Sangoma Technologies Corporation · TSX:STC
Sangoma Technologies — Investor Presentation (September 2025)
24 slides from Sangoma Technologies's investor presentation, September 2025
Slide 1: September 2025 Investor Slides
Sangoma September 2025 Investor Slides
Slide 2: Disclaimer
Disclaimer General This presentation is property of Sangoma Technologies Corporation (the “Company”, “Sangoma”, “us” or “we”). It cannot be circulated or forwarded without our consent. Any graphs, tables or other information demonstrating our historical performance or that of any other entity contai
Slide 3: We Simplify Essential IT Communications for Small & Mid-market Business
We Simplify Essential IT Communications for Small & Mid-market Business Security & Voice Video Data Connectivity Tailored Solutions with a Single-Vendor Approach 3
Slide 4: Sangoma at a Glance
Sangoma at a Glance 2.6M 100K 650+ 10 Years UC Seats Customers Employees Gartner® Magic Quadrant™ $237M 82% <1% $42M Fiscal 25 Revenue1 Recurring Customer Churn2 Fiscal 2025 Net Cash Revenue1 Generated from Operating Activities1 1. As of June 30, 2025 2. See the definition of “Churn” under “Non-IFRS
Slide 5: Highly Experienced Management Team
Highly Experienced Management Team Charles Salameh Larry Stock Jeremy Wubs Sam Reburn Chief Executive Officer Chief Financial Officer Chief Operating Officer Chief Legal & ● CEO at Sangoma for 2 years ● CFO and CCO at Sangoma ● COO at Sangoma for 2 years Administrative Officer for 4+ years ● CLO, He
Slide 6: Setting the Stage: Chronology of Sangoma
Setting the Stage: Chronology of Sangoma / FY2011 to FY2022 FY2023 to FY2025 FY2026 Phase I Growth Through Acquisitions Phase II Management Led Transformation Phase III Sustainable Growth Acceleration in Sight • Investment in high-value products and R&D • Fully integrated siloed acquisitions pri
Slide 7: We Provide the Widest Set of Solutions In the Industry
We Provide the Widest Set of Solutions In the Industry Culture of Innovation & Support Cloud-Based SaaS Equipment Services Bundles À la carte Wholesale + Sophisticated Support + Deep Engineering Skills +Proprietary Technology System Lower Total Cost of More Choice Increased Innovation Ownership 7
Slide 8: Aligned to Meet the Needs of the Small & Mid-Market
Aligned to Meet the Needs of the Small & Mid-Market The SMB market accounts for 44% of all IT spending SMB IT spend on Unified Communications was expected to be US$33B in 2023 Small Market Mid-Market Less Than 500 Employees 500 to 5,000 Employees • Component Buying • Single Vendor Requirement • Mini
Slide 9: Large TAM with Strong Growth Drivers
Large TAM with Strong Growth Drivers +$57B North American TAM Source True Signal Analytics, MarketLume Analytics, Grandview Research, Fortune Business Insights, Metrigy, Frost & Sullivan, Consulting & Insights, Research & Markets, and Market Research 9
Slide 10: Diverse Customer Base Across Private & Public Sectors
Diverse Customer Base Across Private & Public Sectors 100,000+ Customers today Differentiated Service Model: Differentiated Service Model:Uniquely positioned to serve both the increasingly sophisticated mid-market and single component buying small market with industry relevant solutions. 10
Slide 11: Customer Case Studies: Vertical Specific Solutions
Customer Case Studies: Vertical Specific Solutions Cloud Hybrid On-Premise Customer Profile: Customer Profile: Customer Profile: • Industry: Education (private K12 • Industry: Hospitals and Health Care • Industry: Restaurants • Size: Over 600 students • Size: 200 500 employees • Size: 81k employ
