Analyst Coverage

ARR at 30 June 2025 (Morning Watch: Specialist/CB)

1Q25 Results: Bee Accelerates (Morning Watch: Specialist/CB)

Increased competition due to the massive use of GenAI (FY-24 Results release)

FY24 Results and EUR 0.38/sh Extraordinary Dividend (Morning Watch: Specialist/CB)

Preliminary Sales at end-December 2024 (Morning Watch: Specialist/CB)

Feedback from Event (Morning Watch: Specialist/CB)

9M results in line with expectations corroborate FY forecasts (Company Flash)

3Q24 Preliminary Data (Morning Watch: Specialist/CB)

2Q/1H24 Results (Morning Watch: Specialist/CB)

‘Really Good’ Growth Prospects for Beefree, but Priced In

1Q24 Results (Morning Watch: Specialist/CB)

Beefree keeps growing: in September, ARR reached $ 15m (Company Interim Results)

Q1-24 in line with the outlook. Synergic acquisition for Beefree (Company Flash)

1Q24 Results (Calls from Italy: Specialist/Corporate Broking)

Acquisition of Really Good Emails and Beefree’s 3-years plan

ARR at 31 March 2024 (Morning Watch: Specialist/CB)

A game-changing year, massive value moved to shareholders (FY Results)

Results First Take; Extraordinary Dividend of EUR 1.58/sh. (Morning Watch: Specialist/CB)

Let’s Make Room for Beefree (Feedback from IT Conference)

Let’s Make Room for Beefree (Company Update)

ARR at 31 December 2023 (Calls from Italy: Specialist/Corporate Broking)

Results of Voluntary PTO (Calls from Italy: Specialist/Corporate Broking)

Focus on Beefree’s growth driven by huge investments (Q3/9M-23 Results)

Results (Calls from Italy: Specialist/Corporate Broking)

ARR at 30 September 2023 (Calls from Italy: Specialist/Corporate Broking)

Sale of Datatrics for EUR 1.66M (Calls from Italy: Specialist/Corporate Broking)

Stop loss on Datatrics – (Flash Note)

Beefree keeps growing, margins increase at Agile Telecom (Company Interim Results)

Looking for a (Beefree) revenue accelerator (Update Report 1H2023)

2Q/1H23 Results (Calls from Italy: Specialist/Corporate Broking)

Company News (Calls from Italy: Specialist/Corporate Broking)

Looking Ahead of BEE’s Development (Company Results/Revised Estimates)

2Q KPIs, SaaS ARR Up, CPaaS – Sales down (Flash Note post Q2KPIs)

ARR at 30 June 2023 (Calls from Italy: Specialist/Corporate Broking)

Q1 results confirm the focus on BEE’s development (Q1-23 Results Release)

1Q23 Results (Calls from Italy: Specialist/Corporate Broking)

Results (Calls from Italy: Specialist/Corporate Broking)

A unique opportunity to boost the development of BEE (FY-22 Results Release)

Waiting for new strategies post ESP deal (Update report FY2022)

Company News (Calls from Italy: Specialist/Corporate Broking)

Company News (Calls from Italy: Specialist/Corporate Broking)

The Game Is Changing: Now Focus on BEE (Company Note)

Conference Call Feedback (Calls from Italy: Specialist/Corporate Broking)

Goodbye Email Provider, time for BEE to fly (Flash Note post ESP dismissal annoucement)

A transformational deal: email business sold for € 70m (Sale of the Email Business)

Sale of Email Service Provider Business (Calls from Italy: Specialist/Corporate Broking)

Solid SaaS ARR growth sustained by BEE (KPIs Q4/FY-22 Release)

4Q22 Preliminary Results and ARR (Calls from Italy: Specialist/Corporate Broking)

Growens – ABID Report – 12December22

9M22 Top-Line Growth & Margins Down, but a Better 3Q22 (Company Note)

Enduring sales growth, tiny recovery in margins (Q3/9M-22 Results Release)

3Q22: Higher profitability, lower cash (Flash Note post Q3 2022)

3Q/9M22 Results (Calls from Italy: Specialist/Corporate Broking)

Due Diligence and Valuation Report

Sales grew double digit while margins declined (H1-22 Results Release)

2Q KPIs ok, Datatrics earn-out terms revised (Flash Note post 2Q22 KPIs)

1H 2022 Results (Calls from Italy: Specialist/Corporate Broking)

2Q22 Prelim. Sales; Datatrics’ Purchase Agreement Amended (Calls from Italy: Specialist/Corporate Broking)

Strong increase in recurring revenues mainly driven by BEE (Flash Note post Q2-22 KPIs)

2Q KPIs ok, Datatrics earn-out terms revised (Flash Note post 2Q222 KPIs)

Mixed Q1 results: growing revenues, declining margins (Flash Note post Q1 2022)

Top line growth, with room for profitability improvement (Flash Note after Q1 2022 results)

1Q22 results (Calls from Italy: Specialist/Corporate Broking)

Due Diligence and Valuation Report

Consolidating the Leadership in Cloud Marketing in Italy (Company Note)

1Q22 Preliminary Sales (Calls from Italy: Specialist/Corporate Broking)

A highly-complementary, profitable and sized SaaS player (Contactlab Acquisition)

M&A deal to accelerate growth (Flash Note after Contactlab acquisition)

Binding Agreement to Acquire 100% of Contactlab (Calls from Italy: Specialist/Corporate Broking)

Back on 10%-15% growth pace (Update Report FY2021)

A good set of results, broadly aligned with expectations (Company FY 2021 Results)

FY2021 Results (Calls from Italy: Specialist/Corporate Broking)

Datatrics Launches its Freemium Version (Calls from Italy: Specialist/Corporate Broking)

4Q21 Preliminary Sales (Calls from Italy: Specialist/Corporate Broking)

Double digit growth pace is in the cards (Flash Note)

Due Diligence and Valuation Report

3Q/9M results in line with full-year expectations (Flash Note)

Growing sales supported by top management reinforcement(Company 3Q 2021 Results)

3Q21 Results (Calls from Italy: Specialist/Corporate Broking)

3Q21 Cash Sales back at double digit growth rates (Flash Note)

Due Diligence and Valuation Report

Focus on SaaS Services (1H 2021 Company Note)

H1 hit by lockdowns but signs of recovery starting from Q2 (Company 1H 2021 Results)

Signs of growth and profitability recovery – (1H Update report)

Calls from Italy (Excerpt from Daily Note)

Due Diligence and Valuation Report

Calls from Italy (Excerpt from Daily Note)

Cash Sales at €33.8mn in 1H21, +3.4% y/y (Flash Note)

ISMO Paris – June 2021 (Feedback from ISMO Virtual Conference)

Due Diligence and Valuation Report (Initiation of Coverage)

Feedback from Event (Feedback from AIM Virtual Conference)

An acquisition might be around the corner (German Spring Conference Feedback)

Feedback from 1Q21 Conference Call (Daily Note)

Profitability rebound in 1Q21 (Flash Note)

A good set of numbers, strong improvement in margins (Company Q1 2021 Results)

Gross Sales up 3% in 1Q21 (Flash Note)

Paving the way for medium-term growth (Company FY Results)

Mindfully growing: Growens (Update Report post FY2020 results)

4Q20: EBITDA up 6.6% YoY on flat revenues (FY2020 Update)

(Business) lights and (covid) shadows (Flash Note)

4Q20 gross sales: +2.4% YoY (Company Update)

FY-20 preliminary sales broadly in line with expectations (Company Flash)

MarTech sector consolidation goes on apace (Sector News)

3Q20: revenues and EBITDA up 13% despite Datatrics’ slowdown (3Q Update)

Estimates and PT upgraded: time to Buy (Company Flash)

Back on track thanks to solid 3Q (Flash Note)

Back on track thanks to solid 3Q (Flash Note)

2Q20 EBITDA flat (1H Update)

Resilient results, business acceleration expected in H2 (1H Update)

Strong resiliency in Covid times (1H Update)

Still growing despite pandemic (Flash Note)

2Q20 gross sales +4% YoY +1% QoQ (Q2-20 Sales Release)

Resilience of mature business, delay in new business growth (Company Update)

Good Q1 numbers, not representative of full year results (Q1-20 Results Release)

A proof of robustness and resiliency (Flash Note)

1Q20 Gross Sales up +19.5% YoY (Flash Note)

Rather resilient, currently fairly priced (FY-19 Results Release)

COVID-19: not immune but ready to face the change (Company Update)

Resiliency is the priority (Update Report post FY2019 results)

Bet on BEE and Datatrics (Company Update)

Ready to play the big game (Update Report focused on BEE and Datatrics)

An innovative, fast-growing and global MarTech scale-up (Initiation of coverage)

3Q19: everything grows (Company Update)

Never stop growing (Flash Note)

Fast up and forward

At full steam (Update Report)

Always delivering good results (Update Report)

Agile Telecom hurt by one-off (Company Update)

2Q19 gross sales: +15% QoQ (Company Report)

Another all-time high quarter (Flash Note)

From a spectacular end to an excellent beginning of the year (Company Report)

And growth goes on and on (Flash Note)

Net profit doubled in 2018 (Company Update)

Higher growth, higher profits (Update Report post FY2018 results)

FY18 strong results, M&A in the pipeline

Raising rev. estimates on higher organic growth.

Pioneering the “digital” West (In-depth Update Report)

Amazing +56% gross sales in 4Q18 (Company Report)

Model update after Datatrics acquisition and 3Q18 preliminary sales

Digital communication 4.0 (Initiation of Coverage)

Sector M&A adds speculative appeal (Update Report)

Sailing on waves of growth (Update Report)

M&A deal to stay “ahead of the curve” (Flash Note)

A growth story with robust roots (Update Report)

Combining growth and cash generation (Update Report)

MThe future of texting. We initiate with BUY (Initiation of Coverage)

Surfing the marketing technology revolution (Initiation of Coverage)

On the growth path, facing stock market troubles (H1 2016 Update)

Riding the M&A wave doubles revenues (Flash Note)

Speeding up internationalization (H1 2015 Update)

Investment summary (Initiation of Coverage)