Doxee S.p.a. · MIL:DOX
Doxee — FY2025 Earnings Presentation
16 slides from Doxee's earnings presentation, March 2026
Slide 1: Investor Presentation FY 2025 Results
Investor Presentation FY 2025 Results Paolo Cavicchioli Chairman & CEO Sergio Muratori Casali Co-CEO & Investor Relations Manager Silvia Mantovani Group CFO March, 2026
Slide 2: FY 2025 Achievements
FY 2025 Achievements a year that deeply demonstrates the effectiveness of the implemented initiatives FY 2025 main achievements thanks to the implementation of the O3 strategy Organizational integration, technology improvement and stronger value proposition SIGNIFICANT REVENUES DIRECT COSTS NET FINA
Slide 3: FY 2025 Results & Overview
FY 2025 Results* & Overview Revenues Gross Margin EBITDA Net Result NFD R&D Investments € 31.1 mln € 21.3 mln € 6.3 mln € 0.4 mln € 14.3 mln € 5.0 mln +17% YoY +33% YoY +113% YoY € -3.7 mln in 2024 € 19.3 mln in 2024 € 4.6 mln in 2024 Highlights • Strong revenues growth both in Italy (+17%) and in t
Slide 4: Consolidated Revenues Breakdown
Consolidated Title Revenues Breakdown +17% REVENUES GREW (+17%) vs 2024 thanks to (€/mln) a strong increase in revenues in the DACH FY 2024 22.5 FY 2025 and CEE regions (+38% YoY) and a good 19.2 revenues growth in Italy (+17% YoY). +19% Subscriptions revenues recorded an increase of +17% compared t
Slide 5: FY 2025 Financial Highlights
FYTitle 2025 Financial Highlights FY 2025 Sales Revenues amounted to € PROFIT & LOSS (€/mln) FY 2025 FY 2024 31.1 mln (+17% vs 2024) thanks to a good growth both in Italy and in the DACH area. Sales Revenues 31.1 26.5 EBITDA positive to € 6.3 mln (+113% vs Value of Production 33.9 29.8 2024) thanks
Slide 6: EBITDA Bridge
EBITDA Bridge (€/mln) 10.0 9.0 0.5 1.2 8.0 4.6 0.1 7.0 (0.6) 6.3 6.0 (2.5) 5.0 4.0 3.0 2.9 2.0 1.0 - EBITDA INCREASE IN INCREASE IN DECREASE IN DECREASE IN DECREASE IN CHANGE IN EBITDA 2024 SALES INTERNALLY OTHER DIRECT INDIRECT R&D COSTS 2025 REVENUES GENERATED REVENUES COSTS COSTS FIXED ASSETS • E
Slide 7: Cost of services and personnel
Cost of services and personnel Cost of Services Cost of Personnel % of costs % of costs on VoP 51% 48% 42% on VoP 46% 41% 38% 33.9 33.9 29.5 29.8 29.5 29.8 (€/mln) (€/mln) 14.9 14.2 14.2 13.5 12.8 12.4 3.5 4.0 4.5 10.0 8.4 8.3 FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 VoP Cost of Services VoP
Slide 8: FY 2025 Investments
FY 2025 Investments R&D and Value of Production R&D Costs (€/mln) FY 2023 FY 2024 FY 2025 % of R&D Costs in the Profit&Loss 3.6 2.5 5.0 on VoP 23% 15% 15% Capitalizations in the 3.3 2.1 Balance Sheet 33.9 (€/mln) 29.5 29.8 Total R&D Costs 6.9 4.6 5.0 Increase in internally generated fixed assets 2.8
Slide 9: FY 2025 Cash Flow Statement
FYTitle 2025 Cash Flow Statement In 2025, the Company was able to generate a strong cash flow from operating activities (€ 8.0 million) in comparison with 2024. CASH FLOW STATEMENT (€/mln) FY 2025 FY 2024 Then, the Company recorded a Cash flow from operating activities 8.0 2.2 consistent absorption
Slide 10: Net Financial Debt Bridge
Net Financial Debt Bridge (€/mln) 4.9 1.9 (0.0) (0.2) (14.3) (2.0) 0.4 (19.3) NFD NET PROFIT D&A CHANGE CAPITALIZATIONS CHANGE IN OTHER NFD 31.12.2024 IN NWC PROVISIONS 31.12.2025 FOR EMPLOYEES NFD/EBITDA 2.3x
Slide 11: Growth Strategy
GROWTH STRATEGY doxee
Slide 12: Market positioning: sizable and high growth markets
Market positioning | Doxee positioned in sizable and high growth markets, sustained by business, ICT and regulatory tailwinds DOXEE CORE APPLICATIONS DOXEE KEY ADJACENCIES Customer Communication E-Invoicing Digital Archiving Management Solutions to enable production of Solutions for electronic invoi
Slide 13: Market positioning: >60% of CCM market in core regulated verticals
Market positioning | >60% of CCM market in our core regulated verticals, that we serve in only 4 EU countries – leaving significant expansion potential EU CCM market by market vertical, 2025 (B€) EU CCM Market by Country, 2025 (B€) Growth Total Europe 0,5 potential @2030 Rest of Europe Others German
Slide 14: Outlook: Structural trends support our 2026-2030 growth plan
Outlook | Structural trends support our 2026-2030 growth plan EXOGENOUS — REGULATORY & MACRO FORCES Regulatory Compliance Acceleration EU e-invoicing rollout accelerating (ViDA adopted Mar 2025). European Accessibility Act applicable Jun 2025. DORA in force Jan 2025 (Banking/Insurance). NIS2 (cybers
Slide 15: Consolidate as the European Leader in CCM & CXM market
ACCELERATE GROWTH Our Vision 2030 • Seize untapped value in our core geographies and verticals, focusing on targeted ARR Growth DACH and Italy • Entry into new EU Countries, also through Partners channel development • Focus on sales & marketing excellence initiatives to elevate our commercial reach
Slide 16: investor.relations@doxee.com
investor.relations@doxee.com Paolo Cavicchioli Chairman & CEO Sergio Muratori Casali Co-CEO & Investor Relations Manager Silvia Mantovani Group CFO