#1Investor Presentation May 4, 2023 NASDAQ: OTEX | TSX: OTEX#2Safe Harbor and IP Statement This presentation contains forward-looking statements or information (forward-looking statements) within the meaning of the Private Securities Litigation Reform Act of 1995, Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the Exchange Act), Section 27A of the U.S. Securities Act of 1933, as amended, and other applicable securities laws of the United States and Canada, and is subject to the safe harbors created by those provisions. All statements other than statements of historical facts are statements that could be deemed forward-looking statements. Certain statements in this presentation, including statements about F'23, F'24, F'26 and other future time frames regarding revenue and organic growth, cloud bookings growth, A-EBITDA, margins, free cash flows, market share gains, growth initiatives, deployment of capital, total addressable market, renewal rates, annual recurring revenue, net leverage ratio and deleveraging program, debt profile, target models, intention to continue dividend program, integration and associated benefits of the Micro Focus acquisition, future tax rates, new platform, product offerings and associated benefits to customers, ESG initiatives, scaling OpenText, and other matters, which may contain words such as "anticipates," "expects," "intends,” “plans,” “believes,” “seeks," "estimates," "may," "could," "would," "might," "will" and variations of these words or similar expressions are intended to identify forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements, and are based on our current expectations, forecasts and projections about the operating environment, economies and markets in which we operate. Forward-looking statements reflect our current estimates, beliefs and assumptions, which are based on management's perception of historic trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances. Our estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and, as such, are subject to change. We can give no assurance that such estimates, beliefs and assumptions will prove to be correct. These forward-looking statements involve known and unknown risks and uncertainties, such as those relating to: all statements regarding the expected future financial position, results of operations, cash flows, dividends, financing plans, business strategy, budgets, capital expenditures, competitive positions, growth opportunities, plans and objectives of management, including any anticipated synergy benefits; our ability to integrate successfully Micro Focus' operations and programs, including incurring unanticipated costs, delays or difficulties; to the duration and severity of the COVID-19 pandemic, including any new strains or resurgences; and our ability to develop, protect and maintain our intellectual property and proprietary technology and to operate without infringing on the proprietary rights of others. We rely on a combination of copyright, patent, trademark and trade secret laws, non-disclosure agreements and other contractual provisions to establish and maintain our proprietary rights, which are important to our success. From time to time, we may also enforce our intellectual property rights through litigation in line with our strategic and business objectives. The actual results that we achieve may differ materially from any forward-looking statements, which reflect management's current expectations and projections about future results only as of the date hereof. We undertake no obligation to revise or publicly release the results of any revisions to these forward-looking statements. For additional information with respect to risks and other factors which could materially affect our business, financial condition, operating results and prospects, including these forward-looking statements, see our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings we make with the Securities and Exchange Commission (SEC) and other securities regulators. For these reasons, we caution you not to place undue reliance upon any forward-looking statements. Further, investors should note that we may announce information using our website, press releases, securities law filings, public conference calls, webcasts and the social media channels identified on the Investors section of our website (https://investors.opentext.com). Such social media channels may include the Company's or our CEO's blog, Twitter account or LinkedIn account. The information posted through such channels may be material. Accordingly, investors should monitor such channels in addition to our other forms of communication. opentext™ OpenText ©2023 All rights reserved 2#3OpenText Strategic Overview#4OpenText Snapshot Including Micro Focus (1) Large, Strategic and Growing: $200B+ Information Management Market(2) Who We Are One of the World's Largest Software and Cloud Companies 98 of Top 100 Companies 125k Enterprise Customers are Customers 150M 180 Human Centric Work New Targets & Aspirations Updated Rules Digital Transfor- mation New Opportunities In Constant Currency (3) F'23 F'24 (Preliminary) F'26 (Aspirations) Business 2030 Organic Growth (4) (% Y/Y) 1% to 2% 1% to 2% 2% to 4% OpenText Drives Digital Transformations Total Revenue Growth (% Y/Y) 30% to 32% 33% to 35% 2% to 4% End Users Countries Analytics & Al Application Delivery & Quality ~25k ~40% Employees Employees Dedicated to R&D opentext™ Application Modernization Business Network opentext Any Data Any Application Any Device Any Latency Any IT Generation Systems Systems of of Record Engagement System of Insights A-EBITDA Margin (5) 32.5% to 33.5% 36% to 38% 38% to 40% Content Management Cybersecurity Digital Operations Management Free Cash Flows (5),(6) $0.58B to $0.62B $0.8B to $0.9B $1.5B+ Experience Management 1. Includes Micro Focus financial consolidation as of February 1, 2023. 2. Estimates based on market reports from independent industry analysis firms including Gartner and IDC.. 3. Constant currency for this purpose is defined as the current period reported revenues/expenses/earnings represented at the prior comparative period's foreign exchange rate. 4. Organic growth is calculated by removing the revenue contribution from newly acquired companies for the first-year post acquisition. 5. Please refer to "Use of Non-GAAP Financial Measures" at the end of this presentation and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K. 6. Free Cash Flows on a reported basis. OpenText ©2023 All rights reserved 4#5Value Creation Our History of Value Creation Market expansion and value creation 2014 GXS: Cloud and 2005 Business Network 1991 Foundation out Content Services Market 2005 of University of Waterloo IXOS: top opentext™ 2023 Micro Focus Expands Digital Transformation Capabilities Our Mission: We power and protect information Our Purpose: 2021 Zix: a top Microsoft 2022 Titanium SMB/C 2019 partner To elevate every person and every organization to gain the information advantage Carbonite: new 2020 SMB/C market Cloud Editions: Modern Cloud Platform 2017 Documentum: now #1 in Content Services Our Passion: Deliver compelling innovations that provide our Customers a competitive advantage An inclusive environment where passionate, skilled, and diverse Employees thrive Deliver Shareholder value through growth, profits and capital efficiency improvements 1996 IPO on Nasdaq SAP partnership 30 Year History OpenText ©2023 All rights reserved 5#6OpenText Business System Our Competitive Advantage: It's Who We Are, and How We Do What We Do Customers talk, we listen Core Value Drivers • Total revenue growth Growth is inclusive and sustainable People Shareholders • A-EBITDA $/FCF • Return on Invested Capital (ROIC) Innovation defines our future We are experts Performance Trust Delivery Automation Process The best team wins Planning We compete for capital Zero-based Budgeting & Economic Value Added, is our way of life Our shared purpose To elevate every person and every organization to gain the information advantage opentext™ • Customers Employees • . • Trust L.O.V.E. model (Land. Operate. Value. Expand.) Delivery Exceptional performance Advancement • Learning • Market leadership Innovation OpenText Fundamentals • • Operational excellence Frictionless business Learning organization • Make long-term decisions Problem solvers • Owners' mindset Customer success • Economic value added OpenText ©2023 All rights reserved 6#7How We Create Value: Running the OpenText Playbook Organic Revenue Growth Cloud growth Acquisitions Gross Margin Revenue Growth Margin Expansion Strong Free Cash Flows R&D Reinvest for Growth R&D + S&M Capital Allocation (e.g. Dividends) (1) S&M G&A Improve Cost Structure Automation + A-EBITDA Productivity opentext™ 1. Declaration of dividend subject to board discretion. Acquisitions Value Creation OpenText ©2023 All rights reserved 7#8Track Record of Total Revenue Growth Expected Rapid Growth and Increased Predictability Total Revenues and Estimated Growth In $Billions 11.7% F'11 to F'22 CAGR +33% to 35% Expected growth -$6.2 to $6.4 Targeted revenue Updated +30% to 32% Expected growth $3.4 $3.5 $3.1 $2.8 $2.9 $2.3 $1.9 $1.8 $1.6 82% ARR(1) $1.4 $1.2 $1.0 F'11A F'12A F'13A F'14A F'15A F'16A F'17A F'18A F'19A F'20A F'21A F'22A F'23E(2) F'24E(2) F'26E(3) Revenue Growth Track record of double-digit revenue growth Market share gains through OpenText-led Digital and Information Transformations Accelerate cloud growth 1. Annual recurring revenue (ARR) as a % of total revenues and is defined as the sum of cloud services and subscriptions revenue and customer support revenue. 