Temenos's Strong 2Q25 Performance and Upward Guidance Revision Justify Buy RatingWe think it's time for investors to revisit the story and the shares deserve to go materially better. Subscription and SaaS in 2Q25 increased by 24% in cc, materially exceeding the guided range of 6-10%. This follows a disappointing -2% performance in 1Q25, but the 2Q25 performance is sufficient to take the 1H25 growth to 12%, well ahead of the FY25 guidance for 'at least' 6%. All top line metrics were robust, including ARR which was the buyside's greatest source of concern. Notably ARR growth came in at 11%, up from 9% in 1Q25. This includes c$50m sequential growth in ARR and while this will include a modest FX benefit, this must run close to being a record sequential increase. In fact, 2Q25 beat all revenue lines, see Chart 1, such that revenues grew 16% in cc beating cons by 13%.