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NFON : Präsentation Q1 (Englisch) (presentation q1 2026 en)
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NFON : Präsentation Q1 (Englisch) (presentation q1 2026 en)



‌Earnings Call, 21 May 2026, online

Q1 2026 results

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‌WHO YOU HAVE ON THE CALL TODAY

Presenting today's speakers

Andreas Wesselmann

CEO

Alexander Beck

CFO

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‌Presentation chapters

  1. Business highlights

  2. Financials

  3. Guidance

  4. Q&A

  5. Appendix

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‌BUSINESS HIGHLIGHTS

Accelerating the future of AI-powered business communication

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‌Financials

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‌KEY FINANCIAL FIGURES*

Resilient profitability despite muted revenue growth

Revenue

Adjusted EBITDA

Key financial

performance indicators

Down

2.3%

to EUR 21.6 million

Down

31.5%

to EUR 1.8 million



Other financial performance indicators

Rec. revenue



Down

2.5%

to EUR 20.2 million

Share rec. revenue

Stable

93.8%

Q1 2025: 93.9%

Seats

Down

3.1%

to 641,119

Blended ARPU

Up

0.2%

to EUR 10.04

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*yoy



‌DEVELOPMENT OF REVENUE IN EUR MILLION

Revenue growth driven by strong project business

-2.3%

87.3

89.1

82.3

77.1

93.7

22.1

93.9

21.6

93.8

1.3

1.3

20.2

20.7

92.9

81.1

92.1

82.0

5.2

6.2

7.1



  • Total revenue decresead by 2.3% to

    EUR 21.6 million (Q1 2025: EUR 22.1 million).

  • Recurring revenues decreased by 2.5% to EUR 20.2 million (Q1 2025: EUR 20.7 million), representing 93.8% of total revenue (Q1 2025: 93.9%).

  • Non-recurring revenues remained stable at EUR 1.3 million (Q1 2025: EUR 1.3 million), reflecting a consistent contribution from project and one-off business.

  • The seat base declined by 3.1% to 641,119 (Q1 2025: 661,349), reflecting a muted market

    environment and continued investment restraint.

  • Blended ARPU increased slightly to EUR 10.04 (Q1 2025: EUR 10.02), supported by targeted price adjustments and and a higher share of premium and AI-based solutions.

    2023 2024 Q1 2025 2025 Q1 2026

    Share of recurring revenue (in %)

    Recurring revenue Non-recurring revenue Recurring revenue Non-recurring revenue

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    ‌DEVELOPMENT OF COST OF MATERIALS (adj.) 1 IN EUR MILLION AND GROSS MARGIN2

    Gross margin continues to develop positively

  • Material expenses were at EUR 3.2 million

    (Q1 2025: EUR 3.1 million), corresponding to an

    increase of 3.5%.

    +3.5%

    13.0

    12.9

    12.9

    86.0

    3.1

    85.2

    3.2

    85.5

    85.3

    84.2



  • Gross profit decreased by 3.2% to

    EUR 18.4 million (Q1 2025: EUR 19.0 million).

  • The material cost ratio increased to 14.8% (Q1 2025: 14.0%), mainly due to lower recurring revenues combined with slightly higher material expenses.

  • Other operating expenses decreased slightly to EUR 7.3 million (Q1 2025: EUR 7.4 million), mainly due to lower variable costs such as commissions and consulting, partly offset by increased marketing investments to support growth initiatives.

  • The adjusted cost ratio remained broadly stable at 33.9% (Q1 2025: 33.8%), reflecting continued cost discipline and effective expense management.

    2023 2024 Q1 2025 2025 Q1 2026

    Gross margin (in %)

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    1 Cost of materials adjusted for changes in inventories of finished goods.

    2 Gross margin defined as (revenue - adj. cost of materials)/revenue.



    ‌ADJUSTED1 PERSONNEL EXPENSES IN EUR MILLION

    Personnel expenses in line with strategic focus

    +3.9%

    35.5

    33.4

    34.4

    9.1

    9.4

    41.0

    43.5

    40.6

    39.4

    39.9



  • Personnel expenses increased by 3.9% to

    EUR 9.5 million (Q1 2025: EUR 9.1 million).

  • The average number of employees rose to 429 (Q1 2025: 425), reflecting a slight expansion in strategic growth areas, particularly in artificial intelligence and product development.

