Good morning, and thank you for joining FacePhi's webcast to discuss 2025 audited earnings. Joining me today, as always, is Javier Mira, the company's CEO, and Aitor Donazar Davalats, the company CFO.

Before we begin, as we always do, some housekeeping comments. If you want to make questions, please make them in the lower right-hand corner, and these questions will be answered once the presentation is over.

Without further ado, let's start with the presentation. As you probably saw, FacePhi had its best financial performance ever in its over 12 years of history.

We had strong revenue and EBITDA growth. We have net profit, and we have lower debt and higher profitability that brings us closer to cash flow generation in 2026.

2025 was a turning point for the company, both from a strategic and financial point of view. From a strategic point of view, we completed the transformation from a primarily biometric vendor into a leading artificial intelligence-driven digital identity and fraud prevention platform.

We are now integrating in our solutions identity verification, fraud prevention, and compliance into a single end-to-end solutions. Our clients with us have absolutely all of the digital security needs with us.

They don't need to use external vendors. From a financial point of view, our performance underscores the success of our strategy.

As you can clearly see on this slide, our revenue has grown at a CAGR of 37.7%—sorry, 37.7% over the past 5 years. More concretely, in 2025, revenues grew by almost 25% to €36 million, EBITDA grew to almost €11 million, and net profit was of €400,000, which compares very favorably with a -€8.9 million profit in 2024.

We are definitely in the right path. More importantly, this strong performance is set to continue in 2026.

As you can also see in this slide, we are ratifying the guidance that we announced last October for 2026. This year, we're expecting revenue to grow by over 28%, we are accelerating growth versus 2025.

EBITDA is expected to be maintained at similar levels, growing a little bit further to €11 million or 5%. In 2026, we will be definitely cash flow positive with an estimate of €4.3 million.

The expectations and the outlook for the company is very bright, and 2025 was the year where we definitely demonstrated it. This strong outlook is obviously supported by a growing industry.

As you can see here, the identity verification market is expected to grow to reach $29 million by 2030, which represents a CAGR of over 15% over the next 5 years, no? Also, the fraud detection and prevention market is also growing at a similar rate.

The outlook is there, and we are definitely in the right moment to take advantage of that. Now, I will pass the word on to Javier.

Please, Javier.

Hello, everyone. Good morning, and thank you for sharing your time with us.

Thank you, Antonio, also for organizing this webcast to present the results. As Antonio has mentioned, we are, in the company, very happy about the performance of the 2025 audited results with a quite impacting numbers in terms of revenue, the best year of the history of FacePhi with the €36 million revenue in invoices to our clients, but also a key point, I think, that is the EBITDA that is raising €10.5 million, coming from €1 million of 2024, it's a huge change and improvement for the company.

The company in general, as I said, is very happy, and later on, CFO Aitor will explain in detail some of the numbers in order for you to understand exactly the performance of the company. Before that, as some of you have made some questions in the past about the company's strategy for the future with the threat that we have today, all the companies, not FacePhi or our sector in general, all the sectors, the threat or opportunity that we have in front of us is the AI.

Just you to know that FacePhi has been using AI in the last 12 years. It's not something that is impacting us in the last year, but at the same time, it's true that the growth of the AI and the different solutions and tools that the AI is providing to the market, it's a threat and it's a challenge because the attacks and the fraud is getting more and more complicated.

The challenge for the company is like FacePhi is even more we have to pay more attention now because we need to improve also our tools in order to protect our clients from this attackers. Now everyone can just be a hacker, just hiring some tools.

Basically, we see four different verticals, let's say. One is the AI accelerates the fraud, as I said.

Neural networks or the use of generative AI in order to create synthetic identities or deepfakes is really really common and really easy to do today. Before, you need to be an engineer to develop this; today, you just can be a user and you can generate your own synthetic identities if you want.

Synthetic identities means fake identities. Just to give you an example, before, we used to use IDs in order to train the models—ID from Spain, for example, you need 300 or 3,000 in order to train the model how to verify the ID that is original.

Today, you can create fake IDs, but exactly as original, and that's called synthetic identities, and in the case of the face, it's called deepfake, no? Obviously, these tools are accelerating the fraud.

Then obviously, the AI is a value chain disruptor. We know that any company, especially tech company, if you are not developing internal AI—and I don't mean using AI tools that you have on the market, developing your own ML engines in order to produce onboarding agents or behavioral biometrics, etc.—is very easy that the company is going to an end.

