce processing power needs, energy consumption and

associated carbon emissions.

Combined with our sustainable operations and the sustainability

performance of hyperscaler Partners such as Microsoft Azure,

these advances deliver meaningful environmental benefits for

banks deploying our solutions on public cloud or consuming

them as SaaS. They also support elastic scalability and built‑in

resilience to accommodate accelerating transaction

performance and emerging AI use cases.

B Read more here: EU Taxonomy

Climate resilience through reforestation

In 2025, Temenos Romania continued its partnership

withNGO Plantăm Fapte Bune, supporting reforestation,

biodiversity and environmental education. Since 2022, this

collaboration has delivered measurable impact across

ecosystem restoration and community engagement.

During the year, employees and their children planted over

1,200 black locust saplings in the Boboc Air Base area,

Buzău County, contributing to the restoration of degraded

land. Temenos also joined for the first time the “Caravana

Pădurii” environmental education program, delivering activities

in five schools and kindergartens across Romania and engaging

700 students, each of whom planted an oak sapling.

21,300+

trees planted

5 hectares

reforested across

fivelocations

70–90%

survival rates from previous

reforestation efforts

Case study

Employee environmental awareness

At Temenos, we believe sustainability starts with awareness

andis driven by action. We provide comprehensive training and

opportunities for employees to engage in voluntary environmental

initiatives, equipping them with the knowledge and tools to make

informed choices that contribute to a healthier planet.

Since 2023, environmental awareness training has been

mandatory for all employees, ensuring a clear understanding of

their role in advancing sustainability. In 2025, 99% of employees

completed this training. In addition, employees annually review

and acknowledge our Environmental Policy to reinforce alignment

with shared objectives. We further strengthen our Environmental

Management System (EMS) by continuously developing the core

environmental team, with 100% of regions supported by ISO

14001‑certified internal auditors.

Inspired by UN International Days, employees participate in

voluntary environmental activities organized by local offices.

In2025, this resulted in 744 volunteering hours dedicated to

environmental initiatives, demonstrating strong engagement

beyond mandatory requirements. Through the T Stars Awards,

we recognize and celebrate individuals who show creativity

andcommitment in addressing climate challenges and driving

positive environmental impact. By fostering this culture, we aim

to reduce environmental impact, conserve natural resources

andprotect biodiversity and local ecosystems.

B Read more here: Societal Disclosures: Environmental and Community Action

Sustainability continued

Environmental disclosures continued

Integrated Report

50 Temenos AG Annual Report and Accounts 2025

Event Sustainability Management System

Temenos manages event sustainability through a structured

Event Sustainability Management System, ensuring that

sustainability principles are applied consistently across

corporate, sponsored and community events. This approach

strengthens governance, supports responsible delivery

acrossthe event value chain and helps manage operational,

reputational and compliance‑related risks.

Our Sustainable Event Planning Policy establishes clear requirements

for event planning and execution, aligned with the Global

Environment Policy, the Temenos Code of Conduct and the

Temenos Supplier Code of Conduct. It sets expectations for

suppliers and delivery Partners and focuses on reducing

environmental impacts (including waste, water, energy and

airquality) while promoting positive social and economic

outcomes for host locations and stakeholders. Temenos’

commitment is demonstrated through its two flagship events,

TKO and TCF,which are independently certified to ISO 20121

(Event Sustainability Management). Building on this maturity,

Temenosis actively evaluating opportunities to expand ISO

20121 coverage to additional events, strengthening consistency

and scalability of sustainable event practices over time.

B Read more here: Sustainable Event Planning

Sustainable mobility

As a global IT software company, our operations depend on

employee mobility, commute and travel, to deliver services,

making business travel and employee commuting a significant

environmental impact. We measure our footprint across air

and ground travel in all countries where we operate, covering

100% of our workforce.

To mitigate this impact, we have introduced a range of

carbon‑reduction initiatives. These include updated travel and

mobility policies, enhanced communication and environmental

training, and more efficient meeting management. We also

promote lower‑carbon transport options, particularly within

Europe, prioritize office locations with strong public transport

links, and continue to invest in virtual collaboration

technologies to reduce the need for travel.

Suppliers

Supplier engagement program

andclimatetransition

We recognize that a resilient, low‑carbon value chain is essential

for achieving our long‑term sustainability and climate ambitions.

As part of our decarbonization journey and our commitment to

Science Based Targets, we are strengthening supplier engagement

to support the transition toward a net‑zero economy, with a

particular focus on Scope 3 emissions from Purchased Goods

and Services, which represent a material share of our

emissions profile.

We structure our supplier engagement around a phased,

risk‑based, and maturity‑driven approach aligned with the

1.5°C Business Ambition and emerging corporate sustainability

due diligence requirements. We embed climate and broader

ESG criteria into the initial assessment of critical suppliers,

guided by our procurement selection process, and we aim to

progressively incorporate these requirements into relevant

supplier contracts by 2030.

To implement this strategy at scale, we partnered in 2025 with

a globally recognized supplier sustainability assessment and

engagement platform, enabling a consistent, data‑driven and

auditable approach to supplier ESG management. Theplatform

supports engagement across the full supply basethrough:

⚫

risk mapping of suppliers using industry‑ and country‑level

ESG risk indicators and external data sources;

⚫

tiered supplier engagement, combining light‑touch

questionnaires for lower‑risk or smaller suppliers with

in‑depth, evidence‑based assessments for priority and

high‑risk suppliers;

⚫

standardized ESG scorecards, benchmarking supplier

performance across Environment, Labor and Human Rights,

Ethics and Sustainable Procurement; and

⚫

corrective action plans, learning resources and collaboration

tools to drive continuous improvement.

Addressing Scope 3 emissions is a central pillar of our climate

change strategy. To meet the accuracy required by modern reporting

standards, we are progressively moving away from spend‑based

estimation methodologies and increasing our collection of

primary, supplier‑specific emissions data. The new platform

enables dedicated carbon‑management capabilities to track

supplier climate maturity, support emissions disclosure and

monitor progress over time. We actively encourage suppliers to

establish science‑based targets, supported by platform tools

for emissions calculation, disclosure and target setting. In parallel,

an integrated learning academy offers e‑learning resources for

both procurement teams and suppliers to build the skills needed

for effective climate action. We plan additional supplier engagement

and training programs for suppliers at lower maturity levels,

driving measurable progress.

Given our business model, we place particular focus on

datacenter and cloud service providers, as well as IT hardware

manufacturers, recognizing their significant contribution to

energy consumption and emissions. We prioritize partnerships

with cloud providers and procure IT equipment that meets

internationally recognized energy efficiency and sustainability

standards, including Energy Star, EPEAT and TCO. We also work

to ensure that electronic equipment used in our operations

aligns, where applicable, with EU Taxonomy technical screening

criteria and relevant EU regulatory requirements related to

manufacturing, energy efficiency and environmental performance.

This approach supports climate change mitigation, responsible

sourcing and alignment with EU sustainable finance objectives.

Through this integrated, platform‑enabled Supplier Engagement

Program, we are strengthening value chain resilience, improving

the quality and transparency of Scope 3 emissions data, and

supporting a credible transition toward a net‑zero economy,

working toward full alignment with CSRD requirements and

leading climate governance practices.

Integrated Report

51Temenos AG Annual Report and Accounts 2025

Advocacy for global sustainability: driving cooperation

Temenos aligns with global sustainability frameworks and

initiatives, reinforcing its commitment to environmental

stewardship. Through our commitment to global

frameworks and engagement with communities, Temenos is

playing a pivotal role in international cooperation for

environmental sustainability, enabling the financial industry

to lead in creating a sustainable future:

⚫

UN Global Compact (UNGC) endorsement: as a proud

signatory of the UNGC, Temenos aligns with its ten

principles, submitting an annual Communication on

Progress and actively participating in the Global Compact

Network Switzerland initiatives.

⚫

TCFD endorsement and TNFD early adopter: Temenos

demonstrates commitment to transparency on climate

and nature‑related risks and opportunities.

⚫

UN International Days support: Temenos actively supports

UN International Days, organizing educational campaigns

globally to raise awareness about climate change impacts,

sustainable practices and environmental conservation.

Our goal is to educate and empower local communities,

fostering acollective commitment to global causes.

Case study

Action continued

Clients

Client engagement decarbonization strategy:

sustainability by design, enabled by the cloud

By deploying on the cloud, the Temenos Banking Platform helps

banks operate more efficiently. Our platform supports banks’

sustainability objectives by minimizing the environmental

footprint of their technology. Utilizing the sustainability levers of

Temenos cloud solutions, our clients reduce their GHG

emissions from the use of software while benefiting from

scalable, resilient and secure banking infrastructure. Temenos

enables banks and financial institutions to reduce emissions

through the digitalization and optimization of banking

operations, including the migration from legacy on‑premise

systems to cloud‑based and SaaS environments.

Through representative client use cases developed as one of our

key strategic sustainability initiatives, Temenos has demonstrated

how cloud adoption supports emissions reductions by improving

IT infrastructure utilization, reducing energy intensity and

lowering reliance on physical hardware. Clients migrating to

Temenos Cloud or SaaS benefit from more efficient transaction

processing, streamlined financial operations and reduced

infrastructure requirements, which in turn contribute to lower

emissions and reduced electronic waste compared to traditional

on‑premise deployments.

In collaboration with a leading third party consultant specialized

to measure the impact of software, we provide banks with

comprehensive reports enabling them to track software‑related

carbon intensity, benchmark performance improvements over

time, and support regulatory and investor ESG disclosures and

insights into the environmental impact on a transaction level.

Following the completion of an initial client use case with a core

banking client in the Americas in 2024, we further expanded this

initiative in 2025 by developing two additional client use cases in

Europe, covering both core banking and digital banking solutions.

These use cases were designed to assess and validate the

environmental benefits enabled by the adoption of Temenos

Cloud and SaaS. Building on this foundation, we plan to extend

this use‑case approach to additional clients and geographies in

2026 to further substantiate the climate mitigation benefits of

our cloud solutions.

B Read more here: EU Taxonomy

Sustainability continued

Environmental disclosures continued

Integrated Report

52 Temenos AG Annual Report and Accounts 2025

Accountability

Transparency is only as good as the data behind it. Our

environmental reporting is supported by a digital sustainability

platform that consolidates data across our operations,

strengthening accuracy, consistency and audit readiness.

We report annually on Scope 1, Scope 2 and Scope 3 emissions

and track progress against our science‑based targets, while

continuously improving data quality and methodology. The

disclosures that follow summarize our approach and 2025

performance across four focus areas: greenhouse gas

emissions, energy, water and waste.

Energy

As an IT company, most of our environmental footprint comes

from energy used in our offices and digital infrastructure.

In2025, our total energy consumption (electricity, natural gas

and diesel) was 25,411 GJ (7,058 MWh), of which 20,132 GJ (79%)

was renewable energy. The remaining 5,279 GJ (21%) was direct

energy from non-renewable sources, mainly natural gas (16%),

diesel (4%), and energy consumed from use of company cars (1%).

Cooling demand is captured within electricity consumption

and steam is not applicable to our operations. InIndia, the

combined office electrical load is 3,964kW, largely attributable

to HVAC systems, UPS andlighting.

To translate our climate strategy into measurable action,

weset location-level energy targets and track performance

against them. In 2025, our energy efficiency initiatives reduced

energy use by 2,523 GJ. As most of our offices are leased and

upgrade options can be limited, we focus on measures within

our control, including closer monitoring, HVAC optimization

andsite-level action plans to reduce energy intensity. In 2026,

we plan to rerun the energy audit for our India operations, our

largest office footprint, to identify further opportunities and

prioritize next steps.

GHG emissions

Scope 1 and 2

Our operational GHG emissions mainly come from energy

usein offices and owned data centers, with smaller contributions

from company vehicles and refrigerant leakage from air conditioning

systems. In 2025, Scope 1 emissions decreased by 10% versus

2024 (revised), reflecting lower diesel consumption following

the replacement of a diesel generator set with a more efficient

unit and fewer power outages in India. Fugitive refrigerant emissions

(HCFCs, HFCs and other ozone‑depleting substances) decreased

by 12% versus 2024 (revised). Emissions from natural gas

decreased by 1% versus 2024 (revised), and diesel decreased

b3% versus 2024 (revised). Emissions from company-owned

cars fell to 13tCO₂e, a 65% decrease from 2024 (revised: 38 tCO₂e),

reflecting our continued transition from diesel to electric and

hybrid vehicles. Emissions of NOx, SOx, VOCs, particulate matter

and hazardous air pollutants arenot considered significant to

our operations, reflecting ourbusiness profile as a software company.

Scope 2 purchased electricity was 3,521 tCO₂e (location based),

while market-based Scope 2 was 0 tCO₂e, reflecting our

renewable electricity sourcing approach. To normalize

performance as the Company grows, we also track intensity

metrics. In 2025, energy intensity was 1,396 kWh per capita

and6,471 kWh per revenue, while Scope 1 and 2 emissions

were 0.111 tCO₂e per capita and 0.516 tCO₂e per revenue.

Scope 3

In 2025, we improved Scope 3 data quality and transparency.

Category 4 (Upstream Transportation and Distribution) is reported

separately for the first time (previously included inCategory 1).

Weupdated calculations for fuel and energy-related activities,

waste, business travel, and employee commuting/WFH using

more granular activity data and updated DESNZ/IEA emission

factors (including WTT/TTW andelectricity T&D losses). This

year, Scope 3 continued to represent the vast majority of our

footprint (98%), reflecting the nature of Temenos’ business

model and value chain. TotalScope 3 emissions, excluding

emissions from use of sold products, increased to 26,890 tCO₂e,

compared with 21,437 tCO₂e in 2024 (revised). This was driven

mainly by Category 1 (Purchased Goods and Services), which

increased to 15,142 tCO₂e (2024 revised: 10,522 tCO₂e) and remained

our largest Scope 3 source (55% of the total), and by Category 6

(Business Travel), which increased to 7,854 tCO₂e (2024 revised:

6,512 tCO₂e) and represented 29% of Scope 3 emissions.

To address the significance of our Scope 3 footprint, we have

implemented a Supplier Engagement Program and strengthened

our climate strategy. For further details, please refer to the

Suppliers section on page 51. As a software company that relies

heavily on collocated data centers and public cloud hyperscalers,

we continue to enhance the accuracy and completeness of our

energy consumption and GHG emissions data from these

operations. Emissions associated with our use of cloud services,

calculated using the Microsoft Azure Emission Impact Dashboard,

were estimated at 4.34 tCO₂e.

Business Travel remains a material source of emissions for

Temenos, as our teams travel to deliver services and support

clients worldwide. We monitor emissions from air travel, rail,

and taxi journeys across all countries where we operate,

ensuring 100% coverage of our employee footprint. To reduce

impact, we apply travel and global mobility policies, use a

booking platform that shows flight emissions to support

lower‑carbon choices, promote rail and other lower‑carbon

options (especially within Europe), improve meeting and event

planning to avoid unnecessary trips, and continue investing in

virtual collaboration and employee awareness.

Employee Commuting (Category 7) decreased to 3,151 tCO₂e

(2024revised: 3,618 tCO₂e), while work-from-home emissions

increased slightly to 1,351 tCO₂e (2024 revised: 1,262 tCO₂e). Since

September 2021, Temenos has operated a hybrid working model,

and in Hyderabad we have provided shuttle services from the

Metro station to encourage lower‑emission commuting options.

Fuel and Energy‑Related Activities (Category 3) decreased to

560 tCO₂e (2024 revised: 643 tCO₂e) and Upstream Transportation

and Distribution (Category 4) decreased to 24 tCO₂e (2024

revised: 34 tCO₂e). Remaining categories have minimal impact

in the overall carbon footprint.

In 2025, we report Scope 3 Category 11 (Use of Sold Products)

inthe Annual Report for the first time, further enhancing

transparency as our delivery model evolves. Category 11 is not

included in our current SBTi target boundary because, under

the GHG Protocol, indirect use‑phase emissions are classified

as optional. For software products, these indirect emissions

reflect customer‑specific choices, such as electricity mix,

infrastructure and usage patterns, which fall under the customer’s

operational control. As the adoption of cloud‑based and

web‑enabled solutions grows, the relevance of Category 11

increases, and we are strengthening our methodology to support

potential future inclusion. In 2024, Category 11 emissions were

53,344 tCO₂e; in 2025, they were 51,783 tCO₂e.

Integrated Report

53Temenos AG Annual Report and Accounts 2025

Accountability continued

GHG emissions continued

Scope 3 continued

Category 11 is largely indirect and depends on customer‑specific

factors such as electricity mix, infrastructure and usage patterns.

Our calculations cover emissions from (i) on‑premise servers

used by clients and (ii) end‑user devices, informed by modeling

and data from Microsoft Azure tools. For collocated data centers

and public cloud hyperscalers, we continue to enhance data

gathering on energy use and associated emissions.

Reducing downstream emissions is a strategic driver of our

continued investment in SaaS and cloud‑native architectures,

which enable more efficient resource utilization and scalable

delivery. We collaborate with hyperscalers and data center

Partners to support this transition by leveraging higher‑efficiency

infrastructure and electricity with increasing renewable sourcing.

In parallel, we continue to improve our product design and coding

practices, operational performance, and the transparency and

robustness of our Category 11 methodology over time.

B Read more here: Basis of Preparation

The journey towards net-zero

In 2025, our operational emissions improved, while value chain

emissions remained the main driver of our footprint. Scope 1

and 2 emissions decreased by 13% (market based) and by 10%

(location based) versus 2024 (revised), reflecting continued

efficiency measures and 100% renewable electricity sourcing.

Total Scope 3 emissions (excluding use of sold products) increased

by 25% compared with 2024 (revised), indicating that additional

progress is required across our value chain. Thisreinforces our

focus on the most material levers, including enhanced supplier

engagement and procurement measures, alongside strengthened

travel management. We achieved a 26% reduction in emissions

compared to our revised 2019 baseline across Scopes 1, 2

(market based), and 3, excluding from use of sold products.

This progress highlights the impact of our ongoing decarbonization

efforts. We remain committed to meeting our near‑term SBTi

target, with accelerated action focused on Scope 3.

Carbon removal project: blue carbonrestoration in Pakistan

As part of our decarbonization strategy, we support verified

carbon removal through the Delta Blue Carbon Project in

Pakistan’s Indus River Delta, the world’s largest blue carbon

restoration initiative. In 2025, we completed our third year

ofengagement, contributing to the removal of 1,500 tonnes

of CO₂.

The project delivers nature‑based carbon removal via

afforestation, reforestation and revegetation (ARR) and

wetlands restoration, and is certified under Verra’s Verified

Carbon Standard (VCS) and Climate, Community & Biodiversity

Standards (CCBS – Triple Gold). Over its lifetime, the program

is expected to remove 142 million tons of CO₂, demonstrating

the role of blue carbon in long‑term climate mitigation.

Located in a Key Biodiversity Area, the project protects

theworld’s largest arid-climate mangrove forest and

11vulnerable or threatened species while strengthening

coastal resilience and fisheries. Social impact is central

torestoration stewards, with 15,000 jobs supported and

over 70,000 community members benefiting, including

strong participation by women.

The Delta Blue Carbon Project contributes to 13 of the 17UN

SDGs, combining carbon removal, biodiversity protection

and inclusive economic development. Throughthis investment,

we integrate high‑integrity carbon removal into our climate

transition pathway, complementing our emissions reductions

while deliveringmeasurable environmental and social value.

Case study

Sustainability continued

Environmental disclosures continued

Integrated Report

54 Temenos AG Annual Report and Accounts 2025

Water

Temenos recognizes water as a finite natural resource and

manages water‑related risks through a structured water

stewardship and risk management approach, focused on

operational resilience, compliance and responsible resource

use. Climate change and a growing population are putting

increasing pressure on the global water supply. We comply

with all legal requirements, standards and regulations related

to water quality and quantity permits with zero incidents of

non‑compliance to report. In our eight significant offices,

which account for 74% of our workforce, we implement an

Environmental Management System (ISO 14001), conduct

environmental impact assessments and continuously

developstrategies to reduce our water usage andoverall

environmental impact.

In 2025, Temenos continued to strengthen its water

stewardship program through targeted initiatives across

operations (e.g. efficiency and monitoring measures in facilities,

improved data capture and reporting processes), and by

preparing to expand WASH‑related actions through community

initiatives. Oversight of Temenos’ water stewardship approach

is supported by senior management ensuring accountability for

performance, risk management and disclosure quality. Water

risks and opportunities are assessed as part of our broader

sustainability and enterprise risk processes, with outcomes

considered in strategic planning and operational decision

making, including site‑level actions in locations where

waterstress or regulatory requirements may be higher.

Water management reporting

Since 2019, we have been tracking and reporting water withdrawal

from all sources (groundwater and third party supply), as well

as water consumption by employees and discharge in our offices.

While our water use is limited to office operations, weremain

committed to monitoring and minimizing our impact. We

collaborate with the building owners, analyze data and implement

efficiency measures. Toprevent unnecessary water use, we

have installed water pedestal, tapping and motion sensor

systems on water fixtures and we follow apreventive

maintenance schedule to fix leaking taps in ouroffices.

Water risk management

As climate change intensifies, water stress and effective water

risk management are gaining momentum and software

companies need to ensure responsible water usage in water‑

stressed regions, both in their facilities and their collocated

data centers. Using the WRI’s Water Risk Atlas tool, Aqueduct,

we have identified that 78% of our water use from our office

facilities is withdrawn and consumed in locations with

extremely high (>80%) and 7% in locations with high (40–80%)

baseline water stress. We have also strategically selected most

of our collocated data centers to be in regions with low water

stress. Where water risk assessments identify priority areas,

we integrate relevant mitigation and adaptation measures into

operational planning, such as efficiency upgrades, reuse

solutions and awareness actions to reduce consumption and

strengthen resilience.

Water efficiency

Our offices in India operate in IT business parks, where all

wastewater is being treated in a sewage treatment plant (STP).

It is then reused for toilet flushing and horticulture, in accordance

with the legal requirements set by the Chennai Metropolitan

Water Supply and Sewage Board and Chennai Metropolitan

Development Authority. As a result, in 2025, we reused 35%

oftreated domestic wastewater and reduced the consumption

of fresh water by 7,457m

Water protection

We have implemented targeted controls to prevent water

pollution and protect marine and coastal ecosystems while

supporting biodiversity conservation. In locations where diesel

generators are under our operational control, we apply Spill

Prevention Plans, including training for responsible personnel,

the availability of spill response kits and secondary containment

to minimize the risk and impact of any fuel leakage. In India,

weregularly monitor the effluent quality from our sewage

treatment plants (STPs) in Chennai and Bangalore through

accredited laboratories, helping prevent potential contamination

of water and land from untreated wastewater. To further reduce

impacts on water quality across our sites, wealso use

eco‑friendly cleaning detergents in our offices.

Waste and e-waste

As an IT software organization, our waste generation primarily

consists of municipal solid waste and a moderate amount of

electronic waste (e‑waste) from internal operations and IT

infrastructure, including computers, printers, monitors and

mobile devices. Additional waste streams include used

batteries, lamps and hazardous materials originating from

diesel generators in our India operations.

Our Waste Management and Prevention Program is governed

by ISO 14001 standards and emphasizes minimizing landfill

disposal through partnerships with authorized waste management

vendors. All used IT equipment undergoes data and software

sanitization before being either donated to non‑governmental

organizations (NGOs) or processed by certified recyclers. These

recyclers dismantle equipment and safely remove hazardous

components in compliance with local and international

e‑waste disposal regulations.

To address hazardous waste, wehave implemented a Hazardous

Waste Disposal Program, ensuring that authorizedvendors

manage disposal in accordance with global guidelines and

regulatory requirements. Employees in our ISO14001-certified

offices receive annual training on waste management best

practices, to raise awareness and better understand the

benefits of reducing waste across operations, reinforcing the

effectiveness of these programs and our commitment to

sustainability. Furthermore, our Luxembourg and UK offices

undergo external waste audits to identify opportunities for

reuse, recycling, recovery or elimination of on‑site waste.

Across all locations, designated Environmental Champions

leadinitiatives that promote environmental stewardship

andcontinuous improvement.

B Read more here: Environmental Dashboard

Integrated Report

55Temenos AG Annual Report and Accounts 2025

EU Taxonomy

Activity 8.2 – Data-driven solutions for

greenhouse gas (GHG) emissions reductions

In 2025, we reassessed our approach to EU Taxonomy and identified

activities related to the use of Temenos cloud solutions by

clients as eligible for activity 8.2, “Data‑driven solutions for

greenhouse gas (GHG) emissions reductions”, as defined in

Annex I to the Climate Delegated Act (EU) 2021/2139,

contributing to climate change mitigation (CCM).

This activity replaces the previously disclosed activity 8.1, “Data

processing, hosting and related activities”. The change reflects

a refined interpretation of the EU Taxonomy, aligning Temenos’

disclosures with its business model and the climate change

mitigation benefits enabled by its software solutions for clients,

rather than the underlying IT infrastructure operated by third parties.

Economic activity 8.2 data‑driven solutions for greenhouse gas

(GHG) emissions reductions”, captures Temenos’ role in enabling

banks and financial institutions to reduce GHG emissions through

the digitalization and optimization of banking operations, including

migration from legacy on‑premise systems to cloud‑based and

SaaS solutions.

The activity is assessed at the level of client use of Temenos

software, rather than our own operational footprint, in line with

the EU Taxonomy definition of enabling activities. The following

sustainability levers outline how Temenos cloud solutions enable

clients to reduce their GHG emissions from the use of software.

These levers form the foundation for demonstrating alignment

through representative client use cases.

Sustainability levers

⚫

Optimize IT operations and infrastructure efficiency.

⚫

Optimize financial processes and transaction efficiency.

⚫

Measure software carbon intensity to track

efficiencyimprovements.

⚫

Benchmark and reduce carbon emissions further

acrossoperations.

⚫

Support banks’ ESG disclosures to regulators and investors.

⚫

Empower customers with transaction‑level carbon insights.

⚫

Reduce IT infrastructure needs and e‑waste.

EU Taxonomy eligibility

The environmental benefits for our clients stem from the

clouddeployment model rather than from product-specific

functionalities. By deploying on the cloud, the Temenos Banking

Platform helps banks operate more efficiently.

In 2025, the proportion of revenue attributable to cloud‑based

software solutions out of total Temenos Group revenue was

assessed as eligible for contributing to the EU Taxonomy climate

change mitigation objective under activity 8.2, resulting in a total

Taxonomy-eligible revenue proportion of 30.3%. For more

information about EU Taxonomy activity 8.2 eligible revenue

please refer to the appendix of the Sustainability Report.

EU Taxonomy alignment

A gradual approach is being followed to prove alignment with

EUTaxonomy activity 8.2. Temenos is developing representative

client use cases, meeting the technical criteria of activity 8.2,

incollaboration with GoCodeGreen, a third party consultancy

specialized in measuring the carbon footprint of software solutions

We aim to quantify the actual GHG emissions reductions

achieved at client level – expressed as absolute emissions

oremissions intensity reductions – through migration from

on‑premise to SaaS or cloud‑based environments. Based on

the client use cases, the absence of comparable data from

other cloud‑based banking software providers and an independent

benchmarking placing Temenos within the top performers in a

broader peer group – including fintech companies, banks and

financial institutions – we consider our cloud-based solutions

to meet the EU Taxonomy criterion on substantial lifecycle

GHG emission savings compared to the best‑performing

alternative solutions in the market.

The methodology used for quantifying lifecycle GHG emission

reductions is developed by GoCodeGreen. The calculations of

GHG emissions reduced by the use of Temenos cloud solutions

have been externally verified by an independent party. The

standards used to guide the calculations include ISO 14067:2018.

To harmonize the results of client use cases and enable

extrapolation to Temenos cloud revenue, representativeness

criteria have been considered including typology, geography

andhosting provider. Extrapolation applies a single client

usecase as a proxy to model and infer outcomes across

thewider use-case population. In specific, a client use case

isused as a sample when it sufficiently reflects the common

characteristics of a broader set of clients.

To date, we have developed two core banking client use cases

– one in the Americas and one in Europe. In addition, we are

currently assessing a digital banking client in Europe.

In 2025, based on the methodology described above, we

identified EU Taxonomy‑aligned revenue under activity 8.2

amounting to 11.3% of total Temenos Group IFRS revenue.

Formore information about EU Taxonomy activity 8.2-aligned

revenue please refer to the appendix.

Do No Significant Harm (DNSH) assessment

We assessed compliance with the applicable “Do No Significant

Harm” (DNSH) criteria as required by EU Taxonomy at Temenos

Group level and concluded that applicable requirements are

met. The assessed DNSH criteria include:

⚫

Climate change adaptation: an assessment of physical

climate risks relevant to the provision and use of software

solutions, supported by resilience measures at system and

infrastructure level, is conducted. For more information,

please refer to the Temenos TCFD Report.

⚫

Transition to a circular economy: the IT hardware equipment

we use meets the requirements of Directive 2009/125/EC

forservers and data storage products and is free from

restricted substances listed in Annex II to Directive 2011/65/

EU. We have established a proactive policy requiring all

suppliers to conform with these directives. We also have an

e‑waste management system in place to ensure maximum

recycling of electrical and electronic equipment at the end

oflife. For more information, please refer to the Temenos

Global Environmental Policy and ISO 14001 certification.

Sustainability continued

Environmental disclosures continued

Integrated Report

56 Temenos AG Annual Report and Accounts 2025

Minimum safeguards assessment

Minimum safeguards criteria were assessed at Group level and

concluded that Temenos complies with the OECD Guidelines

for Multinational Enterprises, the UN Guiding Principles on

Business and Human Rights and the applicable standards

asdescribed in the EU Taxonomy regulation, including human

rights, corruption, taxation and fair competition.

For more information, please refer to Temenos Business Code

ofConduct and corporate policies.

Activity 7.3 – Installation, maintenance and

repair of energy efficiency equipment

EU Taxonomy activity 7.3 covers expenditure for the installation,

maintenance and repair of energy efficiency equipment in

buildings, as defined in the Climate Delegated Act (EU)

2021/2139. For Temenos, eligible expenditure is limited to

tenant‑controlled energy efficiency measures implemented

inoffice spaces where Temenos is responsible for fit-out,

upgrades or operational improvements. These investments

support climate change mitigation by improving the efficiency

ofbuilding services and reducing energy consumption.

Eligible activities focus on digital, control‑based and operational

measures rather than structural building elements, including

building automation and energy management solutions such

assmart metering, sensors, control systems and lighting

optimization. Activities are restricted to measures under Temenos’

direct control within leased, multi‑tenant office buildings.

EU Taxonomy eligibility

In 2025, Temenos identified capital expenditure (CapEx) and,

where applicable, operational expenditure (OpEx) related to

energy efficiency measures as eligible under EU Taxonomy

activity 7.3. Eligibility is assessed based on whether installed,

upgraded or maintained equipment and systems deliver a

verifiable improvement in energy performance, reduce final

energy demand and are consistent with the requirements of

the EU Taxonomy Climate Delegated Act, including recognized

energy efficiency standards and best practices. The proportion

of CapEx and OpEx classified as Taxonomy‑eligible under

activity 7.3 represents a limited share of total Group expenditure,

reflecting Temenos’ business model (IT company) and reliance

on leased office space. For more information about EU taxonomy

activity 7.3 eligible CapEx and OpEx please refer to the appendix.

EU Taxonomy alignment

Temenos does not claim EU Taxonomy alignment under activity

7.3 at this stage. Current disclosures are limited to eligibility only.

While Temenos’ investments support energy efficiency, EU

Taxonomy alignment under activity 7.3 is not claimed in 2025,

asthe Company’s tenant-controlled measures in leased

buildings do not yet allow full substantiation of the technical

screening criteria for substantial contribution.

Financial year 2025

KPI Tot al

Proportion of Taxonomy

eligible activities

Taxonomy-aligned

activities

Proportion of

aligned activities

Breakdown by environmental objective of

Taxonomy-aligned activities

Proportion of

enabling activities

Proportion of

transitional activities

Not assessed activities

considered non-material

Taxonomy-aligned

activities in 2024

Proportion of

Taxonomy-aligned

activities in 2024

Climate change

mitigation

Climate change

adaptation

Water

Circular economy

Pollution

Biodiversity

USDm % USDm % % % % % % % % % % USDm %

Turnover 1,090.8 30.3% 123.2 11.3% 11.3% — — — — — 11.3% — — n/a n/a

CapEx 83.6 0.12% — — — — — — — — — — — n/a n/a

OpEx 842.8 0.34% — — — — — — — — — — — n/a n/a

Integrated Report

57Temenos AG Annual Report and Accounts 2025

Water and waste

% by region

2025 water withdrawal

Asia Pacific 75.4%

Europe 11.1%

Middle East and Africa 1.6%

Americas 11.9%

% baseline water stress

2025 baseline water stress

>80% extremely high 78.0%

40–80% high 7.4%

<40% low 14.6%

% waste

2025 waste profile

Diverted from disposal 61.2%

Directed to disposal 38.8%

Environmental dashboard

Energy and GHG emissions

% by region

2025 electricity use by region

Asia Pacific 77%

Europe 15%

Middle East and Africa 2%

Americas 6%

% renewable energy use

2025 renewable energy use

Renewable 79%

Non-renewable 21%

% by activity

2025 total energy profile

Diesel 4%

Natural gas 16%

Grid electricity 79%

Company cars 1%

2019 revised

2019

2024 revised

2024 2025

Scope 1 3.0 2.2 2.8 2.7 2.0

Scope 2

13.1 17.6 0.1 0.1 0.0

Scope 3 Cat. 1 Purchased Goods and Services 20.8 24.2 47.6 53.8 55.2

Scope 3 Cat. 2 Capital Goods 0.2 0.2 0.4 0.2 0.5

Scope 3 Cat. 3 Fuel and Energy-Related Emissions 2.8 – 2.9 3.3 2.0

Scope 3 Cat. 4 Upstream Transportation and Distribution 0.3 – 0.2 – 0.1

Scope 3 Cat. 5 Waste Generated in Operations 0.3 – 0.1 8.0 0.1

Scope 3 Cat. 6 Business Travel 36.0 35.4 29.5 21.0 28.6

Scope 3 Cat. 7 Employee Commute 23.5 20.4 16.4 10.9 11.5

Scope 3 total (excluding use of sold products)

83.9 80.3 97.1 97.2 98.0

1 Scope 2 emissions (market based) are considered as a representation of emissions based on purchased electricity.

2 Scope 3 includes all relevant categories, excluding category use of sold product. For more information, please refer to Scope 3 on page 53.

3 Scope 2 emissions (location based) are considered.

4 For more information, please refer to Basis of Preparation.

GHG emission profile (% per Scope)

Sustainability continued

Environmental disclosures continued

Integrated Report

58 Temenos AG Annual Report and Accounts 2025

Integrated Report

2025 energy consumption		Unit of				Middle East
and GHG emissions per region		measurement	Asia Pacific	Europe	Americas	and Africa	Temenos
Electricity		GJ	15,514	3,053	1,230	335	20, 132
Electricity (renewable sources)		GJ	15,514	3,053	1,230	335	20, 132
Natural gas		GJ	0	2,211	1,740	0	3,951
On-site electricity generation		GJ	795	0	0	0	795
Diesel used for heating		GJ	0	296	0	0	296
Company cars		GJ	0	237	0	0	237
Total energy consumption		GJ	16,309	5,796	2,970	335	25 ,41 1
Renewable energy		%	95.1	52.7	41.4	100	79.2
Total grid electricity consumption		%	95.1	52.7	41.4	100	79.2
Scope 1 – natural gas	tCO	e	0	114	89	0	203
Scope 1 – diesel	tCO	e	56	20	0	0	76
Scope 1 – company cars	tCO	e	0	13	0	0	13
Scope 2 – electricity (market based)	tCO	e	0	0	0	0	0

Emission activities Scope Emission source

Natural gas consumption Direct (Scope 1) Natural gas supply

On-site electricity generation – diesel fuel Direct (Scope 1) Diesel-operated generator sets

Fugitive emissions (HCFCs, HFCs, ODS) Direct (Scope 1) Air conditioning equipment

Leased cars Direct (Scope 1) Company cars

Purchased electricity Indirect (Scope 2) Electricity grid

Purchased goods and services Other indirect (Scope 3) Upstream use of natural resources

Capital goods Other indirect (Scope 3) Upstream use of natural resources

Other fuel and energy-related activities Other indirect (Scope 3) Electricity grid

Upstream transportation and distribution Other indirect (Scope 3) Upstream use of natural resources

Waste generated in operations Other indirect (Scope 3) Waste generated in the offices

Employee commute Other indirect (Scope 3) Employees’ private vehicles, public

transportation, taxis and WFH

Business travel Other indirect (Scope 3) Commercial airlines, hotel stays and taxis

Use of sold products Other indirect (Scope 3) Downstream use of natural resources

	Normalized metrics (per capita 1 )	2019 revised	2024 revised	2025
GRI 302-3	2 Energy intensity (kWh)	1 ,7 0 4	1, 23 4	1, 396
GRI 305-4	Scope 1 and 2 emissions (market based)	0.850	0 .1 0 3	0. 111
GRI 305-4	Scope 3 emissions (excluding Use of sold products)	4.407	3 .41 0	5.319
GRI 305-4	Scope 1, 2 and 3 (excluding Use of sold products)	5.257	3.513	5.431
	Water withdrawal (KL)	5.068	3.453	4.271
	3 Waste generation (t)	0.039	0.021	0.026
	Normalized metrics (per revenue 4 )	2019 revised	2024 revised	2025
GRI 302-3	2 Energy intensity (kWh)	12 ,339	7, 4 3 2	6 , 47 1
GRI 305-4	Scope 1 and 2 emissions (market based)	6 .1 51	0.6 1 8	0. 516
GRI 305-4	Scope 3 emissions (excluding Use of sold products)	31.905	2 0. 513	24.65 1
GRI 305-4	Scope 1, 2 and 3 (excluding Use of sold products)	38.056	21.150	25.167
	Water withdrawal (KL)	36.686	20.789	19.792
	3 Waste generation (t)	0.281	0.126	0.120

1 Annual performance for the period January to December per headcount. For more information on the calculation, please refer to Basis of Preparation.

2 Includes all types of energy (grid electricity, natural gas, diesel).

3 Annual waste generated for the period January to December per headcount. For more information on the calculation, please refer to Basis of Preparation.

4 Annual performance for the period January to December, divided by the IFRS revenue of the reporting year.

TemenosAGAnnualReportandAccounts202559

* 2019 was selected as the base year for emissions calculations as it

represents the first year with comprehensive data collection across

all relevant categories.

1 For more information, please refer to Basis of Preparation.

2 Excluding GHG emissions from work from home (WFH) employees.

3 Excluding GHG emissions from use of sold products. For more

information, please refer to Scope 3 on page 53.

4 Including GHG emissions from use of sold products. For more

information, please refer to Scope 3 on page 53.

5 The figures for GHG emissions under columns “2019 revised” and

“2024 revised” have been restated to take into account the updated

methodologies, the expanded scope and the change in the

reporting period, improving the reliability and comparability of the

data. The revised figures and associated targets are pending

validation by the Science Based Targets initiative (SBTi). For more

information, please refer to Basis of Preparation.

		2019		Variance	2024		Variance
GHG emissions (tCO	e) 1	revised 5	2019 *	2019(%)	revised 5	2024	2024(%)	2025
	2
GRI 305-1	Scope 1: Natural Gas Consumption	458	78	487	205	122	68	203
GRI 305-1	Scope 1: Diesel Consumption	329	304	8	79	79	–	76
GRI 305-1	Scope 1: Fugitive Emissions (HCFCs, HFCs, ODS)	309	291	6	305	263	16	270
GRI 305-1	Scope 1: Leased Cars	57	–	new	38	38	–	13
GRI 305-1	Scope 1: total	1 ,1 5 3	673	71	6 27	502	25	5 62
GRI 305-2	Scope 2: Purchased Electricity (location based)	4,823	5,738	(16)	3,897	3,974	(2)	3, 521
GRI 305-2	Scope 2: purchased electricity (market based)	4, 879	–	new	19	19	–	–
GRI 305-3	Scope 3: Purchased Goods and Services	7,757	7,880	(2)	10,522	9,891	6	15,142
GRI 305-3	Scope 3: Capital Goods	75	75	–	88	35	152	131
GRI 305-3	Scope 3: Other Fuel and Energy-Related Activities	1,029	–	new	643	611	5	560
GRI 305-3	Scope 3: Upstream Transportation and Distribution	123	–	new	34	–	new	24
GRI 305-3	Scope 3: Waste Generated in Operations	94	–	new	20	1,467	(99)	28
GRI 305-3	Scope 3: Business Travel (air, train, taxi, hotels)	13,444	11,527	17	6,512	3,855	69	7,854
GRI 305-3	Scope 3: Employee Commute 2	8,764	6,655	32	2,356	2,014	17	1,800
GRI 305-3	Scope 3: Employee Commute (work from home)	–	–	–	1,262	–	new	1,351
GRI 305-3	Scope 3: total (excluding use of sold products)	3 1, 28 6	26,137	20	2 1 ,4 37	17,873	20	26,890
	Scope 1, 2 (location based) and 3: total 3
GRI 305-3	(excludinguse of sold products)	37,262	32,549	14	25,961	22,349	16	30,973
	Scope 1, 2 (market based) and 3: total 3
GRI 305-3	(excluding use of sold products)	37,318	–	new	22,083	18,394	20	27,452
Revised	Scope 1, 2 (market based) and 3 3
SBTi target	(excludinguseof sold products)	37,318	31,338	19	27,226	24,444	11	25,562
GRI 305-3	Scope 3: use of sold products	80,311	–	new	53,344	–	new	51,783
GRI 305-3	Scope 1, 2 (location based) and 3: total 4	117,573	–	new	79,305	–	new	82,756
GRI 305-3	Scope 1, 2 (market based) and 3: total 4	117,629	–	new	75,427	–	new	79,235
GRI 305-5	Emissions offset (carbon removal as of 2024)		1 4, 587			1,000		1, 5 00

Sustainability continued

Environmental disclosures continued

Environmental dashboard continued

Integrated Report

60 Temenos AG Annual Report and Accounts 2025

		Volume (m 3 )	Volume (m 3 )
Sources of water 1		2024	2025
Purchased water	Municipality water	18,172	18,471
	Purchased water (non-potable)	2,381	1,617
	Purchased water (potable)	382	683
Ground water	Ground water	771	818
Surface water	Surface water (river/lake/sea)	0	0
Harvested rain water	Rainwater collected and stored (water consumed from RWH tanks)	0	0
Recycled water	Other water, >1,000 mg/l total dissolved solids	9,693	7,457
Total water withdrawal	Freshwater, ≤1,000 mg/l total dissolved solids
(SASBTC-SI-130a.2) (GRI 303-3)		2 1 ,7 0 6	21,5 89
Total wastewater discharge		20,621	20,509

	Volume (m 3 )	Volume (m 3 )
Water withdrawal per region 1	2024	2025
Asia Pacific	18,575	16,285
Europe	1,920	2,392
Americas	1,206	2,568
Middle East and Africa	5	344
Total water withdrawal	2 1 ,7 0 6	21,5 89

2025 water withdrawal and conscription profile

Percentage

(%)

% recycled water (SASB TC-SI-130a.2) 34.5

% water in regions with high baseline water

stress (SASB TC-SI-130a.2) 7.4

% water in regions with extremely high

baseline water stress (SASB TC-SI-130a.2) 78.0

2025 water stress

Water

withdrawn

)

Total water

consumption

)

Water stress

(%)

Extremely high

(>80%) 16,841 842 78.0%

High (40–80%) 1,588 79 7.4%

Low (<40%) 3,160 158 14.6%

2025 water stress per region

High

(40–80%)

Extremely

high

(>80%)

Asia Pacific 2.1% 97.3%

Europe 23.5% 31.3%

Americas 37.3% –

Middle East and Africa 0% 100%

	Quantity (tn)	Quantity (tn)
Waste profile	2024	2025
GRI 306-3 Total waste generated	132	131
GRI 306-4 Total waste diverted
from disposal	102	80
GRI 306-5 Total waste directed
todisposal	30	51
	Quantity (tn)	Quantity (tn)
Waste per category	2024	2025
Food waste (compost)	1 1 .1	1 3 .1
Food waste (landfill)	10.0	5.6
Paper/carton/plastic/tin/glass
(recycle)	63.3	60.5
Domestic (landfill)	20 .1	45.2
Domestic (recycle)	1.5	0. 5
Domestic (incinerated with energy recovery)	5.8	0 .1
Hazardous waste 2 (recycle)	0.4	0
Hazardous waste 2 (incinerated
without energy recovery)	0 .1	0
E-waste (recycle)	1 9 .7	5.9

1 All water volumes are reported in cubic meters (m³). For reference,

1 megaliter (ML) equals 1,000 m³. For more information on the

calculations, please refer to Basis of Preparation.

2 Hazardous waste is generated from operation and maintenance

ofdiesel generators in India.

Integrated Report

61Temenos AG Annual Report and Accounts 2025

Indicates target achieved

Energy

Indicator 2022 2023 2024 2025

2026

target

2030

target

Percentage of per capita energy consumption for certified

ISO 14001 offices, compared to 2018 baseline (first

certification) reduction

45% 37% 34% 25% 50%

Percentage of annual sourcing of renewable electricity use in

Temenos internal operations (offices and owned data centers)

18% 86% 86% 100% 80% 100%

Climate change strategy

Business Ambition for 1.5°C

Indicator 2022 2023 2024 2025

2026

target

2030

target

Get validation of Science Based Targets initiative (SBTi)

for the reduction of GHG emissions

Official

validation

– – – Target

resub-

mission

SBTi target: percentage of absolute Scope 1 and 2

GHGemissions reduction, compared to 2019 baseline

18% 91% 91% 91% 32% 50%

SBTi target: percentage of absolute Scope 1, 2 and 3

GHGemissions reduction, compared to 2019 baseline

2% 31% 59%

26%

32% 50%

3 Since 2022, data includes all relevant Scope 3 categories aligned with the SBTi.

4 In 2025, we have recalculated our SBTi baseline year. For more information, please refer to Basis of Preparation.

Environmental management and awareness

Indicator 2022 2023 2024 2025

2026

target

2030

target

Roll out EMS to additional locations and increase

theISO14001:2015 certification coverage

7 offices 7 offices 8 offices 8 offices

8 offices 10 offices

Increase global waste diversion from landfill 78% 73% 78% 61% 80% 90%

Percentage of per capita water consumption for

certifiedISO 14001 offices, compared to 2018 baseline

(firstcertification) reduction

72% 72% 61% 48% 75% 80%

Organize sustainable events

1 event 2 events 5 events 7 events 10 events 12 events

1 We have implemented an ISO 14001:2015-certified EMS in our offices: four in India, one in Romania, one in Luxembourg, one in the UK and

one in Dubai.

2 Results displayed annually represent the cumulative count of sustainable events since 2022.

Caring for the Planet

Environmental goals and targets

Sustainability continued

Environmental disclosures continued

Integrated Report

62 Temenos AG Annual Report and Accounts 2025

Social and societal

disclosures

Investing in Our People

At Temenos, people are our greatest asset. We are committed

to fostering an open, fair, inclusive, safe and equal opportunity

work environment where all employees and contractors are

treated with respect, dignity and honesty. By investing in our

people’s wellbeing and development through continuous

learning, inclusive policies and a culture of empowerment, we

enable our teams to thrive, innovate and deliver exceptional

value to our stakeholders. These principles are embedded in

our daily interactions and formally reflected in our Business

Code of Conduct, which underpins our commitment to open

and respectful communication, diversity and equal opportunities

at all levels, and the health and safety of our workforce.

Working with our employees towards

an inclusive, purposeful and

sustainable working environment.

2025 key highlights

5,205

people

countries

offices

nationalities

Contributing to

the UN SDGs

Empowering Our Local Economies

andCommunities

Through targeted community programs, strategic

partnerships and employee volunteering, we support

access to education, digital inclusion, women’s

empowerment, financial inclusion and environmental

action in the regions where we operate. Our approach

focuses on addressing localneeds while delivering

measurable impact,strengthening resilient

communities andcontributing to inclusive and

sustainablegrowth.

ESRS S1 Work-Life Balance for Temenos Employees

ESRS S1 Health & Safety for Temenos Employees

ESRS S1 Gender Equality and Equal Pay for Equal Work

for Temenos Employees

ESRS S1 Measures against Violence and Harassment

inthe Workplace

ESRS S1 Diversity

ESRS S1 Training and Skills Development

ESRS S2 Health & Safety of Value Chain Workers

ESRS S2 Gender Equality and Equal Pay for Equal Work

of Value Chain Workers

ESRS S3 Communities’ Economic, Social and Cultural

Rights

ESRS S4 Privacy of Temenos’ Consumers and End Users

Preparation for CSRD alignment in FY-26

Integrated Report

63Temenos AG Annual Report and Accounts 2025

Social disclosures

Investing in Our People

Diversity, inclusion and equal opportunity

Temenos is a truly global and diverse team of 81 nationalities in

49 offices across 36 countries. Our differences are our strengths.

At the end of 2025, Temenos employed 5,205 people worldwide,

including full-time and part-time employees, business Partners

and contractors of Temenos. Our partnerships increasingly

allow us to deliver a complete range of implementation and

support services to our clients and complement our growth

strategies. Most of our employees work as full-time, permanent

employees. In 2025, we had 35 part-time employees (24 women

and 11 men) and 131 temporary employees (103 men and 28

women). Of these, 128 employees are on a statutory fixed-term

contract, the majority in Dubai in line with UAE labor law.

Fixed-term employment contracts in the UAE are mandatory for

all private sector companies. All employee benefits are provided

to full-time as well as temporary or part-time employees based

on the requirements mandated by the laws in the countries

where we operate and the locations where we recruit.

Our diversity, equity and inclusion (DEI) approach, starting with

our own people and ending with our clients and their customers,

drives collaboration and enables our employees to succeed. We

are committed to an inclusive workforce that fully represents

the many different cultures, viewpoints and backgrounds within

our organization, and that of our clients, our Partners and

ourcommunities.

Our business philosophy and our organizational structure are

based on cultural diversity, as we operate using a matrix of

regional and global business functions. We encourage

decentralized work processes and cooperation between our

people across countries and regions, or anywhere in the world

when traveling, while maintaining a central process approach

for our core activities and decision making.

People experience

In 2025, we focused on enhancing our system landscape to

improve the overall employee experience, particularly from a

systems and processes perspective. As part of this initiative,

we have invested in Workday, a powerful, cloud-based

platform that will streamline and elevate our HR and expenses

processes. Workday will provide real-time insights, automated

workflows and a unified system to simplify tasks such as

payroll, recruitment, budgeting and talent management.

