#1opentext™ OpenText Investor Presentation November 2, 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'24, F'25, 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, including any annualized dividend target, integration and associated benefits of the Micro Focus acquisition, future tax rates, new platform, product offerings and associated benefits to customers, our announcement of opentext.ai and OpenText AviatorTM, including our Al strategy, vision and initial Al products, 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. Future declarations of dividends are also subject to the final determination and discretion of the Board of Directors, and an annualized dividend has not been approved or declared by the Board. 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; 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, X, formerly known as 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™ © 2023 Open Text 2#3Our Business#4OpenText Snapshot Al and Analytics Cybersecurity Information Management TAM Content Management Trusted opentext Cloud Information Management IT Operations Management 98 of Top 100 Companies are Customers opentext™ Business Network Application Automation Information Management Content Management Business Network Application Automation IT Operations Management Cybersecurity Al & Analytics Global Leader in Information Management Total 120k+ Enterprise Customers (1), (2), (3), (4), (5), (6) See Slide Notes Total Addressable Market(1) $47B $24B $22B $38B $68B $10B $208B Platform for operational data End Users opentext.ai 150M Proven technology innovation Who We Are Key Process Automation The Internet changed everything... with Al, everything must change Large Al categories 24k Employees Targets & Aspirations F'24 Targets In Constant Currency (2) Enterprise Cloud Bookings (3) Organic Growth (4) (%Y/Y) Total Revenues A-EBITDA Margin (5) Free Cash Flows (5),(6) 34% Employees Dedicated to R&D 15%+ 1% to 2% $5.85B to $5.95B 36% to 38% $0.8B to $0.9B F'26 Aspirations 15%+ 2% to 4% $6.2B to $6.4B © 2023 Open Text 38% to 40% $1.5B+ 180 Countries we operate in 4#5OpenText Business System Expand Our Competitive Advantage: It's Who We Are and How We Do What We Do Customers talk, we listen Innovation defines our future We are Information experts The best team wins opentext™ Our Shared Purpose in Information Management To elevate every person and every organization to gain the information advantage Our System Performance People Trust Innovation Delivery Process Growth is inclusive and sustainable Planning We compete for capital Zero-based Budgeting & Economic Value Add is our way of life ● Market leadership Innovation Learning organization Problem solvers Customer success Shareholders Customers OpenText Fundamentals Employees ● ● ● ● ● ● Core Value Drivers Growth: ● Performance Advancement Operational excellence Frictionless business Expand customer consumption Unlock new value in SaaS and Al Expand our go-to-market Realize higher profits and cash flows from higher revenues Return capital via capital allocation L.O.V.E.TM model Trust and Delivery Al & Automation • Learning Make long-term decisions Owners' mindset Economic value add © 2023 Open Text LO 5#6OpenText: We Power and Protect Information The Most Comprehensive Information Management Platform: We make information more: ✓ Accessible ✓ ✓ ✓ Useful Valuable Secure opentext™ Public Cloud Public Internet Al and Analytics Private Cloud Cybersecurity Content Management Trusted opentext™ Cloud Information Management IT Operations Management Off-Cloud Business Network Application Automation Public Internet API Cloud © 2023 Open Text CO 6#7Information Management is Essential for Al Disruption opentext™ Automation and a Data Platform are Prerequisites for an Al Strategy Information Trusted Automation Data Learning Models & Algorithms © 2023 Open Text 7#8Information Automation: Our Competitive Advantage Customers Trust OpenText to Power and Protect their Data Data of Any Type Structured / Unstructured Human / Machine Transactional / Archive Within / Across Firewall opentext™ Automation and Connectors 100s of Connectors SAP Office 365 Google Workspace ORACLE salesforce slack box Jira ►YouTube Content Management Engines PII Governance and Retention