2. F'23 and F'24 growth in constant currency, including Micro Focus. opentext™ 3. F'26 represents OpenText's estimate of Total Revenues in constant currency, including Micro Focus. OpenText ©2023 All rights reserved 8#9Track Record of A-EBITDA Expansion Upper Quartile A-EBITDA Margins (1) A-EBITDA Dollars and Estimated Margins 38% to 40% Targeted A-EBITDA Margin In $Billions 36% to 38% Expected A-EBITDA Margin 13.8% F'11 to F'22 CAGR 32.5% to 33.5% Expected A-EBITDA Margin $1.3 $1.3 $1.1 $1.1 $1.0 $0.8 $0.6 $0.7 $0.5 $0.4 $0.4 $0.3 F'11A F'12A F'13A F'14A F'15A F'16A F'17A F'18A F'19A F'20A F'21A F'22A F'23E (2) F'24E (2) F'26E (2) opentext™ A-EBITDA Growth Culture of upper-quartile A-EBITDA profitability Leverage OpenText Business System for Value Creation Investing in Growth and Automation 1. Please refer to "Use of Non-GAAP Financial Measures" at the end of this presentation and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K. Historical data on a reported basis. 2. F'23, F'24, and F'26 represents OpenText's estimate of A-EBITDA in constant currency, including Micro Focus. OpenText ©2023 All rights reserved 9#10Track Record of Free Cash Flows (FCF) Expansion Expected Acceleration in Free Cash Flows Estimated Free Cash Flows (1) In $ Millions 15.2% F'11 to F'22 CAGR $603 $446 $454 $375 $361 $295 $241 $187 Updated Cloud Acquisition Investment integration $882 $889 $800 to $900 $812 $812 $580 to $620 $1.5B+ Target F'11A F'12A F'13A F'14A F'15A F'16A F'17A F'18A F'19A F'20A F'21A F'22A (2) (2) F'23E F'24E F'26E (2) opentext™ 20%+ FCF as % of Revenue FCF Growth Track record of upper-quartile FCF Non-linear scale through investment in systems and automation Bring Micro Focus onto OpenText's Operating Model 1. Please refer to "Use of Non-GAAP Financial Measures" at the end of this presentation and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K. Historical data on a reported basis. 2. F'23, F'24, and F'26 represents OpenText's estimate of Free Cash Flows in reported currency, including Micro Focus. OpenText ©2023 All rights reserved 10#11Q3 Fiscal 2023 Highlights#12Q3 Fiscal 2023 Financial Highlights (with Y/Y comparisons) Q3 Enterprise Cloud Bookings" of $108M ; Q3 TTM of $511M Q3 F'23 Total Revenues $1.24B $1.28B in CC ARR (3) 81% of Total Revenues Cloud Revenues $1.01 B $1.04B in CC $435M $444M in CC 41.1% 44.9% in CC(2) 37.7% 41.1% in CC Total Revenues ARR (3) 82% of Total Revenues Trailing Twelve Months (TTM) Ending Q3 F'23 $3.90B $4.05B in CC $3.20B $3.31B in CC 11.8% 16.2% in CC 13.4% 17.5% in CC 8.3% Cloud Revenues 10.4% in CC $1.66B $1.70B in CC 11.9% 14.8% in CC A-EBITDA (4) 29.3% (margin) Non-GAAP Earnings Per Share (4) $365M $367M in CC 28.3% 29.1% in CC A-EBITDA (4) 34.0% (margin) $1.32B $1.37 in CC 4.5% 8.2% in CC $0.73 $0.73 in CC 4.3% 4.3% in CC Non-GAAP Earnings Per Share (4) $3.18 $3.38 in CC ▼ (1.5)% 4.6% in CC Free Cash Flows (4) of total revenues $306M 24.5% Constant Free Cash Flows (4) $778M 20.0% ▼ (17.6)% of total revenues opentext™ (5) Q3 Enterprise Renewal Rates: 95% Cloud; 95% Customer Support 1. Enterprise cloud bookings is defined as the total value from cloud services and subscription contracts, entered in the period that are new, committed and incremental to our existing contracts, excluding the impact of Carbonite and Zix. 2. CC: Constant Currency for this purpose is defined as the current period reported revenues/expenses/earnings represented at the prior comparative period's foreign exchange rate. 3. Annual Recurring Revenue (ARR) is defined as the sum of cloud services and subscriptions revenue and customer support revenue. 4. Please refer to "Use of Non-GAAP Financial Measures" at the end of this presentation and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K. 5. Renewal rate excludes Carbonite, Zix and Micro Focus. OpenText ©2023 All rights reserved 12#13Q3 F'23 Customer Wins wienerberger Content Management The Wienerberger Group is a leading provider of smart solutions for the entire building envelope and innovative infrastructure solutions. CONDUENT Experience Conduent, provides mission-critical services and business process outsourcing solutions, capturing and indexing 3.6 billion documents annually. OpenText Core Archive for SAP Solutions OpenText XM Fax Micro Focus product win Cybersecurity Carrefour is a French group and a leading global retailer, operating a chain of hypermarkets, grocery stores, and convenience stores in over 30 countries. Products: OpenText Voltage SecureData Micro Focus product win Employment EDD Development Department State of California Application Deliver & Quality California Employment Development Department administers employment service programs including Unemployment Insurance and Disability Insurance. SaaS 3-year deal ALM, UFT, LoadRunner Enterprise and Migration services Solution: As a happy, long-term customer, Wienerberger migrated from on-premise to OpenText Cloud to manage data securely and cost-effectively. Increased faxing volumes and data management services required a large platform expansion on a scalable multi- tenant platform. Protect sensitive structured data to support their cloud-first approach. To support their cloud-first initiative and improve customer service, they sought to move their OpenText tools into a private cloud or OpenText SaaS solution. DWP Digital ASCENSUS. opentext™ citi hydro Air Liquide one FISKARS GROUP Australia Post MTN Patelco CREDIT UNION Ministry of the Interior and Kingdom Relations MAN Energy Solutions (MAN) PACIFIC LIFE An Roinn Caiteachais Phoiblí Sheachadadh PFN agus Athchóirithe Department of Public Expenditure NDP Delivery and Reform OpenText ©2023 All rights reserved 13#14Strong Cash Flows and Balance Sheet Cash (USD$B) (as of 03/31/23) Net Leverage Ratio (1) Total Cash $1.4B TTM Q3 F'23 (USD$M) Pro forma Net Leverage Ratio (1) Expected quarterly debt reduction of $175M+ 3.3x < 3.0x 2.1x 2.0x Operating Cash Flows Less: CapEx $916 1.9x 2.0x 2.0x Micro Focus Transaction Close $138 Q2 F'22 Q3 F'22 Q4 F'22 Q1 F'23 Q2 F'23 Free Cash Flows (2) $778 Q3 F'23 Within 8 Full Quarters of Close Debt Maturity Profile (USD$M) (4) (as of 3/31/23) Less: Principal $19 Term Loan B 900 Less: Dividends $254 Acquisition Term Loan B [] Undrawn Revolver Reduced by Less: Share Buyback Cash Generated for Corporate Purposes (3) $41 $464 Drawn Revolver $175M subsequent Senior Secured Notes Senior Notes to 3/31/2023 3,334 450 300 933 1,000 900 850 650 C'22 C'23 C'24 C'25 C'26 C'27 C'28 C'29 C'30 C'31 1. Consolidated Net Leverage Ratio (proforma) is calculated using bank covenant methodology. opentext™ 2. 3. Please refer to "Use of Non-GAAP Financial Measures" at the end of this presentation and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K. Corporate purposes may include acquisitions, debt repayment, share repurchases, or other initiatives. 4. Term Loan B and Acquisition Term Loan B are net of mandatory debt repayments only. OpenText ©2023 All rights reserved 14#15Outlook#16Financial Targets and Aspirations Continued investment in growth initiatives Driven by 15% + Enterprise Cloud Bookings (1) Growth (Y/Y) (in constant currency) Inclusive of Micro Focus Updated Financial Target F'23 Preliminary Financial Target 3 Year Aspirations F'26* F'24* Organic Growth (%Y/Y) (2) 1% to 2% 1% to 2% 2% to 4% Total Revenue Growth (% Y/Y) 30% to 32% ~$4.54B to $4.61B 33% to 35% ~$5.9B to $6.0B A-EBITDA Margin (3) FCF(3,4) (USD$B) • *Assumes: 2% to 4% ~$6.2B to $6.4B 32.5% to 33.5% 36% to 38% 38% to 40% $580M to $620M $800M to $900M $1.5B+ F'24 OpenText (excluding Micro Focus) organic growth in constant currency of 1.5% to 2.5% and Micro Focus (excluding OpenText) organic growth constant F'26 OpenText (excluding Micro Focus) organic growth in constant currency of 3% to 5% and Micro Focus (excluding OpenText) organic growth in constant currency of 1% to 3% opentext™ 1. Enterprise cloud bookings is defined as the total value from cloud services and subscription contracts, entered in the period that are new, committed and incremental to our existing contracts, excluding the impact of Carbonite and Zix. 2. Organic revenue growth is calculated by removing the revenue contribution from newly acquired companies for the first year post acquisition. 3. Please refer to "Use of Non-GAAP Financial Measures" at the end of this presentation and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K. 4. Free Cash Flows on a reported basis. OpenText ©2023 All rights reserved 16#17Q4 F'23 Quarterly Factors Externalities Company Specific Expect Q4 Y/Y Revenue in constant currency: Total revenues of $1.46B to $1.51B • Recession risk • Inflation • Strength of US dollar . Open Text constant or better (1) • ARR(2)(3) of $1.12B to $1.16B • Geopolitical 1. opentext™ 2. 3. • Open Text constant or better (1) FX revenue headwind of $10M to $20M Y/Y Expect Q4 Y/Y A-EBITDA (3) in constant currency: • Margin % down 350 to 450 bps FX A-EBITDA headwind of less than $10M Y/Y Our business is annual, and quarters will vary "OpenText constant or better" excludes contribution from Micro Focus Annual Recurring Revenue (ARR) is defined as the sum of cloud services and subscriptions revenue and customer support revenue. Please refer to "Use of Non-GAAP Financial Measures" at the end of this presentation and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K OpenText ©2023 All rights reserved 17#18F'23 Total Revenue Growth & Bookings Strategy F'22 Actual(1) $482 Enterprise Cloud Bookings(2) $1,535 Cloud Revenue $1,331 Customer Support Revenue $2,866 ARR(4) $358 License Revenue $270 Professional Services Revenue $3,494 Total Revenue Estimated FX F'23 Revenue Headwind 1. All dollars in USD$M. Revenues may not add up exactly to Total Revenue due to rounding. Y/Y Expected Growth in Constant Currency (3) F'23 Updated (Including Micro Focus) 15%+ 12% to 14% 46% to 48% 27% to 29% 53% to 55% 27% to 29% 30% to 32% Y/Y Expected FX Impact $130M to $140M opentext™ 2. Enterprise cloud bookings is defined as the total value from cloud services and subscription contracts, entered into in the fiscal year that are new, committed and incremental to our existing contracts, excluding the impact of Carbonite and Zix. 3. Projected as of May 4, 2023; projection is not guidance. 