Investor Presentation | March 2023

Note: All financials presented are in US$ unless otherwise noted.

Disclaimer
General
This presentation is property of Docebo Inc. (the “Company”, “Docebo”, “us” or “we”). It cannot be circulated or forwarded without our consent.
Any graphs, tables or other information demonstrating our historical performance or that of any other entity contained in this presentation are intended only to illustrate past performance and are not necessarily indicative of our or such entities’ future performance. The
information contained in this presentation is accurate only as of the date of this presentation or the date indicated. No securities regulatory authority has expressed an opinion about the securities described herein and it is an offence to claim otherwise.
This presentation also contains statistical data and estimates made by independent parties and by us relating to market size, opportunity and growth, as well as other data about our industry, business and customers. These data involve a number of assumptions and limitations,
and we have not independently verified the accuracy or completeness of these data. Neither we nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this
presentation. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk.
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This presentation shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
All references in this presentation to dollars or “US$” or “$” are to United States dollars unless otherwise noted. All references to “C$” are to Canadian dollars.

Cautionary Note Regarding Forward-Looking Information

This presentation contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. Forward looking information may relate to our financial outlook and anticipated events or
results and may include information regarding our financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding our expectations of future
results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. 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 includes, but is not
limited to, industry trends; our growth rates and growth strategies; addressable markets for our solutions; growth rates of or markets, including compared to similar markets; 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; expectations regarding future profitability; our business plans and strategies; our ability to attract and retain customers; and our competitive position in our industry. This forward-looking information is
based on our opinions, estimates and assumptions that, while considered by the Company to be appropriate and reasonable as of the date of this presentation, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual
results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to: (i) the Company’s ability to execute on its growth strategies; (ii) the impact of changing conditions
in the global corporate e-learning market; (iii) increasing competition in the global corporate e-learning market in which the Company operates; (iv) fluctuations in currency exchange rates and volatility in financial markets; (v) changes in the attitudes, financial condition and
demand of our target market; (vi) developments and changes in applicable laws and regulations; and such other factors discussed in greater under the “Risk Factors” sections of our reports available under our profile on SEDAR at www.sedar.com and at www.sec.gov.

If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. Although we
have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause
actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such
information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this presentation represents our
expectations as of the date specified herein, and are subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise,
except as required under applicable securities laws.

All of the forward-looking information contained in this presentation is expressly qualified by the foregoing cautionary statements.

Non-IFRS Measures and Industry Metrics

This presentation makes reference to non-IFRS measures, including “Free Cash Flow” and other key performance indicators used by management and typically used by our competitors in the software-as-a-service (“SaaS”) industry, such as “Annual Recurring Revenue” or “ARR”,
“Recurring Revenue”, “Net Dollar Retention” , “Cash Burn” and “Average Contract Value”. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore not necessarily comparable to similar measures
presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should not be
considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. These non-IFRS measures and SaaS metrics are used to provide investors with supplemental measures of our operating performance and liquidity and thus highlight trends
in our business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures, including SaaS industry metrics, in the evaluation of companies in the
SaaS industry. Management also uses non-IFRS measures and SaaS industry metrics in order to facilitate operating performance comparisons from period to period, the preparation of annual operating budgets and forecasts and to determine components of executive
compensation. Refer to the Appendix to this presentation for reconciliations of certain non-IFRS measures to the most comparable IFRS measure.
 Docebo at-a-glance
Leading KPIs compared to LMS sector averages

3,394 Customers 1,2

US$157M ARR 1
800+ Employees

93%
Recurring Revenues 4
52%
Recurring Revenue CAGR 3
Offices: Toronto, Athens-GA,
8
Melbourne, Milano, Munich,
London, Paris, Dubai

(1) As at December 31, 2022. Refer to the Appendix to this presentation for details on how we calculate ARR.
(2) Historically, in calculating average contract value, all references to the number of customers or companies we serve included separate accounts per customer based on their installation(s) count. For the third quarter of the fiscal year ended December 31, 2020 and going forward, any separate accounts that
our customers may have will be aggregated and counted as one customer based on the contracted customer for the purposes of calculating our average contract value to provide a more precise understanding of this metric.
(3) CAGR between fiscal year 2019 and fiscal year 2022.
(4) For the three months ended December 31, 2022.
70%
SOCIAL
20%
COACHING
10%FORMAL

Today docebo (docēbō)

v. I will teach
 ENTERPRISE SOFTWARE STACK:

Business Intelligence
A learning
management Collaboration
platform that ➔ LMS (Learning Management System)
improves
enterprise CRM
learning. ERP

Supply Chain Management

Office Productivity

The Enterprise Software stack is where companies are investing heavily.

