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CM.com N.V. Investor Presentation 2026
3825_rns_2026-04-16_57b5c825-415f-473c-adc7-ccb42e637d38.pdf
Investor Presentation
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CM.CM.com
CM.com grows revenue 9% YoY and hits record EBITDA with 50% YoY growth
CM.com 2026 First-Quarter results
Breda, the Netherlands
April 16, 2026
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Contents
- Highlights, Trends, and Positioning
- Financial & Business Overview
- Outlook
- Financial Statements
- Alternative Performance Measures
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Highlights, Trends, and Positioning
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Financial Highlights
- EBITDA € 5.9 million, up 50% year-on-year
- Revenue € 67.3 million, up 9% year-on-year
- Gross profit € 20.1 million, a decrease of 2% year-on-year; up 4% at Constant Currencies (CC)
- OPEX € 14.2 million, a decrease of 14% year-on-year
- Outlook Q2 2026: Revenue and EBITDA year-on-year growth rates in line with Q1 2026
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Business Highlights
- Messaging volumes of 2.4 billion, up 39% year-over-year, leading to higher revenue
- HALO delivered 20% quarter-on-quarter revenue growth
- New data platform launched to analyze relational dynamics between consumers, unlocking richer context to drive deeper insights and predictive capabilities
- Partnered with VOLT, an AI-infrastructure and supercomputing platform, to develop sovereign solutions for regulated sectors in Europe, such as defense, governments, and banks
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Structural Market Tailwinds Support CM.com's Strategic Direction
- The global AI market is growing, with businesses increasingly adopt AI to automate processes, personalize customer experiences and drive efficiency within Service, Marketing and Commerce
- This structural shift is accelerating demand for integrated, data-driven customer engagement solutions
- CM.com's engagement offering, combining messaging, payments, data with AI powered capabilities, is well-positioned to address these evolving customer needs
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Executing Today to Capture Tomorrow's Growth
- CM.com continues to invest in innovation, including Agentic AI, Voice AI, Voice for WhatsApp, and Rich messaging, reinforcing its ambition to operate as an AI-first company
- These investments are aligned with the structural market trends and support scalable, data-driven customer engagement
- For 2026, we anticipate at least 30% Adjusted EBITDA growth, driven by our structurally lower cost base, with accelerating AI adoption and favorable market conditions potentially driving results beyond these expectations
- CM.com remains committed to its FY 2028 ambitions: Gross profit growth of at least 15% YoY, Gross margin around 35%, and an EBITDA margin of 12–15%
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Financial & Business overview
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Overview Key Financials
| x € million - unaudited | Q1 2026 | Q1 2025 | Y&Y % |
|---|---|---|---|
| Revenue | 67.3 | 61.9 | 9% |
| Gross profit | 20.1 | 20.4 | (2%) |
| Gross margin (%) | 29.8% | 33.0% | |
| OPEX | (14.2) | (16.5) | (14%) |
| EBITDA | 5.9 | 3.9 | 50% |
| Net result | (1.2) | 5.5 | (121%) |
| Adjusted OPEX | (13.9) | (16.5) | (16%) |
| --- | --- | --- | --- |
| Adjusted EBITDA | 6.2 | 3.9 | 59% |
| Adjusted EBITDA Margin (%) | 9.3% | 6.3% | |
| Adjusted EBITDA CC | 7.3 | 3.9 | 85% |
| FTE^{1} | 592 | 678 | (13%) |
| --- | --- | --- | --- |
| TTM Gross profit / FTE (x € 1.000) | 136.6 | 123.9 | 10% |
| Net debt | 60.2 | 52.5 | 15% |
| Adjusted Leverage ratio^{2} | 2.7x | 2.8x | (3%) |
For definitions of performance measures, we refer to the final slide in this deck.
-
Full time equivalent, excluding interns, measured per end of the period.
-
Net debt divided by last twelve months Adjusted EBITDA
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Key Financial Trend - Revenue
Revenue (€ million)
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Key Financial Trend – Gross Profit
For definitions of performance measures, we refer to the final slide in this deck.