4. Annual Recurring Revenue (ARR) is defined as the sum of cloud services and subscriptions revenue and customer support revenue. OpenText ©2023 All rights reserved 18#19F'23 Target Model Ranges Constant Currency F'23 Updated (4) F'22 Actuals Revenue Type (% of Total Revenue): Cloud Services and Subscriptions Customer Support Annual Recurring Revenue (ARR)(1) License 43.9% 38.1% 82.0% 10.3% 7.7% 75.6% Non-GAAP Gross Margin (2) Professional Services and Other 12.1% Non-GAAP Operating Expenses (% of Total Revenue): Research & Development 18.7% Sales & Marketing 8.5% General & Admin 2.5% Depreciation 41.9% Total Operating Expenses 36.2% A-EBITDA Margin (2) $157.9 14.0% $93.1 Interest and Other Related Expense (USD$M) Adjusted Tax Rate(3) Capital Expenditures (USD$M) 37% -39% 41% -43% 79% - 81% 11% -13% 7% -9% 75% - 77% 14% -16% 19% -21% A $20M reduction from prior target range 8% - 10% 2% -4% 46% -48% 32.5% -33.5% $330 $350 14% $145 - $155 opentext™ 1. Annual Recurring Revenue (ARR) is defined as the sum of cloud services and subscriptions revenue and customer support revenue. 2. Please refer to "Use of Non-GAAP Financial Measures" at the end of this presentation and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K. 3. Please refer to historical filings, including our Forms 10-K and 10-Q, regarding the company's adjusted tax rate. OpenText ©2023 All rights reserved 19 4. This model is not guidance.#20F'26 Medium-Term Aspirations (1) (in constant currency) Enterprise Cloud Bookings Growth (2) 15%+ Cloud Editions (CE), private cloud expertise, APIs, Titanium X Organic Revenue Growth (3) 2% to 4% Cloud Organic Revenue Growth (3) 7% to 9% ARR (% of Total Revenue) (4) 77% to 79% A-EBITDA Margin (5) (%) 38% to 40% Micro Focus returns to organic growth in F'25 and beyond Continued cloud momentum Cloud expansion and improve Micro Focus renewals to Open Text standards Upper quartile profitability while investing in cloud, security and edge Continued high conversion from A-EBITDA and working capital efficiency Free Cash Flows (6) (FCF) $1.5B+ Capital Allocation to Dividend Program (7) 20% of TTM FCF Prioritizing < 3x net leverage and continuation of dividend program Non-GAAP Effective Tax Rate (8) Mid 20% s Utilization of tax attributes while enhancing current structure opentext™ 1. Revenue and Enterprise Cloud Bookings % are year-over-year comparisons. 2. Enterprise cloud bookings is defined as the total value from cloud services and subscription contracts, entered n the period that are new, committed and incremental to our existing contracts, excluding the impact of Carbonite and Zix. 3. Organic revenue growth is calculated by removing the revenue contribution from newly acquired companies for the first year post acquisition. 4. Annual Recurring Revenue (ARR) is defined as the sum of cloud services and subscriptions revenue and customer support revenue. 5. Please refer to "Use of Non-GAAP Financial Measures" at the end of this presentation and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K. 6. FCF is on a reported basis. 7. Declaration of dividend subject to board discretion. 8. Please refer to historical filings, including our Forms 10-K and 10-Q, regarding the company's adjusted tax rate. OpenText ©2023 All rights reserved 20#21FCF OpenText-Micro Focus Financial Integration Framework) A-EBITDA 2H F'23 Workforce reductions (~$240M) 1H F'24 2H F'24 1H F'25 2H F'25 F'26 Cost Savings $400M Amounts represent annualized savings Integration Expense $80M Facilities consolidation (~$23M) Vendor consolidation, strategic procurement, (~$140M) System alignment and integration expense (~$80M) Special Charges $380M to $420M Severance, restructuring costs, advisory support and others (~$200M) Global entities simplification, tax structure initiatives, technology footprint optimization (~$200M) Targets and Aspirations Adj. EBITDA (2) Margin F'23 F'24 32.5% to 33.5% 36% to 38% FCF (3) $0.58% to $0.62B $0.8B to $0.9B Bars represent when actions will be substantially recognized on OpenText financial statements As of May 4, 2023. Subject to change. Please refer to "Use of Non-GAAP Financial Measures" at the end of this presentation and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K. 1. opentext™ 2. 3. FCF is on a reported basis. F'26 38% to 40% $1.5B+ Adj. EBITDA FCF OpenText ©2023 All rights reserved 21#22Rapid Eight Full Quarter Deleveraging Program Total Debt (as of 3/31/23) Planned Debt Reduction of $175M Per Quarter (1) Consolidated Net Leverage Ratio 10 consecutive years of increased dividends paid (3) $9.3B Total Debt 5.9 yrs Weighted Avg. Maturity opentext™ 6.3% Weighted Avg. Interest Rate 46% Total Debt Fixed 3.3x As of Mar. 31, 2023 <3.0x $1.5B returned to Shareholders from F'13 to F'23 YTD Within 8 Full Quarters $238 $211 $189 $169 $146 $121 $88 $99 $75 $18 F'13 F'14 F'15 F'16 F'17 F'18 F'19 F'20 F'21 F'22 Dividends Paid (USD$M) (4) Continuation of Dividend Program 1. Excluding mandatory debt repayments. opentext™ 2. Consolidated Net Leverage Ratio (pro forma) is calculated using bank covenant methodology. 3. Cumulative Dividends Paid from F'13 to Q3 F'23. 4. Declaration of dividend subject to board discretion. OpenText ©2023 All rights reserved 22#23Integration Execution Framework Revenue & Growth Open Text Continues Strong Execution Pre-Acquisition (As of Dec. 31, 2022) Total growth Accelerating cloud growth 80%+ ARR 1st 6 months 2nd 6 months 3rd 6 months Engage customers on vision and benefits Post-Acquisition Execution Evolution F'25+ Begin uplift Micro Focus installed base to cloud Continue Micro Focus uplift to cloud Micro Focus generates organic growth Cloud returns as largest revenue stream Profitability & Cash Flows Upper quartile A-EBITDA Strong FCF generation Renewals 95% off-cloud 94% cloud Products Titanium innovation roadmap Sales Tracking to full G10K coverage by end of C'23 Capital Allocation Leverage & other Maintain upper quartile A- EBITDA for both companies Eliminate duplicative costs Continue Micro Focus savings Apply OpenText renewal best practices Analyze and refine converged Titanium X roadmap Analyze and refine converged GTM roadmap Deleveraging and continuation of Dividend Program Improve A-EBITDA to FCF conversion at Micro Focus Deliver improvements in Micro Focus renewals Begin alignment of Micro Focus products with Titanium X Begin GTM alignment Deleveraging and continuation of Dividend Program Micro Focus on OpenText A-EBITDA model Continue improvement in Micro Focus renewals Continue integrating Micro Focus with Titanium X Continue GTM alignment Maintain F'25 A-EBITDA aspirations of 37% -39% (1) Micro Focus renewals at OpenText standards Complete integration of Micro Focus with Titanium X Complete GTM alignment Deleveraging and continuation of Dividend Program < 3x Leverage Net Debt to A-EBITDA (1) within 8 full quarters opentext™ 1. Please refer to "Reconciliation of selected GAAP-based measures to non-GAAP-based measures" included within our current and historical filings on forms 10Q, 10K and 8-K. OpenText ©2023 All rights reserved 23#24Our Business#25Businesses Are Facing Urgent Need to Transform Current Business Platforms Every company we work with is facing an increasingly complex and hybrid environment... Business 2030 driving an urgent need to Digitally Transform their business Today BUSINESS AND PROCESS Future COMPLEXITY Data Centers On-Prem Software Transactional Processes Slow Monolithic Protect R Multi-Cloud and Edge SaaS Applications Total Enterprise Reinvention Businesses become digital ecosystems All industries transformed Every company is an information company Algorithmic Processes Human-centric Work & Workplaces • Generation Y/Z to dominate the workforce New Expectations Instant experiences Want control of their time, space, careers opentext INFORMATION CORE • New Requirements Extended Reality Voice/facial interfaces The Verse Al to drive new growth Agile Microservices New Rules Cybersecurity Sustainability, climate innovation, the Green Ledger Social justice, Truth and reconciliation Data trust and compliance $1T+ in business value expected to be unlocked through cloud adoption" opentext™ 1. https://www.mckinsey.com/industries/technology-media-and-telecommunications/our-insights/cloud-migration-opportunity-business-value-grows-but-missteps-abound. OpenText ©2023 All rights reserved 25#26$200B+ Information Management Market CY'22 Worldwide Information Management Market(1) Strategic Importance of Micro Focus Market Size ($ in billions) CAGR% 2022-26 Analytics & AI $4B Positive Application Automation (Delivery & Modernization) $25B 10% Business Network $24B 10% Content & Experience $51B 11% Cybersecurity $68B 12% ☐ Digital Operations Management $36B 9% $208B 11% • Expands strategic presence in key Information Management markets • Broadens and deepens digital transformation touchpoints with customers including many of the G10K (Global 10,000) • Enhances capabilities in: • Cybersecurity and Content • Adds capabilities in: " Application Delivery Application Modernization Analytics & Al Digital Operations Management • Strengthens industry expertise • Scales partner ecosystem and our strategic importance opentext™ 1. Estimates based on market reports from independent industry analysis firms including Gartner and IDC. OpenText ©2023 All rights reserved 26#27Leadership In Information Management (1) Updated Content Newgen Content OpenText Microsoft Microsoft Laserfiche - OpenText IBMO M-Files O Hyland Forrester Wave TM: Content Platforms, Mar. 2023 Digital Operations Mgmt Nutanix ( VMware Morpheus Data Micro Focus Forrester Wave TM: Hybrid Cloud Management, Nov. 2022 Leaders Box Google Hyland Business Network IBM Lea E2open Infor OpenText TraceLink TrueCommerce One Network Experience Leaders Analytics and Al Precisely Quadient Micro Focus Google Smart Communications IBM Amazon Web Services science Microsoft Messagepoint OpenText IDC MarketScape: Worldwide Cloud Content Services, Dec. 2022 IDC MarketScape: Multi-Enterprise Supply Chain Commerce Networks September 2021 IDC MarketScape: Worldwide Customer