Slides
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Overview and latest results August 2025
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growens.io Select Financials Business Units Agenda What’s Up Investor Information 1 2 3 4
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growens.io What’s up Chapter 1
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growens.io Innovation Global Expansion • Fast-growing industry: Technology / cloud software / content design (SAAS) • Mobile messaging and no-code Email content creation Growens at a Glance • Revenues 3y CAGR • +28% Beefree • +8% Agile Telecom • 7 acquisitions since 2015 • 2 divestments (€78m) Growth • International revenues from 10% to 80% since IPO • Serving ca. 12,000 clients (+1mln free users) in 115+ countries • 160 employees in 2 continents 4 Chapter 1 What’s Up
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growens.io 0 20 40 60 80 100 120 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 MAILUP LAUNCH LEADERSHIP IN ITALY IPO ON AIM ITALIA: RAISED €3M PIVOT: NOW FOCUSED ONLY ON MAILUP COMPANY BOOTSTRAPPED AS DIGITAL AGENCY IN CREMONA (IT) SMS CHANNEL ADDED TO OFFER ACQUIRED DATATRICS (NL) ABB: RAISED €6M ACQUIRED MAILCULT (IT) ACQUISITIONS: AGILE TELECOM (IT), GLOBASE (DK), ACUMBAMAIL (ES), BEEFREE (US) SPUN-OFF From Startup to Leading Player in Cloud Software *In 2016 Group transitioned to IFRS accounting standards. FY 2015 is restated. Therefore historical data may not be comparable. Data in EUR/m. Source: Company and Group financial statements LEGALITY RATING ★★★ Campioni della crescita 2023 ACQUIRED CONTACTLAB 5 Chapter 1 What’s Up SALE OF MAILUP, ACUMBAMAIL, CONTACTLAB, DATATRICS + VOLUNTARY PARTIAL TENDER OFFER FIRST DIVIDEND
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growens.io Current Perimeter ~160 employees Based in 2 continents 6 Chapter 1 What’s Up Growens S.p.A. Bee Content Design, Inc. Agile Telecom S.p.A.
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growens.io Revenue Distribution FY 2024 Italy 19% RoW 3% USA 25% CPaaS 81% Agile Telecom -5% YoY SaaS incidence +35%YoY +20%YoY +8%YoY Europe 52% -15%YoY Agile Telecom Beefree 1H 2024 consolidated results post-carve out of ESP and Datatrics businesses, according to IFRS5 SaaS 17% Beefree +24% YoY 7 Chapter 1 What’s Up
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growens.io North America Presence Consolidated North America results: • USD 18.5m* Revenues as of FY 2024 • USD 17m ARR (24% YoY growth) as of June 2025 * Beefree revenues + revenues from other Growens BUs in the area Representative list of our past and current clients. Logos are the property of the respective businesses and are for illustra tive purposes only Local presence: BEE Content Design, Inc. • Based in San Francisco, 97% owned by Growens • 130 employees (36 in USA: CEO, M&S, Support functions) • 9,200 paying clients including 1,000+ SaaS applications • Market leader in email and landing page creation technology 8 Chapter 1 What’s Up
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growens.io Transitional Perimeter – 2023 M&A Freemium Tool + 1H 2023 divestment Effective 13 July 2023 SMS Services Editor technology AI Predictive Marketing EMAIL SERVICE PROVIDERPOST CLOSING GROUP 160+ employees Based in 3 countries Ca. 250 employees BU& staff + transitional contracts (admin, MI-CR facilities) 9 October 2023 divestment Effective 20 October 2023 Chapter 1 What’s Up
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growens.io Strategic Rationale Key Milestones 2023 • Derisking of Group position in mature business • Consistent cash-in • Focus on development of Beefree • Provide return to stakeholders • Fundamental change of business under EGM Regulations for Companies 2023 ESP Sale - Deal Overview • Sale of • MailUp business (carve-out from Growens) • 100% of Contactlab S.p.A. • 100% of Acumbamail S.L. • 100% of MailUp Nordics/Globase • Euro 76.7 million total gross consideration Deal Consideration • February 2 • March 9 • June 30 Signing GSM Contribution of MailUp business into Contactlab Closing Withdrawal right exercise period (0 requests) • July 13 • July 13-28 10 Chapter 1 What’s Up
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growens.io 2023 ESP Sale - Transaction Economics 77 69 671 1+ 40 60 80 Gross Cash-in Capital Gain Tax Deal Expenses Net Capital GainEUR/m 11 Chapter 1 What’s Up
