Half Year 2026 Growens SpA Earnings Call

September 17, 2026

Micaela Cristina Capelli: Good afternoon everyone, and welcome to the H1 2026 discussion call. Today, Mr. Monfredini, our Chairman, and Mr. Gorni, our CEO, are with us, and they will proceed to comment on the data. Please let me remind you that this call is being recorded, and it will be made available on our website very soon, and that you can send any questions that you have at our investor relations email address, investor.relations@growens.io. Thank you very much for being here, and I would leave it to Matteo now to comment on the most recent data. Thank you very much.

Micaela Cristina Capelli: Good afternoon everyone, and welcome to the H1 2026 discussion call. Today, Mr. Monfredini, our Chairperson, and Mr. Gorni, our CEO, are with us, and they will proceed to comment on the data. Please let me remind you that this call is being recorded, and it will be made available on our website very soon, and that you can send any questions that you have at our investor relations email address, investor.relations@growens.io. Thank you very much for being here, and I would leave it to Matteo now to comment on the most recent data. Thank you very much.

Speaker #1: Good afternoon, everyone, and welcome to the first half of 2026 discussion call. today Mr. Monfredini Archer-Person and Mr. Gourney RCO are with us, and they will proceed to commence on the data.

Speaker #1: Please let me remind you that this call is being recorded and it will be made available on our website very soon, and that you can send any questions that you have at our own investor relations email address, investor.relations@growens.io.

Speaker #1: Thank you very much for being here, and I will now hand it over to Matteo to present the most recent data. Thank you very much.

Speaker #2: Thank you, Micaela. Just one moment, thanks. Okay. Good afternoon, everyone, and welcome to the Growens investor call to discuss our consolidated results for the first half of 2026.

Matteo Monfredini: Thank you, Michela. Just one moment. Okay. Good afternoon, everyone, and welcome to Growens investor call to discuss our consolidated results for the H1 2026. Yesterday, 15 September, our board of directors approved the consolidated IFRS 16 report as of 30 June 2026, and shortly afterwards, we published the related press release on our website. Today, I would like to walk you through those figures in a bit more detail, starting from the income statement. Let's start with revenues. Consolidated revenues for the H1 2026 reached EUR 40.3 million, up 11.5% compared to EUR 36.2 million in the same period of 2025. This is a market acceleration compared to the growth rates we have reported in recent periods, and it is worth noting that it was driven by both of our business lines together, rather than by one alone.

Matteo Monfredini: Thank you, Micaela. Just one moment. Okay. Good afternoon, everyone, and welcome to Growens investor call to discuss our consolidated results for the H1 2026. Yesterday, 15 September 2026, our board of directors approved the consolidated IFRS 16 report as of 30 June 2026, and shortly afterwards, we published the related press release on our website. Today, I would like to walk you through those figures in a bit more detail, starting from the income statement. Let's start with revenues. Consolidated revenues for the H1 2026 reached EUR 40.3 million, up 11.5% compared to EUR 36.2 million in the same period of 2025. This is a market acceleration compared to the growth rates we have reported in recent periods, and it is worth noting that it was driven by both of our business lines together, rather than by one alone.

Speaker #2: Yesterday, 15 September, our board of directors approved the consolidated Althea report as of 30 June 2026, and shortly afterwards we published the related press release on our website.

Speaker #2: Today we'd like to walk you through those figures in a bit more detail, starting from the income statement. So, let's start with revenues. Consolidated revenues for the first half of 2026 reached 40.3 million euros.

Speaker #2: Up 11.5% compared to 36.2 million euros in the same period of 2025. This is a market acceleration compared to the growth rates we have reported in the recent period, and it's worth noting that it was driven by both of our business lines together, and rather than by one alone.

Speaker #2: The SaaS component led by B3 grew by 12%, to €7.7 million, representing about 19% of total revenues. The CPaaS component, our agile telecommunications unit, also grew by 12%, reaching €32.2 million and accounting for roughly 80% of the total.

Matteo Monfredini: The SaaS component led by Beefree grew by 12% to EUR 7.7 million, representing about 19% of total revenues. The CPaaS component, our Agile Telecom business unit, also grew by 12%, reaching EUR 32.2 million, and accounting for roughly 80% of the total. Other revenues were essentially marginal at EUR 0.4 million, down 20.5%, reflecting the reduction of some non-recurring items compared to last year. Foreign revenues amount to EUR 30.3 million or 76% of total revenues, growing 17.4% year-on-year, while recurring revenues reached EUR 7.7 million, up 12%. Moving down in the profit and loss, gross profit reached EUR 10.5 million, up 10.3% with revenue incidence of 26.1%, broadly stable versus last year, 26.2%. Cost of goods sold grew 11.8% to EUR 29.8 million, essentially in line with the increase in CPaaS traffic volumes.

Speaker #2: Other revenues were essentially marginal at €0.4 million, down 20.5%, reflecting the reduction of some non-recurring items compared to last year. Foreign revenues amounted to €30.3 million, or 76% of total revenues, growing 17.4% year on year, while recurring revenues reached €7.7 million, up 12%.

