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October 2026 Dual-listing at Limited Review Solid growth in ARR and TCV Positive LTM Free Cash Flow Lower Debt Consolidated Accounts H1 2026
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Javier Mira CEO Letter 01/21 Dear stakeholders, 2026 has been a year of continued transformation for Facephi, in an industry that is evolving at an unprecedented pace. Facephi has accelerated the evolution of its business model towards a comprehensive platform-based SaaS model, which now accounts for over 90% of our business. This evolution is also reflected in our revenue model, as our contracting mix increasingly shifts from multi-year prepaid agreements towards post - consumption arrangements. Under this model, contractual amounts are recognised more gradually over the life of the agreements, resulting in a lower contribution to revenue recognised upfront. Over time, revenue and ARR should become increasingly aligned, with ARR reflecting the annualised value of our contracts irrespective of the timing of revenue recognition. This effect is already reflected in our H1 2026 figures: revenue declined by 8% compared with H1 2025, while Total Contract Value (TCV) and Annual Recurring Revenue (ARR) increased by 16% and 6%, respectively, further strengthening the quality and visibility of our revenues. Most importantly, Facephi generated positive €1.1M Free Cash Flow (FCF) during the twelve months ended June 2026, a significant milestone in the Company’s financial evolution. For 2026, we now expect revenue to be 9.7% lower than in 2025, an EBITDA margin of 22.8%, compared with 28.9% in 2025, and positive FCF of €0.9M, compared with negative FCF of €2.4M in 2025. The revised revenue outlook reflects the transition towards a SaaS-based model and the resulting change in the timing of revenue recognition, rather than a change in our expectations for the underlying performance of the business. Beyond our financial performance, we are taking an important step forward with the launch of Facephi Intelligence Platform (FIP). As digital identity and fraud prevention evolve rapidly, driven by increasingly sophisticated fraud and the acceleration of AI, FIP brings our capabilities together within a unified platform designed to address our customers’ identity challenges throughout the user lifecycle. We see this transformation as a significant opportunity. FIP strengthens our value proposition and positions Facephi to address our customers’ evolving needs in a more comprehensive, integrated and secure way. We enter the second half of 2026 with greater revenue visibility, positive free cash flow and a stronger strategic proposition through FIP. Our strategic direction remains unchanged, with a continued focus on sustainable growth, profitability and cash generation. I would like to thank the entire Facephi team for their continued commitment and execution, as well as our customers, partners and shareholders for their continued trust and support. The digital identity landscape is changing rapidly, and Facephi is evolving with it. Javier Mira CEO
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at a glance Note: Figures as of June 30, 2026 € 9.4M (€3.5M L12M H1 25) € 34.9M (+17.3% vs. LTM H1 25) Revenue 2020-H1 26 Revenue LTM*-H1 26 Normalized EBITDA LTM-H1 26 +33.0% CAGR FCF LTM-H1 26 +€1.1M (-€0.1M in LTM H1 25) €53MMKT CAP 1.5xP/Sales 6.3xEV/EBITDA 44.2%Rule of 40 (EBITDA) (*) LTM: Last twelve months ended June 30, 2026. +€0.9MFCF 2026e 22.8%EBITDA margin 2026e €32.5MRevenue 2026e 01/21 Solid growth in ARR and TCV Positive LTM Free Cash Flow Lower Debt
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01 New challenges in 2026 04/21 Evolution of 01 Financial Report H1 26
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Fraud intelligence for regulated industries Countries New challenges in 2026 * Recognised by Certified by 05/21 We are experts in digital identity protection and fraud prevention, powered by AI-First technology +30 Clients +400 Sectors +10
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Separate tools fragment context Verification Session Account Transaction The gap Separate tools address each stage of the journey. Tool A Tool B Onboarding · IDV · Biometrics Access · MFA · Behaviour Ownership · Classification · Alerts Operation · Scoring · AML Tool C Tool D Synthetic identities Deepfakes Specialized malware AI-powered threats Mule account networks Account takeover As attacks become more automated and harder to detect, connected context across the identity journey becomes essential. & fraud keeps evolving New challenges in 2026 Disconnected data, alerts and decisions 06/21
