Slides
Page 1
Quarterly Presentation Q3 2025 November 6th, 2025
Page 2
22 These materials have been produced by Pexip Holding ASA (the "Company“, and with subsidiaries the “Group”). The materials hav e been prepared for the exclusive use of persons attending an oral briefing and meeting to which these materials relate given by a representative of the Company and/or persons to whom these materials have been provided directly by an authorized representative of the Company (the “Recipients”). For purpo ses of this notice, "materials" means this presentation, its contents and appendices and any part thereof, any oral presentation and any question or answer s ession during or after or in relation to any of the foregoing. The materials are for information purposes only, and do not constitute or form part of any offer, invitation or recommendatio n to purchase, sell or subscribe for any securities in any jurisdiction and neither the issue of the information nor anything contained herein shall form the basi s of or be relied upon in connection with, or act as an inducement to enter into, any investment activity. The materials comprise a general summary of certain matters in connection with the Group, and do not purport to contain all of the information that any recipient may require to make an investment decision. Each recipient should seek its own independent advice in relation to any financial, legal, tax, accounting or other specialist advice. No representation or warranty (expressed or implied) is made as to any information contained herein, and no liability whatsoe ver is accepted as to any errors, omissions or misstatements. Accordingly, the Company or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of the materials. The materials may contain certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not histori cal facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates ", "targets", and similar expressions. Any such forward-looking statements are solely opinions and forecasts which are subject to risks, uncertainties and other factors th at may cause actual events to differ materially from any anticipated development. No liability for such statements, or any obligation to update any such st atements or to conform such statements to actual results, is assumed. These materials are not intended for distribution to, or use by, any person in any jurisdiction where such distribution or us e would be contrary to local laws or regulations, and by accepting these materials, each recipient confirms that it is able to receive them without contravention of an unfulfilled registration requirements or other legal or regulatory restrictions in the jurisdiction in which such recipients resides or conducts busin ess. This presentation and related materials speaks only as of the date set out on the cover, and the views expressed are subject to change based on a number of factors. The Company does not undertake any obligation to amend, correct or update the materials or to provide any additional information about any matters described herein. Important notice and disclaimer
Page 3
1 Excluding other gains and losses 2 Cash flow excluding financing items Software only specialist video conferencing player Serving large enterprises and public sector organizations Unique partnerships with the technology leaders in our industry 122.2m ARR USD EoQ3 12% ARR growth Y-o-y 92% Gross margin LTM margin 25% Free cash flow2 LTM margin +8p.p EBITDA expansion1 LTM margin improvement Strong financial performance 3
Page 4
1) Excluding Other gains and losses, e.g., restructuring costs Q3 2025 highlights • Continued improved ARR, revenue and EBITDA growth • Continued strong performance from Connect for Zoom in Connected Spaces • Initiated two large projects to deliver Connect Standard in high-security US Clouds • Launched Connect for Google Meet rooms • Continued strong growth in Secure & Custom +3.2m 52.3 28.9m ARR Q-o-Q Adj. EBITDA1 Q3 2025 Free cash flow Q3 2025 MUSD 122.2 EoQ3 MNOK 310 LTM MNOK 303 LTM 4
Page 5
