Logo Yazilim (LOGO) Investor Presentation summary

Business overview and market position

• Local leader in enterprise application software in Turkey and Romania, with a presence in India via joint venture.

• 2023 revenues reached $101 million, with 67% recurring revenue and 31% from SaaS.

• Over 1,600 employees, 45% women, and more than 200,000 customers in the ecosystem.

• Holds 26% market share in Turkish EAS market, matching Microsoft and trailing SAP.

• Market leadership in Turkey, especially among SMEs, with tailored local products.

Product portfolio and SaaS transition

• Broad SaaS offerings include eLogo, Diva Retail, Peoplise, İşbaşı, and CaptainBiz.

• SaaS revenues grew 17% y/y in Q1 2024, now 32% of total revenues.

• eLogo leads in e-government solutions with 178,000 customers and 27% y/y growth.

• İşbaşı reached 62,000 users, with ARPU rising to $24.

• Peoplise serves 180 customers, including 7 of Turkey's top 10 brands, with ARPU at $5.6K.

Financial performance and growth

• Q1 2024 IFRS revenues up 20% y/y to TL 970 mn; EBITDA up 3% y/y to TL 287 mn.

• Net income impacted by IAS29 inflation adjustment, resulting in a TL 87 mn loss.

• Recurring revenues up 8% y/y, now 68% of total invoiced revenue.

• Total Soft (Romania) revenue up 18% y/y, EBITDA margin improved to 21%.

• Strong cash position with TL 1,061 mn in net cash and 0.47 shareholders equity ratio.