Slide 1: Earnings Conference Call Fourth Quarter 2025
EARNINGS CONFERENCE CALL FOURTH QUARTER 2025 Nimrod Ben-Natan, President & CEO Walter Jankovic, CFO February 19, 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 $1.2B Worldwide Revolutionizing Broadband Networks 1 Mark et Capitalization as of February 17 , 2026 3
Slide 4: Q4 Highlights Broadband
Q4 HIGHLIGHTS BROADBAND Customer Technology • Fiber deployments with iZZi, Tier-1 LATAM • Unified D4.0 Nodes shipments ramping in Q1’26 • Strong overall Fiber growth in Q4 and FY25 • Successful completion of D4.0 field trial with • Growing footprint of wins across both Telco Vodafone Germany and Cab
Slide 5: Delight Our Customers
DELIGHT OUR CUSTOMERS SUBSCRIBER IMPACT Improved uptime drives higher satisfaction and lower churn Better Networks. Happier Customers. Loyal Subscribers. NETWORK INVESTMENT Investing in network reliability doesn’t just The foundation for reliability, efficiency and growth lower costs, it drives subs
Slide 6: Why We Win
WHY WE WIN TECHNOLOGY LEADERSHIP Helping operators scale SPEED & EXECUTION bandwidth faster, at lower cost, with higher subscriber IMPROVING CUSTOMERS’ NETWORK RELIABILITY satisfaction SOLUTIONS DRIVING LOWER COSTS 6
Slide 7: Broadband Market Opportunity
BROADBAND MARKET OPPORTUNITY $1.2B $0.9B Cable SAM(1) Harmonic market share $0.6B Q4’24 to Q3’25: R • 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 $
Slide 8: 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 9: "The New Harmonic" – Post Sale of Video
“THE NEW HARMONIC” – 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 10: Fourth Quarter 2025 Financial Results and Outlook
FOURTH QUARTER 2025 FINANCIAL RESULTS AND OUTLOOK Walter Jankovic, CFO 10
Slide 11: Q4 2025 Income Statement Highlights
Q4 2025 INCOME STATEMENT HIGHLIGHTS* Financial Metric Q4 Guidance Q4 Actual Results Q4 Actual Results*** (in millions except shares and EPS) Total Company ** Total Company** Continuing Operations Net Revenue ($M) $133 - $147 $157.3 $98.2 Gross Margin (%) 54.5% - 56.0% 55.6% 47.2% Operating expense (
Slide 12: FY 2025 Income Statement Highlights
FY 2025 INCOME STATEMENT HIGHLIGHTS* Financial Metric FY 25 Actual Results FY 25 Actual Results*** (in millions except shares and EPS) Total Company Continuing Operations Net Revenue $570.8 $360.5 Gross Margin (%)** 55.8% 48.7% Operating expense $245.6 $137.0 Adjusted EBITDA $83.8 $47.3 Shares*** 11
Slide 13: Q4 2025 Balance Sheet & Cash Flow Highlights
Q4 2025 BALANCE SHEET & CASH FLOW HIGHLIGHTS * Financial Metric Q4 Q3 Q4 ($ Millions) 2025 2025 2024 Cash $124.1 $127.4 $101.5 Cash Provided by Operations** $12.3 23.8 48.5 Free Cash Flow** $9.6 $21.0 $46.2 Accounts Receivable $85.9 $61.3 $143.7 DSO 79 61 76 Inventory $47.8 $48.8 $43.1 Inventory Day
Slide 14: Capital Allocation Priorities
CAPITAL ALLOCATION PRIORITIES $200M Stock Inorganic Organic Repurchase Expansion Growth Authorization Opportunities • ROW growth investments • $101M stock purchases to • Utilize Video sale to diversify the business date including $13.3M proceeds to drive • Additional service offerings during Q4 2025
Slide 15: Stranded Costs
STRANDED COSTS • Stranded costs are shared corporate and infrastructure expenses previously allocated across Broadband and Video that now reside in Continuing Operations. Approximately 30% of these stranded costs are temporary in nature and are expected to be removed one-year post Video sale closing
Slide 16: Q1 and FY 2026 Financial Guidance
Q1 and FY 2026 FINANCIAL GUIDANCE* CONTINUING OPERATIONS - BROADBAND Financial Metric Q1 2026 FY 2026 FY 2026 EPS Bridge Net Revenue ($M) $100 - $105 $440 - $480 • Video now classified to discontinued operations, Gross Margin (%)** 54.0% - 55.0% 51.0% - 53.0% which in 2025 contributed Operating Prof
Slide 17: Historical Results Continuing Operations - Broadband
HISTORICAL RESULTS* CONTINUING OPERATIONS - BROADBAND Financial Metric FY 2023 FY 2024 FY 2025 FY 2026 Guidance Net Revenue ($M) $388.5 $488.2 $360.5 $440 - $480 Gross Margin (%)** 46.1% 49.3% 48.7% 51.0% - 53.0% Operating Expense $132.5 $132.9 $137.0 $150 - $155 Operating Profit ($M)*** $46.6 $107.