It's something that we really believe really strongly. Then we also know about the digital-first banking.

The threats on the segment, it doesn't mean that the banks are going to stop acquiring new clients by the process, onboarding and trying to protect them. That's a demand.

The only thing is that we need to develop, as we've been doing in the last years, the best technology possible to offer to our banks and the banks to trust in the company, that even though they receive attacks almost every day, the company is providing solutions that they can trust us, and that we are capable together, obviously, to prevent these frauds. The last platform is something very important.

We are capable to go live or to deploy the technology in weeks, not in months, because today our platform is a no- or low-code orchestration. That's a very good thing, and still the KYC process is in less than 30 seconds.

That's completely a huge difference between FacePhi and its competitors. Then the regulatory escalation.

We know that the PSD3 or eIDAS or many others are more and more regulated, and the companies like FacePhi, we need to comply by design with all these regulations in order to provide the technology in the market and the market to accept the technology as it is, no? Next slide, please.

Thank you. This is quite important, even though I explained this I think last time.

This is let's say the newer product or solution that we are offering. Before, at the beginning, FacePhi was only a biometric provider: facial recognition, for authentication, then the KYC, the onboarding process.

Now what we offer to our clients in all verticals is a 360 solution. That means we cover the whole session.

We cover since the beginning when a client wants to onboard in a bank to just opening an account, we do the identity verification using multi-biometrics, we do the liveness testing in order to see that the person is alive and is authorized. After that, we also use behavioral biometrics, or we use the mule account detection or ATO prevention, in order to be capable to continuously, in real time, secure the operation with the client, not only at the moment that is opening the account or at the moment that is making the authentication.

All over the process that the client is using the website or the app of the bank in order to do transactions, we are all the time monitorizing the operations in order to detect potential threats. Then the transaction layer, also the KYT or screening and sanctions or real-time monitoring.

What I mean is that from the biometrics that we came years ago to the 360 platform that we offer today, FacePhi is in a position that no one is offering this 360 to banks in order to secure the operation. That's a key point for us for the next few years.

Next slide, please. This is just basically a couple of figures in order to understand that the market is growing, that those verticals that I was talking a little bit before are growing, some of them more than others.

You can see that, for example, the verticals we are talking about: transaction monitoring, we are talking about ID verification, authentication and access, mule account detection, and behavioral. The last two, mule account detection and behavioral, are two verticals that FacePhi is pushing a lot in 2025, and we are completely convinced that 2026 and '27, we are going to have extremely good results in these two specific verticals.

You can see here that the size of the market and the growth of these specific verticals are going to be quite strong, 21% and almost 20%. That's why we focused on now.

We've been focusing in this in the last 18 months, and now obviously we are going to start getting some of the results. I'm happy to be here.

I'm happy to try to answer all your questions after the presentation. From my side, that I wanted just to touch the market expectations and situation, it's over, and now I'd like to welcome Aitor in order to go more into the detail of financial report 2025.

Aitor, please.

Hello. Good morning, everyone, and thank you very much for for joining us and attending this this meeting.

It's a pleasure to to share with all of you. Let's go to the first slide.

On the left, you can see what we have done in terms of the in terms of business. The business revenue growth over the over the last 3 years, okay, from 2023 from to 2025.

As you can see, the company has grown very significantly, in fact, more than 40% over the last 2 years, okay, from 20 25 million to 36 million in 2025. In fact, in 2025, the the level could have been more than that in terms of constant currency basis that later on we will have the opportunity to share, okay?

On the other hand, on the right, we show the size of the business in terms of TCV, that is the updated value with the customer contracts we currently have as of the end of 2025, where the as you can see, again, the figure has nearly doubled in just 2 years, okay? A very amazing evolution and and great for all of for for all of us, okay?

Next slide, please. Thank you.

Next slide. What to say?

This is the let's say the kind of amazing growth that any CFO and any CEO wants to show and and share with all of you. A huge and very significant improvement in the in the in these four key financial indicators over the last 2 years from 2023 to 2025.

In 2025, let me just underline the fact that we have also expressed the figures in constant currency terms, okay, to remove the fluctuation in the US dollar in the US dollars that is the the currency, the foreign currency in we sell all our business. The US dollar, as as you probably know, opened the period in at 1.04 in January 2025 and closed in December 2025 at 1.17, okay?

This is why this analysis allows us to do a much more properly compare in terms of the growth and productivity achieved in 2025 with what we did in prior years, okay? This is why the the the revenue, as you can see, is close to €38 million.

