Exasol AG

Investor Presentation • May 10, 2023

Investor Call on FY 2022 audited and Q1 2023 figures

May 10, 2023

Jörg Tewes (CEO) and Jan-Dirk Henrich (CFO)

Jörg Tewes, CEO

Jan-Dirk Henrich, CFO/COO

Topics for today

• 1. Business Performance Q1 2023
• 1. Financial Results FY 2022 and Q1 2023
• 1. Outlook
• 4- Q&A

Disclaimer

This presentation contains future-oriented, forward-looking Statements"), estimates, opinions, projections and forecasts representing the current and views with respect to anticipated future performance of Exasol AG. These assessments, views and Forward-looking Statements are subject to changes. There are uncertain conditions that are for the most part difficult to predict and are beyond the control of Exasol AG is not under any obligation to publish any information resulting in changes in framework conditions or to publish revised information.

The information in this presentation as well as the Forward-looking Statements are of preliminary and may be subject to updating, revision and amendment, and such information may change materially. Neither tors, officers, employees, agents or affiliates under any duty to update this presentation or to correct any inaccuracies in any such information which may become apparent or to provide any additional information.

The Forward-looking Statements can be identified by the use of forward-looking the terms "believes", "estimates", "anticipates", "expects", "intends", "predicts", "may", "will" or "should" or, in each cheir negative, or other variations or comparable terminology. These Forward-looking Statements include all matters that are . They appear in a number of places throughout this presentation and include statements beliefs or current expectations concerning, among other things, Exasol's prospects, growth, strategies, the industry in which it operates and potential or ongoing acquisitions. By their nature, Forward-looking Statements involve significant risks and uncertainties, because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking Statements should not be read as guarantees of results and will not necessarily be accurate indications of whether or not such results will be achieved.

Summary of key points

FINANCIALS Q1 2023

(unaudited)

ARR: 35.8m€ (+15%)

Revenue: 8.8m€ (+14%)

Adj. EBITDA: -2.2m€ (2022: -3.8m€)

Liquid Funds: 13.7m€ (Dec 31, 2022: 12.7m€)

• · ARR up 15% compared to the same figure twelve months aqo
• · US business ramping up as the go-to-market organization is now stable and effective
• · Extraordinary churn in Q1 2023 with a European customer closing its Russian business
• · EBITDA loss further reduced leading the way to profitability in H2 2023 on a quarterly basis
• · First cash positive quarter since IPO supported by traditionally strong Q1 billings - Liquidity headroom improved
• Outlook for 2023 confirmed

Outlook 2023 (unchanged)

ARR 42.5 to 44.0m€ (at constant currency)

Adj. EBITDA -3 to -1 m€

Liquid Funds 9 to 11 m€

ARR development by quarter

In EUR million at const. Q4 2022 FX rates, in percent

• Continued growth in ARR over the last 12 months (+15%)
• Q1 2023: +0.5m net growth resulting from +1.4m qross New ARR (+1.3m EUR PY) and 0.9m EUR churn (0.3m EUR PY)
• · Q3/Q4 churn result of macroenvironmental regression and XO effect related to closure of Russia business of a major European account
• US market as dominant driver of gross new ARR (+0.9m EUR)
• · 3 new customers (+0.4m ARR) added in Q1, 7 customers lost (-0.5m ARR)

Levers for growth acceleration in 2023

Refined positioning

1. Accelerated new customer acquisition with new product launch (v8 / SaaS) on May 30 Exasol

2. 1. Increased customer lifetime value with customer success program
3. 1. Accelerated North America growth

6

Positioning: The no-compromise analytics database

EXCISO

Upcoming launch of v8/SaaS

Scalable & elastic architecture

• Storage-Compute-Separation (cloud deployment)
• Multi-cluster support (cloud deployment)
• New deployment options (SaaS)

Productivity

• Cost based optimizer
• Zone maps
• Improved concurrency
• Improved compile time

New concepts -

• Customer managed OS deployments
• Database snapshots

Launch Date: May 30

Usability improvements -

• · New administrative user interface
• · Extended timestamp datatype
• · · Native row/column level security

Customer Success Program - Objectives

• 1. Understand and sell desired data outcome
• 1. Engage throughout customer's journey
• 1. Deploy repeatable method & ecosystem
• 1. Increase customer lifetime value / NRR

• •
• •
• •

Financial Results FY 2022 Audited

Results 2022 FY - Preliminary vs Audited

In EUR million, in percent

	FY 2022 audited	FY 2022 preliminary	△	FY 2022 audited	FY 2021 audited	A%
Revenue	33.2	33.2	0.0	33.2	27.5	20.7
thereof recurring	31.5	31.5	0.0	31.5	24.7	27.5
thereof non-recurring	1.7	1.7	0.0	1.7	2.8	-38.4
Capitalized own work			0.0		2.2	-100.0
Gross Profit	31.5	31.1	0.4	31.5	26.5	18.7
Gross Profit Margin	94.9%	93.7%	1.2ppt	94.9%	96.5%
Personnel expenses (adj.)	-28.7	-28.7	0.0	-28.7	-37.8	-24.1
Other income/expense (adj.)	-16.2	-15.8	-0.4	-16.2	-20.3	-20.1
Total Costs (adj.)	-44.9	-44.5	-0.4	-44.9	-58.1	-22.7
EBITDA (adj.)	-13.4	-13.4	0.0	-13.4	-31.6	-57.5
EBITDA Margin	-40.4%	-40.4%	0.Oppt	-40.4%	-115.1%
EBITDA reported	-12.2	-12.2	0.0	-12.2	-25.7

