Vercom Sa · GPW:VRC
Vercom Sa — Q2 2026 Earnings Presentation
33 slides from Vercom Sa's earnings presentation, Sep 3, 2026
Slide 1: Q2 2026 Investor presentation
| Q2 2026 Investor presentation 3 September 2026 : Scale beyond
Slide 2: Disclaimer
: Disclaimer By reviewing this material, you agree to the following limitations : The information provided was prepared by VERCOM S .A . (the "Company”) for informational purposes only and for the purposes of this presentation (the "Presentation") . This Presentation does not constitute or form part
Slide 3: Client adds continue to drive financial results in Q2 2026
: C lient adds continue to drive financial results in Q2 2026
Slide 4: Q2 2026 financial results
: Q2 2026 financial results Gross profit Organic growth y/y PLN 73m +18% Adj. EBITDA PLN 39m +18% Net income PLN 27m +20% : Scale beyond 44
Slide 5: We added 40,000 new customers
: We added 40 ,0 00 new customers Total number of customers +40% ARPU Pricing update in MailerLite driv es ARPU growth 140,400 Client base More clients = higher monetization 100,400 potential Q2 2025 Q2 2026 : Scale beyond 55
Slide 6: We are entering cybersecurity market
: We are entering cybe rsecurity market OWNROOT is our horizontal expansion into cybersecurity, reaching the mid - market and enterprise customers we serve through MessageFlow Cybersecurity CPaaS : Scale beyond 66
Slide 7: Faster monetization and new pricing strategy accelerate MailerLite growth
: Faster monetization and new pricing strategy accelerate MailerLite growth
Slide 8: Accelerating monetization of freemium customers
: Accelerating monetization of freemium customers Quarterly net paying customers growth (LTM average ) Note Freemium plan reduction from 500 to 250 subscribers is expected to further accelerate monetization Changes to free plan limits introduced in Q3 2025 have significantly accelerated monetization
Slide 9: Expected revenue uplift following pricing update USD +1.7m in H2 2026
: Expected revenue uplift following pricing update amounts to USD +1.7m in H2 2026 Estimated revenue uplift* following introduction of new pr icing (USDm ) Note Following an intense period of product development, pricing structure has 0.4 been updated to reflect the value 0.4 added through new featu
Slide 10: MailerLite offers best value for money & highest customer satisfaction
: MailerLite still offers the best value for money & the highest customer satisfaction score Net Promoter Score (NPS) vs. Value for Money rating Note 70 65 MailerLite remains one of the most 60 competitive offering s among the leading global players while maintaining 50 excellent customer satisfacti
Slide 11: We are closing the gap between MailerLite and leading global players
: We are closing the gap between MailerLite and leading global players Relative search interest , worldwide (Google Trends ) Note MailerLite search interest more than doubled over the last 12 months, 67 2x outpacing the global competitors Increase in MailerLite s earch interest in the We have recent
Slide 12: Security & compliance are becoming a top buying criterion
: Security & c ompliance are becoming a top buying criterion
Slide 13: The AI delivery layer for trusted customer communications
: T he AI delivery layer for trusted customer communications +400 Security Layer Security & compliance Provides regulatory adherence, data residency, GDPR, sender verification, spam traps, experts supporting cyber security, threat detection. clients across all time zones Execution Delivery & reliabi
Slide 14: Cooperation with COI underlines our position as a trusted partner
: Cooperation with COI underlines our position as a trusted partner for critical systems In July 2026, Vercom won the COI (Poland's Central IT Center ) SMS tender on behalf of the Ministry of Digital Affairs COI required enterprise - grade security, including fully encrypted transmission, access con
Slide 15: Security and compliance are becoming a new layer of communication complexity
: Security and compliance are becoming a new layer of communication complexity Years of experience in highly regulated EU markets helped us build deep compliance moat ( ISO 27001/22301/27018, EEA-only infrastructure, internal CERT) Ability to meet the new standards is now a vital part of the buying
Slide 16: We enter the fast-growing cybersecurity market with OWNROOT
: We enter the fast - growing cybersecurity market with OWNROOT , an AI - first security & compliance ecosystem
Slide 17: Entering the fastest growing segments of the USD 220bn cybersecurity market
