Pexip Holding

Investor Presentation • Aug 14, 2025

Quarterly Presentation Q2 2025

August 14th, 2025

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Software only specialist video conferencing player

Q2 2025 highlights

• Continued improved ARR, revenue and EBITDA growth
• Continued strong growth in Secure & Custom
• Continued strong performance from Connect for Zoom in Connected Spaces

• Increased public awareness around need for secure and sovereign IT solutions
• Renewed long-term Connected Spaces commercial partnership with another 3 years

57.3 MNOK 276 LTM

Adj. EBITDA¹ Q2 2025

Free cash flow Q2 2025

Continued growth and further improved profitability

Total ARR USDm

Adjusted EBITDA¹

NOKm, Last twelve months

Free Cash flow² NOKm, Last twelve months

Pexip's two business areas

Pexip Secure & Custom Spaces Video meetings that are self-hosted on-premises or in a private cloud

When complete privacy and control over data is required

Pexip Connected Spaces Video meeting room interoperability

When several video technologies need to work seamlessly together

Pexip Secure Meetings caters to customers with specific security & privacy requirements

Deployment flexibility and Data Control

Secure Meetings positioning | Key industries

Increased focus on the core industries with the strongest Pexip value proposition

Strongest Secure Meetings growth in Defense and Government

Healthcare, regulated industries and Enterprise show increased interest

Government organizations are adopting Secure Meetings for their classified communications

Top 5 contracts in Q2 2025 outside Defense and Healthcare with \$1.3 million in ARR Key drivers

• 3 year Secure Meetings + Chat contract with European civilian agency
• 5 year Secure Meetings contract with European Public Prosecutors office
• One year Secure Meetings and AI translation contract with European Foreign ministry
• One year Secure Meetings with US State Corrections agency

• Six-year Secure Meetings and Chat with European civilian agency

• Require data Sovereignty, control & compliance

• Need customization capabilities, as well as deployment and integration flexibility
  • Desire more vendor independence and reduced vendor lock-in
• Want modern user interface also in secure environments

CONNECTED SPACES

Our vision is to connect any meeting room to any meeting is becoming reality

10

Positive development on roadmaps and commercial partnerships in Connected Spaces

Product roadmap Partnerships

• Joint Google/Pexip development to support interoperability for Google Meet Hardware
• Joint Microsoft/Pexip development of Microsoft Teams Rooms on Android interop solution ongoing

Once delivered, Pexip will support interoperability on all relevant video room systems

• Have renewed a long-term commercial agreement with a key partner, adding an additional three years to the existing three year agreement
• This renewal signals the continued importance of interoperability for one of the key players in the industry
• New business model has a higher variable unit price and a lower fixed fee, which is estimated to give higher revenues and margins over the 3 years, but short term impacting Q3 2025 with negative USD 1 million in ARR

Sales update

12

Secure and Custom Spaces

+2.6m ARR change Q-o-Q USD

Key wins in Defence with a European defence force

Continued increase in public awareness on need for sovereign IT in Europe

Good progress in healthcare with 5 wins above USD 200 thousand, and adding USD 900 thousand overall

SECURE AND CUSTOM SPACES

2024 Q2 win - European Ministry of Defence

Pexip Secure Meetings PRODUCT

WHY PEXIP

NATO approved

Meeting the strict NATO standards for crossnetworking and policy controls (FMN)

Mission readiness

Flexibility of deployment to run on any cloud or any server, across domains and member states

Easy to operate

Rapid scale when required across agencies (sea, land, air)

SECURE AND CUSTOM SPACES

2024 Q2 win - One of the worlds largest hospital groups

USE CASE

Video enabled contact center

Pexip Secure Meetings PRODUCT

WHY PEXIP

Versatile technology integration Enabling deep customization

Personalized end-to-end experience

Providing patients with an easy to use, high-quality user experience

Easy to operate

Unique administration & monitoring capabilities across complex architectures and multiple platforms

Connected Spaces

+0.9m ARR change Q-o-Q USD

Increased ARR from solid new sales and improved revenue retention across existing customers compared to Q2 2024