Also remarkable and to note that our main productivities in terms of EBITDA—pay attention that EBITDA, which was in the last years around €1 million, has multiplied by 10 times, okay? Then, well, this main, beautiful productivities have come from first, keeping flat our fixed cost structure, overhead and SG&A, and mainly huge improvements coming from our direct cost structure, which up to today allows us to get a gross margin around 85 85%, okay, compared to in average 70% in prior years, okay?

Also just to say that when you when when when we say normalized EBITDA, well, and just to to to be able to to do a properly bridge with what you will be finding in the audit, well, using the accounting format that that appears in the audit, the way you get normalized EBITDA is the usual way, which is taking the operating profit plus D&A, depreciation and amortization, plus provisions related to assets linked to the prior years, and, of course, plus severances, okay? We are expecting to to keep this level of productivities and then this level of EBITDA for our 2026 roadmap, okay?

Great news and very beautiful landscape. Let's let's go to the next.

Thank you. Next next slide, very briefly just to say that we want to to to remark the again the evolution of these four financial indicators.

What we Well, as I said, in terms of revenue in current currency basis, close to €38 million, okay? Just to underline in this slide to pay attention to our investment commitments that in theory remain at the same level of €4.5 million, as as you can see, okay, each year, or at least in the in the last 2 years, but they account for less and less percentage in terms of in terms of percentage of sales, okay, or in terms of percentage of of revenue.

Also to to to note that this highly J-effect, no, this visible J-effect in the free cash flow, okay, which allows us to to to reach break-even levels in 2025, as, by the way, was announced previously by the CEO Javier Mira in at the end of 2024, beginning of 2025. J-effect close in terms of getting break-even levels, and then we will be we will be expecting to to grow very significantly in 2026, as the guidance published in in the last months, okay?

Let's go to the next, please. Right.

Thank you. This this in this slide, this is the well, the financial the financial profile the business needs in terms of debt profile, I mean.

Very briefly to say that well, I would like to note that given the very positive trends in 2024 and also in 2024 in 2025 and also in 2024, in both cash flow growth and in terms of debt reduction, okay, in fact, in in the left, on the left, you can see that the right the the ratio in terms of gross gross financing or banking debt on normalized EBITDA has hugely decreased from 10 times in 2024 to less than 1 time only in 1 year in 2025. We tend to believe that we will have no problems to to to close a very interesting financing deal with the with the financing institution and entities, banks and other, that will definitely will will be adapted to our needs to support the the the growth, both the business growth and, of course, the mentioned investment that will continue in around €4.5 million or close to €5 million in terms of CapEx, okay?

I think that's that's all from my side, and absolutely at your disposal and available to to to your Q&A section that you may have.

Thank you, Aitor. Just to wrap up the financial section of this presentation, we are sharing with you some KPIs in the evolution of our revenue, as we have done in previous occasion.

You can see that onboarding authentication continues to be our main sources of revenues. However, going forward, as we are offering a one solution, it will be more difficult to identify specifically which part of the solution is going to be bringing most revenues.

In terms of region, you can see that Latin America continues to represent our biggest source of revenue. The reason that it continues to grow is that, as we mentioned, in 2025, it was an inflection point.

We transformed from a primarily biometric company into a company offering additional fraud prevention solutions. It represents opportunities for upselling and cross-selling to current clients and current countries.

It is also important to mention that we opened headquarters in Brazil, we have additional presence in Brazil, in Colombia, and in Peru. However, as we pointed out in previous occasions, we believe that the EMEA region is going to represent one of the biggest growth opportunities for the company.

As you can see, that already have more than doubled its participation in the revenue breakdown of the company as it went from 1.3% in 2024 to over 2.7% in 2025. In terms of breakdown by sector, as we continue to strategically move into new sectors, we continue to be by far the leading company in the banking sector.

It represents 91% of revenues. As you can see, we are already aggressively increasing revenue participation from other sectors such as insurance, pensions, and so on.

Going forward in 2026, you should start seeing also revenue participation from other sectors such as transport, gaming, and so on. The evolution is there, and it should be easier to perceive going forward.

In terms of the transition from on-premise to cloud to SaaS, it continues to accelerate. Cloud represents 86%.

It's almost twice as much as it did in 2024. As we also pointed out in previous occasion, as we have more partners, the revenue participation from those partners should continue to grow.

