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for enterprise ransformation docebo docebo GET THE GOOD STUFF essFactors The world is K August 2026 Investor Presentation Note : All financials presented are in US $ unless otherwise noted . CREATOR Build courses in minutes ( not months ) docebo
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Disclaimer General This presentation is property of Docebo Inc. (the “Company”, “Docebo”, “us” or “we”). It cannot be circulated or forwarded without our consent. Any graphs, tables or other information demonstrating our historical performance or that of any other entity contained in this presentation are intended only to illustrate past performance and are not necessarily indicative of our or such entities’ future performance. The information contained in this presentation is accurate only as of the date of this presentation or the date indicated. No securities regulatory authority has expressed an opinion about the securities described herein and it is an offence to claim otherwise. This presentation also contains statistical data and estimates made by independent parties and by us relating to market size, opportunity and growth, as well as other data about our industry, business and customers. These data involve a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of these data. Neither we nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this presentation. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. All service marks, trademarks and trade names appearing in this presentation are the property of their respective owners. Solely for convenience, the trademarks and tradenames referred to in this presentation appear without the ® and ™ symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights, or the right of the applicable licensor to these trademarks and tradenames. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. All references in this presentation to dollars or “US$” or “$” are to United States dollars unless otherwise noted. All references to “C$” are to Canadian dollars. Cautionary Note Regarding Forward-Looking Information This presentation contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward looking information may relate to our financial outlook and anticipated events or results and may include information regarding our financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects”, “is expected”, “an opportunity exists”, “budget”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “strategy”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or, “will”, “occur” or “be achieved”, and similar words or the negative of these terms and similar terminology. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. This forward-looking information includes, but is not limited to, industry trends; our growth rates and growth strategies (including our pillars of growth); addressable markets for our solutions, including government; growth rates of our markets, including compared to similar markets; the achievement of advances in and expansion of our platform (including the implementation of AgentHub, MCP and Enterprise Knowledge), including our FedRAMP authorization, and their impact on our business; expectations regarding our revenue and the revenue generation potential of our platform and other products; the expanded use of AI across our platform (including to expand our platform as an AI Workforce Readiness Platform and an AI-driven learning and knowledge platform); the suitability of our platform for workforce readiness use cases and AI learning across enterprise needs; expectations regarding future profitability; statements regarding our target operating model (including, but not limited to, statements regarding subscription revenue growth and expenses as a percentage of revenue); our business plans and strategies; the impact of the addition of 365Talents on our business; our ability to attract and retain customers; and our competitive position in our industry. Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that, while considered by the Company to be appropriate and reasonable as of the date of this presentation, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to: (i) the Company’s ability to execute its growth strategies and implement new products and improvements to the platform (including, but not limited to, AgentHub, MCP and Enterprise Knowledge) and expand upon AI components of our platform; (ii) the impact of changing conditions in the global corporate e-learning market; (iii) increasing competition in the global corporate e-learning market in which the Company operates; (iv) fluctuations in currency exchange rates and volatility in financial markets; (v) the Company’s ability to operate its business and effectively manage its growth under evolving macroeconomic conditions, such as high inflation and recessionary environments; (vi) fluctuations in the length and complexity of the sales cycle for our platform, especially for sales to larger enterprises; (vii) issues in the use of AI in our platform which may result in reputational harm or liability; (viii) changes in the attitudes, financial condition and demand of our target market; (ix) developments and changes in applicable laws and regulations; (x) success of 365Talents and our ability to integrate 365Talents products with our own; and such other factors discussed in greater detail under the “Risk Factors” section of our Annual Information Form dated February 26, 2026, which is available under our profile on SEDAR+ at www.sedarplus.ca. If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this presentation represents our expectations as of the date specified herein, and are subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws. All of the forward-looking information contained in this presentation is expressly qualified by the foregoing cautionary statements. Non-IFRS Measures and Industry Metrics This presentation makes reference to non-IFRS measures, including “Adjusted EBITDA”, “Free Cash Flow”, and other key performance indicators used by management and typically used by our competitors in the software-as-a-service (“SaaS”) industry, such as “Annual Recurring Revenue” or “ARR”, “Recurring Revenue”, “Net Dollar Retention” or “NDR”, and “Average Contract Value” or “ACV”. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore not necessarily comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. These non-IFRS measures and SaaS metrics are used to provide investors with supplemental measures of our operating performance and liquidity and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures, including SaaS industry metrics, in the evaluation of companies in the SaaS industry. Management also uses non-IFRS measures and SaaS industry metrics in order to facilitate operating performance comparisons from period to period, the preparation of annual operating budgets and forecasts and to determine components of executive compensation. Refer to the Appendix to this presentation for reconciliations of certain non-IFRS measures to the most comparable IFRS measure.
