Extreme Networks, Inc. · NASDAQ:EXTR
Extreme Networks — Investor Day (November 2025)
82 slides from Extreme Networks's investor day presentation, Nov 10, 2025
Slide 1: Welcome to Investor Day
Stan Kovler SVP, Finance and Corporate Development Welcome to Investor Day 1
Slide 2: Disclaimer
Disclaimer Non - GAAP Financial Measures Forward - Looking Statements This presentation includes certain financial measures that are not presented in accordance with This presentation contains forward - looking statements including generally accepted accounting principles in the United States (“GAAP
Slide 3: Innovation, Execution, Impact
Ed Meyercord President And CEO Innovation, Execution, Impact 3
Slide 4: Run of Show
Run of Show Innovation, Execution, Impact Ed Meyercord President and CEO Barco CEO, An Steegen Barco Partner Interview CEO to CEO Discussion (Moderated By Ed Meyercord) Built For What’s Next Nabil Bukhari CTO And President of AI Platforms Q&A Ed Meyercord / Nabil Bukhari / Anisha Vaswani Lunch & Dem
Slide 5: Extreme is Set up for Success
Extreme is Set up for Success Strengthening Quality Technology Favorable Attractive Winning Industry of Execution: Differentiation Competitive Financial Upmarket Fundamentals Taking Share and Innovation Landscape Outlook ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 5
Slide 6: Strengthening Industry Fundamentals
Strengthening Industry Fundamentals Leader in AI - Powered WLAN Technology Adoption Networking 100% Wi- Fi 7 Share of Indoor AP Shipments (%) Wi- Fi 6 Growth Across 50% All GE0s/Verticals Wi- Fi 5 W2 Wi- Fi 6E Network 0% Refresh Cycle Year of New Technology Introduction Source:: Dell’Oro Group WLAN
Slide 7: Outpacing the Market
Outpacing the Market 650 Group 3 rd Largest Cloud Double Digit Networking Player Revenue Growth Extreme Networks is a Leader in the IDC MarketScape : Worldwide Enterprise Wireless LAN 2025 Vendor Assessment ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 7
Slide 8: Winning Upmarket Across Verticals
Winning Upmarket Across Verticals Government Education Healthcare Manufacturing Retail Sports & Venues Transportation ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 8
Slide 9: What took Cisco 6 hours… Took Extreme 6 minutes
What took Cisco 6 hours… Took Extreme 6 minutes Customer prospect ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 9
Slide 10: Extreme Fabric: When Milliseconds Matter
Extreme Fabric: When Milliseconds Matter Milliseconds matter, every delay can cost millions. Fabric makes every second count. ©2025 EXTREME NETWORKS, INC. ALL RIGHTS 10 RESERVED.
Slide 11: Extreme: King of Complex Wireless Deployments
Extreme: King of Complex Wireless Deployments AI powered by Wi - Fi means faster lines, never missing an inning. ©2025 EXTREME NETWORKS, INC. ALL RIGHTS 11 RESERVED.
Slide 12: Building Smart Stores with Cloud Choice
Building Smart Stores with Cloud Choice The world's largest cloud - managed network , upgraded to Extreme to improve in - store operations and experience. ©2025 EXTREME NETWORKS, INC. ALL RIGHTS 12 RESERVED.
Slide 13: Extreme Platform ONE: First to Market
Extreme Platform ONE : First to Market Our Size is an Advantage Platformatization as a Strategy Agentic Architecture ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 13
Slide 14: Competitive Tailwinds
Competitive Tailwinds Roadmap “ uncertainty/portfolio integration Extreme Networks is getting more Channel confusion Talent and anxiety at bats… “ Refresh opportunity 14
Slide 15: Attractive Financial Outlook
Attractive Financial Outlook Revenue FY26 Q1 Future Growth Drivers $310 M 10% + Winning 6 in a row Revenue growth upmarket 15% 20% Extreme YoY Growth EPS Growth Platform ONE 24% $650M ARR Commercial ARR Growth 2029 Models ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 15
Slide 16: Dr. An Steegen
Dr. An Steegen CEO Barco BARG® f= Extreme networks
Slide 17: ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED.
©2025 EXTREME NETWORKS, INC. ALL RIGHTS 17 RESERVED.
Slide 18: HES International
HES International The Netherlands
Slide 19: Slide 19
Slide 20: ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED.
