Lightspeed Commerce : Fourth Quarter 2026 Earnings Presentation

May 21, 2026

At-a-glance - Q4'2026

million

Q4'26 revenue

15%(5)

growth

in revenue

billion

Q4'26 Gross Payment Volume ("GPV")

22%(5)

growth

in Gross Payment Volume

10%(2)

growth

in ARPU to ~$602 (1)(3)

recurring or reoccurring

subscription and transaction-based revenue

$22.9(1)(4)

billion

Q4'26 Gross Transaction Volume ("GTV")

42%(4)(6)

GPV as a % of GTV

1. Key Performance Indicator. See Appendix A.

2. As at March 31, 2026 vs as at March 31, 2025.

3. As at March 31, 2026.

4. GTV does not represent revenue generated by Lightspeed.

5. Three months ended March 31, 2026 vs March 31, 2025.

3 (6) For the three months ended March 31, 2026.

Big picture

(3)

(1)

Revenue of $290.8 million grew 15% YoY

(2)(4)

11% YoY growth within growth engine Customer Locations

(3) (1)

Gross profit of $129.1 million increased 15% YoY

1. For the three months ended March 31, 2026 vs March 31, 2025.

2. Key Performance Indicator. See Appendix A.

3. For the three months ended March 31, 2026.

4. As at March 31, 2026 vs as at March 31, 2025.

4

Quarterly and full-year results and outlook

(2)

Q4'2026 Q1'2027

$290.8 million revenue

$129.1 million gross profit

$(28.6) million net loss

$15.1 million Adjusted EBITDA

Fiscal 2026

$1,227.0 million revenue

$526.9 million gross profit

$(144.4) million net loss

(1)

$305 - $315 million revenue, representing 10% - 14%

revenue organic(3g) rowth

$136 - $141 million gross profit, representing 10% -14% gross profit organic(3)growth

$15 - $20 million Adjusted EBITDA(1)

Fiscal 2027

$1,225 - $1,265 million revenue, representing 12% -15% revenue organic(3g) rowth

$565 - $585 million gross profit, representing 12% -

$72.5 million Adjusted EBITDA(1)

16% gross profit organic(3)growth

$75 - $95 million Adjusted EBITDA(1)

1. This is a non-IFRS measure. Please see Appendix B for Non-IFRS Measures and Ratios definitions and the reconciliation to the most directly comparable IFRS measure or ratio.

2. The financial outlook is fully qualified and based on a number of assumptions and subject to a number of risks. Refer to Appendix C for the financial outlook assumptions and risks and "Disclaimer - Cautionary Note Regarding Forward-Looking Information."

3. Revenue organic and gross profit organic represents, in a given period, the Company's revenue and gross profit, adjusted so that where a divestiture occurs partway through the subsequent period, the divested business's contributions are included in the given period only to the extent of the same days in respect of which they are included in the subsequent period. The Upserve revenue from April 28, 2025 to March 31, 2026 includes approximately $14 million of transaction-based revenue for Fiscal 2026 related to payments solutions associated with

5 Customer Locations that will continue to be serviced by Lightspeed but following the divestiture of Upserve, will be recognized on a net basis rather than a gross basis. This reclassification reduces reported revenue and cost of revenue by the same amount, with no impact on gross

profit. The Company is providing these figures in order to provide greater comparability year-over-year taking into account the divestiture of Upserve.

Upserve Divestiture Impact

For Fiscal 2027, Lightspeed's outlook will include revenue organic growth and gross profit organic growth that excludes the revenue and gross profit contribution from Upserve for the period from April 28, 2025 to March 31, 2026. The table below outlines this impact for the first quarter of Fiscal 2026 and for the full year Fiscal 2026(1):

1. Revenue organic and gross profit organic represents, in a given period, the Company's revenue and gross profit, adjusted so that where a divestiture occurs partway through the subsequent period, the divested business's contributions are included in the given period only to the extent of the same days in respect of which they are included in the subsequent period. The Upserve revenue from April 28, 2025 to March 31, 2026 includes approximately $14 million of transaction-based revenue for Fiscal 2026 related to payments solutions associated with Customer Locations that will continue to be serviced by Lightspeed but following the divestiture of Upserve, will be recognized on a net basis rather than a gross basis. This reclassification reduces reported revenue and cost of revenue by the same amount, with no impact on gross

6 profit. The Company is providing these figures in order to provide greater comparability year-over-year taking into account the divestiture of Upserve.