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Upskill your people across the globe with learning, knowledge, and skills intelligence in one AI platform Meet Docebo
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3,578 Customers1 1. As of December 31, 2025. Total customer count to be updated annually. 2. As at June 30, 2026. ARR is a non-IFRS measure. See "Non-IFRS Measures and Industry Metrics" in the disclaimer and refer to the Appendix to this presentation for details on how we calculate ARR. 3. For the three months ended June 30, 2026. 4. CAGR between fiscal year 2022 and fiscal year 2025. US$255.1M ARR2 900+ Employees 93% Subscription Revenues3 10 Offices: Toronto, Atlanta and Athens-GA, Melbourne, Milano, Munich, London, Paris, Lyon, Hamburg 20.2% Subscription Revenue CAGR4 Docebo-at-a-glance Docebo is the largest public company focused exclusively on corporate learning & skills
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Internal LearningExternal Training Skills Intelligence Docebo is a single platform for every workforce readiness use case ~ 60% Employee onboarding Ramp up new employees so they can get down to business sooner. Employee training Empower employees to grow in their roles and unlock new value. Sales enablement Get sales teams up to speed and beating quotas faster. Compliance training Manage compliance and certifications, meet standards, mitigate risks. Frontline training Train and equip deskless workers in manufacturing, retail, field, and more Workforce planning Use skills and capabilities data to guide planning & resourcing decisions. Upskilling & reskilling Close skill gaps with development tied to performance, not completions. Internal mobility Match employees to open roles and projects based on real capability. Employee acquisition & retention Hire on capability, keep top talent growing, and ensure transparent pay. Customer education Accelerate time-to-value and keep customers adopting and expanding Partner enablement Support your partners and turn them into champions for your product. Member training Support your members and ensure they're seeing value. Retail / Franchise / QSR Training Support franchisees, retail locations, and QSRs in every market. of customers use Docebo for external or hybrid use cases
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Docebo delivers AI learning for every enterprise need Learning Management Deliver scalable, personalized learning to any audience AI Content Creation Create modern learning content faster with AI Content Marketplace Access 90,000+ courses from world-class learning providers Extended Enterprise Manage multiple audiences and brands in one platform Learning Intelligence Evaluate learners and analyze the impact on business outcomes Headless Learning Bring learning into the flow of work in LLMs, browsers, tools, and chat AI Roleplay Practice with realistic video avatars, audio, or text-based scenarios Instructor-Led Training Coordinate and automate virtual and live training sessions eCommerce Monetize courses and content across currencies and languages Docebo AI An intelligence layer & copilot to support learners and admins Mobile Learning Learn on the go and create your own branded mobile app experience Integrate & embed Connect learning content and data across hundreds of enterprise tools Unify an LMS, LXP, AI authoring, roleplay, ecommerce, and more in a single platform DOCEBO LEARNING
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T rusted by global enterprises that take workforce readiness seriously
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World-class customers find impact with Docebo Zoom trains 2 million customers worldwide with their Zoom Learning Center, powered by Docebo. 30% faster employee onboarding
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Why world-class enterprises choose Docebo Flexible Customizable for every use case Unified Multiple audiences in one platform Skills-based Robust inference & intelligence AI-powered Orchestration and personalization Outcome-driven Learning tied to performance
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We’re reinventing learning by uniting three categories with AI LEARNING KNOWLEDGE SKILLS AGENTS & HEADLESS Learning Platforms Traditionally static and manual. Built for delivery and completion. Knowledge Platforms Enterprise Search, wikis, and AI copilots. Powerful but disconnected. Skills Platforms Built for for signals and data. Not action and growth.