Slide 12: New Channel Program Drives Partner and Account Expansion
New Channel Program Drives Partner and Account Expansion Pinnacle Partner Program Top 400 Partners account for >80% of MRR Channel Accounts for 84% of SMB IT Spending Worldwide1 1. Canalys Consulting Report 2023 12
Slide 13: Highly Scalable: Systems and Platform Consolidation
Highly Scalable: Systems and Platform Consolidation Transformational work completed in F2025 provides a sustainable platform to scale: • Refined CRM enables new GTM initiatives • Comprehensive ERP to deliver operational efficiencies, streamlined reporting and integrated billing • Robust program to i
Slide 14: Sticky Customers with High Margin Recurring Revenue
Sticky Customers with High Margin Recurring Revenue Churn as a % of Gross Margin2 Revenue Mix2 Services Rev1 2.6M <1% Churn <10% UC seats ~75% 100K+ 90+% Services Customers 99% Service Rev 1. For the 12 months ended June 30, 2025 2. Estimated for Fiscal 2026 14
Slide 15: Pivoting to Growth – Focus Areas
Pivoting to Growth – Focus Areas 15
Slide 16: Proven Transformation Results
Proven Transformation Results TTM as of Sangoma Key Financial and Operating Metrics Q1 FY2024 Today Recurring Revenue Mix 80.0% 1,000 bps 90% FY2026 Financial Metrics Gross Margin 69.0% 600 bps 75% Adj. EBITDA Margin 17.3% Up to 200 bps 1719% FY2025 Free Cash Flow $19.3 MM 70% $32.9 MM Net De
Slide 17: Focused on High Margin Core Platform and Services
Focused on High Margin Core Platform and Services Revenue1 and Growth Rate2 ($M) -2.1% -4.3% -1.9% $252.5 $247.3 $236.9 $200-$210 Gross Profit and Gross Margin ($M) 68% 70% 68% ~75% $172.8 $172.8 $161.7 1. FY2026 represents the midpoint of guidance range of $200-$210M in revenue and 17-18% Adj. EBIT
Slide 18: Strong Cash Flow Generation and Debt Reduction
Strong Cash Flow Generation and Debt Reduction Profitability Metrics ($M unless otherwise stated) 34% 78% 80% $44.4M/17.6% $42.6M/17.2% $41.0M/17.3% $33.3M/$1.00 $32.9M/$0.98 $15.2M/$0.46 Net Debt/Adjusted EBITDA (X) $90 $62 $34 2.0x 1.4x 0.8x Expanding Free Cash Flow Underscores Shareholder Value 1
Slide 19: Steady cash flow generation provides optionality to drive value creation
We simplify essential IT communications Steady cash flow generation provides for small and mid-market business optionality to drive value creation We have a clear path to growth We embody optionality 19
Slide 20: Appendix
Appendix 20
Slide 21: Non-IFRS Measures and Industry Metrics
Non-IFRS Measures and Industry Metrics “Adjusted EBITDA” means earnings before income taxes, interest expense (net), share-based compensation, depreciation (including for right-of-use assets), amortization, restructuring and business integration costs, goodwill impairment and change in fair value of
Slide 22: Adjusted EBITDA Reconciliations
Adjusted EBITDA Reconciliations The IFRS measure most directly comparable to Adjusted EBITDA presented in our financial statements is net loss. F2021 F2022 F2023 F2024 F2025 Net Loss (1,566) (110,780) (29,026) (8,659) (5,010) Tax 3,177 6,390 (2,932) (840) (1,333) Interest expense (net) 1,069 3,863 6
Slide 23: Free Cash Flow Reconciliations
Free Cash Flow Reconciliations The IFRS measure most directly comparable to Free Cash Flow presented in our financial statements is net cash provided by operating activities. F2021 F2022 F2023 F2024 F2025 Net cash provided by operating activities 19,466 21,057 26,487 44,246 41,786 Less: Purchase of
Slide 24: investorrelations@sangoma.com
investorrelations@sangoma.com 25
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