Slide 18: Conclusion
CONCLUSION MARKET LEADER POSITIONED FOR GROWTH 2026 revenue growth Strong Finish to 2025 Expanding customer base expected to be between with Record Backlog and strong ROW growth 22% and 33% • Technology leadership positions KEY LONG-TERM • Long term TAM growth CATALYSTS • Strong operating model • Pr
Slide 19: Wrap-Up & Q&A
WRAP-UP & Q&A 19 19
Slide 20: 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 21: Q4 2025 GAAP to Non-GAAP Reconciliations Continuing Operations
Q4 2025 GAAP TO NON-GAAP RECONCILIATIONS CONTINUING OPERATIONS (UNAUDITED, IN THOUSANDS, EXCEPT EPS AND PERCENTAGES) 21
Slide 22: Q4 2025 GAAP to Non-GAAP Reconciliations Total Company
Q4 2025 GAAP TO NON-GAAP RECONCILIATIONS TOTAL COMPANY (UNAUDITED, IN THOUSANDS, EXCEPT EPS AND PERCENTAGES) 22
Slide 23: Q4 and FY 2025 Adj. EBITDA Reconciliations Continuing Operations
Q4 AND FY 2025 ADJ. EBITDA RECONCILIATIONS CONTINUING OPERATIONS (UNAUDITED, IN THOUSANDS) 23
Slide 24: Q4 and FY 2025 Adj. EBITDA Reconciliations Total Company
Q4 AND FY 2025 ADJ. EBITDA RECONCILIATIONS TOTAL COMPANY (UNAUDITED, IN THOUSANDS) 24
Slide 25: FY 2025 GAAP to Non-GAAP Reconciliations Continuing Operations
FY 2025 GAAP TO NON-GAAP RECONCILIATIONS CONTINUING OPERATIONS (UNAUDITED, IN THOUSANDS, EXCEPT EPS AND PERCENTAGES) 25
Slide 26: FY 2025 GAAP to Non-GAAP Reconciliations Total Company
FY 2025 GAAP TO NON-GAAP RECONCILIATIONS TOTAL COMPANY (UNAUDITED, IN THOUSANDS, EXCEPT EPS AND PERCENTAGES) 26
Slide 27: FY 2024 GAAP to Non-GAAP Reconciliations Continuing Operations
FY 2024 GAAP TO NON-GAAP RECONCILIATIONS CONTINUING OPERATIONS (UNAUDITED, IN THOUSANDS, EXCEPT EPS AND PERCENTAGES) 27
Slide 28: FY 2023 GAAP to Non-GAAP Reconciliations Continuing Operations
FY 2023 GAAP TO NON-GAAP RECONCILIATIONS CONTINUING OPERATIONS (UNAUDITED, IN THOUSANDS, EXCEPT EPS AND PERCENTAGES) 28
Slide 29: Q1 2026 Guidance GAAP to Non-GAAP Reconciliations
Q1 2026 GUIDANCE GAAP TO NON-GAAP RECONCILIATIONS (UNAUDITED, IN MILLIONS, EXCEPT EPS AND PERCENTAGES) 29
Slide 30: FY 2026 Guidance GAAP to Non-GAAP Reconciliations
FY 2026 GUIDANCE GAAP TO NON-GAAP RECONCILIATIONS (UNAUDITED, IN MILLIONS, EXCEPT EPS AND PERCENTAGES) 30
Slide 31: Thank You.
THANK YOU. 31 31