Open Text institutions file combined 10.02% stake in OTEX

Rhea-AI Filing Summary

Open Text Corporation (OTEX) has four Canadian institutional filers reporting a combined beneficial ownership of 25,342,398 common shares, equal to 10.02% of the outstanding class as of the 09/30/2025 event date. Individual holdings disclosed include 21,150,154 shares (Jarislowsky, Fraser Limited, 8.3624%), 3,485,528 shares (1832 Asset Management, 1.3781%), 410,284 shares (Scotia McLeod, 0.1622%), and 296,432 shares (MD Financial Management, 0.1172%). The filers certify these shares are held in the ordinary course of business and not for the purpose of changing or influencing control.

Positive

• Combined institutional stake of 25,342,398 shares equals 10.02% of class, providing clear ownership transparency
• Largest single holder Jarislowsky, Fraser Limited holds 21,150,154 shares (8.3624%), concentrating disclosure in one institution
• Filers certify passive intent, stating shares are held in the ordinary course and not to change control

Negative

• None.

Insights

Institutional Ownership Analyst

Institutions collectively hold a meaningful passive stake of 10.02% in OTEX.

The combined position of 25,342,398 shares represents a sizeable minority stake that may affect liquidity and block-trade dynamics for large orders. Jarislowsky, Fraser's 21.15M-share position is the dominant component, accounting for the bulk of the group's ownership.

This filing states the stake is held in the ordinary course and not to influence control, so near-term governance change is not signaled. Investors may watch subsequent filings for any change in voting/disposition power or increases above common activist thresholds within 90 days.

Regulatory/Compliance Analyst

The Schedule 13G/A shows coordinated joint filing mechanics without an asserted control intent.

Signatures and exhibits (Joint Filing Agreement; Power of Attorney) indicate the four filers agreed to a joint filing structure, which aggregates their positions to report a combined 10.02%. Each filer separately reports sole voting and dispositive power over its shares.

Because the filing is made under Schedule 13G/A with certifications that holdings are passive, regulatory implications are limited; any future conversion to an active position would require a Schedule 13D and should be monitored on an ongoing basis.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

OPEN TEXT CORPORATION

(Name of Issuer)

Common Shares

(Title of Class of Securities)

683715106

(CUSIP Number)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 683715106

1

Names of Reporting Persons

1832 Asset Management L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,485,528.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,485,528.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,485,528.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.3781 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP No. 683715106

1

Names of Reporting Persons

MD Financial Management Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 296,432.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 296,432.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

296,432.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.1172 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP No. 683715106

1

Names of Reporting Persons

Scotia McLeod, a division of Scotia Capital Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 410,284.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 410,284.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

410,284.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.1622 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

CUSIP No. 683715106

1

Names of Reporting Persons

Jarislowsky, Fraser Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

QUEBEC, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 21,150,154.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 21,150,154.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

21,150,154.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.3624 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: OPEN TEXT CORPORATION
(b)	Address of issuer's principal executive offices: 275 Frank Tompa Drive, Waterloo, ONTARIO, CANADA N2L 0A1
Item 2.
(a)	Name of person filing: 1832 Asset Management L.P. MD Financial Management Inc. Scotia McLeod, a division of Scotia Capital Inc. Jarislowsky, Fraser Limited
(b)	Address or principal business office or, if none, residence: Scotiabank North, 40 Temperance Street, 16th Floor, Toronto, Ontario, M5H 0B4, Canada 1870 Alta Vista Drive, Ottawa, Ontario, K1G 6R7, Canada 40 King St. West, Scotia Plaza, 52nd Floor, Toronto, Ontario, M5W 2X6, Canada 1010 Sherbrooke St. West, 20th Floor, Montreal, Quebec, Canada, H3A 2R7
(c)	Citizenship: Canadian Canadian Canadian Canadian
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.: 683715106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	If filing in accordance with Rule 240.13d-1(b)(1)(ii)(J), please specify the type of institution: investment adviser and broker dealer
Item 4.	Ownership
(a)	Amount beneficially owned: 25342398
(b)	Percent of class: 10.02 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 25342398
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 25342398
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to Investment Fund Manager and Portfolio Manager is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

1832 Asset Management L.P.

Signature:	/s/ Kevin Brown
Name/Title:	Vice President, Asset Management Compliance, Bank of Nova Scotia
Date:	10/07/2025

MD Financial Management Inc.

Signature:	/s/ Kevin Brown
Name/Title:	Vice President, Asset Management Compliance, Bank of Nova Scotia
Date:	10/07/2025

Scotia McLeod, a division of Scotia Capital Inc.

Signature:	/s/ Kevin Brown
Name/Title:	Vice President, Asset Management Compliance, Bank of Nova Scotia
Date:	10/07/2025

Jarislowsky, Fraser Limited

Signature:	/s/ Kevin Brown
Name/Title:	Vice President, Asset Management Compliance, Bank of Nova Scotia
Date:	10/07/2025

Comments accompanying signature: After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Exhibit Information

Exhibit 1 - Joint Filing Agreement Exhibit 2 - Power of Attorney

FAQ

What percentage of OTEX does the joint filing represent?

The joint filing reports a combined ownership of 25,342,398 shares, equal to 10.02% of the class.

Who is the largest holder listed in this Schedule 13G/A for OTEX?

Jarislowsky, Fraser Limited is the largest listed holder with 21,150,154 shares (8.3624%).

Do the filers state an intent to influence control of OTEX (ticker: OTEX)?

No. The filers certify the shares are held in the ordinary course of business and not to change or influence control.

Which filing form was used to report these holdings for OTEX?

Holdings are reported on a Schedule 13G/A, indicating passive institutional ownership under applicable rules.

Are the reported voting and dispositive powers shared among filers?

Each filer reports sole voting and dispositive power over their respective shares; no shared voting or dispositive power is disclosed.