TORONTO: Docebo Inc. (NASDAQ: DCBO; TSX:DCBO) (“Docebo” or the “Company”), a leading learning platform provider with a foundation in artificial intelligence (AI) and innovation, announced financial results for the three months and fiscal year ended December 31, 2025. All amounts are expressed in US dollars unless otherwise stated.

"Q4 was one of Docebo's strongest quarters on record, with gross bookings performance being the strongest since 2021 and Adjusted EBITDA margins reaching 21.2%, both reflecting the compounding payoff of the AI-First strategy we've been executing against," said Alessio Artuffo, President and CEO of Docebo. "The caliber of enterprise customers who chose Docebo this quarter, validates that we are winning where it matters most. With 365Talents, we enter 2026 as a true multi-product company, closing the loop between skills intelligence and learning execution for our customers. We are not reacting to the AI moment, we have been building for it."

Fourth Quarter 2025 Financial Highlights

• Subscription revenue of $59.1 million, an increase of 9% from the comparative period in the prior year, represented 94% of total revenue.
• Subscription revenue increased by 7% after adjusting for the positive impact of approximately 2 percentage points resulting from the weakening of the U.S. dollar relative to foreign currencies.
• Total revenue of $63.0 million, an increase of 11% from the comparative period in the prior year.
• Total revenue increased by 9% after adjusting for the positive impact of approximately 2 percentage points given the weakening of the U.S. dollar relative to foreign currencies.
• Gross profit of $50.3 million, an increase of 8% from the comparative period in the prior year, represented 79.8% of revenue compared to 81.3% of revenue for the comparative period in the prior year.
• Net income of $26.9 million, or $0.93 per share, compared to net income of $11.9 million, or $0.39 per share for the comparative period in the prior year.
• Adjusted Net Income1 of $13.3 million, or Adjusted Earnings per share of $0.46, compared to Adjusted Net Income of $8.7 million, or Adjusted Earnings per share of $0.29, for the comparative period in the prior year.
• ARR was $238.1 million, an increase of 8.4% from the comparative period in the prior year. ARR was positively impacted in the quarter by $0.1 million due to the effects of foreign exchange.
• Our largest OEM customer represented 4.4% of ARR as at December 31, 2025, compared to 9.5% as at December 31, 2024.
• Excluding our largest OEM customer and after adjusting for the above noted positive impact due to the effects of foreign exchange, ARR increased by approximately 12.5% from the comparative period in the prior year.
• Adjusted EBITDA1 of $13.3 million, representing 21.2% of total revenue, compared to $9.5 million, representing 16.7% of total revenue, for the comparative period in the prior year.
• Cash flow from operating activities of $8.7 million, compared to $9.7 million for the comparative period in the prior year.
• Free Cash Flow1 of $12.3 million, representing 19.6% of total revenue for the three months ended December 31, 2025, compared to $10.1 million, representing 17.7% of total revenue, for the comparative period in the prior year.

Fourth Quarter 2025 Customer Updates

• Notable new customer wins include a leading U.S.-based casual dining company operating more than 800 restaurants across 11 countries. The company selected Docebo over its incumbent HCM provider and another competitor to modernize its global learning and development infrastructure, centralizing onboarding, operational training, leadership development, and compliance on a single, scalable platform. By enabling mobile-first access for frontline employees, the organization aims to accelerate speed to proficiency and drive a consistent guest experience across its locations worldwide.
• Following a competitive evaluation process, a global quick-service restaurant leader serving millions of guests daily across more than 35,000 locations worldwide selected Docebo to modernize and scale its global franchisee training platform, with a focus on frontline restaurant employees. This win underscores Docebo’s strength in the quick-service restaurant sector and highlights the power of our extended enterprise capabilities in supporting large, distributed franchise networks with standardized, high-impact learning at scale.
• A global leader in AI-powered logistics and planning platform technology, selected Docebo through a competitive RFP process to replace its incumbent LMS and unify sales enablement with customer and partner education on a single platform. The company chose Docebo for our scalability, flexible e-commerce, built-in integrations, AI automation, and ability to measure learning ROI, reinforcing our strength in complex, global SaaS environments.
• A European-based multinational engineering and design software provider with nearly 50,000 employees, selected Docebo after a nearly three-year RFI, RFP, and proof-of-concept process to replace its internally developed LMS. In a highly competitive evaluation, we prevailed over a legacy provider to unify Sales Enablement with Customer Support, Professional Services, and Engineering Enablement on a single enterprise platform.
• A major U.S. financial services regulator overseeing U.S. broker-dealers, selected Docebo to modernize and unify its learning ecosystem. Working with a partner, Docebo replaced a legacy solution to centralize the organization’s complex internal training requirements. The decision was driven by Docebo’s robust product roadmap that addresses AI innovation, user experience, and advanced analytics, reinforcing Docebo’s strength in supporting highly regulated, mission-critical organizations at scale.
• In Q4, Docebo’s Public Sector team secured a notable win with Miami-Dade and expanded its footprint within the Department of War Cyber Crime Center (DC3) Cyber Training Academy in partnership with Deloitte. These engagements reflect continued traction across Federal and SLED markets as government agencies advance workforce modernization initiatives.

