Spok Holdings, Inc. · NASDAQ:SPOK
Spok — Q4 2025 Earnings Presentation
31 slides from Spok's earnings presentation, Feb 25, 2026
Slide 1: Investor Presentation
Investor Presentation February 2026
Slide 2: Safe Harbor Statement
Statements contained herein or in prior press releases which are not historical fact, such as statements regarding our future operating and financial performance, are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. The
Slide 3: Our Mission & Investment Highlights
Our Mission & Investment Highlights
Slide 4: Key Investment Highlights
Key Investment Highlights Long-standing Customer Relationships with the “Best Hospitals” 1 Nine of the Top 10 U.S. News & World Report’s Children’s Hospitals and 18 of the Top 20 Adult Hospitals are Spok customers, with an average tenure of 26 years Stable Re-occurring Software Maintenance and Wirel
Slide 5: Strategic Goal: Run the business profitably and generate cash
Strategic Goal: Run the business profitably and generate cash Cash Returned to Stockholders Returning capital to stockholders is our goal ($ millions) as well as our legacy $35.0 • Nearly $730 million returned to stockholders since 2004 $30.0 • 2024 capital return - $26.4 million $26.4 $27.3 $25.6 $
Slide 6: Continuing History of Service and Commitment
Continuing History of Service and Commitment Key Facts Spok By The Numbers $115.6M > 80% $139.7M 2025 Reoccurring Percent of Revenue Is Leader in healthcare communications - A clinical communications & 2025 Revenue Revenue(1) Reoccurring(1) collaboration solution provider. Significant experience int
Slide 7: Our Plan
Our Plan Growth in value and return of capital Long-term objective Short-term energy focus • Growing cash flow while 1. Software Bookings: Achieve plan and show YoY growth growing our top line with 2. Product Roadmap Progress: Demonstrable benefit to the growth in software revenue business and futur
Slide 8: Healthcare responds to fiscal challenges
Healthcare responds to fiscal challenges Fiscal alignment of healthcare IT Changes in economic conditions strategy ⚫ Staff Shortages (Nursing, IT and others) ⚫ Reduce, eliminate or postpone new IT initiatives ⚫ High Labor Costs ⚫ Maintain existing information systems investments ⚫ Higher Capital Cos
Slide 9: Spok responds to fiscal challenges
Spok responds to fiscal challenges Provide 3- or 5-year managed New product release cadence maintenance & services agreement ⚫ Limit costly major upgrades to a 3- to 4-year cycle ⚫ Perform benefit realization assessment to identify unrealized ROI ⚫ Deliver product enhancements releases twice/year wi
Slide 10: Secure Messaging & Clinical Communications Solutions
Secure Messaging & Clinical Communications Solutions Spok Earns Top Client Satisfaction Scores for Ninth Consecutive Year Total No. • Survey period: Q4 2025 – Q1 2026 Overall Vendor 1 criteria rank ranks • 1,416 respondents representing health systems, critical access hospitals, academic 1 Spok 10 m
Slide 11: Critical Alert Messaging & Management Solutions
Critical Alert Messaging & Management Solutions Spok Earns Top-Rated Spot for Second Consecutive Year Total • Survey period: Q2 2025 – Q1 2026 Overall Vendor No. 1 rank criteria • 854 respondents representing health ranks systems, critical access hospitals, academic 1 Spok 11 medical centers, diagno
Slide 12: Longstanding customer relationships
Longstanding customer relationships Top 20 adult hospitals (2025-2026) Top 10 children’s hospitals (2025-2026) * Customer Software Wireless Tenure Customer Software Wireless Tenure Customer Software Wireless Tenure -- -- -- Rochester 16 38 23 34 39 39 28 Spok has an average -- --
Slide 13: 2025 US health systems/hospitals by lines of business
2025 US health systems/ Software market share by bed size hospitals by lines of business* Q4 2025 6% 5,483 Both 348 1-199 Beds 20% 305 customers 28% 1,743 total Wireless Only 1,257 Spok customers 888 51% Software Only 200-599 Beds 507 355 customers 29% 330 52% Total Population 7,126* 25% Market Pene
Slide 14: Spok Leadership Team
Spok Leadership Team Vince Kelly Mike Wallace Calvin Rice Sharon Woods Chief Executive President and Chief Chief Financial Keisling Officer Operating Officer Officer Corporate Secretary and Treasurer Jonathan Wax Renee Hall Mick Ling EVP of Chief Compliance Vice President of Global Sales Officer Mai
