Growens S.p.a. · MIL:GROW
Growens — IRTop Lugano Investor Day (October 2022)
23 slides from Growens's conference presentation, Oct 14, 2022
Slide 1: Growens overview and latest results
Growens overview and latest results 14 October 2022
Slide 2: Growens at a glance
Growens at a glance Innovation Growth Global Expansion • Fast-growing industry: • Revenues 3y CAGR +21% • International revenues from 10% Technology / cloud software / +51% FY 2019 (organic +46%) to 64% since IPO marketing technology (SAAS) +7% FY 2020 (organic) • Serving ca. 26.000 B2B clients • Fr
Slide 3: From startup to leading European player in SAAS cloud software
From startup to leading European player in SAAS cloud software REVENUES LEGALITY RATING 80 ACQUIRED DATATRICS (NL) ★★★ €5M GOVERNMENT GRANT 70 ABB: RAISED €6M. ACQUIRED MAILCULT (IT) 60 ACQUISITIONS: AGILE TELECOM (IT), GLOBASE (DK), ACUMBAMAIL (ES), BEE (USA) SPUN-OFF 50 40 IPO ON AIM COMPANY ITALI
Slide 4: Growens vision
REVENUES Growens vision To be an internationally recognized innovator, where passionate people create an ecosystem of SaaS solutions that help with the evolving ways of communicating with customers. 2022 – 2025 GROWTH DRIVERS Organic growth • SaaS R&D (improve current products and launch new ones) •
Slide 5: A bigger, stronger tech group built on synergies
A bigger, stronger tech group built on synergies Holding ~90 employees • Corporate Development • Scale economies • Risk management Business Units ~360 employees + • Independent legal entities • Focused market segments Cross-selling Freemium Tool SMS Services Editor technology AI technology Strategy
Slide 6: Synergies examples
Synergies examples • New e-commerce shop in Latin America, with the • The new product launched by Acumbamail adds email technological support of Vtex, MailUp and Datatrics marketing capabilities into Google Gmail • The solution allows to predict the interest of customers • The solution has been deve
Slide 7: Select M&A success cases
Select M&A success cases Agile Telecom (Italy) Acumbamail (Spain) Datatrics (Netherlands) • Acquired: 2015 • Acquired: 2015 • Acquired: 2018 • Entry multiple: 1x Sales • Entry multiple: 2.5x sales • Paid: 3.8x sales + earn-out • Sales FY2015: €8m • Sales FY2014: €100k • Sales FY2018: €1m • Sales FY2
Slide 8: Contactlab's acquisition
Contactlab’s acquisition Strategic Rationale Deal Consideration Key Milestones • Consolidation of Group position • 100% of Contactlab S.p.A. • Signed April 4, 2022 in the SaaS business • Closed May 4,2022 • Euro 5 million Equity Value • Complementary market Euro 3.75 million in cash positioning and
Slide 9: Expected outcome of integration
Expected outcome of integration Wider product portfolio Professional services 01 Technology, product and service offer to serve customers’ different 02 Consolidation of Engagement Marketing offering on proprietary and non- needs and maturity proprietary platforms (Adobe/Oracle) Product intelligence
Slide 10: Revenue distribution 1H 2022
Revenue distribution 1H 2022 SaaS incidence Datatrics Acumbamail BEE Europe 51% +98%YoY MailUp USA 12% Italy 36% Agile +24YoY +7%YoY Telecom CPaaS 63% RoW 2% +44% YoY -31%YoY SaaS 36% +35%YoY CONTACTLAB ACQUISITION INCLUDED MAY-JUNE growens.io (GROW) 10
Slide 11: Go-to-market
Products & Markets HI-TOUCH + Go-to-market Department LOW-TOUCH (Product-Led) IT MARKETING growens.io (GROW) 11
Slide 12: Business unit highlights: BEE
