Investor Presentation Mid Year 2023

Sergio Muratori Casali

CEO

Guido Spagnoli

CFO

Modena

Mid Year Financial Results,

October, 2023

1H 2023 Results & Overview

Market slowdown impacted profitability…but not the investments to increase scalability and to create a European one company

Key financials

Revenues € 12.1 Mn, + 9.9% vs H1 2022 EBITDA (€ 0.5 Mn) vs € 1.5 Mn

Net Result (€ 3.2 Mn) vs € 0.3 Mn

Net Financial Debt at € 18 Mn vs € 14 Mn as

of 31.12.2022

Highlights

  • Recurring revenue stable at 70% and Low Churn rate 1.5
  • Awarded INPS Tender with Postel (3 years contract)
  • First release of Doxee Unified Platform (with Infinica Modules)
  • Integrated offering ready for DACH market and customer base, launched on 21 Sept through Infinica & Doxee event
  • Doxee certified B Corp
  • Doxee methodology for CO2 emissions validated by RINA
  • Doxee named as a Strong Contender in the 2023 SPARK Matrix™ for Accounts Receivable Applications

Impacts on profitability

  • Clients' investments delay due to hard macro conditions resulted in revenues below expectations and impacted the
    Group's profitability
  • Investments to execute the Doxee Platform continued: benefits in terms of productivity improvement and efficiency expected from H1 2024
  • Infinica's integration ongoing, to be completed in H1 2024

Mid Year Financial Results, October, 2023

Investor Presentation

Consolidated Revenues Breakdown

CAGR 23%

PRODUCT LINE GROWTH

9.1

H1 2021

H1 2023 (€/mln)

7.7

H1 2022

H1 2023

6.0

CAGR -16%

CAGR 14%

1.8

1.8

1.5

1.7

1.3

1.3

10% REVENUES GROWTH

below the forecast due to PA and Tier 1 clients' orders delay to H2 or

2024

  • 1.8 MLN INFINICA REVENUE
    CONTRIBUTION
    up and cross selling potential still not exploited

px

BY PRODUCT LINES

14%

dx 11%

px

ix

dx

ix

GEOGRAPHICAL AREA

10% 73%

Italy

UE

17%

75%

NEW COMMERCIAL & FRAMEWORK AGREEMENTS SIGNED

Projects to be developed starting from H2

LAUNCH OF THE INTEGRATED OFFERING

In progress Infinica's interactive on demand components integration into the Doxee Platform3@

Mid Year Financial Results, October, 2023

Investor Presentation

1H 2023 Financial Highlights

PROFIT & LOSS

1H 2023

1H 2022

Sales Revenues

12.1

11.1

Value of Production

13.8

12.7

Contribution Margin

6.4

6.4

EBITDA

(0.5)

1.5

EBITDA margin (%)

n.a.

12%

EBIT

(2.6)

0.1

Net Income

(3.2)

0.3

BALANCE SHEET

1H 2023

FY 2022

Net Working Capital

(0.8)

0.0

Fixed Assets

31.1

29.6

Net Capital Employed

28.3

27.8

Net Financial Debt

18.0

14.4

Shareholders' Equity

10.3

13.4

  • 2023 H1 Revenues amounted to €12.1 mln: document experience €9.1 mln, interactive experience €1.7 mln, product line paperless experience €1.3 mln.
  • EBITDA negative to € (0.5) due to a slowdowbn in the revenues growth and additional costs incurred by the integration of Infinica.
  • Net income stood at € (3.2) mln (€ 0.3 mln in 2022 H1) due to the increase in amortization and in financial costs and impacts on business
  • Net Working Capital stood at € (0.8) mln, decreasing in comparison with 2022 as a resul of an increase in DPO.
  • Fixed Assets stood at €31.1 mln. The most significant item are Intangibles (€ 29.6 mln). In intangibles the most relevant are Development costs, for € 8.8 mln, Assets under construction, for € 8.0 mln.and goodwill for € 7.7 mln
  • Net financial debt reached in 2023 H1 € 18.2 mln, as a result of negative cash flows

Mid Year Financial Results, October, 2023

Investor Presentation

EBITDA Bridge

(€/mln)

Increase

Decrease

Total

EBITDA

SALES

OTHER

DIRECT

INDIRECT

CAPEX

R&D

EBITDA

1H 2022

REVENUES

REVENUES

COSTS

COSTS

COSTS

1H 2023

  • The increase in costs must be interpreted in light of the different size of the Group which as of 06/30/2023 also includes the company Infinica
  • Since the integration process is still ongoing, the increased costs incurred have not yet been fully reflected in terms of revenues
  • The performance of the first months of H2 suggests a recovery in margins by the end of the year

Mid Year Financial Results, October, 2023

Investor Presentation

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Doxee S.p.A. published this content on 03 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 October 2023 13:22:52 UTC.