Communications Management 2022 Forrester Wave™: Document-Orientated Text Analytics Platforms, June 2022 Application Automation Micro Focus HCL IBM Parasoft Tricentis SmartBear Perforce UiPath Leade IDC MarketScape: Worldwide Cloud Testing, Mar. 2022 opentext™ 1. Source: various Forrester, IDC, and Gartner reports. Application Automation ACCELO. Micro Focus Keysight Technologies Parasoft o Tricentis Perforce Software O Copado Applitools IBM UiPath O SmartBear Software Leapwork Forrester Continuous Automation Testing Platforms, Dec. 2022 Cybersecurity Cybersecurity Synopsys Google Checkmarx Forcepoint Veracode Micro Focus HCL Software Micro Focus Microsoft Varonis IBM Imperva Updated Gartner MQ for Application Security Testing, April 2022 Forrester Wave: Data Security Platforms, Mar. 2023 OpenText ©2023 All rights reserved 27#28Leading Information Management Capabilities Leverage Products and Capabilities for Continued Growth Analytics & AI Application Automation Business Network Content & Experience Unstructured Data & Media Analysis, Analytics & AI Mainframe Dev Tools, Host Connectivity and Modernization to Cloud IDOL Magellan™ VERTICA MICRO FOCUS Enterprise ☐ FO COBOL Rumba PPM & Lifecyle Management, Performance and Testing ALM Octane డి LoadRunner Value Edge Digitize Supply Chains Master Modern Work > Catalyst Foundation GXS Lens LIAISONⓇ Extended ECM documentum @ Core Power Modern Experiences Exstream RightFax™ UFT One Trading GridⓇ TeamSite Cybersecurity Secure AppDev & Enterprise / SMB/C Security Enterprise ArcSight Fortify NetIQ. Voltage EnCase Digital Operations Management Optimizing IT Operations for Enterprise NOM Service Manager SMB/Consumer Operations Bridge SMAX CARBONITE WEBROOT ZIX® BrightCloud® opentext™ OpenText ©2023 All rights reserved 28#29Intelligent Information Core The acquisition of Micro Focus extended OpenText's market leading Content capabilities to data of all types: Fast and slow . Human and machine • Structured and unstructured OpenText securely, responsibly and intelligently organizes data from all: • • . • . devices, applications, infrastructures, cloud and ecosystems.... ... in any customer deployment choice: • off-cloud, private cloud, . public cloud and . APIs opentext™ 0000 Retention Data Speed Transaction 0000 0000 LOD Vertica (high speed, massive data sets) Acquisition Synergies Documentum, Core opentext Intelligent INFORMATION CORE Database, word, pdf, spreadsheet, IDOL (New data types including: video, chat, facial, etc) Structured Semi-structured Data Types Unstructured OpenText ©2023 All rights reserved 29#30The OpenText Cloud: New End-to-End Capabilities For observability, efficiency, resiliency, auto-scaling Four Nines Contractually Guaranteed Data Protection, Disaster Recovery, Replication Anthos or Native Containers for cluster management Auto Scaling native to the Hyper Scaler OpenText NetIQ Identity Management New opentext™ OpenText Migrate Data ingress / egress New Open Text Voltage encryption / tokenization New opentext Cloud TM Open Text Bright Cloud Threat Management New OpenText Ops Bridge New Open Telemetry _ OpenText SMAX New Service Management OpenText ©2023 All rights reserved 30#31The OpenText Cloud and the Internet of Clouds Interconnected and runs over the public internet Survey of 1,500 Global Enterprise Respondents (1)(2) Use Multi-cloud infrastructure providers Use Multi-cloud application providers Top 3 purchase factors 98% Infrastructure AWS, Azure, Google Cloud... Applications Public 96% SAP, Salesforce, NetSuite... Public Internet Internet 41% opentext™ Cloud data sovereignty/data locality 40% cost optimization 30% business agility and innovation Off Cloud Hybrid Apps, Endpoints... Intelligent Connected opentext™ 1. Source: Multicloud in the Mainstream, 451 Research (S&P Global Market Intelligence), February 2023. 2. Enterprise defined as organizations with 1,000+ full-time employees in North America and 500+ full-time employees outside of North America. Secure Industry Eco-Systems Amazon, Walmart, Automotive, GS1, ... Hundreds of Services DocuSign, D&B, Eco Vadis, Acuris, ... Standards X12, UNCEFACT, SWIFT, ACH, IDOCS, ... IBM Mainframes Connectivity, transactions, .. People, Machines, and Things IOT, Sensors, connections, identity Responsible OpenText ©2023 All rights reserved 31#32Solving IM's Most Complex Problems Information Sprawl End to End Service Management Agreements Drawings Invoices Product 0000 Information 0000 Internal 00 Documents Plants Suppliers Remote Offices 0 0 0 Financial Documents Legal Documents Field Workers Institutions Client Documents HR Documents Policies and Procedures opentext™ 3rd Parties Partners Partner Agreements Client Information Customers Office Workers Warehouses Quotes Orders Invoices Vendor Management Self-serve Request portal Management Catalog /Service Management FinOps Cost Governance Green Ops/CO₂ Management Change Management IT Services Event Management Incident Management Problem Management Service Level Management Release Management SW Cloud Services Assets Enterprise Services IoT HW Knowledge Service Discovery & CMDB Content Service Automation Engine Virtual Agent Mobile Built-in Al Reporting & Analytics Simplification through automation Find, manage, and secure all your assets Asset-Intense Processes where content, process, and service management intersect Multi-dimensional service management Market leading FinOps and Green Ops solutions deliver governance and optimization of service lifecycle Machine to Machine Codeless, people-less, Al-driven, machine to machine automation OpenText ©2023 All rights reserved 32#33Market Leadership in Cybersecurity Market leading products across all attack vectors Endpoint Protection WEBROOT® Identity and Access Management EnCase ZENworks CARBONITE® by opentext by opentext™ by opentext by opentext n NetIQ by opentext Application Security Fortify by opentext™ Email Encryption Zix" by opentext™ Voltage by opentext SIEM and XDR BRICATA. ArcSight BrightCloud® by opentext by opentext opentext™ Remediate and Recover Discover and Classify Implement Detective Controls Security Risk Assess Risk by opentext™ ? Governance Implement Protective Controls Decide Prioritize Social Engineering Prevention ZiX WEBROOT ArcSight by opentext by opentext by opentext™ Unsupervised Machine Learning Interset by opentext™ BrightCloud® by opentext OpenText ©2023 All rights reserved 33#34OpenText Drives Digital Transformations Information Management unlocks Digital Transformations, Al and Strategic Business Insights Intelligent Connected Secure Responsible Analytics & Al Application Delivery & Quality Application Modernization Business Network opentext™ Any Data Any Application Any Device Any Latency Any IT Generation Record Systems of F Systems of Engagement System of Insights Complete Customer Choice Content Management Cybersecurity Digital Operations Management Experience Management opentext™ Deployment Public Cloud Private Cloud Off-Cloud Consumption Cloud License APIs OpenText ©2023 All rights reserved 34#35Titanium Delivered: Introducing Titanium X The next evolution of market changing Information Management innovation Titanium Delivered Public Cloud / SaaS Content Management Content, workflow, collaboration, case, capture, archive, RM Rapid acceleration of new Public Cloud / SaaS capabilities Core, Value Edge, eSignature, SMAX, Fortify on Demand, Debricks Second Generation of Private Cloud Extended ECM + X Plans, Documentum, InfoArchive, Exstream, TeamSite, Media Management Self-Service Trading Grid Introducing Titanium X Cloud Titanium X Priorities New Information Management Capabilities . Climate & Sustainability capabilities Titanium X Titanium X: Cloud . Large Language Model (LLM) • Editions '25 Security and Al built with NetIQ, Voltage, IDOL New Information Management Clouds Titanium Developer Cloud Titanium: . IOT Cloud Cloud Editions '23 . XDR Cloud Editions Cloud Editions '21 Self-Service with the ERP Adapters and Trading Partner Kits R16 Release 16 Second Generation of API's Capture, Signature, Archive, Notifications + API's R11 Release 11 first for all Public Cloud Applications and more to come: Voltage Tokenization, Encryption and File Analysis opentext™ Micro Focus products offered in all customer deployment options . Off-cloud . • Private cloud Public/SaaS cloud . APIs OpenText ©2023 All rights reserved 35#36Strategic Growth Priorities OpenText: The platform of platforms for Information Management Win Each Market Analytics and ΑΙ Application Automation Business Network Content and Experience Cybersecurity Digital Operations Management Extend OpenText Private Cloud to Micro Focus Customers Prioritizing largest products first Grow Cloud Leverage Titanium X to Grow Public Cloud/SaaS and API offerings All new products available as APIs Strategic Integrations Integrate Analytics, Al and selected Cybersecurity products across our Key Markets examples IDOL, Vertica, Voltage opentext™ 11 OpenText ©2023 All rights reserved 36#37Accelerate the Cloud and Protect Customer Investment Successful Track Record of Enhancing Acquired Products Expand Capabilities into Accelerating Cloud Growth... Looking Ahead Aligning Micro Focus to OpenText Easy Link hp TeamSite $1,800 LIAISONⓇ $1,600 hp Exstream $1,400 $1,200 $1,000 HIGHTAIL $800 RECOMMİND $600 $400 GUIDANCE (G) $200 SOFTWARE $0 covisint Cloud and Off-Cloud Growth (in USD$M) F'11 F'12 F'13 F'14 F'15 F'16 F'17 F'18 F'19 F'20 F'21 F'22 ■Cloud Revenue Align Micro Focus to OpenText's 90-day product release cycle Offer OpenText private cloud for all major Micro Focus product offerings Integrate OpenText and SaaS offerings Integrate analytics, Al and selected cybersecurity products across the full portfolio GXS opentext™ ⚫ documentum ...while protecting and expanding customer investment in off-cloud OpenText ©2023 All rights reserved 37#38Multiple Paths to Return Micro Focus to Organic Growth Bring Micro Focus Renewals to Open Text Standards Offering OpenText Private Cloud to Micro