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Exasol AG Call Transcript 2026
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Call Transcript
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Exasol
Investor Call – Audited FY 2025 & Q1 2026
Jörg Tewes (CEO), Jan-Dirk Henrich (CFO)
Webcast – 7 May 2026
2
Jörg Tewes, CEO
Jan-Dirk Henrich, CFO
Topics for today
- Business Update
- Audited figures FY 2025
- Current trading update
- Outlook & Summary
- Q&A
Exasol
Disclaimer
This presentation contains future-oriented, forward-looking statements ("Forward-looking Statements"), estimates, opinions, projections and forecasts representing the current assessments 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. 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 abbreviated nature and may be subject to updating, revision and amendment, and such information may change materially. Neither Exasol AG nor any of its directors, officers, employees, agents or affiliates undertakes or is 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 terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "aims", "plans", "predicts", "may", "will" or "should" or, in each case, their negative, or other variations or comparable terminology. These Forward-looking Statements include all matters that are not historical facts. They appear in a number of places throughout this presentation and include statements regarding Exasol's intentions, 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 future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved.
Business Update Q1 2026
Exasol
Summary Current Trading Q1 2026
Revenue: 9.5m EUR
(Q1 2025: 12.4m EUR)
ARR total: 37.8m EUR
(-3.5% yoy)
EBITDA: 0.4m EUR
(Q1 25: 1.3m EUR)
ARR focus verticals: 26.0m EUR
(+8.8% yoy)
Net Liquid Funds 24.7m EUR
(FY25: 18.7m EUR)
Net Income: 0.2 EUR
(Q1 25: 1.0 EUR)
- Y-o-Y Revenue and EBITDA development driven by non-recurring revenue items in 2025 and phasing effects
- Q1 2025 included non-recurring revenue items of 2.9m EUR; recurring revenue in Q1 2026 stable compared to Q1 2025
- EBITDA & net income impacted by same non-recurring effects, but developing as expected to achieve FY guidance
- Y-o-Y ARR growth improved to -3.5% in Q1 2026 vs -8.5% in Q4 2025 (+6 ppts)
- Better-than-expected reduction in churn dynamic driving improvement - FY26 churn/downsell of app. 10% expected vs >20% in 2025
- New biz performance Q1 2026 impacted by ongoing delays in upsell conversion
- ARR performance expected to improve in 2H 2026 based on increasing pipeline momentum, particularly new logo opportunities
- Liquid funds (net cash) of 24.7m providing significant strategic and operational flexibility
- Guidance for FY2026 confirmed
Exasol
Business Development Activities Q1 2026
Pipeline generation progressing as planned; on track for H2 conversion and ARR acceleration
- High profile Xperience event in Berlin held with focus on Data Sovereignty and AI; very promising follow-on feedback and opportunity generation with potential customers and partners
- Good new logo pipeline momentum, e.g. a Fortune 500 Pharmaceutical Company and a large German industrial, among several other potential new projects
- Upsell pipeline and momentum slower compared to previous years, partly driven by investment restraint caused by inflation in hardware prices since beginning of year
New Partnerships starting to meaningfully contribute to pipeline generation
- Adesso -> First joint opportunities and currently driven forward
- MariaDB -> First POCs started, collaboration ramping up steadily but with slight delay vs plan
- StackIT -> Exasol now available on StackIT marketplace; commercial collaboration deepened
New growth fields making progress, particularly in AI
- Sovereign AI: Lakehouse turbo market validation led to generated opportunity with major US life science company, based on AI use-case -> currently in paid POC stage; several new AI-based customer discussions generated
- Lakehouse Turbo: Pilot customer trials with 2 large German customers; continuation of building complementary solution to data lakes validated by SAP's acquisition of Dremio
Exasol
"Sovereign AI" is emerging as the logical next evolution for our product
Comprehensive strategy deep-dive for investors in Capital Markets Day 2026 coming up in October
Financial Results FY 2025 Audited
Gopaluch 5/2025 Fourth All-New Year-24
Exasol
Results 2025 FY – Preliminary vs Audited
In EUR million, in percent
| | FY 2025
audited | FY 2025
preliminary | Δ | FY 2025
audited | FY 2024
audited | Δ |
| --- | --- | --- | --- | --- | --- | --- |
| Revenue | 41.8 | 41.8 | 0.0 | 41.8 | 39.6 | 2.2 |
| thereof recurring | 37.7 | 37.7 | 0.0 | 37.7 | 39.1 | -1.4 |
| thereof non-recurring | 4.1 | 4.1 | 0.0 | 4.1 | 0.5 | 3.6 |
| Gross Profit | 38,3 | 38.3 | 0.0 | 38.3 | 39.6 | -1.3 |
| Gross Profit Margin | 92% | 92% | +/- 0% | 92% | 100% | -8% |
| Personnel expenses | -24.0 | -24.0 | 0.0 | -24.0 | -26.4 | 2.4 |
| Other expense | -10.2 | -10.2 | 0,0 | -10.2 | -11.2 | 1,0 |
| Total Costs | -34.2 | -34.2 | 0.0 | -34.2 | -37.6 | 3.4 |
| EBITDA | 4.1 | 4.1 | 0.0 | 4.1 | 2.0 | 2.1 |
| EBITDA Margin | 9.7% | 9.7% | +/- 0% | 9.7% | 5.1% | +4.6% |
| EBITDA reported | 4.1 | 4.1 | 0.0 | 4.1 | 2.0 | 2.1 |
| Net Income | 3.0 | 3.1 | -0.1 | 3.0 | 0.2 | 2.8 |
- incl. 1.0m EUR (booked in 2024) and 1.0m EUR (booked in 2025) other operating income from granting of R&D subsidies by ministry of finance; gross profit adjusted for R&D subsidies is shown in brackets
** incl. 0.8m EUR restructuring expenses in 2024 and 1.0m EUR restructuring expenses in 2025
Comments
- No deviation between preliminary and audited figures for FY 2025
Exasol
Starting ARR 2026 adjusted for average FX rates Q4 2025
ARR in mEUR, in percent
Comments
- Gross upsell rate at 113% (vs. 116% in PY)
- Net ARR retention rate at 89% (vs. 101% in PY)
- ARR churn rate at 24% (vs. 15% in PY)
Trading update Q1 2026
Exasol
Q1 marked by still slow new biz but markedly lower churn dynamic – Growth acceleration expected in H2
ARR in mEUR, at const. FX and methodology, in percent, # of customers
Exasol
Q1 new biz still marked by conversion delays on on similar level as in 2025 – better-than expected churn compensating In EUR million, in percent
Exasol
ARR bridge Q1 2025 – Improvement in y-o-y growth dynamic driven by recovery in churn rate
ARR in mEUR, at const. FX and methodology, in percent, # of customers
2026 figures are preliminary and unaudited
Focus and Non-Focus Verticals
- Gross upsell rate at 113% (vs. 113% in previous quarter)
- Net ARR retention rate at 93% (vs. 89% in previous quarter)
- ARR churn rate at 20% (vs. 24% in previous quarter)
- Net growth at -3.5% (vs. -8.5% in previous quarter)
Exqsol
12-month rolling churn-rate gradually declining since peak in Q2 2025 – further significant drop expected in Q2 2026
EoP value, in percent of ARR 12 months before
LTM Churn rate
Total business lost in LTM
vs.