Speaker #2: Moving down in the profit and loss, gross profit reached €10.5 million, up 10.3%, with a revenue incidence of 26.1%, broadly stable versus last year’s 26.2%.

Speaker #2: Cost of goods sold grew 11.8% to €29.8 million, essentially in line with the increase in CPAS traffic volumes. On the operating cost side, I'm glad to highlight that total operating expenditure actually decreased by almost 4% to €9.3 million from €9.7 million in the first half of 2025, even as revenues grew more than 11%.

Matteo Monfredini: On the operating cost side, I am glad to highlight that total operating expenditure actually decreased by almost 4% to EUR 9.3 million from EUR 9.7 million in the H1 2025, even as revenues grew more than 11%. This reflects the cost discipline we have been focused on. Sales and marketing costs grew by 5.8% to EUR 3.6 million, continuing to support the freemium commercial growth. Research and development costs, including both OpEx and capitalized components, decreased by 7.1% to EUR 3.25 million. With the OpEx line down 11.6% and capitalized developments down 2.9%, while general and administrative costs decreased by 8.3% to EUR 4.2 million. As a result, consolidated EBITDA turned positive at EUR 1.2 million or 3% of revenues, a strong turnaround from the -EUR 0.2 million we reported in the H1 2025. This is really the headline of today's results.

Speaker #2: This reflects the cost discipline we have been focused on. Sales and marketing costs grew by 5.8%, to €3.6 million, continuing to support B3 commercial growth.

Speaker #2: Research and development costs, including both opex and the capitalized component, decreased by 7.1% to €3.25 million, with the opex line down 11.6% and capitalized development down 2.9%. General and administrative costs decreased by 8.3% to €4.2 million.

Speaker #2: As a result, consolidated BDA turned positive at €1.2 million, or 3% of revenues—a strong turnaround from the negative €0.2 million we reported in the first half of 2025.

Speaker #2: This is really the headline of today's results for the first time in a while. Revenue growth and cost discipline are working together, and both of our business units contributed to the improvement.

Matteo Monfredini: For the first time in a while, revenue growth and cost discipline are working together, and both of our business units contributed to the improvement, as I will detail in a moment. Depreciation and amortization amounted to EUR 2.26 million, up 7.6%, mainly reflecting the growth in research and development amortization, which reached EUR 1.9 million, up 11.2%, consistent with the capitalized development investment we have made in Beefree in recent years. IFRS 16 related amortization was broadly stable at EUR 0.26 million. EBITDA before interest and taxes improved significantly to -1.1 million euro, from -2.3 million euro, an improvement of almost 54%. Net financial income more than doubled to EUR 0.15 million from EUR 0.07 million, benefiting from the return on our liquidity.

Speaker #2: as I will detail in a moment. Depreciation and amortization amounted to 2.26 million euros, up 7.6%, mainly reflecting the growth in research and development amortization, which reached 1.9 million euros, up 11.2%, consistent with the capitalized development investment we have made in B3 in recent years.

Speaker #2: IFRS 16 related amortization was broadly stable at 0.26 million euros. Earlier before, interest and taxes improved significantly to 1.1 million euros, from negative to, excuse me, sorry, to negative 1.1 million euros, from negative to 0.3 million euros, an improvement of almost 54%.

Speaker #2: Net financial income more than doubled to €0.15 million from €0.07 million, benefiting from the turnaround in the return on our liquidity. As a result, earnings before taxes improved by almost 50% to negative €0.9 million, from negative €2.2 million.

Matteo Monfredini: As a result, earnings before taxes improved by almost 50% to -0.9 million euro from -2.2 million euro. Taxes for the period amount to approximately EUR 0.45 million combined, of which EUR 0.32 million of current taxes and EUR 0.12 million of deferred taxes. As usual, these allocated figures are derived from the aggregate of the individual taxation of each legal entity in the group. Consolidated net results show a loss of EUR 1.36 million, improving by 42.7% compared to the EUR 2.37 million loss recorded in the H1 of 2025. Of this, EUR 1.32 million pertains to the group and about EUR 43,000 to minority interest. Let's go a bit deeper into the individual business unit. Agile Telecom posted revenue of EUR 32.6 million, up 13%, and the EBITDA of EUR 1.4 million, up 21.3%.

Speaker #2: Taxes for the period amount to approximately €0.45 million, comprised of €0.32 million in current taxes and €0.12 million in deferred taxes.

Speaker #2: As usual, this allocated figures are derived from the aggregate of the individual taxation of each legal entity in the group. So consolidated net results show a loss of 1.36 million euros, improving by 42.7% compared to the 2.37 million euros loss recorded in the first half of 2025.

Speaker #2: Of these, 1.32 million euros pertains to the group and about 43,000 euros to minority interests. Let's go a bit deeper in today's individual business unit.

Speaker #2: agile telecom posted revenue of 32.6 million euros, up 13%, and the BDA of 1.4 million euros, up 21.3%. In this confirm, the validity of the strategy we have been pursuing focused on, operating profitability alongside growth.

