Slide 1: AI leverage: driving customer value – at scale
| AI leverage: driving customer value – at scale Preliminary results 2025 04 March 2026
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 of
Slide 3: Quality growth for the past 20 years
: Quality growth for the past 20 years
Slide 4: Dynamic growth driven by organic expansion and value-accretive acquisitions
: Dynamic growth driven by organic expansion and value-accretive acquisitions EBITDA (PLNm) x14 136 110 85 55 37 26 19 10 2018 2019 2020 2021 2022 2023 2024 2025 4
Slide 5: We have achieved our EBITDA targets every year since the IPO
: We have achieved our EBITDA targets every year since the IPO EBITDA targets in 2021-2024 and 2025-2028 ESOP Organic EBITDA target 230 EBITDA delivered (organic + M&A) 195 165 135 136 110 85 75 60 55 45 37 37 2021 2022 2023 2024 2025 2026 2026 2027 2027 2028 2028 5
Slide 6: Selling services to 120.000+ customers in 180 markets globally
: Selling services to 120.000+ customers in 180 markets globally N. America Europe Rest of the world 36% 31% 33% ~2/3 gross profit from international sales Core markets Other markets % Gross profit distribution 6
Slide 7: The AI execution layer for trusted customer communications
: The AI execution layer for trusted customer communications +400 Security Layer Security & compliance Provides regulatory adherence, data residency, GDPR, sender verification, spam traps, cyber- experts supporting security, threat detection. clients across all time zones Execution Delivery & reliab
Slide 8: AI drives our operating efficiency and customer experience for SME customers
: AI drives our operating efficiency and customer experience for SME customers
Slide 9: Faster onboarding boosts conversion rates
: Faster onboarding boosts conversion rates Average customer approval time Waiting time eliminated with AI After implementing automated approvals customers can now start creating and launching campaigns in less than 1 hour! 28 hrs < 1 hr 2024 2025 9
Slide 10: Significant acceleration of time-to-value
: Significant acceleration of time-to-value Automation of tasks with MailerLite MCP Time to value (first campaign) Can you help me prepare my first newsletter? I’m new to MailerLite. Sure! I see from your profile that you Customers are now run an e-commerce store. starting to use MailerLite signific
Slide 11: We are now providing even better customer experience
: We are now providing even better customer experience AI resolved customer support chat tickets (%) Average time to close email ticket 2024 21 hrs 69% 30 p.p. -33% Increase in the 2025 14 hrs percentage of AI- resolved tickets Customers tend to extend Average time to close chat ticket their convers
Slide 12: Stronger customer relationships = high NPS
: Stronger customer relationships = high NPS Net Promoter Score (NPS) MailerLite 65 MailChimp 47 High NPS results in stronger retention, higher lifetime value, and increased referrals - all of which fuel sustainable, long-term growth Klaviyo * 47 * HubSpot 35 Twilio 30 Source: Comparably as at 02/03
Slide 13: We attract record-high number of SME customers while improving the most important KPIs
: We attract record-high number of SME customers while improving the most important KPIs
Slide 14: Significant acceleration of net paying customers growth
: Significant acceleration of net paying customers growth Quarterly net paying customers growth Note 3x Record-high number of signups is expanding our monetization 11,600 potential as our user base is 11,100 dynamically growing Increase of the quarterly net paying customers growth starting Q3 2025 C
Slide 15: Happy customers = strong LTV growth
: Happy customers = strong LTV growth LTV growth (YoY) +26 p.p. Stronger customer retention drives lifetime value (LTV) 38% 12% 2024 2025 15
Slide 16: Growing operating efficiency
: Growing operating efficiency Revenue per FTE (USDk) Rebuilding key business processes around AI enabled +35% us to significantly increase operating efficiency +18% 310 230 195 Dec-23 Dec-24 Dec-25 16
Slide 17: AI is the new driving force of A2P communication
: AI is the new driving force of A2P communication
Slide 18: Our TAM expands as AI reduces frictions and entry barriers
: Our TAM expands as AI reduces frictions and entry barriers Customers One API for all communication channels eliminates integration complexity, letting small and mid-market clients go live in days, not months. AI simplifies AI simplifies implementation What previously required a developer team now
Slide 19: AI-native workflows lead to more interactions per customer journey
: AI-native workflows lead to more interactions per customer journey Pre-purchase Transaction Delivery Marketing Payment Shipment Before AI Spring season is about to start! We have sent authorization Your order has shipped. Simple trigger-based Looking for new trainers? code to your email. Please Es
Slide 20: OTT and RCS will enable the growth of conversational communication
: OTT and RCS will enable the growth of conversational communication ? Conversational communication RCS Viber Messenger WhatsApp We are here Market size Transactional communication Email SMS Push Marketing communication Email SMS Push 2005 Today Timeline Source: Vercom 20