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Key Financial Trend – Gross Margin
For definitions of performance measures, we refer to the final slide in this deck.
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Key Financial Trend - Adjusted OPEX
For definitions of performance measures, we refer to the final slide in this deck.
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Key Financial Trend - Adjusted EBITDA
For definitions of performance measures, we refer to the final slide in this deck.
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Key Financial Trend - Net Result
For definitions of performance measures, we refer to the final slide in this deck.
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FTE Trend
- Full time equivalent, excluding interns, measured per end of the period
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Balance Sheet Management - Strengthened Financial Flexibility
Net debt (€ million)
Adjusted Leverage ratio
CAPEX (€ million)
For definitions of performance measures, we refer to the final slide in this deck.
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Market Segments
Revenue (€ million)
Q1 2026
Gross profit (€ million)
For definitions of performance measures, we refer to the final slide in this deck.
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Regions & Clients – Diversified Portfolio
Regions $^{1}$ (Revenue share in %)
Clients (Revenue share in %)
- Regions based on location Head Office client
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Annual Recurring Revenue Quarterly Trend – Continued Growth
For definitions of performance measures, we refer to the final slide in this deck.
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# Messages Quarterly Trend
For definitions of performance measures, we refer to the final slide in this deck.
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Total Payment Volume Quarterly Trend
Total Payment Volume (€ million)
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Tickets Quarterly Trend
Tickets (# million)
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Outlook
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Outlook
| Q1 2026 | Q2 2026 | FY 2026 |
|---|---|---|
| Reported Q1 2026 | ||
| Revenue | ||
| +9% YoY | ||
| EBITDA | ||
| +50% YoY | Outlook Q2 2026 | |
| Revenue growth & EBITDA growth | ||
| In line with Q1 | Outlook FY 2026 | |
| Adjusted EBITDA | ||
| At least +30% YoY |
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Financial Statements
C
Consolidated Statement of Comprehensive Result – Quarterly Overview
| ≤ € 1,000 – unaudited | Q1 2026 | Q4 2025 | Q1 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|
| Revenue | 67,281 | 70,023 | 65,043 | 62,434 | 61,894 |
| Cost of services | (47,198) | (50,214) | (43,836) | (42,595) | (41,450) |
| Gross profit | 20,083 | 19,809 | 21,207 | 19,839 | 20,444 |
| Gross margin (%) | 29.8% | 28.3% | 32.6% | 31.8% | 33.0% |
| Employee benefits | (9,819) | (10,842) | (10,772) | (11,325) | (11,776) |
| Other operating expenses | (4,478) | (3,944) | (5,109) | (4,800) | (4,749) |
| Other operating income | 79 | 99 | 117 | 161 | - |
| Operating result, EBITDA | 5,865 | 5,122 | 5,443 | 3,875 | 3,919 |
| EBITDA margin (%) | 8.7% | 7.3% | 8.4% | 6.2% | 6.3% |
| One-offs | 361 | 820 | 597 | - | - |
| Operating result, Adjusted EBITDA | 6,226 | 5,942 | 6,040 | 3,875 | 3,919 |
| Adjusted EBITDA margin (%) | 9.3% | 8.5% | 9.3% | 6.2% | 6.3% |
| Amortization, depreciation, and impairments | (5,212) | (5,701) | (6,020) | (5,567) | (5,621) |
| Operating result, EBIT | 653 | (579) | (577) | (1,692) | (1,702) |
| Financial income and expenses | (1,648) | (1,836) | (1,922) | (2,139) | 6,799 |
| Result before tax | (995) | (2,415) | (2,499) | (3,831) | 5,097 |
| Income tax | (166) | 211 | 54 | (789) | 386 |
| Result after tax | (1,161) | (2,204) | (2,445) | (4,620) | 5,483 |
| Other comprehensive result1 | 115 | (22) | 92 | (306) | (246) |
| Total comprehensive result | (1,046) | (2,226) | (2,353) | (4,926) | 5,237 |
- The other comprehensive result consists completely of foreign currency translation which may be reclassified subsequently to profit or loss.
