D2l, Inc. · TSX:DTOL
D2l — Q3 FY2026 Earnings Presentation
19 slides from D2l's earnings presentation, January 2026
Slide 1: Transform the way the world learns
Transform the way the world learns JOHN BAKER, FOUNDER & CEO JOSH HUFF, CFO January 2026 D2L has a fiscal year ended January 31 All figures are U.S. dollar denominated, unless otherwise noted
Slide 2: Disclaimer
Disclaimer Unless otherwise stated or the context otherwise indicates, all references to “D2L”, the “Company”, “we”, “us” or “our” refer to D2L Inc., together with our subsidiaries, on a consolidated basis. Forward-Looking Information This presentation and the accompanying oral statements, including
Slide 3: Our vision is a better world where learning can be accessible
Our vision is a better world where learning can be accessible, engaging, and inspiring. Our mission is to transform the way the world learns. 3
Slide 4: A global learning technology leader
A global learning technology leader 25+ 1,430+ 40+ 20M+ years customers countries users transforming learning 1) Figures are as of January 31, 2025. 4
Slide 5: Growth, scale, stability and strong fundamentals
Growth, scale, stability and strong fundamentals Top-Line Growth Scale Advantage of scale 10% YTD Q3 FY26 Subscription & Support Growth in Subscription & Support Revenue to $147.3 million $213M+ Annual Recurring Revenue2 supports our market position across Higher Ed, K-12 and Corporate Revenue Growt
Slide 6: D2L Brightspace: A Complete Solution
D2L Brightspace: A Complete Solution ARTIFICIAL INTELLIGENCE EASE-OF-USE PURE CLOUD Learners Instructors • Submit assignments • Create and modify course content • Participate in classes • Moderate and submit • Complete quizzes/tests grades • Collaborate on group • Communicate with projects learners
Slide 7: A modern learning platform uniquely serving multiple markets
A modern learning platform uniquely serving multiple markets Education Corporate Higher Employee Education K-12 Training Organizations Learning ~65% <15% >20% ARR1 ARR1 ARR1 1) ARR refers to Annual Recurring Revenue; represents % of total Annual Recurring Revenue for the period ended January 31, 202
Slide 8: Key growth pillars
Key growth pillars Expand corporate employee training Build international • Build on early market success with targeted customer base go-to-market focus Platform expansion • 19% of revenues • Strategic investments to round out product Expand customer and upsell in FY25 use cases • Regional presence
Slide 9: LMS
NA Higher Ed #2 market share by enrollments1 50% NA Higher Education1 LMS WIN RATE "This LMS will best situate the various constituents at Villanova for success in the coming decade and enable the University to meet its strategic goals while continuing to provide an excellent educational experience
Slide 10: Platform expansion and upsell
Platform expansion and upsell ~50% of customers with more than one core module Voted easiest to use LMS, Brightspace is packed with powerful tools, customizable content and best-in-class service and support. 103% Creator+ Achievement+ Constant Currency Create advanced, engaging, Oversee learning out
Slide 11: Building AI leadership
Building AI leadership Efficient Delivery Improve Enhance Efficiency Provide Insights for Achievement for Faculty and Academic Leaders Learning for Students Course Authors Outcomes + Actionable Economic Personalized Insights Benefits Learning Lumi Chat Lumi Chat Lumi Insights Lumi Tutor Lumi Content
Slide 12: Build international customer base
Build international customer base 60%+ market share by FTE2 6 of the - NETHERLANDS 75% 70%+ of Higher Ed institutions top 10 private universities by ranking2 - COLOMBIA of public higher education institutions2 - SINGAPORE on legacy systems1 MARKET SHARE BY LMS PLATFORM1 Moodle Blackboard Canvas Brig
Slide 13: Expand corporate employee training
Expand corporate employee training Employee Training Organizations Learning Training Organizations / Associations Employee Learning Historical strength with strong product- Solid foundation – customer base, team market fit Targeted product investment – expand use Replicating success internationally
Slide 14: Track record of growth
Track record of growth TOTAL REVENUE ANNUAL RECURRING REVENUE1 ADJUSTED GROSS PROFIT2 (US$ millions) (US$ millions) (US$ millions) $142 $205 $200 $123 $182 $188 $168 $168 $108 $152 $155 $96 $126 $130 $77 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 12 months ended Jan 3
Slide 15: YTD 2026 Highlights
YTD 2026 Highlights1 TOTAL REVENUE SUBSCRIPTION AND ADJUSTED GROSS ADJUSTED CASH FLOW FROM (US$ millions) SUPPORT REVENUE PROFIT/MARGIN2 EBITDA/MARGIN2 OPERATIONS Strong execution (US$ millions) (US$ millions) (US$ millions) (US$ millions) in current environment 6% 10% 8% 33% 9% • 10.1% growth Subsc
Slide 16: Effectively balancing growth and profitability
Effectively balancing growth and profitability FY23A FY24A FY25A FY26E Medium Term3 Subscription & Support $146.0M $162.2M $180.6M $198M-$199M Revenue Cost of Revenue1 36.0% 33.0% 31.8% 10-15% annual revenue growth Operating Expenses1 73.5%4 70.9% 65.2% 18-20% Adjusted Gross Profit Margin1,2 64.2% 6
Slide 17: Deep and experienced leadership team
Deep and experienced leadership team John Baker Lee Poteck Anna Forgione Josh Huff CEO CRO CLO & Corporate Secretary CFO Joined D2L 2013; formerly GC Americas, Founded D2L in 1999 at the age of 22; Joined D2L 2014; formerly Joined D2L 2012; formerly RIM Business Council of Canada, past member of (Bl
Slide 18: Board of directors with industry leadership
Board of directors with industry leadership J. Ian Giffen Tim Connor The Right Honourable David Johnston Tracy Edkins Lead Independent Board Member Independent Board Member C.C., C.M.M., C.D. Independent Board Member Current board member of CSA Group; Former board Partner, NewView Capital, a growth
Slide 19: The learning platform for the future of work and learning
The learning platform for the future of work and learning Large addressable market Singular cloud platform driven by long-term growth Success at scale with serving all education and trends, including corporate 1,430 customers in corporate markets and upskilling and digitization of more than 40 count