Slide 1: Investor Presentation
Investor Presentation September 2026
Slide 2: Legal disclaimer
Legal disclaimer This presentation includes forward-looking statements. All statements contained in this presentation other than statements of historical facts, including, without limitation, the success of our product offerings and our platform, and the value proposition of our products, and antici
Slide 3: Bandwidth: an attractive investment opportunity
Bandwidth: an attractive investment opportunity 1 2 3 A global cloud Orchestrating Proven business communications AI, voice, and model delivering leader in a large and messaging growth, growing market across cloud profitability, and communications capital strength 3
Slide 4: A global cloud communications leader in a large and growing market
1 A global cloud communications leader in a large and growing market 4
Slide 5: Bandwidth's market is large and growing
Bandwidth’s market is large and growing Bandwidth TAM ($ billions) $111 1.6X $174 2025 2030 AI voice driving market growth Source: Analyst and company estimates. 5
Slide 6: Bandwidth powers mission-critical communications across three customer categories
Bandwidth powers mission-critical communications across three customer categories… GLOBAL VOICE PLANS ENTERPRISE VOICE PROGRAMMABLE MESSAGING 100% of the GartnerⓇ The largest High-volume UCaaS1 and CCaaS2 global messaging platforms platform Leaders enterprises and apps 1 UCaaS - Unified Communicatio
Slide 7: Bandwidth and Salesforce expand collaboration
Bandwidth and Salesforce expand collaboration 1st First certified carrier for global rollout NEW More AI-driven Maestro™ interactions, 25+ countries in SF’s initial expansion BYOC integration more value Expands our reach Deepens our integration Extends our growth • North America → International • Ma
Slide 8: Bandwidth's Competitive Edge
Bandwidth’s Competitive Edge Global Communications Infrastructure Owned network and regulatory licenses across ~70 countries, covering 90% of the global economy → Structural margin advantage and durable barriers to entry AI Voice Orchestration Platform Maestro enables enterprises to deploy and scale
Slide 9: Exceptional customer retention and loyalty
Exceptional customer retention and loyalty 99% 113% 12 years Customer Name Net Retention Top 20 Customer Retention Rate1 Median Tenure 1 Net Retention Rate excludes the benefit of political campaign revenue of $3m and $46m recognized for the twelve months ended June 30, 2026 and 2025, respectively.
Slide 10: A history of award-winning innovation
A history of award-winning innovation Best CPaaS Best of Show Platform UC Awards—2024 Enterprise Connect—2023 Most Innovative Leader in Worldwide Product CPaaS-20251 Innovation CX Today—2023 in Customer Leader in Worldwide Service Communications Leader Engagement Platforms Stevie 20262 Awards—2025 G
Slide 11: Orchestrating AI, voice, and messaging across cloud communications
2 Orchestrating AI, voice, and messaging across cloud communications 11
Slide 12: AI is reshaping the enterprise communications stack
AI is reshaping the enterprise communications stack Cloud Communications Era AI Communications Era Established market Emerging market Consumer Consumer Customer Human Agent One-Way Digital Human Agent AI Voice Agent Two-Way Digital Experience Conversations Notifications Conversations Conversations C
Slide 13: Maestro connects the enterprise ecosystem
Maestro connects the enterprise ecosystem The orchestration …With the world’s layer for AI-driven largest number enterprise of ecosystem communications… integrations CRM Trust UCaaS Conversational AI CCaaS 911 Location 13
Slide 14: Bandwidth powers mission-critical voice
