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Exasol AG
Investor Presentation • May 7, 2025
710_rns_2025-05-07_aae74c34-64fd-4531-a718-60d76b2416b3.pdf
Investor Presentation
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Investor Call – Q1 2025 unaudited figures
Exasol - Internal
Jan-Dirk Henrich (CFO)
W e b c a s t - 0 7 / M a y / 2 0 2 5
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 Forwardlooking 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.
Summary of key points
FINANCIALS Q1 2025
(unaudited)
ARR: 40.0m EUR (-2.2% yoy) Revenue: 12.4m EUR (+25.3 yoy)
EBITDA: 1.3m EUR (Q1 25: 0.3m EUR)
Net income: 1.0m EUR (Q1 24 –0.2m EUR)
- Strong ARR growth of +14.6% to 24.4 EURm in focus verticals; ARR share of focus verticals increased to 61% (Q1 2024: 52%)
- Slight Group ARR decline of 2.2% attributable to a downsell with one large customer in non-focus-verticals
- Substantial revenue increase of 25.3% includes 2.9 EURm for the delivery of hardware and services to existing customers, which were invoiced on a one-off basis
- Net liquidity increased by 8.2 EURm to 23.2 EURm compared to Q4 2024 providing operative and strategic flexibility to execute the Group's strategic shift to focus-verticals
- Guidance for FY2025 is confirmed: Mid-single digit ARR and revenue growth; EBITDA increase at least of 50% to o 3 EURm to 4m EURm
Financial Results FY 2024 Audited
Copyright © 2024 Exasol. All rights reserved.
Results 2024 FY – Preliminary vs Audited
In EUR million, in percent
| FY 2024 audited |
FY 2024 preliminary |
Δ | FY 2024 audited |
FY 2023 audited |
Δ | |
|---|---|---|---|---|---|---|
| Revenue | 39.6 | 39.6 | 0.0 | 39.6 | 35.1 | 4.5 |
| thereof recurring | 39.1 | 38.9 | 0.2 | 39.1 | 34.1 | 5.0 |
| thereof non-recurring | 0.5 | 0.7 | -0.2 | 0.5 | 1.0 | -0.5 |
| Gross Profit | 39.6* | 39.6* | 0.0 | 39.6 (38.6)* | 35.5 (33.1)* | 4.1 |
| Gross Profit Margin | 100% | 100% | +/- 0% |
100% (97.5%)* | 101% (94.3)* | -1% (3.2%) |
| Personnel expenses (adj.) | -26.4** | -26.4** | 0.0 | -26.4** | -29.4** | 3.0 |
| Other expense (adj.) | -11.2 | -11.2 | 0.0 | -11.2 | -11.5 | 0.3 |
| Total Costs (adj.) | -37.6 | -37.6 | 0.0 | -37.6 | -40.9 | 3.3 |
| EBITDA (adj.) | 2.0 | 2.0 | 0.0 | 2.0 | -5.4 | 7.4 |
| EBITDA Margin | 5.1% | 5.1% | +/- 0% |
5.1% | -15.4% | +20.5% |
| EBITDA reported | 2.0 | 2.0 | 0.0 | 2.0 | -5.7 | 7.7 |
| Net Income | 0.2 | 0.2 | 0.0 | 0.2 | -8.2 | 8.4 |
Comments
- No deviation between preliminary and audited figures for FY 2024
- Adjusted for R&D subsidies gross profit margin improved by ca. 3%
- Overall cost base improved by > 3m EUR
- Adj. EBITDA improved by ca. 7.7m€ reaching profitabilioty in FY 2024
* incl. 1.0m EUR (booked in 2024) and 2.4m EUR (booked in 2023) 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 1.5m EUR restructuring expenses in 2023
New business driven 70-80% from focus-verticals; churn from non-focus verticals dampening net growth
ARR in mEUR, at const. FX and methodology, in percent, # of customers
Audited 2024 figures
- Gross upsell rate at 116% (vs. 124% in PY)
- Net ARR retention rate at 101% (vs. 115% in PY)
- ARR churn rate at 15% (vs. 9% in PY)
Recap Strategic Focus Areas
Copyright © 2024 Exasol. All rights reserved.
On-premise customers in industries with strong regulatory influence drive near-term growth potential
Compliance Perfomance Optimized Cost
How Exasol Wins
~3bn USD on-prem serviceable obtainable market (SOM) provides ample growth headroom
Growth in '22-'24 was driven by strong double-digit growth in focus verticals
In percent of ARR (Annual Recurring Revenue)
Financial Results Q1 2025
Copyright © 2024 Exasol. All rights reserved.