The percentage of revenues coming from that strategy already represents 35%, which clearly should reflect in the company's better margins, as this growth strategy allows us to enter new markets, new countries, and new sectors with lower capital investments on the company's side. These KPIs presents a very bright outlook for us, and we are very excited about it, no?

To conclude the presentation and proceed to the Q&A, let me close by saying why we believe FacePhi offers a compelling investment opportunity and why we believe that you should be as excited as we are. As we have demonstrated, we are a leader in a growing industry.

We are growing well above the industry's average. Our CAGR over the past 5 years has been closer to 40% than to 30, while the industry's average has been of around 12%.

We are definitely growing above the average. Right now, we have an end-to-end solutions that covers all of our clients' digital needs.

We have not just been growing very aggressively over the past years, but we are expecting that growth to continue in 2026, as we have pointed out throughout this presentation. Our growth in 2026 should accelerate versus 2025.

More importantly, the cash flow generation of the company is also going to accelerate, and we should finish 2026 with over €4 million of positive cash flow. This is an extraordinary picture.

We are very happy with our performance. With that, I conclude the presentation, and we can proceed into the Q&A.

Okay. We will answer the questions in order.

The first questions come from Bertrand. I believe that you can all read that, but basically, he wants...

Antonio González, perdona. Excuse me.

I think the order is the opposite. When you see Bertrand, Bertrand I think is the last question that appeared.

You

should go down. Then

we will answer this one first, and then I will go all the way down. Basically, Bertrand wants to know more about the competitive landscape.

Are we gaining market share? Javier, would you like to take this one?

I'll take this one. It's been a big move in the market about our competitors.

The competitors we used to have 3, 5 years ago is completely different the competitors we have today. We've seen competitors that they were quite strong not in banking industry, but in fintechs and other verticals in terms of the KYC, and they were really strong 3 years ago, and today they lost completely the market.

What we see is that the main difference is companies that are really accepting the AI tools in order to develop different solutions, because otherwise in 6 months you are out. Companies that they didn't have their own technology, that they didn't develop the algorithms for biometrics or for different solutions in-house, they are suffering a lot because obviously the speed of the AI in the market is really really strong.

Basically speaking, the competitors that we had, if I mention five names that we had 5 years ago, today out of these five names we are just considering two that still we are competing with them in our sectors, in banking and others. At the same time, probably it will come newcomers, in the next years, because obviously the market is growing.

Basically speaking, we are really strong with our clients and in the banking industry. I think we don't have strong competition in this vertical, in the banking.

We do have competition in other verticals like travel or fintechs or insurance, etc., but with just the strongest companies that are applying the AI or the newcomers, normally local companies.

Thank you, Javier. The next question comes from Alain.

Aitor, I believe this one is for you. He wants to know about the uncollectible receivables registered in 2025.

Yes, okay. This is about an impairment test applied on the exercise finished in 2022 and 2023, okay, that is an eventual opinion coming from the auditors in terms of recoverability of this account, okay?

The customer up to today is working currently with us, and this is why we tend to believe that this asset balances will be recoverable, but the auditors, applying the typical prudent criteria, is suggesting to apply €2 million as impairment, okay? We, as I say, we think that at least €1 million will be able to be recoverable,

okay? Thanks a lot, Aitor.

The next questions come from Miguel. Miguel is basically asking whether there is room for additional improvements in personal expenses and OPEX.

As I talked with Miguel yesterday, I will add that he, in line of this question, he would like to know whether there is room for additional EBITDA margin expansion. Aitor, would you like to take this one?

As I said previously in the presentation, a flat evolution definitely, absolutely, in terms of SG&A and overhead cost as fixed cost, okay? We are expecting to keep getting this kind of control on our cost, and this is why our OPEX in 2026 will be not different to what we had in 2025.

Thanks, Aitor. I would also like to add that as we mentioned, in 2025, FacePhi reached an inflection point.

That is something that we mentioned when we published the accounts of 2024, where we mentioned that the company have already achieved the desired corporate structure, basically meaning that we could accelerate growth without investing so much in additional CapEx, personnel, and so on. Obviously, we will have to continue hiring, and we will have to continue investment, but at a lower pace than what revenue is expecting to grow, because we already reached the structure that we desired as a startup.

Now we have left the startup phase behind, and we are definitely in the growth phase. The next questions come from Mikel.

Mikel wants to know about the loan that we received from Nice & Green in September for €1.5 million and why now it includes a provision that it could be converted. Also, if converted, he believes that Nice will hold more than 30% of the company.

