| | | | | |
| Press Release |
| Media contact: | Investor Contact: |
| Mike Jacobsen, APR | Maynard Um |
| +1 330 490-4498 | investorrelations@dieboldnixdorf.com |
| michael.jacobsen@dieboldnixdorf.com | |
FOR IMMEDIATE RELEASE:
Aug. 6, 2025
Diebold Nixdorf Reports Strong Second Quarter Financial Results
•Company Reaffirms Full-Year Outlook, Trending Toward the Higher End of the Range
•Strong First-Half Order Entry Supports Second-Half Revenue Outlook
•Delivers Third Consecutive Quarter of Positive Free Cash Flow
•Repurchased $38 million Shares YTD of Authorized $100 million Share Repurchase Program
NORTH CANTON, Ohio - Diebold Nixdorf (NYSE:DBD), a world leader in transforming the way people bank and shop, today reported its second quarter financial results.
Second Quarter Financial Highlights
•Strong Q2 '25 financial performance, positioning the company to achieve full-year objectives
◦Product backlog increased to ~$980 million, with order entry up ~10% YoY, supporting strong second-half revenue outlook
◦Revenue of $915.2 million, up ~9% sequentially from Q1 2025
◦Gross margin (GAAP) of 25.6%, up 150 bps sequentially, and 26.5% (non-GAAP), up 120 bps sequentially
◦Net cash provided from operating activities (GAAP) of $30.0 million; free cash flow (non-GAAP) of $12.6 million, representing continued progress to delivering ~$200 million in free cash flow in 2025 — which would nearly double YoY
◦Net income (GAAP) of $12.7 million; adjusted EBITDA (non-GAAP) of $111.2 million
•Executing on initial $100 million share repurchase authorization to return capital to stockholders; repurchased approximately $30 million in the second quarter
•Reaffirms 2025 full-year financial outlook, trending toward the higher end of the range for revenue, adjusted EBITDA and free cash flow, while monitoring the impact of global tariff policies
Management Commentary
Octavio Marquez, Diebold Nixdorf president and chief executive officer, said: "Once again, we delivered a solid quarter and generated strong order entry across all geographies. We also achieved our objectives amidst a volatile global environment and finished the first half of 2025 on a high note. Importantly, this marks the first time Diebold Nixdorf has produced positive first-half free cash flow in the company's history. This is a result of our disciplined working capital management and continuous improvement efforts."
Marquez continued, "Given our first-half performance, we have a strong foundation to achieve our second-half expectations. We are trending toward the higher end of our full-year outlook, while being mindful of uncertainties in the macro environment. We take great pride in our team's capabilities, the way we have embraced continuous improvement, and our discipline in managing the business. As we look to the second half of the year, we are focused on delivering the outstanding service and solutions our customers expect."
Key Second Quarter Business Highlights
•Banking delivered significant wins in all geographies -- particularly in the APMEA region, which delivered seven of the company’s top 10 wins as customers continue to rely on DN Series® ATMs and supporting services to address their branch automation needs.
•Retail continued to capitalize on its strong footprint in Europe, driving more than 8% growth in total product revenue, while making further progress in the North America market with self-service checkouts, kiosks and related services.
•Vynamic Smart Vision, our AI-powered shrink reduction technology, won France's LSA Tech AI for Business award.
•Continued to enhance our local-to-local supply chain network, with additional manufacturing consolidation at the North Canton, Ohio facility, and implemented lean practices that have measurably improved safety, quality and efficiency.
Reaffirming Full-Year 2025 Financial Outlook
| | | | | |
| Current Guidance |
| Total Revenue | Flat to up low single-digits |
Adjusted EBITDA1,2 | $470M - $490M |
Free Cash Flow2 | $190M - $210M |
Company reaffirms 2025 full-year financial outlook, trending toward the higher end of the range. Total revenue guidance includes:
•Banking and Retail up low-single digits YoY in constant currency, with Retail recovery in 2H 2025
•Revenue weighted towards back-half of year with a 46% 1H / 54% 2H split
•Expect continued FX volatility, primarily from the Euro and the Brazilian Real
1 - See Note 1 below for Non-GAAP adjustments to net sales, gross profit and operating expenses, which include selling and administrative expense, research, development and engineering expense, gain/loss on sale of assets, net, and impairment of assets, and Note 2 for adjusted EBITDA and adjusted net income (loss).
2 - With respect to the company’s adjusted EBITDA and free cash flow outlook for 2025, it is not providing reconciliations to the most directly comparable GAAP financial measures because it is unable to predict with reasonable certainty those items that may affect such measures calculated and presented in accordance with GAAP without unreasonable effort. These measures primarily exclude future restructuring and refinancing actions and net non-routine items. These reconciling items are uncertain, depend on various factors and could significantly impact, either individually or in the aggregate, operating profit and net income calculated and presented in accordance with GAAP.
Overview Presentation and Conference Call
More information on Diebold Nixdorf's quarterly earnings is available on its Investor Relations website. Octavio Marquez, president and chief executive officer, and Tom Timko, executive vice president and chief financial officer, will discuss the company's financial performance during a conference call today at 8:30 a.m. ET. Registration for the earnings call is available at https://events.q4inc.com/attendee/541605676. After registering, you will receive an individualized dial-in number and PIN. The webcast is available at www.dieboldnixdorf.com/earnings. The replay of the webcast can be accessed on the website for up to three months after the call.
About Diebold Nixdorf
Diebold Nixdorf, Incorporated (NYSE:DBD) automates, digitizes and transforms the way people bank and shop. As a partner to the majority of the world’s top 100 financial institutions and top 25 global retailers, our integrated solutions connect digital and physical channels conveniently, securely and efficiently for millions of consumers each day. The company has a presence in more than 100 countries with approximately 21,000 employees worldwide. Visit www.DieboldNixdorf.com for more information.
LinkedIn: www.linkedin.com/company/diebold
X: https://x.com/DieboldNixdorf
Facebook: www.facebook.com/DieboldNixdorf
YouTube: www.youtube.com/dieboldnixdorf
Non-GAAP Financial Measures and Other Information
To supplement our condensed consolidated financial information presented in accordance with GAAP, the Company considers certain financial measures that are not prepared in accordance with GAAP, including Non-GAAP results, Non-GAAP operating profit margin, adjusted diluted earnings per share, free cash flow (use) and free cash flow conversion, net debt, EBITDA, adjusted EBITDA, and constant currency results. The Company calculates constant currency by translating the prior year results at current year exchange rates. The Company uses these Non-GAAP financial measures, in addition to GAAP financial measures, to evaluate our operating and financial performance and to compare such performance to that of prior periods and to the performance of our competitors. Also, the Company uses these Non-GAAP financial measures in making operational and financial decisions and in establishing operational goals. The Company also believes providing these Non-GAAP financial measures to investors, as a supplement to GAAP financial measures, helps investors evaluate our operating and financial performance and trends in our business, consistent with how management evaluates such performance and trends. The Company also believes these Non-GAAP financial measures may be useful to investors in comparing its performance to the performance of other companies, although its Non-GAAP financial measures are specific to the Company and the Non-GAAP financial measures of other companies may not be calculated in the same manner. We provide EBITDA and Adjusted EBITDA because we believe that investors and securities analysts will find EBITDA and adjusted EBITDA to be useful measures for evaluating our operating performance and comparing our operating performance with that of similar companies that have different capital structures and for evaluating our ability to meet our future debt service, capital expenditure and working capital requirements. We consider free cash flow (use) to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after the purchase of property and equipment and capitalized software development and changes in cash of assets held for sale and the use of cash for M&A, and excluding the use/proceeds of cash for the settlement of foreign exchange derivative instruments, can be used for debt servicing, strategic opportunities, including investing in the business, making strategic acquisitions, strengthening the balance sheet and paying dividends. Free Cash Flow Conversion is a liquidity ratio that measures the Company's ability to convert operating profits into free cash flow and is calculated as Free Cash Flow over Adjusted EBITDA. For more information, please refer to the section, "Notes for Non-GAAP Measures."
