Here are a few brief analogies for Zenvia:

• Think of it as Twilio for full-stack customer engagement, offering a comprehensive platform beyond just communication APIs.
• It's like Salesforce Marketing Cloud but entirely dedicated to omnichannel customer communication and automation (SMS, WhatsApp, email, etc.).

• CPaaS (Communications Platform as a Service): Provides APIs and tools for businesses to integrate various communication channels like SMS, WhatsApp, voice, and email into their applications and workflows programmatically.
• Customer Experience (CX) Platform: Offers solutions for managing and automating customer interactions across multiple channels throughout their journey, including features like chatbots, marketing automation, and service tools.

Zenvia's Major Customers

Zenvia (ZENV) primarily sells its customer experience (CX) platform, communication channels (CPaaS), and software solutions to other companies (Business-to-Business, or B2B).

Zenvia serves a broad and diverse range of businesses across various sectors, rather than relying on a small number of specific "major customers" in the traditional sense. As such, the company typically does not publicly disclose individual customer names that represent a significant portion of its revenue, nor does it list their stock symbols.

However, Zenvia's customer base generally consists of companies operating in the following industries:

• Retail & E-commerce: Businesses that leverage Zenvia's platform to enhance customer engagement, streamline support, and drive sales through personalized and automated communications (e.g., order confirmations, promotions, customer service).
• Financial Services: Banks, fintechs, and other financial institutions that use Zenvia's solutions for secure customer communication, notifications (e.g., transaction alerts, account updates), and customer support.
• Healthcare: Healthcare providers and organizations that utilize the platform for appointment reminders, patient communication, service updates, and information dissemination.
• Utilities & Telecommunications: Companies in these sectors that manage high volumes of customer interactions, service alerts, billing notifications, and customer support.
• Logistics & Delivery: Businesses that rely on Zenvia for real-time tracking updates, delivery notifications, and efficient customer service communication.

Zenvia focuses on providing its integrated platform to small, medium, and large enterprises that seek to optimize their customer experience and communication strategies across multiple channels.

• Amazon.com, Inc. (AMZN)
• Alphabet Inc. (GOOGL)
• Oracle Corporation (ORCL)
• Meta Platforms, Inc. (META)
• Apple Inc. (AAPL)

Cassio Bobsin, Chief Executive Officer (CEO)

Cassio Bobsin is the founder of Zenvia and its Chief Executive Officer. He founded Zenvia in a garage in Porto Alegre in the early 2000s, leading it to become the first SaaS company from Latin America to go public on Nasdaq in 2021. He is also the founder of WOW startups Accelerator, the largest independent startup accelerator in Brazil. Mr. Bobsin is a member of the Young Presidents Organization (YPO) and an Endeavor Entrepreneur. He holds a bachelor's degree in Computer Science from the Federal University of Rio Grande do Sul (UFRGS), an MBA in Business Management from ESPM, and an MsC in business administration from PPGA/UFRGS, and attended programs at Harvard Business School and Stanford University. He is the largest shareholder of Zenvia.

Piero Rosatelli, Chief Financial Officer (CFO)

Piero Rosatelli joined Zenvia as CFO and Investor Relations Officer in September 2025. He has a 16-year career in technology investments, with over 40 transactions completed in the sector. Prior to Zenvia, he was a Managing Partner at Oria Capital, a growth capital fund, where he led significant investments, including funding rounds in Zenvia Brazil. His background also includes experience in investment banking and strategic and financial planning at retailer C&A. Mr. Rosatelli currently serves on the boards of Tolife and Interplayers Soluções Integradas, and previously served on the board of Argo Solutions. He holds a bachelor's degree in Business Administration and an MBA from Insper.

Lilian Lima, Chief Technology Officer (CTO)

Lilian Lima is Zenvia's Chief Technology Officer, bringing over 30 years of technical and executive experience. She has worked in software companies such as Procergs, Mercador, and Neogrid, and has acted as an entrepreneurial consultant in tech startups like MDM. Ms. Lima has been responsible for Zenvia's technology, software engineering, and technology operation teams since 2019. She holds a bachelor's in computer science and a software development post-graduate course from UFRGS.

Katiuscia Teixeira, Chief People Officer (CHRO)

Katiuscia Teixeira is Zenvia's Chief People Officer, with over 18 years of experience in human resources across technology, industry, and service sectors. She has led projects on people and culture at Zenvia, contributing to the strengthening of the company's culture and values. Ms. Teixeira holds a degree in Business Administration and a Master's degree in Management and Business from Universidade do Vale do Rio dos Sinos and Institut d'Administration des Enterprises, Université de Poitiers.

Gilsinei Hansen, Chief Revenue Officer (CRO)

Gilsinei Hansen assumed the role of Chief Revenue Officer at Zenvia on May 2, 2024. He has over 25 years of experience in software companies, including previous senior executive roles at Datasul, Totvs, Linx, and Stone. Mr. Hansen holds a degree in business administration and graduate degrees in production engineering and marketing from the Universidade da Região de Joinville, as well as an MBA in marketing and communication from the Universidade do Desenvolvimento do Estado de Santa Catarina.

