Sangoma Technologies Corporation · TSX:STC
Sangoma Technologies — Investor Presentation (February 2026)
26 slides from Sangoma Technologies's investor presentation, February 2026
Slide 1: Sangoma Investor Presentation February 2026
Sangoma Investor Presentation February 2026
Slide 2: Disclaimer
Disclaimer Ge neral This pre sen tation is pro perty of San goma Technologie s Corpor atio n (the “Company”, “Sa ngoma”, “us” or “we”). It cannot be circulated or forwarded with out our consent. Any gra phs, tables or other information demon strating our historical per for ma nce or that of any othe
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 Industry-Focused Solutions through a Common Platform Personalized at Scale 3
Slide 4: Sangoma at a Glance
Sangoma at a Glance 2.6M 100K 650+ 10 Years UC Seats Customers Employees Gartner® Magic Quadrant $209M 92% <1% $42M Fiscal 2025 Recurring Customer Churn2,3 Fiscal 2025 Net Cash Revenue1 Revenue2 Generated from Operating Activities1 1. As of June 30, 2025, Revenue excludes contribution from VoIP Supp
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 priorities, • Fully integrated siloed acqu
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: Essential Communications, Made Personal
Essential Communications, Made Personal Evolving Brand and Identity AI Maturity Provider of Essential Essential and Voice, UCaaS Communications Personalized Provider Provider / Digital Integrator Communications Today • A common platform to enable personalized experiences and 3rd party integrations •
Slide 9: Strategic Shift: From Voice Provider to Solution Integrator
Strategic Shift: From Voice Provider to Solution Integrator Sangoma is evolving from a voice-centric provider into a communications, network, and security solution integrator, purpose-built for vertical markets. Key Focus Areas Vertical-led Strategy Solution Aggregation Partner-first GTM Healthcare,
Slide 10: 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 11: Large TAM Provides Opportunity for Scaled Platforms
Large TAM Provides Opportunity for Scaled Platforms +$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 11
Slide 12: Platform and Capital Readiness to Support Scale
Platform and Capital Readiness to Support Scale Transformation Completion Sets Foundation for Next Phase: • Core platforms and systems consolidated in F2025, simplifying execution and integration • Low leverage and strong free cash flow provide flexibility to pursue scale opportunistically 0.8x $33M
Slide 13: 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 13
Slide 14: Recent Mid-Market Wins Reflect Momentum
Recent Mid-Market Wins Reflect Momentum Distributed Retail Full-Service Wholesale Prem to Cloud Carrier Services $150k MRR $12k MRR $4k MRR $20K MRR Large distributed retail customer A large healthcare organization A privately held engineering and A nation-wide cloud voice and with 350-plus location
Slide 15: Signals point to improving GTM performance
Signals point to improving GTM performance Backfilled the pipeline alongside strong Q2 FY26 Bookings Pipeline activity Q2 FY26 MRR bookings increased 67% Bookings sequentially and 60% year-over-year Sequential growth in Q2 FY26 executed on plan; FY 2026 Revenue guidance narrowed with organic Y/Y gro
Slide 16: Pivoting to Growth – Focus Areas
Pivoting to Growth – Focus Areas 16
Slide 17: 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 Gross Margin 69.0% +600 bps ~74% Financial Metrics Adj. EBITDA Margin 17.3% Up to +70 bps 16-18% Free Cash Flow $19.3 MM +70% $32.9 MM FY2025 Net Deb
Slide 18: Sticky Customers with High Margin Recurring Revenue
Sticky Customers with High Margin Recurring Revenue Churn as a % of Gross Margin2 Revenue Mix2 2.6M Services Rev1 Product UC seats <1% 74% ~90% Churn Recurring 100K+ Customers Services 1. For the 12 months ended June 30, 2025 2. Q2 F2026 18
Slide 19: Focused on High Margin Core Platform and Services
Focused on High Margin Core Platform and Services Revenue1 and Growth Rate2 ($M) -2.1% -4.3% -1.2% $252.5 $247.3 $236.9 $205-$208 Gross Profit and Gross Margin ($M) 68% 70% 68% ~74% $172.8 $172.8 $161.7 1. FY2026 represents the midpoint of guidance range of $205-$208M in revenue and 16-18% Adj. EBIT
Slide 20: Strong Cash Flow Generation and Debt Reduction
Strong Cash Flow Generation and Debt Reduction Profitability Metrics ($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 21: 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 21
Slide 22: Appendix
Appendix 22
Slide 23: 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 24: 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 25: 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 26: investorrelations@sangoma.com
investorrelations@sangoma.com 26
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