For definitions of performance measures, we refer to the final slide in this deck.
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Consolidated Statement of Cash Flow – Quarterly Overview
| x € 1,000 - unaudited | Q1 2026 | Q4 2025 | Q3 2025 |
|---|---|---|---|
| Cash and cash equivalents, beginning of period | 33,210 | 48,944 | 36,045 |
| Cash flow from operating activities | 10,949 | (15,077) | 14,208 |
| Cash flow from investing activities | (4,293) | (3,561) | (3,653) |
| Cash flow from financing activities | (2,405) | 2,913 | 2,336 |
| Currency results on cash and cash equivalents | - | (9) | 8 |
| Changes in cash and cash equivalents | 4,251 | (15,734) | 12,899 |
| Cash and cash equivalents, end of the period | 37,461 | 33,210 | 48,944 |
| EBITDA | 5,865 | 5,122 | 5,442 |
| Changes in Net Working Capital | 2,395 | (7,223) | (4,290) |
| +/- CAPEX | (4,164) | (3,566) | (3,763) |
| Free Cash Flow | 4,096 | (5,667) | (2,611) |
| Cash at bank | 14,830 | 13,138 | 15,229 |
| Cash at bank restricted | 22,631 | 20,072 | 33,715 |
| Cash and cash equivalents, end of the period | 37,461 | 33,210 | 48,944 |
| Revolving credit facility | 75,000 | 75,000 | 75,000 |
| +/- Cash at bank | (14,830) | (13,138) | (15,229) |
| Net Debt | 60,170 | 61,862 | 59,771 |
Quarterly Cash Flow data is available starting Q3 2025 and will be expanded over the coming quarters into a 5-quarter overview.
For definitions of performance measures, we refer to the final slide in this deck.
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Consolidated Statement of Financial Position – Quarterly Overview
| • € 1,000 - unaudited | Q1 2026 | Q4 2025 | Q1 2025 |
|---|---|---|---|
| Goodwill | 20,617 | 20,617 | 20,617 |
| Intangible fixed assets | 67,988 | 67,748 | 69,421 |
| Property, plant, and equipment | 7,699 | 7,900 | 8,332 |
| Right-of-use assets | 20,391 | 21,307 | 21,376 |
| Long-term receivables | 1,782 | 1,783 | 1,385 |
| Deferred tax assets | 1,226 | 1,151 | 1,108 |
| Short-term loan receivables | 3,289 | 3,128 | 3,528 |
| Inventories | 380 | 364 | 483 |
| Trade and other receivables | 48,751 | 48,927 | 49,510 |
| Cash and cash equivalents | 37,461 | 33,210 | 48,944 |
| Total Assets | 209,584 | 206,135 | 224,704 |
| Equity | 26,300 | 27,285 | 24,583 |
| Non-current liabilities | 75,353 | 86,294 | 86,637 |
| Current liabilities | 107,931 | 92,556 | 113,484 |
| Total Equity and Liabilities | 209,584 | 206,135 | 224,704 |
Quarterly Financial position data is available starting Q3 2025 and will be expanded over the coming quarters into a 5-quarter overview..
