On this page of StockholderLetter.com we present the latest annual shareholder letter from UNISYS CORP — ticker symbol UIS. Reading current and past UIS letters to shareholders can bring important insights into the investment thesis.
2025 AN N UAL R EPO RT Client Focused. Future Ready.
From our CEO & President When I reflect on 2025, I see a year of focused execution. It was a pivotal year we demonstrated that when discipline is coupled with a clear strategy, it can create meaningful advantages, even in times of rapid technological change and macroeconomic uncertainty. We operate in a highly competitive market that continues to evolve quickly. In this landscape, we focus on what we can control: our strategy, our financial discipline, and our unwavering commitment to our clients and our people. By standing firm on these fundamentals in 2025, we believe that we not only strengthened our position but also laid the foundation for future growth. I stepped into the CEO role on April 1 of last year as part of a thoughtful, well-planned transition to build on the leadership legacy of former Unisys CEO and current Board of Directors Chair, Peter Altabef. That stability and partnership ensured our teams remained dedicated to our strategy and client service without disruption, continuing to accelerate our progress. Throughout 2025, we accomplished key priorities. We made major strides in improving our capital structure, including refinancing our long-term debt to increase our investment and growth flexibility. We also advanced our solution offerings and achieved one of our most successful renewal years. In 2025, we executed $2.2 billion in Total Contract Value (TCV), including $1.7 billion of renewals, securing a large portion of our recurring revenue base with a multi-year revenue stream for years to come.1 We also ended the year in our strongest liquidity position in recent years. These achievements reflect more than a year of work; rather, they re built on decades of partnership, operational consistency, purposeful planning, and tireless execution. These actions strengthened our financial position, expanded our market momentum and reinforced the trust clients place in us to support their most critical operations. The industry took notice, too. Top analyst firms recognized the quality of our solutions, including Avasant, Everest, IDC, ISG, NelsonHall and Gartner where we were named a Leader for the first time in the 2025 Gartner Magic Quadrant for Outsourced Digital Workplace Services. We view this external validation as confirmation of what our clients experience every day: Our work drives meaningful results. As we activate our long-term plan, our strategy remains committed to our core tenets: Client Focused and Future Ready. Being client focused is the heart of what we do. It means we measure our own progress by our clients achievements. We seek to be an indispensable partner in others progress, which requires us to listen intently, collaborate deeply and bring proactive ideas to every conversation. When our clients achieve their goals, we achieve ours. We believe this focus strengthens longstanding relationships, drives new opportunities within our client base and reinforces the value we deliver where it matters most. Being future ready is how we will deliver on that promise together. We ve made AI our strategic partner, embedding it in our solutions and using it to accelerate our own delivery. Because our solutions are designed to orchestrate intelligence across any client s environment in the cloud, software, or hardware we see AI as a powerful long-term driver of demand for our solutions and services. And we bring that same transformative power to our own operations. By automating routine processes, we give our teams the space to focus their expertise where it matters most: pioneering new solutions and delivering with excellence for our clients. By combining deep domain knowledge with emerging technology, we believe we are well positioned to lead our clients through what comes next not simply respond to it.
Crucially, to succeed on both fronts requires maintaining a fulfilled employee base and fostering a culture of belonging achievable only by investing in our people. In 2025, we expanded our AI training programs and began developing more specialized instruction for specific roles. By broadening access and deepening expertise, we equip our employees with the skills that define the next era of work preparing them for the careers they want, not just the jobs they have. Our commitment to our people strengthens our workforce today and positions us to move faster and smarter tomorrow. The future isn t something we wait for it s something we create. Our direction is set, our team is strong, and our focus is clear. The progress we made in 2025 has positioned us to lead, and I am incredibly optimistic about what we will create in the year to come. We are entering this next chapter with momentum, confidence and a sharp view of where we are going. Together, we deliver on the opportunities ahead. Let s build what comes next. Sincerely, Michael Thomson Chief Executive Officer, President and member of the Board of Directors For a discussion of TCV please see page 12 of our Annual Report on Form 10-K. 1
Board of Directors Corporate Officers Peter A. Altabef* Chair of the Board of Directors of Unisys Corporation and Former Chief Executive Officer of Unisys Corporation Michael M. Thomson Chief Executive Officer and President Nathaniel A. Davis Lead Independent Director of Unisys Corporation and Former Chairman of the Board and Chief Executive Officer of Stride, Inc. 3 Matthew J. Desch Chief Executive Officer of Iridium Communications Inc. 2 Philippe Germond Partner at Barber Hauler Capital Advisers1,3 Deborah Lee James Former U.S. Secretary of the Air Force1,3 John A. Kritzmacher Former Executive Vice President and Chief Financial Officer of John Wiley & Sons, Inc.1,4 Paul E. Martin Former Senior Vice President and Chief Information Officer of Baxter International, Inc. 2,4 Regina Paolillo Former Global Chief Operating Officer of TTEC Holdings, Inc.1,4 Troy K. Richardson Former President of the Digital Thread group of PTC Inc. 2,4 Roxanne Taylor Former Chief Marketing and Communications Officer of Accenture2,3 Michael M. Thomson Chief Executive Officer and President of Unisys Corporation Board Committees and Other Board of Director Updates 1 Audit and Finance Committee 2 Compensation and Human Resources Committee 3 Nominating and Corporate Governance Committee 4 Security and Risk Committee Mr. Altabef is not standing for re-election to the Board of Directors at the 2026 Annual Meeting of Stockholders. Christopher Arrasmith Executive Vice President and Chief Operating Officer Debra McCann Executive Vice President and Chief Financial Officer Ruchi Kulhari Senior Vice President and Chief Human Resources Officer Teresa Poggenpohl Senior Vice President and Chief Marketing Officer Kristen Prohl Senior Vice President, General Counsel, Corporate Secretary and Chief Administration Officer Joel Raper Senior Vice President and Chief Commercial Officer David Brown Vice President, Chief Accounting Officer and Corporate Controller Shalabh Gupta Vice President and Corporate Treasurer
 • shareholder letter icon 3/16/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/24/2023 UIS Stockholder Letter
 • stockholder letter icon 3/22/2024 UIS Stockholder Letter
 • stockholder letter icon 3/24/2025 UIS Stockholder Letter
 • stockholder letter icon More "Information Technology Services" Category Stockholder Letters
 • Benford's Law Stocks icon UIS Benford's Law Stock Score = 81