Slide 21: Customers are gradually migrating toward richer channels
: Customers are gradually migrating toward richer channels RCS OTT Accelerating adoption visible in both new registrations & usage statistics 2x increase in gross profit from RCS & OTT AI will act as a „brain”, channel in 2025 confirm growing adoption processing questions & of new communication chan
Slide 22: AI is democratizing technology & shifting communication landscape
: AI is democratizing technology & shifting communication landscape TAM expansion Lower entry barriers = higher SMB/MM market penetration + more cross-sell Mix shift Migration toward richer RCS/OTT channels = higher margins Volume growth New use cases + conversational communication = more AP2 traffi
Slide 23: Healthy growth structure driven by customer adds and cross-selling
: Healthy growth structure driven by customer adds and cross-selling
Slide 24: 2025 was another record year
: 2025 was another record year Gross profit Growth y/y PLN 255m +15% Adj. EBITDA PLN 136m +23% Adj. Net income* PLN 99m +29% : Scale beyond * Net income adjusted for PLN 7.5m of non-cash ESOP costs 24 24
Slide 25: 2x increase in net customer adds YoY
: 2x increase in net customer adds YoY Net paying customer adds +86% +17% 28,400 15,300 13,100 2023 2024 2025 : Scale beyond 25 25
Slide 26: 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) 300 +18% +9 p.p. +PLN 6m 250 +116% +28,400 Gross margin +16.100 recalculated at 200 2024 FX rates Growing contribution of high- margin services combined with lower contribution of 150 low-margin messaging
Slide 27: Growing efficiency drives operating leverage
: Growing efficiency drives operating leverage
Slide 28: Stable SG&A cost base allows to benefit from operating leverage
: Stable SG&A cost base allows to benefit from operating leverage General and administrative expenses (PLNm) Note Stable G&A costs throughout 2025 18.6 17.9 17.1 17.5 18.9 The increase of G&A costs QoQ was mostly associated with the increase of D&A & other end-of-year costs Q4 2024 Q1 2025 Q2 2025 Q
Slide 29: Dynamic EBITDA growth in line with target growth trajectory
: Dynamic EBITDA growth in line with target growth trajectory Adjusted EBITDA (PLNm) Note 2025 EBITDA in line with new +38% CAGR 2021 – 2025 ESOP target EBTIDA adjusted for PLN 7.5m of non-cash ESOP cost Organic growth rate amounting to 23% YoY, driven by record-high 136 customer adds and increase i
Slide 30: Net income growth provides space for record-high dividend
: Net income growth provides space for record-high dividend
Slide 31: Robust net income growth
: Robust net income growth Adjusted net profit (PLNm) Note Adjusted net profit growth of +44% CAGR 2021 – 2025 29% yoy to c. PLN 99m Reported net income affected by: (i) non-cash ESOP costs (PLN 7.5m in 2025 vs. PLN 0.6m in 2024 (ii) FX impact (PLN -0.3m in 2025 vs. PLN +1.9m in 2024) Net income mar
Slide 32: Attractive perspective of growing dividends
: Attractive perspective of growing dividends Net profit, dividend payout (PLNm) Dividend payout Potential dividend payout assuming Adj. Net income constant payout ratio 99 76 58 60 45 35 2023* 2024** 2025*** * Net income in 2023 adjusted for PLN 13m profit on sale of shares in User.com ** Net incom
Slide 33: Total distributions to shareholders can reach 108% of IPO proceeds this year
: Total distributions to shareholders can reach 108% of IPO proceeds this year Distributions to shareholders (PLNm) Dividends 200 Buy-backs 60 108% 150 30 of capital raised from 100 195 IPO distributed back to shareholders over 45 the last 4 years 50 35 25 0 2023 2024 2025 2025 2026* Total distribut
Slide 34: Strong balance sheet means more headroom for M&A
: Strong balance sheet means more headroom for M&A
Slide 35: Strong cash accumulation despite record-high distributions
: Strong cash accumulation despite record-high distributions Net cash EoP (PLNm) Note Net Cash Positive net cash position 100 amounting to PLN 25m Distributions Negative net debt / EBITDA (-0.2x), down from 3.0x 75 46 following the acquisition of MailerLite in Q2 2022 35 25 25 Stronger cash position
Slide 36: PLN +600m headroom for potential acquisitions
: PLN +600m headroom for potential acquisitions Financing capacity (PLNm) Vercom EBITDA* Acquisition target EBITDA Financing capacity Clean balance sheet means we can raise PLN +600m of debt financing to fund PLN 600m potential M&As 600 Estimated financing capacity 40+ 165 2026 EBITDA Financing capa
Slide 37: Multiple growth levers to move beyond the base case
: Multiple growth levers to move beyond the base case
Slide 38: We are aiming to achieve PLN +300m total EBITDA by 2028
: We are aiming to achieve PLN +300m total EBITDA by 2028 EBITDA growth drivers PLN 300m 2028 Total EBITDA AI leverage M&A PLN 70m Upside New markets Margin expansion NER* PLN 230m EBITDA ESOP Target New clients 38 * Net Expansion Rate (NER)
Slide 39: Key takeaways from 2025 results
: Key takeaways from 2025 results We delivered another record year, with EBITDA up +23% to PLN 136m, exceeding the ESOP target for the fifth consecutive year Healthy growth driven by record-high net customer adds (+28,400 clients, c. 86% YoY) and strong sales to existing clients (NER 116%) Growing a
Slide 40: Thank you for your attention
: Thank you for your attention