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	Press Release
Media contact:	Investor contact:
Mike Jacobsen, APR	Steve Virostek
+1 330 490 3796	+1 330 490 6319
michael.jacobsen@dieboldnixdorf.com	steve.virostek@dieboldnixdorf.com

FOR IMMEDIATE RELEASE:

June 22, 2020

DIEBOLD NIXDORF REPORTS PRELIMINARY FINANCIAL RESULTS THROUGH MAY; RE-ESTABLISHES FULL-YEAR FINANCIAL OUTLOOK FOR 2020
Strong year-over-year improvements to profitability resulting from continued execution of DN Now transformation initiatives and resiliency of the company"s business model


NORTH CANTON, Ohio - Diebold Nixdorf (NYSE:DBD), a global leader in driving connected commerce for the banking and retail industries, today reported preliminary financial results through May and re-established full-year 2020 financial guidance.

Gerrard Schmid, Diebold Nixdorf president and chief executive officer, said: "Our year-to-date results through May demonstrate the resiliency of our business during the COVID-19 pandemic and solid execution of our DN Now transformation initiatives. In this challenging environment, non-GAAP operating profit of $107 million increased $52 million versus the same period of 2019. This strong performance provides the confidence to re-establish financial guidance for 2020 as we prepare to meet with a number of investors this week. Our outlook includes growth in adjusted EBITDA to a range of $400 million to $440 million and we expect to maintain adequate liquidity with break-even free cash flow."

Year-to-date financial highlights through May 31, 2020

• Non-GAAP operating profit of $106.9 million increased $51.5 million, or 93.3% YoY, as a result of higher-quality revenue and the positive effects of DN Now transformation initiatives. Gross margins increased YoY for all three segments and business lines. The company reduced operating expense by 16.0%, or $58 million YoY.  Non-GAAP operating profit margin increased approximately 420 basis points YoY to 7.4%.


• Adjusted EBITDA of $149.7 million increased $34.0 million, or 29.4% YoY.  Adjusted EBITDA margin increased approximately 380 basis points to 10.4%.


• Free cash use of $176 million increased by $22 million as compared with free cash use of $154 million in the prior-year period.


• Revenue of $1.4 billion declined by 17.4%, or $303 million, YoY resulting primarily from approximately $124 million of net unplanned reductions related to COVID-19 delays and approximately $98 million of net planned reductions. The strength of the U.S. dollar resulted in a foreign currency headwind of approximately $53 million YoY, while divestitures reduced revenue by approximately $28 million YoY.

Outlook for full-year 2020¹:

• Revenue of $3.7 billion - $3.9 billion which includes YoY foreign currency headwinds of approximately $120 million² and divestiture impacts of approximately $80 million.


• Adjusted EBITDA³ in the range of $400 million - $440 million, an increase of up to 10% versus 2019 results.


• The company continues to target approximately $130 million in gross savings from its DN Now transformation initiatives, plus incremental cost savings of $80 million - $100 million which is comprised of both recurring and one-time savings.


• Break-even free cash flow.

Also, Diebold Nixdorf has posted a new investor presentation containing additional information on the company"s financial position, results of operations, DN Now initiatives and industry statistics on its investors website at https://investors.dieboldnixdorf.com/events-and-presentations.

¹ - The company"s full year outlook for 2020 is based on the current book of business as well as information available today regarding the potential effect of the coronavirus and the current recession. There are a number of factors, including the potential for a second wave of virus infections and related business implications, that we may not be able to accurately predict.  In addition, the 2020 outlook includes the impact of deconsolidating our joint venture in China, which was finalized in the second quarter 2020, and the divestiture of Diebold Nixdorf Portavis GmbH, which was finalized in the first quarter 2020.  Collectively, these two businesses generated approximately $110 million of revenue in 2019 are expected to generate approximately $80 million of revenue in 2020.

² - The foreign currency impact is estimated based on exchange rates as of May 31, 2020.