If you want, Aitor, I can answer this one.

Perhaps Javier much better than me,

but Yeah. I'll take this one.

What we agreed with Nice & Green in September is by the end of January of this year to pay back this 1.5 million, and not in shares, in cash. What it happened is that with the syndicate loan that we have with the five banks—with Santander, Caixa, etc.—we extended the period from December to June with this.

By default, the banks, they asked us to also extend the payment of the loan to Nice & Green, the 1.5 million, to the same date, end of June, beginning of July. In that case, Nice & Green accepted, but the only condition is that he said, "In that case, we would like to, at least to indicate that if the company, for any reason or the market situation, it's interesting to capitalize this 1.5 million, we can decide."

It's not their own decision, it's also the company's decision. Nice & Green prefers to receive the payment back, but is just an option that if the company believes that is a better option to capitalize this amount, we could do it.

Initially, we don't believe it's going to happen, but it's just an option.

Okay.

Basically, if I might complement, it basically adds a little bit more of flexibility to the loan. Even in the hypothetical case or for argument's sake this loan was converted, Nice & Green will still be below 30%.

Nice & Green now holds around 25% of the company's shares, and so if they convert this 1.5, it will represent around 1%, it will still be far away from that 30% threshold. The next questions come from Miguel.

I believe this has already been answered indirectly. Are you assuming lower CapEx?

No, it has not been answered. Aitor, would you like to take this one, please?

Yes. Exactly, 11 normalized EBITDA expected in 2026, and for a little more than €4 million free cash flow.

Absolutely the same, as mentioned before. CapEx will be keeping in the same level of, let's say, somewhere in €4.5 million or close to €5 million, okay?

Then is in our P&L because this under the Spanish general accepted accounting principle, we have to apply this income to neutralize the R&D cost. Then, well, is in this way we are taking off from the P&L, okay, and putting in the free cash flow account as a capital expenditure, as a CapEx, okay?

No lower CapEx, will be the same, okay, in spite of which we will be getting EBITDA for at least €11 million and more than €4 million free cash flow expected.

Thanks, Aitor. You're

welcome.

Next questions come from Miguel. He is asking about the €3.3 million in IT system costs.

Basically, he wants to know what is this €3 million about.

The strategy of the company didn't change in the last years. What we've been doing is attending to the demand on the market.

Sometimes we use new technologies that instead of developing this technology in-house, that it takes some time and obviously some investment, before we need to try them in some clients to see if it's really a trend, if it's something that is going to bring in the future interesting revenues to the company. Those years, obviously, we prefer to pay to use a third-party module or technology before we develop.

The truth is that since the beginnings that we only had in-house the facial recognition algorithm many many years ago, today basically the 95% of the technology that we provide to our customers are in-house developed, including, for example, the behavior biometrics. Behavior is something that we've been analyzing and making partnerships with some providers from different countries in order to present these solutions to our clients.

Once we see that the trend, that our customers, our banks, they really like this product, this solution, and they want to implement, we start developing it in-house. For example, this one, we've been using in the last 3 years, and now we have our own algorithm for behavior algorithms and biometrics.

It's something that we will keep. If tomorrow we see that there is an interesting technology that we can fast implement in our platform in order to resell to our customers to see the impact, we do it.

If it makes sense to develop it in-house, we do it.

Fantastic. Thank you, Javier.

Another question from Mikel. Basically, he wants to have additional insight on growth in APAC and EMEA region.

APAC, he believes is weak; EMEA is good, but not good enough.

About that, I'll take it also. In terms of APAC, it's true that we need time, and when I say we, I'm talking more about Hancom, that is our exclusive distributor in the region.

The region is tough. To get the trust of the clients is difficult.

We have some banks already using our technology and some other banks in processes that they have a POC in order to integrate. Hancom developed a whole team and opened a new offices in Tokyo, in Japan, in order to push the sales.

We believe that this 2026 is going to be a year that should be a big change, but it's taking some time to go to the market in this area: different culture, different competitors, in order to sell the technology from Europe, from Spain, in those countries a little bit more difficult than expected. It's taking some time.

It's not that we are going back, but it's taking some time. In the case of EMEA region, we started also, let's say, a couple of years ago from scratch, no market at all, and the growth it's been important, not as good as we expect, but in the same way, it's because we have a lot of opportunities that sometimes they take some time to be closed in order to make the integration.

We believe that we came from, I think it's about €300,000 in 2024, almost a million in 2025, and we believe this year we should be around 3, €3-4 million, that it will be a good change, and we are on the way.

