Sangoma Technologies Corporation · TSX:STC
Sangoma Technologies — Investor Presentation (February 2026)
24 slides from Sangoma Technologies's investor presentation, February 2026
Slide 1: Sangoma Investor Presentation
February 2026 Investor Presentation Sangoma Investor Presentation
Slide 2: Disclaimer
Disclaimer General This presentation is property of Sangoma Technologies Corporation (the “Com pany”, “Sangoma”, “us” or “we”). It cannot be circulated or forwarded witho ut our consent. Any graphs, tables or other information demo nstrating our historical performance or that of any other entity con
Slide 3: We Simplify Essential IT Communications for Small & Mid-market Business
We Simplify Essential IT Communications for Small & Mid-market Business Security & Voice Video Data Connectivity Industry-Focused Solutions through a Common Platform, Personalized at Scale 3
Slide 4: Sangoma at a Glance
Sangoma at a Glance 2.6M 100K 650+ 10+ Years UCaaS Gartner UC Seats Customers Employees Magic Quadrant 42M $209M 92% <1% Fiscal 2025 Net Cash Fiscal 2025 Revenue1 Recurring Revenue 2 Customer Churn2,3 Generated from Operating Activities 1 1. As of June 30, 2025, Revenue excludes contribution from Vo
Slide 5: Highly Experienced Management Team
Highly Experienced Management Team Charles Salameh Larry Stock Jeremy Wubs Sam Reburn Chief Executive Officer Chief Financial Officer Chief Operating Officer Chief Legal & Admin Officer • CEO at Sangoma for 2 years • CFO and CCO at Sangoma for • COO at Sangoma for 2 years • CLO, Head of HR and 4+ y
Slide 6: Setting the Stage: Chronology of Sangoma
Setting the Stage: Chronology of Sangoma / FY2011 to FY2022 FY2023 to FY2025 FY2026+ Phase I: Growth Through Acquisitions Phase II: Management Led Transformation Phase III: Sustainable Growth Acceleration in Sight • Characterized by inorganic growth, acquiring • Fully integrated siloed acquisitions
Slide 7: Strategic Evolution: From Voice Provider to AI-Driven Solution Integrator
Strategic Evolution: From Voice Provider to AI-Driven Solution Integrator AI Maturity Essential Communications Provider / Provider of Essential and Personalized Voice, UCaaS Provider Integrator Digital Communications Today [ Vertical-led Strategy Solution Aggregation Partner-first GTM (Healthcare, H
Slide 8: Aligned to Meet the Needs of the Small & Mid-Market
Aligned to Meet the Needs of the Small & Mid-Market The SMB market accounts for 44% of all IT spending SMB IT spend on Unified Communications was expected to be US$33B in 2023 Small Market Mid-Market Less Than 500 Employees 500 to 5,000 Employees À la carte Bundled Components Tailored Our Clients Wa
Slide 9: Large TAM Provides Opportunity for Scaled Platforms
Large TAM Provides Opportunity for Scaled Platforms Largest Regional Market North America leads globally in UCaaS (34% global share), with a forecasted 11% CAGR from 2026 to 2033. High Demand for Integrated Solutions Increasing adoption of unified platforms combining UCaaS, +$57B CCaaS, and CPaaS to
Slide 10: Platform & Capital Readiness to Support Scale
Platform & Capital Readiness to Support Scale Transformation Completion Sets Foundation for Next Phase: • Core platforms and systems consolidated in F2025, simplifying execution and integration • Low leverage and strong free cash flow provide flexibility to pursue scale opportunistically 0.8x $33M N
Slide 11: New Channel Program Drives Partner & Account Expansion
New Channel Program Drives Partner & Account Expansion Pinnacle Partner Program: Top 400 Partners account for >80% of MRR Channel Accounts for 84% of SMB IT Spending Worldwide1 Small / Boutique Partners Core Partners Strategic Partners 1 Canalys Consulting Report 2023 11
