Slide 1: Q3 2025 Investor presentation
| Q3 2025 Investor presentation 5 November 2025
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: Q3 2025 financial results
: Q3 2025 financial results Adj. Gross profit Organic growth y/y PLN 65m +18% Adj. EBITDA PLN 35m +23% Adj. Net income* PLN 25m +29% : Scale beyond * Net income adjusted for PLN 3.7m of non-cash ESOP costs & FX impact 4
Slide 5: Nearly 20,000 new paying customers YoY!
: Nearly 20,000 new paying customers YoY! Total number of customers +22% 11,100 clients added in Q3 alone, 3x the average from the preceding four quarters! 111,500 91,600 Q3 2024 Q3 2025 : Scale beyond 5
Slide 6: Unlocked power of AI in MailerLite
: Unlocked power of AI in MailerLite 30x faster Customer onboarding 3x more Customer tickets resolved by AI AI models Can now access MailerLite : Scale beyond 6
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) x13 135 Global scale-up 110 Debut on the WSE 85 CPaaS leader in the CEE 55 37 26 19 10 2018 2019 2020 2021 2022 2023 2024 2025 Target 8
Slide 9: 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 10: Facilitating everyday 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 111,500+ Clients 11
Slide 12: Selling services to customers in 180 markets globally
: Selling services to customers in 180 markets globally Team Top markets Other markets locations 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: We have unlocked the power of AI for MailerLite customers
: We have unlocked the power of AI for MailerLite customers
Slide 15: 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 16: AI tools can now "talk" to MailerLite
: AI tools can now „talk” to MailerLite In Q3 we have launched MCP (Model Context Protocol) Can you identify my top 3 performing newsletters from allowing AI tools to securely connect to MailerLite the last quarter? MCP gives AI secure, live access to MailerLite data and can be used to create/schedu
Slide 17: Customers can leverage AI tools to get insights and automate tasks in MailerLite
: Customers can leverage AI tools to get insights and automate tasks in MailerLite Case study: using Claude AI model to generate LinkedIn posts based on the most recent newsletter & Turn my last newsletter into a LinkedIn post. Generate Can you identify my top 3 newsletters from the last quarter? Ge
Slide 18: AI drives our operating efficiency and customer experience
: AI drives our operating efficiency and customer experience
Slide 19: Faster onboarding boosts conversion rates
: Faster onboarding boosts conversion rates Average customer approval time Waiting time eliminated with AI After implementing automated approvals customers can now start creating and launching campaigns in less than 1 hour! 28 hrs < 1 hr Q3 2024 Q3 2025 19
Slide 20: Customer support is leveraging AI to provide even better customer experience
: Customer support is leveraging AI to provide even better customer experience AI resolved customer support chat tickets (%) Note We are now resolving c. 70% of 70% customer support tickets using AI, resulting in faster, more accurate +30 p.p. replies YoY increase in the Total number of AI tickets r
Slide 21: Strong start to a high-sale season
: Strong start to a high-sale season
Slide 22: New signups remain at record-high levels
: New signups remain at record-high levels YoY growth in the number of signups Starting from Q2 2025 we experience record-high number of signups in MailerLite with 83% YoY growth in Q2 2025 and 70% YoY growth in Q3 2025 83% 70% 17% 3% Q4 2024 Q1 2025 Q2 2025 Q3 2025 22
Slide 23: Significant acceleration of net paying customers growth in Q3 2025
: Significant acceleration of net paying customers growth in Q3 2025 Quarterly net paying customers growth Note 3x Record-high number of signups is 11,100 expanding our monetization potential as our user base is Combined effects of record- dynamically growing Increase of the high number of signups a
Slide 24: Integration with Shoper launched in Q4
: Integration with Shoper launched in Q4 Integration with Shoper launched in Q4 creates an opportunity to access 20,000+ potential SME customers Seamless integration of the two systems will allow Shoper customers to: ▪ Continuously sync subscribers, products and orders from Shoper with MailerLite ▪
Slide 25: Healthy growth structure driven by customer adds and cross-selling
: Healthy growth structure driven by customer adds and cross-selling
Slide 26: Strong gross profit growth reflects the growing scale of operations
: Strong gross profit growth reflects the growing scale of operations Gross profit (PLNm) +46% CAGR Q3 2021 – Q3 2025 64 56 47 36 14 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025 26
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) +18% +PLN 1.4m +17 p.p. +114% +19.900 Gross margin in +16.100 foreign currencies recalculated at Q3 Growing contribution of high- 2024 rate (total margin services combined with YTD impact of lower contrib
Slide 28: Stable SG&A level supports the effect of operating leverage
: Stable SG&A level supports the effect of operating leverage Adjusted general and administrative expenses (PLNm) Note Stabilization of G&A cost base supported by cost synergies within the Group and increasing operating efficiency driven by AI 18.9 18.6 17.9 17.1 17.5 Effective cost management suppo
Slide 29: Dynamic EBITDA growth in line with target growth trajectory
: Dynamic EBITDA growth in line with target growth trajectory Adjusted EBITDA (PLNm) Note Q3 2025 Adj. EBITDA in line with +40% CAGR Q3 2021 – Q3 2025 target growth trajectory for 2025 EBTIDA adjusted for: (i) PLN 3.7m of non-cash ESOP cost, (ii) c. PLN 50k costs related to ESOP and (iii) c. PLN 40k
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 128 113 103 101 80 73 47 45 34 27 Q3 2021 LTM Q3 2022 LTM Q3 2023 LTM Q3 2024 LTM Q3 2025 LTM 31
Slide 32: Strong cash generation capacity underpinned by c. 20% FCF margin
: Strong cash generation capacity underpinned by c. 20% FCF margin LTM EBITDA to LTM FCF bridge (PLNm) -14 -16 1 -5 74% 128 EBITDA to FCF conversion rate 95 20% 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 and interest rates
: Net income growth supported by decreasing leverage and interest rates
Slide 34: Net income growth supported by decreasing leverage
: Net income growth supported by decreasing leverage Adjusted net profit (PLNm) Note 30 30 +29% Adjusted net profit growth of 29% yoy to c. PLN 25m 25 25 - 0.8 Reported net income affected by - 3.7 non-cash ESOP costs in the +0.4 amount of PLN 3.7m and FX 20 20 impact (PLN -0.8m in Q3 2025 vs. PLN +
Slide 35: We are on track to achieve ambitious 2025 EBITDA target
: We are on track to achieve ambitious 2025 EBITDA target
Slide 36: 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, Q4 contributed to c. 28% 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 36
Slide 37: 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 38: Key takeaways from Q3 2025 results
: Key takeaways from Q3 2025 results Adjusted EBITDA growth of 23% YoY, on track to achieve the 2025 annual goal of PLN 135m of EBITDA Significant acceleration of customers acquisition with c. 11,100 clients added in Q3 alone, 3x the average from the preceding four quarters AI drives operating effic
Slide 39: Thank you for your attention
: Thank you for your attention