Slide 1: The Power of the Sonos System
Investor November The Power of the Sonos System Presentation 2025
Slide 2: The Power of the Sonos System
The Power of the Sonos System Sonos and Sonance Sonos and Sonance Era 100 Sonos and Sonance Roam 2 Era 100 Move 2 Era 300 Arc Ultra Sonos Ace Sub 4 Amp Amp
Slide 3: Disclaimers
Investor Presentation November 2025 The Power of the Sonos System Disclaimers Forward-looking Statements This presentation contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding our outlook for the fiscal quarter ending
Slide 4: At a Glance
Our Purpose Our Product To elevate life The Sonos System: unites every through sound. dimension of sound into one Investor Presentation November 2025 The Power of the Sonos System connected platform. At a Glance 4
Slide 5: The Sonos System
The Sonos System Investor Presentation November 2025 The Power of the Sonos System At a Glance Home Theater Speakers Headphones Components Control & Content Bringing sound to life Designed for every Personalizing home Connecting pros and Making the System for the most important space inside and thea
Slide 6: A Profitable Global Business That's Positioned for Growth
A Profitable Global Business That’s Positioned for Growth Investor Presentation November 2025 The Power of the Sonos System $1.44B FY25 Revenue 6% Share of the Global 43.7% FY25 GAAP Gross Margin $132M FY25 Adjusted EBITDA, 9.2% Margin Premium Audio Market 45.2% FY25 Non-GAAP Gross Margin +23% YoY At
Slide 7: Sonos is One of a Kind
Sonos is One of a Kind The Sonos System unites every dimension of Investor Presentation November 2025 The Power of the Sonos System Unique Platform Model sound — music, movies, stories and conversations — into one connected platform. Large Opportunities for Growth Only 6% penetration of $24B TAM, wi
Slide 8: Sonos is Every Dimension in Sound
Sonos is Every Dimension in Sound Investor Presentation November 2025 The Power of the Sonos System Home theater Premium sound Iconic design Spatial audio Seamless Multi-room control The Sonos System is greater than Unique Platform Model the sum of its parts. Voice control Portables The Sonos app Ai
Slide 9: Sonos is a Platform for Growth
Sonos is a Platform for Growth Investor Presentation November 2025 The Power of the Sonos System Differentiation Expansion Our portfolio of integrated Value compounds with every hardware and software defines product and room added. our position as the premier platform for sound in the home. Unique Pla
Slide 10: Sonos is the Premier Sound Platform
Sonos is the Premier Sound Platform Audio brands don’t build ecosystems. Investor Presentation November 2025 The Power of the Sonos System Tech giants won’t open their walled gardens. Access Control and content players are isolated islands. Only Sonos brings them all together Unique Platform Model A
Slide 11: Sonos Platform Growth in FY25
Sonos Platform Growth in FY25 More Households 17.1 More Devices 53.4 Investor Presentation November 2025 The Power of the Sonos System 16.3 50.4 15.3 46.6 Households grew 14.0 Registered products grew +5% YoY to 17.1M +6% YoY to 53.4M 41.8 12.6 37.1 10.9 Existing households were 31.6 45% of registra
Slide 12: Total Addressable Market
Total Addressable Market The global premium Investor Presentation November 2025 The Power of the Sonos System audio market is a $24B opportunity. Growth Opportunities 6% current market share FY25 Revenue Untapped Opportunity Source: Futuresource CY2024, Premium defined as $100+ wireless speakers, $20
Slide 13: Key Levers to Drive Growth
Key Levers to Drive Growth Investor Presentation November 2025 The Power of the Sonos System Add New Households Increase Lifetime Value Launch new products Grow Revenue per Household (ARPU) Avg. Lifetime Revenue per Customer 17.1 16.3 Deepen penetration in existing markets 15.3 Increase products per
Slide 14: Global Presence
Global Presence Based on the foundation we’ve built in Investor Presentation November 2025 The Power of the Sonos System FY25 Revenue our existing markets, we see significant By Geography opportunity to expand our geographic presence #1 in premium home theater2 in US Americas $923M 64% EMEA $441M 31%