UIS Shareholder/Stockholder Letter Transcript:

2025 AN N UAL R EPO RT
Client Focused.
Future Ready.


From our CEO & President
When I reflect on 2025, I see a year of
focused execution. It was a pivotal year
    we demonstrated that when discipline
is coupled with a clear strategy, it can
create meaningful advantages, even in
times of rapid technological change and
macroeconomic uncertainty.
We operate in a highly competitive market that continues
to evolve quickly. In this landscape, we focus on what we
can control: our strategy, our financial discipline, and our
unwavering commitment to our clients and our people. By
standing firm on these fundamentals in 2025, we believe
that we not only strengthened our position but also laid the
foundation for future growth.
I stepped into the CEO role on April 1 of last year as part of a
thoughtful, well-planned transition to build on the leadership
legacy of former Unisys CEO and current Board of Directors
Chair, Peter Altabef. That stability and partnership ensured our
teams remained dedicated to our strategy and client service
without disruption, continuing to accelerate our progress.
Throughout 2025, we accomplished key priorities. We made
major strides in improving our capital structure, including
refinancing our long-term debt to increase our investment
and growth flexibility. We also advanced our solution offerings
and achieved one of our most successful renewal years. In
2025, we executed $2.2 billion in Total Contract Value (TCV),
including $1.7 billion of renewals, securing a large portion of
our recurring revenue base with a multi-year revenue stream
for years to come.1 We also ended the year in our strongest
liquidity position in recent years.
These achievements reflect more than a year of work;
rather, they   re built on decades of partnership, operational
consistency, purposeful planning, and tireless execution.
These actions strengthened our financial position, expanded
our market momentum and reinforced the trust clients place
in us to support their most critical operations.
The industry took notice, too. Top analyst firms recognized the
quality of our solutions, including Avasant, Everest, IDC, ISG,
NelsonHall and Gartner     where we were named a Leader
for the first time in the 2025 Gartner   Magic Quadrant    for
Outsourced Digital Workplace Services. We view this external
validation as confirmation of what our clients experience
every day: Our work drives meaningful results.
As we activate our long-term plan, our strategy remains
committed to our core tenets: Client Focused and
Future Ready.
    Being client focused is the heart of what we do.
It means we measure our own progress by our clients   
achievements. We seek to be an indispensable partner
in others    progress, which requires us to listen intently,
collaborate deeply and bring proactive ideas to every
conversation. When our clients achieve their goals,
we achieve ours. We believe this focus strengthens
longstanding relationships, drives new opportunities
within our client base and reinforces the value we deliver
where it matters most.
    Being future ready is how we will deliver on that
promise together. We   ve made AI our strategic partner,
embedding it in our solutions and using it to accelerate
our own delivery. Because our solutions are designed to
orchestrate intelligence across any client   s environment
    in the cloud, software, or hardware     we see AI as a
powerful long-term driver of demand for our solutions
and services. And we bring that same transformative
power to our own operations. By automating routine
processes, we give our teams the space to focus their
expertise where it matters most: pioneering new
solutions and delivering with excellence for our clients.
By combining deep domain knowledge with emerging
technology, we believe we are well positioned to lead our
clients through what comes next     not simply respond
to it.

