Slide 1: Results Presentation | Q1 2025
Results Presentation | Q1 2025 May 20th, 2025 1
Slide 2: Disclaimer
Disclaimer This presentation does not constitute or form part of, and should not be construed as, an offer to sell or issue, or the solicitation of an offer to purchase, subscribe to or acquire our securities, or an inducement to enter into investment activity in any jurisdiction in which such offer
Slide 3: Today's presenters
Today´s presenters Austin Lally Colin Smith Chief Executive Officer Chief Financial Officer 3
Slide 4: Agenda
Agenda • Performance highlights • Financial review • Q&A 4
Slide 5: Q1 summary
Q1 summary Highlights Key operating & financial metrics • Strong revenue growth of +11% combined with cost Change Q1 24 Q1 25 Change @ constant currency management drives +13% growth in Adjusted EBIT Revenue (€m) 834 920 +10% +11% • Strong performance across all portfolio metrics: Adjusted (€m) 375
Slide 6: Consistent portfolio growth, +440k year over year
Consistent portfolio growth, +440k year over year Quarter on quarter customer growth through the year, closing at +440k vs. prior year Customer Portfolio (‘000) +8.3% 5,722 5,612 5,502 5,395 5,282 Q1 Q2 Q3 Q4 Q1 2024 2024 2024 2024 2025 q/q growth (000) +109 +113 +106 +110 +111 6
Slide 7: Improving trend in attrition continues, -20bp YoY
Improving trend in attrition continues, -20bp YoY Attrition Rate (%) 12.0 11.0 8.0 7.81 7.75 10.0 7.52 7.5 9.0 8.0 7.0 7.4 7.0 6.0 6.5 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 5.0 2023 2024 2025 4.0 3.0 Quarterly attrition down 23 bps y/y 2.0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM At
Slide 8: Excellent customer unit economics
Excellent customer unit economics Customer Acquisition segment Portfolio segment CPA (€) ARPU (€) EPC (€) +5.1% +2.8% @ constant currency @ constant currency +4.6% +2.6% +4.1% 1,469 45.8 47.0 @ constant currency 1,404 +3.9% 33.1 34.4 Q1 Q1 Q1 Q1 Q1 Q1 2024 2025 2024 2025 2024 2025 8
Slide 9: Q1 financial summary
Q1 financial summary Strong financial metrics Sustained high profitability (€m) Change Portfolio EBITDA Margin (%) @ constant Q1 24 Q1 25 Change currency Revenue 834 920 +10% +11% 73.3% 72.4% ARR (1) 2,901 3,225 +11% +11% Adjusted EBITDA (2) 375 419 +12% +12% Portfolio EBITDA 519 584 +13% +13% Adjus
Slide 10: Cash flow generation and change in net debt
Cash flow generation and change in net debt Jan-Mar 2025 Cash Flow Generation and Change in Net Debt, €m 584 Attrition replacement (= Cancellations x CPA) (156) Net Portfolio Growth (= (Installations - Cancellations) x CPA) (163) (319) (48) (43) (90) (58) (18) (135) (28) (65) (3) (68) Portfolio Cust
Slide 11: Deleveraging trend continues, 4.7x Q1 2025
Deleveraging trend continues, 4.7x Q1 2025 Continued deleveraging trajectory 2024-25 net leverage 2024 2025 Total Net Leverage Q1 Q2 Q3 Q4 Q1 Senior Secured Net Leverage 5.8x Net Debt (€m) 7,425 7,464 7,497 7,588 7,680 5.6x 5.4x 5.3x 5.1x 4.9x 4.8x Adjusted EBITDA 4.8x 4.7x 1,451 1,536 1,575 1,577 1
Slide 12: Resilient high-quality growth model
Resilient high-quality growth model Strong Customer Intake Strong Portfolio Growth Quality Portfolio EBITDA Growth New Installations (000) Customer Portfolio (m) Portfolio EBITDA (€m) 5.6 5.7 840 868 5.2 770 802 797 4.8 611 647 4.3 3.8 516 3.3 440 2.9 359 2.3 2.6 2,335 2,142 1,885 1,694 2016 2017 20
Slide 13: Q&A
Q&A 13
Slide 14: Thank you
Thank you