Slide 12: Recent Mid-Market Wins Reflect Momentum
Recent Mid-Market Wins Reflect Momentum Distributed Retail Full-Service Wholesale Prem to Cloud Carrier Services $150K MRR $12K MRR $4K MRR $20K MRR Large distributed retail customer A large healthcare organization A privately held engineering and A nation-wide cloud voice and with 350-plus location
Slide 13: Signals Point To Improving GTM Performance
Signals Point To Improving GTM Performance Backfilled the pipeline alongside strong Q2 FY26 Pipeline Bookings activity Q2 FY26 MRR bookings increased 67% sequentially and Bookings 60% year-over-year Sequential growth in Q2 FY26 executed on plan; FY 2026 Revenue guidance narrowed with organic Y/Y gro
Slide 14: Pivoting to Growth – Focus Areas
Pivoting to Growth – Focus Areas 14
Slide 15: Proven Transformation Results
Proven Transformation Results TTM as of Sangoma Key Financial and Operating Metrics Q1 FY2024 Today Recurring Revenue Mix 80.0% +1,000 bps +90% FY2026 Gross Margin 69.0% ~74% Financial Metrics +600 bps Adj. EBITDA Margin 17.3% Up to +70 bps 16-18% Free Cash Flow $19.3 MM +70% $32.9 MM FY2025 Net Deb
Slide 16: Sticky Customers with High Margin Recurring Revenue
Sticky Customers with High Margin Recurring Revenue Churn as a % of Gross Margin2 Revenue Mix2 2.6M Services Rev 1 Product Seats 100K+ <1% Churn 74% ~90% Recurring Customers Services 1. For the 12 months ended June 30, 2025 2. Q2 FY2026 16
Slide 17: Focused on High Margin Core Platform & Services
Focused on High Margin Core Platform & Services $252.53 $247.28 $236.69 $205-$208 Revenue1 and Product Growth Rate2 ($M) Services Growth Y/Y -2.1% -4.3% -1.2% F2023 F2024 F2025 F2026E Gross Profit and Gross Margin ($M) Gross Profit $172.79 $172.82 $161.75 Gross Profit % 68% 70% 68% ~74% F2023 F2024
Slide 18: Strong Cash Flow Generation & Debt Reduction
Strong Cash Flow Generation & Debt Reduction $44.4M / $42.6M / $41.0M / 17.6% 17.2% Profitability Metrics 17.3% $33.3M / $32.9M / ($M unless otherwise $1.00 $0.98 AEBITDA/AEBITDA Margin FCF/FCF Per Share stated) FCF Conversion $15.2M / $0.46 34% 78% 80% F2023 F2024 F2025 $90 Net Debt/Adjusted EBITDA
Slide 19: We simplify essential IT communications for small and mid-market business
We simplify essential IT communications Steady cash flow generation provides for small and mid-market business optionality to drive value creation We have a clear path to growth We embody optionality 19
Slide 20: Appendix
{™ Sangoma Appendix 20
Slide 21: Non-IFRS Measures & Industry Metrics
Non-IFRS Measures & Industry Metrics “Adjusted EBITDA” means earnings before income taxes, interest expense (net), share-based compensation, depreciation (including for right-of-use assets), amortization, restructuring and business integration costs, goodwill impairment and change in fair value of c
Slide 22: Adjusted EBITDA Reconciliations
Adjusted EBITDA Reconciliations The IFRS measure most directly comparable to Adjusted EBITDA presented in our financial statements is net loss. F2021 F2022 F2023 F2024 F2025 Net Loss (1,566) (110,780) (29,026) (8,659) (5,010) Tax 3,177 6,390 (2,932) (840) (1,333) Interest expense (net) 1,069 3,863 6
Slide 23: Free Cash Flow Reconciliations
Free Cash Flow Reconciliations The IFRS measure most directly comparable to Free Cash Flow presented in our financial statements is net cash provided by operating activities. F2021 F2022 F2023 F2024 F2025 Net cash provided by operating activities 19,466 21,057 26,487 44,246 41,786 Less: Purchase of
Slide 24: investorrelations@sangoma.com
February 2026 Investor Presentation investorrelations@sangoma.com 24
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