³ - With respect to the company"s non-GAAP adjusted EBITDA outlook for 2020, the company is not providing a reconciliation to the most directly comparable GAAP financial measure because it is unable to predict with reasonable certainty those items that may affect such measures calculated and presented in accordance with GAAP without unreasonable effort. These measures primarily exclude the future impact of restructuring actions and net non-routine items. These reconciling items are uncertain, depend on various factors and could significantly impact, either individually or in the aggregate, net income calculated and presented in accordance with GAAP. Please see "Use of Non-GAAP Financial Measures" for additional information regarding our use of non-GAAP financial measures.

Financial Results of Operations


GAAP and Non-GAAP Profit/Loss Summary - Unaudited

(Dollars in millions)		Preliminary April and May, 2020								April and May, 2019								Change
		GAAP				Non-GAAP(4)				GAAP				Non-GAAP(4)				GAAP				Non-GAAP
Services		$	303.1			$	303.1			$	367.4			$	367.4			$	(64.3	)		$	(64.3	)
Products		157.1				157.1				276.1				276.1				(119.0		)		(119.0		)
Software		66.3				66.3				69.0				69.0				(2.7		)		(2.7		)
Total net sales		$	526.5			$	526.5			$	712.5			$	712.5			$	(186.0	)		$	(186.0	)
Services		$	77.4			$	93.4			$	88.9			$	91.6			$	(11.5	)		$	1.8
Products		33.2				34.2				62.5				61.7				(29.3		)		(27.5		)
Software		26.4				27.5				13.3				14.6				13.1				12.9
Total gross profit		$	137.0			$	155.1			$	164.7			$	167.9			$	(27.7	)		$	(12.8	)
Services		25.5		%		30.8		%		24.2		%		24.9		%		130		bps		590		bps
Products		21.1		%		21.8		%		22.6		%		22.3		%		(150		) bps		(50		) bps
Software		39.8		%		41.5		%		19.3		%		21.2		%		2,050		bps		2,030		bps
Total gross margin		26.0		%		29.5		%		23.1		%		23.6		%		290		bps		590		bps
Total operating expenses		$	151.1			$	111.2			$	171.3			$	139.6			$	(20.2	)		$	(28.4	)
Operating profit		$	(14.1	)		$	43.9			$	(6.6	)		$	28.3			$	(7.5	)		$	15.6
Operating margin		(2.7		)%		8.3		%		(0.9		)%		4.0		%		(180		) bps		430		bps
Adjusted EBITDA		$	10.8			$	60.2			$	21.9			$	50.6			$	(11.1	)		$	9.6
Adjusted EBITDA margin		2.1		%		11.4		%		3.1		%		7.1		%		(100		) bps		430		bps

⁴ - See footnote 1 for GAAP to Non-GAAP reconciliations for gross profit/gross margin; selling and administrative expense; research, development and engineering expense; and other operating income/expense and footnote 2 for Adjusted EBITDA.

(Dollars in millions)		Preliminary YTD  May 31, 2020								YTD May 31, 2019								Change
		GAAP				Non-GAAP(5)				GAAP				Non-GAAP(5)				GAAP				Non-GAAP
Services		$	806.9			$	806.9			$	911.6			$	911.6			$	(104.7	)		$	(104.7	)
Products		457.6				457.6				651.8				651.8				(194.2		)		(194.2		)
Software		172.7				172.7				177.2				177.2				(4.5		)		(4.5		)
Total net sales		$	1,437.2			$	1,437.2			$	1,740.6			$	1,740.6			$	(303.4	)		$	(303.4	)
Services		$	195.3			$	229.6			$	222.3			$	226.2			$	(27.0	)		$	3.4
Products		100.0				108.0				146.2				143.5				(46.2		)		(35.5		)
Software		68.5				71.6				42.3				45.6				26.2				26.0
Total gross profit		$	363.8			$	409.2			$	410.8			$	415.3			$	(47.0	)		$	(6.1	)
Services		24.2		%		28.5		%		24.4		%		24.8		%		(20		) bps		370		bps
Products		21.9		%		23.6		%		22.4		%		22.0		%		(50		) bps		160		bps
Software		39.7		%		41.5		%		23.9		%		25.7		%		1,580		bps		1,580		bps
Total gross margin		25.3		%		28.5		%		23.6		%		23.9		%		170		bps		460		bps
Total operating expenses		$	403.9			$	302.3			$	441.9			$	359.9			$	(38.0	)		$	(57.6	)
Operating profit		$	(40.1	)		$	106.9			$	(31.1	)		$	55.4			$	(9.0	)		$	51.5
Operating margin		(2.8		)%		7.4		%		(1.8		)%		3.2		%		(100		) bps		420		bps
Adjusted EBITDA		$	33.6			$	149.7			$	51.7			$	115.7			$	(18.1	)		$	34.0
Adjusted EBITDA margin		2.3		%		10.4		%		3.0		%		6.6		%		(70		) bps		380		bps