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growens.io Strategic Rationale Key Milestones 2023 • Derisking of Group position in inefficient business • Stop-loss • Focus on development of Beefree 2023 Datatrics Sale - Deal Overview • Sale of • 100% of Datatrics BV • Euro 1.6 million total consideration (in cash) Deal Consideration • October 6 • October 20 Signing Closing 12 Chapter 1 What’s Up
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growens.io Strategic Rationale Key Milestones 2024 • Increase Beefree’s audience and the number of customers • Close the gap between finding inspiration and creating valuable content from it 2024 RGE Acquisition - Deal Overview • Acquisition of RGE’s assets • USD 6.6 million total consideration - up to 600k in cash - up to 6M earn-out, o/w up to 3M in Growens shares Deal Consideration • April 15 Signing and Closing 13 Chapter 1 What’s Up
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growens.io €18m cash 2.6m shares Offer Details • Launched on a maximum 2.6m ordinary shares, or 17.2% of the share capital • Offer price €6,80 per share • +15,7% premium price over the 3-month average @ announcement • Unanimously resolved upon by GSM and BoD on 18 September, 2023 • Approved by Consob 8 November, 2023 • Acceptance period 13 November, 2023- 6 December, 2023 • Payment Date 13 December, 2023 • Ca. 5m Shares tendered to the Offer • Final Division Rate ca. 53% Offer Rationale • Sensible investment for part of the ESP sale proceeds • Important liquidity event for investors at a record high price • Most efficient way to distribute value to shareholders before 2023 year end • Acquisition of an asset which can be used in the future for incentives, M&A and other Value Creation 2023 Voluntary Partial Tender Offer 14 The Offer is promoted exclusively in Italy, as the shares of Growens are traded solely on Euronext Growth Milan, a multilater al trading system organized and managed by Borsa Italiana S.p.A. The Offer has not been and will not be promoted or disseminated in the United States, Canada, Japan, Australia, or any other country where the promotion of the Offe r and participation in it would not be in compliance with the financial markets laws and regulations or other local laws and regulations or would otherwise not be permitted without prior registration, approval, or deposit with th e respective regulatory authorities. Chapter 1 What’s Up
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growens.io €20m cash €1.58 per share Dividend Details • 37.5% payout on the consolidated net income for 2023 • 28.2% dividend yield at proposal current prices (17 March, 2024) • Approved by the GSM on 18 April, 2024 Payment Scheme Value Creation 2024 Growens First Dividend 15 Chapter 1 What’s Up First tranche 0.79 EUR per share derived from the distribution of extraordinary profits • payment date May 8, 2024 • ex-dividend date May 6, 2024 • record date May 7, 2024 Second tranche 0.79 EUR per share derived from the distribution of extraordinary profits • payment date September 4, 2024 • ex-dividend date September 2, 2024 • record date September 3, 2024
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growens.io €0.9 m cash €0.38 per share Dividend Details • 9% dividend yield at proposal current prices (12 March, 2025) • Approved by the GSM on 15April, 2025 Payment Scheme Value Creation 2025 Scrip Dividend 16 Chapter 1 What’s Up 0.38 EUR per share derived from the distribution of extraordinary profits • payment date June 2, 2025 • ex-dividend date April 28, 2025 • record date April 29, 2025 at the sole discretions of the shareholder • payment in shares • 1 share for every 8 held on the record date • implicit value of allocated shares = EUR 3.04 per share €1.3 m shares
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growens.io Organic growth M&A Mid/long term financial growth 2024 – 2027 Growth Drivers • Focus on Beefree: R&D & M&S • €15m investment in 2024-2026 • Focus on Beefree / add-ons • Opportunistic divestments • Rule of 40*: Sales growth% + EBITDA margin% > 40% • Return for stakeholders 17 Chapter 1 What’s Up * With regard to Beefree’s three - year plan
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growens.io Beefree Updated Guidance 2025-2028 18 Chapter 1 What’s Up • Revenue CAGR 2024-2027 • Steady-state gross margin • EBITDA break-even • Steady-state EBITDA margin • Negative cash flow 2024-2025 for • Cash flow break-even • ARR @ December 2026 USD 24-27m ARR Dec 2027E 20-23% >80% 2027 15%+ USD 12m 2028 USD 21-23m
