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Investor Presentation FY 2024 Results Modena Paolo Cavicchioli Chairman & CEO FY 2024 Financial Results, April, 2025 Sergio Muratori Casali Co-CEO & Investor Relations Manager Silvia Mantovani Group CFO
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FY 2024 Achievements FY 2024 Financial Results, April, 2025 Investor Presentation 2024: a year of recovery in terms of growth and profitability for Doxee STRONG REVENUES GROWTH IN THE DACH AREA +30% vs FY 2023 SIGNIFICANT COST OPTIMIZATION IN ITALY -20% vs FY 2023 thanks to the important investments made in Sales & Marketing in the DACH area 2024 main achievements thanks to the implementation of the O3 strategy Organizational integration, technology improvement and stronger value proposition thanks to the relevant rationalization of activities and internal processes
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Highlights FY 2024 Results & Overview Investor Presentation • Rationalization of activities and internal processes • Decrease of R&D Investments after the 1st release of the ONE Platform • Reduction in external costs for professional services and R&D • Rationalization of procurement processes • 1st release of the ONE Platform project: Doxee Platform integrating the components of Infinica GmbH, now Doxee AT • Significant rationalizations thanks to the ONE Company project that allowed to reduce internal and external costs • Strong improvement in the commercial pipeline and new positioning in the top enterprise market thanks to the ONE Value Proposition project • Increasing ARR at 73% vs about 69% in FY 2023 • € 5.9 million capital increase carried out in June 2024 EBITDA € 2.9 mln vs € -0.2 mln in FY23 Revenues € 26.5 mln +2.4% YoY Net Result € -3.7 mln vs € -5.1 mln in FY23 NFD € 19.3 mln vs € 21.6 mln in FY23 Positive effects on profitability FY 2024 Financial Results, April, 2025 R&D Investments € 4.6 mln vs € 6.9 mln in FY23
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73% 27% Subscriptions Professional Services BY PRODUCT LINE 70% 30% Italy Abroad BY GEOGRAPHICAL AREA Consolidated Revenues Breakdown Investor Presentation 18.7 7.2 19.2 7.2 Subscriptions Professional services FY 2023 FY 2024 +3% REVENUES GREW (+2.4%) vs FY 2023 thanks to an increase in revenues in the DACH and CEE regions. Italy recorded a trend substantially in line with FY 2023. Subscriptions revenues recorded an increase (+3%) compared to FY2023 and they represent the most important product line. Revenues from professional services recorded a slight increase YoY. Recurring Revenues, thanks also to the increase in the activities provided in SaaS mode, stand at around 73% of total revenues vs about 69% in FY 2023. Several new Customers in FY 2024 both in Italy and DACH region. Significant renewal of multi-year contracts with a Net Retention Rate equal to 98% and a very low churn rate. Significantly better Commercial Pipeline compared to FY 2023. +1% FY 2024 Financial Results, April, 2025 (€/mln)
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PROFIT & LOSS (€/mln) FY 2024 FY 2023 Sales Revenues 26.5 25.8 Value of Production 29.8 29.5 Contribution Margin 16.0 14.8 EBITDA 2.9 (0.2) EBIT (2.3) (4.5) Net Income (3.7) (5.1) Investor Presentation FY 2024 Financial Highlights BALANCE SHEET (€/mln) FY 2024 FY 2023 Net Working Capital (0.6) (2.7) Fixed Assets 32.0 32.7 Net Capital Employed 27.8 28.2 Net Financial Debt 19.3 21.6 Shareholders’ Equity 8.5 6.5 • FY 2024 Revenues amounted to € 26.5 mln (+2.4% vs FY 2023) thanks to a good growth in the DACH and CEE regions. • EBITDA positive to € 2.9 mln thanks to the efficiency improvement of internal processes which made possible the decrease in internal personnel and external personnel costs and the reduction in R&D costs. • Net income stood at € -3.7 mln (€ -5.1 mln in FY 2023) due to the increase in amortization. • Net Working Capital stood at € -0.6 mln, decreasing in comparison with € -2.7 mln in FY 2023 due to a reduction in trade payables. • Fixed Assets stood at € 32.0 mln. The most significant item are Intangibles (€ 30.3 mln). • Net Financial Debt decreased at € 19.3 mln (€ 21.6 million in 2023), as a result of the capital increase of € 5.8 mln carried out in June 2024, used mainly to repay previous financial loans and commercial payables. FY 2024 Financial Results, April, 2025
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Investor Presentation EBITDA Bridge • The improvement was mainly determined by a decrease in internal personnel and external personnel costs thanks to efficiency improvements of internal processes which made it possible to use fewer internal resources and less use of external consultancy. Moreover, EBITDA was supported by a decrease in R&D costs. (€/mln) (0.2) 0.6 (0.3) 0.9 0.8 1.1 2.9 EBITDA FY 2023 INCREASE IN SALES REVENUES DECREASE IN OTHER REVENUES DECREASE IN DIRECT COSTS DECREASE IN INDIRECT COSTS DECREASE IN R&D COSTS EBITDA FY 2024 (0.5) - 0.5 1.0 1.5 2.0 2.5 3.0 3.5 FY 2024 Financial Results, April, 2025
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Investor Presentation FY 2024 Investments 28.7 29.5 29.8 6.3 6.9 4.6 FY 2022 FY 2023 FY 2024 Annual VoP R&D R&D AND VALUE OF PRODUCTION COST OF PERSONNEL (€/mln) End of the peak of investments needed to develop the new version of the Doxee Platform® Rationalization of the group workforce, reorganizing and optimizing the workload of the organizational areas FY 2024 Financial Results, April, 2025 8.8 10.0 8.4 1.3 3.5 3.9 FY 2022 FY 2023 FY 2024 Doxee S.p.A. Subsidiaries 1) Since the 4Q of 2022, Infinica (now Doxee AT) is included 1 (€/mln)(€/mln) COST OF SERVICES 12.2 13.3 11.9 0.6 1.6 2.3 FY 2022 FY 2023 FY 2024 Doxee S.p.A. Subsidiaries Optimization of activities and processes led to a decrease in the cost of services