Customer spotlight - Q4'2026

Lightspeed Retail

Oshima Surf & Skate joins Lightspeed Retail after initially using NuORDER by Lightspeed for ordering. Driven by the need for a unified, all-in-one system, they sought a solution that could seamlessly bridge their complex inventory and multi-location operations. With multiple locations across Hawaii, Oshima is a premier destination for surf, skate, and outerwear.

Lightspeed Restaurant

Gaucho is an Argentinian steakhouse chain operating in the UK with 19 restaurants. They have selected Lightspeed Restaurant to modernize their hospitality tech stack and will be utilizing our Advanced Insights and Kitchen Display System.

NuORDER by Lightspeed

Within the NuORDER platform, Lightspeed continues to expand its catalog of premium brands with the addition of Nixon, a powerhouse watchmaker. Known for a strong presence in skate culture and lifestyle-oriented design, Nixon is now connected to a global network of premier retailers using Lightspeed.

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Payments opportunity and transaction volume

Gross Payment Volume (in $B)

$41.0

$33.9

$24.2

Fiscal 2024 Fiscal 2025 Fiscal 2026

$9.6

$7.9

Q4'25

Q4'26

Gross Transaction Volume (in $B)(1)

$90.7

$91.3

$98.1

Fiscal 2024 Fiscal 2025 Fiscal 2026

Total Revenue as a % of GTV

Currently processed through our payments solutions

$9.6B

Q4'26 GPV

$22.9B

Q4'26 GTV

Long-Term GTV Opportunity

8 (1) GTV does not represent revenue generated by Lightspeed. See Appendix A.

Expanding ARPU through growth engine focus

Lightspeed Retail

• One-stop commerce platform for complex retailers with embedded payments & Lightspeed NuORDER

• Growth focus primarily on North America

• Market leader in Bike, Golf, Home & Garden, Apparel

Lightspeed Restaurant

• Foundational software suite for restaurants with embedded payments & integrations with local partners

• Growth focus primarily in Europe

• Market leader in Germany, France, Switzerland, Benelux

ARPU

~$602

~$545

Q4'25 Q4'26

Subscription Transaction-based

Focused on driving ARPU growth in subscription and payments

Clear strategy to improve gross profit with a focus on software revenue growth

Sales Mix

3.0%

34.7%

Q4'25

62.3%

4.2%

32.1%

Q4'26

63.7%

Subscription revenue Transaction-based revenue Hardware and other revenue

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Total Revenue (in $M)

$290.8

$253.4

Q4'25

Q4'26

16% CAGR

$1,227.0

$1,076.8

$909.3

18%

YoY

14%

YoY

Fiscal 2024 Fiscal 2025 Fiscal 2026

Net Loss

(in $M)

$(49.6)

$(32.7)

$(33.6)

$(28.6)

$(575.9)(1)

Focusing on disciplined growth

Adjusted EBITDA(2)

(in $M)

$21.3

$20.2

$15.9

$12.9

$15.1

(1) Q4'25 Net Loss includes a non-cash goodwill impairment charge of $556.4 million.

1. (2) This is a Non-IFRS measure. Please see Appendix B for Non-IFRS Measures and Ratios definitions and the reconciliation to the most directly comparable IFRS measure or ratio.

