Interim report
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Management Board report from the activities of the Text S.A. and its Group in the Q1-Q3 of the 2025/26 financial year
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Vision 2
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Contents Contents 4 1. Summary 5 1.1. Selected consolidated financial data 5 1.2. Selected standalone financial data 6 2. About Text 7 2.1. The structure of the Text Group 8 3. Operational summary 8 3.1. Commentary of the Management Board 8 3.2. Most important events 13 3.3. Other events 16 4. Description of the organization of the Text Capital Group 16 4.1. Strategy 16 4.2. Text Group products 20 4.2.1. Text App 20 4.2.2. LiveChat 21 4.2.3. ChatBot 23 4.2.4. HelpDesk 24 4.2.5. KnowledgeBase 25 4.2.6. OpenWidget 26 4.2.7. Other activities 26 4.3. Description of the situation in the market for SaaS services and the segment of live chat type of software 27 4.4. Significant agreements for the Capital Group 28 4.5. Information about material transactions with related parties 31 4.6. Information on other agreements and transactions 31 4.7. Market growth prospects 32 4.8. Risks and key factors affecting the Group's growth prospect 32 5. Financial situation of Text Group 38 5.1. Presentation of the consolidated results 38 5.2. Presentation of the standalone results 42 6. Corporate governance 46 6.1. Information about the shares and shareholders 46 6.2. Governing bodies of the Company 47 6.2.1. Management Board 47 6.2.2. Supervisory Board 48 6.3. Number of shares held by members of the Management and Supervisory bodies 49 6.4. Other information 49 7. Dictionary 51 4
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1. Summary 1.1. Selected consolidated financial data [thous. PLN] Q1-Q3 2025/26 Q1-Q3 2024/25 Change Net sales of products, goods and materials 249 165 265 169 -6.0% EBITDA 115 695 154 320 -25.0% Operating profit (loss) 96 197 136 571 -29.6% Gross profit (loss) 96 014 137 313 -30.1% Net profit (loss) 88 055 127 594 -31.0% Net cash flow (24 357) 3 128 - - cash flow from operating activities 113 708 139 190 -19.3% - cash flow from investing activities (23 792) (23 312) - - cash flow from financial activities (114 272) (112 750) - Number of shares (thousand) 25 750 25 750 - Profit (loss) per ordinary share 3,42 4,96 -31.0% [thous. PLN] December 31, 2025 March 31, 2025 Change Total assets 196 798 226 705 -13.2% Liabilities and provisions 85 890 90 287 -4.9% Long-term liabilities 5 103 6 393 -20.2% Short-term liabilities 80 787 83 894 -3.7% Equity 110 908 136 418 -18.7% Initial equity 515 515 - Number of shares (thousand) 25 750 25 750 - Book Value Per Share 4,31 5,30 -18.7% 5
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1.2. Selected standalone financial data [PLN thous.] Q1-Q3 2025/26 Q1-Q3 2024/25 Change Net sales of products, goods, and materials 249 165 265 169 -6.0% EBITDA 115 182 152 919 -24.7% Operating profit (loss) 95 684 135 170 -29.2% Gross profit (loss) 95 501 136 778 -30.2% Net profit (loss) 87 542 127 059 -31.1% Net cash flow (18 257) 9 823 - Cash flow from operating activities 119 808 145 885 - Cash flow from investing activities (23 792) (23 312) - Cash flow from financial activities (114 272) (112 750) - Number of shares (thousand) 25 750 25 750 - Profit (loss) per ordinary share 3.40 4.93 -31.1% [thous. PLN] December 31, 2025 March 31. 2025 Change Total assets 194 136 222 899 -12.9% Liabilities and provisions 86 080 89 085 -3.4% Long-term liabilities 5 103 6 393 -20.2% Short-term liabilities 80 977 82 692 -2.1% Net equity 108 056 133 814 -19.2% Initial equity 515 515 - Number of shares (thousand) 25 750 25 750 - Book Value Per Share 4,20 5,20 -19.2% 6
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2. About Text Text S.A. (“Company” or “Text”) is a developer and a global provider of software assisting online text communication. In our corporate portfolio, we have solutions such as LiveChat (a platform for online multichannel text communication), ChatBot (a chatbot building platform), HelpDesk (ticketing system), KnowledgeBase (application for creation and sharing knowledge base), and OpenWidget (solution allowing for an easy installation of widgets on websites). In June 2025, we made available to the first batch of our customers a suite-class solution under the working name Text App, which combines functionality of the above products and adds new ones focused on AI automation.. Except for the products offered in the SaaS model (Software-as-a-Service) at Text, we offer technology that allows the creation of apps in the text communication space (API as a Service) and their monetization. The Company’s products are for business-to-consumer (B2C) and business-to-business (B2B) communication and are addressed to all companies whose common feature is the need to communicate with customers on the Internet. We believe that the customer service industry is transforming due to the development of AI technology and the opportunities that result from it. Our solutions are becoming part of this process. We respond to market changes by improving products, offering the highest quality customer service, and creating new customer acquisition channels. Our business model assumes a low cost of acquiring a customer. However, this may change in the future, because the development of our offer makes it more attractive to enterprise-class customers. It creates an opportunity to acquire larger customers (in terms of the level of generated MRR) than before. However, taking advantage of this opportunity may require the development of the sales department, taking proactive actions outside the Internet, and obtaining new certifications, which will translate into increased expenses for acquiring customers. Despite this, we assume that maintaining a very high efficiency of our business will translate into obtaining high operating profitability. Part of our strategy is to focus on the US market, which still offers the most significant challenges regarding growth prospects. At the same time, we are proud that our solutions support customers practically worldwide. Our clients include companies from almost every industry, as well as government and non-governmental institutions. Our solutions effectively address the problems and challenges of every organization that communicates with its customers or stakeholders. Due to the expansion of our product portfolio and plans to build an umbrella brand for all products, we have acquired the text.com domain. We are in a process of transformation from a company offering many products to a company with a comprehensive suite of customer support offerings. 7
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2.1. The structure of the Text Group Text S.A. with headquarters at Zwycięska 47 in Wrocław, Poland creates a capital group (“Group”, “Text Group”), which includes a parent company and a subsidiary - Text Inc. based in the USA (“Subsidiary”), in which it holds 100% of the capital and 100% of votes. Text Inc. is subject to full consolidation. The Company has no branches. In practice, all sales of services provided by the Company to clients are conducted through Text Inc. The Subsidiary acquires access to the Text products from the Company, which it then resells to end customers at a price set by the Company. The Subsidiary does not realize the margin on the resale of access to the Text products. Based on invoices issued by the Subsidiary, the Company returns to the Subsidiary all costs incurred by the Subsidiary in connection with the conducted activity and indicated in the budget approved by the Company. In accordance with the concluded agreement, the Subsidiary has the right to charge a margin determined as 5% of selected costs incurred directly in connection with the sale, for example, credit card payment, banking service, accounting, and marketing expenses. The settlement is made monthly based on an invoice issued by the Company corresponding to the value of sales made and the invoices issued by Text, Inc., corresponding to the value of the incurred costs increased by the margin mentioned above. All intellectual property rights, including trademarks, remain the property of the Company. 8
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3. Operational summary 3.1. Commentary of the Management Board In the first three quarters of the 2025/26 financial year, which ended on December 31, 2025, our consolidated revenues decreased by 6% year on year to PLN 249.2 million and in Q3 alone they amounted to PLN 81.6 million. Our Group generates almost all revenues in the US dollar (USD), therefore, the PLN/USD exchange rate has a significant impact on the reported results. The results (both revenues and MRR—monthly recurring revenues) expressed in US dollars provide a better picture of our business's development. For this reason, we publish preliminary estimated data from this perspective immediately after the end of the quarter. Revenue generated in Q1-Q3 2025/26 in US dollars amounted to 66.2 million versus 65.6 million US dollars a year ago, which means an increase of 1%. Unfortunately, the year-on-year increase in cash received in the US dollar did not translate into a corresponding increase in revenues recognized in the Polish currency due to the strengthening of the Polish currency. The average USD/PLN exchange rate used to translate revenues from US dollars to Polish zloty during the reported period was 8.3% weaker than the exchange rate in the same period a year ago. At the end of December 2025, the Group's MRR amounted to USD 6.98 million, which is down by 1.7% year on year and a 1.1% decrease as compared with September 2025. Annual or other payments are spread evenly over the months for calculation purposes. The reported MRR includes recurring subscription fees and excludes pay-per-use fees, such as for additional ChatBot interactions, API as a Service, or other features. The Annual Recurring Revenue (ARR) was USD 83.70 million. In the future, payments for interaction packages or usage packages paid upfront at the beginning of the billing period will be calculated as part of the MRR. Such a change would have no impact on the current level of MRR. Therefore, when analysing the business situation, it is also worth taking into account ‘payments received’, which we also report for the quarter in the currency in which they were received (that is USD). In the period Q1-Q3 of 2025/26, they amounted to USD 66.1 million, which means a decrease of 1.4% year on year. Revenue generated in Q3 2025/26 in US dollars amounted to 21.89 million, which means a decrease of 2.1% year on year and an decrease of 1.6% as compared to previous three months. Changes between periods may also result from different shares of annual and monthly payments in individual months. Margins, financial flows, and dividend policy Consolidated net profit for the Q1-Q3 period 2025/26 financial year amounted to PLN 88.1 million and was 31.0% lower than the profit a year ago. In recent quarters, we have seen cost increases due to various factors. One of them is the costs associated with our cloud infrastructure. In July, we finally completed the migration process to the new infrastructure, significantly improving the quality of our services and gaining new capabilities in offering development, particularly for enterprise-class customers. During the migration period, which lasted over a year, a significant portion of costs related to this area were duplicated. Despite this, the completion of this process did not translate into cost 9
