Q&A: Global Technology Virtual Investor Conference

On 9 July 2026, Bango CEO Paul Larbey presented at the Global Technology Virtual Investor Conference, sharing the latest on Bango's strategy, recent progress and the opportunity ahead.

The presentation generated a high level of interest, with many questions submitted during the live Q&A. While time constraints meant it wasn't possible to answer every question during the session, we've provided written responses to the outstanding questions below.

If you missed the presentation, or would like to watch it again, you can view the recording here.

1. Which parts of the business are growing the fastest right now: subscription bundling, digital payments, or specific geographies. How should investors think about that mix over the next 12–24 months?

Our Subscriptions business continues to be the primary growth driver. Demand for the Digital Vending Machine® (DVM™) is being fueled by the structural shift towards subscription bundling as telcos, banks and retailers look to deepen customer relationships and reduce churn.

Our Payments business remains an important and profitable part of Bango. It provides strong cash generation and a global payments platform that complements our broader subscription strategy.

2. Are you seeing particular verticals or partner segments emerge as outsized contributors to growth? How are you leaning into those opportunities?

We're seeing strong demand from businesses that already have large, engaged customer bases and are looking to strengthen customer loyalty through subscription bundling. While telcos remain the largest opportunity today, we're also seeing increasing interest from banks and retailers.

On the content side, the range of subscription services available through the DVM continues to expand beyond video streaming to include music, gaming, productivity, security and AI-powered services. This broadening ecosystem increases the value of the platform for both distribution partners and subscription providers.

3. Q1 2026 revenue grew 13% and adjusted EBITDA was up 39%. What gives you confidence that this is the new baseline rather than a one-off quarter?

As you can see from our 9 July trading update, in 1H 2026 Adj. EBITDA grew by at least 34% as the structural efficiency improvements implemented in FY25, coupled with the high margin DVM revenue growth, delivered increased profitability.

The Subscriptions business is built on recurring license revenue, supported by multi-year customer relationships and growing numbers of managed subscriptions. As that recurring revenue base grows, the operational leverage within the platform becomes increasingly evident.

4. What specific milestones or KPIs should investors track to gauge progress toward your profitability and cash-flow objectives?

We believe investors should focus on a combination of operational and financial measures.

For the Subscriptions business, Annual Recurring Revenue (ARR) remains the key indicator of future revenue growth. Investors should also monitor growth in subscription revenue and the continued expansion of our customer base.

For Payments Cash EBITDA remains the key metric.

Financially, we report Adjusted EBITDA and Cash EBITDA, both of which demonstrate the increasing operational leverage of the business. Over time, continued revenue growth combined with disciplined cost management should support further improvements in profitability and cash generation.

5. As you add AI products like DeepL alongside streaming and other services, do you expect ARPU per DVM users to step up meaningfully?

The addition of AI services such as DeepL expands the range of subscriptions available through the DVM, making the platform more valuable for both distribution partners and consumers.

For Bango, revenue is driven by the number of subscription entitlements managed through the DVM rather than the price of the underlying subscription. As consumers add more subscription services through the platform, the number of managed entitlements increases, creating additional revenue opportunities for Bango.

Our strategy is to continue expanding the breadth of services available through the DVM, enabling partners to build increasingly compelling bundles across a growing range of subscription types.

6. Juniper describes your technology as the defacto standard for super bundling, how defensible is that position as more telcos move to bundle everything?

We believe our position is underpinned by several factors.

First, we've invested over many years in building a platform capable of managing the full subscription lifecycle at scale. Secondly, we've assembled a broad ecosystem of global subscription providers and distribution partners, creating network effects that become increasingly valuable as the platform grows.

Finally, every successful deployment strengthens our experience and capability. As more partners join the DVM, they benefit from existing integrations, proven processes and an established ecosystem that would be difficult and time-consuming to replicate.

7. KT in Korea, KDDI in Japan, Mobile Vikings in Belgium, Telin and LMT in APAC and Europe, how far are we from these becoming multi-country, multi-brand roll-outs?

While each of these customers operates in its own market, there is significant opportunity to expand the range of subscription services they offer through the DVM over time. As more global subscription providers join the platform, existing customers can add new services more quickly and with less complexity.

Alongside growing within existing customers, we continue to expand our geographic footprint by partnering with additional telcos and other distribution partners around the world. Our strategy is to deepen existing customer relationships while continuing to add new partners and markets to the DVM ecosystem.

8. As the business scales, where are you seeing the greatest operating leverage: R&D, sales and marketing, or the platform infrastructure and how should we think about the path to widening margins?