Slide 15: Business Strategy
::: Business Strategy
Slide 16: Overall Strategy
Overall Strategy Critical Communications Purpose Built Over Time Grow software revenue • Acquiring new customers by further penetrating the hospitals domestically with significant opportunity outside the U.S. and bookings through 1 • Continuing to expand relationships within the existing customer ba
Slide 17: Software Strategy
Software Strategy Spok Care Connect… …Product Direction • With Spok Care Connect, the contact center is the base, with products • With the pivot from Spok Go, renewed work like Messenger and Spok Mobile® sold as accessories to our contact on enhancements of the Product suite to drive center solution
Slide 18: Wireless Strategy
Wireless Strategy Maximize Margins Through Cost Savings Release New Products Network Rationalization Plan • To mitigate wireless subscriber erosion and provide Spok continues to maximize The Company has ongoing efforts to manage network uplift to ARPU, the Company launched a new pager Wireless cash
Slide 19: Focus on Healthcare
Focus on Healthcare Government >85% Large Healthcare Enterprise Other Large Enterprise Government Other 2012 61% Healthcare 2025 Percentage of revenue 19
Slide 20: Spok Care Connect Market Size
Spok Care Connect Market Size Total Addressable Market Largest 6.8 billion Market 30% By 2034 (2025 $2.54B) Growth Rate North America Market Size 11.7 CAGR from 2025 to 2034 680 million In 2024 Source: Precedence Research 20
Slide 21: Spok Care Connect Competitive Positioning
Spok Care Connect Competitive Positioning On Call Scheduling KEY VALUE PROPOSITIONS ✓ Strategic partner that solves enterprise challenges from one platform allowing the right message to get to the right person on the right device Contact Clinical ✓ Source of truth, especially in complex IDNs, Center
Slide 22: Financials
::: Financials
Slide 23: Fourth Quarter and Full Year 2025 Financial Results
Fourth Quarter and Full Year 2025 Financial Results For the Three Months Ended For the Twelve Months (Dollars in millions) December 31, Ended December 31, 2025 2024 2025 2024 Total Revenue $33.9 $33.9 $139.7 $137.7 Wireless $17.9 $18.4 $72.5 $73.6 Software $16.0 $15.5 $67.2 $64.1 Adjusted EBITDA(1)
Slide 24: 2025 Sales Highlights
2025 Sales Highlights • Software operations bookings exceed $30 million for the third consecutive year • Full year bookings included 73 six- and seven- figure customer agreements, four new logo agreements and a more than 50% increase in the average contract size in the fourth quarter • Managed servi
Slide 25: Balance Sheet
Balance Sheet • Exceptionally clean and simple balance sheet • No debt • Common stock only • $25.3 million of cash and equivalents • Significant deferred tax assets to shield income from federal taxes for many years 25
Slide 26: 2026 Financial Outlook
2026 Financial Outlook Current Guidance (Dollars in millions) From To Total Revenue: $136.0 $143.0 Wireless Revenue $68.0 $71.0 Software Revenue $68.0 $72.0 Adjusted EBITDA(1) $27.5 $32.5 (1) Adjusted EBITDA represents net income/(loss) before interest income/expense, income tax benefit/expense, dep
Slide 27: Capital Allocation
::: Capital Allocation
Slide 28: Capital Allocation
Capital Allocation Return of Capital Internal Investment M&A • Higher $1.25 per share annual dividend since • Product innovation and technology • Not a current focus/priority February 2022 expansion with our Spok Care Connect Suite to grow software revenue • Will be opportunistic for potential to •
Slide 29: History of Adjusted FCF generation and return of capital
History of Adjusted FCF generation and return of capital Spok Holdings, Inc. Cumulative Adjusted Free Cash Generated • Since the 2004 merger, Since 2004 Merger as of 12/31/2025 (in millions) Spok has generated nearly 1200 $1.1 billion in cumulative 1000 $1,065.7 free cash flow. 800 • Both our Wirele
Slide 30: Wrap-Up
Wrap-Up Enormous customer base and strong relationships with leading healthcare providers Largest wireless paging network in the country with 675,000 units in service Stable re-occurring wireless and software maintenance revenue with opportunities to grow total revenue No debt, $25.3million cash bal
Slide 31: Thank You
Thank You Contact Investor Relations: Al Galgano + 1 (952) 224-6096 al.galgano@spok.com