Sovereignty Large Data Sets Large trusted customer data sets running in Open Text software © 2023 Open Text 8#9Trusted Data We Manage Some of the World's Largest Data Sets ● ● Ingest All Data Types Documents Video / Voice / Images Collaboration Records Archives Assets Cases Contracts Service Desk FTP IoT opentext™ Trusted opentext™ Cloud Information Management Manage Large Data Sets Vertica: 96 Trillion rows across multi-nodes Content: 1 Trillion Pages managed Content: 1 Billion Pages processed a day LegalTech: 1 Billion Pages for a single case BrightCloud: 100 Billion APIs calls a month CMDB: 40 Million configuration items Developer: 1 Million Test Cases / program © 2023 Open Text 9#10We are Positioned to Win in Al Automation and a Data Platform are Prerequisites for an Al Strategy Automation and 100s of connectors 100s of connectors SAP Office 365 Google Workspace ORACLE salesforce islack box Jira YouTube opentext™ Data of Any Type Organized for Insight and Information Advantage Customer Data Sets Large trusted customer data sets running in Open Text Software Al & Analytics Engines Unstructured Analytics (IDOL) Structured Analytics (Vertica) 3 Intelligence (Magellan) Insights Visualization Analysis Machine Learning Business Intelligence Knowledge Graph Search LLMs 3rd Party Pluggable LLMs Open Text Aviators Business Aviators Aviator Thrust and Thrust Studio Aviator Search Aviator loT © 2023 Open Text 10#11OpenText Aviator Offerings Automation & Al Built To Work Together Now! Cloud Editions 23.4 Aviator Platform Cloud Editions 24.1 Content Aviator opentext™ Aviator Thrust and Thrust Studio Business Network Aviator Cybersecurity Aviator Experience Aviator DevOps Aviator IoT Aviator A IT Operations Aviator Aviator Search © 2023 Open Text 11#12How We Create Value#13How We Create Value Shifting from Growth Driven by M&A to Growth from Product Innovation and Go-to-Market execution ● ● Expand our Competitive Advantage in Information Management Growth Expand customer consumption Unlock new value in SaaS and Al opentext™ Expand our go-to-market Profitability Realize higher profits and cash flows from higher revenues Capital Allocation Return value to shareholders via Capital Allocation © 2023 Open Text 13#14Expand Our Competitive Advantage in Information Management Investments in Innovation Driving Cloud and ARR Organic Growth R&D (USD$ millions) Growing Innovation Investment $1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 $0 opentext™ 2015 R&D $ 2020 2024E R&D % of Revenue (1), (2), See Slide Notes 16% 15% 14% 13% 12% 11% 10% R&D (as % of Revenues) Organic Growth in CC 5% 4% 3% 2% 1% 0% Organic Growth(1) F'21 dd F¹22 ARR Cloud F'23 F'26 Aspirations Cloud Organic Growth in CC(²) ARR Organic Growth in CC(²) Total Organic Growth in CC(2) 7% to 9% 2% to 4% 2% to 4% © 2023 Open Text 14#15Expand Our Competitive Advantage in Information Management 80% of Our Investments are in Cloud Technologies Platform for OpenText Cloud Offerings opentext™ Cloud Editions 2020 7,500+ Engineers Cloudification of OpenText Titanium 2022 90-day Release Cycles Al and Cloudification of Micro Focus Titanium X 2023 3,400+ Patents © 2023 Open Text 15#16Growth: Expand Customer Consumption Unlock New Value in SaaS and Al Content Management opentext™ Strategic Growth Initiatives Across Our Business Clouds Business Network Application Automation IT Operations Management Complete Customer deployment choice: Off-cloud, Private cloud, Public cloud, API cloud Al & Analytics Integrate Aviators (Al) and Analytics across all businesses Enhance Cybersecurity and integrate Content across all businesses Win Every Business Cloud with Suite-selling Cybersecurity © 2023 Open Text 16#17Growth: Expand Customer Consumption Top Growth Drivers by Business and Leading Products ● ● ● ● ● Content Management Al and LLMs SaaS Core Content Documentum Extended ECM Experience Exstream RightFax TeamSite opentext™ Business Network • GXS • Lens Mid-market e-invoicing Catalyst Foundation Liaison Trading Grid Application Automation Product to platform LLMs Mainframe migrations Security integration Modernization & Connectivity COBOL Enterprise Rumba Delivery & Management ALM Octane LoadRunner UFT One Value Edge ● IT Operations Management GreenOps End-to-End monitoring Service Management Content integration NOM Operations Bridge Service Manager SMAX Al & Analytics IDOL loT as a Service LLM Private Cloud IDOL Magellan Vertica ● Cybersecurity Embed security into other OpenText products Enterprise ArcSight Debricked Encase Fortify NetIQ Voltage SMB / Consumer BrightCloud Carbonite Webroot Zix © 2023 Open Text 17#18Growth: Through Expanded Go-To-Market Open Text L.O.V.E.