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Identity needs continuous context across the entire journey Connecting signals: It is not enough to verify who a person is during onboarding. It's not enough to authenticate a user when accessing an application Nor is it enough to analyze only a specific transaction. 07/21 New challenges in 2026
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02 01 08/21 Financial Report H1 26 Evolution of New challenges in 2026
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2012 13-14 15-16 17-18 2022 2024 2025 Evolution of Facephi Founded in Alicante, Spain Went public in Spain Acquired first customer Signed first major bank Received €1.7M grant Opened an office in APAC Acquired an electronic signature company Dual-listed in Paris Doubled the client portfolio Opened an office in LATAM Opened an office in EMEA KYP (Know Your Passenger) Entered NORAM, starting with Canada H1 2026: FCF L12M positive for the first time in the Company's history +81% +69% +15% Launched the Partner Channel +13% +25% More than a decade of major milestones, including BME Growth HANCOM becomes 2nd largest shareholder with 6%+ chose Facephi to verify the identity of its users in APAC "We are ambitious with regard to the future. We started small, but thanks to the markets we have the capacity today to be the leader in digital identity verification. Javier Mira, CEO of Facephi 2021 19-20 2023 2026 Launched its continuous protection model 09/21
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One identity Identity isn't built just once. It's built episodically (during onboarding, an authentication, a reverification) and from then on, it's continuously referenced throughout the entire relationship with the user. That history feeds the rest of the platform. Identity is the axis Identity Verification Who is the person? Account Risk What is this account and does it represent enough risk to alert? AML & transaction monitoring Is this transaction suspicious or non-compliant? Behavioural intelligence Can we trust this interaction? 10/21
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Product portfolio 2026 Two product propositions addressing different identity needs. Fast deployment of onboarding and authentication journeys. Continuous identity and contextual risk intelligence across the customer lifecycle. What it is Four connected capabilities: Verification, Session, Account and Transaction. How it integrates Central control plane with flexible deployment: SaaS, private cloud or on-premise. Commercial fit Tier-1 banks and regulated institutions. Land on verification, expand by capability. 11/21 Evolution of Facephi What it is SaaS solution with visual flows, templates and no- code / low-code configuration. How it integrates Web and mobile experience, operations console, antifraud capabilities and role management. Commercial fit Fintechs and smaller companies that need fast, plug-and-play deployment.
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We are trusted by the "We needed an extra layer of security in the identity validation process and that's why we sought Facephi's involvement" "The integration was simple, and little by little, together with Facephi, we have been learning from our users to improve their experience" world's leading banks and companies 12/21 "Innovation solves the identified problem, by providing the user with access to financial services in a simple, secure and convenient way " Evolution of Facephi
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01 13/21 03 Evolution of New Challenges in 2026 Financial Report H1 · 26
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+14% CAGR 2023-H1 26 25,2 28,9 36,0 34,9 0 10 20 30 40 2023 2024 2025 LTM-H1 26 2023 2024 2025 LTM-H1 26 Revenue* TCV (Total Contract Value) 38,6 57,8 71,6 76,1 0 20 40 60 80 2023 2024 2025 LTM-H1 26 2023 2024 2025 LTM-H1 26 +31% CAGR 2023-H1 26 ARR (Annual Recurring Revenue) 21,8 28,0 29,4 29,8 0 5 10 15 20 25 30 35 2023 2024 2025 LTM-H1 26 2023 2024 2025 LTM-H1 26 +13% CAGR 2023-H1 26 14/21 Financial Report H1 · 26 *: Revenue: The H1 26 figure does not include any multi-year contracts.