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reductions. This is due both to price increases in this area (regardless of the provider) and our decisions to expand the scope of purchased services and functionalities, which will translate into opportunities for future development of our offering and the seamless acquisition of important certifications. During the same period, we increased the number of team members which was intended to help us respond to market challenges and opportunities. Costs related to services in areas such as consulting (e.g., work on SOC 2 certification), legal services, and public relations also increased. The Q3 period was similar in terms of the costs to the two previous quarters. Our business model still enables us to achieve high operating profitability. In the period Q1-Q3 of 2025/26 financial year, the gross profit margin on sales was 67.6%, the operating profit margin was 38.6%, and the net profit margin was 35.3%. There is an extra pressure on margins, for example, from the strengthening of the Polish zloty against the US dollar. Returning to a path of rapid growth and fulfilling our Vision requires further expansion of the team and retaining the key people within the Company. Therefore, we are determined to do so. A more intensive use of AI technology may result in additional cost increases. Still, at the same time, the automation of work in our organization should positively impact its efficiency. Despite all the challenges described above, we intend to maintain our business model and still have high levels of profitability associated with it. The costs inherent in the use of AI technology should put more pressure on some of our competitors offering their products in a free or freemium model. However, it should be emphasized that with the increased use of AI solutions by our customers, this cost category may increase significantly, and at this point it is still difficult to determine to what extent these costs will be borne by customers and to what extent they will remain on the side of Text. The profitability presented above enables us to generate cash effectively. Cash flows from the Group's operating activities in the reported period amounted to PLN 113.7 million, and we had PLN 53.3 million cash at our disposal at the end of this period. At the end of Q2, a PLN 20 million working capital loan was taken out and we paid out PLN 10 million from it. It was fully repaid in December 2025. Liquidity levels at the end of September were impacted by the lower dollar exchange rate, which is the currency in which revenues are generated, and by the CIT and VAT overpayments. The tax overpayments in the amount of PLN 29.5 mn were refunded by the tax office to the Company during Q3 2025/26. By the end of March we expect further VAT refunds in the amount of PLN 19 million. We continue our dividend policy, which assumes allocating the highest possible part of the profit to shareholders from the point of view of legal regulation unless no investments appear that would provide a higher return rate to shareholders. Key performance indicators of the Company MRR MRR (monthly recurring revenue) constitutes most of our sales and determines the stability of our business based on the subscription model. Additionally, we generate revenues from pay-per-usage payments (like additional ChatBot interactions or API monetization), which are not accounted for in MRR. At the end of December 2025, the MRR at the Group level reached USD 6.98 million - that is a 1.7% increase year on year and a decrease by 1.1% as compared with September 2025. On the graph, we present the MRR for the last month of each of the quarters. The ARR at the end of December was USD 83.70 million. 10
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MRR (all products) Share of MRR depending on the number of products (%) Customers using more than one product accounted for 37.2% of MRR at the end of December 2025, up by almost ten percentage points year-on-year. Similarly, the share of customers with monthly revenues above $500 increased significantly. Such customers MRR exceeded 51% of MRR at the end of December 2025, compared to 42% a year earlier. This shows the potential to expand services for existing customers and target larger customers with product offerings. 11
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MRR share depending on ARPL value (USD million) Clients and churn Among our clients there are companies operating in virtually all sectors of the economy, universities, and institutions from around 150 countries around the world. This diversity translates into our resistance to possible economic crises affecting selected sectors of the economy or countries. The most important geographical markets, both in terms of the number of customers and generated revenues, are the English-speaking countries: the USA, Great Britain, Australia, and Canada and also Indonesia. The share of Poland in revenues was c.a. 1.5% in the reported period. Our strategy is to focus even more strongly on the US market, where we see the most sustainable value and the best indicators in areas such as customer loyalty and conversion. We are also convinced that this market still offers huge potential for further growth. This will be driven both by the emergence of new businesses, the continued conversion of customers from voice to text solutions, and, above all, the trend towards automation in the area of customer support. The customer churn rate for the LiveChat product in the reported period was at the level of 4% (on a monthly basis month). From a business point of view, the "net MRR churn" is more important. It is a similar indicator for recurring revenues that also considers upselling. For our products, it is significantly lower. The share of LiveChat products in revenues of the Group in the period Q1-Q3 of the 2025/26 financial year was 84.1%. ChatBot generated 8.4% of revenues, while HelpDesk together with KnowledgeBase had 7.4% of the revenues. 12
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Product split of revenues Geographical split of USD revenues in Q1-Q3 2025/26 The largest geographic market of the Company is North America (especially the USA and Canada) as well as other English-speaking countries (Great Britain and Australia) and Indonesia. The chart above shows the breakdown of the USD revenues for the period Q1-Q3 of 2025/26 financial year. In this perspective, Poland accounts for approx. 1.5% of the MRR, which makes it 13th place in terms of participation in revenues. 13
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Trends after the end of the third quarter In the current quarter, we did not observe any significant changes in the trends affecting our key operating indicators, and MRR remained stable compared to the end of December. January saw a similar level of payments received as in November and December 2025 (over USD 7 million). We expect a similar result in February. Growth continues in the area of payments for the use of our API. We are working on positioning the text.com domain, but it should not be expected that, as a new channel for acquiring customers for the Text App solution, will have a significant impact on our revenues or number of customers in the coming months. 3.2. Most important events In June 2025, the first of our existing customers gained access to a suite class application under the working name "Text App". In June also a migration of the remaining clients and in July the full migration of the Company’s infrastructure to cloud servers by Google took place. It is crucial for Text to improve quality and to be able to offer new products (especially enterprise type). The Text App solution and its price list were made available on text.com in August, allowing potential new customers to set up trials, test the solution, and purchase it. The Company is currently working on domain positioning and analyzing data on conversions and the behavior of potential customers during the free trial period. Although the first customers for the solution were acquired organically, the quality of the traffic generated on the website and the conversions achieved are not satisfactory and require further work. In the Company's opinion, Text App has enormous growth potential, but its impact on revenues will not be significant in the coming months and quarters. It should be emphasized that both the solution and its price list presented on the text.com website may undergo significant changes, which is normal at this stage of technological development. The Text App solution was presented to the Company's existing customers at the Context online event. They were given the opportunity to switch to the new solution, but the Company is not currently enforcing such migration in any way. As a result, the number of organizations using Text App has not changed significantly and stands at over 700. At the end of November, an independent company began the process of auditing the Company's procedures and solutions in order to obtain SOC-2 Type I certification. Obtaining SOC Type II certification should increase Text's opportunities to acquire enterprise-class customers. Currently, the implementation and execution of relevant procedures are audited, and as a result, the Company hopes to obtain the certificate mid-2026. On July 1, 2025, in connection with the Supervisory Board’s consent to the payment of an advance on the expected dividend, the Company’s Management Board adopted a resolution regarding the payment of a second advance on the expected dividend from the profit for 2024/2025 financial year in accordance with the following parameters: ● Amount of advance payment towards the planned dividend: PLN 38,882,500 PLN, which together with the advance dividend paid out in January 2025, represents no more than half of the Company's net profit in the financial statement prepared as of March 31, 2025 and examined by an auditor. ● The advance payment applied to 25,750,000 shares of the Company, ● The amount of advance dividend payment per share of the Company: PLN 1.51, The advance dividend was paid out on July 30, 2025. At the General Meeting on August 6, 2025 the shareholders decided to distribute the profit in accordance with the Management Board's recommendation and the Supervisory Board's opinion. Pursuant to this decision, the Company's standalone profit, which amounted to PLN 163,704,034.57 in the 2024/2025 financial year, was distributed as follows: ● to allocate PLN 7,659,034.57 to top up the reserve capital 14
