Grid Dynamics Holdings, Inc. · NASDAQ:GDYN
Grid Dynamics — Q4 2025 Earnings Presentation
30 slides from Grid Dynamics's earnings presentation, Mar 5, 2026
Slide 1: Investor presentation Q4 and FY 2025
Grid Grid Dynamics Dynamics Culture Investor presentation Nasdaq: GDYN | Q4 and FY 2025 NASDAQ: GDYN © 2024 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / Q4 and Full Year 2024
Slide 2: Disclaimer: Forward-looking statements
Disclaimer Forward-looking statements This communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are not historical facts, and involve risks and uncerta
Slide 3: AI value drivers: digital labor, experience, revenue, reduced risk
Digital Enhanced Expand existing & Reduced labor experience build new revenue risk streams AI agents that augment Customer-facing AI that AI-enabled products, Fraud, compliance, and automate workforce drives engagement services, capabilities quality, safety Nasdaq: GDYN © 2025 Grid Dynamics Holdings
Slide 4: Who we are | Grid Dynamics at a glance
Who we are | Grid Dynamics at a glance We are a leading provider of technology consulting, product and platform engineering, AI, and advanced analytics for global enterprises undergoing digital transformation. Market leading Leading Strategic M&A expertise Fortune 1,000 clients 183 Q4 2025 REVENUE A
Slide 5: Global delivery
Global delivery Netherlands Gdansk Poland UK London Amsterdam Warsaw Ukraine Wroclaw Krakow Seattle USA Switzerland Lviv Kyiv Portland New York Zug Moldova Chisinau Chicago Bucharest Pittsburgh` Belgrade San Francisco Spain Romania Armenia Bay Area (HQ) Madrid Serbia Istanbul Yerevan Atlanta Lisbon
Slide 6: Company history
Company history IPO Acquisitions of Nasdaq: GDYN 20 50 200 400 600 800 1.1K 1.4K 1.5K 3.5K 4K 5K 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Inception Traction Growth Grid Dynamics was founded in 2006 Grid Dynamics’ growth was fueled by enterpr
Slide 7: Investment highlights
Investment highlights 1 Large and fast-growing digital transformation market 2 Deep technology expertise with 9 years of AI experience 3 Impressive blue-chip client base with high client retention 4 Global delivery capabilities with focus on Europe, India, and the Americas High-performance, co-innov
Slide 8: Our DNA is centered around technology and innovation
Our DNA is centered around technology and innovation Our unique DNA elevates Grid Dynamics as a strategic partner at global enterprises across Always ahead of the technology curve industry verticals Open source, Cloud migration, Microservices, API-first, Grid Dynamics scalability CICD, cloud, headle
Slide 9: Digital innovation partner for Fortune 1000
Digital innovation partner for Fortune 1000 .TMT. .CPG & Manufacturing . .Finance. Retail. .Healthcare & Pharma . and many more... 9 Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. Grid Dynamics / Investor presentation Q4 and FY 2025
Slide 10: Recognition by market research companies and alliances
Recognition by market research companies and alliances Best Retail Project Best Retail Project Best Overall Change Project Most Innovative Project 2025 2025, 2024 2024 2024 “ “ “ 2024 2022 2025, 2024, 2022 Notable provider Strong performer Landscape report Modern Application Modern Application AI Se
Slide 11: Our core expertise and key practice areas
Our core expertise and key practice areas Artificial Intelligence (AI) ML Deep Learning Reinforcement GenAI Optimization Search (Statistical modeling) (Neural networks) Learning Enterprise AI Cloud Data Analytics User Experience Advanced expertise Extensive hands-on Domain specific UX design in the
Slide 12: End-to-end capabilities to drive AI transformations at scale
End-to-end capabilities to drive AI transformations at scale 19 years ofculture distributed collaboration thousands of digital transformation projects Engineering capabilities Accelerators Composable Experience Engineering Web Mobile AR/VR Commerce Platform Engineering Microservices MACH Supply Chai
Slide 13: Enterprise AI in Grid Dynamics
Enterprise AI in Grid Dynamics 9 years in delivering AI TensorHouse solutions for An open-sourced collection of reference ML and optimization world-leading models for enterprise operations enterprises ・GitHub repo Introduction to Algorithmic The Theory and Practice ・40+ models Marketing AI for Marke
Slide 14: AI opportunity: 2023 to 2028
AI opportunity: 2023 to 2028* AI still requires human experience & innovative delivery ~24% t o 2028): (2 023 Of companies Of companies plan CAGR 85% consider AI 66% to spend more 5-Yr ~$85B deployment as a than $1M on AI in ~$72B top 5 priority* 2024* ~$56B ~$48B ~$38B ~$29B Companies will Edge cas
Slide 15: Our enterprise AI experiences span across industry verticals
Our enterprise AI experiences spans across industry verticals Proven successful implementations across core industries and practice areas Customer Intelligence Pricing and Supply Chain IoT Product Discovery Risk Management TMT Offer Targeting Churn Promotion Price & Promo Visual Visual Ad Fraud Plat