Business unit highlights: BEE Company Competition Strategy KPIs • MailUp spin-off in 2017 • #1 player worldwide • Growth: to become the • ARR*: $10+m world leading standard • Business team and IP in • Few competitors, mainly for email and landing • Net Rev. Retention: 113% USA + tech team in Italy s
Slide 13: P&L FY 2017-2021
P&L FY 2017-2021 YOY Revenues +9% EBITDA YOY +7% YOY YOY +51% 71.2 YOY +2% 65.2 +6% 60.8 ORGANIC YOY ORGANIC YOY +27% +47% ORGANIC YOY 40.2 +31% 4.8 5.1 5.2 27.3 3.8 M&A 2.9 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 Data in €m growens.io (GROW) 13
Slide 14: P&L 1H 2021-2022
P&L 1H 2021-2022 Revenues EBITDA +40% YOY -44% YOY +35% ORGANIC 47.2 33.7 2.4 • COGS +52% à CPaaS line lower profitability for the acquisition of strategic routes M&A 1.4 • S&M +44% à focus on BEE’s development • G&A +34% à one-off acquisition costs of Contactlab 1H 2021 1H 2022 1H 2021 1H 2022 Cont
Slide 15: Stock Information / Shareholders
Stock Information / Shareholders Gorni Nazzareno* Stable control CEO • Founders entered a shareholders’ agreement regarding 45.1% of 10.4% the share capital, in equal measure • 2021-2023 lock-up Azzali Luca* Market Director, BU MailUp 34.9% 10.0% Market friendly • 1 independent Director, 1 female Di
Slide 16: Prices & Volumes 5 years
EURONEXT GROWTH MILAN Prices & Volumes 5 years ISIN Bloomberg Reuters IT0005040354 GROW IM GROW.MI Number of Shares 15.393.343 Fully Diluted 17.374.146 SOP 1.136.209 IPO Price €1.92 CONTACTLAB CORONAVIRUS ACQUISITION (29 Jul 2014) EMERGENCY Source: Borsa Italiana. as of 8 October 2022 DATATRICS BEGI
Slide 17: ESG - Environment, Social, Governance
ESG - Environment, Social, Governance We care for employees, environment, people, community, investors Environment Social Governance • Carbon Neutrality goal: CO2 offset for • Flexibility & hybrid work • Voluntary ESG disclosure in accordance all Business Units, by planting trees and • No temporary
Slide 18: Analyst Coverage and Outlook
Analyst Coverage and Outlook Download here: www.growens.io/en/analyst-coverage growens.io (GROW) 18
Slide 19: Contacts
Contacts Address Monthly Newsletter Via Pola 9, 20124 Milan, Italy Subscribe at growens.io/newsletter Email investor.relations@growens.io Social channels Ticker GROW.IM / GROW.MI ISIN IT0005040354 growens.io (GROW) 19
Slide 20: Balance Sheet
Balance Sheet Shareholders’ Equity Net Cash Position 17.0 17.3 17.5 17.4 15.9 14.0 7.3 6.4 6.5 ABB 2.4 2.5 1.0 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 1H 2022 FY 2017 FY 2018 FY 2019** FY 2020*** FY 2021*** 1H 2022* *1H 2022 cash includes €3.75m cash-out for Contactlab’s acquisition. Cash ca. €9.7m
Slide 21: By Business Unit
By Business Unit FY 2021 1H 2022 REVENUES EBITDA REVENUES EBITDA FY 2021 FY 2020 Δ% FY 2021 FY 2020 Δ% 1H 2022 1H 2021 Δ% 1H 2022 1H 2021 Δ% MailUp 16.6 15.7 5.9% 2.6 4.3 (38.2%) MailUp+Contactlab 10.6 8.2 28.9% 1.1 1.4 (21.1%) Agile Telecom 47.5 43.0 10.4% 2.3 1.5 57.2% Agile Telecom 32.0 22.3 0.7
Slide 22: Glossary
Glossary ARPA - Average Revenue per Account, generally measured on a NET RETENTION (%) - How much revenue growth or churn the monthly or annual basis company had over time from the existing pool of customers. ARR - Annual Recurring Revenue, a measure of predictable Takes into account expansion (upgr
Slide 23: Disclaimer
Disclaimer This presentation (the “Document”) has been prepared by Growens S.p.A. (“Growens” or the “Company”) solely for information purposes on the Company and the Group (“Growens.io”). In accessing the Document, you agree to be bound by the following restrictions, terms and conditions. The Docume