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Consolidated Statement of Comprehensive Result – 5 Year Overview
| € 1,000 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 259,394 | 274,249 | 266,234 | 283,231 | 237,047 |
| Cost of services | (178,095) | (191,142) | (187,701) | (211,262) | (174,397) |
| Gross profit | 81,299 | 83,107 | 78,533 | 71,969 | 62,650 |
| Gross margin (%) | 31.3% | 30.3% | 29.5% | 25.4% | 26.4% |
| Employee benefits | (44,715) | (45,699) | (54,345) | (55,148) | (40,747) |
| Other operating expenses | (18,602) | (20,946) | (26,915) | (43,327) | (25,584) |
| Other operating income | 377 | - | - | - | - |
| Operating result, EBITDA | 18,359 | 16,462 | (2,727) | (26,506) | (3,681) |
| EBITDA margin (%) | 7.1% | 6.0% | (1.0%) | (9.4%) | (1.6%) |
| One-offs | 1,417 | 1,628 | 1,793 | 4,194 | - |
| Operating result, Adjusted EBITDA | 19,776 | 18,090 | (934) | (22,312) | (3,681) |
| Adjusted EBITDA margin (%) | 7.6% | 6.6% | (0.4%) | (7.9%) | (1.6%) |
| Amortization, depreciation, and impairments | (22,909) | (31,732) | (21,841) | (18,094) | (15,582) |
| Operating result, EBIT | (4,550) | (15,270) | (24,568) | (44,600) | (19,263) |
| Financial income | 9,184 | 1,232 | 1,296 | 4,740 | 2,052 |
| Financial expenses | (8,282) | (5,220) | (5,618) | (4,963) | (4,107) |
| Share of results in associates | - | - | (561) | (151) | (26) |
| Result before tax | (3,648) | (19,258) | (29,451) | (44,974) | (21,344) |
| Income tax | (138) | (555) | 732 | 233 | 3,854 |
| Result after tax | (3,786) | (19,813) | (28,719) | (44,741) | (17,490) |
| Other comprehensive result 1 | (482) | 109 | (212) | 1,180 | 888 |
| Total comprehensive result | (4,268) | (19,704) | (28,931) | (43,561) | (16,602) |
| Basic loss per share (in €) | (0.12) | (0.68) | (1.00) | (1.51) | (0.58) |
| Diluted loss per share (in €) | (0.12) | (0.68) | (1.00) | (1.51) | (0.58) |
- The other comprehensive result consists completely of foreign currency translation which may be reclassified subsequently to profit or loss.
For definitions of performance measures, we refer to the final slide in this deck.
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Consolidated Statement of Cash Flow – 5 Year Overview
| c € 1,000 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Cash and cash equivalents, beginning of period | 38,400 | 48,599 | 82,740 | 122,058 | 52,504 |
| Cash flow from operating activities | 9,695 | 18,348 | (3,582) | (1,542) | 2,909 |
| Cash flow from investing activities | (14,236) | (20,763) | (18,935) | (25,167) | (26,027) |
| Cash flow from financing activities | (563) | (7,541) | (10,522) | (14,055) | 91,673 |
| Currency results on cash and cash equivalents | (86) | (243) | (1,102) | 1,446 | 999 |
| Changes in cash and cash equivalents | (5,190) | (10,199) | (34,141) | (39,318) | 69,554 |
| Cash and cash equivalents, end of the period | 33,210 | 38,400 | 48,599 | 82,740 | 122,058 |
| EBITDA | 18,359 | 16,462 | (2,727) | (26,506) | (3,681) |
| Changes in Net Working Capital | (9,199) | 4,013 | 11,382 | 10,982 | (3,255) |
| +/- CAPEX | (15,314) | (17,040) | (19,301) | (18,878) | (13,403) |
| Free Cash Flow | (6,154) | 3,435 | (10,646) | (34,402) | (20,339) |
| Cash at bank | 13,138 | 18,055 | 26,220 | 46,916 | 100,021 |
| Cash at bank restricted | 20,072 | 20,345 | 22,379 | 35,824 | 22,037 |
| Cash and cash equivalents, end of the period | 33,210 | 38,400 | 48,599 | 82,740 | 122,058 |
| Convertible bonds | - | 100,000 | 100,000 | 100,000 | 100,000 |
| Revolving credit facility | 75,000 | - | - | - | - |
| +/- Cash at bank | (13,138) | (18,055) | (26,220) | (46,916) | (100,021) |
| Net Debt | 61,862 | 81,945 | 73,780 | 53,084 | (21) |
For definitions of performance measures, we refer to the final slide in this deck.