• · No deviation between preliminary and audited figures for FY 2022 except a reclassification of 400k from COGS to Opex
• · Adjusted for capitalized own work, gross profit margin went up from 88% to 95%
• Personnel expenses 24% below previous year's figures despite ongoing growth momentum
• Adj. EBITDA loss cut by 58% in FY 2022

ARR development 2022

In EUR million, in percent, # of customers

• Gross ARR retention rate at 118% (vs. 125% in PY)
• Net ARR retention rate at 115% (vs. 121% in PY)
• ARR churn rate at 4% (vs. 4% in PY)
• Customer churn rate at 7% (vs. 5% in PY)

Financial Results Q1 2023

Quarterly ARR development since end 2021

In EUR million at const. Q4 2022 FX rates, in percent, # of customers

Won

Lost

• · Continued growth in ARR over the last 12 months (+15%)
• · Q1 2023: +0.5m net growth resulting from +1.4m gross New ARR (+1.3m EUR PY) and 0.9m EUR churn (0.3m EUR PY)
• Q3/Q4 churn result of macroenvironmental regression and XO effect related to closure of Russia business of a major global account
• · US market as dominant driver of gross new ARR (+0.9m EUR)
• 3 new customers (+0.4m ARR) added in Q1, 7 customers lost (-0.5m ARR)

ARR development end Q1 2023 – Global

In EUR million at const. Q4 2022 FX rates, in percent, # of customers

Customers

(excl. DFB)

• Gross ARR retention rate at 118% (vs. 119% in PY)
• Net ARR retention rate at 112% (vs. 115% in PY)
• ARR churn rate at 6% (4.5% w/o XO) (vs. 4% in PY)
• Customer churn rate at 8% (vs. 7% in PY)

ARR development end Q1 2023 – EMEA Central

In EUR million at const. Q4 2022 FX rates, in percent, # of customers

Customers (excl. DFB)

Comments

Gross ARR retention rate at 115% (vs. 118% global)

Exasol

• · (vs. 112% global)
• · ARR churn rate at 4% (2% w/o XO) (vs. 6% global)
• · Customer churn rate at 5% (vs. 8% global)

ARR development end Q1 2023 - EMEA North & EM

In EUR million at const. Q4 2022 FX rates, in percent, # of customers

• · Gross ARR retention rate at 117% (vs. 118% global)
• · (vs. 112% global)
• ARR churn rate at 9% (vs. 6% global)
• · Customer churn rate at 12% (vs. 8% global)

ARR development end Q1 2023 - Americas

In EUR million at const. Q4 2022 FX rates, in percent, # of customers

• · Gross ARR retention rate at 132% (vs. 118% global)
• · (vs. 112% global)
• ARR churn rate at 9% (vs. 6% global)
• · Customer churn rate at 18% (vs. 8% global)

P&L 2022/23 by quarter

In EUR million, in percent

				Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023		01 23 vs Q1 22	Q1 23 vs Q4 22
Revenue	7.7	8.4	8.7	8.4	8.8	14%	5%
Gross Profit*	7.3	7.9	8.3	8.0	8.1	11%	1%
Personnel expenses (adj.)	-7.6	-7.0	-7.1	-7.0	-7.2	-5%	3%
Training and Recruiting	-0.1	-0.1	-0.2	-0.2	-0.1	0%	-50%
Marketing	-1.7	-1.5	-1.8	-1.8	-1.0	-41%	-44%
IT infrastructure	-0.3	-0.3	-0.4	-0.5	-0.6	100%	20%
Others (adj.)*	-1.3	-1.2	-1.6	-3.0	-1.4	8%	-53%
Total Costs (adj.)*	-11.1	-10.1	-11.0	-12.7	-10.3	-7%	-19%
EBITDA (adj.)	-3.8	-2.2	-2.7	-4.7	-2.2 - -----------------------------------------------------------------------------------------------------------------------------------------------------------------------	-42%	-53%

* Compared to unaudited figures, 100k EUR of COGS per quarter were reclassified to Opex in 2022 with no impact to EBITDA

EBITDA to cashflow reconciliation Q1 2023

In EUR million

Liquid Funds and adj. EBITDA

In EUR million

* incl. short term financial assets

** excl. non-recurring effects from pre-IPO stock programs

2023 Outlook

Financial Outlook 2023 (unchanged)

* Average Annual Revenue (Subscriptions) / Average Annual Consumption (Consumption based pricing)

** Excluding effects from pre IPO stock programs

Financial calendar 2023

2023	February 22	FY 2022 preliminary results Webcast & Roadshow
	May 10	FY 2022 (audited) & Q1 2023 trading update Webcast & Roadshow
	May 16/17	Spring Conference Frankfurt
	May 31	Stockpicker Conference Hauck & Aufhäuser.
	June 23	Annual General Meeting (virtual)
	August 16	H1 2023 report Webcast & Roadshow
	November 14	Q3 2023 trading update Webcast & Roadshow
	November 29	EK-Forum Frankfurt

Thank you