Docebo Inc. Annual Report Summary - Fiscal Year Ended December 31, 2025

Docebo Inc. delivered a robust financial performance in Fiscal Year 2025, marked by strong revenue growth and a return to profitability. This investor-focused summary provides a concise overview of the company's operations and financial results for the fiscal year ended December 31, 2025, based on its annual report dated February 26, 2026. All financial figures are presented in thousands of United States dollars (US$), unless otherwise specified, and adhere to International Financial Reporting Standards (IFRS). Docebo trades under the ticker DCBO on both the Nasdaq Global Select Market and the Toronto Stock Exchange.

Business Overview

Founded in 2005, Docebo leads the corporate learning management system (LMS) market. Docebo transforms how companies educate their employees, partners, and customers by integrating cutting-edge technologies, particularly Artificial Intelligence (AI), into traditional learning platforms. Its cloud-based platform offers a comprehensive, customizable, and scalable solution designed to boost productivity, engagement, and revenue for organizations of all sizes.

Key platform capabilities include:

• Learning Management and Delivery: The core system for training.
• Content Marketplace: A vast library of over 100,000 courses from 250+ publishers, covering 250+ professional skills in 40+ languages.
• Learning Insights & Advanced Analytics: Tools for data-driven decision-making and performance measurement.
• Communities: Social features for interactive and collaborative learning.
• eCommerce: Functionality for selling training courses directly from the platform.
• AI Functionalities: Advanced AI for optimizing learning paths, content creation, and automation.

Docebo serves nearly 3,500 companies globally, with approximately 74% of its business originating from North America and the remainder primarily from Europe. Notable customers include Google, HP Inc., Booking.com, L'Oréal, and Heineken NV. The company employs over 900 people across offices in Canada, the US, Italy, UAE, UK, France, Germany, Ireland, and Australia. Docebo primarily generates revenue through a recurring subscription model, typically with one-to-three-year contracts, based on learner count and feature usage.

Financial Performance

Docebo achieved robust financial growth and improved profitability in Fiscal Year 2025:

• Total Revenue: US$242,700, a strong 24.5% increase from US$195,000 in Fiscal Year 2024.
• Subscription Revenue: US$228,100, accounting for 94% of total revenue and growing 26% year-over-year, underscoring the stability and predictability of its business model.
• Annual Recurring Revenue (ARR): Ended the year at US$235,000, up 25% from the prior year.
• Gross Profit: US$182,000, achieving a healthy gross margin of 75%.
• Adjusted EBITDA: US$36,400, significantly up 82% from US$20,000 in Fiscal Year 2024, with an Adjusted EBITDA margin of 15%. This indicates improving operational efficiency.
• Net Income: US$8,500, marking a return to profitability compared to a net loss of US$5,000 in Fiscal Year 2024.
• Diluted Earnings Per Share (EPS): US$0.25.
• Net Revenue Retention (NRR): Maintained a strong NRR of 112%, indicating existing customers are expanding their usage of Docebo's platform.
• Customer Growth: The customer base expanded by 10% to nearly 3,500 companies.

Management's Discussion and Analysis (MD&A) Highlights

Management discusses Docebo's financial condition and results for Fiscal Year 2025, highlighting key trends, strategic initiatives, and significant events that impacted performance.

Operational and Strategic Achievements

Docebo achieved significant milestones in platform enhancement, market expansion, and shareholder value, driving its strong financial performance.

• Strategic Acquisitions: The acquisitions of PeerBoard (April 2023) and Edugo.AI (June 2023) instrumentally bolstered Docebo's social learning and AI capabilities, particularly in Generative AI. These integrations now yield benefits in platform innovation, customer engagement, and competitive differentiation, directly supporting the growth in subscription revenue and customer expansion.
• Market Expansion: FedRAMP authorization in April 2025 marked a critical milestone. This strategic move opens a substantial new market segment within U.S. federal government agencies, positioning Docebo for future revenue growth and market diversification.
• Shareholder Returns: Docebo actively repurchased its shares through Normal Course Issuer Bids (NCIBs) in 2023, 2024, and 2025, and a Substantial Issuer Bid (SIB) in December 2023, repurchasing US$100,000 worth of shares at US$55.00 per share. These actions demonstrate management's confidence in the company's valuation and its commitment to enhancing shareholder value by reducing the share count and boosting EPS.
• Industry Recognition: Docebo received numerous awards and recognitions in 2024 and 2025, including "2025 frontrunner" and "Best-in-class for AI-based capabilities" by leading industry analysts. It also secured multiple "Gold medals" at the Brandon Hall Group awards for its AI, learning management technology, and business strategy, affirming its innovation, market leadership, and brand strength in a competitive market.
• Internal Controls: The company reported no material changes to its internal financial controls during 2025, indicating strong operational stability and reliable financial reporting processes.

Leadership Transitions and Strategic Direction

Fiscal Year 2025 featured significant leadership transitions to scale the company for future growth and execute its strategic vision.