By leveraging Workday, Temenos will boost efficiency, reduce

administrative overhead and enable data-driven decision making

for improved business outcomes. The project officially kicked

off in Q4 2024, with the Phase 1 go-live scheduled for Q12026.

Equal pay and gender pay parity

We review our pay practices annually across the countries in

which we operate to identify and address potential pay

disparities. In these reviews, we assess roles and objective

factors such as skills, experience, tenure, and market

conditions, alongside demographic indicators where legally

permissible. We designed our compensation framework to

remain competitive externally while promoting internal equity.

As of our most recent review, we report a mean gender pay gap

of approximately 25%, representing a reduction of three

percentage points compared to the prior year and continuing a

positive direction of travel. While this gap reflects our workforce

composition and the distribution of roles across levels, we

remain focused on narrowing it over time through structured

action plans, ongoing monitoring, and global initiatives that

support fair and consistent pay outcomes. Some year-on-year

variation reflects the introduction of our updated career

framework, which brought a more structured and consistent

approach to role classification and strengthened reporting

clarity across our organization.

Global workforce

Individual contributors

Mid-level management

Management

Mean gender pay gap

22%

25%

We leverage a dedicated analytics platform embedded within

our compensation processes to support our pay equity strategy.

This enables us to systematically review pay differentials across

relevant employee groups and supports ongoing monitoring to

promote equitable outcomes. We review salaries annually with

reference to local market conditions and cost-of-living

considerations. We aim to pay above applicable statutory

minimum wages and, where possible, in line with recognized

living wage benchmarks. We comply with statutory pay gap

reporting obligations at the country level, including publication

of the UK Gender Pay Gap Report and reporting under the

Australian Workplace Gender Equality framework.

Women per pay quartile (%)

Pay

quartile Management

Mid-level

management

Individual

contributor

Women

distribution

Top 25% 24% 26% 18%

Upper middle 19% 24% 36% 24%

Lower middle 19% 28% 40% 28%

Lower 25% 27% 41% 29%

Women

distribution 3% 8% 90%

Sustainability continued

Social and societal disclosures continued

Integrated Report

64 Temenos AG Annual Report and Accounts 2025

Inclusive culture

Accelerating our diversity journey

The technology industry, among others, faces a gender diversity

problem. As a global company with a presence in many countries,

we are committed to advancing gender diversity in our operations,

value chain and community investment programs. As part of our

diversity, equity and inclusion approach, we are actively recruiting

and retaining qualified women, while supporting them in their

career development, with the aim of achieving an equal

representation of male and female employees in our Company.

The principles and goals of the Universal Declaration of Human

Rights are at the center of our diversity initiatives.

According to the latest Global Gender Gap Report 2025 by the

World Economic Forum, it will take another 123 years to completely

close the global gender gap, which has been closed by 68.8% in

2025. Women have not been hired at equal rates across industries,

despite an increase in the proportion of women in leadership

positions over time. In particular, only 25% of leadership roles are

held by women in the technology industry. At Temenos, we have

achieved 47% gender diversity in top management positions (one

level below CEO).

Although the science, technology, engineering and mathematics

(STEM) workforce has grown rapidly in recent decades, the share

of women is uneven across STEM job types. According to the

World Economic Forum, women make up just 28% of the global

STEM workforce and only 22% of Artificial Intelligence (AI)

professionals. In addition, according to the European Commission,

women are also underrepresented in digital studies and careers.

Women account for just one in three STEM graduates and one in

five ICT specialists. At a young age, girls generally outperform

boys in computer and information literacy, but as they get older

and reach higher levels of education, girls tend to steer away from

ICT and STEM subjects.

At Temenos, the female representation in STEM-related positions

is at 34% (as of the end of 2025). We have developed a strategy to

attract and retain women in STEM-related roles, focusing on the

following directions:

⚫

through our detailed diversity dashboard, we monitor closely

and understand gender diversity in our Company;

⚫

based on the insights and coupled with the Company’s

business directions, we draft DEI policies internally, focusing

on five areas – Recruitment, Retention, Pay, Advancement

and Representation – for a more gender-balanced work

environment;

⚫

we work with schools and universities to fund girls through

targeted scholarships to study STEM and motivate them to

eventually join the tech industry;

⚫

we provide job opportunities to build work experiences,

internships and mentoring programs that would encourage

women towards tech after graduation; and

⚫

we walk the talk and lead by example, showcasing women

inmanagerial positions as Temenos female role models,

offering women the opportunity to progress and succeed

insenior roles.

At Temenos, we are committed to increasing gender diversity

globally to 40% by 2030. At the Company level, the female

representation in the total Temenos headcount is at 35%, while

the diversity group representation of ethnic groups in the US is

at 46%, as of the end of 2025. Since as early as 2014, we have

focused on gender diversity in the IT workplace and have

fostered an equal opportunity environment for both men and

women. Our CEO has the executive oversight for diversity

issues throughout the Company, signaling the importance of

gender diversity and leading by example. DEI is such an

important part of our talent agenda and as such we have

dedicated resources which manage DEI. At Group level, it is led

by our Head of Talent Attraction and DEI, who reports to our

Chief People Officer (member of the Executive Committee).

Achieving gender equity in the workplace at all levels remains

asignificant challenge for most businesses, and we recognize

that meaningful change takes time, particularly for initiatives

that encourage women to pursue careers in IT, which will

ultimately enhance gender diversity. Our global, regional and

local HR teams use quarterly analysis to identify and address

challenges, reviewing gender balance and discussing key

initiatives to increase the proportion of female employees. We

remain committed to communicating internally and externally

the importance and benefits of gender diversity, designing

targeted interventions and monitoring progress over time.

Integrated Report

65Temenos AG Annual Report and Accounts 2025

Investing in Our People continued

People experience

In 2025, we focused on enhancing our system landscape to

improve the overall employee experience, particularly from a

systems and processes perspective. As part of this initiative,

wehave invested in Workday, a powerful, cloud-based platform

that will streamline and elevate our HR and expenses processes.

Workday will provide real-time insights, automated workflows

and a unified system to simplify tasks such as payroll,

recruitment, budgeting and talent management.

By leveraging Workday, Temenos will boost efficiency, reduce

administrative overhead and enable data-driven decision making

for improved business outcomes. The project officially kicked off

in Q4 2024, with the Phase 1 go-live scheduled for Q1 2026.

Empowering our people

All employees have a role to play in building and maintaining

adiverse and inclusive culture. By sharing their backgrounds,

interests or concerns, they can connect, embrace their differences

and make them forces for positive social and cultural change.

By forming employee-led and run groups, they ensure that

Temenos is a safe place, where everyone can bring their true

self to work every day and work to leverage our diversity as a

catalyst for innovation.

Employee communities

Employee communities are networks of employees that are

formed based on shared characteristics or backgrounds and

sponsored by Temenos. Its members share common needs

inthe workplace. The groups advocate for themselves, and

inaddition to fostering their own professional development,

oftenbecome a valuable resource, providing information about

their identities, performing community outreach, opening new

networks for recruiting, supporting business objectives and

serving as a visible sign of their employer’s commitment to a

diverse and inclusive workplace. All of these communities will

reflect the unique culture, mission and strategic objectives

ofTemenos.

Women@Temenos

Over the past 12 months, we continued our Career Fireside

Chats, adding webinars, related to self-confidence, portfolio

life and women’s health, which brought awareness and helped

us to focus more on our physical and mental health in addition

to work. Our online community has grown to over 800 women

and allies. In 2025, we once again joined thousands of people

around the world to support Breast Cancer Awareness Month.

Parents@Temenos

Parents@Temenos has over 230 members from all around the

world and aims to provide Temenosians with a safe place to

discuss and tackle parenting and family-related topics. We are

planning a re-launch of this employee community in 2026.

¡ALMA!

¡ALMA! is accessible to everyone who wishes to learn more

about the Latin America region and culture. The community

has over 100 members, publishes updates (Viernes con ¡ALMA!)

and has over 200 attendees during each of its live events.

LGBTQIA+ employee community

A dynamic and inclusive space within Temenos, dedicated to

fostering a workplace where everyone, regardless of sexual

orientation, gender identity or expression, can thrive.

The Souls by Temenos

Temenosians who sing and play various instruments form

ourmusic employee community band located in Chennai

andBangalore, with the goal of promoting music and the

vastIndian musical culture.

Sustainability continued

Social and societal disclosures continued

Integrated Report

66 Temenos AG Annual Report and Accounts 2025

Elimination of discrimination and prevention

ofharassment

Temenos is proud of the diversity of its people and believes in

an equal employment opportunity for all. The work environment

at Temenos is free of any type of harassment based on race,

religion, national origin, ethnicity, color, gender, age, marital

status, sexual orientation, gender identity or disability or any

other personal traits or characteristics that are not work related.

Any behavior contrary to this principle will not be tolerated.

This forms a part of our Business Code of Conduct, which

ispublicly available, and all employees have to read and

acknowledge it when joining the Company and annually after

that. All employees are required to complete anti-harassment

training annually, as part of the Business Code of Conduct

mandatory training. Through the respective communication

channels, as communicated in the Code as well as through

ourHR department, employees are encouraged to report any

concern of discrimination and harassment. Any retaliation

withregard to any such report is strictly forbidden. In case

aconcern is raised or detected, an internal independent

investigation will be launched as quickly as possible, which

willbe conducted carefully and with full discretion, and any

corrective or punitive action taken, if appropriate, will be

subsequently reported directly to the Board of Directors.

Ouranti-discrimination and anti-harassment policies apply

toemployees and contractors, as well as suppliers, Partners

and clients. Our Working with Integrity Principles Policy covers

bullying or harassment of or by anyone engaged to work at

Temenos, and also by third parties such as clients or suppliers.

The policy encompasses bullying or harassment that occurs

inthe workplace, and also out of the workplace, such as on

business trips or at work-related social events.

Freedom of expression and privacy

We believe that access to information technology can support

greater freedom of expression, which in turn depends upon the

right to privacy if it is to be exercised effectively. We respect

people’s right to freedom of expression and their right to

freedom from arbitrary and unlawful interference with privacy

online. We ensure this through our Code and the respective

privacy policies.

Against forced and child labor

At Temenos, we condemn forced or compulsory labor practices.

We comply fully with local minimum age laws and requirements

and do not employ children. We ensure this through our global

and local HR and recruitment policies.

Freedom of association and collective bargaining

As stated in our Business Code of Conduct, we respect the

right of our employees to join or not to join trade unions or

similar external representative organizations as defined in the

ILO Declaration on Fundamental Principles and Rights at Work,

while we engage in a constructive dialogue with employee

representatives. Local employment laws and practices, collective

bargaining agreements and individual contract terms are

followed. Where mandated by local law, we have 100% of

employees covered by collective bargaining agreements. We

provide policies and communication channels for hearing and

addressing the concerns of our employees and resolving their

issues in an open, fair and transparent manner. Freedom of

association and collective bargaining is a fundamental

principle, which is respected and valued by the Company for

all of its employees. We comply with all relevant collective

bargaining agreements in countries where we operate. We

follow as a minimum the local law requirement; we also

require subcontractors to comply with all relevant collective

bargaining agreements and to provide documentation of

compliance. All Temenos employees based in Brazil, France,

Spain, Romania and Belgium are covered by collective bargaining

agreements that cover various topics such as health and

safety, working conditions, talent and development, discrimination

and harassment. In France, Germany and Luxembourg,

employees maintain work councils and health and safety

committees. The local HR departments work as an enabler to

make sure that all agreements are followed through as agreed.

Working conditions and employment terms are not influenced

or determined based on collective bargaining agreements for

Temenos employees based in countries except for Brazil,

France, Spain, Romania or Belgium.

Country

Employees covered under

collective bargaining agreements

No.

% of total

headcount

Brazil 12 0.24

France 43 0.85

Spain 26 0.51

Romania 178 3.52

Belgium 14 0.28

Total no. of employees 273 5.40

Supporting our employees during transitions

During periods of change, Temenos remains committed to

supporting employees as they navigate their next professional

chapter. We collaborate with Randstad RiseSmart to deliver

tailored career transition programs for employees impacted

byrole changes or approaching retirement.

Through this partnership, participants receive individualized

one-to-one coaching alongside access to a broad suite of live

and on-demand career resources. These tools are designed

tohelp individuals assess their skills, clarify their aspirations,

and confidently explore a wide range of future pathways.

Whether pursuing new career opportunities, preparing for

retirement, launching entrepreneurial initiatives or considering

non-executive or Board roles, the program supports a thoughtful

and structured transition. This approach reflects our broader

responsibility to people, extending our commitment to

development, employability and long-term career sustainability

beyond an employee’s time with the Company.

Integrated Report

67Temenos AG Annual Report and Accounts 2025

Investing in Our People continued

People experience continued

Talent and learning

Foundations of our learning ecosystem

In 2025, learning at Temenos continued to evolve as a key

driver of both individual and organizational success. This year,

we focused on creating learning experiences that empower

employees to adapt, innovate and lead in an ever-changing

environment. Through the Temenos Learning Hub and People

Managers Hub, employees, including part-time, full-time and

contractual (fixed-term), had on-demand access to curated

content, collaborative resources and personalized learning

paths. This year, we strengthened our ecosystem by partnerships

with external vendors which bring relevant qualifications, are

accredited and verified, and are strategically aligned with our

priorities. Our average training cost for the same period was

USD 7,900.

Atthesame time, we invested in internal expertise to deliver

programs tailored to enhance our culture and business priorities.

By the end of the year, employees actively engaged in

approximately 45 hours (or 6 days) of learning experiences.

These efforts were complemented by on-the-job coaching,

shadowing and feedback, as well as experiential learning that

goes further than what traditional metrics capture. Our

investment in development this year underscores its

importance as a strategic advantage for both individual growth

and organizational success. Our approach in 2025 was shaped

by insights from engagement surveys, talent reviews and

career development plans, ensuring alignment with both

business priorities and individual aspirations. Looking forward,

we remain committed to evolving our approach and continuing

to shift from traditional training to a continuous learning

culture where every Temenosian has the tools and confidence

to thrive.

Rolling out new learning initiatives

Building on the success of 2024, where we introduced

Asynchronous Learning, Social Learning and Leadership

Development programs, 2025 marked a strong leap forward

increating a collaborative and future-focused learning culture

at Temenos.

This year, we expanded our Peer-to-Peer Learning initiatives,

moving beyond pilot programs to a robust offering of interactive

sessions facilitated by employees across the organization.

Temenos employees with specific expertise volunteer their

time and effort to design and deliver learning programs for

their colleagues. These sessions included workshops on

Change Leadership, Innovation Demystified, AI & Power BI,

Design Thinking, Facilitation Skills, and AI Prompt Engineering.

By leveraging internal talent, these programs equip teams

withpractical skills to drive change, embrace technology

andfostercreativity.

A major highlight for 2025 was the launch of the Sales Leaders

Academy, a year-long program designed for senior sales

leaders across Temenos. This program combined in-person

and virtual learning experiences to maximize accessibility and

impact. With a strong focus on enhancing advanced sales

capabilities and human-centered leadership elements, the

Academy equipped our sales leaders to drive growth while

fostering collaboration and performance within their teams.

Our commitment to diversity and inclusion was further amplified

through programs designed specifically for female talent. This

year we extended the offering to include a one-day workshop,

delivered virtually or in person, on Marketing Self, focusing on

building confidence, personal branding and influence.

These initiatives reflect our vision of learning as a shared

responsibility and a continuous journey. By combining technical

expertise with human-centered leadership and inclusive

practices, we are equipping our people to perform with

confidence. Through collaboration and breaking down silos,

weare building an environment that encourages knowledge

sharing and mutual support, empowering every Temenosian

tothrive in aworld of constant change and opportunity.

The way forward

As we look ahead to 2026, our learning and development vision

is to further elevate the learning culture across Temenos by

creating experiences that are engaging, personalized and

impactful. Every employee, whether individual contributors,

emerging leaders, existing people managers or leaders of

leaders, will have opportunities to develop in ways that are

meaningful to them and aligned with business priorities. Our

approach combines experiential learning, social collaboration

and expert-led programs, following the 70:20:10 model so that

learning becomes part of everyday work rather than a one-

time event.

To meet the evolving needs of our workforce, we will focus on

key priorities:

⚫

expanding social learning: scaling peer-to-peer programs to

foster further collaboration and leverage collective expertise

across Temenos;

⚫

empowering leaders: continuing initiatives that build trust,

accountability and confidence, including our Sales Leaders

Academy, which will evolve with leadership profiles and

experiential sessions for deeper impact; and

⚫

supporting female talent: launching new programs for young

female leaders, complementing existing initiatives for senior

female leaders.

2026 will be a year of further progress for learning at Temenos.

We will focus on creating impactful experiences that drive

real-world performance and career growth. Our efforts aim

tobuild capabilities that drive business, team and individual

performance whilst supporting ESG commitments. Our goal

isto make learning accessible, relevant and embedded in

everyday work.

In 2026, we are elevating our Sales Leaders Academy through a

new partnership with Korn Ferry, announced at our TKO event.

The enhanced 12-month learning journey will take a multi-

layered approach, covering pivotal leadership capabilities

designed to strengthen the effectiveness of our Sales Leaders

and Managing Directors. Through a blend of experiential

learning, leadership profiling, coaching and practical

application, the program will equip our leaders to confidently

navigate complex commercial environments and lead high-

performing teams.

Sustainability continued

Social and societal disclosures continued

Integrated Report

68 Temenos AG Annual Report and Accounts 2025

Leadership development

In 2025, we focused on strengthening our leadership capability

across all levels, creating opportunities for leaders to broaden

their perspective, adapt to evolving business demands, and

lead with purpose.

We continued to offer the People Managers as Coaches

Program, delivering modules on coaching skills, navigating job

satisfiers and objective setting. These sessions empowered

managers to lead with empathy and foster meaningful career

conversations that drive engagement and performance.

We also continued to offer executive coaching for senior

leaders, as well as an e-learning curriculum specifically

designed for people leaders. This curriculum provided flexible,

on-demand modules covering leadership fundamentals,

leading with emotional intelligence, handling difficult

conversations and ethical leadership practices.

Building on the previous success, our partnership with

Blanchard enabled us to deliver the Emerging Leaders

Program, a five-month journey designed to develop essential

leadership skills and mindsets for future-ready leaders. In

parallel, we collaborated with Dale Carnegie to offer the

Leadership Excellence Program, focusing on advanced

leadership capabilities, strategic thinking and human-centered

leadership across multiple regions.

We also advanced leadership opportunities for female talent

through targeted programs facilitated by Diafora. In addition

tothe new Marketing Self Program, we continued to offer the

Senior Female Leaders Program, a two-day in-person experience

designed to strengthen leadership presence and

strategicinfluence.

Finally, we launched the Sales Leaders Academy, a flagship

year-long program for senior sales leaders. Delivered in

collaboration with Youd Andrews and Dale Carnegie, this

blended learning experience combined in-person and virtual

sessions. The program offered practical tools and experiential

learning, with sessions focused on coaching skills, handling

difficult conversations, presenting with impact, effective

delegation, time management and mastering the sales cycle.

These sessions aimed to equip sales leaders with the

capabilities to lead geographically diverse, dynamic and

high-pressured teams with confidence.

These initiatives reflect our ongoing commitment to empowering

leaders to foster inclusion, drive performance and achieve both

personal and organizational success.

Leadership and culture

In 2025, we continued to build on the culture and leadership

momentum established in 2024. Following last year’s culture

survey with our top 100 leaders, we focused on translating

insights into action. Working with our external vendor, we held

off-site sessions to identify priority focus areas and develop

action plans to strengthen our culture.

Additionally, we launched our Culture Champions initiative in

February, empowering employees across Temenos to support

and embed these cultural actions across the organization.

The Senior Leadership Team continued to reinforce

cross-functional collaboration and alignment to further build

trust through ongoing workshops and leadership engagements,

ensuring cultural and strategic priorities progress hand in hand.

Performance management

In 2025, Temenos introduced OKRs (Objectives and Key Results)

as a strategic framework to strengthen alignment, focus execution

and improve transparency across teams. Thelaunch of OKRs

marked a shift towards clearer prioritization, outcome-based

measurement and shared accountability for organization-wide

goals.

We also continued to evolve our performance management

approach, building on the enhancements introduced in the prior

year and further embedding a culture of continuous feedback,

accountability and growth. The emphasis shifted from process

adoption to sustained engagement, ensuring performance

management supports both individual development and

organizational priorities.

The feedback module and self-rating functionality are now

established, enabling more frequent, meaningful and two-way

performance conversations throughout the year. Employees

areempowered to reflect on their contributions, actively

seekfeedback and take ownership of their performance

anddevelopment, reinforcing transparency and trust.

For managers, the enhanced framework supports more

balanced and objective performance assessments,

underpinned by ongoing dialogue rather than point-in-time

evaluations. This approach enables more consistent decision

making around career progression, development planning and

recognition while ensuring alignment with business needs.

Targeted learning resources, including e-learnings, toolkits

anduser guides, continue to be available to all employees,

reinforcing understanding, consistency and effective use of

theprocess across the organization.

By embedding continuous feedback and structured reflection

into everyday practice, performance management at Temenos

plays a critical role in fostering high performance, supporting

career growth and strengthening trust-based relationships

between employees and managers.

Talent Cards and growth plans

In 2025, Talent Cards became an embedded and integral part

of Temenos’ people and talent strategy, moving from launch

into sustained adoption and value creation.

Talent Cards now provide a shared, transparent view of

individual capabilities, aspirations and development priorities

across the organization. Employees continue to be empowered

to actively own their growth, reinforcing a culture of

accountability, engagement and continuous learning and to

lead the discussions around their career aspirations.

For leaders and managers, Talent Cards have evolved into a

critical decision-support tool. They enable more informed

talent discussions and help identify development actions to

retain key skills and mitigate flight risk. By embedding Talent

Cards into core talent and performance processes, Temenos

has strengthened its ability to develop internal talent, support

future-ready capabilities and ensure a more resilient and

sustainable organization.

Integrated Report

69Temenos AG Annual Report and Accounts 2025

Investing in Our People continued

People experience continued

Mentoring

This year, mentoring continues to play a vital role in fostering

growth and connection across Temenos. The Mentoring

Program now operates as an ongoing initiative, giving

employees the flexibility to engage at any point in their

careerjourney. Participants can choose to be mentors,

mentees or both, creating a dynamic exchange of knowledge

and experience.

This approach enables mentees to select mentors aligned with

their goals and areas of interest, ensuring a truly personalized

experience. For mentors, it offers a meaningful way to share

expertise and support others, while mentees gain practical

guidance, fresh perspectives and confidence to navigate

theirdevelopment.

Coaching

Coaching continues to be a cornerstone of leadership and

career development at Temenos. Through partnerships with

external providers, each specializing in areas we need to

address, we are able to offer our people four different types

ofcoaching journey.

Our Executive Coaching Program supports both emerging and

senior leaders, helping them strengthen leadership capabilities

and navigate periods of transformation with confidence.

We also maintain specialized programs to support employees

through key life and career transitions. The Returner Coaching

Program provides guidance for those returning from extended

absences, such as parental leave or sabbaticals, ensuring a

smooth reintegration into the workplace. Additionally, the

Transition Coaching Program offers personalized support for

employees preparing for new chapters, including retirements

or entrepreneurial ventures.

Across these initiatives, coaching delivers tailored guidance

that goes beyond role-specific skills, helping individuals build

resilience, clarity and confidence for success both within

Temenos and beyond.

Job shadowing

Our Job Shadowing Program continues to provide employees

with opportunities to broaden their skills and gain exposure

todifferent roles and functions across Temenos. Through

thisinitiative, participants are paired with subject matter

experts from various departments, enabling them to learn

through observation and hands-on experience in areas beyond

theirown.

The program remains open to all employees and encourages

professional exploration, collaboration and continuous growth.

In 2025, over 53 sessions were completed, with consistently

high satisfaction scores, reinforcing its value as a tool for

career development and cross-functional learning.

360° feedback survey

Our 360-degree feedback process continues to serve as a

powerful tool for leadership development and self-awareness.

Built around 15 core leadership competencies and aligned

withour Temenos values, the survey provides employees

withconfidential, multi-perspective feedback through the

Qualtrics platform.

Participants receive a consolidated report that highlights

strengths and development areas, followed by personalized

debrief sessions with trained and experienced internal or

external coaches. These conversations help translate insights

into actional development plans tailored to individual growth

goals and career aspirations. By fostering transparency and

constructive dialogue, the program supports leaders in building

the skills and behaviors needed to succeed in a dynamic

business environment.

Talent mobility

The global talent mobility guidelines outline the eligibility

criteria for talent mobility and the roles and responsibilities

ofthose involved, and they provide a step-by-step guide to

support our employees through every stage of the process.

Webelieve that through talent mobility, we can support our

people’s career progression, help them achieve their goals

anddrive our business forward.

Sustainability continued

Social and societal disclosures continued

Integrated Report

70 Temenos AG Annual Report and Accounts 2025

Employee engagement

Our CEO and the executive team share regular communications

at a global level, while employees receive regional and functional

communications covering both strategic and operational topics.

We use Microsoft 365 tools and other channels to communicate

and engage with employees, including a SharePoint intranet,

Viva Engage, video updates, targeted newsletters, townhalls and

live-streamed events with leaders. To ensure we deliver a

seamless people experience, we have partnered with Qualtrics

since 2021 to better measure employee engagement and

identify where change is needed. Insights from our January 2025

engagement survey informed a number of positive changes

across the business, including the launch of our new Career

Framework, designed to provide greater clarity and transparency

and to put employees in the driver’s seat of their careers at

Temenos. Survey feedback also led to significant upgrades to

our workspaces, with new and enhanced offices in Orlando,

the Kingdom of Saudi Arabia, Paris, Brussels and Hyderabad.

We continued to strengthen communication through Natter

AI-powered listening sessions and more structured townhalls.

In India, we delivered 25 learning sessions for more than 400

employees, focused on strengthening soft and behavioral skills

and building team capabilities, key areas identified for

improvement through the survey results.

2025 engagement (survey period January 2026)

One global cloud-based platform: Qualtrics

Frequency: annually. This year the survey was held in

January2026.

2025 survey design: 56 questions in 17 categories,

8qualitative follow-up questions triggered when someone

answers favorably or unfavorably on specific questions for key

themes (e.g. Communication, Inclusion, Growth) and one free

text question. Survey categories include Client Focus,

Collaboration, Communication, Company Leadership,

Compensation and Benefits, Employee Engagement, Ethical

Business Conduct, Growth and Development, Inclusion,

Innovation, Job Enablement, Performance and Accountability,

Recognition, Strategic Alignment, Survey Follow-up, Work

Process, Workload and 1 Net Promoter Score question.

2025 analysis and reporting: received 3,805 responses, which

was 77% of the total number of employees surveyed. 67% of

total survey respondents were male and 33% were female.

Confidentiality and anonymity commitment: survey

responses are stored in third party Qualtrics servers, in

alignment with GDPR and industry standard security policies.

This ensures that all responses remain confidential to continue

with our commitment under the Safe Harbor certification.

Temenos leaders are committed to listening to and acting on

our employees’ feedback. That is why we will again be

conducting several enablement sessions in partnership with

anexternal third party, to analyze and explain the results,

share best practices and support people managers in

developing and registering action plans.

Our employees’ feedback showed confidence in the survey,

with 78% of respondents believing positive action will come

asa result of it, which is far above the global norm and the

industry standards. Some of our top performing categories, as

per our employees’ inputs, are around ethical business practice,

respectful and inclusive culture and team enablement.

Moving forward, we will be focusing on the creation of action

plans to address our areas of opportunity, with 400 managers

receiving survey results dashboards to share and discuss the

results with their teams and then create an action plan.

Employee Engagement is now comprised of the results of the

following four questions:

⚫

I am proud to work for this company;

⚫

My work gives me a feeling of personal accomplishment;

⚫

I would recommend this company to people I know as a

great place to work; and

⚫

This company motivates me to put in a great deal more than

what is expected of me.

Unit 2022 2023 2024 2025

Employee engagement % of actively engaged employees 76 76 78 81

Data coverage % of total employees 82 90 78 77

Integrated Report

71Temenos AG Annual Report and Accounts 2025

Investing in Our People continued

Wellbeing at work

Promoting health and wellbeing

At Temenos, we are committed to supporting our employees’

wellbeing and creating a healthy and safe work environment.

Our wellbeing initiatives include:

⚫

recharge days;

⚫

a hybrid work model, to balance work and personal life;

⚫

international travel and medical insurance, including health

screenings in some countries and mental health support

coverage in 21 countries that previously did not have

coverage with Betterhelp;

⚫

on-site and online team bonding and recreation

opportunities;

⚫

on-site recreational rooms and movement rooms with

walking and cycling desks;

⚫

initiatives and educational webinars focusing on mental

health and wellbeing at work;

⚫

multiple channels of internal communication and

engagement with our employees across countries and

atalllevels;

⚫

recognition of employees’ work and contribution with

TStars, functional and regional award programs, and our

Culture Champion awards;

⚫

opportunities to learn more about Temenos and spend time

with the leadership team; and

⚫

opportunities to be involved with community service

andvolunteering projects.

Wellbeing Weeks

In 2025, we hosted two Wellbeing Weeks. During these

Wellbeing Weeks, we hosted over 80 events, including yoga,

runs, meditation, sound baths, indoor cricket and many more.

We also held a two-week global virtual fitness challenge via

the GoJoe app which included 300 participants and they

logged an average of 26 activities per person.

Educational virtual webinars and panel discussions

In 2025, we hosted webinars based on our pillars of wellbeing

and led by experts on subjects such as journeys into

leadership, overcoming challenges, leadership styles,

mentorship, and integrative healing through yoga, acupuncture

andnutritional health. We also held a panel discussion on

empowering women by overcoming challenges and building

customer success.

Promoting mental health

We have a page on our SharePoint intranet Uni-T summarizing

what mental health platforms and support are available to

employees in each Temenos location. In 2025, we expanded

mental health coverage from 84% coverage to 100% by offering

coverage to an additional 21 countries. Additionally, we have

resources to promote mental health and wellbeing on our

Intranet Uni-T. In May and September 2025, we held Wellbeing

Weeks, which included activities such as mental health

awareness sessions, heart health, yoga, art therapy, sound

therapy, mindfulness exercises, breathwork to manage stress

and interactive gratitude walls in local offices. We also had a

few global webinars titled “Explore integrative healing through

yoga, acupuncture and nutritional health” and “Branding your

brilliance”. On top of this we have regional programs that

support mental health, for example, in the Middle East,

employees can attend webinars focused on being healthy

during Ramadan.

Wellbeing pilots

In 2025, we extended our virtual Coaching and Nutrition

Program within our CRO organization to support sustainable

health and wellbeing. Ten employees participated over a

six-month period, achieving strong and measurable results

while balancing demanding roles, travel and family

commitments. Participants focused on different goals, from

weight management to strength and performance, with those

aiming to lose weight achieving an average reduction of 9 kg

(and up to 17 kg), while others gained significant lean muscle

and improved body composition. More than 80% of

participants achieved their individual goals.

Beyond the physical outcomes, the program delivered

broaderbenefits linked to energy, resilience and confidence,

with participants reporting improved stress management and

agreater ability to sustain healthy habits long term. In

parallel,we piloted our first “Unplugged Week”, enabling

allemployees, except for a small skeleton team, to take a

fullweek of uninterrupted leave. Together, these pilots

reinforced our commitment to wellbeing as a core enabler

ofemployee experience, sustainable performance and

long-term engagement.

Wellbeing Hub

Our Wellbeing Hub on Uni-T has been updated with new

content, including links to wellbeing-related resources,

promotion of Wellbeing Weeks and other wellbeing events,

andresources and tips for local offices planning events.

Building a strong community

At Temenos, we know that people are the key, so we prioritize

creating opportunities for people to come together. In 2025, we

held 198 events for our employees – a combination of global

and local office events. This included (but was not limited to)

Wellbeing Weeks, family days, end of year celebrations,

volunteering and fundraising events, and cultural celebrations.

In 2025, we continued to hold regular meetings for the people

responsible for organizing local office events (including Human

Resources and Office Managers) to ensure consistency globally,

create efficiencies and promote information sharing for the

organization of local office events.

An important element of our Temenos culture is bringing

people together who might not typically cross paths in their

day-to-day work. Creating opportunities to bond means our

employees feel valued and have greater creativity and

innovation, better work outcomes and more effective problem

solving. Employees are encouraged to create employee

resource groups.

Workplace health and safety

A Health and Safety and Physical Security Committee was set

up in 2025. The Committee meets quarterly to review policies,

strategy and issues. In early 2026, we have completed stage 1

of the ISO 45001 certification for our two largest offices in

India, Chennai KG and Bangalore, covering 42% of Temenos

employees. The full certification is expected to be completed

in the first half of the year.

Sustainability continued

Social and societal disclosures continued

Integrated Report

72 Temenos AG Annual Report and Accounts 2025

Supporting our employees as their families grow

Temenos aims to foster an inclusive workplace by ensuring that

policies, benefits and leave arrangements support employees at

different life stages and help promote equal opportunity across

the organization. These frameworks are designed to contribute

to a working environment where employees feel supported,

respected and able to perform at their best.

Recognizing the importance of employee wellbeing to both

individual performance and the long-term sustainability of the

business, Temenos provides a range of benefits to support

employees and their families during significant life events. A set

of minimum global standards applies across the Group, ensuring

consistency, while local statutory requirements or market

practices prevail where they provide more favorable conditions.

Details of these benefits, including global policies as well as

region-specific insurance coverage and local provisions, are

made available to employees via the Company’s internal

information platforms, providing transparency and clarity on

entitlements beyond statutory requirements.

Supporting professional development

Supporting our employees in developing their professional skills

and advancing towards their career goals is critical to Temenos.

We understand that it can be challenging to find time to dedicate

to this, while managing the demands of their day-to-day work.

This is why we give the option to our employees to take up to

two weeks of paid leave each year for study or personal

development to support them in their current role and help

them gain the skills they need to grow. This includes higher

education and any relevant skill-based courses.

Recharge days

In order for employees to perform at their best, it is important

to take some time to “recharge” their batteries and rebalance

their bodies and minds. Employees are encouraged to take

four days per year to use as recharge days when physically or

mentally needed.

Marriage and civil partnership leave allowance

We grant one week of paid leave for marriages and civil

partnerships, including same-sex/civil partnerships.

Giving time when our family needs us most

Temenos recognizes that, at certain times, personal or family

circumstances may require employees to step away from work

to focus on what matters most. To support employees during

such periods, the Company offers a range of paid leave

provisions designed to provide time, flexibility and financial

security when facing significant life events.

Under the Family Care Leave Policy, employees may take up to

four weeks of paid leave in cases of bereavement or the critical

illness of an immediate dependant (spouse or child), a parent

or any individual for whom the employee is the primary caregiver.

This leave is also available to support employees following a

miscarriage, abortion or pregnancy loss. In addition, employees

may take up to two weeks of paid leave to focus on fertility

treatment or surrogacy arrangements. Women experiencing

menopause may access up to two additional weeks of paid

leave per year.

Separately, Temenos provides enhanced support for employees

facing serious personal health challenges through its Critical

Illness Leave provision. Where an employee experiences a

qualifying critical illness resulting in at least six consecutive

months of total incapacity to work, the Company provides up

to one year of paid leave, topping up statutory or insurance

benefits to full base salary. This benefit is available once

during an employee’s tenure and is subject to medical

certification and eligibility criteria.

In the event of an employee’s death, and where life insurance

benefits are not available, Temenos provides the employee’s

family with one year of base salary, reflecting the Company’s

commitment to responsible and compassionate people practices.

Parental Leave Policy

Temenos operates a gender-neutral parental leave framework

designed to support diverse family structures and caregiving

arrangements. The Company has moved away from traditional

maternity and paternity leave models in favor of a Primary

Carer/Secondary Carer approach, allowing parents to self-

designate their caregiving roles based on their family’s needs

rather than gender.

Primary carers are entitled to 20 calendar weeks of fully

paidleave, while secondary carers are entitled to 10 calendar

weeks of fully paid leave, in each case with no minimum tenure

requirement. These entitlements apply equally to birth parents,

adoptive parents and foster parents (for long-term placements),

including employees in same-gender relationships.

To support a smooth transition back to work, both primary

andsecondary carers may opt for a gradual return-to-work

arrangement following their leave. Parental leave must be

taken within the first 12 months following the birth, adoption

orfoster placement of a child and may be taken consecutively

or concurrently, subject to local statutory requirements.

This policy applies globally where it provides more generous

benefits than local statutory provisions. Where statutory

entitlements exceed the Company’s offering, the more

favorable provision applies. The policy reflects Temenos’

commitment to inclusivity, equal opportunity and responsible

people practices.

Parental leave

Female

Male

Employees on parental leave in 2025

Return to work rate of employees on parental leave

Retention rate of employees on parental leave

Employees who returned to work after parental leave ended

and were still employed 12 months after their return to work

173

175

179

157

90. 1%

92.6%

91.3%

192

189

Female

Male

Female

Male

Employees who returned to work after parental leave ended

Male

Total

Female

Male

Total

Female

75. 1%

83.6%

79.4%

Integrated Report

73Temenos AG Annual Report and Accounts 2025

Investing in Our People continued

Sabbaticals

At Temenos, we value tenure and loyalty. We also understand

that our employees have personal goals and commitments

outside of work and might enjoy the opportunity to take some

additional time off. Therefore, employees are encouraged to

take up to two months of unpaid sabbatical leave after five

years of service, up to four months after ten years and up

totwelve months after twenty years of working with us.

Rewarding for attracting new talent

We believe that our people are the most effective recruiters.

We encourage our employees to invite new talent into our

business through their personal network. According to our

Referral Award Policy, our employees are eligible to receive

amonetary reward between USD 500–8,000 for referring a

new Temenosian. The value of the reward will vary depending

on the candidate’s band and location, as specified in our

Referral Award Policy. The time scale for payment is

one-month tenure of the new recruit.

Hybrid working

Temenos operates a hybrid working framework that balances

flexibility with the benefits of in-person collaboration. While

remote working can support work-life balance, the Company

believes that time spent together in the office remains

important for collaboration, learning and maintaining

strongconnections across teams.

The hybrid model is designed to combine the advantages

ofremote and office-based work. It also supports a more

inclusive approach to employment by recognizing that daily

commuting or permanent on-site presence is not, in itself,

aprerequisite for effective contribution in many roles.

Working from anywhere

To further promote flexibility, Temenos offers employees

theopportunity to work remotely from an alternative location

for up to two weeks per year. This arrangement enables

employees to extend personal travel, combine work with

business trips or temporarily work from a different location

than their usual place of work, subject to applicable guidelines.

Employees are also encouraged, where feasible, to connect

with other Temenos offices during these periods, supporting

collaboration, knowledge sharing and engagement across the

global organization.

Part-time options

In some roles, Temenos allows employees to work part-time

toprovide an additional working option for those who prefer

not to work full-time.

A meaningful gift for our employees

We have a long-established partnership with From Babies with

Love to provide gifts to Temenosians at important moments

intheir lives: when they become parents, get married, or

experience the loss of an immediate family member.

These symbolic gifts are designed to show care and

recognition, while also creating a wider positive impact. From

Babies with Love is a social enterprise and purpose-led brand

whose vision is that every child grows up in a loving family.

Itdonates its profits to support vulnerable children, and since

the beginning of our collaboration, Temenos has contributed

significantly towards this cause.

Together with From Babies with Love, we help provide family

homes, education, healthcare and support for children.

Supporting global mobility

As a global software company, we rely heavily on our global

workforce and leverage our talent to drive business success.

The Global Mobility Program at Temenos supports the strategic

deployment of skilled professionals across international

locations to meet business, client and project requirements.

The Global Mobility Team enables seamless cross-border

movement of technology, product and domain experts to

support our global banking clients, regulatory projects and

digital transformation initiatives.

The team ensures compliance with immigration, tax, labor and

data security regulations while providing consistent employee

experience. Our Regional Mobility Experts support mobility to

any of the 36 countries in which we operate in coherence with

our robust policies and processes that address the complex

challenges of managing an international workforce. They

facilitate short-term assignments, long-term transfers and

project-based deployments, helping the organization build

global capability, strengthen client delivery and promote

knowledge transfer across regions.

The Global Mobility team partners with world-class relocation

agents, and tax and immigration counsels to facilitate personal

income tax consulting, immigration and shippingservices.

Through our Global Mobility Program, we are committed to

protecting top-tier talent by strategically deploying them from

stagnant markets to active markets, and address the skills

shortage through the infusion of diverse talent pools fostering

diversity and inclusion to boost innovation and productivity.

Sustainability continued

Social and societal disclosures continued

Integrated Report

74 Temenos AG Annual Report and Accounts 2025

Awards and recognition

Employee recognition

Our people and unique culture are what propel us forward as

we continue to deliver on our vision to transform the banking

industry. Our recognition programs are an opportunity to

celebrate the contributions of Temenosians from across the

business, not only for performance excellence, but also for the

achievement of our social, environmental and climate-related

targets. The nominations are done on the basis of our Temenosity

values, for reaching key milestones or going above and beyond

the role requirements. Everyone is invited to nominate their

colleagues and peers. Our employees are highly encouraged

tobe inclusive and consider those in roles that are less visible

but still make valuable contributions.

Culture Champion Award

The Culture Champion Award is Temenos’ annual recognition

program celebrating the people who make Temenos what it is.

Each year, we recognize individual contributors who bring our

values to life, as well as people managers who lead with

purpose, empower their teams, grow talent and go above

andbeyond for their colleagues and our customers.

This award is our moment to say thank you for outstanding

contributions, commitment and collaboration, and to celebrate

the culture and leadership we are proud to share across

Temenos. The Culture Champion Award includes both

monetary and non-monetary recognition.

In 2025, the program received over 380 nominations, sharing

powerful stories of impact from across the business. From these

nominations, 20 winners were selected, each demonstrating

Temenosity and our values in action.

Temenos Service Milestones

In 2025, we introduced Temenos Service Milestones as part of our

investment in fostering a culture of appreciation and recognition.

Temenos Service Milestones is a non-monetary, enhanced

experience that modernizes how we celebrate work

anniversaries and other important professional achievements.

From welcoming new joiners and celebrating promotions or

educational achievements to sending well wishes during

retirements and farewells, each recognition reflects our

appreciation for the people who make Temenos what it is.

Temenos keys

At Temenos, we’ve always believed that people are the key. It’s

something our founder, the late George Koukis, deeply valued

and it still holds true today as we look to the future. We

celebrate key tenure moments with a personal digital award,

starting at 1 year and continuing at 5 years,10 years and every 5

years thereafter.

The club

Temenos also runs a “Club” to celebrate our top performing

sales and business solutions colleagues from around the world

in a unique way – a trip with our CEO. In previous years, the

Club awardees traveled with their partners to Scotland,

Iceland, Vietnam, Barbados, Capri, Kenya, India, Morocco,

Zambia, Rome and Cambodia.

Great Place to Work 2025

In 2025, Temenos was certified by Great Place To Work

15 locations: China, Costa Rica, Ecuador, Hong Kong, India,

Kenya, Mexico, Romania, Singapore, South Africa, Spain,

Switzerland, Taiwan, the United States and Vietnam. Great

Place To Work

is a global authority on workplace culture,

employee experience and leadership behaviors that help

drive performance, retention and innovation. This

recognition is based entirely on employee feedback in

theselocations.

Across the certified 15 locations, over 82% of respondents

said Temenos is a Great Place to Work.

Beyond certification, Temenos France (certified in 2024)

achieved an impressive 17th place in Best Workplaces

France 2025 and was also recognized on the Great Places to

Work in Tech list. Temenos China also ranked 18th in Best

Workplaces in Greater China 2025.

Case study

Integrated Report

75Temenos AG Annual Report and Accounts 2025

Integrated Report

Sustainability continued

Social and societal disclosures continued

Diversity dashboard

We track the effectiveness of our DEI strategy through the Temenos diversity dashboard. While the dashboard data provides

valuable insights, it does not capture every diversity aspect of our workforce. We continue to enhance our data collection,

within legal and local constraints, to better understand the Temenos employee experience and support more informed and

inclusive decision making.

B For more details on methodology, assumptions, contextual information and potential fluctuations, please refer to Basis of preparation

Temenos employees by region and gender

Non-employees

Board of

Asia Pacific

99 201

3 4

Directors

Business

Europe

3 47608

Partners

External

India

1,040 1,885

15 41

contractors

Middle East

49 185

Female Male

and Africa

Americas

211 430

Female Male

Full-time employees by region and gender

Part-time employees by region and gender

Asia Pacific

98 201

Asia Pacific

1 0

Europe

327597

Europe

2011

India

1,040

1,885

India

0 0

Middle East

47 185

2 0

and Africa

Americas

210 430

Americas

1 0

Female Male

Permanent employees by region and gender

Temporary employees by region and gender

Asia Pacific

99 201

Asia Pacific

0 0

Europe

344 608

Europe

3 0

India

1,040

1,885

India

0 0

Middle East

24 82

103

and Africa

Americas

211 430

Americas

0 0

Female Male

Total headcount*

2025

5,205

2024

6,4 27

2023

6, 773

2022

7 ,566

2021

8,661

* Including both Temenos employees and non-employees.

76 Temenos AG Annual Report and Accounts 2025

* Top five nationalities in terms of headcount as per S&P

CSArequirements.

Female Male

Temenos employees

By gender in certain regions

United States

Luxembourg

Switzerland

Romania

India

63%37%

72%28%

36%64%

75%25%

71%29%

64%36%

Female Male

By gender and employee category

Non-tech

Tech

65.7%34.3%

65.1%34.9%

By gender and employee level

By gender and age

Female Male

188 483

50+

30–50

<30

933 2,046

780

625

126 355

192 401

By gender and function

Female Male

R&D

Cloud

Services

Sales and

Marketing

General

Administration

543

603

1,002

1,177

Management

Mid-level

management

Individual

contributor

74.7%25.3%

71.7%28.3%

64.0%36.0%

Management

Mid-level

management

Individual

contributor

By gender and employee level

Female Male

95 281

122 309

2,7191,529

By gender and employee category

Non-tech

Tech

1,9521,017

1,357729

Indian

Romanian

Greek

1.4%

1.2%

1.0%

2.3%

British

3.0%

1.1%

American

3.0%1.7%

MaleFemale

By gender and nationality*

By function and age

<30 30–50 50+

R&D

Cloud

Services

Sales and

Marketing

General

Administration

146 297 38

79 507 70

32 391 170

529

619

918

866

273

120

% by function and age

<30 30–50 50+

R&D

Cloud

Services

Sales and

Marketing

General

Administration

10 10 6

6 17 10

2 13 25

22.6% 43.9%

282 374

Integrated Report

77Temenos AG Annual Report and Accounts 2025

US employees

By diversity group representation

Asian 24.7%

Black or African American 2.3%

Hispanic or Latino 9.1%

White 45.2%

Other 1.7%

Not disclosed/available 17.0%

By diversity group representation and employee level

Management

Mid-level management

Individual contributor

White

Asian

Black or African

American

Hispanic

orLatino

Other

Not disclosed/

available

15 9 63

0 1 7

10 4 18

0 2 4

11 2 47

22 22

115

% by diversity group representation and employee level

Management

Mid-level management

Individual contributor

White

Asian

Black or African

American

Hispanic

orLatino

Other

Not disclosed/

available

4.3 2.6 17.8

0 0.3 2.0

2.8 1.1 5.0

0 0.6 1.1

3.1 0.6 13.4

6.3 6.3 32.7

US new employees hires

By diversity group representation

Asian 12.7%

Black or African American 1.7%

Hispanic or Latino 2.5%

White 37.3%

Other 0.8%

Not disclosed/available 45.0%

US employee turnover

By diversity group representation

Asian 26.2%

Black or African American 3.1%

Hispanic or Latino 12.3%

White 52.2%

Other 3.1%

Not disclosed/available 3.1%

* Board of Directors and Executive Committee as of 31 December 2025.

Temenos leadership

Female Male

Board of Directors by gender and age*

Grand total

50+

<30

30–50

57.1%42.9%

0% 0%

Female Male

Executive Committee by gender and age*

Grand total

50+

<30

30–50

40%60%

20%20%

20%40%

0% 0%

Sustainability continued

Social and societal disclosures continued

Diversity dashboard continued

Integrated Report

78 Temenos AG Annual Report and Accounts 2025

* New employee hires from a region/total number of new

employeehires.

* Internal hires as per S&P CSA requirements.

New employee hires

By gender

Female 35%

Male 65%

By region*

Asia Pacific 7%

Europe 18%

India 41%

Middle East and Africa 6%

Americas 28%

Open positions filled by internal candidates

(internalhires)*

Internal hires 27%

External hires 73%

6 23

14 2 1

By gender and region

Female Male

Europe

Americas

Middle East

andAfrica

India

Asia Pacific

142

Female Male

By gender and age

50+

30–50

<30

148

145

17 47 Management

Mid-level

management

Individual

contributor

By gender and employee level

Female Male

11 41

7 4

295

168

0.1% 0.5%

0.3% 0 .4%

Rate by gender and region

Female Male

Europe

Americas

Middle East

andAfrica

India

Asia Pacific

1.0%

0 .7%

1.5%

1 .1%

2.8%

1.9%

Female Male

Rate by gender and age

50+

30–50

<30

1.5%

1.8%

2.9%

0.3% 0.9%

Integrated Report

79Temenos AG Annual Report and Accounts 2025

* As per GRI, turnover rate refers to the proportion of employees

who leave over a set period, often a year, expressed as a

percentage of the total workforce.

* Leavers at a region/total number of leavers.

Employee turnover

By gender

Female 37%

Male 63%

By region*

Asia Pacific 5%

Europe 15%

India 71%

Middle East and Africa 3%

Americas 6%

Female Male

By gender and age

50+

30–50

<30

284

319

628

357

40 1 29 Management

Mid-level

management

Individual

contributor

By gender and employee level

Female Male

14 65

33 134

915

596

40 7 1

15 41

30 5 8

83 1 6 9

By gender and region

Female Male

Europe

Americas

Middle East

andAfrica

India

Asia Pacific

475 7 75

0.8% 1.4%

0.3% 0.8%

0.6% 1.1%

1.6% 3.3%

Rate by gender and region

Female Male

Europe

Americas

Middle East

andAfrica

India

Asia Pacific

9.5% 15.4%

Female Male

Rate by gender and age

50+

30–50

<30

5.6%

6.3%

12 . 4%

7.1%

0. 8% 2 . 6%

Turnover rate

FY-22

FY-23

FY-25

FY-24

19.5%23.6%

9.3%18.9%

7.8%11.7%

12.0%34.8%

Total employee turnover rate

Voluntary employee turnover rate

Female Male

Turnover rate by gender*

Total

Voluntary 7.4 %4.6%

22.0%12.8%

Sustainability continued

Social and societal disclosures continued

Diversity dashboard continued

Integrated Report

80 Temenos AG Annual Report and Accounts 2025

Career progress*

Out of talent review cycle – 2025

Talent review communication

* Employees whose band, job title, salary or department

changed through the year.

