Navan, Inc. · NASDAQ:NAVN
Navan — Investor Day (May 2026)
40 slides from Navan's investor day presentation, May 13, 2026
Slide 1: Investor Briefing
Investor May 13 Briefing Success! Expense submitted. You’re done.
Slide 2: Agenda & Presenters
Welcome & Safe Harbor Ryan Burkart Orchestrating the Future of Global Travel Ariel Cohen Agenda & Presenters GTM Momentum Michael Sindicich Durable Growth & Efficiency Aurélien Nolf Executive Q&A Leadership Team |2
Slide 3: Safe Harbor / Forward-Looking Statements
Safe Harbor / Forward-Looking Statements This presentation contains “forward-looking statementsˮ within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the size of Navanʼs market opportunity, market trends, and the companyʼs bu
Slide 4: Orchestrating the Future of Global Travel
Orchestrating the Future of Global Travel Ariel Cohen CEO & Co-Founder
Slide 5: Welcome to Navigate
FY’26 Average CSAT¹ Navan’s Flagship Customer Event Welcome to 96% Navigate FY’26 Average NPS¹ 45 Perspectives Predictions Innovations 1 Full co mp any average for Q1-Q4 FY2 026. |5
Slide 6: When it rains, Navan shines
When it rains, Navan shines Winter Storms Fern and Hernando 82% 30k+ 55% 80%+ Spike in chat resolved without human Ava CSAT1 During Chats² volume² intervention² Winter Storms AI & human intelligence together deliver a superior service experience |6 ¹ Ava CSAT during cha llengin g Winter Storm Fern a
Slide 7: Navan's Mission
Navan’s Mission Make travel easy for every traveler by being the best travel agency on the planet |7
Slide 8: Delivering on our Mission
Delivering on our Mission Large Scale (all figures FY’26) High Customer Satisfaction Huge Market >12,500 >12M 96% Customers1 Trips⁴ CSAT2 $185B Estimated TAM3 $9.1B $702M 45 GBV⁴ Revenue⁴ 38% YoY Growth 31% YoY Growth NPS2 1 Active cus to mer defined as customer with 6 o r more trans actio ns on our
Slide 9: A Win-Win-Win Solution
A Win-Win-Win Solution Users Customers Suppliers Delightful, Time Saving ~15% Median Travel Access to High-Value Experience Savings 1 Customer Base ● Highly personalized ● Increased user adoption ● Flexible retailing and brand control ● Centralized platform for user ● Real-time visibility into spend
Slide 10: Navan's Infrastructure
UI Applications Layer Agents to All Ava, Navan Classic, Navan Edge, Navan Expense TravelClaw, Headless TMC Orchestration Layer: Navan Cognition Orchestrating Navan’s AI Agents and Human Agents to Make Travel Easy Navan’s Infrastructure AI Layers Navan Agents Products and Services as Collaborative, K
Slide 11: AI Accelerating Our Leadership
AI Accelerating Our Leadership Product Accelerating More Effective Support Delivering New Sales Products, Faster AI As sist an t | B e ta Hi there, Re ady to find your nex t fli ght? S ha re a fe w de tai ls a bout your pla ns. As k me anything F in ish S FO to NY C se ar ch Wind o w se at fro m S F
Slide 12: Navan's Long Term Vision
Navan’s Long Term Vision Everywhere, everything, globally. If you want to be there, we will be there for you. | 12
Slide 13: GTM Momentum
GTM Momentum Michael Sindicich President
Slide 14: Attacking a Massive Market Opportunity
$185B Our End-to-End Platform Attacking a Massive Market Opportunity Estimated Total Revenue Opportunity across travel, bleisure, payments and expense | 14 Figure is N avan’s estimate for FY20 25, bas ed on data provided by Euromonitor International Limited in the Global Bus iness Tra vel Industry A
Slide 15: Attacking the Managed and Unmanaged Opportunities
Attacking the Managed and Unmanaged Opportunities GTM Channel Description Company Type GTM Channel SLG Managed Business $30B Enterprise SLG ● Account Executives generate Travel1 35% of Busine ss Travel Manage ment Revenue Opportunity Mid Market (Sales-Led - Growth) new customer acquisition ● Custome
Slide 16: Global Sales Organization