Continued growth in focus verticals; non-focus vertical share gradually declining
ARR in mEUR, at const. FX, in percent of total
2025 figures are preliminary and unaudited
ARR decline in H1 occurred as expected driven by downsell of major customer in non-focus vertical
ARR in mEUR, at const. FX and methodology, in percent, # of customers
2025 figures are preliminary and unaudited
- Continued growth in focusverticals
- Decline in ARR in Q1 driven by downsell of large customer in non-focus verticals
- Absolute churn highest in Q1/Q2 with majority of contracts renewing in H1
New business driven 70-80% from focus-verticals; churn from non-focus verticals dampening net growth
ARR in mEUR, at const. FX and methodology, in percent, # of customers
2025 figures are preliminary and unaudited
Focus and Non-Focus Verticals
- Gross upsell rate at 113% (vs. 124% in PY)
- Net ARR retention rate at 95% (vs. 114% in PY)
- ARR churn rate at 18% (vs. 11% in PY)
New business driven 70-80% from focus-verticals; churn from non-focus verticals dampening net growth
ARR in mEUR, at const. FX and methodology, in percent, # of customers
2025 figures are preliminary and unaudited
Focus Verticals Only
- Gross upsell rate at 121% (vs. 138% in PY)
- Net ARR retention rate at 112% (vs. 135% in PY)
- ARR churn rate at 9% (3% adj. for churn of UK customer) (vs. 3% in PY)
Continued improvement of both EBITDA and Cashflow
In mEUR
2025 figures are preliminary and unaudited
End 2020 End 2021 End 2022 End 2023 Q1 2024 End 2024 Q1 2025
* excl. non-recurring effects from pre-IPO stock programs (until 2024) and excl. effects from capital increase in June 2023 ** incl. short & long term financial assets
Sustained path of profitability on EBITDA and Net Income level
In mEUR
2025 figures are preliminary and unaudited
| Q1 2025 | Q1 2024 | Change | 2024 | 2023 | Change | |
|---|---|---|---|---|---|---|
| Revenue | 12.4 | 9.9 | 2.5 | 39.6 | 35.1 | 4.5 |
| - thereof recurring revenue |
9.5 | 9.8 | -0.3 | 39.1 | 34.1 | 5.0 |
| - thereof non-recurring revenue |
2.9 | 0.1 | 2.8 | 0.5 | 1.0 | -0.5 |
| Gross Profit* | 9.9 | 9.3 | 0.6 | 39.6* | 35.5* | 4.1 |
| Personnel expenses** | -6.2 | -6.7 | 0.5 | -26.4** | -29.4** | 3.0 |
| Marketing | -0.2 | -0.4 | 0.2 | -1.1 | -2.9 | 1.8 |
| IT infrastructure | -0.6 | -0.8 | 0.2 | -3.8 | -2.3 | -1.5 |
| Others (FY 2023: adj.) | -1.7 | -1.2 | -0.5 | -6.4 | -6.3 | -0.1 |
| Total Costs (FY 2023: adj.) | -8.6 | -9.1 | 0.5 | -37.6 | -40.9 | 3.3 |
| EBITDA (FY 2023: adj.) | 1.3 | 0.3 | 1.0 | 2.0 | -5.4 | 7.4 |
| Net income | 1.0 | -0.2 | 1.2 | 0.2 | -8.2 | 8.4 |
* incl. 1.0m EUR (booked in Q2 2024) and 2.4m EUR (booked in 2023) other operating income from granting of R&D subsidies by ministry of finance;
** incl. 0.8m EUR restructuring expenses in 2024 and 1.5m EUR restructuring expenses in 2023
Outlook 2025
Copyright © 2024 Exasol. All rights reserved.
Financial Outlook 2025
In mEUR, in percent
2024 figures are preliminary and unaudited
| 2024 | 2025 outlook | |
|---|---|---|
| ARR growth | 4% | Mid single digit growth |
| Revenue Growth | 13% | Mid single digit growth |
| EBITDA | 2.0m€ | 3.0 – 4.0m€ |
Key takeaways
• Q1 developed along expectations:
YoY slight ARR decline driven by downsell of a major customer in non-focus-verticals. ARR development with further expected decline until mid-year due to seasonal churn concentration in H1
• Business development in focus verticals progressing:
Continued yoy growth and good pipeline development to drive return to overall net ARR growth in H2; geopolitical discussions around data sovereignty fuelling leads in core markets DACH/EMEA
• Sustained profitability:
EBITDA, Net Income and Cashflow further strengthened, supported by full-year impacts of saving measures conducted in 2024 and one-off business through hardware and service sales
• Full year outlook:
Unchanged, with expected mid-single-digit percentage range for ARR and revenue growth; EBITDA growth of at least 50% to 3-4m EUR
Thank you!
This is the ending of this presentation.
W e b c a s t - 0 7 / M a y / 2 0 2 5