#1Investor Presentation February 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'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. Information regarding Micro Focus and its financial results was derived from information filed by Micro Focus with the SEC, including its Interim Results for six-months ended April 30, 2022 reported on Form 6-K, its Annual Report and Accounts for the year ended October 31, 2021 on Form 20-F, and any other subsequent applicable financial information reported on Form 6-K. Information regarding Micro Focus is qualified entirely by reference to those reports. opentext™ OpenText ©2023 All rights reserved 2#3Open Text Strategic Overview#4Open Text Snapshot Including Micro Focus (1) Who We Are One of the World's Largest Software and Cloud Companies 98 of Top 100 Companies are Customers 150M End Users Large, Strategic and Growing: $200B+ Information Management Market (2) Employees opentext™ 125k Enterprise Customers 25,000~40% 180 Countries Employees Dedicated to R&D Digital Transfor- mation Analytics & Al Application Delivery & Quality Business 2030 Open Text Drives Digital Transformations Application Modernization Human Centric Work Business Network opentext Any Data Any Application Any Device Any Latency Any IT Generation Systems Systems New Rules of of Record Engagement New Opportunities System of Insights Content Management Cybersecurity Digital Operations Management Experience Management In Constant Currency (3) Total Revenue Growth (% Y/Y) Organic Growth (4) (%Y/Y) A-EBITDA Margin (5) Free Cash Flows (5,6) Targets & Aspirations F'24 (Preliminary) F'23 28% to 30% 1% to 2% 32.5% to 33.5% $0.5B to $0.6B 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. 33% to 35% 1% to 2% 36% to 38% $0.8B to $0.9B F'26 (Aspirations) 2% to 4% ($6.2B to $6.4B) 2% to 4% 38% to 40% $1.5B+ Open Text ©2023 All rights reserved 4#5OpenText: Our History of Value Creation Market Expansion and Value Creation Value Creation 1991 Foundation out of University of Waterloo opentext™ 2005 Content Services Market 2014 GXS: Cloud and Business Network 1996 IPO on Nasdaq Carbonite: new SMB/C market 2005 IXOS: top SAP partnership 2021 Zix: a top Microsoft SMB/C 2019 partner 2023 Micro Focus Expands Digital Transformation Capabilities 30 Year History 2020 Cloud Editions: Modern Cloud Platform 2017 Documentum: now #1 in Content Services 2022 Titanium Our Mission: We power and protect information Our Purpose: To elevate every person and every organization to gain the information advantage 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 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 Innovation defines our future We are experts The best team wins Performance opentext™ People Trust Delivery Automation Process Planning Growth is inclusive and sustainable 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 Shareholders ● ● Core Value Drivers ● Customers Employees ● Market leadership Innovation Learning organization Problem solvers Customer success ● ● ● ● ● ● . Total revenue growth A-EBITDA $/FCF Return on Invested Capital (ROIC) Trust L.O.V.E. model (Land. Operate. Value. Expand.) Delivery Exceptional performance Advancement Learning OpenText Fundamentals ● ● Operational excellence Frictionless business Make long-term decisions Owners' mindset Economic value added Open Text ©2023 All rights reserved 6#7How We Create Value: Running the Open Text Playbook Revenue Growth Reinvest for Growth Improve Cost Structure opentext™ Organic Acquisitions R&D + S&M Automation Productivity 1. Declaration of dividend subject to board discretion. Cloud growth Gross Margin R&D S&M G&A A-EBITDA Revenue Growth Margin Expansion + Strong Free Cash Flows Capital Allocation (e.g. Dividends)" Acquisitions Value Creation OpenText ©2023 All rights reserved 7#8Track Record of Total Revenue Growth Expected Rapid Growth and Increased Predictability In $Billions $1.0 $1.2 $1.4 $1.6 F11A F'12A F'13A F'14A opentext™ 11.7% F'11 to F'22 CAGR $1.9 $1.8 $2.3 $2.8 $2.9 $3.1 F'15A F'16A F'17A F¹18A F'19A F'20A Total Revenues and Estimated Growth +33% to 35% Expected growth +28% to 30% Expected growth $3.4 $3.5 82% ARR (1) (2) (2) F'21A F'22A F'23E F'24E $6.2 to $6.4 F'26E (3) Revenue Growth Track record of double-digit revenue growth Market share gains through Open Text-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 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 In $Billions $0.3 F'11A $0.4 $0.4 $0.5 F'12A F'13A F'14A opentext™ 13.8% F'11 to F'22 CAGR $0.6 $0.7 $0.8 $1.0 $1.1 $1.1 A-EBITDA Dollars and Estimated Margin 38% to 40% Expected A-EBITDA Margin 36% to 38% Expected A-EBITDA Margin 32.5% to 33.5% Expected A-EBITDA Margin $1.3 $1.3 F'15A F'16A F'17A F¹18A F'19A F'20A F'21A F'22A (1) F'23E F'24E (2) (2) F'26E (2) A-EBITDA Growth Culture of upper-quartile A-EBITDA profitability Leverage Open Text 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. Open Text ©2023 All rights reserved 9#10Track Record of Free Cash Flows (FCF) Expansion Expected Acceleration in Free Cash Flows In $Millions $187 $241 $295 F11A F'12A F'13A $375 15.2% F'11 to F'22 CAGR opentext™ $446 $454 $361 $603 $812 F'14A F'15A F'16A F'17A F¹18A F'19A Cloud Acquisition Investment integration $882 Estimated Free Cash Flows $812 $889 $800 to $900 $500 to $600 F'20A F'21A F'22A F'23E (2) F¹24E (2) $1.5B+ F'26E (2) 20%+ FCF as % of Revenue (1) 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#11History of Value Creation Through Transformative M & A Strategic Buyer of Value Assets that Drive Future Organic Revenue and A-EBITDA