Slide 1: Earnings Conference Call First Quarter 2026
EARNINGS CONFERENCE CALL FIRST QUARTER 2026 Nimrod Ben-Natan, President & CEO Walter Jankovic, CFO May 11, 2026 1 1
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS During the course of this presentation, we will focus only on continued operations unless otherwise stated. Our Video business is now classified as discontinued operations. We will provide projections and other forward-looking statements regarding future events or the futu
Slide 3: At-a-Glance – Continuing Operations
AT-A-GLANCE – CONTINUING OPERATIONS BROADBAND SILICON VALLEY Pure-Play Innovator Headquarters FY 2025 REVENUE CLOUD NATIVE $361M INNOVATION LEADER MARKET MARKET-LEADING CAPITALIZATION1 CUSTOMERS $1.4B Worldwide Revolutionizing Broadband Networks 1 Mark et Capitalization as of May 8, 2026 3
Slide 4: Q1 Highlights Broadband
Q1 HIGHLIGHTS BROADBAND Financial Technology • Revenue growth YoY of 43% and 24% sequentially • Unified DOCSIS 4.0 wins/deployments expanding in • Operating profit growth YoY of 116% Q1’26 • Strong free cash flow generation of $30 million • Introducing multiple new fiber products enabling 100G to re
Slide 5: Broadband Market Opportunity
BROADBAND MARKET OPPORTUNITY $1.2B $0.9B Cable SAM(1) Harmonic market share $0.6B Q4’24 to Q3’25: • Virtual CMTS 98% $0.3B • RPDs 71% Long-term • Remote OLTs 34% $0B investment cycle Remote OLTs Virtual CMTS/CCAP + Remote MACPHY Devices (RMDs) + Remote PHY Devices (RPDs) in both $3B Cable/DOCSIS $2.
Slide 6: Long-Term Strategy
LONG-TERM STRATEGY KEY STRATEGIC INITIATIVES Expand Market Leadership Drive Software and Cloud Differentiation • Increase market leading position in DOCSIS with cOS, • Enhance software differentiation for cOS which today Nodes, and recurring services represents >95% market share • Leverage our innov
Slide 7: The New Harmonic – Post Sale of Video
“THE NEW HA MONIC” – POST SALE OF VIDEO Pure-Play Broadband Innovator Simplified Business Model • Providing market leading DOCSIS and Fiber-to-the-Home • Systems, processes and people to support one (FTTH) solutions business • Transition to focus exclusively on the faster growing • Improved long ter
Slide 8: Financial Results and Outlook
FOURTH QUARTER 2025 FINANCIAL RESULTS AND OUTLOOK Walter Jankovic, CFO 8
Slide 9: Q1 2026 Income Statement Highlights
Q1 2026 INCOME STATEMENT HIGHLIGHTS* Financial Metric Q1 2026 Q1 2026 Q1 2025 Q1 2026 Y/Y (in millions except shares and EPS) Guidance** Actual Results** Actual Results ** Change Net Revenue ($M) $100 - $105 $121.7 $84.9 43% Gross Margin (%) 54.0% - 55.0% 52.5% 55.1% (2.6)% Operating expense ($M) $3
Slide 10: Q1 2026 Balance Sheet & Cash Flow Highlights
Q1 2026 BALANCE SHEET & CASH FLOW HIGHLIGHTS * Financial Metric Q1 Q4 Q1 ($ Millions) 2026 2025 2025 Cash $109.0 $124.1 $148.7 Cash Provided by Operations** $31.7 $12.3 $83.6 Free Cash Flow** $30.3 $9.6 $81.7 Accounts Receivable $83.5 $85.9 59.8 DSO 62 79 63 Inventory $51.2 $47.8 $42.1 Inventory Day
Slide 11: Capital Allocation Priorities
CAPITAL ALLOCATION PRIORITIES $200M Stock Inorganic Organic Repurchase Expansion Growth Authorization Opportunities • ROM growth investments • $122M stock purchases to • Utilize Video sale to diversify the business date since program proceeds to drive • Additional service offerings inception in Q1 2
Slide 12: Q2 and FY 2026 Financial Guidance
Q2 and FY 2026 FINANCIAL GUIDANCE* CONTINUING OPERATIONS - BROADBAND Financial Metric Q2 2026 FY 2026 Raising full year 2026 guidance at the mid-point: Net Revenue ($M) $115 - $125 $475 - $495 Gross Margin (%)** 52.0% - 53.0% 50.0% - 51.5% • Revenue up 5.4% • EPS up 13.8% Operating Profit ($M)*** $2
Slide 13: Conclusion
CONCLUSION MARKET LEADER POSITIONED FOR GROWTH Raising FY 2026 Revenue Robust Rest-of-Market Strong Start to 2026 and EPS guidance growth • Technology leadership positions KEY LONG-TERM • Long term TAM growth CATALYSTS • Strong operating model • Proven execution 13
Slide 14: Wrap-Up & Q&A
WRAP-UP & Q&A 14 14
Slide 15: Use of Non-GAAP Financial Measures
USE OF NON-GAAP FINANCIAL MEASURES In establishing operating budgets, managing its business performance, and setting internal measurement targets, the Company excludes a number of items required by GAAP. Management believes that these accounting charges and credits, most of which are non-cash or non
Slide 16: Q1 2026 GAAP to Non-GAAP Reconciliations
Q1 2026 GAAP TO NON-GAAP RECONCILIATIONS CONTINUING OPERATIONS (UNAUDITED, IN THOUSANDS, EXCEPT EPS AND PERCENTAGES) 16
Slide 17: Q1 2025 GAAP to Non-GAAP Reconciliations
Q1 2025 GAAP TO NON-GAAP RECONCILIATIONS CONTINUING OPERATIONS (UNAUDITED, IN THOUSANDS, EXCEPT EPS AND PERCENTAGES) 17
Slide 18: Q2 2026 Guidance GAAP to Non-GAAP Reconciliations
Q2 2026 GUIDANCE GAAP TO NON-GAAP RECONCILIATIONS (UNAUDITED, IN MILLIONS, EXCEPT EPS AND PERCENTAGES) 18
Slide 19: FY 2026 Guidance GAAP to Non-GAAP Reconciliations
FY 2026 GUIDANCE GAAP TO NON-GAAP RECONCILIATIONS (UNAUDITED, IN MILLIONS, EXCEPT EPS AND PERCENTAGES) 19
Slide 20: Thank You
THANK YOU. 20 20