Training and development dashboard

During talent review cycle – 2025

Talent review communication

Average training hours

By gender

Female

Male

By function

R&D

Cloud

Services

Sales and

Marketing

General

Administration

Byage group

<30

30–50

50+

Individual

contributor

Mid-level

management

Management

By employee level

By gender

Male

Female

64%

33%

By function

R&D

Services

Cloud

Sales and

Marketing

General

Administration

By function

R&D

Cloud

Services

Sales and

Marketing

General

Administration

10%

30%

32%

11%

By gender

Male

Female

59%

31%

By function

R&D

Cloud

Services

Sales and

Marketing

General

Administration

By gender

Male

Female

10%

Career progress

By function

R&D

Cloud

Services

Sales and

Marketing

General

Administration

By gender

Male

Female

12%

32%

34%

10%

Integrated Report

81Temenos AG Annual Report and Accounts 2025

Gender diversity

Indicator

2023 2024 2025

2026

target

2030

target

Women in the Temenos total headcount 35% 35% 35% >35% 40%

Women in all management positions, including junior,

middle and senior management (as % of total

management workforce)

33% 32% 32%

Women in junior management positions

, i.e. first level of

management (as % of total junior management positions)

46% 30% 44%

Women in top management positions, one level away

from the CEO (as % of total top management positions)

50% 57% 47%

Women in top management positions, two levels away

from the CEO (as % of total top management positions)

34% 34% 43%

Women in management positions in revenue-generating

functions

(e.g. Sales) as % of all such managers (i.e.

excluding support functions such as HR, IT, Legal, etc.)

28% 29% 32%

Women in STEM-related positions

(as % of total

STEM positions)

35% 35% 34%

1 To have a consistent year-on-year increase of at least 1% on all indicators.

2 Junior level employees who have at least one reporting line.

3 Based on employee cost center.

Wellbeing at work

Indicator 2023 2024 2025

2026

target

Percentage of actively engaged employees

76% 78% 81% >80%

Number of wellbeing activities 316 309 198 >200

4 The way we measure the percentage of actively engaged employees changed slightly compared to prior year. For further details see page 71.

Investing in Our People

Indicates target achieved

Social goals and targets

Sustainability continued

Social and societal disclosures continued

Integrated Report

82 Temenos AG Annual Report and Accounts 2025

Empowering Our Local Economies

andCommunities

Temenos believes that inclusive economic growth is

enabledby access to education, technology, employment

opportunities and financial services. Through our products,

strategic partnerships and targeted community investments,

we leverage technology to strengthen local economies,

reduceinequality and empower communities to thrive in

thedigital age.

Our commitment to this integration is a deliberate

systemdesigned for:

⚫

Enabling access to financial services: we support

community-based banking as a driver of inclusive growth.

Utilizing advanced digital solutions, we enable financial

providers to serve their communities effectively, integrate

the unbanked and facilitate long-term progress in

EmergingMarkets.

⚫

Investing in our communities through innovative programs:

we prioritize digital literacy, transforming the next generation

from digital consumers into digital architects. Our reach

extends across key pillars of social progress, including

education, women’s economic empowerment, environmental

sustainability and essential water, sanitation and hygiene

(WASH) initiatives.

⚫

Employee volunteering: we encourage employees to

contribute their time, skills and expertise to community

initiatives, supporting social and environmental progress

while strengthening local impact and employee engagement.

At Temenos, we measure our success

by the prosperity we leave behind.

Webridge the gap between global

expertise and local needs by

investingour time and technology

tostrengthen the foundations

ofourcommunities.

2025 key highlights

training rooms, computer

labsand data centers

in India since 2017

754

volunteers

solar-powered computer labs

in2025

61,310

students reached through the

Adopt-iT CSR India

Program since the program

was launched

Societal disclosures

Integrated Report

83Temenos AG Annual Report and Accounts 2025

Empowering Our Local Economies

andCommunities continued

Enabling access to financial services

According to the World Bank, 1.3 billion adults worldwide still

lack banking accounts and access to loans. Where access to

financial services and equal opportunities are limited, people

and whole communities remain trapped in poverty. At

Temenos, we believe technology should help close this gap

bygiving underserved populations the tools they need to

improve their lives.

Global data shows that the underlying drivers of poverty are

worsening. Recent import tariffs have disrupted global

markets, triggered counter-tariffs, and contributed to inflation,

reduced consumer confidence and job losses. The IMF projects

negative GDP growth for many economies, signaling potential

recessions. These conditions weaken purchasing power and

deepen vulnerability for both the already poor andthose barely

surviving.

Although poverty is often associated with developing regions,

recent trends show growing hardship even in developed

countries. Some major cities face increased homelessness,

crime and overstretched budgets. Food bank usage has risen

by an estimated 340% compared to pre-pandemic levels.

Poverty is becoming more visible in places where it was

previously less common.

People fall below the poverty line when multiple conditions

coexist. Evidence highlights key contributors, including:

⚫

lack of access to education;

⚫

unemployment;

⚫

systemic discrimination;

⚫

political and economic instability;

⚫

lack of political will to adopt pro-poor policies;

⚫

inadequate infrastructure;

⚫

conflicts and crises;

⚫

extreme weather events;

⚫

corruption; and

⚫

limited access to financial services.

While not exhaustive, meaningful progress requires addressing

all of these factors.

In many regions – including sub-Saharan Africa, South Asia

andparts of the Middle East – education is difficult to access

due to poverty, weak infrastructure and cultural norms. With

limited government-funded schools and often unaffordable

private options, children lose opportunities to develop skills

needed for employment, perpetuating cycles of poverty.

Discrimination, whether based on tribal affiliation or gender,

can further restrict educational and economic opportunities,

particularly for women.

Political and economic instability also plays a significant role.

Inenvironments where elections do not reflect the will of the

people, corruption thrives, national wealth is misallocated, and

policies to support the poor are rarely implemented. This often

leads to conflict as communities compete for limited resources.

The World Bank Group’s vision is a world free of poverty on a

livable planet. In 2025, it committed USD 118.5 billion to

accelerate development, with job creation as a central focus.

Its approach includes strengthening foundational

infrastructure, improving governance and regulation, and

mobilizing private capital. We commend these efforts, and at

Temenos, we contribute in our own way to advancing societal

equity.

Temenos Financial Inclusion

Microfinance institutions, credit unions and community banks

play a critical role in expanding access to financial services

forthe poor. For 25 years, Temenos has supported these

institutions by providing software that powers their operations

and delivers the reporting needed to ensure institutional

health. Our Financial Inclusion product – a curated package

ofour core banking platform – provides the specialized

workflows and capabilities required by this sector.

Serving customer bases from a few thousand to several

million, these institutions require performance on par with

mainstream banks. Over the past 25 years, Temenos has

continually enhanced the product, investing more than 20%

ofour annual revenue in R&D. We work closely with clients

toanticipate future needs and maintain a solution that is

functional, intuitive, omnichannel, modern and quick to deploy.

By offering an affordable and scalable banking platform, we

support institutions as they grow, expand and create jobs that

lift people out of poverty. The product can be deployed

on-premise, in the cloud or as SaaS. To support smaller

institutions, Partners host shared environments where each

institution pays only for the services it uses. This removes the

need for hardware and infrastructure investments and ensures

compliance, security and regulatory requirements are met –

allowing institutions to focus on delivering financial services

tounbanked and underbanked communities.

While the Financial Inclusion product is increasingly used by

retail and startup banks because of its simplified workflows

and ease of deployment, its core mission remains unchanged:

empowering institutions that provide essential financial

services, especially loans, to those excluded from traditional

banking. This mission has guided the product since its launch

in 2000. Today, we see its impact in the millions of customers

served daily across many countries, and we remain committed

to this investment.

Sustainability continued

Social and societal disclosures continued

Integrated Report

84 Temenos AG Annual Report and Accounts 2025

Scaling impact through a strategic collaboration with Hand in Hand International

For Temenos, enabling access to financial services begins

with empowering people to generate stable income, build

businesses and participate fully in local economies, while

recognizing that women often face the greatest barriers to

economic opportunity. In many low-income communities,

systemic challenges such as limited education, restricted

employment opportunities and gender inequality continue

to exclude large segments of the population from the

financial system. In 2025, Temenos made a strategic

decision to collaborate with Hand in Hand International,

aligning with its proven approach to inclusive growth and

women’s economic empowerment.

Through a donation of USD 235,000, Temenos enables

Handin Hand International to deploy resources flexibly

where they are needed most, supporting poverty reduction

through job creation, digital inclusion and women’s

economic empowerment across programs in Kenya,

Tanzania, Afghanistan and Uganda.

Hand in Hand’s model focuses on organizing women into

self-help groups and equipping them with business and

digital skills, access to finance and connections to new

market opportunities. This integrated support enables

entrepreneurs to transform skills into sustainable

livelihoods, build financial independence and strengthen

their role as economic decision makers within households

and communities. Where livelihoods are affected by climate

pressures, climate-resilient practices are embedded as a

supporting enabler, helping protect income and ensure

long-term stability.

As enterprises grow, the benefits extend beyond individual

income. Families become more financially secure, local

economies are strengthened and pathways into the formal

financial system are created.

By investing in people as economic actors and partnering

with organizations that deliver locally led, scalable

solutions, we are turning access to financial services from

an aspiration into a lasting reality, supporting inclusive

growth that benefits communities today and strengthens

economies for the future.

This collaboration supports SDG 1 (No Poverty), SDG 5

(Gender Equality) and SDG 8 (Decent Work and Economic

Growth), while exemplifying SDG 17 (Partnerships for the

Goals) through effective collaboration between business

and civil society.

When women grow economically,

families become more secure,

communities grow stronger

andcountries move closer

tosustainable prosperity.

Amalia Johnsson

CEO, Hand in Hand International

Case study

Integrated Report

85Temenos AG Annual Report and Accounts 2025

Investing in our communities

We are committed to creating inclusive and resilient communities

through the responsible use of technology. In a rapidly evolving

social and economic environment, we recognize our role in

supporting positive outcomes in the communities where we

operate, with a focus on access, equity and opportunity.

Weapproach community investment through a structured

engagement and impact management framework, ensuring

that community perspectives inform both our strategic

priorities and the design of our initiatives. Looking ahead,

Temenos has set targets for expanding its community impact.

We aim to reach 62,500 students through our Adopt-iT CSR

India Program by 2026. Our commitment to community

engagement is further reinforced by our alignment with the UN

Global Compact principles and our ESG reporting framework.

Transforming lives through targeted action

As digital transformation accelerates globally, Temenos works

to reduce the digital divide by expanding access to technology

and building the skills required for participation in the digital

economy. We focus on enabling inclusive growth through

education, digital literacy and employment pathways,

particularly for young people and underrepresented groups.

This commitment is delivered primarily through our flagship

Adopt-iT CSR Program in India, where 58% of our global

workforce is based. Since its launch, the program has reached

more than 61,000 students through partnerships with schools

and universities. By investing in digital infrastructure, skills

development, scholarships, internships and essential hygiene

facilities, we support safe, inclusive and future-ready learning

environments that equip young people with the skills and

confidence to succeed.

Focus areas

Our community investment strategy focuses on four priority

areas that drive long-term social value:

⚫

poverty alleviation and financial inclusion: expanding access to

financial services to support economic participation and

resilience in underserved communities;

⚫

digital inclusion and innovation: enabling access to digital

tools, skills and opportunities that support education,

employability and innovation;

⚫

diversity, equity and inclusion: promoting inclusive practices

and equal opportunities to ensure broad participation and

representation; and

⚫

employee volunteering and community service: enabling

employees to contribute their time and expertise to

strengthen communities and deliver measurable impact.

Focus areas

Poverty alleviation and

financial inclusion

Digital inclusion and

innovation

Diversity, equity and

inclusion

Employee volunteering and

community service

Programs

⚫

Corporate Donations

and Community

Investment

⚫

Adopt-iT Scholarship

Program

⚫

Adopt-iT India CSR

School Program

⚫

Adopt-iT – India CSR

University Program

⚫

Empowering Women

and Girls

⚫

Inclusive Access for

Persons with

Disabilities

⚫

Adopt a Kid – India

⚫

Environmental and

Community Action

⚫

Employee Volunteering

2025: Local economies and communities impact

Adopt-IT CSR

Program

⚫

Schools

⚫

Universities

⚫

Digital labs

⚫

Technology hubs

⚫

Internships

Scholarships

⚫

Talent development

⚫

Need and merit based

Employee

volunteering

⚫

Mentoring

⚫

Digital literacy

⚫

Fundraising

⚫

Community projects

Access toeducation

⚫

Digital inclusion

⚫

Computer labs

⚫

Training rooms

⚫

Assistive and sensory

labs

⚫

WASH

Women and girls

empowerment

⚫

STEM and fintech

exposure

⚫

Threads for Change

⚫

Sustainable mobility

SH(E) Riders

⚫

Women on Wheels

Sustainability continued

Social and societal disclosures continued

Integrated Report

86 Temenos AG Annual Report and Accounts 2025

CSR India Program

The CSR India Program brings together a diverse portfolio of

initiatives. At the core of the program is Adopt-iT, which

focuses on schools, universities and scholarships, expanding

access to education and digital skills for students. Complementary

initiatives further support women’s empowerment, hygiene,

community wellbeing and environmental action, ensuring a

holistic and sustainable approach to social impact.

Adopt-iT – India CSR School Program

Since 2017, the Adopt-iT School Program has expanded access

to education and digital skills for thousands of students.

Wehave established 17 solar-powered computer labs, smart

classrooms and technology hubs, helping young students

prepare for a digital future. Complementary initiatives include

WASH infrastructure in government schools to support girls’

education, as well as Sensory and Assistive Labs in Chennai

and Bangalore that promote inclusive learning for children

withhearing and visual impairments.

2025 Temenos Adopt-iT India Labs

Semmancherry

GHSS

Solar-powered hub equipped with

advanced computing technology and

software, offering students access to

digital resources. The initiative benefited

800 students.

Singaram Pillay

Hr Sec School

The initiative benefited 350 students

through a solar-powered, technology-

enabled learning hub, equipped with

advanced computing infrastructure and

software, whilea 6 kW rooftop solar

systemsupports sustainable operations

and reduces environmental impact.

Adopt a Kid – India

employee-led initiative

Alongside Adopt-iT, Temenos supports access to

education through the Adopt a Kid – India Education

Support Program (ESP), an employee-led and employee-

funded initiative launched in 2017. The program provides

educational support to children from low-income

households, including orphans and children living below

the poverty line. In recognition of its social impact,

Temenos reinforces the program through a structured

donation-matching mechanism.

In 2025, the program supported 193 children, with 50

scholarships funded through employee contributions and

143 scholarships supported through Temenos’ matching.

This was enabled by employee donations of USD 13,236

and corporate matching of USD 25,453. Since inception,

the program has supported 958 scholarships, including

403 funded by employees and 555 supported through

Company matching, expanding access to education and

long-term opportunity.

193

students supported in 2025

958

children were able to go to school and pursue their education

(2017–2025)

Case study

Community

wellbeing

⚫

Healthcare

⚫

Sanitation

⚫

Disability inclusion

⚫

Assistive mobility

Community

investment

⚫

Corporate donations

⚫

Matched giving

⚫

In-kind contributions

Financial

inclusion

⚫

Community banking

⚫

Emerging Markets

⚫

Financial inclusion

Environmental

andclimate action

⚫

Tree planting

⚫

Coastal clean-ups

⚫

Clean energy

⚫

Sustainable mobility

⚫

Environmental

awareness

Poverty alleviation

⚫

Local economic

development

⚫

Employee-led action

Integrated Report

87Temenos AG Annual Report and Accounts 2025

CSR India Program continued

Adopt-iT – India CSR University Program

Recognizing the role of universities in developing future fintech

talent, the Adopt-iT University Program supports students in

building industry-relevant skills and practical experience. Since

2019, Temenos has partnered with universities to extend

learning beyond the classroom. The program has established

three specialized labs at Partner institutions, including an

Innovation Lab for research, an Assistive Technology Lab to

enhance digital accessibility, and an Excellence Hub for

advanced learning. These initiatives are complemented by

scholarships, targeted training, hackathons and recruitment

activities, supported by employee mentors and a strong focus

on sustainability.

Adopt-iT Scholarship Program

The Adopt-iT Scholarship Program supports students in

technology and engineering fields that are critical to India’s

digital future. This year, Temenos awarded 260 university

scholarships, representing a 13% increase compared to 2024

and reflecting sustained growth since the program’s launch in

2019. Scholarships were awarded across nine Partner

universities, including one new partnership established in 2025,

supporting undergraduate studies in Chennai, Bangalore and

Hyderabad. The program places a strong emphasis on

increasing the participation of girls in STEM, contributing to

greater gender diversity within the technology sector. By

expanding university partnerships and prioritizing high-impact

fields of study, the program helps reduce financial barriers,

strengthen talent pipelines and support a more inclusive and

resilient technology workforce.

Total number of scholarships Boys Girls

2019 46 32 14

2020 92 50 42

2021 141 77 64

2022 196 118 78

2023 196 117 79

2024 230 60 170

2025 260 77 183

260

scholarships to students at nine educational institutions in 2025

1,161

need and merit-based scholarships (2019–2025)

After getting the Neo Motion

wheelchair, my life has completely

changed. I can now go out and take

care of my daily needs without

depending on anyone, which gives

meso much peace and happiness.

NeoMotion is not just a wheelchair;

it’s my freedom and independence.

Participant of the program

Inclusive access for persons with disabilities

Temenos supports access and inclusion for persons with

disabilities by collaborating with NGOs, educational institutions

and public authorities when opportunities arise to address

barriers to learning, mobility and participation. In previous

years, this has included the establishment of Sensory and

Assistive Labs in schools in Chennai and Bangalore, creating

inclusive learning environments for children with hearing and

visual impairments.

In 2025, Temenos advanced mobility and inclusion through

targeted initiatives delivered in collaboration with government

schemes and local authorities. We provided 10 Neo Motion

wheelchairs to students with disabilities, supported 17

para-athletes with Neo Motion wheelchairs (Tamil Nadu

wheelchair basketball team), and delivered 20 Neo Motion

wheelchairs through New Dawn 2.0 to enable participation in

education and employment. Together, these programs

strengthened access to learning, work and daily life, supporting

greater independence, dignity and social inclusion for persons

with disabilities.

Employee engagement also plays a role in supporting inclusion,

with employee-led volunteering initiatives continuing to assist

students with disabilities during academic examinations,

helping ensure fair access to education and assessment.

Sustainability continued

Social and societal disclosures continued

Integrated Report

88 Temenos AG Annual Report and Accounts 2025

Empowering women and girls

Women’s empowerment is a strategic priority for Temenos.

Weadvance inclusive growth by supporting access to education,

skills and economic opportunity, with targeted initiatives that

strengthen participation, leadership and long-term resilience in

the digital economy. Our approach focuses on practical, locally

relevant interventions that strengthen financial independence,

resilience and long-term opportunity.

This help has changed my family’s

life,my child’s education and my

confidence as a woman to live with

dignity. Temenos continues to stand

by us in every situation.

Participant of the program

Empowering young women through fintech andskills

development

In 2025, Temenos engaged more than 200 female students

atPresidency College as part of International Women’s Day,

delivering fintech and career-focused skills development

sessions aligned with the theme “Inspire Inclusion: investing

inwomen to accelerate progress”. These engagements support

financial literacy, employability and leadership pathways for

young women entering the workforce.

“Threads for Change” – women’s entrepreneurship

through high-demand skills

This commitment extends to entrepreneurship and income

generation through Threads for Change, a community-led

initiative launched in 2024 and hosted the Bro Siga Social

Service Guild to support women from economically vulnerable

urban communities in Chennai. Delivered through targeted

training cycles, the program provides structured vocational

training in high-demand skills such as Aari embroidery and

tailoring, combined with entrepreneurial skills and asset-based

support, enabling women to generate sustainable income and

strengthen household stability. In 2025, the first cohort of

women successfully completed the program, transitioning

from trainees to skilled artisans, and the initiative progressed

to a second training cycle (Threads for Change 3.0), ensuring

continuity and scale.

Driving women’s independence through mobility

Recognizing mobility as a key enabler of economic participation,

Temenos also strengthens women’s independence through

SH(E) Riders and Women on Wheels. These initiatives support

women from underserved communities by providing them with

sustainable mobility solutions, including electric two-wheelers

and auto rickshaws, improving access to employment while

promoting low-carbon transport. Beyond income generation,

these programs contribute to improved wellbeing, confidence

and long-term self-reliance.

Integrated Report

89Temenos AG Annual Report and Accounts 2025

CSR India Program continued

Environmental and community action

At Temenos, environmental responsibility is embedded in

howwe act, engage and lead. We combine climate-conscious

practices, employee volunteering and community-based

initiatives to deliver practical environmental action and build

awareness where it matters most. Our approach focuses on

reducing environmental impact, strengthening environmental

literacy and reinforcing the link between healthy communities

and a resilient environment. In 2025, employees actively

contributed to environmental action through locally driven

programs and trusted partnerships, supporting inclusive,

measurable and long-term environmental stewardship.

Protecting and restoring natural ecosystems

Employees contributed to ecosystem protection through

locally delivered initiatives in India and Singapore, supporting

waste reduction, marine protection and community awareness.

In Chennai, Temenosians partnered with Communitree to

restore sections of Marina Beach, removing 3,381 kg of waste

alongside community volunteers. In Singapore, colleagues

supported environmental stewardship at East Coast Park.

Treeplanting and urban greening also formed a focus in 2025.

In India, the Temenos Urban Greening Initiative (also known as

CH2) supported the planting of 2,500 trees, while in Romania,

employees and their families planted more than 1,200 trees

inBoboc, Buzău, in collaboration with Plantăm Fapte Bune,

contributing to biodiversity enhancement and locally relevant,

measurable environmental stewardship.

Promoting climate awareness

andsustainablebehaviors

Environmental awareness initiatives extended beyond Temenos’

ISO 14001-certified offices into the wider communities we

serve, with different activities delivered across locations

globally. To mark World Environment Day andEarth Day in

2025, employees participated in targeted actions promoting

low-carbon behaviors, including the No Lift Week Challenge

(341 employees, 205 kg CO₂ avoided), Green Desk Decoration

initiatives, sustainability quizzes, awareness sessions and a

Pledge to End Plastic Pollution engaging employees’ children.

Community engagement was also strengthened through

locally tailored initiatives, such asamural-painting activity

withThuvakkam NGO at Indian AirForce premises, involving

employees and their families.

Beyond the immediate environmental impact, these initiatives

bring people together around a shared cause and help foster

awareness and responsible behavior, supporting efforts to

educate and inspire the next generation to protect the

naturalenvironment.

Tech-driven urban sustainability

inChennai

In 2025, Temenos advanced urban sustainability in India

through the launch of Tamil Nadu’s first Reverse Cloth

Vending Machine (RVM) network in high-traffic

commercial areas of Chennai. Delivered through a

public–private partnership with the Greater Chennai

Corporation and InstaGood, we completed the handover

of five smart RVM units across key high-traffic locations

in Chennai.

The initiative demonstrates how technology can support

circular economy solutions at scale by directly

influencing everyday behavior. The RVMs incentivize the

exchange of single-use plastic water bottles for reusable

cloth bags, offering a practical and accessible alternative

for commuters, vendors and shoppers. By targeting

high-footfall locations, the project directly supports

municipal waste-reduction priorities while aligning with

Temenos’ environmental and community commitments.

During the year, the initiative enabled the collection of

2,390 plastic bottles, distributed reusable cloth bags,

and engaged more than 200 community members,

contributing to measurable reductions in plastic waste in

high-density urban zones. Beyond its immediate

environmental impact, the program serves as a replicable,

high-visibility model for technology-enabled waste

management, demonstrating the value of collaboration

between local authorities, private sector innovation and

community participation.

2,390

reusable cloth bags distributed to the community

~119,500

prevented single-use plastic bags*

* Source: UNEP – assumption of 50 uses per reusable cloth bag.

Case study

Sustainability continued

Social and societal disclosures continued

Integrated Report

90 Temenos AG Annual Report and Accounts 2025

Employee volunteering

At Temenos, purpose is expressed not only through our

business performance, but through the positive role we play

inthe communities where we operate. Employee volunteering

is embedded in our culture, reflecting our commitment to

using our skills, time and expertise to create impact beyond

the workplace.

Our volunteering initiatives are aligned with the UN SDGs and are

activated throughout the year through global and local actions.

We mark key international days with celebrations and volunteering

activities across our offices worldwide, supporting causes spanning

education and youth development, environmental protection,

social inclusion and community wellbeing.

In 2025, 754 Temenosians contributed 2,722 volunteering hours

across a wide range of initiatives, delivered in collaboration

with local Partners. Through this collective action, volunteering

remains a powerful way we translate our values into action,

strengthen local communities and help build a more

sustainable and inclusive future.

Employee volunteering

by CSR strategic priority areas

Employee time

in USD *

Employee time

in hours

Environment 13,127 659

Poverty alleviation and local

economic development 42,117 1,202

Technology and innovation 15,102 631

Children 8,868 230

Emergency relief – –

Total 79,214 2,722

Employee volunteering

by region

Employee time

in USD

Employee time

in hours

Americas 5,427 99

Middle East and Africa 2,668 32

India 29,323 1,557

Europe 29,619 868

Asia Pacific 12,177 166

Total 79,214 2,722

* To calculate the cost, base salary and social charges were used for

each employee.

2,722

volunteering hours

in 2025

50+

organizations

supported in2025

40+

projects and events

in 2025

15+

countries where we supported

local communities in 2025

Integrated Report

91Temenos AG Annual Report and Accounts 2025

Community investment in USD 2022 2023 2024 2025

Monetary donations 452,543.18 697,391.61 504,996.44 1,023,865

Employee fundraising 77,325.00 52,165.60 31,565.23 9,051

Employee volunteering cost 109,918.00 136,938.00 70,216.16 79,214

In-kind donations 99,121.65 9,243.01 – –

Management overheads 78,456.00 101,705.00 101,692.00 102,822

Total 817,363.83 997,4 43.22 708,469.83 1,214,952

Corporate donations and community

investment

Temenos approaches community investment as a structured

and responsible activity, embedded within clear priorities and

governance frameworks. In line with Temenos’ Anti-Corruption

and Bribery Policy and Charitable Donations and Non-Commercial

Sponsorships Policy, the Company does not support political,

religious or legislative organizations. Requests are reviewed

through internal processes, and corporate monetary

contributions are subject to annual independent internal audits,

with oversight from the Sustainability and Audit Committees.

Our aim is to support communities in a way that is transparent,

consistent and aligned with both local needs and the Company’s

broader social and environmental commitments.

We engage through a combination of corporate monetary

contributions, matched funding linked to employee initiatives,

in-kind donations such as refurbished IT equipment, and

thecontribution of employee time, skills and expertise to

non-profit organizations and community projects. Our approach

balances longer-term programs with targeted interventions,

allowing us to respond to specific needs while maintaining

focus and continuity. Since 2017, Temenos has invested over

USD 4 million in community initiatives acrossregions. During

the reporting period, Temenos made corporate monetary

contributions to selected non-governmental organizations,

including Hand in Hand International and HURIDOCS, with

donations of USD 235,000 and USD 250,000 respectively, in line

with the Company’s community investment priorities areas and

governance framework.

Community investment activities are guided by defined focus

areas, including poverty alleviation, child welfare, youth

development, access to education and technology, environmental

sustainability and emergency relief. Where appropriate, Partner

organizations provide information on activities and outcomes,

supporting transparency and enabling Temenos to reflect

contributions accurately in reporting. Employee participation

complements this approach and, when relevant, is supported

through corporate matching, ensuring alignment with approved

priorities and controls.

Type of philanthropic activities (2025) Percentage of total costs

Charitable donations 6.5%

Community investments 93.5%

Commercial initiatives –

Total 100.0%

Enabling human rights documentation through responsible technology

In 2025, Temenos supported HURIDOCS (Human Rights

Information and Documentation Systems) with a

USD250,000 donation, reinforcing our commitment to

responsible technology, transparency and access to justice.

Temenos’ support enabled HURIDOCS to deliver pro bono

and subsidized technical assistance to 35 under-resourced

Partner organizations (out of 41 projects supported during

the period), strengthening documentation and data-

management capacity across the sector.

Since 1982, HURIDOCS has supported the global human

rights movement by developing secure, open-source

documentation tools and standards that enable

organizations to document violations, preserve collective

memory and pursue accountability. These Partners were

active across multiple regions, including the Americas, Asia

Pacific, Africa, Eastern Europe and Central Asia, the Middle

East and North Africa, as well as international initiatives.

Through this collaboration, Partner organizations used

Uwazi, HURIDOCS’ flagship open-source documentation

platform, to consolidate fragmented datasets, migrate

legacy records and apply structured documentation

methodologies. This work strengthened evidence for

advocacy and litigation, improved public access to credible

human rights information and ensured the long-term

preservation of sensitive records. The contribution also

supported the continued development of Uwazi, including

new machine-learning capabilities such as automatic text

translation in 23languages and metadata extraction,

improving efficiency, security and accessibility for users.

Asa result over 300 human rights organizations managing

more than 400 databases worldwide continue to rely on

HURIDOCS’ technology and expertise to monitor violations,

manage cases and support memorialization efforts.

Through its support, Temenos has helped strengthen the

digital infrastructure underpinning human rights documentation

globally, empowering grassroots and under-resourced

organizations to advance justice, accountability and

long-term societal impact. This initiative reflects Temenos’

commitment to responsible technology, transparency and

long-term community impact.

Case study

Sustainability continued

Social and societal disclosures continued

Integrated Report

92 Temenos AG Annual Report and Accounts 2025

Digital inclusion and innovation

Indicator 2022 2023 2024 2025

2026

target

Number of students reached/benefited through the Adopt-iT CSR India

Program since the program was launched

34,347 36,694 56,660 61,310 62,500

Volunteering and community service

Indicator 2023 2024 2025

2026

target

Percentage of volunteers

(% of the total headcount of the year) 20.7% 12.6% 14.9% >20%

1 Employees that participated in at least one volunteering activity.

Employee fundraising and corporate matching

Indicator 2022 2023 2024 2025

2026

target

Percentage of India employees’ funds raised and Company matched

–Adopt a Kid since program launch

73% 89% 100% 100% 100%

Indicates target achieved

Empowering Our Local Economies and Communities

Societal goals and targets

Integrated Report

93Temenos AG Annual Report and Accounts 2025

Ethical business

For three decades, Temenos has built its reputation on

professionalism and strong client relationships, underpinned

by a commitment to ethical business conduct and corporate

governance. Integrity, honesty and transparency are core to

ourvalues. We prioritize long-term value creation for all our

stakeholders by maintaining rigorous internal controls and

fostering a culture of accountability across all levels. As a

global leader, we adhere to the highest ethical standards,

oftenexceeding regulatory requirements. We are dedicated

tobuilding enduring, value-driven relationships with all

stakeholders.

Information security, cybersecurity, data privacy

and business continuity

Temenos is committed to safeguarding client data through

robust information security and cybersecurity practices

thatmeet global standards. We embed security and privacy

within our business model, supported by strong governance

frameworks, skilled teams and comprehensive processes to

ensure the secure delivery of our solutions. In addition, we

maintain business continuity measures to enhance resilience

and protect stakeholder trust.

Responsible procurement

At Temenos, responsible procurement is a key lever for

managing sustainability risks and creating positive impact

acrossour value chain. We work closely with our suppliers to

promote high standards of environmental, social and ethical

performance, integrating sustainability considerations into

procurement processes and decision making. In 2025, Temenos

strengthened its approach by implementing a new supplier

sustainability assessment platform, enabling a more structured,

consistent and scalable evaluation of supplier ESG performance.

The platform supports enhanced transparency, supplier

engagement and data quality, and strengthens our ability to

identify risks, drive improvement and align our supply chain

withour climate, human rights and governance expectations.

This approach supports regulatory readiness, and reinforces

ourcommitment to responsible business practices across our

upstream value chain.

Promoting accountability at all

levels of our organization and

fostering responsible decision

making.

2025 key highlights

99%

of employees completed Business Code of Conduct training

100%

sustainability assessment for all tier 1 suppliers

Governance

disclosures

Contributing to

the UN SDGs

Sustainability continued

ESRS G1 Protection of Whistleblowers

ESRS G1 Corruption and Bribery

ESRS G1 Management of Relationships with Suppliers

Company specific: Responsible and Ethical AI Use

Company specific: Cybersecurity

Preparation for CSRD alignment in FY-26

Integrated Report

94 Temenos AG Annual Report and Accounts 2025

Ethical business

Business Code of Conduct

The Temenos Business Code of Conduct with the linked

corporate policies is the foundation of our commitment to

ethical business practices and legal compliance. The Code

defines the standards for business conduct everywhere we

operate and provides guidance in addressing the business,

legal and ethical issues encountered while performing

dailywork or making decisions on behalf of Temenos.

Weoperate inaccordance with our Code, including where

locallegislation is less strict, or there is an absence of

legaland/or regulatory frameworks.

Our Code and policies are aligned with the ten principles of

theUN Global Compact on the four issue areas of human

rights, labor, environment and anti-corruption and the OECD

guidelines for multinational enterprises. The members of

theBoard of Directors and the Executive Committee have

endorsed the Code. Our Code is available in English and French

on our intranet and our corporate website. It applies equally to

full-time, part-time and temporary employees and contractors

globally. It is a key part of the employment contract and

contractor agreement. All employees are required to read

andacknowledge the Code and linked policies within the first

three months of their employment. They are also required to

complete the mandatory trainings upon joining and to repeat

every 12 months.

The compliance requirements of the Code are also part of

ourPartners and Suppliers Program. Specific compliance

provisions are included in the Services Partner Agreement

andall new suppliers are required to comply with the Code

aswell as the Temenos Supplier Code of Conduct. In addition,

the rollout of the Suppliers Program includes existing suppliers,

asthey incrementally need to comply with the Code and

related policies and to verify compliance by providing

respective information when requested.

The backbone of our Code is made up of the corporate policies

linked to it that provide detailed guidance on how to exercise

good judgment when working and making decisions for

Temenos. The policies are reviewed annually and reflect our

continued commitment to ethical business practices and

legalcompliance.

Human rights

As defined in the UN Guiding Principles on Business and

Human Rights (UNGP), we are committed to respecting as well

as promoting and advancing human rights, as recognized in

international human rights standards, within our organization

and our supply chain. We are committed to preventing and

mitigating any adverse human rights impacts resulting from

our own actions. This commitment extends not only to our

direct activities but also to any adverse impacts linked to our

operations, products or services through our business relationships

even if we have not directly caused or contributed to those

impacts. Our human rights commitment is an integral part of

our Business Code of Conduct, mandatory related training and

Ethical Business Conduct Program, as well as the Supplier

Code of Conduct and supplier performance and risk

assessment processes of our Global Procurement Policy and

procedure. It clearly outlines the requirements for our own

operations (employees, direct activities, products or services)

and for our suppliers and Partners, as well as the actions and

procedures we undertake to meet our commitment. We expect

our employees, Partners, suppliers and clients to share this

commitment to ensure that the IT sector and our business

respect and promote human rights.

Temenos has developed a due diligence process to proactively

and systematically identify and manage potential human rights

risks across its own operations, value chain and business-

related activities. Our cross-functional Human Rights Working

Group oversees our human rights strategy, helping to coordinate

our efforts to identify and mitigate human rights risks in our

own operations and our value chain. The results of these

efforts are shared with the Executive Committee and the

Board of Directors.

Our human rights due diligence process covers various issues

such as child and forced labor, discrimination, harassment,

collective bargaining and health and safety. We perform

internal audits on a regular basis at a global level to identify

potential human rights risks, while taking mitigation and

remediation actions as required.

In 2025, we renewed our compliance with the UK Modern

Slavery Act by issuing a Slavery and Human Trafficking

Statement where we outlined Temenos’ policies and procedures

related to fair labor standards and respect for human rights

throughout our operations and supply chain, while describing

our efforts to address modern slavery. As a UN Global

Compact participant, we respect and support the values of the

Universal Declaration of Human Rights, the OECD Guidelines

for Multinational Enterprises and the International Labour

Organization’s (ILO) Declaration on Fundamental Principles and

Rights at Work by integrating human rights considerations into

our business operations. We respect government policies in the

countries where we operate, while seeking ways to honor these

global principles. We conduct regular audits to check internal

compliance with these standards.

We have established a process to assess on a regular basis

ourobligations under the Swiss Conflict Minerals and Child

Labor Due Diligence Obligations. According to the assessment

conducted in 2023 and considering our activities, business

model and supply chain needs remain unchanged. Temenos is

exempt from the Swiss due diligence and reporting obligations,

as we do not import minerals and metals and have not

identified reasonable grounds to suspect child labor in our

supply chain.

Integrated Report

95Temenos AG Annual Report and Accounts 2025

Ethical business continued

Compliance Program

In 2025, the Temenos Compliance Framework continues to be

based on the principles of assessment, prevention, detection

and correction, ensuring that Temenos continues to:

⚫

operate responsibly in accordance with applicable laws

andregulations;

⚫

maintain a culture of honesty, integrity, responsibility

andcompliance;

⚫

meet high ethical and professional standards;

⚫

prevent fraud and abuse and other compliance issues;

⚫

detect compliance issues at earlier stages and prompt

corrective actions; and

⚫

build employee trust and confidence.

The Temenos Compliance Framework has been designed to

operate in the form of a “Compliance Ecosystem” and includes:

1. anti-trust and anti-competitive practices;

2. anti-corruption and bribery;

3. due diligence and onboarding;

4. export controls and sanctions;

5. anti-money laundering; and

6. conflict of interest and related party transactions.

Anti-trust and anti-competitive practices

Temenos values customer and market trust and strongly

believes that it is fundamental to ensure Temenos safeguards

its reputation. Complying with anti-trust laws throughout the

world is part of our commitment to operating in an effective,

fair and free market economy. This commitment includes

contracts with clients and any third party, ensuring Temenos

competes independently from other market players and does

not seek to control the commercial policy and practices of its

resellers or distributors in any illegal or inappropriate manner.

The most significant amount of our revenues derives from

direct dealings with our clients ensuring Temenos is in a strong

position for enforcing its sales and contracting processes.

Specific provisions of the Temenos Anti-Trust Policy are

included in the Business Code of Conduct.

Anti-corruption and bribery

For Temenos, anti-corruption is not only a legal obligation

butalso a matter of ethical business standards. We take a

zero-tolerance approach to bribery and corruption and are

committed to acting professionally, fairly and with integrity

inall our business dealings and relationships – wherever we

operate – and to implementing and enforcing effective

systems to counter bribery. Our ethical standards and zero

tolerance of corruption are set out in our Business Code of

Conduct and our Anti-Corruption and Bribery Policy, which

apply to all Temenos employees and Group entities.

Anti-Corruption and Bribery training is part of the annual

mandatory training that all employees take when joining

Temenos and is repeated annually during their employment

with Temenos.

As a testament to our commitment to ethical business

practices, in 2025, Temenos has not incurred any fines or

settlements, nor was it involved in any investigations related

toanti-competitive business practices, bribery or corruption.

As part of our ongoing commitment to anti-corruption, we

have expanded our commitments in this area beyond Temenos,

to include our suppliers, Partners and other third parties that

have a direct contractual relationship with Temenos. Integrity

is a vital part of our business. We also have anti-corruption and

bribery provisions in our Partner and contractor agreements as

well as in our procurement process with suppliers.

Temenos does not make any contributions to political parties

nor does it engage in any lobbying activities.

We monitor compliance with the Anti-Corruption and Bribery

Policy regularly through routine and ad hoc checks and audits

across the organization. The Anti-Corruption and Bribery Policy

and the effectiveness of the Anti-Corruption Program are

assessed and revised on a regular basis.

Due diligence and onboarding

The Temenos Due Diligence Framework is currently

implemented on sub-licensing and Partner deals, following

arisk-based approach. As part of our commitment to

continuously enhance our Compliance Framework, all the

assessments carried out in the previous year as part of the

due diligence process are examined and – based on the

analysis and results – the model’s assessment and key risk

factors are fine tuned in order to further strengthen its

predictability and risk assessment evaluation methodology.

Export controls and sanctions

Temenos complies with all applicable export control laws and

sanctions worldwide and meets obligations under sanctions

regimes of the jurisdictions in which it does business. To

support the Compliance Program, and in order to meet the

challenges and complexities of the regulatory requirements

when operating at a global scale, Temenos will seek, when

required, the advice of external legal counsel with expertise in

the relevant fields. Temenos will forgo business which would

breach sanctions regimes directly applicable to it.

All Temenos employees, contractors, distributors and Partners

are expected and required to comply with the Export Controls

and Sanctions Policy, which is also part of the Business Code

of Conduct. Failure to observe sanctions and export controls

may cause operational delays, expose the Company to

regulatory investigations, severely damage our reputation

andcreate substantial legal exposure for Temenos companies,

including criminal and civil fines, and fines and imprisonment

for individuals.

The Temenos Financial Crime Mitigation (FCM) solution is

anintegrated part of the Export Controls and Sanctions

Compliance Program and covers all the relevant business

needs and compliance requirements. The respective

implementation enables us to examine the country where

thesoftware will be exported as well as the underlying entity.

Anti-money laundering

At the present time, due to the nature of our business activities

which are business-to-business dealings with regulated

entities (primarily banking and financial services institutions),

Temenos assesses it has limited exposure to money laundering

risk. To this end, Temenos is following a risk-based counterparty

due diligence approach, in terms of assessments and controls

in order to mitigate any money laundering risk. It is based on

the “Know Your Customer” approach and it is formalized into

two distinct phases: a) pre-onboarding assessment; and b)

ongoing and systematic monitoring of high-risk counterparties.

Sustainability continued

Governance disclosures continued

Integrated Report

96 Temenos AG Annual Report and Accounts 2025

Conflict of interest and related party transactions

Conflicts of interest in both the public and private sector have

become a major matter of public concern worldwide. As a

global market-leading software provider, Temenos might be

faced with actual, potential or perceived conflicts of interest.

Temenos is sensitive to the ways in which an employee’s

private financial affairs could create potential conflicts of

interest. Also, transactions executed by related parties

(legalentities and natural persons) must be reported if such

transactions are carried out under the significant influence of

aTemenos senior manager. Ensuring that the integrity of the

Company’s decision making is not compromised by employees’

private interests, Temenos has in place business-specific

policies and procedures that address the identification and

management of actual, potential or perceived conflicts of

interest that may arise in the course of business as well as

thereporting of any related party transactions.

The Conflict of Interest Policy is linked to the Business Code of

Conduct and describes in detail the disclosure mechanism for

all Temenos employees, members of senior management and

the Board of Directors as well as the appeal process to the

Ethics and Compliance Committee.

We operate a global internal system that centralizes the

declaration of conflicts of interest and related party transactions.

The system also manages approvals for outside directorship

requests by Temenos employees and Board members, where

such roles could give rise to potential conflicts of interest. The

Chief Compliance Officer prepares and submits on an annual

basis a consolidated conflict of interest incidents report to

theAudit Committee.

ONE Compliance

The ONE Compliance initiative provides an umbrella over our

compliance activities within our Compliance, HR, Finance,

Sales Operations and Partner Management functions. Key

benefits of the ONE Compliance initiative include:

⚫

breaking down silos to collaborate and ensuring a

360-degree view of compliance throughout Temenos;

⚫

improved compliance reporting; and

⚫

clear demonstration of management commitment to

compliance.

Ethical business conduct monitoring and reporting

It is our responsibility to train our employees on ethical business

conduct, provide them with communication channels, build

controls to prevent and detect unethical and non-compliant

conduct and perform regular internal audits. When we identify

or learn of concerns or improper conduct, we investigate them

fully and take appropriate action to remediate any

issuesidentified.

Temenos offers employees, Partners and suppliers ways

toreport compliance concerns. If instances of possible

non-compliance with the Business Code of Conduct are

detected, an internal grievance mechanism is in place to

record verbally, in print or electronically any related concerns

through the line manager, Group People department, Group

Legal department and Group Internal Audit.

In addition, there is an independent anonymous reporting

mechanism in place, the details of which are set out in the

Anonymous Reporting Policy and guidelines, which is linked to

the Temenos Business Code of Conduct as well as the

Temenos Supplier Code of Conduct. It is available on our

intranet and our corporate website. Anonymous reporting

means raising a concern about suspected wrongdoing involving

the Temenos brand, people, contractors, Partners and

suppliers. Temenos is committed to promoting and maintaining

the highest ethical standards in all our work, and ensuring that

where concerns are raised, they are investigated and resolved,

preserving the anonymity and confidentiality of anyone raising

a concern. In addition, an appeal process to the Ethics and

Compliance Committee is in place, whose decision is final and

binding. All disclosures are reported to the Audit Committee.

All filed cases have been successfully resolved. The below

table includes concerns raised from Temenos employees

(twocases) as well as externals/anonymous (six cases):

Employee concerns 2025 (including externals) Source Raised Upheld Not upheld Action taken

Workplace discrimination concerns (perceived feeling of discrimination) – – – n/a

Workplace concerns of harassment, bullying or unfair treatment

HR grievance

mechanism 7 3 4 Yes

Other workplace concerns (failure to comply with legal obligations, suchas

breach of employment law or human rights obligations) – – – n/a

Fraud, theft, bribery or other ethical misconduct

Anonymous reporting

mechanism 3 – 3 n/a

Health and safety or perceived damage to the environment

Anonymous reporting

mechanism 1 – 1 n/a

Violation of the Temenos Business Code of Conduct

Anonymous reporting

mechanism 3 3 – Yes

Actual, potential or perceived conflict of interest

Anonymous reporting

mechanism 1 1 – Yes

Total 15 7 8

Integrated Report

97Temenos AG Annual Report and Accounts 2025

Ethical business continued

Shaping up the future – Temenos Integrity Framework

The Temenos Integrity Framework is based on the below four pillars (as set by the World Economic Forum):

Risk management and internal control

Risk management and internal controls provide independent

oversight over the portfolio of key risks impacting Temenos

and manage emerging risks with a potential business impact.

Temenos has an established Enterprise Risk Management

function overseen and managed by the Risk Director (who

reports to the Chief Security and Risk Officer) to monitor and

manage enterprise risks including the establishment of a

Group-level Enterprise Risk Management Framework which is

aligned with ISO 31000: Risk Management. In addition to the

Group’s Enterprise Risk Management Framework, there is also

a robust internal control system in place for financial reporting

and key operational and fraud risks that goes beyond statutory

requirements. All relevant risks are identified, formally assessed

and documented. For each risk we have implemented specific

controls and mitigation plans and these are documented in

formal risk and control matrices, which are subjected to

annual reviews and updates. The effectiveness of the controls

is subject to independent review and testing by both internal

and external audit.

To read more on our Group’s Enterprise Risk Management

Framework and internal controls, please refer to the

Maintaining Robust Risk Management – Principal Risks

andUncertainties section of this report.

Compliance training

Trust is earned. Compliance protects it.

This principle guided our global compliance campaign,

reinforcing Temenos’ commitment to integrity, accountability

and responsible business practices.

During the year, we introduced new mandatory trainings, including

Anti-Harassment and Anti-Discrimination, Health and Safety

(where legally required), and an Artificial Intelligence (AI)

awareness course to promote responsible use of emerging

technologies.

All employees acknowledge the Business Code of Conduct

upon joining and annually thereafter, and complete mandatory

training covering Anti-Corruption and Bribery, Data Protection

and Privacy, Information Systems Security, Business Continuity

and Environmental Awareness.

Compliance leadership is demonstrated at the highest level,

with all Executive Committee members completing the full

suite of mandatory trainings. The completion rates below

reflect participation across the entire Temenos workforce.

Global Temenos 2025 training completion percentage %

Anti-Corruption and Bribery 99.7%

Anti-Harassment and Discrimination 99.5%

Artificial Intelligence (AI) 99.4%

Business Continuity Management 99.4%

Code of Conduct 99.5%

Data Protection and Privacy 99.4%

Environmental Sustainability 99.4%

Information Security 99.6%

The Anti-Corruption and Bribery Policy and the Anti-Corruption

Program include several elements such as proportionate

procedures, top-level commitment, risk assessment, integrity,

due diligence, communication, training, monitoring, review,

enforcement and sanctions, with the aim of continuous

improvement and alignment with prevailing international

standards. The Board of Directors has the highest level of

executive oversight for the Company’s Anti-Corruption Program.

As part of our ongoing commitment to anti-corruption, we have

expanded our commitments in this area beyond Temenos, to

include our suppliers, Partners and other third parties that

have a direct contractual relationship with Temenos. Integrity

is a vital part of our business. We also have anti-corruption and

bribery provisions in our Partner and contractor agreements as

well as in our procurement process with suppliers.

Anti-Corruption and Bribery training dashboard

		Employees
By function*	No.	trained
G&A	636	100%
R&D	1,564	99. 3%
Sales and Marketing	583	99. 8%
Services	1 ,7 0 1	99.8%
Cloud	47 7	99.8%
		Employees
By region*	No.	trained
APA	294	9 9 .7%
EUR	926	9 9.6%
IND	2 , 8 74	99.6%
MEA	229	100%
NSA	638	9 9.8%

* The tables above cover the active employees as of 31 December 2025.

77 employees were exempt from mandatory compliance trainings due

to long-term leave reasons (sickness, maternity, etc.).

Commitment

toethics and

integrity beyond

compliance

Build, maintain

and enhance

the culture

of integrity

Leverage

technology

Effectively

implement

collective

action initiatives

Sustainability continued

Governance disclosures continued

Integrated Report

98 Temenos AG Annual Report and Accounts 2025

Information security, cybersecurity, data privacy

and business continuity

Governance

Temenos maintains rigorous governance and oversight across

its Information Security and Risk Management programs.

Theseprograms fall under the direct authority of the Board of

Directors, which is responsible for guiding and approving Group

IT, Security and Risk strategies. With deep expertise in strategy,

finance, and technology, the Board plays a critical role in

shaping and steering these domains.