Forward-Looking Statements
This press release may contain statements that are not historical information and are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events and are not guarantees of future performance. These forward-looking statements include, but are not limited to, projections, statements regarding the Company's expected future performance (including expected results of operations and financial guidance), future financial condition, anticipated operating results, strategy plans, future liquidity and financial position.
Statements can generally be identified as forward looking because they include words such as “believes,” “anticipates,” “expects,” “intends,” “plans,” “will,” “estimates,” “potential,” “target,” “predict,” “project,” “seek,” and variations thereof or “could,” “should” or words of similar meaning. Statements that describe the Company's future plans, objectives or goals are also forward-looking statements, which reflect the current views of the Company with respect to future events and are subject to assumptions, risks and uncertainties that could cause actual results to differ materially. Although the Company believes that these forward-looking statements are based upon reasonable assumptions regarding, among other things, the economy, its knowledge of its business, and key performance indicators that impact the Company, these forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed in or implied by the forward-looking statements.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
The factors that may affect the Company's results include, among others:
•the success of new products and services, including Branch Automation Solutions for banking, cash recycling technology, DN Series® EASY family of retail checkout solutions and Vynamic® Smart Vision technology;
•ability to successfully execute on our digitally enabled hardware, services and software strategy;
•ability to generate sufficient cash flows to service our indebtedness, fund our operations and make adequate capital investments;
•the ultimate benefits of continuous improvement programs and other cost savings plans;
•risks related to our international operations, including geopolitical instability and wars;
•developments from recent and potential changes to trade policies by the U.S. or other countries, including tariffs;
•the impact of the proliferation of payment options other than cash, which could result in a reduced need for cash in the marketplace and a resulting decline in the usage of ATMs;
•the impact of increased energy, raw material and labor costs;
•the impact of competitive pressures, including pricing and the introduction of new products and services by our competitors;
•the impact of a cybersecurity incident or operational failure on our business;
•challenges associated with the use of artificial intelligence in our business;
•reliance on suppliers, subcontractors and availability of raw materials and other components;
•reliance on third parties, including to provide security systems and systems integration as well as outsourced business processes and other financial services;
•ability to attract, retain and motivate key employees;
•the impact of additional tax expense or exposures;
•the potential for additional pension liability or expense associated with low investment performance by our pension plan assets;
•success in executing potential acquisitions, investments or partnerships and divestitures;
•the impact of market and economic conditions, including the bankruptcies, restructuring or consolidations of financial institutions, which could reduce our customer base and/or adversely affect our customers' ability to make capital expenditures, as well as adversely impact the availability and cost of credit;
•changes in political, economic or other factors such as currency exchange rates, inflation rates (including the impact of possible currency devaluations in countries experiencing high inflation rates), recessionary or expansive trends, disruption in energy supply, taxes and regulations and laws affecting the worldwide business in each of our operations;
•ability to maintain effective internal controls;
•the impact of regulatory and financial risks related to climate change;
•the impact of an adverse determination that our services, products or manufacturing processes infringe the intellectual property rights of others, or our failure to enforce its intellectual property rights;
•exposure to liabilities under the FCPA or other worldwide anti-bribery laws;
•effect of changes in law and regulations or the manner of enforcement in the United States and internationally and our ability to comply with applicable laws and regulations; and
•other factors included in our filings with the Securities and Exchange Commission (the "SEC"), including our Annual Report on Form 10-K for the year ended December 31, 2024.
Except to the extent required by applicable law or regulation, the Company undertakes no obligation to update these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.
You should consider these factors carefully in evaluating forward-looking statements and are cautioned not to place undue reliance on such statements.
Summary Financial Results (Unaudited)
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| | Three months ended | | | | |
| | June 30, 2025 | | | | | June 30, 2024 | | % Change |
($ in millions) | | GAAP | | Non-GAAP1 | | | | | | | | | GAAP | | Non-GAAP1 | | GAAP | | Non-GAAP |
| Total net sales | | $ | 915.2 | | | $ | 915.2 | | | | | | | | | | $ | 939.7 | | | $ | 939.7 | | | (2.6) | | (2.6) |
| Gross profit | | $ | 234.0 | | | $ | 242.7 | | | | | | | | | | $ | 243.2 | | | $ | 244.2 | | | (3.8) | | (0.6) |
| Gross margin | | 25.6 | % | | 26.5 | % | | | | | | | | | 25.9 | % | | 26.0 | % | | (30) bps | | 50 bps |
| Selling and administrative expense | | $ | 154.2 | | | $ | 147.1 | | | | | | | | | | $ | 152.2 | | | $ | 136.7 | | | 1.3 | | 7.6 |
| Research, development and engineering expense | | $ | 22.4 | | | $ | 22.2 | | | | | | | | | | $ | 22.1 | | | $ | 22.5 | | | 1.4 | | (1.3) |
| Operating profit | | $ | 56.2 | | | $ | 73.1 | | | | | | | | | | $ | 70.7 | | | $ | 85.1 | | | (20.5) | | (14.1) |
| Operating margin | | 6.1 | % | | 8.0 | % | | | | | | | | | 7.5 | % | | 9.1 | % | | (140) bps | | (110) bps |
| | | | | | | | | | | | | | | | | | | |
| Net income | | $ | 12.7 | | | $ | 23.0 | | | | | | | | | | $ | 14.8 | | | $ | 30.2 | | | (14.2) | | (23.8) |
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| Adjusted EBITDA | | | | $ | 111.2 | | | | | | | | | | | | $ | 118.8 | | | | | (6.4) |
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| Three months ended | | Six months ended |
| ($ in millions) | June 30, 2025 | | June 30, 2024 | | % Change | | June 30, 2025 | | June 30, 2024 | | % Change |
| Net cash provided (used) by operating activities | $ | 30.0 | | | $ | (8.0) | | | 475.0 | | | $ | 45.8 | | | $ | (31.5) | | | 245.4 | |
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| Capital expenditures | (8.0) | | | (1.7) | | | (370.6) | | | (15.9) | | | (8.4) | | | (89.3) | |
| Capitalized software development | (9.4) | | | (6.4) | | | (46.9) | | | (11.1) | | | (12.6) | | | 11.9 | |
| Free cash flow (use) (Non-GAAP measure) | $ | 12.6 | | | $ | (16.1) | | | 178.3 | | | $ | 18.8 | | | $ | (52.5) | | | 135.8 | |
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1 - See Note 1 under Notes for Non-GAAP adjustments to net sales, gross profit and operating expenses, which include selling and administrative expense, research, development and engineering expense, gain/loss on sale of assets, net, and impairment of assets and Note 2 for adjusted EBITDA and net income (loss).