™ Model Strategic Accounts Enterprise Accounts Corporate Accounts Business Accounts Home Accounts opentext™ Our Approach to Engaging Customers and Partners Top 250 G10K Mid Market SMB Consumer ● ● MSP MSSP ● OEM • ISV Solution Extension Our large Strategic Partners inclusive of SAP, Microsoft, Google, AWS, Accenture and more Service Providers Strategic Partners Open Text Partner Network Technology Partners System Integrators Resellers ● Strategic Delivery Partners Value Added Resellers © 2023 Open Text 18#19Realize Higher Profits and Cash Flows From Higher Revenues Revenues $4.5B F'23A opentext™ 40% $6.2B to $6.4B F'26E (2) (1), (2), (3), (4), See Slide Notes A-EBITDA(¹) $1.5B 32.8% margin F'23A 67% $2.5B 38% to 40% margin F'26E (3) Free Cash Flows(¹) $655M F'23A 129% $1.5B+ F'26E (4) ● ● Efficiencies realized by scaled operations Extreme automation New Al opportunities Micro Focus on OpenText's operating model by end of F'24 © 2023 Open Text 19#20Return value to Shareholders via Capital Allocation $18 $75 $0.08 $0.31 Dividends Paid (US$M) $88 $0.36 $99 F'13 F'14 F'15 F'16 F'17 opentext™ 31% CAGR(2) $0.42 $121 COLOR F'19 F'20 Dividends per share $0.48 Approximately $2.2B returned to shareholders since F'13 (¹) Historical Share Buybacks (US$M) F'18 $0.55 $0.63 $0.70 F'21 F'22 F'23 F¹24E $0.78 (1), (2), (3), (4), See Slide Notes $0.88 $0.97 $1.00(3) $360M+ Cumulative F'13 to F'23 Dividend Program 20% of TTM Free Cash Flows(4) Future Share Buybacks © 2023 Open Text 20#21Total Growth Model: Cloud and ARR growth F'26 Aspirations in Constant Currency 77% to 79% ARR as % of Total Revenues opentext™ 15%+ Enterprise Cloud Bookings (¹) Growth Cloud Organic Revenue Growth(2) 7% to 9% ARR Growth (³) 2% to 4% (1), (2), (3), See Slide Notes + Future M&A || Total Growth + Margin Expansion + Dividend + Buyback = Return to Shareholders © 2023 Open Text 21#22Financial Results#23Record Q1 F'24 Summary opentext™ Total Revenues $1.43B +67% Y/Y A-EBITDA Margin (2) 34.7% +63% Y/Y (in A-EBITDA $) (1), (2), (3), See Slide Notes Cloud Revenues $451M +11% Y/Y Cloud Renewal Rate(³) 94% Annual Recurring Revenues (1) $1.15B +59% Y/Y Annual Recurring Revenues (1) 81% % of revenues © 2023 Open Text 23#24Q1 F'24 and TTM Financial Highlights (with Y/Y comparisons) Total Revenues ARR(3) 81% of Total Revenues Cloud Revenues A-EBITDA(4) 34.7% margin Non-GAAP Earnings Per Share (4) Free Cash Flows (4) 0.7% of Total Revenues opentext™ Q1 Enterprise Cloud Bookings" of $121M; TTM of $537M Q1 F'24 $1.43B $1.41B in CC(²) $1.15B $1.14B in CC $451M $449M in CC $495M $481M in CC $1.01 $0.97 in CC $10M 67.3% 65.4% in CC (1), (2), (3), (4), (5) See Slide Notes 59.1% 57.5% in CC 11.5% 10.9% in CC 62.8% 58.2% in CC 31.2% 26.0% in CC ▼ 90.0% (5) Total Revenues ARR 80% of Total Revenues Cloud Revenues A-EBITDA(4) 32.9% margin Non-GAAP Earnings Per Share (4) Free Cash Flows (4) 11.3% of Revenues. TTM for period ended Q1 F¹24 $5.06B $5.14B in CC $4.04B $4.10B in CC $1.75B $1.77B in CC $1.66B $1.66B in CC $3.54 $3.51 in CC $569.3M Q1 Enterprise Renewal Rates: 94% Cloud; 94% Customer Support 44.0% 46.2% in CC 39.6% 41.6% in CC 10.3% 11.9% in CC 33.6% 33.0% in CC 12.4% 11.4% in CC ▼ 30.7% © 2023 Open Text 24#25Q1 F'24 Customer Wins BOMBARDIER Al & Analytics Global leader in aviation Legal Tech and eDiscovery IM tool for the legal team to streamline eDiscovery, efficient data identification, collection, processing, review, and production arm opentext™ CNP assurances Al & Analytics Major insurance corporation Vertica Analytics Platform Helps efficiently store, manage, and analyze large volumes of data to derive valuable insights. HARGREAVES LANSDOWN Infosys GIN Navigate your next GOODS AND SERVICES TAX NETWORK Application Automation A New Delhi-based non-profit, non-government organization managing the GST portal. LoadRunner Professional m AIRPORT AUTHORITY 機場管理局|oNG KONG Products Greater