To operationalize the Board’s direction, we employ a robust

“three lines of defense” model. This approach supports

business strategy and key initiatives by ensuring effective

management of risks, security and compliance:

⚫

first line: Information Technology and Temenos

CloudOperations;

⚫

second line: Information Security and Risk Management; and

⚫

third line: Internal Audit.

The Audit Committee, which convenes at least four times

annually, provides comprehensive oversight of both the Security

and Risk functions, including their strategic orientation. These

functions report regularly to the Committee, offering updates

on strategy implementation, key performance indicators, risk

indicators, audit results and significant incidents or findings.

The Executive Committee, responsible for defining and

monitoring the Group’s strategic plans, includes information

security and risk management as a core strategic element,

represented at the leadership level by the Chief Security and

Risk Officer.

Temenos also maintains a Security and Privacy Committee,

which oversees global Information Security and Privacy

Program implementation in alignment with business strategy.

Chaired by the Chief Information Security Officer, this

Committee meets at least quarterly and includes representatives

from Information Security, Privacy, Temenos Cloud, IT, Legal,

HR, Finance, ESG, Marketing and Internal Audit. It ensures that

appropriate security and privacy policies, guidelines and

operational procedures are established, advises the business

of obligations and requirements, reviews significant security

incidents and confirms that Security and Privacy functions are

adequately resourced.

Chief Information Security Officer

The Chief Information Security Officer (CISO) is accountable

forTemenos’ information security and cybersecurity strategy,

ensuring an organizational structure that provides continuous

support from specialist security functions. Under the CISO’s

mandate, we have established a comprehensive Security

Program covering:

⚫

Information security governance

⚫

Security incident response

⚫

Cloud security

⚫

Security operations

⚫

Security architecture and engineering

⚫

Security assurance

This multi-layered program addresses the protection needs of

Temenos systems and services, including corporate systems

and networks, physical infrastructure and facilities, and the

Temenos Cloud and its associated services. This structure

enables full alignment with Temenos’ overarching security

objectives and ensures strong, proactive protection across

alloperational areas.

Information security

The Information Security Governance team is responsible for

developing and maintaining the Temenos Security Framework,

which includes all policies, standards, guidelines, procedures

and controls.

The framework is based on the Information Security Forum’s

Standard of Good Practice and incorporates controls from

globally recognized sources, including CIS, CSA, ISO 27001/2,

NIST and other internationally accepted security frameworks.

As part of its mission, the team drives proactive information

security risk assessment, including third party risk management,

to identify, evaluate and mitigate risks across Temenos’

information assets and systems. This includes embedding

security within internal projects and throughout the supply

chainto ensure a consistent, enterprise-wide security posture.

The governance team collaborates across the business to

oversee implementation of security controls, ensuring risks

aresystematically managed and addressed in line with

organizational security objectives.

For more information please refer to the Maintaining Robust

RiskManagement section of the report.

Cloud security

The Cloud Security team, embedded within the Temenos SaaS

organization, plays a pivotal role in ensuring the Temenos Cloud

meets the stringent security expectations and contractual

obligations of clients. The team is responsible for implementing

and sustaining the controls defined in the Temenos Cloud

Security Uniform Terms, focusing on preserving the confidentiality,

integrity and availability of client applications and data.

We demonstrate deep commitment to security across the

organization by maintaining a wide range of protective

technologies and processes, including:

⚫

Privileged identity and access management

⚫

Data loss prevention

⚫

Advanced email and web security

⚫

Endpoint detection and response

⚫

Anti-malware protection

⚫

Application whitelisting

⚫

File integrity monitoring

⚫

Network intrusion prevention

⚫

Web application firewalls

⚫

Mobile device management

⚫

Denial-of-service protection

⚫

Multi-factor authentication

⚫

Robust vulnerability management

These components together form an integrated defense

strategy that protects systems, safeguards data and reinforces

client trust.

Integrated Report

99Temenos AG Annual Report and Accounts 2025

Information security, cybersecurity, data privacy

and business continuity continued

Security incident response

Temenos recognizes incident response as a fundamental

capability in today’s technology environment. Accordingly, it has

established a comprehensive and integrated security incident

management function, aligned with the NIST Computer Incident

Handling Guide.

The Security Operations Center (SOC) provides continuous

global monitoring across Temenos systems and digital services

using advanced detection technologies.

Upon detection of a potential or actual incident, the SOC follows

established procedures to analyze, contain, eradicate and

support recovery efforts.

For significant events, incidents are escalated to the Critical

Incident Response team (CIRT), composed of senior leaders

from Information Security, IT, Legal, Risk Management, HR,

Finance and Internal Audit. CIRT oversees management of

critical incidents, including notifications to relevant parties such

as clients, regulators, and investors.

Following an incident, CIRT conducts reviews to identify

preventive measures and assigns ownership to ensure timely

execution. This allows Temenos to continually strengthen its

security posture while maintaining effective and transparent

response processes.

Assurance

Temenos maintains a rigorous Vulnerability and Threat

Management Program, continuously assessing potential

weaknesses across its environment. This program includes

vulnerability scanning, penetration testing and advanced

threat-intelligence analysis.

Assessments are performed by an experienced internal security

team working closely with system owners and stakeholders. Its

mandate is to identify vulnerabilities, provide remediation

guidance and ensure all actions align with Temenos’ Security

Policy and standards.

This proactive, comprehensive approach demonstrates our

commitment to maintaining strong defenses, protecting client

data and reinforcing resilience against evolving threats.

Security training and awareness

At Temenos, we recognize the vital role that comprehensive

security awareness plays in maintaining the integrity and safety

of our operations. To this end, all Temenos employees,

contractors and Partners are mandated to complete thorough

Security Awareness training. This training covers topics including

phishing, data security, privacy, physical security and business

continuity. It is a requirement for all new joiners to Temenos

andmust be completed annually thereafter.

In addition to our employees, all Partners engaged under the

Services Partner Agreement are contractually obligated to

provide their employees, especially those involved in Temenos

projects, with Security Awareness and Data Protection training.

We also provide specialized training for employees or contractors

engaged in sensitive activities, such as SaaS operations,

product development and our internal security teams. Our

security awareness initiatives are further bolstered by regular

activities, including phishing simulation exercises, informative

email communications and intranet posts that highlight recent

security developments both within and outside of Temenos.

Moreover, Temenos is an active participant in industry-specific

organizations, such as the Information Security Forum (ISF),

Center for Information Security (CIS) and Cloud Security Alliance

(CSA). Our involvement in these organizations allows our Security

function to leverage industry best practices, stay updated on

evolving threats and continuously enhance the knowledge and

preparedness of our security staff. This proactive engagement

inthe wider security community is a key component of our

commitment to upholding the highest standards of security

andprotecting our systems, data and client interests.

Product security

Temenos is steadfast in its commitment to continuous security

assessment and improvement within its software products,

constantly researching the latest vulnerabilities and attack

trends. This vigilance is a key component of our secure

development lifecycle. Identifying vulnerabilities involves

comprehensive testing of target applications using a diverse

array of methods and tools. Our dedication to product security

is so deeply ingrained in our product development methodology

that we confidently assure a significant reduction in the risk of

security issues within our product suite.

Any architectural changes or new products undergo a

meticulous review process. These are presented to the Security

Design Authority for a global assessment and approval. Our

secure design, development and review process is meticulously

crafted to ensure the implementation of fundamental security

principles, such as:

⚫

identifying potential flaws or vulnerabilities in the initial

phase of design and development, prior to the coding process;

⚫

developing code securely and ensuring the implementation

of security controls identified during the design phase;

⚫

adhering to secure coding practices;

⚫

conducting unit testing of the security features of the

application, performing security audits and code reviews

andutilizing automated code review tools; and

⚫

ensuring that security recommendations are implemented

and approved.

For enhancements to information systems or new product

requests, the product development team collaborates with

theproduct security assurance (PSA) team. These requests

aremeticulously reviewed for security design and tested using

acombination of OWASP ASVS and Top10, SANS and specific

test scenarios crafted by Temenos. The testing results are

thenreviewed and approved by the PSA team.

The security testing of our products, an integral part of the

release process, is conducted by the PSA team. This testing

includes:

⚫

Secure code review

⚫

Static code analysis (SAST)

⚫

Open-source library analysis (OSL)

⚫

Malicious code detection (MCD)

⚫

Dynamic application security testing (DAST)

⚫

Internal and external penetration testing

Vulnerability findings, complete with recommendations, are

shared with development teams for remediation. All identified

issues are meticulously recorded in our Incident Management

tool. Additionally, critical applications undergo a malicious code

review conducted by the PSA team, which includes examinations

for application backdoors and potential for security control

bypass. This comprehensive approach ensures the utmost

security and integrity of our products, reinforcing our unwavering

commitment to safeguarding our clients’ interests.

Sustainability continued

Governance disclosures continued

Integrated Report

100 Temenos AG Annual Report and Accounts 2025

Data privacy

Privacy organization

The Chief Compliance Officer (CCO) leads our global privacy

function and has global responsibility for privacy throughout the

Company, including our cloud, product and corporate business

units. Temenos operates an enterprise-wide privacy framework

to drive and monitor privacy compliance. Important components

of this framework include:

Business

area Key privacy activities and controls

Product Our privacy team is embedded within our product

development teams to ensure that we deliver

products that honor Privacy by Default obligations.

Key controls include:

⚫

an automated system to enforce and manage

Privacy Impact Assessments at key stages in the

Software Development Lifecycle (SDLC); and

⚫

delivering bespoke privacy training to technical

product teams to ensure that privacy concepts

are well understood and practically applied.

Cloud Our privacy team supports our cloud business on

adaily basis. Key controls include:

⚫

undertaking Privacy Impact Assessments when

weonboard cloud clients. These assessments are

used to identify/honor applicable data privacy

regulations and to create records of processing

within our enterprise privacy management system;

⚫

delivering bespoke privacy training to our global

cloud implementation and operation teams; and

⚫

supporting security incident investigations.

Corporate Our privacy team supports our corporate functions

such as Sales, Marketing, Procurement, HR and

Finance by:

⚫

maintaining our records of processing;

⚫

completing Privacy Impact Assessment for the

introduction of new systems and processes; and

⚫

delivering bespoke training to high-risk functions

such as Marketing and HR.

How Temenos uses data

Temenos processes personal data only for the purpose it

wasoriginally collected as per the applicable legal basis

ofprocessing. Personal data is not processed for any other

secondary purpose. Access to that data is restricted to the

people responsible for the specific processing activities.

Temenos has never received any requests for customer

information from government or law enforcement agencies

and we comply with all reporting requirements in this

regard.In addition, the Company has neither received any

substantiated complaint concerning breaches of customer

privacy and losses of customer data in 2025, nor have there

been any monetary losses as a result of legal proceedings

associated with user privacy.

Data request management

We take our role as a data controller seriously and respect all

rights of our data subjects including their privacy and broader

human rights; for example, we notify our employees of any

data that we are required to legally share with government or

law enforcement agencies. Additionally, any government data

requests are overseen by our Chief Compliance Officer, who is

responsible for evaluating and responding to law enforcement

or government data requests. Any evaluation takes into

account the privacy and human rights of our data subjects

bydoing a risk assessment. In the event that an investigation

results from a government data request, our Chief Compliance

Officer is also responsible for leading the investigation and

implementing any corrective actions.

E-privacy

The Temenos Privacy Policy is available on our website. We

also maintain an Employee Privacy Notice. The users that opt

in to our targeting/advertising cookies on temenos.com may

see our display advertising banners; additionally, users that

search on Google for terms relevant to our business may see

our ads. Personal data is not used in either case. The nature

ofour products and services means that they are not subject

to government-required monitoring, blocking, content filtering

or censoring.

Artificial Intelligence governance

Temenos has an AI governance structure composed of an

AICommittee and the AI & Data Design Authority to ensure

responsible, compliant and strategic use of AI across

itsorganization.

AI & Data Design Authority

This team of experts advises on, reviews, monitors and

supports internal AI & data-related process models and

strategies. The authority emphasizes the importance of

fostering a culture of innovation while ensuring responsible

AIusage. The AI & Data Design Authority also serves as an

approval gateway early in the design process, providing

oversight, guidance, and expertise to maintain a unified

designvision on AI and data.

The AI & Data Design Authority is composed of subject matter

expertise in various areas from technical, legal, compliance,

security and risk.

AI Committee

Provides strategic oversight and makes policy-level decisions

related to the development, deployment and use of AI

technologies across Temenos. The Committee is composed

ofsenior leadership representing all areas of the business.

This governance structure supports:

Ensuring responsible use of AI

⚫

Provides guidelines for the ethical and responsible

deployment of AI.

⚫

Promotes transparency, accountability and the long-term

sustainability of AI advancements.

Enabling value-driven decision making

⚫

Ensures that AI aligns with the principles, goals and

objectives of the business, promoting transparency, equity

and sustainability.

Strategic alignment

⚫

Ensures that AI initiatives align with an enterprise’s broader

business objectives and corporate values.

⚫

Ensures that AI investments are not only innovative but also

support the Company’s long-term goals and mission.

Integrated Report

101Temenos AG Annual Report and Accounts 2025

Information security, cybersecurity, data privacy

and business continuity continued

Artificial Intelligence governance continued

AI Committee continued

Risk management

⚫

Incorporates risk considerations early in the assessment

ofAI use cases.

⚫

Integrates risk assessment into development and

deployment of AI products to identify and manage risks.

During 2025, Temenos approved an AI Policy and developed

anAI Governance Requirements Framework that adopts a

risk-based approach aligned with applicable and emerging

regulatory requirements. The framework establishes

proportionate governance expectations based on the level

ofrisk associated with AI use cases. Full operationalization

ofthe framework is planned for 2026. In parallel, Temenos

willcontinue to review and evolve its AI governance

arrangements to reflect regulatory developments and

emerging best practices.

Business continuity

Temenos has an ethical and social responsibility to protect

itspeople, assets, clients and stakeholders from the potential

impacts of business disruption. This understanding is at the

core of our business continuity activities.

Temenos has established a Business Continuity Management

(BCM) Program as an integral part of the Company’s normal

business operations and is committed to ensure the continuity

of its operations in the event of an incident that causes major

disruption. In addition, Temenos is committed to satisfy

applicable requirements and for the continual improvement

ofthe BCM Program.

The purpose of BCM is to establish and maintain a framework

of procedures and plans, which, in the event of a disruption,

enable the efficient and cost-effective resumption of business.

The aim of BCM is to:

⚫

protect the organization and its business, including

employees, assets (information and physical assets),

customers and shareholders, by minimizing the impact

ofmajor disruptions;

⚫

understand and communicate the recovery needs of the

business and ensure appropriate recovery capability is

provided to meet those needs;

⚫

recover the business in a planned and controlled manner

tomeet the requirements of the business and comply with

applicable laws, contracts, regulations or other factors in

allregions;

⚫

ensure that BCM is an essential part of business planning

and development; and

⚫

maintain a robust Business Continuity Management System

(BCMS).

Temenos’ BCMS is ISO 22301:2019 certified and associated

withthe operation and support of the Temenos products

andservices. It covers both on-premise and cloud services

tocustomers.

Responsible procurement

Beyond our operations, our commitment to operate

responsibly and sustainably extends to our suppliers and

Partners. Temenos integrates sustainability considerations in

its Procurement Policy and practices and applies a strategic

procurement operating model that proactively engages the

business and suppliers for sustained cost efficiency, enabled

innovation and operational risk mitigation in the supply chain.

We employ a responsible strategic sourcing process for

categories of suppliers considered critical for our business.

Wecategorize our suppliers into four tiers as below:

Tier Description

Tier 1 – client-

criticalsuppliers

Suppliers that provide critical

products/services which underpin the

running of the software or services

provided to our clients

Tier 2 – high-risk

operational suppliers

Suppliers that provide operational

dependent products and/or services

to the organization and/or our clients

Tier 3 – functional suppliers Important suppliers to the general

functioning of Temenos

Tier 4 – commodity

suppliers

Suppliers that provide general

services

Sustainability and operational risk assessments are part of the

supplier selection process. For the risk assessments, we use a

General Questionnaire that covers areas such as business and

ethical conduct, environment, human and labor rights, impact

on society, client privacy and information security, Artificial

Intelligence, and financial and legal compliance requirements.

Our General Questionnaire is aligned with the ten principles of

the UN Global Compact and the EU General Data Protection

Regulation 2016/679. The tiering determines the topics covered

in the Supplier Questionnaire and the frequency of due

diligence updates. Our focus is on tier 1 and tier 2.

Since 2021, we use a third party supplier risk management

software to enable predictive risk management and planning.

We influence suppliers by implementing a Compliance

Framework to plan, execute, monitor and assess shared

strategic sustainability goals.

Our Supplier Code of Conduct lists our commitments and

expectations for our suppliers in adhering to our responsible

ways of operating and is integrated into contracts and

purchase order terms and conditions. We expect our suppliers

to champion these values in their own supply chains, while

encouraging them to develop responsible practices of their

own and communicate any concerns they might have related

to apossible breach of our Code through the anonymous

reporting mechanism. The Supplier Code of Conduct and

allrelevant information related to our Purchase Order Terms

and Conditions and invoice guidelines are publicly disclosed

onour corporate website in a dedicated supplier section.

Sustainability continued

Governance disclosures continued

Integrated Report

102 Temenos AG Annual Report and Accounts 2025

Spending on local suppliers

We recognize that a supply chain composed of diverse

suppliers promotes competition and quality from our vendors,

drives innovation, empowers local economies and helps us

better reflect the diversity of our clients. We are proud to work

with a range of diverse and dynamic suppliers that can meet

the specific needs of each business line. We build and maintain

relationships with both small local suppliers and large

international suppliers.

The reported local spending contains all purchases performed

by the Temenos local entity from local suppliers, i.e. suppliers

that are registered in the same country as the Temenos entity

that pays them.

Top 15 countries based on headcount

% purchases

from local

suppliers

2024

% purchases

from local

suppliers

2025

India 98% 97%

United States 88% 98%

United Kingdom 95% 92%

United Arab Emirates 60% 72%

Romania 99% 99%

Singapore 85% 88%

Switzerland

47% 32%

Greece 25% 63%

Canada 68% 86%

Australia 97% 96%

Luxembourg 52% 79%

Ecuador 99% 99%

Mexico 46% 57%

France 56% 83%

Germany 94% 94%

1 Top 15 countries covering 92% of total headcount. Highest: 2,925;

lowest: 44.

2 The number is low as the majority of global software and events

activities are signed under the head office entity inSwitzerland.

Responsible Procurement Framework

We have established a Responsible Procurement Framework

totrack our current achievements and long-term goals in

delivering sustainable outcomes. A detailed view of our goals

isprovided in the Goals and Targets section.

Supplier Diversity Framework

As part of our ongoing plan to integrate sustainability into our

value chain, we have established a comprehensive framework

to ensure that we are not only providing opportunities for

diverse businesses, but also incorporating supplier diversity

asa weighted criterion in the supplier selection and renewal

processes. We have developed a section dedicated to supplier

diversity and incorporated it into the Supplier Questionnaire

that our suppliers need to complete during the onboarding

process.

We consider as a diverse supplier any business that is at least

51% owned, controlled or actively managed by any of, but not

limited to, the following categories: woman/women; LGBTQIA+;

disabled person(s); veteran(s); and Asian/Black or African

American/Hispanic or Latino/Native American (US only).

We have invested in a supplier diversity platform powered by

Supplier.io, which provides us with a database including more

than 2 million suppliers. The platform enables us to better

track our diverse suppliers in the US and globally. In addition,

we monitor our new diverse suppliers on a regular basis,

through our global vendor management system.

Since 2023, we have been collaborating with one of our clients,

a top US-based bank, to report our diverse suppliers’ spend

quarterly. By doing this, we contribute to the bank’s tier 2

Supplier Diversity Program.

Supplier Engagement Program

Our Supplier Engagement Program strengthens a responsible

and resilient supply chain by embedding ESG principles across

all key areas of environment, labor, ethics, and human rights. In

2025, we invested in a platform to drive supplier collaboration

through standardized ESG scorecards, learning resources and

corrective action plans to support their decarbonization

journey. This program will support our future alignment with

EU CSRD and emerging due diligence requirements. Our aim is

to integrate ESG criteria into supplier selection, performance

reviews and contract renewals through shared sustainability

goals, fostering stronger partnerships.

B Read more about supplier climate engagement in Environmental

disclosures

Integrated Report

103Temenos AG Annual Report and Accounts 2025

Governance goals and targets

Ethical business conduct and governance

Indicator 2023 2024 2025

2026

target

Percentage of completion of Business Code of Conduct and mandatory

compliance trainings

99.2% 99.9% 99.5% >97%

Information security

Indicator 2023 2024 2025 2026 target

ISO 27001 certification

coverage

14 locations 14 locations 13 locations To continue to expand the scope in order to include

new locations/acquisitions based on the business

needs and directives from management.

ISO 27017/ISO 27018

certificationcoverage

13 locations 13 locations 13 locations To continue to integrate newly acquired companies,

if any, and certify new locations as required.

EU Cloud Code of Conduct Level 2

compliance

Level 2

compliance

Level 2

compliance

To maintain program compliance.

Responsible procurement

Indicator 2023 2024 2025

2026

target

Percentage of suppliers assessed that have commitment to ESG targets

73% 64% 61% 75%

Sustainability assessment for all tier 1 suppliers – 80% 100% 100%

Sustainability assessment for all new suppliers (tier 1, 2 and 3) 23% 13.5% 61% 90%

Sustainability assessment for all new tier 2 suppliers – 89.5% 100% 100%

Sustainability assessment for all new tier 3 suppliers – 29% 55% 50%

Supplier engagement rate (engaged with data center and IaaS suppliers)

– 88% 93% 100%

1 Targets adjusted as a number of suppliers assessed were small, low-value organizations or startups that do not have ESG commitments.

2 Direct engagements with all data center and IaaS suppliers that were assessed this year and this included screening on both environmental

and social criteria.

Indicates target achieved

Operating Responsibly

Sustainability continued

Governance disclosures continued

Integrated Report

104 Temenos AG Annual Report and Accounts 2025

Appendix

We have been engaged by the Board of Directors to perform

assurance procedures to provide limited assurance on

selected non-financial disclosures and indicators in the

Sustainability sections (including the GHG emissions) in the

Annual Report and Accounts 2025 as per 31 December 2025 of

Temenos AG (the ‘Sustainability Report’). Our limited assurance

engagement focused on selected non-financial disclosures as

presented in the GRI Context Index in the Sustainability Report

in the appendix on pages 118 to 125, marked with the check

mark , and indicators as presented in Annex 1 of this report.

The Sustainability Report 2025 (including the GHG emissions)

was prepared by the Board of Directors of Temenos AG (the

‘Company’) based on the section ‘General disclosures’ in the

Sustainability Report 2025, describing, among others, the

relevant guidance contained within 2021 GRI Sustainability

Reporting Standards (‘GRI Standards’) published by the Global

Reporting Initiative (‘GRI’), in sections of the Greenhouse Gas

Protocol Corporate Standard for Greenhouse Gas (‘GHG’)

emissions, and in the Software & IT Services SASB Standard

published by the Sustainability Accounting Standards Board

(‘SASB’) (here-after summarised as the ‘suitable Criteria’). We

have evaluated the selected non-financial disclosures and

indicators against the suitable Criteria.

Inherent limitations

The accuracy and completeness of the non-financial

disclosures and indicators (including the GHG emissions) are

subject to inherent limitations given their nature and methods

for determining, calculating and estimating such data. In

addition, the quantification of the non-financial disclosures

and indicators is subject to inherent uncertainty because of

incomplete scientific knowledge used to determine factors and

the values needed to combine, e.g. emissions of

differentgases.

Our assurance report will therefore have to be read in

connection with the suitable Criteria used by Temenos AG, its

definitions, its procedures and the methodology used to select,

to prepare and to disclose the information included in the

Sustainability Report 2025 (including the GHG statement).

Board of Directors’ responsibility

The Board of Directors of Temenos AG is responsible for

preparing and presenting the Sustainability Report as per

31December 2025 in accordance with the section ‘General

disclosures’. This responsibility includes the design,

implementation and maintenance of the internal control

system related to the preparation and presentation of the

Temenos Sustainability Report as per 31 December 2025 that

are free from material misstatement, whether due to fraud or

error. Furthermore, the Board of Directors is responsible for

the selection and application of the suitable Criteria as well as

making estimates that are reasonable in the circumstances

and adequate record keeping.

Independence and quality management

We have complied with the independence and other

ethicalrequirements of the International Code of Ethics

forProfessional Accountants (including International

Independence Standards) issued by the International Ethics

Standards Board for Accountants (IESBA Code), which is

founded on fundamental principles of integrity, objectivity,

professional competence and due care, confidentiality and

professional behavior and relevant independence and ethical

requirements as transposed in Switzerland by EXPERTsuisse.

PricewaterhouseCoopers SA applies International Standard

onQuality Management 1, which requires the firm to design,

implement and operate a system of quality management

including policies or procedures regarding compliance with

ethical requirements, professional standards and applicable

legal and regulatory requirements.

Practitioner’s responsibility

Our responsibility is to perform a limited assurance

engagement and to express a conclusion on selected non-

financial disclosures and indicators as per 31 December 2025

(including the GHG emissions), and as presented in the GRI

Context Index in the Sustainability Report in the appendix on

pages 118 to 125, marked with the check mark , and

presented in Annex 1 of this report. We conducted our

engagement in accordance with the International Standard on

Assurance Engagements ISAE 3000 (Revised) ‘Assurance

engagements other than audits or reviews of historical

financial information’ and the International Standard on

Assurance Engagements 3410, Assurance Engagements on

Greenhouse Gas Statements (‘ISAE 3410’), issued by the

International Auditing and Assurance Standards Board. Those

standards require that we plan and perform our procedures to

obtain limited assurance whether anything has come to our

attention that causes us to believe that the selected non-

financial disclosures and indicators (including GHG emissions)

presented in the GRI Context Index in the Sustainability Report

in the appendix on pages 118 to 125, marked with the check

mark , and in the Annex 1 of this report, were not prepared,

in all material respects, in accordance with the suitable

Criteria.

Based on risk and materiality considerations, we performed

our procedures to obtain sufficient and appropriate assurance

evidence. The procedures selected depend on the assurance

practitioner’s judgement. A limited assurance engagement

under ISAE 3000 (Revised) and ISAE 3410 is substantially less

in scope than a reasonable assurance engagement in relation

to both the risk assessment procedures, including an

understanding of internal control, and the procedures

performed in response to the assessed risks. Consequently,

the nature, timing and extent of procedures for gathering

sufficient appropriate evidence are deliberately limited relative

to a reasonable assurance engagement and therefore less

assurance is obtained with a limited assurance engagement

than for a reasonable assurance engagement.

Independent practitioner’s limited assurance report

on Temenos Sustainability Report as per 31 December 2025 to the Board of Directors

ofTemenosAG, Grand-Lancy

Integrated Report

105Temenos AG Annual Report and Accounts 2025

Sustainability continued

Appendix continued

Independent practitioner’s limited assurance report continued

on Temenos Sustainability Report as per 31 December 2025 to the Board of Directors

ofTemenosAG, Grand-Lancy continued

Practitioner’s responsibility continued

We performed the following procedures, among others:

⚫

Assessed the suitability of the selected disclosures and

indicators and the related criteria and the description in the

section ‘General disclosures’ in the Sustainability Report,

respectively, against the above-mentioned standards;

⚫

Reviewed the application of the Temenos AG’s section

‘General disclosures’ in the Sustainability Report,

respectively as the suitable Criteria;

⚫

Interviewed personnel responsible for internal reporting and

data collection and preparation at selected locations and at

Corporate level;

⚫

Inquired of personnel involved in the preparation and

presentation of the data for the Annual Report and Accounts

regarding the preparation process (i.e. collecting, merging,

aggregating and checking applied methodology and data)

and the selected disclosures and indicators in the Annual

Report and Accounts;

⚫

Performed analytical procedures and tests of details on a

sample basis of evidence supporting the selected

disclosures and indicators concerning completeness,

accuracy, adequacy and consistency.

We believe that the evidence we have obtained is sufficient

and appropriate to provide a basis for our conclusion.

Conclusion

Based on the work we performed, nothing has come to our

attention that causes us to believe that the selected non-financial

disclosures as presented in the GRI Content Index in the

Sustainability Report (including the GHG emissions) of Temenos

AG in the appendix on pages 118 to 125, as per 31December 2025,

marked with the check mark , and indicators presented in Annex 1

of this report are not prepared, in all material respects, in

accordance with the suitable Criteria.

Intended users and purpose of the report

This report is prepared for, and only for, the Board of

Directorsof Temenos AG, and solely for the purpose of

reporting to them on selected non-financial disclosures as

presented in the GRI Context Index in the Sustainability Report

as per 31December 2025 (including the GHG emissions) in the

Appendix on pages 118 to 125 and indicators presented in Annex

1 of this report and no other purpose. We do not, in giving our

conclusion, accept or assume responsibility (legal or otherwise)

or accept liability for, or in connection with, any other purpose

for which our report including the conclusion may be used, or

to any other person to whom our report is shown or into

whose hands it may come, and no other persons shall be

entitled to rely on our conclusion.

We permit the disclosure of our report, in full only and in

combination with the Sustainability Report 2025 (including

GHG statement) and the section ‘General disclosures’, to

enable the Board of Directors to demonstrate that they have

discharged their governance responsibilities by commissioning

an independent assurance report over the selected non-

financial disclosures and indicators in the Sustainability Report

2025, without assuming or accepting any responsibility or

liability to any third parties on our part. To the fullest extent

permitted by law, we do not accept or assume responsibility to

anyone other than the Board of Directors of Temenos AG for

our work or this report.

PricewaterhouseCoopers SA

Yazen Jamjum Pierrick Misse

Genève, 2 March 2026

The maintenance and integrity of Temenos AG’s website and

its content are the responsibility of the Board of Directors.

Thework we have performed as the independent assurance

practitioner does not involve consideration of the maintenance

and integrity of the Temenos AG’s website. Accordingly, we

accept no responsibility for any changes that may have

occurred to the reported Temenos Sustainability Report 2025

(including the GHG emissions) or GRI Sustainability Reporting

Standards since they were initially presented on the website.

Enclosed:

⚫

Annex 1 – Selected non-financial indicators included in

theSustainability Report 2025 to the Board of Directors

ofTemenos AG

Integrated Report

106 Temenos AG Annual Report and Accounts 2025

Annex 1 – Selected non-financial indicators included in the Sustainability Report 2025 to the

BoardofDirectors of Temenos AG

GRI standard reference Quantitative indicators assured Report page

2-7 Employees Total number of employees, and a breakdown of this total by gender and by region p. 63-64,

Total number of:

i. permanent employees, and a breakdown by gender and by region;

ii. temporary employees, and a breakdown by gender and by region;

iv. full-time employees, and a breakdown by gender and by region;

v. part-time employees, and a breakdown by gender and by region.

p. 76

2-8 Workers who are

not employees

Total number of workers who are not employees and whose work is controlled by

theorganization

p. 76

2-16 Communicating

critical concerns

Total number and the nature of critical concerns that were communicated to the highest

governance body during the reporting period.

p. 97

2-27 Compliance

withlaws and

regulations

Total number of significant instances of non-compliance with laws and regulations during

the reporting period, and a breakdown of this total by:

i. instances for which fines were incurred;

ii. instances for which non-monetary sanctions were incurred.

p. 96

Total number of fines for instances of non-compliance with laws and regulations that were

paid during the reporting period, and a breakdown of this total by:

i. fines for instances of non-compliance with laws and regulations that occurred in the

current reporting period;

ii. fines for instances of non-compliance with laws and regulations that occurred in

previous reporting periods.

p. 96

2-30 Collective

bargaining

agreements

Percentage of total employees covered by collective bargaining agreements p. 67

201-1 Direct economic

value generated

anddistributed

Direct economic value generated and distributed (EVG&D) on an accruals basis, including

the basic components for the organization’s global operations as listed below.

i. Direct economic value generated: revenues;

ii. Economic value distributed: operating costs, employee wages and benefits,

paymentsto providers of capital, payments to government by country, and

community investments;

iii. Economic value retained: ‘direct economic value generated’ less ‘economic

valuedistributed’.

p. 37

203-1 Infrastructure

investments and

services supported

Extent of development of significant infrastructure investments and services supported p. 91

204-1 Proportion of

spending on

localsuppliers

Percentage of the procurement budget used for significant locations of operation that is

spent on suppliers local to that operation (such as percentage of products and services

purchased locally)

p. 103

205-2 Communication

andtraining about

anti-corruption

policies and

procedures

Total number and percentage of governance body members that the organization’s

anticorruption policies and procedures have been communicated to, broken down by region.

p. 96, 98

Total number and percentage of employees that the organization's anti-corruption policies

and procedures have been communicated to, broken down by employee category and region.

p. 96

Total number and percentage of business partners that the organization’s anticorruption

policies and procedures have been communicated to, broken down by type of business

partner and region.

p. 97

Total number and percentage of governance body members that have received training

on anti-corruption, broken down by region.

p. 98

Total number and percentage of employees that have received training on anticorruption,

broken down by employee category and region.

p. 98

Integrated Report

107Temenos AG Annual Report and Accounts 2025

Sustainability continued

Appendix continued

Independent practitioner’s limited assurance report continued

on Temenos Sustainability Report as per 31 December 2025 to the Board of Directors

ofTemenosAG, Grand-Lancy continued

Annex 1 – Selected non-financial indicators included in the Sustainability Report 2025 to the

BoardofDirectors of Temenos AG continued

GRI standard reference Quantitative indicators assured Report page

302-1 Energy consumption

within the

organisation

Total fuel consumption within the organization from non-renewable sources, in joules or

multiples, and including fuel types used.

p. 53, 59

Total fuel consumption within the organization from renewable sources, in joules or

multiples, and including fuel types used.

p. 53, 59

In joules, watt-hours or multiples, the total:

i. electricity consumption;

ii. heating consumption

p. 53, 59

Total energy consumption within the organization, in joules or multiples. p. 53, 59

302-3 Energy intensity Energy intensity ratio for the organization. p. 53, 59

303-3 Water withdrawal Total water withdrawal from all areas in cubic meters (1 megaliter equals 1,000 m³). p. 61

Total water withdrawal from all areas with water stress in cubic meters (1 megaliter

equals 1,000 m³).

p. 61

Total freshwater (≤1,000 mg/L Total Dissolved Solids) withdrawal in cubic meters (1

megaliter equals 1,000 m³).

p. 61

305-1 Direct (Scope 1)

GHG emissions

Gross direct (Scope 1) GHG emissions in metric tons of CO

equivalent. p. 33-34,

53, 58-60

305-2 Energy indirect

(Scope 2) GHG

emissions

Gross location-based energy indirect (Scope 2) GHG emissions in metric tons of CO

equivalent.

p. 34, 53,

58-60

Gross market-based energy indirect (Scope 2) GHG emissions in metric tons of CO

equivalent.

p. 34, 53,

58-60

305-3 Other indirect

(Scope 3) GHG

emissions

Gross other indirect (Scope 3) GHG emissions in metric tons of CO

equivalent. p. 34-35,

53, 58-60

305-4 GHG emissions

intensity

GHG emissions intensity ratio for the organization. p. 59

305-5 Reduction of

GHGemissions

Reduction of GHG emissions year on year. p.53-54

306-3 Waste generated Total weight of waste generated in metric tons, and a breakdown of this total by

composition of the waste.

p. 61

308-1 New suppliers

thatwere screened

using environmental

criteria

Percentage of new suppliers that were screened using environmental criteria p. 104

401-1 New employee

hiresand employee

turnover

Total number and rate of new employee hires during the reporting period, by age group,

gender and region.

p. 79

Total number and rate of employee turnover during the reporting period, by age group,

gender and region.

p. 80

Integrated Report

108 Temenos AG Annual Report and Accounts 2025

GRI standard reference Quantitative indicators assured Report page

401-3 Parental leave Total number of employees that were entitled to parental leave, by gender. p. 73

Total number of employees that took parental leave, by gender. p. 73

Total number of employees that returned to work in the reporting period after parental

leave ended, by gender.

p. 73

Total number of employees that returned to work after parental leave ended that were

still employed 12 months after their return to work, by gender.

p. 73

Return to work and retention rates of employees that took parental leave, by gender. p. 73

404-1 Average hours of

training per year

peremployee

Average hours of training that the organization’s employees have undertaken during the

reporting period, by:

i. gender;

ii. employee category.

p. 81

404-3 Percentage

ofemployees

receivingregular

performance and

career development

reviews

Percentage of total employees by gender and by employee category who received a

regular performance and career development review during the reporting period.

p. 81

405-1 Diversity of

governance bodies

and employees

Percentage of individuals within the organization’s governance bodies in each of the

following diversity categories:

i. gender;

ii. age group: under 30 years old, 30-50 years old, over 50 years old.

p. 78

Percentage of employees per employee category in each of the following

diversitycategories:

i. gender;

ii. age group: under 30 years old, 30-50 years old, over 50 years old.

p. 77

414-1 New suppliers

thatwere screened

using social criteria

Percentage of new suppliers that were screened using social criteria p. 104

SASB TC-SI-130a.1

(1) Total energy consumed,

(2) percentage grid

electricity and (3)

percentage renewable

Total amount of energy consumed as an aggregate figure, in gigajoules (GJ) p. 53, 59

Percentage of energy consumed that was supplied from grid electricity p. 58-59

Percentage of energy consumed that was renewable energy p. 53, 58

Integrated Report

109Temenos AG Annual Report and Accounts 2025

Sustainability continued

Appendix continued

GRI standard reference Quantitative indicators assured Report page

SASB TC-SI-130a.2

(1) Total water withdrawn,

(2)total water consumed;

percentage of each in

regions with High or

Extremely High Baseline

Water Stress

Amount of water, in thousands of cubic metres, withdrawn from all sources p. 58, 61

Amount of water, in thousands of cubic metres, consumed in operations p. 61

Water withdrawn in locations with High or Extremely High Baseline Water Stress as a

percentage of the total water withdrawn

p. 58, 61

Water consumed in locations with High or Extremely High Baseline Water Stress as a

percentage of the total water consumed

p. 61

SASB TC-SI-330a.2

Employee engagement

asapercentage

Employee engagement as a percentage p. 71

SASB TC-SI-330a.3

Gender and racial/

ethnicgroup

Percentage of gender representation and diversity group representation, among

itsemployees for:

(a) management,

(b) mid-level management,

(d) technical employees

p. 77-78

Independent practitioner’s limited assurance report continued

on Temenos Sustainability Report as per 31 December 2025 to the Board of Directors

ofTemenosAG, Grand-Lancy continued

Annex 1 – Selected non-financial indicators included in the Sustainability Report 2025 to the

BoardofDirectors of Temenos AG continued

Integrated Report

110 Temenos AG Annual Report and Accounts 2025

International standards and certifications

2025 goals Progress against 2025 goals 2026 goals 2027 goals

ISO/IEC 27001:2022

Information Security

Management System

To sustain the existing

certification and expand

the scope based on

business needs.

The certification has

been sustained,

successfully clearing the

external surveillance

audits conducted in

October 2025.

To continue to expand

the scope based on the

business needs in order

to include new locations/

acquisitions based on

the business needs and

directives from

management.

ISO 27017:2015

Cloud Information

Security

To sustain the existing

certification and expand

the scope based on

business needs.

The certification has

been maintained as per

the plans.

To sustain the existing

certification and expand

the scope based on

business needs.

To continue to integrate

newly acquired

companies, if any, and

certify new locations as

required.

ISO 27018:2019

Protection of Personally

Identifiable Information

(PII) in Public Clouds

ISO 22301:2019

Business Continuity

Management

Renewal of ISO

22301:2019 certificate.

Successful renewal of

ISO 22301:2019

certificate. Audit

conducted in November

2025.

To maintain the existing

certification and expand

the scope by adding

critical activities and

locations based on

business needs.

To complete successfully

the annual surveillance

audit and the Change To

Approval (CTA) audit for

the additional activities

and locations.

ISO 9001:2015

Quality Management

System

To sustain the existing

certification and expand

the scope based on

business needs.

The certification has

been sustained,

successfully clearing the

external surveillance

audits conducted in

October 2025.

To continue to expand the

scope based on the

business needs to include

new locations/acquisitions

based on the business

needs and directives from

management.

ISO 20121:2012

Sustainable Event

Management System

To maintain ISO 20121

certification for our two

largest corporate events:

Temenos Kick Off (TKO)

and Temenos

Community Forum (TCF).

ISO 20121 certification

has been successfully

maintained as planned.

To expand the scope of

ISO20121 certification

toinclude Tech Days.

To organize sustainable

and carbon-neutral

events.

ISO 14001:2015

Environmental

Management

To maintain ISO 14001

certification for our

Temenos offices in India,

the UK, Luxembourg,

Romania and Dubai.

Certification for our eight

offices was maintained.

The Hyderabad office

relocation was managed

under ISO 14001:2015,

while we continued

improving the

Environmental

Management System

(EMS).

To expand certification

toadditional locations

based on business

needs, targeting ten

certified offices

(addingthe Geneva

Headquarters office

andthe Greece office).

To maintain certifications

and continue improving

the Environmental

Management System

(EMS).

AICPA SOC

Service Provider Security

SOC 1 Type 2

SOC 2 Type 2

CSA-CCM

To maintain ongoing SOC

1, SOC 2 and SOC 3

attestation reports for all

Temenos cloud delivery

centers.

To continue inclusion of

CSA-CCM compliance

attestation into SOC 2

report.

To expand the scope to

meet new regulatory and

business requirements.

SOC and CSA-CCM

compliance attestations

maintained.

SOC 2 report includes

five trust service criteria.

Scope of the SOC report

has been expanded

accordingly.

To maintain ongoing SOC

1, SOC 2 and SOC 3

attestation reports for all

Temenos cloud delivery

centers.

To continue inclusion of

CSA-CCM compliance

attestation into SOC 2

report.

To continue to expand

the scope to meet new

regulatory and business

requirements.

To continue the global

SOC 2 Type 2 and SOC 1

Type 2 reporting.

To integrate and align

newly acquired

companies – if any –

toTemenos standard set

of security and privacy

controls.

Integrated Report

111Temenos AG Annual Report and Accounts 2025

International standards and certifications continued

2025 goals Progress against 2025 goals 2026 goals 2027 goals

CSA-STAR Certificate/

Cloud Security Alliance

– Cloud Controls Matrix

To maintain compliance

with CSA-STAR

Certificate Level 2.

CSA-STAR Certificate

Level 2 audit was

obtained in Q1 2025 and

was maintained

throughout the year.

Temenos achieved the

CSA “Trusted Cloud

Provider” mark.

To maintain compliance

with CSA-STAR Level 2.

To examine the

requirements for

obtaining CSA-STAR

Certificate Level 3 for

Temenos and newly

acquired companies, and

proceed accordingly.

PCI-DSS level 1

Payment Card Industry

– Data Security Standard

To maintain existing

certificates and

compliance with

PCI-DSS standards.

To extend as applicable

the PCI-DSS Program.

PCI-DSS certificate for

Temenos AWS platform

obtained.

To maintain existing

certificates and

compliance with

PCI-DSS standards.

To extend as applicable

the PCI-DSS Program.

To further extend

PCI-DSS certificate.

To complete the

readiness assessment

against PCI – Secure

Software Framework and

PCI – Secure Software

standards. To prepare to

attain industry

certification.

ISO 20000-1:2018

IT Service

ManagementSystem

To sustain and expand

the scope based on

business needs.

The certification has

been sustained,

successfully clearing the

external surveillance

audits conducted in

October 2025.

To continue to expand

the scope based on the

business needs in order

to include new locations/

acquisitions based on

the business needs and

directives from

management.

EU Cloud Code

ofConduct

To maintain

programcompliance.

Temenos has finalized

the submission of all

required information and

documentation in order

to maintain the Level 2.

Report is expected to be

issued in January 2026.

To maintain program

compliance.

To maintain program

compliance.

EU-US Data Privacy

Framework (DPF)

Program

To expedite the self-

certification process of

compliance with the

EU-US DPF framework

benefiting from the sets

of reliable mechanisms

and strengthened

safeguards for personal

data transfers to the US in

compliance with the EU

privacy principles and law.

Temenos will examine in

2026 the business

requirement for obtaining

the respective certificate

and proceed accordingly.

To maintain program

compliance (if obtained).

To maintain program

compliance.

CMMI Maturity Level 3

(ML3) for Support

(PACS) and Maintenance

To continue the efforts

to sustain the

certification.

Efforts are continued

tosustain the spirit of

CMMI certification. The

re-appraisal to sustain

this certification through

external evaluation will

be done in 2027.

To continue the efforts

to sustain the

certification.

CMMI ML3 (Maturity

Level 3) for product

To continue the efforts

to sustain the

certification.

Efforts are continued to

sustain the spirit of CMMI

certification. The

re-appraisal to sustain

this certification through

external evaluation will

be done in 2026.

External re-appraisal to

retain the CMMI ML3

certification for product

and upgrade to V3.0 is

scheduled for January

2026, based on the new

SAFe methodology. In

addition, the security

assurance team will also

be evaluated.

Integrated Report

112 Temenos AG Annual Report and Accounts 2025

Sustainability continued

Appendix continued

Stakeholder groups

Stakeholder groups Examples of engagement Stakeholder key concerns Location in report

Employees

Frequency: daily

⚫

Employee surveys: employee engagement

survey, dedicated wellbeing survey

⚫

Performance management: talent review,

TalentCards and growth plans, 360° feedback

survey, job shadowing, mentoring, coaching,

talentmobility

⚫

Talent and learning: Temenos Learning Hub

(TLH), Temenos Learning Community (TLC),

leadership development training

⚫

Internal communications: Microsoft 365

tools,SharePoint intranet, Viva Engage, video

updates,targeted newsletters, townhalls

andlive-streamed events with leaders,

always-on “Bright Ideas” feedback platform

⚫

Wellbeing: Wellbeing Hub, wellbeing webinar

series, wellbeing pilots, Wellbeing Weeks,

specialleaves, referral bonus,hybrid working,

working from anywhere

⚫

Workplace health and safety

⚫

Global mobility

⚫

Employee recognition: T-Stars, Culture

Champion Awards, the Club, Hackathons

⚫

Employee communities: Women@Temenos,

Parents@Temenos, ¡ALMA!, The Souls by

Temenos, LGBTQIA+ community

⚫

Temenos Business Code of Conduct

andlinkedpolicies

⚫

Compliance training

⚫

Anonymous reporting mechanism

⚫

Employee CSR volunteering and

fundraisingmatching scheme

⚫

People experience

⚫

Talent and learning

⚫

Internal

communications

⚫

Employee pay

andbenefits

⚫

Employee

engagement

⚫

Employee recognition

⚫

Diversity, equity

andinclusion

⚫

Talent mobility

⚫

Wellbeing at work

⚫

Purpose-driven talent

management

⚫

Environmental

management and

awareness

⚫

Information security,

cybersecurity,

dataprivacy and

businesscontinuity

Social and societal

disclosures

Environmental disclosures

Governance disclosures

Clients

Frequency: daily

⚫

Annual Temenos Community Forum (TCF)

⚫

Annual Temenos Kick Off Meeting (TKO)

⚫

Annual Partners’ Meeting

⚫

Temenos Learning Community (TLC)

⚫

Temenos Exchange

⚫

Temenos Ambassador Program

⚫

Newsletters, marketing updates

andsocialmedia

⚫

Customer support portal

⚫

Internal and external audits

⚫

Temenos Security and Privacy Committee

⚫

Business Code of Conduct, data privacy and

protection and corporate security policies

⚫

Corporate website

⚫

ESG indices and ratings

⚫

Client communication

⚫

Client satisfaction

⚫

Customer support

⚫

Quality, security

andresponsibility

indelivery and

implementation

⚫

Cybersecurity,

dataprivacy and

business continuity

Temenos business model

and value creation

Environmental disclosures

Integrated Report

113Temenos AG Annual Report and Accounts 2025

Stakeholder groups Examples of engagement Stakeholder key concerns Location in report

Investors –

researchanalysts

Frequency: weekly

⚫

Annual General Meeting of Shareholders (AGM)

⚫

Capital Markets Day (CMD)

⚫

Quarterly results releases, presentations and

management calls

⚫

Roadshows, investor and analyst visits,

meetings, calls

⚫

Financial press releases, videos, webcasts

andsocial media

⚫

Annual Report

⚫

Corporate website

⚫

Business Code of Conduct and linked policies

⚫

ESG indices and ratings

⚫

Economic

performance

⚫

Transparent and

ethical corporate

governance

⚫

Accurate, timely

andresponsible

communication

Annual Report

Suppliers and Partners

Frequency: daily

⚫

Annual Temenos Community Forum (TCF)

⚫

Annual Temenos Kick Off Meeting (TKO)

⚫

Annual Partners’ Meeting

⚫

Responsible procurement framework

⚫

Supplier diversity framework

⚫

Temenos Learning Community (TLC)

⚫

Temenos exchange

⚫

Trainings and seminars

⚫

Procurement policies

⚫

Audits and risk assessments

⚫

Event sustainability management system

⚫

Ethical and

responsible

businessconduct

⚫

Long-term

partnership

Governance disclosures

Environmental disclosures

Local communities

andNGOs

Frequency: monthly

⚫

Cooperation with NGOs

⚫

Community service and employee volunteering

⚫

Employee fundraising

⚫

Community investment projects

⚫

Scholarships

⚫

Internships

⚫

Social media

⚫

Temenos Financial Inclusion

⚫

Access to education

and jobs

⚫

Improving local

livingconditions

⚫

Support in

emergencysituations

Social and societal

disclosures

Academic community

Frequency: daily

⚫

Services Incubation Center

⚫

Temenos Services Masterclass

⚫

Temenos Innovation Labs

⚫

Temenos developer community

⚫

Hackathons

⚫

Scholarships

⚫

Collaboration in research programs

⚫

Lectures, presentations, Company visits

⚫

Career days

⚫

Social media

⚫

Collaboration and

jobopportunities

⚫

Joint research and

development projects

Social and societal

disclosures

Media and

industryanalysts

Frequency: daily

⚫

Temenos events

⚫

Roadshows, visits, meetings, calls

⚫

Press releases, videos, webcasts,

blogsandsocial media

⚫

Annual Report

⚫

Corporate website

⚫

Accurate, timely

andresponsible

communication

Annual Report

Stakeholder groups continued

Integrated Report

114 Temenos AG Annual Report and Accounts 2025

Sustainability continued

Appendix continued

The following tables present the Temenos key performance indicators (KPIs) for turnover, CapEx and OpEx, prepared using the EU

Taxonomy disclosure templates. The disclosures provide an overview of the proportion of the Company’s turnover associated with

Taxonomy-eligible and Taxonomy-aligned economic activities for the reporting period 2025.

