D2l, Inc. · TSX:DTOL
D2l — FY2026 Earnings Presentation
20 slides from D2l's earnings presentation, April 2026
Slide 1: Transform the way the world learns
Transform the way the world learns JOHN BAKER, FOUNDER & CEO JOSH HUFF, CFO April 2026 D2L has a fiscal year ended January 31 All figures are U.S. dollar denominated, unless otherwise noted
Slide 2: Disclaimer
Disclaimer Unless otherwise stated or the context otherwise indicates, all references to “D2L”, the “Company”, “we”, “us” or “our” refer to D2L Inc., together with our subsidiaries, on a consolidated basis. Forward-Looking Information This presentation and the accompanying oral statements, including
Slide 3: Our vision is a better world where learning can be accessible
Our vision is a better world where learning can be accessible, engaging, and inspiring. Our mission is to transform the way the world learns. 3
Slide 4: A global learning technology leader
A global learning technology leader 25+ 1,500+ 40+ 21M+ years customers countries users transforming learning 1) Figures are as of January 31, 2026. 4
Slide 5: D2L Brightspace LMS: Core Operating System
D2L Brightspace LMS: Core Operating System ARTIFICIAL INTELLIGENCE EASE-OF-USE PURE CLOUD Learners Instructors • Submit assignments • Create and modify course content • Participate in classes • Moderate and submit • Complete quizzes/tests grades • Collaborate on group • Communicate with projects lea
Slide 6: A modern learning platform uniquely serving multiple markets
A modern learning platform uniquely serving multiple markets Education Corporate Higher Employee Education K-12 Training Organizations Learning 65-70% ~10% 20-25% ARR1 ARR1 ARR1 1) ARR refers to Annual Recurring Revenue; represents % of total Annual Recurring Revenue for the period ended January 31,
Slide 7: Growth, scale, stability and strong fundamentals
Growth, scale, stability and strong fundamentals Top-Line Growth Scale Advantage of scale 10% FY26 Subscription & Support Growth in Subscription & Support Revenue to $198.4 million $220M Annual Recurring Revenue2 supports our market position across Higher Ed, Corporate and K-12 Revenue Growth1 Growi
Slide 8: The central nervous system for learning
The central nervous system for learning Core system of engagement & system of record Highly secure, extensible system operating at scale Regulated, mission-critical environments Deeply embedded platform with high switching costs At the center of partner ecosystem ~16 years1 Customer Lifetime Value 2
Slide 9: Key growth pillars
Key growth pillars Expand corporate employee training Platform expansion • Build on early market success with targeted and upsell go-to-market focus Build international • Strategic investments • Expand platform through customer base innovation/R&D and to round out product Expand customer additional
Slide 10: LMS: NA Higher Ed
NA Higher Ed #2 market share by enrollments1 50% NA Higher Education1 LMS WIN RATE Recent Wins: • Cincinnati State Technical & Community College • Henry Ford College • Okanagan College • University of Central Arkansas • University of Central Missouri 1) Phil Hill Higher Education LMS Market Dynamics
Slide 11: Build international customer base
Build international customer base 75%+ of higher education learners2 7 of the - NETHERLANDS 75% 70%+ of Higher Ed institutions top 10 private universities by ranking2 - COLOMBIA of higher education institutions2 - SINGAPORE on legacy systems1 MARKET SHARE BY LMS PLATFORM1 Moodle Blackboard Canvas Br
Slide 12: Platform expansion and upsell
Platform expansion and upsell ~50% of customers with more than one core module Voted easiest to use LMS, Brightspace is packed with powerful tools, customizable content and best-in-class service and support. 100.9% Creator+ Accessibility+ Constant Currency Create advanced, engaging, Automatically fi
Slide 13: AI-enabled learning
AI-enabled learning D2L Lumi suite drives educator productivity, learner personalization, and institutional insights Educator/Author Learner Leadership AI-assisted course design and 24/7, in-context AI tutoring Insights into learner performance and content creation progression Personalized practice,
Slide 14: Expand corporate employee training
Expand corporate employee training Employee Training Organizations Learning Training Organizations / Associations Employee Learning Historical strength with strong product- Solid foundation – customer base, team market fit Targeted product investment – expand use Replicating success internationally
Slide 15: Track record of growth
Track record of growth TOTAL REVENUE ANNUAL RECURRING REVENUE1 ADJUSTED GROSS PROFIT2 (US$ millions) (US$ millions) (US$ millions) $151 $217 $220 $142 $205 $200 $123 $182 $188 $168 $168 $108 $152 $155 $96 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 12 months ended Jan
Slide 16: FY2026 Highlights
FY2026 Highlights1 TOTAL REVENUE SUBSCRIPTION AND ADJUSTED GROSS ADJUSTED CASH FLOW FROM (US$ millions) SUPPORT REVENUE PROFIT/MARGIN2 EBITDA/MARGIN2 OPERATIONS Solid execution (US$ millions) (US$ millions) (US$ millions) (US$ millions) in current environment 6% 10% 7% 17% 54% • 10% growth Subscript
Slide 17: Effectively balancing growth and profitability
Effectively balancing growth and profitability FY24A FY25A FY26A FY27E Medium Term3 Subscription & Support $162.2M $180.6M $198.4M $212M-$214M Revenue Cost of Revenue1 33% 32% 31% 10-15% annual revenue growth Operating Expenses1 71% 65% 63% 18-20% Adjusted Gross Profit Margin1,2 67% 69% 70% Adjusted
Slide 18: Deep and experienced leadership team
Deep and experienced leadership team John Baker Lee Poteck Anna Forgione Josh Huff CEO CRO CLO & Corporate Secretary CFO Joined D2L 2013; formerly GC Americas, Founded D2L in 1999 at the age of 22; Joined D2L 2014; formerly Joined D2L 2012; formerly RIM Business Council of Canada, past member of (Bl
Slide 19: Board of directors with industry leadership
Board of directors with industry leadership J. Ian Giffen Tim Connor The Right Honourable David Johnston Tracy Edkins Lead Independent Board Member Independent Board Member C.C., C.M.M., C.D. Independent Board Member Current board member of CSA Group; Former board Partner, NewView Capital, a growth
Slide 20: AI-first learning platform for the future of work and learning
AI-first learning platform for the future of work and learning Large addressable market Singular cloud platform driven by long-term growth Success at scale with serving all education and trends, including corporate 1,500 customers in corporate markets and upskilling and digitization of more than 40