   Updated 3-Year Targets(1)

   ~10-15%

   ~20-25%

   Gross Profit

   Net Customer Locations(3)

   ~20% of gross profit(2)

   ~35% (CAGR)

   ~$100M

   Adjusted EBITDA(2)

   Adjusted Free Cash Flow(2)

   ~42-45%

   Gross Margin

   ~$700M

   ~15-18% (CAGR)

   Gross Profit

   Initial

   Compound Annual Growth Rate ("CAGRs") for 3 years FY25-28 and/or $ by FY28

   Growth Engines 3 year FY25-28 CAGR

   Consolidated

   ~10-15%

   ~20-25%

   Gross Profit

   Net Customer Locations(3)

   ~20% of gross profit(2)

   ~$95M

   Adjusted EBITDA(2)

   Adjusted Free Cash Flow(2)

   ~43-46%

   Gross Margin

   ~$665M-$685M

   Gross Profit

   Updated

   CAGRs for 3 years FY25-28 and/or $ by FY28

   Growth Engines 3 year FY25-28 CAGR

   Consolidated

   
   
   

   1. The financial outlook is fully qualified and based on a number of assumptions and subject to a number of risks. Refer to Appendix D for the long-term financial outlook assumptions and risks and "Disclaimer - Cautionary Note Regarding Forward-Looking Information."

2. (2) This is a Non-IFRS measure or ratio. Please see Appendix B for Non-IFRS Measures and Ratios definitions and the reconciliation to the most directly comparable IFRS measure or ratio.

(3) Key Performance Indicator. See Appendix A.

Appendix A - Industry Metrics

We monitor the following key performance indicators to help us evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions. These key performance indicators are also used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures and ratios. We also believe that securities analysts, investors and other interested parties frequently use industry metrics in the evaluation of issuers. Our key performance indicators may be calculated in a manner different than similar key performance indicators used by other companies.

"Average Revenue Per User" or "ARPU" represents the total subscription revenue and transaction-based revenue of the Company in the period divided by the number of Customer Locations of the Company in the period. Subscription revenue and transaction-based revenue attributable to standalone eCommerce sites is excluded from ARPU. We use this measure as we believe it provides a helpful supplemental indicator of our progress in growing the revenue that we derive from our customer base. For greater clarity, the number of Customer Locations of the Company in the period is calculated by taking the average number of Customer Locations throughout the period.

"Customer Location" means a billing merchant location for which the term of services has not ended, or in respect of which we are negotiating a renewal contract, and, in the case of NuORDER, a brand with a direct or indirect paid subscription for which the term of services has not ended or in respect of which we are negotiating a subscription renewal. A single unique customer can only have multiple Customer Locations if it has multiple physical sites and in the case of NuORDER, multiple subscriptions. We use this measure as we believe that our ability to increase the number of Customer Locations with a high GTV per year and the number of retail Customer Locations in North America and hospitality Customer Locations in Europe served by our platform is an indicator of our success in terms of market penetration and growth of our business.

"Gross Transaction Volume" or "GTV" means the total dollar value of transactions processed through our cloud-based software-as-a-service platform, excluding amounts processed through the NuORDER solution, in the period, net of refunds, inclusive of shipping and handling, duty and value-added taxes. We use this measure as we believe GTV is an indicator of the success of our customers and the strength of our platform. GTV does not represent revenue earned by us. We have excluded amounts processed through the NuORDER solution from our GTV because they represent business-to-business volume rather than business-to-consumer volume and we do not currently have a robust payments solution for business-to-business volume. Some of our brands can accept certain payments from retailers in certain of our geographies, and we may in the future include such volume in GTV once we have further developed our payments solution for business-to-business volume.

"Gross Payment Volume" or "GPV" means the total dollar value of transactions processed, excluding amounts processed through the NuORDER solution, in the period through our payments solutions in respect of which we act as the principal in the arrangement with the customer, net of refunds, inclusive of shipping and handling, duty and value-added taxes. We use this measure as we believe that growth in our GPV demonstrates the extent to which we have scaled our payments solutions. As the number of Customer Locations using our payments solutions grows, particularly those with a high GTV, we will generate more GPV and see higher transaction-based revenue. We have excluded amounts processed through the NuORDER solution from our GPV because they represent business-to-business volume rather than business-to-consumer volume and we do not currently have a robust payments solution for business-to-business volume. Some of our brands can accept certain payments from retailers in certain of our geographies, and we may in the future include such volume in GPV once we have further developed our payments solution for business-to-business volume.