Growth Open Text Transformative M & A Transaction detail -$5.8B Enterprise Value 2.3x Micro Focus TTM revenues (1) 6.7x Micro Focus TTM A-EBITDA (2) More than Doubling our TAM to $200B+(³) Open Text intends to continue to deliver an expected: (4) Upper quartile A-EBITDA and expansion Upper quartile Free Cash Flows and expansion ● ● ● ● Micro Focus Expected cost synergies of approximately $400M On Open Text operating model within 6 full quarters Return to net leverage ratio (5) of < 3x within 8 full quarters opentext™ Acquisition Micro Focus Zix Carbonite Documentum GXS Close Date 1/31/23 12/23/21 12/24/19 1/23/17 1/16/14 Revenue Multiple (6) 2.3x 3.5x 2.9x 2.7x 2.4x A-EBITDA Multiple (6) 6.7x 16x 11.9x 8.8x 12.2x 1. TTM revenue represents Micro Focus' unaudited revenue for the twelve months ended October 31, 2022, excluding Digital Safe revenue, based on IFRS standards. 2. TTM adjusted EBITDA is a non-IFRS financial measure and represents Micro Focus' unaudited adjusted EBITDA for the twelve months ended October 31, 2022, excluding Digital Safe. 3. Estimates based on market reports from independent industry analysis firms including Gartner and IDC. 4. Please refer to OpenText's "Use of Non-GAAP Financial Measures" 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. Open Text ©2023 All rights reserved 5. Consolidated Net Leverage Ratio (pro forma) is calculated using bank covenant methodology. 6. Revenue and A-EBITDA multiples are based on the target company's latest reported numbers as of close date. 11#12Q2 Fiscal 2023 Highlights#13Q2 Fiscal 2023 Financial Highlights (with Y/Y comparisons) Strong Quarterly Enterprise Cloud Bookings" of $145M up 12% Y/Y, TTM $511M up 25% Y/Y Total Revenues ARR (3) 81% of Total Revenues Cloud Revenues A-EBITDA (4) 38.0% (margin) Non-GAAP Earnings Per Share (4) Free Cash Flows (4) opentext™ Q2 F'23 $897.4M $945.0M in CC $725.2 M $761.0M in CC $408.7 M $423.2M in CC $340.9M $356.1M in CC $0.89 $0.94 in CC $163.0M 18.2% of total revenues 2.4% 7.8% in CC (2) 3.6% 8.7% in CC 12.0% 16.0% in CC (0.8)% 3.7% in CC 0.0% 5.6% in CC (20.9)% Trailing Twelve Months (TTM) Ending Q2 F'23 $3.53B $3.67B in CC 2.9% 6.9% in CC Total Revenues ARR (3) 83% of Total Revenues Cloud Revenues A-EBITDA (4) 35.2% (margin) Non-GAAP Earnings Per Share (4) Free Cash Flows (4) $2.92B $3.02B in CC $1.63B $1.67B in CC $1.24B $1.30B in CC $3.16 $778.3M 22.0% of total revenues 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. 5.2% 8.9% in CC 13.2% 15.9% in CC (2.8)% 1.3% in CC (3.4)% 3.7% in CC 13.1% OpenText ©2023 All rights reserved 13#14Q2 F'23 Customer Wins and Renewal Rates CITY C LLEAR (Y OF NFM ‒‒‒‒ BALTIMORE Business Network Lear Corporation is an American manufacturer of automotive seating and automotive electrical systems. Products: Open Text Business Network Cloud with Ready to Serve Enablement Business Purpose: Support data exchange across over 200 manufacturing plants and thousands of trading partners. Cybersecurity Nebraska Furniture Mart, a Berkshire Hathaway Company, is the largest home furnishings store in North America. Products: OpenText Network Detection & Response Business Purpose: Enhance their Security Operations Center by providing visibility for their geolocated stores and assets. DataExpert opentext™ rr AMD Manutan All you need. With love. 1. For the quarter ended December 31, 2022. Excludes Carbonite and Zix. Barnardo's matmut M&S Content Barnardo's is the largest children's charity in the UK working to protect and care for vulnerable young people. Products: Open Text Extended ECM with Office 365 Enabler and Intelligent Viewing Business Purpose: As a long-term ECM customer, Barnardo's migrated from on-premise to the Open Text Cloud. Experience Matmut is a mutual insurance company and is a major player in the French insurance market. Products: Open Text Exstream™ Cloud-Native Business Purpose: Modernize and replace their existing in house CCM solution in order to accelerate their digital transformation. e +Jtiera TRANSPORT FOR LONDON EVERY JOURNEY MATTERS RBC nib Enterprise (¹) Renewal Rates 95% Customer Support DHA Defense Health Agency Ⓡ Cloud 94% OF L ENER UNITED STATES OF AMERI Los Alamos NATIONAL LABORATORY OpenText ©2023 All rights reserved 14#15Strong Cash Flows and Balance Sheet Cash (USD$B) (as of 12/31/22) Total Cash (1) TTM Q2 F'23 (USD$M) Operating Cash Flows Less: CapEx Free Cash Flows (³) Less: Principal Less: Dividends Less: Share Buyback Cash Generated for Corporate Purposes (4) opentext $2.82B TM $902 $124 $778 $10 $248 $86 $434 2.0x ■ Q2 F¹22 Term Loan B ■ Acquisition Term Loan B CO Undrawn Revolver C'22 Net Leverage Ratio (²) 1.9x Drawn Revolver Senior Secured Notes Senior Notes C'23 Q3 F'22 2.0x 450 300 C'24 Q4 F¹22 933 C'25 2.1x Q1 F¹23 C'26 Pro Forma Debt Maturity Profile (USD$M) (5) (Estimated as of 3/31/23) 1,000 C'27 2.0x 1. Includes $990 million from senior note offering completed December 1, 2022. 2. Consolidated Net Leverage Ratio (proforma) is calculated using bank covenant methodology. 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. Corporate purposes may include acquisitions, debt repayment, share repurchases, or other initiatives. 