Docebo Q4 revenue slightly beats on customer wins

Overview

• Learning platform provider's Q4 revenue slightly beat analyst expectations

• Subscription revenue rose 9% yr/yr, driven by AI-First strategy

• Company announced $60 mln share buyback

Outlook

• Docebo forecasts Q1 2026 revenue between $63.5 mln and $63.7 mln

• Company expects FY 2026 subscription revenue between $251.5 mln and $253.5 mln

• Docebo anticipates FY 2026 adjusted EBITDA between $52.5 mln and $54.5 mln

Result Drivers

• AI-FIRST STRATEGY - Docebo's AI-First strategy led to strong gross bookings and improved Adjusted EBITDA margins, according to CEO Alessio Artuffo

• NEW CUSTOMER WINS - Significant customer wins in dining, quick-service restaurants, and financial services sectors contributed to revenue growth

• FOREIGN EXCHANGE IMPACT - Revenue growth was positively impacted by the weakening of the U.S. dollar, adjusted for in reported figures

Company press release: ID:nBw35CV2Ja

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the software peer group is "buy"

• The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 17 three months ago

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