• Increased disintermediation by platform owners: Major communication platforms, particularly Meta's WhatsApp, upon which a significant portion of Zenvia's customer engagement solutions rely, are actively developing and promoting their own advanced business tools and direct enterprise solutions. As Meta expands its offerings and seeks to capture more value within its ecosystem, there is an emerging threat that businesses may increasingly bypass CPaaS providers like Zenvia for certain direct communication and customer service needs, reducing Zenvia's role as an intermediary.
• Consolidation and embedding of communication capabilities within major enterprise software suites: Leading enterprise software vendors (e.g., Salesforce, Adobe, SAP, Oracle) are increasingly integrating sophisticated communication, customer experience (CX), and conversational AI functionalities directly into their core CRM, marketing automation, and ERP platforms. This trend threatens to diminish the need for standalone CPaaS and CX platforms like Zenvia, as businesses may prefer an integrated, all-in-one solution from their primary enterprise software provider, potentially turning Zenvia's core offerings into mere features within larger ecosystems.

• Communications Platform as a Service (CPaaS) Market in Latin America: The South America Enterprise Communications Platform as a Service (CPaaS) market was valued at USD 662.56 million in 2024. It is estimated to grow at a compound annual growth rate (CAGR) of 30.9% from 2024 to 2031, reaching approximately USD 4775.4 million by 2031.
• Software as a Service (SaaS) Market in Latin America: The Latin America Software as a Service (SaaS) market generated a revenue of USD 21,398.0 million in 2024. It is expected to grow at a CAGR of 12.5% from 2025 to 2030, reaching a projected revenue of USD 45,057.7 million by 2030. Another source indicates the Latin America SaaS market is projected to reach USD 46 billion in 2027, more than doubling from USD 22 billion in 2023.
• Conversational AI Market in Latin America: The Latin America Conversational AI Market is projected to grow from USD 7.8 billion in 2025 to USD 34.6 billion by 2031, at a CAGR of 28.3% during the forecast period.

Zenvia (ZENV) is strategically positioning itself for future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Accelerated Growth of Zenvia Customer Cloud (ZCC): Zenvia's new core business, the Zenvia Customer Cloud, is a unified customer experience solution that integrates all customer journey stages with AI capabilities. The company projects a significant growth of 25-30% for ZCC in 2025, building on its 23% revenue increase in the first half of 2025 compared to the same period in the previous year. This platform is central to Zenvia's strategy to provide companies with a centralized way to manage customer relationships, particularly for B2C interactions.

2. Expansion in the Latin American Market: Zenvia is actively expanding its market presence across Latin America. The company has a dedicated team based in Mexico and estimates approximately BRL 50 million in revenues from Latin America in 2025, representing more than 50% growth compared to 2024. This regional expansion is a key opportunity to capture new customers and increase market share.

3. Continued Growth and Margin Normalization in the CPaaS Segment: The Communications Platform as a Service (CPaaS) segment has been a strong driver of Zenvia's top-line revenue, with a 58% year-over-year increase in Q1 2025, accounting for 73% of total revenues. Despite facing margin pressures due to increased SMS costs from carriers and competitive dynamics, Zenvia expects profitability levels to gradually recover as these increased costs are progressively passed on to clients throughout the year, aiming for normalized CPaaS margins by the end of 2025.

4. Strengthening Partner Ecosystem and AI Integration: Zenvia is focused on strengthening its partner ecosystem, which is anticipated to contribute to future revenue growth. Additionally, the company is integrating AI to enhance operational efficiency and improve client delivery. This focus on technological advancement and strategic partnerships is expected to improve overall profitability and create a solid foundation for accelerating growth in 2026.

Share Repurchases

Zenvia's 1-Year Share Buyback Ratio was -1.40%, suggesting no significant share repurchases were made.

Share Issuance

• Zenvia completed an Initial Public Offering (IPO) on Nasdaq in June 2021, issuing 11,538,462 Class A common shares and raising US$150 million in gross proceeds.
• Concurrent with the IPO in 2021, Twilio Inc. purchased 3,846,153 Class A common shares from Zenvia for US$50 million in a private placement.
• As of December 31, 2023, Zenvia had 18,219,545 Class A common shares and 23,664,925 Class B common shares outstanding.

Inbound Investments

• Twilio Inc. made a strategic investment of US$50 million by purchasing Class A common shares in a private placement alongside Zenvia's IPO in 2021.

Outbound Investments

• Zenvia made five acquisitions in the three years leading up to March 2022, including D1 and SenseData, as part of its strategy to expand its CX SaaS portfolio.
• Approximately US$62 million (equivalent to R$327 million) from the IPO proceeds in 2021 was allocated to pay for the acquisition of D1.
• The company focused on integrating multiple acquisitions, including SenseData, throughout 2023.

Capital Expenditures

• Zenvia's capital expenditures averaged BRL 932.165 thousand annually from fiscal years 2020 to 2024.
• Capital expenditures peaked in December 2022 at BRL 1.362 million and reached a 5-year low of BRL 619.241 thousand in December 2023.
• For fiscal year 2025, Zenvia projects capital expenditures between R$35 million and R$40 million (BRL), a significant increase from prior years, with a focus on its Zenvia Customer Cloud platform and AI integration.