Aurora Software B.V.

Platform expansion is the only route left to the 2028 plan

Strategy review · board session

Prepared by S. Jansen (CFO) and M. de Vries (COO) 18 August 2026
Contents

Five questions, thirty minutes, two decisions at the end

  1. Where we stand: FY26 year to date
  2. The three constraints on platform growth
  3. What we propose to change in FY27
  4. Investment, returns and the risks we carry
  5. Decisions we ask of the board
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Executive summary

Seat expansion carried FY26; the 2028 plan needs a second growth engine

  • Revenue grew 14,7% to € 4,9 million, but 94% of the growth came from existing customers buying more seats: new logos landed at 23 against a target of 26.
  • Seat capacity in the installed base runs out in FY28 on current penetration, so the plan's last two years have no source of growth today.
    • Top 20 accounts are already at 71% seat penetration.
  • The platform module is the one adjacency customers already ask for: 14 of the top 20 accounts requested it in the last renewal round.
€ 412k Monthly recurring revenue, July 2026
108,4% Net revenue retention, trailing 12 months
1,9% Gross churn, lowest level since January
Without a second engine the FY28 revenue line is € 1,8 million short; the platform module closes it if we start hiring in Q1 FY27.
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Where we stand

Growth was real but narrow: one motion worked, the other stalled

What worked

  • Seat expansion in the installed base added € 0,59 million, 94% of total growth.
  • Net revenue retention held above 105% in every quarter.
  • The August price increase landed at 4,1% realised against 5,0% list.

What did not

  • New logos came in at 23 against a plan of 26, the third consecutive quarter behind.
  • Outbound pipeline coverage sits at 2,1x against the 3,0x we need.
    • Two of five SDR seats have been open since May.
The engine that grew FY26 is the engine that runs out in FY28: expansion cannot be the plan twice.

Source: finance mart, dbt snapshot of 4 August 2026; CRM pipeline export, week 31.

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The constraints

Three constraints decide whether the platform module ships in FY27

Capacity

  • Two senior engineers carry both the core roadmap and the platform prototype.
  • Berlin hiring takes 14 weeks from open requisition to first commit.

Commercial readiness

  • Pricing for the module is untested: no reference deal, no list price.
  • Only 4 of 11 account managers can demo the prototype today.
Capacity is the binding constraint: everything else can be fixed inside the quarter.
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Business case

Every euro of FY27 growth above inflation comes from the new platform line

€ thousand FY24 FY25 FY26 F FY27 P
Subscription 2.980 3.410 3.985 4.320
Implementation services 610655690720
Support and maintenance 180196212224
Platform module (new) 000430
Net revenue 3.770 4.261 4.887 5.694
Revenue grows 16,5% in FY27; strip out the € 430k platform line nobody has bought yet and growth is 7,7%.

Source: FY24 and FY25 audited; FY26 forecast per the July re-forecast; FY27 per the operating plan v2.1.

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Where growth came from

New-logo revenue has been flat for three years while expansion tripled

Existing customers New logos
1,9
0,8
FY23
2,9
0,9
FY24
3,4
0,9
FY25
4,0
0,9
FY26 F

€ million, net revenue after churn; FY26 forecast.

Expansion revenue doubled in three years; new-logo revenue has not moved since FY24.

Source: finance mart cohort analysis, 4 August 2026.

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Risks

Delivery capacity is the only risk that can break the case on its own

Risk Rating Why it matters What we do about it
Platform delivery slips High Two engineers carry both the core roadmap and the module; a single departure moves the launch by a quarter. Ring-fence the module team from support rotation and start both Berlin hires before the board decision lands.
Key-account concentration Medium The top 5 accounts are 31% of revenue and all renew inside 14 months of each other. Stagger the next renewal round and tie the module pilot to the two largest contracts.
Module pricing untested Medium No reference deal exists, so the € 430k FY27 line rests on a list price nobody has paid yet. Run two paid pilots in Q1 FY27 at list before publishing the price.
Price increase pushback Low Realised 4,1% against 5,0% list with no churn attributable to the increase. Keep the annual cadence and hold the same 5,0% list step for FY27.
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Next steps

Four steps in the next 60 days, two of which need a decision today

Step Owner By
Open both Berlin engineering requisitions and brief the search partner. M. de Vries 1 Sep 2026
Agree the module list price and the two pilot accounts. S. Jansen 15 Sep 2026
Rebuild the FY27 plan with the platform line and a 3,0x pipeline coverage target. FP&A 30 Sep 2026
Report back on pilot conversion and hiring progress. M. de Vries 31 Oct 2026
We ask the board to approve € 2,4 million of platform investment across FY27 and FY28, and the two senior engineering hires in step 1.
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