Slide 1: 2Q25 Earnings Results
2Q25 Earnings Results July 29, 2025
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, 2025 and year ending December
Slide 3: We develop and deliver the power to communicate
We develop and deliver the power to communicate Voice Messaging Emergency Services 3
Slide 4: Providing global comms at scale across three customer categories
Providing global comms at scale across three customer categories Powering employees communicating with each other and their customers Global Voice through Unified Communications and Contact Center platforms Plans Powering innovative customer experiences for the Global 2000 Enterprise with composable
Slide 5: 2Q25 TTM Financial Highlights
2Q25 TTM Financial Highlights $758m $552m $91m $57m Total revenue Cloud communications Adjusted EBITDA2 Free cash flow2 revenue1 15% 10% 36% 26% Total revenue Cloud communications Adjusted EBITDA2 Free cash flow2 y/y growth revenue1 y/y growth y/y growth y/y growth 1 Cloud communications revenue is
Slide 6: Lasting customer loyalty
Lasting customer loyalty >99% 112% 11 years Name Retention Net Retention Top 20 Customer Rate Rate Median Tenure Note: Customer metrics as of June 30, 2025. See Appendix for definitions of metrics presented on this slide. 6
Slide 7: Revenue Performance
Revenue Performance Quarterly Customer Category Revenue Revenue Growth 9% 1 Global Voice Plans 7% y/y 2Q25 total revenue growth y/y Enterprise Voice 29% y/y Programmable Messaging 7%2 y/y 8%2 2Q25 cloud communications revenue1 growth y/y (USD Millions) Cloud communications revenue3 Messaging surchar
Slide 8: Non-GAAP Gross Margin Performance
Non-GAAP Gross Margin Performance Fueling gross margin expansion Quarterly First half 59% Scale and platform 56% ownership 54% Product mix Global coverage Operational efficiencies 1H23 1H24 1H25 Note: We calculate non-GAAP gross margin by dividing non-GAAP gross profit by Cloud communications revenu
Slide 9: Adjusted EBITDA Performance
Adjusted EBITDA Performance Quarterly First half 17% $44 2Q25 Adjusted EBITDA growth y/y $35 16% $16 2Q25 Adjusted EBITDA margin1 1H23 1H24 1H25 (USD Millions) 1 Calculated by dividing Adjusted EBITDA by Cloud communications revenue, which is total revenue less pass-through messaging surcharge reven
Slide 10: Free Cash Flow Performance
Free Cash Flow Performance Quarterly First half 40% 2Q25 Free cash flow growth y/y $14 $12 19% 2Q25 Free cash flow margin1 ($12) 1H23 1H24 1H25 (USD Millions) 1 Calculated by dividing Free cash flow by Cloud communications revenue, which is total revenue less pass-through messaging surcharge revenue
Slide 11: Customer Metrics
Customer Metrics Net Retention Average Annual (“NRR”) Customer Revenue 112% Net retention rate 16% Increase in average annual customer revenue y/y (USD Thousands) Note: Information regarding NRR and average annual customer revenue including definitions and how they are calculated is included in the
Slide 12: 3Q25 and Full Year 2025 Outlook
3Q25 and Full Year 2025 Outlook 3Q 2025 FY 2025 Raising full year 2025 EBITDA guidance Revenue $189m - $191m $745m - $760m Adjusted EBITDA2 $19m - $21m $86m - $91m ~10% 1 Total revenue For the full year 2025, Bandwidth’s revenue guidance projects 9 percent to 11 percent year-over-year growth when ad
Slide 13: 2Q25 Earnings Results Key Takeaways
2Q25 Earnings Results Key Takeaways Solid 2Q25 Solid performance of 9% organic revenue1 growth y/y and 17% Adjusted EBITDA growth y/y, driven by Performance accelerating momentum in our core voice offerings. Growth Growth fueled by robust adoption of our core voice offerings among new and existing E
Slide 14: Thank you!
Thank you! (& bandwidth
Slide 15: Appendix
Appendix (& bandwidth
Slide 16: Historical Metrics
Historical Metrics USD millions, except for Average Annual Customer Revenue in USD thousands FY22 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 Total Revenue 573.2 137.8 145.9 152.0 165.4 601.1 171.0 173.6 193.9 210.0 748.5 174.2 180.0 Cloud communications 474.6 114.4 118.4 120.2 125.8
Slide 17: GAAP to Non-GAAP Reconciliation - Net Income
GAAP to Non-GAAP Reconciliation - Net Income USD millions, except per share amounts FY22 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 Net income (loss) 19.6 3.6 (3.9) (5.1) (10.9) (16.3) (9.2) 4.1 0.4 (1.8) (6.5) (3.7) (4.9) Stock-based compensation 20.7 7.4 8.0 6.9 14.7 37.0 12.3 11.
Slide 18: GAAP to Non-GAAP Reconciliation - Earnings Per Share
GAAP to Non-GAAP Reconciliation - Earnings Per Share USD millions, except per share amounts FY22 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 Net income (loss) per share Basic 0.77 0.14 (0.15) (0.20) (0.42) (0.64) (0.35) 0.15 0.02 (0.06) (0.24) (0.13) (0.16) Diluted (0.48) (0.28) (0.1
Slide 19: 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 FY22 1Q23 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 Gross Profit 238.4 55.7 59.0 59.5 62.1 236.2 65.5 64.8 73.1 76.5 280.0 71.5 71.7 Gross Margin % 42% 40% 40% 39% 38%
Slide 20: Definitions
Definitions Adjusted EBITDA: Net income or losses 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,