Slide 1: 2Q26 Earnings Results
2Q26 Earnings Results July 29, 2026
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 ending September 30, 2026 and year ending December
Slide 3: 2Q26 Earnings Themes
2Q26 Earnings Themes 1 2 3 Increasing AI Generating long-term Customer wins interactions shareholder value → Proprietary infrastructure, → Driving momentum across a → Innovating in ways to trust capabilities, Maestro wide range of AI-native strengthen our competitive adoption and software companies,
Slide 4: A trusted global communications leader orchestrating AI, voice, and messaging
A trusted global communications leader orchestrating AI, voice, and messaging across cloud communications 4
Slide 5: Providing Global Comms at Scale Across Three Customer Categories
Providing Global Comms at Scale Across Three Customer Categories Powering hyperscalers and global cloud platforms across Contact Center, Global Voice CRM, and Unified Communications Plans Powering mission-critical, AI-driven communications for Global 2000 Enterprise enterprises elevating customer ex
Slide 6: Trusted Infrastructure In The Enterprise AI Tech Stack
Trusted Infrastructure In The Enterprise AI Tech Stack USAGE MODEL EXPANDS More interactions from AI agents Higher value per interaction WITH AI VOICE ADOPTION AI-driven workflows increase platform usage + Additional call legs and software services AI Voice Applications ENTERPRISE AI TECH STACK Ente
Slide 7: Bandwidth’s Competitive Edge
Bandwidth’s Competitive Edge Global Communications Infrastructure Owned network and regulatory licenses across ~70 countries, covering 90% of the global economy → Structural margin advantage and durable barriers to entry AI Voice Orchestration Platform Maestro enables enterprises to deploy and scale
Slide 8: 2Q26 TTM Financial Highlights
2Q26 TTM Financial Highlights $828m $594m $103m $67m Total revenue Cloud communications Adjusted EBITDA Free cash flow revenue1 16% 2 11% 3 12% 18% Total revenue Cloud communications Adjusted EBITDA Free cash flow growth y/y revenue growth y/y growth y/y growth y/y 1 Cloud communications revenue is
Slide 9: Strong Customer Retention
Strong Customer Retention 99% 113% 1 12 years Customer Name Adjusted Net Top 20 Customer Retention Retention Rate Median Tenure 1 Adjusted Net Retention Rate excludes the benefit of political campaign revenue of $3m and $46m recognized for the twelve months ended June 30, 2026 and 2025, respectively
Slide 10: $1m+ Strategic Customer Wins in 2Q26
$1m+ Strategic Customer Wins in 2Q26 5 US HEALTHCARE GLOBAL INSURANCE SERVICES Customer wins $1m+ signed in 2Q26 Large Midwest European appliance healthcare system care insurer 100% included Maestro or Selected Bandwidth's Communications Cloud and Selected Bandwidth to consolidate across Maestro orc
Slide 11: Revenue Performance
Revenue Performance Quarterly Annual $905 $220 22% $748 $754 $174 $180 2Q26 Total revenue $146 growth y/y $152 $540 $561 $128 $136 $118 12% $27 $45 $44 $68 $209 $192 2Q26 Cloud communications 2Q23 2Q24 2Q25 2Q26 2024 2025 2026E1 revenue growth y/y (USD millions) Cloud communications revenue Messagin
Slide 12: Cloud Communications Revenue by Customer Category
Cloud Communications Revenue by Customer Category % of Cloud Communications revenue 71% Global Voice Plans 10% y/y All three customer categories increasingly require AI-ready $152m 9% Enterprise Voice 8% y/y communications infrastructure 20% Programmable Messaging 22%1 y/y 12 1 Includes the benefit
Slide 13: Customer Metrics
Customer Metrics Adjusted Net Retention Rate1 $256k 115% 113% 107% Average annual 100% customer revenue 11% Average annual customer revenue growth y/y 2Q23 2Q24 2Q25 2Q26 1 Adjusted Net retention rate excludes political campaign revenue benefits recognized during the corresponding periods presented.
