Slide 1: Investor Presentation Q3 Fiscal 2026
Investor Presentation Q3 Fiscal 2026
Slide 2: Safe Harbor Disclaimer
Safe Harbor Disclaimer This presentation contains “forward-looking statementsˮ within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Navanʼs anticipated total revenue, non-GAAP income (loss) from operations, and non-GAAP opera
Slide 3: Q3 Fiscal 2026 - Strong Growth and Expanding Margins
Q3 Fiscal 2026 - Strong Growth and Expanding Margins $195 29% $151 $144 $25 37% $108 74% $6 13% 72% 4% Q3 FY Q3 FY Q3 FY Q3 FY Q3 FY Q3 FY 2025 2026 2025 2026 2025 2026 Revenue $M Non-GAAP Gross Profit $M Non-GAAP Income from % YoY Growth % Margin Operations $M |3 % Margin Note: Refer to appen
Slide 4: Q3 Fiscal 2026 Financial Summary (GAAP)
Q3 Fiscal 2026 Financial Summary (GAAP) Summary Income Statement $M Q3 FY‘26 Q3 FY‘25 YoY Change Usage Revenue $180 $139 29% Subscription Revenue $15 $12 26% Total Revenue $195 $151 29% Cost of Goods Sold $57 $45 Gross Profit $138 $107 29% % Margin 71% 71% 0% Research & Development $51 $33 Sales &
Slide 5: Q3 Fiscal 2026 Financial Summary
Q3 Fiscal 2026 Financial Summary Summary Income Statement $M Q3 FY‘26 Q3 FY‘25 YoY Change Usage Revenue $180 $139 29% Subscription Revenue $15 $12 26% Total Revenue $195 $151 29% Non-GAAP Cost of Goods Sold $50 $43 Non-GAAP Gross Profit $144 $108 33% Non-GAAP % Margin 74% 72% 2% Non-GAAP Research
Slide 6: Guidance Summary
Guidance Summary YoY % YoY % Q4 FYʼ26 Guidance Full Year 2026 Guidance Change Change Total Revenue Total Revenue $161 $163 23%1 $685 $687 28%1 $M $M Non-GAAP Non-GAAP Loss from $15.5 - $14.5 n/a Income from $21 $22 n/a Operations$M Operations $M Non-GAAP Non-GAAP 3%1 8%1 Operating
Slide 7: Q3 Fiscal 2026 KPI's
Q3 Fiscal 2026 KPI’s $2.6 40% 7.5% 6.9% $1.9 $1.1 $1.0 12% Q3 FY 2025 Q3 FY 2026 Q3 FY 2025 Q3 FY 2026 Q3 FY 2025 Q3 FY 2026 GBV $B Usage Yield¹ % Payment Volume $B % YoY Growth % YoY Growth |7 Note: Year-over-year growth for Q3 FY2026 compared to Q3 FY2025. ¹Calculated as usage-based revenue
Slide 8: We make travel easy for every frequent traveler
We make travel easy for every frequent traveler |8
Slide 9: Navan at a Glance
Navan at a Glance LTM Q3 FYʼ26 FYE 2025 Jan 31 LTM Q3 FYʼ26 LTM Q3 FYʼ26 Revenue Active Gross Booking Payment Customers1 Volume Volume $656M 10,000+ $8.4B $4.0B 30% YoY Growth 36% YoY Growth 13% YoY Growth Estimated Total Average Time Q3 FYʼ26 Average Q3 FYʼ26 Average Addressable to Book2 NPS3 CSA
Slide 10: A Win-Win-Win Solution
A Win-Win-Win Solution Users Customers Suppliers Delightful, Time Saving 15% Median Access to High-Value Experience Travel Savings1 Customer Base ● Highly personalized ● Increased user adoption ● Flexible retailing and brand Centralized platform for user control ● ● Real-time visibility into spend
Slide 11: Fragmented ecosystem, broken user experiences, wasted time and money
Fragmented = Broken user = Wasted time ecosystem experiences and money T&E management Manual, outdated systems Industry average time to ecosystem is fragmented limited support book is long, with low NPS and outdated No visibility Travel Payments Avg. time to book a trip TMC HRIS Expense OBT 45 Min C
Slide 12: Navan's Revolutionary Approach
Navan’s Revolutionary Approach Trip Planning Booking Pre-trip Setup In-trip Management Expense Management Ability to curate results based Deepest range of Critical travel alerts and Differentiated support Real-time visibility into expenses on prior preferences and content on the market increased emp
Slide 13: Navan's End-to-End Platform
Navan’s End-to-End Platform Navan Native Applications Enterprise Integrations Web Apps Mobile Apps Admin Apps Omnichannel White Label SSO Expense Management Native Apps and Support Travel Solution ERP Bank/Credit Card Integrations HRIS Workplace Tools AI Layer Navan Cognition Fraud Detection Automat
Slide 14: AI is a Cornerstone of Our Platform
AI is a Cornerstone of Our Platform Total Bookings Virtual Agent CSAT1 90% online or through mobile 80% on par with human agent apps on the Navan Platform performance Offsets Average Time ~50% of agent interactions 7 mins to book a trip vs. industry average of 45 minutes2 Specialized virtual agents
Slide 15: Navan's AI Advantages
AI Innovation Navan Cognition Navan Cloud Data Navan’s AI Proprietary AI framework Global real time inventory AI is fueled by data - with that allows us to train and network, built by over a over 10,000 customers Advantages deploy unsupervised, decade of face to face booking millions of trips highly
Slide 16: Navan's AI Advantages
AI Innovation Revolutionizing the way frequent travelers plan, book, and Navan Edge1 experience travel - before, during, and after the trip Navan’s AI Advantages Allow Us to Build the Next Generation of Travel Booking and Experience | 16 1 Not yet generally available (formerly Navan Go).
Slide 17: The "Amazon" for Travel
Business travel Program Bleisure administration travel The “Amazon” for Travel Reporting and analytics Meetings and Events A frequent-traveler- centric approach Expense VIP management Payments | 17 Loyalty Confidential 2024
Slide 18: Our Leadership Team
Our Leadership Team Ariel Cohen Ilan Twig Amy Butte Michael Sindicich Nina Herold Ofer Ben-David CEO & Co-Founder CTO & Co-Founder Chief Financial Officer President CEO, Reed & Mackay Chief Operating Officer Hilary Phillips Grant McGrail Anne Giviskos Howard Baik Yoad Shraybom Yuval Refua Michael Ri
Slide 19: Our Track Record of Innovation
Our Track Record 2025 Advanced analytics Card-linking with 200+ banks and BrexPay 2024 of Innovation Revamped Navan Rewards for personal travel Acquired Regent Italy AI through integration with Ava and Cognition 2023 Navan Connect for corporate card linking Acquired Tripeur India Launched expens
Slide 20: Navan Growth
Navan Growth | 20
Slide 21: Attacking an Estimated $185B TAM with Our Dual-Pronged Go-to-Market
Attacking an Estimated $185B TAM with Our Dual-Pronged Go-to-Market GTM Channel Company Type GTM Channel Description SLG Managed $30B Enterprise, MidMarket, SLG ● Account Executives Business Travel1 35% of Business Travel Management Revenue Opportunity Commercial Sales-Led - Growth) generate new cu
Slide 22: Competitive Landscape and Why We Win
Competitive Landscape and Why We Win OBT Online Booking tool: Concur, Spotnana Legacy OBT + TMC Travel Management Company: CWT, BCD Travel, Amex Global Business Travel, Direct Travel, FCM, CTM TMC Model Generally for larger or Why we win: more global companies Advanced Travel More Automated, Con
Slide 23: SLG Case Study PLG Case Study
SLG Case Study PLG Case Study Global Healthcare Leading LLM Company Developer Company Size Existing Solution Company Size Existing Solution $30 billion Market Capitalization Legacy Online 200 Employees1 Unmanaged 53,000 Employees Booking Tool & TMC Trigger Sales Cycle Trigger Launch Company had rec
Slide 24: Broad and Diverse Customer Base Spans Industries and Geos
Our Approach is Working Broad and Diverse Customer Base Spans Industries and Geos 38% of Revenue from International Customers No Single Platform Customer Contributing More than 2% of Revenue | 24 Note: All metrics are YTD FYʼ26 as of end of fiscal Q3, 10/31/25. .
