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Pexip Holding Investor Presentation 2026
3711_rns_2026-05-05_46ab0dc8-d1e6-4ca6-8b83-8598d6a6641c.pdf
Investor Presentation
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]pexip[
Quarterly Presentation
Q1 2026
May 30, 2026
Important notice and disclaimer
These materials have been produced by Pexip Holding ASA (the "Company", and with subsidiaries the "Group"). The materials have been prepared for the exclusive use of persons attending an oral briefing and meeting to which these materials relate given by a representative of the Company and/or persons to whom these materials have been provided directly by an authorized representative of the Company (the "Recipients"). For purposes of this notice, "materials" means this presentation, its contents and appendices and any part thereof, any oral presentation and any question or answer session during or after or in relation to any of the foregoing.
The materials are for information purposes only, and do not constitute or form part of any offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction and neither the issue of the information nor anything contained herein shall form the basis of or be relied upon in connection with, or act as an inducement to enter into, any investment activity. The materials comprise a general summary of certain matters in connection with the Group, and do not purport to contain all of the information that any recipient may require to make an investment decision. Each recipient should seek its own independent advice in relation to any financial, legal, tax, accounting or other specialist advice.
No representation or warranty (expressed or implied) is made as to any information contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements. Accordingly, the Company or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of the materials.
The materials may contain certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. Any such forward-looking statements are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. No liability for such statements, or any obligation to update any such statements or to conform such statements to actual results, is assumed.
These materials are not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would be contrary to local laws or regulations, and by accepting these materials, each recipient confirms that it is able to receive them without contravention of an unfulfilled registration requirements or other legal or regulatory restrictions in the jurisdiction in which such recipients resides or conducts business.
This presentation and related materials speaks only as of the date set out on the cover, and the views expressed are subject to change based on a number of factors. The Company does not undertake any obligation to amend, correct or update the materials or to provide any additional information about any matters described herein.
2 ]pexip[
Software only video conferencing specialist
Serving large enterprises and public sector organizations
U.S. Department of Veterans Affairs
Ministry of Justice
amwell
Meta
BUNDESWEHR
Unique partnerships with the technology leaders in our industry
Microsoft
poly
Zoom
CISCO
AVAYA
rocketchat
Mattermost
GENESYS
Strong financial performance
135m
ARR
USD EoQ1
17%
ARR growth
Y-o-y
92%
Gross margin
LTM margin
30%
EBITDA margin
LTM margin
1 Cash flow excluding financing items
3]pexip[
Q1 2026 highlights
- Continued strong growth in Secure & Custom with USD 2.9 million, with Defense and National Security customers growing USD 1.3 million
- Solid progress with Native Rooms driving growth in Connected Spaces
+4.0
MUSD 135 End Q1
ARR
Q-o-Q
18.7
MUSD, 46% margin
Adj. EBITDA¹
Q1 2026
19.8
MUSD, 32 LTM
Free cash flow
Q1 2026
1) Excluding Other gains and losses, e.g., restructuring costs
4]pexip[
Continued growth and further improved profitability
5 ]pexip[
1 EBITDA less Other gains and losses
2 Operating cash flow, investment cash flow and leases
Total ARR
USDm
Adjusted EBITDA¹
USDm, Last twelve months
Free Cash flow²
USDm, Last twelve months
Pexip's two business areas
Pexip Secure & Custom
Video meetings that are self-hosted on-premises or in a private cloud
When complete privacy and control over data is required
📧 | 📻 poly
📧 NVIDIA
AVAYA
Pexip Connected Spaces
Video meeting room interoperability
When several video technologies need to work seamlessly together
↑↑ Microsoft
📻 poly
📧 zoom
alt+alt+cisco