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Docebo AI AgentHub Talent Marketplace Career Developer Gap Analysis Skills Intelligence AI Roleplay AI Content Creation 20+ other capabilities Learning Management Enterprise connectors Collection management Enterprise Knowledge SCORM & xAPI parsing Headless MCP Browser Companion Integrations & APIs Docebo AI Workforce Readiness Platform
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Skills intelligence to transform and upskill your workforce Skills & Workforce Intelligence Talent Marketplace Career Developer Skills Intelligence Infer and analyze skills across your entire workforce in real time. Skill Matching Match people to open roles, projects, and gigs based on skills. Learning Integration Turn every skill gap into a targeted learning path, automatically. Job Architecture Build a governed, continuously updated map of roles/requirements. Internal Mobility Move talent internally before you hire externally. Verified Skill Growth Confirm skills actually improved, not just courses completed. Skill and Jobs Campaigns Launch targeted campaigns that close specific gaps at scale. Dynamic Staffing Staff projects fast with visibility into who's ready right now. Career Growth Give employees a clear, personalized path to their next role. 365Talents, a Docebo company, is the enterprise operating system for skill transformation, talent development, and workforce intelligence DOCEBO SKILLS INTELLIGENCE
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DOCEBO KNOWLEDGE All your company knowledge. From scattered to searchable. Give your workforce the info they need, right when they need it. Unite knowledge across enterprise systems with the learning platform they already use. Connect to any enterprise software or system Curate collections of trusted information Unlock learning with SCORM & xAPI parsing Search via platform or headless (eg. MCP)
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DOCEBO AGENTHUB Agents that power the work of global learning & upskilling AI agents that autonomously create content, simply admin, and personalize learning across your global team Pre-built agents for common use cases No-code agent builder for custom agents Choose models, autonomy, and permissions Connected to your enterprise systems & data
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Learning, skills, knowledge and agents work together to create continuous improvement ● Detect skills at scale, map your global talent, and identify gaps for improvement ● Grow talent with personalized learning, development paths, AI roleplays, and more ● Validate impact with audit-ready evaluations, skills assessment, certifications and business outcomes What is Workforce Readiness? The future of learning and talent is a closed loop
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The Data Moat: Docebo holds billions of proprietary data records The platform makes them actionable for upskilling and impacting the business Compliance Records Skills Graph Learning History External Training Data Legally mandated. Auditable. The canonical map of workforce capability. Millions of learners. Years of data. Customers, partners, franchisees. Over 50% of ARR.
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Expanding our addressable market Source: Docebo Analysis. Company and industry research, government data and publications. $25B Corporate Learning TAM 2023 ~$40B 2026 TAM $3.0B US Government (FED + SLED) Corporate Learning $30.0B Skills Intelligence$7.0B
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Source: Docebo Analysis. Company and industry research, government data and publications. 2019 EMEA Enterprise Government Skills 2026 SMB Mid-Market EMEA Mid Market Expanded GTM
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Partner Ecosystem We’re fueling growth and adoption with partners across the globe Global System Integrators Service Partners Marketplace Distribution Partners
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Expansion into the Enterprise Address complex multi-use case requirements Large Greenfield External learning market Superior retention rates and customer LTV Customer Experience Learning ~60% of ARR1 driven by External + hybrid Substantial Greenfield market Larger audience sizes = more MAUs External use cases have the highest win rates and ACV Strategic Partnerships Resell, embedded, and managed services (SI’s) Drives Enterprise and Gov vertical penetration Expanding network of channel partners and solution extensions Land & Expand Enterprise with multiple departments and use cases New modules meet all learning needs, driving expansion External leads to Internal wins Pillars of Growth 1. ARR (Annual Recurring Revenue) is a non-IFRS measure. Refer to “Non-IFRS Measures and Industry Metrics” in the disclaimer of this presentation for further information. Expansion into Government Currently use legacy / on-prem solutions ●Workforce modernization ●Efficiency and cost savings ●Channel and Partner relationships expand scope FedRAMP unlocks new opportunities
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+9pt+3X Moving upmarket Customers with ARR < $50K Customers with ARR > $100K Enterprise customer count increase Higher 3-Year Avg. NDRR for $100K+ vs. <$50K Customers
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ARR deceleration to re-acceleration 19% Total ARR 2021 - 2025 CAGR ARR1 and Year-over-Year Growth USD in Millions 1 ARR is for the three months ended June 30, 2026. ARR is also a Non-IFRS measure. See the disclaimer, including "Non-IFRS Measures and Industry Metrics" therein and refer to the Appendix to this presentation for details on how we calculate ARR.