1 EBITDA less Other gains and losses 2 Operating cash flow, investment cash flow and leases Continued growth and further improved profitability 109.5 113.1 115.5 119.0 122.2 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 +3.5 +2.4 +3.5 +3.2 Total ARR USDm Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 178 (17%) 207 (18%) 255 (22%) 276 (23%) 310 (25%) Adjusted EBITDA1 NOKm, Last twelve months Free Cash flow2 NOKm, Last twelve months Q3 2024 Q4 2024 Q1 2025 Q2 2025 209 196 315 281 Q3 2025 303 5
Page 6
When complete privacy and control over data is required Pexip Secure & Custom Spaces Video meetings that are self-hosted on-premises or in a private cloud When several video technologies need to work seamlessly together Pexip Connected Spaces Video meeting room interoperability Pexip’s two business areas 6 1 2
Page 7
7 SECURE AND CUSTOM SPACES Secure Meetings are easily scheduled in Outlook Deployment flexibility and Data Control User authentication Integrated secure Chat Self-hosted Secure Meeting Global SaaS Services Sovereign cloud Government cloud Private cloud On-premises Air-gapped Pexip Secure Meetings caters to customers with specific security & privacy requirements
Page 8
Our vision is to connect any meeting room to any meeting is becoming reality meetingsrooms CONNECTED SPACES 8 Rooms Rooms Rooms SIP end- points Rooms Meeting Meeting Meeting Meeting
Page 9
9 Connect for Google Rooms generally available Connect for Google Rooms Enables Google Meet hardware to join Teams meetings Co-developed with Google Seamless integration with Google Meet hardware and Google Calendar for ease of use Launched October 1, 2025 Available through partners and through pexip.com This is the most requested feature for Google Meet hardware Head of Channel & Sales, EMEA, Google Meet Hardware “
Page 10
10 Pexip is supporting Microsoft in rolling out Teams in high-security US Government organizations Pexip FedRAMP Service Pexip Software Pexip Software Pexip is the only technology partner enabling video devices to join Teams meeting in US Gov Clouds • Currently working with paid early- stage roll-out projects within high security Government organizations • Both projects have received significant technical and commercial support by Microsoft • Expect significant wins in 2026
Page 11
Sales update 11
Page 12
Secure and Custom Spaces +2.8m 53.4m 30% ARR change Q-o-Q USD ARR USD End of Q3 2025 Y-o-Y growth Q3 2025 Continue to see good ARR growth from Defense Continued increase in public awareness on need for sovereign IT in Europe Closed an additional Justice department, and significant upsells on four other justice accounts 12
Page 13
Citizen to Government & Inter- Government Meetings USE CASE Secure Meetings & Secure Scheduling PRODUCT 2025 Q3 win – Secretaría General de Administración Digital SECURE AND CUSTOM SPACES 13 Integration and scale Deep customization and workflow integration enables citizens with an easy to use, high-quality experience. Easy to operate Simplified administration and scale across complex architectures and workflows. WHY PEXIP Security and privacy every step of the way Meeting the highest level of security requirements (CCN Media) and authentication of users enables digital trust.
Page 14
Note: Legacy is incorporated into Connected Spaces from Q1 2025, and in historic comparisons Connected Spaces +0.4m 68.8m 0% ARR change Q-o-Q USD ARR USD End of Q2 2025 Y-o-Y growth Q2 2025 Closed two pre-production projects to deliver Microsoft Teams interoperability to high-security US Gov clouds Closed first customer on desktop-based interop, enabling a Zoom client to join Teams meetings Second consecutive quarter with growth in Connected Spaces, despite reduction of $1 million in ARR from a change in partner business model 14
Page 15
Enabling Zoom Desktop clients to join Teams meetings USE CASE Connect for Zoom–in a Virtual Desktop Infrastructure (VDI) environment PRODUCT 15 2025 Q3 win – Global bank expands interoperability CONNECTED SPACES Universal interoperability Seamless, high-quality interop across platforms and devices — now extended to Virtual Desktop Infrastructure (VDI), delivering significant cost savings for customer. Regulatory compliance Secure recording and data handling of video meetings in fully controlled environments, meeting strict financial and privacy requirements. Simple to operate and support Reliable, easy-to-manage collaboration backed by the combined expertise of Pexip and Zoom. WHY PEXIP