Global Sales Organization Team composition (% total GTM HC1) Sales (51%) Marketing (9%) ● SDR ● Field ● AE ● Demand London ● Solutions Architect ● PMM ● Partnerships ● Brand Berlin Boston Paris Operations (12%) Account Management (28%) ● Compensation ● Customer Success San Francisco New York City ●
Slide 17: SLG: Disciplined, Repeatable Process that Scales
SLG: Disciplined, Repeatable Process that Scales Pre-Signature Stages & Gates (2-9 month Sales Cycle) Marketing engagement: Brand & digital, Field events, Product Marketing Material, Partner engagement Champion Research First DM Scope GnG 1. (Targeting) Gate 2. Identification NBM Gate 3. (Workshops)
Slide 18: PLG: Same Discipline, Faster Results
PLG: Same Discipline, Faster Results Scale Touch Process Marketing-led Paid Social, SEO/GEO, Viral Adoption (1-6 weeks) 1. 2. 3. 4. 5. Smart Targeting / Lead Gen Smart Lead Enrichment Signup / Company Creation AI / Personalized Onboarding Activation Paid Search, Social, and SEO/GEO drive AI-driven q
Slide 19: Capturing a Rising Share of Up-Market Opportunity
Capturing a Rising Share of Up-Market Opportunity RFP Volume Growth Inflecting, up 200%+, Q4 FY’26¹ Tailwinds: AI efficiency is now a must-have Consolidation in the space Product & support Readiness Word of mouth & loud champions Integrated and effective marketing IPO and brand impact *based on Nava
Slide 20: Broad and Diverse Customer Base Spans Industries and Geos
Our Approach is Working Broad and Diverse Customer Base Spans Industries and Geos 38% of Revenue from International Customers¹ No Single Platform Customer Contributing More than 2% of Revenue² No te: All metrics a re for FY’26. | 20 1 International customers define d as customers he adquarte re d ou
Slide 21: Increasing Industry Diversification
Increasing Industry Diversification 1 Percent of total revenue for FY’26 Media & Entertainment Professional Services | 21 1 Pe rcent of total Navan platform reve nue for FY202 6. Industry class ification based on N avan's internal customer cate gorization .
Slide 22: Sales Team Productivity Rising, With More Upside
Sales Team Productivity Rising, With More Upside 50%+ YoY improvement in Continued Investment to Drive Efficiency AE Productivity¹ ● Investment in Enterprise Segment Strong Momentum High Return ● New Geo Expansion - PLG first, then SLG ● Leveraging Partnerships ● Increased Brand Awareness IPO impact
Slide 23: Gaining Momentum
Gaining Momentum Drivers Momentum ● Improved Sales Productivity ● Brand Recognition ● 50%+ New Signed GBV growth in Q4 FY’26 YoY¹ ● Network Effect ● Explosive RFP growth, up 200%+ YoY Q4 FY’26² SLG ● Average deal size up FY’26³ ● Industry Consolidation ● Urgency to Adopt AI - We are ● Win rates up F
Slide 24: Durable Growth & Efficiency
Durable Growth & Efficiency Aurélien Nolf Chief Financial Officer
Slide 25: A Business Model Built for Growth
A Business Model Built for Growth Gross Booking Usage Usage Revenue Subscription Revenue Total Volume (GBV) Yield ~90% Total ~10% Total Revenue FY26 = $9.1B FY26 = 7% FY26 = $640M FY26 = $62M FY26= $702M Travel Revenue Payments Revenue Payment Volume Net Interchange Fee How We Monetize Constituents
Slide 26: Reliable, Diverse, Revenue Generation
Reliable, Diverse, Revenue Generation Majority of revenue comes from suppliers and payment networks, not the customer's pocket Total Revenue FY’26¹ Customer Subscription Revenue Supplier Partner Revenue Commissions on Navan travel Annual or per-user fees for access bookings (GBV) paid by airlines, t
Slide 27: High Revenue Growth Visibility
High Revenue Growth Visibility FY’27E Navan Revenue Buildup 100% Near-term Prospect Pipeline Customers added in FY26 ~90+% Revenue Visibility at the beginning of the fiscal year¹ Customers added in the prior year that are ramping, and our Installed Base large, growing installed base drive high visib
