Logo Yazilim Sanayi Ve Ticaret A.s. · BIST:LOGO
Logo Yazilim Sanayi Ve Ticaret A.s — Logo Yazılım Sanayi ve Ticaret A.Ş. — Wood's EME NYC Investor Conference 2025
38 slides from Logo Yazilim Sanayi Ve Ticaret A.s's conference presentation, Apr 3, 2025
Slide 1: Wood's EME NYC Investor Conference Presentation
Wood’s EME NYC Investor Conference Presentation Gülnur Anlaş CFO Canan Şenkut Investor Relations & Sustainability Director April 3rd-4th , 2025
Slide 2: Investor Presentation
logo Investor Presentation
Slide 3: Disclaimer
Disclaimer With Capital Markets Board (CMB) of Türkiye’s bulletin dated 28.12.2023 numbered 2023/81, CMB announced that issuers and capital market institutions shall prepare their annual financial statements ending on 31.12.2023 or later, in accordance with IAS29 inflationary accounting provisions.
Slide 4: Logo at a glance: Türkiye's long standing Enterprise Application Software leader
Logo at a glance: Türkiye’s long standing Enterprise Application Software leader Enterprise Subsidiary in Products: LocalApplication leader in Romania and ERP, HR and Türkiye Software (EAS) JV in India Payroll, CRM, WMS Company 11% 80% 46% 97.4 mn USD USD IFRS Recurring SaaS 2024 IFRS revenue* CAGR
Slide 5: Logo success journey: 40 years innovation and sustainable profitable growth
Logo success journey: 40 years innovation, entrepreneurial DNA and sustainable profitable growth 1980s-1990s 2000s 2010s 2020s ✓ 1984; establishment ✓ 2000; First-ever software ✓ Local acquisitions; Coretech ✓ Specialized acquisitions; company IPO in Türkiye (2011), Netsis (2013), WorldBI Peoplise (
Slide 6: Solutions and services
Solutions and services We provide software solutions and services to companies in all sizes ERP eServices and fintech Enterprise resource e-Invoice, e-Archive invoice, e-Ledger, e- planning self emp. Invoice Online bank statement, Money transfer (PISP: Payment Initiation Service HR and Payroll Provi
Slide 7: Shaping the future path with a strong SaaS footprint
Shaping the future path with a strong SaaS footprint eService SaaS and fintech SaaS for retail SaaS for talent recruitment, platform onboarding and engagement 211,000+ 141 customers 183 customers customers 10,700+ user locations 29.1 mio USD ARR 4.5 mio USD ARR 1.3 mio USD ARR Subscription SaaS for
Slide 8: Turkish EAS market and Logo market share
Turkish EAS market and Logo market share Multiple secular drivers for further EAS adoption Turkish EAS market growth expectation* ($mn) CAGR 6.4% Others; 26% Logo; 26% 450 420 392 331 343 366 2021* Microsoft; 5% 2021 2022E 2023E 2024E 2025E 2026E SAP; 43% SMEs lead software market growth Government
Slide 9: Logo market positioning: Longstanding SME leadership
Logo market positioning: Longstanding SME leadership with products serving the mission critical need across the lifecycle Employees #Firms Positioning Competitors Large Volumes Revenues (500+) 1.5k 1 Medium (100–499) 12.3k 2 Logo’s highest revenue contribution Small (10–99) 300k Logo’s highest 3 vol
Slide 10: Logo Türkiye sales cycle
Logo Türkiye sales cycle Partner 1 Customers Partner 2 • User increments R&D Product Initial Sales Following Marketing Sales (to customers) • Modules Development Sales • 3rd party Cross - Sales • HR / CRM / BI / WMS / BPM Support Logo Coin • e-Services (e-invoices etc.) Membership • LEM Services Inv
Slide 11: Our servitization strategy
Our servitization strategy Subscription Subscription Subscription Subscription Web enabled Cloud 2024 2026e 10.300+ 36.000+ Small segment Small segment ERP customers ERP customers Sales model LEM Annual license maintenance Cloud ERP On-prem One-time license 2024 2026e One-time 1,400+ 4.000+ On-prem
Slide 12: eLogo: eService and fintech platform
eLogo: eService and fintech platform Leading player in e-government solutions Leveraging tech infrastructure and big data with 211,000+ customers to provide embedded finance services Open banking platform Logo ERP Other ERPs & software • Online bank statement solutions All major • Money transfer (PI
Slide 13: Strong growth: double digit USD based growth
Strong growth: double digit USD based growth Türkiye Türkiye Invoiced revenues mn $ IFRS revenues mn $ CAGR 11% CAGR 11% CAGR 10% CAGR 9% 150 127 122 96 97 74 55 61 66 68 56 60 53 51 48 51 47 47 47 54 50 45 49 51 41 37 Figures do not include IAS29 adjustments. 12
Slide 14: Dividend track record
Dividend track record 2021 2022 2023 2024 Pay-out ratio 34% 36% 35%* 64%* Yield* 2,20% 2,85% 4,51% 4,25% Gross amount 6,9 $ mn 8,0 $ mn 13,6 $ mn 13,2 $ mn 90 TL mn 150 TL mn 400 TL mn 500 TL mn 300% bonus issue www.logo.com.tr 13 *Based on statutory records. **Based on PDP disclosure date.
