Vercom S.A. — Investor Presentation 2026

Mar 4, 2026

VERCOM

Al leverage: driving customer value – at scale

Preliminary results 2025

04 March 2026

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: Disclaimer

VERCOM

By reviewing this material, you agree to the following limitations:

The information provided was prepared by VERCOM S.A. (the "Company") for informational purposes only and for the purposes of this presentation (the "Presentation"). This Presentation does not constitute or form part of and should not be treated as an offer or proposal to subscribe for, underwrite or otherwise acquire any securities of the Company. The Company is not responsible for the outcome of any decision or action taken on the basis of this Presentation. Responsibility for the effects of any actions or decisions taken lies solely with the recipient of the Presentation. The Presentation contains forward-looking statements that reflect the current assessment of the Company or, as the case may be, the Management Board, with respect to external factors, business strategy, plans and objectives of the Company for its future operations. These forward-looking statements relate to the Company and the sectors and industries in which the Company operates. Forward-looking statements include statements that contain words such as "expects", "intends", "plans", "believes", "anticipates", "has plans", "aims", "may", "would", "could", "will" and other similar statements relating to future events or circumstances. All forward-looking statements in this Presentation address matters of risk and uncertainty. Accordingly, they constitute or may constitute important factors that could cause actual circumstances to differ materially from those anticipated in or arising from these statements. All forward-looking statements in this Presentation reflect the Company's current expectations of future events and are subject to the impact of both these and other risks, uncertainties and assumptions concerning the Company's business, performance, development strategy and liquidity. The Company does not undertake to publicly update or supplement any forward-looking statements as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements relating to the Company or persons acting on behalf of the Company are expressly subject in their entirety to the provisions of this paragraph. In particular, before making an investment decision, potential investors should take into account the aforementioned factors, which may cause actual results to differ from those expressed in the forward-looking statements. The Company does not intend to make or distribute any annexes, amendments, updates or revisions to any information, opinions or forward-looking statements contained in this Presentation in order to reflect changes in events, conditions or circumstances, and declares that it is under no obligation to do so. No representation, warranty or undertaking, express or implied, is made as to the accuracy, completeness and correctness of the information or opinions contained in this Presentation. The Company shall not be liable for any damage arising in connection with the use of the Presentation or its contents or for any other title related to the Presentation. The Presentation does not constitute or form part of, and should not be construed as an offer, an invitation to purchase or to make an offer, or as the basis for any decision to invest in any securities of the Company or its subsidiaries.

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: Quality growth for the past 20 years

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: Dynamic growth driven by organic expansion and value-accretive acquisitions

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EBITDA (PLNm)

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: We have achieved our EBITDA targets every year since the IPO

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EBITDA targets in 2021-2024 and 2025-2028 ESOP

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: Selling services to 120.000+ customers in 180 markets globally

VERCOM

~2/3
gross profit from international sales

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: The AI execution layer for trusted customer communications

VERCOM

Security & compliance
Provides regulatory adherence, data residency, GDPR, sender verification, spam traps, cybersecurity, threat detection.

Delivery & reliability
Handles delivery via MNO connections, routing, IP warm-up and automations. Determines campaign performance, SLA & costs.

Communication center
Stores contact databases, campaign history, scenarios, manages interactions with client systems (ERPs/CRMs).

Behavioral Intelligence
Collects proprietary behavioural data including send/open/click/conversion. Embedded deeply in the client processes.

Orchestration engine
AI acts as an optimization layer that simplifies processes and reduce costs

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VERCOM

: Al drives our operating efficiency and customer experience for SME customers

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: Faster onboarding boosts conversion rates

Average customer approval time

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: Significant acceleration of time-to-value

Automation of tasks with MailerLite MCP

Can you help me prepare my first newsletter? I'm new to MailerLite.

• $\approx$ ① Sonnet 4.5 $\sim$ 1

Sure! I see from your profile that you run an e-commerce store.