Fantastic. Thank you, Javier.

Next question also comes from Mikel. I believe that this was already answered by Aitor in regards to the question of Miguel, but basically is that why EBITDA is not going to grow further in 2026 if CapEx and personal expenses are going to be flat.

Aitor, would you like to complement or say something?

This evolution in some way is true that is in some way it's a little flat for EBITDA in our expecting 2026 numbers, but of course not 90% 90% of gross margin, but 85%, but well, in terms of the calculation for which you can get this EBITDA of €11 million, well, is in the same way for 2025, okay? Let's keep in mind that for 2026, this growth in the revenue side is getting in terms of split from three very different regions, okay, as mentioned by Javier: EMEA, LatAm, and APAC.

Very different way to contribute in terms of gross margin, okay? At the same time we must be very prudent, okay?

We think that if we get around €45 million or €46 million, probably we will be getting more than €11 million, but keep in mind that behind this amount, we are putting all other income like the capitalized cost in the P&L and also the mentioned tax lease for which our auditors are reviewing and checking the criteria. I think it's prudent to say only a 5% growth for EBITDA in spite of getting €45 or €46 million revenue level, okay?

I think it's prudent.

Yes, thanks, Aitor. In any case, €11 million of EBITDA over revenues of €46 million is a very good margin for any tech company.

It's an extraordinary margin, in fact. It's always good to be flexible in terms of our own guidance, and the official one is that: €11 million.

If it's better...

In addition, just to underline the fact that the main efforts made in our P&L cost structure has been made in 2025, coming mainly from the direct cost, okay? Once you have, let's say, turnaround on this productivity program, okay, after that, you have a more moderate evolution in EBITDA and even in cash flow, okay?

The main efforts has been made in 2025.

Fantastic. Thank you, Aitor.

You're welcome. Another question from Miguel.

Has triggered the €9 million loss from previous year in the balance sheet? Can we get back to you on that one, Miguel?

I think this is Aitor, no?

Yes, but I'm checking. I taking the audit numbers.

Excuse me. €9 million Okay, I see.

Right. Got it.

It's nothing more than the application. If you take the same retained earnings coming from prior years, okay, in 2024 was close to €9 million, okay?

This is why applying the net income or the net earning in 2025 on this retained amount in 2024, okay, this is nothing more than a reclassification in the net equity chapter, okay? I think it's clear.

Great. Thank you.

You're welcome.

The next question comes from Bertrand: the split within the partners. If you mean to the revenue split, we already show the KPIs on that sense.

This year revenues is 65% coming from FacePhi, 35% coming from partners, which has grown from 25% in the previous year.

I think that the growth is quite interesting knowing that we developed a specific partner channel for the company to increase the revenue. Coming from 25% of the total to 35% of the total this year I think it's a good number.

We don't know exactly how it's going to become under 2026, but we believe that we should be around 40% of the total sales through this channel, but maybe it could be some surprises because it's going to depend also on the performance of the main partners. Basically is what I think is that in the way that we wanted to do, that is to try to increase the revenue using the channel with the partnerships we have is going well, and especially is going well because now, as I mentioned before, the platform we have now is a no- or low-code platform, we don't need integration.

When you don't need integration, the sales are much easier for partners because they don't have to send any team, we don't need to send any team to the customer for months to do the integration. It's just, basically speaking, an plug in with the platform.

It's like a black box, and we believe that that's going to help also to increase the revenues with the partners. If I have to give roughly a number in terms of percentage for this year, I would say that we should be around the 40%, maybe a little bit higher, but around the 40%.

Thank you, Javier. This question comes from Matias is basically asking whether we will be moving from BME Growth to the main market in Spain.

I can take this one, too. We've been analyzing, we've been talking, we've been having several meetings with several advisors and consultants on the main markets, and the company, it's ready to do the change to the main market in terms of what is necessary to do this jump.

The thing is that, at the same time, it's costly. There is some extra cost that the company should take, like, for example, changing the accounting of the last 3 years because you need to be in IFRS and we are not for the last 3 years, and the job has to be done by one of the Big Four.

We know that it's going to be like €200,000 to €300,000 just to do this change. On top of that, we talked to the regulator.

The regulator says that the only thing that we should change to improve probably the board members, because increasing some female boards, etc. We have all the information on the table.

We didn't take exactly the decision right now because it's an important decision. What we are thinking is that sooner or later it's going to happen, what we are doing is applying some of the main things they told us to do to apply this year, this 2026, in order to be ready as soon as possible.