Focus Customers... Enhancing Micro Focus Products... Customer Support Micro Focus Renewals (as of 1/31/23) Low 80's% OpenText Off-Cloud Renewals 95% opentext™ Deployment Options Public Cloud Private Cloud OpenText Private Cloud Off-Cloud Micro Focus (as of 1/31/23) License Cloud APIs Consumption Options Deployment Options Public Cloud Private Cloud Off-Cloud Micro Focus Titanium X (as of 1/31/23) License Cloud APIs Consumption Options ...expands customer choice and opportunities for growth ...expands product offerings into faster growing deployment and purchase options OpenText ©2023 All rights reserved 38#39Rapid Innovation and Integration of Micro Focus products Micro Focus products on 90-day release cycle starting with Cloud Editions 23.4 F'23 Innovation Acceleration Cloud Edition Acceleration DevOps Cloud Al Powered DevOps and Value Stream Mapping (VSM) Cloud Platform Quality & Testing 2030 Private/Public Cloud - available today Integrated and open DevOps solution Cybersecurity Cloud ITOM Cloud Application Modernization & Connectivity Al Cloud • • ArcSight cyDNA Securing the Software Supply Chain Identity & Access Management Platform Cloud Financial Risk Calculator OpsBridge: Reduced off-cloud footprint and new US for cloud monitoring FinOps: Centralized spend reports and centralized account management SMAX: External Knowledge Management using OpenText xECM linkage Cloud Hyperscaler integration including transactable Marketplace listings Support for highly-available and scalable application architectures COBOL language extensions supporting application modernisation Increase query engine performance Advance Eon Mode architecture Introduction of new Conceptual Graph Analysis Multi tenant MBIR with Vertica / Vertica offers MBIR Fortify and Debricked - available today Full Security Cloud: by 24.2 Public Cloud SMAX, Fin Ops, uCMDB - available today OpsBridge Private Cloud: by 23.3 uCMDB Private Cloud: by 23.4 NOM Private Cloud: by 24.2 Private Cloud - available today Vertica Private Cloud: by 24.1 opentext™ OpenText ©2023 All rights reserved 39#40OpenText Zero-In: Our 2030 Pledge opentext™ opentext™ Zero-In Zero Footprint Zero Barriers • Help our customers digitize Zero waste from operations by 2030 Science-based emissions reduction target of 50% net reduction by 2030/net-zero by 2040 Advance Equity, Diversity and Inclusion (ED&I): • . Majority Diverse 50/50 for key roles 40% female in leadership positions Center on ICT Education and Training Advance wellness & wellbeing Zero compromise on what matters most Principle-based approach Zero Compromise Annual Report + The OpenText Way OpenText ©2023 All rights reserved 40#41Climate Innovation Information Management: CO2 budget, forecasts • Report CMDB: Automatically collect CO2 actuals for IT / OT assets (UCMDB), using climatiq.io, boavista.com ★ Heineken Reduce Governance and Green Ledger: Inform and optimize to meet CO2 goals (AMX, ECM) Digitize document stores (ECM) Digital workflows (AppWorks, SMAX, eSignature) • Digitize paper trails (BN) Digitized e-commerce transactions with EDI to automate supply chain operations TOYOTA Fleet electrification Shell Lubricant recycling and reuse • IT and OT Operations monitoring (OpsBridge) Reuse method Changing how we clean • Asset lifecycle tracking (BN, AMX) Recycle Preventive Maintenance (SMAX) • Asset recycling (BN, AMX) Reshape • Modernize apps (Get off the mainframe) Efficient Dev Ops (Value Edge, Optimized QA) Reshape supply chains (BN) opentext™ 1. Based on internal OpenText estimates. Be a Climate Innovator 10,000 pages per tree Information Management can save 1% of the world's trees, over 10 years(1) Saving more than 30 million trees annually(1) Reduce CoE emissions by 10%, would reduce global temperature by 1 Degree Celsius OpenText ©2023 All rights reserved 41#42Executive Leadership Team Sales & Demand Products, Strategy, Customers Ted Harrison EVP, Enterprise Sales James McGourlay Prentiss Donohue EVP, International Sales EVP, Cybersecurity Menlo Park, CA Reading, UK Sales Boulder, CO Kristina Lengyel EVP, Corporate Sales Boston, MA Sandy Ono EVP, CMO Menlo Park, CA opentext™ Operations Muhi Majzoub EVP, Chief Product Officer Menlo Park, CA Paul Duggan EVP, Chief Customer Officer Menlo Park, CA Tony Kong SVP, Corporate Strategy Seattle, WA Madhu Ranganathan EVP, CFO Menlo Park, CA Doug Parker EVP, Corporate Development Richmond Hill, ON Brian Sweeney EVP, CHRO Menlo Park, CA Mark J. Barrenechea CEO and CTO Menlo Park, CA Paul Rodgers EVP, Sales Operations London, UK Michael Acedo EVP, CLO & Corporate Secretary Richmond Hill, ON Renee McKenzie EVP, CIO Waterloo, ON OpenText ©2023 All rights reserved 42#43opentext Thank You TM#44Return on Invested Capital (ROIC) Adj. Operating Income (after-tax) ROIC (OTEX Calculation) ROIC FY'20 FY'21 FY'22 17.6% 19.0% 18.1% (Debt + Equity - Cash - Deferred Tax) (in US$M) Non-GAAP based income from operations $1,059 $1,230 $1,177 We measure our ROIC annually. It is defined as our non-GAAP net operating profit after tax, divided by our average invested capital Non-GAAP net operating profit after tax is our non- GAAP based income from operations (as previously defined), net of our non-GAAP tax rate Invested capital is defined as our total debt, plus total equity, less the sum of total cash and total net deferred tax assets (liabilities), as they each appear on our Consolidated Balance Sheets Adjusted Tax Rate (%) (1) 14% 14% 14% Non-GAAP based operating income after non-GAAP tax $911 $1,058 $1,012 Total Debt (incl. Current Portion of LT Debt) $4,194 $3,589 $4,220 + Total Shareholders' Equity $4,007 $4,099 $4,032 - Cash & Cash Equivalents $1,693 $1,607 $1,694 - - Net Deferred Tax Assets (Liabilities) $763 = Invested Capital $5,745 $689 $5,392 $5,814 $744 Average Invested Capital (Avg. Current Yr. & Prior Yr.) $5,178 $5,569 $5,603 opentext™ 1. Please refer to "Use of Non-GAAP Financial Measures" at the end of this presentation and "Reconciliation of selected GAAP-based measures to Non-GAAP-based measures" included within our current and historical filings on Forms 10-Q, 10-K and 8-K. OpenText ©2023 All rights reserved 44#45Appendix A Use of Non-GAAP Financial Measures In addition to reporting financial results in accordance with U.S. GAAP, the Company provides certain financial measures that are not in accordance with U.S. GAAP (Non-GAAP). These Non-GAAP financial measures have certain limitations in that they do not have a standardized meaning and thus the Company's definition may be different from similar Non-GAAP financial measures used by other companies and/or analysts and may differ from period to period. Thus it may be more difficult to compare the Company's financial performance to that of other companies. However, the Company's management compensates for these limitations by providing the relevant disclosure of the items excluded in the calculation of these Non-GAAP financial measures both in its reconciliation to the U.S. GAAP financial measures and its consolidated financial statements, all of which should be considered when evaluating the Company's results. Reconciliations of Non-GAAP financial measures for future periods are not provided as the Company does not currently have sufficient data to accurately estimate the variables and individual adjustments for such reconciliations. The Company uses these Non-GAAP financial measures to supplement the information provided in its consolidated financial statements, which are presented in accordance with U.S. GAAP. The presentation of Non-GAAP financial measures is not meant to be a substitute for financial measures presented in accordance with U.S. GAAP, but rather should be evaluated in conjunction with and as a supplement to such U.S. GAAP measures. OpenText strongly encourages investors to review its financial information in its entirety and not to rely on a single financial measure. The Company therefore believes that despite these limitations, it is appropriate to supplement the disclosure of the U.S. GAAP measures with certain Non- GAAP measures defined below. Non-GAAP-based net income and Non-GAAP-based EPS, attributable to OpenText, are consistently calculated as GAAP-based net income (loss) or earnings (loss) per share, attributable to OpenText, on a diluted basis, excluding the effects of the amortization of acquired intangible assets, other income (expense), share-based compensation, and special charges (recoveries), all net of tax and any tax benefits/expense items unrelated to current period income, as further described in the tables below. Non-GAAP-based gross profit is the arithmetical sum of GAAP-based gross profit and the amortization of acquired technology-based intangible assets and share-based compensation within cost of sales. Non-GAAP-based gross margin is calculated as Non-GAAP-based gross profit expressed as a percentage of total revenue. Non-GAAP-based income from operations is calculated as GAAP-based income from operations, excluding the amortization of acquired intangible assets, special charges (recoveries), and share-based compensation expense. Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) is consistently calculated as GAAP-based net income (loss), attributable to OpenText, excluding interest income (expense), provision for (recovery of) income taxes, depreciation and amortization of acquired intangible assets, other income (expense), share-based compensation and special charges (recoveries). Adjusted EBITDA margin is calculated as adjusted EBITDA expressed as a percentage of total revenue. The Company's management believes that the presentation of the above defined Non-GAAP financial measures provides useful information to investors because they portray the financial results of the Company before the impact of certain non- operational charges. The use of the term "non-operational charge" is defined for this purpose as an expense that does not impact the ongoing operating decisions taken by the Company's management. These items are excluded based upon the way the Company's management evaluates the performance of the Company's business for use in the Company's internal reports and are not excluded in the sense that they may be used under U.S. GAAP. The Company does not acquire businesses on a predictable cycle, and therefore believes that the presentation of Non-GAAP measures, which in certain cases adjust for the impact of amortization of intangible assets and the related tax effects that are primarily related to acquisitions, will provide readers of financial statements with a more consistent basis for comparison across accounting periods and be more useful in helping readers understand the Company's operating results and underlying operational trends. Additionally, the Company has engaged in various restructuring activities over the past several years, primarily due to acquisitions and most recently in response to our return to office planning, that have resulted in costs associated with reductions in headcount, consolidation of leased facilities and related costs, all which are recorded under the Company's "Special charges (recoveries)" caption on the Consolidated Statements of Income. Each restructuring activity is a discrete event based on a unique set of business objectives or circumstances, and each differs in terms of its operational implementation, business impact and scope, and the size of each restructuring plan can vary significantly from period to period. Therefore, the Company believes that the exclusion of these special charges (recoveries) will also better aid readers of financial statements in the understanding and comparability of the Company's operating results and underlying operational trends. In summary, the Company believes the provision of supplemental Non-GAAP measures allow investors to evaluate the operational and financial performance of the Company's core business using the same evaluation measures that management uses, and is therefore a useful indication of OpenText's performance or expected performance of future operations and facilitates period-to-period comparison of operating performance (although prior performance is not necessarily indicative of future performance). As a result, the Company considers it appropriate and reasonable to provide, in addition to U.S. GAAP measures, supplementary Non-GAAP financial measures that exclude certain items from the presentation of its financial results. See historical filings, including the Company's Annual Reports on Form 10-K, for reconciliations of certain Non-GAAP measures to GAAP measures. The following charts provide unaudited reconciliations of U.S. GAAP-based financial measures to Non-GAAP-based financial measures for the following periods presented. opentext™ OpenText ©2023 All rights reserved 45#46Summary of Quarterly Results with Constant Currency Q3 FY*23 in CC* % Change in CC* (In millions U.S. dollars, except per share data) Revenues: Q3 FY'23 Q3 FY'22 $ Change % Change Cloud services and subscriptions $435.4 $401.9 $33.5 Customer support Total annual recurring revenues License 575.9 332.5 243.4 8.3 % 73.2 % $443.7 10.4 % 592.8 78.3 % $1,011.3 $734.5 $276.9 37.7 % $1,036.5 41.1 % 139.7 80.6 59.1 73.3 % 145.0 79.9 % Professional service and other 93.6 67.2 26.4 39.4 % 96.8 44.1 % Total revenues $1,244.7 $882.3 $362.4 GAAP-based operating income $64.0 $131.6 ($67.6) 41.1 % (51.4) % $1,278.3 44.9 % N/A N/A Non-GAAP-based operating income (1) $334.6 $262.2 $72.4 27.6 % $336.4 28.3 % GAAP-based net income, attributable to OpenText $57.6 $74.7 ($17.1) (22.9) % N/A N/A GAAP-based EPS, diluted $0.21 $0.28 ($0.07) (25.0) % N/A N/A Non-GAAP-based EPS, diluted (1)(2) $0.73 $0.70 $0.03 4.3 % $0.73 4.3 % Adjusted EBITDA (1) $365.1 $284.5 $80.6 28.3 % $367.3 29.1 % Operating cash flows $336.8 $323.6 $13.2 4.1 % N/A N/A Free cash flows (1) $305.5 $306.0 ($0.4) (0.1) % N/A N/A (1) See reconciliation of GAAP-based measures to Non-GAAP-based measures at the end of this presentation. (2) Please also see Note 14 to the Company's Fiscal 2018 Consolidated Financial Statements on Form 10-K. Reflective of the amount of net tax benefit arising from the internal reorganization assumed to be allocable to the current period based on the forecasted utilization period. Note: Individual line items in table may be adjusted by non-material amounts to enable totals to align to published financial statements. *CC: Constant Currency for this purpose is defined as the current period reported revenues/expenses/earnings represented at the prior comparative period's foreign exchange rate. ** Annual recurring revenue is defined as the sum of Cloud services and subscriptions revenue and Customer support revenue. opentext™ OpenText ©2023 All rights reserved 46#47Summary of Year to Date Results with Constant Currency % Change in CC* (In millions U.S. dollars, except per share data) FY'23 FY'22 $ Change % Change FY'23 in CC* Revenues: Cloud services and subscriptions $1,248.8 $1,123.4 $125.4 11.2 % $1,283.7 14.3 % Customer support Total annual recurring revenues License Professional service and other 1,209.7 1,002.6 207.1 20.7 % 1,267.4 26.4 % $2,458.5 $2,126.0 $332.5 15.6 % $2,551.1 20.0 % 310.2 263.7 46.6 17.7 % 326.2 23.7 % 225.4 201.7 23.7 11.8 % 237.8 17.9 % Total revenues $2,994.2 $2,591.4 $402.8 15.5 % $3,115.1 20.2 % GAAP-based operating income $395.0 $507.2 ($112.2) (22.1) % N/A N/A Non-GAAP-based operating income (1) $933.6 $886.0 $47.6 GAAP-based net income, attributable to OpenText $199.1 $294.9 ($95.8) 5.4 % (32.5) % $966.0 9.0 % N/A N/A GAAP-based EPS, diluted $0.74 $1.08 ($0.34) (31.5) % N/A N/A Non-GAAP-based EPS, diluted (1)(2) $2.39 $2.43 ($0.04) (1.6) % $2.50 2.9 % Adjusted EBITDA (1) $1,010.1 $951.4 $58.7 Operating cash flows $663.9 $729.9 Free cash flows (1) $564.1 $674.9 ($66.0) ($110.8) 6.2 % (9.0) % $1,043.1 9.6 % N/A N/A (16.4) % N/A N/A (1) See reconciliation of GAAP-based measures to Non-GAAP-based measures at the end of this presentation. (2) Please also see Note 14 to the Company's Fiscal 2018 Consolidated Financial Statements on Form 10-K. Reflective of the amount of net tax benefit arising from the internal reorganization assumed to be allocable to the current period based on the forecasted utilization period. Note: Individual line items in table may be adjusted by non-material amounts to enable totals to align to published financial statements. *CC: Constant Currency for this purpose is defined as the current period reported revenues/expenses/earnings represented at the prior comparative period's foreign exchange rate. ** Annual recurring revenue is defined as the sum of Cloud services and subscriptions revenue and Customer support revenue. opentext™ OpenText ©2023 All rights reserved 47#48Reconciliation of Selected Non-GAAP Measures | Q3 FY'23 Three Months Ended March 31, 2023 GAAP % of (In '000's U.S. dollars, except per share data) GAAP Total Revenue Adjustments FN Non-GAAP Non-GAAP % of Total Revenue COST OF REVENUES Cloud services and subscriptions 157,658 (2,943) (1) 154,715 Customer support 67,067 (1,157) (1) 65,910 Professional service and other 78,526 (1,884) (1) 76,642 Amortization of acquired technology-based intangible assets 62,639 (62,639) (2) GAAP-based gross profit and gross margin (%) / Non-GAAP-based gross profit and gross margin (%) 874,944 70.3% 68,623 (3) 943,567 75.8% Operating expenses Research and development 210,731 (10,801) (1) 199,930 Sales and marketing 271,013 (11,947) (1) 259,066 General and administrative 127,047 (7,636) (1) 119,411 Amortization of acquired customer-based intangible assets 97,237 (97,237) (2) Special charges (recoveries) 74,350 (74,350) (4) GAAP-based income from operations / Non-GAAP-based income from operations 63,989 Other income (expense), net 85,706 270,594 (5) (85,706) (6) 334,583 Provision for income taxes (12,420) 44,631 (7) 32,211 GAAP-based net income / Non-GAAP-based net income, attributable to OpenText 57,556 140,257 197,813 GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted, attributable to OpenText 0.21 0.52 (8) 0.73 opentext™ OpenText ©2023 All rights reserved 48#49Reconciliation of Selected Non-GAAP Measures | Q3 FY'23 FOOTNOTES 1 Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results. 2 3 4 Adjustment relates to the exclusion of amortization expense from our Non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results. GAAP-based and Non-GAAP-based gross profit stated in dollars and gross margin stated as a percentage of total revenue. Adjustment relates to the exclusion of special charges (recoveries) from our Non-GAAP-based operating expenses as special charges (recoveries) are generally incurred in the periods relevant to an acquisition and include certain charges or recoveries that are not indicative or related to continuing operations and are therefore excluded from our internal analysis of operating results. 5 GAAP-based and Non-GAAP-based income from operations stated in dollars. 