Slide 1: Q2 2025 Investor presentation
| Q2 2025 Investor presentation 02 Sep 2025 : 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 of
Slide 3: Profitable growth in line with the 2025 guidance
: Profitable growth in line with the 2025 guidance
Slide 4: Q2 2025 financial results
: Q2 2025 financial results Gross profit Organic growth y/y PLN 62m +14% Adj. EBITDA PLN 33m +21% Net income PLN 23m +24% : Scale beyond 4
Slide 5: 100,000 clients milestone achieved!
: 100,000 clients milestone achieved! Total number of customers +15% 100,400 87,300 Q2 2024 Q2 2025 : Scale beyond 5
Slide 6: Consistently increasing dividend payouts
: Consistently increasing dividend payouts Dividend payouts (PLNm) +10 PLNm +10 PLNm 45 35 25 2022 2023 2024 6
Slide 7: Share buy-back offered at a 25% premium
: Share buy-back offered at a 25% premium Vercom share price performance 155 PLN 150 – Share buy-back price 145 135 +25% 125 PLN 120 – VWAP price as of June 30, 2025 115 105 95 85 75 65 55 45 35 25 May 21 Dec 21 Jul 22 Feb 23 Sep 23 Apr 24 Nov 24 Jun 25 7
Slide 8: Record-high distributions to shareholders
: Record-high distributions to shareholders Dividend payout and share buy-back value PLN 45m Dividend from 2024 net profit PLN 75m PLN 30m Share buy-back 8
Slide 9: We are a fast-growing SaaS company
: We are a fast-growing SaaS company
Slide 10: Dynamic growth driven by organic expansion and value-accretive acquisitions
: Dynamic growth driven by organic expansion and value-accretive acquisitions Revenue (PLNm) x40 2022: Global scale-up 496 2021: Debut on the WSE 337 2020: CPaaS leader in the CEE 260 179 117 59 78 20 34 12 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10
Slide 11: Vercom customer engagement flywheel
: Vercom customer engagement flywheel Design & templates W CUSTOM Segmentation TRACT NE ERS Save time using our content AT 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 analytica
Slide 12: Facilitating everyday communication between businesses and their customers
: Facilitating Our solutionseveryday are an communication inherent part ofbetween everydaybusinesses life and their customers 12 12
Slide 13: 20 years of experience rewarded with trust of landmark partners
: 20 years of experience rewarded with trust of landmark partners 100,400+ Clients 13
Slide 14: Selling services to customers in 180 markets globally
: Selling services to customers in 180 markets globally Team Top markets Other markets locations 14
Slide 15: 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 15
Slide 16: RCS is gaining traction among the leading consumer brands
: RCS is gaining traction among the leading consumer brands
Slide 17: Growing number of RCS registrations among leading consumer brands
: Growing number of RCS registrations among leading consumer brands 100+ Customers registered for RCS 17
Slide 18: RCS features can significantly boost customer engagement
: RCS features can significantly boost customer engagement Video/Graphics Map reference Rich Card Carousel Google Wallet 18
Slide 19: MessageFlow RCS Flow Studio will greatly simplify adoption of RCS
: MessageFlow RCS Flow Studio will greatly simplify adoption of RCS MessageFlow RCS Flow Studio is at an advanced stage of development with planned completion Dynamic in Q4 2025 components such as product carousels eliminate the need to The tool will make it manual reconfiguration easier to implemen
Slide 20: Partnership agreements are already converting into new paying customers
: Partnership agreements are already converting into new paying customers
Slide 21: Strategic partnership with Microsoft
: Strategic partnership with Microsoft +350,000 clients globally 21
Slide 22: MessageFlow has landed several enterprise clients through Microsoft Azure
: MessageFlow has landed several enterprise clients through Microsoft Azure Customers connected to MessageFlow via Azure Marketplace Revenue est: +USD 1.5B Netherlands Revenue est: +USD 21B Wyoming, USA 100+ customer leads per month Revenue est: +USD 2B Idaho Falls, USA 22
Slide 23: Land & expand strategy is well-suited for Microsoft Azure customers
: Land & expand strategy is well-suited for Microsoft Azure customers Land & expand strategy Higher consumption of Azure Marketplace services = more benefits Our revenue stream builds Email +SMS up over time as we expand Contract via Microsoft the scope of co-operation, % of messaging traffic sent t
Slide 24: New MailerLite features attract broader audience
: New MarilerLite features attract broader audience
Slide 25: Product development in MailerLite aims to expand the addressable market
: Product development in Mailerlite aims to expand the addressable market Polish & Spanish localization Sell digital products Localized versions of New SDP platform MailerLite were allows MailerLite launched to increase customers to sell market penetration in digital content, selected geographies wh
Slide 26: Creators can now sell digital products directly in MailerLite
: Creators can now sell digital products directly in MailerLite Sell digital products Note MailerLite customers such as content creators, freelancers, agencies, authors and coaches can now create and sell digital products directly in MailerLite Excellent integration with the entire MailerLite ecosys
Slide 27: We reached all-time high number of signups!