Remain listed in Euronext, at this point, yes. It's true that we don't have much liquidity there, but at this point, we have investors in Euronext, and we are going to keep it if we can.

Thanks, Javier. The next questions come from Ignacio.

I believe this has already been answered, Ignacio, let me take it very briefly. EMEA region more than doubled from 2024 to 2025, and based on what Javier just said, we're expecting it to go from the current around €1 million to €3-4 million in 2026, the growth in the EMEA region is going to be exponential.

It's just as the sales cycle takes a little bit longer, but as we already started it in 2025, it should start landing and taking place in 2026. In regards to the APAC region, that was already answered.

It takes a long time to develop trust and brand recognition in that region, but we continue to work in that. A question from Romain.

Our competitors are labeling themselves as AI-driven platform. What is our competitive differentiation with them?

We should go deep into the technical details, but to be honest, everyone says AI-driven platform because if you use ChatGPT in a chat box, you can say that it's AI-driven platform. The truth is that the main difference between these specific companies that you mentioned here, like Jumio, Veriff, or Entrust—Entrust acquired Onfido, by the way—the approach to the client is the same.

We offer basically the same, with a main difference, I would say: FacePhi is in-house developed technology; Jumio, Veriff, and Entrust, they are not. They use partnerships in order to integrate the technology.

They are not manufacturing or producing in-house the algorithms, or they are not producing the AI tools in order to do this. Basically, the second more important thing is, as I was presenting today, we cover the three main layers of the whole session.

That means KYC at the beginning, onboarding, authentication, and at the end, monitorizing the whole transaction with mule accounts, behavior, etc. These competitors that you mentioned here, none of them have that.

None of them have the behavior, for example. None of them have the mule account detection and the screening or the MLA.

We just compete with them in the KYC, but that's really old style. I don't believe that this is going to be the future of this platforms, whether you go forward to really become a fraud prevention company or just KYC, we believe it's going to become a commodity soon.

Thanks, Javier. Another question from Romain: basically, diversification.

Most of our revenues are coming from LatAm and financial services. We have been mentioning diversification for quite some time now.

This has already been answered before. Yes, the initial sales cycles in new markets and new sectors, it takes a long time.

As we have already started several months ago, it should start materializing in 2026. One example, it will be the EMEA region.

As we mentioned, it represented 1.3% of revenues in 2024, 2.7% in 2025, and based on Javier's expectations of €3 million to €4 million by 2026, it should represent closer to 8-9%. The evolution is clearly there, just taking a little bit longer than initially expected.

Romain: could we explain what we consider annual recurring revenue? It appears quite stable, etc.

I don't know if, Aitor, you want to take this one, but I can send you the description by mail. It was included in the annual accounts of 2024 and the limited review of the 2025 is in the press release at the bottom, everyone have a very good descriptions of what we consider ARR.

Basically what you are seeing now, the difference between ARR and total contract value that you are not specifically asking it there, is basically that right now, with the new solutions and the end-to-end platform, there is a lot of additional upselling and cross-selling opportunities that is not yet reflected in that number. The next several questions are coming from Romain.

Profitability and cash flow generation. This one have already been answered, Romain, why EBITDA is not expected to grow as much.

Basically, Aitor already include some of the items, but basically the company also wants to have some flexibility. This last one is for you, Aitor: is EBITDA set to become more of a cash EBITDA in 2026 or going forward?

No, in fact, in 2026, this ratio will be improving a lot due to the fact that free cash flow, not in break-even as in 2025, but will be more than €4 million generating cash, then, well, this ratio, free cash flow on EBITDA, will be close to half times, okay? From my point of view, profitability absolutely confirmed in the same way in 2025, and cash in terms of cash generation for this ratio, EBITDA free cash flow or free cash flow EBITDA, absolutely stronger than the one we did in 2025.

Thanks, Aitor. However, the official guidance of the company continues to be €11 million, which represents a 5% 5% growth.

Next questions come from Alain: are we planning to increase our presence in Switzerland?

I take this one. Switzerland, like in many other markets, we are making some meetings with banks or institutions in order to see if our technology makes sense to be, but at the same time, it depends.

When we see the opportunity that can bring the revenue in a faster way, we go. If we see the opportunity, let's say, Africa rather than in Europe, we move to Africa really fast in order to get the revenue.

