Docebo (DCBO) investor relations material

Executive summary

• Achieved a second consecutive quarter of accelerating underlying ARR, reaching $255.1 million as of June 30, 2026, driven by strong enterprise performance, robust pipeline growth, and notable new customer wins in both enterprise and public sector.

• Strategic focus on verticalization, especially in healthcare and government, with investments in specialized teams, product enhancements, and AI-driven offerings to address targeted industry needs.

• Integration of recent acquisitions, notably 365Talents and Zive, is ahead of schedule, expanding capabilities and improving win rates in enterprise and internal use cases.

• Platform unifies LMS, LXP, AI authoring, roleplay, e-commerce, and more for workforce readiness, serving 3,578 customers with 900+ employees as of June 30, 2026.

• Trusted by major global enterprises, with 93% of revenues from subscriptions and a 20.2% subscription revenue CAGR from 2022 to 2025.

Financial highlights

• Annual Recurring Revenue (ARR) reached $255.1 million, up 9.5% year-over-year, with a 20.2% CAGR from 2022 to 2025; excluding the largest OEM customer, ARR grew 13.9%.

• Q2 2026 total revenue was $68.7 million, up 13% year-over-year, with subscription revenue of $63.8 million, up 11.9%.

• Adjusted EBITDA for Q2 2026 was $11.2 million (16.4% margin), up from $9.2 million (15.2%) in Q2 2025.

• Adjusted net income for Q2 2026 was $9.4 million ($0.37 per share), up from $8.9 million ($0.30 per share) year-over-year.

• Professional services revenue grew 31% year-over-year to $4.8 million in Q2 2026.

Outlook and guidance

• Raised revenue guidance by $3.5 million relative to last quarter, with $2.1 million flowing through to H2, and FY 2026 guidance set at subscription revenue of $255.5–$257.5 million, total revenue of $274.5–$276.5 million, and Adjusted EBITDA of $54.5–$56.5 million.

• Confidence in continued ARR acceleration for H2, supported by a strong pipeline in enterprise, government (including FedRAMP), and international markets.

• Strategic focus on organic innovation, upmarket expansion, and government opportunities, aiming for a healthy Rule of 40 profile.

• R&D expenses to increase sequentially through Q4, while sales and marketing spend will decrease in Q3 due to event timing.

• Guidance assumes stable FX rates, macro conditions, and customer retention.