If you tell me what type of message you would like to send to your subscribers I can prepare a draft of your first newsletter?

I want to send an exclusive 20% discount.

• $\approx$ ① Sonnet 4.5 $\sim$ 1

Done! Check out MailerLite app to see the draft.

Time to value (first campaign)

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: We are now providing even better customer experience

AI resolved customer support chat tickets (%)

Average time to close email ticket

Average time to close chat ticket

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: Stronger customer relationships = high NPS

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Net Promoter Score (NPS)

High NPS results in stronger retention, higher lifetime value, and increased referrals - all of which fuel sustainable, long-term growth

Source: Comparably as at 02/03/2026

• Data as at March 2025

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: We attract record-high number of SME customers while improving the most important KPIs

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: Significant acceleration of net paying customers growth

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Quarterly net paying customers growth

Note

• Record-high number of signups is expanding our monetization potential as our user base is dynamically growing
• Changes to free plan limits have accelerated monetization of freemium users
• Increasing conversion rate combined with record-high number of signups and more effective monetization of freemium customers should strongly support net paying customers growth in the coming quarters

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: Happy customers = strong LTV growth

LTV growth (YoY)

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: Growing operating efficiency

Revenue per FTE (USDk)

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: Al is the new driving force of A2P communication

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: Our TAM expands as AI reduces frictions and entry barriers

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VERCOM

: AI-native workflows lead to more interactions per customer journey

Before AI

• Simple trigger-based automations
• With AI-native workflows
• Communication branching out into conversations across different channels

Pre-purchase
- allegro LPP
- Marketing
- Spring season is about to start! Looking for new trainers? Check our special offer.
- Not interested in trainers, looking for a jersey sized L.
- Sure, check out your email for a special selection of jerseys we have prepared just for you!
- Love it, can I complete the purchase in-app?

Transaction
- InCont
- Payment

We have sent authorization code to your email. Please check your mailbox.

Delivery
- InPost
- DHL

Your order has shipped. Estimated delivery: next business day.

Can I change my pick-up point to POZ97M?

Can I change my pick-up point to POZ97M?

Sure, we have updated your delivery address. Delivery time remains unchanged!

Better personalization + more interactions = more volume @higher ROI

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: OTT and RCS will enable the growth of conversational communication

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Source: Vercom

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: Customers are gradually migrating toward richer channels

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Accelerating adoption visible in both new registrations & usage statistics
2x increase in gross profit from RCS & OTT channel in 2025 confirm growing adoption of new communication channels
New client wins with top consumer brands such as Rossman, Douglas & Inglot
Adoption should further accelerate as iOS is expected to support RCS A2P natively from 2026 (in Poland)
Rapid progress in AI ecosystems leading to more AI-native workflows is expected to fuel traffic in the mid and long-term

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: Al is democratizing technology & shifting communication landscape

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Taxation

Taxation

MAX SHIFT
Migration toward richer RCS/OTT channels = higher margins

Taxation

TAM expansion
Lower entry barriers = higher SMB/MM market penetration + more cross-sell

Volume growth

New use cases + conversational communication = more AP2 traffic

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: Healthy growth structure driven by customer adds and cross-selling

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: 2025 was another record year

Gross profit
Growth y/y
PLN 255m
+15%
Adj. EBITDA
PLN 136m
+23%
Adj. Net income*
PLN 99m
+29%

• Net income adjusted for PLN 7.5m of non-cash ESOP costs

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: 2x increase in net customer adds YoY

Net paying customer adds

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: Gross profit growth driven by customer adds and cross-selling of services

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Gross profit (PLNm)

* NER (Net Expansion Rate) – change in revenue from customers generating revenue in the current and the comparative period, excl. wholesale traffic

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: Growing efficiency drives operating leverage

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: Stable SG&A cost base allows to benefit from operating leverage

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General and administrative expenses (PLNm)

Sales and marketing expenses (PLNm)

