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DNB Nordic TMT 26 August 2026 Pexip company presentation
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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 Cash flow excluding financing items Software-only secure video meeting & infrastructure specialist Serving large enterprises and public sector organizations Unique partnerships with the technology leaders in our industry 140m ARR USD EoQ2 18% ARR growth Y-o-y 91% Gross margin LTM margin 31% EBITDA margin LTM margin Strong financial performance 3
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1 EBITDA less Other gains and losses 2 Operating cash flow, investment cash flow and leases Company performance 68.4 68.8 74.7 75.8 76.1 50.6 53.4 56.3 59.3 64.2 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 119.0 122.2 131.0 135.0 140.2 +18% Total ARR USDm Q2’25 Q3’25 Q4’25 Q1 ’26 Q2 ’26 25.2 (23%) 28.8 (25%) 30.2 (26%) 38.8 (30%) 40.4 (31%) +60% Adjusted EBITDA1 USDm, Last twelve months Free Cash flow2 USDm, Last twelve months Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 26.3 28.5 32.9 32.9 37.9 +44% 4 • Strong development in Secure & Custom, segment of 27% y-o-y • Defense and National Security is now 15% of Pexip’s ARR, up from 7% in Q2 2025 Connected SpacesSecure & Custom • Continue to demonstrate strong operational leverage, improving LTM EBITDA margin with 60% • Free cash flow track Adjusted EBITDA closely • 2025 dividend paid in Q2 of $44 million compared to LTM Free cash flow of $38 million
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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 solution areas 5
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6 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, particularly in Europe • Significant investments being made in building sovereign IT infrastructure and solutions in Europe • Pexip is uniquely positioned with a leading technology platform in a growing market of $1+ billion TAM SECURE AND CUSTOM SPACES
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7 Control and sovereignty are among the strongest drivers for choosing Pexip Business area ARR breakdown Share of ARR 46% 11% 43% Pexip Secure & Sovereign Meetings Connected Spaces - Global SaaS Connected Spaces - Software and Gov Clouds 57% of Pexip’s revenues comes from self-hosted and dedicated sovereign clouds SECURE AND CUSTOM SPACES
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Secure Meetings positioning | Key industries 8 Defense & National Security Government Healthcare Regulated industries / Enterprise Focus on winning the Defense and National Security segment, as these organizations are at the core of our target segment Strongest Secure Meetings growth in Defense and Government Healthcare, regulated industries and Enterprise show increased interest SECURE AND CUSTOM SPACES
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• Network and Data- centric Security • Cross-domain Interoperability • Dedicated Platforms • Attribute Bases Access Control (ABAC) Media streams from drones into video calls Infinity Mission in tactical deployments Infinity Mission in operational environments Pexip for Defense across the full ecosystem SECURE AND CUSTOM SPACES 9
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10 AI with Pexip: integrated, private, and comprehensive 1 Tech Preview SECURE AND CUSTOM SPACES Pexip Private AI Integrate your private AI with your real-time communication using privately hosted LLMs such as Llama, Google Gemini. Enable extensive self-hosted AI capabilities in special and custom applications Okay, let’s get started. Productivity enhancements Everything you are used to from cloud AI from captions and translation to meeting summaries – privately hosted and secure in your domain. Operational efficiencies Exporting and analyzing anything meeting and platform related to optimize usage and resilience. Custom specialist applications Build custom integrations using AI for Defense, Healthcare, Government, and Justice for a dedicated customer environment. Quality improvements Image enhancements, layout optimizations, framing, background replacements, noise cancellation, and more. audio • video • chat • documents • transcript • other
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Unique position in Connected Spaces 11
