Owner and CEO, GR20 Research

Gregory Ramirez

Owner and CEO

Industry Research and Consulting Services

GR20 Research

GR20 Research provides industry research and consulting services

Equity Bottom-Up

<ul>
<li>Temenos positioned itself as an AI-enabled banking platform provider, focused on progressive modernisation, composable banking and incremental core transformation rather than large-scale replacement programmes.</li>
<li>AI dominated TCF 2026, with Temenos highlighting embedded AI capabilities across banking workflows, positioning AI operationalisation as the next competitive differentiator in banking technology.</li>
<li>Management highlighted continued SaaS and cloud momentum, while Temenos’ regulatory expertise, trusted banking workflows and proprietary data strengthen its competitive positioning against AI vendors.</li>
</ul>


Temenos positioned itself as an AI-enabled banking platform provider, focused on progressive modernisation, composable banking and incremental core transformation rather than large-scale replacement programmes.
AI dominated TCF 2026, with Temenos highlighting embedded AI capabilities across banking workflows, positioning AI operationalisation as the next competitive differentiator in banking technology.
Management highlighted continued SaaS and cloud momentum, while Temenos’ regulatory expertise, trusted banking workflows and proprietary data strengthen its competitive positioning against AI vendors.


Temenos (TEMN SW): TCF 2026 - Focus on AI-Led Progressive Modernisation

<ul>
<li>Temenos delivered results ahead of consensus across all key metrics (revenue, margins, EPS, ARR), supported by operating leverage and strong maintenance growth, despite the headwind from the BNPL contract termination.</li>
<li>The company reports a robust sales pipeline supported by improvements in sales execution and innovation. However, management has reiterated full-year guidance due to seasonality, tougher comparatives ahead, and geopolitical uncertainty.</li>
<li>Demand has shifted towards corporate banking, offering greater stability, while Temenos continues to invest in AI, R&amp;D, and go-to-market capabilities, underpinning sustained outperformance versus the broader European software sector.</li>
</ul>


Temenos delivered results ahead of consensus across all key metrics (revenue, margins, EPS, ARR), supported by operating leverage and strong maintenance growth, despite the headwind from the BNPL contract termination.
The company reports a robust sales pipeline supported by improvements in sales execution and innovation. However, management has reiterated full-year guidance due to seasonality, tougher comparatives ahead, and geopolitical uncertainty.
Demand has shifted towards corporate banking, offering greater stability, while Temenos continues to invest in AI, R&amp;D, and go-to-market capabilities, underpinning sustained outperformance versus the broader European software sector.


Temenos (TEMN SW): The Resilience of Core Banking

<ul>
<li>Temenos has raised its 2026 guidance and 2028 organic targets. Management execution, operating leverage and a strengthened sales infrastructure underpin confidence in medium-term growth.   </li>
<li>Operating in a regulated, risk-averse banking environment, Temenos benefits from domain expertise, embedded workflows and mission-critical data. Rather than being disintermediated by AI vendors, the company reinforces its competitive moat.   </li>
<li>With expanded sales capacity, a local innovation hub and a pipeline skewed towards composable, SaaS-based modernisation deals, Temenos is well positioned to gain share despite increased competitive responses from incumbents.</li>
</ul>


Temenos has raised its 2026 guidance and 2028 organic targets. Management execution, operating leverage and a strengthened sales infrastructure underpin confidence in medium-term growth.   
Operating in a regulated, risk-averse banking environment, Temenos benefits from domain expertise, embedded workflows and mission-critical data. Rather than being disintermediated by AI vendors, the company reinforces its competitive moat.   
With expanded sales capacity, a local innovation hub and a pipeline skewed towards composable, SaaS-based modernisation deals, Temenos is well positioned to gain share despite increased competitive responses from incumbents.


Temenos (TEMN SW): AI and Core Banking’s Trust and Regulatory Fortresses

<ul>
<li>Temenos has dismissed CEO Jean-Pierre Brulard after 16 months, despite progress under his leadership. CFO Panagiotis Spiliopoulos has been appointed interim CEO while a search for a successor is underway.   </li>
<li>The company’s repeated reliance on CFOs to fill CEO roles and failure to retain or promote internal candidates from sales or product functions highlight structural weaknesses in leadership succession planning.   </li>
<li>Although Temenos’ strategic plan is in place and early results are positive, the leadership instability has reignited investor concerns—reflected in a c. 15% share price drop.</li>
</ul>


Temenos has dismissed CEO Jean-Pierre Brulard after 16 months, despite progress under his leadership. CFO Panagiotis Spiliopoulos has been appointed interim CEO while a search for a successor is underway.   
The company’s repeated reliance on CFOs to fill CEO roles and failure to retain or promote internal candidates from sales or product functions highlight structural weaknesses in leadership succession planning.   
Although Temenos’ strategic plan is in place and early results are positive, the leadership instability has reignited investor concerns—reflected in a c. 15% share price drop.


