Buy Or Sell Opportunity • Jul 29
Now 29% undervalued after recent price drop Over the last 90 days, the stock has fallen 29% to €57.35. The fair value is estimated to be €80.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.0% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 7.0% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €57.35, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 20x in the Software industry in Italy. Total loss to shareholders of 25% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €80.98 per share. Reported Earnings • Jul 23
Second quarter 2026 earnings released: EPS: US$1.01 (vs US$2.34 in 2Q 2025) Second quarter 2026 results: EPS: US$1.01 (down from US$2.34 in 2Q 2025). Revenue: US$281.5m (down 1.4% from 2Q 2025). Net income: US$67.2m (down 59% from 2Q 2025). Profit margin: 24% (down from 58% in 2Q 2025). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Software industry in Italy. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to €87.55, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 17x in the Software industry in Italy. Total returns to shareholders of 44% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €128 per share. Buy Or Sell Opportunity • Jun 24
Now 30% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.8% to €73.40. The fair value is estimated to be €105, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 6.3% per annum. Earnings are also forecast to grow by 2.2% per annum over the same time period. Announcement • Jun 09
Temenos AG (SWX:TEMN) entered into a definitive agreement to acquire additiv AG from BZ Bank, Investment Arm and Patinex AG, management, Board of Directors and employees and other shareholders. Temenos AG (SWX:TEMN) entered into a definitive agreement to acquire additiv AG from BZ Bank, Investment Arm and Patinex AG, management, Board of Directors and employees and other shareholders on June 8, 2026. The consideration paid 50% in cash and 50% in equity.
The transaction is subject to customary closing conditions. Completion is expected in early Q3-26. The transaction is expected to be marginally accretive to Temenos’ FY-26 ARR and non-IFRS subscription and SaaS guidance.
Dieter Gericke and Daniel Häusermann of Homburger acted as legal advisor for Temenos AG. IFBC AG acted as fairness opinion provider for Temenos AG. Buy Or Sell Opportunity • Jun 04
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.8% to €74.90. The fair value is estimated to be €101, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 6.3% per annum. Earnings are also forecast to grow by 2.2% per annum over the same time period. Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to €92.20, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 13x in the Software industry in Italy. Total returns to shareholders of 46% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €122 per share. Buy Or Sell Opportunity • May 11
Now 21% undervalued Over the last 90 days, the stock has risen 8.7% to €82.05. The fair value is estimated to be €103, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 6.4% per annum. Earnings are also forecast to grow by 2.2% per annum over the same time period. Upcoming Dividend • May 11
Upcoming dividend of CHF1.40 per share Eligible shareholders must have bought the stock before 18 May 2026. Payment date: 20 May 2026. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Italian dividend payers (4.6%). In line with average of industry peers (1.8%). Announcement • May 10
Temenos Launches Embedded AI Capabilities to Help Banks Move Faster, Stay in Control, and Create Better Experiences Temenos announced new AI-powered product capabilities launching at Temenos Community Forum 2026. The new releases include Temenos AI Agents, Copilots and Conversational Studio embedded across Temenos’ Core and Digital Banking products, as well as its Financial Crime Mitigation (FCM) solution. The new AI capabilities unveiled at TCF 2026 include: Conversational Studio for Digital, a natural-language environment for building end-to-end digital banking journeys. Temenos Copilot for Workbench, helping developers build, plan and execute custom platform extensions using AI Agents. Temenos Copilot for Core - Branch Manager & Branch Officer personas, extending conversational support to branch officers and managers. Temenos FCM AI Agent for Instant Payments, extending financial crime controls to real-time payment flows. Conversational interfaces are transforming how users interact with Temenos systems by enabling natural-language interaction with the platform. This improves productivity, reduces operational friction, and makes complex banking functionality accessible