5. Term Loan B and Acquisition Term Loan B are net of mandatory debt repayments only. Q2 F¹23 900 C'28 Assumes Debt Reduction of at least $175M per quarter, expected to commence Q4 F'23 3.8x Micro Focus Transaction Close Pro forma Net Leverage Ratio (2) 850 C'29 Within 8 Full Quarters of Close 900 3,334 < 3.0x C'30 650 C'31 OpenText ©2023 All rights reserved 15#16Outlook#17Open Text Financial Targets and Aspirations Continued Investment in Growth Initiatives (in constant currency) ● Organic Growth (%Y/Y) (1) Total Revenue Growth (%Y/Y) A-EBITDA Margin (2) FCF (2,3) (USD$B) Driven by 15%+ Enterprise Cloud Bookings Growth (Y/Y) opentext™ Financial Target F'23 1% to 2% 28% to 30% 32.5% to 33.5% $0.5B to $0.6B Preliminary Financial Target F'24 1% to 2% 33% to 35% 36% to 38% $0.8B to $0.9B 3 Year Aspirations * F'26* 2% to 4% 2% to 4% ($6.2B to $6.4B) *Assumes: 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 organic growth in constant currency of 1% to 3% 38% to 40% $1.5B+ 1. Organic revenue growth is calculated by removing the revenue contribution from newly acquired companies for the first year post acquisition. 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. FCF in reported currency. OpenText ©2023 All rights reserved 17#18Q3 F'23 Quarterly Factors ● Recession risk Inflation, supply chain ● • Strength of US dollar Geopolitical Externalities opentext™ Company Specific (¹) Expect Q3 Y/Y Revenue in constant currency: Total revenues of $1.18B to $1.22B • Micro Focus contributing $310M to $325M Open Text standalone to achieve positive organic growth ● ARR (2) of $0.96B to $1.00B Micro Focus contributing $245M to $260M FX revenue headwind of $30M to $35M Y/Y ● Expect Q3 Y/Y A-EBITDA in constant currency: Margin % down 600 to 700 bps Excluding Micro Focus, dollars and margin % constant ● FX A-EBITDA headwind of less than $5M Y/Y Our business is annual, and quarters will vary 1. Numbers are estimates only. 2. Annual Recurring Revenue (ARR) is defined as the sum of cloud services and subscriptions revenue and customer support revenue. OpenText ©2023 All rights reserved 18#19Q3 F'23 Target Model Ranges Open Text with Micro Focus (as of Feb 2, 2023) Revenue Type: Cloud Services and Subscriptions Customer Support Annual Recurring Revenue (ARR) License Professional Services and Other Non-GAAP Gross Margin(¹) Non-GAAP Operating Expenses: Research & Development Sales & Marketing General & Admin Depreciation Total Operating Expenses Interest (USD$M) Interest and Other Related Expense Constant Currency Q3 F'23(2,3) % of Total Revenues 35% -37% 46% -48% 82% - 84% 9% -11% 7% -9% 74% -76% opentext™ 17% -19% 21% -23% 9% -11% 2% -4% 52% -54% $115 - $125 Q3 F'23 Target Model ranges before Y/Y FX revenue headwind of $30M to $35M and Y/Y A-EBITDA headwind of less than $5M Micro Focus Onboarding Financial consolidation (starting Feb 1, 2023) Conversion of IFRS to US GAAP Alignment of reporting periods This table is provided on a one-time basis given the timing of the closing date of the Micro Focus acquisition 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. 2. Please refer to historical filings, including our Forms 10-K and 10-Q, regarding the company's adjusted tax rate. 3. This model is not guidance. OpenText ©2023 All rights reserved 19#20F'23 Total Revenue Growth & Bookings Strategy F'22 Actual (1) $465.8 $1,535.0 Enterprise Cloud Bookings (2) $1,331.0 $2,866.0 ARR $358.4 $269.5 $3,493.8 opentext Cloud Revenue TM Customer Support Revenue License Revenue Professional Services Revenue Total Revenue Estimated FX F'23 Revenue Headwind Y/Y Expected Growth in Constant Currency (3) F'23 Updated (Excluding Micro Focus) 15% + 8% to 10% Constant 4% to 5% Down 3% to 5%* 2% to 4% 3% to 4% F'23 Updated (Including Micro Focus) 15% + $120M to $130M 11% to 13% 43% to 45% 26% to 28% 1. All dollars in USD$M. Revenues may not add up exactly to Total Revenue due to rounding. 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 February 2, 2023; projection is not guidance. 49% to 51% 24% to 26% Y/Y Expected FX Impact 28% to 30% *OpenText (excluding Micro Focus) Y/Y expected growth in constant currency remains unchanged from the November 3, 2022 earnings announcement except for FX Revenue Headwind and License Revenue, with improved License Revenue outlook from "Down 8% to 10% " to "Down 3% to 5%". $140M to $150M OpenText ©2023 All rights reserved 20#21F'23 Target Model Ranges F'22 Actuals 43.9% 38.1% 82.0% 10.3% 7.7% 75.6% 12.1% 18.7% 8.5% 2.5% 41.9% 36.2% $157.9 14.0% $93.1 opentext™ Revenue Type (% of Total Revenue): Cloud Services and Subscriptions Customer Support Annual Recurring Revenue (ARR) License Professional Services and Other Non-GAAP Gross Margin (1) Non-GAAP Operating Expenses (% of Total Revenue): Research & Development Sales & Marketing General & Admin Depreciation Total Operating Expenses A-EBITDA Margin(1) Interest and Other Related Expense (USD$M) Adjusted Tax Rate (²) Capital Expenditures (USD$M) F'23 Previous (as of Nov 3, 2022) 46% -48% 35% -37% 82% - 84% 8% - 10% 7% -9% 75% - 77% 12% -14% 18% - 20% 7% -9% 2% -4% 42% -44% 36.0% - 36.5% $170 - $180 14% $80 - $90 Constant Currency 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. 2. Please refer to historical filings, including our Forms 10-K and 10-Q, regarding the company's adjusted tax rate. 3. This model is not guidance. F'23 Updated (3) 37% -39% 41% -43% 79% -81% 11% - 13% 7% -9% 75% - 77% 14% -16% 19% - 21% 8% - 10% 2% -4% 46% -48% 32.5% - 33.5% $350 - $370 14% $145 - $155 OpenText ©2023 All rights reserved 21#22F'26 Medium-Term Aspirations" (in constant currency) Enterprise Cloud Bookings Growth (2) Organic Revenue Growth (3) Cloud Organic Revenue Growth (3) ARR (% of Total Revenue) A-EBITDA Margin (4) (%) Free Cash Flows(4) (FCF) Capital Allocation to Dividend Program (5) Non-GAAP Effective Tax Rate (6) opentext™ 15% + 2% to 4% 7% to 9% 77% to 79% 38% to 40% $1.5B+ 20% of TTM FCF Mid 20% s Cloud Editions (CE), private cloud expertise, APIs, Titanium 5. Declaration of dividend subject to board discretion. 