Temenos (TEMN SW): Structural Senior Leadership Issue

Thematic (Sector/Industry)

<ul>
<li>In Q2 2025, European software firms—particularly small caps—experienced a slowdown in revenue growth due to geopolitical uncertainty and US tariffs, while large-cap players remained resilient and even accelerated growth.   </li>
<li>US software continued to outperform European peers, with strong momentum driven by AI, cybersecurity, and digital banking, but growth is stabilising below the high levels of the low-interest rate era.   </li>
<li>Software M&amp;A is recovering strongly in 2025, with USD 111bn in deals closed year-to-date—driven mainly by strategic buyers. Private equity remains active, particularly in Europe, though below historical peaks.</li>
</ul>


In Q2 2025, European software firms—particularly small caps—experienced a slowdown in revenue growth due to geopolitical uncertainty and US tariffs, while large-cap players remained resilient and even accelerated growth.   
US software continued to outperform European peers, with strong momentum driven by AI, cybersecurity, and digital banking, but growth is stabilising below the high levels of the low-interest rate era.   
Software M&amp;A is recovering strongly in 2025, with USD 111bn in deals closed year-to-date—driven mainly by strategic buyers. Private equity remains active, particularly in Europe, though below historical peaks.


European Software: Q2 2025 Takeaways – Europe Weakens, but Not the Large Players

Switzerland

Temenos AG provides integrated software solutions. The Company offers analytics, channels, financial crime mitigation, funds and securities, risk and compliance, and front office and digital banking suits for the management of administrative tasks at banks and financial services companies. Temenos operates worldwide.

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Temenos AG (TEMN SW)

Temenos (TEMN SW): TCF 2026 - Focus on AI-Led Progressive Modernisation

Temenos focuses on AI-enabled banking platform, highlighting embedded AI capabilities and competitive edge in SaaS and cloud momentum.

Gregory Ramirez

Temenos (TEMN SW): The Resilience of Core Banking

Temenos beats expectations with strong results, driven by operating leverage and growth in corporate banking, despite challenges from contract...

Gregory Ramirez

Temenos (TEMN SW): AI and Core Banking’s Trust and Regulatory Fortresses

Temenos is confident in its growth trajectory, leveraging management execution and sales infrastructure to reinforce its competitive advantage in...

Gregory Ramirez

Temenos (TEMN SW): Structural Senior Leadership Issue

Temenos dismisses CEO after 16 months, appoints CFO as interim CEO, highlighting weaknesses in leadership succession planning and causing investor...

Gregory Ramirez

European Software: Q2 2025 Takeaways – Europe Weakens, but Not the Large Players

European software firms face revenue growth slowdown in Q2 2025, while US software outperforms. Software M&A is recovering strongly with USD 111bn...

Gregory Ramirez

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Temenos (TEMN SW): TCF 2026 - Focus on AI-Led Progressive Modernisation

​Temenos focuses on AI-enabled banking platform, highlighting embedded AI capabilities and competitive edge in SaaS and cloud momentum.

Gregory Ramirez

Temenos (TEMN SW): The Resilience of Core Banking

​Temenos beats expectations with strong results, driven by operating leverage and growth in corporate banking, despite challenges from contract...

Gregory Ramirez

Temenos (TEMN SW): AI and Core Banking’s Trust and Regulatory Fortresses

​Temenos is confident in its growth trajectory, leveraging management execution and sales infrastructure to reinforce its competitive advantage in...

Gregory Ramirez

Temenos (TEMN SW): Structural Senior Leadership Issue

​Temenos dismisses CEO after 16 months, appoints CFO as interim CEO, highlighting weaknesses in leadership succession planning and causing investor...

Gregory Ramirez

European Software: Q2 2025 Takeaways – Europe Weakens, but Not the Large Players

​European software firms face revenue growth slowdown in Q2 2025, while US software outperforms. Software M&A is recovering strongly with USD 111bn...

Gregory Ramirez

Temenos focuses on AI-enabled banking platform, highlighting embedded AI capabilities and competitive edge in SaaS and cloud momentum.

Temenos beats expectations with strong results, driven by operating leverage and growth in corporate banking, despite challenges from contract...

Temenos is confident in its growth trajectory, leveraging management execution and sales infrastructure to reinforce its competitive advantage in...

Temenos dismisses CEO after 16 months, appoints CFO as interim CEO, highlighting weaknesses in leadership succession planning and causing investor...

European software firms face revenue growth slowdown in Q2 2025, while US software outperforms. Software M&A is recovering strongly with USD 111bn...