Slide 1: Blackbaud Investor Presentation
Blackbaud Investor Presentation Ticker: BLKB October 29, 2025
Slide 2: Forward-looking Statements
Forward-looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this presentation consist of, among other th
Slide 3: Historical Financials and Non-GAAP Financial Measures
Historical Financials and Non-GAAP Financial Measures Use of Non-GAAP Financial Measures: The Company has provided in this presentation financial information that has not been prepared in accordance with GAAP. The Company uses these non-GAAP financial measures internally in analyzing its financial r
Slide 4: Blackbaud Investment Pillars
Blackbaud Investment Pillars Rich Market Innovation Driving Attractive Financial Purposeful Capital Opportunity Product Value Model Allocation • Global market leadership • AI empowering customers • 5 point operating plan • Programmatic share driving organizational focus repurchase • Significant a
Slide 5: Blackbaud At-a-Glance
Blackbaud At-a-Glance Clear market leader providing software that powers social impact Mission critical software built to 40+ $100B+ accelerate impact in fundraising, nonprofit financial management, years serving industry with donated, granted, and digital giving, grantmaking, corporate demonstrated
Slide 6: Business overview
Business overview
Slide 7: Blackbaud is the leading provider of software for powering social impact
Blackbaud is the leading provider of software for powering social impact We build, integrate and Using exclusive data, implement vertical-specific analytics and expertise, solutions purpose-built Cloud we deliver unparalleled for the unique needs of Software Data insight and intelligence to our cust
Slide 8: Our core competencies expand what is possible for purpose-driven organizations
Our core competencies expand what is possible for purpose-driven organizations Fundraising and Financial Grant and Award Organizational and Engagement Management Management Program Management Fundraising Fund Accounting Grantmaking Ticketing Peer-to-Peer Fundraising Financial Aid Management Award Ma
Slide 9: Most comprehensive solution set that accelerates impact
Most comprehensive solution set that accelerates impact Fundraising, Financial Organizational Relationship Payment Management, Corporate Social • Blackbaud is the leading provider of Management & Services Grant & Award & Program Management Responsibility Engagement Management software wholly dedicat
Slide 10: Fueling accelerated impact for our customers
Fueling accelerated impact for our customers $4.3B 300K $400K goal for the Campaign for Carolina meals packed by employees for raised through a virtual event exceeded a year early utilizing Rise Against Hunger using powered by JustGiving® from Blackbaud CRM YourCause® CSRconnect® Blackbaud® Peer-to-
Slide 11: Large and underpenetrated total addressable market
Large and underpenetrated total addressable market Financial Management, Grant and Award Management Revenue Penetration: <10% $1.5B Fundraising, Relationship $3.5B Management and Engagement Organizational and Program Revenue Penetration: <20% $10B+ Management $1.5B Revenue Penetration: <10% Blackbau
Slide 12: Track record of improving financial performance
Track record of improving financial performance Organic Revenue Growth Non-GAAP Adj. EBITDA Margin Accelerated to sustained +930bps 35.8% mid single digits 5% 26.5% 1.2% FY20 FY25 Guidance Midpoint FY20 FY25 Guidance Midpoint Non-GAAP Diluted EPS Adjusted Free Cash Flow 8% CAGR $4.40 21% CAGR $200M
Slide 13: Update on operational initiatives
Update on operational initiatives
Slide 14: Operating plan driving improved financial performance
Operating plan driving improved financial performance Product Bookings growth Transactional Modernized approach Keen attention Innovation and and acceleration revenue to pricing and multi- to cost delivery optimization and year customer management expansion contracts 14
Slide 15: Adding substantial value for customers through product delivery and innovation
Adding substantial value for customers through 1 product delivery and innovation Blackbaud Blackbaud Agents Blackbaud AI Development Agent for GoodTM Improvements The Development Agent, the very first Agent Blackbaud Agents for Good , are agentic, Blackbaud AI will now integrate insights across for