Matteo Monfredini: This confirms the validity of the strategy we have been pursuing, focused on operating profitability alongside growth. Beefree's revenues reached EUR 7.6 million, up 7.4% in euros, or 9% at constant exchange rates. The drag from unfavorable foreign exchange was limited at this time at less than two percentage points. Beefree's EBITDA was -0.46 million euro, an improvement of almost 67%, compared with the -1.4 million euro we reported in the H1 of last year. Annual recurring revenue reached $18.4 million as June of 2026, up from $16.9 million a year earlier. We remain on track towards our target of positive cash flow for Beefree by 2028, and we continue relocating research and development resources towards the opportunity created by artificial intelligence in content creation, both for designers and increasingly for AI itself. Turning into balance sheet overview.

Speaker #2: B3's revenues reached €7.6 million, up 7.4% in our terms, or 9% at constant exchange rates, so the drag from unfavorable foreign exchange was limited at this time to less than 2 percentage points.

Speaker #2: B3's EBITDA was negative €0.46 million, an improvement of almost 67% compared with the negative €1.4 million we reported in the first half of last year.

Speaker #2: Annual recurring revenue reached 18.4 million US dollars as June of 2026, up from 16.9 million dollars a year earlier. We remain on track towards our target of positive cash flow for B3 by 2028, and we continue reallocating research and development resources towards the opportunity created by artificial intelligence in content creation, both for designers and increasingly for AI-agent themselves.

Speaker #2: Turning to the balance sheet overview, total assets amounted to €60.1 million, up 6.6% compared to €56.4 million at the end of 2025.

Matteo Monfredini: Total assets amounted to EUR 60.1 million, up 6.6%, compared to EUR 56.4 million at the end of 2025, with a total equity of EUR 30.5 million, down 3.2%, mainly reflecting the period's net loss. Non-current assets grew to EUR 22.4 million. Within this, intangible asset amounts to EUR 7.2 million, up 3.8%, while goodwill is unchanged at EUR 8.5 million. Current assets grew 6.3% to EUR 37.7 million. In this, trade receivables decreased 11.7% to EUR 10.9 million, merely reflecting Agile Telecom connection dynamic. While cash increased 68% to EUR 3.6 million. On the liability side, current liabilities increased 17.9% to EUR 24.8 million, mostly explained by an increase in short-term payables from three to EUR 6.3 million, while trade payables actually decreased to 4.5% to EUR 11.2 million.

Speaker #2: With the total equity of 30.5 million euros, down 3.2%, mainly reflecting the period of net loss. Non-current asset view to, 2022.4 million euros, within this intangible asset amounts to 7.2 million euros, up 3.8%, while Goodwill is unchanged at 8.5 million euros.

Speaker #2: Current assets grew 6.3% to €37.7 million, and in this, trade receivables decreased 11.7% to €10.9 million, mainly reflecting Agile Telecom connection dynamic, while cash increased 68% to €3.6 million.

Speaker #2: On the liability side, current liabilities increased 17.9% to €24.8 million, mostly explained by an increase in short-term bank payables from €3 million to €6.3 million, while trade payables actually decreased 4.5% to €11.2 million.

Speaker #2: Okay, and now finally, the consolidated financial position as of 30 June 2026, that exceeds €9.2 million in cash, decreasing, thus, the net position of over €11 million recorded at the end of 2025.

Matteo Monfredini: And now finally, the consolidated financial position as of 30 June 2026, that exceeds EUR 9.2 million in cash, decreasing thus the net position of over EUR 11 million recorded at the end of 2025. This variation is mainly explained by the increase in short-term bank financing I just mentioned, together with the continued investment in the capitalization research and development costs, mainly related to Beefree, and by the usual seasonal dynamics in net working capital. Cash and cash equivalents exceed EUR 16.7 million, up 8.4% compared to year-end 2025. To sum up, the H1 2026 marks a turning point in our group profitability. Revenue growth and cost discipline work together to bring the EBITDA back into positive territory, and our balance sheet remains solid enough to let us keep investing in innovation and in the quality of our product with full autonomy.

Speaker #2: this variation is mainly explained by the by the increase in short-term bank financing, I just mentioned, together with the continued investment in the capitalization research and development costs, mainly related to, B3, and by the usual seasonal dynamics in networking capital.

Speaker #2: Cash and equivalents, cash and cash equivalents, exceed €17.167 million, up 8.4% compared to year-end 2025. So, to sum up, the first half of 2026 marks a turning point in our group profitability. Revenue growth and cost discipline work together to bring the EBITDA back into positive territory, and our balance sheet remains solid enough to let us keep investing in innovation and in the quality of our product with full autonomy.

Speaker #2: And, that's all from my side. I will now hand over to Nazaré Nogorni, our CEO, for an update on the main business, development. Thank you for your time.

Matteo Monfredini: And that is all from my side. I will now hand over to Nazareno Gorni, our CEO, for an update on the main business developments. Thank you for your time.

Speaker #1: Thank you very much, Matteo. I will now leave it to Nazareno, and I would ask you specifically to comment on B's growth path and predictions, as per what is shareable today.

Micaela Cristina Capelli: Thank you very much, Matteo, and I will leave it now to Nazareno. I would ask you specifically to comment on Beefree's growth path and predictions as per what is shareable today, and as per the different product lines of what Beefree is made up from. Thank you very much.

Speaker #1: And as per the different product lines of what B is made up from. Thank you very much.

Speaker #3: Thank you, Michaela. So, starting from Agile Telecom, which is quicker—we don't have many updates, since, as you know, the business is very mature, the industry is very mature, there is not any technology or business disruption, and so we are just continuing the business as usual.

Nazzareno Gorni: Thank you, Micaela. Starting from Agile Telecom, which is quicker, we do not have much updates since, as you know, the business is very mature, the industry is very mature. There is no technology or business disruption, and so we are just continuing the business as usual. Within Agile, actually, we have a new project that we are exploring. It is a new platform that could enable Agile Telecom to even increase the marginality addressing the smaller clients. But this is something that we are still working on, and we cannot share more at the moment. For Beefree, of course, the main impact this year is about AI. AI is changing a lot from different angles. First of all, it is changing how clients are looking for new solutions. It is changing also the barriers to enter our market, so developing software is much easier now.

Speaker #3: Within Agile, actually, we have a new project that we are exploring. It's a new platform that could enable Agile Telecom to increase marginality by addressing smaller clients.

Speaker #3: But this is something that we are still working on, and we cannot share more at the moment. For B3, of course, the main impact this year is about AI. AI is changing a lot, from different angles.

Speaker #3: First of all, it's changing how clients are looking for new solutions. It's changing also, the various 23-hour market, so developing now, the there are many different solutions that enable, designers to create email templates and landing pages, from very different tools now.

Nazzareno Gorni: There are many different solutions that enable designers to create email templates and landing pages from very different tools now. On top of that, this uncertainty makes our prospect, especially on the SDK side, more hesitant to sign new contracts and to start new developments with our Beefree SDK. In this context, of course, the impact is around our growth, and that is not as high as in the previous periods, in previous years. It is still almost double digits, so it is not bad, but it is not the one that we were expecting, and we forecasted. What we are doing about this? First of all, what we have already done, we rebranded the Beefree app as RGE Studio later last May, at the end of May. This is also a strategy that is pushing RGE Studio, the new product, more towards the mid, large enterprise clients.

Speaker #3: And so, and also on top of that, this uncertainty, makes, our prospect especially on the SDK side more hesitant to, to sign new contracts and to, to start new developments, with our B3 SDK.

Speaker #3: So in this context, of course, the impact is around our growth that, is not, as high as in the previous periods. In previous years, I still, almost double digits, so it's not bad, but it's not the one that we, we were expecting, and we forecasted so what we are doing about this.

Speaker #3: First of all, what we have already done, we rebranded, B3, up as RG Studio, later, last May, at the end of May, and this, is also, a strategy that, is, pushing RG Studio, the new product, more towards the mid-large enterprise clients.

Speaker #3: And this is a way to face the, the market change. Since, casual users users that are just, they just need to create one template and, and then, they're happy with that, probably today are going to use other systems, free systems or LLMs, such as GPT, Claude, and, that provide a good enough solution for them, while large enterprise clients do also require more, sophisticated, solutions, more with more advanced use cases, with personalization, accessibility, compliance, requirements, workflow approvals.

Nazzareno Gorni: This is a way to face the market change. Since casual users, they just need to create one template, and then they are happy with that, probably today are going to use other systems, free systems or LLMs such as GPT, Claude, and that provide a good enough solution for them. While large enterprise clients do also require more sophisticated solutions with more advanced use cases, with personalization, accessibility, compliance requirements, workflow approvals, and all those requirements translate in still interesting demand for our RGE Studio solution. That is why we completed this rebranding, and this shift towards the higher tier. On top of that, we also implemented some changes in organization, both how the team is organized, but also we are going to change our go-to market leaderships. We are already appointed a new Chief Revenue Officer, and we are looking for a new head of sales.

Speaker #3: And all those, all those requirements translate into still interesting demand for our RG Studio solution. And that's why we completed this rebranding, and this shift towards the higher tier.

Speaker #3: on top of that, we also, implemented some changes in organization, both the, how the team is organized, but also we are going to, to change our go-to-market leaderships.

Speaker #3: We introduced, already we are already appointed a new, CRO, Customer Revenue Officer, and, we are, looking for a new head of sales. And so this change I hope will help in reshaping our go-to-market approach.

Nazzareno Gorni: This change, I hope will help in reshaping our go-to market approach. We also completed the repricing of our Beefree SDK a few months ago. It is still an ongoing process because for enterprise clients, it takes longer because they might have contractual constraints or longer contracts, so it could take longer. Of course, we released, and finally, general availability since September, the MCP, so Model Contact Protocols, that allow other agents and LLMs to use our own solutions without accessing the usual interface. This is something very new, and this is free for our SDK clients. But as long as they use this MCP, this will trigger new API calls, and we charge for those API calls. So we expect an increase in this kind of usage.

Speaker #3: we also completed, the repricing of our B3 SDK, a few months ago, it's still an ongoing process because, for enterprise clients, it takes longer because of they, they might have contractual, constraints or longer contracts, so it could take, longer.

Speaker #3: And of course, we released, and finally, general availability since September, the MCP—so, Model Content Protocols—that allow other agents or LLMs to use our own solutions without accessing the usual, usual interface.

Speaker #3: This is something very new, and this is free for our SDK clients, but as long as they use this MCP, it will trigger new API calls, and we charge for those API calls.

Speaker #3: So, we expect an increase in this kind of usage.

Micaela Cristina Capelli: Thank you very much.

Speaker #1: thank you very much.

Speaker #3: I'm not done. This is, what we.

Nazzareno Gorni: I'm not done. This is what we-

Speaker #1: Okay, great. Thank you. Go ahead.

Micaela Cristina Capelli: Okay. Thank you. Go ahead.

Speaker #3: I'd like to share also something about what we are going to do. So, we are now working on the repricing and pricing packaging of the RG Studio, because we see there is value that we could gather from a different pricing packaging.

Nazzareno Gorni: I like to share also something about what we are going to do. We are now working on the repricing, the pricing packaging of the Beefree Studio because we see there is a value that we could gather from a different pricing packaging. We are working this quarter and the next quarter, and we hope to release the new pricing packaging beginning next year. In terms of strategy towards this new AI world, our strategy is to, since clients are now using different tools, and the path to achieve a final outcome always means jumping from one tool to another, depending on the task, translation, generate text, generate image, generate LLM template, validation. It's not linear anymore, and our position in this new world is to be available and usable in any possible overall flow combination.

Speaker #3: And, so we are working this, quarter and the next quarter, and we hoped to release the new pricing packaging beginning next year. And, and in terms of strategy, towards this new AI world, our strategy is to, since clients are now using different tools, and, the, the path to achieve a final outcome always means jumping from one tool to another depending on the task, translation, generate text, generate image, generate email template, validation, so, it's not linear anymore.

Speaker #3: And our position in this new world is to be available and usable in any possible workflow combination. This means that our editor will be available on the major LLMs, and on this project we already have a beta working.

Nazzareno Gorni: Which means that our editor will be available on the major LLMs, and on this project, we already have a beta working. We will allow agents with our MCP to use our tools without a usual UI. We also believe that the final manipulation is still important. Anyway, in any case, if you create something outside, at the end, if you want to adjust and make manual adjustments, I believe this is a capability that still is important to have, and this is where we are also investing, so to improve the user experience for this final manipulation phase. On top of that, we are developing more enterprise features towards better governance, also in a world where AI agents and humans are collaborating together to traceability, to compliance, to have compliance, to set guardrails for the AI agents.

Speaker #3: And, we will allow agents with our MCP to use our tools without, a UI, a usual UI. we also believe that the final manipulation is still important, so anyway, in any case, if you create something outside, at the end, if you want to adjust, and then make manual adjustments, I believe this is a capability that still is important to have, and this is where we are also investing.

Speaker #3: So to improve the user experience for this final manipulation phase—and on top of that, we are developing more enterprise features towards better governance, also in a world where AI agents and humans are collaborating together—to traceability, to compliance, to have compliance, to set guardrails for the AI agents.

Speaker #3: And one thing that we already released in this new enterprise feature set is the partial control enterprise version control. That allows our SDK client to have more control over the new updates that we are releasing.

Nazzareno Gorni: And one thing that we already released in this new enterprise features set is the version control, enterprise version control, that allow our SDK client to have more control over the new updates that we are releasing. That's it. Thanks.

Speaker #3: that's it. Thanks.

Speaker #1: Thank you very much again. I think that we have covered pretty much all the questions that have come in so far, except for one issue, which is: can you comment a little bit on Growens' position in M&A, whether as a seller or a buyer?

Micaela Cristina Capelli: Thank you very much again. I think that we covered pretty much all the questions that came in so far, but for one issue, which is, can you comment a little bit on Growens' position in M&A, be it at seller or buyer? Thank you so much.

Speaker #1: Thank you so much.

Speaker #3: Yes. We don't have any active M&A processes ongoing, either on the sell side or the buy side, but we maintain an opportunistic approach. So, we are open to evaluating opportunities as they present themselves.

Nazzareno Gorni: Yes. We don't have any active M&A process ongoing, both sell side or buy side, but we maintain an opportunistic approach. We are open to evaluate opportunities as they present themselves. I also see a question about Agile Telecom. The question is, if we are willing to sell Agile Telecom business unit. My answer is that this comes down to evaluation. Agile is growing both on its top line and its margins, but the industry is probably contracting. So it is difficult to have a good evaluation with a strong multiple in this kind of industry. We are not going to sell just to simplify our investment case, and we remain opportunistic until we get a good evaluation.

Speaker #3: I also see a question about agile telecom. And, so the question is, if we are, willing to sell agile telecom business unit, and, my answer is that, it is come down to evaluation.

