Slide 1: Investor Presentation Q4 Fiscal 2026
Investor Presentation Q4 Fiscal 2026
Slide 2: Safe Harbor Disclaimer
Safe Harbor Disclaimer This presentation contains “forward-looking statementsˮ within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Navanʼs anticipated total revenue, non-GAAP income (loss) from operations, and non-GAAP opera
Slide 3: FY 2026: Strong Growth and Expanding Margins
FY 2026: Strong Growth and Expanding Margins $702 31% $537 $511 33% $372 73% 69% $37 5% $25 5% FY 2025 FY 2026 FY 2025 FY 2026 FY 2025 FY 2026 Revenue $M Non-GAAP Gross Profit $M Non-GAAP Income from % YoY Growth % Non-GAAP Margin* Operations $M |3 % Non-GAAP Margin* Note: Refer to appe
Slide 4: Q4 FY 2026: Accelerating Growth And Expanding Margins
Q4 FY 2026: Accelerating Growth And Expanding Margins $178 35% $132 $128 $0.8 34% $90 72% 0.4% 68% $14 NM Q4 FY Q4 FY Q4 FY Q4 FY Q4 FY Q4 FY 2025 2026 2025 2026 2025 2026 Revenue $M Non-GAAP Gross Profit $M Non-GAAP Income from % YoY Growth % Non-GAAP Margin* Operations $M |4 % Non-GAAP M
Slide 5: Fiscal 2026 Financial Summary (GAAP)
Fiscal 2026 Financial Summary (GAAP) Summary Income Statement $M FY‘26 FY‘25 YoY Change Usage Revenue $640 $490 31% Subscription Revenue $62 $46 33% Total Revenue $702 $537 31% Cost of Goods Sold $202 $170 Gross Profit $500 $367 36% Gross Margin 71% 68% 3% Research & Development $151 $122 Sales &
Slide 6: Fiscal 2026 Financial Summary (Non-GAAP)
Fiscal 2026 Financial Summary (Non-GAAP) Summary Income Statement $M FY‘26 FY‘25 YoY Change Usage Revenue $640 $490 31% Subscription Revenue $62 $46 33% Total Revenue $702 $537 31% Non-GAAP Cost of Goods Sold $191 $165 Non-GAAP Gross Profit $511 $372 37% Non-GAAP Gross Margin 73% 69% 4% Non-GAAP
Slide 7: Guidance Summary
Guidance Summary Q1 FYʼ27 YoY % Full Fiscal Year YoY % Guidance Guidance Estimated) Change 2027 Estimated) Change Total Revenue Total Revenue $204 $206 30%1 $866 $874 24%1 $M $M Non-GAAP Non-GAAP Income from $4.5 $5.5 85% 1 Income from $58 $62 61%1 Operations$M Operations $M Non-GA
Slide 8: Fiscal 2026 KPIs
Fiscal 2026 KPIs $9.1 38% $6.6 $4.1 $3.7 13% FY 2025 FY 2026 FY 2025 FY 2026 GBV $B Payment Volume $B % YoY Growth % YoY Growth |8 Note: Year-over-year growth for FY2026 compared to FY2025.
