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Quarterly Presentation Q4 2025 February 12th, 2025
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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 mat ters 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 reci pient 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. 2 Important notice and disclaimer
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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 131m ARR USD EoQ4 16% ARR growth Y-o-y 92% Gross margin LTM margin 29% Free cash flow2 LTM margin +8p.p EBITDA expansion1 LTM margin improvement Strong financial performance 3
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1) Excluding Other gains and losses, e.g., restructuring costs Q4 2025 highlights • Significant improvement in Connected Spaces growth, supported by a couple of large deals closed in the quarter • Solid progress with Native Rooms, supported by launch of Connect for Google Meet 1st of October • Continued strong growth in Secure & Custom +8.8m 94.2m 71.9m ARR Q-o-Q Adj. EBITDA1 Q4 2025 Free cash flow Q4 2025 MUSD 131 EoQ4 MNOK 316 2025 MNOK 354 LTM 4
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1 EBITDA less Other gains and losses 2 Operating cash flow, investment cash flow and leases Continued growth and further improved profitability 113.1 115.5 119.0 122.2 131.0 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Total ARR USDm Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 207 (18%) 255 (22%) 276 (23%) 310 (25%) 316 (26%) Adjusted EBITDA1 NOKm, Last twelve months Free Cash flow2 NOKm, Last twelve months Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 196 315 281 303 354 5 +2.4 +3.5 +3.2 +8.8 +80%+53% +80%
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When complete privacy and control over data is required Pexip Secure & Custom 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
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7 Secure & Custom market opportunity Rich Public Cloud Sovereign/Government Cloud Self Hosted Focused Features Trust A niche market with high growth potential • Data sovereignty increasingly relevant, particular in Europe • Significant investments being made in building sovereign IT infrastructure and solutions in many countries • Pexip has a unique position with the leading technology platform in a growing market
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9 9 SECURE AND CUSTOM SPACES Secure Meetings are easily scheduled in Outlook Deployment flexibility and complete 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 Private AI
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We provide seamless “any-to-any” video 10
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11 Connect for Google Meet Hardware 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 “ Closed ~7000 rooms in Q4
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Sales update 12
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13 Secure and Custom Spaces +2.9m 56.3m 25% ARR change Q-o-Q USD ARR USD End of Q4 2025 Y-o-Y growth Q4 2025 Continue to see good ARR growth from Defense Continued increase in public awareness on need for sovereign IT in Europe Closed additional customers in our key segments across Defense, Government and Health
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Note: Legacy is incorporated into Connected Spaces from Q1 2025, and in historic comparisons Connected Spaces +5.9m 74.7m 10% ARR change Q-o-Q USD ARR USD End of Q4 2025 Y-o-Y growth Q4 2025 Customers moving across video platforms create large opportunities for Pexip to enable a smooth transition Solid progress on native room interoperability Accelerated growth driven by several large customer wins 14
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Key Wins in Q4 2025 (1/2) 15 • Large win: A Spanish municipality now powers all communication across Healthcare, Justice and Firefighters with Pexip • Large win: A Central European State IT provider now powers all inter- governmental communication with Pexip Accelerated focus on Sovereign solutions and data control Continue to upsell and provide AI functionality to existing customers • Large win: In Southeast Asia the MoD of a leading nation now powers all critical collaboration with a modern solution • Large win: One of the world’s largest healthcare organizations in the U.S. adopted Private AI for their doctor-patient workflows
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Key Wins in Q4 2025 (2/2) 16 • Large win: A Nordic nation now powers all their classified+ communication with Pexip across Intelligence, MoD and National Security Unique position in highly classified and mission-critical environments Solving highly relevant interoperability challenges in enterprise and public sector • Large win: A U.S. IT provider for Defense and National Security is now enabled with Pexip at IL 4+. Pexip is the only Microsoft Certified vendor at IL4,5,6 and 7 • Large win: On of the world largest tech companies now uses Pexip for Google Meet across thousands of devices worldwide • Large win: One of the world’s largest bio-tech companies has used Connect Standard for years, and now transitions to Pexip’s solution for their Native Rooms
