Growens (GROW) Investor presentation summary

Strategic overview and growth trajectory

• Operates in the fast-growing B2B SaaS and cloud software sector, focusing on no-code email content design and mobile messaging.

• Achieved a 3-year CAGR of +28% for Beefree and +8% for Agile Telecom, with seven acquisitions and two major divestments since 2015.

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

• Recent M&A activity includes the sale of several business units for €76.7m and the acquisition of RGE's assets for up to $6.6m.

• Value creation initiatives include a voluntary partial tender offer, significant dividend payouts, and a scrip dividend program.

Business units and market positioning

• Beefree is a leading no-code email and landing page builder, spun off in 2017, with 9,800+ clients and 1.2 million free users, mainly in North America.

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

• Agile Telecom specializes in wholesale A2P messaging, sending about 2 billion SMS annually, and holds price leadership in Italy.

• Beefree's ARR reached $17.3m (+14% YoY) as of September 2025, while Agile Telecom's revenues for 2024 were €60m.

• Competitive landscape includes major SaaS and CPaaS players, with Beefree and Agile Telecom maintaining strong positions in their respective markets.

Financial performance and outlook

• FY 2024 revenues were €74.5m, with Beefree growing 24% and Agile Telecom declining 5% YoY.

• EBITDA improved from -€0.6m in 2023 to -€0.1m in 2024, with gross profit up 20% and significant increases in S&M and R&D expenses.

• Net cash position strengthened by divestments, with €69m cash in and €20m dividend paid in 2024.

• Beefree guidance targets ARR of $24-27m by December 2027, EBITDA margin above 15%, and cash flow break-even by 2028.

• Share price declined 58% over the past year, with a current market cap of €33.9m as of November 2025.