to a broader set of users. In 2025, Temenos launched Temenos Copilot for Core, where users engage directly with the system using natural language to accelerate decision-making. AI Agents further increase operational capacity, reduce friction and risk, and help banks scale efficiently while maintaining auditability and human oversight. A Tier 1 bank using the Temenos FCM AI Agent, also launched in 2025, is now processing hundreds of thousands of sanctions screening cases and automating more than twenty percent of alerts, allowing teams to focus on higher-complexity work. Conversational Studio provides the governed, build environments where banks can design and deploy new experiences through natural language, accelerating innovation while maintaining control. Announcement • May 08
Temenos Launches Composable Retail Deposits And Composable Retail Lending Temenos launched Composable Retail Deposits and Composable Retail Lending, new Temenos Composable Solutions designed to help banks progressively modernize key retail banking domains, reducing risk while accelerating change. Retail deposits and lending sit at the heart of a bank’s operating model, yet many are still constrained by legacy platforms that are slow to change, costly to upgrade and difficult to integrate with new technologies. As customer expectations, competitive pressures and regulatory demands increase, banks need more flexible ways to modernise these domains. Temenos’ Composable Retail Deposits and Composable Retail Lending are cloud-native, standalone capabilities that integrate into a bank’s existing technology landscape through APIs and event-driven connections. Each capability is independent, with clear functional boundaries and its own deployment and upgrade cycle, ensuring that changes in one area do not ripple across other systems. Together, these capabilities enable banks to modernize deposits and lending progressively, improve speed to market and reduce the risk and disruption typically associated with traditional core upgrades. Temenos’ composable deposit and lending solutions were developed in collaboration with Design Partner clients, including Raiffeisen Bank International, supporting product development in line with real-world banking needs. New Risk • May 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 5.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (5.6% average weekly change). Minor Risks High level of debt (155% net debt to equity). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • May 04
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to €63.65, the stock trades at a forward P/E ratio of 28x. Average trailing P/E is 22x in the Software industry in Italy. Total returns to shareholders of 3.3% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €77.87 per share. Reported Earnings • Apr 22
First quarter 2026 earnings released: EPS: US$0.59 (vs US$0.41 in 1Q 2025) First quarter 2026 results: EPS: US$0.59 (up from US$0.41 in 1Q 2025). Revenue: US$253.0m (up 8.9% from 1Q 2025). Net income: US$39.7m (up 37% from 1Q 2025). Profit margin: 16% (up from 13% in 1Q 2025). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Software industry in Italy. Declared Dividend • Apr 15
Dividend of CHF1.40 announced Shareholders will receive a dividend of CHF1.40. Ex-date: 18th May 2026 Payment date: 20th May 2026 Dividend yield will be 1.7%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (43% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 1.1% over the next 3 years. However, it would need to fall by 52% to increase the payout ratio to a potentially unsustainable range. Announcement • Apr 09
Temenos AG, Annual General Meeting, May 13, 2026 Temenos AG, Annual General Meeting, May 13, 2026, at 11:30 W. Europe Standard Time. New Risk • Mar 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. Minor Risks High level of debt (111% net debt to equity). Large one-off items impacting financial results. Declared Dividend • Mar 01
Dividend of CHF1.40 announced Shareholders will receive a dividend of CHF1.40. Ex-date: 18th May 2026 Payment date: 20th May 2026 Dividend yield will be 1.8%, which is higher than the industry average of 0.8%. Sustainability & Growth Dividend is well covered by both earnings (43% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 3.0% over the next 3 years. However, it would need to fall by 52% to increase the payout ratio to a potentially unsustainable range. Announcement • Feb 27
Temenos AG announces Annual dividend, payable on May 20, 2026 Temenos AG announced Annual dividend of CHF 1.4000 per share payable on May 20, 2026, ex-date on May 18, 2026 and record date on May 19, 2026. Reported Earnings • Feb 25