6. Please refer to historical filings, including our Forms 10-K and 10-Q, regarding the company's adjusted tax rate. 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 Prioritizing < 3x net leverage and continuation of dividend program Utilization of tax attributes while enhancing current structure 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 in 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. 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. FCF is on a reported basis.. OpenText ©2023 All rights reserved ...... 22#23Rapid Eight Full Quarter Deleveraging Program Pro Forma Total Debt (Expected as of 3/31/23) $9.3B Total Debt opentext™ 6.3% Weighted Avg. Interest Rate opentext™ 1. 2. 3. Long-term Debt Reduction of at least $175M per quarter Expect to commence Q4 F'23 ending June 30, 2023 5.9 yrs Weighted Avg. Maturity 46% Total Debt Fixed Consolidated Net Leverage Ratio (¹) 3.8x Micro Focus Close Jan. 31, 2023 <3.0x Within 8 Full Quarters Consolidated Net Leverage Ratio (pro forma) is calculated using bank covenant methodology. Cumulative Dividends Paid from F'13 to Q2 F'23. Declaration of dividend subject to board discretion. $18 F'13 Continuation of Dividend Program) 10 consecutive years of increased dividends paid (²) $1.48B returned to Shareholders from F'13 to F'23 YTD $75 F'14 $88 $99 $121 $146 $169 $189 $211 $238 F'15 F'16 F'17 F'18 F'19 F'20 F'21 F'22 Dividends Paid (USD$M) OpenText ©2023 All rights reserved 23#24Integration Execution Framework Revenue & Growth Profitability & Cash Flows Renewals Products Sales Capital Allocation Leverage & other opentext TM Open Text Continues Strong Execution 1st 6 months Pre-Acquisition Total growth Accelerating cloud growth 80% + ARR Upper quartile A-EBITDA Strong FCF generation 95% off-cloud 94% cloud Titanium innovation roadmap Tracking to full G10K coverage by end of C'23 Engage customers on vision and benefits Maintain upper quartile A- EBITDA for both companies Eliminate duplicative costs Continue Micro Focus savings Apply Open Text renewal best practices Analyze and refine converged Titanium roadmap Analyze and refine converged GTM roadmap Deleveraging and continuation of Dividend Program 2nd 6 months 3rd 6 months Post-Acquisition Execution Evolution Begin uplift Micro Focus installed base to cloud Improve A-EBITDA to FCF conversion at Micro Focus Deliver improvements in Micro Focus renewals Begin alignment of Micro Focus products with Titanium Begin GTM alignment Deleveraging and continuation of Dividend Program Continue Micro Focus uplift to cloud Micro Focus on OpenText A-EBITDA model Continue improvement in Micro Focus renewals Continue integrating Micro Focus with Titanium Continue GTM alignment Deleveraging and continuation of Dividend Program 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. F'25+ Micro Focus generates organic growth Cloud returns as largest revenue stream Maintain F'25 A-EBITDA aspirations of 37% -39% (1) Micro Focus renewals at Open Text standards Complete integration of Micro Focus with Titanium Complete GTM alignment < 3x Leverage Net Debt to A-EBITDA (¹) within 8 full quarters OpenText ©2023 All rights reserved 24#25Delivering on Our Acquisition Commitments Enhanced Visibility into our markets Accelerate Micro Focus cloud growth and improve renewals Accretive integration of Micro Focus Immediately accretive to F'23 A-EBITDA dollars On Open Text operating model within 6 full quarters Upper quartile A-EBITDA margin (1) and expansion target F'23: 32.5% to 33.5% F'24: 36% to 38% F'26: 38% to 40% Acquisition Commitment opentext™ ✓ Multi-year financial visibility Upper quartile Free Cash Flows(1) and expansion target F'23: $0.5B to $0.6B F'24: $0.8B to $0.9B F'26: $1.5B+ Enterprise cloud bookings of 15%+ through at least F'26 Improve Micro Focus renewals from low-80s Rapid 8-quarter deleveraging program 3.8x Net Leverage (2) at closing of Micro Focus < 3.0x Net Leverage within 8 full quarters Financial and Operating Metrics 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. 2. Consolidated Net Leverage Ratio (pro forma) is calculated using bank covenant methodology. 3. Declaration of dividend subject to board discretion. Return Micro Focus to organic growth F'23 Onboarding F'24 Constant or better F'25 Micro Focus returns to organic growth Continuation of dividend program (³) 20% of TTM Free Cash Flows OpenText ©2023 All rights reserved 25#26Our Business#27Businesses Are Facing Urgent Need to Transform Current Business Platforms Every company we work with is facing an increasingly complex and hybrid environment... Today Data Centers On-Prem Software Transactional Processes Slow Monolithic opentext Protect TM P === BUSINESS AND PROCESS COMPLEXITY 10W! O Future Multi-Cloud and Edge SaaS Applications Algorithmic Processes Agile Microservices Cybersecurity ● driving an urgent need to Digitally Transform their business Business 2030 Every Industry Digitally Transformed Through Information and Software Acceleration Financial Services, Retail, CPG, Bio Tech, Healthcare, Smart Cities, Manufacturing Information driven transformation New Requirements We are all software companies We are all information companies opentext 1. https://www.mckinsey.com/industries/technology-media-and-telecommunications/our-insights/cloud-migration-opportunity-business-value-grows-but-missteps-abound. INFORMATION CORE ● Human-centric Work and Workforces Generation Y/Z will dominate the workforce and expectations