access to test creation and execution for more team members and more virtual users per box. BAN BRAS BANCO NACIONAL DE OBRAS Y SERVICIOS PÚBLICOS S.N.C. State-owned development bank in Mexico. Solution Content Extended ECM Provides 360-degree view of banking and credit customers, with workflow capabilities, search and metadata, aligned with compliance and audit. KUTAKROCK ATTORNEYS AT LAW شركة تنمية نفط عمان Petroleum Development Oman IT Operations Management Leading exploration and production company in the Sultanate of Oman O SMAX, Operations Bridge Streamline IT operations and service delivery through real- time monitoring, automation, and efficient incident resolution. vodafone 3 IT Operations Management Offers phone, internet and digital television services across the UAE. SMAX, OpsBridge and Analytics, Hybrid Cloud Management X, Universal Discovery and CMDB SMAX for service management, OpsBridge for event and operations monitoring, Operations Orchestration for automated workflows. Novelis © 2023 Open Text 25#26Cash Flows and Balance Sheet Cash (USD$M) (as of 09/30/2023) $920 Total Cash TTM Q1 F'24 (USD$M) $694 $125 $569 $387 $262 Operating Cash Flows CapEx Investments Free Cash Flows (2) Principal Payments Dividend Payments opentext™ (1), (2), (3) See Slide Notes L Term Loan B ■ Acquisition Term Loan ■ Senior Secured Notes Senior Notes Revolver undrawn C'23 Reflects $100M revolver payment made in October 2023 3.6x As of Sep 30, 2023 C'24 Consolidated Net Leverage Ratio (3 (3) < 3.0x by end of F'25 or sooner Debt Maturity Profile (USD$M)(1) (as of 09/30/23) Planned Debt Reduction of at least $175M/quarter 933 C'25 C'26 $8.9B Principal Outstanding 1,000 C'27 900 C'28 850 5.5 years Weighted Ave Maturity C'29 Key Debt Metrics 900 3,259 C'30 6.4% Weighted Ave Interest Rate Reflects $75M debt payment made in October 2023 650 © 2023 Open Text C'31 48% Total Fixed Debt 26#27Renewals and Customer Organization (1) $4B Q1 TTM Annual Recurring Revenues (2) Centralized & Highly-Focused Information Management Renewals Organization 160K Agreements Mid 80s% End of F'23 Best Practices Bring Micro Focus to OpenText renewal rate standards Micro Focus Renewal Rate Targets (³) opentext™ 80% ARR as a percent of Q1 TTM Total Revenues High 80s% End of F'24 High Automation 90% Customer Support Non-GAAP Margins (1), (2), (3) See Slide Notes In the 90s% in F'25 Compelling Cloud Roadmap 600 Renewal Professionals OpenText Renewal Rates (4) 94% Cloud 94% Off-Cloud © 2023 Open Text 27#28Outlook#29Q2 F'24 Quarterly Factors ● ● Externalities Geopolitical Recession risk Inflation opentext™ (1), (2) See Slide Notes Expect Q2 Y/Y Revenues in constant currency: Total revenues of $1.45B to $1.50B ARR(1) of $1.10B to $1.13B FX tailwind of $10M to $15M ● Company Specific Expect Q2 Y/Y A-EBITDA (2) in constant currency: Margin between 36.0% and 37.0% FX tailwind of $5M to $10M ● ● We manage our business annually and quarters will vary © 2023 Open Text 29#30F'24 Target Model(¹) F'23 Reported $528 1.2% $4.485 32.8% $655 ($132) F'23 14% $329 $124 Ent. Cloud Bookings (3) (USD$M) and Growth Y/Y% Organic CC (2) Growth(4) Y/Y% Total Revenues (USD$B) A-EBITDA Margin(5) Free Cash Flows (USD$M)(5)(6) FX Revenues (headwind)/tailwind (USD$M) Adj Tax Rate(8) Net Interest Expense and Other (USD$M) Capital Expenditures (USD$M) Updated opentext™ (1), (2), (3), (4), (5), (6), (7), (8) See Slide Notes F'24E in CC (2) 15%+ 1% to 2% $5.85 to $5.95 36% to 38% $800 to $900 Neutral F'24E 14% $550 to $570 $140 to $160 Expect Micro Focus to return to organic growth in F'24 F'23 Reported USD$M $1,700 37.9% $1,915 42.7% $3,615 $539 80.6% 12.0% 7.4% $331 $4.485 % of Rev 76.1% 14.3% 20.2% 8.7% 2.4% 45.6% Cloud Services and Subscriptions Customer Support ARR(7) License Revenues Professional Services Total Revenues (USD$B) Non-GAAP Gross Margin(5) Research & Development (5) Sales & Marketing (5) General & Admin (5) Depreciation (5) Total Operating Expenses (5) F'24E in CC (2) % of Revenues 30% to 32% 45% to 47% 76% to 78% 15% to 17% 6% to 8% $5.85 to $5.95 77% to 79% 14% to 16% 18% to 20% 7% to 9% 1% to 3% 42% to 44% Y/Y Growth 6% to 8% 40% to 42% 24% to 26% 71% to 73% 29% to 31% © 2023 Open Text 30#31OpenText - Micro Focus Financial Integration Framework(¹) FCF(2) A-EBITDA(2) opentext™ Savings Annualized Cost Savings $400M Expense & Charges Integration Expense $70M Special Charges $420M to $460M Est. Total Expense & Charges 2H F'23 (1), (2), (3) See Slide Notes $260M(3) Actioned $6M Incurred $146M Incurred $150M incurred 1H F'24 Workforce reductions and Facilities Consolidation ($28M) 2H F'24 Vendor consolidation, strategic procurement ($116M) System alignment and Related integration expense ($60M+) Severance, restructuring costs, advisory support and others ($90M) 1H F'25 Global entities simplification, tax structure initiatives, technology footprint optimization ($200M) $140M to $160M 2H F'25 $200M to $220M F'26 - Adj. EBITDA FCF © 2023 Open Text 31#32F'26 Aspirations in Constant Currency Enterprise Cloud Bookings Growth(1), (2) Cloud Organic Revenue Growth (1),(3) ARR Organic Growth (4) Total Organic Revenue Growth (1),(3) Total Revenues New A-EBITDA Margin(5) (%) Free Cash Flows(5) (6) (FCF) Capital Allocation to Dividend Program (7) Non-GAAP Effective Tax Rate(8) opentext™ (1), (2), (3), (4), (5), (6), (7), (8) See Slide Notes 15%+ 7% to 9% 2% to 4% 2% to 4% $6.2B to $6.4B 38% to 40% $1.5B+ 20% of TTM FCF Mid 20%'s Expanded Consumption, SaaS, Al and Titanium X Continued Information Management momentum ARR 77% to 79% (of Total Revenues) Micro Focus expected to return to organic growth in F'24 Market share gains through cloud acceleration and opentext.ai Upper quartile profitability while investing in cloud, Al, security and edge Continued high conversion from A-EBITDA and working capital efficiency Prioritizing debt reduction and capital return Utilization of tax attributes while enhancing current structure © 2023 Open Text 32#33Our 2030 Pledge: OpenText Zero-In opentext™ opentext Zero-In TM Zero Footprint Zero Barriers Zero Compromise ● ● ● ● ● ● Committed to climate innovation Zero waste from operations by 2030 Science-based emissions reduction target of 50% net reduction by 2030/net-zero by 2040 Advance Equity, Diversity and Inclusion (ED&I): Majority Diverse 50/50 for key roles • 40% female in leadership positions ● ● Center on ICT Education and Training Advance wellness & wellbeing Zero compromise on what matters most Principle-based approach Annual Report + The OpenText Way © 2023 Open Text 33#34Executive Leadership Team (ELT) Sales & Demand Ted Harrison EVP, Enterprise Sales James McGourlay EVP, International Sales Sandy Ono EVP, CMO opentext™ Prentiss Donohue EVP, Cybersecurity Sales Paul Rodgers EVP, Sales Operations Products & Customers Muhi Majzoub EVP, Chief Product Officer Paul Duggan EVP, Chief Customer Officer Corporate Operations Madhu Ranganathan EVP, CFO Mark J. Barrenechea CEO and CTO Brian Sweeney EVP, CHRO Shannon Bell EVP, Chief Digital Officer Renee McKenzie EVP, CIO Michael Acedo EVP, CLO & Corporate Secretary Doug Parker EVP, Corporate Development © 2023 Open Text 34#35Slide Notes Throughout this presentation, certain numbers are approximate and may not foot due to rounding. Slide 4 ---- (1) Estimates (dollars in US$ billions) based on market reports from independent industry analysis firms including Gartner and IDC. (2) 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) Enterprise cloud bookings is 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, entered into with our enterprise-based customers. (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. Slide 13------ (1) Declaration of dividend subject to board discretion. Strategy subject to change based on acquisition opportunities or other corporate purposes. Corporate purposes may include acquisitions, debt repayment, share repurchases, or other initiatives. Slide 14 (1) Organic revenue growth is calculated by removing the revenue contribution from newly acquired companies for the first year post acquisition. (2) Constant currency is defined as the current period reported revenues represented at the prior comparative period's foreign exchange rate. Slide 19 ---. (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) Represents Open Text's F'26 Total Revenues aspiration in constant currency. (3) Represents OpenText's F'26 Adjusted EBITDA and A-EBITDA margin aspiration in constant currency. (4) Represents OpenText's F'26 Free Cash Flows aspiration on a reported basis. Slide 20 ----- (1) Based on F'13 