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● to allocate PLN 156,045,000.00 for the payment of dividends to shareholders, which means that the value of the dividend per share will be PLN 6.06 ● taking into account advance payments for dividends for the financial year 2024/2025, i.e., advance payments in the amount of PLN 42,745,500, paid by the Company pursuant to the resolution of the Management Board of November 29, 2024, and advance payments in the amount of PLN 38,882,500, which was planned to be paid on July 30, 2025 based on the resolution of the Management Board of 27 June 2025, the outstanding dividend for the financial year 2024/2025 will be paid to shareholders in the total amount of PLN 74,417,500 i.e., PLN 2.89 per share. ● The dividend was distributed among 25,750,000 shares of the Company. ● The dividend record date was set to 18 September 2025 and the dividend payment date was set to 25 September 2025. The final dividend tranche was paid in accordance with these parameters. In January 2026, the Company obtained Meta Business Partner status. This status grants Text a presence in the official Meta partner directory and access to certification paths. Additional benefits include access to dedicated partner support, priority access to beta features, and an API roadmap, which will accelerate product development and the implementation of new solutions (including AI). On December 1, 2025, after obtaining approval from the Supervisory Board, the Company's Management Board decided to pay an interim dividend on the expected profit for the 2025/26 financial year. PLN 29.612 million, or PLN 1.15 per share, was allocated for the interim payment. The interim payment was paid on February 16, 2026. In February 2026, the Company's products were introduced to the Microsoft marketplace. 15
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Dividend (per share, PLN) CUSTOMER ACQUISITION Sales team In the process of acquiring customers, the Company uses many channels, including partner channels (affiliate and reseller), and content marketing, which translates, among others, into a high position in search engine rankings, a presence in websites such as Shopify and BigCommerce, or integrations with other solutions. In 2019, the Company created a sales department to support the implementation of the strategy assuming, inter alia, acquiring more clients of the "enterprise" class and attracting bigger clients in terms of customer value. The sales team focuses on concluding “enterprise” contracts with particular emphasis on agreements for several products. Towards the end of the calendar year 202, the sales department intensified its activities in the United States and began actively participating in industry conferences. In June 2025, we opened an office in Miami. During the second quarter of the financial year the team participated in a SBC conference in Lisbon and in November in Global Gaming Expo in Las Vegas. During the first nine months of the year, the sales department's largest new contracts included: ● an increase in the value of a contract to seven figures with an American online retail company, ● an extension of a contract for a company providing postal services in the British Isles, ● expansion of a two-year contract with an Asian industrial automation company, ● significant growth among customers who are leading brands in the iGaming industry, ● conclusion of a contract with an American corporation in the tourism industry, ● conclusion of an agreement with a Japanese corporation operating in the field of optical and digital technologies for automation services using AI (ChatBot), ● conclusion of an agreement with a leading dental services company from Texas, ● signing of an annual global agreement with an international virtual office services company, 16
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● contract with a Scandinavian food company, ● significant upsell to a company specializing in personalized clothing sales, ● contract with a global social marketing company based in Hong Kong, ● upsell to a leading online security company. Contract extensions with: ● a leading telecommunications company from Scandinavia, ● an international corporation based in Kyoto specializing in industrial automation, ● a Chicago-based industrial metals processing and distribution company, ● a Canadian technology company providing, among other things, cloud-based logistics support services, ● an international consumer goods manufacturer, owner of some of the world's most recognizable brands, ● a leading British digital marketing company, ● an American insurance company specialized in the SMEs. 4. Description of the organization of the Text Capital Group 4.1. Strategy Text's name change reflects our focus on the area of written communication. We believe that this is the area of communication that offers the most opportunity and value to our potential customers - all companies and institutions that communicate, or wish to communicate, with their stakeholders via the Internet. Our vision is available on our website, text.com/vision. According to it, we support organizations in achieving better customer service at scale by analyzing, enriching, and automating text communication. We help brands provide better customer service at scale by analyzing, enriching, and automating text communication. We assume that customer service will evolve towards more and more automation, and we want to provide tools that enable this while improving its quality. We develop our current products and work on suite offering, combining text communication, artificial intelligence, potential for automation, and the ability to scale this product while simultaneously providing a seamless customer experience. 17
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We believe in the strength of the brands we have created and in supporting them through strong online domains. Therefore, we assume that we will retain brands such as Text App, LiveChat, ChatBot, HelpDesk, and KnowledgeBase, which will continue to be available on dedicated websites. Text.com becomes the place where we showcase, among other things, our entire portfolio and the universe (ecosystem) we created, including integrations, our marketplace, developer programme, or partner programme. We make our 'API' available to external developers interested in using it to build text communication solutions. We will work to automate our organization increasingly. We want to maintain a business model that enables us to achieve high profitability, but these are not an end in themselves. We maintain a dividend policy of paying out as much of the profit as possible to shareholders. Still, the priority remains the financial security of the company and sustaining the growth of our business. Product development's priority is to create and unify products into a suite-class solution that combines the functionalities of individual products and adds new ones. Such a solution offers a unified, seamless experience for customers, addressing all the challenges related to online communication while offering automation, advanced data capabilities, and team collaboration. Products and services The products and services we provide are designed to meet all of our clients's communication needs. In the current environment, it is not the brand but the customer who dictates the rules of communication. Our products enable contact with the company at a time and place they choose through any communication channel. The Text Group's growth strategy calls for continued and sustainable investment in further developing its product offering, particularly related to the creation and development of a suite-class product, combining the functionalities of products from the Company's current portfolio and adding new ones to it. This, combined with changes in the cloud infrastructure used, new certifications (SOC-2), and the strengthening of the sales department, is expected to help capitalize on the market opportunity of attracting larger (in terms of MRR generated) customers. The Company is leveraging over 20 years of experience in helping businesses communicate with their customers, using technological know-how and the latest technologies, including AI. The goal is to create as much value as possible for the customer, which involves: ● providing them with new communication channels and handling omnichannel communications 18
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● improving the quality of communication and experience of their stakeholders ● reducing costs through automation ● building business processes ● making greater use of analytics and customer data. In this way, the Company is pursuing its vision as outlined on its website. It envisions supporting companies by improving customer service, analyzing data, and automating communications. Target markets Our clients are companies of all sizes representing all industries. One of our significant competitive advantages is a very practical, automated sales process for small and medium-sized companies. We intend to maintain this advantage while focusing on medium-sized companies. Maintaining a strong position in the small business segment will help us generate new leads. Increasing the number of corporate clients will translate into increased predictability and even greater stability of our business. We believe that we have the technological and organizational capabilities needed to provide services for this market segment. Despite this, further work is required to adapt products, marketing, and a more active sales department to achieve this goal. We offer our clients technological solutions and our expert knowledge, accumulated thanks to over 20 years of supporting online communication. We focus on the US market, which is the largest in terms of sales value and future growth potential and sets trends for the entire industry. 19
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Economies of scale Our solutions are used by thousands of companies and hundreds of millions of end-users. This gives us data and experience that we use for further growth, including the development of our current products and the design of new ones. We focus on implementing projects with the highest potential. Focus on data Looking for opportunities for further growth, we will rely on available data and invest in its analysis. We are expanding our competencies by, among other things, investing in the expansion of the analytics department (Data Team). Open infrastructure and products Our products are to be open and easy to integrate with other solutions provided by external suppliers. Even our API (Application Programming Interface) became a product. 20