Page 16
Financial update 16
Page 17
17 Subscription-based revenue model with ARR base at USD 122m in Q3 2025 68.6 68.1 67.6 68.4 68.8 41.0 44.9 47.9 50.6 53.4 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 109.5 113.1 115.5 119.0 122.2 +12% ARR USD million 50% 42% 8% EMEAAmericas APAC Secure & Custom Connected Spaces +30% +0% ARR split USD million 27% 20% 20% 19% 8% 6% Government Regulated industries Healthcare Enterprise Defense and Aerospace IT
Page 18
Secure and CustomConnected spaces 18 Strong growth in Secure & Custom 68.7 Q2 2025 2.9 New Customers 0.5 Net Upsell 2.1 Churn Q3 2025 68.4 0.4%4.2% Quarterly net retention of 96% -3.1%-0.7% USD million, quarter-over-quarter 50.6 53.4 Q2 2025 1.6 New Customers 1.4 Net Upsell 0.2 Churn Q3 2025 5.5%3.2% Quarterly net retention of 102% -0.4%2.8% • USD 3.2 million in net growth in Q3 2025 compared to USD 2.4 million in Q3 2024, from stronger net upsell and lower churn • Secure & Custom continue to outperform Connected Spaces due to better net retention • Second consecutive quarter with growth in Connected Spaces despite negative impact of USD 1 million on net upsell from a change in business model with a key partner
Page 19
Quarterly revenue increase of 16% y-o-y – Driven by 38% Software revenue growth impacted positively by software revenue periodization 25% EBITDA1 margin on LTM basis – 20% on quarterly basis, as Q3 has seasonally lower software revenues and slightly lower salary expenses LTM ARR growth and EBITDA margin of combined 37% vs long-term target of 40% 19 LTM 15% revenue growth and 25% EBITDA margin 1) EBITDA adjusted for Other gains and losses 88 121 141 144 Q3 2024 Q3 2025 228 266 16% Revenue NOK million EBITDA1 NOK million (margin) SaaS Software 553 642 519 586 LTM Q3 2024 LTM Q3 2025 1,071 1,227 +15% LTM Q3 2024 LTM Q3 2025 178 (17%) 310 (25%) +75% Q3 2024 Q3 2025 18 (8%) 52 (20%) +189% Quarterly LTM
Page 20
20 Revenue growth of NOK 37 million resulting in EBITDA growth of NOK 34 million 25 27 204 (89%) Q3 2024 238 (90%) Q3 2025 COGS Gross margin 228 266 +37 Revenue and gross margin NOK million Q3 2024 Q3 2025 18 (8%) 52 (20%) +34 (12 p.p.) EBITDA excl. other gains and losses NOK million Continue to maintain high EBITDA conversion
Page 21
21 Stable year-on-year expenses Salary and personnel expenses NOK 5 million lower share option related costs NOK 1 million higher other Salary and personnel expenses Other Operating expenses NOK 4 million higher costs across marketing, IT and external services as well as NOK 1 million in loss on receivables 38.7 8.4 155.4 Q2 2024 34.6 16.0 135.0 Q3 2024 40.5 12.2 165.4 Q4 2024 38.0 15.0 153.7 Q1 2025 39.1 15.3 150.1 Q2 2025 38.7 10.8 136.5 Q3 2025 9.4 152.2 Q1 2024 200.7 202.5 185.6 218.1 206.7 205.2 186.039.9 0% Other operating expenses Share option related costs Salary and personnel expenses Quarterly OPEX development NOK million
Page 22
221 Includes fair value adjustments on money market funds Note: Free cash flow defined as the sum of operating cash flow, investment cash flow and lease payments Improved operating cash flow Cash flow bridge Q3 2025 NOK million • NOK 44 million in operating cash flow, 23 million above Q3 2024 – LTM free cash flow up to NOK 303 million • Completed share buyback, taking cash returned to shareholders to NOK 358 million year-to-date • Solid financial position with NOK 526 million in cash and money market funds and no material debt 44 Operating cash flow1 12 Investment cash flow 5 Principal lease payments 28 544 Free cash flow 42 Cash and money market funds Q3 2025 Net exchange gains on cash holdings 4 Other financing activities 0 Share buyback 544 572 526 Cash and money market funds Q2 2025
Page 23
