Slides
Page 1
November 5th, 2026 Quarterly Presentation Q3 2026
Page 2
These materials have been produced by Pexip Holding ASA (the "Company“, and with subsidiaries the “Group”). The materials hav e been prepared for the exclusive use of persons attending an oral briefing and meeting to which these materials relate given by a representative of the Company and/or persons to whom these materials have been provided directly by an authorized representative of the Company (the “Recipients”). For purpo ses of this notice, "materials" means this presentation, its contents and appendices and any part thereof, any oral presentation and any question or answer s ession during or after or in relation to any of the foregoing. The materials are for information purposes only, and do not constitute or form part of any offer, invitation or recommendatio n to purchase, sell or subscribe for any securities in any jurisdiction and neither the issue of the information nor anything contained herein shall form the basi s of or be relied upon in connection with, or act as an inducement to enter into, any investment activity. The materials comprise a general summary of certain mat ters in connection with the Group, and do not purport to contain all of the information that any recipient may require to make an investment decision. Each reci pient should seek its own independent advice in relation to any financial, legal, tax, accounting or other specialist advice. No representation or warranty (expressed or implied) is made as to any information contained herein, and no liability whatsoe ver is accepted as to any errors, omissions or misstatements. Accordingly, the Company or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of the materials. The materials may contain certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not histori cal facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates ", "targets", and similar expressions. Any such forward-looking statements are solely opinions and forecasts which are subject to risks, uncertainties and other factors th at may cause actual events to differ materially from any anticipated development. No liability for such statements, or any obligation to update any such st atements or to conform such statements to actual results, is assumed. These materials are not intended for distribution to, or use by, any person in any jurisdiction where such distribution or us e would be contrary to local laws or regulations, and by accepting these materials, each recipient confirms that it is able to receive them without contravention of an unfulfilled registration requirements or other legal or regulatory restrictions in the jurisdiction in which such recipients resides or conducts busin ess. This presentation and related materials speaks only as of the date set out on the cover, and the views expressed are subject to change based on a number of factors. The Company does not undertake any obligation to amend, correct or update the materials or to provide any additional information about any matters described herein. 2 Important notice and disclaimer
Page 3
3 Software-only Secure Video Communication technology When complete privacy and control over meeting and data is required Pexip Secure & Custom Spaces Video meetings that are self-hosted on-premises or in a private cloud Selected technology partnerships Trusted by leading organizations worldwide Secure meetings is our DNA of customers are in security-sensitive industries ~75% ARR from security- oriented use cases 80 MUSD growth in secure meetings 27%
Page 4
1 EBITDA less Other gains and losses 2 Operating cash flow, investment cash flow and leases Continued growth and further improved profitability 122.2 131.0 135.0 140.2 143.5 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 +17% Total ARR USDm Q3’25 Q4’25 Q1 ’26 Q2 ’26 Q3 ’26 28.8 (25%) 30.2 (26%) 38.8 (30%) 40.4 (31%) 44.9 (32%) +56% Adjusted EBITDA1 USDm, Last twelve months Free Cash flow2 USDm, Last twelve months Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 28.5 32.9 32.9 37.9 43.7 +53% 4 $9.7 million in Q3 2026 $8.6 million in Q3 2026+$3.3 million in Q3 2026
Page 5
5 5 Three key drivers for Secure & Custom meetings Sovereignty is driving software procurement decisions Secure Video communication is growing in key Government verticals AI and quantum compute demands new security measures Self-hosted and sovereign-cloud deployment is Pexip's native architecture, and fits well into a modular setup to avoid vendor lock-in Strong long-term outlook in core verticals for Pexip as video is used in more and more settings and work-flows Need for secure and compartmentalized IT solutions to mitigate increased cyber security risk