Believe in work and have control of their time, space, priorities and advancement Instant experiences New Rules Climate Innovation and The Green Ledger Social Justice, Truth & Reconciliation Trust & Compliance (1) $1T+ in business value expected to be unlocked through cloud adoption" OpenText ©2023 All rights reserved 27#28Open Text Drives Digital Transformations Open Text Creates Digital Fabrics and Frictionless Business based on Information and Automation. Intelligent Connected Secure Responsible opentext™ Analytics & AI Application Delivery & Quality Application Modernization Business Network Public Cloud Deployment Private Cloud opentext Any Data Any Application Any Device Any Latency Any IT Generation Systems of Record Systems of Engagement System of Insights Complete Customer Choice Off-Cloud Cloud Content Management Cybersecurity Digital Operations Management Experience Management Consumption License APIs OpenText ©2023 All rights reserved 28#29$200B+ Information Management Market CY'22 Worldwide Information Management Market" Analytics & Al Application Automation (Delivery & Modernization) Business Network Content & Experience Cybersecurity Market Digital Operations Management opentext™ Size ($ in billions) $4B $25B $24B $51B $68B CAGR% 2022-26 Positive 10% 10% 11% 12% $36B $208B 11% 9% 1. Estimates based on market reports from independent industry analysis firms including Gartner and IDC. ● • Broadens and deepens digital transformation touchpoints with customers including many of the G10K (Global 10,000) Expands strategic presence in key Information Management markets • Enhances capabilities in: ● ● ● Strategic Importance of Micro Focus ● Adds capabilities in: Application Delivery Application Modernization Analytics & Al Digital Operations Management Strengthens industry expertise • Scales partner ecosystem and our strategic importance ■ ■ Cybersecurity and Content OpenText ©2023 All rights reserved 29#30Acknowledged Leadership by Market¹ Content Hyland OpenText Laserfiche Microsoft Nutanix Forrester Wave TM: Content Platforms, June 2021 Box Digital Operations Mgmt VMware Morpheus Data opentext™ Micro Focus Forrester Wave TM: Hybrid Cloud Management, Nov. 2022 Content OpenText Microsoft Box Google Hyland IDC MarketScape: Worldwide Cloud Content Services, Dec. 2022 Micro Focus -HCL IBM Application Automation Leaders Parasoft Tricentis SmartBear Perforce UiPath 1. Source: various Forrester, IDC, and Gartner reports. Leade IDC MarketScape: Worldwide Cloud Testing, Mar. 2022 Business Network IBM Infor OpenText TraceLink TrueCommerce One Network E2open IDC MarketScape: Multi-Enterprise Supply Chain Commerce Networks September 2021 ACCELQ. Application Automation Perforce Software O Copado. Keysight Technologies •Applitools UiPath O SmartBear Software Lea Micro Focus Parasoft O Tricentis IBM Leapwork Forrester Continuous Automation Testing Platforms, Dec. 2022 Experience Precisely Quadient Messagepoint OpenText Veracode Smart Communications IDC MarketScape: Worldwide Customer Communications Management 2022 Micro Focus Leaders Cybersecurity HCL Software Synopsys Checkmarx Gartner MQ for Application Security Testing, April 2022 Analytics and Al Micro Focus IBM Amazon Web Services science Google Forrester WaveTM: Document-Orientated Text Analytics Platforms, June 2022 Synopsys ( Microsoft Cybersecurity Micro Focus r Verac Checkman HCL Software Forrester Wave: Static Application Security Testing, Jan. 2021 OpenText ©2023 All rights reserved 30#31Open Text's Leading Digital Transformation Capabilities Leverage Products and Capabilities for Continued Growth Analytics & Al Unstructured Data & Media Analysis, Analytics & AI IDOL Magellan™ VERTICA opentext™ Application Automation Mainframe Dev Tools, Host Connectivity and Modernization to Cloud MICRO FOCUS Enterprise OMICRO COBOL Rumba PPM & Lifecyle Management, Performance and Testing ALM Octane & LoadRunner UFT One ValueEdge Business Network Digitize Supply Chains Catalyst Foundation ⒸGXS Lens LIAISONⓇ Trading GridⓇ Content & Experience Master Modern Work Extended ECM documentum Core Power Modern Experiences Exstream RightFax™ TeamSite Cybersecurity Secure AppDev & Enterprise / SMB/C Security Enterprise ArcSight Fortify NetIQ Voltage EnCase SMB / Consumer CARBONITE WEBROOT ZİxⓇ BrightCloudⓇ Digital Operations Management Optimizing IT Operations for Enterprise NOM Service Manager Operations Bridge SMAX OpenText ©2023 All rights reserved 31#32Organized to Accelerate Customer Impact With the combined capabilities of Open Text and Micro Focus, we will help customers gain an Information Advantage and accelerate their Digital Transformation. OpenText's Digital Transformation Markets CEO Why are we falling behind competitors on our journey to gain profitable share ? Business Management Analytics and AI opentext™ COO Application Automation How do we harness data to drive operational excellence in a game- changing way? Business Operations Customer Operations Business Network CTO How do we unlock the power of data to drive streams of digital innovation? Supply Chain Operations Content & Experience 1. Source: "The Future of Sales in 2025: A Gartner Trend Insight Report," Gartner CIO Cybersecurity How do we do more with less people, without slowing down business? Development Operations Digital Operations Management Finance CISO How do we protect data, applications, and identities continuously in the age of digital? Security Operations CDO What's the competitive edge we can sharpen using data as we become digital? (1) 11 stakeholders involved in