ARR USD End of Q2 2025

2%

Y-o-Y growth Q2 2025

Continued strong momentum on native rooms, especially with new Connect for Zoom Rooms product. Native Rooms now make up approx. USD 4 million in ARR

Strong new sales on interoperability for SIP rooms, including a Fortune 500 global bank, a large global software company and several public sector organizations

2024 Q2 win - Global consulting firm CONNECTED SPACES

PRODUCT

Pexip Connect for Zoom Pexip Connect for Microsoft

WHY PEXIP

- Platform freedom No vendor lock-in

Consistent user experience Across meeting rooms and meeting platforms

Easy to operate and support Reliable, high-quality meetings backed by Pexip support

USE CASE

Join any client meeting on any platform

Financial update

18

Subscription-based revenue model with ARR base at USD 119m in Q2 2025

19

Strong growth in Secure & Custom

USD million, quarter-over-quarter

• USD 3.5 million in net growth in Q2 2025 compared to USD 2.4 million in Q2 2024, from stronger net upsell and lower churn
• Secure & Custom continue to outperform Connected Spaces due to lower churn, and Pexip has successfully increased the share of new sales in this segment – Has increased from 37% of ARR to 43% of ARR in one year

6% revenue growth and 59% EBITDA growth in Q2

• Quarterly revenue increase of 6% y-o-y (13% YTD)
• 11% growth on Software as a Service, 1% growth on Software which was impacted by software revenue periodization
• EBITDA¹ increased with 59%
• 13% revenue growth on an LTM and YTD basis vs 11% ARR growth
• 23% EBITDA¹ margin on LTM basis
  • 20% on quarterly basis, both up 6 p.p. y-o-y
• LTM ARR growth and EBITDA margin of combined 34% vs long-term target of 40%

Revenue growth of NOK 16 million resulting in EBITDA growth of NOK 21 million

Revenue and gross margin NOK million

EBITDA excl. other gains and losses NOK million

Stable year-on-year expenses

Quarterly OPEX development

NOK million

Salary and personnel expenses

• NOK 5 million lower Salary and personnel expenses, of which NOK 3 is from lower fixed salaries and NOK 2 million from higher capitalization of own R&D
• NOK 7 million higher share option related costs, mainly from share price increase driving social security accruals

Other Operating expenses

NOK 1 million higher costs overall, no major changes in the main sub-categories

NOK 318 million in cash distributed to shareholders in Q2 2025

Cash flow bridge Q2 2025

NOK million

• Distributed cash to shareholders through dividend and share buyback
• Remaining NOK 42 million of share buyback program is completed as of this report in Q3 2025
• Somewhat lower operating cash flow yo-y which is mainly due to normalization from very strong Q1 2025
• NOK 10 million investment cash flow (+2 million y-o-y), mainly from capitalization of own software development

Q2 2025 Financial results

Profit and loss

NOK million

	Q2 2025	Q2 2024	Y-o-Y
Revenue	281	266	16
Cost of goods sold	19	27	-8
Gross Profit	262	239	24
Salary and personnel exp.	165	164	1
Other operating exp.	40	39	1
Adjusted EBITDA	57	36	21
Other gains and losses	1	3	-2
EBITDA	56	33	23
D&A	12	20	-8
EBIT	45	13	31
Net financials	11	-1	12
Profit/loss before income tax	56	12	44

• 6% increase in year-on-year revenue due to ARR increase, negative impact from stronger NOK/USD exchange rate
• COGS reduction driven by one-time rebates from cloud vendors and operational efficiencies
• EBITDA excluding other gains and losses of NOK 57 million, NOK 21 million higher than in Q2 2024
• NOK 1 million in other losses tied to restructuring
• Reduction in D&A due to completed depreciation of past software and customer contract acquisitions
• Positive net financials resulting from interest on cash holdings as well as positive foreign exchange differences

Outlook and targets

26

Outlook

• Continued positive market outlook across the business areas driven by market trends
  • Need for private video meeting platforms
  • Custom video work-flows are growing
  • Interoperability is highly relevant
• Our unique technology, strong market position and industry partnerships put Pexip in a good position to capitalize on these market trends
• End Q3 2025 ARR outlook of 120-123 USD millions

