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Open Text Corporation (OTEX) Presents at 29th Annual Scotiabank Telecom, Media & Technology Conference Transcript

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OpenText’s Executive Chair Tom Jenkins emphasized the company’s resilience to AI disruption by positioning it as a content-enablement platform rather than an application software provider, reducing direct competition with AI-driven tools. Jenkins noted enterprise software transitions—like cloud and client-server shifts—take decades, suggesting AI adoption will follow a similarly slow trajectory despite current hype and market reactions. He argued that enterprises won’t abandon existing systems quickly, as legacy infrastructure and integration complexities create high switching costs, protecting OpenText’s market position in content management. The company’s strategy leverages its role as a data feeder for applications, making it a critical layer in AI ecosystems rather than a replaceable component, according to Jenkins’ remarks. Jenkins predicted market consolidation, with enterprises acquiring smaller AI models rather than overhauling systems, reinforcing OpenText’s stability amid industry upheaval.
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Open Text Corporation (OTEX) Presents at 29th Annual Scotiabank Telecom, Media & Technology Conference Transcript

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SA Transcripts158.8K FollowersFollow5ShareSaveCommentsPlay Earnings CallPlay Earnings Call Open Text Corporation (OTEX) 29th Annual Scotiabank Telecom, Media & Technology Conference March 4, 2026 10:30 AM EST Company Participants Paul Jenkins Conference Call Participants Kevin Krishnaratne - Scotiabank Global Banking and Markets, Research Division Presentation Kevin KrishnaratneScotiabank Global Banking and Markets, Research Division Thanks, everyone, for joining. Really pleased to have OpenText with us today. Tom Jenkins, Executive Chair and Chief Strategy Officer, been in the role for 9 months -- back in the role of 9 months now. Yes, welcome. Thanks, everyone. Question-and-Answer Session Kevin KrishnaratneScotiabank Global Banking and Markets, Research Division Tom, you made some interesting comments on the last earnings call. Obviously, AI disruption is a huge theme. Can you talk about why OpenText may be immune to some of that disruption, sort of talk about the secret sauce and maybe why you're not an application software more you feed content into application software.

Paul Jenkins So on a broader level, what maybe the first thing to say is we're not an application software company. Yes, we're a software company. We're not an application software company. But also just application software itself, especially in the area of enterprise software, this is very difficult. You don't just switch technologies like this. We took a decade to go to the cloud. We took a decade to go to client server. I'm old enough to remember all of those. This takes a long time. This has been a rather dramatic response to AI. The other really interesting thing about this overall is that market participants are not stupid. They will -- if indeed AI is going to react and people are going to adopt it, market participants will simply acquire one of the other large language models that are falling by the wayside. I watched all these market participants do that for the last 35

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