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Financial update 17
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18 Subscription-based revenue model with ARR base at USD 131m in Q4 2025 68.1 67.6 68.4 68.8 74.7 44.9 47.9 50.6 53.4 56.3 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 113.1 115.5 119.0 122.2 131.0 ARR USD million 47% 45% 8% EMEAAmericas APAC Secure & Custom Connected Spaces ARR split USD million 28% 23%19% 18% 13% Enterprise GovernmentRegulated industries Healthcare Defense and national security Note: Reclassified Defence and national security, which added 2 p.p.% from Government. Consolidated Enterprise and IT into Enterprise +25% +10% +25% +10% +16%
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Secure and CustomConnected spaces 19 Strong growth in both business areas 74.7 8.6 Q3 2025 New Customers 0.1 Net Upsell 2.6 Churn Q4 2025 68.8 Quarterly net retention of 96% USD million, quarter-over-quarter 53.4 56.3 Q3 2025 1.5 New Customers 2.7 Net Upsell 1.3 Churn Q4 2025 Quarterly net retention of 103% • USD 8.8 million in net growth in Q4 2025 compared to USD 3.6 million in Q4 2024, from stronger new sales in Connected Spaces • Slightly higher churn in Secure & Custom, mainly from low renewal rate for support contracts with Asian perpetual customers 12.5% -0.1% -3.8% 8.6% 2.8% -2.4% 5.4%5.1%
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Quarterly revenue increase of 0% y-o-y – Software revenue significantly impacted by 10% decline in USD/NOK exchange rate y-o-y. Revenue growth in USD is 10% y-o-y. – Software delivery of approx. USD 2 million delayed into Q1 2026 impacting Q4 revenue negatively – Contracts driving ARR growth in Q4 2025 will drive recognized revenue from Q1 2026 26% EBITDA1 margin on full year basis, up from 18% in 2024 LTM ARR growth and EBITDA margin of combined 42 vs long-term target of more than 40 20 LTM 10% revenue growth and 26% EBITDA margin 1) EBITDA adjusted for Other gains and losses 144 188 Q4’24 152 182 Q4’25 333 334 Revenue NOK million EBITDA1 NOK million (margin) SaaS Software 545 573 FY 2024 593 636 FY 2025 1,119 1,228 FY 2024 FY 2025 207 (18%) 316 (26%) Q4’24 Q4’25 88 (27%) 94 (28%) Quarterly FY 0% +7% +10% +53%
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21 Slight decline in expenses Salary and personnel expenses NOK 11 million lower salary and personnel costs, impacted by USD/NOK currency and higher R&D capitalization NOK 9 million higher share option costs related to increase in share price in the quarter Other Operating expenses NOK 3 million lower costs, mostly from marketing and compute/software costs Q1’24 38.7 155.4 Q2’24 34.6 16.0 135.0 Q3’24 40.5 12.2 165.4 Q4’24 38.0 15.0 153.7 Q1’25 39.9 15.38.4 Q2’25 38.7 10.8 136.5 Q3’25 37.1 20.9 Q4’25 39.1 9.4 152.2 200.7 202.5 185.6 218.1 150.1 205.2 186.0 212.7 154.7 206.7 Other operating expenses Share option related costs Salary and personnel expenses Quarterly OPEX development NOK million -2%
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22 100% revenue to EBITDA conversion in 2025 - Revenue growth of NOK 110 million driving EBITDA growth of NOK 110 million 105 (9%) 1,013 (91%) FY 2024 101 (8%) 1,127 (92%) FY 2025 COGS Gross margin 1,119 1,228 Revenue and gross margin NOK million FY 2024 FY 2025 207 (18%) 316 (26%) EBITDA excl. other gains and losses NOK million Continue to maintain high EBITDA conversion on incremental revenue +110 +110 (12 p.p.)
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23 1 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 Q4 2025 NOK million • NOK 72 million in free cash flow, up NOK 51 million compared to Q4 2024 – Improvement from better working capital development in Q4 2025 versus Q4 2024 • 2025 free cash flow of NOK 354 million, up from NOK 196 million in 2024 • Solid financial position with NOK 600 million in cash and money market funds and no material debt 83 Operating cash flow1 8 Investment cash flow 3 Principal lease payments 72 526 Free cash flow 0 Cash and money market funds Q4 2025 Net exchange gains on cash holdings 3 Other financing activities 526 598 600 Cash and money market funds Q3 2025
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24 Q4 2025 Financial results • Stable year on year revenue with underlying revenue growth being negatively impacted by currency fluctuations – ARR increase in Q4 2025 will predominantly be reflected in recognized revenue from Q1 2025 and onwards • Stable COGS development and slightly lower OPEX, which is positively impacted by currency fluctuations • EBITDA excluding other gains and losses of NOK 92 million, NOK 4 million higher than in Q4 2024 • Reduction in D&A due to completed depreciation of past software and customer contract acquisitions • Reduction in net financials reflecting foreign exchange difference gain in Q4 2024 Profit and loss NOK million Q4 2025 Q4 2024 Y-o-Y Revenue 334 333 1 Cost of goods sold 27 26 0 Gross Profit 307 306 1 Salary and personnel exp. 176 178 -2 Other operating exp. 37 40 -3 Adjusted EBITDA 94 88 6 Other gains and losses 2 3 0 EBITDA 92 85 6 D&A 13 20 -8 EBIT 79 65 14 Net financials 8 20 -13 Profit/loss before income tax 87 85 1