©2025 EXTREME NETWORKS, INC. ALL RIGHTS 20 RESERVED.
Slide 21: ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED.
©2025 EXTREME NETWORKS, INC. ALL RIGHTS 21 RESERVED.
Slide 22: Built for What's Next
Nabil Bukhari President, AI Platforms and EVP, Chief Technology Officer Built for What’s Next 22
Slide 23: Winning Upmarket with our Technology Portfolio
Winning Upmarket with our Technology Portfolio ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 23
Slide 24: Winning Upstream: What Larger Customers Are Looking For
Winning Upstream: What Larger Customers Are Looking For BREADTH OF PORTFOLIO TECHNOLOGY DIFFERENTIATION SPEED OF INNOVATION CONSUMPTION COMMERCIAL MODELS TRADITIONAL ON - PREM CLOUD PUBLIC & PRIVATE UNIVERSAL ZTNA SECURITY HYPER SEGMENTATION HIGH CONCENTRATION ENTERPRISE WI - FI HIGH DISTRIBUTION BR
Slide 25: Extreme Fabric – The Only Fabric Built for Enterprises
Extreme Fabric – The Only Fabric Built for Enterprises • Enterprise wide reach – Data centers, campus and branch CAMPUS BRANCH • 90% less operational complexity STEALTH CORE • 10K+ deployments across all GEOs DATA CENTER and all verticals ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 25
Slide 26: The King of Complex Wi-Fi
“The King of Complex Wi - Fi” Broadest WiFi6E & WiFi7 portfolio: Entry, Mid - Tier, Premium Tier, indoor to outdoor AI - Powered Optimization and Troubleshooting Architecture Agnostic 100+ Venues across the world 5G-LTE and Wi-Fi Carrier Offload ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 26
Slide 27: Leader in Cloud Networking
Leader Is Cloud Networking • Cloud Continuum October 2025 Public, Private and On Premises 3.3 Million • Secure by Design ISO 27001, 27017, 27701 certified , SOC 2 & GDPR compliant, Devices connected CCPA/CPRA compliant • Sovereign Cloud Solution same cloud application in a fully air- gapped, on - pr
Slide 28: Platformization
Platformization ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 28
Slide 29: Platformization: The Value to the Customer
Platformization : The Value to the Customer End - to - end control Zero - friction Elimination of vendor through one platform Expansion across sprawl and integration risk adjacent applications Shared telemetry + shared AI = Compounding value: exponential intelligence every new module makes the whole
Slide 30: Platformization: The Value to the Company
Platformization : The Value to the Company Improved customer Gross margin lifetime value Scalable expansion through through platform innovation through Stronger recurring software mix shift stickiness shared data and a Larger share of wallet revenue base and unified AI engine through a unified highe
Slide 31: Why Are Platforms So Difficult To Build?
Why Are Platforms So Difficult To Build? They require multi - year, They demand a single, full - stack execution end - to - end data architecture across all products AI quality depends on scale, time, and cross - domain context Organizational integration The first - mover is a moat most vendors adva
Slide 32: Extreme Platform ONE: The First 90 Days
Extreme Platform ONE: The First 90 Days Strong Early Adoption Clear Behavioral Shift Early, Measurable AI - Driven Productivity Gains ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 32
Slide 33: Building an AI Moat
Building an AI Moat ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 33
Slide 34: Building an AI Moat
Clean Data is Not Optional for Enterprise AI Building Build AI for Unit Economics an AI Moat AI Moat Pillar #1: Complete, Unified Create Engineering Capacity Through AI data Across the Entire Portfolio AI Moat Pillar #2: Proprietary technology on top of AI + Platform = Advantage generally available
Slide 35: Driving Productivity
Anisha Vaswani Chief Information and Customer Officer Driving Productivity 35
Slide 36: How We're Leveraging AI at Extreme
How We’re Leveraging AI at Extreme AI Native Engineering AI in Employee Products Productivity Business Productivity ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 36
Slide 37: Optimizing For Scale
Optimizing For Scale Streamlined Application Footprint We’ve been on a 2+ year journey to modernize our Built for Scale To Support Growing SaaS Business applications tech stack Boost Employee Productivity ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 37
Slide 38: Productivity and AI Success Factors
Productivity and AI Success Factors Sales & Partner Configure Tech Support AI Assistant Price Quote 20% faster issue resolution Shorten Time to RFP Discount guidance and through AI based knowledge Responses price optimization IT Services Professional Services Renewals Management Deployment Retention
