Slides
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2025 Results Presentation Gülnur Anlaş Chief Financial Officer February 18th, 2026
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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 fourth 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 Operational Highlights: The Engine of Growth • The PaaS Advantage: Our R&D investments prioritize the enhancement of Logo’s Platform-as-a-Service enabling Business Partner Ecosystem to innovate directly on Logo’s ERP infrastructure, decoupling our growth from internal headcount. • Next-Generation ERP Launch of Edge ERP enriched with cloud services and Cloud ERP on PaaS: • AI-infused • Smarter, leaner, more intuitive • Designed to maximize customer lifetime value • AI Integration AI tools embedded directly into core workflows — enhancing, not replacing, ERP systems. • SaaS & Subscription Momentum SaaS now represents 52% of total invoiced revenues, with 31% y/y growth, driven by the shift of the ERP base to subscription. • eService Strength, driven by higher coin spend and new partnership impact • New Growth Vectors: - FinTech Acceleration: Services reached 2.3M USD in 2025. - Pera Launch: new retail SaaS solution for micro-SMEs leveraging Logo’s massive footprint to unlock a high-volume growth segment.
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www.logo.com.tr 4 Consolidated (B TL) Strong Execution Amid Macro Headwinds • Real growth in revenues, supported by high double-digit growth in SaaS revenues • Deferred income- revenues to be recorded in coming periods - increased to 2.8B TL, +11% y/y, supported by Saas revenue growth • Resilient Operational Profitability: Achieved 2.0B TL EBITDA (35% Margin), successfully absorbing R&D investment into AI and PaaS infrastructure and successful acceleration of our transition to a subscription-based revenue model • 95% realization vs. targets — demonstrating resilience and strong operational discipline • Improved operational efficiency: • Revenue per employee +14% • EBITDA per employee +6% • Healthy new customer acquisition: +11,200 (EAS + eServices) • Net income reached 1,5B TL (26% margin) supported by a one-off investment gain of 776M TL from the revaluation of accumulated FX translation differences • Excluding one-offs: Net income +52% y/y with a 12% margin, this is the like- for-like base for 2026 net income expectations +3% -19% Consolidated (B TL) y/y growth +288% margin y/y growth +5% +9% +1% +215% margin 5.8 5.3 2.0 0.5 6.1 5.8 2.0 1.5 Invoiced revenue Revenue EBITDA Net Income 2024 2025 35%37% 26%9% 2.26 1.62 0.43 0.02 2.26 1.67 0.35 0.07 Invoiced revenue Revenue EBITDA Net Income Q424 Q425 21%27% 4%1% Includes 776 TL mn one-off investment gain
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www.logo.com.tr 5 IAS29 impact on Balance Sheet Current Assets +73,336,404 TL Major impact is from prepaid expenses Non-Current Assets +790,142,400 TL Major impact is from tangible and intangible assets Short and long-term Liabilities -864,530,122 TL Major impact is from contract liabilities (LEM, eService coins and projects) Equity -322,881,085 TL Major impact is from retained earnings and paid- in capital Non-monetary assets and liabilities, and equity is indexed with inflation Monetary Loss Impact: • Net monetary loss impact of IAS29 from balance sheet on income statement 323.9M TL (2024: 788.2M TL) • Combined with P&L impact: Total IAS29 net monetary loss is 323.6M TL (2024: 643.4M TL). • IAS29 is an accounting adjustment, not a cash item; no impact on cash generation capability or operational profitability 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 217K customers 6 # of customers (thousand) Coin usage (billion) Strong eService growth continues CAGR: 31% MRR (w/o IAS29) M USD ARR (w/o IAS29) M USD *MRR = Monthly recurring revenues. ARR (Annual run rate) = MRR x 12. MRR up by 27% y/y from 2.4M USD to $- 3.1M USD Non-Logo customer acquisition reached 40,6K in 2025 with 24% y/y growth (32.6K in 2024) 27% y/y 0.0 0.5 1.0 1.5 2.0 2.5 3.0 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 Oct-25 Nov-25 Dec-25 14 17 21 29 37 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 CAGR: 27% 56 95 135 170 211 217 2020 2021 2022 2023 2024 2025 3% y/y 0.50 0.80 0.82 0.93 0.96 1.08 2020 2021 2022 2023 2024 2025 13% y/y CAGR: 17%
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Offering basic accounting software and e-invoicing services 7 Logo İşbaşı: Strong, Consistent SaaS Momentum MRR = Monthly recurring revenues. ARR (Annual run rate) = MRR x 12. *ARPU = ARR / # of users at the end of the period. MRR (w/o IAS29) USD ‘000 • MRR reached $277K, up 44% y/y (from $193K) • ARR: $3.3M up 44% y/y • Total users: 76.7K, up 14% y/y • ARPU*: $43, up 26% (from $34) ARR (w/o IAS29) M USD CAGR: 62% 0 50 100 150 200 250 300 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 Oct-25 Nov-25 Dec-25 0.48 0.98 1.28 2.32 3.33 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 44% y/y • Expanding micro-SME footprint across Türkiye • Strong digital adoption in invoicing and core accounting • ARPU uplift driven by improved new customer acquisition • Healthy MRR growth supported by consistent monthly momentum
