Slides
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Q325 Results Presentation Gülnur Anlaş Chief Financial Officer November 5th, 2025
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www.logo.com.tr 2 With Capital Markets Board (CMB) of Türkiye’s bulletin dated 28.12.2023 numbered 2023/81, CMB announced that issuers and capital market institutions shall prepare their annual financial statements ending on 31.12.2023 or later, in accordance with IAS29 inflationary accounting provisions. Accordingly, this presentation is related to 2025 third quarter financial results containing the Company’s financial information prepared according to Turkish Accounting / Financial Reporting Standards by application of IAS29 inflation accounting provisions, in accordance with CMB’s decision dated 28.12.2023. This presentation also contains information and analysis on financial statements as well as forward-looking statements that reflect Logo management’s current views with respect to certain future events. Although it is believed that the information and analysis are correct and expectations reflected in these statements are reasonable, they may be affected by a variety of variables and changes in underlying assumptions that could cause actual results to differ materially. Neither Logo nor any of its managers or employees nor any other person shall have any liability whatsoever for any loss arising from the use of this presentation. Disclaimer
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www.logo.com.tr 3 Strategic focus driving consistent performance • Accelerating SaaS momentum; delivering robust 44% real year-on-year growth in 9M25, with SaaS now powering 54% of total invoiced revenues • R&D investments focus on Platform-as-a-Service with edge ERP at the core and cloud-native platform, both expected to be launched in 2026 • AI tools continue to expand ERP’s value creation potential, and enhance operational efficiency • Strong eService performance – driven by rising coin spending and a thriving new partnership • Financial technology services continues its impressive trajectory, reaching 2,1 USD mn in cumulative invoiced revenues since Jan’23
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www.logo.com.tr 4 Consolidated (TL bn) Outperforming in a challenging environment y/y growth +8% +11% +6% • Double-digit real growth in revenues and strong operational profitability • SaaS momentum accelerates; revenues soar 44% y/y • Recurring invoiced revenues’ share reached 85%, with a 19% y/y increase • EBITDA up by 6%, marking a strong margin of 40% in 9M25 • Improved operational efficiency: Revenue per employee is up by 18%, and EBITDA per employee is up by 13% in 9M25 • Despite ongoing macroeconomic challenges, EAS and eServices achieved robust new customer acquisition, reaching 6,400 in 9M25 • Net income reached TL 1,4 bn, with a margin of 35% in 9M25, supported by a one-off investment gain of TL 742 mn from the revaluation of accumulated FX translation differences +21% +16% +10% Consolidated (TL bn) y/y growth +213% +54% 3.4 3.6 1.5 0.4 3.7 4.0 1.6 1.4 Invoiced revenue Revenue EBITDA Net Income 9M24 9M25 1.14 1.18 0.49 0.16 1.37 1.37 0.54 0.24 Invoiced revenue Revenue EBITDA Net Income Q324 Q325 margin 40%42% 35%12% 40%42% 17%13% margin
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www.logo.com.tr 5 IAS29 impact on Balance Sheet Current Assets +45,857,206 TL Major impact is from prepaid expenses Non-Current Assets +638,746,817 TL Major impact is from tangible and intangible assets Short and long-term Liabilities -649,070,959 TL Major impact is from contract liabilities (LEM, eService coins and projects) Equity -283,535,380 TL Major impact is from retained earnings and paid- in capital Non-monetary assets and liabilities, and equity is indexed with inflation 248,002,316 TL net monetary loss impact of IAS29 from balance sheet on income statement (9M24: 458,877,194 TL), and together with income statement’s IAS29 impact, total net monetary loss is 268,622,159 TL (9M24: 525,143,651 TL). Asset Liabilities
