Slide 1: Moving the world of Commerce forward
Moving the world of Commerce forward April 2026
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements and Non-GAAP Financial Measures This presentation contains forward-looking statements, including information about management's view of SPS Commerce's future expectations, plans and prospects, including our views regarding future execution within our business, the opportun
Slide 3: Investment Highlights
Investment Highlights Large & Expanding Market Opportunity $11.1B Global TAM* Industry Leading Products & Solutions Established & Growing Global Footprint Multinational customers supported by operations in NA, EU, APAC Track Record of Sustained Growth Proven GTM Motion Unique, viral lead generation
Slide 4: Our Purpose
Our Purpose To power the connections that move the world of commerce forward. Transforming how businesses co-operate across the global retail supply chain… Creating a dynamic, globally interconnected community where players can more freely connect, collaborate, prosper together. © 2026 SPS Commerce
Slide 5: The SPS Network Advantage
The SPS Network Advantage More Breadth. More Depth. More Intelligence. EMBEDDED EXPERTISE MULTI-SOLUTION PORTFOLIO EXPANSIVE ECOSYSTEM AGENTIC INTELLIGENCE THE SPS COMMERCE NETWORK The secure, scalable agentic network that connects trading partners and coordinates what happens next. So, orders flow,
Slide 6: SPS Commerce Competitive Differentiation
SPS Commerce Competitive Differentiation Universal Collaboration At Scale Full-Service Suite of Solutions $ Industry Experts Fulfillment Analytics Revenue Recovery Transforming how Retail Supply Chain partners work together. PLAN ORDER STORE / SHIP TRACK ANALYZE PREP PRODUCE SELL PAY Retailers Suppl
Slide 7: Uniquely Positioned to Support All Trading Relationships
Uniquely Positioned to Support All Trading Relationships Recurring 400+ 50,000+ Revenue Customers* System Partners 3,500 2,000+ All Fulfillment Models + All Channels Buying Organizations Security Certified 3PLs Retail • Distribution Grocery • Manufacturing 7 of the top 10 Over 2/3 10 of the top 10 M
Slide 8: The most powerful AI starts with the most intelligent network
MORE BREADTH. MORE DEPTH. MORE INTELLIGENCE. The most 300,000+ trading relationships 33M+ product SKUs 50,000+ subscribing customers powerful AI More real partner behavior for the Item level intelligence that adapts to real Continuously learning from real-world starts with the network to learn from.
Slide 9: MAX Chat, MAX Monitor, MAX Connect
Delivering unparalleled agentic capabilities by drawing on over 300,000+ trading relationships, decades of expertise, proprietary network intelligence and billions of transactions to help customers unlock greater value from AI. MAX Chat MAX Monitor MAX Connect Day-to-Day Always On, Designed to Work
Slide 10: Viral Lead Generation
Retailer Change Events MARKETING Viral Lead Generation PARTNERS Tremendous go-to-market leverage from our network model and retail motion © 2026 SPS Commerce | 10
Slide 11: Our network model is a growth multiplier
OUR COMPETITIVE ADVANTAGE Our network model is a growth multiplier. © 2026 SPS Commerce | 11
Slide 12: Inherent Growth Levers
Inherent Growth Levers Consolidation Opportunities • Customer • Product • Technology • Geography Increase ARPU* • Upsell opportunities • Cross-sell products • Customer size Land new customers & expand network • Retail programs • Channel sales • Marketing *We calculate the annualized average recurrin
Slide 13: Serving a Large and Growing Global Market
Serving a Large and Growing Global Market Global TAM $11.1B U.S. TAM $6.5B Source: TAM Analysis and Market Penetration Study leveraging US Census NAICS Codes across Retail (42 Wholesalers), Distribution (42 Wholesalers), CPG/Finished Goods (31-33 Manufacturing), Retailers/Stores acting as suppliers
Slide 14: Global Market Opportunity
Global Market Opportunity Q1 2026 Opportunity* Recurring Revenue Global TAM Customers 54,200 275,000 $11.1B Average Recurring Revenue/ $13,550 $40,500 Customer** *Source: TAM Analysis and Market Penetration Study leveraging US Census NAICS Codes across Retail (42 Wholesalers), Distribution (42 Whole
