Pexip Holding Asa · OSL:PEXIP
Pexip Holding Asa — Pexip Hldg — Q4 2025 Earnings Presentation
32 slides from Pexip Holding Asa's earnings presentation, Feb 12, 2026
Slide 1: Quarterly Presentation Q4 2025
Quarterly Presentation Q4 2025 February 12th, 2025
Slide 2: Important notice and disclaimer
Important notice and disclaimer These materials have been produced by Pexip Holding ASA (the "Company“, and with subsidiaries the “Group”). The materials have been prepared for the exclusive use of persons attending an oral briefing and meeting to which these materials relate given by a representati
Slide 3: Software only specialist video conferencing player
Software only specialist video conferencing player Serving large enterprises and public sector organizations Strong financial performance 131m ARR USD EoQ4 16% ARR growth Y-o-y Unique partnerships with the technology leaders in our industry 92% Gross margin LTM margin +8p.p EBITDA expansion1 LTM mar
Slide 4: Q4 2025 highlights
Q4 2025 highlights +8.8m MUSD 131 EoQ4 ARR Q-o-Q • Significant improvement in Connected Spaces growth, supported by a couple of large deals closed in the quarter 94.2m • Continued strong growth in Secure & Adj. EBITDA1 Custom Q4 2025 MNOK 316 2025 • Solid progress with Native Rooms, supported by lau
Slide 5: Continued growth and further improved profitability
Continued growth and further improved profitability Total ARR Adjusted EBITDA1 Free Cash flow2 USDm NOKm, Last twelve months NOKm, Last twelve months +8.8 +53% +80% +80% +3.2 +3.5 131.0 +2.4 354 122.2 310 316 119.0 (26%) 113.1 115.5 (25%) 315 276 303 255 (23%) 281 (22%) 207 (18%) 196 Q4’24 Q1’25 Q2’
Slide 6: Pexip's two business areas
Pexip’s two business areas Pexip Secure & Custom Pexip Connected Spaces Video meetings that are self-hosted on-premises Video meeting room interoperability or in a private cloud When complete privacy and control When several video technologies need over data is required to work seamlessly together 6
Slide 7: Focused Secure & Custom market opportunity
Secure & Custom market opportunity Features A niche market with high growth potential Rich • Data sovereignty increasingly relevant, particular in Europe • Significant investments being made in building sovereign IT infrastructure and solutions in many countries Focused • Pexip has a unique position
Slide 8: Pexip Secure Meetings caters to customers with specific security & privacy requirements
SECURE AND CUSTOM SPACES Pexip Secure Meetings caters to customers with specific security & privacy requirements Global SaaS Services Self-hosted Secure Meeting Private AI User Integrated authentication secure Chat Sovereign cloud Private cloud On-premises Air-gapped Government cloud Secure Meetings
Slide 9: We provide seamless "any-to-any" video
We provide seamless “any-to-any” video 10
Slide 10: Connect for Google Meet Hardware generally available
Connect for Google Meet Hardware generally available Connect for Google Rooms • Enables Google Meet hardware to join Teams meetings Co-developed with Google • Seamless integration with Google Meet hardware and Google Calendar for ease of use Launched October 1, 2025 • Available through partners and
Slide 11: Sales update
Sales update 12
Slide 12: Secure and Custom Spaces
Secure and Custom Spaces +2.9m ARR change Q-o-Q USD Continue to see good ARR growth from Defense Continued increase in public awareness on 56.3m ARR USD End of Q4 2025 need for sovereign IT in Europe Closed additional customers in our key 25% Y-o-Y growth segments across Defense, Government and Q4 2
Slide 13: Connected Spaces
Connected Spaces +5.9m ARR change Q-o-Q USD Accelerated growth driven by several large customer wins Customers moving across video platforms 74.7m ARR USD End of Q4 2025 create large opportunities for Pexip to enable a smooth transition Solid progress on native room 10% Y-o-Y growth Q4 2025 interope
Slide 14: Key Wins in Q4 2025 (1/2)
Key Wins in Q4 2025 (1/2) Accelerated focus on Sovereign Continue to upsell and provide AI solutions and data control functionality to existing customers • Large win: A Spanish municipality now powers all communication across Healthcare, Justice and Firefighters with Pexip • Large win: One of the wo
Slide 15: Key Wins in Q4 2025 (2/2)
Key Wins in Q4 2025 (2/2) Unique position in highly Solving highly relevant classified and mission-critical interoperability challenges in environments enterprise and public sector • Large win: A Nordic nation now powers all • Large win: On of the world largest tech their classified+ communication w