Turnover

Financial year 2025

Economic

activities Code

Taxonomy-

eligible

turnover

(proportion

Taxonomy-

eligible

Turnover)

Taxonomy-

aligned

CapEx

(monetary

value of

Turnover)

Taxonomy-

aligned KPI

(proportion

Taxonomy-

aligned

Turnover)

Environmental objective

of Taxonomy-aligned activities

Enabling

activity

Transitional

activity

Proportion

of Taxonomy

aligned in

Taxonomy

eligible

Climate change

mitigation

Climate change

adaptation

Water

Circular economy

Pollution

Biodiversity

 % USDm % % % % % % %

"E"

where

applicable

"T"

where

applicable %

Data-driven

solutions for GHG

emissions

reductions 8.2 30.3% 123.2 11.3% 11.3% – – – – – E – 37.3%

Total turnover – 30.3% 123.2 11.3% 11.3% – – – – – 11.3% – 37.3%

CapEx

Financial year 2025

Economic

activities Code

Taxonomy-

eligible

CapEx

(proportion

Taxonomy-

eligible

CapEx)

Taxonomy-

aligned

CapEx

(monetary

value of

CapEx)

Taxonomy-

aligned KPI

(proportion

Taxonomy-

aligned

CapEx)

Environmental objective

of Taxonomy-aligned activities

Enabling

activity

Transitional

activity

Proportion

Taxonomy-

aligned in

Taxonomy

eligible

Climate change

mitigation

Climate change

adaptation

Water

Circular economy

Pollution

Biodiversity

 0.12% USDm % % % % % % %

"E"

where

applicable

"T"

where

applicable %

Installation,

maintenance and

repair of energy

efficiency

equipment 7.3 0.12% – – – – – – – – E – –

Total CapEx – 0.12% – – – – – – – – – – –

EU Taxonomy disclosures

Integrated Report

115Temenos AG Annual Report and Accounts 2025

EU Taxonomy disclosures continued

OpEx

Financial year 2025

Economic

activities Code

Taxonomy-

eligible

OpEx

(proportion

Taxonomy-

eligible

OpEx)

Taxonomy-

aligned

OpEx

(monetary

value of

OpEx)

Taxonomy-

aligned KPI

(proportion

Taxonomy-

aligned

OpEx)

Environmental objective

of Taxonomy-aligned activities

Enabling

activity

Transitional

activity

Proportion

Taxonomy

aligned in

Taxonomy

eligible

Climate change

mitigation

Climate change

adaptation

Water

Circular economy

Pollution

Biodiversity

 % USDm % % % % % % %

"E"

where

applicable

"T"

where

applicable %

Installation,

maintenance and

repair of energy

efficiency

equipment 7.3 0.34% – – – – – – – – E – –

Total OpEx – 0.34% – – – – – – – – – – –

Integrated Report

116 Temenos AG Annual Report and Accounts 2025

Sustainability continued

Appendix continued

UN Global Compact Index

The table below describes the location of relevant report content for each of the UN Global Compact’s ten principles.

Principle Description Report section GRI Standards/SASB metrics

Human rights

1 Businesses should support and respect the protection

of internationally proclaimed human rights.

Social and societal

disclosures

2-23, 2-24, 2-25, 2-27, 2-28,

203-1, 205-2

2 Businesses should make sure they are not complicit in human

rights abuses.

Social and societal

disclosures

2-16, 2-26, 406-1, 414-1

Labor

3 Businesses should uphold the freedom of association and

theeffective recognition of the right to collective bargaining.

Social and societal

disclosures

2-30

4 The elimination of all forms of forced and compulsory labor. Social and societal

disclosures

409-1

5 The effective abolition of child labor. Social and societal

disclosures

408-1

6 The elimination of discrimination in respect of employment

andoccupation.

Social and societal

disclosures

401-1, 404-1, 404-3, 405-1,

406-1/TC-SI-330a.3

Environment

7 Businesses should support a precautionary approach

toenvironmental challenges.

Environmental

disclosures

302-1, 302-3, 303-3, 305-1,

305-2, 305-3, 305-4, 305-5,

306-3, 306-4, 306-5/

TC-SI-130a.1, TC-SI-130a.2,

TC-SI-130a.3

8 Businesses should undertake initiatives to promote greater

environmental responsibility.

Environmental

disclosures

302-1, 302-3, 303-3, 305-1,

305-2, 305-3, 305-4, 305-5,

306-3, 306-4, 306-5, 308-1/

TC-SI-130a.1, TC-SI-130a.2,

TC-SI-130a.3

9 Businesses should encourage the development and diffusion of

environmentally friendly technologies.

Environmental

disclosures

302-1, 302-3, 303-3, 305-1,

305-2, 305-3, 305-4, 305-5,

306-3, 306-4, 306-5, 308-1/

TC-SI-130a.3

Anti-corruption

10 Businesses should work against corruption in all its forms,

including extortion and bribery.

Governance disclosures 2-23, 2-26, 205-2, 205-3,

206-1

Disclosures in accordance with Art. 964b Swiss Code of Obligations

Art. 964b requirement Reference

General information required to

understand our business

Annual Report: Overview; The Temenos Banking Platform; Group Structure and

Shareholders; ResponsibleProcurement

Description of the business model Our Growth Strategy; The Temenos Banking Platform; Governing the Group;

SustainabilityGovernance

Environmental matters (incl. CO

goals) Environmental Disclosures

Social issues Social and Societal Disclosures;

Employee-related issues Social and Societal Disclosures; Governance Disclosures

Respect for human rights Ethical Business; Ethical Business Conduct Monitoring and Reporting; Maintaining Robust

Risk Management

Combating corruption Ethical Business; Ethical Business Conduct Monitoring and Reporting; Anti-Corruption

and Bribery; Human Rights

Material risks Temenos Materiality Assessment; Maintaining Robust Risk Management

Main performance indicators Temenos Materiality Assessment; Diversity Dashboard; Environmental Dashboard;

Environmental Goals and Targets; Social Goals and Targets; Societal Goals and Targets;

Governance Goals and Targets

References to national, European

orinternational regulations

Developments in ESG reporting: Preparing for CSRD; EU Taxonomy; EU Taxonomy

Disclosures; Human Rights; Basis of Preparation

Coverage of subsidiaries Group Companies; Segment Information

Integrated Report

117Temenos AG Annual Report and Accounts 2025

GRI content index

GRI 1: Foundation

GRI 1: Foundation statement of use Unless otherwise indicated, the information provided in this

report reflects the situation as of 31 December 2025 and

coversall Temenos operations globally during FY-25. The report

is prepared in accordance with the Global Reporting Initiative

(GRI) Standards and is mapped to the Sustainability Accounting

Standards Board (SASB) Software and IT Services Sustainability

Accounting Standard

GRI 1 used GRI 1: Foundation 2021

Applicable GRI sector standards No applicable GRI sector standard(s)

GRI 2: General Disclosures 2021 Reference Notes and omissions

External

assurance

1. The organization and its reporting practices

2-1 Organizational details Basis of Preparation; Group Structure and

Shareholders; Temenos World Offices

2-2 Entities included

inthe organization’s

sustainability reporting

Temenos World Offices

2-3 Reporting period,

frequency and

contactpoint

Basis of Preparation

2-4 Restatements

ofinformation

Basis of Preparation

2-5 External assurance Independent Practitioner’s Limited Assurance Report

2. Activities and workers

2-6 Activities, value

chainand other business

relationships

Basis of Preparation; Annual Report: Overview;

TheTemenos Banking Platform; Group Structure

andShareholders; Group Companies; Segment

Information; Responsible Procurement

2-7 Employees

TC-SI-330a.3 (gender only)

Basis of Preparation; Diversity Dashboard

2-8 Workers who are not

employees TC-SI-330a.3

Basis of Preparation; Diversity Dashboard

3. Governance

2-9 Governance structure

and composition

Our Governance Framework;

Sustainability Governance

2-10 Nominating and

selecting the highest

governance body

Our Governance Framework; Corporate Website

2-11 Chair of the highest

governance body

Message from the Chairman and CEO;

OurGovernance Framework; Internal

OrganizationalStructure

2-12 Role of the highest

governance body in

overseeing the

management of impacts

Sustainability Governance; Our Governance

Framework; Maintaining Robust Risk Management

Integrated Report

118 Temenos AG Annual Report and Accounts 2025

Sustainability continued

Appendix continued

GRI 2: General Disclosures 2021 Reference Notes and omissions

External

assurance

3. Governance continued

2-13 Delegation of

responsibility for

managing impacts

Sustainability Governance; Business Code

ofConduct

2-14 Role of the highest

governance body in

sustainability reporting

Sustainability Governance

2-15 Conflicts of interest Conflict of Interest and Related Party Transactions

2-16 Communication

ofcritical concerns

Ethical Business Conduct Monitoring and Reporting

2-17 Collective

knowledgeof the highest

governancebody

Sustainability Governance

2-18 Evaluation of the

performance of the

highest governance body

We have plans to

incorporate ESG

targetsin executive

compensation.

2-19 Remuneration

policies

Compensation Report Partially reported this

year. We have planned

toincorporate ESG

targets in executive

compensation.

2-20 Process for

determining remuneration

Audit Committee; Nomination, Compensation &

Sustainability Committee

Partially reported this

year. Currently, we do

notpublicly disclose

theresults of votes

ofstakeholders.

Confidential information.

2-21 Annual total

compensation ratio

Median annual

totalcompensation

notdisclosed.

Confidential information.

Integrated Report

119Temenos AG Annual Report and Accounts 2025

GRI 2: General Disclosures 2021 Reference Notes and omissions

External

assurance

4. Strategy, policies and practices

2-22 Statement

onsustainable

developmentstrategy

Message from the Chairman and CEO

2-23 Policy commitments Ethical Business; Human Rights; Maintaining Robust

Risk Management; Corporate Website; Caring for

the Planet

2-24 Embedding policy

commitments

Ethical Business; Ethical Business Conduct

Monitoring and Reporting; Anti-Corruption

andBribery; Maintaining Robust Risk Management

2-25 Processes to

remediate negative impacts

Ethical Business Conduct Monitoring and

Reporting; Human Rights

2-26 Mechanisms for

seeking advice and

raising concerns

Ethical Business Conduct Monitoring and Reporting

2-27 Compliance with

laws and regulations

Caring for the Planet; Anti-Corruption andBribery

2-28 Membership

of associations

ESG ratings and rankings; Human Rights

5. Stakeholder engagement

2-29 Approach to

stakeholder engagement

Stakeholder Groups

2-30 Collective

bargainingagreements

Freedom of Association and Collective Bargaining

GRI 3: Material Topics 2021 Reference Notes and omissions

External

assurance

3-1 Process to determine material topics Basis of Preparation; Temenos

MaterialityAssessment

3-2 List of material topics Basis of Preparation; Temenos

MaterialityAssessment

3-3 Management of material topics

GRI content index continued

Integrated Report

120 Temenos AG Annual Report and Accounts 2025

Sustainability continued

Appendix continued

Topics standards Reference Notes and omissions

External

assurance

Business performance

GRI 3:

Material

Topics 2021

3-3 Management of

materialtopics

Annual Report: Financial Statements

GRI 201:

Economic

Performance

2016

201-1 Direct economic value

generated and distributed

Temenos Business Model and

ValueCreation; Annual Report:

FinancialStatements

201-3 Defined benefit plan

obligations and other

retirementplans

Annual Report: Corporate Governance

Report, Financial Statements

201-4 Financial assistance

received from government

Temenos Business Model and

ValueCreation

Social responsibility and community investment

GRI 3:

Material

Topics 2021

3-3 Management of

materialtopics

Corporate donations and community

investment; ResponsibleProcurement

GRI 203:

Indirect

Economic

Impacts 2016

203-1 Infrastructure investments

and services supported

Societal Disclosures

GRI 204:

Procurement

Practices

2016

204-1 Proportion of spending

on local suppliers

Responsible Procurement

Ethical business conduct and governance

GRI 3:

Material

Topics 2021

3-3 Management of

materialtopics

Compliance Program; Compliance Training;

Elimination of Discrimination and

Prevention of Harassment; Ethical Business

Conduct Monitoring and Reporting

GRI 205:

Anti-

Corruption

2016

205-2 Communication and

training about anti-corruption

policies and procedures

Compliance Training

205-3 Confirmed incidents of

corruption and actions taken

Ethical Business Conduct Monitoring

andReporting

No confirmed incidents.

Integrated Report

121Temenos AG Annual Report and Accounts 2025

Topics standards Reference Notes and omissions

External

assurance

Ethical business conduct and governance continued

GRI 206:

Anti-

Competitive

Behavior 2016

SASB:

Intellectual

Property

Protection

and

Competitive

Behavior

206-1 Legal actions for

anti-competitive behavior,

anti-trust and monopoly practice

TC-SI-520a.1

Compliance Program

GRI 406:

Non-

Discrimination

2016

406-1 Incidents of

non-discrimination and

correctiveactions taken

Elimination of Discrimination

andPrevention of Harassment;

Ethical Business Conduct Monitoring

andReporting

Tax strategy and governance

GRI 3:

Material

Topics 2021

3-3 Management of

materialtopics

Corporate website: Tax Strategy

andGovernance

GRI 207:

Tax2019

207-1 Approach to tax Corporate website: Tax Strategy

andGovernance

207-2 Tax governance, control

andrisk management

Corporate website: Tax Strategy

andGovernance

207-3 Stakeholder engagement

and management of concerns

related to tax

Corporate website: Tax Strategy

andGovernance

Energy

SASB:

Environmental

Footprint of

Hardware

Infrastructure

TC-SI-130a.1

Total energy consumed;

Percentage of energy drawn from

grid electricity; Percentage of

energy from renewable sources

Caring for the Planet; Energy;

Environmental Dashboard

GRI 3:

Material

Topics 2021

3-3 Management of

materialtopics

Caring for the Planet; Energy;

Environmental Dashboard; Climate change

strategy: mitigation, adaptation and energy

GRI 302:

Energy

2016

302-1 Energy consumption

withinthe organization

Caring for the Planet; Energy;

Environmental Dashboard

302-3 Energy intensity Environmental Dashboard

Water

SASB:

Environmental

Footprint of

Hardware

Infrastructure

TC-SI-130a.2

Total water withdrawn; Total

waterconsumed; The percentage

of each occurring in regions with

High or Extremely High Baseline

Water Stress

Water; Environmental Dashboard

GRI 3:

Material

Topics 2021

3-3 Management of material topics Caring for the Planet; Water

GRI content index continued

Integrated Report

122 Temenos AG Annual Report and Accounts 2025

Sustainability continued

Appendix continued

Topics standards Reference Notes and omissions

External

assurance

Water continued

GRI 303:

Water

2018

303-1 Interactions with water

asashared resource

Water

303-3 Water withdrawal Water; Environmental Dashboard

303-4 Water discharge Water; Environmental Dashboard

303-5 Water consumption Water; Environmental Dashboard

Waste

GRI 3:

Material

Topics 2021

3-3 Management of

materialtopics

Caring for the Planet; Waste

GRI 306:

Waste

2020

306-3 Waste generated Waste; Environmental Dashboard

306-4 Waste diverted from disposal Waste; Environmental Dashboard

306-5 Waste directed to disposal Waste; Environmental Dashboard

Emissions

GRI 3:

Material

Topics 2021

3-3 Management of

materialtopics

Caring for the Planet; GHG emissions;

Climate change strategy: mitigation,

adaptation and energy

GRI 305:

Emissions

2016

305-1 Direct (Scope 1)

GHGemissions

GHG emissions; Environmental Dashboard

305-2 Energy indirect (Scope 2)

GHG emissions

GHG emissions; Environmental Dashboard

305-3 Other indirect (Scope 3)

GHG emissions

GHG emissions; Environmental Dashboard

305-4 GHG emissions intensity GHG emissions; Environmental Dashboard

305-5 Reduction of GHG

emissions

GHG emissions; Environmental Dashboard

Responsible procurement

GRI 3:

Material

Topics 2021

3-3 Management of

materialtopics

Responsible Procurement

GRI 308:

Supplier

Environmental

Assessment

2016

308-1 Percentage of new

suppliersthat were screened

using environmental criteria

Responsible Procurement

GRI 414:

Supplier

Social

Assessment

2016

Responsible Procurement Responsible Procurement

Equal treatment and equal opportunities for all: Talent and development

GRI 3:

Material

Topics 2021

3-3 Management of

materialtopics

People Experience: Talent and

Learning;People Experience:

PerformanceManagement

Integrated Report

123Temenos AG Annual Report and Accounts 2025

Topics standards Reference Notes and omissions

External

assurance

Equal treatment and equal opportunities for all: Talent and development continued

GRI 404:

Training and

Education

2016

SASB:

Recruiting

and Managing

a Global,

Diverse and

Skilled

Workforce

404-1 Average hours of training

per year per employee

Training and Development Dashboard

404-3 Percentage of employees

receiving regular performance and

career development reviews

TC-SI-330a.2

Training and Development Dashboard

Equal treatment and equal opportunities for all: Diversity and inclusion

GRI 3:

Material

Topics 2021

3-3 Management of

materialtopics

Diversity Dashboard; Diversity, Inclusion

and Equal Opportunity; Inclusive Culture;

Wellbeing at Work

GRI 401:

Employment

2016

401-1 New employee hires and

employee turnover

Diversity Dashboard

401-3 Employee parental leave Wellbeing at Work

GRI 405:

Diversity and

Equal

Opportunity

2016

SASB:

Recruiting

and Managing

a Global,

Diverse and

Skilled

Workforce

405-1 Diversity of governance

bodies and employees

TC-SI-330a.3 (gender and

diversity group representation)

Diversity Dashboard

Equal treatment and equal opportunities for all: Human rights

GRI 3:

Material

Topics 2021

3-3 Management of

materialtopics

Human Rights; Against Forced and

ChildLabor; Business Code of Conduct;

Responsible Procurement

GRI 408: Child

Labor 2016

408-1 Operations and suppliers

atsignificant risk for incidents

ofchild labor

Human Rights; Against Forced and

ChildLabor; Responsible Procurement

GRI 409:

Forced or

Compulsory

Labor 2016

409-1 Operations and suppliers

atsignificant risk for incidents

offorced or compulsory labor

Human Rights; Against Forced and

ChildLabor; Responsible Procurement

GRI content index continued

Integrated Report

124 Temenos AG Annual Report and Accounts 2025

Sustainability continued

Appendix continued

Topics standards Reference Notes and omissions

External

assurance

Working conditions: Health and safety

GRI 3:

Material

Topics 2021

3-3 Management of material topics Wellbeing at Work

GRI 403:

Occupational

Health and

Safety 2018

403-6 Promotion of worker health Wellbeing at Work

Information security and data privacy

GRI 3:

Material

Topics 2021

3-3 Management of material topics Information Security, Cybersecurity,

DataPrivacy and Business Continuity;

International Standards and Certifications

GRI 418:

Customer

Privacy 2016

SASB: Data

Security

418-1 Substantiated complaints

concerning breaches of customer

privacy and losses of customer

data TC-SI-230a.1

Information Security, Cybersecurity, Data

Privacy and Business Continuity: Privacy

Description of policies

and practices relating to

behavioral advertising and

userprivacy TC-SI-220a.1

Information Security, Cybersecurity, Data

Privacy and Business Continuity: Privacy

Number of users whose

information is used for secondary

purposes TC-SI-220a.2

Information Security, Cybersecurity, Data

Privacy and Business Continuity: Privacy

SASB: Data

Privacy and

Freedom of

Expression

Total amount of monetary losses

as a result of legal proceedings

associated with user privacy

TC-SI-220a.3

Information Security, Cybersecurity, Data

Privacy and Business Continuity: Privacy

(1) Number of law enforcement

requests for user information

(2) Number of users whose

information was requested

(3) Percentage resulting

indisclosure TC-SI-220a.4

Information Security, Cybersecurity, Data

Privacy and Business Continuity: Privacy

List of countries where core

products or services are subject

to government-required

monitoring, blocking, content

filtering or censoring

TC-SI-220a.5

Information Security, Cybersecurity, Data

Privacy and Business Continuity: Privacy

Integrated Report

125Temenos AG Annual Report and Accounts 2025

Achieving our upgraded

guidance for the year

Introduction

Note non-IFRS numbers are proforma, excluding

any contribution from Multifonds, unless

otherwise explicitly stated

Opening thoughts

2025 was a year of strong and sustained execution across our

strategic, operating and financial plans. We saw some impact

from macroeconomic uncertainty linked to tariff concerns at

the end of the first quarter, however this was limited both in

size and duration. We continued to focus on executing against

our strategic roadmap including significant investments in both

sales and marketing and research and development, resulting

in strong quarterly results for the rest of the year. We raised

our guidance twice, at the second and third quarter results

announcements, and ultimately delivered at or above guidance

across all our key financial metrics. We also closed the sale of

Multifonds in the second quarter, and our guidance for the year

therefore excluded any contribution from this asset.

I was pleased with

our execution focus

in 2025 which

enabled us to deliver

strong financial

results.

Takis Spiliopoulos

Chief Executive Officer and Interim Chief Financial Officer

Financial review

Full year highlights (non-IFRS, proforma excluding

Multifonds, growth rates are reported) include:

⚫

Annual Recurring Revenue (ARR) growth of 15% in FY-25

⚫

Subscription and SaaS growth of 10% in FY-25

⚫

EBIT growth of 22% in FY-25

⚫

EPS growth of 25% in FY-25

⚫

Free cash flow grew 15% in FY-25

⚫

Proposed dividend of CHF 1.40 for FY-25 to be voted on

at the AGM

Highlights

Integrated Report

126 Temenos AG Annual Report and Accounts 2025

ARR continues to be the key financial metric for the business,

and I was pleased we delivered ARR growth of 15% in FY-25, to

reach USD 860 million. This was driven by a combination of

solid growth in non-IFRS subscription and SaaS revenue, up

10%, as well as non-IFRS maintenance which had another year

of strong growth, up 14%.

Non-IFRS total revenue grew 11% for the year, and non-IFRS

costs increased 6%, with our investments largely self-funded

through the cost programs we started in the second half of

FY-24. We made investments across the business, in particular

in Sales and Marketing, with strong growth in our quota carrying

sales headcount. We also invested in R&D, bringing in senior

talent globally to strengthen the organization.

Our non-IFRS EBIT increased 22% for the year, and our

non-IFRS EPS increased by 25% for the year.

We also delivered strong free cash flow growth, up 15%

toreach USD 256 million.

Our DSOs were at 164 days by year end, largely driven by the

strong growth in subscription, and we closed the year with USD

204 million of cash on our balance sheet and leverage of 1.2x

net debt to non-IFRS EBITDA.

IFRS vs non-IFRS

To ensure that the presentation of results reflects the underlying

operating performance of the business, Temenos publishes its

key metrics on a non-IFRS basis as well as on an IFRS basis.

For key metrics on a non-IFRS basis, where comparable IFRS

measures are presented in the consolidated financial statements,

a full reconciliation is published between IFRS and non-IFRS

measures which highlights the adjustments. Non-IFRS adjustment

definitions and reconciliations can be found on page 131.

Revenues

IFRS

IFRS Group revenues were USD 1,090.8 million for 2025,

anincrease of 4% versus 2024 on a reported basis.

IFRS total subscription and SaaS increased 2% in the year, as

we closed the sale of Multifonds in the second quarter and so

did not benefit from that revenue in the second half of the

year. We saw strong underlying growth in subscription and

SaaS revenue with broad-based demand across regions and

client tiers, as well as significant growth in maintenance which

benefited from strong premium maintenance signings in particular,

as well as value uplift from subscription and renewals and

continued benefit from CPI linkages in our contracts.

IFRS services revenue was flat compared to the prior year as

we continued toexecute on our Partner-first strategy, with

more implementation work carried out by our Partners.

Non-IFRS (proforma, excluding any contribution

fromMultifonds)

Total non-IFRS Group revenue in 2025 was USD 1,071.1 million,

an increase of 11% compared to 2024 on a reported basis.

Cost base

IFRS

Full year costs on an IFRS basis were USD 842.8 million,

upfrom USD 812.9 million in 2024. We executed targeted

investments across the business, in particular Sales and

Marketing where we increased our quota carrier sales headcount

by over 60%, and some areas of Research and Development.

However, our investments were largely self-funded on the back

of the efficiencies program we launched early in the second

half of 2024. We also had a benefit from the ongoing improvement

in profitability in our services business. Share-based payment

charges were USD 54.6 million.

Non-IFRS (proforma, excluding any contribution

fromMultifonds)

Full year costs on a non-IFRS basis were USD 699.2 million,

upfrom USD 660.5 million in 2024. Of the USD 143.6 million

difference between the IFRS and non-IFRS cost base,

USD9.2million relates to the Multifonds business which is

excluded from proforma numbers, USD 45.0 million is due to

adjustments made for the amortization of acquired intangibles

costs, USD 54.6 million is due to share-based payment charges

and USD 34.8 million is due to the net adjustments made for

restructuring costs and M&A-related costs and charges.

USDm, except EPS 2025 2024

Non-IFRS revenue 1,071.1 965.2

Non-IFRS EBIT 371.9 304.8

Non-IFRS EBIT margin 34.7% 31.6%

Total assets 2,249.3 2,276.7

Non-IFRS earnings per share (USD) 4.20 3.35

Key figures

Integrated Report

127Temenos AG Annual Report and Accounts 2025

Financial review continued

Balance sheet and financing

Temenos is highly cash generative with a strong balance sheet

which enables:

⚫

organic investment in the business;

⚫

the servicing of our debt obligations;

⚫

share buybacks to ensure capital efficiency of our balance

sheet and to return shareholder value;

⚫

the payment of an annual dividend; and

⚫

funding for selected bolt-on acquisitions.

We ended 2025 with a leverage ratio of 1.2x net debt to

non-IFRS EBITDA, within our leverage target range of 1.0–1.5x

which we will maintain going forward. We received a second

investment grade credit rating in the year from S&P, which gave

us a long-term issuer credit rating of “BBB-” with a stable

outlook in addition to our existing credit rating from Fitch of

BBB, also with an stable outlook. We launched two share

buybacks in 2025, one for CHF 250 million which closed in

August and one for CHF 100 million launched in December

2025 which was still ongoing at year end. We will also have

capacity to pursue selective inorganic growth opportunities to

accelerate our organic growth in line with our M&A strategy if

they arise.

Dividend

We have announced a proposed dividend of CHF 1.40 per share

for 2025, representing an increase of 8% over last year. This is

subject to shareholder approval at the AGM on 13 May 2026.

The shares will trade ex-dividend on 18 May 2026 and the

dividend record date will be set on 19 May 2026. The dividend

will be paid on 20 May 2026. The dividend will be taken from

the retained earnings (cash dividend) and is therefore taxable

(WHT 35%). Temenos’ policy is to distribute a growing dividend.

Non-IFRS proforma IFRS

USDm, except EPS 2025 2024 Change 2025 2024 Change

Subscription and SaaS 452.5 410.8 10% 458.1 450.5 2%

Maintenance 490.3 431.9 14% 502.8 464.3 8%

Services 128.3 122.5 5% 129.9 129.3 0%

Total revenues 1,071.1 965.2 11% 1,090.8 1,044.1 4%

EBIT 371.9 304.8 22% 248.0 231.2 7%

EBIT margin 34.7% 31.6% 3% pts 22.7% 22.1% 1% pts

EPS (USD) 4.20 3.35 25% 4.00 2.43 65%

EBIT (operating profit) and earnings per

share(EPS)

IFRS

Full year IFRS EBIT was USD 248.0 million compared to

USD231.2 million in 2024. IFRS EPS for 2025 was USD 4.00,

compared to USD 2.43 in 2024.

Non-IFRS (proforma, excluding any contribution

fromMultifonds)

Non-IFRS EBIT was USD 371.9 million, up from USD 304.8 million

in 2024, an increase of 22%. EPS was USD 4.20, up from

USD3.35 in 2024, an increase of 25%.

Non-IFRS EBIT margin was 34.7%, up from 31.6% in 2024.

Cash flows (proforma, excluding any

contribution from Multifonds)

We generated free cash flow of USD 256.4 million in the year,

up 15% from 2024, despite headwinds from increased

restructuring charges and downsell in our SaaS revenue line

linked to a Buy Now Pay Later customer. We delivered strong

growth in recurring revenue which supported our strong free

cash flow growth.

DSOs ended the year at 164 days, an increase of 18 days from

2024 largely driven by the transition to a subscription model

throughout the year.

Integrated Report

128 Temenos AG Annual Report and Accounts 2025

Engines of growth

Temenos continues to benefit from multiple drivers of growth,

which will enable us to meet our medium-term targets.

The serviceable addressable market of banking spend on

thirdparty software is estimated to be c.USD 25 billion in 2025,

growing at around 7% CAGR, with tier 3-5 banks (i.e. those with

assets of USD 50 billion or less) contributing c.USD 16 billion

and tier 1-2 banks (i.e. those with assets of USD 50 billion or

more) contributing c9 billion. Our serviceable addressable

market is expected to reach c.USD 30 billion in 2028 as banks

focus on cost optimization and respond to customer demands

for best-in-class digital services, as well as meeting the

challenges of an evolving security and regulatory landscape

that places increasing burdens on their legacy IT real estate.

Banks are also exploring new technologies including cloud-native

solutions, composability and the adoption of AI, integrated with

their core and digital banking systems, to increase efficiency.

We have reconfirmed our strategy to deliver above-market

growth, which we already achieved in the first year of our

strategic plan. Our strategy is based around three levers:

extend our leadership in best of suite front-to-back solutions,

enhance our composable core solutions, in particular for tier

1–2 banks in retail and corporate, and accelerate adjacent point

solutions. We have put in place a fully funded investment plan

to deliver on our growth ambition which includes cumulative

gross investments of USD 80–120 million to FY-28, with the

majority of this focused on Research and Development as we

look to accelerate our product roadmap, having already made

significant investments in Sales and Marketing in 2025. This will

be marginally offset by annualized operational efficiencies of

c.USD 10 million by FY-28.

Maintain leverage ratio of 1.0-1.5x

FY-24 F Y-25 Target

Maintain net debt/non-IFRS EBITDA range

of1.0–1.5x

Weighted average interest cost of 3.1%

asof31.12.25

Weighted average debt maturity of 2.9 years

asof31.12.25

Maintain investment grade credit ratings

• S&P BBB- with stable outlook

• Fitch BBB with stable outlook

1.3x

1.2x

1.0–1.5x

Leverage net debt/non-IFRS EBITDA

Sale of Multifonds

In February 2025 we announced the sale of Multifonds for

anenterprise value of around USD 400 million including an

earnout, and the sale process closed in the second quarter of

2025, in line with our strategy to simplify our product portfolio.

FY-28 targets

We raised our FY-28 targets at our Capital Markets Day

inFebruary 2026. The FY-28 targets are as follows:

⚫

Annual Recurring Revenue (ARR) to reach at least

USD1.23billion, increased from at least USD 1.2 billion;

⚫

non-IFRS EBIT to reach c.USD 480 million, increased from

c.USD 450 million; and

⚫

free cash flow to reach c.USD 410 million, increased from

c.USD 400 million.

Final remarks

I was pleased with our execution focus in 2025 which enabled

us to deliver strong financial results. We have built an excellent

foundation for growth in 2026 and beyond, and I am confident

that, with a fully funded investment plan, we will continue

delivering on our strategic roadmap and deliver on our FY-28

growth ambitions.

Takis Spiliopoulos

Chief Executive Officer and Interim Chief Financial Officer

Integrated Report

129Temenos AG Annual Report and Accounts 2025

Financial review continued

Alternative performance measures (APMs)

The performance of the Group is assessed using a variety of

alternative performance measures that are not defined under

IFRS and are therefore classified as non-IFRS. The alternative

performance measures used by the Group are explained

asfollows:

Annual Recurring Revenue (ARR)

Annualized contract value committed at the end of the

reporting period from active contracts with recurring revenue

streams. Includes new customers, upsell/cross-sell and

attrition. Excludes variable elements.

Days sales outstanding (DSO)

Days sales outstanding is the average number of days that

receivables remain outstanding. It has been calculated as the

closing net trade receivables and contract assets at year end

divided by total annual revenue multiplied by 365 days.

USDm 2025

2024

Trade receivables and contract

assets – net 480.9 386.4

Non-IFRS revenue 1,071.1 965.2

Number of days per year 365 365

Days sales outstanding (DSO)

(days) 164 146

1 Figures are proforma, excluding Multifonds.

Free cash flow

Net cash flows from operating activities, cash flows associated

with capital expenditure on non-current assets (property, plant

and equipment, intangible assets and capitalized development

costs), IFRS 16 lease and interest costs.

USDm 2025 2024

Net cash generated from

operating activities 353.8 363.4

Purchase of property, plant

andequipment (4.9) (4.9)

Purchase of intangible assets (3.0) (3.1)

Capitalized development costs (65.1) (70.3)

Lease payment (14.1) (15.1)

Interest received 2.5 2.1

Interest paid (18.1) (25.3)

Payment of other financing costs (7.6) (3.5)

Free cash flow 243.6 243.2

Operating cash flow conversion

Cash generated from operations divided by adjusted IFRS

EBITDA (adjusted to exclude non-recurring specific items).

USDm 2025 2024

Cash generated from operations 398.0 391.3

IFRS EBITDA 374.6 362.1

Adjusted IFRS EBITDA 374.6 362.1

Operating cash flow conversion

(%) 106 108

Disciplined capital allocation

Investment in the business, in particular R&D:

abilityto invest for higher returns organically

Share buybacks to ensure capital efficiency and

enhance shareholder returns

Selective opportunities to support all growth levers

through bolt-on acquisitions

Shareholder returns through progressive dividend

policy reflecting the stability and recurring

businessmodel

Organic investment

Dividends

Selective bolt-on

acquisitions

Share buybacks

Integrated Report

130 Temenos AG Annual Report and Accounts 2025

Leverage

Net debt divided by non-IFRS EBITDA.

USDm 2025 2024

Net debt (565.6) (594.7)

Non-IFRS EBITDA 461.0 441.4

Leverage (ratio) 1.2 1.3

EBITDA*

Earnings before interest, tax, depreciation and amortization

(EBITDA) is defined as operating profit excluding depreciation

of property, plant and equipment and amortization of

intangible assets.

* Reconciled with comparable IFRS measures.

Reconciliation from IFRS to non-IFRS (reported)

– EBIT/EBITDA

USDm 2025 2024

IFRS EBIT 248.0 231.2

Amortization of acquired intangibles 45.0 43.4

Restructuring/M&A-related costs 34.8 29.5

Share-based payment 54.6 50.4

Non-IFRS EBIT 382.4 354.6

IFRS EBIT 248.0 231.2

Depreciation and amortization 126.6 130.9

IFRS EBITDA 374.6 362.1

Restructuring 31.7 28.9

Share-based payment 54.6 50.4

Non-IFRS EBITDA 461.0 441.4

Reconciliation from IFRS earnings to non-IFRS

earnings (reported)

USDm 2025 2024

IFRS EBIT 248.0 231.2

Finance cost – net (32.1) (21.6)

Taxation (55.6) (32.4)

Gain on sale of business 120.3 –

IFRS net earnings (profit) 280.6 17 7.2

Number of shares – diluted (000) 70,200 72,831

IFRS EPS (USD) 4.00 2.43

IFRS net earnings (profit) 280.6 17 7.2

Amortization of acquired intangibles 45.0 43.4

Restructuring/M&A-related costs 34.8 29.5

Share-based payment 54.6 50.4

Acquisition/investment-related

finance cost 16.9 9.3

Gain on sale of business (120.3) –

Taxation (8.5) (24.1)

Non-IFRS net earnings (profit) 303.2 285.8

Number of shares – diluted (000) 70,200 72,831

Non-IFRS EPS (USD) 4.32 3.92

Definitions

Non-IFRS adjustments

Deferred revenue write-down

Adjustments made resulting from acquisitions.

Discontinued activities

Discontinued operations at Temenos that do not qualify as

such under IFRS.

Acquisition/investment-related finance cost

Mainly relates to acquisition and investment-related financing

expenses and fair value changes on investments.

Amortization of acquired intangibles

Amortization charges as a result of acquired intangible assets.

Restructuring/M&A-related costs

Costs incurred in connection with a restructuring program or

other organizational transformation activities planned and

controlled by management, or cost related mainly to advisory

fees, integration, separation, carve-out costs and earn out

credits or charges. Severance charges, for example, would only

qualify under this expense category if incurred as part of a

Company-wide restructuring plan.

Gain/loss from sale of business

Gain or loss from sale of part of the business and contingent

consideration fair value gains/losses.

Share-based payment charges

Adjustment made for share-based payments and social

charges.

Taxation

Adjustments made to reflect the associated tax charge on

non-IFRS profit adjustments mainly on share-based payments,

restructuring costs, deferred revenue write-down, gain/loss

from sale of business, amortization of acquired intangibles and

fair value changes on investment on the basis of Temenos’

expected effective tax rate.

Other definitions

Constant currencies

Prior year results adjusted for currency movement.

Like-for-like (LFL)

Adjusted prior year for acquisitions and movements in currencies.

SaaS

Revenues generated from Software-as-a-Service, reported

inSubscription and SaaS.

Subscription

Revenue from software sold on a subscription basis. License

andmaintenance are recognized separately, with the license

obligation reported in Subscription and SaaS.

Term license

Revenues from sale of on-premise software license on a

fixedterm or perpetual basis. License and maintenance are

recognized separately, with the license obligation reported

asterm license under total software licensing.

Product revenues

Revenues from subscription and SaaS and maintenance

combined, i.e. total revenues excluding services revenue.

Net debt

Total borrowings (current and non-current) and cross-currency

swaps less cash and cash equivalents.

Integrated Report

131Temenos AG Annual Report and Accounts 2025

Principal risks and uncertainties

Maintaining robust

riskmanagement

1st line

Risk ownership

(Functional/business risk owners)

2nd line

Facilitation, oversight

andchallenge

(Enterprise Risk Managementfunction)

3rd line

Independentassurance

(Internal Audit)

At-Temenos, we have developed and implemented an

Enterprise Risk Framework (ERMF), which is aligned with ISO

31000: Risk Management guidelines and establishes the vision,

mission, objectives, scope and approach for managing

enterprise Group-level risks. Our Enterprise Risk Management

function is responsible for operating the framework and

monitoring key enterprise risks. The Enterprise Risk

Management function is overseen by the Group-level Risk

Director, who reports to the Chief Security and Risk Officer.

Governance, roles and responsibilities

We maintain a governance and oversight structure aligned

withthe three lines of defense principles to ensure clear

accountability and transparency in our risk management

activities and reporting. In 2025, we introduced a series of

governance enhancements that will become fully operational

in January 2026. These changes are designed to strengthen

risk ownership and enable more data-driven risk insights

across the organization.

Board

The Board is responsible for reviewing and approving the

Enterprise Risk Management Framework and risk appetite

annually as well as reviewing risk reporting and monitoring

theGroup risk appetite against assessed exposure levels.

Enterprise Risk Oversight Committee

The Enterprise Risk Oversight Committee will transition from a

senior management-led body to one composed of Executive

Committee members. It will continue to be chaired by the

Chief Security and Risk Officer and will remain responsible for

setting the tone at the top for enterprise risk management

within Temenos, monitoring risk exposures against the

approved risk appetite, and developing and overseeing risk

management plans to ensure the organization operates within

defined risk parameters.

Supporting the Enterprise Risk Oversight Committee, a Controls

Oversight Council, made up of senior representatives from key

cross-functional areas, will provide detailed oversight of

progress on the controls associated with key enterprise risks.

Enterprise Risk Management function

The Enterprise Risk Management function reports to the Chief

Security and Risk Officer and is responsible for the design,

development, implementation and management of the

Enterprise Risk Management Framework including developing

enterprise risk taxonomies, facilitating various risk

assessments, monitoring and aggregating risk exposure levels,

preparing Group-level risk reporting and risk appetite

monitoring to management and the Board and facilitating key

risk management activities. The Enterprise Risk Management

function represents the second line of defense within the

threelines of defense risk management structure and is

responsible for performing an independent challenge over

riskmanagement activities taken by various risk owners.

Risk owners

Risk owners are defined within the enterprise risk taxonomy

and are accountable for managing risks within their areas of

responsibility as the first line of defense. Risk owners are

responsible for risk identification, risk assessment and risk

management activities, including the development and

implementation of risk management plans and strategies

where assessed risk levels are outside of the defined

Group-level risk appetite.

Executive management and governance committees

Independent Enterprise Risk

Management team that designs,

develops, implements and

manages the ERMF and provides

an independent review and

challenge of first line risk

management efforts

Risk owners within the

organization responsible for

managing the risks within agreed

upon appetite and implementing

risk management strategies

Independent review of the ERMF

and first line risk management

efforts and the Enterprise Risk

Management function; provides

assurance to the Board and

senior management that ERMF

objectives are met

Board

Integrated Report

132 Temenos AG Annual Report and Accounts 2025

Risk-management process

The following diagram highlights the risk management

processes used to identify, assess, monitor, mitigate and

report on key risks.

⚫

Context-and risk appetite – The basis for developing the

Enterprise Risk Management Framework involves aligning

strategic business objectives with risk management

strategies, tools, capabilities and priorities. Risk management

identification will start by understanding business objectives

and context within which risks exist. At this stage risk

appetite levels are also agreed for a defined set of risk

categories which will be used for specific risk identification.

⚫

Risk identification – We have a process to identify and

define key enterprise-level risks, aggregate risks within the

Group risk taxonomy to ensure alignment between risk

management activities, risk monitoring and reporting and

assess risk exposure against defined risk appetite.

⚫

Risk assessment – Risk assessments are conducted

regularly across the organization at various levels of detail

and granularity to assess inherent risk levels, map risks to

controls and assess residual risk levels within Temenos. The

identification and assessment of risks cover a wide range of

risk types such as strategic, operational, ESG, compliance,

legal, human capital, product, technology and financial risks.

⚫

Risk response – Risk management response strategies

involve risk mitigation, risk transfer, risk avoidance and risk

acceptance.

⚫

Risk monitoring and review – We aggregate and monitor

risks on a quarterly basis to determine if the organization is

operating within the defined risk appetite. To the extent that

risks are identified and assessed that are outside of the

defined risk appetite levels, action plans are developed,

monitored and tracked to ensure residual risk levels remain

aligned with the Group-level risk appetite.

⚫

Risk reporting – Risks are reported regularly to the Board

and the Enterprise Risk Oversight Committee. Risk reporting

includes aggregated Group-level risks, risk heatmaps and

monitoring aggregated risk exposure levels against risk

appetite to ensure effective awareness and oversight of risk

impact for Temenos. Management action plans are included

within risk reporting as needed to ensure effective oversight

over risk mitigation activities.

⚫

Risk escalation – In instances where a significant deviation

occurs between the agreed upon business risk appetite and

current risk exposure levels (as identified through various

risk management monitoring capabilities outlined above),

risks will be escalated utilizing the risk governance structure.

Internal controls

In addition to the Enterprise Risk Management Framework,

there is also a robust internal control system in place for

financial reporting and key operational and fraud risks that

goes beyond statutory requirements. All relevant risks are

identified, formally assessed and documented. For each risk,

we have implemented specific controls and mitigation plans

and these are documented in formal risk and control matrices,

which are subjected to annual reviews and updates. The

effectiveness of the controls is subject to independent review

and testing by both internal and external audit.

While it is management’s responsibility to design, implement

and operate effective risk management practices and controls,

it is the role of Group Internal Audit to evaluate the

effectiveness of risk management and internal controls, assess

compliance with policies and procedures and provide

assurance to senior management and the Board of Directors

on their overall effectiveness.

To ensure the independence and objectivity of Internal Audit,

the Group Head of Internal Audit reports functionally to the

Audit Committee. The role, responsibilities and authority of the

Head of Internal Audit and the function are set out in the

Internal Audit Charter, which is reviewed and approved

annually by the Committee. All Temenos employees,

contractors, Partners and suppliers are required to cooperate

fully with Group Internal Audit when requested and to provide

access to all records, property and personnel, as required.

Insurance

Temenos’ corporate insurance team manages all global

policies. The main global policies provide coverage across core

business areas such as professional indemnity liability (errors

and omissions), cyber liability insurance, crime insurance,

global travel and directors’ and officers’ insurance.

As with any large organization, Temenos strives to secure that

its activity, offices and employees are adequately covered,

given the liability exposure and the insurance market

capacities.

Temenos counts on reliable insurance Partners; hence, most of

Temenos’ insurance providers are A or A+ AM Best rated

companies.

Across the various legal jurisdictions in which Temenos

operates, compliance with the local legal requirements is

ensured by holding certain insurance policies such as workers’

compensation policies and third party liability, employees’

health and accident benefits protection.

Temenos’ local offices manage their legally required policies

with oversight and review by Group management. Each office

and Temenos entity is insured against property damage,

business interruption and public liability risks. Information and

IT infrastructure is also covered by regional and/or local

policies.

Escalation

Monitoring and review

Context and

riskappetite

Risk

identification

Risk

assessment

Risk

response

Recording and reporting

Integrated Report

133Temenos AG Annual Report and Accounts 2025

Principal risks and uncertainties continued

Risks to achieving our strategic objectives

Risk Potential impact Mitigation activities

Breach of

regulatory

obligations

⚫

Adverse client

reaction

⚫

Sales impairment and

reduced revenues

⚫

Regulatory sanctions

and fines

⚫

Reputational damage

⚫

Regulatory Change Management Framework in place to monitor,

assess,identify and implement applicable regulatory requirements

andmaintain compliance.

⚫

The framework continues to evolve in response to increasing regulatory

scrutiny, including new requirements on operational resilience, cybersecurity

and AI, with enhancements such as automated regulatory horizon scanning,

an integrated GRC framework that centralizes regulatory and contractual

obligations and links them to risks and controls, and a dedicated AI

governance process to ensure all internally developed AI solutions comply

with Temenos AI principles and applicable regulatory requirements.

⚫

Regulatory compliance capabilities continue to mature as the legislative and

regulatory landscape evolves and new requirements are implemented.

⚫

We have shifted from reactive to preventive compliance through a data-

driven assurance program that embeds compliance into business

workflows, uses operational data to monitor key indicators, and aligns

regulatory obligations with control testing, risk metrics and internal audit,

with priority given to areas of recent regulatory change.

Product defects

and/or security

vulnerabilities

⚫

Adverse client reaction

⚫

Sales impairment and

reduced revenues

⚫

Financial loss

fromliability

claimsor increased

warranty costs

⚫

Reputational damage

⚫

Robust Secure Software Development Lifecycle (SSDLC) and program

whichdrive strong security culture across development and operations

teams inplace.

⚫

Quality and product security assurance teams which are independent

functions test adherence to secure practices.

⚫

Temenos products undergo comprehensive security testing covering source

code reviews, malicious code and run time vulnerabilities both internally

and using external reputed third party firms at least annually.

⚫

New vulnerabilities are monitored using automation as they emerge, and

analysis is performed to measure the impact on Temenos products, if any.

Products are patched and updates provided as priority to mitigate security

risk in case of new vulnerabilities.

⚫

Supply chain vulnerability management program was enhanced through

automation, enabling timely vulnerability detection and the upgrading of

affected components prior to market release.

⚫

Strengthened the gathering of security requirements through

Non-Functional Requirements (NRFs) at the product level and checked their

implementation periodically, thereby reducing the overall security-related

vulnerabilities.

Inability to attract

and retain the

talent needed for

strategy delivery

⚫

Business, operating

results and financial

condition impairment

⚫

Compensation, incentives and recognition programs are utilized to align staff

efforts to organizational objectives and to enable effective recruitment and

retention; these are reviewed regularly and adjusted as necessary.

⚫

Employees receive a range of training and development to ensure they

havethe necessary skills to perform their duties and to develop their

careers within Temenos.

⚫

Various CSR initiatives are in place to demonstrate our commitment to

apurposeful workplace.

⚫

Career and succession planning is reviewed regularly to provide for

continuity of operations and mitigate key person risk.

⚫

Temenos has undergone a thorough reassessment of its job architecture

toensure it remains purpose-fit as the organization’s skill needs and talent

priorities evolve in line with strategic growth plans. This work is

strengthening clarity, consistency and transparency across the workforce.

Furthermore, Temenos is investing in an advanced talent management

platform that will provide real-time visibility into people and skills data,

supporting more agile, data-driven capability development and workforce

deployment across the business.

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134 Temenos AG Annual Report and Accounts 2025

Risk Potential impact Mitigation activities

Breach of

law(s),litigation

and intellectual

property

infringement claims

⚫

Adverse effect on

theGroup’s

reputation, business,

operating results and

financial condition

⚫

Litigation costs and

payment of fines and/

or damages

⚫

Significant spend

ofmanagement

resources/time

⚫

Discontinuation of

theuse of challenged

trade names or

technology

⚫

Temenos’ legal team is aligned to business operations and involved early

indecisions which may incur legal implications. The team regularly reviews

andupdates all contract templates to ensure that Temenos’ contractual

liabilities are managed and limited appropriately, to the extent possible.

⚫

The legal team further reviews and provides guidance on all non-standard

client, Partner and supply contracts to ensure that these also align to local

commerce laws and regulations.

⚫

In 2025, the legal team put a special focus on training all regional sales

teams, in addition to the mandatory annual compliance trainings.

⚫

Specific policies and procedures are in place to ensure compliance

withexport control and sanctions, anti-corruption and bribery,

anti-moneylaundering, data protection and privacy regulations and

otherapplicable legislation.

⚫

Group-level controls, compliance policies and procedures are in place to

manage risk of potential breach of legal or regulatory requirements through

general operations, such as breach of listing requirements or Group-level

legal requirements.

⚫

Temenos maintains robust controls in relation to intellectual property,

including ensuring we obtain all required warranties from our contractual

counterparties. To the best of our knowledge its software products do not

infringe upon the intellectual property rights of any third parties and

Temenos has secured all the rights required to utilize intellectual property

owned by third parties (for example Microsoft) as currently done in the

conduct of its business.

Unauthorized

useofTemenos’

intellectual

property

⚫

Adverse effect on

theGroup’s

reputation, business,

operating results and

financial condition

⚫

Significant financial

and management

resources cost to

enforce Temenos’

proprietary rights

⚫

Secure Source Code Management Policy and procedures in place.

⚫

Regular training in relation to source code protection in place for all

relevantemployees.

