Slide 1: Quarterly Presentation Q1 2025
Quarterly Presentation Q1 2025 May 7th, 2025
Slide 2: Important notice and disclaimer
Important notice and disclaimer These materials have been produced by Pexip Holding ASA (the "Company“, and with subsidiaries the “Group”). The materials have been prepared for the exclusive use of persons attending an oral briefing and meeting to which these materials relate given by a representati
Slide 3: Software only specialist video conferencing player
Software only specialist video conferencing player Serving large enterprises and public sector organizations Strong financial performance 115.5m ARR USD EoQ1 10% ARR growth Y-o-y Unique partnerships with the technology leaders in our industry 91% Gross margin LTM margin +8p.p EBITDA expansion1 LTM m
Slide 4: Q1 2025 highlights
Q1 2025 highlights • Continued improved ARR, revenue and +2.4m MUSD 115.5 EoQ1 ARR Q-o-Q EBITDA growth • Announcing share buy back program in light of strong cash position and commitments • Strong growth in Secure & Custom 112.5 MNOK 255 LTM Adj. EBITDA1 Q1 2025 • Increased public awareness around n
Slide 5: Continued growth and further improved profitability
Continued growth and further improved profitability Total ARR Adjusted EBITDA1 Free Cash flow2 USDm NOKm, Last twelve months NOKm, Last twelve months +3.5 +2.4 +2.3 +2.5 113.1 115.5 315 107.1 109.5 104.8 255 (22%) 207 178 (18%) 209 170 191 196 (16%) (17%) 143 164 (14%) Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1
Slide 6: Pexip's two business areas
Pexip’s two business areas Pexip Secure & Custom Spaces Pexip Connected Spaces Video meetings that are self-hosted on-premises Video meeting room interoperability or in a private cloud When complete privacy and control When several video technologies need over data is required to work seamlessly tog
Slide 7: Pexip Secure Meetings
SECURE AND CUSTOM SPACES Pexip Secure Meetings caters to customers with specific security & privacy requirements Self-hosted Secure Meeting Global SaaS Services User authentication Integrated Chat Secure Meetings are easily scheduled in Outlook Data Control 7
Slide 8: Pexip offers unique deployment flexibility
SECURE AND CUSTOM SPACES Pexip offers unique deployment flexibility Software-as-a-Service Controlled IT environments Global SaaS Sovereign cloud Private cloud On-premises Air-gapped Services Government cloud 8
Slide 9: Strong momentum for Secure & Custom reinforced by current market trends
Strong momentum for Secure & Custom reinforced by current market trends ❝ Secure & Custom ARR USDm 47.9 Airbus leads call for Europe to create +27% soveregin infrastructure fund, buy European - Reuters, March 2025 37.7 Skygard announced that it has recieved NOK 2.4 billion in funding - NTB, March 20
Slide 10: Our vision is becoming reality
CONNECTED SPACES Our vision is to connect any meeting room to any meeting is becoming reality Rooms Meeting Rooms NEW! Meeting Rooms Meeting Rooms Meeting SIP end- points rooms meetings 10
Slide 11: Google Meet hardware interoperability
CONNECTED SPACES Announced Google Meet hardware interoperability • Pexip will enhance the interop experience for Google Meet hardware users • The offering will enable Google Meet hardware to join Teams meetings with excellent quality • Will be available through the Google Marketplace and through res
Slide 12: Sales update
Sales update 12 12
Slide 13: Secure and Custom Spaces
Secure and Custom Spaces +3.0m ARR change Q-o-Q USD Secure Meetings continue to be the main growth driver Significant increase in public awareness on 47.9m ARR USD End of Q1 2025 need for sovereign IT in Europe Continued good momentum in defense, 27% Y-o-Y growth Q1 2025 added USD 1.0 million in ARR
Slide 14: Defense use-case: Bundeswehr
SECURE AND CUSTOM SPACES Defense use-case: Bundeswehr PRODUCT PEXIP SECURE MEETINGS Use case: Secure Collaboration Why Pexip: 1. Sovereign ▪ European vendor 2. Resilient ▪ Reliability via Pexip’s hardened software 3. Interoperable ▪ Support of various collaboration and communication solutions (e.g.,
Slide 15: Connected Spaces
