NCR Atleos (NATL) Investor Presentation summary

Strategic positioning and market overview

• Offers the world's most comprehensive and scalable self-service banking solutions, with a leading global installed base of over 500,000 ATMs and industry-best service delivery.

• Holds the #1 position in ATM as a Service (ATMaaS) and managed services, driving adoption of outsourcing and innovative solutions.

• Maintains a stable global ATM installed base, with high consumer reliance on cash and a projected 1.4% CAGR in ATM cash withdrawals from 2024-2027.

• Capital intensity and high switching costs limit new entrants, supporting strong market share and recurring revenue streams.

Financial performance and outlook

• Reported $4.3B in 2024 revenue, with $3.1B from recurring sources and $795M in adjusted EBITDA; free cash flow reached $242M.

• Q2 2025 core revenue grew 4% year-over-year to $1B, with 70% recurring revenue mix and adjusted EBITDA of $205M.

• 2025 guidance targets 3–6% core revenue growth, 7–10% adjusted EBITDA growth, and $260M–$300M in adjusted free cash flow.

• Non-GAAP diluted EPS for 2024 was $3.22, with Q2 2025 at $0.93, reflecting consistent profitability improvements.

Business segments and growth initiatives

• Self-service banking segment generated $2.7B revenue and $0.6B adjusted EBITDA in 2024, with 54% from services and 18% from software.

• Network business delivered $1.3B revenue and $0.4B adjusted EBITDA, operating ~80,000 ATMs in 13 countries and serving ~1,200 financial institutions.

• Growth strategies include expanding ATMaaS, increasing managed and fully outsourced units, and enhancing transaction sets and market reach.

• Projected ATM services installed base to grow from ~590k in 2024 to ~620k in 3–5 years, with a focus on managed and outsourced solutions.