Earnings release
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1 PRICE SENSITIVE PRESS RELEASE The Board of Directors reviewed certain financial data concerning the third quarter and first nine months of 2025 9m Revenues 54.7M EUR 9m Gross Profit 14.7M EUR EBITDA 0.6M EUR back to positive NFP 9.6M EUR cash Beefree, the Business Unit on which future investment will focus, posts highest top line growth (+28% in Q3) Milan, 11 November, 2025 – Growens S.p.A. –GROW (the “Company” or the “Issuer” or “Growens”), a company admitted to trading on the multilateral trading facility Euronext Growth Milan and operating in the cloud marketing technology field, announces that today the Board of Directors examined certain consolidated financial data concerning the third quarter and first nine months of 2025. Consolidated figures for the first 9 months of 2025, at 54.7M EUR, are substantially stable vs 9m 2024 (, while Q3 2025 posts revenues at 18.5M EUR or +4% vs. Q3 2024. 9m EBITDA improves to 0.6M EUR vs -0.5M EUR in 9m 2024, as a result of the margin recovery of Agile Telecom. The EBITDA for Q3 2025 is positive at 0.8M EUR. “9m 2025 results confirm that the business is profitable and shows a healthy Gross Margin of 27%. In particular, Beefree’s revenues continue to grow at a double-digit rate, while the strategic actions implemented for Agile Telecom are restoring operating profitability in line with the best performances in the industry..” Matteo Monfredini, Chairman and founder of Growens “Our U.S. Business Unit, Beefree, continues to deliver solid growth, substantially in line with the investment plan shared with the market in February, which targets EBITDA breakeven in 2027. The Group’s financial position remains solid, supported by the strong performance of the Italian Business
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2 Unit, Agile Telecom. We believe that the recent share price trend, as has happened a few times in the past, does not yet reflect the sound fundamentals and intrinsic value of our assets.” Nazzareno Gorni, CEO and founder of Growens Summary of Q3 and 9m 2025 results The main results for the quarter ended 30 September 2025 are as follows: Item (EUR) Q3 2025 % Q3 2024 % Change Ch.% SaaS Revenues 4,064,500 21.9% 3,181,236 17.9% 883,264 27.8% CPaaS Revenues 14,290,230 77.1% 14,456,618 81.2% (166,388) (1.2%) Other Revenues 186,759 1.0% 155,521 0.9% 31,238 20.1% TOTAL REVENUES 18,541,489 100.0% 17,793,375 100.0% 748,114 4.2% Gross Profit 5,201,172 28.1% 4,643,638 26.1% 557,534 12.0% EBITDA 764,657 4.1% 231,739 1.3% 532,918 230.0% EBT (379,928) (2.0%) (557,278) (3.1%) 177,350 31.8% The main results for the nine months ended 30 September 2025 are as follows: Item (EUR) 30/09/2025 % 30/09/2024 % Change Ch.% SaaS Revenues 10,952,884 20.0% 8,927,513 16.3% 2,025,371 22.7% CPaaS Revenues 43,040,198 78.7% 44,281,202 81.0% (1,241,005) (2.8%) Other Revenues 718,962 1.3% 1,488,379 2.7% (769,416) (51.7%) TOTAL REVENUES 54,712,044 100.0% 54,697,094 100.0% 14,950 0.0% Gross Profit 14,686,893 26.8% 12,682,040 23.2% 2,004,853 15.8% EBITDA 558,749 1.0% (458,157) (0.8%) 1,016,907 222.0% EBT Cont. Operations (2,613,291) (4.8%) (2,518,232) (4.6%) (95,059) (3.8%) The SaaS business line (Software-as-a-Service) includes services supplied to clients via cloud platforms, sold through mostly recurring multi-period contracts / c.d. subscriptions by the Business Unit Beefree. The CPaaS business line (Communication-Platform-as-a-Service) covers the messaging services provided on a wholesale basis using APIs, especially supplied by the Agile Telecom Business Unit. Here follow 9m results by Business Unit:
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3 in Euro REVENUES EBITDA 30/09/2025 30/09/2024 % 30/09/2025 30/09/2024 % Agile Telecom 43,115,924 44,430,074 (3.0%) 1,818,553 1,503,022 21.0% Beefree 11,142,650 8,977,231 24.1% (1,743,666) (2,325,742) 25.0% Holding 10,832,946 10,481,377 3.4% 377,777 311,732 21.2% Consol. Adj. (10,379,476) (9,191,588) (12.9%) 106,086 52,831 100.8% TOTAL 54,712,044 54,697,094 0.0% 558,749 (458,157) 222.0% The consolidated net financial position as of 30 September 2025 is the following: Consolidated Net Financial Position 30/09/2025 31/12/2024 Change Ch. % A. Cash 4,051,677 4,970,777 (919,101) (18.5%) B. Cash equivalents C. Other current financial assets 12,567,016 13,123,021 (556,005) (4.2%) D. Cash and cash equivalents (A)+(B)+(C) 16,618,693 18,093,798 (1,475,106) (8.2%) E. Current financial receivables F. Current financial debt 4,198,920 1,619,013 2,579,907 159.4% G. Current part of non-current debt 980,285 1,111,891 (131,607) (11.8%) H. Ohter current financial debt 278,913 446,936 (168,023) (37.6)% I. Current financial position (F)+(G)+(H) 5,458,117 3,177,841 2,280,277 71.8% J. Net current financial position (i)-(D)-€ (11,160,575) (14,915,958) 3,755,382 (25.2%) K. Medium/long term financial debt 706,656 1,034,118 (327,462) (31.7%) L. Bonds issued M. Other non-current financial liabilities 870,104 880,369 (10,265) (1.2%) N. Non current financial position (K)+(L)+(M) 1,576,760 1,914,487 (337,728) (17.6%) O. Net financial position (J)+(N) (9,583,816) (13,001,470) 3,417,655 (26.3%) Other long term fin. assets (1,163,560) (4,813,589) 3,650,029 (75.8%) o/w Current financial liabilities Rights of Use IFRS 16 278,913 446,936 (168,023) (37.6%) o/w Non current financial liabilities Rights of Use IFRS 16 870,104 880,369 (10,265) (1.2%) Net adjusted financial position (O)+(P)-(H)-(M) (11,896,393) (19,142,365) 7,245,972 (37.9%) ESMA 32-382-1138 del 04/03/2021 par. 175 orient. 