Page 6
Our technology is uniquely positioned for this opportunity 1 Modern and customizable user experience Users get a modern, AI-powered collaboration experience regardless of security needs, tailored to the organization’s workflows 2 Unrivalled ecosystem flexibility Seamlessly connect a wide range of hardware, software and AI platforms across Pexip’s rich partner ecosystem to capitalize on existing investments and avoid vendor lock-in 3 Deploys in all infrastructures Sovereignty requirements and network-centric security need software to fit into a compartmentalized structure 4 Designed and verified for the highest levels of security Deep security focus documented with certifications, customer references and penetration tests, coupled with a range of security features such as ABAC policies and deepfake detection PEXIP DIFFERENTIATORS WHY IT MATTERS TO CUSTOMERS 6
Page 7
Our media engine excels in connecting a vast range of HW & SW platforms Deploy anywhere: Cloud | On-prem | Sovereign | Air-gapped 1.Secure Meetings • Office collaboration meetings • Workflow meetings between organizations and customers • Complex meetings such as court hearings, government panels 3. Media processing & intelligence • Real-time video, audio, content for critical decisions & operations (situational awareness) • Owner- controlled AI: translation, summaries, transcriptions 2. Cross-platform meeting interoperability • Seamless cross-platform meeting join • Cross-platform AI connectivity Commercial applications Pexip offerings 7 Meeting platforms Teams · Zoom · Google Meet · Webex · any other SIP based Rooms & devices PCs and mobile · native rooms · SIP/H.323 endpoints · drones · wearables Secure access Identity authentication · authorization · deepfake detection · RBAC/ABAC access policy AI Private AI · Mistral · Llama · Aleph Alpha · any LLM model Business applications & workflows Chat · recording · healthcare records · calendar & scheduling · custom workflows Hardware Software AIplatform sMedia Engine Video · Audio · Content SDKs APIs
Page 8
8 Pexip enables private use of AI and Custom work-flows Real-time and post-meeting AI summaries Transcripts, notes, recaps and decisions from a self-hosted, private AI model CC Real-time multi- language translation Live captions and subtitles across languages
Page 9
Pexip has become a global leader in Secure Video Communication INFRASTRUCTURE INTEGRATION FLEXIBILITY Regulated industries / Enterprise Healthcare Government Defense & National Security Public Cloud/ Global SaaS Self hosted/Sovereign Cloud/ On-premises High Low
Page 10
Sales update 10
Page 11
11 Secure and Custom Spaces +3.8m 68.0m 27% ARR change Q-o-Q USD ARR USD End of Q3 2026 Y-o-Y growth Q3 2026 Connected Spaces -0.6m 75.5m 10% ARR change Q-o-Q USD ARR USD End of Q3 2026 Y-o-Y growth Q3 2026
Page 12
Key Wins in Q3 2026 Secure & Custom Spaces 12 Accelerated focus on sovereign solutions and data control Large wins: • Pexip displaced the incumbent video platform in a European Ministry of Justice • Pexip displaced the incumbent video platform in a Middle Eastern Ministry of Justice • European police force selected Pexip for sovereign video Winning in classified, mission- critical environments Large wins: • Pexip was chosen to video enable tactical communication in a major European army • European Ministry of Defence chose Pexip to manage part of their internal video communication • European armed forces signed a five-year agreement to video enable their naval vessels
Page 13
Key Wins in Q3 2026 Connected Spaces 13 Solving interoperability across mixed platform estates Large win: A major US Insurance and Financial Services provider rolled out Pexip Connect for Microsoft Teams Rooms and Zoom Rooms Large win: A UK Public Sector organization chose Pexip as their infrastructure for video conferencing devices
Page 14
Financial update 14
Page 15
15 Subscription-based revenue model with ARR base at USD 143.5m in Q3 2026 68.8 74.7 75.8 76.1 75.5 53.4 56.3 59.3 64.2 68.0 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 122.2 131.0 135.0 140.2 143.5 ARR USD million 49% 43% 8% EMEAAmericas APAC Secure & Custom Connected Spaces ARR split Percent of ARR 26% 25%18% 17% 15% Enterprise Government Regulated industries Healthcare Defense and national security +25% +10% +27% +10% +17%
Page 16
Increasing subscription revenues in Secure video communication is driving the growth 35.5 41.0 53.4 68.0 Q3 2023 Q3 2024 Q3 2025 Q3 2026 +15% +30% +27% Secure & Custom subscription revenue is driving the growth Secure & Custom, annual recurring revenue, USD million Combining strong new sales and excellent net retention Annual recurring revenue, USD million 53.4 68.0 5.1 12.0 2025 Q3 New Sales Net upsell Churn 2026 Q3 2.5 27% p.a.10% p.a. Annual net retention of 118% -5% p.a22% p.a