23 Q3 2025 Financial results Q3 2025 Q3 2024 Y-o-Y Revenue 266 228 37 Cost of goods sold 27 25 3 Gross Profit 238 204 35 Salary and personnel exp. 147 151 -4 Other operating exp. 39 35 4 Adjusted EBITDA 52 18 34 Other gains and losses 5 3 1 EBITDA 48 15 33 D&A 14 19 -4 EBIT 33 -4 37 Net financials 0 13 -13 Profit/loss before income tax 33 9 24 • 16% increase in year-on-year revenue due to ARR increase and higher growth in Software subscriptions (quicker revenue recognition than SaaS subscriptions) • Normalized COGS in line with revenue increase • EBITDA excluding other gains and losses of NOK 52 million, NOK 34 million higher than in Q3 2024 • NOK 5 million in other losses tied to restructuring • Reduction in D&A due to completed depreciation of past software and customer contract acquisitions • Neutral net financials due to negative currency exchange result netting out financial income from received interest Profit and loss NOK million
Page 24
Outlook and targets 24
Page 25
1) Excluding other gains and losses • Continued positive market outlook across the business areas driven by market trends • Need for private video meeting platforms • Custom video work-flows are growing • Interoperability is highly relevant • Our unique technology, strong market position and industry partnerships put Pexip in a good position to capitalize on these market trends • End Q4 2025 ARR outlook of 124-127 USD millions 25 Outlook Near-term targets Consistently deliver: • Above 10% ARR growth • Above 20% EBITDA1 margin Medium-term ambition Deliver Rule of 40 performance across ARR growth and EBITDA margin
Page 26
Q4 2025 Quarterly Presentation February 12th, 2025 Upcoming dates 26
Page 27
Q&A Investor.pexip.com
Page 28
BACKUP
Page 29
29 Summary of key figures Comments Q2 2025 ARR • Delta ARR of 3.2 MUSD, driven by good growth in Secure & Custom across new and existing customers (+30% y-o-y) • Annual ARR growth of 12.7 MUSD Revenue • 16% increase in year-on-year revenue due to ARR increase which is mostly from Software with faster revenue recognition than SaaS, negative impact from stronger NOK/USD exchange rate Costs • COGS level in line with previous quarters following received rebates in Q2 2025 • Slight reduction in Salary and personnel expenses from lower share-based compensation. Seasonally lower salary in Q3 due to holiday pay • Higher Other OPEX than in Q3 2024, in line with run-rate Other items • Neutral net financials resulting from interest on cash holdings as well as negative foreign exchange differences • Y-o-y improved free cash flow in line with net profit improvement KPI Unit Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Y-o-y Q-o-Q ARR Connected Spaces MUSD 68.6 68.1 67.6 68.4 68.8 0.2 0.4 Secure & Custom MUSD 41.0 44.9 47.9 50.6 53.4 12.4 2.8 Total MUSD 109.5 113.1 115.5 119.0 122.2 12.7 3.2 P&L SaaS revenue MNOK 140.8 144.5 147.6 149.2 149.2 8.5 0.0 Software revenue MNOK 87.7 188.0 200.4 131.9 131.9 44.2 0.0 Revenue MNOK 228.5 332.5 347.9 281.1 265.6 37.1 -15.5 Cost of Goods Sold MNOK -24.8 -26.2 -28.8 -18.6 -27.3 -2.6 -8.7 Gross profit MNOK 203.7 306.3 319.1 262.5 238.3 34.6 -24.2 Salary and personnel expenses MNOK -151.0 -177.7 -168.6 -165.3 -147.3 3.7 18.0 Other OPEX MNOK -34.6 -40.5 -38.0 -39.9 -38.6 -4.0 1.3 Adj. EBITDA MNOK 18.1 88.2 112.5 57.3 52.4 34.3 -4.9 Other gains and losses MNOK -3.4 -2.7 2.6 -0.8 -4.8 -1.3 -4.0 EBITDA MNOK 14.6 85.4 115.1 56.5 47.6 33.0 -8.9 D&A and impairment MNOK -18.6 -23.3 -14.1 -11.7 -14.2 4.4 -2.6 EBIT MNOK -4.0 62.2 101.0 44.8 33.4 37.3 -11.4 Net Financials MNOK 13.0 20.1 -13.9 11.4 -0.2 -13.2 -11.6 Tax MNOK -3.2 -22.6 -20.7 -12.3 -7.5 -4.3 4.8 Net profits MNOK 5.8 59.7 66.4 43.9 25.6 19.8 -18.2 Cash and cash flow Operating cash flow MNOK 22.2 38.0 230.5 46.3 44.2 22.0 -2.2 Investing cash flow MNOK (11.1) (13.8) (6.7) (9.7) (10.7) 0.4 -1.0 Principal lease payments MNOK (3.3) (3.1) (2.9) (4.6) (4.6) -1.3 0.0 Free cash flow MNOK 7.8 21.1 220.9 32.1 28.9 21.1 -3.2 Cash position MNOK 593.2 628.2 830.5 544.2 526.1 -67.1 -18.1 Note: Operating cash flow includes fair value adjustments of money market funds to be consistent with other interest income. Cash position includes money market funds.