NCR Atleos (NATL) investor relations material

Executive summary

• Q2 2025 delivered solid results with 2–4% revenue growth, 9% higher adjusted EPS, and 50% net income increase, driven by strong Self-Service Banking and ATM outsourcing demand.

• 70% of revenue was recurring, with customer satisfaction scores up 160 basis points and continued shift toward a recurring revenue model.

• Completed separation from legacy NCR, improved balance sheet, and no new commercial agreements.

• Board authorized a $200M share repurchase program over two years, about 10% of market cap.

• Focused on operational execution, service excellence, and strategic growth initiatives.

Financial highlights

• Q2 2025 revenue was $1.1B–$1.104B, up 2–4% year-over-year, led by 18% hardware growth and 3% services/software growth.

• Adjusted EBITDA grew 4% to $205M, margin expanded to 18.6%.

• Non-GAAP EPS increased 9% to $0.93; GAAP net income was $45M, up 50%; GAAP EPS $0.60, up 46%.

• Free cash flow was $15M in Q2; net leverage reduced to 3.1x; $20M debt principal paid in Q2.

• Cash and equivalents at June 30, 2025 totaled $334M–$357M; total debt $2.54B–$2.95B.

Outlook and guidance

• Full-year 2025 guidance reaffirmed: 3–6% core revenue growth, 7–10% adjusted EBITDA growth, $260M–$300M adjusted free cash flow, and 21–27% non-GAAP EPS growth.

• Net leverage expected to fall below 3x in Q3; share repurchase to be executed over 24 months.

• Management expects continued growth in Self-Service Banking and recurring revenue streams.