* G&A expenses adjusted for non-cash ESOP costs amounting to PLN 3.7m per quarter

Note
- Stable G&A costs throughout 2025
- The increase of G&A costs QoQ was mostly associated with the increase of D&A & other end-of-year costs
- Stable selling and marketing costs throughout most of 2025
- PLN 1.2m QoQ increase resulting from the increased marketing budget during the high-sales season in Q4

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: Dynamic EBITDA growth in line with target growth trajectory

Adjusted EBITDA (PLNm)

Note

✓ 2025 EBITDA in line with new ESOP target
✓ EBTIDA adjusted for PLN 7.5m of non-cash ESOP cost
✓ Organic growth rate amounting to 23% YoY, driven by record-high customer adds and increase in sales to existing clients
✓ c. 7 p.p. increase in EBITDA margin resulting from lower contribution of high-volume, low-margin messaging traffic and positive changes in the product mix

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: Net income growth provides space for record-high dividend

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: Robust net income growth

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Adjusted net profit (PLNm)

Note

☑ Adjusted net profit growth of 29% yoy to c. PLN 99m
☑ Reported net income affected by:
(i) non-cash ESOP costs (PLN 7.5m in 2025 vs. PLN 0.6m in 2024
(ii) FX impact (PLN -0.3m in 2025 vs. PLN +1.9m in 2024)

☑ Net income margin supported by:
- Operating leverage driven by stable level of SG&A costs
- Decreasing financing costs resulting from repayment of debt

☑ Strong net income dynamics bodes well for potential future dividend distributions

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: Attractive perspective of growing dividends

Net profit, dividend payout (PLNm)

• Net income in 2023 adjusted for PLN 13m profit on sale of shares in User.com
  ** Net income in 2024 adjusted for PLN 0.6m of ESOP and PLN 2m of positive FX impact
  *** Net income in 2025 adjusted for PLN 7.5m of non-cash ESOP costs

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: Total distributions to shareholders can reach 108% of IPO proceeds this year

YERCOM

Distributions to shareholders (PLNm)

• Potential dividend payout assuming 2025 payout ratio

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: Strong balance sheet means more headroom for M&A

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: Strong cash accumulation despite record-high distributions

VERI 2011

Note

• ☑ Positive net cash position amounting to PLN 25m
• ☑ Negative net debt / EBITDA (-0.2x), down from 3.0x following the acquisition of MailerLite in Q2 2022
• ☑ Stronger cash position means more headroom for growth initiatives and planned acquisitions

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: PLN +600m headroom for potential acquisitions

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Financing capacity (PLNm)

• Based on ESOP target for 2026

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: Multiple growth
levers to move
beyond the base case

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: We are aiming to achieve PLN +300m total EBITDA by 2028

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EBITDA growth drivers

PLN 300m
2028 Total EBITDA

PLN 70m
Upside

PLN 230m
EBITDA ESOP Target

• Net Expansion Rate (NER)

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: Key takeaways from 2025 results

• We delivered another record year, with EBITDA up +23% to PLN 136m, exceeding the ESOP target for the fifth consecutive year
• Healthy growth driven by record-high net customer adds (+28,400 clients, c. 86% YoY) and strong sales to existing clients (NER 116%)
• Growing adoption of AI drives operating efficiency and customer experience, resulting in higher conversion rate (+11,600 net customer adds in Q4 2025 vs. 3,100 in Q4 2024) and higher retention rate (LTV growth of 38% YoY in 2025 vs. 12% in 2024)
• Cost discipline and AI-enabled efficiency gains in the SME segment improved operating leverage, with revenue per FTE up 35% YoY
• AI will accelerate conversational messaging adoption, boosting interaction volumes across the customer journey and shifting traffic toward modern channels like RCS and OTT
• We are targeting PLN 300m EBITDA by 2028, driven by organic growth supported by AI tailwinds and selective acquisitions

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VERCOM

: Scale beyond