Slides
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Equity Story 2026 Digital works when everything is connected
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This communication contains information and statements with forward-looking projections regarding Redegal, S.A. (hereinafter Redegal). It also includes financial projections and estimates, together with their underlying assumptions, as well as statements relating to plans, objectives and expectations regarding future operations, investments, synergies, products and services, and statements about future results. Forward-looking statements do not constitute historical facts and are generally identified by the use of terms such as “expects”, “anticipates”, “believes”, “intends”, “estimates” and similar expressions. Although Redegal considers that the expectations reflected in such statements are reasonable, investors and shareholders of Redegal are hereby advised that the information and forward-looking statements are subject to risks and uncertainties, many of which are difficult to predict and are generally beyond Redegal’s control. As a result, actual results and developments may differ significantly from those expressed, implied or projected in such forward-looking information and statements. Such risks and uncertainties include those identified in the documents submitted by Redegal to BME Growth, which are publicly available 2 Disclaimer It is recommended not to make decisions based on forward-looking statements or projections, as they relate exclusively to the date on which they were made, do not constitute any guarantee of future results, and have not been reviewed by Redegal’s auditors. All forward-looking statements, whether oral or written, issued by Redegal or any of its board members, directors, employees or representatives are expressly subject to the above warnings. The forward-looking statements included in this document are based on information available to Redegal as of the date of this communication. This document does not constitute an offer or an invitation to purchase or acquire shares, in accordance with the provisions of Law 6/2023 of 17 March on Securities Markets and Investment Services. Likewise, this document does not constitute an offer to buy, sell or exchange, nor a solicitation of an offer to buy, sell or exchange securities of any kind, nor a solicitation of voting rights or approval in any jurisdiction.
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3 Index Equity Story 1. Who we are, what we do and how we do it 2. Strategic visions and forecasts 3. Why invest in Redegal 4. Appendices
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Who we are, what we do and how we do it 01
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We are a Smart Digital Company Digital Business Performance marketing and marketplaces Content, narrative and positioning Tech 22 130 +400 +250 Listed company 28,5% 9 Years of experience Projects Countries CARG* revenue 2020-24 Professionals Shareholders Analytics, automation and data Digital platforms: web, e-commerce and apps Systems architecture, integrations and cloud Product Modular | Scalable | AI-native SEO / ASO / SEO *CAGR: Compound Annual Growth Rate Technology, product and digital business with an AI-native DNA. Agentic software for business intelligence Agentic catalogue intelligence for e-commerce
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Key Figures 2025 Revenue 16,8 M€ Change. 2024: 22.4% Product 4,0% 0,6 M€ Change. 2024: n.s. Digital Business 75,0% 12,6 M€ Change. 2024: 21,7% Tech 21,0% 3,5 M€ Change. 2024: 5,5% Adjusted EBITDA* 1,5M€ Change. 2024: 137,8% 41,4% Change. 2024: 4,2% Gross Margin Adjusted EBIT* 0,8 M€ Change. 2024: 595,3% Adjusted Net Income * 0,5 M€ Change. 2024: 55,5%
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Key Figures 2025 % Breakdown of net revenue by geography Jan- Dec 2025 Revenue 16,8 M€ 4,30% Rest of Europe 0,7 M€ change 2024: (0,9)% Spain 15,8 M€ Change. 2024: 1,9% 94,10% 1,60% Rest of the world 0,3 M€ 16.834.046,30 719.868,89 277.639,18 Jan-Dec 2025 Spain Rest of Europe Net Revenue Rest of the world 13.755.636,94 709.838,70 371.287,93 Jan-Dec 2024 15.836.538,23 12.674.510,32 22,4 1,4 (25,2) % Variation 24,9 Figures expressed in Euros 100,00 4,30 1,60 Jan-Dec 2025 Spain Rest of Europe Net turnover Rest of the world 100,00 5.16 2,70 Jan-Dec 2024 94,10 92,14 n.s (17,1) (38,9) Variation. p.p. 2,1 % Breakdown of net revenue by geography
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FMCG & Bev.Retail Finance Clients Equity Story
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Clients Equity Story Fashion Others Partners in Tech