Slide 14: Non-GAAP Gross Margin Performance
Non-GAAP Gross Margin Performance Quarterly Annual 59% 60% 58% 58% 56% 57% 55% 14% 2Q26 Non-GAAP Gross Profit growth y/y 2Q23 2Q24 2Q25 2Q26 2024 2025 2026E Note: Non-GAAP Gross Profit and Non-GAAP Gross Margin are Non-GAAP financial measures. See Appendix for Non-GAAP definitions and reconciliation
Slide 15: Adjusted EBITDA Performance
Adjusted EBITDA Performance Quarterly Annual $124 18% $28 $93 2Q26 Adjusted $22 $82 EBITDA margin $19 $11 27% 2Q26 Adjusted EBITDA growth y/y 2Q23 2Q24 2Q25 2Q26 2024 2025 2026E1 (USD Millions) 1 Represents midpoint of guidance provided in the Financial Outlook section of the July 29, 2026 earnings
Slide 16: Non-GAAP Net Income and EPS Performance
Non-GAAP Net Income and EPS Performance Quarterly Annual $14 $46 15% $12 $41 $1.75 2Q26 Non-GAAP Net Income $9 growth y/y $0.38 $0.37 $1.43 $0.29 $1.34 Higher 2Q26 $4 fully diluted $0.16 shares count 2Q23 2Q24 2Q25 2Q26 2024 2025 2026E1 Non-GAAP Net Income (USD millions) Non-GAAP EPS 1Represents mid
Slide 17: Free Cash Flow Performance
Free Cash Flow Performance Quarterly First half $23 $26 16% $24 2Q26 Free cash flow $18 margin $14 $12 88% 1H26 Free cash flow growth y/y ($1) 1H24 1H25 1H26 2Q23 2Q24 2Q25 2Q26 (USD millions) Note: Free cash flow and Free cash flow margin are Non-GAAP financial measures. See Appendix for Non-GAAP d
Slide 18: Disciplined Capital Allocation
Disciplined Capital Allocation First half 2026 capital allocation activities $316m $230m $50m $20m +100% Raised Debt Retired Revolver Repaid Share Buybacks Dilution Managed 0.00% coupon, 6-year 89% of 2028 notes Credit facility fully retired ~577k shares repurchased Capped call raises the convertibl
Slide 19: 3Q26 and Full Year 2026 Outlook
3Q26 and Full Year 2026 Outlook 3Q 2026 FY 2026 20% Revenue $231m - $235m $900m - $910m Total revenue growth y/y Adjusted EBITDA2 $32m - $34m $123m - $125m 2026 guidance1 Non-GAAP EPS2,3 $0.45 - $0.49 $1.71- $1.79 33% Full year 2026 guidance is based upon the following estimates and assumptions: Adj
Slide 20: 2Q26 Earnings Results Key Takeaways
2Q26 Earnings Results Key Takeaways FINANCIAL PERFORMANCE FREE CASH FLOW GENERATION GUIDANCE RAISED $24m 2Q FCF Revenue Adj. EBITDA Revenue Adj. EBITDA $220m $28m $905m $124m Results exceeded our expectations 88% 1H26 FCF growth y/y Full-year 2026 outlook increased Record quarterly revenue of $220m,
Slide 21: Thank you!
Thank you! @& bandwidth 2
Slide 22: Historical Metrics
Historical Metrics USD millions, except for Average Annual Customer Revenue in USD thousands 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 Total Revenue 137.8 145.9 152.0 165.4 601.1 171.0 173.6 193.9 210.0 748.5 174.2 180.0 191.9 207.7 753.8 208.8 219.9 Cloud
Slide 23: GAAP to Non-GAAP Reconciliation - Net Income
GAAP to Non-GAAP Reconciliation - Net Income USD millions, except per share amounts 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 Net income (loss) 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) (3.0) (12.9) 4.1 2.4 Stock-based compen
Slide 24: GAAP to Non-GAAP Reconciliation - Earnings Per Share
GAAP to Non-GAAP Reconciliation - Earnings Per Share USD millions, except per share amounts 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 Net income (loss) per share Basic 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) (0.1
Slide 25: 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 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 Gross Profit 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 78.1 295.1 77.9
Slide 26: Definitions
Definitions Adjusted EBITDA: 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, acquisition related