Doxee S.p.a. · MIL:DOX
Doxee — H1 2025 Earnings Presentation
17 slides from Doxee's earnings presentation, September 2025
Slide 1: Investor Presentation H1 2025 Results
Investor Presentation H1 2025 Results Paolo Cavicchioli Chairman & CEO Sergio Muratori Casali Co-CEO & Investor Relations Manager Silvia Mantovani Group CFO September, 2025
Slide 2: H1 2025 Achievements
H1 2025 Achievements a semester that deeply demonstrates the effectiveness of the implemented initiatives H1 2025 main achievements thanks to the implementation of the O3 strategy Organizational integration, technology improvement and stronger value proposition STRONG REVENUES DIRECT COSTS GROWTH OP
Slide 3: H1 2025 Results & Overview
H1 2025 Results & Overview Revenues Gross Margin EBITDA Net Result NFD R&D Investments € 15.1 mln € 10.3 mln € 2.9 mln € 0.04 mln € 15.5 mln € 2.3 mln +21% YoY +37% YoY € 0.5 mln in H1 24 € -2.4 mln in H1 24 € 19.3 mln in FY24 € 2.1 mln in H1 24 Highlights Positive effects on profitability • After t
Slide 4: Consolidated Revenues Breakdown
Consolidated Title Revenues Breakdown REVENUES GREW (+21%) vs H1 2024 (€/mln) +17% H1 2024 thanks to a strong increase in revenues in the H1 2025 DACH and CEE regions (+73% YoY) and a 10.9 good revenues growth in Italy (+9% YoY). 9.0 +17% Subscriptions revenues recorded an increase of +17% compared
Slide 5: H1 2025 Financial Highlights
H1 2025 Financial Highlights Title H1 2025 Sales Revenues amounted to € 15.1 mln (+21% vs H1 2024) thanks to a PROFIT & LOSS (€/mln) H1 2025 H1 2024 good growth both in Italy and DACH area Sales Revenues 15.1 12.5 EBITDA positive to € 2.9 mln thanks to the Value of Production 16.2 14.0 efficiency im
Slide 6: EBITDA Bridge
EBITDA Bridge (€/mln) 6.0 5.0 0.8 4.0 1.0 2.6 3.0 2.9 (0.4) (1.7) 2.0 1.0 0.5 - EBITDA INCREASE IN DECREASE IN DECREASE IN DECREASE IN CHANGE IN EBITDA H1 2024 SALES OTHER DIRECT INDIRECT R&D COSTS H1 2025 REVENUES REVENUES COSTS COSTS • EBITDA growth was mainly determined by a strong increase in sa
Slide 7: Cost of services and personnel
Cost of services and personnel Cost of Services Cost of Personnel % of costs % of costs on VoP 53% 49% 42% on VoP 48% 46% 38% 16.2 16.2 (€/mln) (€/mln) 13.8 14.0 13.8 14.0 7.4 6.8 6.8 6.6 6.5 6.1 H1 2023 H1 2024 H1 2025 H1 2023 H1 2024 H1 2025 VoP Cost of Services VoP Cost of Personnel Optimization
Slide 8: H1 2025 Investments
H1 2025 Investments R&D and Value of Production R&D Costs (€/mln) FY 2023 FY 2024 H1 2025 (€/mln) Costs in the Income 3.6 2.5 2.3 Annual VoP R&D Statement Capitalizations in the 3.3 1.8 16.2 Balance Sheet 13.8 14.0 Total R&D Costs 6.9 4.3 2.3 Increases in fixed assets 2.8 1.8 0.7 (Income Statement)
Slide 9: Net Financial Debt Bridge
Net Financial Debt Bridge (€/mln) - (5.0) (10.0) 2.1 (15.0) 0.1 2.4 (0.8) (15.5) 0.0 (20.0) (19.3) NFD NET LOSS D&A CHANGE CAPITALIZATIONS CHANGE IN NFD 31.12.2024 IN NWC PROVISIONS 30.06.2025 FOR EMPLOYEES NFD/EBITDA 5x
Slide 10: Growth Strategy
GROWTH STRATEGY
Slide 11: Strategic growth key points
Strategic growth key points is evolving into a Leading European technology vendor in the areas of Digital Customer Experience (DCX) and Customer Communication Management (CCM) ONE ONE ONE VALUE COMPANY PLATFORM PROPOSITION
Slide 12: ONE Company
Creation of a single structure at global level with the aim of maximizing the investment made with the acquisition of Infinica GmbH, now Doxee AT and Merger of Babelee Process of reorganizing the Group by bringing into the organization the roles of: • Chief Revenues Officer • Chief Product Officer •
Slide 13: ONE Platform
Development of a European technological platform able to support the development of partnerships and also indirect channels - 1st release Integrated Doxee Platform in 2024 and by the 2025 the 1st release of the ONE portal Doxee Platform Possibility of improving and certifying ESG objectives of ONE
Slide 14: ONE Platform: recent market validation
ONE Platform: recent market validation SPARK Matrix : Customer Communication Management , Tech Tide for Creative Technologies, 2021 2025, 2024, 2023 Tech Tide : Video Technologies 2020 Now Tech Customer Communications Management, Leaderboard for Customer Communications Management e 2019 Digital Cust
Slide 15: ONE Value Proposition
Focus on Top Enterprise Market in Italy, DACH and CEE Focus on Phygital: supporting the digitization process through the integrated management of physical and digital communication – ONE Platform for CCM and CXM bundle of features Consolidation and strengthening of positioning: strong potential of t
Slide 16: Key takeaways
Key takeaways 1 One profitable Company with a single structure at European level 2 Proven and performing technology in use 3 One Value Proposition across the regions ready 4 Sustainable revenues growth 5 Senior management team 6 Operational leverage – high ROI per unit investment
Slide 17: investor.relations@doxee.com
investor.relations@doxee.com Paolo Cavicchioli Chairman & CEO Sergio Muratori Casali Co-CEO & Investor Relations Manager Silvia Mantovani Group CFO