Investor Presentation FY 2024 Results

Modena

FY 2024 Financial Results, April, 2025

Paolo Cavicchioli

Chairman & CEO

Sergio Muratori Casali

Co-CEO & Investor Relations Manager

Silvia Mantovani

Group CFO

FY 2024 Achievements 2024: a year of recovery in terms of growth and profitability for Doxee

2024 main achievements thanks to the implementation of the O3 strategy

Organizational integration, technology improvement and stronger value proposition

STRONG REVENUES GROWTH IN THE DACH AREA SIGNIFICANT COST OPTIMIZATION IN ITALY

+30% vs FY 2023

-20% vs FY 2023

thanks to the important investments made in

Sales & Marketing in the DACH area

thanks to the relevant rationalization of activities and internal processes

FY 2024 Results & Overview

Highlights

Positive effects on profitability

• • 1st release of the ONE Platform project: Doxee Platform integrating the components of Infinica GmbH, now Doxee AT

• • Significant rationalizations thanks to the ONE Company project that allowed to reduce internal and external costs

• • Strong improvement in the commercial pipeline and new positioning in the top enterprise market thanks to the ONE Value Proposition project

• • Increasing ARR at 73% vs about 69% in FY 2023

• • € 5.9 million capital increase carried out in June 2024

• • Rationalization of activities and internal processes

• • Decrease of R&D Investments after the 1st release of the ONE Platform

• • Reduction in external costs for professional services and R&D

• • Rationalization of procurement processes

REVENUES GREW (+2.4%) vs FY 2023 thanks to an increase in revenues in the DACH and CEE regions. Italy recorded a trend substantially in line with FY 2023.

Subscriptions revenues recorded an increase (+3%) compared to FY2023 and they represent the most important product line. Revenues from professional services recorded a slight increase YoY.

Recurring Revenues, thanks also to the increase in the activities provided in SaaS mode, stand at around 73% of total revenues vs about 69% in FY 2023.

Several new Customers in FY 2024 both in Italy and DACH region.

Significant renewal of multi-year contracts with a Net Retention Rate equal to 98% and a very low churn rate.

FY 2024 Financial Highlights

PROFIT & LOSS (€/mln)

FY 2024

FY 2023

Sales Revenues

26.5

25.8

Value of Production

29.8

29.5

Contribution Margin

16.0

14.8

EBITDA

2.9

(0.2)

EBIT

(2.3)

(4.5)

Net Income

(3.7)

(5.1)

BALANCE SHEET (€/mln)

FY 2024

FY 2023

Net Working Capital

(0.6)

(2.7)

Fixed Assets

32.0

32.7

Net Capital Employed

27.8

28.2

Net Financial Debt

19.3

21.6

Shareholders' Equity

8.5

6.5

• • FY 2024 Revenues amounted to € 26.5 mln (+2.4% vs FY 2023) thanks to a good growth in the DACH and CEE regions.

• • EBITDA positive to € 2.9 mln thanks to the efficiency improvement of internal processes which made possible the decrease in internal personnel and external personnel costs and the reduction in R&D costs.

• • Net income stood at € -3.7 mln (€ -5.1 mln in FY 2023) due to the increase in amortization.

• • Net Working Capital stood at € -0.6 mln, decreasing in comparison with € -2.7 mln in FY 2023 due to a reduction in trade payables.

• • Fixed Assets stood at € 32.0 mln. The most significant item are Intangibles (€ 30.3 mln).

• • Net Financial Debt decreased at € 19.3 mln (€ 21.6 million in 2023), as a result of the capital increase of € 5.8 mln carried out in June 2024, used mainly to repay previous financial loans and commercial payables.

EBITDA Bridge

(€/mln)

INDIRECT

• • The improvement was mainly determined by a decrease in internal personnel and external personnel costs thanks to efficiency improvements of internal processes which made it possible to use fewer internal resources and less use of external consultancy. Moreover, EBITDA was supported by a decrease in R&D costs.

FY 2024 Investments

(€/mln)

FY 2023

FY 2024

End of the peak of investments needed to develop the new version of the Doxee Platform®

(€/mln)

Optimization of activities and processes led to a decrease in the cost of services

(€/mln)

FY 20221

FY 2023

FY 2024

Rationalization of the group workforce, reorganizing and optimizing the workload of the organizational areas

1) Since the 4Q of 2022, Infinica (now Doxee AT) is included

Net Financial Debt Bridge

(€/mln)

Increase Decrease Total

INCREASE

Net Financial Debt Breakdown