Slide 1: Q1 2026 Investor presentation
| Q1 2026 Investor presentation 19 May 2026 : Scale beyond
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
Slide 3: Accelerating top-line growth fuelled by new client adds
: Accelerating top - line growth fuelled by new client adds
Slide 4: Q1 2026 financial results
: Q1 2026 financial results Gross profit Organic growth y/y PLN 70m +19% Adj. EBITDA PLN 35m +21% Adj . net income (1) PLN 26m +23% : Scale beyond (1) Net income adjusted for PLN 1.3m of non - cash ESOP costs & PLN 0.6m of FX impact 44
Slide 5: We added 33,200 new customers
: We added 3 3 ,2 00 new customers Total number of customers +34% 131,200 98,000 Q1 2025 Q1 2026 : Scale beyond 55
Slide 6: 34% growth in dividend per share
: 34% growth in dividend per share Adj. net income, dividend payout ( PLNm ) Dividend payout Adj. Net income Dividend date: 12 June 2026 DPS: 2,73 PLN (+34% YoY ) 99 76 58 60 45 35 (1) (2) (3) 2023 2024 2025 (1) Net income in 2023 adjusted for PLN 13m profit on sale of shares in User.com (2) Net inc
Slide 7: We are a fast-growing SaaS company
: We are a fast - growing SaaS company
Slide 8: Dynamic growth driven by organic expansion and value-accretive acquisitions
: Dynamic growth driven by organic expansion and value - accretive acquisitions EBITDA (PLNm) x14 135 110 85 55 37 26 19 10 2018 2019 2020 2021 2022 2023 2024 2025 8
Slide 9: Vercom customer engagement flywheel
: Vercom customer engagement flywheel Design & templates W TRACT NE CUSTOMER S egmentation Save time using our content AT S creation tools and templates Boost customer engagement and loyalty by focusing on the right people Smart analytics Turn insights into actions with A/B testing advanced analytic
Slide 10: Facilitating communication between businesses and their customers
: Facilitating Our solutionseveryday are an communication inherent part ofbetween everydaybusinesses life and their customers 10 10
Slide 11: 20 years of experience rewarded with trust of landmark partners
: 20 years of experience rewarded with trust of landmark partners 131,200+ Clients 11
Slide 12: Selling services to 131,200+ customers in 180 markets globally
: Selling services to 131,200+ 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 12
Slide 13: Strong focus on scalability to further grow international presence
: Strong focus on scalability to further grow international presence + 1m : SME Long - term target : Paying customers Targeting broader spectrum of customers : ENTERPRISE Globalization of the customer base : CEE : GLOBAL 13
Slide 14: MessageFlow is becoming the execution layer for agentic communication
: MessageFlow is becoming the execution layer for agentic communication
Slide 15: AI agents need trusted infrastructure to communicate at scale
: AI agents need trusted infrastructure to communicate at scale +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 & re
Slide 16: AI lowers the barrier to advanced communication workflows
: AI lowers the barrier to advanced communication workflows 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 17: Agentic workflows expand the market, traffic and channel mix
: Agentic workflows expand the market, traffic and channel mix 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 traffic 1
Slide 18: We are expanding the infrastructure for agentic communication
: We are expanding the infrastructure for agentic communication
Slide 19: WhatsApp brings agentic communication to the most demanded consumer channel
: WhatsApp brings agentic communication to the most demanded consumer channel Direct agreement with Meta signed in Q1 2026 opens access to WhatsApp, one of the most demanded conversational channels . WhatsApp expands our messaging toolkit after RCS and Viber, giving clients another high - engagement
Slide 20: Direct Viber access strengthens our conversational messaging moat
: Direct Viber access strengthens our conversational messaging moat Direct agreement with Rakuten signed in Q1 2026 deepens our access to Viber, strengthening our potential to act as an orchestration layer for conversational channels. G rowing adoption adds another high - engagement channel for AI -
Slide 21: RCS API makes rich communication programmable
: RCS API makes rich communication programmable Launched in Q1 2026, RCS API adds a fully programmable rich messaging channel to MessageFlow , extending orchestration beyond e - mail, SMS, push and OTT External systems can trigger personalized RCS messages directly through API , keeping campaign log
Slide 22: AI agents are becoming a new client acquisition channel for MailerLite
: AI agents are becoming a new client acquisition channel for MailerLite
Slide 23: AI discovery is driving record-high signups
AI discovery is driving record - high signups Increase in the number of MailerLite signups, YoY Despite high base in Q1 2025, new registrations grew 34% YoY, supported by growing contribution of accounts created via AI agents +34% Increase in the num ber of MailerLite signups, YoY 23