⚫

Intellectual property clauses are included in all contracts with customers,

partners, vendors and any other third party.

Unforeseen events

delaying client

implementations

⚫

Adverse

clientreaction

⚫

Late revenues

⚫

Reputational damage

⚫

Temenos focuses heavily on training the staff and partners responsible for

implementation of software to ensure a strong mix of qualified project

managers and technical product expertise. Temenos ensures the adequacy

of skills through requiring certification of staff and partners in Temenos

Implementation Methodology and products. Our provision of the Temenos

Learning Community (TLC) shows our ongoing commitment to this area.

⚫

Implementation teams are also trained to identify and effectively manage

any unforeseen events and a suite of risk management tools is used to

monitor and track potential issues which may adversely impact the

successful installation of software. Project governance boards are held

regularly to oversee the delivery of the implementation against milestones.

⚫

Temenos Implementation Methodology is periodically reviewed and updated

in order to maintain high standards for Temenos staff and partners.

Identified initial project risks receive an increased level of review and

analysis in order to more effectively mitigate and monitor them throughout

the life of the implementation project.

Integrated Report

135Temenos AG Annual Report and Accounts 2025

Principal risks and uncertainties continued

Risk Potential impact Mitigation activities

Unauthorized release of

confidential, personal or

otherwise protected

information and

corruption of data,

networks or systems

⚫

Business disruption

⚫

Reputational damage

⚫

Loss of business

⚫

Regulatory sanctions and fines

⚫

Liability and financial losses

⚫

Harm to individuals or property

⚫

Cybersecurity oversight is exercised at multiple levels. The

Security and Privacy Committee, chaired by the Chief Information

Security Officer and reporting to the Chief Security and Risk

Officer, provides Group-level governance. Board-level oversight is

maintained through the Technology, Innovation & Cybersecurity

Committee. In 2025, the Committee’s mandate was strengthened

to include quarterly reviews of cyber risk metrics, vendor access

controls and privileged account management.

⚫

Security assurance is embedded across core business

processes, including project qualification, procurement,

product development and Temenos SaaS delivery.

Vulnerability management processes operate continuously

and adhere to strict remediation timelines. Internal audits

andindependent third party certifications reinforce the

robustness of our cybersecurity framework.

⚫

Temenos has enhanced its data protection program by

deploying sensitivity labeling across information assets.

Thishelps ensure sensitive data is classified and handled

according to corporate policies. Data loss prevention (DLP)

policies monitor unauthorized sharing or exfiltration of

sensitive data across endpoints, email and cloud services.

These measures strengthen our layered defense against

dataloss and insider threats.

⚫

Employees and consultants are required to comply with

security policies and requirements established by Temenos

and receive appropriate training so that the concept of

security is deeply rooted throughout Temenos. As part of

duediligence, Temenos ensures that partners have robust

security and compliance policies and training.

⚫

Temenos will take appropriate action against those who violate

cyber assurance policies. Employees may also incur personal

legal liability for violation of relevant laws and regulations.

⚫

The physical IT infrastructure is keptsecure through

standardized general IT controls across Temenos in line with

best practice standards.

⚫

Temenos has established an ISO 22301:2019-aligned Business

Continuity Management (BCM) Program to ensure operations can

resume efficiently and cost effectively after major disruptions.

Following significant organizational restructuring, Temenos is

refreshing and integrating its BCM approach by updating

assessments from office-based to global/regional business unit

Business Impact Analysis (BIA) and Business Continuity Plans

(BCPs), strengthening continuity and recovery capabilities by

incorporating corporate IT systems and supplier services and

improving engagement, training and testing through expanded

BIAs and BCPs that now include IT disaster recovery tests and

realistic multi-BCP incident simulations.

⚫

Temenos holds an annually renewed SSAE18 – SOC 1 Type 2,

SOC2Type2 and SOC 3, along with a Cloud Security Alliance

(CSA) CloudControls Matrix (CCM) STAR Level 2 compliance

attestation. Duringthe year, we have also achieved adherence

tothe EU Cloud Codeof Conduct Level 2. In addition, ISO 9001,

ISO27001, ISO 27017, ISO 27018, ISO20000-1 and ISO 22301

certifications provide a greater degreeofassurance to clients.

Temenos also includes in its independentcompliance validation

program the certification of theAzure, AWS and Kony

infrastructure against the Payment Card IndustryDataSecurity

Standard (PCI DSS). We have also introducedadata-driven

compliance assurance program, whereweuseoperational

datato monitor compliance indicators, embedcompliance

checks into business workflows and link incidentsand near-

misses back to obligations.

Integrated Report

136 Temenos AG Annual Report and Accounts 2025

Risk Potential impact Mitigation activities

Foreign exchange

and/or interest

ratefluctuations

⚫

Additional costs from operating

expenses incurred in currencies

other than US dollars

⚫

Group’s interest expense increases

from financing arrangements,

reducing Group cash flow

⚫

Adverse effect on Temenos’

financial condition and results

ofoperations and on the

comparability of its results

between financial periods

⚫

Temenos makes efforts to mitigate its foreign exchange risk

by aligning its revenue streams to currencies that match its

cost base and hedges most of the material residual exposure

using derivative instruments.

⚫

Temenos uses a combination of various techniques to

protectagainst currency and interest rate fluctuations

including using derivatives to mitigate the risk when it is

deemed to be significant in compliance with the terms of

Temenos credit facilities.

Failure to maintain and

expand sound strategic

partnerships and/or

reputational issues

arising from them

⚫

Adversely affects Temenos’

products and services

⚫

Negatively affects the results of

operations and financial condition

⚫

Reputational damage

⚫

Robust Partner governance arrangements in place including

due diligence and ongoing performance monitoring.

⚫

Temenos Learning Community membership license and

certification in place for implementation partners.

⚫

Ongoing assessment of current Partner coverage.

Service providers/third

parties fail to deliver

contractual obligations

and/or reputational

issues arising from them

⚫

Business disruption

⚫

Reputational damage

⚫

Negatively affects the results of

operations and financial condition

⚫

Global Procurement Policy and processes in place, including

Supplier Code of Conduct.

⚫

Standardized programs and processes to manage critical cloud

service providers that compose the Temenos cloud ecosystem.

⚫

Service Level Agreements, business continuity plans and exit

strategies for the most critical vendors are assessed annually.

⚫

AI Committee and AI & Data Design Authority established

toreview implications of any AI purchases as required by

AIregulation.

⚫

Group Compliance runs regular sanction and adverse media

checks on all Temenos third parties.

Failure to comply with

regulation and reporting

requirements in relation

to climate biodiversity

and sustainability

matters and failure

tomeet stakeholders’

expectations

⚫

Legal penalties, fines, taxes and

regulatory scrutiny, resulting in

stringent audits and

investigations, and operational

disruptions, as regulatory bodies

may impose corrective measures

⚫

Adverse impact on the demand

for our products, our ratings in

sustainable investment indices

and our corporate reputation,

resulting in reduced growth

andprofitability

⚫

As part of our environmental responsibility and climate change

strategy, we have set up an internal Company-wide mechanism,

in order to measure, monitor and report on our global impact.

⚫

We monitor environmental regulations, trends and other

related governmental developments in the countries we

operate in and take proactive actions.

⚫

We communicate our environmental responsibility and

climate strategy to all our stakeholders and raise awareness

internally and externally.

⚫

Through our cloud and SaaS product offering, we help our

clients integrate environmental sustainability into their

business strategies, by enabling them to reduce their

environmental impact, as well as helping their customers

track their environmental footprint.

⚫

We participate in global efforts to improve environmental

protection and understanding and align with the United

Nations’ global agenda for sustainable development.

⚫

We ensure that our clients, suppliers, partners and

contractors are committed to following our environmental

policies and setting environmental targets, by conducting

sustainability risk assessments as well as audits and

reportingannually to the Board of Directors.

B Refer to the Sustainability Report on page 28 and the Temenos TCFD Report

for furtherdetails

Failure to acquire,

integrate and/or derive

the desired value of

targeted businesses

and/or assets

⚫

Unforeseen operating difficulties

and expenditures, impairment or

losses adversely affecting

Temenos’ business, results of

operations and financial condition

⚫

Mergers and Acquisitions (M&A) Risk Management Policy and

M&A Integration Playbook to guide process and integration

efforts are in place.

⚫

In case there is a perceived fit of an acquisition opportunity,

an M&A Steering Committee will be put in place to oversee

the M&A process.

Integrated Report

137Temenos AG Annual Report and Accounts 2025

Identification of emerging risks

involvestaking a broader approach

torisk identification where potential

risks are identified that have the

possibility of impacting Temenos in the

three to five‑year range and developing

proactive risk management strategies to

minimize potential business impact.

Emerging risks are taken into consideration as part of our

Enterprise Risk Management Framework. The following are

considered important in developing a forward-looking

approach to manage risks that could impact Temenos.

20252024

Emerging risks

Risks associated with Artificial Intelligence (AI)

(nextthree years)

As AI technologies continue to mature and their use

becomes more widespread, there is increasing clarity

around their potential adverse impacts on individuals,

businesses, ecosystems and economies. At the same time,

the pace of innovation and evolving use cases mean that

AI-related risks remain emerging in nature. These risks

include the potential for unfair or discriminatory outcomes

where biases in data or model design are propagated;

limitations in transparency or explainability of automated

decision making, which may erode trust and hinder

accountability; workforce disruption in certain roles as

automation increases; evolving security threats, including

the risk of malicious manipulation of inputs or exploitation

of model vulnerabilities; heightened privacy and data-

protection concerns arising from the large volumes of data

required to train and operate AI systems; and environmental

impacts associated with increased computational and

energy requirements.

Potential business impact

While Temenos’ governance and control

measures continue to evolve, AI-related

risks are expected to further materialize

over the next three years as adoption

scales and regulatory expectations

continue to develop. If not appropriately

managed, these emerging risks could

impact Temenos’ market position and the

delivery of its strategic growth plans.

Mitigation measures

Temenos will continue to review and enhance its AI management

processes and product offerings as AI technologies, use cases and

regulatory expectations evolve. This includes strengthening risk

management activities across the development, deployment and

use of AI, both within internal operations and across the product

suite; ongoing regulatory horizon scanning and analysis of emerging

laws, standards and supervisory expectations to support effective

and timely compliance; periodic review and update of contractual

documentation where appropriate; and the continued development

of clear and proportionate product documentation to support

client understanding, governance requirements and expectations.

Principal risks and uncertainties continued

Integrated Report

138 Temenos AG Annual Report and Accounts 2025

2028 2030

Frontier technologies integration challenges

(threetofiveyears)

As new technologies such as augmented and virtual reality,

quantum computing and others emerge, we may face

integration challenges. Keeping up with these technologies

and seamlessly integrating them into existing platforms

may be complex, expensive and time consuming. In

particular, advances in quantum computing could impact

the security of cryptographic methods used in products and

services, creating potential vulnerabilities.

While not identified as an immediate risk impacting the

business, this risk is expected to further materialize within

the next three to five years and could affect Temenos’

market position and the delivery of strategic growth plans

ifnot appropriately monitored and managed.

Potential business impact

The inability for Temenos to

successfully integrate new

technologies into its offerings may

lead to client erosion, reduced

confidence in product security,

and loss of market share.

Mitigation measures

We will continue to invest in R&D to ensure that we can effectively integrate

new technologies into our offerings where it is believed to be beneficial for

our clients to ensure they can benefit from the latest technological

developments. Temenos is building an inventory of all cryptographic assets

and protocols in use. AES-256 and SHA-384/512 encryption standards are

being used for enhanced long-term security.

Integrated Report

139Temenos AG Annual Report and Accounts 2025

N T

Thibault de Tersant

Chairman, Non-Executive Director

Nationality French

Experience Thibault de Tersant has been the Chairman of the

Board of Directors since May 2023. He was a member of the Board

of Dassault Systèmes from 1993 until July 2020 and he was CFO

from 1988 until 2018. He was named Senior Executive Vice President

and General Secretary in January 2018. During his tenure at Dassault

Systèmes, Thibault, who, as CFO, managed an organization in charge

of finance, legal, sales administration, pricing, contracts negotiations,

internal control and M&A, conducted more than 80 successful

acquisitions totaling around USD 5 billion. He oversaw Dassault

Systèmes’ successful initial public offering on the Paris and Nasdaq

stock exchanges in 1996, as well as a secondary offering in 1997.

Thibault is responsible for corporate structure and governance and

compliance and oversees various Dassault Systèmes businesses. He

is a member of the strategic committee of Numspot, a joint-venture

in the domain of sovereign cloud where Dassault Systèmes has an

equity stake. He is also Chair of the Dassault Systèmes Ethics

Committee and Chairman of the Dassault Systèmes Foundation. He

is also a member of the Board and Bureau of the Semaines Sociales

de France, a non-profit association. He has more than 35 years of

experience in the software industry. Thibault is also a member of

the Board and Executive Committee of Numeum, the French

syndicate of companies working in the digital domain. Thibault is a

graduate of the ESSEC Business School and of the Institut d’Études

Politiques de Paris.

Cecilia Hultén

Vice-Chair, Independent and Non-Executive Director

Nationality Swedish

Experience Cecilia Hultén is a distinguished business leader with

a career spanning over two decades in the financial industry. Her

experience includes executive roles at major institutions such as

UBS and Nordea, where she developed strong financial acumen

and expertise in building international businesses within capital

markets. Cecilia has transitioned from a global banking executive

to a prominent entrepreneur, investor and Board member. Her

focus has shifted to transformative businesses addressing

real-world challenges. Cecilia’s venture portfolio holds investments

in the fintech, tech and health tech sectors. Of her portfolio

companies, she is on the Board of kompasbank, a pan-European

neo-bank for SMEs, and Cbio A/S. In 2023, she successfully exited

her investment in Hejdoktor, a digital healthcare provider, following

its acquisition by a strategic investor. She has co-founded two

companies: a biotech company in 2019, Cbio A/S, a next-generation

T-Cell therapy company now a clinical-stage company, and a data

management company commercializing a project from MIT’s

fintech program, where she has taken the role of CFO. Cecilia holds

a BSc from the Gothenburg School of Economics and studied on

the Stern School of Business MBA program at NYU. Additionally,

Cecilia spent five years as an executive coach at Stanford Graduate

School of Business in Corporate Innovation in its LEAD program,

where she graduated. Acknowledging the importance of

Sustainability matters, Cecilia is also acting as the Board executive

sponsor for Sustainability and ESG matters and is the Chair of the

Nomination, Compensation & Sustainability Committee.

T N

N T

Focused on delivering

shareholder value

Key

Audit Committee

Nomination, Compensation

& Sustainability Committee

Technology, Innovation &

Cybersecurity Committee

Chair of the Committee

Board of Directors

140 Temenos AG Annual Report and Accounts 2025

Corporate Governance

Maurizio Carli

Independent and Non-Executive Director

Nationality Italian

Experience Maurizio Carli served as strategy advisor to VMware

until July 2020, a position he held after stepping down as Executive

Vice President, Worldwide Sales and Services for VMware early in

2020. Prior to this global role, Maurizio served as Corporate Senior

Vice President and General Manager for two of VMware’s three

sales regions between 2008 and 2015. He was Senior Vice

President and General Manager, EMEA at Business Objects prior to

joining VMware. In his early career, Maurizio served in a number of

leadership positions in sales, marketing and global strategy at IBM

between 1984 and 2002. Maurizio currently serves as a Board

Director for Board International (Switzerland). He previously served

as an independent Board member for Telecom Italia (2021–2024),

Blue Prism (2021–2022) and Telecity Group (2011–2016) and as a

Board member for the newly launched European Software

Association (2005–2006). Maurizio holds a Bachelor of Science in

Electronic Engineering from Politecnico di Milano, Italy, where he

graduated with honors.

Xavier Cauchois

Independent and Non-Executive Director

Nationality French

Experience Xavier Cauchois has over 40 years of experience in the

technology sector. Until May 2018 he was a senior Partner at PwC

in France where he started and spent over 35 years, combining

auditing and advisory activities. There, he supported French and

international clients, startups, mid-sized companies and large

groups in their growth, specializing in the technology,

telecommunication and media sector, and as such brings a deep

knowledge of accounting, auditing and associated regulatory

aspects to the Board of Directors. Xavier held several management

responsibilities and was Head of PwC Europe and France in the

technology sector until 2009 and a member of the Global Strategic

Committee for Audit from 2005 to 2008. He was a member of the

France Executive Committee in charge of Partners and Strategy

from 2013 to 2016 and an independent Director of Technicolor

Creative Services until 2023. He is currently an independent

Director of Dassault Systèmes. Xavier is a graduate from the ESCP

Business School and is a French Chartered Accountant.

Laurie Readhead

Independent and Non-Executive Director

Nationality American

Experience Laurie Readhead, recently retired, is a highly skilled

senior global banking and finance executive with over 30 years of

experience at Bank of America. Her responsibilities within the

Consumer Banking business and her roles as Chief Financial Officer

for Consumer Banking and Chief Financial Officer for Global Capital

and Investment Banking provided a deep understanding of business

drivers and were key in the accomplishment of business outcomes.

Most recently she was the Chief Data Officer leading a USD 1.5 billion

transformation of the bank’s data management capabilities.

Additionally, her work included the establishment of an enterprise

Artificial Intelligence (AI) governance function, focused on ensuring

effective risk management in the design and deployment of AI

solutions. Responsibilities as Chief Financial Officer for Consumer

Banking and Global Capital and Investment Banking included

accountability for all business financial planning and reporting. In her

various roles, Laurie engaged with the Bank of America Board and its

Audit, Finance and Risk Committees to provide strategic and

operational updates. Laurie’s passion for diversity and inclusion (D&I)

drove her Chief Executive Officer appointment as Vice Chair for the

Corporate Global Diversity and Inclusion Council, responsible for

coordinating D&I efforts across the bank. Laurie was also an active

sponsor of various employee networks, including LEAD, for women,

and HOLA, supporting the bank’s Hispanic workforce. Laurie serves on

the United Negro College Fund (UNCF) Board. She chairs its Audit

Committee and is a member of its Executive, Finance and Nominating

Committees. She also serves as an executive advisor to the EY Tech

Icons Council. She held Charlotte non-profit Board roles with the

Arts & Science Council and Girl Scouts, serving on their Strategic

Planning Committees. Laurie graduated from the University of

Arizona with a BA in Accounting.

Michael Gorriz

Independent and Non-Executive Director

Nationality German and Spanish

Experience Michael Gorriz has been shaping IT organizations for

over 20 years with deep technical expertise, business mindset and

empathetic leadership. He has now dedicated himself to innovative

companies which use technology to improve our lives and serves as

a Board member of technology and financial companies. From 2015

to 2021, Michael has served as the Chief Information Officer for

Standard Chartered Bank and was a member of the management

team. He was globally responsible for systems strategy,

development and the operation of the technical infrastructure.

Michael laid the foundations of the bank’s digital and innovation

agenda including a cloud-first strategy. In 2000 he joined the IT

management team of DaimlerChrysler and was Vice President and

Chief Information Officer of Daimler AG from 2008 to 2015. In this

role he was globally responsible for strategy, planning and

development of the Daimler Group’s IT systems, as well as the

operation of its technical infrastructure. Michael is currently a

member of the Supervisory Board of Commerzbank AG, Frankfurt

(since 2025) and a member of the Advisory Board of SITS,

Luxembourg (since 2022, a European Cybersecurity consulting

company). Former board mandates include Audax Financial

Technology Pte Ltd (2023–2025, a digital banking technology

solutions provider in Singapore), Mox Bank Ltd (2019–2025, a leading

virtual bank in Hong Kong) and Mercedes-Benz Automobile Finance

Co., Ltd (2022–2025). Michael holds a diploma in Physics from the

University of Freiburg and obtained a PhD in Engineering from the

University of Stuttgart.

Felicia Alvaro

Independent and Non-Executive Director

Nationality American

Experience Felicia Alvaro has over 30 years of finance executive

leadership experience. She previously served as Chief Financial Officer,

EVP and Treasurer for Ultimate Software (Nasdaq: ULTI), a leading

global provider of human capital management (HCM) solutions in the

cloud, from 2018 until her retirement in 2020, a period during which she

oversaw the company’s transition in 2019 from a publicly traded

company to a privately held company. Felicia joined Ultimate Software

as Vice President of Finance in 1998, shortly after the company’s IPO.

During her 22-year tenure at Ultimate Software, she was responsible

for the company’s accounting, finance, privacy, risk and compliance,

financial planning, tax, treasury and financial systems teams.

Previously, Felicia spent 11 years in finance and accounting positions at

Alorica, previously Precision Response Corporation (1997–1998), Pueblo

Xtra International (1991–1997) and KPMG (1987–1990). Felicia currently

serves as an Independent Director and Audit Committee Chair of

Ingram Micro (NYSE: INGM), a leading technology company for the

global information technology ecosystem. Additionally, Felicia serves as

an Independent Director and Audit Committee Chair for McGraw Hill

(NYSE: MH), a leading global provider of education solution for preK-12,

higher education and professional learning. Former board mandates

include ServiceMax (US, 2021–2022 when the company was sold to

PTC) and Cornerstone OnDemand (NASDAQ: CSOD) (2020–2021 when

the company was sold to Clearlake Private Equity, taking the company

from public to private). For both these former board mandates, Felicia

served as Audit Committee Chair. Felicia holds a Bachelor of Science in

Accounting from Southeastern Louisiana University and is a Certified

Public Accountant in Georgia.

141Temenos AG Annual Report and Accounts 2025

Corporate Governance

Executive Committee

Takis Spiliopoulos

Chief Executive Officer and interim Chief Financial Officer

Nationality Greek

Experience Takis Spiliopoulos is Chief Executive Officer and

interim Chief Financial Officer of Temenos AG. Takis joined

Temenos as Chief Financial Officer in March 2019. He was

appointed interim Chief Executive Officer in September 2025, and

became Chief Executive Officer and Interim Chief Financial Officer

in December 2025. Before joining Temenos, he was Head of

Research and a member of the investment banking management

team at leading Swiss bank Vontobel, where he successfully built

the #1 franchise in Swiss equities over the last ten years, as

recognized by Thomson Extel. Over the course of this employment

he advised clients on capital market transactions including the

successful execution of several IPOs. He advised institutional

clients as key opinion leader on technology investments. Before

that, he led the technology research practice at the same bank

andhad the lead on numerous capital market transactions. Before

joining Vontobel in 2001, Takis was Head of Investments and a

member of the Executive Management Board at a venture capital

technology company where he was responsible for due diligence,

company valuation, investment proposals, deal negotiations and

set-up of deal structure. Before switching to the investment side

in1999, Takis worked as a management and technology consultant

for leading international players, including, among others,

Accenture (formerly Andersen Consulting, where he started his

career in 1995), advising financial institutions on strategy and

information technology matters, including the implementation

ofnew processes and applications. Takis holds a Master’s degree

in Computer Science and Business Economics from the Swiss

Federal Institute of Technology (ETH Zürich), Switzerland. He

alsoholds an Executive MBA and a degree in Financial Analysis

(CEFA/EFFAS).

Focused on delivering

shareholder value

142 Temenos AG Annual Report and Accounts 2025

Corporate Governance

Barb Morgan

Chief Product and Technology Officer

Nationality American

Experience Barb Morgan is Chief Product and Technology Officer

at Temenos. She leads the Product, Technology, Security and Risk

organizations, with accountability for delivering a secure, resilient,

and cloud-native banking platform. Barb drives customer success

by ensuring innovation, regulatory compliance, and operational

excellence are embedded into Temenos’ products, with a strong

focus on AI-enabled capabilities, automation, and modern cloud

architecture. Barb brings more than 25 years of experience leading

global product, technology, and risk-aware organizations across

banking and financial services. She has a proven track record of

integrating artificial intelligence, data, cloud and security-by-design

practices into complex platforms to improve reliability, speed of

delivery, customer trust and market adoption. She is a recognized

industry leader and award recipient for her contributions to

large-scale technology transformation and innovation. Prior to

Temenos, Barb served as Group Head of Product for Data and

Analytics at London Stock Exchange Group (LSEG), where she led

the strategic Microsoft-LSEG partnership. Before LSEG, she was

Chief Technology Development Officer at Fidelity National

Information Services (FIS), leading global payments and banking

product engineering with deep expertise in security, resilience, and

US financial technology markets. Earlier in her career, Barb held

leadership roles at Capital One, Boeing, and Lucent Technologies.

In addition to her executive career, she has served on boards

across volunteer organizations, venture-backed companies and

private-equity-backed firms. Barb holds a Bachelor of Science in

Computer Science from the University of Central Oklahoma.

William Moroney

Chief Revenue Officer

Nationality Irish

Experience William Moroney (“Will”) is Chief Revenue Officer at

Temenos, leading the Company’s global commercial strategy and

driving meaningful value for banks around the world. In his role, he is

responsible for Temenos’ worldwide revenue performance, execution

and customer delivery, overseeing the end-to-end Sales, Go To Market,

and Services organizations. Will also has responsibility for Temenos’

Partner ecosystem, championing deeper collaboration and shared

innovation to deliver greater impact for banks of every size. Will joined

Temenos in 2020 to lead the Middle East & Africa business, before

taking on broader responsibility for strategy, P&L, and growth across

Europe, the Middle East & Africa, and Asia Pacific. His experience gives

him a unique global perspective on the challenges and opportunities

facing modern banks, and how technology can accelerate their

transformation. Will has built a career helping financial institutions

modernize, compete and win. He has more than 25 years of leadership

experience in global banking technology, across international core

banking, technology and outsourcing organizations. He holds a

Bachelor’s degree in Business Studies from the University of Limerick,

majoring inAccounting and Finance with a minor in Information

Technolog y.

Jayde Tipper

Chief People Officer

Nationality British

Experience Jayde Tipper is Chief People Officer, responsible for

leading the all-important people-related functions, including Talent

Acquisition, Talent Development, Total Rewards and Diversity,

Equity and Inclusion. Jayde joined Temenos in 2015, initially in HR

business partnering, then led Talent Acquisition and Executive

Hiring globally before moving to own our end-to-end people

strategy. Jayde is passionate about helping to make Temenos a

place where all our Temenosians can feel proud, happy and fulfilled

with the work they do. Jayde holds an MSc in International Human

Resource Management and an MBA from London Business School.

Deirdre Dempsey

Chief Legal Officer

Nationality Swiss

Experience Deirdre Dempsey is Chief Legal Officer. Deirdre joined

Temenos in 2001 as Legal Counsel, was General Counsel between

2008 and 2019 and has been Chief Legal Officer since 2020. Prior to

joining Temenos, Deirdre was Legal Director for Interbrand Wood in

Switzerland, where she was responsible for the review of trademarks

for pharmaceuticals and related regulatory matters. Deirdre also

spent several years as a jurist working in law firms in San Francisco

and New York, mainly in the litigation field. Deirdre holds an LL.B.

(Hons.) from Trinity College, University of Dublin (1994), and a

Master’s Degree in Law (LL.M.) from the University ofSan Francisco

(1997). Deirdre was admitted to the New York Bar in 1999.

143Temenos AG Annual Report and Accounts 2025

Corporate Governance

Board of Directors

Main responsibilities:

⚫

approves the strategy of the Group;

⚫

appoints and oversees the members of the

Executive Committee;

⚫

approves acquisitions and major

investments/divestments; and

⚫

approves the risk management framework.

Chief Executive Officer

Main responsibilities:

⚫

is responsible for managing the

day-to-day business of the Group; and

⚫

chairs the Executive Committee.

Executive Committee

Main responsibilities:

⚫

develops the three-year strategic plan of the

Group and monitors performance against it;

⚫

submits to the Board of Directors proposed

acquisitions, divestments and product

CapEx investments; and

⚫

deals with any other matters as assigned by

the Board of Directors.

Governing the Group

Audit Committee

Main responsibilities:

⚫

reviews and challenges,

where necessary, the

actions and judgments of

management, in relation

to the financial

statements;

⚫

reviews the internal

controls environment;

⚫

oversees ESG reporting;

⚫

monitors the

performance and

effectiveness of the

Internal Audit function;

and

⚫

reviews the findings of

the external audit and

monitors their

implementation.

Nomination, Compensation & Sustainability

Committee

Main responsibilities:

Nomination matters

⚫

reviews the structure, size and composition of the

Board of Directors;

⚫

establishes the qualification criteria for Board of

Directors’ membership;

⚫

reviews and proposes to the Board of Directors

candidates to be recommended for election; and

⚫

considers succession planning for both Board of

Directors and Executive Committee members.

Compensation matters

⚫

recommends to the Board of Directors compensation

practices and policies that are performance based and

in line with market norms;

⚫

reviews the competitiveness of the executive

compensation programs;

⚫

submits to the Board of Directors proposals for

approval by the Annual General Meeting of Shareholders

of the total prospective compensation of the Board of

Directors and, separately, of the Executive Committee

members; and

⚫

prepares the Compensation Report to be submitted to

the Board of Directors for approval and to the Annual

General Meeting of Shareholders for consultative vote.

Sustainability matters

⚫

considers the strategy and targets for the sustainability,

climate and CSR strategy (“ESG matters”) set by the

CEO;

⚫

oversees ESG matters and climate reporting; and

⚫

stays abreast of trends in ESG matters.

Technology, Innovation &

Cybersecurity

Committee

Main responsibilities:

⚫

reviews the Temenos product

development roadmaps from

acontent, technology,

architecture and infrastructure

perspective;

⚫

oversees the quality of the

products and services

delivered to customers,

including the upgrade and

implementation projects;

⚫

monitors product innovation

activities including innovation

projects that could represent

significant opportunities or

risks for Temenos. This

includes Artificial Intelligence

for internal use or used in

customer products;

⚫

monitors industry and market

trends in technology related to

the Temenos products; and

⚫

reviews and monitors

Temenos’ cybersecurity

resilience and the cyber risk

management with special

emphasis on controls and

procedures including the cyber

risk which is inherent in

products and services for

customers.

Our governance framework

General Meeting of Shareholders

Main responsibilities:

⚫

approves the annual financial statements;

⚫

elects the members of the Board of Directors and of the Compensation Committee;

⚫

approves the report on non-financial matters (Sustainability Report);

⚫

approves the prospective compensation of the members of the Board of Directors and of the Executive Committee; and

⚫

adopts and amends the Articles of Association.

Corporate governance report

144 Temenos AG Annual Report and Accounts 2025

Corporate Governance

Introduction

This report has been prepared in compliance with the Directive

on Information Relating to Corporate Governance (DCG)

available at www.ser-ag.com/dam/downloads/regulation/

listing/directives/dcg-rev-en.pdf, its Guidelines available at

www.ser-ag.com/dam/downloads/publication/obligations/

guidelines/guideline-dcg-en.pdf andtheSwiss Code of

Obligations (CO) available at www.fedlex.admin.ch/eli/

cc/27/317_321_377/fr.

In the present Annual Report, the corporate governance

information has been summarized in a separate section, and

references to other parts of the Annual Report have been

included in an effort to avoid duplication.

In order to enhance readability, the present Corporate

Governance section follows the suggested structure as

described in the annex of the DCG.

There are some references to the Articles of Association and

tothe Organization bylaws of the Company; both documents

are available at www.temenos.com/about-us/investor-

relations/corporate-governance/.

Unless otherwise indicated, the information provided in this

report reflects the situation as of 31 December 2025.

Temenos AG is hereinafter referred to as the “Company”.

Temenos AG and its affiliated companies are hereinafter

referred to as “Temenos Group”, “Temenos” or the “Group”.

The executive management of the Group is hereinafter referred

to as the “Executive Committee”.

Governance dashboard

2025 Executive Committee

remuneration mix at grant

Fixed salary 14%

Other compensation 7%

Variable short-term incentives 18%

LTI (PSU) 39%

LTI (RSU) 21%

At-risk compensation 57%

Meetings held in 2025

Board of Directors 12

Audit Committee 4

Compensation Committee¹ 2

Nomination & ESG Committee¹ 2

Nomination, Compensation &

Sustainability Committee¹ 4

Technology, Innovation &

Cybersecurity Committee 5

1 Post the 2025 Annual General Meeting of Shareholders held on

13May 2025, the Compensation Committee and the Nomination

&ESG Committee merged to form the Nomination, Compensation

&Sustainability Committee.

Takis Spiliopoulos

Chief Executive Officer and interim Chief Financial Officer

William Moroney

Chief Revenue Officer

Deirdre Dempsey

Chief Legal Officer

Barb Morgan

Chief Product and

Technology Officer

Jayde Tipper

Chief People Officer

1. Group structure and shareholders

1.1 Group structure

The ultimate holding company, Temenos AG, is registered

inGrand-Lancy (Canton of Geneva), where the Group is

alsoheadquartered.

1.1.1 Description of the issuer’s operational group structure

The Temenos Group is organized and managed by the Executive

Committee which is chaired by the Chief Executive Officer.

As of the publication date of this Annual Report, the Executive

Committee is composed of the following members:

The Group is managed using a matrix of regional and global

business functions incorporating activities of sales, service

operations, product development, product management,

services management, marketing, key client relationship

management and product support functions.

The Group’s product sales and services operations are divided

into the following main geographic regions:

⚫

Europe;

⚫

Middle East and Africa;

⚫

Asia Pacific; and

⚫

Americas.

Temenos, as a truly global, multi-product technology company,

leverages talent and expertise from around the world, with its

principal software development centers in Chennai, Bangalore,

and Hyderabad (India). In June 2025, Temenos further

strengthened its market-proximate innovation model with the

opening of the Orlando Innovation Hub in the United States,

designed to accelerate co-creation with North American

clients and Partners and to drive next-generation digital, AI

andSaaS capabilities. The Group also operates software

development facilities across the United States, Canada,

theUnited Kingdom, Ireland, Switzerland, Denmark, the

Netherlands, France, Romania, Belgium, Luxembourg, Australia,

Ecuador, Greece, Poland, Spain, Germany, Brazil, the United

Arab Emirates and Singapore.

145Temenos AG Annual Report and Accounts 2025

Corporate Governance

Corporate governance report continued

1. Group structure and shareholders continued

1.1 Group structure continued

1.1.2 All listed companies belonging to the issuer’s group, including the company names, their registered offices, where they are

listed, their market capitalization, the percentage of shares held by subsidiaries and the security or ISIN numbers of the securities

Temenos AG is the sole listed company of the Group.

Name Temenos AG

Domicile Esplanade de Pont-Rouge 9C, 1212 Grand-Lancy, Switzerland

Listed at SIX Swiss Exchange

First listing date 26 June 2001

Market capitalization CHF 5,723,808,901*

Security number 1245391

ISIN number CH0012453913

Symbol TEMN

Reuters TEMN.S

Bloomberg TEMN SW

* Based on the issued and registered share capital as of 31 December 2025 composed of 71,907,147 shares.

Please refer to the Information for Investors section on page 260 for statistics on Temenos shares.

1.1.3 The non-listed companies belonging to the issuer’s group, including the company names, their registered offices,

their share capital and the percentage of shares held by subsidiaries

Please find below the main non-listed companies belonging to the Group as of 31 December 2025:

(All companies are directly or indirectly wholly owned subsidiaries of Temenos AG, unless otherwise indicated. A complete list

ofall companies belonging to the Group is available in note 5 to the consolidated financial statements.)

Name Domicile Country of incorporation Share capital

Avoka (Germany) GmbH Frankfurt am Main Germany 25,000 EUR

Avoka (USA), Inc. Sacramento USA 0.10 USD

Avoka Europe Limited London United Kingdom 1,900,199 GBP

Avoka Technologies Pty Limited Sydney Australia 43,737,975.23 AUD

Edge IPK Limited London United Kingdom 2,764.11 GBP

Financial Objects (UK) Limited London United Kingdom 466,666.70 GBP

Kony, Inc. Wilmington USA 1 USD

Kony India Private Limited Hyderabad India 33,368,980 INR

Kony Services India LLP Hyderabad India 6,000,000 INR

Kony Solutions Limited Port-Louis Mauritius 676,466 USD

Logical Glue Limited London United Kingdom 623.63 GBP

Odyssey Financial Technologies Limited London United Kingdom 50,000 GBP

Odyssey Financial Technologies SA La Hulpe Belgium 2,062,000 EUR

Odyssey Group SA Bertrange Luxembourg 500,000 EUR

Rubik ESOP Trusco Pty Limited Sydney Australia 100 AUD

Rubik IP Holdings Pty Limited Sydney Australia 100 AUD

Rubik Mortgages Pty Limited Sydney Australia 100 AUD

Sky Technologies Pty Limited Sydney Australia 12 AUD

Sky Technologies Consulting Pty Limited Sydney Australia 10 AUD

Sky Technologies Holdings Pty Limited Sydney Australia 1,344,293.80 AUD

Temenos Australia Symmetry Pty Limited Sydney Australia 261 AUD

Temenos (Malaysia) Sdn Bhd Shah Alam Malaysia 19,591,400 MYR

Temenos (NL) BV Amsterdam Netherlands 18,152 EUR

Temenos (Thailand) Co. Limited Bangkok Thailand 100,000,000 THB

Temenos Africa (Pty) Limited Johannesburg South Africa 100 ZAR

Temenos Australia Pty Limited Sydney Australia 2 AUD

Temenos Australia Financial Pty Limited Sydney Australia 85,977,680.23 AUD

Temenos Australia Operations Pty Limited Sydney Australia 7,500,181 AUD

Temenos Australia Services Pty Limited Sydney Australia 100 AUD

Temenos Australia Messaging Pty Limited Sydney Australia 100 AUD

Temenos Australia Technology Solutions Pty Limited Sydney Australia 1 AUD

146 Temenos AG Annual Report and Accounts 2025

Corporate Governance

Name Domicile Country of incorporation Share capital

Temenos Belgium SA La Hulpe Belgium 200,000 EUR

Temenos Bulgaria EOOD Sofia Bulgaria 10,000 BGN

Temenos Canada Inc. Vancouver Canada 560,586 shares

(no par value)

Temenos Cloud Americas, LLC Wilmington USA 100 units (no par value)

Temenos Cloud Switzerland SA Grand-Lancy Switzerland 100,000 CHF

Temenos Colombo (Pvt) Limited Colombo Sri Lanka 1 share (no par value)

Temenos Costa Rica SA San José Costa Rica 500,000 CRC

Temenos Denmark ApS Copenhagen Denmark 50,000 DKK

Temenos Deutschland GmbH Frankfurt am Main Germany 25,000 EUR

Temenos East Africa Limited Nairobi Kenya 10,000 KES

Temenos Ecuador SA Quito Ecuador 672,000 USD

Temenos Egypt LLC Cairo Egypt 200 EGP

Temenos Finance Hong Kong Limited Hong Kong Hong Kong 4,767,600,001 HKD

Temenos Finance Luxembourg Sàrl Bertrange Luxembourg 37,500 EUR

Temenos France SAS Paris France 500,000 EUR

Temenos Headquarters SA Grand-Lancy Switzerland 100,000 CHF

Temenos Hellas SA Athens Greece 105,000 EUR

Temenos Hispania SL Madrid Spain 10,000 EUR

Temenos Holdings France SAS Paris France 500,000 EUR

Temenos Holdings USA, Inc. Wilmington USA 1 USD

Temenos Holland BV Amsterdam Netherlands 19,000 EUR

Temenos Hong Kong Limited Hong Kong Hong Kong 2 HKD

Temenos India Private Limited Chennai India 2,962,000 INR

Temenos Investments BV Amsterdam Netherlands 18,000 EUR

Temenos Israel Limited Ramat Gan Israel 100 ILS

Temenos Japan KK Tokyo Japan 10,000,000 JPY

Temenos Korea Limited Seoul Republic of Korea 50,000,000 KRW

Temenos Luxembourg SA Bertrange Luxembourg 1,181,250 EUR

Temenos Mexico SA de CV Mexico City Mexico 234,820,098 MXN

Temenos Middle East Limited Nicosia Cyprus 17,103.42 EUR

Temenos New Zealand Limited Auckland New Zealand 1,000 shares (no par value)

Temenos North Africa LLC Casablanca Morocco 10,000 MAD

Temenos Philippines, Inc. Makati City Philippines 10,000,000 PHP

Temenos Polska Sp. z o. o. Warsaw Poland 100,000 PLN

Temenos Romania SRL Bucharest Romania 120,000 RON

Temenos Singapore Pte Limited Singapore Singapore 65,010,000 SGD

Temenos Singapore FT Pte Limited Singapore Singapore 1 SGD

Temenos Software Brasil Limitada São Paulo Brazil 150,000 BRL

Temenos Software Luxembourg SA Bertrange Luxembourg 500,000 EUR

Temenos Software (Shanghai) Co. Limited Shanghai China 140,000 USD

Temenos Solutions Australia Pty Limited Sydney Australia 245,057,936 AUD

Temenos Systems Ireland Limited Dublin Ireland 4 EUR

Temenos UK Limited London United Kingdom 2,198,843.60 GBP

Temenos USA, Inc. Wilmington USA 1 USD

Temenos Vietnam Company Limited Hanoi Vietnam 890,000,000 VND

Viveo France SAS Paris France 500,000 EUR

Viveo Group SAS Paris France 500,000 EUR

147Temenos AG Annual Report and Accounts 2025

Corporate Governance

Corporate governance report continued

1. Group structure and shareholders continued

1.2 Significant shareholders

Please find below the list of shareholders who hold 3% or more of

the voting rights as of 31 December 2025 as per information that

has been published on the reporting and publication platform of

the Disclosure Office of SIX Swiss Exchange pursuant to Art. 120

ff. of the Financial Market Infrastructure Act.

Significant shareholders

Number of

voting rights

Percentage of

share capital

Martin and Rosemarie Ebner 15,050,000 20.93%

BNP Paribas SA 8,442,316 11.74%

UBS Fund Management

(Switzerland) AG 5,475,557 7.61%

Baillie Gifford & Co

3,485,355 4.85%

BlackRock Inc.

2,727,131 3.79%

FIL Ltd

2,479,862 3.45%

1 Out of this number, 3,485,355 voting rights are delegated by a third

party and can be exercised at one’s own discretion.

2 Out of this number, 244,240 voting rights are delegated by a third

party and can be exercised at one’s own discretion.

3 Out of this number, 2,272,892 voting rights are delegated by a third

party and can be exercised at one’s own discretion.

Based on the registered capital as of 31 December 2025

composed of 71,907,147 shares.

B For more recent information on major shareholders, please refer to page 260

Notifications made in accordance with Article 120 ff. of the

Financial Market Infrastructure Act are publicly available on the

SIX website at www.ser-ag.com/en/resources/notifications-

market-participants/significant-shareholders.html#/.

1.3 Cross-shareholdings

Nothing to report.

2. Capital structure

2.1 Capital

On 31 December 2025, the registered ordinary share capital

amounted to CHF 359,535,735 consisting of 71,907,147

registered shares, each with a par value of CHF 5. All the

shares are fully paid up. Each recorded share with voting rights

entitles its holder to one vote.

The Company has a capital range ranging from CHF

336,976,365 (lower limit) to CHF 382,095,105 (upper limit),

aconditional share capital based on the capital range as well

as a conditional share capital of CHF 13,394,200.

The Articles of Association of the Company are available on:

www.temenos.com/wp-content/uploads/2023/02/TSAG-

Articles-20230214.pdf.

2.2 Capital band and conditional capital inparticular

Capital range

Pursuant to the Articles of Association (Article 3ter) as at

31December 2025, the Company has a capital range ranging from

CHF 336,976,365 (lower limit) to CHF 382,095,105 (upper limit).

The Board of Directors shall be authorized within the capital

range to increase or reduce the share capital once or several

times and in any amounts or to acquire or dispose of shares

directly or indirectly, until 13 May 2030 or until an earlier expiry

ofthe capital range. The capital increase or reduction may be

effected by issuing fully paid-in registered shares with a nominal

value of CHF 5 each or canceling registered shares with a nominal

value of CHF 5 each, as applicable.

In the event of an issue of shares, the subscription and acquisition

of the new shares as well as any subsequent transfer of the

shares shall be subject to the restrictions pursuant to Articles 6

and 7 of these Articles of Association.

In the event of a capital increase within the capital range, the

Board of Directors shall, to the extent necessary, determine the

issue price, the type of contribution (including cash contributions,

contributions in kind, set-off and conversion of reserves or of

profit carried forward into share capital), the date of issue, the

conditions for the exercise of subscription rights and the

beginning date for dividend entitlement. In this regard, the Board

of Directors may issue new shares by means of a firm

underwriting through a financial institution, a syndicate of

financial institutions or another third party and a subsequent

offer of these shares to the existing shareholders or third parties

(if the subscription rights of the existing shareholders have been

withdrawn or have not been duly exercised). The Board of

Directors is entitled to permit, to restrict or to exclude the trade

with subscription rights. It may permit the expiration of

subscription rights that have not been duly exercised, or it may

place such rights or shares as to which subscription rights have

been granted, but not duly exercised or waived, at market

conditions or may use or allocate them otherwise in the interest

of the Company.

In the event of a share issue the Board of Directors is authorized

to withdraw or restrict subscription rights of existing shareholders

and allocate such rights to third parties, the Company or any of

its group companies:

⚫

if the issue price of the new shares is determined by

reference to the market price;

⚫

for raising equity capital in a fast and flexible manner, which

would not be possible, or would only be possible with great

difficulty or at significantly less favorable conditions, without

the exclusion of the subscription rights of existing

shareholders;

⚫

for the acquisition of companies, part(s) of companies or

participations, for the acquisition of products, intellectual

property or licenses by or for investment projects of the

Company or any of its group companies, or for the financing

or refinancing of any of such transactions through a

placement of shares; or

⚫

for purposes of broadening the shareholder constituency of

the Company in certain financial or investor markets, for

purposes of the participation of strategic Partners including

financial investors, or in connection with the listing of new

shares on domestic or foreign stock exchanges.

After a change of the nominal value, new shares shall be issued

within the capital range with the same nominal value as the

existing shares; this shall also apply to the issue of rights or

obligations to acquire new shares based on Article 3quater of

these Articles of Association.

The Board of Directors may carry out an increase from

conditional capital within the capital range in accordance with

Article 3quater of these Articles of Association.

In the event of a reduction of the share capital within the capital

range, the Board of Directors shall, to the extent necessary,

determine the use of the reduction amount. The Board of

Directors may also use the reduction amount for the partial

orfull elimination of a share capital shortfall in the sense of

Article 653p CO or may, in the sense of Article 653q CO,

simultaneously reduce and increase the share capital to at

leastthe previous amount.

148 Temenos AG Annual Report and Accounts 2025

Corporate Governance

Conditional share capital based on the capital range

Pursuant to the Articles of Association (Article 3quater) as at

31December 2025, the share capital may be increased within

thelimitations of the capital range through the issuance of fully

paid-in registered shares with a nominal value of CHF 5 each

through the exercise or mandatory exercise of conversion,

exchange, option, subscription or other rights to acquire shares,

orthrough obligations to acquire shares, which were granted to

orimposed on shareholders or third parties alone or in

connection with bonds, notes, options, warrants or other

securities or contractual obligations of the Company or any of

itsgroup companies (hereinafter collectively the “Financial

Instruments”). The subscription rights of shareholders shall be

excluded upon the exercise of any Financial Instruments in

connection with the issuance of shares. The then current owners

of such Financial Instruments shall be entitled to acquire the new

shares issued upon the exercise of any Financial Instruments. The

main conditions of the Financial Instruments shall be determined

by the Board of Directors. The Board of Directors shall be

authorized to withdraw or restrict advance subscription rights

ofshareholders in connection with the issuance of Financial

Instruments by the Company or one of its group companies if

(1)there is an important reason pursuant to Article 3ter para. 4

ofthese Articles of Association or (2) the Financial Instruments

are issued on appropriate terms. If the advance subscription

rights are neither granted directly nor indirectly by the Board of

Directors, the following shall apply:

⚫

the acquisition price of the shares shall be set taking into

account market conditions; and

⚫

the Financial Instruments may be converted, exchanged or

exercised during a limited period.

The declaration of acquisition of the shares based on this Article

3quater shall refer to this Article 3quater and be made in writing

or by electronic means or by a declaration of intent that can be

determined in any other way. A waiver of the right to acquire

shares based on this Article 3quater may also occur informally

orby lapse of time; this also applies to the waiver of the exercise

and forfeiture of this right.

The direct or indirect acquisition of shares based on this Article

3quater and any subsequent transfer of shares shall be subject to

the restrictions of Articles 6 and 7 of these Articles of Association.

The grant of rights to acquire shares or the imposition of

obligations to acquire shares on the basis of this Article 3quater

isonly permitted as far as Article 3ter of these Articles of

Association concerning the capital range is in force. The lapse of

the capital range shall, however, not affect the validity or the

duration of rights to acquire shares granted or obligations to

acquire shares imposed on the basis of this Article 3quater. If

such rights or obligations have been granted or imposed during

the term of the capital range, this Article 3quater shall not cease

to be effective upon the lapse of the capital range.

Conditional share capital

Pursuant to the Articles of Association (Article 3quinquies) as at

31December 2025, the share capital may be increased by an

amount not exceeding CHF 13,394,200 by issuing up to 2,678,840

new registered shares to be fully paid in with a nominal value of

CHF 5 each through the exercise of the rights that the direct or

indirect subsidiaries of the Company (the “Subsidiaries”) or the

Company itself may grant to officers, directors and employees at

all levels of the Company and the Subsidiaries. The pre-emptive

rights as well as the right for advance subscription of existing

shareholders are precluded.

The issue of shares or respective option rights through the

Subsidiaries or through the Company to officers, directors and

employees of the Company and the Subsidiaries is subject to

oneor more regulations to be issued by the Board of Directors

onthe basis of the following general rules:

⚫

new shares may only be issued to the Subsidiaries or to the

Company for purposes of distribution to directors, officers

oremployees of the Company and the Subsidiaries; and

⚫

new shares to be issued through the Subsidiaries or through

the Company to employees of the Company or the

Subsidiaries shall be issued against paying in the nominal

value of CHF 5 per share in cash.

The declaration of acquisition of shares based on this Article

3quinquies may be made by written or electronic means. A waiver

of the right to acquire shares based on this Article 3quinquies may

also occur informally or by lapse of time; this also applies to the

waiver of the exercise and forfeiture of this right.

All shares newly to be issued in the context of employee share

plans or through exercise of conversion and/or option rights as

well as each subsequent transfer of such shares are subject to

the restrictions of Articles 6 and 7 of these Articles of Association.