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25 FY 2025 Financial results • 10% revenue growth driven by increase in subscription sales • Slight improvement in COGS development offset by slight OPEX increases, leading to an Adjusted EBITDA increase in line with revenue growth • EBITDA excluding other gains and losses of NOK 316 million, NOK 110 million higher than in 2024 • Reduction in D&A due to completed depreciation of past software and customer contract acquisitions • Reduction in net financials reflecting foreign exchange difference gain in 2024 Profit and loss NOK million 2025 2024 Y-o-Y Revenue 1,228 1,119 110 Cost of goods sold 101 105 -4 Gross Profit 1,127 1,013 113 Salary and personnel exp. 657 654 3 Other operating exp. 154 153 1 Adjusted EBITDA 316 207 110 Other gains and losses 5 16 -11 EBITDA 311 191 120 D&A 53 78 -26 EBIT 259 113 146 Net financials 5 55 -50 Profit/loss before income tax 263 167 96
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26 Consolidating reporting currency to US Dollars in 2026 • Pexip has reported the Annual Recurring Revenue size of its subscription base in United States dollars (USD), as this is the primary currency in its sales operations, and its annual accounts in Norwegian kroner (NOK) as a Norwegian entity • In order to make reporting more consistent and more in line with the main revenue currency, Pexip intend to consolidate all its financial reporting to USD in 2026, starting with the Q1 2026 quarterly report • Pexip intend to publish pro-forma quarterly comparable figures for the period 2023-2025 in USD in April 2026
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Outlook and targets 27
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1) Excluding other gains and losses • Continued positive market outlook across the business areas driven by market trends • Need for sovereign control of data and IT platforms • Use of custom video work-flows is 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 Q1 2026 ARR outlook of 133-136 USD millions 28 Outlook Financial ambition Consistently deliver: • Double-digit ARR growth • Above Rule of 40 performance across ARR growth and EBITDA margin 28
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29 Will recommend a NOK 4.0 per share dividend to AGM in April 2025 2025 dividend recommendation of NOK 4.0 per share, up from NOK 2.5 for 2024 • NOK 3.0 dividend per share as an ordinary divided • In addition, an extraordinary dividend of NOK 1 per share to be paid together with the ordinary dividend • Increase in dividend is in line with increase in free cash flow in 2025 compared to 2024 • The dividend will be structured as a repayment of paid-in capital Capital distribution policy • Distribute 50-100% of free cash flow generated to shareholders as a dividend, with the concrete recommendation to be presented and approved by the AGM
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2025 Annual report March 27th, 2026 Upcoming dates 30 Annual General Meeting April 17th, 2026 Q1 2026 Quarterly Presentation May 5th, 2026
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Q&A Investor.pexip.com
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BACKUP
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33 Summary of key figures Comments Q4 2025 ARR • Delta ARR of 8.8 MUSD, driven by good growth in Secure & Custom across new and existing customers (+25% y-o-y) and several large customer wins in Connected Spaces • Annual ARR growth of 17.9 MUSD Revenue • Revenue growth impacted negatively by software revenues, in part from adverse currency fluctuations as well as a large customer order in 2024 being delivered in Q1 2026 Costs • Stable COGS development • Slight reduction in Salary and personnel expenses from lower cash based salary, partly offset by higher share- based compensation. • Slight reduction in Other OPEX Other items • Y-o-y improved free cash flow from improved working capital development KPI Unit Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Y-o-Y Q-o-Q ARR Connected Spaces MUSD 68.1 67.6 68.4 68.8 74.7 6.6 5.9 Secure & Custom MUSD 44.9 47.9 50.6 53.4 56.3 11.4 2.9 Total MUSD 113.1 115.5 119.0 122.2 131.0 17.9 8.8 P&L SaaS revenue MNOK 144.5 147.6 149.2 144.2 151.6 7.1 7.4 Software revenue MNOK 188.0 200.4 131.9 121.4 182.0 -6.1 60.6 Revenue MNOK 332.5 347.9 281.1 265.6 333.6 1.1 68.0 Cost of Goods Sold MNOK -26.2 -28.8 -18.6 -27.3 -26.6 -0.4 0.7 Gross profit MNOK 306.3 319.1 262.5 238.3 307.0 0.7 68.7 Salary and personnel expenses MNOK -177.7 -168.6 -165.3 -147.3 -175.6 2.1 -28.3 Other OPEX MNOK -40.5 -38.0 -39.9 -38.6 -37.1 3.4 1.5 Adj. EBITDA MNOK 88.2 112.5 57.3 52.4 94.2 6.1 41.9 Other gains and losses MNOK -2.7 2.6 -0.8 -4.8 -2.3 0.4 2.4 EBITDA MNOK 85.4 115.1 56.5 47.6 91.9 6.4 44.3 D&A and impairment MNOK -23.3 -14.1 -11.7 -14.2 -12.5 10.7 1.7 EBIT MNOK 62.2 101.0 44.8 33.4 79.4 17.2 46.0 Net Financials MNOK 20.1 -13.9 11.4 -0.2 7.5 -12.6 7.7 Tax MNOK -22.6 -20.7 -12.3 -7.5 -15.0 7.6 -7.5 Net profits MNOK 59.7 66.4 43.9 25.6 71.9 12.2 46.2 Cash and cash flow Operating cash flow MNOK 38.0 230.5 46.3 44.2 83.3 45.4 39.2 Investing cash flow MNOK -13.8 -6.7 -9.7 -10.7 -8.0 5.8 2.7 Principal lease payments MNOK -3.1 -2.9 -4.6 -4.6 -3.5 -0.4 1.1 Free cash flow MNOK 21.1 220.9 32.1 28.9 71.9 50.7 43.0 Cash position MNOK 628.2 830.5 544.2 526.1 600.3 -27.9 74.2 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.