Virtualware (MLVIR) Investor Update summary

Financial performance and growth

• Achieved €4.2 million in revenue for 2024, with EBITDA rising 91% to €807,000 and a net debt/EBITDA ratio of 0.5, reflecting strong financial health and capacity for future leverage.

• VIRO subscription plans grew 36% to €1.78 million, while VIRO Services contributed €2.05 million, consolidating the business model around recurring revenue.

• North America accounted for nearly 40% of revenue, with Spain representing just over 50%, supporting the strategic focus on international expansion.

• Operating expenses rose 35% due to North American growth investments, while personnel costs fell 15% due to the absence of share-based compensation.

• Integration of the Swedish acquisition, Simumatic, contributed to product portfolio expansion and strategic positioning in manufacturing.

Strategic initiatives and business model

• Continued execution of the 2024–2026 strategic plan, emphasizing product-led growth, SaaS, and international expansion, especially in the US and Canada.

• Pursuing an 80–90% revenue split from subscription plans, with a growing partner channel to deliver services and scale internationally.

• Inorganic growth is now a strategic consideration, following the successful Simumatic acquisition, with further opportunities being evaluated.

• New product releases, including VIRO 2.6 and upcoming standalone VR compatibility, aim to broaden market reach and sector penetration.

• Uplisting from Euronext Access to Euronext Growth is underway to improve share liquidity and visibility.

ESG and organizational highlights

• Employee satisfaction remains high, with a 92% satisfaction rate and NPS above 40, supporting talent retention and company culture.

• Sustainability is a core value, with ongoing efforts to achieve B Corp certification and align sustainability objectives with business strategy.

• The company is active in defense, education, energy, and manufacturing sectors, leveraging a diversified client base to mitigate market risks.

• Strategic partnerships and local subsidiaries in Canada and the US support resilience against global economic uncertainties and trade policy shifts.

• Ongoing focus on improving investor relations transparency and communication, with comprehensive annual and sustainability reports available.