Growens (GROW) Investor Presentation summary

Strategic evolution and business highlights

• Transitioned from a digital agency to a leading cloud software provider, with 7 acquisitions and 2 divestments since 2015, and international revenues rising from 10% to 80% since IPO.

• Major 2023 divestments included the €76.7m sale of ESP businesses (MailUp, Acumbamail, Contactlab, Datatrics) and a €1.6m sale of Datatrics, focusing on derisking and capitalizing on core assets.

• 2024 saw the acquisition of RGE's assets for up to $6.6m to expand Beefree's audience and capabilities.

• Launched a voluntary partial tender offer and distributed the first dividend, returning significant value to shareholders.

• Committed to ESG goals, including carbon neutrality, climate positivity, and strong governance practices.

Business units and product focus

• Beefree, spun off in 2017, is a no-code content design platform with 1.1m free users and 9,400+ clients, focusing on email, landing pages, and pop-ups.

• Beefree SDK is embedded in over 1,000 SaaS applications, including 60% of Forrester Wave's Cross-Channel Marketing Hubs, and is recognized for rapid deployment and reliability.

• Agile Telecom, acquired in 2015, is Italy's top CPaaS provider for A2P messaging, with 370 direct carrier connections and ~2b SMS sent yearly.

• Beefree's ARR reached $16m (+27% YoY), with a 3-year CAGR of 44.1%, while Agile Telecom's revenues were €60m with an 11% gross margin.

• Competitive landscape includes global SaaS, CPaaS, and content design players, with Beefree and Agile Telecom holding leadership positions in their segments.

Financial performance and outlook

• FY 2024 revenues were €74.5m, with Beefree growing 24% and Agile Telecom declining 5%; gross profit rose 20% and EBITDA improved by 80%.

• Shareholders' equity decreased to €34.6m after treasury share purchases and dividend payouts; net cash position remained strong post-divestments.

• Beefree's ARR in December 2024 was $16m, targeting $24–27m by 2027, with continued investment in R&D and go-to-market initiatives.

• 2024–2027 strategy centers on organic growth and M&A focused on Beefree, aiming for Rule of 40 performance and stakeholder returns.

• Stock traded at €3.92 (March 2025), with a market cap of €60.3m; 5-year performance +22%, 1-year -13%.