Pexip Holding Asa · OSL:PEXIP
Pexip Holding Asa — Pexip Hldg — Q3 2025 Earnings Presentation
31 slides from Pexip Holding Asa's earnings presentation, Nov 6, 2025
Slide 1: Quarterly Presentation Q3 2025
Quarterly Presentation Q3 2025 November 6th, 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 122.2m ARR USD EoQ3 12% ARR growth Y-o-y Unique partnerships with the technology leaders in our industry 92% Gross margin LTM margin +8p.p EBITDA expansion1 LTM m
Slide 4: Q3 2025 highlights
Q3 2025 highlights • Continued improved ARR, revenue and EBITDA growth +3.2m MUSD 122.2 EoQ3 ARR Q-o-Q • Continued strong growth in Secure & Custom • Initiated two large projects to deliver 52.3m MNOK 310 LTM Adj. EBITDA1 Q3 2025 Connect Standard in high-security US Clouds • Launched Connect for Goo
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 +75% +3.5 +3.2 +45% +3.5 +2.4 310 119.0 122.2 (25%) 315 113.1 115.5 276 303 109.5 255 (23%) 281 (22%) 207 178 (18%) 209 196 (17%) Q3 Q4 Q1 Q2 Q3 Q3 Q4
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: 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 User Integrated authentication secure Chat Sovereign cloud Private cloud On-premises Air-gapped Government cloud Secure Meetings are easily
Slide 8: Launched version 2 of Pexip Private AI
Launched version 2 of Pexip Private AI Okay, let’s get started. AIMS V1 AIMS V2 Live Captions Live Translated Captions Transcript Export API Improve accessibility for video meetings in Facilitate effective communication in Administratively controlled export of Private secure environments with live.
Slide 9: Private AI in practice - Making justice more accessible
Private AI in practice - Making justice more accessible “Today, the UK Military Court Service used Pexip’s Secure Meetings platform to enable remote participation in a hearing at the Bulford Military Court Centre by native German-speaking attendees. Through Pexip, powered by NVIDIA, all spoken conte
Slide 10: Our vision is to connect any meeting room to any meeting is becoming reality
CONNECTED SPACES Our vision is to connect any meeting room to any meeting is becoming reality Rooms Meeting Rooms Meeting Rooms Meeting Rooms Meeting SIP Rooms rooms meetings 10
Slide 11: Connect for Google Rooms generally available
Connect for Google Rooms 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 through
Slide 12: Pexip is supporting Microsoft in rolling out Teams in high-security US Government organizations
Pexip is supporting Microsoft in rolling out Teams in high-security US Government organizations Pexip is the only technology partner enabling video devices to join Teams meeting in US Gov Clouds • Initiated two early-stage roll-out projects Azure Government Azure Government Secret within high securi
Slide 13: Sales update
Sales update 13
Slide 14: Secure and Custom Spaces
Secure and Custom Spaces +2.8m ARR change Q-o-Q USD Continue to see good ARR growth from Defense Continued increase in public awareness on 53.4m ARR USD End of Q3 2025 need for sovereign IT in Europe Closed an additional Justice department, and 30% Y-o-Y growth Q3 2025 significant upsells on four ot
Slide 15: 2025 Q3 win – Secretaría General de Administración Digital
SECURE AND CUSTOM SPACES 2025 Q3 win – Secretaría General de Administración Digital USE CASE PRODUCT Citizen to Government & Inter- Secure Meetings & Secure Scheduling Government Meetings WHY PEXIP Integration and scale Deep customization and workflow integration enables citizens with an easy to use
Slide 16: Connected Spaces
Connected Spaces Second consecutive quarter with +0.4m ARR change Q-o-Q USD growth in Connected Spaces, despite reduction of $1 million in ARR from a change in partner business model Closed two pre-production projects to 68.8m ARR USD End of Q3 2025 deliver Microsoft Teams interoperability to high-s
