Verimatrix Sa · EURONEXT:VMX
Verimatrix Sa — FY2025 Earnings Presentation
27 slides from Verimatrix Sa's earnings presentation, Mar 12, 2026
Slide 1: Investors presentation FY 2025 Results
Investors presentation FY 2025 Results March 12, 2026 VERIMATRIX Confidential - This document hereto is intended only for use by the addressee(s) named herein and may contain confidential information
Slide 2: Disclaimer
Disclaimer This document was prepared by Verimatrix and is provided for information No statement in this presentation is intended as a profit forecast or estimate for any purposes only. It is public information only. period. Persons receiving this document may not and should not rely on forward look
Slide 3: Your speakers and our agenda today
Your speakers Our agenda today # INTRODUCTION Laurent Dechaux Jean-François Labadie 2025, a pivotal year CEO #1 CFO FY 2025 TURNOVER AND RESULTS #2 NEW STRATEGIC PLAN FOR 2028
Slide 4: 2025: a pivotal year shaping the future of VERIMATRIX
2025: a pivotal year shaping the future of VERIMATRIX 2021-2024 BUT 2025: two key decisions Successful transition to a WHAT ▪ XTD business did not 1) New management team WE HAVE subscription-based cybersecurity reach expected growth led by L. Dechaux as CEO ALREADY software solutions model ACHIEVED
Slide 5: A new leadership team committed to supporting growth
A new leadership team committed to supporting growth Executive Committee
Slide 6: 2025 Turnover and Results
| 25 TURNOVER AND RESULTS *s ." @ DRIVING TRUST
Slide 7: Verimatrix in 2025
Verimatrix in 2025 EXTENDED THREAT ANTI PIRACY DEFENSE (XTD) 90% of 2025 turnover 10% of 2025 turnover Protect valuable contents Protect Apps and IoT Protecting content for Streaming Media, Extended threat defense software from the devices Pay TV, Telcos and Broadcasting to the enterprise ◼ Verimatr
Slide 8: Q4 & FY 2025 Revenue
Q4 & FY 2025 Revenue COMMENTS (in US$ million) Q4 Q4 Var. FY FY Var. • 2025 Recurring revenue at $33.1m (-3%) 2025 2024 2025 2024 and 71% of 2025 total revenue Recurring revenue 8.0 8.6 -7% 33.1 34.1 -3% ➢ Of which Subscriptions revenue at $18,8m (+8%) yoy is now he main revenue contributor of which
Slide 9: Annual Recurring Revenue trend from subscriptions
Annual Recurring Revenue trend from subscriptions ARR from Subscriptions (M$) $18.9m 18.9 17.6 18.0 18.5 18.4 18.3 COMMENTS 16.5 16.8 • 2022 to 2024: trajectory in line with 14.8 the strategic plan 13.9 13.4 o 2022 : +47,3% 12.3 11.1 o 2023 : +34% o 2024 : +22% • 2025: slowdown in growth (+5%) due t
Slide 10: Annual Recurring Revenue trend from subscriptions
Annual Recurring Revenue trend from subscriptions ARR as of 31/12/2025 (M$) COMMENTS • Subscriptions ARR growth: 5,0% o driven by the momentum of the Anti- Piracy business: subscription revenues growth of +7%) Anti-Piracy +7% Maintenance Subscriptions 15.2 o whereas Extended Threat Defense 12.1 18.9
Slide 11: FY 2025 consolidated RESULTS
FY 2025 consolidated RESULTS (in M$) FY 2025 FY 2024 Chg. COMMENTS Revenue 46.5 57.2 -18.7% Gross margin 29.5 39.1 -24.4% • Revenue : $46.5M -18,7% As a % of revenue 63.5% 68.3% • Gross margin : $29.5M, 63.5% of turnover (-4,8 pts) Research & development expenses (16.1) (18.1) -10.7% • Decline of pe
Slide 12: FY 2025 Adjusted P&L Anti-Piracy (non audited)
FY 2025 Adjusted P&L Anti-Piracy (non audited) VMX Anti-Piracy XTD (in K$) FY 2025 FY 2025 FY 2025 COMMENTS Revenue 46,509 41,696 4,813 Cost of Sales (13,463) (12,249) (1214) • Two different dynamics per business lines Amort Internally Dev SW (3,514) (3,514) 0 Gross profit 29,533 25,933 3,600 • Stro
Slide 13: FY 2025 consolidated BALANCE SHEET
FY 2025 consolidated BALANCE SHEET ASSETS EQUITY & LIABILITIES (in K$) 31/12/2025 31/12/2024 (in K$) 31/12/2025 31/12/2024 Goodwill 48 158 115 231 Ordinary shares 10 601 41 518 Intangible assets 4 188 10 458 Share premium 93 942 94 749 Property, plant and equipment 2 968 4 246 Retained earnings and
Slide 14: Cash flow statement FY2025