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4.2. Text Group products 4.2.1. Text App Text App is an all-in-one customer service platform that combines live chat, a help desk system, and intelligent AI agents in a single tool. It allows companies to automate a large part of their customer support operations—such as answering common questions, handling chat conversations, and escalating more complex issues to human agents. The Text App platform not only enables quick responses to customer inquiries but also offers advanced tracking of visitor behavior (e.g., website activity), ticket management, and automation of marketing and sales campaigns. As a result, companies can support customers and leverage data to increase conversions while saving time and resources. Text App premiered in August 2025, when the product was released in a soft-launch format on the text.com website. It should be emphasized that this solution, like its price list, may undergo significant changes to adapt it to the rapidly changing requirements and expectations of the market. 21
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4.2.2. LiveChat The LiveChat product is an advanced communication platform that allows company to conduct real-time conversations with customers via a chat embedded on the company’s website. It offers a wide range of features, such as integration with popular CRM tools, the ability to conduct conversations through different channels of communication (like e-mail, social media) and also automatization of the customer support when used with Chatbot. With these solutions, companies can increase sales, improve customer satisfaction, and optimize customer care processes. The Company offers mobile and desktop versions of the product, and it is also possible to use it in a browser-based form. This gives users of the product the ability to chat with clients virtually anywhere and anytime. Examples of the product’s use are varied. The LiveChat solution can facilitate sales processes in e-commerce, serve as a recruitment supporting tool in education and HR, and as a contact channel in industries that require personalized communications, such as real estate. The Company pays close attention to the process of implementation of the product on the website, its adaptation to the needs of the client, and the following services, so they are intuitive and simple, despite the more advanced functionalities that the product offers. Also, the onboarding process is carried out in such a way as to clarify any doubts the user has from the beginning. Therefore, the product can be used by small and medium-sized enterprises, but also by large corporations. LiveChat offers numerous functionalities, not just facilitating conversation with clients, but also making communication management easier. Users are offered features that engage their clients (for example, automatic invitations to start a conversation), tracking the behavior of website visitors, and an analytical panel. All the data collected using the LiveChat application is an attractive source of knowledge to be used in the sales, service, and customer support process. The product's structure allows users to integrate it with other tools, greatly expanding its use cases. The following integrations are available to customers: the so-called “one-click” (they allow you to enable integration with a given tool almost with one click) or more advanced, requiring the use of documentation provided by the Company, like API (Application Programming Interface) and programming knowledge. One of the most interesting integrations is the ability to run chatbots in the product. This gives companies the ability to communicate with customers both through real agents and mechanisms based on artificial intelligence. 22
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More information on the product can be found on the product website: https://www.livechat.com Text as a communication platform Text Platform is an advanced ecosystem of tools and APIs that enables developers to build, extend, and monetize text applications. The Platform around our solutions consists of closely related parts. The first is the Development Console, on which the Company provides the appropriate tools (manuals, API documentation, code examples), thanks to which it is possible to create plugins and extensions based on artificial intelligence. The main benefits of product development in the platform model are that the solutions become more flexible, which makes it possible to almost freely adjust their functionality to the users' requirements. This makes the user's relationship with the product stronger, making it more difficult for them to give up using it. The platform also allows you to discover previously unknown use cases of a given solution and share these experiences. 23
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4.2.3. ChatBot ChatBot is an advanced AI chatbot platform designed to automate customer service, sales, and marketing across digital channels. With an intuitive interface and wide features, it enables businesses of all sizes to deploy intelligent conversational assistants without any programming quickly The current version of ChatBot makes it possible to scan specific knowledge sources (website, prepared document, etc.). Based on this, ChatBot is able to prepare quick and correct answers to the questions asked within the scope of the data provided. ChatBot ensures a very high level of data security and full customer control over the bots created. It also allows for their training and customisation. Unlike the previous version of this product, it does not require manual scenario creation based on the drag-and-drop method and is even easier and friendlier for people without programming knowledge. ChatBot is integrated with the LiveChat solution and other tools, such as Facebook Messenger. In addition, the user can connect the created bot with the internal system, which allows, among other things, to verify and send data obtained by the bot during the conversation to other systems in the company. Due to the company's API application, ChatBot's integration possibilities are virtually unlimited. For more information about the product, please see the website. 24
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4.2.4. HelpDesk HelpDesk is a solution that, thanks to automation and AI, supports business communication with the client through various channels. In particular, HelpDesk helps to manage the so-called "Tickets", i.e. matters reported by clients via various text communication channels (e.g. mail, live chat). The functions offered by HelpDesk include support for teamwork, grouping, tagging tickets, and assessing consumer satisfaction. Work on more HelpDesk integrations with other products is currently underway. The product is systematically expanded, and its vision assumes as much automation of such processes as possible to shorten the time of customer service support. HelpDesk is a competitive solution for such products as Zendesk, FreshDesk, ZOHO Desk, HappyFox, or HelpScout and will constitute a valuable complement to the Company's offer. For more information about the product, please see the website. 25
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4.2.5. KnowledgeBase The KnowledgeBase platform allows companies to create their own knowledge bases, which can be accessed by both their employees and clients. Thanks to KnowledgeBase, articles relating to, for example, technical assistance, are all gathered in one place, and AI helps to create them efficiently and quickly. This way, an employee does not have to switch between various browser tabs to seek out an answer to the question while dealing with customer service, but merely seeks out the information in the knowledge base. This boosts the efficiency of customer service and speeds up communications with clients, especially thanks to the search engine assisted by artificial intelligence that provides clients with tailored and immediate answers. At the same time, it lets clients seek out solutions to their problems by themselves. For more information about the product please see the website. 26
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4.2.6. OpenWidget OpenWidget is a free and easy-to-install widget that allows you to present proactively relevant content to website visitors. Placing a widget on the website can engage visitors by displaying incentives to make purchases or support those browsing with easy access to a contact form or answers to frequently asked questions. OpenWidget was developed by the internal team, which so far has concentrated on the development of the LiveChat widget and other products. Launched in November 2022, OpenWidget may gain a premium version or become a distribution platform for Text's other products. For more information about the product, please see the website. 4.2.7. Other activities Examples of some additional activities contributing to the organic growth of the number of customers on which the Company's team works in dedicated teams: Partner Program - the goal of the partnership program is to build new sales channels in cooperation with companies from various industries or freelancers. The program consists of the following projects: ● affiliate program, in which partners earn a commission on every sale of a product made through them, ● Solution partners, assuming the possibility of adding our product (and services around it) to the partner's offer portfolio, and independently shaping the pricing policy. Activities undertaken in the project: ● expansion of the website and blog (strengthening the organic traffic and the number of entries interested in cooperation), ● expansion of the partnership panel (dashboard), giving partners access to advertising materials, analytics, and tools for creating and managing LC licenses created in this model, 27
