Slide 1: Results Presentation | Q2 2025
Results Presentation | Q2 2025 August 21st, 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: Q2 summary
Q2 summary Highlights Key operating & financial metrics Change • Strong revenue growth of +10% Q2 24 Q2 25 Change @ constant currency Revenue (€m) 849 928 +9.3% +9.6% • Excellent cost management drives Adjusted EBIT +14%, margins up >90bps YoY to 25.4% Adjusted (€m) 381 426 +11.8% +11.9% EBITDA (1)
Slide 6: Consistent portfolio growth
Consistent portfolio growth Quarter on quarter customer growth through the year, +436k vs. prior year Customer Portfolio (‘000) +8.1% 5,831 5,722 5,612 5,502 5,395 Q2 Q3 Q4 Q1 Q2 2024 2024 2024 2025 2025 q/q growth (000) +113 +106 +110 +111 +109 6
Slide 7: Improving trend in attrition continues
Improving trend in attrition continues Attrition Rate (%) 12.0 11.0 8.0 10.0 7.7 7.6 9.0 7.5 7.5 8.0 7.4 7.0 7.0 6.0 6.5 5.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 4.0 2023 2024 2025 3.0 2.0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM Attrition (%) Quarterly Attrition (%) 7
Slide 8: Strong customer unit economics
Strong customer unit economics Customer Acquisition segment Portfolio segment CPA (€) ARPU (€) EPC (€) +6.7% +2.1% @ constant currency @ constant currency +5.9% +1.9% +4.0% 1,474 45.8 46.6 @ constant currency 1,392 +3.6% 33.2 34.4 Q2 Q2 Q2 Q2 Q2 Q2 2024 2025 2024 2025 2024 2025 8
Slide 9: Q2 financial summary
Q2 financial summary Strong financial metrics Sustained high profitability (€m) Change Portfolio EBITDA Margin (%) @ constant Q2 24 Q2 25 Change currency Revenue 849 928 +9.3% +9.6% 73.8% ARR (1) 2,963 3,262 +10.1% +10.4% 72.5% Adjusted EBITDA (2) 381 426 +11.8% +11.9% Portfolio EBITDA 531 595 +12.2
Slide 10: Cash flow generation
Cash flow generation Jan-Jun 2025 Cash Flow Generation, €m 1,179 Attrition replacement (= Cancellations x CPA) (316) Net Portfolio Growth (= (Installations - Cancellations) x CPA) (323) (639) (96) (86) (182) (141) (45) (218) (52) (98) Portfolio Customer Portfolio and Δ in WC Paid Paid Interests SDIs
Slide 11: Deleveraging trend continues
Deleveraging trend continues Continued deleveraging trajectory 2024-25 net leverage 2024 2025 Total Net Leverage Q1 Q2 Q3 Q4 Q1 Q2 Senior Secured Net Leverage 5.8x 5.6x Net Debt (€m) 7,425 7,464 7,497 7,588 7,680 7,732 5.4x 5.3x 5.1x 4.9x 4.8x 4.8x 4.7x Adjusted EBITDA 1,451 1,536 1,575 1,577 1,621
Slide 12: Resilient high-quality growth model
Resilient high-quality growth model Strong Customer Intake Consistent Portfolio Growth Quality Portfolio EBITDA Growth New Installations (000) Customer Portfolio (m) Portfolio EBITDA (€m) 5.6 5.8 840 869 5.2 770 802 797 4.8 611 647 4.3 516 3.8 440 3.3 2.9 359 2.3 2.6 2,358 2,142 1,885 1,694 2016 201
Slide 13: Q&A
Q&A 13
Slide 14: Concluding thoughts: Momentum remains with the business
Concluding thoughts: Momentum remains with the business • Continued strong revenue growth & excellent cost management • July delivered a record month for installations, +4% to +5% y/y • Leverage reached mid-term target of 4.5x • Confident outlook for H2 trading 14
Slide 15: Thank you
Thank you