Lessons (Un)Learned: Successes and Setbacks on the Road to $1B with Docebo Speaker: Alessio Artuffo, President and COO @ Docebo

2. Alessio Artuffo
President & COO, Docebo
Lessons (Un)Learned:
Successes & Setbacks on
the Road to $1B

3. General
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Any graphs, tables or other information demonstrating our historical performance or that of any other entity contained in this presentation are intended only to illustrate past performance and are not necessarily indicative of our or such entities’ future performance. The information
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This presentation also contains statistical data and estimates made by independent parties and by us relating to market size, opportunity and growth, as well as other data about our industry, business and customers. These data involve a number of assumptions and limitations, and
we have not independently verified the accuracy or completeness of these data. Neither we nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this presentation. In
addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk.
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All references in this presentation to dollars or “US$” or “$” are to United States dollars unless otherwise noted. All references to “C$” are to Canadian dollars.
Cautionary Note Regarding Forward-Looking Information
This presentation contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward looking information may relate to our financial outlook and anticipated events or results
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opportunity exists”, “budget”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “strategy”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or, “will”,
“occur” or “be achieved”, and similar words or the negative of these terms and similar terminology. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information.
Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. This forward-looking information includes, but is not limited to, industry trends; our
growth rates and growth strategies; addressable markets for our solutions; growth rates of our markets, including compared to similar markets; the achievement of advances in and expansion of our platform, including our FedRAMP certification; expectations regarding our revenue
and the revenue generation potential of our platform and other products; expectations regarding future profitability; our business plans and strategies; our ability to attract and retain customers; and our competitive position in our industry. This forward-looking information is based
on our opinions, estimates and assumptions that, while considered by the Company to be appropriate and reasonable as of the date of this presentation, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of
activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to: (i) the Company’s ability to execute on its growth strategies; (ii) the impact of changing conditions in the global corporate
e-learning market; (iii) increasing competition in the global corporate e-learning market in which the Company operates; (iv) fluctuations in currency exchange rates and volatility in financial markets; (v) changes in the attitudes, financial condition and demand of our target market; (vi)
developments and changes in applicable laws and regulations; and such other factors discussedin greater under the “Risk Factors” sections of our reports available under our profile on SEDAR+ at www.sedarplus.ca and at www.sec.gov.
If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. Although we have
attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual
results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No
forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this presentation represents our expectations as of the
date specified herein, and are subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under
applicable securities laws.
All of the forward-looking information contained in this presentation is expressly qualified by the foregoing cautionary statements.
Non-IFRS Measures and Industry Metrics
This presentation makes reference to non-IFRS measures, including “Free Cash Flow” and other key performance indicators used by management and typically used by our competitors in the software-as-a-service (“SaaS”) industry, such as “Annual Recurring Revenue” or “ARR”,
“Recurring Revenue”, “Net Dollar Retention” or “NDR” , “Cash Burn” and “Average Contract Value” or “ACV”. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore not necessarily comparable to similar
measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should not be
considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. These non-IFRS measures and SaaS metrics are used to provide investors with supplemental measures of our operating performance and liquidity and thus highlight trends in our
business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures, including SaaS industry metrics, in the evaluation of companies in the SaaS industry.
Management also uses non-IFRS measures and SaaS industry metrics in order to facilitate operating performance comparisons from period to period, the preparation of annual operating budgets and forecasts and to determine components of executive compensation. Refer to the
Appendix to this presentation for reconciliations of certain non-IFRS measures to the most comparable IFRS measure.

4. Customers 1,2
(USD) ARR 1
Subscription Revenues 4
$182M
3,679
94%
Employees
Offices: Toronto, Athens-GA,
Melbourne, Milano, Munich,
London, Paris, Dubai
800+
8
(1) As at September 30, 2023. ARR is a non-IFRS measure. See "Non-IFRS Measures and Industry Metrics" in the disclaimer and refer to the Appendix to this presentation for details on how we calculate ARR.
(2) Historically, in calculating average contract value, all references to the number of customers or companies we serve included separate accounts per customer based on their installation(s) count. For the third quarter of the
fiscal year ended December 31, 2020 and going forward, any separate accounts that our customers may have will be aggregated and counted as one customer based on the contracted customer for the purposes of
calculating our Average Contract Value to provide a more precise understanding of this metric. Average Contract Value is a non-IFRS measure. See "Non-IFRS Measures and Industry Metrics" in the disclaimer and refer to the
Appendix to this presentation for details on how we calculate Average Contract Value.
(3) CAGR between fiscal year 2016 and fiscal year 2022.
(4) For the three months ended September 30, 2023.
Nasdaq and TSX
Dual Public
Listings
Active Monthly Users
2.2M