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7 Countries 9 130 Professionals We Operate Globally 1 0
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Strategic vision and forecasts 02
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12 Equity Story Vertical integration of business lines. 360° service. Service contracting and recurring fees Proprietary solutions as a driver for increasing revenue per client A Smart Digital Company 01 04 03 02 Recommendation Acquisition Conversion Customer retention E-commerce Technology Custom developments Data-Driven layer We create sales opportunities We improve conversion rates We turn sales into loyal customers Loyal customers who act as brand ambassadors Performance Marketing/ GEO RFM analytics CRM automation UX/UI CRO /Lead Generation
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The Market : Digital Business High-growth sector with positive outlook Trend towards market consolidation among players Opportunities for inorganic growth and improved competitive positioning Global digital advertising spending reached $720 billion in 2023, with a 2018–2023 CAGR of 16.8%. Growth opportunity in digital advertising spend in Spain and Mexico, with lower relative penetration rates (54% and 58%, respectively, compared to 70% globally). Source: Digital 2026 Mid-Year Global Update Report, DataReportal % of AI users – motivations for use
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Equity Story Web applications: estimated 2024–2028 growth of 7.0%; $180 billion market in 2024. Expected growth in Spain and Mexico of 6% annually over 2024–2028. Acceleration of corporate investment in digitalisation since COVID. The cloud services market grew from $214 billion (2019) to $526 billion (2023). Expected 2023–2026 CAGR of 13.8%. Global web application development revenue 14 Global cloud services revenue The Market: Tech
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E-COMMERCE GLOBAL CLOUD SERVICES Cloud + generative AI + e-commerce: three megatrends driving strong growth in demand for custom development. E-COMMERCE FOCUS IN REDEGAL’S CORE MARKETS • SPAIN +22,6% year-on-year → €28.3 billion in revenue in a single quarter • MÉXICO +19,2% year-on-year → MXN 914 billion • Top 10 globally 511 bn$ global market size 2025 2026 forecast: $665 billion GenAI traction, low-code/no-code and PWAs. Shortage of highly specialised talent is driving demand. 419 bn$ IaaS + PaaS 2025 +25% year-on-year (YoY) Essential infrastructure for deploying AI models. Unprecedented growth driven by GenAI. 6,9 tn$ online retail sales 2025 ~21% of global retail M-commerce already accounts for ~60% of transactions. The smartphone is at the centre of purchasing decisions. Turismo, fashion and the second-hand (C2C) market as key drivers. Source: CNMC 2025 77.2M digital buyers; 98% complete purchases via mobile. Source: AMVO 2025. Source: Statista Market Insights Source: Synergy Research Group, Statista Source: eMarketer, Statista APPLICATION DEVELOPMENT
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Product Business ▪ Provider of business intelligence services for retail + e-commerce, with Binnacle Data as a key differentiator ▪ AI-powered applications integrated with marketing and digital business data sources. ▪ Exploitation of generative AI technologies. Q1 2025 Commercial focus on mid-to-large e-commerce and mid-sized retail segments Q1/Q2 2025 Expand DATA services: BI + Data Engineering + AI Q3/Q4 2025 Custom solutions: AI + marketing + digital business Q4 2025/2026 Standardisation: AI + marketing + digital business (e-commerce + retail) Q4 2025/2026 Support for new data sources 2027 Start of global operations 2026 Outlook 2026 Commercial focus on EU markets. 2028 Global operations
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Product Business Q1 2025 1-to-1 sales bootstrapping: mid-sized e-commerce (ES/MX) and e-commerce agencies Q1/Q2 2025 Partner programme: advertising agencies and e-commerce agencies (ES / MX) Q1/Q2 2025 Free demo & onboarding Q3/Q4 2025 Expansion to new platforms: Amazon, Miravia, TikTok Shops, Criteo, etc. Q3 2025 Scaling the partner programme 2027 Start of US operations Outlook 2026 2026 Expansion of new features / platforms 2028 Global operations ▪ Bootstrapping the product and pursuing product-market fit. ▪ Partner programme with e-commerce, marketing and ICT agencies. ▪ Scaling sales and international expansion. ▪ Evolution towards an integrated solution for catalogue analysis and optimisation. Q2/Q3 2025 Direct website acquisition Q3/Q4 2025 Expansion of Category Manager functionality. Recurring revenue.
