Slide 1: 3Q25 Earnings Results
3Q25 Earnings Results October 30, 2025
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, future financial and business performance for the quarter and year ending December 31, 2025, the success of
Slide 3: We develop and deliver the power to communicate
We develop and deliver the power to communicate Voice Messaging Emergency Services 3
Slide 4: Providing Global Comms at Scale Across Three Customer Categories
Providing Global Comms at Scale Across Three Customer Categories Powering employees communicating with each other and their customers Global Voice through Unified Communications and Contact Center platforms Plans Powering innovative customer experiences for the Global 2000 Enterprise with composable
Slide 5: 3Q25 TTM Financial Highlights
3Q25 TTM Financial Highlights $756m $555m $92m $56m Total revenue Cloud communications Adjusted EBITDA4 Free cash flow4 revenue2 10% 1 8% 3 19% 35% Total revenue Cloud communications Adjusted EBITDA4 Free cash flow4 y/y growth revenue2 y/y growth y/y growth y/y growth 1 Normalized for political camp
Slide 6: Lasting Customer Loyalty
Lasting Customer Loyalty >99% 107% 1 12 years Name Retention Net Retention Top 20 Customer Rate Rate Median Tenure 1 Net retention rate of 107% excludes the benefit of political campaign messaging revenue in 2024. Note: Customer metrics as of September 30, 2025. See Appendix for definitions of metri
Slide 7: Revenue Performance
Revenue Performance Quarterly Customer Category Revenue Revenue Growth $194 $192 11% 1 $152 Global Voice Plans 7% y/y 3Q25 total revenue growth y/y Enterprise Voice 22% y/y Programmable Messaging 6%2 y/y 8%2 3Q25 cloud communications revenue1 growth y/y 3Q23 3Q24 3Q25 (USD Millions) Cloud communicat
Slide 8: Non-GAAP Gross Margin Performance
Non-GAAP Gross Margin Performance Fueling gross margin expansion Quarterly Nine months ended September 30 Scale and 58% 58% 57% 58% 55% AI adoption 54% Software mix Global coverage Operational efficiencies 3Q23 3Q24 3Q25 YTD23 YTD24 YTD25 Note: We calculate non-GAAP gross margin by dividing non-GAAP
Slide 9: Adjusted EBITDA Performance
Adjusted EBITDA Performance Quarterly Nine months ended September 30 17% $68 YTD25 Adjusted EBITDA $24 $24 growth $59 $14 Growing $29 AI and software profit contribution 3Q23 3Q24 3Q25 YTD23 YTD24 YTD25 (USD Millions) See appendix for GAAP to non-GAAP reconciliation. 9
Slide 10: Free Cash Flow Performance
Free Cash Flow Performance Quarterly Nine months ended September 30 9% $28 3Q25 Free cash flow $18 $25 margin1 $14 $13 Cash flow dynamics reflect timing and network investments $6 3Q23 3Q24 3Q25 YTD23 YTD24 YTD25 (USD Millions) 1 Calculated by dividing Free cash flow by Cloud communications revenue,
Slide 11: Customer Metrics
Customer Metrics 105% $231k Net retention rate Avg. annual customer revenue (“NRR”) 9% y/y growth 107% $224k NRR excluding Avg. annual customer revenue excluding 2024 political campaign benefit 2024 political campaign benefit 11% y/y growth Note: See Appendix for definitions and calculations of metr
Slide 12: Full Year 2025 Outlook
Full Year 2025 Outlook FY 2025 Raising full year 2025 EBITDA guidance Revenue $747m - $760m Adjusted EBITDA2 $89m - $92m ~10% 1 Total revenue For the full year 2025, Bandwidth’s revenue guidance projects 9 percent to 11 percent year- over-year growth when adjusting for the expected cyclical reductio
Slide 13: 3Q25 Earnings Results Key Takeaways
3Q25 Earnings Results Key Takeaways Solid YTD Solid performance of 11% organic revenue1 growth YTD and 17% Adjusted EBITDA growth YTD, fueled Performance by acceleration in software-driven revenue and strength across our core voice offerings. Growth Growth driven by broad-based demand across Global
Slide 14: Thank you!
Thank you! (& bandwidth
Slide 15: Appendix
Appendix (& bandwidth
Slide 16: Historical Metrics
Historical Metrics USD millions, except for Average Annual Customer Revenue in USD thousands FY22 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 Total Revenue 573.2 137.8 145.9 152.0 165.4 601.1 171.0 173.6 193.9 210.0 748.5 174.2 180.0 191.9 Cloud communications 474.6 114.4 118.4
Slide 17: GAAP to Non-GAAP Reconciliation - Net Income
GAAP to Non-GAAP Reconciliation - Net Income USD millions, except per share amounts FY22 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 Net income (loss) 19.6 3.6 (3.9) (5.1) (10.9) (16.3) (9.2) 4.1 0.4 (1.8) (6.5) (3.7) (4.9) (1.2) Stock-based compensation 20.7 7.4 8.0 6.9 14.7 37
Slide 18: GAAP to Non-GAAP Reconciliation - Earnings Per Share
GAAP to Non-GAAP Reconciliation - Earnings Per Share USD millions, except per share amounts FY22 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 Net income (loss) per share Basic 0.77 0.14 (0.15) (0.20) (0.42) (0.64) (0.35) 0.15 0.02 (0.06) (0.24) (0.13) (0.16) (0.04) Diluted (0.48)
Slide 19: GAAP to Non-GAAP Reconciliation – Gross Profit, Adjusted EBITDA, Free Cash Flow
GAAP to Non-GAAP Reconciliation – Gross Profit, Adjusted EBITDA, Free Cash Flow USD millions, except per share amounts FY22 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 Gross Profit 238.4 55.7 59.0 59.5 62.1 236.2 65.5 64.8 73.1 76.5 280.0 71.5 71.7 73.8 Gross Margin % 42% 40% 40
Slide 20: 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,