6 ]pexip[
SECURE AND CUSTOM SPACES
Secure & Custom market opportunity
A niche market with high growth potential
- Data sovereignty increasingly relevant, particularly in Europe
- Significant investments being made in building sovereign IT infrastructure and solutions in many countries
- Pexip has a unique position with the leading technology platform in a growing market of approximately $1 billion TAM
7 ]pexip[
SECURE AND CUSTOM SPACES
European tech sovereignty is moving from aspiration to mandate
Market backdrop
€1.5T
European tech spend in 2026
83%
Sovereign cloud growth
65%
EU cloud from 3 providers
Recent development
- French-German Digital Sovereignty Summit (Nov 2025) launched a joint task force; EU Council Declaration followed Dec 2025
- Cloud & AI Development Act (CADA) expected to introduce EU-wide eligibility requirements restricting procurement in sensitive sectors
- Germany's coalition contract explicitly mandates reducing non-European vendor reliance and modernising public procurement
Increasing number of initiatives ongoing to build sovereign solutions across Europe
6 ]pexip[
SECURE AND CUSTOM SPACES
Pexip has clear competitive advantages in the European market for Sovereign solutions
- Flexible deployment in cloud or on-premises
- European corporate DNA
- Flexible and open integrations
- Modern user experience
Global SaaS Services
Secure Meetings are easily scheduled in Outlook
User authentication
Pervate AI
Delployment flexibility and complete data control
- Self-hosted Secure Meeting
Integrated secure Chat
9 ]pexip[
We provide seamless “any-to-any” video
pexip[
Expect to have Connect for Microsoft Teams Rooms available on all platforms in Q2 2026
Connect for Microsoft Teams Rooms
- Enables Microsoft Teams Rooms to join 3rd party meetings
Confirmed availability across platforms from June
- Currently available on MTRs on Windows
Increasing opportunity
- Microsoft install base growing over 5,000 rooms per week
Microsoft Teams: Enhanced cross-platform join via SIP for Teams Rooms on Android
[Microsoft Teams Logo]
Enable Teams Rooms on Android to join third-party meetings via SIP, delivering seamless cross-platform interoperability. This capability ensures users can connect to external meeting services directly from Teams Rooms, maintaining a consistent and reliable meeting experience across diverse environments. Available on Teams Rooms Pro license.
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Good results from using AI in Pexip's products and organization
AI in our products
- Have enabled Live Captions (speech-to-text) and Live Translated Captions for multilingual collaboration
- Working to enable transcript export for customer-controlled workflows: Export transcripts for storage or integration with other private AI systems (e.g., summarization/insights).
- Private AI - Customers retains full control over data
AI in our organization
- Enabled software developers with AI agents to increase speed
- Realized opportunities in both simple and complex development problems
- Realized several use-cases in sales enablement and in back office automation
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Sales update
]pexip[
14 ]pexip[
Secure and Custom Spaces
Connected Spaces
+2.9m
ARR change
Q-o-Q USD
+1.1m
ARR change
Q-o-Q USD
59.3m
ARR USD
End of Q1 2026
75.8m
ARR USD
End of Q1 2026
24%
Y-o-Y growth
Q1 2026
12%
Y-o-Y growth
Q1 2026
Key Wins in Q1 2026 (1/2)
Accelerated focus on Sovereign solutions and data control
- Large win: A European State IT provider doubled its Pexip deployment across Secure Meetings and interoperability
- Large win: A European municipality IT provider deploys Pexip for Secure Meetings
- Large win: A European Justice System increases its use of Pexip for Secure Meetings
Healthcare drives growth
- Large win: A large Canadian healthcare provider entered into a three-year contract for Pexip Secure Meetings
- Large win: A US Healthcare IT provider increases its deployment of Pexip for a new customer
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Key Wins in Q1 2026 (2/2)
8
Unique position in highly classified and mission-critical environments
- Large win: A European Ministry of Defense increased its deployment of Pexip for Secure meetings
- Large win: A part of the US Department of War is now enabled with Pexip Secure Meetings
- Large win: A U.S. National Security agency is now enabled with Pexip for Microsoft Teams interop at IL 4+.