2.3 Changes in capital

31.12.25

CHF 000

31.12.24

CHF 000

31.12.23

CHF 000

Issued ordinary sharecapital 359,536 375,855 375,855

Capital range 336,976 to

382,095

351,664 to

400,047

–

Remaining conditional

sharecapital

13,394 13,394 46,434

Authorized share capital – – 35,500

As at 31 December 2023, the registered share capital amounted

to CHF 374,737,010 consisting of 74,947,402 registered shares,

each with a par value of CHF 5 further to the registration on

14February 2023 of 205,134 shares that were created out of

conditional capital during the period from 1 January 2022 to

31January 2023 (for Employee Share Option Schemes)

As at 31 December 2024, the registered share capital amounted

to CHF 375,855,420 consisting of 75,171,084 registered shares,

each with a par value of CHF 5 further to the registration on

14February 2024 of 223,682 shares that were created out of

conditional capital during the period from 1 February 2023 to

31December 2023 (for Employee Share Option Schemes).

As at 31 December 2025, the registered share capital amounted

to CHF 359,535,735 consisting of 71,907,147 registered shares,

each with a par value of CHF 5 further to the cancellation on

13May 2025 of 3,263,937 treasury shares that were bought back

in 2024 under a share buyback program.

2.4 Shares and participation certificates

All equity securities of Temenos are in the form of registered

shares, each with a par value of CHF 5. Each share confers the

right to one vote at the Annual General Meeting of Shareholders

and all shares are fully entitled to receive dividends. The Articles

of Association do not provide for privileged voting rights shares.

The Company does not issue participation certificates.

In compliance with Temenos policy to distribute a growing

dividend and taking into account the growing maturity of the

Group and the strength of future cash flows, the Company

intends to pay an annual dividend of CHF 1.40 per share on

20May 2026, subject to shareholders’ approval at the Annual

General Meeting of Shareholders on 13 May 2026. The dividend

record date will be set on 19 May 2026 with the shares trading

ex-dividend on 18 May 2026.

149Temenos AG Annual Report and Accounts 2025

Corporate Governance

Corporate governance report continued

2. Capital structure continued

2.5 Dividend-right certificates

Nothing to report.

2.6 Limitations on transferability and

nomineeregistrations

2.6.1 Limitations on transferability for each share category,

along with an indication of group clauses in the Articles of

Association, if any, and rules for granting exceptions

Not applicable.

2.6.2 Reasons for granting exceptions in the year under review

Not applicable.

2.6.3 Admissibility of nominee registrations, along with an

indication of percent clauses, if any, and registration conditions

According to Article 6 of the Articles of Association, every entry

of an acquirer of shares is subject to the Board of Directors’

consent. The Board of Directors may refuse its consent if, at its

request, the acquirer does not explicitly declare to acquire and

to hold the shares in his own name and for his own account or

if the form filed by the acquirer to request registration contains

untrue information or statements.

2.6.4 Procedure and conditions for canceling privileges

andlimitations on transferability laid down in the Articles

of Association

Not applicable.

2.7 Convertible bonds and options

Regarding options, please refer to note 27 of the consolidated

financial statements.

There are no outstanding convertible bonds.

In November 2019, the Company issued a senior unsecured

bond with a nominal value of CHF 220 million and a coupon

rate of 1.50% paid annually on 28 November. The bond was

repaid on 28 November 2025 at a redemption price of 100% of

the principal amount.

In October 2023, the Company issued a senior unsecured

bond with a nominal value of CHF 200 million and a coupon

rate of 2.85% paid annually on 11 October. The bond will mature

on 11 October 2028 at a redemption price of 100% of the

principal amount.

In April 2025, the Company issued a senior unsecured bond with

a nominal value of CHF 250 million and a coupon rate of 2.22%

paid annually on 1 April. The bond will mature on 1 April 2030 at a

redemption price of 100% of the principal amount.

3. Board of Directors

3.1 Members of the Board of Directors

As at 31 December 2025, the Board of Directors comprised the

following members:

Name Position

Thibault de Tersant Chairman, Non-Executive Director

Cecilia Hultén Vice-Chair, Independent and

Non-Executive Director

Maurizio Carli Independent and Non-Executive Director

Xavier Cauchois Independent and Non-Executive Director

Laurie Readhead Independent and Non-Executive Director

Michael Gorriz Independent and Non-Executive Director

Felicia Alvaro Independent and Non-Executive Director

Mr. Peter Spenser and Ms. Dorothee Deuring did not stand for

re-election at the Annual General Meeting held on 13 May 2025.

Ms. Felicia Alvaro was elected as new member of the Board of

Directors at the Annual General Meeting held on 13 May 2025.

B Please refer to pages 140 and 141 for the biographies of the current

members of the Board of Directors.

None of the Non-Executive members of the Board of Directors

has or has had any senior management position within the

Group, nor any significant business connections with the Group.

Given his tenure, Thibault de Tersant is a Non-Executive and

non-independent member of the Board of Directors. The

othermembers have explicitly confirmed their independence

by formally stating they meet all the independence

criteriaaslisted in section 3.1 of the Company’s bylaws

(www.temenos.com/wp-content/uploads/2025/05/BOD-

Bylaws-20250513.pdf).

3.2 Other activities and vested interests

Except those mentioned in the biographies section of this

Annual Report, no member of the Board of Directors has any:

⚫

activities in governing and supervisory bodies of important

Swiss and foreign organizations, institutions and foundations

under private and public law;

⚫

permanent management and consultancy functions for

important Swiss and foreign interest groups; or

⚫

official functions and political posts.

3.3 Number of permitted activities

According to Article 29 of the Articles of Association, no

member of the Board of Directors may hold more than four

additional mandates in listed companies and ten additional

mandates in non-listed companies.

The following mandates are not subject to these limitations:

a. mandates in companies which are controlled by the

Company or which control the Company;

b. mandates held at the request of the Company or any

companies controlled by it. No member of the Board

ofDirectors or of the executive management shall hold

more than ten of such mandates; and

c. “mandates” in associations, charitable organizations,

foundations, trusts and employee welfare foundations.

Nomember of the Board of Directors or executive

management shall hold more than ten of such mandates.

“mandates” shall mean mandates in the supreme governing

body of a legal entity with an economic purpose which is

required to be registered in the commercial register or a

comparable foreign register or mandates with comparable

functions. Mandates in different legal entities that are under

joint control are deemed one mandate.

All members of the Board of Directors comply with

theseprovisions.

150 Temenos AG Annual Report and Accounts 2025

Corporate Governance

3.4 Elections and terms of office

Name First elected

Thibault de Tersant 2012

Maurizio Carli 2020

Cecilia Hultén 2022

Xavier Cauchois 2023

Laurie Readhead 2024

Michael Gorriz 2024

Felicia Alvaro 2025

Additionally for issuers subject to the provisions of

thecompany law pursuant to Art. 620–762 CO:

Any rules in the Articles of Association that differ from the

statutory legal provisions with regard to the appointment

ofthe Chairman, the members of the Compensation

Committee and the independent proxy

Not applicable.

3.5 Internal organizational structure

3.5.1 Allocation of tasks within the Board of Directors

The Board of Directors shall elect a Vice-Chair from amongst

its members and a secretary. It may also appoint one or more

Committees from amongst its members.

Chair

The Chair is responsible for preparing and convening the

meetings of the Board of Directors as well as for the

implementation of the resolutions of the Board of Directors.

Incase of his absence, the Vice-Chair shall call the meetings

of the Board of Directors. The Chair monitors the preparation

of the General Meeting of Shareholders.

Vice-Chair

In case the Chair is unavailable or absent, the Vice-Chair calls

meetings of the Board of Directors; also, in case the Chair is

unavailable or absent, the Vice-Chair chairs meetings of the

Board of Directors.

3.5.2 Members list, tasks and area of responsibility for

eachCommittee of the Board of Directors

The Audit Committee, Nomination, Compensation &

Sustainability Committee and Technology, Innovation &

Cybersecurity Committee are governed by terms of reference

defining their duties and compositions, which are available at

https://www.temenos.com/about-us/investor-relations/

corporate-governance/. These Committees report regularly

andmake recommendations to the Board of Directors which

isempowered to make decisions.

Name

Audit

Committee

Nomination,

Compensation

& Sustainability

Committee

Technology,

Innovation &

Cybersecurity

Committee

Thibault de Tersant

Maurizio Carli Member Member

Cecilia Hultén Chair Member

Xavier Cauchois Chair

Laurie Readhead Member Member

Michael Gorriz Member Chair

Felicia Alvaro Member

⚫

The Technology, Innovation & Cybersecurity Committee has

been in force since 1 January 2025.

⚫

Post the 2025 Annual General Meeting of Shareholders held

on 13 May 2025, the Compensation Committee and the

Nomination & ESG Committee merged to form the

Nomination, Compensation & Sustainability Committee.

Audit Committee (AC)

The Audit Committee is currently composed of three members,

each of whom is independent and holds relevant financial

expertise and understanding of the IFRS accounting standards.

The Audit Committee reviews the Group’s financial reports and

internal controls and oversees ESG reporting and any other

matters that may be brought to its attention by the internal

and/or external auditors. The Chair of the Audit Committee

regularly reports to the Board of Directors on the Audit

Committee’s findings and recommendations; the Board of

Directors is responsible for approving the annual financial

statements before submission to the Annual General Meeting

for approval. Please also refer to paragraph 8.4 below.

Nomination, Compensation & Sustainability Committee (NCSC)

The main duties of the Nomination, Compensation &

Sustainability Committee are: (i) to annually review the

structure, size and composition of the Board of Directors with

a view to establish a Board of Directors that can provide

effective governance and perform all Board of Directors’ duties

taking into account expertise, experience and skills needed

andwork towards achieving a balance in terms of diversity,

including gender and origin, and make recommendations to

theBoard of Directors with regard to any changes; (ii) to review

and propose to the Board of Directors candidates for

membership on the Board of Directors to be recommended

forelection at the Annual General Meeting; (iii) to give full

consideration to succession planning for both members of

theBoard of Directors and Executive Committee; (iv) to

support the Board of Directors in reviewing and making

recommendations on compensation practices, policies and

procedures, and in preparing the proposals to the General

Meeting of Shareholders regarding compensation of the

members of the Board of Directors and of the Executive

Committee; (v) to review the competitiveness of Temenos’

executive compensation programs; and (vi) to consider the

strategy and targets for the ESG matters, to oversee ESG

matters and climate reporting, and to stay abreast of trends

inESG matters.

Technology, Innovation & Cybersecurity Committee (TICC)

The main duties of the Technology, Innovation & Cybersecurity

Committee are: (i) to review the Temenos product

development roadmaps from a content, technology,

architecture and infrastructure perspective; (ii) to oversee the

quality of the products and services delivered to customers

including the upgrade and implementation projects; (iii) to

monitor product innovation activities including innovation

projects that could represent significant opportunities or risks

for Temenos, including Artificial Intelligence for internal use or

used in customer products; (iv) to monitor industry and market

trends in technology related to the Temenos products; and (v)

to review and monitor Temenos’ cybersecurity resilience and

cyber risk management with special emphasis on controls and

procedures, including the cyber risk which is inherent in

products and services for customers, and to report accordingly

to the Board of Directors.

151Temenos AG Annual Report and Accounts 2025

Corporate Governance

Corporate governance report continued

3. Board of Directors continued

3.5 Internal organizational structure continued

3.5.3 Working methods of the Board of Directors and

itsCommittees

The Board of Directors meets as often as business requires,

but at least four times a year. The Audit Committee meets at

least four times a year. The Nomination, Compensation &

Sustainability Committee meets at least three times a year.

The Technology, Innovation & Cybersecurity Committee meets

at least twice a year.

In 2025, the following meetings were held:

Number

of meetings Attendance

Average

duration

Board of Directors 12 93% 2.6h

Audit Committee 4 100% 3.3h

NCSC¹ 4 100% 1.3h

Compensation

Committee¹

2 100% 1.3h

Nomination & ESG

Committee¹

2 100% 1h

TICC 5 95% 1.4h

Post the 2025 Annual General Meeting of Shareholders held on 13

May 2025, the Compensation Committee and the Nomination & ESG

Committee merged to form the NCSC.

Name

Audit

Committee

Compensation

Committee³

Nomination

& ESG

Committee³

NCSC³

TICC

Board of

Directors

Thibault de Tersant 100%

Peter Spenser¹ 100% 100% 100%

Maurizio Carli 100% 100% 100% 100% 100%

Cecilia Hultén 100% 100% 100% 100% 92%

Xavier Cauchois 100% 100%

Dorothee Deuring¹ 100% 100% 100% 100%

Laurie Readhead 100% 80% 83%

Michael Gorriz 100% 100% 100% 92%

Felicia Alvaro² 100% 83%

1 Member of the Board of Directors and of one or more Committees

until the Annual General Meeting held on 13 May 2025.

2 Member of the Board of Directors and of one or more Committees

from the Annual General Meeting held on 13 May 2025.

3 Post the 2025 Annual General Meeting of Shareholders held on

13May 2025, the Compensation Committee and the Nomination

&ESG Committee merged to form the NCSC.

All physical meetings were held in Geneva.

Both the external and internal auditors attended all the Audit

Committee meetings in 2025.

At the meetings of the Board of Directors and of its

Committees, those members of the Executive Committee who

have the relevant information and expertise required for the

respective body to perform its duties are present. However,

these persons do not take part in any resolutions.

At each Board of Directors meeting, a business report is

presented by the Chief Executive Officer. Together with the

financial report presented by the Chief Financial Officer, this

information enables the members of the Board of Directors

toassess the course of the Company’s business activities on

aregular basis.

The Board of Directors conducts an annual evaluation of its

performance. Such process is carried out by way of an

anonymous self-evaluation questionnaire on the performance

and effectiveness of the Board of Directors to be completed

byeach of its members. The results and comments are

consolidated by the Company Secretary and then discussed

atthe next meeting during which proposed improvements are

agreed. The 2025 evaluation results were discussed at the

meeting held in December 2025.

3.6 Definition of areas of responsibility

The Board of Directors is the ultimate governing body of the

Company. Together with its Committees, it exercises

inalienable and non-transferable functions as provided by law,

by the Company’s Articles of Association and by its bylaws.

The Board of Directors decides in particular on significant

acquisitions, disposals, strategic partnerships, changes in the

Group’s structure and share repurchase programs, though its

responsibilities are not limited to this. The Board of Directors

isresponsible for all aspects of security, risk management

andsystem of internal controls.

Based on Article 17 of the Articles of Association and Article 3.6

of the bylaws of the Company, the Board of Directors has

delegated the day-to-day operational management and

conduct of business operations of the Company to the Chief

Executive Officer who heads and is supported by the Executive

Committee, except where the law or the Articles of Association

provide differently.

The Executive Committee is responsible for execution of

strategy and monitoring performance against it. The Executive

Committee also sets targets for Group organic and inorganic

growth on a three-year basis, i.e. a strategic plan to be then

formally approved by the Board of Directors. Finally, the

Executive Committee approves all product investments as

wellas acquisitions to be proposed to the Board of Directors.

3.7 Information and control instruments vis-à-vis

theExecutive Committee

The Board of Directors is responsible for the Group’s risk

management, security and system of internal controls.

Overseeing the risk management process, effectiveness and

efficiency of operations, accurate reporting, compliance with

laws and regulations and safeguarding the interests of the

Group are some of the main responsibilities of the Board of

Directors.

Prior to each meeting, members of the Board of Directors

receive reports that allow them to discharge their above

duties. The Chief Executive Officer and Chief Financial Officer

report at each meeting of the Board of Directors.

The performance management process ensures that the

Company’s targets, as agreed with the Board of Directors,

aredelegated to senior management during the first quarter

ofevery financial year.

The Internal Audit function provides an independent assurance

to the Board of Directors and Audit Committee on the

continuing appropriateness and effectiveness of Temenos’

systems of governance, risk management and internal

controls. The Group Head of Internal Audit reports functionally

to the Chair of the Audit Committee.

152 Temenos AG Annual Report and Accounts 2025

Corporate Governance

Findings and related action plans from internal audit reviews

and/or internal control self-assessments are reported to senior

management; summary reports are provided to the Audit

Committee at every meeting. Implementation of action plans

ismonitored on a regular basis and status is reported to the

Audit Committee.

Risk management is an integral part of the business process.

Key risks are reviewed by the Board of Directors itself at least

once a year.

The organizational structure ensures that specialized functions

such as Security and IT continuously support the management

of risks.

3.8 Gender guidelines

Not applicable.

4. Executive Committee

4.1 Members of the Executive Committee

As at 31 December 2025, the Executive Committee comprised

the following members:

Name Position

Takis Spiliopoulos Chief Executive Officer and interim

Chief Financial Officer

Barb Morgan Chief Product and Technology Officer

William Moroney Chief Revenue Officer

Jayde Tipper Chief People Officer

Deirdre Dempsey Chief Legal Officer

Mr. Colin Jarrett stepped down as Chief Security and Risk Officer

effective 12 April 2025.

Mr. Jean-Pierre Brulard stepped down as Chief Executive Officer

effective 4 September 2025.

Mr. Takis Spiliopoulos was appointed as interim Chief Executive

Officer in addition to his role of Chief Financial Officer effective

4September 2025.

Ms. Isabelle Guis stepped down as Chief Marketing Officer

effective 30 September 2025.

Mr. Takis Spiliopoulos was appointed as Chief Executive Officer

and interim Chief Financial Officer effective 3December 2025.

B Please refer to pages 142 and 143 for the biographies of the current

members of the Executive Committee.

4.2 Other activities and vested interests

Except those mentioned in the biographies section of the Annual

Report, no member of the Executive Committee has any:

⚫

activities in governing and supervisory bodies of important

Swiss and foreign organizations, institutions and foundations

under private and public law;

⚫

permanent management and consultancy functions for

important Swiss and foreign interest groups; or

⚫

official functions and political posts.

4.3 Number of permitted activities

According to Article 29 of the Articles of Association, no

member of the executive management may hold more than

one additional mandate in a listed company and five additional

mandates in non-listed companies.

The following mandates are not subject to these limitations:

a. mandates in companies which are controlled by the

Company or which control the Company;

b. mandates held at the request of the Company or any

companies controlled by it. No member of the Board of

Directors or of the executive management shall hold more

than ten of such mandates; and

c. mandates in associations, charitable organizations,

foundations, trusts and employee welfare foundations.

Nomember of the Board of Directors or executive

management shall hold more than ten of such mandates.

“mandates” shall mean mandates in the supreme governing

body of a legal entity with an economic purpose which is

required to be registered in the commercial register or a

comparable foreign register or mandates with comparable

functions. Mandates in different legal entities that are under

joint control are deemed one mandate.

All members of the Executive Committee comply with

theseprovisions.

4.4 Management contracts

Nothing to report.

4.5 Gender guidelines

Not applicable.

5. Compensation, shareholdings and loans

5.1 Content and method of determining the

compensation and the shareholding programs

The executive management compensation plans seek to align

executive management and shareholders’ interests by making

a significant portion of compensation depend on achieving

increased shareholder value for the long term and to enforce

aperformance-oriented environment that rewards superior

value creation and the achievement of outstanding results.

Compensation of the Non-Executive members of the Board

ofDirectors comprises fixed compensation only.

The executive management may be paid fixed and variable

compensation. Variable compensation is dependent on the

achievement of certain performance criteria.

Temenos applies a policy for share ownership and retention

that is applicable to both the members of the Board of

Directors and of the Executive Committee. Further information

is available in the Compensation Report on page 168.

153Temenos AG Annual Report and Accounts 2025

Corporate Governance

Corporate governance report continued

5. Compensation, shareholdings and loans

continued

5.2 Additionally for issuers subject to the provisions

of the company law pursuant to Art. 620–762 CO:

5.2.1 Rules in the Articles of Association on the principles

applicable to performance-related pay and to the allocation

of equity securities, conversion rights and options, as well

as the additional amount for payments to members of the

Executive Committee appointed after the vote on pay at the

General Meeting of Shareholders

According to Article 27 of the Articles of Association, performance

criteria shall be determined by the Board of Directors or, where

delegated to it, the Compensation Committee and may include

criteria relating to individual performance, performance of the

Company or parts thereof and performance in relation to the

market or other companies, taking into account the position and

level of responsibility of the employee. The Board of Directors or,

where delegated to it, the Compensation Committee, shall

determine the performance criteria impact on variable

compensation, including actual achievement and potential

maximum achievement, the relative weight of the performance

criteria and the respective target levels.

Compensation may be paid or granted in cash, shares or in the

form of other types of benefits. Compensation of executive

members of the Board of Directors or members of the executive

management may also be granted in the form of options and

similar financial instruments or units. The Board of Directors or,

where delegated to it, the Compensation Committee, shall

determine grant, vesting, blocking, exercise and forfeiture terms

and conditions of these kinds of compensation; in particular, it

may provide for continuation, acceleration or removal of vesting

and exercise conditions, for payment or grant of compensation

based upon assumed target achievement, or for forfeiture, in

each case in the event of pre-determined events such as a

change of control or termination of an employment or mandate

agreement.

The Company may procure the required shares through treasury

shares or upon creation of shares out of conditional capital.

Compensation may be paid by the Company or companies

controlled by it.

According to Article 26 of the Articles of Association, if the

maximum aggregate amount of compensation already approved

by the General Meeting of Shareholders is not sufficient to also

cover compensation of one or more members who become

members of the executive management during a compensation

period for which the General Meeting of Shareholders has already

approved the compensation, the Company or companies

controlled by it shall be authorized to pay to such member(s) a

supplementary amount during the compensation period(s)

already approved. The total supplementary amount per

compensation period shall not exceed 40% of the aggregate

amount of compensation of the executive management last

approved by the General Meeting of Shareholders.

5.2.2 Rules in the Articles of Association on loans, credit

facilities and post-employment benefits for members

ofthe Board of Directors and Executive Committee

Nothing to report.

5.2.3 Rules in the Articles of Association on the vote

onpayat the General Meeting of Shareholders

According to Article 25 of the Articles of Association, the

General Meeting of Shareholders shall approve annually and

separately the proposals of the Board of Directors in relation

tothe maximum aggregate amount of:

⚫

compensation of the Board of Directors for the next fiscal

year; and

⚫

compensation of the executive management for the next

fiscal year.

The Board of Directors may submit for approval by the General

Meeting of Shareholders proposals in relation to maximum

aggregate amounts of compensation relating to different

periods, in relation to amounts for specific compensation

elements for the same or different periods.

In the event a proposal of the Board of Directors has not been

approved by the General Meeting of Shareholders, the Board

ofDirectors shall determine, taking into account all relevant

factors, the respective maximum aggregate amount of

compensation or partial maximum amounts for specific

compensation elements, and submit the amount(s) so

determined for approval by a General Meeting of Shareholders.

Notwithstanding the above provisions, the Company or

companies controlled by it may pay out compensation prior

toapproval by the General Meeting of Shareholders subject to

subsequent approval by a General Meeting of Shareholders.

If variable compensation is approved prospectively, the Board

of Directors shall submit the Compensation Report to the

General Meeting of Shareholders for a consultative vote.

6. Shareholders’ participation rights

6.1 Voting rights restrictions and representation

6.1.1 Rules in the Articles of Association on restrictions to

voting rights, along with an indication of group clauses and

rules on granting exceptions, as well as exceptions actually

granted during the year under review

According to the Company’s Articles of Association, only

shareholders entered in the share register as shareholders or

as usufructuaries may exercise the voting rights linked to the

shares or the other rights connected with these voting rights.

The Articles of Association do not contain any restrictions to

voting rights.

6.1.2 Disclosures on restrictions to voting rights and rules

on granting exceptions for institutional proxies, as well as

exceptions actually granted during the year under review

Not applicable.

6.1.3 Reasons for granting exceptions in the year under

review

Nothing to report.

6.1.4 Procedure and conditions for abolishing voting rights

restrictions laid down in the Articles of Association

Nothing to report.

6.1.5 Rules in the Articles of Association on participation in

the General Meeting of Shareholders, if they differ from the

statutory legal provisions

Shareholders registered in the share register with voting rights

on a determined date are entitled to attend the General

Meeting of Shareholders and to exercise their votes. Each

shareholder may be represented at the General Meeting of

Shareholders by any other person who is authorized by a

written proxy, by a legal representative or by the independent

proxy holder.

154 Temenos AG Annual Report and Accounts 2025

Corporate Governance

6.1.6 Additionally for issuers subject to the provisions

ofthecompany law pursuant to Art. 620–762 CO:

Information on any rules which might be laid down in the

Articles of Association on the issue of instructions to the

independent proxy and any rules in the Articles of

Association on the electronic participation in the General

Meeting of Shareholders

There are no rules in the Articles of Association about

electronic participation in the General Meeting of Shareholders

or instructions to the independent proxy holder. However, the

shareholders may provide electronically their voting

instructions to the independent proxy holder.

6.2 Quorums required by the Articles of Association

There are no statutory quorums. The General Meeting of

Shareholders shall pass its resolutions and carry out its

elections by a simple majority, unless a qualified majority is

required by law for a specific agenda item.

6.3 Convocation of the General Meeting of

Shareholders

The General Meeting of Shareholders is convened by

publication of the invitation and the agenda, at least 20 days

before the date of the meeting, in the Swiss Official Gazette

ofCommerce (Schweizerische Handelsamtsblatt, Feuille

Officielle Suisse du Commerce).

6.4 Inclusion of items on the agenda

One or more shareholders representing shares of an aggregate

nominal value equal to the lower of CHF 1 million or 0.5% of

the share capital or the votes may, up to 45 days before the

date of the General Meeting of Shareholders, request an item

to be included on the agenda. Such request must be in writing

and shall specify the items and the proposals of these

shareholders.

6.5 Entries in the share register

Pursuant to Article 13 paragraph 1 of the Articles of Association,

shareholders entered in the share register as shareholders with

voting rights on a specific date determined by the Board of

Directors are entitled to attend and vote at the General

Meeting of Shareholders.

7. Changes of control and defense measures

7.1 Duty to make an offer

There is no “opting out” or “opting up” clause in the Articles

ofAssociation.

7.2 Clauses on changes of control

In case of change of control in Temenos, all outstanding

restricted share units (RSUs), performance share units (PSUs)

and stock appreciation rights (SARs) will become immediately

vested and exercisable.

RSUs, PSUs and SARs are considered to be outstanding only if

the corresponding/relevant service period has started (where

such relevant service period is specified as part of the grant

documentation). If not specified, they will be considered as

outstanding automatically.

7a. Transparency on non-financial matters

Not applicable.

8. Auditors

8.1 Duration of the mandate and term of office

ofthelead auditor

8.1.1 Date of assumption of the current audit mandate

PricewaterhouseCoopers SA was re-elected as the statutory

and Group auditors at the Annual General Meeting of

Shareholders held on 13 May 2025 for a period of one year

(firstelected in 2003).

8.1.2 Date on which the lead auditor responsible for the

current audit mandate took up office

Since 2019 the lead auditor for the Group audit has been

Mr.Yazen Jamjum.

8.2 Auditing fees

Included in general and administrative expenses is an amount

of USD 3,171,314 representing audit fees charged to the

Company by PricewaterhouseCoopers for:

(i) the audit of the Group consolidated financial statements

and of statutory accounts in various jurisdictions (USD

2,821,314); and

(ii) other audit fees related to work that can only be

performed by the Group auditor (total of USD 350,000).

8.3 Additional fees

In addition, other fees of USD 683,814 have been incurred by

PricewaterhouseCoopers through the provision of non-audit

assurance engagement, ESG sustainability assurance, CSRD

pre-assurance and other professional services. Please find

below a breakdown of the additional fees:

Actual 2025 USD 000

General information services 3

Tax compliance 3

Tax advice and tax planning services 126

Total recurring non-audit fees 132

ESG – sustainability assurance 245

ESG – CSRD pre-assurance 120

Non-audit assurance engagements 188

Total non-audit fees 684

Total audit fees 3,171

Total non-audit fees as a % of total audit fees 22%

8.4 Information instruments pertaining to the

external audit

The Audit Committee is responsible for monitoring the

performance of the external auditors, checking its

independence, approving its annual audit plan and fees and

reviewing its findings on internal control procedures as well as

ensuring relevant actions are taken by the external auditor to

meet any new applicable regulatory audit standards and other

requirements. At least once a year, the Audit Committee

members meet with the external auditors without the

presence of management. The external auditors formally

report to the Audit Committee and have direct access to its

Chair when necessary. The Chair then reports on each Audit

Committee meeting to the Board of Directors. Please also refer

to paragraphs 3.5.2 and 3.5.3 above.

155Temenos AG Annual Report and Accounts 2025

Corporate Governance

Corporate governance report continued

8. Auditors continued

8.4 Information instruments pertaining to the

external audit continued

At the beginning of the year, the Audit Committee pre-approves

a budget amount of permitted services that may be performed

by the external auditors. Such services are then reviewed on a

regular basis at Audit Committee meetings. The Audit Committee

reviews annually the policy on non-audit services, which reflects

the updates in the external auditors’ independence guidelines

and documents a robust framework for the scope of non-audit

services which the external auditors are permitted to provide

as well as an appropriate approval process for the level of

services provided, including certain types of pre-approved

non-audit services. Prior to committing to a piece of work

beyond a certain limit, authorization must be given by the Audit

Committee Chair on proposal of the Chief Financial Officer.

9. Information policy

Temenos is committed to open and transparent

communication with its shareholders and wider stakeholders.

Updates

Temenos publishes an audited Annual Report for the year

to31December and an unaudited Interim Report for the

sixmonths to 30 June. Temenos also reports figures on

aquarterly basis. All of this information and additional

Company-specific information is available at

www.temenos.com/about-us/investor-relations/.

Those interested to receive financial news, information on

client signings and all press releases issued in accordance with

the ad hoc publicity rules can sign up for press releases on the

Temenos website by clicking on the Subscribe button at

www.temenos.com/about-us/investor-relations/investor-

news/; moreover, all ad hoc press releases are available at

www.temenos.com/press-releases/?category%5B%5D=ad-

hoc-announcements.

Dates of the publication of quarterly results, Annual and

Interim Reports, General Meeting of Shareholders and

Temenos conferences are published on the Company’s website

and updated regularly at www.temenos.com/about-us/

investor-relations/#financial-calendar.

Contacting Temenos

For any investor relations inquiries please contact the

Company at TemenosIR@temenos.com and for management

dealings inquiries/disclosures of shareholdings notifications

contact companysecretarial@temenos.com.

The Company’s headquarters are located at:

Esplanade de Pont-Rouge 9C

1212 Grand-Lancy

Switzerland

Tel: +41 22 708 11 50

Contact details of our offices worldwide are available at

www.temenos.com/contact-us/.

Meeting Temenos

On 13 May 2026, Temenos will hold its Annual General Meeting.

The General Meeting of Shareholders is convened by

publication of the invitation and the agenda, at least 20 days

before the date of the meeting, in the Swiss Official Gazette

ofCommerce (Schweizerische Handelsamtsblatt, Feuille

Officielle Suisse du Commerce).

Meetings between Directors, institutional shareholders and

other market professionals are held regularly as a part of

Temenos’ investor relations program. Furthermore, all

Directors are available to meet shareholders if requested.

10. Quiet periods

According to the Temenos Insider Information Policy and in

addition to the general prohibition of insider trading (i.e. ad hoc

blackout periods related to special projects), no purchase or

sale of Temenos AG securities shall be made during the

following quiet periods irrespective of holding or not any

insider information:

⚫

During the period beginning the first day of the month

following the end of the quarter (i.e. 1 January inclusive,

1April inclusive, 1 July inclusive and 1 October inclusive)

andending on the day of public announcement of the

related quarterly financial results, once published.

For members of the Company’s Board of Directors, members

of executive management (Executive Committee), members

ofGroup finance consolidation, financial planning, analysis

groups and any other person who has access to information

related to the quarterly, interim and full year financial results,

the quiet periods are as follows:

⚫

During the period beginning 15 days prior to the end of

thequarter (i.e. 17 March inclusive, 16 June inclusive,

16September inclusive and 17 December inclusive) and

ending on the day of public announcement of the related

quarterly financial results, once published.

156 Temenos AG Annual Report and Accounts 2025

Corporate Governance

Compensation report

Dear shareholders,

Our compensation framework remains a key pillar in attracting,

retaining and motivating leadership talent, while ensuring

alignment with Temenos’ long-term strategy, governance

standards and sustainable value creation for shareholders.

2025: leadership transition, disciplined

execution and strategiccontinuity

The 2025 compensation framework was structured to support

disciplined execution and leadership continuity, while reinforcing

strong alignment with shareholder value creation.

Variable compensation outcomes were directly linked to

theachievement of financial, operational and individual

performance objectives approved by the Board, reinforcing

aclear pay-for-performance relationship.

Shareholder engagement and governance focus

Constructive and ongoing engagement with shareholders

remained a priority throughout 2025. The Nomination,

Compensation & Sustainability Committee and management

maintained regular dialogue with investors andproxy advisors,

gathering feedback on compensation structures, incentive

design, governance practices and alignment with long-term

objectives.

This engagement informed the evolution of the Short-Term

Incentive (STI) and Long-Term Incentive (LTI) frameworks, as

presented to shareholders at the 2025 Annual General Meeting.

The approved changes reinforce clarity, transparency and

long-term accountability, while maintaining a balanced

approach that supports leadership stability, retention and

sustainable execution.

Committee structure update

Following the 2025 Annual General Meeting of Shareholders,

the Compensation Committee and the Nomination & ESG

Committee were merged to form the Nomination,

Compensation & Sustainability Committee. The Nomination,

Compensation & Sustainability Committee assumes all duties

and responsibilities of the former Compensation Committee in

accordance with the Swiss Code of Obligations and the

Articles of Association of Temenos AG.

Alignment, accountability and long-term execution

Temenos’ compensation framework is designed to promote

balanced alignment between leadership incentives, sustained

execution and shareholder value creation. Executive remuneration

continues to include a meaningful variable component,

structured to reflect both Company outcomes and long-term

contribution, while also supporting leadership continuity.

The evolution of the LTI framework, including a simplified

instrument mix and an increased emphasis on cumulative

assessment and time-based vesting, reflects the Board’s intent

to strengthen long-term alignment, accountability and stability.

Outcomes under prior incentive plans, including instances of

non-vesting where conditions were not met, continue to

demonstrate the robustness and credibility of the framework.

Commitment to transparency and long-term

value creation

The Nomination, Compensation & Sustainability Committee

regularly reviews compensation structures, metrics andpeer

benchmarks to ensure alignment with best practice, regulatory

requirements and shareholder expectations. Transparency,

proportionality and long-term value creation remain guiding

principles of Temenos’ approach.

As Temenos enters the next phase of its development

underthe leadership of Takis Spiliopoulos, the compensation

framework is designed to support disciplined execution,

reinforce accountability and align leadership incentives with

the Company’s strategic priorities and the interests of its

shareholders.

On behalf of the Board of Directors, we thank you for your

continued trust, engagement and support.

Thibault de Tersant

Chairman

Cecilia Hultén

Chair of the Nomination,

Compensation &

Sustainability Committee

157Temenos AG Annual Report and Accounts 2025

Corporate Governance

Compensation report continued

A. Compensation policy andprinciples

A.1. Compensation objectives

This Compensation Report has been prepared in accordance

with the Swiss Code of Obligations (CO) relating to remuneration

in listed companies, the SIX Exchange regulations, the Swiss

Code of Best Practice and the Articles of Association of

Temenos AG.

The report describes the compensation framework and

principles applicable to the compensation of the Executive

Committee and the Board of Directors, and discloses the

compensation awarded for the financial year 2025. It also

outlines the key elements of the compensation framework

applicable going forward, as approved by shareholders at the

Annual General Meeting.

Temenos’ executive compensation framework is designed to

attract, retain and motivate experienced leaders, while

supporting long-term value creation, disciplined execution and

alignment with shareholder interests.

Executive compensation consists of three primary components:

i. fixed cash compensation and benefits;

ii. variable cash compensation linked to short-term Company

and individual outcomes; and

iii. equity-based compensation, structured to support

long-term alignment, accountability and retention.

Compensation of the Non-Executive members of the Board

ofDirectors comprises fixed compensation only.

The Board of Directors defines the principles and criteria

applicable to all compensation components, including variable

and equity-based elements. These principles take into

account, among other factors:

⚫

overall Company outcomes and long-term performance;

⚫

market practices and competitiveness; and

⚫

individual role scope, responsibilities and sustained

contribution.

The Board of Directors determines the weighting and design

ofthese elements and oversees key aspects of equity-based

incentives, including instrument mix, grant conditions, vesting

schedules and forfeiture provisions, ensuring alignment with

governance standards and shareholder expectations.

Contents

A. Compensation policy and principles

A.1. Compensation objectives

A.2. Organization and competencies

A.3. External mandates – audited

A.4. The role of the Nomination, Compensation &

Sustainability Committee

A.5. Votes on compensation

B. Compensation components

B.1. Summary of compensation elements

foremployees

B.2. Compensation elements for the Executive

Committee members

B.3. Summary of key organization and compensation

changes in 2025

B.4. Variable Short-term incentive

B.5. Variable Long-term equity incentive

B.6. Share ownership

B.7. Dilution and capital requirements

B.8. Contract terms for the Executive

Committeemembers

B.9. Compensation elements for Non-Executive

Directors

C. Pay for performance appraisal

D. Compensation for financial year under

review–audited

D.1. Board of Directors

D.2. Executive Committee

D.3. Highest paid member of the Executive Committee

D.4. Compensation in CHF

D.5. Loans granted to members of governing bodies

E. The year ahead: compensation of the Board

ofDirectors and Executive Committee for fiscal

year 2026

E.1. Changes that affect 2026 Board of Directors

compensation

E.2. Changes that affect 2026 Executive Committee

compensation

E.3. 2026 Variable short-term incentive for

ExecutiveCommittee

E.4. 2026 Long-Term Incentive/Equity Plan awards

forExecutive Committee

F. Other information – audited

F.1. Shareholdings and equity incentives

F.2. Equity instruments outstanding

158 Temenos AG Annual Report and Accounts 2025

Corporate Governance

A.2. Organization and competencies

The Executive Committee members are hereinafter referred to as the “Executives”.

The Executives who served in the 2025 financial year are:

⚫

Takis Spiliopoulos was appointed as interim Chief Executive Officer and Chief Financial Officer effective 4 September 2025 until

2December 2025 and then was appointed as Chief Executive Officer and interim Chief Financial Officer effective 3 December 2025;

⚫

Barb Morgan, Chief Product and Technology Officer (CPTO);

⚫

William Moroney, Chief Revenue Officer (CRO);

⚫

Jayde Tipper, Chief People Officer (CPO);

⚫

Deirdre Dempsey, Chief Legal Officer (CLO);

⚫

Isabelle Guis, Chief Marketing Officer (CMO) until 30 September 2025;

⚫

Jean-Pierre Brulard, Chief Executive Officer (CEO) until 4 September 2025; and

⚫

Colin Jarrett, Chief Security and Risk Officer (CSRO) until 30 April 2025.

Executive Committee gender ratio as at 31 December 2025

Male 40%

Female 60%

The Non-Executive Directors who served in the 2025 financial year are:

⚫

Thibault de Tersant, Chairman;

⚫

Cecilia Hultén, Vice-Chair;

⚫

Maurizio Carli;

⚫

Xavier Cauchois;

⚫

Laurie Readhead;

⚫

Michael Gorriz;

⚫

Felicia Alvaro from 13 May 2025;

⚫

Peter Spenser until 13 May 2025; and

⚫

Dorothee Deuring until 13 May 2025.

Board of Directors gender ratio as at 31 December 2025

Male 57%

Female 43%

159Temenos AG Annual Report and Accounts 2025

Corporate Governance

Compensation report continued

A. Compensation policy andprinciples continued

A.3. External mandates – audited

This section (section A.3.) has been audited by Temenos’ auditor, PricewaterhouseCoopers SA.

As of 31 December 2025, the members of the Executive Committee and Board of Directors held the following comparable

positions in other organizations:

Board of Directors

Member Company Position

Thibault de Tersant Numeum (France) Member of the Board of Directors

andExecutive Committee

Semaines Sociales de France, non-profit

association (France)

Member of the Board of Directors

La Fondation Dassault Systèmes (France) Chairman of the Board of Directors

Numspot (France) Member of the Board of Directors

Cecilia Hultén kompasbank (Denmark) Member of the Board of Directors

Cbio A/S (Denmark) Chief Financial Officer and member

ofthe Board of Directors

Maurizio Carli Board International (Switzerland) Member of the Board of Directors

Xavier Cauchois Dassault Systèmes (France) Member of the Board of Directors

andChair of the Audit Committee

Laurie Readhead EY (US) Executive Advisor – EY Technology

IconsCouncil

Michael Gorriz Commerzbank AG (Germany) Member of the Supervisory Board

Mox Bank Ltd (Hong-Kong)

Member of the Board of Directors

Swiss IT Security Group AG (Luxembourg)

Member of the Advisory Board

ofDirectors

Mercedes-Benz Auto Finance (China)

Member of the Board of Directors

Audax (Singapore)

Member of the Board of Directors

Kyberlife Ltd (Singapore)

Member of the Board of Directors

Pivot Digital Labs Pte Ltd (Singapore)

Managing Partner

Felicia Alvaro Ingram Micro (USA) Member of the Board of Directors

McGraw Hill (USA) Member of the Board of Directors

Executives

Member Company Position

Takis Spiliopoulos Blueberg Management AG (Switzerland)

Blueberg Assets AG (Switzerland)

Member of the Board of Directors

Barb Morgan – –

William Moroney – –

Jayde Tipper Sixty Learn Ltd (UK) Member of the Board of Directors

Deirdre Dempsey – –

1 These mandates were resigned from during the financial year 2025.

2 The Swiss IT Security Board was reclassified from a statutory board to an advisory board during the 2025 financial year, and the related mandate

therefore ceased.

160 Temenos AG Annual Report and Accounts 2025

Corporate Governance

A.4. The role of the Nomination, Compensation & Sustainability Committee

The Nomination, Compensation & Sustainability Committee is a standing committee of the Board of Directors. Inaccordance with

its terms of reference, the Nomination, Compensation & Sustainability Committee fully assumes all duties and responsibilities

previously entrusted to the Compensation Committee, while also incorporating additional responsibilities relating to nomination

and sustainability matters.

In the area of compensation, the Nomination, Compensation & Sustainability Committee is responsible for, among other things:

⚫

approving compensation practices, policies and procedures applicable to the Executive Committee and, where relevant, to other

employees of the Temenos Group;

⚫

reviewing and recommending to the Board of Directors the structure, performance metrics and levels of executive

compensation, including fixed, short-term variable and long-term incentive components;

⚫

assessing the competitiveness and market alignment of Temenos’ executive compensation programs;

⚫

supporting the attraction, retention and long-term development of members of the Executive Committee in line with the

Company’s strategic priorities;

⚫

ensuring alignment between leadership incentives and the long-term interests of the Company and its shareholders;

⚫

reviewing and approving recommendations from the Chief Executive Officer regarding compensation arrangements for members

of the Executive Committee; and

⚫

making recommendations to the Board of Directors on the total compensation of Executive Directors and members of the

Executive Committee, for submission to shareholders at the Annual General Meeting where required.

To fulfill its duties, the Nomination, Compensation & Sustainability Committee meets as often as necessary, but at least three

times per year. The compensation framework, incentive structures and benchmarking are reviewed on an annual basis, while other

matters, including peer group composition, succession planning, share ownership guidelines and sustainability-related governance

topics, are reviewed as required.

The table below sets out the meetings held during the financial year 2025.

Month No. of meetings Topics discussed

February 1 Approval of previous fiscal year performance achievements and payouts.

Approval of the current fiscal year performance targets for variable short-term incentives (STI).

Approval of the long-term variable compensation grant performance targets.

Approval of the Annual General Meeting (AGM) annex.

July 1 Review of the Nomination, Compensation & Sustainability Committee terms of reference.

Review of the executive compensation structure.

Review of the Swiss regulations on compensation.

October 1 Review of the executive compensation peer group.

Review of the Executives’ and Non-Executives’ benchmarks.

December 1 Approval of the executive compensation peer group.

Review of expected outcome for 2025 STI and 2023–2025 LTI plans.

Review of compensation practices and policies for the forthcoming financial years.

The agenda and conclusions of each Committee meeting are shared with the full Board of Directors.

The Nomination, Compensation & Sustainability Committee comprised three Independent and Non-Executive Directors:

⚫

Cecilia Hultén, Chair;

⚫

Maurizio Carli; and

⚫

Michael Gorriz.

The members of the Nomination, Compensation & Sustainability Committee are elected annually by shareholders at the AGM.

Other members of the Board of Directors may attend Nomination, Compensation & Sustainability Committee meetings as appropriate.

Members of the Executive Committee may be invited to attend meetings upon request, where relevant to the matters discussed.

Attendees who are not members of the Nomination, Compensation & Sustainability Committee do not have voting rights.

During the financial year 2025, the Nomination, Compensation & Sustainability Committee held four meetings. The Chairman of the

Board, the Chief Executive Officer and the Chief People Officer attended selected meetings, reflecting the topics under discussion.

When matters relating to their own compensation were discussed, the Chief Executive Officer and the Chief People Officer

recused themselves and left the meeting prior to deliberations and decision making. They rejoined the meeting only after decisions

had been taken, solely to provide input on governance and implementation aspects. This process ensures appropriate

management of conflicts of interest and reinforces the Committee’s commitment to transparency and sound governance.

No other members of the Executive Committee attended Nomination, Compensation & Sustainability Committee meetings during

the financial year 2025.

161Temenos AG Annual Report and Accounts 2025

Corporate Governance

Compensation report continued

A. Compensation policy andprinciples continued

A.4. The role of the Nomination, Compensation & Sustainability Committee continued

Approval process

The recommendation of compensation packages for Board of Directors and Executive Committee members is governed as follows:

Compensation of Recommended by Endorsed by Approved by

Members of the Board of Directors Nomination, Compensation &

Sustainability Committee

Board of Directors Shareholders at AGM

Members of the Executive Committee Nomination, Compensation &

Sustainability Committee

Board of Directors Shareholders at AGM

Benchmarking process and external consultants

To ensure executive compensation remains competitive and aligned with market practice, Temenos conducts regular

benchmarking of executive and Board remuneration. Benchmarking is used to assess overall compensation levels as well as

compensation structure, including the balance between fixed and variable elements and the design of incentive frameworks.

For the financial year 2025, the Nomination, Compensation & Sustainability Committee was supported by Willis Towers Watson

(WTW) as its independent external compensation advisor. WTW provided market data, analytical support and advice on executive

compensation levels, structure and peer group composition. WTW holds no other mandates with Temenos that would give rise to

a conflict of interest.

Executive compensation benchmarks are based on a defined peer group of technology and software companies selected to reflect

Temenos’ size, complexity, global footprint and competitive landscape. In determining the peer group for 2025, the Nomination,

Compensation & Sustainability Committee applied the following key criteria:

⚫

a primary focus on software and SaaS companies with a business-to-business model, including companies serving the financial

services sector;

⚫

comparable operating characteristics in terms of global reach, customer base, business model, growth profile and

organizationalcomplexity;

⚫

comparable scale, assessed primarily by market capitalization, generally within a range of approximately 0.3x to 4.0x

ofTemenos, with revenue considered within a broader range where appropriate; and

⚫

a balanced mix of European-headquartered and US-headquartered companies, reflecting both Temenos’ geographic footprint

and the global market for executive talent.

For Non-Executive Directors, benchmarking is conducted with reference to the Swiss market, in particular the Swiss Mid-Cap

Index (SMIM) to ensure appropriate market positioning and consistency with Swiss governance practices.

The Nomination, Compensation & Sustainability Committee reviews the peer group and benchmarking approach on a regular basis

to ensure continued relevance and consistency over time.

The peer group of 13 companies reflects key competitors for business and senior executive talent:

Organization Country Organization Country

ACI Worldwide USA Edenred France

Broadridge Financial Solutions USA Logitech International Switzerland

Guidewire Software, Inc. USA Nexi S.p.A Italy

Jack Henry and Associates USA Paysafe Limited United Kingdom

NCINO, INC. USA TeamViewer Germany

Q2 Holdings USA

The Sage Group United Kingdom

SS&C Technologies USA

In 2025, the Nomination, Compensation & Sustainability Committee reviewed and refined the executive compensation peergroup

to ensure continued alignment with companies of comparable size, complexity and business focus.

Following a review of relevance and comparability:

⚫

Worldline was removed from the peer group, reflecting differences in business mix and scale relative to Temenos; and

⚫

Nexi S.p.A. and Paysafe Limited were added, strengthening alignment with Temenos’ payments-adjacent ecosystem and

reinforcing comparability in terms of operating model, growth profile and executive talent market.

The resulting peer group comprises a balanced mix of US- and Europe-headquartered companies, reflecting both the global

market for executive talent and the limited availability of directly comparable European peers. This approach supports a robust

and relevant benchmarking framework while ensuring continuity, consistency and alignment with global market practices.

162 Temenos AG Annual Report and Accounts 2025

Corporate Governance

Shareholder engagement and outlook for fiscal years 2025 and outlook for fiscal year 2026

Ongoing and constructive engagement with shareholders remains a key priority for the Board of Directors and management.

Throughout the year, Temenos engaged regularly with shareholders to discuss business developments, governance matters

andexecutive compensation, with the objective of maintaining transparency and alignment with investor expectations.

During 2025, the Company continued its active dialogue with shareholders. In addition, Temenos invited its major shareholders,

representing approximately 60% of outstanding shares, to engage in dedicated discussions with the Nomination, Compensation &

Sustainability Committee, followed by further exchanges. The Chair of the Nomination, Compensation & Sustainability Committee

also held multiple meetings with shareholders and proxy advisors.

These discussions covered, among other topics, long-term strategic priorities, the evolution of the executive compensation

framework, peer group alignment and broader governance considerations. Shareholder feedback received during these

engagements informed the Committee’s deliberations and contributed to the evolution of the Short-Term Incentive (STI) and

Long-Term Incentive (LTI) frameworks presented to shareholders at the Annual General Meeting.

Looking ahead to 2026, the Board of Directors and the Nomination, Compensation & Sustainability Committee remain committed

to continued shareholder engagement and to maintaining a compensation framework that supports long-term value creation,

disciplined execution and leadership continuity, while remaining aligned with market practice and shareholder expectations.

A.5. Votes on compensation

As set out in the Articles of Association, the General Meeting of Shareholders shall approve annually and separately the proposals

of the Board of Directors in relation to the maximum aggregate amount of:

⚫

compensation of the Board of Directors for the next fiscal year; and

⚫

compensation of the Executive Committee for the next fiscal year.

The Articles of Association can be found on the Temenos website under Corporate Documents:

https://www.temenos.com/about-us/investor-relations/corporate-governance/.