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Equity Story Redegal Brain does not aim to replace human judgment or automate what deserves careful thinking. Its purpose is more focused: to ensure that no decision ever starts from scratch, that the company’s accumulated knowledge is available when needed, and that teams approach each project with the experience of all previous ones at their disposal. 18 Redegal Brain AI It is not a chatbot or a document search tool. It is an internal AI-powered layer that maintains a living, structured representation of everything happening at Redegal: projects, clients, decisions, processes and learnings. JIRA, Business Central and Google Drive sare sources that feed the system, not destinations for every query. The knowledge graph is the operational source of truth: it connects technical, financial and commercial domains that are currently siloed. One single truth, multiple views The value of Brain is not in what it answers, but in what it prevents us from forgetting. Redegal’s knowledge, available when needed
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Redegal Brain ecosystem: Intelligent agents and skills Redegal Brain Tech Development Marketing / Growth It provides each agent with knowledge of internal procedures, team relationships, and who to alert in each situation. Redegal Brain provides up-to-date company, client and project context that guides each agent’s behaviour, indicating which procedures to follow and who to alert. Campaign Health Social listening SEO opportunities Automated reporting Project Health ERP integrations Security & Vulnerabilities Accelerated development Data sources Technical autonomy vs. shared wisdom Context graph. Each agent uses its own sources (APIs, logs, and specific data). Redegal Brain provides the shared context: procedures, roles, team relationships, project status and monitoring. Redegal Brain Transcripciones de reuniones Project context Senior knowledge Corporate manuals and procedures Previous experience
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Redegal Brain ecosystem: Intelligent agents and skills
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Ecosistema Redegal Brain: Agentes y Skills Inteligentes. Redegal Brain Agentes de Marketing Growth y Datos Agentes de Desarrollo Estabilidad y Código Proporciona a cada agente conocimiento sobre procedimientos internos, relaciones entre equipos y quién alertar en cada situación. Redegal Brain aporta el contexto de empresa, cliente y proyecto, totalmente actualizado, que guía el comportamiento de cada agente, indicándoles qué procedimientos seguir y a quien alertar. Salud de Campañas Social listening Oportunidades SEO Reporting automático Salud de Proyectos Integraciones ERP Seguridad y Vulnerabilidades Desarrollo acelerado Fuentes de datos Autonomía Técnica vs. Sabiduría Compartida El grafo de contexto. Cada agente usa sus propias fuentes (APIs, logs, datos específicos). Redegal Brain provee el contexto común: procedimientos, roles, relaciones entre equipos, estatus y monitorización del proyecto. Fuentes de datos Sabiduría compartida Social Listening APIs SEO Tools ERP Integrations Security Scanners
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Equity Story 22 Conceptos que marcan la diferencia. Lo que distingue a Redegal Brain de un simple buscador interno. 01 La mochila del proyecto Cuando arranca un proyecto, Brain genera automáticamente un brief con precedentes relevantes, lecciones aprendidas, skills aplicables, personas con experiencia previa y riesgos típicos. El equipo no empieza desde cero: empieza desde todo lo anterior. 03 Captura del conocimiento senior El conocimiento valioso rara vez se documenta porque tiene un coste y la urgencia operativa siempre gana. Brain observa interacciones, post-mortems y conversaciones, y propone activamente cristalizar ese conocimiento. El senior habla, corrige y valida; Brain estructura. 02 El sistema mejora solo Cada proyecto que pasa por Brain enriquece el grafo. El equipo refina la mochila con su criterio, y ese refinamiento queda disponible para el siguiente. Cuantos más proyectos, más útil se vuelve el sistema. 04 Evolutivo, no big-bang El sistema crece añadiendo conectores, agentes y skills sin reescribir el núcleo. Cada fase entrega valor visible antes de la siguiente.
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Arquitectura por capas. Cuatro capas con responsabilidad acotada, interfaces estable y evolución independiente. Ingesta Las fuentes entran aquí Traduce fuentes heterogéneas —JIRA, Drive, Business Central, transcripciones— a eventos normalizados que disparan actualizaciones en las capas superiores. Conocimiento El corazón del sistema Grafo de entidades, índice semántico y memoria senior. Aquí se cruzan los dominios técnico, financiero y comercial. Inteligencia Aquí se razona Orquestador, agentes especializados (proyectos, finanzas, marketing) y skills versionables. Produce alertas, hallazgos y respuestas sobre el grafo. Interacción La cara visible Chat conversacional, dashboards operativos, agentes autónomos e insights proactivos sin esperar la pregunta.
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Ecosistema Redegal Brain: Agentes y Skills Inteligentes
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Ecosistema Redegal Brain: Agentes y Skills Inteligentes
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26 Flexibility and agility Revenue diversification Scalability Long-term competitiveness Improved customer experience Strategic roadmap 2025–2028 GROWTH LEVERS Redegal is transforming into a full digital ecosystem, with interconnected business units and collaboration with partner agencies that complement us (inorganic growth or strategic partnerships).