14 Cash flow statement FY2025 Cash Evolution from Dec 24 to Dec 25 MAIN EVENTS FOR THE PERIOD $(3.9)m m$ Increase Decrease Total • Free cash flow generation of $4.2m 20.0 • Improvement of Working Capital for $6.4m December • High Restructuring and Debt costs 18.0 6.4 2024 16.0 15.2 - (2.0) 14.0 (2.2
Slide 15: Sale of XTD (Mobile Application Protection) to Guardsquare (February 2026)
Sale of XTD (Mobile Application Protection) to Guardsquare (February 2026) Closing of the sale of XTD assets, including : • A group of cybersecurity experts specialised in protecting mobile, web and desktop applications • A portfolio of patented innovative solutions • A portfolio of clients mainly i
Slide 16: Pro forma key figures for 2025, excluding XTD
Pro forma key figures for 2025, excluding XTD (non audited pro forma accounts) Revenue ARR Ebitda 41,7 M€ 15,2 M€ 1,2 M€
Slide 17: New Strategic Plan for 2028
i STRATEGIC PLAN FOR 2028 7 i y DRIVING TRUST
Slide 18: My First 5 Months at Verimatrix
My First 5 Months at Verimatrix ✓ Deep dive into our markets, products and customers ✓ Conversations with clients, partners, teams and the Board Strengths to build on Where we must improve • Less complexity in portfolio and • Recognized expertise in anti-piracy and messaging content security • More
Slide 19: Market Context: new opportunities to seize
Market Context : new opportunities to seize ➢ Media & digital ecosystems are fragmenting ➢ Piracy, fraud, and content misuse are accelerating ➢ Regulations are reshaping security standards for digital contents and products (CRA, C2PA) ➢ Customers expect Simple, Integrated SaaS solutions What custome
Slide 20: VERIMATRIX: a company with solid assets and untapped potential
VERIMATRIX : a company with solid assets and untapped potential Vision “ To be the world’s most trusted partner Vision for securing and authenticating all digital content, anywhere “ • Reclaim leadership in anti-piracy • Become the reference in securing digital distribution for media, OTT, Live Spor
Slide 21: 3 strategic priorities
3 strategic priorities Refocus on Innovate Winning core in core through new business adjacencies partnerships
Slide 22: Refocus on core business
Priority Refocus on core business Strengthen our customer journey • Customer account focus with dedicated end to end sales operations • Optimise support and professional services processes Streamline the portfolio ▪ Progressive sunset legacy product lines ▪ Focus engineering on scalable and high mar
Slide 23: Winning Through New Partnerships
Priority Winning Through New Partnerships Web crawling : unified, AI-driven, real-time “radar” for brand reputation, IP integrity, compliance risks and market signals — across languages and multiple online channels ▪ Open partnership/white label ▪ Brand & anti-piracy content protection : Retail, Lux
Slide 24: Innovate in core adjacencies
Priority Innovate in core adjacencies ➢ Media is our foundation, not our limit! ➢ Expanding Our Mission: « From protecting content… …to securing and authenticating digital distribution and access » Innovation Roadmap (2026) : Turning Vision Into Products ReAccess (Connected, Touchless Security for D
Slide 25: Our 3 Years Ambition: Becoming an Iconic SaaS Company
Our 3 Years Ambition: Becoming an ICONIC SaaS Company
Slide 26: Our 3-year Ambition 2026-2028
Our 3-year Ambition 2026-2028 Back to Ebitda up and 80% Revenue Growth Positive Cash-Flow Recurring Revenue Becoming an Iconic SaaS Company Best-in-class SaaS Execution Admired by Customers, Employees and Partners Strong Recurring Revenue and Profitability Clear Market Leadership and Brand Authority
Slide 27: Investor Information
INVESTOR INFORMATION Investor relations CFO finance@verimatrix.com NEXT EVENTS SEITOSEI.ACTIFIN • Q1 2026 revenue: 28 April 2026 (after market) Jean-Yves BARBARA Jean-yves.barbara@seitosei-actifin.com • Annual General Meeting: 11 June 2026 Media Contact Matthew Zintel • HY 2026 revenue and results: