Slide 1: Moving the world of Commerce forward
Moving the world of Commerce forward February 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. © 2025 SPS Commerce
Slide 5: Consumers' expectations have increased exponentially as they adopt new commerce channels
Consumers’ expectations have increased exponentially as they adopt new commerce channels at an unprecedented rate © 2025 SPS Commerce | 5
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 50,000+ Recurring Revenue 400+ Customers* System Partners 3,500 2,000+ All Fulfillment Models Buying Organizations + 3PLs Retail • Distribution All Channels Grocery • Manufacturing Security Certified *We define recurring revenue customers as c
Slide 8: Viral Lead Generation
Retailer Change Events MARKETING Viral Lead Generation PARTNERS s Tra roduc ram Tremendous go-to-market P din rog leverage from our network model g P Adds il P and retail motion artn t eta er & SR SP © 2025 SPS Commerce | 8
Slide 9: Our network model is a growth multiplier
OUR COMPETITIVE ADVANTAGE Our network model is a growth multiplier. © 2025 SPS Commerce | 9
Slide 10: 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 11: 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 12: Global Market Opportunity
Global Market Opportunity 2025 Opportunity* Recurring Revenue Global TAM 54,600 275,000 Customers $11.1B Average Recurring Revenue/ $14,350 $40,500 Customer** *Source: TAM Analysis and Market Penetration Study leveraging US Census NAICS Codes across Retail (42 Wholesalers), Distribution (42 Wholesal
Slide 13: 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 14: 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 15: 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 16: 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 17: 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-$300M capab
Slide 18: Case Study: Large Customer
Case Study: Large Customer A U.S. based supplier of products including lighters, lifestyle Customer Group: Large accessories, and eye-wear. 14-year relationship, started with Fulfillment, leveraged testing services, upsold trading Customer Type: Supplier partners, cross-sold product capabilities, in
Slide 19: Operating Model
Operating Model Attractive durable revenue growth and strong operating leverage 2025 Actual* Target Model > High Single Digits Revenue Growth (%) 18% (excluding future acquisitions) Gross Margin (% of revenue) 69% 70 – 75% Expenses (% of revenue) Research & Development 9% 9 – 12% Sales & Marketing 2
Slide 20: Predictable Revenue & Adjusted EBITDA Growth
Predictable Revenue & Adjusted EBITDA Growth Revenue ($M) Adjusted EBITDA ($M) 263 803 5% G R1 752 231 CA 7% 638 G R2 187 CA 537 158 451 132 385 107 313 279 87 248 70 220 193 51 34 25 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026* 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026* * 20
Slide 21: Key Metrics
Key Metrics Recurring Revenue Customers ('000) ARPU** ($K) 54.6 R 8% 14.4 R 9% 44.8 45.4 CAG 13.3 CAG 42.3 11.6 37.5 10.5 10.1 33.2 9.3 29.3 30.8 8.7 8.1 8.4 24.8 25.8 7.4 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025* 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025* *Approximately 8,500 recur
Slide 22: 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 23: 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 24: SPS Commerce
@) SPS COMMERCE
Slide 25: 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