to F'23 cumulative dividends paid, and common shares repurchased. (2) Compound annual growth in dividends paid from F'13 to F'23. (3) Targeting annualized dividend of $1.00 per share, subject to quarterly Board approval. Assumes weighted average common share count of 273.1 million for F'24. (4) Targeting dividends at rate of approximately 20% of TTM Free Cash Flow. Declaration of dividend subject to Board discretion. Strategy subject to change based on acquisition opportunities or other corporate purposes. Corporate purposes may include acquisitions, debt repayment, share repurchases, or other initiatives. opentext™ Slide 21 (1) Enterprise cloud bookings is 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, entered into with our enterprise-based customers. (2) Organic revenue growth is calculated by removing the revenue contribution from newly acquired companies for the first year post acquisition. (3) Annual Recurring Revenues (ARR) is defined as the sum of cloud services and subscriptions revenues and customer support revenues. Slide 23 (1) Annual Recurring Revenues (ARR) is defined as the sum of cloud services and subscriptions revenues and customer support revenues. (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. Historical data on a reported basis. (3) Renewal rate excludes Carbonite, Zix and Micro Focus. Slide 24 ---- (1) Enterprise cloud bookings 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, entered into with our enterprise-based customers. (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 Revenues (ARR) is defined as the sum of cloud services and subscriptions revenues and customer support revenues. (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. Slide 26 (1) Term Loan B and Acquisition Term Loan are net of mandatory debt repayments. (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) Consolidated Net Leverage Ratio (proforma) is calculated using bank covenant methodology. Slide 27 ----- (1) As of September 30, 2023. (2) Annual Recurring Revenues (ARR) is defined as the sum of cloud services and subscriptions revenues and customer support revenues. (3) Represents Micro Focus stand-alone renewal rates. (4) Renewal rate excludes Carbonite, Zix and Micro Focus. Slide 29 -----‒‒‒ (1) Annual Recurring Revenues (ARR) is defined as the sum of cloud services and subscriptions revenues and customer support revenues. (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. Slide 30 (1) Projected as of November 2, 2023; this model is not guidance. (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) Enterprise cloud bookings is 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, entered into with our enterprise-based customers. (4) Organic revenue 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) FCF on a reported basis. (7) Annual Recurring Revenues (ARR) is defined as the sum of cloud services and subscriptions revenues and customer support revenues. (8) Please refer to historical filings, including our Forms 10-K and 10-Q, regarding the company's adjusted tax rate. Slide 31 (1) As of November 2, 2023. Estimates represent when savings, expenses and charges are expected to be substantially actioned or incurred. Subject to change. (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) Actioned includes notified. Slide 32 (1) Revenues and Enterprise Cloud Bookings % are year-over-year comparisons. (2) Enterprise cloud bookings 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, entered into with our enterprise-based customers. (3) Organic revenue growth is calculated by removing the revenue contribution from newly acquired companies for the first year post acquisition. (4) Annual Recurring Revenues (ARR) is defined as the sum of cloud services and subscriptions revenues and customer support revenues. (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. Strategy subject to change based on acquisition opportunities or other corporate purposes. Corporate purposes may include acquisitions, debt repayment, share repurchases, or other initiatives. (8) Please refer to historical filings, including our Forms 10-K and 10-Q, regarding the company's adjusted tax rate. © 2023 Open Text 35#36opentext™#37Appendix 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 