Slide 9: Mission: Make travel easy for every traveler
Mission: Make travel easy for every traveler by being the best travel agency on the planet |9
Slide 10: Navan at a Glance
Navan at a Glance FYʼ26 FYE 2026 Jan 31 LTM FYʼ26 LTM FYʼ26 Revenue Active Gross Booking Payment Customers1 Volume Volume $702M 12,500+ $9.1B $4.1B 31% YoY Growth 38% YoY Growth 13% YoY Growth Estimated Total Average Time FYʼ26 Average FYʼ26 Average Addressable to Book2 NPS3 CSAT3 Market 4, 5 ~7 m
Slide 11: A Win-Win-Win Solution
A Win-Win-Win Solution Users Customers Suppliers Delightful, Time Saving 15% Median Access to High-Value Experience Travel Savings1 Customer Base ● Highly personalized ● Increased user adoption ● Flexible retailing and brand Centralized platform for user control ● ● Real-time visibility into spend
Slide 12: Fragmented ecosystem, Broken user experiences, Wasted time and money
Fragmented = Broken user = Wasted time ecosystem experiences and money T&E management Manual, outdated systems Industry average time to ecosystem is fragmented limited support book is long, with low NPS and outdated No visibility Travel Payments Avg. time to book a trip TMC HRIS Expense OBT 45 Min C
Slide 13: Navan's Revolutionary Approach
Navan’s Revolutionary Approach Trip Planning Booking Pre-trip Setup In-trip Management Expense Management Ability to curate results based Deepest range of Critical travel alerts and Differentiated support Real-time visibility into expenses on prior preferences and content on the market increased emp
Slide 14: Navan's End-to-End Platform
Navan’s End-to-End Platform Navan Native Applications Enterprise Integrations Web Apps Mobile Apps Admin Apps Omnichannel White Label SSO Expense Management Native Apps and Support Travel Solution ERP Bank/Credit Card Integrations HRIS Workplace Tools AI Layer Navan Cognition Fraud Detection Automat
Slide 15: AI is a Cornerstone of Our Platform
AI is a Cornerstone of Our Platform Total Bookings Virtual Agent CSAT1 90% online or through mobile 81% on par with human agent apps on the Navan Platform performance Offsets Average Time 50%+ of agent interactions 7 mins to book a trip vs. industry average of 45 minutes2 Specialized virtual agents
Slide 16: Navan's AI Advantages
AI Innovation Navan Cognition Navan Cloud Data Navan’s AI Proprietary AI framework Global real time inventory AI is fueled by data - with that allows us to train and network, built by over a over 12,500 customers as Advantages deploy unsupervised, decade of face to face of January 31, 2026, highly r
Slide 17: Navan Edge: Our AI Advantages Power the Next Generation of Travel
Navan Edge: Our AI Advantages Power the Next Generation of Travel Booking and Experience
Slide 18: The "Amazon" for Travel
Business travel Program Bleisure administration travel The “Amazon” for Travel Reporting and analytics Meetings and Events A frequent-traveler- centric approach Expense VIP management Payments | 18 Loyalty Confidential 2024
Slide 19: Leadership
Leadership Ariel Cohen Ilan Twig Aurélien Nolf Michael Sindicich Nina Herold Ofer Ben-David Hilary Phillips CEO & Co-Founder CTO & Co-Founder Chief Financial Officer President CEO, Reed & Mackay, Chief Operating Chief of Staff to CEO A Navan Company Officer Grant McGrail Howard Baik Yoad Shraybom Yu
Slide 20: Our Track Record of Innovation
Our Track Record 2025 Advanced analytics Card-linking with 200+ banks and BrexPay 2024 of Innovation Revamped Navan Rewards for personal travel Acquired Regent Italy AI through integration with Ava and Cognition 2023 Navan Connect for corporate card linking Acquired Tripeur India Launched expens
Slide 21: Navan Growth
Navan Growth | 21
Slide 22: Allows us to Attack a Massive Estimated Market
Managed Business Travel 1 $30B 35% of Business Travel Management Revenue Opportunity Unmanaged Business Travel 1 $56B 65% of Business Travel Our End-to-End Solution Management Revenue Opportunity Allows us to Attack a Massive 1 Bleisure $24B $185B Estimated Total Revenue Estimated Market Opportunity
Slide 23: Competitive Landscape and Why We Win
Competitive Landscape and Why We Win OBT Online Booking tool: Concur, Spotnana Legacy OBT + TMC Travel Management Company: CWT, BCD Travel, Amex Global Business Travel, Direct Travel, FCM, CTM TMC Model Generally for larger or Why we win: more global companies Advanced Travel More Automated, Con
Slide 24: SLG and PLG Case Studies
SLG Case Study PLG Case Study Global Healthcare Leading LLM Company Developer Company Size Existing Solution Company Size Existing Solution $30 billion Market Capitalization Legacy Online 200 Employees1 Unmanaged 53,000 Employees Booking Tool & TMC Trigger Sales Cycle Trigger Launch Company had rec
Slide 25: Broad and Diverse Customer Base Spans Industries and Geos
Our Approach is Working Broad and Diverse Customer Base Spans Industries and Geos 38% of Revenue from International Customers No Single Platform Customer Contributing More than 2% of Revenue | 25 Note: All metrics are for FYʼ26.