average technology buying decisions - can go up to 200 Tech Operations OpenText ©2023 All rights reserved 32#33Driving Annual Recurring Revenue Growth Customer Choice Maximizes the Opportunity to Grow and Take Share Most Customers Have Multiple Deployment Types Cloud (public, private, APIs) Accelerate the Cloud and... Growing portfolio of public cloud/SaaS and APIs driven by Titanium $511M TTM Q2 F'23 enterprise cloud bookings(²), +25% y/y • Immediately offering a private cloud option for all major Micro Focus offerings • Untap further opportunities with Hyperscalers Double-digit enterprise cloud bookings growth 75% of executives cite talent availability as main adoption risk for IT automation technologies (³) opentext™ ARR (¹) Growth ● 16% ARR CAGR F'11 to F'22 Off-Cloud ...Protect & Expand Customer Investment License • Off-cloud is the preferred choice for some customers and workloads • Installed base places Open Text in incumbent position to capture more share • Off-cloud generate higher margin and cash flow Foundation for growth, margin and cash flow Professional Services Key Enabler of Customer Success • Key capabilities to deliver strategic value to customers Core enabler for uplifting Micro Focus' customers to the cloud Customer Support Uplift Micro Focus renewals to OpenText standards through: 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. 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. 3. https://www.gartner.com/en/newsroom/press-releases/2021-09-13-gartner-survey-reveals-talent-shortages-as-biggest-barrier-to-emerging-technologies-adoption Centralized renewals • Annual price adjustments • Premium support and ● Other value offerings ● Strong track record of increasing customer support to license ratio ● • Key differentiator for maintaining and uplifting mission critical applications where talent pools are scarce • Optimal for large enterprises with complex cloud and off-cloud environments and where failure is not an option OpenText ©2023 All rights reserved 33#34Accelerate the Cloud and Protect Customer Investment Successful Track Record of Enhancing Acquired Products Easy Link LIAISO NⓇ HIGHTAIL GUIDANCE G SOFTWARE GXS opentext™ TeamSite hp Exstream RECOMMİND covisint 89 documentum Expand Capabilities into Accelerating Cloud Growth... $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 Cloud and Off-Cloud Growth (in USD$M) F11 F12 F13 F'14 F'15 F'16 F'17 F'18 F'19 F'20 F'21 F¹22 ■ Cloud Revenue ...while protecting and expanding customer investment in off-cloud Looking Ahead Aligning Micro Focus to Open Text Align Micro Focus to OpenText's 90-day product release cycle Offer OpenText private cloud for all major Micro Focus product offerings Integrate Open Text and SaaS offerings Integrate analytics, Al and selected cybersecurity products across the full portfolio OpenText ©2023 All rights reserved 34#35Multiple Paths to Return Micro Focus to Organic Growth Bring Micro Focus Renewals Offering Open Text Private Cloud to Open Text Standards Enhancing Micro Focus Products... to Micro Focus Customers... Customer Support Micro Focus Renewals (2) Low 80's% opentext™ Open Text Off-Cloud Renewals 95% Deployment Options Public Cloud Private Cloud Off-Cloud Open Text Private Cloud 1. Estimated annualized revenue as of February 1, 2023, inclusive of Micro Focus. 2. Internal Micro Focus estimates. Micro Focus Today License Cloud ...expands customer choice and opportunities for growth APIs Consumption Options Deployment Options Public Cloud Private Cloud Off-Cloud Micro Focus Today License Titanium Cloud APIs Consumption Options ...expands product offerings into faster growing deployment and purchase options OpenText ©2023 All rights reserved 35#36Strategic Growth Priorities Win Each Market Grow Cloud Strategic Integrations opentext™ Analytics and AI • Magellan Text Mining/Risk Guard • Email & SMS Notification • Cloud Fax REST • Push Notification Rest Open Text: The platform of platforms for Information Management Application Automation Business Network • Value Edge App Lifecycle Mgmt Quality Control Extend Open Text Private Cloud to Micro Focus Customers Prioritizing largest products first Content and Experience Leverage Titanium to Grow Public Cloud/SaaS and API offerings All new products available as APIs 90-day release cycle Products in blue from Micro Focus acquisition • Business Network Foundation • Content Metadata Content Storage & Indexing • Content Viewing • Core Archive for SAP • Core Capture • Core Case Cybersecurity Core Content • Core Signature Arc Sight BrightCloud • Carbonite • Fortify Identity and Access Mgmt • NetIQ Voltage • Webroot • Zix Integrate Analytics, Al and selected Cybersecurity products across our Key Markets examples IDOL, Vertica, Voltage Digital Operations Management • DCA HCMX • NOM Ops Bridge •SMAX • Ops Orchestration OpenText ©2023 All rights reserved 36#37Open Text Zero-In: Our 2030 Pledge opentext™ opentext™ Zero-In Zero Footprint Zero Barriers Zero Compromise ● ● 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 Annual Report + The Open Text Way OpenText ©2023 All rights reserved 37#38The 1% Challenge Be a Climate Innovator 3 Trillion Trees in the world A tree produces 10,000 pages of paper Information Management can save 1% of the world's trees by 2030 by eliminating 300 Trillion Printed Pages ! opentext™ OpenText ©2023 All rights reserved 38#39Executive Leadership Team Sales & Demand Ted Harrison EVP, Enterprise Sales Menlo Park, CA James McGourlay EVP, International Sales Reading, UK Kristina Lengyel EVP, Corporate opentext™ Sales Boston, MA Prentiss Donohue EVP, Cybersecurity Sales Boulder, CO Sandy Ono EVP, CMO Menlo Park, CA Products, Strategy, Customers 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 Mark J. Barrenechea CEO and CTO Menlo Park, CA Paul Rodgers EVP, Sales Operations London, UK Operations. Doug Parker EVP, Corporate Development Richmond Hill, ON Michael Acedo EVP, CLO & Corporate Secretary Richmond Hill, ON Brian Sweeney EVP, CHRO Menlo Park, CA Renee McKenzie EVP, CIO Waterloo, ON OpenText ©2023 All rights reserved 39#40opentext Thank You TM#41Appendix 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. Open Text 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 Open Text, 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 Open Text, excluding interest income (expense), provision for 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 Open Text'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 41#42Summary 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, attributable to OpenText GAAP-based EPS, diluted Non-GAAP-based EPS, diluted (1)(2) Adjusted EBITDA (1) Operating cash flows Free cash flows (1) Q2 FY'23 $408.7 316.5 $725.2 108.0 64.3 $897.4 $184.7 $318.1 $258.5 $0.96 $0.89 $340.9 $195.2 $163.0 Q2 FY'22 $364.9 334.9 $699.8 109.5 67.5 $876.8 $192.9 $321.8 $88.3 $0.32 $0.89 $343.5 $216.6 $206.0 $ Change $43.8 (18.4) $25.4 (1.5) (3.2) $20.6 ($8.2) ($3.7) $170.2 $0.64 ($2.6) ($21.5) ($43.1) % Change 12.0% (5.5) % 3.6 % (1.4) % (4.8) % 2.4 % (4.3) % (1.1) % 192.7 % 200.0 % % (0.8) % (9.9) % (20.9) % Q2 FY¹23 in CC* $423.2 337.8 $761.0 114.8 69.2 $945.0 N/A $333.2 N/A N/A $0.94 $356.1 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™ N/A N/A % Change in CC* 16.0 % 0.9 % 8.7 % 4.8 % 2.5 % 7.8 % N/A 3.5 % N/A N/A 5.6 % 3.7 % 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. OpenText ©2023 All rights reserved 42#43Summary of Year to Date 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, attributable to Open Text GAAP-based EPS, diluted Non-GAAP-based EPS, diluted (1)(2) Adjusted EBITDA (1) Operating cash flow s Free cash flow s(1) FY'23 $813.3 633.9 $1,447.2 170.5 131.8 $1,749.5 $331.0 $599.0 $141.6 $0.52 $1.66 $645.0 $327.1 $258.6 FY'22 $721.5 670.1 $1,391.6 183.0 134.5 $1,709.1 $375.6 $623.8 $220.2 $0.81 $1.72 $666.9 $406.3 $369.0 Change $91.9 (36.3) $55.6 (12.5) (2.7) $40.4 ($44.6) ($24.8) ($78.7) ($0.29) ($0.06) ($21.9) ($79.2) ($110.4) % Change 12.7 % (5.4) % 4.0 % (6.8) % (2.0) % 2.4 % (11.9) % (4.0) % (35.7) % (35.8) % (3.5) % (3.3) % (19.5) % (29.9) % FY'23 in CC* $840.0 674.6 $1,514.6 181.2 141.0 $1,836.7 N/A $629.5 N/A N/A $1.76 $675.8 N/A N/A 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™ % Change in CC* 16.4 % 0.7 % 8.8 % (1.0) % 4.8 % 7.5 % N/A 0.9 % N/A N/A 2.3 % 1.3 % 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. OpenText ©2023 All rights reserved 43#44Reconciliation of Selected Non-GAAP Measures | Q2 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 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™ 69 GAAP 134,314 28,589 54,064 40,863 635,747 109,700 177,171 77,603 53,446 10,306 184,663 163,349 50,774 258,486 0.96 Three Months Ended December 31, 2022 GAAP % of Total Revenue Adjustments FN 70.8% GA (2,812) (1) (690) (1) (1,763) (1) (40,863) (2) 46,128 (3) (7,826) (1) (9,437) (1) (6,294) (1) (53,446) (2) (10,306) (4) 133,437 (5) (163,349) (6) (11,660) (7) (18,252) (8) (0.07) (8) Non-GAAP 131,502 27,899 52,301 681,875 101,874 167,734 71,309 318,100 39,114 240,234 0.89 Non-GAAP % of Total Revenue 76.0% OpenText ©2023 All rights reserved 44#45Reconciliation of Selected Non-GAAP Measures | Q2 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 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. 2 4 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 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 gains (losses) on our derivatives which are not designated as hedges, that are related to the financing of the Micro Focus Acquisition. We exclude gains and losses on these derivatives as we do not believe they are reflective on our ongoing business and operating results. 6 7 Adjustment relates to differences between the GAAP-based tax provision rate of approximately 16% 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: 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 December 31, 2022 Per share diluted 0.96 258,486 $ 94,309 28,822 10,306 (163,349) 50,774 (39,114) 240,234 $ 0.35 0.10 0.04 (0.60) 0.19 (0.15) 0.89 OpenText ©2023 All rights reserved 45#46Reconciliation of Selected Non-GAAP Measures | FY'23 YTD (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 266,113 55,943 107,864 83,500 1,229,435 219,898 344,341 155,677 107,884 24,587 331,016 (25,882) 84,399 141,557 0.52 Six months ended December 31, 2022 GAAP % of Total Revenue Adjustments FN 70.3% (4,845) (1) (1,257) (1) (3,288) (1) (83,500) (2) 92,890 (3) (14,680) (1) (16,296) (1) (11,664) (1) (107,884) (2) (24,587) (4) 268,001 (5) 25,882 (6) (11,610) (7) 305,493 (8) (8) 1.14 Non-GAAP 261,268 54,686 104,576 1,322,325 205,218 328,045 144,013 599,017 72,789 447,050 1.66 Non-GAAP % of Total Revenue 75.6% OpenText ©2023 All rights reserved 46#47Reconciliation 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. 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. 4 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 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 gains (losses) on our derivatives which are not designated as hedges, that are related to the financing of the Micro Focus Acquisition. We exclude gains and losses on these derivatives as we do not believe they are reflective on our ongoing business and operating results. 