Synexo Group (SYNEXO) investor relations material

Business overview and growth strategy

• Focuses on Backup-as-a-Service (BaaS) with high recurring revenue and low churn, serving over 1,000 customers and leveraging a reseller-led model for scalability.

• Achieved 90% year-over-year pro forma ARR growth to SEK 6.4m in April 2026, with total signed ARR at SEK 10.65m and a net retention rate of ~117%.

• Maintains a lean organization with ~3.5 FTEs, supporting significant ARR growth without major cost increases.

• Operates with no interest-bearing debt, SEK 1.3m cash, and expects to be cash positive by end of H1 2026.

• Targets >20% average organic annual growth and >70% gross margin, with profits reinvested in accretive M&A or distributed to shareholders.

Market opportunity and competitive positioning

• Global BaaS market projected to grow at ~31.8% CAGR, reaching USD 33.18bn by 2030, driven by data growth, cybersecurity, and cloud migration.

• Holds a strong position in the Nordic market, with both direct clients and a network of resellers, and is licensed to serve health and public sectors.

• Competitive edge includes packaged service offerings, high customer satisfaction, and a focus on data security, resulting in low churn and high market share growth.

• Industry characterized by outdated competitors, allowing for differentiation through modern, scalable solutions.

Financial performance and outlook

• Pro forma operational Cash-EBITDA improved, with subsidiaries cash-flow positive and self-funded.

• Cash-EBITDA expected to turn positive in Q2 2026, with break-even at SEK 6.7m ARR and favorable working capital dynamics.

• Illustrative 2027 targets include ARR of SEK 60.8m and run-rate EBITDAC margin above 40%.

• Trading at ~16.6x run-rate Cash EBITDA, with a 2027 ambition of >SEK 20m run-rate Cash EBITDA, implying a multiple of ~3x.