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25.153 28.875 35.980 34.942 935 1.031 10.440 9.408 (7.055) (7.331) 278 -694 (8.982) (4.558) (2.399) 1.109 2024 Notes: (*): Normalized Ebitda: Operating Profit + Depreciation and Amortisation + Impairment Losses from Previous Years + Severances. (**) 2026 LTM: from Jul’25 to Jun’26. 2025 2026 LTM (**)2023 EBITDA * Revenue Cash Flow Pre-Tax Profit Financial Report H1 · 26 Key Financial Metrics (000€) 15/21
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13.162 22.283 25.153 28.875 35.980 34.942 (5.604) (8.128) (8.982) (4.558) (2.399) 1.109 2.175 3.819 4.171 4.584 4.619 4.473 2021 2022 2023 2024 2025 2026LTM POSITIVE FCF: The Company generated +1.1M€ of cash over the past 12 months. Financial Report H1 · 26 Revenue Free Cash Flow R&D Investment 16/21 Key Financial Metrics (000€)
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Debt Profile and Needs Working Capital Credit Facilities Gross Banking Debt (GBD) / EBITDA Financing to handle Business Seasonality Senior Debt Financing for Annual R&D Investment and International Expansion Free Cash Flow (000€) Financial Report H1 · 26 million€ 2023 2024 2025 2026 LTM GBD 11.5 10.1 7.2 6.6 Ebitda 0.9 1.0 10.4 9.4 GBD / Ebitda 13 x 10 x 0.7 x 0.7 x (8.128) (8.982) (4.558) (2.399) 1.109 2022 2023 2024 2025 2026LTM Financial Structure 17/21 0,0 5,0 10,0 15,0 2023 2024 2025 2026LTM times GBD / Ebitda
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figuresin 000€ 2023 2024 2025 2026 LTM 2026e Revenue 25,153 28,875 35,980 34,942 32,500 EBITDA 935 1,031 10,440 9,408 7,400 Free Cash Flow -8,982 -4,558 -2,399 +1,109 +875 Gross Banking Debt 11,531 10,076 7,190 6,568 6,452 GBD / EBITDA 13 x 10 x 0.7 x 0.7 x 0.9 x Free Cash Flow continues its strong trajectory, generating positive operating cash flow. The revenue level achieved in 2025 is being consolidated as the scale needed to deliver profitability and cash generation, supported by new technology solutions linked to behavioral biometrics as a way to prevent complex fraud scenarios. The target is to return to double-digit growth in 2027, driven by these technologies, growth in the EMEA region, and partnerships with companies offering complementary products, creating additional opportunities through upselling and cross-selling. Guidance and Key Drivers Financial Report H1 · 26 2026 Performance and Forecast 18/21
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2023 2024 2025 H1 26 LATAM 94.0% 94.7% 96.6% 97.1% EMEA 4.2% 1.3% 2.7% 1.6% APAC 1.7% 4.0% 0.8% 0.4% Others 0.1% 0.0% 0.0% 0.9% 2023 2024 2025 H1 26 Onboarding 62.1% 60.4% 59.8% 70.8% Authentication 30.2% 31.0% 34.2% 19.8% Digital Platform 1.3% 1.0% 0.8% 1.1% Consulting, Support and others 6.4% 7.6% 5.2% 8.3% 2024 2025 H1 26 On Premise 52% 14% 9% Cloud 48% 86% 91% 2023 2024 2025 H1 26 Banking 93.5% 90.9% 91.1% 87.6% Insurance / Pensions / etc. 2.4% 3.0% 4.8% 1.5% Software consulting, Integration & Services 1.0% 1.2% 1.1% 3.0% Others 3.1% 4.9% 3.0% 7.9% By Solution On Premise | Cloud By Region By Sector Revenue breakdown 2024 2025 H1 26 Facephi 75% 65% 70% Partners 25% 35% 30% Financial Report H1 · 26 Facephi | Partners
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01 20/21 04 Conclusions
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Leader in a Growing Industry Attractive Valuation P/Sales 2026e: 1.6x EV / EBITDA 2026e: 8.0x Historical Growth Above the Industry Average CAGR 2020-H1 26: +33.0% Holistic Platform Comprehensive solution combining identity management, verification, fraud prevention and regulatory compliance. Profitable Growth Strategy Combination of organic and inorganic growth through strategic partnerships that accelerate growth with lower capital investment. Dominant player in banking and LATAM, expanding into EMEA and APAC. LATAM is expected to account for ~7% of industry revenues by 2028, while EMEA and APAC will represent ~64% of the market. 21/21 Why Invest? Biometrics and digital identity markets CAGR (2025–2030E): +12% and +15%, respectively.
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Forward-Looking Statements This presentation may contain forward-looking statements regarding Facephi’s future plans, objectives, and financial performance. Actual results may differ materially due to various risks and uncertainties. Please refer to the company’s filings for a discussion of these risks. Limited Review Consolidated Accounts H1 2026