Doxee S.p.a. · MIL:DOX
Doxee — H1 2026 Earnings Presentation
15 slides from Doxee's earnings presentation, Oct 7, 2026
Slide 1: H1 2026 Results
H1 2026 Results Paolo Cavicchioli Chairman & CEO Sergio Muratori Casali co-CEO & Investor Relations Manager Tommaso Mascagni Chief Strategy Officer October 7, 2026
Slide 2: H1 2026 Achievements
H1 2026 Achievements A semester of transition, investing ahead of the 2026-2028 Business Plan H1 2026 main achievements after the completion of the O3 strategy Stronger recurring revenue base, cash generation and new strategic contracts RECURRING REVENUES STRONG OPERATING NET FINANCIAL DEBT GROWTH C
Slide 3: Consolidated revenues breakdown
Consolidated Title revenues breakdown +13% (€/mln) Revenues amounted to € 15.1 mln, in line H1 2025 with H1 2025, thanks to the positive H1 2026 12.4 performance of Italy (+7% compared to H1 10.9 2025) despite a lower contribution from EU -36% and Extra-EU. Subscriptions revenues grew by +13% YoY, 4
Slide 4: H1 2026 Financial Highlights
H1 2026 Financial Highlights H1 2026 Sales Revenues amounted to € PROFIT & LOSS (€/mln) H1 2026 H1 2025 15.1 mln (in line with H1 2025), with Subscriptions up 13% and recurring revenues Sales Revenues 15.1 15.1 at 82% of the total. Value of Production 16.5 16.2 EBITDA of € 2.4 mln (€ 2.9 mln in H1 2
Slide 5: H1 2026 Investments
H1 2026 Investments R&D and Value of Production R&D Costs (€/mln) FY 2025 H1 2025 H1 2026 % of R&D on Costs in the Profit&Loss 5.0 2.3 2.2 VoP 14% 14% Capitalizations in the Balance Sheet (€/mln) 16.2 16.5 Total R&D Costs 5.0 2.3 2.2 Increase in internally generated fixed assets 1.9 0.7 0.9 (Profit&
Slide 6: H1 2026 Cash Flow Statement
H1Title 2026 Cash Flow Statement In H1 2026, the Group generated a strong cash flow from operating activities (€ 5.1 mln), in line with H1 CASH FLOW STATEMENT (€/mln) H1 2026 H1 2025 2025 (€ 5.0 mln). Cash flow from operating activities 5.1 5.0 Cash absorbed by financing activities Cash flow from in
Slide 7: Net Financial Debt Bridge
Net Financial Debt Bridge (€/mln) 2.7 0.0 0.1 (1.2) (10.6) 1.9 0.0 (14.3) NFD NET PROFIT D&A CHANGE INVESTMENTS CHANGE IN OTHER NFD 31.12.2025 IN NWC PROVISIONS 30.06.2026 FOR EMPLOYEES NFD/EBITDA LTM 1.8x
Slide 8: Key business highlights, 2026 YTD
Key business highlights, 2026 YTD Area Key highlights New Logos - not exhaustive • Public water utility, Milan area. 36-month tender for the full communication cycle — e- invoices, certified delivery, archiving 2026 Key • Among top 5 Germany's energy providers. E-invoicing in Germany, covering B2B d
Slide 9: Growth Strategy
Growth Strategy doxee
Slide 10: Now ready for the next scale-up phase
Doxee a long-standing market player, with turnaround completed in 2025 (O3 strategy) Founding and development O3 Consolidation Strategy delivered 2001-2023 2023-2025 • 2001 — Founding in Modena: paperless-first, fully digital • O3 strategy execution: Now ready for – One Company: post-mergers integra
Slide 11: Develop as European leader in advanced CCM & CXM
Our Vision 2030 What: 1 value proposition • Advanced Enterprise architecture • Sovereign Doxee Private Cloud • Agentic Architecture • Native CRM / ERP Integration Develop as Where: 3 angles to define our playgrounds European leader in • Geographies: 3 EU most attractive Countries (ITA/DE/FR) + Partn
Slide 12: Top Line | +10-14% Revenues CAGR in 2025-2028 driven by ARR
Top Line | +10-14% Revenues CAGR in 2025-2028 driven by ARR Direct Revenues by line (M€) ARR Revenues by Geography (M€) Key Drivers 2025-2028 CAGR 10-14% 2025-2028 CAGR 13-16% • Market demand growing 10-17% sustained by 41.8 - 46.1 32.4 - 34.9 users, tech. and regulatory trends 32.0 - 33.5 24.5 - 25
Slide 13: 2026-2028 Key Financial Targets
2026-2028 Key Financial Targets REVENUES 2025-2028 CAGR 10-14% EBITDA 2025-2028 CAGR 24-29% EBITDA MARGIN 41.8 - 46.1 ~18% ~19-20% ~27-28% €/million €/million 31.1 32.0 - 33.5 11.8 - 13.6 6.3 6.4 - 7.0 2025 2026E // 2028E 2025 2026E // 2028E CAPEX NET FINANCIAL DEBT €/million €/million 14.3 1212 - 1
Slide 14: Disclaimer
Disclaimer This presentation contains certain forward-looking statements that reflect the Company’s management’s current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward- looking statements are based on Doxee S.p.A.’s cu
Slide 15: Thank you.
Thank you. doxee