Total business 12 months ago
Exasol
Share of focus-verticals stable at 70% - Y-o-y focus vertical growth at 9%
ARR in mEUR, at const. FX, in percent of total
2026 figures are preliminary and unaudited
Exasol
Sustained path of profitability on EBITDA and Net Income level
In mEUR
2026 figures are preliminary and unaudited
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Revenue | 9.5 | 12.4 | -2.9 |
| - thereof recurring revenue | 9.5 | 9.5 | - |
| - thereof non-recurring revenue | 0.0 | 2.9 | -2.9 |
| Gross Margin | 8.8 | 9.9 | -1.1 |
| Other Operating Income | 0.3 | 0.1 | +0.2 |
| Personnel expenses | (5.9) | (6.2) | +0.3 |
| Marketing | (0.5) | (0.2) | -0.3 |
| IT infrastructure | (0.7) | (0.6) | -0.1 |
| Others | (1.6) | (1.7) | +0.1 |
| Total Costs | (8.7) | (8.6) | -0.1 |
| EBITDA | 0.4 | 1.3 | -0.9 |
| Net income | 0.2 | 1.0 | -0.8 |
| 2026 ytd | 2025 ytd | Change | |
| --- | --- | --- | |
| 9.5 | 12.4 | -2.9 | |
| 9.5 | 9.5 | - | |
| 0.0 | 2.9 | -2.9 | |
| 8.8 | 9.9 | -1.1 | |
| 0.3 | 0.1 | +0.2 | |
| (5.9) | (6.2) | +0.3 | |
| (0.5) | (0.2) | -0.3 | |
| (0.7) | (0.6) | -0.1 | |
| (1.6) | (1.7) | +0.1 | |
| (8.7) | (8.6) | -0.1 | |
| 0.4 | 1.3 | -0.9 | |
| 0.2 | 1.0 | -0.8 |
Exasol
Liquid funds (net cash) at 24.7m EUR as of end Q1 2026
Liquid Funds* in mEUR
- incl. short- & long-term financial assets
Outlook & Summary 2026
Exasol
Financial Outlook 2026 (unchanged)
In mEUR, in percent
| 2025 (actuals) | 2026 (guidance) | |
|---|---|---|
| ARR growth | -8.0% | Growth in mid-single-digit percentage range |
| Revenue Growth | +5.7% | Decline in mid-single-digit percentage range |
| EBITDA | 4.1m€ | 3.0 – 4.0m€ |
Exasol
Financial Calendar 2026
| 2026 | February 3 | FY '25 preliminary results (Webcast) |
|---|---|---|
| February 4 | HIT Conference (Hamburg) | |
| March 19 | Annual Report 2025 | |
| May 7 | FY '25 final results & Q1 '26 trading update (Webcast) | |
| May 11/12 | Spring Conference (Frankfurt) | |
| June 11 | Annual General Meeting (virtual) | |
| August 19 | H1 '24 report (Webcast) | |
| September 22 | Baader Investment Conference (Munich) | |
| August 19 | H1 '24 report (Webcast) | |
| October 15 | Capital Market Day (Frankfurt/Hybrid) | |
| November 11 | Q3 '26 trading update (Webcast) | |
| November 23/24 | Equity Forum (Frankfurt) |
Exasol
Key takeaways
- Y-o-Y ARR performance improved (–3.5% vs -8.5%) but impacted by continued pipeline conversion-delays – partially driven by exceptional price inflation in hardware; delays further in play, conversion expected
- 12-months rolling ARR churn-rate continued to decline in Q1 2026 for 3rd consecutive quarter; further decline towards a 10-15%-rate already expected for Q2 2026; app. 10% expected for FY
- Pipeline generation progressing: Very promising follow-on feedback from the Xperience in Berlin; good new logo momentum from our sales activities; Sovereign AI emerging as major in-road topic for potential customers both in Europe and America
- On track for return to ARR growth in H2 2026, consistent with our plans, driven by good pipeline generation in H1 and reduced churn
- Net liquidity continued to increase and stood at 24.7m EUR by end of Q1 2026; providing high strategic and operative flexibility
22
Thank you!
Q&A Session