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NCR Atleos (NATL) investor relations material
NCR Atleos Stephens Annual Investment Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Stephens Annual Investment Conference summary20 Nov, 2025
Strategic focus and outlook
Completed separation from parent company, redeployed resources to strategic initiatives, and established a clean balance sheet.
Board encourages a shift from tactical execution to long-term strategy, focusing on leveraging a large installed base and service footprint.
Three- and five-year strategies include expanding device capabilities, growing services, and exploring new avenues such as government and retail partnerships.
Emphasis on protecting unique assets: global device fleet, service organization, and owned/operated devices.
M&A will focus on bolt-on acquisitions to enhance device capabilities and expand networks, with no plans for large transformational deals.
Financial performance and capital allocation
Achieved sub-three times leverage ahead of schedule, enabling share buybacks and increased capital flexibility.
Cash conversion rates expected to rise from 30% to 35% next year, potentially reaching 40% the following year.
Plans to refinance significant debt in October next year, aiming for further interest expense reduction.
Capital allocation prioritizes share repurchases over dividends, with CapEx closely aligned to depreciation.
Free cash flow efficiency to improve as legacy separation costs are lapped and AI-driven productivity gains are realized.
ATM as a Service strategy and growth
ATM as a Service more than doubles ARPU compared to traditional models, with 38,000 machines fully managed and 90,000 under enhanced servicing.
Service is highly differentiated, offering end-to-end solutions that competitors cannot fully match.
Geographic expansion includes recent entries into LATAM, Middle East, and Spain, with best margins in North America and Western Europe.
Sustained 30-40% growth in ATM as a Service, supported by a strong backlog and ongoing customer conversions.
Implementation bottlenecks are due to longer integration cycles with customer IT systems, not demand.
Expand on physical-to-digital kiosk capabilities
Future debt refinancing and capital allocation plans
AI's impact on efficiency and future cost levers
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Next NCR Atleos earnings date
Q4 202513 Feb, 2026
Next NCR Atleos earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
NCR Atleos Corporation is a financial technology company with a global presence. The company specializes in providing self-directed banking solutions across three main segments: Self-Service Banking, Payments and Network, and Telecommunications and Technology. NCR Atleos delivers comprehensive services through automated and interactive teller machine technology, encompassing software, services, hardware, and the Allpoint network. It also offers managed network and infrastructure services to enterprise clients across various industries through direct relationships with communications service providers and technology manufacturers. The company is headquartered in Atlanta, Georgia, and its shares are listed on the NYSE.
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