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● Partner program API - enabling tracking and optimization of project activity and the automation of many activities within the project. Content marketing activities The Company puts a lot of work into the content created for the website, which allows it to generate high incoming traffic to websites and high positions in search engines. Partnerships - activities involving cooperation with other software development companies. They are based on cooperation on various levels: mutual promotion, creating joint integrations, and listing in marketplaces. 4.3. Description of the situation in the market for SaaS services and the segment of live chat type of software Text works in the SaaS model offering companies and institutions solutions that enable, support, and enhance online communication with their customers or stakeholders, including text analysis and automation. Currently, the Company’s product portfolio includes paid products: Text App, LiveChat, ChatBot, HelpDesk, and KnowledgeBase, as well as the free OpenWidget. The markets in which the Company operates are characterized by a very high level of competitiveness and innovation. Competing solutions include products offered by companies such as Intercom, Zendesk, and Freshworks. The Company's situation is strongly influenced by the state of the markets for live chat, helpdesk, and chatbot products . According to publicly available estimates from research companies (such as IMARC, Technavio, Allied Market Research, Global Industry Analysts), the live chat solutions market was worth between USD 0.96 and 1.17 billion in 2023 and 1.06 to 1.17 billion USD in 2024 (Global Growth Insights, Allied Market Research). The estimated compound annual growth rate (CAGR) in the next five to seven years will be 9-11%. According to data published by Datanyze, a research company, there are more than 210 different technologies on the live chat market. A substantial number of suppliers offer their solutions in the freemium model. In the assessment of the Company, the monetization of clients who started to use free services is a very difficult and ineffective process. The “LiveChat” solution is distinguished by, among other things, the number of available functionalities, options, and integration capabilities. A matter of paramount importance is also customer service, which largely exceeds the capabilities of the majority of other suppliers. Depending on the data source, the estimated value of the chatbot market ranges from USD 0.7 billion to USD 6.95 billion. Analysts estimate that the market’s value CAGR over a 7-8 period will range between 22% and 28%. Meanwhile, the estimated value of the helpdesk solutions market ranges from USD 9.82 billion to USD 12.5 billion. Over a 5–7 year period, the CAGR in this market is estimated to be between 7% and 10%. The SaaS software market is the largest and dynamically developing part of the Cloud Computing market, consisting of the provision of services and products in the area of information technology through the use of cloud computing. The Cloud Computing market includes the private cloud segment, which is used by large enterprises to optimize their own resources, and the public cloud segment, aimed at small and medium-sized companies, which allows greater control over expenses and the possibility of spreading them over time. According to estimates by the analytical company Gartner, the value of the public cloud amounted to USD 723.4 billion in 2024. 28
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The Company believes that the development of artificial intelligence (AI) technology will have a key impact on the market for its business. The leap in its availability and popularity at the end of 2022 has enabled the rapid development of many new functionalities by both the Company and its competitors. The huge popularity of ChatGPT has translated into the popularization of AI technology and potentially the willingness of companies to adopt solutions based on it. The technological changes taking place represent a huge opportunity for the Company and the industry as a whole to accelerate the growth of the value of the entire market, which may result from the creation of solutions that give real great value to potential customers. At the same time, there are associated risks (the Company may, for example, fail to create or monetize new AI-based solutions effectively). The speed of the changes taking place and the uncertainty as to how quickly companies and institutions (the Company's potential customers) will adapt to these changes, as well as the as yet unresolved discussions on potential AI regulations, make it impossible at present to reliably and accurately forecast growth in the value of the market in which the Company operates. However, its huge assumed impact on the entire global economy, particularly the area in which the Company operates, may be evidenced, for example, by a report by McKinsey, which assumes that solutions related to generative AI may ultimately increase global GDP by USD 4.4 trillion annually. This is expected to come from, among other things, increased productivity. Analysts see the biggest application of artificial intelligence in areas such as customer service, marketing and sales, software engineering, and research and development. Each of these areas touches the Company's business in some way. 4.4. Significant agreements for the Capital Group Agreement with the payment gateway service provider A subsidiary of the Company, Text Inc., uses the services of www.authorize.net, owned by Visa, which acts as a technical intermediary for credit card payments on the Internet. The agreement between the above-mentioned parties was concluded by joining the Authorize website on the basis of the general terms and conditions of contracts used by Authorize and did not take the form of a document. Subject to the above terms and conditions, the legal relationship between you (including Text Inc.) and Authorize is governed by the laws of the State of California. Authorize does not guarantee the full functionality of its services provided via the website. By entering into the contract, the user confirms that they are aware that the service will be provided via the Internet, which makes it vulnerable to possible infrastructure failures resulting from various reasons such as network attacks, and power outages. Authorize is also not responsible for any damage resulting from the use of its services, in particular, it is not responsible for data loss or unauthorized access to data sent via its website, such as credit card details. The above limitation of liability does not depend on the cause of the damage - both hacker attacks, accidents, and negligence, including gross negligence - and cannot constitute grounds for raising claims against Authorize. The user waives any claims that may arise from the use of Authorize services and declares that the use of Authorize services is at their own risk. If, however, it was found that Authorize was due to pay any compensation to Text Inc., its amount would be limited to the equivalent of the salary for the last 30 days or to the amount of USD 100. In addition, the user undertakes to release Authorize from liability for any claims raised against it by third parties related to the use of Authorize services by users. 29
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Authorize may unilaterally change the contractual conditions. Using the website services after the change of conditions means accepting the change. Likewise, Authorize may unilaterally terminate the provision of services, subject to prior notice. Also, the termination of the contract may not result in Authorize's liability for damages. Agreement with the provider of payment clearing services A subsidiary of the Company - Text Inc. uses the services of the www.recurly.com website, which acts as an entity that calculates fees from the Company's customers and collects them automatically from customers' credit cards. The agreement between the above-mentioned parties was concluded by joining the Recurly website on the basis of the general terms and conditions of contracts applied by Recurly and did not take the form of a document. This Agreement is governed by the laws of the State of California. Recurly provides the service for a commission calculated monthly on the transaction value expressed in dollars, the amount of which may be changed by Recurly upon 30 days' notice. Recurly is not responsible and does not return the commission charged in the event of, for example, a request for a refund by the Company's client or fraud committed by the client against the Company. Recurly also does not provide cash storage services. Recurly is not liable for any damage, also in the form of lost earnings, data, or other intangible goods on the part of the user, regardless of the reason for its occurrence - whether the damage will result from the use of Recurly services, unauthorized influence on the content of the service, actions or statements of any kind by third parties. Regardless of the above reservations, the liability for damages between the parties was limited to the amount of the remuneration paid under the contract. Recurly is provided by Text Inc. a license to use its logo, name, and other rights to use them on websites to identify the service provider. Similarly, Text Inc. licenses Recurly to use its logo, name, and other rights to use them on websites to identify Text Inc. as a client. The agreement provides for a one-year limitation period for all related claims. Recurly charges fees depending on the turnover for services provided. Agreement with Comerica Merchant Services (Worldpay from FIS) This agreement was signed on December 21, 2011. Based on the agreement, Text Inc., a subsidiary, is using Visa and MasterCard payment processing services. The agreement is subject to the standard terms of use for credit card processing used by Comerica. Card processing includes, in particular, the settlement of Visa and MasterCard transactions in connection with the Company’s products. The terms of use state that Text Inc. will be handling any claims and complaints made in connection with sales made via these cards on its own. Text Inc. is also responsible for compensating any damages incurred by Global Payments Direct and by Comerica Bank in connection with sales paid for by card and for any associated claims (including claims by third parties). The agreement contains provisions that release Global Payments Direct and Comerica Bank from responsibility for the violation of such terms. Furthermore, the liability of Global Payments Direct and Comerica Bank is limited to the average monthly payment for services in the preceding 12 months, or, if such period is shorter than 12 months, from the signing of the agreement. Global Payments Direct and Comerica Bank will not be held liable for the loss of profits or for transactions using other cards if such cards are to be processed at the request of Text Inc., at the agreement of Global Payments Direct. Also, Global Payments Direct and Comerica Bank are not responsible for damages if it has not been notified within 60 days of the violation of the agreement, or 90 days from the date of the specific billing document in the event of billing errors. The agreement is renewed automatically every month after the first year unless it is terminated by Text Inc. on terms indicated in the agreement (with the provision that in the event of termination due to violation of the agreement, Text Inc. will be responsible for payments calculated based on terms set in the agreement). Text Inc. may also terminate the agreement in the event of a violation by the other party if such a violation is not remedied. Global Payments Direct may also terminate the agreement, including without notice, in the event of a violation by Text Inc. Terms of the agreement also describe in detail the rules for charging Text Inc. with transaction amounts in specific cases, in particular when a card owner is questioning the transaction, setting up a reserve account to secure claims against Text Inc., the principles concerning LiveChat’s liability for damages suffered by a financial institution which 30