Update on Substantial Issuer Bid

The Company also announced today, in accordance with U.S. securities laws, that it has waived the “share price condition” related to its previously announced substantial issuer bid (the “Offer”) under which the Company has offered to repurchase for cancellation up to US$60,000,000 of its outstanding common shares (“Common Shares”) at a price of US$20.40 per Common Share.

The Offer provides that the Company shall not be required to accept for purchase any deposited Common Shares, and may withdraw, terminate, extend, vary or cancel the Offer if, at any time there shall have occurred a decrease in excess of 10% of the market price of the Common Shares on the TSX or Nasdaq Global Select Market measured from the close of business on February 1, 2026. Notwithstanding that this has occurred, the Company remains committed to the Offer, as it believes that the current trading price of the Common Shares is not fully reflective of the value of the Company’s business and future prospects. All other terms and conditions of the Offer remain unchanged, and the Company and the Board continue to believe that the Offer is in the best interests of the Company and represents a desirable use of a portion of its existing liquidity.

The Offer will expire on March 10, 2026, unless extended, varied or withdrawn. Further details regarding the Offer can be found in the Company’s Offer to Purchase and Circular dated February 1, 2026, which are available free of charge under the Company’s SEDAR+ profile at www.sedarplus.ca and on EDGAR at www.sec.gov. Shareholders who wish to deposit Common Shares under the Offer and who hold Common Shares registered in the name of an investment dealer, stock broker, bank, trust company or other nominee, should immediately contact their nominee in order to take the necessary steps to be able to deposit the Common Shares held under the Offer.

The foregoing is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell Common Shares. The solicitation and the offer to buy Common Shares will only be made pursuant to the Offer documents, which have been filed with the applicable securities regulators in Canada and the United States.

Financial Outlook

Docebo is providing financial guidance for the three months ending March 31, 2026 as follows:

• Total revenue between $63.5 million and $63.7 million
• Adjusted EBITDA between $10.3 million to $10.5 million

Management expects subscription revenue to be in line with total revenue growth.

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

• Subscription revenue between $251.5 million and $253.5 million
• Total revenue between $267.5 million and $269.5 million
• Adjusted EBITDA between $52.5 million and $54.5 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.

Fourth Quarter and Fiscal Year 2025 Results

Selected Financial Measures

Key Performance Indicators and Non-IFRS Measures

Conference Call

Management will host a conference call on Friday, February 27, 2026 at 8:00 am ET to discuss these fourth quarter and fiscal year 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 Q4 2025 results, which will be the subject of this call, on the Investor Relations section of Docebo’s website at https://investors.docebo.com.

The consolidated financial statements for the fiscal year ended December 31, 2025 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 March 6, 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 March 31, 2026 in respect of total revenue, Adjusted EBITDA and subscription revenue and fiscal year ended December 31, 2025 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; our AI Workforce Readiness Platform; impact of the addition of 365Talents on our business; future financial position and business strategy; the learning management industry; our growth rates and growth strategies; addressable markets for our solutions; the achievement of advances in and expansion of our platform; expectations regarding our revenue and the revenue generation potential of our platform and other products; our business plans and strategies; expectations regarding increasing adoption of Docebo’s AI First learning platform across the public sector; and our competitive position in our industry (including the government and education sectors). 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 geographic scope; our ability to execute on our expansion plans, including, but not limited to, our ability to build an AI Workforce Readiness