Slide 15: Share buy-back programs
Share buy-back programs 2012- 2023- 2024- 2023 2024 2027 4,90% 4,90% -> 6,20% 1,26% 10,6 $ mn 3,4 $ mn Max fund 108,6 TL mn 600 TL mn 2012 - 2015 ~17,4 $ mn 12.July.2018 - 30.Dec.2021 17.Nov.2023 -> 17.Nov.2024 18.Dec.2024-> 18.Dec.2027 30.Dec.2021 - 17.Nov.2023 5% share cancellation 6,20% -> 1,20%
Slide 16: Shareholder structure
Shareholder structure Logo Teknoloji Freefloat ve Yatırım A.Ş. 64.60%** 35.40%* Logo Yazılım San. ve Tic. A.Ş. Logo Infosoft Logo Ödeme ELBA HR Total Soft S.A. Business Technology Hizmetleri (Peoplise) 80%*** Private Ltd. (Logo Payment) 100% 75.93% 100% ABS SRL ABS Financial Logo Financial 80% Servi
Slide 17: Our ESG performance
Our ESG performance Refinitiv CDP Climate Corporate ESG score A- Score B- Governance rating 9.5/10.0 BİST BİST Sustainability Corporate Index Governance Index inclusion in 2017 inclusion in 2009 www.logo.com.tr 16
Slide 18: 2024 results
A) logo 2024 results
Slide 19: 2024: A resilient business model driving sustainable growth & profitability
2024: A resilient business model driving sustainable growth & profitability • Strong Financial Performance: IFRS revenue grew by 30%, and EBITDA increased by 69% y/y in real terms (IAS29 adj.) • Recurring Revenue Growth: Recurring revenue’s share reached 80%, driven by strong SaaS growth of 26% y/y
Slide 20: Reporting changes
Reporting changes • Romania operations’ consolidation method changed as of 31 December 2024 period • Consolidation continued at net income, assets and liabilities as per IFRS5 as of 31 December 2024 • As a result; Romania’s inclusion only in consolidated net income requires adjustment of nine-month
Slide 21: Strong growth and profitability in 2024
Strong growth and profitability in 2024 Revenues and EBITDA include only Türkiye operations Consolidated (TL mn) y/y +10% +30% +69% +94% growth 4,426 Romania’s net 4,024 4,084 income 3,136 contribution is Logo Türkiye 57.9 TL mn (2023: -28.9 TL mn ) • Significant increase in profitability driven by
Slide 22: Enhanced operational profitability
Enhanced operational profitability 68% y/y growth in sales per employee & 83% y/y growth in EBITDA per employee in 2024 Sales & EBITDA / employee (TL mn) Logo Türkiye 3.26 • Operating expenses prudently managed in line with sales growth trends, with additional measures taken to adapt to slower-than-
Slide 23: IAS29 impact on Balance Sheet
IAS29 impact on Balance Sheet Non-monetary assets and liabilities, and equity is indexed with inflation Asset Liabilities Current Assets Short and long-term Liabilities -743,507 TL -721,711,369 TL Major impact is from Major impact is from contract prepaid expenses liabilities (LEM, eService coins an
Slide 24: Logo Türkiye figures w/out IAS29
Logo Türkiye figures w/out IAS29 Logo Türkiye (TL mn) Logo Türkiye (USD mn) y/y +73% +81% +97% +11% y/y +27% +31% +34% -25% growth growth 4,041 3,219 2,336 122 1,779 96 97 74 938 477 479 530 21 28 22 16 Invoiced revenue Revenue EBITDA Net Income Invoiced revenue Revenue EBITDA Net Income 2023 2024 2
Slide 25: eLogo: e-Service and fintech platform
eLogo: e-Service and fintech platform Leading player in e-government solutions; e-Invoice, e-Archive, e-Ledger, e-Dispatch with 211K customers # of customers Non-Logo customer MRR up from $1.8 (‘000) MRR acquisition reached mn to $2.4 mn y/y USD mn 32,6K in 2024, a 5- CAGR: 46% year- CAGR of 77% 24%
Slide 26: Logo İşbaşı: SaaS solution for MicroSME digitalization
Logo İşbaşı: SaaS solution for MicroSME digitalization Offering basic accounting software and e-invoicing services MRR MRR up from $107K USD ‘000 to $193K y/y 200 180 160 140 120 100 80 60 40 20 0 • MRR at $193K, up from $107K in Dec. 23 Dec-23 Dec-24 Jul-24 Jan-23 Apr-23 Jul-23 Feb-23 Mar-23 Aug-23