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. Information reconciling certain forward-looking GAAP measures to Non-GAAP measures related to F'24 targets and F'26 aspirations, including adjusted EBITDA is not available without unreasonable effort due to high variability, complexity and uncertainty with respect to forecasting and quantifying certain amounts that are necessary for such reconciliations. opentext™ © 2023 Open Text 37#38Summary of Quarterly Results with Constant Currency (In millions U.S. dollars, except per share data) Revenues: Cloud services and subscriptions Customer support Total annual recurring revenues** License Professional service and other Total revenues GAAP-based operating income Non-GAAP-based operating income (1) GAAP-based net income (loss), attributable to OpenText GAAP-based EPS, diluted Non-GAAP-based EPS, diluted (1)(2) Adjusted EBITDA (1) Operating cash flows Free cash flows (1) Q1 FY'24 $451.0 697.7 $1,148.7 173.0 103.7 $1,425.4 $212.9 $460.8 $80.9 $0.30 $1.01 $494.8 $47.1 $9.6 Q1 FY¹23 $404.7 317.4 $722.0 62.5 67.5 $852.0 $146.4 $280.9 ($116.9) ($0.43) $0.77 $304.0 $132.0 $95.6 $ Change $46.4 380.4 $426.7 110.5 36.2 $573.4 $66.5 $179.9 $197.8 $0.73 $0.24 $190.8 ($84.8) ($86.1) % Change 11.5 % 119.9 % 59.1 % 176.6 % 53.6 % 67.3 % 45.5 % 64.0 % 169.2 % 169.8 % 31.2 % 62.8 % (64.3) % (90.0) % Q1 FY'24 in CC* $448.6 688.5 $1,137.1 170.7 101.8 $1,409.5 N/A $447.4 N/A N/A $0.97 $481.0 N/A N/A % Change in CC* 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™ 10.9 % 116.9 % 57.5% 172.8% 50.9 % 65.4 % N/A 59.3 % N/A N/A 26.0 % 58.2 % 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. © 2023 Open Text 38#39Reconciliation of Selected Non-GAAP Measures | Q1 FY'24 (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 Sales and marketing General and administrative Amortization of acquired customer-based intangible assets Special charges (recoveries) GAAP-based income from operations / Non-GAAP-based income from operations Other income (expense), net Provision for income taxes GAAP-based net income / Non-GAAP-based net income, attributable to OpenText GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted, attributable to OpenText opentext™ GAAP 171,412 75,014 79,922 76,824 1,018,418 234,437 271,801 131,211 120, 192 13,794 212,892 20,170 10,352 80,901 0.30 Three Months Ended September 30, 2023 GAAP % of Total Revenue Adjustments FN Non-GAAP 71.4% $ (2,991) (1) $ (1,058) (1) (1,882) (1) (76,824) (2) 82,755 (3) (11,734) (1) (11,807) (1) (7,623) (1) (120,192) (2) (13,794) (4) 247,905 (5) (20,170) (6) 34,313 (7) 193,422 (8) 0.71 (8) $ 168,421 73,956 78,040 1,101,173 222,703 259,994 123,588 460,797 44,665 274,323 1.01 Non-GAAP % of Total Revenue 77.3% © 2023 Open Text 39#40Reconciliation of Selected Non-GAAP Measures | Q1 FY'24 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. 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. 2 3 4 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. 7 Adjustment relates to differences between the GAAP-based tax provision rate of approximately 11% 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 to Non-GAAP-based net income: 8 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™ Three Months Ended September 30, 2023 Per share diluted 0.30 80,901 $ 197,016 37,095 13,794 (20,170) 10,352 (44,665) 274,323 $ 0.72 0.14 0.05 (0.08) 0.04 (0.16) 1.01 © 2023 Open Text 40#41Reconciliation of Selected Non-GAAP Measures | Q1 FY'23 (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 Sales and marketing General and administrative Amortization of acquired customer-based intangible assets Special charges (recoveries) GAAP-based income from operations / Non-GAAP-based income from operations Other income (expense), net Provision for income taxes GAAP-based net loss / Non-GAAP-based net income, attributable to OpenText GAAP-based earnings per share / Non-GAAP-based earnings per share-diluted, attributable to OpenText opentext™ SA $ GAAP 131,799 27,354 53,800 42,637 593,688 110,198 167,170 78,074 54,438 14,281 146,353 (189,231) 33,625 (116,929) (0.43) Three Months Ended September 30, 2022 GAAP % of Total Revenue Adjustments FN 69.7% $ SA (2,033) (1) $ (567) (1) (1,525) (1) (42,637) (2) 46,762 (3) (6,854) (1) (6,859) (1) (5,370) (1) (54,438) (2) (14,281) (4) 134,564 (5) 189,231 (6) 50 (7) 323,745 (8) (8) 1.20 Non-GAAP 129,766 26,787 52,275 640,450 103,344 160,311 72,704 280,917 33,675 206,816 0.77 Non-GAAP % of Total Revenue 75.2% © 2023 Open Text 41#42Reconciliation of Selected Non-GAAP Measures | Q1 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. 