Connected Spaces Lost 0.6 in ARR across two Service Providers -0.5m ARR change Q-o-Q USD who provided Interop as a Service based on Pexip Software Continued strong momentum with new 67.6m ARR USD End of Q1 2025 Connect for Zoom Rooms product with another major win with Walmart Continue to build pipe
Slide 16: Customer use-case: Walmart
CONNECTED SPACES Customer use-case: Walmart 8000+ stores. 2M employees PRODUCTS CONNECT for MICROSOFT TEAMS CONNECT for ZOOM ROOMS Use case ▪ Connect 4000+ Zoom rooms and 1000+ Cisco rooms to Teams meetings ▪ A typical Pexip use case Key winning USPs for Pexip ▪ Seamless UX for both Microsoft and Zo
Slide 17: Financial update
Financial update 17
Slide 18: Subscription-based revenue model with ARR base at USD 115.5m
Subscription-based revenue model with ARR base at USD 115.5m in Q1 2025 ARR ARR split USDm USDm Secure & Custom Defense and Aerospace Connected Spaces IT 7% Government +10% 8% 24% 113.1 115.5 107.1 109.5 104.7 Enterprise 19% 41.0 44.9 47.9 +27% 37.7 39.7 22% Regulated industries 20% Healthcare APAC
Slide 19: Strong growth in Secure & Custom
Strong growth in Secure & Custom USD million, quarter-over-quarter Connected spaces Secure and Custom 2.4% 0.3% -3.6% -0.8% 2.5% 4.9% -0.7% 6.7% 68.1 67.6 1.7 0.2 2.4 Quarterly net retention 47.9 44.9 2.2 0.3 of 97% 1.1 Quarterly net retention of 104% Q4 2024 New Net Upsell Churn Q1 2025 Q4 2024 New
Slide 20: 19% revenue growth and 75% EBITDA growth in Q1
19% revenue growth and 75% EBITDA growth in Q1 Revenue EBITDA1 NOK million NOK million (margin) SaaS Software Quarterly revenue increase of 19% y-o-y +75% 19% – 18% growth on Software as a Service, 112 348 20% growth on Software (32%) 292 64 Quarterly 148 – Estimated growth in constant currency 125
Slide 21: 86% of revenue growth converted to EBITDA
86% of revenue growth converted to EBITDA Revenue and gross margin EBITDA excl. other gains and losses NOK million NOK million +56 (+19%) +48 348 (10 p.p.) 29 112 292 (32%) COGS 27 64 319 (22%) Gross 265 (92%) margin (91%) Q1 2024 Q1 2025 Q1 2024 Q1 2025 Continue to maintain high EBITDA conversion 2
Slide 22: Stable year-on-year expenses
Stable year-on-year expenses Quarterly OPEX development NOK million Salary and personnel expenses 218.1 NOK 7 million increase y-o-y 200.7 202.5 206.7 185.6 40.5 – Net NOK 6 million higher share option 39.1 38.7 38.0 12.2 related costs from partial cash settlement 8.4 34.6 15.0 9.4 of share options
Slide 23: Free cash flow in Q1 2025
NOK 221 million in free cash flow in Q1 2025, NOK 120 million above Q1 2024 Cash flow bridge Q1 2025 NOK million 849 7 3 0 19 830 • Very strong operating cash flow from operating results as well as seasonal 230 221 working capital improvement 628 – NOK 118 million in working capital improvement • NO
Slide 24: Q1 2025 Financial results
Q1 2025 Financial results Profit and loss NOK million Q1 2025 Q1 2024 Y-o-Y • 19% increase in year-on-year revenue due to ARR Revenue increase and currency gains 348 292 56 Cost of goods sold 29 27 2 • COGS increase driven by resale of a large multiyear Gross Profit secure chat solution 319 265 54 S
Slide 25: Outlook
Outlook targets Jpexip[
Slide 26: Initiating a share buyback program
Initiating an up to NOK 100 million share buyback program Rationale Program details • Pexip has outstanding commitments • Pexip to acquire up to a volume of 2 million shares or shares for a to deliver shares as part of value of NOK 100 million (whichever happens first) employee share incentive progr
Slide 27: Outlook
Outlook • Continued positive market outlook across the Near-term targets business areas driven by market trends • Need for private video meeting platforms Consistently deliver: • Custom video work-flows are growing • Above 10% ARR growth • Interoperability is highly relevant • Above 20% EBITDA1 marg
Slide 28: Upcoming dates
Upcoming dates Q2 2025 Quarterly Presentation August 14th, 2025 28
Slide 29: Q&A - Investor.pexip.com
Q&A Investor.pexip.com
Slide 30: BACKUP
BACKUP Ipexip[
Slide 31: Summary of key figures
Summary of key figures KPI Unit Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Y-o-y Q-o-Q Comments Q1 2025 ARR Connected Spaces MUSD 67.0 67.4 68.6 68.1 67.6 0.6 -0.5 ARR Secure & Custom MUSD 37.7 39.7 41.0 44.9 47.9 10.3 3.0 • Delta ARR of 2.4 MUSD, driven by good growth in Secure & Total MUSD 104.8 107.