TORONTO: Docebo Inc. (NASDAQ: DCBO; TSX:DCBO) (“Docebo” or the “Company”), the Enterprise Platform for the AI-era workforce, unifying skills intelligence, learning, and knowledge in one closed loop, announced financial results for the three and six months ended June 30, 2026. All amounts are expressed in US 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 workforce 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% from the comparative period in the prior year, including approximately 1 percentage point of positive impact resulting from the weakening of the US dollar relative to foreign currencies.
• Total revenue of $68.7 million, an increase of 13% from the comparative period in the prior year, including approximately 1 percentage point of positive impact resulting from the weakening of the US dollar relative to foreign currencies.
• Gross profit of $54.5 million, an increase of 11% from the comparative period in the prior year, represented 79.4% of revenue compared to 80.9% of revenue for the comparative period in the prior year.
• Net income of $2.3 million, or $0.09 per share, compared to net income of $3.1 million, or $0.10 per share for the comparative period in the prior year.
• Adjusted Net Income1 of $9.4 million, or Adjusted Earnings per share of $0.37, compared to Adjusted Net Income of $8.9 million, or Adjusted Earnings per share of $0.30, for the comparative period in the prior year.
• ARR was $255.1 million, an increase of 9.5% from the comparative period in the prior year. ARR was negatively impacted in the quarter by $0.4 million due to the effects of foreign exchange.
• Our largest OEM customer represented 2.5% of Annual Recurring Revenue as at June 30, 2026, compared to 8.4% as at June 30, 2025.
• Excluding our largest OEM customer, 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% from the comparative period in the prior year.
• Adjusted EBITDA1 of $11.2 million, representing 16.4% of total revenue, compared to $9.2 million, representing 15.2% of total revenue, for the comparative period in the prior year.
• Cash flows used in operating activities of $3.1 million, compared to $6.2 million generated during the comparative period in the prior year.
• Free Cash Flow1 of $3.1 million, representing 4.5% of total revenue for the three months ended June 30, 2026, compared to $11.4 million, representing 18.7% 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 $88.0 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, eCommerce, and skills-based career development. Building on Docebo's robust integrations, scalable architecture, AI-powered capabilities, and 365Talents' skills intelligence, the organization will enable internal mobility, workforce 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 workforce 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 worldwide, 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. They chose Docebo for its scalable multi-use-case learning platform capabilities and 365Talents' skills architecture, talent marketplace, and workforce 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 worldwide. The firm selected Docebo for its ability to reliably handle complex, core enterprise LMS 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, they will be a strong strategic partner for Docebo to co-innovate and accelerate long-term workforce transformation.
• In a FedRAMP win, Docebo signed a private sector energy company, which selected our 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 healthcare through a competitive displacement opportunity in the Philadelphia behavioral health market, reflecting continued demand across Federal, SLED, and regulated industries.

Financial Outlook

Docebo is providing financial guidance for the three months ending September 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 to $16.1 million

Docebo is providing financial guidance for the fiscal year ending December 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

The information in this section is forward-looking. Please see the sections entitled “Non-IFRS Measures and Reconciliation of Non-IFRS Measures” and “Key Performance Indicators” in this press release for how we define “Adjusted EBITDA” and the section entitled “Forward-Looking Information.” A reconciliation of forward-looking “Adjusted EBITDA” to the most directly comparable IFRS measure is not available without unreasonable effort, as certain items cannot be reasonably predicted because of their high variability, complexity and low visibility. Docebo believes that this type of guidance provides useful insight into the anticipated performance of its business.

Second Quarter 2026 Results
Selected Financial Measures

Key Performance Indicators and Non-IFRS Measures

Conference Call

Management will host a conference call on Friday, August 7, 2026 at 8:00 am 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 at https://docebo.inc/events-and-presentations/default.aspx. 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 at https://investors.docebo.com.

The unaudited condensed consolidated interim financial statements for the six months ended June 30, 2026 and Management’s Discussion & Analysis for the same period have been filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Alternatively, these documents along with a presentation in connection with the conference call can be accessed online at https://investors.docebo.com.

An archived recording of the conference call will be available until August 14, 2026 and for 90 days on our website. To listen to the recording, please visit the webcast link which can be found on Docebo’s investor relations website at https://docebo.inc/events-and-presentations/default.aspx or call +1-609-800-9909 or +1-800-770-2030 and enter passcode 8722408#.

Forward-Looking Information

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws.

In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects”, “is expected”, “an 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 in this press release includes, but is not limited to, statements regarding the Company’s business; the guidance for the three months ended September 30, 2026 in respect of total revenue, Adjusted EBITDA and subscription revenue and fiscal year ended December 31, 2026 in respect of total revenue, Adjusted EBITDA and subscription revenue discussed under “Financial Outlook” in this press release; the impact of AI on our business; future financial position and business strategy; Docebo’s position in the learning management industry; our growth rates and growth strategies; addressable markets for our solutions and; the achievement of advances in and expansion of our platform. This forward-looking information is based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Certain assumptions include: our ability to build our market share and enter new markets and industry verticals; our ability to attract and retain key personnel; our ability to maintain and expand geograp