Growens (GROW) Investor presentation summary

Strategic evolution and business highlights

• Transitioned from a digital agency to a leading cloud software provider, focusing on SaaS and CPaaS, with seven acquisitions and two major divestments since 2015.

• International revenues grew from 10% to 80% since IPO, now serving 12,000 clients and over 1 million free users in 115+ countries.

• Major divestments in 2023 included the sale of ESP and Datatrics businesses, raising over €78m and enabling a strategic focus on Beefree.

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

• Workforce streamlined to 160 employees across two continents post-divestments.

Financial performance and capital allocation

• FY 2024 revenues reached €74.5m, with Agile Telecom contributing €60.3m and Beefree €12.7m; Beefree grew 23.5% YoY while Agile Telecom declined 5.1%.

• EBITDA for FY 2024 was negative at €-0.1m, reflecting increased R&D and S&M investments, especially in Beefree.

• Shareholders' equity decreased to €34.6m in FY 2024, impacted by treasury share purchases and dividend payouts.

• Net cash position remained strong due to proceeds from divestments, despite significant cash outflows for dividends and share buybacks.

• Scrip dividend of €0.38 per share approved for 2025, following a €1.58 per share extraordinary dividend in 2024.

Business unit performance and strategy

• Beefree achieved a 3-year ARR CAGR of 43.3%, with ARR reaching $17m (+24% YoY) and gross margin at 83%.

• Beefree SDK is embedded in over 1,100 SaaS applications, including 75% of Forrester Wave Email Marketing Service Providers.

• Agile Telecom remains Italy's #1 A2P messaging provider, sending ~2 billion SMS annually, with €60m in revenues and 11% gross margin.

• Beefree's strategy focuses on global expansion, leveraging a freemium model and enterprise offerings to become the standard for email and landing page creation.

• Agile Telecom aims to consolidate market leadership and expand from wholesale to retail sales.