Leading Companies choose Docebo

3,394
customers across a variety of
geographies and industries1
(1) As of December 31, 2022.

North America ROW

76% 24%

Revenue for the 12 months ended December 31, 2022

Highly Configurable, Personalized Learning at Scale

Mobile

Dashboard

AI Content Suggestion

AI-Powered Feature Sets: Auto-Tagging, Deep Search, Virtual Coach

 Reducing the Tech Stack: All your Learning Needs
Under a Single Platform
IMPROVES OPERATIONAL PRODUCTIVITY REDUCES COMPLEXITY

HELPS TO REDUCE TECH STACK BY USING ONE PLATFORM IMPROVES ROI AND LEVERAGES COST PER USERS

REVENUE ENABLEMENT EXTERNAL TRAINING TALENT DEVELOPMENT COMPLIANCE

Sales Enablement Customer Training Employee Onboarding Compliance Training

Get sales teams up to speed and Keep your customers happy, Ramp up new employees so they Manage compliance training and
crushing quotas faster. healthy, and loyal. can get down to business sooner. certifications, meet standards
and mitigate risks.

Support Enablement Partner Training Professional Development

Get support teams up to speed Support your partners and turn Empower employees to grow in their
and helping customers faster. them into champions for your roles and unlock new value for the
product. business.

~ 65%
Services Enablement Membership Training Leadership Development
Get services teams up to speed Support your members and Improve the effectiveness of your
and contributing. ensure they’re seeing value. leadership team and retain top
talent.

Marketing Enablement Retail / Franchise / QSR

of customers (by ARR) use
Get marketing teams up to speed Training Docebo for external training
and executing faster. Support franchisees, retail locations, or hybrid training use cases
and QSRs in every market.
 case study
How a German tech certification giant created over 3,000 courses and a
successful web shop for their global audience in just 4 months.

46%
“We wanted to
fully digitise our
training offering
across our
Increase in active users1
20,000+ customers
base globally.
We also wanted
to increase our
3,037
Total courses
431%
Increase in
11
Different
revenue streams learning objects languages
and use reporting
to better
understand our
36% 4
Month
26
Increase in Countries
customers.” courses offered Implementation

(1) An active user is an end user that accesses the Software Services and accesses any online course during an applicable billing period, regardless of the number of accesses during such billing
period, the number of courses accessed during such billing period, or whether or not the end user completes the online course.
 Case Study
Why We Win:

Sales Training, External Training Achieve High Personalization to

1,100+ 200+ 35%

support multiple use cases, via the
Docebo Configuration Engine
Users trained1 in 3 Assets submitted by Of active users3 use the
languages users2 Docebo Mobile App Generate Revenue by training
customers and partners, via Docebo
Extended Enterprise

Employee Training, Partner Training Enable Social Learning, and allow for
learning content to be user generated,
47,000
Enrollments in just
430
Average active users
750+
Onsite video reviews of
via Coach & Share

7 months per month3 key officiating incidents Automate Configuration Decisions,

across administration, delivery, and
tracking, via Docebo BI

Access anywhere, anytime, via

Customer Training, Partner Training, Employee Training Docebo Mobile, also available for

4 3,200+ 1,200+
Offline Learning consumption

Months to Enrollments Course completion Reach the World, via Docebo Multi
implement Language support (40) and its
localization engine

(1) Based on users that have completed a piece of learning material.