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growens.io Business Units Chapter 2
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growens.io No-code design democratization beefree.io Chapter 2 Business Units
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growens.io In 2015 Beefree was an internal Growens growth hack experiment. It eventually resulted into a spin-off startup in 2017, based in San Francisco. BEE Content Design Inc. is building on its vision to help democratize content design, with millions of users in 22 languages and from 150+ countries. Huge market: 4b people designing content by 2023 • Canva ($40b evaluation) and Adobe focused on graphics and presentations • Beefree focuses on Emails, Landing pages and Pop-ups Beefree helps them make content beautiful and fast A no-code drag-n-drop email and landing page editor, quick and simple available… OR Embeddable in SaaS applicationsFor end users 21 Project Rationale Assure compatibility overtime: no display issues on any device/charset/screen size/email client/browser …solving a paramount need Chapter 2 Business Units
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growens.io Learn more on Download YouTube Logo in SVG Vector or PNG File Format - Logo.wine • ~1,900 templates thanks to a great designer community • Advanced Co-editing and collaboration features • Integrated with the main marketing platforms • Free editor (also a Gmail extension) generates product-led growth • 3.5m assets designed in 12 months, in 195 countries • Beefree Enterprise: comprehensive contracts Beefree For end users 22 Chapter 2 Business Units
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growens.io • A completely customizable visual html editor • Easy «Make vs Buy» pitch: companies save money and time by embedding Beefree vs. building their own drag -n-drop editor • Clear advantages: ✔ Fast deployment (<30 days) and easy integration ✔ Low maintenance costs ✔ Reliable technology that scales automatically ✔ Hosted on AWS, 99.5% uptime, ISO 27001 and SOC2 certified for added reliability and security ✔ Consistent and reliable email rendering across clients ✔ Accessibility is guaranteed both in the editor’s interface and in the content it generates. Beefree SDK Embeddable editor for SaaS applications or read the Interview 23 Chapter 2 Business Units Learn more on Download YouTube Logo in SVG Vector or PNG File Format - Logo.wine Accessibility is guaranteed both in the editor’s interface and in the emails it generates.
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growens.io Beefree SDK Becoming a standard tool for SAAS Beefree SDK is used by 1,100+ SaaS applications, with clear market leadership. 75% (9 out of 15) of the Forrester Wave Email Marketing Service Providers Q3 2024 embedded Beefree SDK. 24 Chapter 2 Business Units 71% of the platforms (10 of 14) embedded Beefree SDK
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growens.io Company Competition Strategy KPIs • MailUp spin-off in 2017 • Business team and IP in USA + tech team in Italy • 9,200+ Clients, from freelancers to large corporations, 50% in North America • ~3m free users • 130+ employees • Growth: to become the world leading standard for email and landing page creation • Leverage the free version to expand globally and a new enterprise offering to maximize the value creation • ARR*: $17.0m (+24%) • ARR Beefree APP: $5.1m (+5%) • ARR Beefree SDK: $11.0m (+34%) • Net Rev. Retention: 104% • LTV Beefree APP: $1k LTV Beefree SDK: $249k • Payback period APP: 20 months • Payback period SDK: 21 months • NPS: 65 • Recurring revenues: 99.8% • EBITDA Margin: -11% • Gross Margin: 83% Business Unit Highlights • #1 player worldwide • Few players, mainly start-ups and Beefree followers • Upmarket: companies focused on enterprise clients: Stensul, Knak, Dyspatch KPI data as of June 2025*/Q1 2025 Source: Company financial statements and elaborations 27 Chapter 2 Business Units
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growens.io 8,240 9,810 10,751 10,768 11,224 11,729 12,566 13,116 13,625 15,182 16,010 16,150 16,922 0 3,000 6,000 9,000 12,000 15,000 18,000 Jun.22 Sep22 Dec 22 Mar.23 Jun 23 Sept 23 Dec 23 Mar.24 Jun 24 Sept 24 Dec 24 Mar.25 Jun 25 3y ARR Evolution Data in US$/000 (not including usage) Data from management accounts, not subject to a BoD resolution, unaudited ARR = Last available month’s MRR*12 ARR 3Y CAGR +43.3% 28 Chapter 2 Business Units