Slide 16: Direct sales force focused on signing new logos as well as upsell and cross-sell opportunities
Direct sales force focused on signing new logos as 2 well as upsell and cross-sell opportunities Select recent sales wins 16
Slide 17: Initiatives across resilient and diverse transactional revenue streams drive continued consistent growth
Initiatives across resilient and diverse transactional 3 revenue streams drive continued consistent growth Transactional recurring revenue streams1 Transactional recurring revenue growth 5% $333M $354M Event-Based $303M $259M $279M Usage 20% Tuition 2020 2021 2022 2023 2024 Processing 55% Donation •
Slide 18: Modernized renewal pricing provides better economics and visibility
Modernized renewal pricing provides better 4 economics and visibility Mix of contracts eligible for renewal RENEWAL APPROACH (since March 2023) rate increase by renewal year1 Renewal Term Primarily 3-year contract renewal terms Mid- to high-teens rate increase 2026 Rate Increase at Renewal 10% upon
Slide 19: Keen attention to cost management will contribute to ongoing margin expansion
Keen attention to cost management will contribute 5 to ongoing margin expansion Non-GAAP Adj. EBITDA Margin Drivers of continued margin improvement: • Continue to manage cost structure to realize scale from expense base +930bps 35.8% • Gross margin improvement via continued platform modernization 26
Slide 20: Financial Outlook
Ww - Financial Outlook ——_
Slide 21: Q3 2025 Performance
Q3 2025 Performance Non-GAAP Organic Revenue Year over Year Profitability Year over Year $286.6 +220bps 11% growth $13.8 $281.1 35.4% $1.10 ($19.3) 33.2% $0.99 5.2% Organic Revenue Growth Q3 2024 Q3 2025 Q3 2024 Q3 2025 Less: Non-GAAP Q3 Plus: organic Q3 revenue from 2024 revenue increase 2025 dives
Slide 22: Increased 2025 total company guidance
Increased 2025 total company guidance Revised October 2025 Prior Metric Mid-Point Mid-Point Organic revenue growth at constant Unchanged Total Revenue $1,120M - $1,130M $1,125M from July 2025 currency of ~5% at the midpoint Midpoint of adjusted EBITDA margin Adjusted EBITDA Unchanged range implies ~
Slide 23: Rule of 45 by FY 2030
Rule of 45 by FY 2030 • Goal of achieving Rule of 45 by FY2030 45% through a combination of consistent 41% mid-single digit organic revenue growth and margin expansion • Expect continued free cash flow margin expansion as improvements to Rule of 45 goal flow through to cash 28% generation • Leverage
Slide 24: Strong free cash flow generation to fund investments and disciplined capital allocation strategy
Strong free cash flow generation to fund investments and disciplined capital allocation strategy Non-GAAP adjusted free cash flow1 2025 Adjusted FCF Impact $300 One-time cash release payment to the lessor in connection with the release of our lease for $245M Investments office space in Washington, D
Slide 25: Blackbaud has significantly reduced common stock outstanding
Blackbaud has significantly reduced common stock outstanding • Expect to repurchase 5.2% to 53.6M 10% net reduction since Q4 2023 7.0% of common stock 54.0M 10.0M outstanding in 2025 and 51.6M 51.6M 50.9M 52.0M continue stock repurchases in 8.0M 2026 and beyond1 50.0M 49.2M 48.5M 48.5M 6.0M 48.1M •
Slide 26: Long-term capital allocation strategy focused on maximizing shareholder value
Long-term capital allocation strategy focused on maximizing shareholder value Stock Debt Accretive Repurchases Repayment M&A Blackbaud has reduced common stock Manage debt balance to maintain Target acquisition opportunities with outstanding by 10% since Q4 2023 optimal capital structure high synerg
Slide 27: Blackbaud Investment Pillars
Blackbaud Investment Pillars Rich Market Innovation Driving Attractive Financial Purposeful Capital Opportunity Product Value Model Allocation • Global market leadership • AI empowering customers • 5 point operating plan • Programmatic share driving organizational focus repurchase • Significant a
Slide 28: Thank you
blackbaud Thank you
Slide 29: Appendix
Appendix
Slide 30: Historical Reconciliations of GAAP and Non-GAAP Organic Revenue Growth (Unaudited)