Full year 2025 earnings released: EPS: US$4.06 (vs US$2.46 in FY 2024) Full year 2025 results: EPS: US$4.06 (up from US$2.46 in FY 2024). Revenue: US$1.09b (up 4.5% from FY 2024). Net income: US$280.6m (up 58% from FY 2024). Profit margin: 26% (up from 17% in FY 2024). Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Software industry in Italy. Buy Or Sell Opportunity • Jan 07
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 29% to €91.50. The fair value is estimated to be €76.02, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings are forecast to decline by 7.1% per annum over the same time period. Announcement • Dec 10
Temenos AG (SWX:TEMN) announces an Equity Buyback for CHF 100 million worth of its shares. Temenos AG (SWX:TEMN) announces a share repurchase program. Under the program, the company will repurchase up to CHF 100 million worth of its shares. The repurchased registered shares are to be used for general business purposes, including employee equity incentive plans and/or the financing of potential acquisitions. The program will expire on December 30, 2026, at the latest. As of December 8, 2025, the company had 71,907,147 issued shares and 4,497,723 treasury shares. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €81.50, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 15x in the Software industry in Italy. Simply Wall St's valuation model estimates the intrinsic value at €75.32 per share. Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: US$0.65 (vs US$0.43 in 3Q 2024) Third quarter 2025 results: EPS: US$0.65 (up from US$0.43 in 3Q 2024). Revenue: US$258.5m (up 4.7% from 3Q 2024). Net income: US$44.4m (up 44% from 3Q 2024). Profit margin: 17% (up from 13% in 3Q 2024). Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Software industry in Italy. Announcement • Sep 30
Temenos Launches AI-Powered Money Movement & Management Platform at Sibos Temenos announced the launch of Temenos Money Movement & Management, an AI-powered and pre-integrated platform to streamline payments and account services. This unified solution brings together payments, accounts, risk, and treasury modules, enabling financial institutions to move money faster, more reliably and at lower cost. Temenos Money Movement & Management helps new entrants get to market quickly and existing players to replace fragmented systems with an efficient platform built for growth and innovation. Smart AI-powered services, such as automated payment repair, fraud detection, and copilot tools minimize manual intervention and improve straight-through processing. Leveraging Temenos' recently launched FCM AI Agent, the platform enhances real-time screening and significantly reduces false positives. Built-in integration accelerators enable the rapid onboarding and servicing of any digital wallets and alternative payment networks, such as Wise, Thunes, Mastercard Move, Visa Direct, and Standard Chartered Scale. The solution is designed for banks, electronic money institutions (EMIs) and other payment service providers (PSPs) involved in cross border and domestic money movement services. Temenos' holistic and unified approach provides a powerful solution to the challenges faced by these organizations. FINCI, an EMI regulated by the Bank of Lithuania, went live on the platform in just four months. Reported Earnings • Sep 14
Second quarter 2025 earnings released: EPS: US$2.34 (vs US$0.51 in 2Q 2024) Second quarter 2025 results: EPS: US$2.34 (up from US$0.51 in 2Q 2024). Revenue: US$285.5m (up 15% from 2Q 2024). Net income: US$164.7m (up 344% from 2Q 2024). Profit margin: 58% (up from 15% in 2Q 2024). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Software industry in Italy. New Risk • Sep 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 7.1% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.1% average weekly change). Earnings are forecast to decline by an average of 5.6% per year for the foreseeable future. Minor Risks High level of debt (109% net debt to equity). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Sep 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €64.00, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 15x in the Software industry in Italy. Simply Wall St's valuation model estimates the intrinsic value at €67.21 per share. Announcement • Jun 03
Montagu Private Equity LLP completed the acquisition of IGEFI Group s.à r.l. from Temenos AG (SWX:TEMN) for $400 million. Montagu Private Equity LLP agreed to acquire IGEFI Group s.à r.l. from Temenos AG (SWX:TEMN) on February 6, 2025. After the transaction closes, Multifonds will operate as a new standalone company, led by its existing management team.