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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 (w/o IAS29) M USD • 118 customers with 8.7K user locations • ARPU: USD 591, up 40% (driven by removal of low-revenue accounts) • ARR and MRR continue to grow with strong pricing performanceARR (w/o IAS29) M USD CAGR: 35% 0.00 0.10 0.20 0.30 0.40 0.50 0.60 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 Oct-25 Nov-25 Dec-25 1.5 2.1 2.6 4.5 5.1 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 12% y/y
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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 (w/o IAS29) USD ‘000 Moderation in a Slower Recruitment Market • 156 customers • ARPU: USD 6.2K, down 13% due to market-wide slowdown • ARR softening as churn reflects reduced recruitment activity • Focus remains on retention, product enhancement, and mid-market expansion ARR (w/o IAS29) M USD CAGR: 10% 0 20 40 60 80 100 120 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 Oct-25 Nov-25 Dec-25 0.65 0.79 0.83 1.30 0.97 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 -26% y/y
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10 www.logo.com.tr Recurring Invoiced Revenues M TL Recurring Invoiced/Total Invoiced revenue % Recurring Revenue Growth Ensuring Predictability Sustainable revenue growth supported by SaaS transition • Total SaaS revenues include eService’s coin revenues, Financial technology services, Retail SaaS, İşbaşı, Peoplise, subscription in small ERP segment and CloudERP • Total SaaS revenues +31% y/y, reaching 3.2B TL (2024: 2.4B TL), • SaaS share in total revenues 52% up from 42% in 2024 • Recurring revenues +13% y/y, now 86% of total invoiced revenue (2025: 5.2B TL, 2024: 4.6B TL) • One-time revenues at 859M TL (2024: 1.18M TL) include new one-time EAS (ERP and functional solutions) license sales and module sales, and following sales (user increments, version upgrades etc.), now 14% share reflecting ERP shift to subscription • 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 -7% -1% +19% +68%+9% LEM’s share in recurring revenues is gradually decreasing due to transition to subscription model in the small ERP segment Total SaaS 31% growth y/y 2025: 1.110 TL mn 1,926 263 1,576 193 660 1,784 260 1,869 210 1,110 LEM Proj.&Maint. eService SaaS Retail SaaS SaaS 2024 2025 920 137 53 ERP Subscription İşbaşı Peoplise 80% 86% 2024 2025 +13%
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11 www.logo.com.tr Operating Expenses Türkiye B TL 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% 8% y/y increase 26% 29% 24% y/y increase 7% y/y increase 14% y/y increase 11% 11% 71% 75% Increased sales commissions with stronger eService sales, as expected 5.3 5.8 1.9 2.0 2024 2025 Total Revenue R&D Expense 5.3 5.8 1.4 1.7 2024 2025 Total Revenue S&M Expense 5.3 5.8 0.6 0.6 2024 2025 Total Revenue G&A Expense 5.3 5.8 3.8 4.3 2024 2025 Total Revenue Total Opex
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12 Strong FCF B TL Balance sheet highlights M TL Effective Financial Management Delivering Strong Cash Metrics * Includes goodwill. Net cash B TL Cash to be received from Total Soft share sale End-2027: €12.9 mnEPS* (LTM) TL * EPS is adjusted for treasury shares of 1.26% (2024: 1.26%) +226% y/y WC/Invoiced revenue % Working capital: Trade receivables + Inventories – Trade payables. 0.73 1.37 2024 2025 4.9 16.0 2024 2025 +87% y/y 0.76 1.17 2024 2025 +54% y/y 22% 19% 2024 2025 2024 2025 ∆ Cash & Cash Eq. 580.9 1,214.7 109% Trade Receivables 1,574.5 1,549.0 -2% Tangible Assets 452.8 393.2 -13% Intangible Assets* 2,416.6 2,698.4 12% Other Assets 1,391.4 2,466.9 77% Assets held for sale 3,095.1 0.0 -100% Total Assets 9,511.3 8,322.2 -13% Total Liabilities 4,398.8 4,586.4 4% Liabilities related to assets classified as held for sale 1,312.6 0.0 -100% Total Shareholders’ Equity 3,799.9 3,735.8 -2% Total Liabilities and Equity 9,511.3 8,322.2 -13% Shareholders Equity Ratio 0.40 0.45 12% Current Ratio 1.14 0.80 -30% Capital allocation priorities: • Invest to grow (R&D & platform) • Acquire selectively • Continued buy-back program • Maintain dividend discipline • Preserve financial flexibility
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13 2026 Guidance Logo Türkiye expectations: • 12.2% invoiced revenue real growth w/ IAS29 adj. • 11.6% IFRS revenue real growth w/ IAS29 adj. • EBITDA margin of ~ 31% w/ IAS29 adj. Economic indicator expectations for 2026 budget: • 2026 year-end inflation is 23% • Average USD/TL rate for 2026 is 48,5 (+23% y/y) • Average Euro/TL rate for 2026 is 56,8 (+27% y/y) • Year-end USD/TL rate for 2026 is 53,0 (+24% y/y) • Year-end Euro/TL rate for 2026 is 62,0 (+23% y/y) Total Soft expectations*: • 46,4M euro revenue, same as 2025 • 17% EBITDA margin (2025: 24%) * Total Soft is recognised according to equity method impacting Logo’s EBT.
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Appendix
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www.logo.com.tr • Revenues reached 46M euro in 2025, up by 22% • EBITDA is 11M euro yielding a margin of 24% in 2025 (2024: 21%) • In 2025, Total Soft is recognized according to equity method. In 2024, it was consolidated in net income only, as discontinued operations Total Soft Total Soft figures w/o IAS 29 M TL y/y growth +53% +68% +178% Total Soft figures (M euro) y/y growth +22% +35% +138% 15 1,357 292 58 2,083 489 161 Revenue EBITDA Net Income 2024 2025 38.2 8.2 1.6 46.4 11.0 3.8 Revenue EBITDA Net Income 2024 2025
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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