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Appendix B - Non-IFRS Measures and Ratios

The information presented within this presentation includes certain non-IFRS financial measures and ratios such as "Adjusted EBITDA", "Adjusted EBITDA as a percentage of gross profit" and "Adjusted Free Cash Flow". These measures and ratios are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures and ratios presented by other companies. Rather, these measures and ratios are provided as additional information to complement those IFRS measures and ratios by providing further understanding of our results of operations from management's perspective. Accordingly, these measures and ratios should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. These non-IFRS measures and ratios are used to provide investors with supplemental measures and ratios of our operating performance and liquidity and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures and ratios. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures and ratios in the evaluation of issuers. Our management also uses non-IFRS measures and ratios in order to facilitate operating performance comparisons from period to period, to prepare operating budgets and forecasts and to determine components of management compensation.

Adjusted EBITDA is defined as net loss excluding interest, taxes, depreciation and amortization, or EBITDA, as adjusted for share-based compensation and related payroll taxes, compensation expenses relating to acquisitions completed, foreign exchange gains and losses, transaction-related costs, restructuring, litigation provisions and goodwill impairment. We believe that Adjusted EBITDA provides a useful supplemental measure of the Company's operating performance, as it helps illustrate underlying trends in our business that could otherwise be masked by the effect of the income or expenses that are not indicative of the core operating performance of our business.

Adjusted EBITDA as a percentage of gross profit is calculated by dividing our Adjusted EBITDA by our gross profit. We use this ratio as we believe that it provides a useful supplemental indicator of the Company's operating performance, as it helps illustrate underlying trends in our business that could otherwise be masked by the effect of the income or expenses that are not indicative of the core operating performance of our business.

Adjusted Free Cash Flow is defined as cash flows from (used in) operating activities as adjusted for the payment of amounts related to capitalized internal development costs, the payment of amounts related to acquiring property and equipment and certain cash inflows and outflows associated with merchant cash advances. We use this measure as we believe including or excluding certain inflows and outflows provides a helpful supplemental indicator to investors of the Company's ability to generate cash flows.

15

Appendix B - Non-IFRS Measures and Ratios

The following table reconciles net loss to Adjusted EBITDA for the periods indicated:

(In thousands of US dollars) Three months ended Fiscal year ended

Net Loss

Net loss as a percentage of gross profit

Share-based compensation and related payroll taxes(1)

Depreciation and amortization(2) Foreign exchange loss (gain)(3) Net interest (income) expense(2)

Acquisition-related compensation(4)

Transaction-related costs(5) Restructuring(6)

Goodwill impairment(7) Litigation provisions(8)

Income tax expense (recovery)

Adjusted EBITDA

Adjusted EBITDA as a percentage of gross profit

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Appendix B - Non-IFRS Measures and Ratios

1. These expenses represent non-cash expenditures recognized in connection with issued stock options and other awards under our equity incentive plans to our employees and directors, and cash related payroll taxes given that they are directly attributable to share-based compensation; they can include estimates and are therefore subject to change. For the three months and fiscal year ended March 31, 2026, share-based compensation expense was $11,358 and $57,015, respectively (March 2025 - expense of $12,622 and $55,605), and related payroll taxes were a recovery of $361 and an expense of $1,882, respectively (March 2025 - recovery of $810 and an expense of $973). These amounts are included in direct cost of revenues, general and administrative expenses, research and development expenses, and sales and marketing expenses (see note 7 of the audited annual consolidated financial statements for additional details).

2. In connection with the accounting standard IFRS 16 - Leases, for the three months ended March 31, 2026, net loss includes depreciation of $1,302 related to right-of-use assets, interest expense of $319 on lease liabilities, and excludes an amount of $1,785 relating to rent expense ($1,239, $280, and $2,128, respectively, for the three months ended March 31, 2025). For Fiscal 2026, net loss includes depreciation of $5,088 related to right-of-use assets, interest expense of $1,166 on lease liabilities, and excludes an amount of $7,481 relating to rent expense ($5,220, $1,306 and $8,509, respectively, for Fiscal 2025).