Slide 26: Financial Summary
Financial Summary NAVAN | 2s
Slide 27: How Our Business Works
How Our Business Works Usage-Based Usage Gross Booking Payment Revenue Yield1 Volume Volume $640M 90% of Total Revenue 7% $9.1B $4.1B • Commission rate from supplier FYʼ26 Revenue • Per trip / per transaction fee $702M • Net interchange fees on payments through Navan issued cards Subscription Reven
Slide 28: Businesses Continue to Prioritize Face-to-Face Connections
Businesses Continue to Prioritize Face-to-Face Connections Seasonality1 16% Annualized Growth 7% 0.1% TSA Navan BTI Business Travel GBTA Overall Travel Index3 2 Based on Navan BTI ) Based on TSA Data4) 1 | 28 The Business Travel Index is compared against a TSA index, constructed with the same meth
Slide 29: Breakthrough Applications of AI Have Transformed Gross Margin Structure
Breakthrough Applications of AI Have Transformed Gross Margin Structure 73% 69% 62% More than 50% of support interactions are handled without live agent intervention 1 FY24 FY25 FY26 Non-GAAP Gross Margin % | 29 Note: Refer to appendix for a reconciliation of non-GAAP to GAAP metrics for the perio
Slide 30: Proven Ability to Drive Operational Improvements
Proven Ability to Drive Operational Improvements Non-GAAP Operating Leverage 20% 21% 17% 17% 37% 39% 36% 39% 17% 14% 18% 15% FY2025 FY2026 Q4 FY2025 Q4 FY2026 = Non-GAAP Research & Development = Non-GAAP Sales & Marketing = Non-GAAP General & Administrative as % of Revenue as % of Revenue as % of Re
Slide 31: Our Efficient Business Model
Our Efficient Business Model Understanding Seasonality of Consistent Margin Improvement Our Operating Margin LTM Non-GAAP Operating Margin Non-GAAP Income Loss from $25 Operations $M 5% 3% $37 $46 $12 $6 $6 $14 $3 $8 $1 1% 2% 5% 11% 22% 32% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
Slide 32: Navan in Review
Redefining how companies manage User-first, business travel, AI-enabled, expense, and end-to-end platform Navan in payments Review Massive and Proven growth underpenetrated and unit market economics at scale | 32
Slide 33: Thank you!
Thank you!
Slide 34: Appendix
Appendix NAVAN | 34
Slide 35: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation (in millions, except percentages) Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Revenue $110.3 $98.4 $120.9 $132.8 $151.1 $132.0 $157.5 $172.0 $194.9 $177.9 GAAP loss from operations 61.4 67.0 31.0 24.4 19.5 32.8 15.9 1
Slide 36: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation LTM figures in millions, except percentages) Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 LTM Revenue $429.0 $462.4 $503.2 $536.8 $573.4 $612.5 $656.3 $702.3 LTM GAAP loss from operations 226.1 183.8 141.8 107.6 92.6 80.4 140.2 196.9
Slide 37: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarter Ended January 31 (in millions, except percentages) FY25 FY26 FY25 FY26 Revenue $536.8 $702.3 $132.0 $177.9 GAAP loss from operations 107.6 196.9 32.8 89.5 Add: Stock-based compensation 77.4 184.7 17.5 44.7 expense-related charges Add: Amortization of i
Slide 38: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Quarter Ended January 31 (in millions, except percentages) FY24 FY25 FY26 FY25 FY26 Revenue $402.3 $536.8 $702.3 $132.0 $177.9 GAAP gross profit 239.6 367.0 500.5 89.2 125.8 Add: Stock-based compensation expense-related charges 4.8 4.6 10.5 1.1 1.7 Add: Amortization o
Slide 39: GAAP to Non-GAAP Reconciliation (1/2)
GAAP to Non-GAAP Reconciliation (1/2) Fiscal Year Ended January 31 Quarter Ended January 31 2025 2026 FY25 FY26 (in millions) Revenue $536.8 $702.3 $132.0 $177.9 GAAP Cost of goods sold $169.8 $201.8 $42.7 $52.1 Subtract: Stock-based compensation expense-related charges 4.6 10.5 1.1 1.7 Subt
Slide 40: GAAP to Non-GAAP Reconciliation (2/2)
GAAP to Non-GAAP Reconciliation (2/2) Fiscal Year Ended January 31 Quarter Ended January 31 2025 2026 FY25 FY26 (in millions) GAAP Sales and marketing $218.7 $342.7 $57.1 $117.3 Subtract: Stock-based compensation expense-related charges 17.5 47.3 4.1 9.7 Subtract: Amortization of intangible