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www.logo.com.tr Leading player in e-government solutions; e-Invoice, e-Archive, e-Ledger, e-Dispatch with 218K customers 6 # of customers (‘000) Coin usage (‘000,000) Strong eService growth continues CAGR: 35% CAGR: 46% MRR USD mn ARR USD mn *MRR = Monthly recurring revenues. ARR (Annual run rate) = MRR x 12. MRR up by 34% y/y from $2.06 mn to $2.75 mn10% y/y Non-Logo customer acquisition reached 37,8K in 9M25 with 27% y/y growth (27.7K in 9M24) 34% y/y 32 56 95 135 170 211 198 218 2019 2020 2021 2022 2023 2024 9M24 9M25 213 499 799 823 926 959 697 748 2019 2020 2021 2022 2023 2024 9M24 9M25 7% y/y 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Oct.'23 Nov.'23 Dec.'23 Jan.'24 Feb.'24 Mar.'24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct.'24 Nov.'24 Dec.'24 Jan.'25 Feb.'25 Mar.'25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 14 17 21 29 25 33 Dec-21 Dec-22 Dec-23 Dec-24 Sep-24 Sep-25
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Offering basic accounting software and e-invoicing services 7 Logo İşbaşı’s continued stellar performance MRR = Monthly recurring revenues. ARR (Annual run rate) = MRR x 12. *ARPU = ARR / # of users at the end of the period. MRR USD ‘000 • MRR reached $258K, up by 47% from $175K at September 2024 • ARR up by 47% at $3.09 mn • Total users reached 76.6 thousand, with 13% y/y growth • ARPU* is at $40, up by 30% from $31 at September 2024 ARR USD mn 47% y/yCAGR: 69% 0 50 100 150 200 250 300 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan.'25 Feb.'25 Mar.'25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 0.48 0.98 1.28 2.32 2.10 3.09 Dec-21 Dec-22 Dec-23 Dec-24 Sep-24 Sep-25
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SaaS solutions for reliable and sustainable retail operations: a new generation CX in retail 8 Logo Diva Retail MRR = Monthly recurring revenues. ARR (Annual run rate) = MRR x 12. **ARPU = ARR / # user locations at the end of the period. MRR USD mn • Total customers is at 135, with 8,8K user locations • ARPU** is at $644, up by 58% from $408 at September 2024 • ARPU increased following the removal of low-revenue accounts ARR USD mn 29% y/yCAGR: 44% 0.00 0.10 0.20 0.30 0.40 0.50 0.60 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan.'25 Feb.'25 Mar.'25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 1.5 2.1 2.6 4.5 4.4 5.6 Dec-21 Dec-22 Dec-23 Dec-24 Sep-24 Sep-25
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SaaS solution for recruitment, assessment, on-boarding and talent engagement needs of enterprises 9 Peoplise MRR = Monthly recurring revenues. ARR (Annual run rate) = MRR x 12. ARPU = ARR / # of customers at the end of the period. MRR USD ‘000 • Total customers is at 166 • ARPU at $6.2K, up by 4% from $5.9K at September 2024 • ARR is affected by customer churn due to slow recruitment activity in the market ARR USD mn CAGR: 26% -6% y/y 0 20 40 60 80 100 120 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan.'25 Feb.'25 Mar.'25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 0.65 0.79 0.83 1.30 1.09 1.02 Dec-21 Dec-22 Dec-23 Dec-24 Sep-24 Sep-25
