Slide 1: Investor Presentation
November 2025 Investor Presentation Note: All financials presented are in US$ unless otherwise noted.
Slide 2: Disclaimer
Disclaimer General This presentation is property of Docebo Inc. (the “Company”, “Docebo”, “us” or “we”). It cannot be circulated or forwarded without our consent. Any graphs, tables or other information demonstrating our historical performance or that of any other entity contained in this presentati
Slide 3: A Timeline and History of Docebo
A Timeline and History if Docebo 2005 2016 2020 2024 Docebo announces AI-first roadmap Docebo office Docebo launches its IPO strategy in the US. on the Toronto Stock Acquires PeerBoard Exchange Receives FedRAMP Athens (GA) & Edugo Authorization Docebo begins Docebo launches Docebo was Docebo HQ in C
Slide 4: Docebo At-A-Glance
Docebo At-A-Glance 3,978 US$235.6M 900+ Customers1 ARR 2 Employees 94% 9 36% Subscription Revenues 3 Offices: Toronto, Atlanta and Athens-GA, Subscription Revenue CAGR4 Melbourne, Milano, Munich, London, Paris, Dubai 1. As of December 31, 2024. Total customer count to be updated annually. 2. As at S
Slide 5: Leaders Learn with Docebo
Leaders Learn with Docebo @ lululemon 241 FannieMae @ Cail, zoom Mire @ Tripadvisor NETFLIX RE/MAX § @RIDGESTONE —capitalOne Bupa f| Qo docebo
Slide 6: Global Learning Total Addressable Market
Global Learning Total Addressable Market Total TAM by use case US Federal & US SLED TAM CX ~70% Greenfield 62% ~$30B 38% $1.5B ~$2.7B $1.2B Total Total Customer Experience $18.5B US Federal Government Employee Experience $11.5B US SLED Source: Docebo Analysis. Company and industry research, governme
Slide 7: Docebo Provides All Customer Experience & Employee Experience Learning Needs
Docebo Provides All Customer Experience (CX) & Employee Experience (EX) Learning Needs Under a Single Platform Improves operational productivity and helps to reduce tech stack by using one platform. Reduces complexity and Improves ROI as well as leverages cost per users. Customer Experience Employee
Slide 8: Highly Configurable, Personalized Learning at Scale
Highly Configurable, AI-POWERED PERSONALIZATION Personalized Learning FEATURES: at Scale Automatic skill tagging Automatic skill assignments to all courses, LPs and assets AI Content Suggestion made by AI. Skill targeting Allows learners and managers to define employees skill Mobile targets for lase
Slide 9: Docebo Learning Platform: The Learning Lifecycle
Docebo Learning Platform The Learning Lifecycle Manage, Deliver and Analyze Learning Learning Content Content Learning Learner Management Creation Marketplace Intelligence Communities Deliver scalable, Create better learning Curate world-class Analyze the impact of Create social personalized learnin
Slide 10: Multiple Years of AI Investment
Multiple Years of AI Investment: Maximizing the Learner's Experience Adaptable learning paths based on platform interactions and knowledge Surface relevant retention Content AI-powered content real time Recommend- semantic ations search Skills AI Assistant Auto-identify and Deliver instant answers T
Slide 11: Independent Validation
Independent Validation #1 Corporate Learning Management System for Enterprise on G2 2024 Seven Brandon Hall Group Excellence in Technology Awards, including Six Golds
Slide 12: Brooks Automation reduced training costs by 20% with Docebo
CASE STUDY Brooks Automation reduced training costs by 20% with Docebo By the numbers Key wins What they said Untapped earnings 40% In the first year, revenue “Our journey with Docebo has New revenue streams unlocked generated through learning been transformative. The by offering elearning and Incre
Slide 13: Customer Training: Why We Win
CASE STUDY Customer Training Why We Win 1 600,000+ 89,000+ 69.26% Achieve High Personalization to support multiple registered users2 globally Full course completions of users feel very or use cases, via the Docebo Configuration Engine extremely confident in applying what they learned Generate Revenu
Slide 14: Path to Becoming an AI-Driven Learning & Knowledge Platform
Path to Becoming an AI-Driven Learning & Knowledge Platform Docebo will continue to increase its platform capabilities, empower business users, and capture a larger share of the market Product & AI Innovation Solution Extension Partnerships Strategic M&A Underpinned by Workflow & Orchestration Tools
Slide 15: Strategic Partnerships