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carries out an order to withdraw funds at the request of Global Payments Direct and Comerica Bank, the principles of deducting funds from that account and associated settlements, and sets out a one-year term for the expiry of the claim by Text Inc. to return any funds remaining on such account. The terms of the agreement also set forth the rules on the establishment of security on specific accounts and on naming a custodian to manage a LiveChat account for the settlement of agreement-related liabilities. Text Inc. agreement with American Express Company A subsidiary, Text Inc., is using the services of www.americanexpress.com/us/merchant in order to process American Express cards. This agreement was made by signing up for the services on the basis of the terms and conditions it offers and is not made in a document form. Fees charged to Text Inc. in connection with the use of this service are set as a percentage of its turnover, at 2.89-3.20%, according to the current fee schedule. The terms of use include a number of waivers that exclude American Express Company from liability to its users. In particular, these terms exclude American Express Company's liability for any indirect damages and for the loss of profits in connection with the use of the service. According to the terms, American Express Company will not be held responsible for services offered by service providers via the service in question, or for information and products offered through the service or through websites connected to the service via a hyperlink. American Express Company may unilaterally change the terms of use, which are subject to the jurisdiction of the State of New York. Agreement with the provider of payment clearing services A subsidiary of the Company - Text Inc. signed an agreement with Stripe Inc. (“Stripe”), according to which Stripe acts as an entity that calculates fees from the Company's customers and collects them automatically from customers' credit cards. The agreement between the above-mentioned parties was concluded on the basis of the general terms and conditions of contracts applied by Stripe, and the agreement is governed by the laws of the State of California. Stripe provides the service for a commission calculated monthly based on the transaction value expressed in dollars. The amount of the commission is dependent on the net monthly card value and on certain card actions. Stripe may change the value of commissions. The fee schedule automatically renews for subsequent 12-month periods unless either party provides notice of non-renewal at least 30 days prior to the end of the period. Stripe is not responsible and does not return the commission charged in the event of, for example, a request for a refund by the Company's client, or fraud committed by the client against the Company. Stripe is not liable for any damage, also in the form of lost earnings, data, or other intangible goods on the part of the user, regardless of the reason for its occurrence - whether the damage will result from the use of Stripe services, unauthorized influence on the content of the service, actions or statements of any kind by third parties. Regardless of the above reservations, the liability for damages between the parties was limited to the amount of the total amount of fees paid to Stripe during the 12-month period immediately preceding the event giving rise to the liability. Stripe grants a free-of-charge license to use its logo, name, and other rights to use them on websites to identify the service provider. Similarly, Text Inc. licenses Stripe to use its logo, name, and other rights to use them on websites to identify Text Inc. as a client. 4.5. Information about material transactions with related parties Agreement with Text Inc. Text has a contract with Text Inc., in which the subsidiary has agreed to further resell access to the Text products to end-users. 31
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According to the agreement, Text Inc. purchases access to the Text products from Text and then resells it to end-users at a price set by Text. Text Inc. does not generate profits from the resale of access to the Text products. Text refunds all expenses of Text Inc. in connection with the activities conducted and listed in the budget accepted by Text, based on invoices issued by Text Inc. According to the agreement, Text Inc. has the right to add a 5% markup to selected expenses it incurs in connection with the sale, i.e. the cost of handling credit card payments, the cost of banking services, accounting, and marketing expenses. These payments are made monthly based on an invoice issued by Text Inc., corresponding to the expenses plus the above markup. Text remains the owner of all intellectual property rights, including its trademark. This agreement was signed for an unlimited period of time, with a 14-day notice. The agreement restricts Text’s liability to the amount paid on behalf of Text Inc. over the past 12 months. In the reported period, the Company concluded transactions with a consolidated entity, Text Inc. As a result, the following balance sheet and result categories appeared: Sales revenues to Text Inc. in the amount of PLN 248 357 thousand Costs of services purchased from Text Inc. in the amount of PLN 41 872 thousand Receivables from Text Inc. in the amount of PLN 5 169 thousand Obligations to Text Inc. in the amount of - The above transactions were excluded from the consolidated financial statements. 4.6. Information on other agreements and transactions Information about the transactions with related parties at terms other than market terms There were no such transactions. Loans made or terminated The Company had no loan agreements in this period. Loans granted At the end of September, the Company signed a working capital loan agreement for PLN 20 million, of which it received PLN 10 million in the reporting period. The Subsidiary did not have any loan agreements. At the end of the period the Company fully repaid the loan. Bonds subscription agreements The Company did not have any bond subscription agreements from April 1, 2025, to December 31, 2025. Cooperation or cooperation agreements During the reported period, neither Text S.A. nor the Group has concluded any cooperation or cooperation agreements. Insurance contracts Primary Layer Professional Indemnity and Cyber Insurance concluded with Markel Syndicate Management Limited for the amount of USD 2 million for both Text and Text Inc. and the Insurance of Damages As a result of claims related to the Liability of Members of the Company's Governing Bodies for the amount of PLN 30 million concluded with CHUBB European Group SE Spo ́ łka Europejska Branch Poland and USD 2 million to the Liability of Members of Text Inc. concluded with Chubb European Group. Description of conducted court and administrative proceedings In the reported period, the Company was not a party to any court or administrative proceedings. The Subsidiary was a party to one court proceeding, in which the lawsuits was dismissed by the court. 32
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4.7. Market growth prospects The Software as a Service sector, in which the Company is active, is growing very rapidly. The live chat for the business software segment is not the same as the SaaS market. Some of the Company’s competitors are offering their services in a less effective, traditional model. However, in the opinion of the Management Board, the SaaS model has by far the best growth prospects, and therefore, the market share of companies that offer their services using that model is expected to grow. This creates huge growth potential for the entire sector, which can be further strengthened by popularizing solutions based on AI technology. The fact that the current customer base is dominated by small companies, while the Company’s offer is boosted by new cloud infrastructure, which can successfully match the needs and challenges of the enterprise type companies, makes a significant market opportunity for the Company. With the addition of new products (ChatBot, HelpDesk) and a product combining their functionalities (Text App), the Company's target market is changing. It is no longer just the live chat market (which, according to various sources, may be worth approximately USD 1 billion), but a market many times larger for online sales and customer support automation solutions, the exact value of which is difficult to determine. Although this presents significant market opportunities, their realization may be very difficult due to strong competition and a rapidly changing market environment. 5. Financial situation of Text Group 5.1. Presentation of the consolidated results Income statement [thous. PLN] Q1-Q3 2025/26 Q1-Q3 2024/25 Change Sales 249 165 265 169 -6.0% Cost of goods sold 80 748 52 259 Gross profit (loss) 168 417 212 910 Cost of sales 51 720 48 875 General management and administration 19 195 27 524 Other operating profit 281 184 Other operating expenses 1 586 124 Operating profit (loss) 96 197 136 571 -29.6% Financial income 139 830 Financial expenses 322 88 Profit (loss) before tax 96 014 137 313 33
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Income tax 7 959 9 719 Net profit (loss) 88 055 127 594 -31.0% [thous. PLN] Q3 2025/26 Q3 2024/25 Change Sales 81 555 88 917 -8.3% Cost of goods sold 27 605 17 870 Gross profit (loss) 53 950 71 047 Cost of sales 16 853 16 585 General management and administration 6 502 10 948 Other operating profit 109 77 Other operating expenses 20 9 Operating profit (loss) 30 684 43 582 -29.6% Financial income - 954 Financial expenses 152 52 Profit (loss) before tax 30 532 44 484 Income tax 2 129 3 217 Net profit (loss) 28 403 41 267 -31.2% Commentary on factors influencing financial results: The revenues are mainly from the sale of the Company’s products: LiveChat, ChatBot, and HelpDesk. The cost of goods sold, this position in P&L, relates mainly to the costs of programmers and admins working on our products. The cost of sales includes the costs of support and marketing, as well as the commissions of payment service providers and our partner program. 34
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Balance sheet – assets [thous. PLN] December 31, 2025 March 31, 2025 Change Non-current assets 91 483 89 115 2.7% Intangible and legal assets 80 880 76 563 Fixed real assets 5 621 6 306 Long-term receivables 160 160 Deferred income tax assets 4 779 6 048 Long-term prepayments and accruals 43 38 Current assets 105 315 137 590 -23.5% Receivables for goods and services sold 1 001 1 536 CIT tax receivables 24 606 34 032 VAT tax receivables 23 909 22 355 Other receivables 449 67 Cash and cash equivalents 53 347 77 704 Accruals and prepayments 2 003 1 896 Total assets 196 798 226 705 -13.2% 35
