Mr. Alessio Artuffo reports

DOCEBO REPORTS SECOND QUARTER 2026 RESULTS

Docebo Inc. has released financial results for the three and six months ended June 30, 2026. All amounts are expressed in U.S. dollars unless otherwise stated.

"Q2 was another milestone quarter for Docebo as disciplined execution and long-term investment continued to strengthen our position with enterprise customers around the world," said Alessio Artuffo, president and chief executive officer. "As organizations transition from AI experimentation to enterprise-scale work force transformation, they are increasingly choosing Docebo as their trusted partner. This sustained traction gives us the confidence to once again raise our full-year financial outlook."

Second quarter 2026 financial highlights:

• Subscription revenue of $63.8-million, an increase of 12 per cent from the comparative period in the prior year, including approximately one percentage point of positive impact resulting from the weakening of the U.S. dollar relative to foreign currencies;
• Total revenue of $68.7-million, an increase of 13 per cent from the comparative period in the prior year, including approximately one percentage point of positive impact resulting from the weakening of the U.S. dollar relative to foreign currencies;
• Gross profit of $54.5-million, an increase of 11 per cent from the comparative period in the prior year, represented 79.4 per cent of revenue, compared with 80.9 per cent of revenue for the comparative period in the prior year;
• Net income of $2.3-million, or nine cents per share, compared with net income of $3.1-million, or 10 cents per share for the comparative period in the prior year.
• Adjusted net income of $9.4-million, or adjusted earnings per share of 37 cents, compared with adjusted net income of $8.9-million, or adjusted earnings per share of 30 cents, for the comparative period in the prior year;
• ARR (annual recurring revenue) was $255.1-million, an increase of 9.5 per cent from the comparative period in the prior year; ARR was negatively impacted in the quarter by $400,000 due to the effects of foreign exchange;
• Docebo's largest OEM (original equipment manufacturer) customer represented 2.5 per cent of annual recurring revenue as at June 30, 2026, compared with 8.4 per cent as at June 30, 2025;
• Excluding its largest OEM customer and acquired ARR from acquisitions and after adjusting for the above-noted negative impact due to the effects of foreign exchange, ARR increased by approximately 13.9 per cent from the comparative period in the prior year;
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $11.2-million, representing 16.4 per cent of total revenue, compared with $9.2-million, representing 15.2 per cent of total revenue, for the comparative period in the prior year;
• Cash flows used in operating activities of $3.1-million, compared with $6.2-million generated during the comparative period in the prior year;
• Free cash flow of $3.1-million, representing 4.5 per cent of total revenue for the three months ended June 30, 2026, compared with $11.4-million, representing 18.7 per cent of total revenue, for the comparative period in the prior year;
• As at June 30, 2026, total cash and cash equivalents are expected to be $45.7-million and total borrowings are $88-million.

Second quarter 2026 customer updates:

• Notable new customer wins include a global leader in network infrastructure and telecommunications technology, serving a large ecosystem of internal and external learners, which selected Docebo, 365Talents and a trusted partner to reinvent its learning and skills ecosystem. Through this platform transformation, the organization will replace multiple legacy systems and unify its internal training, external certifications, e-commerce and skills-based career development. Building on Docebo's robust integrations, scalable architecture, AI-powered (artificial intelligence) capabilities and 365Talents' skills intelligence, the organization will enable internal mobility, work force planning, and revenue-generating certification programs across its global partner ecosystem.
• The world's largest privately owned security services company selected Docebo in a competitive evaluation to replace its existing learning provider in order to unify its internal and external learning ecosystem on a single platform. The company chose Docebo's enterprise-grade platform to support onboarding, compliance and role-based training across its global work force of 130,000 people while launching a multilingual, customer-facing e-commerce training academy that extends learning to external audiences from the same scalable foundation.
• A global leader in automotive safety, with more than 70,000 employees around the world, selected Docebo and 365Talents to address a critical enterprise competency management challenge. The organization needed to replace multiple siloed, homegrown systems and Excel-based competency tracking across countries and functions with a unified skills intelligence and learning platform. It chose Docebo for its scalable multiuse-case learning platform capabilities and 365Talents' skills architecture, talent marketplace and work force intelligence, enabling upskilling/reskilling pathways, career pathing, gap identification and knowledge transfer at scale, all integrated within their existing ecosystem.
• A leading global consulting firm selected Docebo to modernize and future-proof its learning ecosystem for all internal employees around the world. The firm selected Docebo for its ability to reliably handle complex, core enterprise LMS (learning management system) requirements at scale while also delivering an innovative AI strategy and clear vision for the future of learning, including capabilities such as AI Roleplay, MCP and Companion. As an organization at the forefront of using AI to drive productivity and performance, it will be a strong strategic partner for Docebo to co-innovate and accelerate long-term work force transformation.
• In a FedRAMP win, Docebo signed a private-sector energy company, which selected the company's platform in a competitive evaluation to modernize onboarding, compliance, safety and technical training. The deployment underscores growing demand for Docebo's government-grade learning platform beyond traditional public-sector customers as highly regulated commercial organizations increasingly adopt FedRAMP-grade security and compliance capabilities.
• Docebo's public-sector team continued to build momentum in Q2, highlighted by an expansion with the Commonwealth of Kentucky's enterprise learning modernization initiative and new wins with the Indiana Public Retirement System and the State of Mississippi. The team also expanded its presence in health care through a competitive displacement opportunity in the Philadelphia behavioural health market, reflecting continued demand across federal, SLED (state, local and education) and regulated industries.

Financial outlook

Docebo is providing financial guidance for the three months ending Sept. 30, 2026, as follows:

• Subscription revenue is expected to be between $64.9-million and $65.1-million;
• Total revenue between $69.5-million and $69.7-million;
• Adjusted EBITDA between $15.9-million and $16.1-million.

Docebo is providing financial guidance for the fiscal year ending Dec. 31, 2026, as follows:

• Subscription revenue between $255.5-million and $257.5-million;
• Total revenue between $274.5-million and $276.5-million;
• Adjusted EBITDA between $54.5-million and $56.5-million.

Conference call

Management will host a conference call on Friday, Aug. 7, 2026, at 8 a.m. ET to discuss these second quarter results. To access the conference call, please dial 1-646-960-0169 or 1-888-440-6849 or access the webcast on Docebo's website. The company will post prepared management remarks (in PDF format) regarding its Q2 2026 results, which will be the subject of this call, on the investor relations section of Docebo's website.

The unaudited condensed consolidated interim financial statements for the six months ended June 30, 2026, and management discussion and analysis for the same period have been filed on SEDAR+ and EDGAR. Alternatively, these documents, along with a presentation in connection with the conference call, can be accessed on Docebo's website.

An archived recording of the conference call will be available until Aug. 14, 2026, and for 90 days on Docebo's website. To listen to the recording, please visit the webcast link, which can be found on Docebo's investor relations website, or call 1-609-800-9909 or 1-800-770-2030 and enter passcode 8722408 followed by the number sign.

About Docebo Inc.

Docebo is the enterprise platform for the AI-era work force, unifying skills intelligence, learning and knowledge in one closed loop. Docebo gives organizations the tools to close skills gaps, develop talent and perform at their best in an AI-driven world.

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