3. These non-cash gains and losses relate to foreign exchange translation.

4. These costs represent a portion of the consideration paid to acquired businesses that is contingent upon the ongoing employment obligations for certain key personnel of such acquired businesses, and/or on certain performance criteria being achieved.

5. These expenses relate to professional, legal, consulting, accounting, advisory, and other fees relating to our public offerings, acquisitions, divestitures, and other similar strategic transactions that would otherwise not have been incurred. These costs are included in general and administrative expenses.

6. We implemented a reorganization to streamline the Company's operating model while continuing to focus on profitable growth. The expenses associated with reorganization initiatives were recorded as a restructuring charge (see note 23 of the audited annual consolidated financial statements for additional details).

7. This amount represents a non-cash goodwill impairment charge in the three months ended March 31, 2025 (see note 15 of the audited annual consolidated financial statements for additional details).

8. These amounts represent provisions taken, settlement amounts and other costs, such as legal fees, incurred in respect of certain litigation matters, net of amounts covered by insurance and indemnifications. These amounts are included in general and administrative expenses (see note 23 of the audited annual consolidated financial statements for additional details).

The above footnotes are related to the three months and fiscal year ended ended March 31, 2026 and 2025. For the footnotes related to the quarter ended December 31, 2025, the quarter ended September 30, 2025, and the quarter ended June 30, 2025, refer to the section entitled "Non-IFRS Measures and Ratios and Reconciliation of Non-IFRS Measures and Ratios" within Management's Discussion and Analysis of Financial Condition and Results of Operation for each of these respective quarters available on SEDAR+ at https://www.sedarplus.com and on EDGAR at https://www.sec.gov.

17

Appendix B - Non-IFRS Measures and Ratios

The following table reconciles Cash flows from (used in) operating activities to Adjusted Free Cash Flow for the periods indicated:

Three months ended

March 31,

Fiscal year ended

March 31,

(1) These amounts represent the cash outflow associated with capitalized internal development costs. These amounts are included within the cash flows from (used in) investing activities section of the audited annual consolidated statements of cash flows. If these costs were not capitalized as an intangible asset, they would be part of our cash flows from (used in) operating activities.

(2) These amounts represent cash outflows associated with the purchase of property and equipment. These amounts are included within the cash flows from (used in) investing activities section of the audited annual consolidated statements of cash flows.

(3) These amounts represent cash outflows, including the principal advanced, and cash inflows, including the repayment of principal, in respect of merchant cash advances.

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Appendix C - Financial Outlook Assumptions