(2) Asset submitted refers to learner generated content such as screen recordings or video.
(3) An active user is an end user that accesses the Software Services and accesses any online course during an applicable billing period, regardless of the number of accesses during such billing period, the
number of courses accessed during such billing period, or whether or not the end user completes the online course.
 Docebo Learning Suite
Tools to Span the Entire Enterprise Learning Lifecycle

Shape Content Learn LMS Learning Impact Learning Analytics

AI creates learning High-quality, Course enrollment, online What were you Learning-based data
content for online off-the-shelf delivery, and tracking all in expecting from this analytics and easy to use
courses starting from mobile-ready learning one place makes learning course? What impact did reporting will help support
any available online certification easy it have on your educated decision-making
content from a network
source performance at work?
of 100+ providers
Commercial Commercial Commercial Acquired Commercial
Product Product Product Formetris Product

New products increase addressable market and share of wallet

 Growth Opportunity
Focused on key growth vectors that feed new logos and expand mandates

Grow Enterprise Land &

Customer Base Expand

OEM & strategic Artificial Build New

alliances Intelligence Products

Opportunistic Geography Expansion

Acquisitions (France, Germany, Asia - Pacific)

Customer momentum in a growing market

 Docebo is Uniquely Positioned in the
Fastest-Growing Segment of Enterprise Learning

The Suite Spot

Small LMS or LXP Corporate Talent Management

A quick-to-deploy and Flexible suite that focuses Enterprise people and talent
low-cost LMS or LXP on learning, not HR management suites

2019, 2020, 2021, 2022 2021

Core Leader for Learning Nine Brandon Hall Group Excellence in
Systems in the Fosway 9-Grid™ Technology Awards, including Six Golds
Delivering the Most Powerful All-Purpose Enterprise
Learning Solution for Multi-Use Case Environments

“Docebo has proven its ability

to deliver high-level LMS
functionality and high
configurability with strong
audience management for
concurrent employee,
customer, and partner
program support and
supports the highest number
of use cases compared to all
other alternatives in the
market.” - John Leh, Lead
Analyst at Talented Learning
 Growing >2X the LMS industry

US$143M
52%
Recurring
+37%
Revenue CAGR1

US$104M
+66%
US$157M
Annual Recurring
US$63M Revenue2
+52%

36%
US$41M
+53%
US$27M
US$17M +58%
+74%
US$10M Constant Currency
ARR Growth2

(1) CAGR between fiscal year 2019 and fiscal year 2022
(2) As at December 31, 2022. Refer to the Appendix to
this presentation for details on how we calculate ARR

Growth driven by recurring revenue from SaaS model

 Consistent Execution Driving Customer and ACV Growth

3,394 81% ~4x 109%

Customers 1 of ARR added in 2022 Growth in average contract Net Dollar Retention
represented by customers that value since 20162 Rate in 20223
chose multi-year contracts

(1) As at December 31, 2022

(2) Average contract value is calculated as total ARR divided by the number of active customers. Historically, in calculating average contract value, all references to the number of customers or companies we serve included separate accounts per
customer based on their installation(s) count. For the third quarter of the fiscal year ended December 31, 2020 and going forward, any separate accounts that our customers may have will be aggregated and counted as one customer based on the
contracted customer for the purposes of calculating our average contract value to provide a more precise understanding of this metric. The figures presented for 2016 to 2020 have been adjusted to reflect this methodology change.
(3) As at December 31, 2022; see Appendix for definition of Net Dollar Retention Rate.
 Robust ARR Growth and Gross Margin Profile

33% 36% 81% 6.2%

ARR Growth in Q4 2022 Constant currency ARR Q4 2022 Gross Margin Q4 2022 Adj. EBITDA Margin
Growth in Q4 2022
 Capital Efficient Growth

$157M

~US$12M
$118M

$74M Cash burn since 2016 to

grow ARR2 to US$157M at
$47M the end 2022
$30M
$18M
$11M
$4M $1M

$1M $4M $3M $5M $4M

(1) Cash flow from operating activities less additions to property and equipment. See the Appendix for a reconciliation of free cash flow to cash flow from operating
activities under IFRS for the periods presented.
(2) Represents the accumulated free cash flow burn since Docebo received its initial investment from Intercap and Klass in 2015.
 Strong, Scalable Financial Metrics