• CEO Transition: Founder Claudio Erba stepped down as CEO in February 2024 to assume the role of Chief Innovation Officer, focusing on long-term product vision. Alessio Artuffo, formerly President, became Interim CEO in March 2024 and officially assumed the CEO role in September 2024. This transition brings an experienced operational leader to guide Docebo through its next phase of expansion, emphasizing execution and market penetration.
• CFO Transition: Sukaran Mehta stepped down as CFO in February 2025. Brandon Farber, who had a strong track record within Docebo's finance department since 2021, became the new CFO in April 2025, ensuring continuity and leveraging internal talent to manage financial operations and capital allocation.
• Strategic Direction: Docebo's strategic direction is clear, focusing on:
  • Market Share Expansion: Aggressively growing in existing and new markets.
  • Geographic & Vertical Expansion: Entering new regions and industry verticals.
  • Platform Innovation: Continued investment in AI integration, platform development, and infrastructure to maintain technological leadership.
  • Talent Focus: Attracting and retaining key personnel to drive innovation and execution.
  • Profitability Initiatives: Balancing growth with improved operational efficiency and expanded Adjusted EBITDA margins.
  • Acquisition Integration: Successfully integrating acquisitions to realize synergies and benefits.

Critical Accounting Policies and Estimates

Management reviews critical accounting policies and estimates that require significant judgment and could materially affect financial results. For Docebo, these generally relate to revenue recognition for subscription services, valuation of acquired intangible assets, share-based compensation, and income taxes. Docebo applies these policies in accordance with IFRS, and they are subject to ongoing review and adjustment based on new information and changes in accounting standards.

Off-Balance Sheet Arrangements

As of December 31, 2025, Docebo did not have any off-balance sheet arrangements that would materially affect its financial condition, revenues, expenses, results of operations, liquidity, capital expenditures, or capital resources.

Financial Health

Docebo maintains a robust financial position, with healthy cash reserves and no long-term debt:

• Cash and Cash Equivalents: The company ended Fiscal Year 2025 with US$185,000 in cash and cash equivalents, providing ample liquidity for operations and strategic investments.
• Operating Cash Flow: Generated US$45,000 in operating cash flow, demonstrating strong underlying business performance.
• Debt Profile: Docebo operates with no long-term debt, providing financial flexibility.
• Capital Allocation: Significant share repurchase programs underscore a disciplined approach to capital allocation, balancing growth investments with direct returns to shareholders.

Key Risks & Challenges

Despite Docebo's strong growth trajectory, investors should consider potential risks:

• Execution Risk: Successfully implementing growth strategies and integrating acquired technologies.
• Market Dynamics: Rapid evolution of the corporate e-learning market, where changes in technology or customer preferences could impact demand.
• Intensifying Competition: Increasingly crowded market, potentially pressing pricing and market share.
• Macroeconomic Headwinds: Economic downturns, high inflation, or recessions could reduce corporate spending on learning solutions.
• Currency Fluctuations: As a global company, changes in foreign exchange rates can affect financial results.
• Long Sales Cycles: Long sales cycles for large enterprise clients, making revenue forecasting less predictable.
• AI-Related Risks: Increased reliance on AI introduces risks such as ethical concerns, data privacy issues, reputational harm, or legal challenges.
• Customer Concentration: Specifically, the potential for a key OEM customer to reduce subscriptions could materially impact revenue.
• Talent Acquisition & Retention: Attracting and retaining skilled personnel, particularly in specialized areas like AI and software development, is crucial for sustained innovation and growth.

Competitive Position

Docebo holds an exceptional position in a booming market. The global corporate e-learning market is projected to reach approximately US$41.3 billion by the end of 2027, with a rapid compound annual growth rate (CAGR) of 20.3% from 2022 to 2027. Companies' increasing need to upskill and reskill employees in a competitive talent landscape fuels this growth, making e-learning a core strategic imperative. Docebo's comprehensive platform, vast content marketplace, and leadership in AI-driven learning differentiate it from competitors, enabling it to capitalize on this significant market expansion.

Future Outlook

Docebo is poised for continued growth, driven by a favorable market and strategic initiatives. The company projects Fiscal Year 2026 revenue guidance of US$290,000 to US$300,000, representing 19-23% year-over-year growth and continued Adjusted EBITDA margin expansion to 17-18%.

Key growth drivers include:

• Booming E-Learning Market: Strong secular tailwinds in corporate e-learning provide fertile ground for expansion.
• AI Leadership: Continued investment and innovation in AI will enhance platform capabilities, attract new customers, and increase engagement.
• FedRAMP Authorization: Opening a significant new revenue stream from the U.S. federal government market.
• Strategic Acquisitions: Successful integration of PeerBoard and Edugo.AI will contribute to platform stickiness and competitive differentiation.
• Recurring Revenue Model: A high percentage of recurring revenue provides a stable foundation for future growth and predictability.

Docebo's focus on innovation, market expansion, and operational efficiency positions it well to capitalize on the growing demand for advanced corporate learning solutions.