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growens.io agiletelecom.com CPaaS specialized in A2P messaging Chapter 2 Business Units
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growens.io CPaaS specialized in A2P messaging Companies Software applications SMS Gateways Mobile carriers End users # (world) 300m 10k 1k 1.2k 5.2b Founded in 2001 in Italy as an outright wholesale SMS factory, Agile Telecom is a telecom provider that offers SMS delivery for both marketing and transactional messages: One-Time Password/Alerts etc. Its numerous direct connections with carriers and operators globally as well as its proprietary technology ensure optimized delivery of top- quality messaging. Representative list of players. Logos are the property of the respective businesses and are for illustrative purposes only 30 Chapter 2 Business Units
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growens.io Agile Telecom: the wholesale A2P messaging gateway Telecom provider (OLO - Licensed Operator) offering wholesale A2P (Application -to-person) SMS delivery with 370 direct connections with mobile carriers around the world, from British Telecom to Vodafone Europe Specialized in low-latency transactional messages (One-time password, alerts, notifications…) In-house proprietary technology for SS7 protocol (carrier-grade standard) and dynamic adaptive routing SMS has 98% open rate, 90% of texts are read within 30 minutes. Source: Text Anywhere, Gartner, EZ Texting 31 Chapter 2 Business Units
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growens.io Company Competition Strategy KPIs • Acquired in 2015 for €8m (1x EV/Sales), profitable since year one • 20 employees • 370 direct carrier connections • #1 Italian player with ~2b SMS sent yearly • Price leadership thanks to complete coverage, scale economies and proprietary technology • Consolidate the Italian market leadership, focus on margins • Expand from indirect sales (wholesale) to direct sales (retail) • 375+ wholesale clients • Revenues: €60.0m • Gross Margin: 11% • EBITDA: 3.7% Business Unit Highlights Data as of FY 2024 Source: Company financial statements and elaborations 32 Chapter 2 Business Units
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growens.io 16,374 17,574 16,195 14,796 14,608 17,181 16,526 14,045 15,864 14,453 15,629 14,133 14,623 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 3y Quarterly Sales Evolution Data in EUR/000 Consolidated gross sales from management accounts, not subject to a BoD resolution, unaudited 33 Chapter 2 Business Units AVG. Q GROWTH +0.7% 2022
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growens.io Agile Telecom Beefree Italy Beefree app for email designers) Beefree SDK (for SaaS companies) Europe Others * * * * * * • Marketing automation solutions • Graphic suites (Adobe, Canva…) • Landing page / CMS (Unbounce, Webflow…) • Email Service Providers (Mailchimp, Brevo…) Beefree indirect competitors Competitive Landscape Representative list of our competitors for business units/geographies. Logos are the property of the respective businesses an d are for illustrative purposes only *Publicly traded 34 Chapter 2 Business Units Direct Mail per Mac
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growens.io Select Financials Chapter 3
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growens.io P&L FY 2023-2024 FY 2023 FY 2024 Data in EUR/m Restatement according to IFRS5, including carve-out of Discontinued Operations after ESP sale closed in July 2023 and Datatrics sale closed in October 2023 FY 2023 FY 2024 • Gross Profit +20% • COGS -6% • S&M +31% • R&D +37% 75.1 74.5 YOY -0.8% • Agile Telecom – 5% • Beefree +24% -0.6 -0.1 Revenues EBITDA 36 Chapter 3 Select Financials
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growens.io By Business Unit REVENUES EBITDA FY 2024 FY 2023 Δ% FY 2024 FY 2023 Δ% Agile Telecom 60.3 63.5 (5.1%) 2.0 3.0 (33.3%) Beefree 12.7 10.3 23.5% (2.9) (1.23 n.m. Holding 14.6 10.3 41.5% 0.7 (2.4) n.m. Consol. Adjustments (13.2) (9.0) (45.1%) 0.0 (0.1) - Total 74.5 75.1 (0.8%) (0.1) (0.6) 80.2% FY 2024 37 Appendix REVENUES EBITDA Q1 2025 Q1 2024 Δ% Q1 2025 Q1 2024 Δ% Agile Telecom 14.1 13.9 2.1% 0.5 0.1 562.5% Beefree 3.7 2.8 32.2% (0.4) (0.7) 39.4 Holding 3.5 3.2 9.4% (0.1) (0.0) 337.3% Consol. Adjustments (3.3) (2.9) (0.0) 0.0 - Total 18.0 16.9 6.5% 0.3 (0.7) 138.3 Q1 2025 Data in EUR/m