Strategic Partnerships Expanding the ecosystem Brings learning Helps customers Strategy and expertise and support leverage their consulting to reinvent for global clients investment in AWS your business
Slide 16: Technology Partnerships
Technology Partnerships Broadening our offerings Proctoring that Proves skills Effortlessly create Everything you protects integrity development via captivating content need to manage while supporting hands-on labs and in minutes live training test takers experiential learning opportunities
Slide 17: Pillars of Growth
Pillars of Growth Customer Land Expansion into Expansion into Strategic Experience & Expand Government the Enterprise Partnerships Learning Enterprise with multiple Currently use legacy / Address complex multi-use ~60% of ARR1 driven by Resell, embedded, and departments and use cases on-prem solutio
Slide 18: Enterprise and Multi-use Cases Fuel Sustainable Growth
Enterprise and Multi-use Cases Fuel Sustainable Growth 36% Subscription 1 Revenue CAGR US$220M Annual 2 Recurring Revenue 1. CAGR between fiscal year 2020 and fiscal year 2024. 2. As at December 31, 2024. ARR is a non-IFRS measure. See "Non-IFRS Measures and Industry Metrics" in the disclaimer and r
Slide 19: Consistent Execution Driving Customer Growth
Consistent Execution Driving Consistent ACV Growth Customer Growth 3,978 93% ~4x 100% Customers4 of ARR1 added in 2024 Growth in Average Contract Net Dollar Retention Rate in represented by customers that Value since 20172 20243 chose multi-year contracts 1. ARR is a non-IFRS measure. See "Non-IFRS
Slide 20: Robust ARR Growth Across Multiple Industries
Robust ARR Growth Across Increasing Free Cash Multiple Industries Flow Generation $235.6M 10.3% 20.1% 9.2% Total ARR1 as of Sep 30, 2025 Q3 2025 Subscription Revenue Q3 2025 Adj. Q3 2025 Free Cash Flow Margin1 Growth EBITDA1 Margin 1. ARR, Adj. EBITDA and Free Cash Flow are non-IFRS Measures. Refer
Slide 21: Capital Efficient Growth
Capital Efficient Growth ~US$66M cash 3 generated since 2016 while growing ARR to US$235.6M at the end of Q3 2025. 1. Free Cash Flow is a non-IFRS measure. Refer to “Non-IFRS Measures and Reconciliation of Non-IFRS Measures” in the Appendix to this presentation. 2. ARR is a non-IFRS measure. See "No
Slide 22: Growth-First Mindset that Delivers Profitability
Growth-First Mindset that Delivers Profitability Sales and Marketing Strategic growth investments with maturing sales engine (28-32% of revenue) Research and Development Continue to invest in innovation and FedRamp Maintain current investment levels (16-18% of revenue) General and Administrative Dri
Slide 23: Experienced Executive Management and Board
Experienced Executive Management and Board GLOBAL MANAGEMENT TEAM SUMMARY Alessio Artuffo Brandon Farber Mark Kosoglow Kyle Lacy Domenic Di Sisto CAPITALIZATION President, CEO and Board Member Chief Financial Officer Chief Revenue Officer Chief Marketing Officer Chief Legal Counsel Current Ownership
Slide 24: Appendix: Non-IFRS Measures and Reconciliation of Non-IFRS Measures
Appendix: Non-IFRS Measures and Reconciliation of Non-IFRS measures Key Performance Indicators Annual Recurring Revenue: We define Annual Recurring Revenue as the annualized equivalent value of the subscription revenue of all existing contracts (including Original Equipment Manufacturer (“OEM”) cont
Slide 25: Appendix: Non-IFRS Measures and Reconciliation of Non-IFRS Measures
Appendix: Non-IFRS Measures and Reconciliation of Non-IFRS measures Free Cash Flow: Free Cash Flow is defined as cash from operating activities less cash used for purchases of property and equipment and capitalized internal-use software costs, plus non-recurring expenditures such as the payment of a
Slide 26: Appendix: Non-IFRS Measures and Reconciliation of Non-IFRS Measures
Appendix: Non-IFRS Measures and Reconciliation of Non-IFRS measures Adjusted EBITDA Adjusted EBITDA is defined as net income excluding net finance income, depreciation and amortization, income taxes, share-based compensation and related payroll taxes, other income, foreign exchange gains and losses,
Slide 27: Appendix: Non-IFRS Measures and Reconciliation of Non-IFRS Measures
Appendix: Non-IFRS Measures and Reconciliation of Non-IFRS measures Adjusted Net Income is defined as net income excluding amortization of intangible assets, share-based compensation and related payroll taxes, acquisition related compensation, transaction related expenses, restructuring costs, forei