6 7 8 Adjustment relates to the exclusion of other income (expense) from our Non-GAAP-based operating expenses as other income (expense) generally relates to the transactional impact of foreign exchange and is generally not indicative or related to continuing operations and is therefore excluded from our internal analysis of operating results. Other income (expense) also includes our share of income (losses) from our holdings in investments as a limited partner. We do not actively trade equity securities in these privately held companies nor do we plan our ongoing operations based around any anticipated fundings or distributions from these investments. We exclude gains and losses on these investments as we do not believe they are reflective of our ongoing business and operating results. Other income (expense) also includes unrealized and realized gains (losses) on our derivatives which are not designated as hedges. We exclude gains and losses on these derivatives as we do not believe they are reflective on our ongoing business and operating results. Adjustment relates to differences between the GAAP-based tax provision rate of approximately (27%) and a Non-GAAP-based tax rate of approximately 14%; these rate differences are due to the income tax effects of items that are excluded for the purpose of calculating Non-GAAP-based adjusted net income (loss). Such excluded items include amortization, share-based compensation, special charges (recoveries) and other income (expense), net. Also excluded are tax benefits/expense items unrelated to current period income such as changes in reserves for tax uncertainties and valuation allowance reserves, and "book to return" adjustments for tax return filings and tax assessments. Included is the amount of net tax benefits arising from the internal reorganization that occurred in Fiscal 2017 assumed to be allocable to the current period based on the forecasted utilization period. In arriving at our Non-GAAP-based tax rate of approximately 14%, we analyzed the individual adjusted expenses and took into consideration the impact of statutory tax rates from local jurisdictions incurring the expense. Reconciliation of GAAP-based net income (loss) to Non-GAAP-based net income: Three Months Ended March 31, 2023 GAAP-based net income, attributable to OpenText 57,556 $ Per share diluted 0.21 Add: Amortization Share-based compensation Special charges (recoveries) Other (income) expense, net 159,876 0.59 36,368 0.13 74,350 0.28 (85,706) (0.32) GAAP-based recovery of income taxes (12,420) (0.04) Non-GAAP-based provision for income taxes (32,211) (0.12) Non-GAAP-based net income, attributable to OpenText 197,813 $ 0.73 opentext™ OpenText ©2023 All rights reserved 49#50Reconciliation of Selected Non-GAAP Measures | FY'23 YTD Nine months ended March 31, 2023 GAAP % of (In '000's U.S. dollars, except per share data) COST OF REVENUES Cloud services and subscriptions GAAP Total Revenue Adjustments FN Non-GAAP Non-GAAP % of Total Revenue 423,771 (7,788) (1) 415,983 Customer support 123,010 (2,414) (1) 120,596 Professional service and other 186,390 Amortization of acquired technology-based intangible assets 146,139 (5,172) (1) (146,139) (2) 181,218 GAAP-based gross profit and gross margin (%) / Non-GAAP-based gross profit and gross margin (%) 2,104,379 70.3% 161,513 (3) 2,265,892 75.7% Operating expenses Research and development 430,629 (25,481) (1) 405,148 Sales and marketing 615,354 (28,243) (1) 587,111 General and administrative 282,724 (19,300) (1) 263,424 Amortization of acquired customer-based intangible assets 205,121 (205,121) (2) Special charges (recoveries) 98,937 (98,937) (4) GAAP-based income from operations / Non-GAAP-based income from operations 395,005 538,595 (5) 933,600 Other income (expense), net 59,824 (59,824) (6) Provision for income taxes 71,979 33,021 (7) 105,000 GAAP-based net income / Non-GAAP-based net income, attributable to OpenText 199,113 445,750 (8) 644,863 GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted, attributable to OpenText 0.74 CA 1.65 (8) EA 2.39 opentext™ OpenText ©2023 All rights reserved 50#51Reconciliation of Selected Non-GAAP Measures | FY'23 YTD FOOTNOTES 1 Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results. 2 Adjustment relates to the exclusion of amortization expense from our Non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results. 3 GAAP-based and Non-GAAP-based gross profit stated in dollars and gross margin stated as a percentage of total revenue. 4 5 Adjustment relates to the exclusion of special charges (recoveries) from our Non-GAAP-based operating expenses as special charges (recoveries) are generally incurred in the periods relevant to an acquisition and include certain charges or recoveries that are not indicative or related to continuing operations and are therefore excluded from our internal analysis of operating results. GAAP-based and Non-GAAP-based income from operations stated in dollars. Adjustment relates to the exclusion of other income (expense) from our Non-GAAP-based operating expenses as other income (expense) generally relates to the transactional impact of foreign exchange and is generally not indicative or related to continuing operations and is therefore excluded from our internal analysis of operating results. Other income (expense) also includes our share of income (losses) from our holdings in 6 investments as a limited partner. We do not actively trade equity securities in these privately held companies nor do we plan our ongoing operations based around any anticipated fundings or distributions from these investments. We exclude gains and losses on these investments as we do not believe they are reflective of our ongoing business and operating results. Other income (expense) also includes unrealized and realized gains (losses) on our derivatives which are not designated as hedges. We exclude gains and losses on these derivatives as we do not believe they are reflective on our ongoing business and operating results. Adjustment relates to differences between the GAAP-based tax provision rate of approximately 27% and a Non-GAAP-based tax rate of approximately 14%; these rate differences are due to the income tax effects of items that are excluded for the purpose of calculating Non-GAAP-based adjusted net income. Such excluded items include amortization, share-based compensation, special charges (recoveries) and other income (expense), net. Also excluded are tax benefits/expense items unrelated to current period income such as changes in reserves for tax uncertainties and valuation allowance reserves, and "book to return" adjustments for tax return filings and tax assessments. Included is the amount of net tax benefits arising from the internal reorganization that occurred in Fiscal 2017 assumed to be allocable to the current period based on the forecasted utilization period. In arriving at our Non-GAAP-based tax rate of approximately 14%, we analyzed the individual adjusted expenses and took into consideration the impact of statutory tax rates from local jurisdictions incurring the expense. 7 8 Reconciliation of GAAP-based net income to Non-GAAP-based net income: GAAP-based net income, attributable to OpenText Add: Amortization Share-based compensation Special charges (recoveries) Other (income) expense, net GAAP-based provision for income taxes Non-GAAP-based provision for income taxes Non-GAAP-based net income, attributable to OpenText opentext™ Nine months ended March 31, 2023 Per share diluted 199,113 $ 0.74 351,260 1.30 88,398 0.32 98,937 0.37 (59,824) (0.22) 71,979 (105,000) 0.27 (0.39) 644,863 $ 2.39 OpenText ©2023 All rights reserved 51#52Reconciliation of Selected Non-GAAP Measures | Q3 FY'22 Three Months Ended March 31, 2022 Non-GAAP % GAAP % of (In '000's U.S. dollars, except per share data) GAAP Total Revenue Adjustments FN Non-GAAP of Total Revenue COST OF REVENUES Cloud services and subscriptions 136,020 (1,268) (1) 134,752 Customer support 31,763 (501) (1) 31,262 Professional service and other 56,693 (907) (1) 55,786 Amortization of acquired technology-based intangible assets 46,564 (46,564) (2) GAAP-based gross profit and gross margin (%) / Non-GAAP-based gross profit and gross margin (%) 608,047 68.9% 49,240 (3) 657,287 74.5% Operating expenses Research and development 117,730 (4,350) (1) 113,380 Sales and marketing 180,955 (5,761) (1) 175,194 General and administrative 88,137 (3,961) (1) 84,176 Amortization of acquired customer-based intangible assets 56,215 (56,215) (2) Special charges (recoveries) 11,031 (11,031) (4) GAAP-based income from operations / Non-GAAP-based income from operations 131,609 130,558 (5) 262,167 Other income (expense), net 24,392 (24,392) (6) Provision for income taxes 41,041 (9,971) (7) 31,070 GAAP-based net income / Non-GAAP-based net income, attributable to OpenText 74,681 116,137 (8) 190,818 GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted, attributable to OpenText 0.28 0.42 (8) $ 0.70 opentext™ OpenText ©2023 All rights reserved 52#53Reconciliation of Selected Non-GAAP Measures | Q3 FY'22 FOOTNOTES 1 Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results. Adjustment relates to the exclusion of amortization expense from our Non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results. 2 3 4 GAAP-based and Non-GAAP-based gross profit stated in dollars and gross margin stated as a percentage of total revenue. Adjustment relates to the exclusion of special charges (recoveries) from our Non-GAAP-based operating expenses as special charges (recoveries) are generally incurred in the periods relevant to an acquisition and include certain charges or recoveries that are not indicative or related to continuing operations and are therefore excluded from our internal analysis of operating results. 5 GAAP-based and Non-GAAP-based income from operations stated in dollars. Adjustment relates to the exclusion of other income (expense) from our Non-GAAP-based operating expenses as other income (expense) generally relates to the transactional impact of foreign exchange and is 6 generally not indicative or related to continuing operations and is therefore excluded from our internal analysis of operating results. Other income (expense) also includes our share of income (losses) from our holdings in investments as a limited partner. We do not actively trade equity securities in these privately held companies nor do we plan our ongoing operations based around any anticipated fundings or distributions from these investments. We exclude gains and losses on these investments as we do not believe they are reflective of our ongoing business and operating results. 