⁵ - See footnote 1 for GAAP to Non-GAAP reconciliations for gross profit/gross margin; selling and administrative expense; research, development and engineering expense; and other operating income/expense and footnote 2 for Adjusted EBITDA.

About Diebold Nixdorf

Diebold Nixdorf, Incorporated (NYSE: DBD) is a world leader in enabling connected commerce. We automate, digitize and transform the way people bank and shop. As a partner to the majority of the world"s top 100 financial institutions and top 25 global retailers, our integrated solutions connect digital and physical channels conveniently, securely and efficiently for millions of consumers each day.


The company has a presence in more than 100 countries with approximately 22,000 employees worldwide. Visit www.DieboldNixdorf.com for more information.


Twitter: @DieboldNixdorf

LinkedIn: www.linkedin.com/company/diebold

Facebook: www.facebook.com/DieboldNixdorf

YouTube: www.youtube.com/dieboldnixdorf

Year-to-date Financials

Year-to-date financial results include preliminary results for April and May of 2020 that have been prepared by the company based on currently available information and have not been reviewed by our independent auditors. Preliminary results require a greater degree of estimation and assumptions than a typical period end closing process. As a result, second quarter results, and the actual results for April and May of 2020 included therein, may differ materially from the preliminary results presented above due to the finalization of quarterly financial and accounting procedures. The above preliminary results should not be considered a substitute for the financial statements for the second quarter ending June 30, 2020 prepared in accordance with GAAP, and investors should not place undue reliance upon the preliminary results.

Non-GAAP Financial Measures and Other Information

To supplement our condensed consolidated financial statements presented in accordance with GAAP, the company considers certain financial measures that are not prepared in accordance with GAAP, including non-GAAP results, free cash flow/(use), net debt, EBITDA and adjusted EBITDA. The company calculates constant currency by translating the prior year results at the current year exchange rate. The company uses these non-GAAP financial measures, in addition to GAAP financial measures, to evaluate our operating and financial performance and to compare such performance to that of prior periods and to the performance of our competitors. Also, the company uses these non-GAAP financial measures in making operational and financial decisions and in establishing operational goals. The company also believes providing these non-GAAP financial measures to investors, as a supplement to GAAP financial measures, helps investors evaluate our operating and financial performance and trends in our business, consistent with how management evaluates such performance and trends. The company also believes these non-GAAP financial measures may be useful to investors in comparing its performance to the performance of other companies, although its non-GAAP financial measures are specific to the company and the non-GAAP financial measures of other companies may not be calculated in the same manner. We provide EBITDA and Adjusted EBITDA because we believe that investors and securities analysts will find EBITDA and adjusted EBITDA to be useful measures for evaluating our operating performance and comparing our operating performance with that of similar companies that have different capital structures and for evaluating our ability to meet our future debt service, capital expenditures and working capital requirements. We are also providing EBITDA and adjusted EBITDA in light of our credit agreement and the issuance of our 8.5% senior notes due 2024. For more information, please refer to the section, "Notes for Non-GAAP Measures."