Slide 39: Customer One
Customer One Customer ONE: Extreme IT is always the first customer to use our own products, and this allows for a rapid feedback loop to our engineering and product organization. Goal Deliver better products to our customers, with features that Feature Deeper hit the mark and with the Early bug vali
Slide 40: Michael Parente
Michael Parente CIO & Vice President for Information Technology 40
Slide 41: Driving Growth at Scale
Monica Kumar Executive Vice President and Chief Marketing Officer Driving Growth at Scale 41
Slide 42: Success = 10% Strategy 90% Execution
Success = 10% Strategy 90% Execution Ingredients for Success: • Market Momentu m • Technology L eadership • Customer and Partner Outcomes • Quality of Execution at Scale ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 42
Slide 43: Extreme Is Well-Positioned in Cloud-Managed Campus Networking
Extreme Is Well - Positioned in Cloud - Managed Campus Networking Cloud - Managed Campus Networking Subscription TAM Top 3 $4 B Cloud - Managed Services Vendor 10% $2 B Cloud - Managed Services Share 2X Market SaaS ARR Growth $0 B 2024 2025 2026 2027 2028 2029 Source: 650 Group, Unified Access Q1/Q2
Slide 44: The Next Opportunity: AI Networking for Campus
The Next Opportunity: AI Networking for Campus Campus Networking TAM (Wired & Wireless) $37B 72% $29B AI Networking for Campus Market CAGR 2024 2025 2026 2027 2028 2029 AI Non-AI Source: 650 Group AI Networking (Campus) Q1/Q2 2025 reports & Unified Access Q1 2025 report; CAGR is CY24 - CY29 ©2025 EX
Slide 45: 2025 State of Networking: Changing Market Dynamics
2025 State of Networking: Changing Market Dynamics • Platformization is 74% accelerating have deployed agentic AI • AI is transforming the networking workforce 58% • Agentic AI is moving of leaders predict greater from theory to practice emphasis on AI/ML expertise 94% prefer AI natively built into
Slide 46: Ruthless Prioritization to Drive Growth and Scale
Ruthless Prioritization to Drive Growth and Scale Platform Adoption of Extreme Platform ONE Pipeline Perception Funnel Creation & Extreme Brand Conversion People Arm Sellers and Partners to Win More ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 46
Slide 47: Delivering on Our Brand Promise
Delivering on Our Brand Promise Extreme Simplicity Extreme Reliability Extreme Value ©2025 EXTREME NETWORKS, INC. ALL RIGHTS 47 RESERVED.
Slide 48: Market Reception Is Strong and Growing
Market Reception Is Strong and Growing November 2024 – November 2025 Industry Analyst Firms 2400 articles That Have Covered Extreme ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 48
Slide 49: Extreme Networks Is A Leader in the IDC MarketScape
Extreme Networks Is A Leader in the IDC MarketScape : Worldwide Enterprise Wireless LAN 2025 Vendor Assessment D ar et a e Worl i e ter rise Wireless N “Extreme Networks’ AI - powered network automation , flexible deployment options through its Universal Hardware, and expertise in high - density env
Slide 50: Building a Scalable Funnel Engine with PODs
Building a Scalable Funnel Engine with PODs A Strategic Initiative To Align Sales, Channel And Marketing To Drive Funnel THINK GLOBAL 19 PODs globally focused on sales, marketing and channel development SALES MARKETING ACT LOCAL Tailored vertical and GTM approach to drive results in local markets PI
Slide 51: Prescriptive Win Recipes: Fully Integrated Sales Plays
Prescriptive Win Recipes: Fully Integrated Sales Plays Segments, Define Use Cases, Align Launches, Campaigns Messaging Targets, Validated & Activities & Content Persona Solutions Sales and Measurement, Trials, Guided Execution Partner Analysis Tours, Demos & Rollout Enablement & Action & Offers & Tr
Slide 52: High Impact Programs to Enable POD Execution
High Impact Programs to Enable POD Execution CXO Program Piloted in AMER, now expanding to EMEA Growing 20% YoY FIRST EVER Extreme AI Summit 50+ cities globally Big Deal ($1M+) ROI and TCO Calculators Product Tours and Trials Progression Programs Business Value Technical Value ©2025 EXTREME NETWORKS
Slide 53: Strong brands build more than awareness
“ Strong brands build more than awareness — they build resilience. Our marketing investment today is creating the demand, loyalty, and leadership that define tomorrow’s growth. “ ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 53
Slide 54: GTM Trends And Strategy
Norman Rice Executive Vice President and Chief Commercial Officer GTM Trends And Strategy 54
Slide 55: CCO – Building Scale & Delivering Results
CCO – Building Scale & Delivering Results ©2025 EXTREME NETWORKS, INC. ALL RIGHTS 55 RESERVED.