Slide 16: Financial update
Financial update 17
Slide 17: Subscription-based revenue model with ARR base at USD 131m in Q4 2025
Subscription-based revenue model with ARR base at USD 131m in Q4 2025 ARR ARR split USD million USD million Secure & Custom Connected Spaces Defense and national security 13% Enterprise +16% 131.0 28% 122.2 Healthcare 119.0 18% 113.1 115.5 56.3 +25% +25% 53.4 19% 23% 47.9 50.6 44.9 Government Regula
Slide 18: Strong growth in both business areas
Strong growth in both business areas USD million, quarter-over-quarter Connected spaces Secure and Custom 12.5% -0.1% -3.8% 8.6% 2.8% 5.1% -2.4% 5.4% 74.7 68.8 0.1 2.6 8.6 53.4 56.3 Quarterly net retention of 96% 2.7 1.3 1.5 Quarterly net retention of 103% Q3 2025 New Net Upsell Churn Q4 2025 Q3 202
Slide 19: LTM 10% revenue growth and 26% EBITDA margin
LTM 10% revenue growth and 26% EBITDA margin Revenue EBITDA1 NOK million NOK million (margin) SaaS Software +7% 0% Quarterly revenue increase of 0% y-o-y 94 333 334 88 (27%) (28%) – Software revenue significantly impacted by 10% decline in USD/NOK exchange rate Quarterly 144 152 y-o-y. Revenue growt
Slide 20: Slight decline in expenses
Slight decline in expenses Quarterly OPEX development NOK million Salary and personnel expenses -2% NOK 11 million lower salary and personnel 218.1 costs, impacted by USD/NOK currency and 212.7 200.7 202.5 206.7 205.2 higher R&D capitalization 185.6 40.5 186.0 37.1 39.1 38.7 38.0 39.9 NOK 9 million
Slide 21: 100% revenue to EBITDA conversion in 2025
100% revenue to EBITDA conversion in 2025 - Revenue growth of NOK 110 million driving EBITDA growth of NOK 110 million Revenue and gross margin EBITDA excl. other gains and losses NOK million NOK million +110 +110 1,228 (12 p.p.) 101 1,119 (8%) 316 105 (26%) COGS (9%) 207 (18%) 1,127 Gross 1,013 (92
Slide 22: Improved operating cash flow
Improved operating cash flow Cash flow bridge Q4 2025 NOK million • NOK 72 million in free cash flow, up NOK 8 598 600 51 million compared to Q4 2024 3 0 3 – Improvement from better working capital 83 72 development in Q4 2025 versus Q4 2024 526 • 2025 free cash flow of NOK 354 million, up from NOK
Slide 23: Q4 2025 Financial results
Q4 2025 Financial results Profit and loss NOK million Q4 2025 Q4 2024 Y-o-Y • Stable year on year revenue with underlying revenue growth being negatively impacted by currency Revenue 334 333 1 fluctuations Cost of goods sold 27 26 0 – ARR increase in Q4 2025 will predominantly be reflected in recogn
Slide 24: FY 2025 Financial results
FY 2025 Financial results Profit and loss NOK million 2025 2024 Y-o-Y Revenue 1,228 1,119 110 • 10% revenue growth driven by increase in subscription Cost of goods sold 101 105 -4 sales Gross Profit 1,127 1,013 113 • Slight improvement in COGS development offset by Salary and personnel exp. 657 654
Slide 25: Consolidating reporting currency to US Dollars in 2026
Consolidating reporting currency to US Dollars in 2026 • Pexip has reported the Annual Recurring Revenue size of its subscription base in United States dollars (USD), as this is the primary currency in its sales operations, and its annual accounts in Norwegian kroner (NOK) as a Norwegian entity • In
Slide 26: Outlook and targets
Outlook and targets 27
Slide 27: Outlook
Outlook • Continued positive market outlook across the business areas driven by market trends • Need for sovereign control of data and IT platforms Financial ambition • Use of custom video work-flows is growing Consistently deliver: • Interoperability is highly relevant • Double-digit ARR growth • A
Slide 28: Will recommend a NOK 4.0 per share dividend to AGM in April 2025
Will recommend a NOK 4.0 per share dividend to AGM in April 2025 2025 dividend recommendation of NOK 4.0 per share, up from Capital distribution policy NOK 2.5 for 2024 • NOK 3.0 dividend per share as an ordinary divided • Distribute 50-100% of free cash flow generated to shareholders as a • In addi
Slide 29: Upcoming dates
Upcoming dates 2025 Annual report March 27th, 2026 Annual General Meeting April 17th, 2026 Q1 2026 Quarterly Presentation May 5th, 2026 30
Slide 30: Q&A
Q&A Investor.pexip.com ipexip[
Slide 31: BACKUP
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Slide 32: Summary of key figures
Summary of key figures KPI Unit Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Y-o-Y Q-o-Q Comments Q4 2025 ARR Connected Spaces MUSD 68.1 67.6 68.4 68.8 74.7 6.6 5.9 ARR Secure & Custom MUSD 44.9 47.9 50.6 53.4 56.3 11.4 2.9 • Delta ARR of 8.8 MUSD, driven by good growth in Total MUSD 113.1 115.5 119.0 12