  • Adjustments of EUR 0.1 million (Q1 2025: EUR 0.1 million), mainly related to the stock option programme and measures to harmonise the system landscape.

  • After adjustments, personnel costs (EUR 9.4 million) remained broadly in line with expectations, reflecting strategic investments in growth and innovation capabilities.

    2023 2024 Q1 2025 2025 Q1 2026

    % of revenue

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    1 Adjustments explained in the comments on the right side of the slide.



    ‌ADJUSTED EBITDA IN EUR MILLION

    -31.5%

    12.3

    12.6

    8.4

    2.6

    0.1

    1.8

    0.1

    1.7

2.5

6.8

1.6

10.8

11.4

1.5

1.2

Adjusted EBITDA remains solid

  • EBITDA decreased significantly to EUR 1.7

    million (Q1 2025: EUR 2.5 million).

  • Adjusted EBITDA declined to EUR 1.8 million (Q1 2025: EUR 2.6 million).

    o The decrease reflects lower revenues combined with continued investments in strategic growth areas.

  • Adjustments remained low at EUR 0.1 million (Q1 2025: EUR 0.1 million), mainly in connection with the stock option programme and measures to harmonise the system landscape.

  • Adjusted EBITDA margin stood at 8.3% (Q1 2025: 11.8%).

20 23 20 24 Q 1 20 25 20 25 Q 1 20 26

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EBITDA ADJUSTMENTS



‌CASH FLOW FOR FUTURE SUCCESS IN EUR MILLION

Reinvesting into strategic growth

12.9

1.6

-0.8

12.9

  • Operating cash flow slightly below prior year at EUR 1.6 million (Q1 2025: EUR 1.8 million).

  • Investing cash flow amounted to

    -0.8

    0.0

    EUR -0.8 million (Q1 2025 EUR -0.7 million), mainly driven by capitalised development costs for new products and enhanced functionalities.

  • Financing cash flow totalled EUR -0.8 million (Q1 2025: EUR -0.5 million), reflecting lease and loan repayments.

  • Cash and cash equivalents remained solid at EUR 12.9 million (Q1 2025: EUR 13.6 million), providing a strong liquidity base for operations and strategic initiatives.

  • Free cash flow1 reached EUR 0.8 million, demonstrating disciplined cash management and the ability to fund our ongoing investments from operating performance.

Cash and cash equivalents at the beginning of the period

Cash flow from operating activities

Cash flow from investing activities

Cash flow from financing activities

Effects of exchange rate changes on liquidity

Cash and cash equivalents at the end of the period

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1 Free cash flow is calculated by deducting capital expenditure on property, plant and equipment and intangible assets, excluding cash flows for M&A activities.





‌Guidance

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‌OUTLOOK KEY FINANCIAL FIGURES

From stable 2025 performance to cautious growth expectations

Total revenue



Adjusted EBITDA



EUR 89.1 million

We expect total

revenue to grow

low to mid single-digit % range.

EUR 12.6 million

We expect adjusted

EBITDA to exceed EUR 12 million.



We expect total revenue to grow double-digit % rate.





Result 2025

Outlook 2026

Mid-term 2027e

We expect an adjusted EBITDA margin > 15%.



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‌Q&A

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‌THANK YOU

for your time and attention



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‌Appendix

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‌MOMENTUM - INNOVATION - VALUE



Reasons to invest in NFON

Attractive market environment

We operate in a growing European market, with strong momentum in Germany in particular.

Leading market position in Europe

We combine strong market positioning with a resilient business model.

Scalable business model

We rely on > 90% recurring revenue and profitable growth.

Growth acceleration through AI

We enhance efficiency and customer value through integrated AI.

Sustainable value creation

We target an EBITDA margin of > 15% by 2027, supported by > 90% recurring revenue and

disciplined cash flow management.

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‌DEVELOPMENT OF NUMBER OF SEATS ('000) AND ARPU

-3.1%

Seat development reflecting challenging market environment

  • Total number of seats decreased by 3.1% to

    641,119 (Q1 2025: 661,349), reflecting

    656

    665

    661

    647

    641

    10.04

    10.01

    10.02

    9.91

    9.71



    continued weak order intake, selective customer losses and a challenging market environment, as well as cautious investment behaviour by enterprise customers.