Page 17
Connected Spaces continue to see high new sales and continued lower net retention compared to Secure & Custom 64.3 68.6 68.8 75.5 Q3 2023 Q3 2024 Q3 2025 Q3 2026 +7% 0% +10% Connected Spaces ahead of mid-single digit growth ambition Connected Spaces, annual recurring revenue, USD million Higher rotation segment than Secure & Custom Annual recurring revenue, USD million 68.8 75.513.9 8.0 2025 Q3 New Sales Net upsell Churn 2026 Q3 0.8 10% p.a.20% p.a. Annual net retention of 89% -12% p.a1% p.a
Page 18
Consistent and accelerating double digit growth with strong operating leverage 1.0 (5%) Q3 2023 1.7 (8%) Q3 2024 5.2 (20%) Q3 2025 9.7 (30%) Q3 2026 EBITDA 20.4 21.4 26.3 32.9 +4% +23% +25% Revenue and EBITDA excluding other gains and losses USD million • 25% revenue growth from Q3 2025 compared to 17% ARR growth • Delivered two large three-year software contracts in Q3 2026 • Business model with strong operating leverage • 69% of conversion of incremental revenue to EBITDA growth • 10 p.p. margin expansion y-o-y
Page 19
19 Stable OPEX level Salary and personnel expenses Flat year-on-year increase in salary and personnel expenses Other Operating expenses USD 0.8 million higher OPEX, with higher AI costs and compute being the main drivers in addition to recruiting fees 3.8 1.1 13.5 Q3’25 3.7 2.1 15.3 Q4’25 4.4 15.3 -0.9 Q1’26 4.2 1.8 15.9 Q2’26 4.6 1.0 13.6 Q3’26 18.4 21.1 18.8 21.9 19.1 +4% Other operating expenses Share option related costs Salary and personnel expenses Quarterly cost development USD million
Page 20
20| 1 Includes fair value adjustments on money market funds Note: Free cash flow defined as the sum of operating cash flow, investment cash flow and lease payments Free cash flow up to $8.6 million in Q3 2026 from higher profits, LTM free cash flow up to $44 million Cash flow bridge Q3 2026 USD million • USD 8.6 million in free cash flow, up from USD 2.8 million last year – Due to improved profits and working capital development • Have distributed the full LTM free cash flow as a dividend of USD 44 million in April 2026 • Continue to have a solid financial position with a slight increase in cash and money market funds compared to Q3 2025 and no material interest-bearing debt 2.8 FCF Q3 2025 5.9 Delta Operating CF1 0.1 Delta Investing CF 0.1 Delta lease FCF Q3 2026 8.6 Capital allocation LTM USD million Cash and money market funds Q3 2025 Free cash flow Dividend Treasury shares FX and other Cash and money market funds Q3 2026 52.7 43.7 (44.4) 0.4 1.4 53.9
Page 21
21 Q3 2026 Financial results • 25% revenue growth somewhat above ARR growth from higher software sales and two large multi-year software deliveries • Higher COGS from higher cost of compute related to the SaaS service, in addition to 3rd party license costs • Moderate cost increases from inflation as well as currency impact on NOK-denominated costs • 69% of incremental revenue growth converted to incremental Adjusted EBITDA • Net financials lower due to exchange rate losses • Profit before tax up 119% to USD 7.2 million Profit and loss USD million Q3'26 Q3'25 Y-o-Y Revenue 32.9 26.3 6.6 Cost of goods sold 4.0 2.7 1.3 Gross Profit 28.9 23.6 5.2 Salary and personnel exp. 14.5 14.6 (0.1) - Of which share based comp. 1.0 1.1 (0.1) Other operating exp. 4.6 3.8 0.8 Adjusted EBITDA 9.7 5.2 4.5 Other gains and losses 0.0 -0.5 0.5 EBITDA 9.7 4.7 5.0 D&A 1.4 1.4 (0.0) EBIT 8.3 3.3 5.0 Net financials -1.1 0.0 (1.1) Profit/loss before income tax 7.2 3.3 3.9
Page 22
Outlook and targets 22
Page 23
23 Outlook 23 Short-term ARR guidance for Q4 2026 $144-150M • Expect continued strong development in Secure & Custom with large opportunities under discussion. • The outlook includes the downside risk related to a possible one-off customer reduction in Connected Spaces of $3-4 million as a result of an adjusted customer strategy for collaboration platforms. Discussions are ongoing and not concluded. Updated long-term financial ambition o Double-digit ARR growth overall with Secure & Custom growth above 25% o EBITDA margin above 30% Continued positive market outlook across the business areas driven by market trends Increasing need for sovereign control of data and IT platforms Growing need for custom video work- flows Increased focus on IT security as a result of AI and Quantum computing Our unique technology, strong market position and industry partnerships put Pexip in a good position to capitalize on these market trends
Page 24
Upcoming dates 24 Q4 2026 Quarterly Presentation February 11, 2027
Page 25
Q&A Investor.pexip.com