Speaker #3: Agile is growing both on its top line, and its margins, but the industry is broadly contracting, and so it is difficult to have a good evaluation with a strong multiple, in, in this kind of industry.

Speaker #3: And so, we are not going to sell, just to simplify our investment case, and we remain opportunistic until we get a good evaluation.

Speaker #1: And thank you very much, Nazareno. I see there's a further question. but I really don't know whether we can allow discussions over here. I will kindly invite you to just drop an email to the investor relations, platform email.

Micaela Cristina Capelli: Thank you very much, Nazareno. I see there's a further question, but I really don't know whether we can allow discussions over here. I would kindly invite you to just drop an email to the investor.relations@growens.io email. Otherwise, I can try to allow the question. I can't. Okay, there we are. There we have them. So, call up some topics. First question is about Beefree's ARR. As a whole, it reached $18.4 million as of the month of June. Can you discuss, on a quality or quantitative basis, you just let us know, what level of ARR expansion is required during H2 of the year to achieve the target that was disclosed within the guidance calls of $21 to $23 million? And what do you expect that acceleration to come from?

Speaker #1: Otherwise, I can try to allow the question. I can't—okay, there we are. There we have them. So, follow-ups and topics. So, first question is about B freeze ARR.

Speaker #1: As a whole, it reached $18.4 million as of the month of June. And, can you discuss, on a qualitative or quantitative basis—you just let us know.

Speaker #1: What level of ARR expansion is required during the second half of the year to achieve the target that was disclosed within the guidance, which calls for $21 to $23 million?

Speaker #1: And what do you expect that acceleration to come from?

Speaker #3: Yes. So the gap to get to the target that we shared is less than $2 million in ARR, which means an acceleration in terms of both average customer value and expansion and new business.

Nazzareno Gorni: Yes. The gap to get to the target that we shared is less than EUR 2 million in ARR, which means an acceleration in terms of both average customer value and expansion and new business. We have put in place some initiatives like the repricing and the new go-to-market strategy. We are going to release those initiatives in the last two quarters, and we hope that this will allow us to get to the target. Of course, this is something that is challenging, of course, because the context is challenging, not only our regular go-to-market activities, but it is also the market that is challenging. But we are doing whatever it takes to get there. Those are the initiatives that I share, so the new GTM leadership and the new GTM initiatives that we are putting in place, and the repricing.

Speaker #3: We have put in place some initiatives, like the repricing and the new go-to-market strategy, and we are going to release those initiatives in the last two quarters.

Speaker #3: And, we hope that this will allow us to get to the, to the target. Of course, it is, this is something that, is challenging, of course, because the context is challenging, not only our regular, go-to-market activities.

Speaker #3: But it's also the market that is challenging, but we are doing whatever it takes to get there. And so, those are the initiatives that I shared.

Speaker #3: So, the new GTM leadership and the new GTM initiatives that we are putting in place, and the repricing.

Speaker #1: Thank you very much, Nazareno. After that, we have a few questions about the competitive scenario. Can you give a bit more context about the competitive scenario?

Micaela Cristina Capelli: Thank you very much, Nazareno Gorni. After that, we have a few questions about the competitive scenario. Can you give a bit more context about competitive scenario and specifically focusing on whether scenario conditions are different for small players from what they are from bigger players like Figma?

Speaker #1: And, specifically, focusing on whether the scenario and conditions are different for small players compared to what they are for bigger players, like Figma?

Speaker #3: Yes. So, today it is much easier for anyone developing software to create something good enough to have at least an HTML email that has no major issues in terms of rendering.

Nazzareno Gorni: Yes. Today it is much easier for anyone developing software to develop something good enough in order to have at least an HTML email that has not major issues in terms of rendering. Which means that you can see that email on any device, any client, any character set. Often the result is not as good as the one that we are providing, but is good enough in many use cases where probably there is not much attention on email rendering or accessibility. Those kind of tools are evolving quickly. Canva, for example, is an example of a tool that now supports email, and 2026 is the first year for Canva to support emails. But also if you ask Claude or ChatGPT to develop an email template, now it is possible, with some challenges, but it is possible.

Speaker #3: So, which means that you can see that email on any device, any client, any charset. Often, the result is not as good as the one that we are providing, but it's good enough in many use cases where probably there is not much attention on email rendering or accessibility.

Speaker #3: Those kinds of tools are evolving quickly. Canva, for example, is a tool that now supports email, and 2026 is the first year for Canva for us to support emails.

Speaker #3: But also, if you ask Claude or ChatGPT to develop, an email template now, it's possible with some challenges, but it's possible. And, and on top of that, there are many, many startups that provide, sort of, service that allowed you to go from a prompt to an email template with just, in a few clicks.

Nazzareno Gorni: On top of that, there are many startups that provide a sort of service that allows you to go from a prompt to an email template in just a few clicks. Of course, the final results are not suitable for mid, large marketing teams with strict brand compliance. It is not very flexible, but still it could be good enough for smaller players, which means that the original approach we had with freemium and the freemium strategy is now working less and less because for this kind of basic usage, there are many alternatives.

