PRGS F2Q26 Recap: Solid F2Q, Strategy Progress

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PRGS F2Q26 Recap: Solid F2Q, Strategy Progress

July 1, 2026

John DiFucci john.difucci@guggenheimpartners.com PRGS F2Q26 Recap: Solid F2Q, Strategy Progress

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Lawrence Vensko Key Message: Progress reported strong F2Q26 results, guided F3Q just below the Street

lawrence.vensko@guggenheimpartners.com and raised annual guidance by below the F2Q beat. The F2Q upside was driven by

212 518 9548 strong ShareFile and some deals that closed earlier than anticipated – hence, the modest

F3Q guide (assuming early deals had an upfront recognized component). Frankly, we

see the business progressing as planned. These results continue to demonstrate

management’s execution against its unique Total Growth Strategy where growth is driven

by acquisition and incremental profit, producing very attractive returns on the cost of thePRGS BUY acquisition. In addition, Progress’ approach to AI to help it do what it does better, while Progress Software Corporation

also providing material value at the data layer to more efficiently utilize AI LLMs, is a Sector: Software

pain point for AI customers today. It’s early, and this would be outside of Progress’ typical

Earnings Release approach, though it has always reinvested in the product(s) to satisfy its customers – and

important part of its strategy. Finally, it’s now been more than a year and a half since the Share Price $33.58

ShareFile acquisition, which was the largest they ever did and a pure SaaS business. Price Target $83.00

That has gone very well, and we wouldn’t be surprised to see the “strategy” continue to

play out. We continue to rate PRGS Buy with an $83 Price Target.

Revenue ($M)

(FY NOV) 1Q 2Q 3Q 4Q FY F2Q26 Results Above Consensus. PRGS reported F2Q26 total revenue of $253.5M,