Section V and VI, Articles 25 to 28, relate to compensation.

The Board of Directors may submit for approval by the General Meeting of Shareholders proposals in relation to maximum

aggregate amounts of compensation relating to different periods, or in relation to amounts for specific compensation elements

forthe same or different periods.

In the event a proposal of the Board of Directors has not been approved by the General Meeting of Shareholders, the Board of

Directors shall determine, taking into account all relevant factors, the respective maximum aggregate amount of compensation

orpartial maximum amounts for specific compensation elements and submit the amount(s) so determined for approval by a

newly scheduled General Meeting of Shareholders. The Company may pay out compensation prior to approval by the General

Meeting of Shareholders subject to subsequent approval by the General Meeting of Shareholders.

As stated in the Articles of Association, if the maximum aggregate amount of compensation already approved by the General

Meeting of Shareholders is not sufficient to also cover compensation of one or more members who become members of the

Executive Committee during a compensation period for which the General Meeting of Shareholders has already approved the

compensation, the Company is authorized to pay the member or members a supplementary amount during the compensation

period already approved. The total supplementary amount per compensation period shall not exceed 40% of the aggregate

amount of compensation of the Executive Committee last approved for the corresponding compensation period by the General

Meeting of Shareholders, i.e. for the compensation of the financial year 2025 the supplementary amount that may be utilized

would be 40% of the amount approved by shareholders for 2025 at the AGM 2024.

163Temenos AG Annual Report and Accounts 2025

Corporate Governance

Compensation report continued

B. Compensation components

B.1. Summary of compensation elements for employees

The table below explains the compensation elements for the fiscal year 2025:

Fixed salary and benefits

Variable short-term incentive

(bonus or commission) Variable long-term equity incentive

Eligibility All employees All employees Executive Committee

members and senior

management

Basis for funding Continuity of service, role and

experience

Role and experience plus

achievement of fiscal year

operating metrics targets

Continued service over the

vesting period for RSUs, and

achievement of cumulative

three-year performance

conditions for PSUs

Payout Monthly or bi-weekly

depending on jurisdiction

After performance for the

financial year has been audited

For RSUs, annually in

accordance with the vesting

schedule; for PSUs, following

Board approval of the

cumulative three-year

performance outcome

Payout

subjectto

Forfeiture rules No Yes Yes

KPIs No Yes Yes

Performance range for

Executive Committee members

and senior managers

None 80% target threshold at which

80% is paid

Linear payout between 80%

and 100% and 2:1 ratio

performance above 100%;

125%of target performance

isrequired for maximum

150%oftarget payout

Cumulative three-year

performance assessment for

PSUs; annual service-based

vesting for RSUs

Up to 175% of target LTIs may

vest at 137.5% cumulative

performance; no vesting

occurs below the minimum

threshold of 80%

Settlement Cash Cash and deferred shares Shares

Malus and clawback clauses

Not applicable Yes Yes

1 Malus and clawback clauses for both STI and LTI withhold or recover funds for any cases where fraudulent behavior results in numbers being

restated for external reporting purposes.

B.2. Compensation elements for the Executive Committee members

The elements of the above table, together with their objectives, are as follows:

Fixed salary

To compensate Executives for their day-to-day responsibilities, leadership role and sustained contribution to the business.

Benefits

To provide a competitive level of security in areas such as health, retirement, disability and death, in line with market practice

andlocal requirements.

Variable short-term incentive

To link a portion of Executives’ annual compensation to the achievement of clearly defined Company and individual objectives

aligned with the financial year’s priorities.

The Short-Term Incentive (STI) framework is designed to support disciplined execution, accountability and alignment with annual

business outcomes, based on a balanced set of financial and operational metrics as approved by the Board of Directors.

Variable long-term equity incentive

To support long-term alignment with the Company’s strategic priorities and shareholder interests through equity-based awards

delivered over a multi-year period.

The Long-Term Incentive (LTI) framework combines performance-based and time-based equity instruments, with performance

assessed on a cumulative three-year basis for PSUs and service-based vesting for RSUs, reinforcing both long-term accountability

and leadership retention.

164 Temenos AG Annual Report and Accounts 2025

Corporate Governance

B.3. Summary of key organization and compensation changes in 2025

Executive Committee members changed roles during 2025:

⚫

Mr. Takis Spiliopoulos was appointed as interim Chief Executive Officer and Chief Financial Officer effective 4September 2025

until 2 December 2025 and then was appointed as Chief Executive Officer and interim Chief Financial Officer effective 3

December 2025;

⚫

Mr. Jean-Pierre Brulard stepped down as Chief Executive Officer effective 4 September 2025;

⚫

Ms. Isabelle Guis stepped down as Chief Marketing Officer effective 30 September 2025; and

⚫

Mr. Colin Jarret stepped down as Chief Security and Risk Officer effective 30 April 2025.

B.4. Variable short-term incentive

Performance criteria

Annual targets for Executives are set by the Board of Directors based on recommendations by the Nomination, Compensation &

Sustainability Committee.

The 2025 short-term incentive plan for the Executives rewards on-target performance at 100% of fixed salary. The KPI weighting, global

targets and respective achievements for the Executive Committee members as at 31 December 2025 are set out in the table below:

2025 target

Percentage

of STI

Target

USD

Actual

USD

Threshold

Achievement

To be paid

ARR 40% 842.60m 859.90m 80% 102.05% 104.10%

Non-IFRS operating profit 20% 321.50m 371.90m 80% 115.68% 131.36%

Net operating cash flow 20% 406.20m 406.30m 80% 100% 100%

Individual operational objective (Average) 20% 107% 117%

Total 110.4%

The individual operational objective reflects the achievement of specific strategic and operational priorities set for each Executive

at the beginning of the year and assessed by the Board based on clearly defined and measurable performance outcomes,

supported by quantitative and qualitative evidence.

For Executives who left prior to 31 December 2025 and were placed on garden leave, individual operational objectives were not

assessed following cessation of active duties, and bonus payments, where applicable, were determined solely based on corporate

performance KPIs in accordance with contractual terms.

B.5. Long-term equity incentive

For the 2025 Long-Term Incentive (LTI) framework, Temenos operates a simplified equity-based incentive structure comprising

Performance Share Units (PSUs) and Restricted Share Units (RSUs). This structure reflects the evolution of the Company’s

compensation framework approved by shareholders at the Annual General Meeting and is designed to balance long-term

accountability, leadership retention and alignment with shareholder interests.

Executive Committee members and eligible senior management participate in the LTI through a combination of PSUs and RSUs.

The allocation between instruments takes into account role scope, level of responsibility, market practice and internal consistency.

For 2025, 65% of LTI awards for Executive Committee members were delivered in the form of performance-based PSUs, with the

remaining 35% delivered as time-based RSUs, ensuring that the majority of long-term incentives for the Executive Committee are

directly linked to sustained performance outcomes.

Performance Share Units (PSUs) are performance-based equity awards designed to align executive rewards with the Company’s

long-term performance outcomes. PSU vesting is subject to the achievement of cumulative three-year performance conditions

assessed at the end of the performance period, with outcomes ranging from no vesting below the minimum performance

threshold to a capped maximum vesting level, in accordance with the performance curve approved by the Board of Directors.

Restricted Share Units (RSUs) are time-based equity awards designed to support leadership continuity and retention and vest annually

over the vesting period, subject to continued service. This approach supports Temenos’ continued expansion and talent acquisition in the

U.S. market, where Temenos has hired senior talent in sales, product and technology and other areas of the organization from the leading

US competitors. Whilst these competitors are not all included in our compensation peer group given some of their respective size and

multiple businesses, they all have business lines that are direct competition for Temenos and are therefore a key source of talent for

Temenos to support our US growth ambitions. As such, the structure of RSUs we have adopted ensures we are able to attract key talent

while maintaining an appropriate balance with a majority of performance-based PSUs within the overall LTI framework.

Both PSUs and RSUs are equity settled, with one vested unit resulting in the delivery of one Temenos share, net of applicable

taxes. Participants may hold or sell the delivered shares in accordance with applicable policies and legal requirements.

Valuation of equity awards

PSUs and RSUs are valued at fair value at grant date in accordance with IFRS 2. The fair value of equity awards is determined by

Algofin AG, an independent valuation firm domiciled in St. Gallen, Switzerland, specializing in quantitative finance and the valuation

of equity-based compensation instruments.

The fair value at grant date is recognized as an expense over the respective vesting period. For PSUs, the expense is adjusted over

time based on the expected outcome of the cumulative performance conditions. For RSUs, the expense is recognized based on

the number of awards expected to vest, subject to continued service.

165Temenos AG Annual Report and Accounts 2025

Corporate Governance

Compensation report continued

B. Compensation components continued

B.5. Long-term equity incentive continued

Valuation of equity awards continued

Equity awards are granted at market price and are not issued at a discount to the prevailing share price on the grant date. The

valuation methodology applied reflects relevant market parameters and assumptions in line with IFRS 2 requirements.

Settlement of equity awards

Temenos ensures the availability of shares required to settle equity awards through a combination of conditional capital and

treasury shares, as approved by shareholders. The administration of the equity plans and settlement of vested awards is

supported by external service providers in line with market practice.

The tables below provide an overview of the LTI plans in place, including key features, vesting conditions and performance

parameters. The level and value of awards are determined taking into account an Executive’s role, scope of responsibilities

andsustained contribution to the business.

Overview of Executive LTI schemes

The schemes that were not vested as at 31 December 2025 are outlined in the table below, including the 2025 scheme granted

inthis compensation year:

Year of grant Scheme

No. awarded

for

Executives

No. of

Executives

awarded

Exercise

price

Fair value

USD Grant date Vesting date

2025 PSUs 140,176 7 – 80.22 19 February 2025 1 March 2028

2025 PSUs 11,282 1 – 69.14 5 September 2025 5 September 2028

2025 RSUs 24,362 7 – 82.85 19 February 2025 1 March 2026

2025 RSUs 24,759 7 – 81.52 19 February 2025 1 March 2027

2025 RSUs 25,158 7 – 80.22 19 February 2025 1 March 2028

2025 RSUs 1,927 1 – 72.66 5 September 2025 5 September 2026

2025 RSUs 1,976 1 – 70.88 5 September 2025 5 September 2027

2025 RSUs 2,025 1 – 69.14 5 September 2025 5 September 2028

2024 PSUs 3,280 1 – 65.19 7 October 2024 1 December 2027

2024 PSUs 3,405 1 – 68.53 10 July 2024 1 June 2027

2024 PSUs 836 1 – 69.76 10 July 2024 1 June 2026

2024 PSUs 8,010 3 – 65.6 1 July 2024 1 June 2027

2024 PSUs 24,873 1 – 59.1 1 May 2024 30 April 2027

2024 PSUs 56,283 6 – 66.85 20 February 2024 1 March 2027

subject to Board of Directors’

approval of the results for the

year ending 31 December 2026

2024 RSUs 1,406 1 – 65.19 7 October 2024 1 December 2027

2024 RSUs 1,379 1 – 66.45 7 October 2024 1 December 2026

2024 RSUs 1,824 1 – 68.53 10 July 2024 1 June 2027

2024 RSUs 1,792 1 – 69.76 10 July 2024 1 June 2026

2024 RSUs 17,149 4 – 65.60 1 July 2024 1 June 2027

2024 RSUs 16,835 4 – 66.82 1 July 2024 1 June 2026

2024 RSUs 10,660 1 – 59.10 1 May 2024 30 April 2027

2024 RSUs 10,446 1 – 60.31 1 May 2024 30 April 2026

2024 RSUs 14,772 4 – 66.85 20 February 2024 1 March 2027

2024 RSUs 4,448 1 – 68.05 19 February 2024 12 February 2026

2024 RSUs 14,511 4 – 68.05 20 February 2024 1 March 2026

2024 SARs 80,769 1 62.80 18.20 1 March 2024 30 April 2027

2024 SARs 10,580 1 69.27 20.21 7 October 2024 1 December 2027

2024 SARs 11,168 1 72.15 20.89 10 July 2024 1 June 2027

2024 SARs 3,299 1 72.15 17.68 10 July 2024 1 June 2026

2024 SARs 26,136 3 69.22 20.1 1 July 2024 1 June 2027

2024 SARs 80,769 1 62.80 18.2 1 May 2024 30 April 2027

2023 RSUs 1,569 1 64.81 16 January 2023 1 March 2026

2023 RSUs 2,242 1 64.81 16 January 2023 12 February 2026

2023 PSUs 3,662 1 74.34

16 January 2023 1 March 2026

2023 PSUs 5,231 1 74.34

16 January 2023 12 February 2026

2023 SARs 264,106 4 66.91 26.07

16 January 2023 15 February 2026

1 The number of instruments granted includes the number of instruments granted to those who were Executives at the time of grant; this is not

equal to the current members.

2 The fair value of SARs and PSUs in 2023 was assessed on 21 February 2023 when the targets were issued to participants.

166 Temenos AG Annual Report and Accounts 2025

Corporate Governance

Vesting conditions for SARs, PSUs and RSUs

Vesting of the SAR and PSU awards occurs after three years, subject to continued employment and the achievement

ofperformance targets described below.

The targets for the SAR and PSU schemes outstanding on 31 December 2025 are outlined below:

KPIs Weighting SARs

ARR 60%

Non-IFRS EPS 20%

Free cash flow 20%

Rigorous performance goals underline the 2025 LTI plan, with the target three-year CAGR set for ARR at 11%, for non-IFRS EPS at

6% and for free cash flow at 6%.

Vesting of the RSUs is 50% after two years and 50% after three years.

Vesting outcome for 2023 LTI plan – SARs and PSUs

The vesting outcome for the SARs and PSUs granted is the greater of:

i. the sum of the result of each of the three individual years, where one-third is based on achievement of annual results for each year.

There is no overachievement element on the awards linked to annual targets, where funding is binary at either 0 or 100%; and

ii. three-year cumulative goals, which requires achievement being greater than 85% of the sum of the annual targets, with the

potential for funding at up to 175% of the target SARs as explained below.

Over/underachievement for the cumulative performance of SAR and PSU schemes

For achievement between 85% and 100% of target a pro-rated reduced amount will vest. Above 100% achievement, for every 1%

overachievement of the three years cumulative for each KPI target, an additional 2% of SARs may be granted up to a maximum of

175% of the total grant. Below 100% achievement, for every 1% underachievement, 3.33% of the number of SARs is forfeited so that

funding equals 50% at 85% of target. Intermediate performance is pro-rated on a straight-line basis between the data points shown.

Cumulative achievement for each KPI:

Achieved as % of cumulative target 85.0% 92.5% 100.0% 110.0% 120.0% 137.5%

Proportion vesting 50.0% 75.0% 100.0% 120.0% 140.0% 175.0%

The vesting schedule is shown pictorially below:

Annual and cumulative vesting of SARs and PSUs

Achievement %

200

150

100

Vesting %

Payout cumulative Payout annual

0 20 40 60 80 100 120 140 160

167Temenos AG Annual Report and Accounts 2025

Corporate Governance

Compensation report continued

B. Compensation components continued

B.5. Long-term equity incentive continued

Achievement of the 2023 LTI scheme

Under the 2023 LTI scheme, which vested on 1 March 2026, the performance targets at grant had been set as 60% ARR, 20%

non-IFRS EPS, and 20% free cash flow.

The payout for the 2023 LTI plan is as follows:

2023 target

Percentage

of bonus

Achievement

To be paid

ARR 60% 100.6% 101.2%

Non-IFRS EPS 20% 111.8% 123.5%

Free cash flow 20% 96.1% 87.1%

Total 101.9% 102.8%

Overall, cumulative performance across the three metrics resulted in a total LTI vesting outcome of 102.8% of target for the 2023

LTI scheme.

B.6. Share ownership

Executives

The following minimum amounts of shares must be held:

CEO 5 times annual fixed salary

CFO 2 times annual fixed salary

Other Executives 1 times annual fixed salary

Members must satisfy the requirement by the later of three years after appointment to the Executive Committee or following

thefirst vesting of LTI awards received as a new joiner, provided such vesting delivers a sufficient number of shares to meet the

applicable minimum.

The number of shares to be held is calculated based on the closing stock price of 31 December of the prior year and the fixed

salary for the year. For example, the number of shares required to be held on 31 December 2025 is calculated based on the share

price of 31 December 2024 and fixed salary for the year 2025 as at 1 January 2025. This allows the Executives sufficient time to

take any required actions. Only owned Temenos shares (including in the form of ADRs) are counted when evaluating compliance

with the guideline. Unexercised SARs do not count.

Non-Executive Directors

Non-Executive Directors must hold shares with a value equivalent to the annual retainer fee. New Non-Executive Directors must

adhere to this guideline within three years of election at the AGM.

The shareholdings for both Executives and Non-Executive Directors are shown in section F.1.

B.7. Dilution and capital requirements

As of 31 December 2025, 2.6 million instruments were outstanding of which 1.2 million were SARs and 1.4 million in the form of

share instruments. The total cumulative dilution as of 31 December 2025 from all outstanding instruments (i.e. SARs, PSUs and

RSUs) based on the closing share price of CHF 79.60 is 1.6%. Even under a materially higher share price scenario, the resulting

dilution would remain below 3%.

The conditional capital of 2.7 million shares and the treasury shares of 0.6 million that are available for use for employee share

schemes as at 31 December 2025 are sufficient to cover the capital requirement of these outstanding instruments. However,

forseveral years Temenos has only used treasury shares for the employee share schemes; hence a buyback was initiated in

December2025.

168 Temenos AG Annual Report and Accounts 2025

Corporate Governance

B.8. Contract terms for the Executive Committee members

The contractual notice periods of the members of the Executive Committee do not exceed 12 months; there are no non-statutory

severance payment clauses.

In case of a change of control of Temenos AG, all LTI instruments granted will become immediately vested and exercisable

provided that their respective vesting period has started. A case of change of control occurs when a third party acquires the

control of more than 50% ownership in Temenos AG.

In case of termination by Temenos for cause, all unvested LTI instruments are forfeited. In other termination scenarios the

treatment of the unvested LTI instruments varies by role and is described in each plan and, as the case may be, in the

corresponding grant letter(s).

No special compensation (including sign-on or “golden handshake” payments) was granted to Executive Committee members

upon appointment. In addition, there were no severance payments, non-compete compensation or other benefits payable upon

termination beyond statutory entitlements and notice period obligations.

B.9. Compensation elements for Non-Executive Directors

Non-Executive Directors were compensated in 2025 with a fixed fee for their Board duties, together with a supplementary fee for

serving as Chair of the Audit Committee, or Chair of the Nomination, Compensation & Sustainability Committee or Chair of the

Technology, Innovation & Cybersecurity Committee, as applicable. Directors traveling long haul in connection with their Board

duties received an additional fee.

The detail by person is provided in section D.1.

C. Pay for performance appraisal

To align with shareholders’ interests, Temenos’ executive compensation framework is designed to support long-term value

creation, disciplined execution and leadership continuity, while remaining aligned with the Company’s strategic priorities. Executive

compensation comprises a balanced mix of fixed and variable elements, with variable compensation structured to reflect both

annual outcomes and long-term alignment through equity-based incentives. This approach reinforces accountability while also

supporting retention and stability within the leadership team.

The chart below illustrates the percentage split of aggregate compensation of the Executive Committee members for the financial

year 2025.

2025 Executive Committee

Compensation at grant

Fixed salary 14%

Other compensation 8%

Variable short-term incentives 18%

LTI (PSUs) 39%

LTI (RSUs) 21%

At-risk compensation

(performance based)

57%

Fixed salary and benefits represent the only unconditional components of executive compensation. Variable compensation

isdelivered through short-term and long-term incentive arrangements, which together introduce an appropriate level of

conditionality and alignment with the Company’s objectives.

The Short-Term Incentive (STI) is linked to the achievement of annual Company and individual objectives for the relevant

financialyear.

The Long-Term Incentive (LTI) is delivered through a combination of performance-based and time-based equity awards.

Performance Share Units (PSUs) are subject to cumulative performance assessment over a three-year period, while Restricted

Share Units (RSUs) vest annually subject to continued service. This structure supports long-term alignment with shareholder

interests while also promoting leadership continuity and retention.

In 2025, variable compensation represented a majority of Executive Committee remuneration, with long-term incentives forming

the largest component and reinforcing strong alignment with sustained performance and shareholder value creation.

169Temenos AG Annual Report and Accounts 2025

Corporate Governance

Compensation report continued

C. Pay for performance appraisal continued

SAR/PSU payout vs share price growth

With regard to the LTI plan, the chart below shows the long-term alignment of LTI funding versus the annual growth of our

non-IFRS EPS and share price performance. 2026 is the first year that PSUs are vesting.

SAR plan

Weighted average

achievement Payout

Exercise price

USD

Price at vesting

USD

Share price

CAGR growth

2013 101% 101% 10.96 43.69 59%

2014 100% 100% 35.33 70.87 26%

2015 105% 110% 35.45 127.00 53%

2016 111% 121% 43.69 136.94 46%

2017 110% 121% 70.87 168.81 34%

2018 99% 87% 127.00 120.31

(2%)

2019 n/a as different targets by year 60% 136.94 106.52

(8%)

2020 n/a as different targets by year 47% 168.81 73.83

(24%)

2021 95% 77% 143.54 74.91

(19%)

2022 Not met 0% 107.65 88.38

(6%)

SAR and PSU plan

2023 SAR plan 101.9% 102.8% 66.91 83.00

2023 PSU plan 101.9% 102.8% – TBD

1 All these SAR plans were out of the money on vesting.

EPS growth vs SAR payout and share price growth

KPI targets are set at challenging levels to ensure a strong link between pay and performance. Historically, Temenos delivered

strong EPS growth and shareholder returns through 2018, resulting in higher SAR payouts. From 2019 onwards, lower performance

versus budget impacted LTI vesting, particularly in 2022 when no SARs vested. In addition, for five consecutive years the share

price at vesting remained below the exercise price, resulting in minimal or no LTI gains for the Executive Committee.

The vesting of SARs in February 2026 and PSUs in March 2026 reflects the recovery in business performance and shareholder

value creation delivered by the executive team.

This trend demonstrates the effectiveness of the Company’s pay-for-performance framework, ensuring that long-term incentives

generate value only when shareholders benefit.

D. Compensation for financial year under review – audited

This section (section D) has been audited by Temenos’ auditor, PricewaterhouseCoopers SA.

As certain individuals are compensated in currencies other than US dollars, the amounts disclosed in the tables below are

converted into US dollars using the average exchange rate for the financial year 2025. Comparative figures are converted using

theaverage exchange rate applicable to the respective prior year. As a result, year-on-year comparisons may be affected by

exchange rate fluctuations.

The Long-Term Incentive (LTI) values included in the compensation tables represent the full fair value at grant date, assuming

on-target performance, in accordance with applicable accounting standards. For the financial year 2025, the LTI values include

thefair value of Performance Share Units (PSUs) and Restricted Share Units (RSUs) granted during the year.

PSUs and RSUs are valued at fair value at grant date in accordance with IFRS 2. The fair value of equity awards is determined by

anindependent third party valuation firm and is based on the market price of Temenos shares at grant date, adjusted where

applicable to reflect dividend expectations over the vesting period.

170 Temenos AG Annual Report and Accounts 2025

Corporate Governance

D.1. Board of Directors

The total compensation for the Board of Directors including social security charges totals USD 2.19 million compared to a total

maximum compensation of USD 2.4 million approved by the shareholders at the AGM on 7 May 2024.

All numbers

aregross

in USD

Name

Board function Year

Fixed fee/

salary

Variable

short-term

incentive

All other

compensation

Total

compensation

before LTI LTI value

Total

compensation

Employer

social

security

charges

Total

compensation

including

social

security

charges

Maximum

shareholder

approval

T. de Tersant

Chairman

2025 800,000 – – 800,000 – 800,000 59,926 859,926

2024 800,000 – – 800,000 – 800,000 60,095 860,095

C. Hultén

Vice-Chair

2025 170,000 – 47,181 217,181 – 217,181 – 217,181

2024 162,653 – – 162,653 – 162,653 14,293 176,946

M. Carli

Member

2025 170,000 – – 170,000 – 170,000 11,513 181,513

2024 140,000 – – 140,000 – 140,000 9,304 149,304

P. Spenser

Member

until 13 May

2025 62,806 – 24,014 86,819 – 86,819 203 87,023

2024 185,000 – 10,000 195,000 – 195,000 – 195,000

X. Cauchois

Member

2025 170,000 – 55,000 225,000 – 225,000 15,739 240,739

2024 195,000 – – 195,000 – 195,000 13,536 208,536

D. Deuring

Member

until 13 May

2025 62,806 – – 62,806 – 62,806 5,794 68,600

2024 140,000 – – 140,000 – 140,000 12,311 152,311

L. Readhead

Member

2025 170,000 – 16,384 186,384 – 186,384 – 186,384

2024 91,000 – 6,237 97,237 – 97,237 – 97,237

M. Gorrizadd

Member

2025 170,000 – 55,000 225,000 – 225,000 – 225,000

2024 91,000 – – 91,000 – 91,000 – 91,000

F. Alvaro

Member

from 13 May

2025 105,306 12,389 117,694 117,694 – 117,694

D. Forster

Member until

7 May 2024

2024 49,389 – – 49,389 – 49,389 4,400 53,789

I. Cookson

Member until

7 May 2024

2024 61,736 – – 61,736 – 61,736 4,200 65,936

Total Board

ofDirectors

2025 1,880,917 – 209,967 2,090,884 – 2,090,884 93,176.00 2,184,060 2,400,000

2024 1,915,778 – 16,237 1,932,015 – 1,932,015 118,140 2,050,155 2,300,000

1 Peter Spenser and Laurie Readhead are entitled to an additional USD 10,000 fee in respect of long-haul travel. Following approval at the

2025Annual General Meeting, the long-haul travel fee payable to Laurie Readhead was increased to USD 20,000, effective from 13 May 2025.

FeliciaAlvaro is also entitled to the additional USD 20,000 fee in respect of long-haul travel.

2 Social security charges comprise actual charges on base salary and other compensation.

3 Thibault de Tersant’s fees comprise a basic fee of USD 800,000 annually for his duties as Chairman of Temenos AG.

4 Cecilia Hultén’s fees comprise a basic fee of USD 170,000 annually plus USD 35,000 for her duties as the Chair of the Nomination Committee

until13May 2025 and then USD 55,000 for her duties as the Chair of the Nomination, Compensation & Sustainability Committee.

5 Peter Spenser’s fees comprise a basic fee of USD 170,000 annually plus USD 45,000 annually for his duties as the Chair of the Compensation

Committee until 13 May 2025. It comprised an additional USD 10,000 annually for traveling long haul.

6 Xavier Cauchois’ fees comprise a basic fee of USD 170,000 annually plus USD 55,000 annually for his duties as the Chair of the Audit Committee.

7 Michael Gorriz’s fees comprise a basic fee of USD 170,000 annually plus USD 55,000 annually for his duties as the Chair of the Technology,

Innovation& Cybersecurity Committee.

171Temenos AG Annual Report and Accounts 2025

Corporate Governance

Compensation report continued

D. Compensation for financial year under review – audited continued

D.2. Executive Committee

The total compensation for the five members and five former members of the Executive Committee including social security charges

totals USD 30.5 million. This includes USD 17.8 million for the five current members and USD 12.7 million for the five former members.

At the Annual General Meeting (AGM) on 8 May 2024, shareholders approved USD 34 million for seven and half members. In

accordance with the Articles of Association, if the maximum aggregate amount of compensation already approved by the General

Meeting of Shareholders is not sufficient to also cover compensation of one or more members who become members of the

Executive Committee during a compensation period for which the General Meeting of Shareholders has already approved the

compensation, the Company is authorized to pay the member or members a supplementary amount during the compensation

period already approved. The total supplementary amount per compensation period shall not exceed 40% of the aggregate

amount of compensation of the Executive Committee last approved for the corresponding compensation period by the General

Meeting of Shareholders, i.e. for the compensation of the financial year 2025 the supplementary amount that may be utilized

would be 40% of the amount approved by shareholders for 2025 at the AGM 2024. Hence for 2025, USD 47.6 million was the

amount that Temenos was entitled to spend.

During the financial year 2025, Temenos did not make use of this supplementary mechanism.

Total compensation granted remained within the amount approved by shareholders at the AGM 2024, without recourse to the

supplementary amount.

All numbers

are gross

in USD

Base

salary

Variable

short-term

incentive

All other

compensation

Total

compensation

before LTI LTI value

Total

compensation

Employer

social

security

charges

Total

compensation

including

social

security

charges

Maximum

shareholder

approval

2025

4,258,654

5,571,761 2,165,665 11,996,080 18,499,947 30,496,028 1,628,630 32,124,658 34,000,000

2024 4,289,726 4,317,130 2,890,375 11,497,231 26,988,642 38,485,873 1,413,767 39,899,640 30,000,000

plus max. of

12,000,000 for

new members

1 In 2025, the variable short-term incentive targets were achieved and paid out at 110.4%.

2 All other compensation includes life, medical, disability, accident insurance, pension and car allowance. This category also comprises termination

benefits including notice period payments for the former CEOs, CPO, CSRO and CMO.

3 Further details are outlined in the table in section B.5.

4 Social security charges comprise actual charges on base salary and other compensation and estimated social security charges to be paid

forbonus and LTIPs (based on the fair value) granted in the year of compensation.

Average compensation per member for five current members in 2025 was USD 3.6 million (2024: USD 3.0 million).

D.3 Highest paid member of the Executive Committee

Mr. Brulard, departing CEO, was the highest paid member of the Executive Committee in 2025.

Mr. Brulard’s compensation, in US dollars, is shown below.

All numbers

aregross

in USD

Base

salary

Variable

short-term

incentive

All other

compensation

Total

compensation

before LTI

LTI value

Total

compensation

Employer

social

security

charges

Total

compensation

including

social

security

charges

2025

departing

CEO, Jean-

Pierre Brulard

– atgrant 654,416 1,061,155

726,101 2,441,672 6,799,981 9,241,654 672,978 9,914,631

2024 former

CEO, Andreas

Andreades

– at grant 328,918 740,064 812,521 1,881,503 7,127,117 9,008,620 – 9,008,620

1 Mr. Brulard’s base salary was reported until 4 September 2025, when he stepped down from the Executive Committee, with compensation during

garden leave included in “All other compensation”.

2 Following cessation of active duties and placement on garden leave, individual operational objectives were not assessed. The short-term incentive

outcome was determined solely based on the achievement of corporate performance KPIs, in accordance with contractual terms, with no

discretionary adjustments applied.

3 Outstanding long-term incentive awards continue to vest during the contractual notice/garden leave period in accordance with the plan rules.

Anyawards remaining unvested following the termination date will be forfeited, and no acceleration or discretionary treatment was granted.

172 Temenos AG Annual Report and Accounts 2025

Corporate Governance

Mr. Brulard’s compensation comprised a contractual base salary of CHF 802,500 and benefits, including a housing allowance

ofCHF 216,000, a car allowance of CHF 36,000 and a pension allowance of CHF 56,484. Compensation during the notice period

isincluded in “All other compensation”.

No discretionary severance, ex gratia payments or additional compensation were made or will be made beyond Mr. Brulard’s

contractual notice period entitlements.

The compensation arrangements of Takis Spiliopoulos following his appointment as Chief Executive Officer and interim Chief

Financial Officer were aligned with the Company’s established executive remuneration framework and consistent with those

oftheformer Chief Executive Officer.

No exceptional, discretionary or one-off compensation was granted in connection with his appointment or during the period

inwhich he continues to temporarily combine executive responsibilities.

D.4. Compensation in CHF

Pursuant to Article 958d alinea 3 of the Swiss Code of Obligations, compensation amounts may be quoted in the most significant

currency of the business activity; in Temenos’ case it is USD, but it must also be quoted in CHF. The amounts quoted below in CHF

for the Board of Directors, Executive Committee and highest paid Executive Committee member respectively are calculated taking

the USD gross amount converted at the average exchange rate for the year. The exchange rate used in 2025 was 0.8311 (2024: 0.8807).

All numbers

are gross

in CHF Year

Fixed fee/

salary

Variable

short-term

incentive

All other

compensation

Total

compensation

before LTI LTI value

Total

compensation

Employer

social

security

charges

Total

compensation

including

social

security

charges

Board of

Directors 2025 1,563,321 – 174,514 1,737,835 – 1,737,835 77,443 1,815,278

2024 1,687,162 – 14,299 1,701,461 – 1,701,461 104,041 1,805,502

All numbers

are gross

in CHF Year

Base

salary

Variable

short-term

incentive

All other

compensation

Total

compensation

before LTI LTI value

Total

compensation

Employer

social

security

charges

Total

compensation

including

social

security

charges

Executive

Committee 2025 3,539,574 4,630,960 1,799,989 9,970,522 15,376,200 25,346,722 1,353,633 26,700,356

2024 3,777,818 3,801,953 2,545,457 10,125,228 23,767,998 33,893,226 1,245,057 35,138,283

All numbers

are gross

in CHF Year

Base

salary

Variable

short-term

incentive

All other

compensation

Total

compensation

before LTI LTI value

Total

compensation

Employer

social

security

charges

Total

compensation

including

social

security

charges

Departing CEO2025

atgrant 543,917 881,977 603,498 2,029,392 5,651,793 7,681,185 559,344.41 8,240,529

Former CEO 2024

atgrant 289,667 651,750 715,560 1,656,977 6,276,614 7,933,591 – 7,933,591

D.5. Loans granted to members of governing bodies

As of 31 December 2025 and 31 December 2024 the Company had no outstanding loans to members of the Board of Directors

andExecutive Committee. No loans were granted to persons related to the Board of Directors or Executive Committee.

173Temenos AG Annual Report and Accounts 2025

Corporate Governance

Compensation report continued

E. The year ahead: compensation of the Board of Directors and Executive Committee

for fiscal year 2026

At the AGM in 2025, the shareholders approved total compensation including social charges for fiscal year 2026 for the Board of

Directors of USD 2.2 million and for the Executive Committee of eight members of USD 37 million.

E.1. Changes that affect 2026 Board of Directors compensation

The Board of Directors consists of the following members as of February 2026:

⚫

Thibault de Tersant, Chairman;

⚫

Cecilia Hultén, Vice-Chair;

⚫

Maurizio Carli;

⚫

Xavier Cauchois;

⚫

Laurie Readhead;

⚫

Michael Gorriz; and

⚫

Felicia Alvaro.

As approved at the AGM in 2025, the annual Board retainer fee remains unchanged. However, several adjustments to the fee

structure have been introduced to reflect the evolving governance framework of the Board, including the creation of the

Nomination, Compensation & Sustainability Committee and the Technology, Innovation & Cybersecurity Committee, each with a

Chair fee of USD 55,000, as well as an increase in the additional fee for Directors traveling long haul.

These changes have been implemented while maintaining total Board compensation at a level broadly consistent with the prior year.

E.2. Changes that affect 2026 Executive Committee compensation

The Executive Committee, whose remuneration falls under the 2026 Executive Committee compensation, consists of the following

members as at February 2026:

Takis Spiliopoulos, Chief Executive Officer and interim Chief Financial Officer

⚫

Barb Morgan, Chief Product and Technology Officer;

⚫

William Moroney, Chief Revenue Officer;

⚫

Jayde Tipper, Chief People Officer; and

⚫

Deirdre Dempsey, Chief Legal Officer.

E.3. 2026 variable short-term incentive for Executives

For 2026, the weighting for the short-term incentive has been reviewed and will remain consistent with the 2025 structure,

asshown below:

KPIs for STI 2026 Weighting 2025 Weighting 2026

ARR

40% 40%

Non-IFRS operating profit

20% 20%

Net operating cash flow

20% 20%

Individual operational objectives

20% 20%

1 The targets are considered commercially sensitive and are not disclosed in advance. The minimum threshold remains at 80%, where funding will

be set at 80%. Maximum performance is set at 125% of target and results in 150% funding.

2 Individual operational objectives are designed to ensure that each member of the Executive Committee is accountable for their respective

criticalareas while contributing to the Company’s overall objectives. These objectives will be linked to objective key results (OKRs), making them

measurable, outcome driven, and aligned with Temenos’ broader goals. This approach enhances accountability across the Executive Committee

and ensures that its members’ contributions support the execution of the Company’s strategic priorities for the financial year.

174 Temenos AG Annual Report and Accounts 2025

Corporate Governance

E.4. 2026 Long-Term Incentive/Equity Plan awards for Executives

The 2026 Long-Term Incentive (LTI) awards for Executive Committee members and senior management are granted under the

Temenos Long-Term Incentive Plan and comprise a combination of Performance Share Units (PSUs) and time-based restricted

share units (RSUs).

For the 2026 LTI, awards are delivered with a 65% weighting in PSUs and 35% weighting in RSUs, ensuring a strong alignment

between long-term performance outcomes and sustained retention.

Performance conditions (PSU component)

The PSU component of the 2026 LTI is subject to the same performance framework, minimum and maximum performance

thresholds and funding mechanics as applied under prior plans, with performance assessed against the following key performance

indicators over the three-year performance period 2026–2028:

KPIs for LTI 2026–2028 Weighting

ARR 40%

Non-IFRS EPS 20%

Free cash flow 20%

Relative TSR (rTSR) 20%

The rTSR metric measures Temenos’ Total Shareholder Return over the three-year performance period relative to a defined peer

group of comparable listed technology and financial software companies used for executive compensation benchmarking purposes.

Performance is assessed on a relative ranking basis, ensuring that PSU vesting reflects Temenos’ shareholder value creation

compared with peers over the same period.

Vesting and performance assessment

For the 2026 LTI, PSU performance is assessed on a fully cumulative basis over the three-year performance period. Vesting

outcomes are determined based on aggregate performance achieved over the full performance period, measured against

predefined minimum, target and maximum performance thresholds.

For the relative TSR metric, performance is assessed on a relative ranking basis, with vesting commencing at threshold

performance corresponding to 80% of target payout, in line with the Committee-approved rTSR performance scale.

No vesting occurs below the minimum performance threshold of 80% of cumulative target performance. At 80% of cumulative

target performance, 80% of the target PSU award vests.

Between 80% and 100% of target performance, vesting increases on a linear basis. Above target, vesting is accelerated through

a2:1 leverage, such that 125% of cumulative target performance results in the maximum PSU payout of 150% of target.

The PSU payout is capped at 175% of target, which is achieved at 137.5% cumulative performance over the three-year period.

Thiscap applies solely to the PSU component of the LTI award.

The RSU component, representing 35% of the total LTI award, is subject solely to continued employment and vests annually

onaservice-based basis.

For the 2026 LTI plan, the target CAGR growth for ARR is set at 14%, for non-IFRS EPS is set at 13% and for free cash flow is set

at18%.

175Temenos AG Annual Report and Accounts 2025

Corporate Governance

Compensation report continued

F. Other information – audited

This section (section F) has been audited by Temenos’ auditor, PricewaterhouseCoopers SA.

F.1. Shareholdings and equity incentives

Non-Executive Directors

Name Position

Number of

31 December

2025

Number of

31 December

2024

T. de Tersant Chairman 13,000 13,000

C. Hultén Vice-Chair 2,500 2,500

P. Spenser

Member until 13 May 2025 n/a 3,300

M. Carli Member 1,910 1,910

X. Cauchois Member 3,100 2,100

D. Deuring Member until 13 May 2025 n/a 1,000

L. Readhead Member 3,200 3,200

M. Gorriz Member 1,500 1,000

F. Alvaro Member from 13 May 2025 – n/a

1 Peter Spenser held shares in the form of American depositary receipts (ADRs).

Executive Committee members

Name Position as at 31 December 2025

Number of

vested shares

31 December

2025

Number of

unvested

RSU/PSUs

31 December

2025

Number of

31 December

2024

Number of

vested PSU

31 December

2024

Number of

unvested

RSU/PSUs

31 December

2024

P. Spiliopoulos CEO and interim CFO from

3December2025 – 114,358 – – 56,240

B. Morgan CPTO – 38,295 9,660 – 6,065

W. Moroney CRO 4,712 44,252 1,362 – 19,460

J. Tipper CPO 782 27,346 782 – 21,299

D. Dempsey CLO – 35,734 – – 4,935

I. Guis CMO until 30September2025 – 20,253 – – 9,382

C. Jarrett CSRO until 30 April 2025 – 17,157 3,888 – 24,049

J.P. Brulard CEO until 4September2025 – 130,274 – – 45,979

1 The PSUs and RSUs shown above only include PSUs and RSUs granted during membership of the Executive Committee.

176 Temenos AG Annual Report and Accounts 2025

Corporate Governance

Name

Position as at 31 December 2025

(or at date of leaving Executive

Committee if earlier) Plan

Exercise

price

USD

Number of

vested

SARs

31 December

2025

Number of

unvested

SARs

31 December

2025

Number of

vested

SARs

31 December

2024

Number of

unvested

SARs

31 December

2024

J.P. Brulard CEO, until

4September2025

2024 scheme 62.80 – 80,769 – 80,769

P. Spiliopoulos CEO and interim CFO 2019 scheme 147.43 42,000 – 42,000 –

2020 scheme 168.81 33,600 – 33,600 –

2021 scheme 143.54 60,629 – 60,629 –

2022 scheme

107.65 – – – 107,100

2023 scheme 66.91 – 171,951 – 171,951

2024 scheme 70.56 – 52,058 – 52,058

B. Morgan CPTO 2024 scheme 69.27 – 10,580 – 10,580

W. Moroney CRO 2024 scheme 69.22 – 8,712 – 8,712

2024 scheme 70.56 – 26,029 – 26,029

J. Tipper CPO 2022 scheme

107.65 – – – 9,050

2023 scheme 66.91 – 13,165 – 13,165

2024 scheme 69.22 – 8,712 – 8,712

2024 scheme 70.56 – 13,014 – 13,014

D. Dempsey CLO 2024 scheme 69.22 – 8,712 – 8,712

I. Guis CMO until

30September2025

2024 scheme 72.15 566 14,467 – 18,717

C. Jarrett CSRO until 30 April 2025 2020 scheme 168.81 11,667 – 11,667 –

2021 scheme 143.54 11,512 – 11,512 –

2022 scheme

107.65 – – – 18,150

2023 scheme 66.91 – 18,807 – 18,807

2024 scheme 70.56 – 17,353 – 17,353

1 The SARs shown above only include SARs granted during membership of the Executive Committee.

2 The 2022 SAR plan did not meet the applicable performance conditions and, as a result, no SARs vested under the plan.

No options and/or shares were held on 31 December 2025 and 2024 by persons related to the members of the Board of Directors

or the Executive Committee.

177Temenos AG Annual Report and Accounts 2025

Corporate Governance

Compensation report continued

F. Other information – audited continued

F.2. Equity instruments outstanding

The following table lists all employee equity instruments outstanding as at 31 December 2025. This includes the instruments

outstanding for Executive Committee members shown in the tables in section F.1 and all other staff eligible.

Plan

Exercise price

USD

Total number of

outstanding

instruments

Number of

unvested

SARs

Number

of vested

SARs

Number

of PSUs

Number

of RSUs

2016 43.69 2,423 – 2,423 – –

2016 57.07 6,399 – 6,399 – –

2016 65.92 2,034 – 2,034 – –

2017 70.87 44,081 – 44,081 – –

2017 80.86 2,394 – 2,394 – –

2018 127.00 335 – 335 – –

2018 127.00 62,598 – 62,598 – –

2018 127.68 1,305 – 1,305 – –

2018 164.00 4,349 – 4,349 – –

2018 138.63 868 – 868 – –

2019 136.94 89,380 – 89,380 – –

2019 147.43 42,000 – 42,000 – –

2019 149.37 2,400 – 2,400 – –

2019 164.57 1,200 – 1,200 – –

2019 151.75 1,200 – 1,200 – –

2020 168.81 97,224 – 97,224 – –

2020 115.91 41,867 – 41,867 – –

2020 142.68 453 – 453 – –

2020 160.35 234 – 234 – –

2021 143.54 958 – 958 – –

2021 143.54 225,863 – 225,863 – –

2021 156.81 3,837 – 3,837 – –

2021 158.87 3,069 – 3,069 – –

2021 157.66 769 – 769 – –

2021 136.61 1,534 – 1,534 – –

2019 144.09 5,200 – 5,200 – –

2019 144.77 448 – 448 – –

2020 135.00 464 – 464 – –

2020 124.50 9,645 – 9,645 – –

2022 54.90 35,001 – 35,001 – –

2022 54.90 36,001 – 36,001 – –

2022 54.90 16,666 – 16,666 – –

2022 54.90 44,998 – 44,998 – –

2024 72.15 566 – 566 – –

2023 66.91 203,923 203,923 – – –

2024 72.15 3,299 3,299 – – –

2024 70.56 17,353 17,353 – – –

2024 70.56 91,101 91,101 – – –

178 Temenos AG Annual Report and Accounts 2025

Corporate Governance

Plan

Exercise price

USD

Total number of

outstanding

instruments

Number of

unvested

SARs

Number

of vested

SARs

Number

of PSUs

Number

of RSUs

2024 62.80 80,769 80,769 – – –

2024 69.22 26,136 26,136 – – –

2024 72.15 11,168 11,168 – – –

2024 69.27 10,580 10,580 – – –

2024 n/a 76,993 – – – –

2024 n/a 3,364 – – – 3,364

2025 n/a 1,332 – – – 1,332

2023 n/a 136,808 – – – 136,808

2024 n/a 373,829 – – – 373,829

2025 n/a 388,051 – – – 388,051

2023 n/a 76,908 – – 76,908 –

2024 n/a 124,539 – – 124,539 –

2025 n/a 196,044 – – 196,044 –

2,609,960 444,329 787,763 397,491 903,384

1 The weighted average exercise price considering all instruments is USD 48.58, and taking only SARs is USD 102.90.

179Temenos AG Annual Report and Accounts 2025

Corporate Governance

Report on the audit of compensation report

PricewaterhouseCoopers SA, Avenue Giuseppe-Motta 50, 1202 Genève

+41 58 792 91 00

www.pwc.ch

PricewaterhouseCoopers SA is a member of the global PricewaterhouseCoopers network of firms, each of which is a

separate and independent legal entity.

Report of the statutory auditor to the General Meeting of

Temenos AG, Lancy

Opinion

We have audited the compensation report of Temenos AG (the Company) for the year ended 31 December 2025.

The audit was limited to the information pursuant to article 734a-734f of the Swiss Code of Obligations (CO) in

the tables marked 'audited' on section A.3 on page 160, section D on pages 170 to 173 and section F on pages 176

to 179 of the compensation report.

In our opinion, the information pursuant to article 734a-734f CO in the accompanying compensation report

complies with Swiss law and the Company’s articles of incorporation.

Basis for opinion

We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our

responsibilities under those provisions and standards are further described in the 'Auditor’s responsibilities for

the audit of the compensation report' section of our report. We are independent of the Company in accordance

with the provisions of Swiss law and the requirements of the Swiss audit profession, and we have fulfilled our

other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our

opinion.

Other information

The Board of Directors is responsible for the other information. The other information comprises the

information included in the annual report, but does not include the tables marked 'audited' in the compensation

report, the consolidated financial statements, the financial statements and our auditor’s reports thereon.

Our opinion on the compensation report does not cover the other information and we do not express any form

of assurance conclusion thereon.

In connection with our audit of the compensation report, our responsibility is to read the other information and,

in doing so, consider whether the other information is materially inconsistent with the audited financial

information in the compensation report or our knowledge obtained in the audit, or otherwise appears to be

materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other

information, we are required to report that fact. We have nothing to report in this regard.

PricewaterhouseCoopers SA, Avenue Giuseppe-Motta 50, 1202 Genève

+41 58 792 91 00

www.pwc.ch

PricewaterhouseCoopers SA is a member of the global PricewaterhouseCoopers network of firms, each of which is a

separate and independent legal entity.

Report of the statutory auditor to the General Meeting of

Temenos AG, Lancy

Opinion

We have audited the compensation report of Temenos AG (the Company) for the year ended 31 December 2025.

The audit was limited to the information pursuant to article 734a-734f of the Swiss Code of Obligations (CO) in

the tables marked 'audited' on section A.3 on page 160, section D on pages 170 to 173 and section F on pages 176

to 179 of the compensation report.

In our opinion, the information pursuant to article 734a-734f CO in the accompanying compensation report

complies with Swiss law and the Company’s articles of incorporation.

Basis for opinion

We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our

responsibilities under those provisions and standards are further described in the 'Auditor’s responsibilities for

the audit of the compensation report' section of our report. We are independent of the Company in accordance

with the provisions of Swiss law and the requirements of the Swiss audit profession, and we have fulfilled our

other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our

opinion.

Other information

The Board of Directors is responsible for the other information. The other information comprises the

information included in the annual report, but does not include the tables marked 'audited' in the compensation

report, the consolidated financial statements, the financial statements and our auditor’s reports thereon.

Our opinion on the compensation report does not cover the other information and we do not express any form

of assurance conclusion thereon.

In connection with our audit of the compensation report, our responsibility is to read the other information and,

in doing so, consider whether the other information is materially inconsistent with the audited financial

information in the compensation report or our knowledge obtained in the audit, or otherwise appears to be

materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other

information, we are required to report that fact. We have nothing to report in this regard.

180 Temenos AG Annual Report and Accounts 2025

Corporate Governance

Report of the statutory auditor to the General Meeting of Temenos AG, Lancy

Board of Directors’ responsibilities for the compensation report

The Board of Directors is responsible for the preparation of a compensation report in accordance with the

provisions of Swiss law and the Company’s articles of incorporation, and for such internal control as the Board

of Directors determines is necessary to enable the preparation of a compensation report that is free from

material misstatement, whether due to fraud or error. It is also charged with structuring the remuneration

principles and specifying the individual remuneration components.

Auditor’s responsibilities for the audit of the compensation report

Our objectives are to obtain reasonable assurance about whether the information pursuant to article 734a-734f

CO is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that

includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit

conducted in accordance with Swiss law and SA-CH will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they

could reasonably be expected to influence the economic decisions of users taken on the basis of this

compensation report.

As part of an audit in accordance with Swiss law and SA-CH, we exercise professional judgement and maintain

professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement in the compensation report, whether due to fraud or

error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is

sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material

misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,

forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are

appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the

Company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and

related disclosures made.

We communicate with the Board of Directors or its relevant committee regarding, among other matters, the

planned scope and timing of the audit and significant audit findings, including any significant deficiencies in

internal control that we identify during our audit.

We also provide the Board of Directors or its relevant committee with a statement that we have complied with

relevant ethical requirements regarding independence, and communicate with them all relationships and other

matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to

eliminate threats or safeguards applied.