Financial Results of Operations and Segments
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| Revenue Summary by Reportable Segment & Business Line - Unaudited |
|
| | Three months ended | | | | |
| | June 30, | | | | |
| ($ in millions) | | 2025 | | 2024 | | 2024 in CC2 | | % Change | | % Change in CC |
| Banking | | | | | | | | | | |
| Services | | $ | 407.4 | | | $ | 401.5 | | | $ | 404.4 | | | 1.5 | % | | 0.7 | % |
| Products | | 271.8 | | | 305.9 | | | 310.4 | | | (11.1) | % | | (12.4) | % |
| Total Banking Revenue | | $ | 679.2 | | | $ | 707.4 | | | $ | 714.8 | | | (4.0) | % | | (5.0) | % |
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| Retail | | | | | | | | | | |
| Services | | $ | 135.2 | | | $ | 139.2 | | | $ | 146.5 | | | (2.9) | % | | (7.7) | % |
| Products | | 100.8 | | | 93.1 | | | 97.7 | | | 8.3 | % | | 3.2 | % |
| Total Retail Revenue | | $ | 236.0 | | | $ | 232.3 | | | $ | 244.2 | | | 1.6 | % | | (3.4) | % |
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| Total by Business Line | | | | | | | | | | |
| Services | | $ | 542.6 | | | $ | 540.7 | | | $ | 550.9 | | | 0.4 | % | | (1.5) | % |
| Products | | 372.6 | | | 399.0 | | | 408.1 | | | (6.6) | % | | (8.7) | % |
| Total Revenue | | $ | 915.2 | | | $ | 939.7 | | | $ | 959.0 | | | (2.6) | % | | (4.6) | % |
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| | Six months ended | | | | |
| | June 30, | | | | |
| ($ in millions) | | 2025 | | 2024 | | 2024 in CC2 | | % Change | | % Change in CC |
| Banking | | | | | | | | | | |
| Services | | $ | 789.5 | | | $ | 788.1 | | | $ | 780.5 | | | 0.2 | % | | 1.2 | % |
| Products | | 519.1 | | | 568.1 | | | 564.8 | | | (8.6) | % | | (8.1) | % |
| Total Banking Revenue | | $ | 1,308.6 | | | $ | 1,356.2 | | | $ | 1,345.3 | | | (3.5) | % | | (2.7) | % |
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| Retail | | | | | | | | | | |
| Services | | $ | 261.6 | | | $ | 277.4 | | | $ | 281.9 | | | (5.7) | % | | (7.2) | % |
| Products | | 186.1 | | | 201.5 | | | 203.9 | | | (7.6) | % | | (8.7) | % |
| Total Retail Revenue | | $ | 447.7 | | | $ | 478.9 | | | $ | 485.8 | | | (6.5) | % | | (7.8) | % |
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| Total by Business Line | | | | | | | | | | |
| Services | | $ | 1,051.1 | | | $ | 1,065.5 | | | $ | 1,062.4 | | | (1.4) | % | | (1.1) | % |
| Products | | 705.2 | | | 769.6 | | | 768.7 | | | (8.4) | % | | (8.3) | % |
| Total Revenue | | $ | 1,756.3 | | | $ | 1,835.1 | | | $ | 1,831.1 | | | (4.3) | % | | (4.1) | % |
2 - The company calculates constant currency (CC) by translating the prior-year period results at current year exchange rates. |
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Operating Profit Summary - Unaudited | | | | |
| Three months ended | | | | | | |
| June 30, 2025 | | June 30, 2024 | | Change | | | | | |
| ($ in millions) | GAAP | | Non-GAAP3 | | GAAP | | Non-GAAP3 | | GAAP | | Non-GAAP | | | | | | | | | | | | |
| Services | $ | 542.6 | | | $ | 542.6 | | $ | 540.7 | | $ | 540.7 | | $ | 1.9 | | $ | 1.9 | | | | | | | | | | | | |
| Products | 372.6 | | | 372.6 | | 399.0 | | 399.0 | | (26.4) | | (26.4) | | | | | | | | | | | | |
| Total net sales | $ | 915.2 | | | $ | 915.2 | | $ | 939.7 | | $ | 939.7 | | $ | (24.5) | | $ | (24.5) | | | | | | | | | | | | |
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| Services | $ | 130.6 | | | $ | 138.4 | | $ | 142.7 | | $ | 142.3 | | $ | (12.1) | | $ | (3.9) | | | | | | | | | | | | |
| Products | 103.4 | | | 104.3 | | 100.5 | | 101.9 | | 2.9 | | 2.4 | | | | | | | | | | | | |
| Total gross profit | $ | 234.0 | | | $ | 242.7 | | $ | 243.2 | | $ | 244.2 | | $ | (9.2) | | $ | (1.5) | | | | | | | | | | | | |
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| Services | 24.1 | % | | 25.5 | % | | 26.4 | % | | 26.3 | % | | (230) | bps | | (80) | bps | | | | | | | | | | | | |
| Products | 27.8 | % | | 28.0 | % | | 25.2 | % | | 25.5 | % | | 260 | bps | | 250 | bps | | | | | | | | | | | | |
| Total gross margin | 25.6 | % | | 26.5 | % | | 25.9 | % | | 26.0 | % | | (30) | bps | | 50 | bps | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Selling and administrative expense | $ | 154.2 | | | $ | 147.1 | | | $ | 152.2 | | | $ | 136.7 | | | $ | 2.0 | | $ | 10.4 | | | | | | | | | | | | |
| Research, development and engineering expense | 22.4 | | | 22.2 | | | 22.1 | | | 22.5 | | | 0.3 | | (0.3) | | | | | | | | | | | | |
| Other operating expenses (income) | 1.2 | | | 0.3 | | | (1.8) | | | (0.1) | | | 3.0 | | 0.4 | | | | | | | | | | | | |
| Operating expenses, net | $ | 177.8 | | | $ | 169.6 | | | $ | 172.5 | | | $ | 159.1 | | | $ | 5.3 | $ | — | $ | 10.5 | | | | | | | | | | | | |
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| Operating profit | $ | 56.2 | | | $ | 73.1 | | | $ | 70.7 | | | $ | 85.1 | | | (14.5) | | (12.0) | | | | | | | | | | | | |
| Operating margin | 6.1 | % | | 8.0 | % | | 7.5 | % | | 9.1 | % | | | | | | | | | | | | | | | | |
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| Adjusted EBITDA | | | $ | 111.2 | | | | | $ | 118.8 | | | | | (7.6) | | | | | | | | | | | | |
| Adjusted EBITDA margin | | | 12.2 | % | | | | 12.6 | % | | | | | | | | | | | | | | | | |
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| Six months ended | | | | | | | | | | | | |
| June 30, 2025 | | June 30, 2024 | | Change | | | | | | | | | |
| ($ in millions) | GAAP | | Non-GAAP3 | | GAAP | | Non-GAAP3 | | GAAP | | Non-GAAP | | | | | | | | | | | | |
| Services | $ | 1,051.1 | | $ | 1,051.1 | | $ | 1,065.5 | | | $ | 1,065.5 | | $ | (14.4) | | $ | (14.4) | | | | | | | | | | | | |
| Products | 705.2 | | | 705.2 | | 769.6 | | | 771.3 | | (64.4) | | (66.1) | | | | | | | | | | | | |
| Total net sales | $ | 1,756.3 | | | $ | 1,756.3 | | $ | 1,835.1 | | $ | 1,836.8 | | $ | (78.8) | | $ | (80.5) | | | | | | | | | | | | |
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| Services | $ | 247.8 | | | $ | 266.1 | | $ | 258.8 | | | $ | 274.7 | | $ | (11.0) | | $ | (8.6) | | | | | | | | | | | | |
| Products | 188.6 | | | 189.8 | | 193.0 | | | 194.6 | | (4.4) | | (4.8) | | | | | | | | | | | | |