  • Monthly churn rate remains, with measures to reduce churn having a stabilising effect and limiting the underlying churn.

  • At the same time, blended ARPU slightly

increased to EUR 10.04 (Q1 2025: EUR 10.02),

primarily to the price adjustments implemented in previous periods and to an increasing share of higher-value solutions, particularly in the area of premium solutions and AI-based applications.

2023 2024 Q1 2025 2025 Q1 2026

Blended ARPU (in EUR)

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‌DISTRIBUTION COST AND MARKETING EXPENSES IN EUR MILLION

Customer acquisition costs in line with strategic focus

Distribution cost Marketing expenses

+0.8%

  • Sales expenses decreased by 6.7% to

    EUR 2.9 million (Q1 2025: EUR 3.1 million) in line with lower overall revenue as well as targeted cost control.

  • Marketing expenses rose by 30%

    to EUR 1.5 million (Q1 2025: EUR 1.2 million), mainly due to increased activities related to

    3.1

    2.9

    14.2

    13.4

    13.6

    14.0

13.7



11.7 12.0

12.1

+2.5%

4.4

new AI features and partner enablement.

  • General administrative expenses, in particular consultancy costs as well as lower support and logistics costs, were lower than in the previous year.

    3.9

    4.0

    1.2

    1.5

    5.3

    7.0

    4.4

    4.4

    5.3



  • The adjusted cost ratio remained broadly stable at 33.9% (Q1 2025: 33.8%), reflecting continued cost discipline and effective expense management.

2023 2024 Q1 2025 2025 Q1 2026

% of revenue

2023 2024 Q1 2025 2025 Q1 2026

% of revenue

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‌10-YEAR BUSINESS DEVELOPMENT IN EUR THOUSAND

Company performance over time at a glance

Income statement

2025

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

Revenues

89,065

87,336

82,339

80,792

75,893

67,602

57,117

43,028

35,654

30,388

20,951























-

Recurring revenue

82,016

81,133

77,134

73,573

67,962

59,387

48,060

34,584

27,765

21,605

15,189

























Non-recurring revenue

7,050

6,202

5,205

7,219

7,931

8,215

9,063

8,444

7,889

8,783

5,762

























Material costs

12,092

12,856

12,973

14,414

14,453

14,024

13,637

11,083

9,705

8,421

6,382























-

Total other operating expenses

28,493

28,654

28,474

35,267

32.310

23,584

26,773

18,875

13,604

10,120

9,721

























EBITDA

11,386

10,833

6,798

-5,266

-2,029

2,322

-6,984

-7,783

-1,028

-718

-5,606

EBITDA Margin (%)

12.8

12.4

8.2

-6.5

-2.7

3.4

-12.2

-18.0

-2.9

-2.4

-26.8

Adjusted EBITDA

12,620

12,325

8,353

-1,002

-1,287

3,475

-5,125

-1,208

173

-

-

Adjusted EBITDA Margin (%)

14.2

14.1

10.2

-1.3

-1.7

5.1

-9.0

-2.9

0.5

-

-

Net profit/loss

2,249

350

-802

-15,582

-8,911

-2,237

-10,924

-8,113

-2,021

-

-

Earnings per share (EUR)

0.1

0.0

-0.0

-0.9

-0.5

-0.1

-

-

-

-

-

Balance sheet

2025

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

Non-current assets

60,781

63,028

49,329

44,135

41,385

37,924

30,467

1,886

1,283

959

1,082

Current assets

27,095

26,748

24,578

25,285

42,122

35,837

46,740

49,382

7,999

10,622

10,561

Equity

50,401

47,980

47,155

47,801

63,231

45,577

47,146

43,633

343

371

371

Long-term debt

15,841

21,250

11,296

7,220

4,877

5,565

3,685

236

266

0

1

Short-term liabilities

21,993

20,546

15,456

14,400

15,398

22,619

26,374

7,399

8,673

6,624

5,717

Balance sheet total

87,875

89,776

73,907

69,420

83,507

73,761

77,206

51,268

9,282

11,581

11,643

Cash flow

2025

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

Cash flow from operating activities

8,415

9,413

6,842

-3,867

-1,756

1,149

-7,187

-4,960

-341

-1,539

-4,143

Cash flow from investing activities

5,955

-12,896

-5,865

-8,448

-8,479

-7,688

-20,480

-1,055

-1,079

-433

-820

Cash flow from financing activities

2,483

4,162

-1,943

-2,085

14,825

-6,809

22,606

45,282

-2,162

1,350

9,997

Cash and cash equivalents at the beginning of the period

12,995

12,281

13,218

27,670

23,034

36,419

41,436

2,176

5,777

6,397

1,346

Cash and cash equivalents at the end of the period

12,896

12,995

12,281

13,218

27,670

23,034

36,419

41,436

2,176

5,777

6,397

Other performance indicators (absolute variables)