39 The above-mentioned results are unaudited. Comments to the results Consolidated 9m 2025 P&L posts total Revenues around 54.7M EUR, substantially stable versus the same period of 2024: such result is mainly driven by the 23% growth of the SaaS component, for a 20% incidence on total revenues. CPaaS decreases by 3% for a 79% incidence on total revenues. The Agile Telecom Business Unit posted the biggest sales in excess of 43M EUR, decreasing by 3% over the same period of the previous year, following the strategy of focus on profitability. The fastest growing Business Unit is Beefree, with a 24% increase, or +28% at constant FX rate, at 11.1M EUR / 12.4M USD turnover, driven by increasing volumes. ARR (Annual Recurring Revenues, a very popular key performance indicator for a subscription business, showing the average annual recurring value of existing contracts) equals 17.3M USD as of September 2025.
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4 Consolidated recurring revenues (SaaS subscriptions), representing 20% of total sales at 11M EUR, grew by 23% vs. the same period of the previous year. Foreign revenues amount to 38.9M EUR, representing 72% of total sales, decreasing by 11% vs the previous year. Gross Profit grows by 16% to 14.7M EUR, with a 27% increasing margin on sales Consolidated EBITDA is back to positive and amounts to 0.8M EUR in Q3 2025 and 0.6M EUR in 9m 2025, sharply improving versus 9m 2024. The change is positively influenced by the recovery of profitability in the Agile Telecom Business Unit (+21%) and Beefree (+25%) and impacted by investments in Sales & Marketing (+24%) and Research & Development (+7%, of which +5% expensed in the income statement) aimed at the development of Beefree and Agile Telecom. Earnings before taxes (EBT) for the nine months are negative by 2.6M EUR, after depreciation and amortization of 3.2M EUR, of which 2.7 M EUR represent the amortization of capitalized R&D activities — up by more than 14% — and a lower contribution from financial management due to the use of cash and the resulting decrease in related interest income. The consolidated Net Financial Position as of 30 September 2025 amounts to ca. 9.6M EUR cash, decreasing versus the previously recorded net cash amount of 13M EUR as of 31 December 2024, with a change largely influenced by the financial support provided to the subsidiary Beefree—mainly through investments in Research and Development— as well as by the working capital dynamics of Agile Telecom, and by the cash component of the scrip dividend paid in June 2025. In particular, cash flow was negatively affected by the VAT credit item, mainly attributable to Agile Telecom, amounting to nearly 3.9M EUR in 2025, partially financed through a bank advance that was, however, settled after the end of the quarter following the reimbursement of the aforementioned 2024 VAT credit of Agile Telecom, for approximately 2.6M EUR. Figurative debt from IFRS 16’s adoption amounts to ca. 1.1M EUR. Cash and equivalents exceed 16.6M EUR. The adjusted Net Financial Position also shows escrowed sums as customary in the settlement of comparable extraordinary operations (in particular, as a guarantee of certain obligations related to the sale of the ESP business to TeamSystem). Summary of KPI’s SAAS KPI Beefree Date ARR Beefree App $5,376,792 Sept. 2025 ARR Beefree SDK $11,956,488 Sept. 2025 ARR growth Beefree App +7% Sept. 2025 ARR growth Beefree SDK +18% Sept. 2025 Gross margin 83% 9m 2025 EBITDA margin -15% 9m 2025 Net Revenue Retention 98% Sept. 2025 Data from management accounts, not subject to a BoD resolution, unaudited
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5 Growens (GROW) is a leading European player in the field of Cloud Marketing Technologies, serving thousands of clients worldwide. Its SaaS and CPaaS solutions allows SMEs and large corporations globally to master the evolving ways of communicating with customers. Starting from the original business MailUp the Group grew steadily since 2002, both organically and via M&A, peaking with the launch of innovative products such as BEEfree.io. The company is admitted to trading on the Euronext Growth Milan (EGM) market managed by the Italian Stock Exchange, with a free float above 35%. ISIN IT0005040354 - Reuters: GROW.MI - Bloomberg: GROW IM Media & Guidelines: https://growens.io/en/media-guidelines For further information please contact: Growens Investor Relations Micaela Cristina Capelli +39 02 71040485 investor.relations@growens.io Growens Press Office Maria Giulia Ganassini +39 02 89603080 press@growens.io growens.io Euronext Growth Advisor BPER Banca +39 051 2756537 growens@bper.it