| Total gross profit | $ | 436.4 | | | $ | 455.9 | | $ | 451.8 | | $ | 469.3 | | $ | (15.4) | | $ | (13.4) | | | | | | | | | | | | |
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| Services | 23.6 | % | | 25.3 | % | | 24.3 | % | | 25.8 | % | | (70) | bps | | (50) | bps | | | | | | | | | | | | |
| Products | 26.7 | % | | 26.9 | % | | 25.1 | % | | 25.2 | % | | 160 | bps | | 170 | bps | | | | | | | | | | | | |
| Total gross margin | 24.8 | % | | 26.0 | % | | 24.6 | % | | 25.5 | % | | 20 | bps | | 50 | bps | | | | | | | | | | | | |
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| Selling and administrative expense | $ | 306.0 | | | $ | 292.4 | | | $ | 313.8 | | | $ | 274.3 | | | $ | (7.8) | | $ | 18.1 | | | | | | | | | | | | |
| Research, development and engineering expense | 45.1 | | | 42.5 | | | 46.3 | | | 43.7 | | | (1.2) | | (1.2) | | | | | | | | | | | | |
| Other operating expenses (income) | (0.5) | | | — | | | (2.8) | | | (0.1) | | | 2.3 | | 0.1 | | | | | | | | | | | | |
| Operating expenses, net | $ | 350.6 | | | $ | 334.9 | | | $ | 357.3 | | | $ | 317.9 | | | $ | (6.7) | $ | — | $ | 17.0 | | | | | | | | | | | | |
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| Operating profit | $ | 85.8 | | | $ | 121.0 | | | $ | 94.5 | | | $ | 151.4 | | | (8.7) | | (30.4) | | | | | | | | | | | | |
| Operating margin | 4.9 | % | | 6.9 | % | | 5.1 | % | | 8.2 | % | | | | | | | | | | | | | | | | |
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| Adjusted EBITDA | | | $ | 198.5 | | | | | $ | 222.1 | | | | | (23.6) | | | | | | | | | | | | |
| Adjusted EBITDA margin | | | 11.3 | % | | | | 12.1 | % | | | | | | | | | | | | | | | | |
3 - See Note 1 below for GAAP to Non-GAAP adjustments to net sales, gross profit and operating expenses, which include selling and administrative expense, research, development and engineering expense, gain/loss on sales of assets, net, and impairment of assets. | | | | |
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| Gross Margin by Segment - Unaudited (Non-GAAP) | | | | | | | | | | | | | | |
| | Three months ended | | | | |
| | June 30, 2025 | | June 30, 2024 | |
| ($ in millions) | | Banking | | Retail | | | | | | Banking | | Retail | | | | | | | |
| Services | | $ | 407.4 | | | $ | 135.2 | | | | | | | $ | 401.5 | | | $ | 139.2 | | | | | | | | |
| Products | | 271.8 | | | 100.8 | | | | | | | 305.9 | | | 93.1 | | | | | | | | |
| Total net sales | | $ | 679.2 | | | $ | 236.0 | | | | | | | $ | 707.4 | | | $ | 232.3 | | | | | | | | |
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| Services | | $ | 103.4 | | | $ | 35.0 | | | | | | | $ | 101.8 | | | $ | 40.5 | | | | | | | | |
| Products | | 83.3 | | | 21.0 | | | | | | | 83.0 | | | 19.0 | | | | | | | | |
| Total gross profit | | $ | 186.7 | | | $ | 56.0 | | | | | | | $ | 184.8 | | | $ | 59.5 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Services | | 25.4 | % | | 25.9 | % | | | | | | 25.4 | % | | 29.1 | % | | | | | | | |
| Products | | 30.6 | % | | 20.8 | % | | | | | | 27.1 | % | | 20.4 | % | | | | | | | |
| Total gross margin | | 27.5 | % | | 23.7 | % | | | | | | 26.1 | % | | 25.6 | % | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | Six months ended | | | | | | | |
| | June 30, 2025 | | June 30, 2024 | |
| ($ in millions) | | Banking | | Retail | | | | | | Banking | | Retail | | | | | |
| Services | | $ | 789.5 | | | $ | 261.6 | | | | | | | $ | 788.1 | | | $ | 277.4 | | | | | | | | |
| Products | | 519.1 | | | 186.1 | | | | | | | 568.1 | | | 203.2 | | | | | | | | |
| Total net sales | | $ | 1,308.6 | | | $ | 447.7 | | | | | | | $ | 1,356.2 | | | $ | 480.6 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Services | | $ | 196.8 | | | $ | 69.3 | | | | | | | $ | 195.9 | | | $ | 78.9 | | | | | | | | |
| Products | | 151.5 | | | 38.3 | | | | | | | 154.1 | | | 40.6 | | | | | | | | |
| Total gross profit | | $ | 348.3 | | | $ | 107.6 | | | | | | | $ | 350.0 | | | $ | 119.5 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| Services | | 24.9 | % | | 26.5 | % | | | | | | 24.9 | % | | 28.4 | % | | | | | | | |
| Products | | 29.2 | % | | 20.6 | % | | | | | | 27.1 | % | | 20.0 | % | | | | | | | |
| Total gross margin | | 26.6 | % | | 24.0 | % | | | | | | 25.8 | % | | 24.9 | % | | | | | | | |
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7- Corporate charges are not reflected in the segment operating results, as these expenses are managed separately and not included in the segment results used to manage the business and assess performance. The unassigned corporate charges consist primarily of finance, IT, HR and legal expenditures. |
DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
STATEMENT OF FINANCIAL POSITION- UNAUDITED
(in millions)
| | | | | | | | | | | |
| | June 30, 2025 | | December 31, 2024 |
| ASSETS | | | |
| Current assets | | | |
| Cash, cash equivalents, and restricted cash | $ | 295.2 | | | $ | 311.3 | |
| Short-term investments | 15.2 | | | 16.9 | |
| Trade receivables, net of allowances | 599.4 | | | 588.5 | |
| Inventories | 574.0 | | | 528.1 | |
| Other current assets | 252.7 | | | 223.1 | |
| Total current assets | 1,736.5 | | | 1,667.9 | |
| | | |
| Property, plant and equipment, net | 266.8 | | | 246.2 | |
| Deferred income taxes | 69.4 | | | 69.5 | |
| Goodwill | 641.2 | | | 586.4 | |
| Customer relationships and other intangible assets, net | 815.7 | | | 778.6 | |
| | | |
| Other assets | 210.3 | | | 194.9 | |
| Total assets | $ | 3,739.9 | | | $ | 3,543.5 | |
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| LIABILITIES AND EQUITY | | | |
| Current liabilities | | | |
| | | |
| Accounts payable | $ | 431.3 | | | $ | 460.2 | |
| Deferred revenue | 346.7 | | | 320.7 | |
| Other current liabilities | 495.7 | | | 485.4 | |
| Total current liabilities | 1,273.7 | | | 1,266.3 | |
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| Long-term debt | 931.1 | | | 927.3 | |
| Deferred income taxes | 185.3 | | | 176.8 | |
| Other liabilities | 244.8 | | | 234.9 | |
| | | |
| Total Diebold Nixdorf shareholders' equity | 1,097.2 | | | 929.8 | |