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growens.io Balance Sheet FY 2023 - FY 2024 FY 2023 FY 2024 Data in €m except where stated Restatement according to IFRS5, including carve-out of Discontinued Operations after ESP sale closed in July 2023 and Datatrics sale closed in October 2023 FY 2023 +69 Cash in from divestments -18 Voluntary PTO consideration 56.9 34.6 +42.1 cash 38 NFP gross of IFRS16 effect Liquidity (cash) Chapter 3 Select Financials Shareholders’ Equity Net Cash Position FY 2024 +13.0 cash o/w -20 Dividend -2.4 M&A costs (2023) Incl. purchase of 18m worth treasury shares
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growens.io Investor Information Chapter 4
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growens.io Matteo Monfredini Co-founder - Chairman & CFO • Freelance software developer during his studies at the Politecnico University in Milan • Co-founded Network srl in 1999 and MailUp in 2002 Nazzareno Gorni Co-founder & CEO • ICT Marketing and CRM Engineer since 1997 • Adjunct professor in Marketing, Consumerism & Communications • Speaker and author of books about Email Marketing & Automation Micaela Cristina Capelli Executive Director & IR • Italian Bishops’ Conference Investment Committee • Former: • Promoter Team and Board Member of Gabelli Value for Italy SPAC • Capital Markets Director of Banca Esperia • Capital Markets Manager of Centrobanca and UBI Banca • Analyst at the Equity Market Listing of the Italian Stock Exchange Paola De Martini Independent Director • Board member of Renergetica, chair of the Domestic and International Arbitration Chamber of Rome, independent Board member, Remuneration and Related Parties Operations Committees of Banca Monte dei Paschi di Siena • Former Executive VP with Coca ColaEuropean Partners, STMicroelectronics, Luxottica Group, Grimaldi Group, Bulgari • Former independent Board member with Banca Popolare di Milano and Tiscali Ignazio Castiglioni Independent Director • Founder and Chief Executive Officer of HAT Orizzonte Group • Former Head of Private Equity of Vegagest SGR • Former senior manager at the asset management company of Cattolica Assicurazioni, the private equity firm of Gemina Group, PwC and EBlab Board of Directors 40 Chapter 4 Investor Information
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growens.io * Group’s Founders (via respective legal entities) ** General Shareholders’ Meeting, Apr 15, 2025 Stock Information / Shareholders Gorni Nazzareno* CEO 11.8% Azzali Luca* 10.0% Miscia Alberto* 10.4% Monfredini Matteo* Chairman & CFO 11.6% Bettoni Matteo* Director, BU Agile Telecom 11.0% Treasury Shares 9.3% Market 35.8% • Herald Investment Trust Plc • Eurizon • Azimut Top institutional holders** • 2 independent Directors, 2 female Directors • Free float ~31% • Full quarterly reports • Upgraded management control system • Management incentive plan • Reporting in international accounting principles (IFRS) • Risk management “Model 231” • All information available in both Italian and English Market friendly 41 Chapter 4 Investor Information
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growens.io Prices & Volumes 5 Years Source: Borsa Italiana. as of 9 Sept 2025 Number of Shares 15.393.343 IPO Price (29 Jul 2014) €1.92 Current Price (9 Sept 2025) €3.39 Current Market Cap (9 Sept 2025) €52.2m Perf 5YR -16% Perf 1YR -38% Perf 6m -1% Avg daily volumes (shares) 2020 14k 2021 10k 2022 6k 2023 30k 2024 17k EURONEXT GROWTH MILAN ISIN IT0005040354 Bloomberg GROW IM Reuters GROW.MI UKRAINE CRISIS CONTACTLAB ACQUISITION ESP SALE ANNOUNCEMENT ESP SALE CLOSING PARTIAL TENDER ANNOUNCEMENT 42 Chapter 4 Investor Information DATATRICS SALE VOLUNTARY PARTIAL TENDER OFFER EXTRAORDINARY DIVIDEND €1.58 ps SCRIP DIVIDEND €0.38 ps