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 2 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. 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. 4 CO 6 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. 7 Adjustment relates to differences between the GAAP-based tax provision rate of approximately 40% 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. 8 Reconciliation of GAAP-based net loss to Non-GAAP-based net income: GAAP-based net loss, 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™ Three Months Ended September 30, 2022 Per share diluted (0.43) (116,929) $ 97,075 23,208 14,281 189,231 33,625 (33,675) 206,816 $ 0.36 0.09 0.05 0.70 0.12 (0.12) 0.77 © 2023 Open Text 42#43Reconciliation of Adjusted EBITDA and Free Cash Flows Q1 FY'24 (In '000's U.S. dollars) GAAP-based net income (loss), attributable to OpenText Add: Provision for income taxes Interest and other related expense, net Amortization of acquired technology-based intangible assets Amortization of acquired customer-based intangible assets Depreciation Share-based compensation Special charges (recoveries) Other (income) expense, net Adjusted EBITDA Total revenue GAAP-based net income (loss) margin Adjusted EBITDA margin (% of total revenue) (In '000's U.S. dollars) GAAP-based cash flows provided by operating activities Add: Capital expenditures ( S (1) Free cash flows (1) Defined as "Additions of property and equipment" in the Consolidated Statements of Cash Flows. opentext™ $ $ $ $ $ 80,901 10,352 141,764 76,824 120, 192 34,091 37,095 13,794 (20,170) 494,843 1,425,429 5.7% 34.7 % Q1 FY'24 $ $ $ 47,121 $ (37,539) 9,582 $ Q1 FY'23 (116,929) 33,625 40,382 42,637 54,438 23,174 23,208 14,281 189,231 304,047 852,036 (13.7)% 35.7% Q1 FY'23 © 2023 Open Text 131,959 (36,324) 95,635 43#44Reconciliation of Adjusted EBITDA and Free Cash Flows (In '000's U.S. dollars) Adjusted EBITDA GAAP-based net income, attributable to OpenText Add: Provision for (recovery of) income taxes Interest and other related expense, net Amortization of acquired technology-based intangible assets Amortization of acquired customer-based intangible assets Depreciation Share-based compensation Special charges (recoveries) Other (income) expense, net Adjusted EBITDA Total revenue GAAP-based net income margin Adjusted EBITDA margin (% of total revenue) Free Cash Flows GAAP-based cash flows provided by operating activities (1) Add: Capital expenditures (2) Free cash flows FY'14 opentext™ $ 218,125 58,461 27,934 69,917 81,023 35,237 19,906 31,314 (3,941) $ 537,976 $ 1,624,699 13.4 % 33.1 % $ 417,096 (42,268) $ 374,828 FY'15 $ 234,327 31,638 54,620 81,002 108,239 50,906 22,047 12,823 28,047 $ 623,649 $ 1,851,917 12.7 % 33.7 % $ 522,055 FY'16 $ 284,477 6,282 76,363 74,238 113,201 54,929 25,978 34,846 1,423 $ 671,737 $ 1,824,228 15.6 % 36.8 % $ 523,663 (70,009) (77,046) $ 445,009 $ 453,654 FY'17 $ 1,025,659 (776,364) 120,892 130,556 150,842 64,318 30,507 63,618 (15,743) $ 794,285 $ 2,291,057 44.8 % 34.7 % $ 440,353 FY'18 $ 242,224 $ 285,501 143,826 138,540 185,868 184,118 86,943 27,594 29,211 (17,973) $ 1,020,351 $ 2,815,241 8.6% 36.2% FY'19 $ 708,081 154,937 136,592 183,385 189,827 97,716 26,770 35,719 (10,156) $ 1,100,291 $ 2,868,755 10.0 % 38.4 % $ 876,278 FY'20 $ 234,225 110,837 146,378 205,717 219,559 89,458 29,532 100,428 11,946 $ 1,148,080 $ 3,109,736 7.5% 36.9 % $ 954,536 FY'21 $ 310,672 $ 397,090 339,906 151,567 218,796 216,544 85,265 51,969 1,748 (61,434) $ 1,315,033 $ 3,386,115 9.2 % 38.8 % $ 876,120 (79,592) (105,318) (63,837) (72,709) (63,675) $ 360,761 $ 602,763 $ 812,441 $ 881,827 $ 812,445 (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. FY'22 118,752 157,880 198,607 217,105 88,241 69,556 46,873 (29,118) $ 1,264,986 $ 3,493,844 $ 11.4 % 36.2 % $ 981,810 (93,109) 888,701 $ FY'23 150,379 70,767 329,428 223,184 326,406 107,761 130,302 169,159 (34,469) $ 1,472,917 $ 4,484,980 © 2023 Open Text 3.4% 32.8 % $ 779,205 (123,832) $ 655,373 44#45opentext™