We reached all-time high number of signups! Increase in the number of MailerLite signups A well-thought-out product strategy combined with the effective branding campaigns contribute to the all-time high number of signups +80% Increase in the number of MailerLite signups, YoY 27
Slide 28: Healthy growth structure driven by customer adds and cross-selling
: Healthy growth structure driven by customer adds and cross-selling
Slide 29: Strong gross profit growth reflects the growing scale of operations
: Strong gross profit growth reflects the growing scale of operations Gross profit (PLNm) +51% CAGR Q2 2021 – Q2 2025 62 54 44 21 12 Q2 2021 Q2 2022 Q2 2023 Q2 2024 Q2 2025 29
Slide 30: 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) +17% +PLN 1.4m +7.6 p.p. +116% +13.100 +16.100 Gross margin in Growing contribution of high- foreign currencies margin services combined with recalculated at Q2 lower contribution of low- 2024 rate margin
Slide 31: Stable SG&A level supports the effect of operating leverage
: Stable SG&A level supports the effect of operating leverage General and administrative expenses (PLNm) Note Continued reduction of G&A cost base supported by streamlining of corporate structure, cost synergies between Freshmail and MailerLite and increasing effectiveness of AI 19.1 18.9 18.6 17.9
Slide 32: Dynamic EBITDA growth in line with target growth trajectory
: Dynamic EBITDA growth in line with target growth trajectory Adjusted EBITDA (PLNm) Note Q2 2025 EBITDA broadly in line +39% CAGR Q2 2021 – Q2 2025 with target growth trajectory for 2025 Organic growth rate amounting to 21% YoY, driven by customer adds, increase of sales to existing clients and sig
Slide 33: Strong cash generation capacity proven by increasing free cash flow
: Strong cash generation capacity proven by increasing free cash flow
Slide 34: 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 121 109 97 97 74 70 40 31 34 20 Q2 2021 LTM Q2 2022 LTM Q2 2023 LTM Q2 2024 LTM Q2 2025 LTM 34
Slide 35: Strong cash generation capacity underpinned by c. 18% FCF margin
: Strong cash generation capacity underpinned by c. 18% FCF margin LTM EBITDA to LTM FCF bridge (PLNm) -12 -14 -5 -1 73% EBITDA to FCF 121 conversion rate 89 18% 3) FCF margin 2) 1) 1) Adj EBITDA LTM Tax Capex Leasing NWC change FCF LTM 35
Slide 36: Net income growth supported by decreasing leverage and interest rates
: Net income growth supported by decreasing leverage and interest rates
Slide 37: Net income growth supported by decreasing leverage
: Net income growth supported by decreasing leverage FX-adjusted net profit (PLNm) Note 30 30 FX-adjusted net profit growth of +29% 29% yoy to c. PLN 24m 25 25 Net profit margin increased by - 1.2 4.2 p.p. to over 20% in Q2 20 20 2025 Net income supported by: -0.3 ▪ Operating leverage supported by 1
Slide 38: We are on track to achieve ambitious 2025 EBITDA target
: We are on track to achieve ambitious 2025 EBITDA target
Slide 39: We are on track to achieve 2025 growth target
: We are on track to achieve 2025 growth target Adjusted EBITDA(1) (PLNm) 2024 2025 2025E In 2023-2024, 2H accounted for c. 55% of the annual EBITDA +7m +6m +6m +5m 38 35 33 31 29 27 29 23 Q1 Q2 Q3 Q4 (1) Q3-Q4 2025 target based on current trends and historical seasonality 39
Slide 40: Organic EBITDA targets in the proposed new ESOP for 2025-2028
: Organic EBITDA targets in the proposed new ESOP for 2025-2028 EBITDA targets in the 2021-2024 ESOP EBITDA targets proposed for the new 2025-2028 ESOP Organic EBITDA (2021-2024 ESOP) 230 Total EBITDA delivered 195 Organic EBITDA (2025-2028 ESOP) 165 135 110 85 75 60 55 45 37 37 2021 2022 2023 2024
Slide 41: Key takeaways from Q2 2025 results
: Key takeaways from Q2 2025 results EBITDA growth of 21% YoY, in line with target growth trajectory despite unfavourable FX impact Client base reached 100,000 customers (15% YoY growth), marking a significant milestone and underpinning a healthy growth structure Several enterprise clients landed vi
Slide 42: Thank you for your attention
: Thank you for your attention