Slide 16: 40+ proprietary accelerators drive competitive advantage
40+ proprietary accelerators drive competitive advantage Pre-built, industry-tested solutions reduce Fortune 1000 implementation time to value while ensuring enterprise-grade security and scalability 40+ 50% $1M+ Proprietary Accelerators Faster Implementation Avg. Client Savings Digital Commerce Sma
Slide 17: Client digital journey
Proven land and expand strategy that enables our clients’ digital journeys Typical entry points: Artificial Intelligence Data Science Customer Experience Application Modernization Transform Discover Guide clients to create a product Fuel client transformation path culture & engrain agile methods int
Slide 18: Platform built for sustained growth
Platform built for sustained growth Proven framework for organic growth… …bolstered by actionable M&A pipeline 85–10–5 approach Thoughtful barbell approach to acquisitions to revenue growth 85% Revenue growth attributable to Highly fragmented market provides a mature Grid Dynamics clients steady vol
Slide 19: Partnership is a force multiplier to scale our business
Partnership is a force multiplier to scale our business Outcomes Google’s Global Partner for implementing innovative generative AI solutions Industry penetration Expanded our partnership with Accelerated pipeline Microsoft to include Open AI + Github creation & deal closure Building accelerators on
Slide 20: Financial overview
Financial overview Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. Grid Dynamics / Investor presentation Q4 and FY 2025
Slide 21: Grid Dynamics has become increasingly diversified
Grid Dynamics has become increasingly diversified Finance Other Q4 2021 Retail 33% TMT 29% 7% CPG 21% 8% H&P 2% Finance Other Q4 2022 Retail 32% TMT 34% CPG 18% 8% 6% H&P 2% Finance Other Q4 2023 Retail 32% TMT 31% CPG 12% 11% 10% H&P 4% Q4 2024 Retail 33% TMT 24% CPG 11% Other Finance 23% 7% H&P 2%
Slide 22: Q4 2025 key financial metrics
Q4 2025 key financial metrics GAAP Q4 2025 Non-GAAP Q4 2025 Q4 2025 financial highlights Revenues $106.2M $106.2M • Total revenues were $106.2M, an increase of 1.9% and 5.9% Q/Q change 1.9% 1.9% sequentially and on a year-over-year basis, respectively. YoY change 5.9% 5.9% • GAAP gross profit was $3
Slide 23: Accelerating business momentum in Q4 2025
Accelerating business momentum in Q4 2025 Q4 2025 revenue Q4 revenue Q4 Non-GAAP gross profit ($ in millions) (% of revenue) ($ in millions) ($ in millions) Retail $30.5 28.7% $37.6 $36.6 $32.7 $27.6 $28.6 TMT $30.1 28.3% Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 Finance $24.3 22.9% $106.2 Non-GAAP gr
Slide 24: Q4 key metrics
Q4 key metrics ($ in millions) Non-GAAP EBITDA ¹ Non-GAAP net income ² $16.5 $10.5 $10.3 $15.6 $13.7 $8.7 $11.6 $7.5 $7.1 $10.7 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 17.4% 20.4% 13.7% 15.6% 12.9% 10.7% 13.0% 9.6% 10.3% 8.2% % margin % margin 1. Non-GAAP EBIT
Slide 25: Q4 2025 key metrics
Q4 2025 key metrics ($ in millions) #Customers > $1M revenue Customer concentration 21 20 42.3% 39.6% 44.7% 44.2% 41.5% 15 14 14 Rest Top 10 17.2% Top 5 15.7% 18.8% 15.6% 20.2% 42.0% 43.2% 39.7% 39.7% 35.6% 2021 2022 2023 2024 2025 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 25 Nasdaq: GDYN © 2025 Grid
Slide 26: Thank you!
trusted engineering partner for digital transformation Thank you! Grid Dynamics Holdings, Inc. 6101 Bollinger Canyon Road, STE 465/ San Ramon, CA +1 650-523-5000 info@griddynamics.com www.griddynamics.com NASDAQ: GDYN © 2024 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / Q4 and Fu
Slide 27: Appendix
Appendix Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. Grid Dynamics / Investor presentation Q4 and FY 2025
Slide 28: Grid Dynamics has become increasingly diversified
Grid Dynamics has become increasingly diversified Finance Other 2021 Retail 32% TMT 29% CPG 21% 8% 9% H&P 1% Finance Other 2022 Retail 32% TMT 32% CPG 20% 7% 7% H&P 2% Finance CPG 14% Other 2023 Retail 33% TMT 32% 9% 8% H&P 4% 2024 Retail 33% Finance CPG 12% Other TMT 27% 17% 8% H&P 3% Finance Other
Slide 29: Annual key metrics (historical)
Annual key metrics (historical) ($ in millions) Revenues Non-GAAP EBITDA ¹ Non-GAAP net income ² $411.8 $38.2 $37.2 $58.2 $350.6 $35.1 $52.5 $53.8 $310.5 $312.9 $31.7 $44.2 $39.1 $24.2 $211.3 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 89.9% 47.0% 0.8% 12.0% 17.5% 18.5
Slide 30: Annual key metrics (historical)
Annual key metrics (historical) ($ in millions) #Customers > $1M revenue Customer concentration 53 50 48 48 39.6% 40.3% 43.9% 44.3% 42.3% 34 Rest Top 10 16.5% Top 5 16.2% 19.1% 19.6% 17.6% 43.9% 43.5% 37.0% 38.1% 38.1% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 30 Nasdaq: GDYN © 2025 Grid Dyn
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