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    Antoine Legault • Wedbush Securities

    Antoine Legault's questions to NCR Atleos Corp (NATL) leadership

    Antoine Legault's questions to NCR Atleos Corp (NATL) leadership • Q2 2025

    Question

    Antoine Legault questioned whether the upcoming Windows end-of-life in October is driving new customer demand or impacting the current ATM refresh cycle.

    Answer

    CEO Tim Oliver clarified that the current hardware demand is not driven by a forced Windows upgrade, unlike the 2019 migration. Instead, he attributed the strength to three factors: a normal 5-7 year hardware refresh cycle, market share gains, and an upgrade cycle toward more capable and expensive devices like recyclers, which offer new transaction types.

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    Antoine Legault's questions to Diebold Nixdorf Inc (DBD) leadership

    Antoine Legault's questions to Diebold Nixdorf Inc (DBD) leadership • Q2 2025

    Question

    Antoine Legault of Wedbush Securities asked about the margin profile of new ATMs in the Indian market, the broader opportunity in India, and sought confirmation on the expected second-half gross margin lift in the Retail segment. He also inquired about the financial impact of tariffs and the company's mitigation efforts.

    Answer

    President & CEO Octavio Marquez stated that the purpose-built ATMs for India command margins similar to the rest of the APAC region and help grow the installed base for future service revenue. He confirmed that retail margins and revenue are expected to grow sequentially in Q3 and Q4. EVP & CFO Thomas Timko added that the estimated tariff impact is now down to a $5-10 million range from an initial $20 million estimate, thanks to mitigation efforts like localizing manufacturing in Ohio.

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