Crucially, to succeed on both fronts requires maintaining a
fulfilled employee base and fostering a culture of belonging
    achievable only by investing in our people. In 2025, we
expanded our AI training programs and began developing
more specialized instruction for specific roles. By broadening
access and deepening expertise, we equip our employees
with the skills that define the next era of work     preparing
them for the careers they want, not just the jobs they have. Our
commitment to our people strengthens our workforce today
and positions us to move faster and smarter tomorrow.
The future isn   t something we wait for     it   s something we
create. Our direction is set, our team is strong, and our focus
is clear. The progress we made in 2025 has positioned us to
lead, and I am incredibly optimistic about what we will create
in the year to come. We are entering this next chapter with
momentum, confidence and a sharp view of where we are
going. Together, we deliver on the opportunities ahead.
Let   s build what comes next.
Sincerely,
Michael Thomson
Chief Executive Officer, President
and member of the Board of Directors
For a discussion of TCV please see page 12 of our Annual Report
on Form 10-K.
1

Board of Directors
Corporate Officers
Peter A. Altabef*
Chair of the Board of Directors
of Unisys Corporation and Former
Chief Executive Officer of Unisys Corporation
Michael M. Thomson
Chief Executive Officer and President
Nathaniel A. Davis
Lead Independent Director of Unisys Corporation
and Former Chairman of the Board and
Chief Executive Officer of Stride, Inc. 3
Matthew J. Desch
Chief Executive Officer of
Iridium Communications Inc. 2
Philippe Germond
Partner at Barber Hauler
Capital Advisers1,3
Deborah Lee James
Former U.S. Secretary of
the Air Force1,3
John A. Kritzmacher
Former Executive Vice President
and Chief Financial Officer of
John Wiley & Sons, Inc.1,4
Paul E. Martin
Former Senior Vice President
and Chief Information Officer of
Baxter International, Inc. 2,4
Regina Paolillo
Former Global Chief Operating Officer
of TTEC Holdings, Inc.1,4
Troy K. Richardson
Former President of the Digital Thread
group of PTC Inc. 2,4
Roxanne Taylor
Former Chief Marketing and
Communications Officer of Accenture2,3
Michael M. Thomson
Chief Executive Officer and
President of Unisys Corporation
Board Committees and Other Board of Director Updates
1
Audit and Finance Committee
2
Compensation and Human Resources Committee
3
Nominating and Corporate Governance Committee
4
Security and Risk Committee
Mr. Altabef is not standing for re-election to the Board of Directors
at the 2026 Annual Meeting of Stockholders.

Christopher Arrasmith
Executive Vice President and
Chief Operating Officer
Debra McCann
Executive Vice President and
Chief Financial Officer
Ruchi Kulhari
Senior Vice President and
Chief Human Resources Officer
Teresa Poggenpohl
Senior Vice President and
Chief Marketing Officer
Kristen Prohl
Senior Vice President, General Counsel,
Corporate Secretary and
Chief Administration Officer
Joel Raper
Senior Vice President and Chief Commercial Officer
David Brown
Vice President, Chief Accounting Officer
and Corporate Controller
Shalabh Gupta
Vice President and Corporate Treasurer


shareholder letter icon 3/16/2026 Letter Continued (Full PDF)
 

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