Bandwidth powers mission-critical voice Genesys VIEW STORY→ Five9 VIEW STORY→ Bookline VIEW STORY→ Genesys fuels global CX growth Five9 partners with Bandwidth Bookline’s platform helps hospitality through AI-driven orchestration to drive customer venues adopt conversational AI- and its partnership
Slide 15: Bandwidth powers mission-critical messaging
Bandwidth powers mission-critical messaging Attentive VIEW STORY→ Dental VIEW STORY→ Jars Capital VIEW STORY→ Retail and ecommerce leaders Intelligence SMS fuels better resident rely on Attentive for text communications in housing Dental Intelligence helps message marketing developments practices bo
Slide 16: Proven business model delivering growth, profitability, and capital strength
3 Proven business model delivering growth, profitability, and capital strength 16
Slide 17: Durable revenue growth
Durable revenue growth $905 $748 $754 $573 $601 20% Cloud comms $475 $479 $540 $561 2026E Total revenue growth y/y1 $209 $192 surcharges $99 $122 2022 2023 2024 2025 2026E1 (USD Millions) Cloud communications revenue2 Messaging surcharges3 1 Represents midpoint of guidance provided in the Financial
Slide 18: Expanding non-GAAP gross margin
Expanding non-GAAP gross margin Fueling gross margin expansion 57% 58% 55% 55% Scale and AI adoption Software mix Global coverage Operational efficiencies 2022 2023 2024 2025 Note: Non-GAAP Gross Profit and Non-GAAP Gross Margin are Non-GAAP financial measures. See Appendix for Non-GAAP definitions
Slide 19: Accelerating profitability: Adjusted EBITDA growth
Accelerating profitability: Adjusted EBITDA growth $124 33% $82 $93 2026E Adjusted EBITDA growth y/y1 $48 $35 20% 2026E Adjusted EBITDA margin2 2022 2023 2024 2025 2026E1 (USD Millions) 1 Represents midpoint of guidance provided in the Financial Outlook section of the July 29, 2026 earnings press re
Slide 20: Deleveraging through strong cash flow generation
Deleveraging through strong cash flow generation Net Debt1 Cash Flow $305 $89 $272 $84 $201 $59 $57 $169 $146 $35 $39 $38 $23 $19 8.8x 5.6x 2.5x 1.6x 1.6x ($11) 2022 2023 2024 2025 2Q26 2022 2023 2024 2025 1H26 Net Cash Provided by Operating Activities (USD Millions) Free Cash Flow2 1 Net debt at re
Slide 21: Why Bandwidth wins – and why now
Why Bandwidth wins – and why now Growing The global cloud communications leader, positioned where AI is expanding every interaction Market IDC MarketScape Leader — Worldwide CPaaS & Communications Engagement Platforms Owned network + licenses across ~70 countries Competitive (90% of the global econo
Slide 22: We develop and deliver the power to communicate
We develop and deliver the power to communicate AI Voice Messaging Emergency Services 22
Slide 23: Appendix
Appendix ( bandwidth
Slide 24: GAAP to non-GAAP reconciliation - gross profit
GAAP to non-GAAP reconciliation - gross profit USD millions FY22 FY23 FY24 FY25 Gross Profit 238.4 236.2 280.0 295.1 Gross Margin % 42% 39% 37% 39% Depreciation 13.6 16.3 18.5 20.7 Amortization of acquired intangible 7.7 7.8 7.8 8.1 assets Stock-based compensation 0.4 1.1 1.6 2.2 Non-GAAP Gross Prof
Slide 25: GAAP to non-GAAP reconciliation – adjusted EBITDA, free cash flow
GAAP to non-GAAP reconciliation – adjusted EBITDA, free cash flow USD millions FY22 FY23 FY24 FY25 Net Income (loss) 19.6 (16.3) (6.5) (12.9) Income tax benefit (2.3) (3.0) (2.4) (3.7) Interest expense, net 3.0 0.8 1.9 2.0 Depreciation 18.4 24.4 31.7 35.7 Amortization 17.2 17.3 17.5 18.1 Stock-based
Slide 26: Definitions
Definitions Adjusted EBITDA: Net income or losses from continuing operations, adjusted to reflect the addition or elimination of certain statement of operations items including, but not limited to: income tax (benefit) provision, interest (income) expense, net, depreciation and amortization expense,