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(21.6) (3.7) (4.6) 5.1 (2.1) 1.7 5.8 0.1 (19.3) NFD 31.12.2023 NET LOSS INVESTMENTS D&A CHANGE IN NWC CHANGE IN OTHER NWC SHARE CAPITAL INCREASE CHANGE IN PROVISIONS FOR EMPLOYEES NFD 31.12.2024 Investor Presentation Net Financial Debt Bridge (€/mln) Increase Decrease Total FY 2024 Financial Results, April, 2025
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Investor Presentation Net Financial Debt Breakdown FY 2024 Financial Results, April, 2025 €/000 BANKS SIMEST Other Total Advances Loans Short-term financing Current 2,827 3,022 748 1,224 267 8,088 Long-term 5,865 3,271 1,730 10,886 Rights of Use 1,439 Total 2,827 8,887 748 4,495 1,997 20,393 Cash and cash equivalents (1,057) Net Financial Debt 19,336
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GROWTH STRATEGY Investor PresentationFY 2024 Financial Results, April, 2025
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Strategic growth key points Investor Presentation Doxee a leading player in the digitization process is evolving into a Leading European technology vendor in the areas of Digital Customer Experience (DCX) and Customer Communications Management (CCM) ONE PLATFORM ONE COMPANY ONE VALUE PROPOSITION FY 2024 Financial Results, April, 2025
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Investor Presentation ONE COMPANY Creation of a single structure at global level with the aim of maximizing the investment made with the acquisition of Infinica GmbH, now Doxee AT Merger of Babelee Process of reorganizing the Group by bringing into the organization the roles of: • Chief Revenues Officer • Chief Product Officer Rationalization of activities and internal processes New Organization to give more support to the organic growth path in the target sectors with strong focus on ARR (Annual Recurring Revenues) Strengthen the executive team to sustain the internationalization path that the Group has undertaken towards the countries in DACH and CEE areas FY 2024 Financial Results, April, 2025
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Investor Presentation ONE PLATFORM Development of a pan-European technological platform able to support the development of partnerships and also indirect channels - 1st release Integrated Doxee Platform Possibility of improving and certifying ESG objectives of client companies in Italy, DACH and CEE areas Continuous investments in the Doxee Platform. 2024 was the year of the integration of Infinica technology into the Doxee Platform Improved ability to respond to market requests in a timely and comprehensive manner, enabling customers to benefit from a broad and flexible offer capable of responding to new use cases in different markets Recovery of efficiency and increase in operating margins due to ease of use and configuration bringing lower costs for professional services and lower incidence of the cost of the technology infrastructure (IaaS) FY 2024 Financial Results, April, 2025
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Recent Market Validation Investor PresentationFY 2024 Financial Results, April, 2025 Leaderboard for Customer Communications Management e Digital Customer Experience, 2024, 2023, 2022, 2021, 2020, CCM Trends and Vendor Report 2023, 2021 Customer Communications Management Systems dedicated to BSFI, 2020, 2019 Tech Tide for Creative Technologies, 2021 Tech Tide : Video Technologies Q4 2020 Now Tech Customer Communications Management, Q1 2019 Tech Tide Digital Claims Management, Q4 2019 CCM Market Guide, 2021, 2019 SPARK Matrix : Customer Communication Management , 2024, 2023, Worldwide Cloud CCM App Vendor Assessment, 2022
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Investor Presentation Focus on Top Enterprise Market in Italy, DACH and CEE Focus on Phygital: supporting the digitization process through the integrated management of physical and digital communication – ONE Platform for CCM and CXM bundle of features Consolidation and strengthening of positioning: strong potential of the DACH and CEE areas Vertical Specialization by Industry: proposal of dedicated use cases for Telco, Utilities, Finance and Public Sector Development of a strong European Partner Network thanks to the technological leap forward of the Platform Market entry in the Global Marketplace: Salesforce, SAP and Microsoft Accelerate time-to-value with defined use case to support the digitization process (i.e. Soft Collection, Smart Invoice, e- statement) Complete product offer in the CCM & CXM domains ONE VALUE PROPOSITION FY 2024 Financial Results, April, 2025
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Investor Presentation Focus on increasing revenues ARR (Annual Recurring Revenues) based Strengthening of Pre-Sales and Sales Team, especially in the DACH Region Up-selling & cross-selling structured proposal based on the new integrated product portfolio ready for the current customer base and new prospects Planned new ratio on R&D investments Gross margin improvement thanks to the new integrated organization ONE Company and thanks to the higher efficiency of the new features of the Doxee Platform Planned reduction in external costs for professional services and R&D thanks to the Infinica's team improvement Rationalization of procurement processes with a structured approach to main suppliers SUSTAINABLE REVENUES GROWTH FY 2024 Financial Results, April, 2025
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Key Takeaways One Company with a single structure at European level One Value Proposition 2 1 3 4 A European technological platform Sustainable revenues growth Investor PresentationFY 2024 Financial Results, April, 2025
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Doxee Spa Viale Virgilio 48/B41123 Modena - Italydoxee.com Doxee Spa Viale Virgilio 48/B 41123 Modena - Italy doxee.com Paolo Cavicchioli, Chairman & CEO Sergio Muratori Casali, Co-CEO & Investor Relations Manager investor.relations@doxee.com