Slide 25: Financial Summary
Financial Summary NAVAN | 25
Slide 26: How Our Business Works
How Our Business Works Usage-Based Usage Gross Booking Payment Revenue Yield1 Volume Volume $598M 90% of Total Revenue 7% $8.4B $4.0B • Commission rate from supplier LTM Revenue • Per trip / per transaction fee $656M • Net interchange fees on payments through Navan issued cards Subscription Revenue
Slide 27: Businesses Continue to Prioritize Face-to-Face Connections
Businesses Continue to Prioritize Face-to-Face Connections Seasonality1 20% Annualized Growth 7% 1% TSA Navan BTI Business Travel GBTA Overall Travel Index3 2 Based on Navan BTI ) Based on TSA Data4) 1 | 27 The Business Travel Index is compared against a TSA index, constructed with the same method
Slide 28: Our Growth Algorithm
Our Growth Algorithm New Customers Ramping Customers Multi-Channel Existing Customers 110% NRR1 SLG PLG Time Between Launch and Full Adoption Product Attach Days to 12+ months Travel Budget Growth 1 For FY2025. Net Revenue Retention calculated as total annual revenue from an identified Customer Co
Slide 29: Land & Expand Strategy
110% 36% Customers attach to 3 or NRR 1 more products Service & Platform Benefit Key Enablers of Our Land & Expand Additional Strategy Product Attach Payments Expense Management Ramping Meetings & Events Adoption VIP Bleisure Land Travel management Customer | 29 Note: All metrics as of or for FYE20
Slide 30: Breakthrough Applications of AI Have Transformed Gross Margin Structure
Breakthrough Applications of AI Have Transformed Gross Margin Structure 73% 69% 62% Approximately 50% of support interactions are handled without live agent intervention 1 FY24 FY25 YTD FY26 Non-GAAP Gross Margin % | 30 Note: Refer to appendix for a reconciliation of non-GAAP to GAAP metrics for
Slide 31: Proven Ability to Drive Operational Improvements
Proven Ability to Drive Operational Improvements Non-GAAP Operating Leverage 30% 20% 49% 18% 15% 37% 34% 33% 26% 17% 16% 13% FY2024 FY2025 Q3 FY2025 Q3 FY2026 = Research & Development = Sales & Marketing = General & Administrative as % of Revenue as % of Revenue as % of Revenue | 31 Note: Non-GAAP o
Slide 32: Our Efficient Business Model
Our Efficient Business Model Understanding Seasonality of Consistent Margin Improvement Our Operating Margin LTM Non-GAAP Operating Margin Non-GAAP Income Loss from Operations $M $25 3% $37 $46 $12 $6 $6 $14 $3 $8 1% 2% 5% 11% 22% 32% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 Q1
Slide 33: Navan in Review
Redefining how companies manage User-first, business travel, AI-enabled, expense, and end-to-end platform Navan in payments Review Massive and Proven growth underpenetrated and unit market economics at scale | 33
Slide 34: Thank you!
Thank you!
Slide 35: Appendix
Appendix NAVAN 25
Slide 36: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation (in millions, except percentages) Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Revenue $110.3 $98.4 $120.9 $132.8 $151.1 $132.0 $157.5 $172.0 $194.9 GAAP loss from operations 61.4 67.0 31.0 24.4 19.5 32.8 15.9 12.3 79.2 Add
Slide 37: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation LTM figures in millions, except percentages) Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 LTM Revenue $429.0 $462.4 $503.2 $536.8 $573.4 $612.5 $656.3 LTM GAAP loss from operations 226.1 183.8 141.8 107.6 92.6 80.4 140.2 Add: LTM Stock-based
Slide 38: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Nine Months Ended Quarter Ended October 31 October 31 (in millions, except percentages) FY24 FY25 FY25 FY26 FY26 Revenue $402.3 $536.8 $151.1 $194.9 $524.3 GAAP gross profit 239.6 367.0 106.6 137.9 374.7 Add: Stock-based compensation expense-related charges 4.8 4.6 1.
Slide 39: GAAP to Non-GAAP Reconciliation (1/2)
GAAP to Non-GAAP Reconciliation (1/2) Fiscal Year Ended January 31 Quarter Ended October 31 2024 2025 FY25 FY26 (in millions) Revenue $402.3 $536.8 $151.1 $194.9 GAAP Cost of goods sold $162.6 $169.8 $44.5 $57.2 Subtract: Stock-based compensation expense-related charges 4.8 4.6 1.7 6.6 Subtr
Slide 40: GAAP to Non-GAAP Reconciliation (2/2)
GAAP to Non-GAAP Reconciliation (2/2) Fiscal Year Ended January 31 Quarter Ended October 31 2024 2025 FY25 FY26 (in millions) GAAP Sales and marketing $220.5 $218.7 $58.1 $94.9 Subtract: Stock-based compensation expense-related charges 15.9 17.5 5.4 29.4 Subtract: Amortization of intangible