Pexip Holding

Investor Presentation • Nov 6, 2025

Quarterly Presentation Q3 2025

November 6th, 2025

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Software only specialist video conferencing player

Serving large enterprises and public sector organizations

Q3 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

• Initiated two large projects to deliver Connect Standard in high-security US Clouds
• Launched Connect for Google Meet rooms

+3.2m MUSD 122.2 EoQ3

ARR Q-o-Q

52.3 MNOK 310 LTM

Adj. EBITDA¹ Q3 2025

28.9m MNOK 303 LTM

Free cash flow Q3 2025

Continued growth and further improved profitability

Total ARR USDm

Adjusted EBITDA¹ NOKm, Last twelve months

Free Cash flow² NOKm, Last twelve months

¹ EBITDA less Other gains and losses

² Operating cash flow, investment cash flow and leases

Pexip's two business areas

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

Secure Meetings are easily scheduled in Outlook Deployment flexibility and Data Control User authentication Integrated secure Chat Global SaaS Services Self-hosted Secure Meeting Sovereign cloud Government cloud Private cloud On-premises Air-gapped

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

Connect for Google Rooms generally available

Connect for Google Rooms

Enables Google Meet hardware to join Teams meetings

Co-developed with Google

Seamless integration with Google Meet hardware and Google Calendar for ease of use

"

Launched October 1, 2025

Available through partners and through pexip.com

Pexip is supporting Microsoft in rolling out Teams in high-security US Government organizations

Pexip is the only technology partner enabling video devices to join Teams meeting in US Gov Clouds

Pexip FedRAMP Service Pexip Software Pexip Software

• Currently working with paid earlystage roll-out projects within high security Government organizations
• Both projects have received significant technical and commercial support by Microsoft
• Expect significant wins in 2026

Sales update

Secure and Custom Spaces

ARR change Q-o-Q USD

53.4m

ARR USD End of Q3 2025

30%

Y-o-Y growth Q3 2025

Continue to see good ARR growth from Defense

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

Closed an additional Justice department, and significant upsells on four other justice accounts

2025 Q3 win – Secretaría General de Administración Digital

USE CASE

Citizen to Government & Inter-Government Meetings

PRODUCT

Secure Meetings & Secure Scheduling

WHY PEXIP

Deep customization and workflow integration enables citizens with an easy to use, high-quality experience.

Security and privacy every step of the way Meeting the highest level of security requirements (CCN Media) and authentication of users enables digital trust.

Easy to operate

Simplified administration and scale across complex architectures and workflows.

Connected Spaces

+0.4m

ARR change Q-o-Q USD

68.8m

ARR USD End of Q2 2025

0%

Y-o-Y growth Q2 2025

Second consecutive quarter with growth in Connected Spaces, despite reduction of \$1 million in ARR from a change in partner business model

Closed two pre-production projects to deliver Microsoft Teams interoperability to high-security US Gov clouds

Closed first customer on desktop-based interop, enabling a Zoom client to join Teams meetings

2025 Q3 win – Global bank expands interoperability

PRODUCT

Connect for Zoom–in a Virtual Desktop Infrastructure (VDI) environment

WHY PEXIP

Universal interoperability

Seamless, high-quality interop across platforms and devices — now extended to Virtual Desktop Infrastructure (VDI), delivering significant cost savings for customer.

Regulatory compliance

Secure recording and data handling of video meetings in fully controlled environments, meeting strict financial and privacy requirements.

Simple to operate and support

Reliable, easy-to-manage collaboration backed by the combined expertise of Pexip and Zoom.

USE CASE

Enabling Zoom Desktop clients to join Teams meetings

Financial update

Subscription-based revenue model with ARR base at USD 122m in Q3 2025

Strong growth in Secure & Custom

USD million, quarter-over-quarter

• USD 3.2 million in net growth in Q3 2025 compared to USD 2.4 million in Q3 2024, from stronger net upsell and lower churn
• Secure & Custom continue to outperform Connected Spaces due to better net retention
• Second consecutive quarter with growth in Connected Spaces despite negative impact of USD 1 million on net upsell from a change in business model with a key partner

LTM 15% revenue growth and 25% EBITDA margin

• Quarterly revenue increase of 16% y-o-y
• Driven by 38% Software revenue growth impacted positively by software revenue periodization
• 25% EBITDA¹ margin on LTM basis
• 20% on quarterly basis, as Q3 has seasonally lower software revenues and slightly lower salary expenses
• LTM ARR growth and EBITDA margin of combined 37% vs long-term target of 40%

19 1) EBITDA adjusted for Other gains and losses

Revenue growth of NOK 37 million resulting in EBITDA growth of NOK 34 million

Revenue and gross margin

NOK million

EBITDA excl. other gains and losses NOK million

Continue to maintain high EBITDA conversion

Stable year-on-year expenses

Quarterly OPEX development

NOK million

Salary and personnel expenses

• NOK 5 million lower share option related costs
• NOK 1 million higher other Salary and personnel expenses

Other Operating expenses

NOK 4 million higher costs across marketing, IT and external services as well as NOK 1 million in loss on receivables

• Other operating expenses
• Salary and personnel expenses
• Share option related costs