Ralph Drebes, Michael Leicht, Matthew Devey, Carl Sanders, Christian Hundeshagen and Wladislaw Kirch of Linklaters LLP acted as legal advisor for Montagu. Dieter Gericke and Daniel Häusermann of Homburger AG acted as legal advisor for Temenos.
Montagu Private Equity LLP completed the acquisition of IGEFI Group s.à r.l. from Temenos AG (SWX:TEMN) for $400 million on June 2, 2025. Board Change • May 28
High number of new directors Independent Non-Executive Director Michael Andres Gorriz was the last director to join the board, commencing their role in 2024. Announcement • May 22
Temenos Sets New Benchmark for Scalability of Ai-Powered Banking with Microsoft Azure Temenos announced the results of a highwater benchmark for its cloud-native core banking solutions running on Microsoft Azure. The results will be presented at the Temenos Community Forum 2025. The record-setting benchmark showcased the speed and efficiency of Temenos' latest technology in handling high volumes of digital transactions and AI services, delivering maximum scalability with a minimal cloud footprint. The benchmark simulated a bank with 25 million customers and 50 million accounts processing 16,600 transactions per second while taking additional AI workloads. It tested the full end-to-end capabilities of Temenos' banking solutions, including core and digital banking, payments, data hub and AI services on Microsoft Azure. Thanks to advances in Temenos' leaner, more sustainable architecture and Microsoft Azure Cobalt 100 ARM processors, the test showed over 40% improvement in efficiency compared to the 2024 benchmark exercise. These results highlight the power of Temenos' banking solutions to process large volumes of transactions and data quickly and securely, using less hardware. This helps banks of all sizes scale on demand, and maintain peak performance and availability, while meeting the growing demand for AI and Gen AI-powered services. The benchmark also tested banking APIs through Microsoft Open AI Service interfaces to ensure it meets banking customers' AI and Gen AI demand in the future. According to a recent Hanover Research survey for Temenos, 75% of banks are exploring Generative AI deployment, while 82% are investing in technology to improve operating efficiency. Among banks already deploying Gen AI or exploring opportunities, 43% plan to increase their investment in the technology this year compared to last year. Announcement • May 20
Temenos Launches Gen Ai Copilot for Banks to Deliver Better Products Faster At the Temenos Community Forum ’25 in Madrid, Temenos launched the Temenos Product Manager Copilot, empowering banks to design, launch, test and optimize financial products faster using Generative AI. Temenos Product Manager Copilot is a Gen AI assistant that integrates Microsoft Azure OpenAI Service and is embedded within the Temenos Retail core banking solution. It provides a simple, conversational way for product, IT and Customer Service managers to explore the full breadth of Temenos’ core banking functionality and data insights, helping banks design and launch retail products faster, easier, and make them more relevant to their customers. Temenos Product Manager Copilot is offered as part of Temenos retail accounts advanced and enterprise product offerings. Temenos core banking solutions are trusted by over 950 banks worldwide, from large multinational institutions to smaller regional banks. Temenos core banking offers extensive out-of-the-box functionality and a comprehensive suite of pre-configured products. With Temenos Product Manager Copilot, product managers can leverage either the built-in user agents or interact through familiar channels like Microsoft Teams for building, testing and launching new products. This Gen AI tool also allows them to quickly gain business insights without having to write complicated queries from their core banking data and drive strategic decisions. Integrating Azure OpenAI Service enables Temenos Product Manager Copilot to surface insights from the bank’s core data, documentation and regulatory landscape. The solution is flexible by design to allow easy integrations with new AI agents based on bank-specific data sources, as well as existing AI agents already in use. In addition, Azure OpenAI Service provides enterprise-class availability, scaling, security and confidentiality for customer data. According to a recent study for Temenos, three quarters (75%) of banks are exploring Gen AI deployment with 36% having already deployed or in the process of deploying it. Additionally, 73% believe that agentic AI will be transformative for the banking industry.