When calculating the Adjusted EBITDA included in our financial outlook for the quarter ending June 30, 2026 and full year ending March 31, 2027, we considered IFRS measures including revenues, direct cost of revenues, and operating expenses. Our financial outlook is based on a number of assumptions, including assumptions related to inflation, tariffs, changes in interest rates, consumer spending, foreign exchange rates and other macroeconomic conditions; that the jurisdictions in which Lightspeed has significant operations do not impose strict measures like those put in place in response to pandemics like the COVID-19 pandemic or other health crises; requests for subscription pauses and churn rates owing to business failures remain in line with planned levels; our Customer Location count growing in line with our planned levels (particularly in higher GTV cohorts and among retail customers in North America and hospitality customers in Europe); quarterly subscription revenue growth in line with our expectations; revenue streams resulting from certain partner referrals remaining in line with our expectations (particularly in light of our decision to unify our POS and payments solutions, which payments solutions have in the past and may in the future, in some instances, be perceived by certain referral partners to be competing with their own solutions); customers adopting our payments solutions having an average GTV at our planned levels; continued uptake of our payments solutions in line with our expectations in connection with our ongoing efforts to sell our POS and payments solutions as one unified platform; our ability to price our payments solutions in line with our expectations and to achieve suitable margins and to execute on more optimized pricing structures; our pricing and packaging initiatives and resulting impacts on our year-over-year growth rates; continued uptake of our merchant cash advance solutions in line with our expectations; our ability to manage default risks of our merchant cash advances in line with our expectations; seasonal trends being in line with our expectations and the resulting impact on our GTV, GPV and subscription, transaction-based, and hardware and other revenues; continued success in module adoption expansion throughout our customer base; our ability to selectively pursue strategic opportunities (such as acquisitions, investments or divestitures) and derive the benefits we expect from the acquisitions we have completed including expected synergies resulting from the prioritization of our flagship Lightspeed Retail and Lightspeed Restaurant offerings; market acceptance and adoption of our flagship offerings; our ability to attract and retain key personnel required to achieve our plans, including outbound and field sales personnel in our key markets; our ability to execute our succession planning; our expectations regarding the costs, timing and impact of our reorganizations and other cost reduction initiatives; our expectations regarding our growth strategy focused on retail customers in North America and hospitality customers in Europe and our strategies for customers in other geographies and verticals; our ability to manage customer churn; and our ability to manage customer discount requests. Our financial outlook does not give effect to the potential impact of acquisitions, divestitures or other strategic transactions that may be announced or closed after the date hereof. Our financial outlook, including the various underlying assumptions, constitutes forward-looking information and should be read in conjunction with "Disclaimer - Cautionary Note Regarding Forward-Looking Information". Many factors may cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information, including the risks and uncertainties related to: macroeconomic factors affecting small and medium-sized businesses, including inflation, tariffs, changes in interest rates and consumer spending trends; instability in the banking sector; exchange rate fluctuations and the use of hedging; any pandemic or global health crisis; the Russian invasion of Ukraine and reactions thereto; continuing military conflict in the Middle East and reactions thereto; the impact and uncertainty of foreign policy shifts in the U.S., Canada and Europe (including the impacts of tariffs, sanctions, trade wars, or other trade conditions or protective government actions); certain natural disasters; our inability to attract and retain customers, including among high GTV customers and among retail customers in North America and hospitality customers in Europe; our inability to increase customer sales; our inability to implement our growth strategy; our inability to continue to increase adoption of our payments solutions, including our initiative to sell our POS and payments solutions as one unified platform; our ability to successfully execute our pricing and packaging initiatives; risks relating to our merchant cash advance program; our ability to continue offering merchant cash advances and scaling our merchant cash advance program in line with our expectations; our reliance on a small number of cloud service suppliers and suppliers for parts of the technology in our payments solutions; our ability to manage and maintain integrations between our platform and certain third-party platforms; our ability to maintain sufficient levels of hardware inventory; global disruptions in shipping and energy costs; our inability to improve and enhance the functionality, performance, reliability, design, security and scalability of our platform; our ability to prevent and manage information security breaches or other cyber-security threats; our ability to compete against competitors; strategic relations with third parties; our reliance on integration of third-party payment processing solutions; compatibility of our solutions with third-party applications and systems; changes to technologies on which our platform is reliant; our ability to effectively incorporate artificial intelligence solutions into our business and operations; our ability to obtain, maintain and protect our intellectual property; risks relating to international operations, sales and use of our platform in various countries; our liquidity and capital resources; pending and threatened litigation and regulatory compliance; any external stakeholder activism; changes in tax laws and their application; our ability to expand our sales, marketing and support capability and capacity; our ability to execute on our reorganizations and cost reduction initiatives; our ability to execute on our growth strategy focused on retail customers in North America and hospitality customers in Europe and our strategies for customers in other geographies and verticals; our ability to successfully make future investments in our business through capital expenditures; our ability to successfully execute our capital allocation strategies; our ability to execute on our business and operational strategy; maintaining our customer service levels and reputation; and our ability to effectively control and manage our working capital. The purpose of the forward-looking information is to provide the reader with a description of management's expectations regarding our financial performance and may not be appropriate for other purposes.

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Appendix D - Long-Term Financial Outlook Assumptions

Our long-term financial outlook constitutes financial outlook and forward-looking information within the meaning of applicable securities laws. The purpose of communicating long-term targets is to provide a description of management's expectations regarding our intended operating model, financial performance and growth prospects at a further stage of business maturity. Such information may not be appropriate for other purposes.