5. ~US$1M
Cash generated2 since
2016 while growing ARR
to US$182M at the end of
Q3 2023
1. Free Cash Flow refers to Cash flow from operating activities less additions to property and equipment. Refer to “Non-IFRS Measures
and Reconciliation of Non-IFRS Measures”” in the Appendix to this presentation.
2. “Cash Generated” refers to cumulative free cash flow since Docebo receivedits initial investment from Intercapand Klass in 2015.
3. ARR is a non-IFRS measure. See "Non-IFRS Measures and Industry Metrics" in the disclaimer and refer to the Appendix to this
presentation for details on how we calculate ARR.
Capital Efficient Growth
$1M
$11M
$18M
$30M
$47M
$74M
$118M
$157M
$182M
$4M $3M $5M
$4M $1M
$13M
$4M

6. Consistent Execution Driving Customer and ACV Growth
1. As of September 30, 2023.
2. Average Contract Value is calculated as total ARR divided by the number of active customers. Historically, in calculating average contract value, all references to the number of customers or companies we serve included separate accounts per customer based on their installation(s) count. For the third quarter of
the fiscal year ended December 31, 2020 and going forward, any separate accounts that our customers may have will be aggregated and counted as one customer based on the contracted customer for the purposes of calculating our average contract value to provide a more precise understanding of this metric.
The figures presented for 2016 to 2020 have been adjusted to reflect this methodology change. Average Contract Value is a non-IFRS Measure. See "Non-IFRS Measures and Industry Metrics" in the disclaimer of this presentation and refer to the Appendix to this presentation for details on how we calculate
Average Contract Value.
3. As at December 31, 2022. See "Non-IFRS Measures and Industry Metrics" in the disclaimer of this presentation and refer to the Appendix to this presentation for details on how we calculate Net Dollar Retention Rate.
4. As at September 30, 2023. ARR is a non-IFRS measure. See "Non-IFRS Measures and Industry Metrics" in the disclaimer and refer to the Appendix to this presentation for details on how we calculate ARR.
3,679 81% ~4x 109%

7. Market Size: US Corporate LMS market sizing (internal and
EE) is large (~$8.4B TAM), of which ~20-25% is served today
TOTAL US CORPORATE LMS MARKET SERVED
~$8.5B
~$2.3B (27%)
INTERNAL US CORPORATE LMS MARKET SERVED
~ $2.8B
~ $1.6B (57%)
EXTERNAL US CORPORATE LMS MARKET SERVED
~ $5.6B
~ $0.7B (12.5%)

8. COMPLIANCE
Compliance Training
Navigating a Complex Product-Market(s) fit
EXTERNAL TRAINING
Customer Training
Partner Training
Membership Training
Retail / Franchise /
QSR Training
REVENUE ENABLEMENT
Sales Enablement
Support Enablement
Services Enablement
Marketing Enablement
TALENT DEVELOPMENT
Employee Onboarding
Professional Development
Leadership
Development ~ 65%
of customers (by ARR) use
Docebo for external training or
hybrid training use cases

9. > Docebo LMS starts in Brianza
2023+
2013 2014 2015 2017 2021
Project Spaghetti soon becomes “Docebo”, founded by Claudio Erba (CEO) and Fabio Pirovano (CPO) in a
small town near Milan called Macherio
Started Open Source, GPL 1.0, and focused on the Italian Corporate Market
Claudio signed the first customer, tied to the Berlusconi family, before having incorporated the Company
2005 2012 2016 2019 2020 2022

10. > Docebo goes SaaS
Full rewrite of our Open Source Technology
Docebo has about 50 paying customers, in a professional services revenue model
Started SaaS GTM with “Freemium”, 3 distinct users plans 5 - 50 - 500 targeting the VSB and SMB
Moved to 14 day trial soon after, and switched to yearly contracts only in 2017, dropping credit card
Channel first GTM model in 012-013, direct sales model following that, leveraging 50 VARs
Internationally
2023+
2013 2014 2015 2017 2021
2005 2012 2016 2019 2020 2022

11. > Docebo NA opens in Athens Georgia
Docebo North America forms in Athens GA (Go Dawgs!)
Athens GA is the home of UGA, and the renowned homebase of the famous REM
What appeared to be a early-days location, ended up being a strategic catalyst for our long term
growth
We bring the Docebo-expert personnel of our US-based VAR in-house and create Docebo NA
2023+
2013 2014 2015 2017 2021
2005 2012 2016 2019 2020 2022

12. > Early commercial traction
We hired our first senior account executive from Marketo in Athens Georgia, who became our
first Director of Sales soon after;
We focused on Inbound machine, averaged 1000 “new trialers” per month, focusing on
Demand Capture and Hand Raisers conversions to new customers;
We had early signals that our market fit was not in VSB nor it was SMB, and started gearing
towards Mid Sized Enterprise, which took a couple years to execute on
Reached 2M ARR on this year and ~200 paying customers, ACV is still in the avg ~10K/customer
2023+
2013 2014 2015 2017 2021
2005 2012 2016 2019 2020 2022

13. > Canadian investors fuel growth
We were seeking capital and met with the Klass Capital and Intercap team in Toronto, Canada
We developed strong chemistry with them, and agreed to an investment of ~3M at a whooping 8M
valuation, in retrospective this was one of the best choices we ever made
The relationship with our investors was a catalyst to growth
Our GTM focus continued to shift from to VSB and SMB to mid enterprises, executing product and
marketing strategies in synergy with that direction and acquiring consistently larger customers,
and starting to develop an upsell strategy
2023+
2013 2014 2015 2017 2021
2005 2012 2016 2019 2020 2022

14. > Learning as a Business, and 1st 7 figure customer
Identified an addressable market of “Learning as a “Revenue Channel” which fueled growth, aka
Extended Enterprise
Signed our first Million+ paying customer, Thomson Reuters, defeating the then LMS category
market share leader, valued at +1B in the public markets
This customer taught us many lessons, pre and post acquisition and was a catalyst to growth and
product stabilization in the Enterprise space
2023+
2013 2014 2015 2017 2021
2005 2012 2016 2019 2020 2022

15. > CRO
Between 2012 and 2013, I was focused on the transition from OpenSource to SaaS
Between 2013 and 2015, focused on our North America bootstrap and fundamentals
In 2016, my family and I moved to Toronto Canada to launch our Canadian presence and became
a first time CRO
2023+
2013 2014 2015 2017 2021
2005 2012 2016 2019 2020 2022

16. > Building the “Outbound” and “OEM” genes
First outbound team leader hired. Previously 100% of the business was inbound
First OEM customer signed, today one of Docebo’s largest “Customers” in aggregate
First UK commercial hub opens in London UK
2023+
2013 2014 2015 2017 2021
2005 2012 2016 2019 2020 2022

17. > Docebo goes public in TSX in 2019
Thanks to the guidance of a competent team of industry veterans, we go public in the
Canadian Exchange in October 2019
The public listing process was a journey in and on itself for a still relatively small team who
had never done an IPO before
2023+
2013 2014 2015 2017 2021
2005 2012 2016 2019 2020 2022

18. > Nasdaq 2020 and 1st acquisition!
On this year we also complete our first acquisition of Formetris, and open our first France
commercial operation
In the midst of Covid, we completed our Nasdaq follow-on listing, and started trading on the
US exchange on December 2, 2020
Signed another transformational customer in Amazon AWS
2023+
2013 2014 2015 2017 2021
2005 2012 2016 2019 2020 2022

19. > $100M ARR and launching the “Suite”
From mono product to modular suite solving for an increased amount of problems
2023+
2013 2014 2015 2017 2021
2005 2012 2016 2019 2020 2022

20. > Acquired Skillslive (our 2nd VAR)
2023+
2013 2014 2015 2017 2021
2005 2012 2016 2019 2020 2022
We acquired for the second time a commercial reseller and services organization our of
Australia to accelerate APAC GTM

21. > Acquired Edugo
2023+
2013 2014 2015 2017 2021
2005 2012 2016 2019 2020 2022
First movers on GenAI in Learning Platforms
> Acquired PeerBoard
A tuck-in acquisition to strengthen our External Training capabilities with a community
product

22. > A catapult in the future 2023-2026
● Promoted to President and COO, recently appointed as Interim CEO
● We recently bought a Gen AI company, Edugo
● Executing a GOV / Federal verticalization strategy
● Growing at an healthy ~25% YoY, positive Ebitda and generating cash consistently
2023+
2013 2014 2015 2017 2021
2005 2012 2016 2019 2020 2022

23. Lessons learned and reflections

24. Lesson Learned
● Go International! From a European focused business to North America: NA Internationalization is hard
(for EU founders)
● Growth: First time CRO 1 - 200 ARR and from Director of Sales to 2 IPOs and CEO seat, amazing journey
● A cohesive leadership team: complimentary skills make a team unstoppable
● In-house built productivity systems: acceleration at first, and then a real beast to untangle
● Personal development: mentors, studying, developing your weaknesses, and acceptance of who you
are
● Strategy and execution: Test and experiment in a measured way, but execute ruthlessly when the
sauce is right
● Private versus Public business: considerations of what it means to be in the seat in a public company

25. If I had to do it all again?

26. Lesson (Un)Learned
● Not think about profitability as the procrastinated enemy, but as the fundamental goal
● More time thinking pricing strategically, way sooner
● More focus on Customer Success, no later than 100 paying customers
● More time spent directly with customers
● Charge the big customers in the early days a lot more than we used to
● People want a lot of data but don’t know how to use it, this costs thousands of hours of wasted effort
● Get hyper selective in new leadership injection at critical growth stages
● When you have great leaders that you believe in, get out of their hair more
● Hire for greatness, don’t look for Yes people
● It never gets any easier, but must remain fun, else go do something else

27. Nasdaq celebration
Thank You