Improved operating cash flow

Cash flow bridge Q3 2025

NOK million

• NOK 44 million in operating cash flow, 23 million above Q3 2024
• –LTM free cash flow up to NOK 303 million
• Completed share buyback, taking cash returned to shareholders to NOK 358 million year-to-date
• Solid financial position with NOK 526 million in cash and money market funds and no material debt

Q3 2025 Financial results

Profit and loss

NOK million

	Q3 2025	Q3 2024	Y-o-Y
Revenue	266	228	37
Cost of goods sold	27	25	3
Gross Profit	238	204	35
Salary and personnel exp.	147	151	-4
Other operating exp.	39	35	4
Adjusted EBITDA	52	18	34
Other gains and losses	5	3	1
EBITDA	48	15	33
D&A	14	19	-4
EBIT	33	-4	37
Net financials	0	13	-13
Profit/loss before income tax	33	9	24

• 16% increase in year-on-year revenue due to ARR increase and higher growth in Software subscriptions (quicker revenue recognition than SaaS subscriptions)
• Normalized COGS in line with revenue increase
• EBITDA excluding other gains and losses of NOK 52 million, NOK 34 million higher than in Q3 2024
• NOK 5 million in other losses tied to restructuring
• Reduction in D&A due to completed depreciation of past software and customer contract acquisitions
• Neutral net financials due to negative currency exchange result netting out financial income from received interest

Outlook and targets

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 Q4 2025 ARR outlook of 124-127 USD millions

Near-term targets

Consistently deliver:

• Above 10% ARR growth
• Above 20% EBITDA¹margin

Medium-term ambition

Deliver Rule of 40 performance across ARR growth and EBITDA margin

1) Excluding other gains and losses

Upcoming dates

Q4 2025 Quarterly Presentation

February 12th, 2025

Q&A Investor.pexip.com

BACKUP

Summary of key figures

KPI	Unit	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Y-o-y	Q-o-Q
ARR
Connected Spaces	MUSD	68.6	68.1	67.6	68.4	68.8	0.2	0.4
& Secure Custom	MUSD	41.0	44.9	47.9	50.6	53.4	12.4	2.8
Total	MUSD	109.5	113.1	115.5	119.0	122.2	12.7	3.2
P&L
SaaS revenue	MNOK	140 8	144 5	147 6	149 2	149 2	8.5	0.0
Software revenue	MNOK	87 7	188 0	200 4	131.9	131.9	44.2	0.0
Revenue	MNOK	228.5	332.5	347.9	281.1	265.6	37.1	-15.5
of Goods Sold Cost	MNOK	-24.8	-26.2	-28.8	-18.6	-27.3	-2.6	-8.7
profit Gross	MNOK	203.7	306.3	319.1	262.5	238.3	34.6	-24.2
Salary and personnel expenses	MNOK	-151.0	-177.7	-168.6	-165.3	-147.3	3.7	18.0
Other OPEX	MNOK	-34.6	-40.5	-38.0	-39.9	-38.6	-4.0	1.3
Adj . EBITDA	MNOK	18.1	88.2	112.5	57.3	52.4	34.3	-4.9
Other and losses gains	MNOK	-3.4	-2.7	2.6	-0.8	-4.8	-1.3	-4.0
EBITDA	MNOK	14.6	85.4	115.1	56.5	47.6	33.0	-8.9
and D&A impairment	MNOK	-18.6	-23.3	-14.1	-11.7	-14.2	4.4	-2.6
EBIT	MNOK	-4.0	62.2	101.0	44.8	33.4	37.3	-11.4
Financials Net	MNOK	13.0	20.1	-13.9	11.4	-0.2	-13.2	-11.6
Tax	MNOK	-3.2	-22.6	-20.7	-12.3	-7.5	-4.3	4.8
profits Net	MNOK	5.8	59.7	66.4	43.9	25.6	19.8	-18.2
Cash and cash flow
cash flow Operating	MNOK	22.2	38.0	230.5	46.3	44.2	22.0	-2.2
cash flow Investing	MNOK	(11 .1)	(13 .8)	(6 .7)	(9 .7)	(10 .7)	0.4	-1.0
Principal lease payments	MNOK	(3 .3)	(3 .1)	(2 .9)	(4 .6)	(4 .6)	-1.3	0.0
flow cash Free	MNOK	7.8	21.1	220.9	32.1	28.9	21.1	-3.2
Cash position	MNOK	593.2	628.2	830.5	544.2	526.1	-67.1	-18.1

Comments Q2 2025

ARR

• Delta ARR of 3.2 MUSD, driven by good growth in Secure & Custom across new and existing customers (+30% y-o-y)
• Annual ARR growth of 12.7 MUSD

Revenue

• 16% increase in year-on-year revenue due to ARR increase which is mostly from Software with faster revenue recognition than SaaS, negative impact from stronger NOK/USD exchange rate

Costs

• COGS level in line with previous quarters following received rebates in Q2 2025
• Slight reduction in Salary and personnel expenses from lower share-based compensation. Seasonally lower salary in Q3 due to holiday pay
• Higher Other OPEX than in Q3 2024, in line with run-rate

Other items

• Neutral net financials resulting from interest on cash holdings as well as negative foreign exchange differences
• Y-o-y improved free cash flow in line with net profit improvement

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.