METRIC 2020 2021 2022 Q4 22 Q1 23 Guidance

Margin Drivers

Revenue $62.9m $104.2m $142.9m $39.0m $41.3 - $41.6m ➔ Increasing deal sizes
➔ Executing
Subscription Revenue Growth (YoY) 54% 67% 37% (42%1) 32% (37%1) –-
land & expand strategy
Recurring Subscription Revenue Mix ➔ Improving sales and
91% 92% 92% 93% –
(% of Total Revenue)
marketing productivity
Gross Profit Margin 82% 80% 80% 81% 80-81% ➔ Leveraging
infrastructure scale
Adjusted EBITDA Margin (4%) (8%) 1% 6% 4%-5% ➔ Back-office automation
and efficiencies
Adjusted EPS – ($0.30) $0.07 $0.10 –
➔ Improving efficiency of
Free Cash Flow Margin2 6% (4%) 1% 5% –
global support

(1) Adjusted for constant currency

(2) Cash flow from operating activities less additions to property and equipment divided by total revenue. See the Appendix for a reconciliation of free cash flow to cash flow from operating activities for the periods presented.

Significant growth and strong unit economics set the stage

for future profitability
 Experienced Management and Board
GLOBAL MANAGEMENT TEAM BOARD OF DIRECTORS
Claudio Erba, CEO & Board Member Jason Chapnik, Chairman
• • Founder, Chair and CEO of Intercap; former Chairman of
Summary
CEO of Docebo since 2005
Dealer.com; 30+ years of experience
• Over 15 years of experience in learning and development • Board member at E Inc., Sharestates, Inc., Plex, Inc.,

Alessio Artuffo, President & COO

Resolver, Inc., StickerYou Inc., Guestlogix Inc.
(post-restructuring), Reset Beauty Inc., Viafoura Inc. and
Vish Limited
capitalization
• Joined Docebo in 2012; CRO since 2016
• Board Member at Viafoura
• Will Anderson
14 years of experience in L&D
• CEO of Resolver since 2014; previously led software
CURRENT OWNERSHIP SUMMARY*
Sukaran Mehta, CFO businesses within Iron Data and Constellation Software
• Joined Doebo in Sep 2019 as VP of Finance Intercap Equity 41.3%
• Previously VP of Finance at Finastra, a Vista Equity Partners company
James Merkur
• President at Intercap and the President and CEO at Logan
Peak Capital Inc.
Claudio Erba 3.7%
Francesca Bossi, CHRO
• Board member at Canaccord Genuity Growth II Corp., E
• Joined Docebo in 2013; CHRO since 2017 Inc., Sharestates, Inc., Resolver, Inc., Guestlogix Inc. Other 55.0%
• Over a decade of experience in e-learning, digital environments, (post-restructuring) and Viafoura Inc.

100%
and scalable processes

Martino Bagini, CCDO

Kristin Halpin Perry
• Previously Chief Talent Officer at Dealer.com with over 25
• Chief Corporate Development Officer since Aug 2021; COO of years experience as an HR executive
Docebo from Jan 2018 to Aug 2021 *As at December 2022
• Board member at Fluency
• Over 15 years of experience as an investor and entrepreneur

Fabio Pirovano, CPO Trisha Price

• Currently Chief Product Officer at Pendo, a leading private
• Joined Docebo in 2005; CTO since 2012
cloud company
• B.Sc. Computer Science from Politecnico di Milano; Executive MBA • Previously Chief Innovation Officer at nCino, Inc. a Nasdaq
from SDA Bocconi School of Management listed global leader in cloud banking software

Domenic Di Sisto, CLO Steve Spooner

• Joined Docebo in 2022 • Former CFO of Mitel Networks
• Previously VP & General Counsel at a TSX and Nasdaq dual listed • Board member of Jamieson Wellness, E Inc., Eunomart, Key
company DH Technologies and Wellness Natural
 Large global
addressable market