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growens.io ESG - Environment, Social, Governance We care for employees, environment, people, community, investors Environment • Carbon Neutrality goal: CO2 offset for all Business Units, by planting trees and supporting forest conservation projects • Climate Positivity goal: starting 2022, one tree planted for every new customer • Use of renewable energy (solar systems) • Cloud sustainability (-67% carbon emissions thanks to cloud servers) Governance • Voluntary ESG disclosure in accordance with GRI Standards • Independent Board members: 2/5 • Pay-per-performance • Anti-corruption policy & Code of Ethics • Tax transparency • Top-score Legality Rating • GDPR compliance Social • Flexibility & hybrid work • No temporary staff • Key stakeholder engagement: constant dialogue with customers, social parties, institutions, local communities, employees, etc. • Support to non-profits, cultural associations & local sport organizations Learn more about our approach to Sustainability on our website Learn more about our approach to Sustainability on our website Accento circonflesso verso destra 43 Chapter 4 Investor Information
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growens.io List of Parties Euronext Growth Advisor Audit & Accounting Specialist Legal Advisor Broker / Coverage 44 Chapter 4 Investor Information
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growens.io Analyst Coverage and Outlook Graphical user interface, application Description automatically generated Graphical user interface, text Description automatically generated Download here Download here Download contorno 45 Chapter 4 Investor Information
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growens.io Contacts Via Porro Lambertenghi 7 20159 Milan, Italy investor.relations@growens.io 46 Ticker GROW.IM / GROW.MI ISIN IT0005040354 Chapter 4 Investor Information
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growens.io Appendix
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growens.io Q1 2025 and FY 2024 Net Financial Position Data in EUR ESMA Guidelines 32-382-1138 of 04/03/2021 par. 175, guideline 39 Consolidated Net Financial Position 31/03/2025 31/12/2024 Change Ch. % A. Cash 3,055,499 4,970,777 (1,915,278) (38.5%) B. Cash equivalents C. Other current financial assets 11,720,440 11,834,813 (114,373) (1.0%) D. Cash and cash equivalents (A) + (B) + (C) 14,775,939 16,805,590 (2,029,651) (12.1%) E Financial debt 1,399,149 2,065,949 (666,800) (32.3%) F. Current financial debt 1,083,339 1,111,891 (28,553) (2.6%) G. Current financial position (E) + (F) 2,482,488 3,177,841 (695,353) (21.9%) H. Net short term financial position (G) - (D) (12,293,451) (13,627,749) 1,334,299 (9.8%) I. Due to banks medium/long term 800,246 626,279 173,967 27.8% J. Bonds issued K.Other financial liabilities medium/long term L. Non current financial position (I) + (J) + (K) 800,246 626,279 173,967 27.8% M. Net Financial Position (H) + (L) (11,493,205) (13,001,470) 1,508,266 (11.6%) Other Financial Assets Long term (4,828,882) (4,813,589) (15,293) 0.3% o/w E. Current fin. Liab. Rights of Use IFRS 16 314,218 446,936 (132,718) (29.7%) o/w I. Non curr. fin. Liab. Rights of Use IFRS 16 897,181 880,369 16,812 1.9% N. Adj. Net Financial Position (17,533,486) (19,142,365) 1,608,879 (8.4%) 48 Appendix
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growens.io P&L Data in EUR 49 Appendix SaaS Revenues CPaaS Revenues Other Revenues Total Revenues Cost of Goods Sold Gross Profit Sales & Marketing costs Research & Development Opex Research & Development Capex Research & Development costs General & Admin Costs Total Costs EBITDA General Depreciation Costs Right of Use Amort. Costs R&D Amortization Costs Total Depreciations EBIT Net financial income/(charges) EBT Current Income Taxes Deferred Taxes Net Profit (Loss) from Continuing Operations Net Result from Discont. Operations Net Profit (Loss) Group Net Profit (Loss) Minority Net Profit (Loss) 31/12/2024 % 31/12/2023 % Change Ch.% 12,585,243 16.9% 10,237,069 13.6% 2,348,174 22.9% 60,010,417 80.6% 62,945,049 83.9% (2,934,632) (4.7%) 1,864,641 2.5% 1,878,339 2.5% (13,698) (0.7%) 74,460,302 100.0% 75,060,458 100.0% (600,156) (0.8%) 56,760,013 76.2% 60,244,752 80.3% (3,484,739) (5.8%) 17,700,289 23.8% 14,815,706 19.7% 2,884,584 19.5% 5,763,560 7.7% 4,414,462 5.9% 1,349,098 30.6% 3,035,032 4.1% 1,941,566 2.6% 1,093,467 56.3% (3,561,598) (4.8%) (2,860,622) (3.8%) (700,975) (24.5%) 6,596,630 8.9% 4,802,188 6.4% 1,794,442 37.4% 9,012,441 12.1% 9,018,389 12.0% (5,948) (0.1%) 17,811,033 23.9% 15,374,416 20.5% 2,436,616 15.8% (110,744) (0.1%) (558,710) (0.7%) 447,967 80.2% 133,886 0.2% 63.527 0.1% 70,359 n.m. 522,426 0.7% 411.603 0.5% 110,822 26.9% 3,282,440 4.4% 2.654.232 3.5% 628,208 23.7% 3,938,751 5.3% 3.129.362 4.2% 809,389 25.9% (4,049,495) (5.4%) (3.688.073) (4.9%) (361,423) (9.8%) 1,341,360 1.8% 1.025.461 1.4% 315,899 30.8% (2,708,136) (3.6%) (2.662.612) (3.5%) (45,524) (1.7%) (30,698) (0.0%) (375.664) (0.5%) 344,966 (91.8%) 203,789 0.3% 12.938 0.0% 190,850 n.m. (2,535,045) (3.4%) (3.025.337) (4.0%) 490,293 16.2% 0 0.0% 56.131.395 81.5% (61,157,070) n.m. (2,535,045) (3.4%) 53.106.057 77.4% (60,666,778) n.m. (2,430,410) (3.3%) 53.187.803 77.6% (60,643,889) n.m. (104,635) (0.1%) (81.746) (0.1%) (22,889) (28.0%)