: We are entering the fastest growing segments of the USD 220bn cybersecurity market … Forecast CAGR for cybersecurity market subsegments Structural drivers REGULATORY PRESSURE Agentic AI in cybersecurity Agentic AI in cybersecurity 36% NIS2 covers 18 sectors and AI agents defending the estate reach
Slide 18: Where category leaders exhibit +45% growth
: …w here categor y leaders exhibit +45% growth Revenue growth of leading compliance and security platforms Why this spend moves to software? BUDGET REALLOCATION Horizon3.ai USD c. 100m ARR 120% Penetration testing Security takes c. 11% of IT headcount, but only 9% of IT budget against a shortage of
Slide 19: We are selling the capability our own customers made us build
: We are selling the capability our own customers made us build Our customer base drives the development of a capability we intend to commercialize Know - how we bring into OWNROOT CERTIFICATION & COMPLIANCE Credentials ISO 27001, ISO 22301, ISO 27018 , We have to meet the same DORA/NIS2/DSA complia
Slide 20: OWNROOT combines three categories into one AI-native ecosystem
: OWNROOT combines three categories into one AI - native ecosystem OWNROOT modules At a glance PRICING MODEL AI vCISO Monthly subscription, modular. AI Virtual Chief Information Security Officer Priced by scale & tokens usage. Aggregates information from all modules, interacts with stakeholders & em
Slide 21: Accelerating gross profit dynamics creates more headroom for growth initiatives
: Accelerating gross profit dynamics creates more headroom for growth initiatives
Slide 22: Gross profit growth driven by customer adds and cross-selling of services
: Gross profit growth driven by customer adds and cross - selling of services Gross profit ( PLNm ) +18% +0.7 p.p . 118% 70 +40,000 60 +16.100 3x increas e in LTM 50 average quarterly net paying customer adds (YoY) 40 73 30 62 20 10 0 Q2 2025 New clients NER* Margin change Q2 2026 22 * NER (Net Expa
Slide 23: We are reinvesting gross profit surplus into client acquisition
: We are reinvesting gross profit surplus into client acquisition Adjusted general and administrative expenses ( PLNm ) Note Stable G&A costs QoQ 17.5 18.9 19.6 19.6 17.1 Reported G&A expenses in Q 2 2026 affected by PLN 1.3m of non - cash ESOP costs Q2 2025 Q3 2025 (1) Q4 2025 (1) Q1 2026 (1) Q2 20
Slide 24: Dynamic EBITDA growth on track to achieve PLN 165m goal in 2026
: Dynamic EBITDA growth on track to achieve PLN 165m goal in 2026 Adjusted EBITDA (PLNm) Note +22% CAGR Q2 2023 – Q2 2026 Adjusted EBITDA amounts to nearly PLN 39m in Q2 2026 Organic growth rate amounting to +18% YoY, driven by strong net customer adds The rollout of the new pricing plan in MailerLi
Slide 25: Strong cash generation capacity proven by increasing free cash flow
: Strong cash generation capacity proven by increasing free cash flow
Slide 26: High conversion rate of EBITDA into operating cash flow
: High conversion rate of EBITDA into operating cash flow Adjusted EBITDA and net cashflow from operating activities (PLNm) Adjusted EBITDA Net cashflow from operating activities 147 135 121 109 97 97 74 70 Q2 2023 LTM Q2 2024 LTM Q2 2025 LTM Q2 2026 LTM 26
Slide 27: Strong cash generation underpinned by c. 32% LTM FCF growth YoY
: Strong cash generation capacity underpinned by c. 32% LTM FCF growth YoY LTM EBITDA to LTM FCF bridge (PLNm) - 20 10 - 16 -5 79% EBITDA to FCF 147 conversion rate 116 23% 3) FCF margin 2) 1) 1) Adj EBITDA LTM Tax Capex Leasing NWC change FCF LTM 27
Slide 28: Net income growth supported by decreasing leverage
: Net income growth supported by decreasing leverage
Slide 29: Strong net income growth driven by operating leverage and lower financing costs
: Strong net income growth driven by operating leverage and lower financing costs Net profit ( PLNm ) Note +15% CAGR Q2 2023 – Q2 2026 Net profit amounts to PLN 27.2m in Q2 2026 (+2 0 % YoY) Reported net profit was affected by c. PLN 1.3m of non - cash ESOP costs and PLN 0. 5 of negative FX impact E
Slide 30: Positive net cash position despite record-high dividend payout in Q2
: Positive net cash posit ion despite record - high dividend payout in Q2 2026 Net cash & dividend payout ( PLNm ) Note Net cash N et cash position amounting to PLN 13m vs. PLN Didvidend payout 49 m in Q 1 2026 Decrease in net cash position was associated with the record high dividend payout in Q2 2
Slide 31: We are on track to achieve target
: We are on track to achieve 202 6 target
Slide 32: We are on track to achieve 2026 growth target
: We are on track to achieve 202 6 growth target Adjusted EBITDA (1) (PLNm ) 2025 2026 2026E In 2023 - 2025 , 2H accounted for c. 55% of the annual EBITDA + 10m + 8m + 6m + 6m 48 43 39 38 35 33 35 29 Q1 Q2 Q3 Q4 (1) Q3 - Q4 202 6 target based on historical seasonality & expected impact of pricing up
Slide 33: Q&A
VERCOM : Q&A