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Balance sheet – liabilities [thous. PLN] December 31, 2025 March 31, 2025 Change Own equity including 110 908 136 418 -18.7% Initial equity 515 515 Supplementary capital 76 635 68 976 Currency conversion differences (601) (1 279) Retained earnings (accumulated loss) 34 459 68 206 Liabilities and provisions 85 890 90 287 -4.9% Long-term liabilities, including: 5 103 6 393 - other financial liabilities 3 439 2 515 - Liabilities from contracts concluded with customers 1 663 3 878 - Deferred income tax provision 1 - Short-term liabilities, including: 80 787 83 894 - Short term loans - - - Other financial liabilities 917 1 128 - Trade payables 9 376 9 788 - Tax liabilities 2 190 163 - Liabilities from contracts concluded with customers 64 387 69 611 - Other liabilities 3 917 3 204 Total liabilities 196 798 226 705 -13.2% 36
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Cash position [thous. PLN] Q1-Q3 2025/26 Q1-Q3 2024/25 Change Profit/loss before tax 96 014 137 313 Total adjustments including, among others: (6 970) 7 029 - Depreciation and amortization 19 498 17 749 - Profit (loss) generated from investing activities 800 0 - Change in receivables (21 401) (13 028) - Change in liabilities excluding financial liabilities (6 488) 1 794 - Change in deferred tax provisions 1 270 (588) - Change in the status of accruals 601 386 - Other adjustments (1 250) 716 Cash generated from operating activities 89 044 144 342 Income tax paid 24 664 (5 152) Cash flow from operating activities 113 708 139 190 -19.3% Sale of intangible assets and tangible fixed assets (23 931) (23 312) Interest received 139 - Cash flow from investing activities (23 792) (23 312) - Repayment of financial lease liabilities (650) (737) Dividends paid (113 300) (112 013) Interest paid (322) - Proceeds from incurred credits and loans 10 000 - Repayment of credits and loans (10 000) - Net cash flow from financing activities (114 272) (112 750) - Total net cash flow (24 357) 3 128 Cash at the beginning of the period 77 704 85 860 Cash at the end of the period 53 347 87 988 -39.4% 37
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Dividend policy In accordance with the current dividend policy described in the Company's Prospectus, the Management Board of Text S.A. recommends to the General Meeting the payment of the maximum (in accordance with applicable regulations) part of the profit for the previous financial year in the form of a dividend, unless there are investment opportunities that would provide the Company and shareholders with a higher rate of return than the payment of the dividend. The Management Board, with the consent of the Supervisory Board, is entitled to make decisions regarding the payment of advances against the expected dividend. Description of the significant off-balance sheet items The Group does not have any significant off-balance sheet items. Financial forecast The Management Board of the Company has not published financial projections for the financial year 2025/26 . Description of the use by the Company of the proceeds from issued capital In the reported period, the Company did not issue any shares. 5.2. Presentation of the standalone results In accordance with resolution no. 24/2024 of the General Meeting of Shareholders of August 22, 2024, starting from April 1, 2024, Text prepares financial statements in accordance with International Financial Reporting Standards (IFRS). The change was described in detail in the relevant notes to the financial statements. Income Statement [thous. PLN] Q1-Q3 2025/26 Q1-Q3 2024/25 Change Sales 249 165 265 169 -6,0% Cost of goods sold 80 748 53 125 Gross profit (loss) 168 417 212 044 Cost of sales 52 047 49 295 General management and administration 19 381 27 639 Profit (loss) on sales 96 989 135 110 Other operating profit 281 184 Other operating expenses 1 586 124 38
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[thous. PLN] Q1-Q3 2025/26 Q1-Q3 2024/25 Change Operating profit (loss) 95 684 135 170 -29.2% Financial income 139 1 696 Financial expenses 322 88 Profit (loss) before tax 95 501 136 778 Income tax 7 959 9 719 Net profit (loss) 87 542 127 059 -31.2% [thous. PLN] Q3 2025/26 Q3 2024/25 Change Sales 81 555 88 917 -8.3% Cost of goods sold 27 605 18 722 Gross profit (loss) 53 950 70 195 Cost of sales 16 957 16 714 General management and administration 6 566 11 001 Profit (loss) on sales 30 427 42 480 Other operating profit 109 78 Other operating expenses 20 9 Operating profit (loss) 30 516 42 549 -28.3% Financial income - 1 806 Financial expenses 152 52 Profit (loss) before tax 30 364 44 303 Income tax 2 129 3 217 Net profit (loss) 28 235 41 086 -31.3% 39
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Balance sheet – assets [thous. PLN] December 31, 2025 March 31, 2025 Change Fixed assets 91 484 89 117 2.7% Intangible and legal assets 80 880 76 563 Fixed real assets 5 621 6 306 Long-term receivables 160 160 Long-term investments 2 2 Deferred income tax assets 4 779 6 048 Long-term prepayments and accruals 43 38 Current assets 102 651 133 782 -23.3% Receivables for goods and services sold from related entities 5 169 10 668 Receivables for goods and services sold from other entities 9 1 VAT receivables 23 909 22 355 CIT receivables 24 606 34 032 Other receivables 449 67 Cash and cash equivalents 46 506 64 763 Accruals and prepayments 2 003 1 896 Total assets 194 136 222 899 -12.9% 40
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Balance sheet – liabilities [thous. PLN] December 31, 2025 March 31, 2025 Change Own equity including, among others: 108 056 133 814 -19.2% Initial equity 515 515 Supplementary capital 76 635 68 976 Retained earnings (accumulated loss) 30 906 64 323 Liabilities and provisions 86 080 89 085 -3.4% Long-term liabilities 5 103 6 393 - Deferred income tax 1 - - Liabilities from contracts concluded with customers 1 663 2 515 - Other financial liabilities 3 439 3 878 Short-term liabilities 80 977 82 692 - Trade payables 917 1 128 - Tax liabilities 2 190 163 - Other financial liabilities 9 566 8 586 - Credits and loans 0 0 - Liabilities from contracts with customers 64 387 69 611 - other liabilities 3 917 3 204 Total liabilities 194 136 222 899 -12.9% Cash position [thous. PLN] Q1-Q3 2025/26 Q1-Q3 2024/25 Change Profit/loss 95 501 136 778 Total adjustments. including among others: (357) 14 259 - Depreciation and amortization 19 498 17 749 - Change in receivables (16 445) (7 004) - Change in short-term liabilities excluding financial liabilities (5 096) 2 800 41
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- Change in prepayments and accruals 601 385 - Change in deferred tax assets and liabilities 1 270 (513) - Other adjustments (985) 842 Cash generated from operating activities 95 144 151 037 Income tax paid 26 664 (5 152) Cash flow from operating activities 119 808 145 885 - Investments in intangibles and in real fixed assets (23 931) (23 312) Interest received 139 - Cash flow from investing activities (23 792) (23 312) - Repayment of finance lease liabilities (650) (737) Interest paid (322) - Dividends paid (113 300) (112 013) Proceeds from incurred credits and loans 10 000 - Repayment of credits and loans (10 000) - Net cash flow from financing activities (114 272) (112 750) - Total net cash flow (18 257) 9 823 Cash at the beginning of the period 64 763 73 101 Cash at the end of the period 46 506 82 924 -43,9% 42
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6. Corporate governance 6.1. Information about the shares and shareholders Structure of the initial equity As of the date of this report, the initial equity of the company consisted of 25,750,000 (twenty-five million, seven hundred and fifty thousand) ordinary shares issued and fully paid up, including 25,000,000 (twenty-five million) series A shares and 750,000 (seven hundred and fifty) thousand series B shares. The par value of each share is equal to PLN 0.02 (two grosze). Both series A shares and series B shares have one voting right per share. No shares are privileged in any aspect. Shareholder structure As of the date of this report, the largest shareholder of Text S.A. was a Shareholders' consortium - a dominant shareholder, consisting of people performing duties in the Management Board of the Company, the Supervisory Board of the Company, the Company's managers, and one person outside of the Company. In total, they held 10,625,752 shares, constituting 41.27% of the total number of votes at the general meeting. Two Polish open pension funds, Polskie Towarzystwo Emerytalne Allianz Polska S.A. and Nationale Nederlanden Polskie Towarzystwo Emerytalne, were the other shareholders whose involvement exceeded 5% of the share capital. They held 2,429,265 and 1,590,000 shares, respectively, representing 9.43% and 6.17% of the total number of votes at the general meeting. Shareholder Number of shares and votes % of shares and votes PTE Allianz Polska 2 429 265* 9.43% Nationale-Nederlanden PTE 1 595 000 6.17% The shareholder consortium - dominant shareholder, incl. shareholders with 5%+ shares and votes**: 10 625 752 41.27% Mariusz Ciepły 3 366 250 13.07% Maciej Jarzębowski 2 366 250 9.19% Jakub Sitarz 3 010 000 11.69% Others 11 104 983 43.13% SUM 25 750 000 100.00% * Information sourced from the annual reports of the pension funds as of December 31, 2025 **Certain shareholders have made a formal agreement on a joint vote: The shareholder consortium-dominant shareholder consists of the following persons: Mariusz Ciepły, Urszula Jarzębowska, Jakub Sitarz, Maciej Jarzębowski, Szymon Klimczak, and Krzysztof Górski. During the reported period of the 2025/26 financial year, the Company had no changes to the significant shareholders. 43
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6.2. Governing bodies of the Company 6.2.1. Management Board The Management Board of the current term of office in the following composition was appointed in August 2023 for a three-year term, which will expire on the date of the Company's General Meeting approving the financial statements for the financial year 2025/2026. As of the date of the report, the Text Management Board consisted of: First name and surname Function Mariusz Ciepły CEO Urszula Jarzębowska Board member Mariusz Ciepły is one of the founders and core shareholders of Text. He has been serving as the Company’s CEO since 2010. Mr. Ciepły has a degree in IT engineering, specialization in the engineering of IT systems, having graduated from the Faculty of Electronics at the Technical University in Wroclaw. He is also a member of the supervisory boards at Unfold.vc ASI S.A. and Mototeam S.A. Urszula Jarze ̨ bowska has been serving as a Board Member at Text since 2010. She has been working at the Company since 2002. Ms. Jarzębowska has a master’s degree from the Wrocław University of Economics, Faculty of the National Economy, where she presented her master’s thesis at the Department of Accounting and Corporate Controlling. During her professional career, she has also completed post-graduate studies in Financial Controlling at the Higher Banking School in Wrocław and studies in the International Accounting Standards (IAS/IFRS) at the Leon Koźmiński Academy in Warsaw. She also has professional experience from companies such as Bankier.pl and Internet Works. She is also a member of the supervisory Board for Unfold.vc ASI S.A. Remuneration of the Company’s Management Board Remuneration Management Board members between April 1, 2025, and December 31, 2025, and in the same period of the previous financial year. Paid out remuneration of the Company’s Management Board First name and surname Function Remuneration (PLN thous.) Q1-Q3 2025/2026 Q1-Q3 2024/2025 Mariusz Ciepły CEO 2 797 3 254 Urszula Jarzębowska Member of the Board 1 864 2 170 SUM - 4 661 5 424 At the end of the Q3 of the 2025/26 financial year there has been a provision established for the unpaid bonuses as part of the Management Board's variable remuneration in the amount of PLN 596 thousand, as compared with PLN 859 thousand at the end of Q3 of the 2024/25 financial year. Information on any liabilities arising from pensions and similar benefits for former managers, supervisors or former members of administrative bodies and on liabilities incurred in relation to these pensions, with an indication of the total amount for each category of body. The Company has no obligations of this kind. 44
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6.2.2. Supervisory Board During the first three quarters of the 2025/26 financial year and on the date of the publication of this report, the composition of the Supervisory Board was as follows: First name and surname Function Maciej Jarzębowski Chairman of the Supervisory Board Jakub Sitarz Deputy Chairman of the Supervisory Board Marcin Mańdziak Member of the Supervisory Board Marta Ciepła Member of the Supervisory Board Marzena Czapaluk Member of the Supervisory Board On August 22, 2024, the Ordinary General Meeting of the Supervisory Board appointed a five-person Supervisory Board for a three-year term of office, which will expire on the date of the General Meeting of the Company approving the financial statements for the financial year 2026/2027. Candidates for the Supervisory Board of the current term of office were proposed by the Shareholders' Agreement and by the Company's shareholder, PTE Allianz Polska (former Otwarty Fundusz Emerytalny Aviva Santander). While standing for the Supervisory Board, candidates submit appropriate declarations, inter alia, on meeting the independence criterion. Maciej Jarze ̨ bowski has a secondary education (specialization: catering). He graduated from the Trade School of Gastronomy in Wrocław. Between 1999 and 2001 he served as the CEO of Bankier.pl, and between 2001 and 2006 he was the CEO of Internet Works. He served as the Company’s CEO until 2010. Marcin Man ́ dziak has a master’s degree. He graduated from the Department of Law at the Faculty of Law, Administration and the Economy of the University of Wroclaw, and has been working in the stock market branch for the past ten years. He co-founded and served for several years as the deputy CEO of M.W. Trade S.A., which became the first company to transfer from the microcap NewConnect market to the main board of the Warsaw Stock Exchange. Since 2013, he has been CEO and the main shareholder of EFM S.A. At the same time, Mańdziak manages a consulting firm Arandela Marcin Mandziak. He is a Member of the Supervisory Board at Venture Inc ASI S.A. Marcin Man ́ dziak meets the criteria of an independent member of the Supervisory Board. Jakub Sitarz has a master’s degree, having graduated from IT studies at the Faculty of Electronics at the Technical University in Wroclaw. He serves as the key technology adviser. Marta Ciepła is a graduate of the University of Natural Science in Wroclaw and post-graduate studies in human resources management. She has been involved in the IT industry for over a decade, in recruitment, and the selection of IT staff. She is an HR manager responsible for team development of the various departments in the companies. Marzena Czapaluk is a graduate of the University of Economics in Wrocław. She also has 20 years of experience as a financial director (CFO) gained, among others in the company eobuwie.pl S.A. She conducts coaching and mentoring activities. She is a founding member of the FINEXA Financial Directors Association. She obtained, inter alia, the FCCA title awarded by the Association of Chartered Certified Accountants (certificate in finance and accounting). She completed the Advanced Executive Education program at Strategic Leadership Academy implemented by the ICAN Institute. CEO of JKB Group. Marzena Czapaluk meets the criteria of an independent member of the Supervisory Board. 45
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Remuneration of the Supervisory Board members During the reported period, members of the Supervisory Board received PLN 402 thousand as the remuneration and PLN 233 thousand for the same period last year. 6.3. Number of shares held by members of the Management and Supervisory bodies The table below presents the number of shares held by members of Management and Supervisory bodies as of the date of the report. Name and surname Role Number of shares Mariusz Ciepły CEO 3 366 250 Urszula Jarzębowska Member of the Management Board 1 210 250 Maciej Jarzębowski Chairman of the Supervisory Board 2 366 280 Jakub Sitarz Deputy Chairman of the Supervisory Board 3 010 000 Marcin Mańdziak Member of the Supervisory Board 6 538 6.4. Other information Assessment, together with its justification, regarding the management of financial resources, with particular emphasis on the ability to meet the obligations incurred, and description of possible risks and actions that the issuer has taken or intends to take to counteract these risks. The Management Board directly manages the risk in this area. In its opinion, the high liquidity of the Company and the lack of significant liabilities significantly minimize the risk of losing liquidity and other risks related to the management of financial resources. Assessment of the feasibility of investment plans, including capital investments, compared to the amount of funds held, including possible changes in the financing structure of this activity. Current investments are mainly carried out in the field of product development and are financed from their own resources. The Management Board currently does not plan any other investments or changes in the financing structure. In connection with the expectation of CIT and VAT overpayment refunds, as well as a lower than expected USD/PLN exchange rate, which affected the amount of funds held in Polish currency and the need to pay dividends on time, at the end of the second quarter the Company took out a working capital loan of up to PLN 20 million, from which it paid out one tranche of PLN 10 million and was fully repaid in December 2025. At the end of the third quarter of the 2025/26 financial year, the Company received a refund of CIT and VAT overpayments in the total amount of PLN 29.5 million and expects to receive a refund of VAT overpayment in the amount of PLN 19 million at the end of March 2026. Due to the above, the Company does not plan to renew the working capital loan. Assessment of factors and unusual events affecting the result of operations for the financial year, with the determination of the degree of influence of these factors or unusual events on the result achieved. The first three quarters of the financial year 2025/26 results were not affected by atypical factors and events. 46
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Changes in the basic rules of managing the Company and its capital group. There were no such changes. All contracts concluded between the issuer and the managing persons, providing for compensation in the event of their resignation or dismissal from the position held without a valid reason or if their dismissal occurs due to the merger of the issuer by acquisition. The Company does not have such agreements. Information about the system of controlling employee share programs. Not applicable. Auditing company Since October 17, 2019, the auditing company selected to perform the statutory audit of the financial statements or consolidated financial statements, pursuant to the resolution of the Supervisory Board, following a positive recommendation at the Audit Committee meeting is Grant Thornton Polska Prosta Spółka Akcyjna (former: Grant Thornton Polska Spo ́ łka z ograniczona ̨ odpowiedzialnos ́ cia ̨ Sp.k., - „Grant Thornton Polska”) The date on which the company entered into an agreement with an auditing company to audit or review the financial statements or consolidated financial statements and the period for which the agreement was concluded. Audit firm's fees paid or due for the financial year and the previous financial year. In July 2025, the Company signed a contract with the auditing company Grant Thornton Polska for the statutory audit of the financial statements of Text S.A. in the period from 04/01/2025 to 03/31/2027 and the statutory audit of the consolidated financial statements of the Text Capital Group in the period from 04/01/2025 to 03/31/2027, as well as the voluntary audit of interim financial statements of Text S.A. in the period from 04/01/2025 to 03/31/2027 and a review of the interim consolidated financial statements of the Text Capital Group in the period from 04/01/2025 to 03/31/2027. In the reported period, the Parent Company paid the remuneration to Grant Thornton Polska in the amount of PLN 168 thousand. In the previous financial year, the Company paid PLN 149 thousand. to Grant Thornton Polska. Environmental issues There are no issues and requirements relating to the protection of the environment that could have a material impact on the Group’s activities. Information about employment At the end of December 2025 the Company collaborated with 269 persons, as compared with 246 a year ago. 47
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7. Dictionary Financial indicators Indicator Description EBITDA = Operating profit + depreciation and amortization Gross profit margin = Gross profit/Net sales Operating profit margin = Operating profit/Net sales Net profit margin = Net profit/Net sales Glossary Term Description ARPL / ARPU Average revenue per licence/ average revenue per user in a month, calculated on the basis of MRR ARPL = MRR/ number of users Initial ARPU Initial ARPU, in other words, average sale price, it is the average value of monthly revenues at the moment when the user converts to a paid account MRR Monthly Recurring Revenues, it is a measure of predictable total revenue generated from all active and paying subscriptions in a particular month. It includes all recurring charges but excludes one-time fees. SaaS Software as a Service is a business model where software is licensed on a subscription basis and is stored in the cloud. I MPORTANT REMARKS AND DISCLAIMERS REGARDING THIS DOCUMENT . T HE REPORT IS A TRANSLATED AND ABRIDGED DOCUMENT PREPARED IN P OLISH . I N THE EVENT OF ANY DISCREPANCIES , THE P OLISH REPORT IS THE BINDING VERSION . T HE SIGNED STATEMENTS OF THE M ANAGEMENT B OARD FORM PART OF THE REPORT IN P OLISH . 48