Slide 1: Investor Presentation
Investor Presentation February 12, 2026 CONFIDENTIAL – DO NOT DISTRIBUTE
Slide 2: Safe harbor statement
This presentation contains “forward-looking statements” that are based on our management’s beliefs and assumptions and on information available to management as of February 12, 2026. We intend for such forward-looking statements to be covered by the safe harbor provisions for forward-looking stateme
Slide 3: We are the pioneer of the biosensing industry
FIRST integrated CGM (iCGM) device, FIRST hypo alert setting to increase enabling integration with Automated user safety Insulin Delivery (AID) systems FIRST approval of dedicated app to FIRST CGM to connect directly to share glucose data with a caregiver Apple Watch We are the pioneer of the FIRST
Slide 4: Diabetes remains an escalating health and economic crisis
Diabetes remains an Diabetes diagnosis Prediabetes escalating health and Adults (aged 20-79) with diabetes globally1 Adults (aged 18+) with prediabetes in US2 economic crisis 853m in 2050E People diagnosed with diabetes have ~2.6x higher expenses than those without3 589m in 2024 More than 1 in 4 US
Slide 5: Our three priorities for Dexcom's next phase of growth
Our three priorities for Dexcom’s next phase of growth 01 02 03 Be the premier Set the standard for Expand international glucose sensing customer experience market share solution for all Built on a scalable foundation 5
Slide 6: Our mission is PERSONAL
Our MISSION is PERSONAL 6
Slide 7: 2025 performance
2025 performance • 2025 revenue of $4.662 billion, representing organic Top-tier growth of ~15% growth • Grew the active Dexcom base by 20%+ • Now serving approximately 3.5 million customers globally (excl. Stelo) • Secured broader coverage in the US with the 3 largest PBMs now covering Dexcom CGM f
Slide 8: 2026 outlook
2026 outlook FY26 guidance Objectives & considerations Revenue of • Gross margin expansion: $5.16 - $5.25 billion – Improved freight and manufacturing efficiencies compared to 2025 ~11 - 13% Growth – Growing contribution from G7 15 Day • Operating margin expansion even with incremental opex supporti
Slide 9: We have a long runway in our core US market
We have a Current ~% of US Market1 US Market Size long runway Penetration2 Lives Covered2 in our core US market Type 1 ~2.0 million ~60-65% Type 2 IIT ~2.5 million ~55-60% There are over 9 million people in the US who have reimbursement Type 2 Basal ~4 million ~20-25% and are not yet on CGM Type 2
Slide 10: Ensuring Dexcom's durable growth opportunity
Dexcom Type 2 NIT Registry1: (12-month real-world data) Significant improvement in A1C, weight, and BMI Improvement sustained over 12-month period Greater control regardless of age or medication regimen Ensuring Dexcom’s durable growth opportunity Utilization rates equivalent to MOBILE trial 1. Dexc
Slide 11: Ensuring Dexcom's durable growth opportunity
Ensuring Dexcom’s durable growth opportunity JUNE 2016 JUNE 2021 FIRST HALF 2026 DIAMOND RCT MOBILE RCT Type 2 Non-Insulin RCT Readout at ADA’s 76th JAMA publication and readout Planned readout and publication Scientific Sessions 11
Slide 12: International access expansion provides a significant growth lever
International access expansion provides a significant growth lever… Recent access win examples JAPAN 2023 Broad coverage established for all people using insulin FRANCE 2024 Opportunities in 2026 Broad coverage established for type 2 basal insulin and beyond We expect access wins to continue in 2026
Slide 13: …with our product portfolio driving market share gains
…with our product portfolio driving market share gains BROAD LIMITED TIERED REIMBURSEMENT MARKETS REIMBURSEMENT REIMBURSEMENT G-Series G-Series Dexcom ONE+ Dexcom ONE+ In 2026, we will add the next product to our international CGM portfolio 13
Slide 14: Leading the way in automated insulin delivery
Leading the way in automated insulin delivery (AID connectivity since 2018) (AID connectivity since 2022) (AID connectivity since 2022) (AID connectivity since 2023) Dexcom CGM has powered over 2.5 million patient years on automated insulin delivery…and counting1 1. Dexcom data on file. 14
Slide 15: Continuing innovation with Dexcom G7 15 Day
Continuing innovation with Improved accuracy • Dexcom G7 15 Day contains an updated algorithm with 8.0% MARD1 Longer wear-time • Sensor lifetime extended to 15 days + a 12-hour grace period Easy to use • 91% of users report G7 15 Day is easy or easier to use than their current CGM system2 1. Garg SK
Slide 16: Transforming the customer experience
Transforming the customer experience Introducing My Dexcom Account Unified digital experience Streamlined support Further updates to come in 2026 16
Slide 17: Finding your optimal dose through Dexcom Smart Basal
Finding your optimal dose through Dexcom Smart Basal Approximately half of customers who progress to mealtime insulin NEVER reach an optimal dose of basal insulin Faster solution Personalized dosing recommendations Better HCP workflow 17
Slide 18: Advancing the provider experience with simple workflows
Advancing the provider experience with simple workflows Dexcom Direct EHR Integration Quick and easy connection to customer CGM data Greatly simplifies clinician workflow Works across multiple EHR platforms Ability to scale across US and international markets 160+ health systems now live or onboardi
Slide 19: Driving earlier metabolic health intervention with Stelo
Driving earlier metabolic health intervention with Stelo highlights: ~$130M in 2025 revenue 500,000+ users since launch Strong majority share of the OTC CGM market Engaged user base: ~10M meals logged in months since launch of AI food logging feature 19
Slide 20: Our next step on the Stelo journey
Our next step on the Stelo journey Introducing a new Stelo app experience in 2026 Improved user Personalized More robust meal interface insights logging 20
Slide 21: Advancing scalability through operational resilience
Advancing scalability through operational resilience Quality management system Supply chain development Global manufacturing presence Enhanced procedures, test protocols, Strengthened alignment with key Ireland manufacturing facility on track and documentation processes suppliers and long-range plan
Slide 22: We are raising the bar for the biosensing industry
We are raising the bar for the biosensing industry 2018 2022-2023 COMING NEXT Dexcom G6 Dexcom G7 Dexcom G8 The most accurate sensor (another step change in glucose performance) Smallest sensor on market Zero fingersticks 60% smaller form factor (50% smaller form factor) Simple auto applicator Fully
Slide 23: We have a massive opportunity in future markets
We have a massive opportunity in future markets Gestational Diabetes Inpatient Prediabetes ~14 million dysglycemic ~400k per year1 ~98 million3 events per year2 50%+ reduction in c-sections, preterm >50 peer reviewed publications since Early diagnosis and lifestyle deliveries, large-for-gestational-
Slide 24: Summarizing the Dexcom investment case in 2026
Summarizing the Dexcom investment case in 2026 11-13% 200+ bps of Greater than revenue growth gross margin $1.5B of adjusted expansion EBITDA We expect to generate over $1 billion of free cash flow in 2026 24
Slide 25: Our Purpose
Our Community Our Purpose 25