A number of assumptions were made by the Company in preparing our long-term targets, including:

• Our expectations regarding our growth strategy for retail customers in North America and hospitality customers in Europe and our strategies for customers in other geographies and verticals.

• Economic conditions in our core geographies and verticals, including inflation, consumer confidence, disposable income, consumer spending, foreign exchange rates, employment and other macroeconomic conditions, remaining at close to current levels.

• Jurisdictions in which Lightspeed has significant operations do not impose strict measures like those put in place in response to pandemics like the COVID-19 pandemic.

• Customer adoption of our payments solutions in line with expectations, with new customers having an average GTV at or above planned levels.

• Our ability to price our payments solutions in line with our expectations and to achieve suitable margins and to execute on more optimized pricing structures.

• Continued uptake of our payments solutions in line with our expectations in connection with our ongoing efforts to sell our POS and payments solutions as one unified platform.

• Revenue streams resulting from certain partner referrals remaining in line with our expectations (particularly in light of our decision to unify our POS and payments solutions, which payments solutions have in the past and may in the future, in some instances, be perceived by certain referral partners to be competing with their own solutions).

• Our ability to manage default risks of our merchant cash advances in line with our expectations.

• Long-term growth in ARPU, including growth in subscription ARPU, in line with expectations, driven by Customer Location expansion in our growth engines, customer adoption of additional solutions and modules and the introduction of new solutions, modules and functionalities.

• Our ability to achieve higher close rates and better unit economics with customers in our growth engines.

• Our reallocation of investment over time towards our growth engines - retail customers in North America and hospitality customers in Europe.

• Our ability to price solutions and modules in line with our expectations.

• Our ability to recognize synergies and reinvest those synergies in core areas of the business as we prioritize our flagship Lightspeed Retail and Lightspeed Restaurant offerings.

• Our ability to scale our outbound and field sales motions in our growth engines.

• Our ability to attract and retain customers and grow subscription ARPU in our addressable markets.

• The size of our addressable markets for our growth engines - retail customers in North America and hospitality customers in Europe - being in line with our expectations.

• Customer Location growth of ~10-15% (three-year CAGR between Fiscal 2025 and Fiscal 2028) in our two growth engines - retail customers in North America and hospitality customers in Europe.

• Our ability to selectively pursue strategic opportunities (such as acquisitions, investments or divestitures) and derive the benefits we expect from the acquisitions we have completed including expected synergies resulting from the prioritization of our flagship Lightspeed Retail and Lightspeed Restaurant offerings.

• Market acceptance and adoption of our flagship offerings. [Continued on next page]

  
  
  

  22

  Appendix D - Long-Term Financial Outlook Assumptions

• Our ability to increase our operating efficiencies by consolidating infrastructure and hosting contracts with certain providers and consolidating certain service centers into lower cost geographies.

• Our ability to attract, develop and retain key personnel and our ability to execute our succession planning.

• Our expectations regarding the costs, timing and impact of our reorganizations and other cost reduction initiatives.

• The ability to effectively develop and expand our labour force, including our sales, marketing, support and product and technology operations, in each case both domestically and internationally, but particularly in our growth engines.

• Our ability to manage customer churn.

• Our ability to manage requests for subscription pauses, customer discounts and payment deferral requests.

• Assumptions as to foreign exchange rates and interest rates, including inflation.

• Share-based compensation declining as a percentage of revenue over time.

• Gross margin being within a range of ~43-46% over time.

• Adjusted EBITDA(1) growing to ~20% of gross profit(1) by Fiscal 2028.

• Seasonal trends of our key verticals being in line with our expectations and the resulting impact on our GTV, GPV and transaction-based revenues.

  Our financial outlook does not give effect to the potential impact of acquisitions, divestitures or other strategic transactions that may be announced or closed after the date hereof. Many factors may cause actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such targets, including risk factors identified in our most recent Management's Discussion and Analysis of Financial Condition and Results of Operation and under "Risk Factors" in our most recent Annual Information Form. In particular, our long-term targets are subject to risks and uncertainties related to:

• Our ability to execute on our growth strategy focused on retail customers in North America and hospitality customers in Europe and our strategies for customers in other geographies and verticals.