Slide 24: MCP turns MailerLite into a native execution layer for AI
: MCP turns MailerLite into a native execution layer for AI Automation of tasks with MailerLite MCP Daily r equests to MailerLite MCP (‘000) Can you help me prepare my first newsletter? I’m new to MailerLite . x3 Sure! I see from your profile that you run an e- commerce store. If you tell me what ty
Slide 25: Increasing adoption of email API
: Increasing adoption of email API Customers using transactional emails x2 Significant acceleration in acquisition of clients for our email API services point to increasing usage of our services in AI - native workflows 7,300 3,000 2,200 Q1 2024 Q1 2025 Q1 2026 25
Slide 26: Accelerating gross profit dynamics creates more headroom for growth initiatives
: Accelerating gross profit dynamics creates more headroom for growth initiatives
Slide 27: 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 ) +22% 70 +3.9 p.p . +118% +PLN 1.8m 60 +33,200 Gross margin 50 +16.100 recalculated at 2 02 5 F X rates Growing contribution of high - margin services combined 40 with lower contribution of low - margin
Slide 28: We are reinvesting gross profit surplus into client acquisition
: We are reinvesting gross profit surplus into client acquisition General and administrative expenses (PLNm) Note PLN 0.7m QoQ increase in G&A expenses driven by growth initiatives & new hires 17.9 17.5 18.9 19.6 17.1 Reported G&A expenses in Q1 2026 affected by PLN 1.3m of non - cash ESOP costs Q1
Slide 29: Dynamic EBITDA growth on track to achieve PLN 165m goal in 2026
: Dynamic EBITDA growth on track to achieve PLN 165m goal in 2026 Adjusted EBITDA (PLNm) Note Q1 2026 EBITDA in line with target +40% CAGR Q1 2022 – Q1 2026 growth trajectory for 2026 Organic growth rate amounting to + 21% YoY, driven by strong customer adds and upselling of high - margin services c
Slide 30: Strong cash generation capacity proven by increasing free cash flow
: Strong cash generation capacity proven by increasing free cash flow
Slide 31: High conversion rate of EBITDA into operating cash flow
: High conversion rate of EBITDA into operating cash flow Adjusted EBITDA and net cashflow from operating activities (PLNm) Adjusted EBITDA Net cashflow from operating activities 141 130 116 108 91 91 64 61 38 30 Q1 2022 LTM Q1 2023 LTM Q1 2024 LTM Q1 2025 LTM Q1 2026 LTM 31
Slide 32: Strong cash generation capacity underpinned by c. 23% FCF margin
: Strong cash generation capacity underpinned by c. 23% FCF margin LTM EBITDA to LTM FCF bridge (PLNm) - 19 8 - 17 -5 77% EBITDA to FCF 141 conversion rate 109 23% 3) FCF margin 2) 1) 1) Adj EBITDA LTM Tax Capex Leasing NWC change FCF LTM 32
Slide 33: Net income growth supported by decreasing leverage
: Net income growth supported by decreasing leverage
Slide 34: Strong net income growth driven by operating leverage and lower financing costs
: Strong net income growth driven by operating leverage and lower financing costs Net profit ( PLNm ) Note +41% CAGR Q1 2022 – Q1 2026 Robust adj. net profit growth of 23% Q1 2026 vs. Q1 2025 Reported net profit affected by c. PLN 1.3m of non - cash ESOP costs and PLN 0.6 of negative FX impact Net p
Slide 35: Robust balance sheet with PLN 49m net cash position
: Robust balance sheet with PLN 49m net cash position Net cash (PLNm ) Note +PLN 24m Positive net cash position amounting to PLN 49m vs. PLN 25m in Q4 2025 Net debt / EBITDA of - 0.4x, down from 3.0x following the acquisition of MailerLite in Q2 2022 Net debt includes a EUR 6.0m short - term loan to
Slide 36: 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 Dividend date: 12 June 2026 60 150 30 108% of capital raised from 100 195 IPO distributed back to shareholders over 45 the last 5 years 50 35 25 0 2023 2024
Slide 37: PLN 600m+ headroom for potential acquisitions
: PLN + 600m headroom for potential acquisitions Financing capacity (PLNm ) Potential M&A acquisition target profiles Vercom EBITDA (1) SME - focused acquisition profile Acquisition target EBITDA Companies with a strong customer base that expand our market reach Financing capacity in the SME segment
Slide 38: We aim to maintain ambitious 20%+ growth dynamics in 26-2028
: We aim to maintain ambitious of 20%+ growth dynamics in 2026 - 2028
Slide 39: 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 39 * Net Expansion Rate (NER)
Slide 40: Key takeaways from Q1 2026 results
: Key takeaways from Q1 2026 results We entered 2026 with accelerating growth momentum : gross profit up c. 19% YoY to PLN 70m and adj . EBITDA up 21% YoY to PLN 35m C ustomer acquisition remains the key growth driver , with 8,100 net customer adds in Q1 and customer base up 34% YoY to 131,200 clien
Slide 41: Thank you for your attention
: Thank you for your attention