Doxee S.p.a. · MIL:DOX
Doxee — Non-Deal Roadshow (October 2026)
33 slides from Doxee's roadshow presentation, Oct 6, 2026
Slide 1: Intesa Sanpaolo Roadshow
Intesa Sanpaolo Roadshow Sergio Muratori Casali Co-Founder and co-CEO Silvia Mantovani Group Chief Financial Officer Tommaso Mascagni Chief Strategy Officer Milan October 6, 2026
Slide 2: Agenda
1. Doxee at a Glance 2. Key Financials H1 2026 Agenda 3. Addressable Market & Growth Strategy 4. Success Cases
Slide 3: Doxee at a Glance
1 Doxee at a Glance doxee
Slide 4: About Doxee
About Doxee Presence across Europe with Doxee is a cloud-sovereign European Technology Vendor, 200+ clients offering a communication platform for: Customer Communication Management (CCM), Customer Experience Management (CXM), Interactive Experience Management (IXM), Digital Archiving and 9+ billion
Slide 5: What we do
What we do Doxee Platform® Customer Data End-Customers Customer Communication Management Adopting a sovereign EU cloud platform enables template Print & consolidation, reduces costs and complexity, eliminates Mail CRM & CX silos, supports scalability, and accelerates ROI through AI- Interactive Data
Slide 6: Market Validation
Market Validation CCM Market Guide Tech Tide for Creative Technologies Tech Tide : Video Technologies Now Tech CCM Now Tech On Line Video Platforms SPARK Matrix : Customer Communication Management Leaderboard for Customer Communications Management and Interactive Experience Management CCM Trends and
Slide 7: Our clients
Our clients Telecom & Media Utilities Public Sector Banking Insurance Key facts ▪ Top European Enterprise organisation rely on Doxee ▪ Present & Experience in Europe (Italy, DACH, CEE) ▪ >50% of clients with over 10 years of collaboration ▪ Long experience within the regulated market verticals ▪ Piv
Slide 8: Trusted Where It Matters to Enterprises
Trusted Where It Matters to Enterprises RESOURCES HIGH VOLUME, DIGITAL BOOST, AI PILOTS Case study Swisscom group, • 80–90M comm. per year across channels; digital adoption top-3 Italian telco from 35% to 90% A blue circle with a white arrow in it AI-generated content may be incorrect. • AI-based ch
Slide 9: Key Financials H1 2026
2 Key Financials H1 2026 doxee
Slide 10: H1 2026 Achievements
H1 2026 Achievements A semester of transition, investing ahead of the 2026-2028 Business Plan H1 2026 main achievements after the completion of the O3 strategy Stronger recurring revenue base, cash generation and new strategic contracts RECURRING REVENUES STRONG OPERATING NET FINANCIAL DEBT GROWTH C
Slide 11: Consolidated revenues breakdown
Consolidated Title revenues breakdown +13% (€/mln) Revenues amounted to € 15.1 mln, in line H1 2025 with H1 2025, thanks to the positive H1 2026 12.4 performance of Italy (+7% compared to H1 10.9 2025) despite a lower contribution from EU -36% and Extra-EU. Subscriptions revenues grew by +13% YoY, 4
Slide 12: H1 2026 Financial Highlights
H1 2026 Financial Highlights H1 2026 Sales Revenues amounted to € PROFIT & LOSS (€/mln) H1 2026 H1 2025 15.1 mln (in line with H1 2025), with Subscriptions up 13% and recurring revenues Sales Revenues 15.1 15.1 at 82% of the total. Value of Production 16.5 16.2 EBITDA of € 2.4 mln (€ 2.9 mln in H1 2
Slide 13: H1 2026 Investments
H1 2026 Investments R&D and Value of Production R&D Costs (€/mln) FY 2025 H1 2025 H1 2026 % of R&D on Costs in the Profit&Loss 5.0 2.3 2.2 VoP 14% 14% Capitalizations in the Balance Sheet (€/mln) 16.2 16.5 Total R&D Costs 5.0 2.3 2.2 Increase in internally generated fixed assets 1.9 0.7 0.9 (Profit&
Slide 14: H1 2026 Cash Flow Statement
H1Title 2026 Cash Flow Statement In H1 2026, the Group generated a strong cash flow from operating activities (€ 5.1 mln), in line with H1 CASH FLOW STATEMENT (€/mln) H1 2026 H1 2025 2025 (€ 5.0 mln). Cash flow from operating activities 5.1 5.0 Cash absorbed by financing activities Cash flow from in
Slide 15: Net Financial Debt Bridge
Net Financial Debt Bridge (€/mln) 2.7 0.0 0.1 (1.2) (10.6) 1.9 0.0 (14.3) NFD NET PROFIT D&A CHANGE INVESTMENTS CHANGE IN OTHER NFD 31.12.2025 IN NWC PROVISIONS 30.06.2026 FOR EMPLOYEES NFD/EBITDA LTM 1.8x
Slide 16: Key business highlights, 2026 YTD
Key business highlights, 2026 YTD Area Key highlights New Logos - not exhaustive • Public water utility, Milan area. 36-month tender for the full communication cycle — e- invoices, certified delivery, archiving 2026 Key • Among top 5 Germany's energy providers. E-invoicing in Germany, covering B2B d
Slide 17: Addressable Market & Growth Strategy
3 Addressable Market & Growth Strategy
Slide 18: Reference Market
Reference Market | CCM is Doxee’s core market, with adjacencies across other CX&RM markets and into Trust Services – totaling ca. 4B € value in 2030 Customer Experience and Relationship Management (CX&RM) Trust Services Core CCM market Adjacent CX&RM markets Customer Communication Customer Experienc