• The Russian invasion of Ukraine and reactions thereto.

• Continuing military conflict in the Middle East and reactions thereto.

• The impact and uncertainty of foreign policy shifts in the U.S., Canada and Europe (including the impacts of tariffs, sanctions, trade wars, or other trade conditions or protective government actions).

• Supply chain risk and the impact of shortages in the supply chain on our merchants.

• Macroeconomic factors affecting small and medium-sized businesses, including inflation, changes in interest rates and consumer spending trends.

• Instability in the banking sector.

• Any pandemic or global health crisis or certain natural disasters.

• Our ability to manage the impact of foreign currency fluctuations on our revenues and results of operations, including the use of hedging.

• Our ability to implement our growth strategy and the impact of competition.

• Our inability to attract and retain customers, including among high GTV customers or customers in our growth engines.

  
  
  

• Our inability to increase customer sales. [Continued on next page]

1. This is a Non-IFRS measure or ratio. Please see Appendix B for Non-IFRS Measures and Ratios definitions and the reconciliation to the most directly comparable IFRS measure or ratio.

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   Appendix D - Long-Term Financial Outlook Assumptions

   • Our ability to successfully execute our pricing and packaging initiatives.

   • The substantial investments and expenditures required in the foreseeable future to expand our business.

   • Our liquidity and capital resources, including our ability to secure debt or equity financing on satisfactory terms.

   • Our ability to increase scale and operating leverage.

   • Our inability to continue to increase adoption of our payments solutions, including our initiative to sell our POS and payments solutions as one unified platform.

   • Risks relating to our merchant cash advance program.

   • Our ability to continue offering merchant cash advances and scaling our merchant cash advance program in line with our expectations.

   • Our ability to further monetize our Lightspeed Wholesale offering.

   • Our reliance on a small number of cloud service providers and suppliers for parts of the technology in our payments solutions.

   • Our ability to improve and enhance the functionality, performance, reliability, design, security and scalability of our platform.

   • Our ability to prevent and manage information security breaches or other cyber-security threats.

   • Our ability to compete and satisfactorily price our solutions in a highly fragmented and competitive market.

   • Strategic relations with third parties, including our reliance on integration of third-party payment processing solutions.

   • Our ability to maintain sufficient levels of hardware inventory including any impacts resulting from tariffs, sanctions, trade wars or supply chain disruptions.

   • Global disruptions in shipping and energy costs.

   • Our ability to manage and maintain integrations between our platform and certain third-party platforms.

   • Compatibility of our solutions with third-party applications and systems.

   • Changes to technologies on which our platform is reliant.

   • Our ability to effectively incorporate artificial intelligence solutions into our business and operations.

   • Our ability to obtain, maintain and protect our intellectual property.

   • Risks relating to our international operations, sales and use of our platform in various countries.

   • Seasonality in our business and in the business of our customers.

   • Pending and threatened litigation and regulatory compliance.

   • Any external stakeholder activism.

   • Changes in tax laws and their application.

     
     
     

   • Our ability to expand our sales capability and maintain our customer service levels and reputation. [Continued on next page]

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     Appendix D - Long-Term Financial Outlook Assumptions

   • Our ability to execute on our reorganizations and cost reduction initiatives.

   • Our ability to successfully make future investments in our business through capital expenditures.

   • Our ability to successfully execute our capital allocation strategies, including our share repurchase initiatives.

   • Gross profit and operating expenses being measures determined in accordance with IFRS Accounting Standards, and the fact that such measures may be affected by unusual, extraordinary, or non-recurring items, or by items which do not otherwise reflect operating performance or which hinder period-to-period comparisons.

   • Any potential acquisitions, divestitures or other strategic opportunities, some of which may be material in size or result in significant integration difficulties or expenditures, or otherwise impact our ability to achieve our long-term targets on our intended timeline or at all.

See also "Disclaimer - Cautionary Note Regarding Forward-Looking Information".

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