Bringing AI
Customer momentum
innovation to and leading innovation

enterprise
learning Strong KPI’s capital
efficient business model
Appendix: Key Performance Indicators
Annual Recurring Revenue: We define Annual Recurring Revenue as the annualized equivalent value of the subscription revenue of all
existing contracts (including Original Equipment Manufacturer (“OEM”) contracts) as at the date being measured, excluding
non-recurring implementation, support and maintenance fees. Our customers generally enter into one to three year contracts and are
non cancelable or cancellable with penalty. All the customer contracts, including those for one-year terms, automatically renew unless
cancelled by our customers. Accordingly, our calculation of Annual Recurring Revenue assumes that customers will renew the
contractual commitments on a periodic basis as those commitments come up for renewal. Subscription agreements are subject to
price increases upon renewal reflecting both inflationary increases and the additional value provided by our solutions. In addition to
the expected increase in subscription revenue from price increases over time, existing customers may subscribe for additional
features, learners or services during the term. We believe that this measure provides a fair real-time measure of performance in a
subscription-based environment. Annual Recurring Revenue provides us with visibility for consistent and predictable growth to our
cash flows. Our strong total revenue growth coupled with increasing Annual Recurring Revenue indicates the continued strength in the
expansion of our business and will continue to be our target on a go-forward basis.

Net Dollar Retention Rate: We believe that our ability to retain and expand a customer relationship is an indicator of the stability of our
revenue base and long-term value of our customers. We assess our performance in this area using a metric we refer to as Net Dollar
Retention Rate. We compare the aggregate subscription fees contractually committed for a full month under all customer agreements
(the “Total Contractual Monthly Subscription Revenue”) of our total customer base (excluding OEM partners) as of the beginning of
each month to the Total Contractual Monthly Subscription Revenue of the same group at the end of the month. Net Dollar Retention
Rate is calculated on a weighted average annual basis by first dividing the Total Contractual Monthly Subscription Revenue at the end
of the month by the Total Contractual Monthly Subscription Revenue at the start of the month for the same group of customers.
Appendix: Key Performance Indicators
Free Cash Flow: Free Cash Flow is defined as cash used in operating activities less additions to property and equipment and non-current
assets. The following table reconciles our cash flow used in operating activities to Free Cash Flow for the periods 2016 to 2022

 
(In thousands of US dollars) 2016 2017 2018  2019 2020 2021 2022

Cash flow used in operating activities (1,037) (2,983) (2,300) (4,582)  4,791 (3,254) 2,287

Additions to property and equipment

and non-current assets (258) (689) (410) (366) (1,081) (1,081) (1,081)

Free Cash Flow (1,295) (3,672) (2,710) (4,948) 3,710 (4,399) 1,206
Adjusted Net Income (Loss) is defined as net income (loss) excluding amortization of intangible assets, share-based compensation and related payroll taxes, acquisition
related compensation, transaction related expenses, foreign exchange loss (gain), and income tax (recovery) expense.

Adjusted Net Income (Loss) per share - basic and diluted is defined as Adjusted Net Income (Loss) divided by the weighted average number of common shares (basic
and diluted).

The IFRS measure most directly comparable to Adjusted Net Income (Loss) presented in our financial statements is net income (loss).

The following table reconciles net income (loss) to Adjusted Net Income (Loss) for the periods indicated:

Three months ended December 31, Fiscal year ended December 31,

(In thousands of US dollars) 2022 2021 2022 2021

$ $ $ $

Net income (loss) for the period 1,600 (1,428) 7,018 (13,601)

81 91 333 373
Amortization of intangible assets

1,089 599 4,834 2,261

Share-based compensation

80 102 948 408

Acquisition related compensation

— 60 101 319
Transaction related expenses

Foreign exchange loss (gain) 564 98 (11,112) 473

15 174 24
Income tax (recovery) expense related to adjustments(1) (24)

Adjusted net income (loss) 3,390 (463) 2,296 (9,743)

Weighted average number of common shares - basic 33,087,982 32,934,282 33,067,716 32,867,801

Weighted average number of common shares - diluted 34,064,465 32,934,282 34,041,754 32,867,801

Adjusted net income (loss) per share - basic 0.10 (0.01) 0.07 (0.30)

Adjusted net income (loss) per share - diluted 0.10 (0.01) 0.07 (0.30)

(1)
This line item reflects income tax expense on taxable adjustments using the tax rate of the applicable jurisdiction.