Slide 15: Significant ARPU Expansion within Existing Base
Significant ARPU Expansion within Existing Base SPS 2025 ARPU* ARPU Opportunity $14,350 $40,500 Recurring Revenue Customers ~80% of 10 - 15% of <10% of customers customers customers Average Recurring Revenue *Distribution similar across small, medium and large customer groups. *We calculate the annu
Slide 16: Deeper Look: Inside Total U.S. Addressable Market
Deeper Look: Inside Total U.S. Addressable Market U.S. TAM* Customer Groups Small Annual Revenue $6.5B ≤$50M Opportunity Medium Annual Revenue Recurring Recurring $50M – $300M Revenue Revenue/ Customers Customer 146,500 $44,500 Large Annual Revenue $300M+ *Source: TAM Analysis and Market Penetration
Slide 17: Deeper Look: U.S. Customer Groups
Deeper Look: U.S. Customer Groups Small Medium Large Small-scale businesses operating with Midsize Suppliers with broader Large Suppliers selling multiple a small number of Retailers and have customer reach and trading at larger product lines, to many Retailers, on average fewer transactions scale t
Slide 18: Case Study: Small Customer
Case Study: Small Customer A U.S. based company supplying hygiene products for Customer Group: Small public facilities. 2-year SPS relationship, started with Customer Type: Supplier Fulfillment, upsold trading partners and increased Annual Company Revenue: $0-$50M document volume and plan. 6x growth
Slide 19: Case Study: Medium Customer
Case Study: Medium Customer A U.S. based factory selling technology products including Customer Group: Medium electronics and appliances. 11-year SPS relationship started Customer Type: Distributor with Fulfillment, upsold trading partners, cross-sold product Annual Company Revenue: $50M-$300M capab
Slide 20: Case Study: Large Customer
Case Study: Large Customer A U.S. based supplier of products including lighters, lifestyle Customer Group: Large accessories, and eye-wear. 14-year relationship, started with Fulfillment, leveraged testing services, upsold trading Customer Type: Supplier partners, cross-sold product capabilities, in
Slide 21: Operating Model
Operating Model Attractive durable revenue growth and strong operating leverage 2025 Actual* Target Model > High Single Digits Revenue Growth (%) 18% (excluding future acquisitions) Gross Margin (% of revenue) 69% 70 – 75% Expenses (% of revenue) Research & Development 9% 9 – 12% Sales & Marketing 2
Slide 22: Predictable Revenue & Adjusted EBITDA Growth
Predictable Revenue & Adjusted EBITDA Growth Revenue ($M) Adjusted EBITDA ($M) *2026 estimate based on midpoint of company guidance provided on April 30, 2026. © 2026 SPS Commerce | 22
Slide 23: Key Metrics
Key Metrics Recurring Revenue Customers ('000) ARPU** ($K) *Approximately 8,500 recurring revenue customers were added in February 2025 due to the acquisition of the existing customer base of Carbon6. **We calculate the annualized average recurring revenues per recurring revenue customer, which we a
Slide 24: Corporate Responsibility – Focus Areas
Corporate Responsibility – Focus Areas Environmental Employee Giving Governance Stewardship Belonging Back We strive to use our We strive to create an Our global teams are Our board provides best in global resources wisely SPS employee experience invested in the success class strategic and risk and
Slide 25: Investment Highlights
Investment Highlights Large & Expanding Market Opportunity $11.1B Global TAM* Industry Leading Products & Solutions Established & Growing Global Footprint Multinational customers supported by operations in NA, EU, APAC Track Record of Sustained Growth Proven GTM Motion Unique, viral lead generation
Slide 26: SPS Commerce
) SPS COMMERCE
Slide 27: Appendix A: Reconciliation of Non-GAAP Financial Measures
Appendix A Reconciliation of Non-GAAP Financial Measures • Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures of financial performance. We believe that these non-GAAP financial measures provide useful information to our management, board of directors, and investors regarding certain fi