DCBO · Docebo Inc.

Docebo’s preliminary Q1-2026 results reflect strong operational execution and accelerating demand for its AI Workforce Readiness Platform, with revenue and Adjusted EBITDA both exceeding prior-year growth rates. The 14.3% YoY revenue increase — driven by ARR expansion to $248.9 million — underscores continued adoption across enterprise customers, while the 22.5% Adjusted EBITDA growth signals improved scalability and disciplined cost management. Notably, the sharp decline in the largest OEM customer’s ARR contribution (from 9.4% to 3.2%) reduces concentration risk and validates Docebo’s progress in diversifying its revenue base, further supported by a 13.7% ARR growth rate excluding that OEM and FX impacts. Management attributes the performance to ‘disciplined execution’ and ‘growing demand’ amid macroeconomic complexity, reinforcing confidence in the platform’s strategic positioning. The upward revision to full-year 2026 guidance — widening the total revenue range by $3.5 million and Adjusted EBITDA by $2.0 million — reflects increased visibility into pipeline conversion and sustained renewal trends, though it remains contingent on assumptions including stable FX rates, consistent macro conditions, and no material new contracts >$1M ARR beyond renewals. The forward-looking nature of these estimates is explicitly emphasized: they remain subject to audit committee review, quarter-end closing procedures, and internal controls validation, and final results may differ materially. Investors should note that all non-IFRS metrics — including Adjusted EBITDA and ARR — are reconciled only to historical IFRS measures in prior MD&A filings, and are not standardized under IFRS.