The DVM is a platform with significant operating leverage.

We've invested substantially in building the platform and expanding its capabilities. As recurring license revenue continues to grow, much of that additional revenue can be delivered without a corresponding increase in Opex or Capex.

We'll continue investing where we see attractive long-term opportunities, particularly in product development that increases customer success, but we expect increasing scale to support further improvements in profitability over time.

9. What should investors look for over the next two quarters as proof points?

Investors should continue to monitor our execution against the strategy we've outlined.

Key proof points include continued ARR growth, further customer launches, expansion of the DVM ecosystem through additional subscription providers and distribution partners, and continued progress in profitability and cash generation.

10. What would you point to as the most underappreciated part of the story?

Probably the strength of the ecosystem we've built.

The DVM isn't simply a software platform, it's a marketplace that connects global subscription providers with distribution partners through a single integration. Every additional participant increases the value of the platform for everyone else. With 7 of the top 8 communication providers in the US using the DVM, the scale of the footprint is undeniable.

That network effect, combined with recurring revenue and high resource requirements of switching once integrated, creates a business model with attractive long-term characteristics.

11. Bango case studies show launches in as little as 4–6 weeks, how does that speed to market translate into competitive win rates versus other platforms?

Reducing time to market is an important factor in competitive win rates because it enables customers to launch new subscription offers quickly, respond faster to market opportunities and begin generating value sooner. The DVM benefits from a growing library of pre-built integrations and proven implementation processes, allowing many launches to be completed at speed allowing new bundles to be launched in weeks not quarters.

However, customers are not choosing a platform simply for a fast initial deployment. They are investing in a long-term subscription bundling platform that can evolve with their business. The DVM enables customers to rapidly add new subscription services, create increasingly sophisticated bundled offers and adapt their propositions over time, without the complexity of multiple integrations.

We believe the combination of rapid deployment, a broad ecosystem of global subscription providers and the ability to continuously evolve and scale bundled offers is a compelling differentiator for customers.

12. With Sling TV using DVM to add football streaming services onto DISH bills, does this open the door to broader sports and event-based bundling? And, how do the economics compare with standard SVOD bundles?

The DVM is designed to support any subscription streaming service, including sports content. In addition to Sling TV, the platform already supports services including NFL, UFC and NBA, demonstrating the breadth of content that can be distributed through the DVM.

Major sporting events can drive significant increases in subscriber demand over relatively short periods. The DVM enables partners to respond quickly to these opportunities, adding and managing subscriptions at scale while providing consumers with a simple way to access the content they want.

From Bango's perspective, the commercial model is consistent across subscription categories. Our revenue is driven by the number of subscription entitlements managed through the DVM rather than the type of content being consumed. As a result, event-driven services can create meaningful increases in managed entitlements during periods of peak demand, while being managed through the same platform and commercial model as traditional subscription services.

13. With a new independent Chair coming in and blue-chip brands like Amazon, Google, Microsoft already on the platform, should we expect more strategic-level partnerships?

Our strategy remains focused on expanding the DVM ecosystem by adding both subscription providers and distribution partners.

We believe the growing scale of the DVM ecosystem, together with our relationships with many of the world's leading subscription providers and distribution partners, positions us well to continue expanding the platform over time. As always, we will announce significant new partnerships where appropriate and where disclosure is permitted.

14. Bundling is now one of the few proven solutions to subscription fatigue, how are you positioning Bango as the default choice for any brand that wants to bundle?

Our vision is to be the place where people subscribe.

Subscription bundling is becoming increasingly sophisticated, with consumers expecting greater choice, flexibility and personalized offers. That creates significant complexity for businesses, from managing multiple content providers and technical integrations to supporting entitlement management, billing, customer journeys and ongoing platform evolution.

Bango's Digital Vending Machine® is designed to remove that complexity. Through a single integration, partners can access a growing ecosystem of leading subscription services, launch sophisticated bundled offers, rapidly add new services and evolve their proposition over time without the need to manage multiple partner integrations or technical upgrades.

Our position is strengthened by the scale of our ecosystem, the experience we've gained working with many of the world's leading subscription providers and distribution partners, and our continued innovation in subscription bundling. As the market evolves, we believe these capabilities position Bango as the platform of choice for organizations looking to build, scale and future-proof their subscription bundling strategy.

15. Do your margins vary by the subscription provider or do you have a standard pricing model?

For the DVM, our commercial model is based primarily on recurring multi-year license agreements, which scale with the number of managed subscriptions rather than the price of each subscription service.