7 8 Adjustment relates to differences between the GAAP-based tax provision rate of approximately 35% and a Non-GAAP-based tax rate of approximately 14%; these rate differences are due to the income tax effects of items that are excluded for the purpose of calculating Non-GAAP-based adjusted net income. Such excluded items include amortization, share-based compensation, special charges (recoveries) and other income (expense), net. Also excluded are tax benefits/expense items unrelated to current period income such as changes in reserves for tax uncertainties and valuation allowance reserves, and "book to return" adjustments for tax return filings and tax assessments. Included is the amount of net tax benefits arising from the internal reorganization that occurred in Fiscal 2017 assumed to be allocable to the current period based on the forecasted utilization period. In arriving at our Non-GAAP-based tax rate of approximately 14%, we analyzed the individual adjusted expenses and took into consideration the impact of statutory tax rates from local jurisdictions incurring the expense. Reconciliation of GAAP-based net income to Non-GAAP-based net income: Three Months Ended March 31, 2022 GAAP-based net income, attributable to OpenText Add: Amortization Share-based compensation Special charges (recoveries) 74,681 $ Per share diluted 0.28 102,779 0.38 16,748 0.06 11,031 0.04 Other (income) expense, net (24,392) (0.09) GAAP-based provision for income taxes 41,041 Non-GAAP-based provision for income taxes (31,070) 0.15 (0.12) Non-GAAP-based net income, attributable to OpenText $ 190,818 $ 0.70 opentext™ OpenText ©2023 All rights reserved 53#54Reconciliation of Selected Non-GAAP Measures | FY'22 YTD Nine Months Ended March 31, 2022 Non-GAAP % GAAP % of (In '000's U.S. dollars, except per share data) COST OF REVENUES Cloud services and subscriptions Customer support Professional service and other Amortization of acquired technology-based intangible assets GAAP-based gross profit and gross margin (%) / Non-GAAP-based gross profit and gross margin (%) Operating expenses Research and development GAAP Total Revenue Adjustments FN Non-GAAP of Total Revenue 的 377,928 (3,072) (1) 374,856 90,914 (1,631) (1) 161,459 152,333 (2,275) (1) (152,333) (2) 89,283 159,184 1,797,850 69.4% 159,311 (3) 1,957,161 75.5% 321,517 (9,936) (1) 311,581 Sales and marketing 491,133 (15,377) (1) 475,756 General and administrative 231,127 (12,800) (1) 218,327 Amortization of acquired customer-based intangible assets 160,764 (160,764) (2) Special charges (recoveries) 20,592 (20,592) (4) GAAP-based income from operations / Non-GAAP-based income from operations 507,182 378,780 (5) 885,962 Other income (expense), net 29,137 (29,137) (6) Provision for income taxes 123,757 (16,178) (7) 107,579 GAAP-based net income / Non-GAAP-based net income, attributable to OpenText 294,894 365,821 (8) 660,715 GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted, attributable to OpenText 1.08 EA 1.35 (8) 2.43 opentext™ OpenText ©2023 All rights reserved 54#55Reconciliation of Selected Non-GAAP Measures | FY'22 YTD FOOTNOTES 1 Adjustment relates to the exclusion of share-based compensation expense from our Non-GAAP-based operating expenses as this expense is excluded from our internal analysis of operating results. 2 Adjustment relates to the exclusion of amortization expense from our Non-GAAP-based operating expenses as the timing and frequency of amortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results. 3 GAAP-based and Non-GAAP-based gross profit stated in dollars and gross margin stated as a percentage of total revenue. 4 LO 5 6 7 8 Adjustment relates to the exclusion of special charges (recoveries) from our Non-GAAP-based operating expenses as special charges (recoveries) are generally incurred in the periods relevant to an acquisition and include certain charges or recoveries that are not indicative or related to continuing operations and are therefore excluded from our internal analysis of operating results. GAAP-based and Non-GAAP-based income from operations stated in dollars. Adjustment relates to the exclusion of other income (expense) from our Non-GAAP-based operating expenses as other income (expense) generally relates to the transactional impact of foreign exchange and is generally not indicative or related to continuing operations and is therefore excluded from our internal analysis of operating results. Other income (expense) also includes our share of income (losses) from our holdings in investments as a limited partner. We do not actively trade equity securities in these privately held companies nor do we plan our ongoing operations based around any anticipated fundings or distributions from these investments. We exclude gains and losses on these investments as we do not believe they are reflective of our ongoing business and operating results. Adjustment relates to differences between the GAAP-based tax provision rate of approximately 30% and a Non-GAAP-based tax rate of approximately 14%; these rate differences are due to the income tax effects of items that are excluded for the purpose of calculating Non-GAAP-based adjusted net income. Such excluded items include amortization, share-based compensation, special charges (recoveries) and other income (expense), net. Also excluded are tax benefits/expense items unrelated to current period income such as changes in reserves for tax uncertainties and valuation allowance reserves, and “book to return" adjustments for tax return filings and tax assessments. Included is the amount of net tax benefits arising from the internal reorganization that occurred in Fiscal 2017 assumed to be allocable to the current period based on the forecasted utilization period. In arriving at our Non-GAAP-based tax rate of approximately 14%, we analyzed the individual adjusted expenses and took into consideration the impact of statutory tax rates from local jurisdictions incurring the expense. Reconciliation of GAAP-based net income to Non-GAAP-based net income: Nine Months Ended March 31, 2022 GAAP-based net income, attributable to OpenText Add: Amortization Share-based compensation Special charges (recoveries) 294,894 $ Per share diluted 1.08 313,097 1.15 45,091 0.17 20,592 0.08 Other (income) expense, net (29,137) (0.11) GAAP-based provision for income taxes 123,757 0.45 Non-GAAP-based provision for income taxes (107,579) (0.39) Non-GAAP-based net income, attributable to OpenText $ 660,715 $ 2.43 opentext™ OpenText ©2023 All rights reserved 55#56Reconciliation of Adjusted EBITDA and Free Cash Flows (In '000's U.S. dollars) GAAP-based net income, attributable to OpenText Q3 FY'23 57,556 $ Q3 FY'22 FY'23 YTD FY'22 YTD 74,681 $ 199,113 294,894 Add: Provision for income taxes (12,420) 41,041 71,979 123,757 Interest and other related expense, net 104,502 40,238 183,599 117,538 Amortization of acquired technology-based intangible assets 62,639 46,564 146,139 152,333 Amortization of acquired customer-based intangible assets 97,237 56,215 205,121 160,764 Depreciation 30,577 22,370 76,609 65,535 Share-based compensation 36,368 16,748 88,398 45,091 Special charges (recoveries) 74,350 11,031 98,937 20,592 Other (income) expense, net Adjusted EBITDA (85,706) (24,392) (59,824) (29,137) 365,103 $ 284,496 $ 1,010,071 $ 951,367 Total revenue GAAP-based net income margin Adjusted EBITDA margin (% of total revenue) (In '000's U.S. dollars) GAAP-based cash flows provided by operating activities 1,244,674 4.6 % 29.3 % 882,283 8.5 % 32.2 % $ 2,994,150 2,591,390 6.7 % 33.7 % 11.4 % 36.7 % Q3 FY'23 Q3 FY'22 FY'23 YTD FY'22 YTD 336,776 $ 323,557 $ 663,905 $ 729,870 Add: Capital expenditures (1) Free cash flows (31,233) 305,543 $ (17,590) 305,967 $ (99,772) 564,133 $ (54,937) 674,933 (1) Defined as "Additions of property and equipment" in the Consolidated Statements of Cash Flows. opentext™ OpenText ©2023 All rights reserved 56#57(In '000's U.S. dollars) Reconciliation of Adjusted EBITDA and Free Cash Flows FY'13 FY'14 FY'15 FY'16 FY'17 FY'18 FY'19 FY'20 FY'21 FY'22 Adjusted EBITDA GAAP-based net income, attributable to OpenText 148,520 $ 218,125 $ 234,327 284,477 $ 1,025,659 $ 242,224 285,501 $ 234,225 310,672 $ 397,090 Add: Provision for (recovery of) income taxes 29,690 58,461 31,638 6,282 (776,364) 143,826 154,937 110,837 339,906 118,752 Interest and other related expense, net 16,982 27,934 54,620 76,363 120,892 138,540 136,592 146,378 151,567 157,880 Amortization of acquired technology-based intangible assets 93,610 69,917 81,002 74,238 130,556 185,868 183,385 205,717 218,796 198,607 Amortization of acquired customer-based intangible assets 68,745 81,023 108,239 113,201 150,842 184,118 189,827 219,559 216,544 217,105 Depreciation 24,496 35,237 50,906 54,929 64,318 86,943 97,716 89,458 85,265 88,241 Share-based compensation 15,575 19,906 22,047 25,978 30,507 27,594 26,770 29,532 51,969 69,556 Special charges (recoveries) 24,034 31,314 12,823 34,846 63,618 29,211 35,719 100,428 1,748 46,873 Other (income) expense, net Adjusted EBITDA 2,473 (3,941) 28,047 1,423 (15,743) (17,973) (10,156) 11,946 (61,434) (29,118) $ 424,125 $ 537,976 $ 623,649 $ 671,737 $ 794,285 $ 1,020,351 $ 1,100,291 $ 1,148,080 $ 1,315,033 $ 1,264,986 Total revenue GAAP-based net income margin Adjusted EBITDA margin (% of total revenue) $ 1,363,336 10.9 % 31.1 % $ 1,624,699 13.4 % 33.1 % $ 1,851,917 $ 1,824,228 $ 2,291,057 12.7 % 33.7 % 15.6 % 44.8 % 36.8 % 34.7 % $ 2,815,241 8.6 % 36.2 % $ 2,868,755 10.0 % 38.4 % $ 3,109,736 7.5 % 36.9 % $ 3,386,115 9.2 % 38.8 % $ 3,493,844 11.4 % 36.2 % Free Cash Flows GAAP-based cash flows provided by operating activities (1) $ 318,502 $ 417,096 $ 522,055 523,663 $ 440,353 $ 708,081 $ 876,278 954,536 876,120 $ 981,810 Add: Capital expenditures (2) (23,107) (42,268) (77,046) (70,009) (79,592) (105,318) Free cash flows $ 295,395 $ 374,828 $ 445,009 $ 453,654 $ 360,761 $ 602,763 $ (63,837) 812,441 (72,709) 881,827 (63,675) (93,109) 812,445 888,701 (1) Effective July 1, 2018, we adopted ASU No. 2016-18 using the retrospective method. Fiscal years 2014-2020 have been adjusted retrospectively to conform to current period presentation while fiscal years 2012-2013 are presented prior to adoption of ASU 2016-18. (2) Defined as "Additions of property & equipment" in the Consolidated Statements of Cash Flows. opentext™ OpenText ©2023 All rights reserved 57