2025

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

Blended ARPU (EUR)

10

9.9

9.8

9.8

9.9

9.8

9.6

10.0

10.3

10.9

11.2

Seats (number of seats)

647,384

665,449

655,967

634,288

587,067

524,791

449,711

320,728

253,360

191,977

134,450

Employees (average number of employees)

425

410

439

512

451

392

346

228

192

182

158

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‌MEET THE TEAM

Our Management Board

Andreas Wesselmann

CEO

  • At NFON since 2024

  • > 20 years of experience in an international working environment and in senior executive positions within the software industry

  • Previous experience includes SAP

Alexander Beck

CFO

  • At NFON since 2025

  • > 20 years of experience across retail, FMCG, software and technology

  • Proven track record in international expansion,

    turnaround and profitable growth

  • Previous experience includes Ceconomy AG, Nemetschek SE and Accell Group



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‌NFON ON THE CAPITAL MARKET

14.1

4.0

38.1

6.0

8.3

29.5

structure



Share at a glance

Share information

ISIN DE000A0N4N52

WKN A0N4N5

Segment Prime Standard/Telecommunication

Shares 16.6 million (29 March 2021)

Type of shares No-par-value bearer shares

Voting rights Each share entitles the holder to one vote

Trading segment Official Market/Prime Standard Stock exchanges Frankfurt Stock Exchange/Xetra Stock exchange symbol NF

Reuter symbol NFN.DE

Bloomberg symbol NFN.GY

Sector Telecommunications Designated sponsors Baader Bank, ODDO BHF First day of trading 11 May 2018

Coverage Baader Europe (Alpha Value),

NuWays, ODDO BHF

Paying agent Baader Bank

Shareholder

In %, as of April 2026

Milestone Venture Capital

Active Ownership Capital S.à r.l.

Universal Investment

Morgan Stanley

ASC Technology AG

Others

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‌INVESTOR RELATIONS ACTIVITIES AT A GLANCE

Financial calendar

24 Jun.

Annual General Meeting

20 Aug.

H1 2026 half-yearly report

19 Nov.

Q3 2026 quarterly statement

23 Nov.

German Equity Forum

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‌STAY IN TOUCH

Investor Relations contact and more…

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  • At NFON since 2023

  • > 15 years of experience in investor relations, sustainability reporting and project management

    https://www.linkedin.com/company/nfon https://facebook.com/NFONcom https://www.youtube.com/@NFONcom https://www.nfon.com/blog/de/



  • Previous experience includes: Deutsche Bahn, Kirchhoff Consult

NFON AG

Zielstattstrasse 36

81379 Munich, Germany

+49 89 45300-449

ir-info@nfon.com



Friederike Thyssen



VP Corporate Affairs & Investor Relations



‌Disclaimer

This publication contains forward-looking statements regarding NFON AG or the NFON Group and its subsidiaries, including assessments, estimates and forecasts regarding the financial position, business strategy, plans and objectives of the management and future operations of NFON AG and the NFON Group. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the results of operations, profitability, performance or results of NFON AG or the NFON Group to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are made as of the date of this press release and are based on numerous assumptions that may prove to be incorrect.

NFON AG makes no representations and assumes no liability with regard to the proper presentation, completeness, correctness, appropriateness or accuracy of the information and assessments contained herein. The information contained in this press release is subject to change without notice. It may be incomplete or abbreviated and may not contain all material information relating to NFON AG or the NFON Group. NFON AG assumes no obligation to publicly update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. This press release is not an offer to buy or subscribe for securities and should not be construed as a basis for investment decisions in NFON AG or the NFON Group, in whole or in part.

NFON AG ｜ EARNINGS CALL



‌NFON AG ｜ EARNINGS CALL