Slide 27: Logo Diva Retail
Logo Diva Retail SaaS solutions for reliable and sustainable retail operations: a new generation CX in retail MRR USD mn 0.40 0.35 0.30 0.25 0.20 0.15 0.10 0.05 0.00 • Total customers is at 141, with 10,7K user Feb-23 Jan-23 Apr-23 Jul-23 Mar-23 Aug-23 Sep-23 Nov-23 Jan-24 Apr-24 Jul-24 Feb-24 Mar-2
Slide 28: Peoplise
Peoplise SaaS solution for recruitment, assessment, on-boarding and talent engagement needs of enterprises MRR USD ‘000 120 100 80 60 40 20 0 Jul-23 Jul-24 Jan-23 Apr-23 Jan-24 Apr-24 Feb-23 Mar-23 Sep-23 Nov-23 Feb-24 Mar-24 Sep-24 Nov-24 Aug-23 Aug-24 Jun-23 Jun-24 May-23 Dec-23 May-24 Dec-24 Oct-
Slide 29: Logo CaptainBiz: SaaS solution for MicroSMEs in India
Logo CaptainBiz: SaaS solution for MicroSMEs in India Pre-accounting and e-invoicing services with in-built GSTN compliance MRR ARR USD ‘000 USD ‘000 50 62% y/y 545 40 30 336 20 10 0 Jun-24 Sep-23 Feb-24 Aug-24 Sep-24 Mar-24 Oct-23 Dec-23 Jul-24 Oct-24 Dec-24 Jan-24 Nov-23 Apr-24 May-24 Nov-24 Dec.-
Slide 30: Recurring Revenue Growth Ensuring Predictability
Recurring Revenue Growth Ensuring Predictability Sustainable revenue growth supported by SaaS transition Recurring Invoices Recurring Invoices/Invoices TL mn % y/y +15% +10% +21% +97% Strong growth growth with transition 100% SaaS to subscription model in the 80% 26% growth y/y small ERP 1,489 segme
Slide 31: Operating Expenses
Operating Expenses Türkiye TL mn R&D expenses – as % of IFRS Revenues S&M expenses – as % of IFRS Revenues 37% 35% 30% 26% 4,084 3,136 4,084 3,136 1,152 1,421 23% 11% 948 1,052 y/y y/y increase increase 2023 2024 2023 2024 Total Revenue R&D Expense Total Revenue S&M Expense G&A expenses – as % of IF
Slide 32: Effective financial management and strong balance sheet
Effective financial management and strong balance sheet Consolidated EPS* Net cash Strong FCF High liquidity TL mn generation TL mn TL reaching 428 TL -59% y/y 76% y/y -8% y/y mn, with 235% growth 1.711 3.75 growth y/y growth 607 Financial 560 Investments 2.13 1,006 708 (ST<) Cash and 265 Cash Eq.
Slide 33: 2025 Guidance
2025 Guidance Logo Türkiye expectations: • 7% invoiced revenue growth w/ IAS29 adj. • 11% IFRS revenue growth w/ IAS29 adj. • EBITDA margin of ~ 35% w/ IAS29 adj. Total Soft expectations*: • 2% Euro revenue growth • 23% EBITDA margin Economic indicator expectations: • 2025 year-end inflation is 35%
Slide 34: Appendix
Appendix
Slide 35: 2024 performance LFL: if Romania operations were consolidated as in previous periods
2024 performance LFL: if Romania operations were consolidated as in previous periods Consolidated (TL mn) – IAS29 adjusted Consolidated (TL mn) – w/o IAS29 y/y +8% +27% +73% y/y +66% +77% +113% +28% +94% growth growth 5,678 5,441 5,256 5,293 4,576 4,296 3,189 2,583 1,814 1,048 1,230 579 459 588 188
Slide 36: Q424 performance LFL: if Romania operations were consolidated as in previous periods
Q424 performance LFL: if Romania operations were consolidated as in previous periods Consolidated (TL mn) – IAS29 adjusted Consolidated (TL mn) – w/o IAS29 y/y +8% +537% y/y +50% 66% +55% +64% +235% +875% growth growth 1,987 2,035 1,832 1,564 1,513 1,311 1,041 921 398 313 94 7 66 -91 9 14 Invoiced r
Slide 37: Total Soft
Total Soft Total Soft TL mn y/y +17% +12% +98% +300% growth 1,357 • Revenues reached €38 mn in 2024, up by 23% 1,160 • EBITDA margin is at 21% in 2024, increased from 13% in 2023 487 548 • In 2024, Total Soft was consolidated in net income only. It will be 292 recognized according to equity method i
Slide 38: Thank you
Thank you Logo Investor Relations Team T: +90 262 679 8000 E: investor@logo.com.tr
Logo Yazılım Sanayi ve Ticaret A.Ş. — Wood's EME NYC Investor Conference 2025 on 6ix