Historical Reconciliations of GAAP and Non-GAAP Organic Revenue Growth (Unaudited) (dollars in thousands) Nine months ended Three months ended Year ended Three months ended 09/30/2025 09/30/2024 09/30/2025 06/30/2025 03/31/2025 12/31/2024 12/31/2024 09/30/2024 06/30/2024 03/31/2024 GAAP revenue $ 83
Slide 31: Reconciliations of Non-GAAP Organic Revenue Growth and Rule of 40 (Unaudited)
Reconciliations of Non-GAAP Organic Revenue Growth and Rule of 40 (Unaudited) (dollars in thousands) Three months ended Nine months ended 09/30/2025 09/30/2024 09/30/2025 09/30/2024 GAAP net income $ 47,492 $ 18,290 $ 78,281 $ 46,840 Non-GAAP adjustments: Add: Interest, net 14,403 11,022 46,136 32,1
Slide 32: Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations (Unaudited)
Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations (Unaudited) Three Months Ended September 30, 2025 Amortization of Stock-based intangibles from Acquisition and Non-GAAP compensation business Employee disposition-related Security Incident- adjustments (in thousands, except per
Slide 33: Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations (Unaudited)
Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations (Unaudited) Nine Months Ended September 30, 2025 Amortization of Stock-based intangibles from Acquisition and Non-GAAP compensation business Employee disposition-related Security Incident- adjustments (in thousands, except per
Slide 34: Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations (Unaudited)
Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations (Unaudited) Three Months Ended September 30, 2024 Amortization of Stock-based intangibles from Acquisition and Non-GAAP compensation business disposition-related Security Incident- adjustments (in thousands, except per share am
Slide 35: Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations (Unaudited)
Reconciliation of GAAP to Non-GAAP Consolidated Statements of Operations (Unaudited) Nine Months Ended September 30, 2024 Amortization of Stock-based intangibles from Acquisition and Non-GAAP compensation business disposition-related Security Incident- adjustments (in thousands, except per share amo
Slide 36: Historical Consolidated Balance Sheets (Unaudited)
Historical Consolidated Balance Sheets (Unaudited) (in thousands) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Assets Current assets: Cash and cash equivalents $ 26,376 $ 30,438 $ 34,633 $ 67,628 $ 37,243 $ 41,566 $ 38,255 Restricted cash 356,493 800,670 428,095 741,884 419,400 870,248 41
Slide 37: Historical Consolidated Statements of Comprehensive Income (Unaudited)
Historical Consolidated Statements of Comprehensive Income (Unaudited) (in thousands, except share and per share amounts) Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Revenue $ 278,576 $ 287,337 $ 286,598 $ 302,113 $ 1,154,624 $ 269,936 $ 282,030 $ 281,143 Cost of revenue 127,876
Slide 38: Historical Consolidated Statements of Cash Flows (Unaudited)
Historical Consolidated Statements of Cash Flows (Unaudited) 3 months ended 6 months ended 9 months ended 12 months ended 3 months ended 6 months ended 9 months ended (in thousands) 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 Cash flows from operating activities Net income
Slide 39: Historical Reconciliations of GAAP to Non-GAAP Financial Measures (Unaudited)
Historical Reconciliations of GAAP to Non-GAAP Financial Measures (Unaudited) (in thousands, except share and per share amounts) Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024(1) Q1 2025 Q2 2025 Q3 2025 GAAP Revenue $ 278,576 $ 287,337 $ 286,598 $ 302,113 $ 1,154,624 $ 269,936 $ 282,030 $ 281,143 GAAP gros
Slide 40: Historical Reconciliations of GAAP to Non-GAAP Financial Measures (Unaudited)
Historical Reconciliations of GAAP to Non-GAAP Financial Measures (Unaudited) 3 months ended 6 months ended 9 months ended 12 months ended 3 months ended 6 months ended 9 months ended (in thousands) 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 06/30/2025 09/30/2025 GAAP net cash provided by op
Slide 41: Historical Revenue by Type (Unaudited)
Historical Revenue by Type (Unaudited) (in thousands, except share and per share amounts) Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Revenue Contractual recurring $ 190,357 $ 193,645 $ 194,724 $ 195,815 $ 774,541 $ 175,465 $ 180,128 $ 182,984 Transactional recurring 80,488 87,78