Slide 56: Winning Upmarket: Building Infrastructure for Scale
Winning Upmarket: Building Infrastructure for Scale PODs Improved alignment between go to market teams by Region Big Deals Strengthened sales methodology Process Targeting Partner Programs and financial models to attract Larger larger reach partners Partners ©2025 EXTREME NETWORKS, INC. ALL RIGHTS R
Slide 57: Flexible Commercial Models
Flexible Commercial Models High Upfront Cost ▪ CAPEX weighted / enables MRR ▪ CAPEX weighted / lower ARR ▪ Partner Managed (MSP) ▪ Customer self - managed ▪ Partners owns SW title / Cust HW ▪ Customer owns HW/SW title ▪ MSP VAR sourced ▪ Traditional VAR sourced MSP Traditional Hybrid CAPEX Low Custo
Slide 58: Taking Advantage of Competitors Partner Disruption
Taking Advantage of Competitors Partner Disruption Resellers Managed Service Distributors Alliances Providers ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 58
Slide 59: Go-To-Market Success Factors
Go - To - Market Success Factors 168 >20 % 59% >$1M Customers in Bookings from >$1M New Customers are buying FY25 Logos “Full ta solutio s” 90 % 2x 14% Bookings from Partners MSP Bookings Up YoY Of New Subscription Bookings elli g “Full ta ” olutio s from New Commercial Models ©2025 EXTREME NETWORKS
Slide 60: Winning Up Market - Deal Size of New Logos is Growing
Winning Up Market - Deal Size of New Logos is Growing >$1M Bookings Deals as % of New Logo Deal Value 70% 60% 50% 40% 30% 20% 10% 0% FY20 FY21 FY22 FY23 FY24 FY25 $1M-$3M Deals >$3M Deals ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 60
Slide 61: Winning Upmarket In Enterprise
Winning Upmarket In Enterprise ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 61
Slide 62: Differentiated Technologies and Alternative Business Model - OPEX
Differentiated Technologies and Alternative Business Model - OPEX Power of innovation. Subsecond convergence with Fabric. Continuous opportunity. ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 62
Slide 63: Differentiated Technology and Global Scale to Support Long-time Customer
Differentiated Technology and Global Scale to Support Long - time customer. Supporting and Expanding Global – Las Vegas, Boston, Macau and UAE ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 63
Slide 64: Winning Up Market in Regulated Industries
Winning Up Market in Regulated Industries ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 64
Slide 65: Market Opportunity in Regulated Industries
Market Opportunity in Regulated Industries Public Sector & Highly Regulated Industries Sovereign Cloud opportunity Certified Campus Fabric Product Portfolio and regulated industries • Customers require private cloud and AI with certified • Japanese Government – Campus Fabric and Sovereign Cloud solu
Slide 66: Differentiated Technology – Sovereign Cloud Solutions
Differentiated Technology – Sovereign Cloud Solutions for Campus Fabric, Private Cloud and SD - WAN Standardized technology across the Japanese Federal Government >$20m booked / $50M+ opportunity ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 66
Slide 67: Differentiated Technology – Standardizing on Campus Fabric, Extreme WiFi and Platform One
Differentiated Technology – Standardizing on Campus Fabric, Extreme WiFi and Platform One Over 25% of the NHS Trusts in the UK are powered by Extreme's Enterprise Fabric ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 67
Slide 68: Growth Outlook
Kevin Rhodes Executive Vice President and Chief Financial Officer Growth Outlook 68
Slide 69: Financial Success Factors
Financial Success Factors $1.247 - 1.264B $618M $180M Revenue Forecast Deferred Recurring Annualized EBITDA FY26 Revenue $216M 36% 29% 24% YoY Growth in SaaS ARR Recurring Revenue % YoY EPS Growth in 1Q26 ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 69
Slide 70: Total Gross Margin
Total Gross Margin Mitigation Actions In Place, Including Pricing To Drive Margin Recovery 63.3% 62.0% 62.3% Expecting 61.3% High end of Range 61.4% 1Q26 GM% 2Q26 GM% 4Q26 GM% Guidance (F) ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 70
Slide 71: Flexible Commercial Models To Meet Customer Needs
Flexible Commercial Models To Meet Customer Needs Multiple Commercial Offers to Meet Customer Needs Focused on ARR Growth Managed Service Provider (MSP) 61 MSP Partners with Bookings Up 2x YoY For outsourced IT, with consumption billing Extreme Subscription Private Offer (ESPO) Unique Industry Offer
Slide 72: Revenue Growth Targets
Share Gains and Subscription Revenue Support Double Digit Revenue Growth Double Digit Revenue CAGR Revenue Growth Targets Subscription Product and Support 7- 9% 12- 14% Overall 10%+ FY25A FY26E FY27E FY28E FY29E ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 72
Slide 73: Financial Impact of Platformization
Financial Impact of Platformization Subscription & Support Separate Extreme Platform ONE Subscription + Support Combined 65 - 70% Subscription Attach Rate 95%+ Platform Attach Rate 90 - 95% Subscription Renewal Rate + 10- 15% ACV Uplift 65 - 70% Support Attach Rate 95%+ Renewal Rate 70 - 75% Support
Slide 74: Subscription ARR Growth Driven By Extreme Platform ONE
Subscription ARR Growth Driven By Extreme Platform ONE Target of $650M By FY29 $650M+ Extreme Platform ONE ExtremeCloud IQ $208M FY25A FY26E FY27E FY28E FY29E ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 74
Slide 75: Subscription Revenue to Exceed 80% of Recurring Revenue By FY29
Subscription Revenue to Exceed 80% of Recurring Revenue By FY29 $650M+ $412M FY25A FY26E FY27E FY28E FY29E Subscription Support ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 75
Slide 76: Recurring Revenue to Continue to Rise
Recurring Revenue to Continue to Rise 41% Recurring revenue 39% expands from 36% of total revenue in FY25 to 37% 41% in FY29 36% 36% FY25A FY26E FY27E FY28E FY29E Recurring Revenue as % of Total Revenue ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 76
Slide 77: Generating Strong Free Cash Flow and EBITDA
Generating Strong Free Cash Flow and EBITDA 25% 25% 20% 20% 15% 15% 10% 10% 5% 5% 0% 0% FY25A FY26E * FY27E FY28E FY29E FY25A FY26E FY27E FY28E FY29E Free Cash Flow FCF Margin Non GAAP EBITDA EBITDA % Margin Free Cash Flow = Extreme uses the non-GAAP free cash flow metric as a measure of operating p
Slide 78: Strong Outlook For Operating Leverage
Strong Outlook For Operating Leverage P&L LINE COMMENTARY LONG - TERM TARGET • Supply chain cost improvements Gross Margin • Mix shift to higher margin subscription business 64 – 66 % Research and • R&D investments in new AI - related products and Development solutions 15 – 17% Sales and • Expanding
Slide 79: FY26 Guidance
FY26 Guidance (In $M’s Except EPS) GAAP Non - GAAP 1 FY26 FY26 Revenue ($M) $1,247 – $1,264 $1,247 – $1,264 Gross Margin % 61.3% - 61.7% 61.9% - 62.3% Operating Margin % 4.3% - 4.6% 14.6% - 14.8% EPS $0.28 - $0.32 $0.99 - $1.02 1See slide 8 2 for GAAP to Non - GAAP reconciliation. ©2025 EXTREME NETW
Slide 80: f= Extreme
f= Extreme networks
Slide 81: Appendix
Appendix ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 81
Slide 82: GAAP to Non-GAAP Reconciliation – FY26 Guidance
GAAP to Non - GAAP Reconciliation – FY26 Guidance Gross Margin Operating Margin Earnings Rate Rate per Share GAAP 61.3% - 61.7% 4.3% - 4.6% $0.28 - $0.32 Estimated Adjustments for: Share - Based Compensation 0.5% 7.2% - 7.3% 0.68 Amortization of Product Intangibles 0.1% 0.1% 0.01 Amortization of Non