Speaker #3: of course, the final results are not suitable for mid, large marketing teams, with, strict brand, brand compliance. and some, it's, it's not very flexible, but still, but still, it could be good enough for smaller players.

Speaker #3: Which means that the original approach we had with freemium, and the freemium strategy, is now working less and less, because for this kind of basic usage, there are many, many alternatives.

Speaker #1: Thank you very much. I once heard a question on the integration of AI—so, can you comment on to what extent the AI-powered capability of our tools is improving the key operating metrics?

Micaela Cristina Capelli: Thank you very much. One further question on the integration of AI. Can you comment on what extent is the AI power capability of our tools improving the key operating metrics? What is the expectation towards that? Are times mature enough, or can you disclose at least a qualitative view on the expected return on the AI investment, please?

Speaker #1: What is the expectation toward that? Are the times mature enough, or can you at least disclose a qualitative view on the expected return on the AI investment, please?

Speaker #3: Yes. These days, AI investment is a must-have, because this is where the world is moving and what clients expect. So this is a must-have.

Nazzareno Gorni: Yes. This AI investment is a must-have because this is where the world is moving and what clients expect. This is a must-have. For us, this investment is basically two things. Clients are using external tools, LLMs, agents. If the context is there, which means that if I have all my data or my brand description within different tools, I will use that tool to create a draft, for example, or to gather inspiration to draft new content. While if I do not have this context in other tools, I can use our own Beefree AI copilot or AI agent that is embedded in our tools and allow clients to still do the same, but within our tool. In any case, we are not developing our own LLM, we are still using external LLM like Claude or ChatGPT. This allow us to be very flexible.

Speaker #3: For us, this investment is basically two things. Clients are using external tools, LLMs, agents, if the context is there. Which means that if I have all my data or my brand description within different tools, I will use those tools to create a draft, for example, or to gather info and inspiration.

Speaker #3: To draft new content—and, while, if I don't have this context—in other tools, I can use our own, different AI copilot or AI agents that are embedded in our tools and allow clients to still do the same, but within our tool.

Speaker #3: In any case, we are not developing our own LLM, so we are still using external LLMs, like Claude or ChatGPT. This allows us to be very flexible and, in terms of returns, since this is a must-have, we are not attaching a premium price or an add-on fee for this kind of service.

Nazzareno Gorni: In terms of returns, since this is a must-have, we are not attaching a premium price or an add-on fee for these kind of services. But for the MCP, when the tool is used by external agents, as I said before, this triggers API calls, and we charge for this kind of API calls. It is still too early to assess this kind of returns. It is still too early. Also in the market, we see very different approach. Someone is charging a flat subscription fee. Someone is giving that for free. We are in a niche, so it is free, but we are charging for the usage. I believe this is the right approach because if they use it, they get value, and probably they are going to pay for that. But it is still too early to assess the final return.

Speaker #3: But for the MCP, when the tool is used by external agents, as I said before, this triggers API calls, and we charge for these kinds of API calls.

Speaker #3: It's still too early to, to assess this kind of, returns. It's still too early. also in the market, we see very different approach. someone is charging, flat subscription fee, someone is giving that for free.

Speaker #3: We are in a mix, so it's free, but with usage, we are charging for it. I believe this is the right approach, because if they use it, they get value, and probably they are going to pay for that.

Speaker #3: but it's still too early to have, to assess the, the final return.

Speaker #1: Thank you very much. once heard a question about, the difference between diffree SDK and RGS Studio. do you expect a difference in their respective midterm growth rates and in which directions, if you can comment, please?

Micaela Cristina Capelli: Thank you very much. One further question about the difference between Beefree SDK and RGE Studio. Do you expect a difference in their respective midterm growth rates, and in which directions if you can comment, please?

Speaker #3: Yes. The, there is still, today a difference in terms of growth, since RGS Studio is growing much, slower than, diffree SDK. most of this difference is related not to the new business, but mostly to the churn, because, in RGS Studio, smaller clients today are able to find different solution that could be free, and so we see, higher churn rate in these, e, low tier of the market.

Nazzareno Gorni: Yes. There is still today a difference in terms of growth since RGE Studio is growing much slower than Beefree SDK. Most of this difference is related not to the new business, but mostly to the churn because, in RGE Studio, smaller clients today are able to find different solution that could be free. So we see a higher churn rate in this low tier of the market, and this affect the overall growth. Beefree SDK growth, on the other side, has been affected this year by larger clients that drastically reduced the usage, CDN usage. This affected Q1 and Q2 and the overall year results for the SDK, but this is one-off event.

Speaker #3: And this affects the overall growth. Diffree SDK growth, on the other side, has been affected this year by large clients that drastically reduced their usage.

Speaker #3: CDN usage, and this affected Q1 and Q2, and the overall year results for the SDK. But this is one event.

Speaker #1: And thank you very much. And one last question I have here as per now is, about, the degree of confidence. Can you comment on the degree of confidence that you have on diffree's growth path after a couple weeks quarters?