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10 www.logo.com.tr Recurring Invoices TL mn Recurring Invoices/Invoices % Recurring Revenue Growth Ensuring Predictability Sustainable revenue growth supported by SaaS transition • Total SaaS revenues grew by 44% y/y in 9M25 reaching 2.0 TL bn (9M24: 1.4 TL mn), share in total revenues reached 54% in 9M25 up from 41% in 9M24 • Total SaaS revenues include eService’s coin revenues, Financial technology services, Retail SaaS, İşbaşı, Peoplise, subscription in small ERP segment and CloudERP • Recurring revenues up by 19% y/y increasing from 2.6 TL bn to 3.1 TL bn, and has 85% share in total invoiced revenue • ERP segment’s transition to subscription model gradually decreases one -time license sales and related LEM sales Strong growth with transition to subscription model in the small ERP segment y/y growth -10% -3% +20% +123%+17% LEM’s share in recurring revenues is gradually decreasing due to transition to subscription model in the small ERP segment Total SaaS 44% growth y/y +19% 1,083 179 923 138 327 974 174 1,106 161 728 LEM Proj.&Maint. eService SaaS Retail SaaS SaaS 9M24 9M25 590 100 38 ERP Subscription İşbaşı Peoplise 9M25: 728 TL mn 78% 85% 9M24 9M25
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11 www.logo.com.tr Operating Expenses Türkiye TL bn R&D expenses – as % of IFRS Revenues S&M expenses – as % of IFRS Revenues G&A expenses – as % of IFRS Revenues Total OpEx – as % of IFRS Revenues 35% 35% 11% y/y increase 24% 27% 24% y/y increase 7% y/y increase 13% y/y increase 9% 9% 67% 70% Increased sales commissions with stronger eService sales, as expected 3.6 4.0 1.2 1.4 9M24 9M25 Total Revenue R&D Expense 3.6 4.0 0.3 0.3 9M24 9M25 Total Revenue G&A Expense 3.6 4.0 0.9 1.1 9M24 9M25 Total Revenue S&M Expense 3.6 4.0 2.4 2.8 9M24 9M25 Total Revenue Total Opex
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12 Strong FCF TL mn Balance sheet highlights TL mn Effective financial management, resilient and strong balance sheet * Includes goodwill. Net cash TL mn Cash to be received from Total Soft share sale End-2025: €2.2 mn End-2027: €12.9 mn EPS* (LTM) TL * EPS is adjusted for treasury shares of 1.26% (9M24: 6.20%) 206% y/y 4.8 14.8 9M24 9M25 703 703 2024 9M25 878 1,416 9M24 9M25 61% y/y WC/Invoiced revenue % 12% 22% 13% 9M24 2024 9M25 Working capital: Trade receivables + Inventories – Trade payables. Invoiced revenue is based on LTM. 2024 9M25 ∆ Cash & Cash Eq. 556.7 638.3 15% Trade Receivables 1,507.6 988.0 -34% Tangible Assets 433.9 394.9 -9% Intangible Assets* 2,315.8 2,470.0 7% Other Assets 1,334.5 2,413.0 81% Assets held for sale 2,966.0 139.9 -95% Total Assets 9,114.4 6,904.3 -24% Total Liabilities 4,215.2 3,377.1 -20% Liabilities related to assets classified as held for sale 1,257.8 - Total Shareholders’ Equity 3,641.3 3,527.3 -3% Total Liabilities and Equity 9,114.4 6,904.3 -24% Shareholders Equity Ratio 0.40 0.51 28% Current Ratio 1.14 0.74 -35%
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Appendix
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14 2025 Guidance Logo Türkiye expectations: • 7% invoiced revenue growth w/ IAS29 adj. • 11% IFRS revenue growth w/ IAS29 adj. • EBITDA margin of ~ 35% w/ IAS29 adj. Total Soft expectations*: • 2% Euro revenue growth • 23% EBITDA margin Economic indicator expectations for budget: • 2025 year-end inflation is 35% • Average USD/TL rate for 2025 is 39.1 (+19% y/y) • Average Euro/TL rate for 2025 is 40.9 (+15% y/y) • Year-end USD/TL rate for 2025 is 43.0 (+22% y/y) • Year-end Euro/TL rate for 2025 is 45.2 (+23% y/y) * Total Soft is recognised according to equity method in 2025 impacting Logo’s EBT.
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www.logo.com.tr • Revenues reached €35 mn in 9M25, up by 27% • EBITDA is €9 mn yielding a margin of 26% in 9M25 (9M24: 22%) • In 9M25, Total Soft is recognized according to equity method. In 9M24, it was consolidated in net income only, as discontinued operations Total Soft Total Soft figures w/o IAS 29 TL mn y/y growth +57% +87% +222% Total Soft figures (Euro mn) y/y growth +27% +51% +160% 15 970 209 52 1,524 391 166 Revenue EBITDA Net Income 9M24 9M25 28 6 1 35 9 4 Revenue EBITDA Net Income 9M24 9M25
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Questions & Answers
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Thank you for joining us today Logo Investor Relations Team T: +90 262 679 8000 E: investor@logo.com.tr