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growens.io P&L Q1 Data in EUR 50 Appendix SaaS Revenues CPaaS Revenues Other Revenues Total Revenues Gross Profit EBITDA EBT 31/03/2025 % 31/03/2024 % Change Ch.% 3,647,001 20.3% 2,765,520 16.4% 881,480 31.9% 14,139,773 78.6% 13,852,226 82.0% 287,547 2.1% 212,964 1.2% 276,613 1.6% (63,649) (23.0%) 17,999,738 100.0% 16,894,359 100.0% 1,105,379 6.5% 4,751,796 26.4% 3,201,327 18.9% 1,550,469 48.4% 250,304 1.4% (654,316) (3.9%) 904,621 138.3% (765,288) (4.3%) (1,133,669) (6.7%) 368,381 32.5%
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growens.io Balance Sheet 51 Appendix 31/12/2024 31/12/2023 Change Change % Tangible fixed assets 228,580 286,551 (57,971) (20,2%) Right of Use 1,283,515 1,258,009 25,507 2,0% Intangible fixed assets 6,858,847 5,434,791 1,424,056 26,2% Goodwill 8,498,292 8,498,292 0,0% Equity investments in associates and joint ventures 450,720 420,701 30,019 7,1% Other non-current assets 6,298,318 6,075,448 222,870 3,7% Deferred tax assets 2,191,456 1,369,823 821,633 60,0% Total non-current assets 25,809,728 23,343,615 2,466,113 10,6% Receivables from customers 9,406,046 8,747,887 658,158 7,5% Other current assets 19,396,022 9,621,356 9,774,667 101,6% Cash and cash equivalents 4,970,777 40,488,090 (35,517,313) (87,7%) Total current assets 33,772,845 58,857,332 (25,084,487) (42,6%) Total assets 59,582,573 82,200,948 (22,618,374) (27,5%) Share capital 384,834 384,834 0 0,0% Reserves 36,516,688 (1,611,653) 38,128,341 n.m. Profit (Loss) for the period (2,430,410) 58,213,479 (60,643,889) n.m. Net Equity (third parties) 98,844 (117,825) 216,669 n.m. Total equity 34,569,956 56,868,834 (22,298,878) (39,2%) Payables to banks and other financiers 1,034,118 2,074,235 (1,040,116) (50,1%) Liabilities RIGHT OF USE long -term 880,369 919,315 (38,945) (4,2%) Provisions for risks and charges 333,333 133,333 200,000 n.m. Provisions for personnel 1,300,534 1,097,245 203,289 18,5% Deferred taxes 909,858 358,397 551,461 n.m. Total non-current liabilities 4,458,213 4,582,525 (124,312) (2,7%) Trade and other payables 11,003,447 12,730,699 (1,727,253) (13,6%) Due to banks and other lenders short term 2,730,904 1,198,294 1,532,610 n.m. Liabilities RIGHT OF USE short -term 446,936 354,384 92,553 26,1% Other current liabilities 6,373,117 6,466,212 (93,095) (1,4%) Total current liabilities 20,554,404 20,749,589 (195,184) (0,9%) Total Liabilities 59,582,573 82,200,948 (22,618,374) (27,5%) Data in EUR
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growens.io Q2 2025 Q2 2025 Ch % Agile Telecom 14.6 15.9 (3.9%) June 2025 ARR and Cash Sales Preview Business Unit ARR Jun 2025 ARR Jun 2024 Ch % Beefree EUR 15.0 12.6 18.6% Beefree USD 16.9 13.6 24.2% 52 SaaS ARR CPaaS Q4 cash sales Appendix Data in EUR/m
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growens.io Glossary NET RETENTION (%) - How much revenue growth or churn the company had over time from the existing pool of customers. Takes into account expansion (upgrades), contraction (downgrades), and churn NPS - Net Promoter Score, a method of using a single survey to gauge customer satisfaction. Range is from -100 to +100. Average for SaaS is 31 Payback Period - the average time (in months) it takes for the revenues from a new client to cover the cost of acquisition (sales and marketing) and the cost of service provision (COGS) RECURRING REVENUE - The portion of a company's revenue that is expected to continue in the future. Unlike one-off sales, these revenues are predictable, stable and can be counted on to occur at regular intervals going forward with a relatively high degree of certainty. In SaaS they are referred to the annual or monthly subscriptions SAAS - Software-as-a-service uses cloud computing to provide users with access to a program via the internet ARPA - Average Revenue per Account, generally measured on a monthly or annual basis ARR - Annual Recurring Revenue, a measure of predictable subscription-based revenue stream CAC - Cost to Acquire a new Client, equal to the total sales and marketing expense divided by the number of new clients CPAAS - Communications Platform as a Service is a cloud-based, programmable multichannel communications platform that lets you add messaging features to your existing business software using APIs CDP - Customer Data Platform, a marketer-managed system that creates persistent, unified, customer database that is accessible to other systems LTV - Life Time Value, an estimation of the aggregate gross margin contribution of the average customer over the life of the customer MRR - Monthly Recurring Revenue, a measure of predictable subscription-based revenue stream 53