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1. ARR is a non-IFRS measure. See "Non-IFRS Measures and Industry Metrics" in the disclaimer and refer to the Appendix to this presentation for details on how we calculate ARR. 2. Average Contract Value is calculated as total ARR divided by the number of active customers. Historically, in calculating average contract value, all references to the number of customers or companies we serve included separate accounts per customer based on their installation(s) count. For the third quarter of the fiscal year ended December 31, 2020 and going forward, any separate accounts that our customers may have will be aggregated and counted as one customer based on the contracted customer for the purposes of calculating our average contract value to provide a more precise understanding of this metric. The figures presented for 2017 to 2020 have been adjusted to reflect this methodology change. Average Contract Value is a non-IFRS Measure. See "Non-IFRS Measures and Industry Metrics" in the disclaimer of this presentation and refer to the Appendix to this presentation for details on how we calculate Average Contract Value. 3. As at December 31, 2025. Net Dollar Retention Rate or “NDR” is a non-IFRS measure. See "Non-IFRS Measures and Industry Metrics" in the disclaimer of this presentation and refer to the Appendix to this presentation for details on how we calculate Net Dollar Retention Rate. 93% of ARR1 added in 2025 represented by customers that chose multi-year contract ~4x Growth in Average Contract Value since 20172 99% Net Dollar Retention Rate in 20253 Consistent Execution Driving Customer Growth Consistent ACV Growth
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T arget Operating Model1 1 - Our Target Operating Model is a general operational framework that is intended to guide us in our strategic vision. Our Target Operating Model does not represent guidance or budget figures for any specific year. Healthy Rule of 40 company with growth first mindset, balanced with scaling free cash flow contributionOur Goal Sales and Marketing Improving sales productivity through AI adoption, improved performance and partner led motion Organic innovation accelerating leading to broadening product and module portfolio Drive leverage through AI adoption, process excellence and automation Research and Development General and Administrative Drive continued double digit revenue growth through improved new customer adds and net retentionRevenues 10%-15% subscription revenue growth 15-17% of revenue 9-11% of revenue 26-28% of revenue
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President, CEO and Board Member Joined Docebo in 2012; President & COO May 2021 Appointed CEO and member of the Board September 2024 Board Member at Viafoura 14 years of experience in L&D Experienced Executive Management and Board Alessio Artuffo SUMMARY CAPITALIZATION Current Ownership Summary As of June 30, 2026 Chairman Founder, Chair and CEO of Intercap; former Chairman of Dealer.com; 30+ years of experience Board member at E Inc., Sharestates, Inc., Plex, Inc., StickerYou Inc., Guestlogix Inc. (post-restructuring), OWL, Kaboom Fireworks, Chef Jasper Inc., Viafoura Inc., and Vish Limited Jason Chapnik Chief Financial Officer Joined Docebo in October 2021 as VP of Finance, promoted to SVP of Finance in January 2023 Previously Director of Finance at Constellation Software Brandon Farber Chief Revenue Officer Joined Docebo in July 2025 20+ years of experience scaling high-performing sales organizations Responsibilities include global Sales, Solutions Engineering, Customer Experience, Revenue Operations and Revenue Enablement teams Mark Kosoglow Chief Marketing Officer Joined Docebo in April 2025 Nearly 20 years leading high-growth & learning industry software companies through scaling, transformation & acquisition Kyle Lacy Former CFO of Mitel Networks Board member of E Inc. Steve Spooner Managing Partner at Klass Capital; he was previously Resolver Division President and CEO of Resolver (prior to its acquisition by Kroll); previously led software businesses within Iron Data and Constellation Software Will Anderson President at Intercap Board member at E Inc., Sharestates, Inc., Guestlogix Inc. (post-restructuring), Plex, Viafoura Inc., and Brass Enterprises. James Merkur Chief People Officer of Polly (formerly DealerPolicy Inc.) with over 25 years of experience as a human resources executive. Previously Chief Talent Officer at Dealer.com, a digital marketing technology company Board member at Fluency Kristin Halpin Perry Field Chief Product officer at Pendo.ai, a leading private cloud company Previously Chief Innovation Officer at nCino, Inc. a Nasdaq listed global leader in cloud banking software Trisha Price Intercap Equity Other Total 63.9% 36.1% 100% GLOBAL MANAGEMENT TEAMBOARD OF DIRECTORS
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Appendix