| Noncontrolling interests | 7.8 | | | 8.4 | |
| Total equity | 1,105.0 | | | 938.2 | |
| Total liabilities and equity | $ | 3,739.9 | | | $ | 3,543.5 | |
DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
STATEMENT OF EARNINGS (LOSS) - UNAUDITED
(in millions, except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended | | Six months ended |
| | | | | | | |
| June 30, 2025 | | June 30, 2024 | | June 30, 2025 | | June 30, 2024 |
| Net sales | | | | | | | |
| Services | $ | 542.6 | | | $ | 540.7 | | | $ | 1,051.1 | | | $ | 1,065.5 | |
| Products | 372.6 | | | 399.0 | | | 705.2 | | | 769.6 | |
| Total | 915.2 | | | 939.7 | | | 1,756.3 | | | 1,835.1 | |
| Cost of sales | | | | | | | |
| Services | 412.0 | | | 398.0 | | | 803.3 | | | 806.7 | |
| Products | 269.2 | | | 298.5 | | | 516.6 | | | 576.6 | |
| Total | 681.2 | | | 696.5 | | | 1,319.9 | | | 1,383.3 | |
| Gross profit | 234.0 | | | 243.2 | | | 436.4 | | | 451.8 | |
| Gross margin | 25.6 | % | | 25.9 | % | | 24.8 | % | | 24.6 | % |
| Operating expenses | | | | | | | |
| Selling and administrative expense | 154.2 | | | 152.2 | | | 306.0 | | | 313.8 | |
| Research, development and engineering expense | 22.4 | | | 22.1 | | | 45.1 | | | 46.3 | |
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| Other operating income (loss) | 1.2 | | | (1.8) | | | (0.5) | | | (2.8) | |
| Total | 177.8 | | | 172.5 | | | 350.6 | | | 357.3 | |
| Percent of net sales | 19.4 | % | | 18.4 | % | | 20.0 | % | | 19.5 | % |
| Operating profit | 56.2 | | | 70.7 | | | 85.8 | | | 94.5 | |
| Operating margin | 6.1 | % | | 7.5 | % | | 4.9 | % | | 5.1 | % |
| Other income (expense) | | | | | | | |
| Interest income | 2.5 | | | 3.0 | | | 4.0 | | | 7.2 | |
| Interest expense | (21.8) | | | (38.6) | | | (43.3) | | | (82.2) | |
| Foreign exchange gain (loss), net | (22.2) | | | 7.6 | | | (40.7) | | | 8.0 | |
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| Miscellaneous gain, net | 2.5 | | | 2.6 | | | 4.0 | | | 3.6 | |
| Total other income (expense) | (39.0) | | | (25.4) | | | (76.0) | | | (63.4) | |
| Income before taxes | 17.2 | | | 45.3 | | | 9.8 | | | 31.1 | |
| Income tax expense | 4.8 | | | 32.0 | | | 2.6 | | | 28.9 | |
| Equity in earnings (loss) of unconsolidated subsidiaries, net | 0.3 | | | 1.5 | | | (1.9) | | | (1.4) | |
| Net income | 12.7 | | | 14.8 | | | 5.3 | | | 0.8 | |
| Net income (loss) attributable to noncontrolling interests | 0.5 | | | (0.1) | | | 1.4 | | | 0.5 | |
| Net income attributable to Diebold Nixdorf | $ | 12.2 | | | $ | 14.9 | | | $ | 3.9 | | | $ | 0.3 | |
| | | | | | | | |
| Basic weighted-average shares outstanding | 37.2 | | | 37.6 | | | 37.4 | | | 37.6 | |
| Diluted weighted-average shares outstanding | 37.5 | | | 37.7 | | | 37.7 | | | 37.6 | |
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| Net income attributable to Diebold Nixdorf | | | | | | | |
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| Basic earnings per share | $ | 0.33 | | | $ | 0.40 | | | $ | 0.10 | | | $ | 0.01 | |
| Diluted earnings per share | $ | 0.33 | | | $ | 0.40 | | | $ | 0.10 | | | $ | 0.01 | |
DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED (in millions)
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| Six months ended |
| | June 30, 2025 | | June 30, 2024 |
| Cash flow from operating activities | | | |
| Net income | $ | 5.3 | | | $ | 0.8 | |
| Adjustments to reconcile net income to cash flow provided (used) by operating activities: | | | |
| Depreciation and amortization | 65.1 | | | 63.5 | |
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| Amortization of deferred financing costs into interest expense | 3.1 | | | 0.8 | |
| Share-based compensation | 6.3 | | | 4.5 | |
| Debt prepayment costs - Exit Facility | — | | | 2.0 | |
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| Deferred income taxes | (8.8) | | | 7.9 | |
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| Loss (gain) on foreign currency translation | 41.3 | | | (10.5) | |
| Other | 0.1 | | | (1.0) | |
| Changes in certain assets and liabilities: | | | |
| Trade receivables | 33.4 | | | 51.6 | |
| Inventories | 5.0 | | | (66.3) | |
| Accounts payable | (66.7) | | | (24.8) | |
| Income taxes | (17.1) | | | (14.2) | |
| Deferred revenue | 1.6 | | | (6.5) | |
| Certain other assets and liabilities, net | (22.8) | | | (39.3) | |
| Net cash provided (used) by operating activities | 45.8 | | | (31.5) | |
| Cash flow from investing activities | | | |
| Capital expenditures | (15.9) | | | (8.4) | |
| Capitalized software development | (11.1) | | | (12.6) | |
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| Net short-term investment activity | (7.6) | | | 4.0 | |
| Change in certain other assets | 1.8 | | | 1.2 | |
| Net cash used by investing activities | (32.8) | | | (15.8) | |
| Cash flow from financing activities | | | |
| Dividends paid to noncontrolling interest shareholder | (2.0) | | | — | |
| Debt issuance costs | — | | | (4.6) | |
| Revolving credit facility, net | — | | | 39.3 | |
| Debt prepayment costs | — | | | (2.0) | |
| Repayment of exit facility | — | | | (200.0) | |
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| Treasury share activity | (39.7) | | | — | |
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| Other | (2.4) | | | (2.6) | |
| Net cash used by financing activities | (44.1) | | | (169.9) | |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 15.0 | | | (15.0) | |
| Change in cash, cash equivalents and restricted cash | (16.1) | | | (232.2) | |
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| Cash, cash equivalents and restricted cash at the beginning of the period | 311.3 | | | 592.3 | |
| Cash, cash equivalents and restricted cash at the end of the period | $ | 295.2 | | | $ | 360.1 | |
Notes for Non-GAAP Measures
To supplement our condensed consolidated financial statements presented in accordance with GAAP, the company utilizes certain financial measures that are not prepared in accordance with GAAP, including Non-GAAP results, EBITDA and Adjusted EBITDA, adjusted earnings per share, free cash flow (use) and net debt.
