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 7 acquisitions and 2 major divestments since 2015.

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

• Divested mature and inefficient businesses (ESP and Datatrics) in 2023 for a combined €78.3m, enabling focus on Beefree and stakeholder returns.

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

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

Business units and product focus

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

• Beefree SDK is embedded in over 1,000 SaaS applications, including 60% of Forrester Wave Cross-Channel Marketing Hubs.

• 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 in Dec 2024 (27% YoY growth), with a 3-year CAGR of 44.1%.

• Agile Telecom reported €44.4m revenues and 10% gross margin in Q3 2024.

Financial performance and capital allocation

• FY 2023 revenues were €75.1m (down 2.2% YoY), with Beefree up 18% and Agile Telecom down 6%.

• Gross profit increased 19% in 2023, while EBITDA turned negative at -€0.6m due to higher S&M and R&D investments.

• Shareholders’ equity rose to €56.9m in 2023, with a strong net cash position following divestments and value distribution events.

• Dividend payout of €1.58 per share in 2024, representing a 37.5% payout ratio and 28.2% yield at proposal date.

• Market cap stood at €78.5m as of February 2025, with a 5-year share price performance of +47%.