Slide 28: A Compounding Revenue Model
A Compounding Revenue Model Recent Cohorts Are Larger and Ramp Faster Ramp Stable Growth After Ramp 3-5x Annual Revenue Year 2 vs. Year 1 revenue for each cohort as customers are fully ramped. | 28 SLG and PLG only. Excludes Reed & Mackay Service M odel customers. 3 -5x range reflects observed Year
Slide 29: Best In Class Gross Margins With Upside
Best In Class Gross Margins With Upside Pathway to Further Expansion Ava, Navan's AI support agent, is automating 73% support and service workflows, structurally 69% reducing cost-to-serve at scale 62% Proprietary model development replaces third-party AI costs with owned infrastructure, driving dur
Slide 30: Our Channel Mix Provides a Structural Gross Margin Tailwind
Our Channel Mix Provides a Structural Gross Margin Tailwind Revenue mix will continue to shift toward faster growing SLG and PLG sales motions Revenue Acquisition Channel Mix FY25 FY26 Future 100% FY’26 Growth Rates SLG SLG ~40% SLG SLG Fast growth, higher SLG margin channels contributing an increas
Slide 31: Attractive Returns on S&M Investment: SLG
Attractive Returns on S&M Investment: SLG Front-loaded S&M spend precedes a compounding revenue return as customers reach full utilization SLG Launch SLG Usage T + 2 months Ramp Period T + 7 - 8 months Deal signing (SLG & PLG) S&M Expense Incurred around time 7 - 8 months from signing to fully rampe
Slide 32: Attractive Return on S&M Investment: PLG
Attractive Return on S&M Investment: PLG Front-loaded S&M spend precedes a compounding revenue return as customers reach full utilization PLG Launch PLG Usage Ramp Period T + ~10-15 days T ~7 weeks Deal signing (SLG & PLG) S&M Expense Incurred around time 7 weeks from signing to fully ramped revenue
Slide 33: High Velocity R&D with Disciplined Investment
High Velocity R&D with Disciplined Investment Recent Product Highlights: 450+ ● ● Navan Edge Expense Chat Agent Product and Feature Launches across ● TravelClaw travel and expense in FY’26 ● Audit Agent 14% R&D Investment % of revenue in FY’261 | 33 1. Refers to Non-GAAP R&D Expense
Slide 34: Multiple Profitability Growth Levers
Multiple Profitability Growth Levers Upsell, Gross Margin G&A Attach + Expansion + + S&M Efficiency Leverage + Disciplined R&D Upsell: VIP, AI reducing cost-to-serve Growing momentum, Fixed infrastructure R&D investment Meetings & Events and productivity. costs spread across driving high a growing r
Slide 35: Navan in Review
Navan in The best travel experience for every traveler, Review anywhere in the world A massive, underpenetrated TAM - and AI is accelerating our path through it Multiple revenue streams driving durable growth with high forward visibility A high-return GTM engine with attractive and proven payback ec
Slide 36: Q&A
Q&A
Slide 37: Appendix
Appendix
Slide 38: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation (in millions, except percentages) FY24 FY25 FY26 Revenue $402.3 $536.8 $702.3 GAAP gross profit 239.6 367.0 500.5 Add: Stock-based compensation expense-related charges 4.8 4.6 10.5 Add: Amortization of intangible assets 1.5 0.3 0.1 Add: Restructuring and facility exit
Slide 39: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarter Ended January 31 (in millions, except percentages) FY25 FY26 Revenue $132.0 $177.9 GAAP loss from operations (32.8) (89.5) Add: Stock-based compensation expense-related 17.5 44.7 charges Add: Amortization of intangible assets 1.3 37.5 Add: Restructuring and ot
Slide 40: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Fiscal Year Ended January 31 (in millions) 2026 Revenue $702.3 GAAP Cost of goods sold $201.8 Subtract: Stock-based compensation expense-related charges (10.5) Subtract: Amortization of intangible assets (0.1) Subtract: Restructuring & other costs - Non-GAAP Cost of g