Note 1. Profit and loss summary ($ in millions):
Three months ended June 30, 2025 compared to three months ended June 30, 2024.
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| | Three months ended June 30, 2025 |
| | Service Sales | Product Sales | Net Sales | COS - service | COS -product | COS | | | | Gross Profit | % of Sales | Selling, G&A | R, D & E | Other OPEX | | OP | | % of Sales |
| GAAP | | $ | 542.6 | | $ | 372.6 | | $ | 915.2 | | $ | 412.0 | | $ | 269.2 | | $ | 681.2 | | | | | $ | 234.0 | | 25.6 | % | $ | 154.2 | | $ | 22.4 | | $ | 1.2 | | | $ | 56.2 | | | 6.1 | % |
| Restructuring and transition - personnel and other | | — | | — | | — | | (7.8) | | (0.9) | | (8.7) | | | | | 8.7 | | | (6.3) | | (0.2) | | (1.1) | | | 16.3 | | | |
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| Other | | — | | — | | — | | — | | — | | — | | | | | — | | | (0.8) | | — | | 0.2 | | | 0.6 | | | |
| Non-GAAP Adjusted results | | $ | 542.6 | | $ | 372.6 | | $ | 915.2 | | $ | 404.2 | | $ | 268.3 | | $ | 672.5 | | | | | $ | 242.7 | | 26.5 | % | $ | 147.1 | | $ | 22.2 | | $ | 0.3 | | | $ | 73.1 | | | 8.0 | % |
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| | Three months ended June 30, 2024 | | | |
| | Service Sales | Product Sales | Net Sales | COS - service | COS -product | COS | | | | Gross Profit | % of Sales | Selling, G&A | R, D & E | Other OPEX | | OP | % of Sales | | | | | | | | |
| GAAP | | $ | 540.7 | | $ | 399.0 | | $ | 939.7 | | $ | 398.0 | | $ | 298.5 | | $ | 696.5 | | | | | $ | 243.2 | | 25.9 | % | $ | 152.2 | | $ | 22.1 | | $ | (1.8) | | | $ | 70.7 | | 7.5 | % | | | | | | | | |
| Restructuring and transition - personnel and other | | — | | — | | — | | 1.4 | | (1.1) | | 0.3 | | | | | (0.3) | | | 1.9 | | 0.4 | | — | | | (2.6) | | | | | | | | | | |
| Other savings initiatives | | — | | — | | — | | (1.0) | | — | | (1.0) | | | | | 1.0 | | | (17.2) | | — | | — | | | 18.2 | | | | | | | | | | |
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| Divestitures and asset sales | | — | | — | | — | | — | | — | | — | | | | | — | | | — | | — | | 1.7 | | | (1.7) | | | | | | | | | | |
| Legal deal matters | | — | | — | | — | | — | | (0.3) | | (0.3) | | | | | 0.3 | | | (0.2) | | — | | — | | | 0.5 | | | | | | | | | | |
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| Non-GAAP Adjusted results | | $ | 540.7 | | $ | 399.0 | | $ | 939.7 | | $ | 398.4 | | $ | 297.1 | | $ | 695.5 | | | | | $ | 244.2 | | 26.0 | % | $ | 136.7 | | $ | 22.5 | | $ | (0.1) | | | $ | 85.1 | | 9.1 | % | | | | | | | | |
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| | Three months ended |
| | June 30, 2025 | | June 30, 2024 | | |
| | Services | Products | Total | | Services | Products | Total | | | | |
| Gross Profit | | $ | 130.6 | | $ | 103.4 | | $ | 234.0 | | | $ | 142.7 | | $ | 100.5 | | $ | 243.2 | | | | | |
| Restructuring and transition - personnel and other | | 7.8 | | 0.9 | | 8.7 | | | (1.4) | | 1.1 | | (0.3) | | | | | |
| Other savings initiatives | | — | | — | | — | | | 1.0 | | — | | 1.0 | | | | | |
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| Legal deal matters | | — | | — | | — | | | — | | 0.3 | | 0.3 | | | | | |
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| Non-GAAP Adjusted Gross Profit | | $ | 138.4 | | $ | 104.3 | | $ | 242.7 | | | $ | 142.3 | | $ | 101.9 | | $ | 244.2 | | | | | |
| Non-GAAP Adjusted Gross Margin | | 25.5 | % | 28.0 | % | 26.5 | % | | 26.3 | % | 25.5 | % | 26.0 | % | | | | |
Six months ended June 30, 2025 compared to six months ended June 30, 2024.
