Growens (GROW) Investor presentation summary

Strategic evolution and business highlights

• Transitioned from a digital agency to a global SaaS and CPaaS provider, with 7 acquisitions and 2 major divestments since 2015, focusing on innovation in cloud software and content design.

• International revenues grew from 10% to 80% since IPO, now serving around 12,000 clients and over 1 million free users in 180 countries.

• Major 2023 divestments included the sale of ESP assets for €76.7m and Datatrics for €1.6m, enabling a strategic focus on Beefree and stakeholder returns.

• Acquired RGE assets in 2024 for up to $6.6m to expand Beefree's audience and capabilities.

• Launched significant value creation initiatives: partial tender offer (€18m cash) and first-ever dividend (€1.58/share in 2024, €0.38/share scrip dividend in 2025).

Business unit performance and growth

• Beefree achieved a 3-year ARR CAGR of 32.9%, with $17.3m ARR as of September 2025 and 9,800+ clients, focusing on no-code email and landing page creation.

• Beefree SDK is embedded in over 1,100 SaaS applications, including 75% of Forrester Wave leaders, and maintains a gross margin of 83%.

• Agile Telecom, acquired in 2015, remains Italy's #1 A2P messaging provider, sending ~2 billion SMS annually, with €60m revenues and a 12% gross margin in 2024.

• Revenue distribution in 1H 2025: Europe 47% (-32% YoY), USA 38% (+36% YoY), Italy 34% (+52% YoY), with SaaS (Beefree) up 22% YoY and CPaaS (Agile Telecom) down 4% YoY.

• Beefree's strategy leverages a freemium model and enterprise offerings to drive global expansion and recurring revenues (97.9%).

Financial performance and capital allocation

• FY 2024 revenues were €74.5m (-0.8% YoY), with Beefree up 24% and Agile Telecom down 5%; EBITDA improved from -€0.6m to -€0.1m.

• 1H 2025 revenues reached €36.2m (-2% YoY), with SaaS revenues up 22.1% and CPaaS down 3.8%.

• Net cash position at 1H 2025 was €8.1m, after significant cash outflows for dividends, M&A, and treasury share purchases.

• Shareholders' equity decreased from €56.9m to €34.6m between FY 2023 and FY 2024, reflecting capital returns and divestments.

• Dividend payouts and share buybacks provided substantial liquidity events for investors, with a 28.2% yield in 2024 and 9% scrip yield in 2025.