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Equity Story 1. Grow consolidated revenue at double-digit rates and increase free cash flow generation 2. Monetise consulting services prior to engagement in development services. 3. Focus Tech and Product businesses on margins and selective Tier 1 and Tier 2 clients. 4. Diversify the service offering in new technologies by driving strategic alliances. 5. Strengthen presence in Spain and Mexico, develop the European market, and continue international expansion . 6. Acquire companies that complement our services and drive inorganic growth. 27 Strategic priorities 2025-2028
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Management Results 2025 Equity Story 28 Equity strengthening ● March 2026 - Cash capital increase: €761,452 Total injection 1,57M€ of additional equity funds 2025 2024* % Variation. Revenue 16,8 M€ 13,8 M€ +22,4% Gross Margin 41,4% 37,2% +4,2 p.p. EBITDA 1,11 M€ 0,29 M€ +283,2% Adjusted EBITDA 1,55 M€ 0,65 M€ +137,8% Adjusted EBITDA Margin 9,2% 4,7% +4,5 p.p. Adjusted EBIT 0,80 M€ -0,20 M€ c.s. Consolidated Net Income -0,79 M€ -1,78 M€ +55,6% Summary Income Statement 2025 2024* % Variation. Net Financial Debt 2,6 M€ 0,5 M€ +420% NFD 2,75x 0,7x +2,1x Consolidated Shareholders’ Equity -0,6 M€ +0,8 M€ c.s. *Restated figures ● Mayo 2026 - Debt-to-equity conversion capital increase: €809,322 Financial Position *Restated figures
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Management results in 2025 Equity Story 29 +4,5 p.p Adjusted EBITDA margin step-up From 4.7% to 9.2% in a single fiscal year. 92% Projected ARR for 2026 High degree of integration of services into clients’ digital strategy. c.s. Adjusted EBIT from -€198K to + €803K Improvement above 500%. Effective transition towards structural operating profitability.
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CAGR 23–28 29,5% 2028E Outlook Equity Story 30 2023 2024 2025 2023 2024 2025 2023 2024 2025 6,2 10,0 12,6 3,8 3,3 7,1 0,03 0,4 3,8 22,6M€ CAGR 23–28: 17.5% 4,4M€ CAGR 23–28: 29.5% 19,5% Revenue Digital Business € million Tech revenue (€ million) Product revenue (€ million) 2028E EBITDA Margin: 15% 2028E EBITDA margin: 19% 2028E EBITDA margin: 40% x1,35 vs 2025 x2,84 vs 2025 +10,3 p.p. vs 2025 CAGR 23–28 12,2% Sales Adjusted EBITDA Adjusted EBITDA margin 2028E 11 2028E 3,5 0,68 2028E Above 9.2% in 2025
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Why invest in Redegal 03
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Equity Story 32 01 Verifiable track record +29% sales CAGR 2023–2025 and a step-up in Adjusted EBITDA margin from 4.7% to 9.2% in a single fiscal year. 02 Market driven by megatrends Global digital advertising 2025: $1.19T (+8.9%). E-commerce Spain +22.6%; Mexico Top 10 worldwide. 03 Scalable product BinnacleData + Boostic.cloud with clients in Spain, Mexico, and the Netherlands. Target margin +40% by 2028. 04 Tier 1 / Tier 2 clients New accounts 2025: Victorinox, Mayoral, CBNK, BFF, Arteche, Primor, B100. Average retention: 90%. 05 Integrated 360 service offering Three interconnected business lines capturing synergies and cross-selling opportunities across the full funnel. 06 Open internationalisation 9 operating countries. Spain stable, Portugal consolidated, Central Europe gaining traction, Mexico regaining momentum. Why invest in Redegal 07 Disciplined M&A + entry at attractive multiples Criteria: 5+ years of track record, certifications, technology partners, major clients, and sound financial accounts.
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Equity Story “The 2025 results confirm that the Plan is working: consolidated revenue reached €16.8M (+22.4%), and Adjusted EBITDA margin rose to 9.2%, an increase of +4.5 pp in a single year (from 4.7% in 2024). Our Product line increased its share to 4.0% of total revenue, compared to 2.9% in the previous year. This pace of progress supports the trajectory towards our 2028 targets: total revenue of €22.6M and Adjusted EBITDA of €4.4M, with the Product area contributing €3.8M to revenue. ” Jorge Vázquez CEO & Founder. 33
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inversores@redegal.com accionistas@redegal.com www.redegal.com/es/accionistas-e-inversores Contact
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Appendices
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Appendices – Financial figures as of 31 December 2025 36 Equity Story
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Appendices – Consolidated Income Statement 2025 37 Equity Story
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Appendices – Consolidated Balance Sheet as of 31 December 2025 38 Equity Story
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CONSEJO DE ADMINISTRACIÓN Chairman & Chief Executive Officer Jorge Vázquez 39 Proprietary Director Lino de Prado Executive Director Javier Castiñeiras Consejero Independiente Secretario Comisión de Auditoría Fernando Orteso Independent Director Chair of the Audit Committee Lola Castillo Board of Directors Independent Director Member of the Audit Committee Domingo García Shareholding structure 20.05.2026 % shareholding Lago Diecinueve Invest SL Liprasa 2015 S.L.U. Other shareholders FONDO ISETEC V, FCR Axouxere Investments S.L. 22,13% *Vehicle controlled by Jorge Vázquez 35,51% *Vehicle controlled by Lino de Prado 19,05% 12,8% 10,51% *Vehicle controlled by Jorge Vázquez Shareholding Structure
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Smart Digital Company THANK YOU.