Slide 19: Addressable Market – Key Trends
EXOGENOUS — REGULATORY, MACRO AND TECHNOLOGY FORCES AI consolidating as a structural driver of demand growth, AI Market shift while reducing costs and increasing roadmaps’ time to market Massive regulatory compliance rollout ongoing in Europe, EU Compliance including E-invoicing, eIDAS Addressable E
Slide 20: Now ready for the next scale-up phase
Doxee a long-standing market player, with turnaround completed in 2025 (O3 strategy) Founding and development O3 Consolidation Strategy delivered 2001-2023 2023-2025 • 2001 — Founding in Modena: paperless-first, fully digital • O3 strategy execution: Now ready for – One Company: post-mergers integra
Slide 21: Develop as European leader in advanced CCM & CXM
Our Vision 2030 What: 1 value proposition • Advanced Enterprise architecture • Sovereign Doxee Private Cloud • Agentic Architecture • Native CRM / ERP Integration Develop as Where: 3 angles to define our playgrounds European leader in • Geographies: 3 EU most attractive Countries (ITA/DE/FR) + Partn
Slide 22: Value Proposition, Agentic Platform | Built for Humans, Powered by AI
FOCUS - Value Proposition, Agentic Platform | Built for Humans, Powered by AI User Ontology evolution Human/Agent symbiosis Elevated human users, new agent users Collaboration leading to superior value creation Agentic Platform Human in the Loop Architectural Enabling enterprise evolution from pure
Slide 23: Top Line | +10-14% Revenues CAGR in 2025-2028 driven by ARR
Top Line | +10-14% Revenues CAGR in 2025-2028 driven by ARR Direct Revenues by line (M€) ARR Revenues by Geography (M€) Key Drivers 2025-2028 CAGR 10-14% 2025-2028 CAGR 13-16% • Market demand growing 10-17% sustained by 41.8 - 46.1 32.4 - 34.9 users, tech. and regulatory trends 32.0 - 33.5 24.5 - 25
Slide 24: 2026-2028 Key Financial Targets
2026-2028 Key Financial Targets REVENUES 2025-2028 CAGR 10-14% EBITDA 2025-2028 CAGR 24-29% EBITDA MARGIN 41.8 - 46.1 ~18% ~19-20% ~27-28% €/million €/million 31.1 32.0 - 33.5 11.8 - 13.6 6.3 6.4 - 7.0 2025 2026E // 2028E 2025 2026E // 2028E CAPEX NET FINANCIAL DEBT €/million €/million 14.3 1212 - 1
Slide 25: Success Cases
4 Success Cases
Slide 26: Fastweb Customer Success Case (Telecom & Media)
Fastweb Customer Success Case (Telecom & Media) SaaS Communication Platform Trust Omnichannel Customer End-to-end management of Services Distribution Experience invoicing, dunning and post- billing communications across Customer digital and print touchpoints. Data Billing & Omnichannel outbound cred
Slide 27: Fastweb Customer Success Case (AI Customer Intelligence)
Fastweb Customer Success Case (AI Customer Intelligence) Dashboard XML Anomaly Detection Billing Data Digital Digital Bill Bill Telco Energy Engagement Scoring Customer Engagement Interactions Data Doxee Platform® Model Context Protocol (MCP) Churn Prediction Dunning Data Agent Gateway Digital Digit
Slide 28: TIM Customer Success Case (Telecom & Media)
TIM Customer Success Case (Telecom & Media) Customer Care Print&Mail Email PEC Digital Archive Billing € Legal Archive (Consumer & Business) Doxee Platform® eInvoicing Applications SERC/Q Payment & Collection System Integrators Email BPOs PEC Applications SMS Contracts System Integrators Email BPOs
Slide 29: BayernLB Customer Success Case (Banking)
BayernLB Customer Success Case (Banking) Centralised Omnichannel CCM Platform Delivery No-code one platform for Customer Customer Communication Management (CCM) and Data Customer Experience Management (CXM) AFP JDB C Omnichannel outbound PDF/A SMTP BayernLB Customer communication distribution Core D
Slide 30: Generali Customer Success Case (Insurance)
Generali Customer Success Case (Insurance) Global CCM Hub for Insurance in a Box Omnichannel Single Doxee Platform® instance unifying Generali's IIaB CCM Customer across six European countries, starting from Portugal. Experience Generali Global IIaB Doxee Platform® Print & Mail SMS Insurance in Glob
Slide 31: ACEA Customer Success Case (ACEA Group)
ACEA Customer Success Case (ACEA Group) Customers & Employees Data Doxee Platform® Integration with Billing Smart Bill System with customization for every Group company Customers: Onboarding, Integration with Certified Communication Billing & Collection System (SERC/Q) for dunning process Collection
Slide 32: Disclaimer
Disclaimer This presentation contains certain forward-looking statements that reflect the Company’s management’s current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward- looking statements are based on Doxee S.p.A.’s cu
Slide 33: Thank you.
Thank you. doxee