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12 Connect for Microsoft Teams Rooms now available on all MTR platforms Connect for Microsoft Teams Rooms • Enables Microsoft Teams Rooms to join 3rd party meetings Increasing opportunity • Microsoft install base up to 1.5 million rooms Confirmed availability across platforms from June • Currently available on MTRs on Windows
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Financial update 13
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14 Subscription-based revenue model with ARR base at USD 140m in Q2 2026 68.4 68.8 74.7 75.8 76.1 50.6 53.4 56.3 59.3 64.2 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 119.0 122.2 131.0 135.0 140.2 ARR USD million 48% 44% 8% EMEAAmericas APAC Secure & Custom Connected Spaces ARR split Percent of ARR 27% 24%17% 17% 15% Enterprise Government Regulated industries Healthcare Defense and national security +25% +10% +27% +11% +18%
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Connected SpacesSecure & Custom 15 Combined net retention at 102% in Q2 2026 50.6 64.2 5.4 10.6 Q2 2025 New Customers Net Upsell Churn Q2 2026 2.4 Annual net retention of 116% USD million, quarter-over-quarter 68.4 76.6 15.5 8.3 Q2 2025 New Customers 1.0 Net Upsell Churn Q2 2026 Annual net retention of 88% 11% 21% -5%In percent of starting ARR 27% 23% 1% -12% +11In percent of starting ARR
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Quarterly revenue increase of 18% y-o-y – Software revenue growth of 21% y-o-y – SaaS revenue growth of 15% y-o-y LTM revenue growth of 20% slightly ahead of ARR growth of 18% 31% EBITDA1 margin on LTM basis, up from 23% y-o.y, and 30% out of Q1 2026 LTM ARR growth and EBITDA margin of combined 49 vs long-term target of more than 40 16 LTM 20% revenue growth and 31% EBITDA margin 1) EBITDA adjusted for Other gains and losses 13 16 14 17 Q2’25 Q2’26 27 32 18% Revenue USD million Adjusted EBITDA1 USD million (margin) SaaS Software Q2’25 Q2’26 6 (20%) 7 (22%) +30% Quarterly LTM 54 56 Q2’25 62 70 Q2’26 110 132 20% SaaS Software Q2’25 Q2’26 25 (23%) 40 (31%) +60%
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17| 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 Returned $44 million to shareholders YTD Q2 2026, up from USD 35 million in 2025 Cash flow bridge Q2 2026 USD million • USD 8 million in free cash flow, up from USD 3 million last year – Due to improved profits and working capital development • Have distributed dividend of USD 44 million in April 2026, compared to USD 35 million in dividends and share buybacks in 2025 • Continue to have a solid financial position, while reducing the net cash position slightly as planned – USD 45 million end of Q2 2026 vs USD 54 million end of Q2 2025 FCF Q2 2025 Delta Operating CF1 Delta Investing CF Delta lease FCF Q2 2026 3.2 5.6 0.5 0.1 8.1 Capital allocation LTM USD million Cash and money market funds Q2 2025 Free cash flow Dividend Treasury shares FX and other Cash and money market funds Q2 2026 53.9 37.9 (44.4) (3.8) 1.1 44.8
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18 Q2 2026 Financial results • 18% revenue growth in line with ARR growth • Higher COGS due to received one-time discounts in Q2 2025 and is slightly down from Q1 2026 • Moderate cost increases from inflation as well as currency impact on NOK-denominated costs – $1.8 million of Salary and personnel expenses related to share based compensation, compared to $1.5 million in Q2 2025 • Net financials in line with last year • Profit before tax up 23% to USD 6.9 million Profit and loss USD million Q2'26 Q2'25 Y-o-Y Revenue 32.2 27.3 4.9 Cost of goods sold 3.1 1.8 1.3 Gross Profit 29.1 25.5 3.6 Salary and personnel exp. 17.7 16.1 1.7 Other operating exp. 4.2 3.9 0.3 Adjusted EBITDA 7.2 5.6 1.7 Other gains and losses 0.0 -0.1 0.1 EBITDA 7.2 5.5 1.6 D&A 1.4 1.1 0.3 EBIT 5.8 4.3 1.5 Net financials 1.1 1.1 0.0 Profit/loss before income tax 6.9 5.4 1.5
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Outlook and targets 19
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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 20 Outlook Long-term financial ambition Consistently deliver: • Double-digit ARR growth • Above Rule of 40 performance across ARR growth and EBITDA margin 20 ARR outlook of USD 142-145 millions end of Q3 2026
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Q&A Investor.pexip.com