Slide 15: Large Opportunity Within Existing Households
Large Opportunity Within Existing Households Investor Presentation November 2025 The Power of the Sonos System 61% of households own multiple products $5B Growing average multi-product households from 4.49 → 6 = $5B revenue opportunity 10.4M x 1.51 incremental products x $312 revenue/product = $5B 3
Slide 16: Broad and Valuable IP Portfolio
Broad and Valuable IP Portfolio Sonos’ US Overview of Portfolio Over 1,900 issued US patents Total U.S. Patent Applications Patent Portfolio Investor Presentation November 2025 The Power of the Sonos System Total U.S. Issued Patents 800+ US applications pending 4,700+ patents globally Established Va
Slide 17: The Sonos Brand: Premium, Trusted, Loved
The Sonos Brand: Premium, Trusted, Loved Strength Partnerships Scale Investor Presentation November 2025 The Power of the Sonos System The Standard for Connected Audio Extended Reach & Reinforced Global Footprint Sonos defines what quality and design mean in Position 17M+ households with 53M+ devices
Slide 18: Transforming Our Business to Drive Faster Innovation, Stronger Margins
Transforming Our Business to Drive Faster Innovation, Stronger Margins, and Greater Efficiency Improved Profitability Investor Presentation November 2025 The Power of the Sonos System FY25 AEBITDA Shop now +23% YoY Research & Sales & General & Development Marketing Administration FY25 AEBITDA of $132M,
Slide 19: Sonos Fiscal 2025 Results
The Power of the Sonos System 19 Investor Presentation November 2025 Sonos Fiscal 2025 Results Sonos Fiscal 2025 Results
Slide 20: Fiscal 2025 Financial Highlights
Fiscal 2025 Financial Highlights Investor Presentation November 2025 The Power of the Sonos System Non-GAAP GM % Installed Base Revenue 17.1M Household $1.44B 45.2% +5% YoY -5% YoY -60bps YoY 53.4M devices, +6% YoY, and higher devices per Gained $ share in both US and EMEA premium HT Relatively stab
Slide 21: Fiscal 2025 New Product Introductions
Fiscal 2025 New Product Introductions Arc Ultra Sub 4 Era 100 Pro Software Platform Investor Presentation November 2025 The Power of the Sonos System Fiscal 2025 Results Featuring breakthrough Sound The next generation of our iconic Offered exclusively through our Continual enhancements across Motion
Slide 22: Fiscal 2025 Trended Financial Summary
Fiscal 2025 Trended Financial Summary NET REVENUE GROSS MARGIN Investor Presentation November 2025 The Power of the Sonos System Decrease driven by challenges Relatively stable, non GAAP early in the year resulting from our down -60 bps despite price 2024 app rollout, partially offset by decrease on
Slide 23: Fiscal 2025 Revenue Detail
Fiscal 2025 Revenue Detail Investor Presentation November 2025 The Power of the Sonos System BY GEOGRAPHY BY CHANNEL Fiscal 2025 Results Americas 57% 57% 60% 63% 66% 64% Retail/Other 63% 59% 56% 55% 55% 57% EMEA 36% 36% 33% 31% 28% 31% DTC 21% 24% 23% 24% 23% 21% APAC 8% 7% 7% 5% 5% 5% IS 15% 17% 21
Slide 24: Fiscal 2025 Operating Expense Trend
Fiscal 2025 Operating Expense Trend FULL-TIME EMPLOYEES RESEARCH AND DEVELOPMENT Investor Presentation November 2025 The Power of the Sonos System Efficiencies resulting from reorganizations and restructuring Reductions due to cost optimization efforts: Excludes 3rd party resources to supplement our wo
Slide 25: Fiscal 2025 Balance Sheet and Cash Flow
Fiscal 2025 Balance Sheet and Cash Flow CASH BALANCES INVENTORIES Investor Presentation November 2025 The Power of the Sonos System Cash and marketable Total inventories decreased securities of $228M ($53M -26% YoY due to: short duration t-bills) 1. comping over inventory build ahead of launch of Ar
Slide 26: Fourth Quarter Fiscal 2025 Results
The Power of the Sonos System 26 Investor Presentation November 2025 Fourth Quarter Fiscal 2025 Results Fourth Quarter Fiscal 2025 Results
Slide 27: Fourth Quarter Fiscal 2025 Financial Highlights
Fourth Quarter Fiscal 2025 Financial Highlights Investor Presentation November 2025 The Power of the Sonos System Revenue Non-GAAP GM % Non-GAAP OpEx1 $288M 45.1% $135M +13% YoY +410bps YoY -6% YoY Strong demand fueled by strength in home theater Significantly higher due to one-time reserves last yea