Switzerland is a place that we have had thousands of meetings with different banks. Pricing for them is an issue, and regulation is another issue, and it's something that we have on the table, but is not our priority number one, to be honest.

Thanks, Javier. M&A: have we been approached for potential takeover?

How would we react? The M&A market is been really active lately, especially the last I would say couple of years.

Yes, we are approached by companies or private equity funds that they are building big groups of fraud prevention companies. We listen to everyone that is approaching, but FacePhi is in a good position now in order to grow for the next few years.

We pay attention, we listen to the potential interest, but so far nothing that we really really consider. Otherwise, obviously we need to share with the shareholders.

It's been quite a big movement, and on the other side, we also analyze potential companies to make a move with them in terms of acquisition. We pay attention, nothing to be clear like we had last 2 years ago that we were openly trying to look for an operation.

Now we are more listening, but on our way, because to be honest, you see the value of the company, the multiples of the company from the revenue, from the EBITDA point of view, are really really low compared with the private market. Obviously that's an issue when you've been approached by some company that is trying to give you a number, they treat you like a public company and not like a private company.

We believe that we should be in a different place the day that we want to really analyze or study a potential M&A operation. Anyway, it's something that we will share with you.

Thank you, Javier. This question from Rousseau has already been addressed, whether we will be willing to move.

Yes, but there's some items under consideration. Next question comes from Dan.

"Trends towards integrating platforms and embedding AI shape for your growth opportunity. Could it expand your growth opportunity in established markets, but increase barriers to entry into newer ones?"

I believe that we have already mentioned that. We have transformed from being just a biometric company into an AI-driven platform that are integrating all of our digital security needs of our clients.

Yes, that is happening, and we are already doing it, no? Yes, all of those companies that have not already taken all of the necessary steps will be eventually be left out of the market.

I don't know if somebody wants to add something on this one?

No, thank you, Antonio. I think it's exactly what you said.

It's true that is shaping the market this kind of integrated platforms and AI-embedded, but at the same time, I think it's creating new opportunities. In the case of FacePhi, that we have already stepped into the main markets with our previous technologies, now with this new trend of the integrated platform, I think it's a huge opportunity for us.

I don't see any barrier of entry for FacePhi rather than the other markets or the competitors.

Thank you. Regarding the US dollar exposure, does it make sense to hedge?

Yes, the company start hedging since July this year, sorry, since July 2025. Correct me if I'm wrong, Aitor, but we have continued to do so.

Absolutely, right. That is the case, thank you.

The last question comes from Alain in regards about the qualified opinion of KPMG. I guess that these issues will be again for the next year?

Right now, as we mentioned, we are waiting for feedback from a consultation that we did to the Spanish accounting and auditing institute, the ICAC, and based on that feedback, we will sit down with KPMG, and we will decide what will happen going forward.

Just to add, of course, we will be more than happy to follow the instructions or the opinion of the auditor as long as this feedback that we are waiting is in that sense. What the company has decided is that the same opinion, but the other one, was by Ernst & Young last year, and was also the KPMG in the revision of the June the 30th.

They just changed the criteria now, because it seems that there is a new consultation on the market. What we have done is automatically ask the same consultation to the market specifically for FacePhi.

Once we receive this feedback, the company, the board, and the accounting will act depending, is going to be for the next years? No, absolutely not, because once we receive, whether the auditor will say, "Okay, in that case, it's okay with us, too, to keep the way you are doing it," or the other way, if they say, "No, no, we have to modify this that is affecting 1.something million to the P&L," we will do it, and for the next years it's not going to happen again.

In any case, it's something that is not going to be replicated in the next years.

It's basically a matter of having more clarity, certainty, and to maintain the same criteria, it doesn't have to continue changing every time there is a limited review or audit. We will obviously get back to you.

On top of that, Antonio, if you change now, you have to change the previous year, the 2024, that it was Ernst & Young audited. In that case, we would have also to change the 2024.

The company, what has been doing is, okay, let's keep it like this until the moment that we have an official answer. With official answer, we will act.

That's it. The market accept it completely, the regulator.

Fantastic. Thank you, Javier.

At this moment, we don't have any further questions. I hope that you like our performance for 2025 and are as excited as we are, not just about our performance in 2025, but about our outlook going forward.

We have been preparing the company for the past 12 years. The inflection point have already been reached, and we are ready to capitalize on that.

Thank you for your time. If you have any further questions, please let me know.

Thanks a lot. Have a nice day.

Thank you very much.

Bye. Bye-bye.

Nice day.