Slide 17: 2025 Q3 win – Global bank expands interoperability
CONNECTED SPACES 2025 Q3 win – Global bank expands interoperability PRODUCT USE CASE Connect for Zoom–in a Virtual Desktop Enabling Zoom Desktop clients to Infrastructure (VDI) environment join Teams meetings WHY PEXIP Microsoft Teams meeting Universal interoperability Seamless, high-quality interop
Slide 18: Financial update
Financial update 18
Slide 19: Subscription-based revenue model with ARR base at USD 122m in Q3 2025
Subscription-based revenue model with ARR base at USD 122m in Q3 2025 ARR ARR split USD million USD million Secure & Custom Connected Spaces IT Defense and Aerospace 6% 8% Government +12% 122.2 27% 119.0 113.1 115.5 109.5 Enterprise 19% 53.4 +30% 44.9 47.9 50.6 41.0 20% 20% Regulated industries Heal
Slide 20: Strong growth in Secure & Custom
Strong growth in Secure & Custom USD million, quarter-over-quarter Connected spaces Secure and Custom 4.2% -0.7% -3.1% 0.4% 3.2% 2.8% -0.4% 5.5% 68.4 68.8 2.9 0.5 2.1 Quarterly net retention 50.6 0.2 53.4 1.6 1.4 of 96% Quarterly net retention of 102% Q2 2025 New Net Upsell Churn Q3 2025 Q2 2025 New
Slide 21: LTM 15% revenue growth and 25% EBITDA margin
LTM 15% revenue growth and 25% EBITDA margin Revenue EBITDA1 NOK million NOK million (margin) SaaS Quarterly revenue increase of 16% y-o-y Software +189% 16% – Driven by 38% Software revenue 52 266 (20%) growth impacted positively by software 228 revenue periodization Quarterly 144 18 141 (8%) 88 12
Slide 22: Revenue growth of NOK 37 million resulting in EBITDA growth of NOK 34 million
Revenue growth of NOK 37 million resulting in EBITDA growth of NOK 34 million Revenue and gross margin EBITDA excl. other gains and losses NOK million NOK million +37 +34 266 (12 p.p.) 27 52 228 (20%) COGS 25 238 Gross 204 (90%) 18 margin (89%) (8%) Q3 2024 Q3 2025 Q3 2024 Q3 2025 Continue to mainta
Slide 23: Stable year-on-year expenses
Stable year-on-year expenses Quarterly OPEX development NOK million Salary and personnel expenses 0% NOK 5 million lower share option 218.1 related costs 200.7 202.5 206.7 205.2 185.6 40.5 186.0 NOK 1.5 million higher other Salary 39.1 38.7 38.0 39.9 34.6 12.2 and personnel expenses, which are 8.4 1
Slide 24: Improved operating cash flow
Improved operating cash flow Cash flow bridge Q3 2025 NOK million • NOK 44 million in operating cash flow, 23 million above Q3 2024 – LTM free cash flow up to NOK 303 million • Completed share buyback - cash returned to shareholders of NOK 358 million year-to-date • Solid financial position with NOK
Slide 25: Q3 2025 Financial results
Q3 2025 Financial results Profit and loss NOK million • 16% increase in year-on-year revenue due to ARR increase and higher growth in Software subscriptions (quicker revenue recognition than SaaS subscriptions) • Normalized COGS in line with revenue increase • EBITDA excluding other gains and losses
Slide 26: Outlook and targets
Outlook targets Jpexip[
Slide 27: Outlook
Outlook • Continued positive market outlook across the business Near-term targets areas driven by market trends Consistently deliver: • Need for private video meeting platforms • Custom video work-flows are growing • Above 10% ARR growth • Interoperability is highly relevant • Above 20% EBITDA1 marg
Slide 28: Upcoming dates
Upcoming dates Q4 2025 Quarterly Presentation February 12th, 2025 28
Slide 29: Q&A Investor.pexip.com
Q&A Investor.pexip.com
Slide 30: BACKUP
] pexip[ BACKUP
Slide 31: Summary of key figures
Summary of key figures Comments Q3 2025 ARR • Delta ARR of 3.2 MUSD, driven by good growth in Secure & Custom across new and existing customers (+30% y-o-y) • Annual ARR growth of 12.7 MUSD Revenue • 16% increase in year-on-year revenue due to ARR increase which is mostly from Software with faster r