Slide 28: Fourth Quarter Fiscal 2025 Financial Summary
Fourth Quarter Fiscal 2025 Financial Summary NET REVENUE GROSS MARGIN Investor Presentation November 2025 The Power of the Sonos System Growth of +13% due to strong Gross margin increased YoY demand growth fueled by driven by one-time reserves strength in home theater related last year, cost savings
Slide 29: Fourth Quarter Fiscal 2025 Operating Expense Trend
Fourth Quarter Fiscal 2025 Operating Expense Trend STOCK-BASED COMPENSATION RESEARCH AND DEVELOPMENT Investor Presentation November 2025 The Power of the Sonos System Down -13% YoY driven by Reduction drive by cost reorganizations that removed senior optimization efforts: management layers as well as
Slide 30: Fourth Quarter Fiscal 2025 Balance Sheet and Cash Flow
Fourth Quarter Fiscal 2025 Balance Sheet and Cash Flow CASH BALANCES INVENTORIES Investor Presentation November 2025 The Power of the Sonos System Cash and marketable securities of Total inventories decreased -26% $228M ($53M short duration YoY due to: t-bills) 1. comping over inventory build ahead
Slide 31: Outlook
The Power of the Sonos System 31 Investor Presentation November 2025 Outlook Outlook
Slide 32: First Quarter Fiscal 2026 Outlook
First Quarter Fiscal 2026 Outlook Investor Presentation November 2025 The Power of the Sonos System Revenue GAAP Gross Margin $510M to $560M 44% to 46% -7% to +2% YoY +20 to +220 bps YoY Expecting underlying demand to grow slightly YoY at the midpoint due to Arc Ultra Non-GAAP Gross Margin expected
Slide 33: Appendix
The Power of the Sonos System 33 Investor Presentation November 2025 Appendix Appendix
Slide 34: Disclaimers
Investor Presentation November 2025 The Power of the Sonos System Disclaimers Non-GAAP Measures We have provided in this presentation financial information that has not been prepared in accordance with US generally accepted accounting principles (“GAAP”). We use these Non-GAAP financial measures to ev
Slide 35: Reconciliation of GAAP to Non-GAAP Gross Margin
Reconciliation of GAAP to Non-GAAP Gross Margin Investor Presentation November 2025 The Power of the Sonos System 4Q20 4Q21 4Q22 4Q23 4Q24 4Q25 FY20 FY21 FY22 FY23 FY24 FY25 GAAP gross profit $ 161,536 $ 166,931 $ 124,099 $ 128,054 $ 103,016 $ 125,791 $ 571,956 $ 809,994 $ 796,367 $ 716,490 $ 689,373
Slide 36: Reconciliation of Certain GAAP to Non-GAAP Operating Expenses
Reconciliation of Certain GAAP to Non-GAAP Operating Expenses Investor Presentation November 2025 The Power of the Sonos System 4Q20 4Q21 4Q22 4Q23 4Q24 4Q25 FY20 FY21 FY22 FY23 FY24 FY25 GAAP R&D $ 54,783 $ 65,783 $ 67,274 $ 65,517 $ 70,777 $ 61,958 $ 214,672 $ 230,078 $ 256,073 $ 301,001 $ 304,558
Slide 37: Reconciliation of Operating Income (Loss) to Adjusted EBITDA
Reconciliation of Operating Income (Loss) to Adjusted EBITDA Investor Presentation November 2025 The Power of the Sonos System 4Q20 4Q21 4Q22 4Q23 4Q24 4Q25 FY20 FY21 FY22 FY23 FY24 FY25 Operating Income (Loss) (GAAP) $ 15,429 $ (11,545) $ (60,064) $ (28,361) $ (69,369) $ (34,409) $ (27,233) $ 154,9
Slide 38: Reconciliation of Net Income (Loss) to Adjusted EBITDA
Reconciliation of Net Income (Loss) to Adjusted EBITDA Investor Presentation November 2025 The Power of the Sonos System 4Q20 4Q21 4Q22 4Q23 4Q24 4Q25 FY20 FY21 FY22 FY23 FY24 FY25 Net income (loss) $ 18,411 $ (8,744) $ (64,067) $ (31,239) $ (53,093) $ (37,858) $ (20,115) $ 158,595 $ 67,383 $ (10,27
Slide 39: Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income (Loss)
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income (Loss) Investor Presentation November 2025 The Power of the Sonos System 4Q20 4Q21 4Q22 4Q23 4Q24 4Q25 FY20 FY21 FY22 FY23 FY24 FY25 GAAP net income (loss) $ 18,411 $ (8,744) $ (64,067) $ (31,239) $ (53,093) $ (37,858) $ (20,115) $ 158,
Slide 40: Reconciliation of Cash Flows to Free Cash Flow
Reconciliation of Cash Flows Provided by (Used in) Operating Activities to Free Cash Flow Investor Presentation November 2025 The Power of the Sonos System 4Q20 4Q21 4Q22 4Q23 4Q24 4Q25 FY20 FY21 FY22 FY23 FY24 FY25 Cash flows provided by (used in) operating activities $ 78,835 $ 6,486 $ (103,917) $
Slide 41: SONOS
SONOS