Near-term targets

Consistently deliver:

• Above 10% ARR growth
• Above 20% EBITDA¹ margin

Long-term ambition

Deliver Rule of 40 performance across ARR growth and EBITDA margin

Upcoming dates

Q3 2025 Quarterly Presentation

November 7th, 2025

Q&A

Investor.pexip.com

Backup: Summary of key figures

KPI	Unit	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Y-o-y	Q-o-Q
ARR
Connected Spaces	MUSD	67 .4	68 6	68 .1	67 6	68 .4	1.0	0 9
Secure & Custom	MUSD	39 .7	41.0	44.9	47.9	50 6	10	9 2 6
Total	MUSD	107 .1	109 .5	113 .1	115.5	119 0	11.9	3 .5
P&L
SaaS revenue	MNOK	134 6	140 8	144 5	147 6	149 2	14.6	1.6
Software revenue	MNOK	130 9	87 7	188 0	200 4	131 9	1.0	-68 .5
Revenue	MNOK	265 6	228 .5	332 .5	347 9	281 .1	15.5	-66 8
of Goods Sold Cost	MNOK	-27 .1	-24 8	-26 2	-28 8	-18 6	8 .4	10 2
profit Gross	MNOK	238 .5	203 .7	306 3	319 .1	262 .5	24	0 -56 6
Salary and personnel expenses	MNOK	-163 8	-151.0	-177.7	-168 6	-165 3	-1.5	3 3
Other OPEX	MNOK	-38 .7	-34 6	-40 .5	-38 0	-39 9	-1.2	-1.9
Adj . EBITDA	MNOK	36 0	18 .1	88 2	112 .5	57.3	21	3 -55.2
Other and losses gains	MNOK	-3 0	-3 .4	-2 .7	2 6	-0 8	2	2 -3 .5
EBITDA	MNOK	33 0	14.6	85 .4	115.1	56 .5	23 .5	-58 6
and D&A impairment	MNOK	-19 6	-18 6	-23 3	-14.1	-11.7	7.9	2 .4
EBIT	MNOK	13 .4	-4.0	62 2	101 0	44.8	31 .4	-56 2
Financials Net	MNOK	-1.0	13 0	20 .1	-13 9	11.4	12 .4	25 3
Tax	MNOK	-5.4	-3 2	-22 6	-20 .7	-12 3	-6	9 8 .4
profits Net	MNOK	7.0	5.8	59 .7	66 .4	43 9	36	9 -22 .5
flow Cash and cash
flow Operating cash	MNOK	78 9	22 2	38 0	230 .5	46 3	-32 .5	-184 .1
flow Investing cash	MNOK	(7 2)	(11 .1)	(13 8)	(6 .7)	(9 .7)	-2 .5	-2 9
Principal lease payments	MNOK	(4 0)	(3 3)	(3 .1)	(2 9)	(4 6)	-0 .7	-1.7
cash flow Free	MNOK	67 .7	7.8	21 .1	220 9	32 .1	-35	6 -188 8
Cash position	MNOK	586 .5	593 2	628 2	830 .5	544.2	-42	3 -286 2

Note: Operating cash flow includes fair value adjustments of money market funds to be consistent with other interest income. Cash position includes money market funds.

Comments Q2 2025

ARR

• Delta ARR of 3.5 MUSD, driven by good growth in Secure & Custom across new and existing customers (+27% y-o-y)
• Annual ARR growth of 11% p.a.

Revenue

• 6% increase in year-on-year revenue due to ARR increase, negative impact from stronger NOK/USD exchange rate

Operational costs

• COGS reduction driven by one-time rebates from cloud vendors and operational efficiencies
• Slight increase in Salary and personnel expenses from a combination of higher share-based compensation (NOK 15 million) and a slight reduction in cash-based compensation (NOK 150 million)
• Stable Other OPEX

Other items

• Positive net financials resulting from interest on cash holdings as well as positive foreign exchange differences
• Lower operating cash flow in Q2 due to some reversal of the large working capital reduction in Q1 2025. First half is still significantly better than 2024.