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| | Six months ended June 30, 2025 |
| | Service Sales | Product Sales | Net Sales | COS - service | COS -product | COS | | | | Gross Profit | % of Sales | Selling, G&A | R, D & E | Other OPEX | | OP | | % of Sales |
| GAAP | | $ | 1,051.1 | | $ | 705.2 | | $ | 1,756.3 | | $ | 803.3 | | $ | 516.6 | | $ | 1,319.9 | | | | | $ | 436.4 | | 24.8 | % | $ | 306.0 | | $ | 45.1 | | $ | (0.5) | | | $ | 85.8 | | | 4.9 | % |
| Restructuring and transition - personnel and other | | — | | — | | — | | (18.3) | | (1.2) | | (19.5) | | | | | 19.5 | | | (11.7) | | (2.6) | | (1.1) | | | 34.9 | | | |
| Other savings initiatives | | — | | — | | — | | — | | — | | — | | | | | — | | | (1.4) | | — | | — | | | 1.4 | | | |
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| Other | | — | | — | | — | | — | | — | | — | | | | | — | | | (0.5) | | — | | 1.6 | | | (1.1) | | | |
| Non-GAAP Adjusted results | | $ | 1,051.1 | | $ | 705.2 | | $ | 1,756.3 | | $ | 785.0 | | $ | 515.4 | | $ | 1,300.4 | | | | | $ | 455.9 | | 26.0 | % | $ | 292.4 | | $ | 42.5 | | $ | — | | | $ | 121.0 | | | 6.9 | % |
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| | Six months ended June 30, 2024 | | | |
| | Service Sales | Product Sales | Net Sales | COS - service | COS -product | COS | | | | Gross Profit | % of Sales | Selling, G&A | R, D & E | Other OPEX | | OP | % of Sales | | | | | | | | |
| GAAP | | $ | 1,065.5 | | $ | 769.6 | | $ | 1,835.1 | | $ | 806.7 | | $ | 576.6 | | $ | 1,383.3 | | | | | $ | 451.8 | | 24.6 | % | $ | 313.8 | | $ | 46.3 | | $ | (2.8) | | | $ | 94.5 | | 5.1 | % | | | | | | | | |
| Restructuring and transition - personnel and other | | — | | — | | — | | (14.9) | | (1.7) | | (16.6) | | | | | 16.6 | | | (9.1) | | (2.6) | | — | | | 28.3 | | | | | | | | | | |
| Other savings initiatives | | — | | — | | — | | (1.0) | | — | | (1.0) | | | | | 1.0 | | | (18.0) | | — | | — | | | 19.0 | | | | | | | | | | |
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| Refinancing related costs | | — | | — | | — | | — | | — | | — | | | | | — | | | (12.0) | | — | | 0.1 | | | 11.9 | | | | | | | | | | |
| Divestitures and asset sales | | — | | — | | — | | — | | — | | — | | | | | — | | | — | | — | | 2.6 | | | (2.6) | | | | | | | | | | |
| Legal deal matters | | — | | 1.7 | | 1.7 | | — | | 0.7 | | 0.7 | | | | | 1.0 | | | (0.4) | | — | | — | | | 1.4 | | | | | | | | | | |
| Other | | — | | — | | — | | — | | 1.1 | | 1.1 | | | | | (1.1) | | | — | | — | | | | (1.1) | | | | | | | | | | |
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| Non-GAAP Adjusted results | | $ | 1,065.5 | | $ | 771.3 | | $ | 1,836.8 | | $ | 790.8 | | $ | 576.7 | | $ | 1,367.5 | | | | | $ | 469.3 | | 25.5 | % | $ | 274.3 | | $ | 43.7 | | $ | (0.1) | | | $ | 151.4 | | 8.2 | % | | | | | | | | |
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| | Six months ended |
| | June 30, 2025 | | June 30, 2024 | | |
| | Services | Products | Total | | Services | Products | Total | | | | |
| Gross Profit | | $ | 247.8 | | $ | 188.6 | | $ | 436.4 | | | $ | 258.8 | | $ | 193.0 | | $ | 451.8 | | | | | |
| Restructuring and transition - personnel and other | | 18.3 | | 1.2 | | 19.5 | | | 14.9 | | 1.7 | | 16.6 | | | | | |
| Other savings initiatives | | — | | — | | — | | | 1.0 | | — | | 1.0 | | | | | |
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| Legal deal matters | | — | | — | | — | | | — | | 1.0 | | 1.0 | | | | | |
| Other | | — | | — | | — | | | — | | (1.1) | | (1.1) | | | | | |
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| Non-GAAP Adjusted Gross Profit | | $ | 266.1 | | $ | 189.8 | | $ | 455.9 | | | $ | 274.7 | | $ | 194.6 | | $ | 469.3 | | | | | |
| Non-GAAP Adjusted Gross Margin | | 25.3 | % | 26.9 | % | 26.0 | % | | 25.8 | % | 25.2 | % | 25.5 | % | | | | |
Restructuring and transition - personnel and other expenses incurred during 2025 and 2024 relate to the cost savings initiative focused on operational simplification and automation of processes, and include severance and payroll of employees transitioning out of the organization. Costs of third-parties assisting with the execution of the program are categorized as other savings initiatives. Refinancing related costs incurred in 2024 are advisor fees for the Company's restructuring process to optimize the capital structure that do not qualify for capitalization. Legal deal matters in 2024 primarily relates to third-party expenses and fees paid by the company and vendor adjustments in a foreign jurisdiction.
Note 2. Reconciliation of net loss to EBITDA and Adjusted EBITDA (Non-GAAP measures) ($ in millions):
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| Three months ended | | Six months ended |
| June 30, 2025 | | June 30, 2024 | | June 30, 2025 | | June 30, 2024 |
| Net income | $ | 12.7 | | | $ | 14.8 | | | $ | 5.3 | | | $ | 0.8 | |
| Income tax benefit | 4.8 | | | 32.0 | | | 2.6 | | | 28.9 | |
| Interest income | (2.5) | | | (3.0) | | | (4.0) | | | (7.2) | |
| Interest expense | 21.8 | | | 38.6 | | | 43.3 | | | 82.2 | |
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| Depreciation and amortization | 32.3 | | | 31.2 | | | 67.2 | | | 66.3 | |
| EBITDA | 69.1 | | | 113.6 | | | 114.4 | | | 171.0 | |
| Share-based compensation | 3.3 | | | 2.6 | | | 6.3 | | | 4.5 | |
| Foreign exchange loss (gain), net | 22.2 | | | (7.6) | | | 40.7 | | | (8.0) | |
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| Restructuring and saving initiative expenses | 16.3 | | | 10.5 | | | 36.3 | | | 47.2 | |
| Equity in earnings (loss) of unconsolidated subsidiaries, net | (0.3) | | | (1.5) | | | 1.9 | | | 1.4 | |
| Non-routine (income) expense, net | 0.6 | | | (1.2) | | | (1.1) | | | (2.3) | |
| Miscellaneous gain, net | — | | | (2.6) | | | — | | | (3.6) | |
| Refinancing related costs | — | | | 5.0 | | | — | | | 11.9 | |
| Adjusted EBITDA | $ | 111.2 | | | $ | 118.8 | | | $ | 198.5 | | | $ | 222.1 | |
| Adjusted EBITDA as a % of revenue | 12.2 | % | | 12.6 | % | | 11.3 | % | | 12.1 | % |
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The company defines EBITDA as net income (loss) excluding income tax benefit (expense), net interest expense, and depreciation and amortization expense. Adjusted EBITDA is EBITDA excluding the effects of the following items: share-based compensation, foreign exchange loss (gain), net, miscellaneous gain, net (2024 period only), equity in earnings (loss) of unconsolidated subsidiaries, net, restructuring and savings initiative expenses, refinancing related costs, and non-routine (income) expenses, net as outlined in Note 1 of the Non-GAAP measures.