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Consolidated Statement of Financial Position – 5 Year Overview
| c € 1,000 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Goodwill | 20,617 | 20,617 | 29,397 | 29,404 | 22,210 |
| Intangible fixed assets | 67,748 | 70,085 | 71,454 | 69,099 | 57,923 |
| Property, plant, and equipment | 7,900 | 8,889 | 8,520 | 8,792 | 7,233 |
| Right-of-use assets | 21,307 | 24,630 | 27,177 | 30,658 | 13,437 |
| Long-term receivables | 1,783 | 1,397 | 1,512 | 1,465 | 2,152 |
| Associates | - | - | - | 1,823 | 1,974 |
| Deferred tax assets | 1,151 | 1,242 | 1,136 | 1,506 | 1,083 |
| Short-term loan receivables | 3,128 | 4,786 | 596 | 1,369 | 496 |
| Inventories | 364 | 450 | 737 | 1,113 | 333 |
| Trade and other receivables | 48,927 | 59,295 | 50,989 | 57,035 | 49,326 |
| Cash and cash equivalents | 33,210 | 38,400 | 48,599 | 82,740 | 122,058 |
| Total Assets | 206,135 | 229,791 | 240,117 | 287,026 | 278,225 |
| Equity | 27,285 | 6,843 | 26,284 | 53,555 | 97,865 |
| Non-current liabilities | 86,294 | 112,781 | 112,366 | 115,502 | 102,035 |
| Current liabilities | 92,556 | 110,167 | 101,467 | 115,947 | 78,325 |
| Total Equity and Liabilities | 206,135 | 229,791 | 240,117 | 285,004 | 278,225 |
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Forward Looking Statements
Statements included in this presentation that are not historical facts (including any statements concerning investment objectives, other plans and objectives of management for future operations or economic performance, or assumptions or forecasts related thereto) are forward-looking statements. These statements are only predictions and are not guarantees. Actual events or the results of our operations could differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements are typically identified by the use of terms such as "may," "will", "should", "expect", "could", "intend", "plan", "anticipate", "estimate", "believe", "continue", "predict", "potential" or the negative of such terms and other comparable terminology. The forward-looking statements are based upon our current expectations, plans, estimates, assumptions and beliefs that involve numerous risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth in the forward-looking statements.
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Alternative Performance Measures
Several alternative performance (non-IFRS) measures are disclosed in this presentation, in order to provide relevant information to better understand the underlying business performance of CM.com. Furthermore, CM.com has provided guidance on several of these (non-IFRS) financial measures, derived from the interim consolidated financial statements. An overview of the alternative performance measures with their definitions is provided below
| Performance Measure | Definitions |
|---|---|
| Adjusted EBITDA | EBITDA adjusted for one-offs |
| Adjusted Leverage ratio | Net debt divided by trailing twelve months Adjusted EBITDA |
| Adjusted OPEX | OPEX adjusted for one-offs |
| Annual Recurring Revenue (ARR) | Annual Recurring Revenue streams from customers at the end of the period, related to subscription-based product pricing |
| CAPEX | Investments in intangible fixed assets and tangible fixed assets |
| Constant Currencies (CC) | Income and expenses, in local currencies, are recalculated to euros, using the average exchange rates of the comparison period in previous calendar year (Q1 2025: €/$ 1.05) |
| EBIT | Earnings before interest and tax |
| EBITDA | Operating result less amortization, depreciation, and impairments (if any) |
| Free Cash Flow | EBITDA less CAPEX, less changes in Net Working Capital |
| Gross margin % | Gross profit divided by revenue |
| Gross profit | Revenue less cost of services |
| TTM Gross profit / FTE | Trailing twelve months gross profit divided by FTE |
| Net debt | Nominal value of the outstanding revolving credit facility, less unrestricted cash at bank. In 2024, net debt included the convertible bonds |
| Net Working Capital | Inventories, trade and other receivables, trade and other payables, and contract liabilities, excluding receivables and payables merchants and financial institutions |
| One-offs | Non-recurring, extraordinary or non-core items, being restructuring costs |
| OPEX | Employee benefits, other operating expenses, and other operating income |
| Other items | Definitions |
| --- | --- |
| CPaaS | Communication Platform as a Service |
| Rich channels | Rich channels include WhatsApp Business, Apple Business Chat, Google RCS, Facebook messenger and Viber |
| SaaS | Software as a Service, including Artificial Intelligence (AI) services |