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growens.io Disclaimer This presentation (the “Document”) has been prepared by Growens S.p.A. (“Growens” or the “Company”) solely for information purposes on the Company and the Group (“Growens.io”). In accessing the Document, you agree to be bound by the following restrictions, terms and conditions. The Document does not constitute in any way investment advice or a solicitation to purchase securities, nor is it intended as a recommendation, consulting or suggestion, offer or invitation or promotional message for the purchase, sale or underwriting of the Company or its shares or any other securities/financial instruments issued by the Company. The Document cannot be used in the context of a public offer or investment solicitation. As a result, the Company, its directors, employees, contractors, and consultants do not accept any liability in relation to any loss or damage, costs or expenses incurred by any person who relies on the information contained herein or otherwise arising from its use and any such liability is expressly disclaimed. The Document is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of, or located in, any locality, state, country or other jurisdiction where such distribution or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. The Document is not for publication, release or distribution in the United States, Australia, Canada or Japan or in any jurisdiction where it is unlawful to do so. The release or distribution of the Document or access to it in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the laws of any such other jurisdiction. The Document may contain forward-looking statements, i.e. all information and matters that are not historical facts and are based upon certain assumptions about future events or conditions and are intended only to illustrate hypothetical results under those assumptions, not all of which are specified herein. Certain industry and market data contained in the Document come from third party sources, such as industry publications, studies, surveys or any other source generally believed to be reputable and reliable, but upon which neither the Company, nor its directors, employees, contractors, and consultants has performed an independent verification. The terms, data and information contained in the Document are subject to modification and update at any time; although the Company, its directors, employees, contractors, and consultants do not assume any responsibility to communicate or otherwise make known, in advance or subsequently, such changes and/or updates nor for any damages that may result from improper use of the information (including communications of changes and updates) included in the Document. The Document is not intended as, nor should it be regarded as a complete and comprehensive description of the Company and does not necessarily contain all the information that the recipients may consider relevant in relation to the Company. The provision of the Document does not give the recipient any right to access more information. Within the limits of law, the Company, its directors, employees, contractors, and consultants make no statement, give no guarantee or assume any responsibility, express or implied, regarding the accuracy, the adequacy, sufficiency and completeness and up-to-date nature of the information contained in the Document nor in respect of any eventual errors, omissions, inaccuracies or oversights contained herein. Historical and actual data and performances are not indicative nor constitute a guarantee of future performance: the results or actual performance may therefore be different, even significantly, from historical and / or from those obtained and the Company does not assume any liability with respect thereto. 54