Micaela Cristina Capelli: Thank you very much. One last question I have here as per now is about the degree of confidence. Can you comment on the degree of confidence that you have on Beefree's growth path after a couple weak quarters, which are likely recovering. Can you comment on that, please.

Speaker #1: Which are, like, likely recovering? Can you comment on that, please?

Speaker #3: we are aware of this, of the challenge we have in this, situation, and so growth is not as good as we, we want. And we put all everything in place in terms of starting from the go-to-market leadership in order to fix that.

Nazzareno Gorni: We are aware of the challenge we have in this situation, so growth is not as good as we want. We put everything in place in terms of starting from the go-to-market leadership in order to fix that. Of course, these sort of changes are not expected to deliver immediate returns, results. It could take some time. But I believe that we are on the right path to recover our growth target.

Speaker #3: Of course, these sorts of changes are not expected to deliver immediate returns or results. It could take some time, but I believe that we are on the right path to recover our growth target.

Speaker #1: Thank you very much. And can you comment on the level of uncertainty that's embedded in the expectations?

Micaela Cristina Capelli: Thank you very much. Can you comment on the level of uncertainty that is embedded on the expectations.

Speaker #3: Well, we are releasing the sales preview and ARR every three quarters, so uncertainty is still high because the market is uncertain, and it's not something that we can plan ahead easily.

Nazzareno Gorni: Well, we are releasing the sales preview and ARR every two quarters. Uncertainty is still high because the market is uncertain, and it is not something that we can plan ahead easily. We are navigating the situation and trying to do our best to get to our targets.

Speaker #3: So, we are navigating the situation and trying to do our best to get to our targets.

Speaker #1: I, I would also add that our structure proved flexible enough to react with, capacity and, enough speed to the uncertainties that presented on the market already.

Micaela Cristina Capelli: I would also add that our structure proved flexible enough to react with capacity and enough speed to the uncertainties that presented on the market already. Of course, we cannot predict the future, and we cannot predict big disruptive innovations such as AI, but we were able to adjust very quickly and to redirect our efforts towards the must-haves of the market, as you mentioned already. I would say that, of course, we can be as quick as we can in sharing periodic results. That will be our effort from now on to monitor the evolution of KPIs as well. By the way, the newest presentation is online since yesterday, and it includes the newest release of KPIs with a full stack of updated KPIs as of June 2026, mainly for Beefree. Happy to take any further questions.

Speaker #1: So, of course, we cannot predict the future, and we cannot predict, such as AI, but we were able to adjust very quickly and to redirect our efforts towards, the must-haves of the market, as you mentioned already.

Speaker #1: So I would say that, of course, we can be as quick as we can, in sharing, periodic results, and that will be our effort from now on to, to, to monitor the evolution of KPIs as well, and by the way, the newest presentation is online since yesterday, and it includes the newest release of KPIs with a full stack of, updated KPIs as of June 2026, ba mainly for be free.

Speaker #1: So, happy to take any further questions. Also.

Speaker #3: I would add, Mikaela, on top of that, that we have a value within Be Free that is RGS Studio. Although RGS Studio is growing slower, is lower in terms of growth, and also is cash negative.

Nazzareno Gorni: I would add, Micaela, on top of that we have a value within Beefree that is RGE Studio.

Micaela Cristina Capelli: Yeah.

Nazzareno Gorni: Although RGE Studio is growing slower in terms of growth, and also is cash negative, much more than SDK, which is positive. RGE Studio allow us to have access to a very large user base, not only clients, but also through the very big email studio community, we can have access to very large companies and also vendors. This dialogue allow us to gather insights that is very valuable to shape our development strategy.

Speaker #3: Much more than SDK, which is positive. RGS Studio allows us to have access to a very large user base, not only clients, but also, through the really good Email Studio community, we can have access to very large companies and also vendors.

Speaker #3: And this dialogue allow us to gather insights, that is very valuable to shape our, development strategy.

Speaker #1: Thank you very much. I don't see any further questions. Please let me remind everyone that you can still get in touch with us through the investor.relations@growens.io email address.

Micaela Cristina Capelli: Thank you very much. I don't see any further questions. Just let me remind everyone that you can still get in touch with us through the investor.relations@growens.io email address. Of course, we try to be as much accessible as we can, and you will find this registration, this recording, available online very soon. If there's no further questions, I would thank Matteo Monfredini and Nazzareno Gorni for being with us today and wish everyone a happy end of the day today. Thank you, everybody.

Speaker #1: And, of course, we can try to be as accessible as we can. You will find this recording available online very soon.

Speaker #1: And if there's no further questions, I would thank, Matteo Monfredini and Nazareno Gorni for being with us today. And wish everyone a happy end of the day today, thank you everybody.

Nazzareno Gorni: Thank you. Bye bye.

Micaela Cristina Capelli: Thank you.

Nazzareno Gorni: Thank you. Bye bye. Dici che non si lascia più, eh? Non ti sento più, Leo.

Nazzareno Gorni: Thank you. Bye bye. [Non-English content]