6 7 Adjustment relates to differences between the GAAP-based tax provision rate of approximately 37% 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 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™ $ Six months ended December 31, 2022 Per share diluted 0.52 141,557 $ 191,384 52,030 24,587 25,882 84,399 (72,789) 447,050 $ 0.71 0.19 0.09 0.10 0.31 (0.26) 1.66 OpenText ©2023 All rights reserved 47#48Reconciliation of Selected Non-GAAP Measures | Q2 FY'22 (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 Open Text opentext™ GAAP 122,129 29,668 53,041 52,602 615,618 103,622 163,938 71,513 52,665 9,217 192,884 (25,037) 39,266 88,298 0.32 Three Months Ended December 31, 2021 GAAP % of Total Revenue Adjustments FN 70.2% 69 (897) (1) (409) (1) (647) (1) (52,602) (2) 54,555 (3) (2,652) (1) (5,006) (1) (4,798) (1) (52,665) (2) (9,217) (4) 128,893 (5) 25,037 (6) 148 (7) (8) (8) $ 153,782 0.57 Non-GAAP 121,232 29,259 52,394 670,173 100,970 158,932 66,715 321,777 39,414 242,080 0.89 Non-GAAP % of Total Revenue 76.4% OpenText ©2023 All rights reserved 48#49Reconciliation of Selected Non-GAAP Measures | Q2 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. 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. GAAP-based and Non-GAAP-based income from operations stated in dollars. 2 4 5 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 31% 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: 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 December 31, 2021 Per share diluted 0.32 88,298 $ 105,267 14,409 9,217 25,037 39,266 (39,414) 242,080 $ 0.39 0.05 0.03 0.09 0.15 (0.14) 0.89 OpenText ©2023 All rights reserved 49#50Reconciliation of Selected Non-GAAP Measures | FY'22 YTD (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™ GA GAAP 241,908 59,151 104,766 105,769 1,189,803 203,787 310,178 142,990 104,549 9,561 375,573 4,745 82,716 220,213 0.81 Six Months Ended December 31, 2021 GAAP % of Total Revenue Adjustments FN 69.6% (1,804) (1) (1,130) (1) (1,368) (1) (105,769) (2) 110,071 (3) (5,586) (1) (9,616) (1) (8,839) (1) (104,549) (2) (9,561) (4) 248,222 (5) (4,745) (6) (6,207) (7) 249,684 (8) (8) 0.91 Non-GAAP 240,104 58,021 103,398 1,299,874 198,201 300,562 134,151 623,795 76,509 469,897 1.72 Non-GAAP % of Total Revenue 76.1% OpenText ©2023 All rights reserved 50#51Reconciliation 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. 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. 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 erations stated in dollars. 2 4 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 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. 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™ Six Months Ended December 31, 2021 Per share diluted 0.81 220,213 $ 210,318 28,343 9,561 (4,745) 82,716 (76,509) 469,897 $ 0.77 0.10 0.04 (0.02) 0.30 (0.28) 1.72 OpenText ©2023 All rights reserved 51#52Reconciliation of Adjusted EBITDA and Free Cash Flows (In '000's U.S. dollars) FY'22 YTD GAAP-based net income, attributable to Open Text 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 margin Adjusted EBITDA margin (% of total revenue) (In '000's U.S. dollars) GAAP-based cash flows provided by operating activities Add: Capital expenditures (1) Free cash flows LA opentext™ LA HA $ (1) Defined as "Additions of property and equipment" in the Consolidated Statements of Cash Flows. Q2 FY'23 258,486 $ 50,774 38,715 40,863 53,446 22,858 28,822 10,306 (163,349) 340,921 $ 897,440 $ 28.8 % 38.0 % Q2 FY'23 195,170 $ (32,215) 162,955 $ Q2 FY'22 88,298 $ 39,266 40,245 52,602 52,665 21,779 14,409 9,217 25,037 343,518 $ 876,799 $ 10.1 % 39.2 % Q2 FY'22 216,644 $ (10,635) 206,009 $ FY'23 YTD 141,557 84,399 79,097 83,500 107,884 46,032 52,030 24,587 25,882 644,968 1,749,476 8.1 % 36.9 % FY'23 YTD $ $ 327,129 $ (68,539) 258,590 $ 220,213 82,716 77,300 105,769 104,549 43,165 28,343 9,561 (4,745) 666,871 1,709,107 12.9 % 39.0 % FY'22 YTD 406,313 (37,347) 368,966 OpenText ©2023 All rights reserved 52#53Reconciliation of Adjusted EBITDA and Free Cash Flows FY'13 FY'18 FY'19 (In '000's U.S. dollars) FY'20 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 $ 148,520 opentext™ 29,690 16,982 93,610 68,745 24,496 15,575 24,034 2,473 $ 424, 125 $ 1,363,336 10.9 % 31.1 % 318,502 (23,107) $ 295,395 FY'14 $ 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 % FY'15 234,327 $ 417,096 $ 31,638 54,620 81,002 FY'16 522,055 $ 284,477 108,239 50,906 22,047 12,823 28,047 $ 623,649 $ 671,737 (77,046) (42,268) $ 374,828 $ 445,009 6,282 76,363 74,238 $ 1,851,917 $ 1,824,228 12.7 % 15.6 % 33.7% 36.8 % 113,201 54,929 25,978 34,846 1,423 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 % 523,663 $ 440,353 (70,009) (79,592) $ 453,654 $ 360,761 242,224 143,826 138,540 185,868 184,118 86,943 27,594 29,211 (17,973) $ 1,020,351 $ 2,815,241 8.6 % 36.2 % 708,081 285,501 154,937 136,592 183,385 189,827 97,716 26,770 35,719 (10,156) $ 1,100,291 $ 2,868,755 10.0 % 38.4 % 876,278 234,225 110,837 146,378 205,717 219,559 89,458 29,532 100,428 11,946 $ 1,148,080 $ 3,109,736 7.5 % 36.9 % $ 954,536 FY'21 310,672 339,906 151,567 218,796 216,544 85,265 51,969 1,748 (61,434) $ 1,315,033 $ 3,386,115 9.2 % 38.8 % $ 876,120 (63,837) (72,709) (63,675) (105,318) $ 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 $ 397,090 118,752 157,880 198,607 217,105 88,241 69,556 46,873 (29,118) $ 1,264,986 $ 3,493,844 11.4 % 36.2 % $ 981,810 (93,109) $ 888,701 OpenText ©2023 All rights reserved 53