Deferred financing fee amortization is included in interest expense; as a result, the company has excluded such fees from the depreciation and amortization caption. Depreciation and amortization includes $0.9 and $2.1 for the three months ended June 30, 2025 and 2024, respectively, and $2.2 and $2.8 for the six months ended June 30, 2025 and 2024, respectively, of amortization of cloud-based software implementation represents amortization of capitalized implementation costs related to cloud-based software arrangements that are included in selling and administrative expenses.
These are Non-GAAP financial measures used by management to enhance the understanding of our operating results. EBITDA and Adjusted EBITDA are key measures we use to evaluate our operational performance. We provide EBITDA and Adjusted EBITDA because we believe that investors and securities analysts will find EBITDA and Adjusted EBITDA to be useful measures for evaluating our operating performance and comparing our operating performance with that of similar companies that have different capital structures and for evaluating our ability to meet our future debt service, capital expenditures, and working capital requirements. However, EBITDA and Adjusted EBITDA should not be considered as alternatives to net income as a measure of operating results or as alternatives to cash flows from operating activities as a measure of liquidity in accordance with GAAP.
Note 3. Net debt is calculated as follows ($ in millions):
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| June 30, 2025 | | December 31, 2024 | | June 30, 2024 |
| Cash, cash equivalents, restricted cash and short-term investments (GAAP measure) | $ | 310.4 | | | $ | 328.2 | | | $ | 368.8 | |
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| Debt instruments | (966.5) | | | (966.0) | | | (1,105.2) | |
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| Net debt (Non-GAAP measure) | $ | (656.1) | | | $ | (637.8) | | | $ | (736.4) | |
We believe that cash, cash equivalents, restricted cash, and short-term investments on the balance sheet that net cash against outstanding debt, presented as net debt above, is a meaningful measure.
Note 4. Reconciliation of GAAP net income (loss) attributable to Diebold Nixdorf, Incorporated to adjusted net income (loss) attributable to Diebold Nixdorf, Incorporated:
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| Three months ended | | | | | | | | |
| June 30, 2025 | | June 30, 2024 | | | | |
| ($ in millions, except per share data) | $ | | EPS4 | | $ | | EPS4 | | | | | | | | |
| Net income | $ | 12.7 | | | $ | 0.34 | | | $ | 14.8 | | | $ | 0.39 | | | | | | | | | |
| Net income (loss) attributable to noncontrolling interests | 0.5 | | | 0.01 | | | (0.1) | | | — | | | | | | | | | |
| Net income attributable to Diebold Nixdorf | $ | 12.2 | | | $ | 0.33 | | | $ | 14.9 | | | $ | 0.40 | | | | | | | | | |
| Restructuring and other savings initiative expenses | 16.3 | | | 0.43 | | | 15.6 | | | 0.41 | | | | | | | | | |
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| Divestitures and asset sales | — | | | — | | | (1.7) | | | (0.05) | | | | | | | | | |
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| Legal deal matters | — | | | — | | | 0.5 | | | 0.01 | | | | | | | | | |
| Other | 0.6 | | | 0.02 | | | — | | | — | | | | | | | | | |
| Tax impact of Non-GAAP adjustments | (6.6) | | | (0.18) | | | 1.0 | | | 0.03 | | | | | | | | | |
| Total adjusted net income (Non-GAAP measure) | $ | 23.0 | | | $ | 0.61 | | | $ | 30.2 | | | $ | 0.80 | | | | | | | | | |
| Net income attributable to noncontrolling interests | 0.5 | | | 0.01 | | | (0.1) | | | — | | | | | | | | | |
| Total adjusted net income attributable to Diebold Nixdorf, Incorporated (Non-GAAP measure) | $ | 22.5 | | | $ | 0.60 | | | $ | 30.3 | | | $ | 0.81 | | | | | | | | | |
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Foreign exchange loss (gain), net5 | 22.2 | | | 0.59 | | | (7.6) | | | (0.20) | | | | | | | | | |
| Tax impact of foreign exchange gain (loss) | (9.5) | | | (0.25) | | | 1.9 | | | 0.05 | | | | | | | | | |
| Total adjusted net income attributable to Diebold Nixdorf, Incorporated excluding foreign exchange loss (gain), net (Non-GAAP measure) | $ | 35.2 | | | $ | 0.94 | | | $ | 24.6 | | | $ | 0.65 | | | | | | | | | |
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| Six months ended |
| June 30, 2025 | | June 30, 2024 |
| ($ in millions, except per share data) | $ | | EPS4 | | $ | | EPS4 |
| Net income (loss) | $ | 5.3 | | | $ | 0.14 | | | $ | 0.8 | | | $ | 0.02 | |
| Net income attributable to noncontrolling interests | 1.4 | | | 0.04 | | | 0.5 | | | 0.01 | |
| Net loss attributable to Diebold Nixdorf | $ | 3.9 | | | $ | 0.10 | | | $ | 0.3 | | | $ | 0.01 | |
| Restructuring and other savings initiative expenses | 36.3 | | | 0.96 | | | 59.2 | | | 1.57 | |
| Refinancing related costs | — | | | — | | | — | | | — | |
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| Divestitures and asset sales | — | | | — | | | (2.6) | | | (0.07) | |
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| Legal deal matters | — | | | — | | | 1.4 | | | 0.04 | |
| Other | (1.1) | | | (0.03) | | | (1.1) | | | (0.03) | |
| Tax impact of Non-GAAP adjustments | (14.1) | | | (0.37) | | | (13.4) | | | (0.36) | |
| Total adjusted net income (Non-GAAP measure) | $ | 26.4 | | | $ | 0.70 | | | $ | 44.3 | | | $ | 1.18 | |
| Net income attributable to noncontrolling interests | 1.4 | | | 0.04 | | | 0.5 | | | 0.01 | |
| Total adjusted net income attributable to Diebold Nixdorf, Incorporated (Non-GAAP measure) | $ | 25.0 | | | $ | 0.66 | | | $ | 43.8 | | | $ | 1.16 | |
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Foreign exchange loss (gain), net5 | 40.7 | | | 1.08 | | | (8.0) | | | (0.21) | |
| Tax impact of foreign exchange gain (loss) | (17.5) | | | (0.46) | | | 2.0 | | | 0.05 | |
| Total adjusted net income attributable to Diebold Nixdorf, Incorporated excluding foreign exchange loss (gain), net (Non-GAAP measure) | $ | 48.2 | | | $ | 1.28 | | | $ | 37.8 | | | $ | 1.01 | |
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4 - Calculated using company weighted average shares over the period. Subtotal differences may occur due to rounding.
5 - The foreign exchange (loss) gain, net is primarily driven by non-dollar intercompany loans (BRL and EUR) on USD functional entities which have generated non-cash unrealized losses due to a weakening dollar and did not impact core operations.
PR_25-4174