9
Solving highly relevant interoperability challenges in enterprise and public sector
- Large win: One of the world largest companies doubled its deployment of Pexip for Zoom Rooms
- Large win: One of the world's largest consumer brands signed Pexip to enhance their standard-based rooms with Teams interoperability
16 ] pexip[
Financial update
[pexip]
Subscription-based revenue model with ARR base at USD 135m in Q1 2026
ARR
USD million
ARR split
USD million
Note: Reclassified Defence and national security, which added 2 p.p.% from Government. Consolidated Enterprise and IT into Enterprise
18 ]pexip[
Overall net retention above 100% in Q1 2026
USD million, quarter-over-quarter
Connected spaces
Secure and Custom
19]pexip[
LTM 18% revenue growth and 30% EBITDA margin
1) EBITDA adjusted for Other gains and losses
- Quarterly revenue increase of 30% y-o-y
- Software revenue growth of 38% y-o-y
- SaaS revenue growth of 19% y-o-y
- LTM revenue growth of 18% in line with ARR growth of 17%
- 30% EBITDA¹ margin on LTM basis, up from 21%
- LTM ARR growth and EBITDA margin of combined 47 vs long-term target of more than 40
20 ]pexip[
Stable level of expenses
Quarterly OPEX development
USD million
- Other operating expenses
- Share option related costs
- Salary and personnel expenses
Salary and personnel expenses
- USD 1.5 million increased salary and personnel costs, impacted by USD/NOK currency fluctuations
- Reversal of social security accruals driving negative cost of share option related costs for Q1'26
Other Operating expenses
- USD 1 million higher OPEX, of which USD 0.5 million is tied to a company event
21 ]pexip[
93% incremental revenue to EBITDA conversion in Q1'26 increasing quarterly EBITDA margin from 32% to 46%
Revenue and gross margin
USD million
EBITDA excl. other gains and losses
USD million
Continue to maintain high EBITDA conversion on incremental revenue
22 ]pexip[
$20 million free cash flow in Q1 2026
Cash flow bridge Q1 2026
USD million
- USD 20 million in free cash flow, up 7% year on year, despite less favorable working capital development
- Working capital development adding USD 2.4 million compared to USD 10.5 million last year
- Have distributed dividend of USD 45 million in April
- Continue to have a solid financial position
1 Includes fair value adjustments on money market funds
Note: Free cash flow defined as the sum of operating cash flow, investment cash flow and lease payments
23 ]pexip[
Q1 2026 Financial results
Profit and loss
USD million
| Q1'26 | Q1'25 | Y-o-Y | |
|---|---|---|---|
| Revenue | 40.7 | 31.4 | 9.3 |
| Cost of goods sold | 3.3 | 2.6 | 0.6 |
| Gross Profit | 37.5 | 28.8 | 8.7 |
| Salary and personnel exp. | 14.4 | 15.3 | (0.8) |
| Other operating exp. | 4.4 | 3.4 | 1.0 |
| Adjusted EBITDA | 18.7 | 10.1 | 8.6 |
| Other gains and losses | 0.5 | 0.2 | 0.3 |
| EBITDA | 19.2 | 10.3 | 8.8 |
| D&A | -1.4 | -1.3 | (0.1) |
| EBIT | 17.8 | 9.1 | 8.7 |
| Net financials | -1.5 | -1.3 | (0.2) |
| Profit/loss before income tax | 16.3 | 7.8 | 8.5 |
- Strong growth in Software revenues driving revenue growth of 30%
- LTM increase of 18% in line with ARR growth
- Stable COGS-margin with increased SaaS usage driving COGS increase
- Reduction in salary expenses from reversal of social security accruals related to share-based compensation
- Positive other gains and losses from received insurance compensation related to office fire
- Negative net financials from weaker USD vs NOK
24 ]pexip[
Outlook and targets
[pexip]
Outlook
- Continued positive market outlook across the business areas driven by market trends
- Need for sovereign control of data and IT platforms
- Use of custom video work-flows is 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 Q2 2026 ARR outlook of 137-141 USD millions
Financial ambition
Consistently deliver:
- Double-digit ARR growth
- Above Rule of 40 performance across ARR growth and EBITDA margin
1) Excluding other gains and losses
26 ] pexip[
Upcoming dates
Q2 2026 Quarterly Presentation
© August 13th, 2026
27]pexip[
1pexip
Q&A
Investor.pexip.com