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Non-IFRS Measures and Reconciliation of Non-IFRS measures Annual Recurring Revenue: We define Annual Recurring Revenue as the annualized equivalent value of the subscription revenue of all existing contracts (including Original Equipment Manufacturer (“OEM”) contracts) as at the date being measured, excluding non-recurring from implementation, support and maintenance fees. Our customers generally enter into annual or multi-year contracts which are non cancelable or cancellable with penalty. Accordingly, our calculation of Annual Recurring Revenue assumes that customers will renew the contractual commitments on a periodic basis as those commitments come up for renewal. Subscription agreements may be subject to price increases upon renewal reflecting both inflationary increases and the additional value provided by our solutions. In addition to the expected increase in subscription revenue from price increases over time, existing customers may subscribe for additional features, learners or services during the term. We believe that this measure provides a fair real-time measure of performance in a subscription-based environment. Annual Recurring Revenue provides us with visibility for consistent and predictable growth to our cash flows. Our strong total revenue growth coupled with increasing Annual Recurring Revenue indicates the continued strength in the expansion of our business and will continue to be our focus on a go-forward basis. Average Contract Value: Average Contract Value is calculated as total Annual Recurring Revenue divided by the number of active customers. All references to the number of customers or companies we serve is based on contracted customers, including underlying OEM customers. Net Dollar Retention Rate: We believe that our ability to retain and expand a customer relationship is an indicator of the stability of our revenue base and long-term value of our customers. We assess our performance in this area using a metric we refer to as Net Dollar Retention Rate. We compare the aggregate subscription fees contractually committed for a full month under all customer agreements (the “Total Contractual Monthly Subscription Revenue”) of our total customer base (excluding OEM partners) as of the beginning of each month to the Total Contractual Monthly Subscription Revenue of the same group at the end of the month. The Net Dollar Retention Rate includes the effect, on a dollar-weighted value basis, of our subscriptions that expand, renew, contract, or attrit, but excludes the Total Contractual Monthly Subscription Revenue from new customers during the years. APPENDIX: Key Performance Indicators
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2026, $ 2025, $ Net income for the period 2,258 3,076 Finance income, net 1,084 (542) Depreciation and amortization(2) 2,203 847 Income tax expense (761) 1,607 Share-based compensation(3) 2,456 1,733 Other (income) expense(4) — (1) Foreign exchange loss (gain)(5) 2,275 942 Acquisition related compensation(6) 907 1,002 Transaction related expenses(7) 515 93 Restructuring 295 468 Adjusted EBITDA 11,232 9,225 Adjusted EBITDA as a percentage of total revenue 16.4% 15.2% Non-IFRS Measures and Reconciliation of Non-IFRS measures APPENDIX: Adjusted EBITDA Adjusted EBITDA is defined as net income excluding net finance income, depreciation and amortization, income taxes, share-based compensation and related payroll taxes, other income, foreign exchange gains and losses, acquisition related compensation, transaction related expenses and restructuring costs, if any… The IFRS measure most directly comparable to Adjusted EBITDA presented in our financial statements is net income. The following table reconciles Adjusted EBITDA to net income for the periods indicated: Three months ended June 30, 2026
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2026, $ 2025, $ Net income for the period 2,258 3,076 Amortization of intangible assets 1,493 178 Share-based compensation 2,456 1,733 Acquisition related compensation 907 1,002 Transaction related expenses 515 93 Restructuring 295 468 Foreign exchange (gain) loss 2,275 942 Deferred income tax expense (recovery) (808) 1,422 Adjusted net income (loss) 9,391 8,914 Weighted average number of common shares - basic 25,455,554 29,559,316 Weighted average number of common shares - diluted 26,796,908 30,227,581 Adjusted net income per share - basic 0.37 0.30 Adjusted net income per share - diluted 0.35 0.29 Non-IFRS Measures and Reconciliation of Non-IFRS measures APPENDIX Adjusted Net Income is defined as net income excluding amortization of intangible assets, share-based compensation and related payroll taxes, acquisition related compensation, transaction related expenses, restructuring costs, foreign exchange gains and losses, and income taxes. Adjusted Earnings per share - basic and diluted is defined as Adjusted Net Income divided by the weighted average number of common shares (basic and diluted). The IFRS measure most directly comparable to Adjusted Net Income presented in our financial statements is net income. Three months ended June 30, 2026 The following table reconciles net income to Adjusted Net Income for the periods indicated: