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Commvault Fiscal Q2’26 Earnings Presentation OCTOBER 2025 © Commvault 2025
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Forward-Looking Statements This presentation contains forward-looking statements regarding future events or the expected financial performance of our company, including statements about our outlook for future periods and related guidance. Commvault does not provide forward-looking guidance on a GAAP basis as certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. These statements reflect management’s current expectations, estimates and assumptions based on the information currently available to us. These forward-looking statements are not guarantees of future performance and involve significant risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from results, performance or achievements expressed or implied by the forward - looking statements contained in this presentation. A discussion of factors that may affect future results is contained in our most recent SEC Form 10-Q and 10-K filings available at www.sec.gov, including descriptions of the risk factors that may impact us and the forward -looking statements made in this presentation. We disclaim any obligation to update or revise any forward-looking statement based on new information, future events or otherwise, except as required by applicable law. GAAP to Non-GAAP Presentation In addition to financial information prepared in accordance with U.S. GAAP, this presentation also contains adjusted financial measures that we believe provide investors and management with supplemental information relating to operating performance and trends that facilitate comparisons between periods and with respect to projected information. These adjusted financial measures are non-GAAP and should be considered in addition to, but not as a substitute for, the information prepared in accordance with U.S. GAAP. We typically exclude certain GAAP items that management does not believe affect our basic operations and that do not meet the GAAP definition of unusual or non-recurring items. Other companies may define these measures in different ways. Further information relevant to the interpretation of adjusted financial measures, and reconciliations of these adjusted financial measures for historical data to the most comparable GAAP measures, may be found on Commvault’s website at www.Commvault.com in the “Investor Relations” section. For additional information, please see the appendix of this presentation. This presentation includes market data and other statistical information from third party sources, including independent industry publications and other published independent sources. Although we believe that these third-party sources are reliable as of their respective dates, we have not independently verified the accuracy or completeness of this information. 2
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3 1. All data in Current Dollars as of Fiscal Q2’26 ended September 30, 2025 2. Non-GAAP Gross Margin calculated as GAAP Gross Margin adjusted to exclude cost of revenues related to noncash stock-based compensation; See appendix for reconciliation of Non-GAAP Gross Margin to the most directly comparable GAAP Measure 3. Non-GAAP EBIT Margin calculated as GAAP income from operations adjusted for items related to noncash stock-based compensation, restructuring, amortization of intangible assets, and non- recurring items as a percentage of total revenue; See appendix for reconciliation of Non-GAAP income from operations to the most directly comparable GAAP Measure Key Financial Highlights Significant Scale $1,043M Total ARR 13K+ Subscription Customers Rapid Growth 30% YoY Subscription ARR Growth 56% YoY SaaS ARR Growth Highly Recurring Revenue Base 86% Subscription ARR Share of Total ARR 125% SaaS NRR Strong Profitability 80.5% Non-GAAP Gross Margin (2) 18.6% Non-GAAP EBIT Margin (3) 3
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4 Investment Highlights 4 The ultimate in choice and flexibility: enterprise-grade cyber resiliency across On-Prem, Edge, or Cloud environments Unified Hybrid Cloud Platform Relied on by 13K+ subscription customers across industry verticals to deliver mission critical services, driving strong retention Scaled Subscription Customer Base Deep technology moat with 1,500+ lifetime patents driving longstanding recognition as a market leader by Gartner and Forrester (2) Leader in Product Innovation $24B TAM across Data Security, Cloud Security & Core Data Protection, with strong secular tailwinds driving growth of 12% per year (1) Large & Growing Market Opportunity Strong financial profile with 22% total ARR growth and 56% SaaS ARR growth, and 19% non-GAAP operating margin (3) Delivering Growth and Profitability at Scale 1. Commvault estimates 2. Per the “2025 Gartner Magic Quadrant for Backup and Data Protection Platforms” and “2024 Forrester Wave for Data Resilience S olutions” 3. As of Fiscal Q2’26 ended September 30, 2025
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5 Predictably Recover From Cyber Incidents Cyber Resilience
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Ransomware is now a $57B global crisis.* *According to Cybersecurity Ventures costs will reach $57 billion in 2025 and $275 billion by 2031 Multi-cloud complexity Emerging cloud and AI stacks New compliance mandates This is only compounded by the challenges of: 6
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7 1. IDC, Global DataSphere Forecast, 2025; % reflects forecast CAGR to 2029 2. IDC, Ten Trends That Shaped the Cloud Market in 2024 3. Statista, Cybercrime worldwide – Cybercrime cost worldwide in 2025 4. IDC, The Infrastructure Market for Artificial Intelligence — 2025 Update; % reflects forecast CAGR from 2023 to 2029 7 Data, IT Complexity, Cyber Threats and AI: Evolving Enterprise Challenges Cyberattack Costs Make Securing Enterprise IT Mission-Critical $10.3Tn Estimated Cost of Cyberattacks in 2025 (3) Growing Volume of Structured & Unstructured Data to Secure 200ZB+ | 25% Annual Global Data Production and Growth (1) Multi-Environment Deployments Driving Complexity 88% Share of Cloud Buyers Deploying a Hybrid Cloud (2) AI Workloads Increasing Cloud Compute and Storage Demand $150Bn | 32% 2025 Spend and Growth in AI Compute and Storage (4)
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8 8 Commvault Cloud Complete Resilience. For all data. Across all clouds. Ecosystem Integrations Threat Detection Services Threat Intelligence Incident Response SIEM / SOAR / XDR Hyperscaler Marketplaces Commvault Cloud – Cyber Resilience Platform Intelligent Data Services Platform AI Layer Protected Workloads Data & AI Security Cleanroom TestingIdentity Resilience Cyber Recovery AI Data & Models On-Prem Workloads Edge DataActive Directory Cloud- Native Workloads SaaS Apps DevOps Repos 1. Representative sample of features shown are not reflective of full suite of offerings
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9 Commvault Accelerates Data Recovery and Infrastructure Rebuild Data Recovery Rebuild of Hybrid Apps & Infrastructure 24 days average time to recover 2.7x on average Accelerating recovery by 3+ Days 3+ Days
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10 Large & Growing Total Addressable Market 12%+ CAGR Source: Commvault estimates $38B 2028 Core Data Protection Cloud Security Data Security $24B 2024 Core Data Protection Cloud Security Data Security
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11 Land and Expand Motion Supported by Partner Ecosystem Cloud Technology Alliance GSI MSP VAR Supported by Extensive Partner Ecosystem Efficient Go-to Market Motion More Workloads Protected Increased Cyber Resilience Coverage More Data Across Existing Workloads Renew Expand Land Expansion & Renewal Drivers 11
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12 Why We Win Breadth & Depth: Commvault delivers cyber resilience for cloud, on-prem and hybrid environments, with deep enterprise grade capabilities across data security, readiness and recovery 1 Winning Architecture: Commvault’s modular platform architecture empowers customers to tailor deployments to their unique environments, with flexible packaging enabling organizations to implement solutions most suited to their needs 2 Cost of Ownership: Commvault’s unified hybrid cloud platform reduces complexity for customers, enabling scalable recovery and automation, driving long-term cost efficiency and higher ROI 3 Continued Innovation: Established track record of innovation with over 1,500 patents; continued development of AI workload protection, and autonomous data management to protect customers against emerging threats 4
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13 Delivering True Cloud Cyber Resilience
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Q2’26 KPIs and Additional Detail © Commvault 2025 14
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KPIs Annualized Recurring Revenue (ARR) Subscription ARR Total Revenue Subscription Revenue Non-GAAP EBIT Margin Free Cash Flow 15
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$803 $853 $890 $930 $996 $1,043 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 1 6 ARR is a Total ARR (unaudited, $ in M’s) Exceed $1 billion ARR target ahead of schedule +22% YoY (+21% CC) 16
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$636 $687 $734 $780 $844 $894 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 17 Refer to slide 28 for key definitions. Subscription ARR is a non-GAAP measure and should be considered as a supplement to, and not as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of non-GAAP measures to their most directly comparable GAAP financial measure, to the extent available, on slide 30 in this presentation. Subscription ARR (unaudited, $ in M’s) Includes software portion of term-based licenses and SaaS revenue We believe subscription ARR is the best measure of our growth +30% YoY (+29% CC) 17
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$225 $233 $263 $275 $282 $276 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 18 Refer to slide 28 for key definitions. Total Revenue (unaudited, $ in M’s) +18% YoY (+17% CC) We are firmly positioned as a growth company 18
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$124 $134 $158 $173 $182 $173 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 19 Refer to slide 28 for key definitions. Subscription Revenue +29% YoY (+27% CC) (unaudited, $ in M’s) Includes software portion of term-based licenses and SaaS revenue Healthy growth from our subscription revenue base 19
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20 Non-GAAP EBIT and non-GAAP EBIT margin % are non-GAAP measures and should be considered as a supplement to, and not as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of non-GAAP measures to their most directly comparable GAAP financial measure, to the extent available, on slide 30 in this presentation. Non-GAAP EBIT and Margin % (unaudited, $ in M’s) Expense discipline driving consistently healthy non- GAAP EBIT margin even as SaaS scales $48 $48 $55 $59 $58 $51 22% 21% 21% 22% 21% 19% 0.15 0.17 0.19 0.21 0.23 0.25 0.27 0.29 $30 $35 $40 $45 $50 $55 $60 $65 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Non-GAAP EBIT $ Non-GAAP EBIT Margin % 20
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21 Refer to slide 28 for key definitions. FCF is a non-GAAP measure and should be considered as a supplement to, and not as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of non-GAAP measures to their most directly comparable GAAP financial measure, to the extent available, on slide 30 in this presentation. Free Cash Flow (unaudited, $ in M’s) $219 $209 TTM Q2'25 TTM Q2'26 21
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$188 $215 $259 $281 $307 $336 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 22 Refer to slide 28 for key definitions. SaaS ARR is a Non-GAAP measure and should be considered as a supplement to, and not as a substitute for, financialinformation prepared in accordance with GAAP. Investors are encouraged to review thereconciliation of non-GAAP measures to their most directly comparable GAAP financial measure, to the extent available, onslide 30 in this presentation. SaaS ARR (unaudited, $ in M’s) Hyper-growth SaaS business drives total ARR growth +56% YoY (+56% CC) 22
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23 Refer to slide 28 for key definitions. SaaS NRR is a Non-GAAP measure and should be considered as a supplement to, and not as a substitute for, financialinformation prepared in accordance with GAAP. Investors are encouraged to review thereconciliation of non-GAAP measures to their most directly comparable GAAP financial measure, to the extent available, onslide 30 in this presentation. SaaS Net Dollar Retention Rate (NRR) SaaS drives meaningful customer expansion 127% 127% 127% 127% 125% 125% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 23
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24 Subscription customer count includes unique, term-based and usage-based software and SaaS customers. SaaS customer count includes end users transacted by a Managed Service Provider (“MSP”). Subscription Customer Growth Customers are embracing our Commvault Cloud platform 9,900 10,500 11,500 12,200 12,900 13,400 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 +28% YoY 24
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Financial Results and Guidance Copyright © 2025 Commvault | All Rights Reserved 25
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Q2 FY’26 Financial Summary Q2’26 GUIDANCE Q2’26 ACTUAL YoY CHANGE Total Revenue $272 - $274 (+17% YoY at midpoint) $276 +18% (+17% YoY constant currency) Subscription Revenue $174 - $176 (+31% YoY at midpoint) $173 +29% (+27% YoY constant currency) Non-GAAP Gross Margin 81% - 82% 80.5% (170) bps Non-GAAP EBIT Margin 20% 18.6% (190) bps Free Cash Flow (FCF) n/a $74 +37% Share Repurchases n/a $131 (unaudited, $ in M’s) Non-GAAP Gross Margin, non-GAAP EBIT and Free Cash Flow should be considered as a supplement to, and not as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of non-GAAP measures to their most directly comparable GAAP financial measure, to the extent available, onslide 33 in this presentation. 26
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1H FY’26 ACTUAL 1H FY’25 ACTUAL YOY CHANGE Total ARR $1,043 $853 +22 YoY (+21% constant currency) Subscription ARR $894 $687 +30 YoY (+29% constant currency) Total Revenue $558 $458 +22 YoY (+20% constant currency) Subscription Revenue $354 $258 +37 YoY (+35% constant currency) Non-GAAP Gross Margin 81.5% 82.6% (110) bps Non-GAAP EBIT Margin 19.6% 21.0% (140) bps Free Cash Flow (FCF) $103 $98 +6% YoY 1H FY’26 Financial Summary (unaudited, $ in M’s) Refer to slide 31 for key definitions. Non-GAAP Gross Margin, non-GAAP EBIT and Free Cash Flow should be considered as a supplement to, and not as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of non-GAAP measures to their most directly comparable GAAP financial measure, to the extent available, on slide 33 in this presentation. 27
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Q3’26 GUIDANCE FY’26 GUIDANCE As of October 28, 2025 FY’26 GUIDANCE As of July 29, 2025 Total ARR (Constant Currency) 18% - 19% YoY 18% YoY Subscription ARR (Constant Currency) 24% – 25% YoY 24% YoY Total Revenue $298 - $300 (+14% YoY at midpoint) $1,161 - $1,165 (+17% YoY at midpoint) $1,161 - $1,165 (+17% YoY at midpoint) Subscription Revenue $195 - $197 (+24% YoY at midpoint) $753 - $757 (+28% YoY at midpoint) $753 - $757 (+28% YoY at midpoint) Non-GAAP Gross Margin 80% - 81% 80.5% - 81.5% 81% - 82% Non-GAAP EBIT Margin 18% - 19% 18.5% - 19.5% 20.5% Free Cash Flow (FCF) $225 - $230 $210 - $215 Q3 and FY’26 Guidance (unaudited, $ in M’s) FY’26 ARR guidance is based on foreign exchange rates as of March 31, 2025. Changes in exchange rates could materially impactour current outlook. Refer to slide 31 for key definitions. Non-GAAP Gross Margin, non-GAAP EBIT and Free Cash Flow should be considered as a supplement to, and not as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of non-GAAP measures to their most directly comparable GAAP financial measure, to the extent available, on slide 33 in this presentation. 28
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Appendix Copyright © 2025 Commvault | All Rights Reserved 29
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As of June 30, 2024 As of September 30, 2024 As of December 31, 2024 As of March 31, 2025 As of June 30, 2025 As of September 30, 2025 Total ARR As Reported $802,709 $853,265 $889,628 $930,051 $996,202 $1,043,295 Using March 31, 2025 rates $801,978 $838,074 $899,365 $930,051 $969,693 $1,016,697 Subscription ARR As Reported $635,910 $687,050 $734,212 $780,098 $843,873 $893,707 Using March 31, 2025 rates $634,946 $675,330 $741,526 $780,098 $822,695 $872,065 SaaS ARR As Reported $187,908 $214,832 $258,957 $281,045 $306,874 $335,669 Using March 31, 2025 rates $187,412 $210,585 $261,416 $281,045 $299,017 $327,781 (unaudited, $ in thousands) All non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of non- GAAP measures to their most directly comparable GAAP financial measures, to the extent available. There is no direct GAAP comparative to ARR and NRR. Please refer to key definitions on slide 31. Constant Currency ARR 30
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ITEM DEFINITION Subscription Revenue Software portion of term-based licenses and software as-a-service offerings (SaaS). The software component of term-based licenses is typically recognized when the software is delivered or made available for download. For SaaS offerings, revenue is generally recognized ratably over the contract term beginning on the date that the service is made available to the customer. Non-GAAP EBIT Income from operations adjusted to exclude noncash stock-based compensation charges and additional Federal Insurance Contributio n Act (FICA) and related payroll tax expense incurred by Commvault when employees exercise in the money stock options or vest in restricted stock awards. This also excludes restructuring costs, noncash amortization of intangible assets, litigation settlement, business combination costs, noncash impairment charges, changes in the estimated fa ir value of contingent consideration and adjustments from the sale and leaseback of headquarters. Non-GAAP Free Cash Flow Free cash flow is derived from net cash provided by operations less purchases of property and equipment. Annualized Recurring Revenue (ARR) ARR is the annualized recurring value of all active contracts at the end of a reporting period. It includes recurring subscri ption offerings (including term licenses, SaaS, and utility software), maintenance related to perpetual and term licenses, extended maintenance contracts (enterprise support), and manag ed services. It excludes non-recurring elements such as perpetual licenses and professional services which are typically delivered at a point in time. ARR is calculated by dividi ng the total contract value by the number of days in the contract term and multiplying by 365. ARR is a non-GAAP measure and should be viewed independently of GAAP revenue, deferred revenue and unbilled revenue and is not i ntended to be combined with or to replace those items. ARR is not a forecast of future revenues. Management believes that reviewing this metric, in addition to GAAP re sults, helps investors and financial analysts understand the value of Commvault's recurring revenue streams presented on an annualized basis. There is no direct GAAP comparative to A RR. SaaS Net Dollar Retention Rate (NRR) SaaS NRR is the percentage of SaaS ARR retained from existing customers at the start of an annual period after accounting for expansion revenue, churn, and downgrades. It is presented on a constant currency basis using exchange rates as of a specified date (e.g., March 31, 2025). Acquired SaaS ARR is excluded until the acquisition is fully integrated, which we generally expect to occur twelve months from the closing date. NRR is a non-GAAP measure and should be viewed independently of changes in GAAP revenue, deferred revenue and unbilled revenue and is not intended to be combined with or to replace those items. There is no direct GAAP comparative to NRR. Constant Currency Constant currency amounts for revenue are calculated using the average foreign exchange rates from the prior year period and applying these rates to foreign-denominated revenues in the current corresponding period. Constant currency amounts for ARR, subscription ARR and SaaS ARR are calculated using th e foreign exchange spot rates from March 31, 2025 and applying these rates to foreign-denominated results in the periods presented. Commvault analyzes revenue, ARR, subscription ARR and SaaS ARR growth on a constant currency basis in order to provide a comparable framework for assessing how the business performed excluding the effect of foreign cur rency fluctuations. Key Definitions 31
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Q2’25 Revenue as Reported (GAAP) Q2’26 Revenue as Reported (GAAP) Constant Currency Impact % Change Y/Y (GAAP) % Change Y/Y Constant Currency Subscription: Term-based license $84,427 $92,647 ($1,227) 10% 8% SaaS 49,611 80,018 (1,142) 61% 59% Total subscription 134,038 172,665 (2,369) 29% 27% Perpetual license 10,522 12,073 (313) 15% 12% Customer support 77,688 80,229 (1,512) 3% 1% Other services 11,030 11,221 4 2% 2% Total $233,278 $276,188 ($4,190) 18% 17% (unaudited, $ in thousands) All non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, financial information prepared in accordance with GAAP.Investors are encouraged to review the reconciliation of non-GAAP measures to their most directly comparable GAAP financial measures, to the extent available. There is no direct GAAP comparative to ARR and NRR. Please refer to key definitions on slide 31. Revenue Growth on a Constant Currency Basis 32
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Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Non-GAAP financial measures and reconciliation: GAAP income from operations $18,428 $14,968 $13,615 $26,727 $25,091 $12,491 Noncash stock-based compensation 22,396 26,223 31,156 28,840 30,105 31,813 FICA and payroll tax expense related to stock-based compensation 1,363 772 1,557 1,767 1,799 838 Restructuring 4,679 566 3,969 812 237 1,429 Amortization of intangible assets 573 573 1,383 1,176 1,071 1,140 Litigation settlement 675 - - - - - Business combination costs 189 1,736 415 201 - 1,890 Noncash impairment charges - 2,910 - - - - Change in contingent consideration - - 2,486 (426) (545) - Adjustment on headquarters sale and leaseback - - - - 495 - Other nonrecurring charges - - - - - 1,805 Non-GAAP income from operations $48,303 $47,748 $54,581 $59,097 $58,253 $51,406 Non-GAAP free cash flow reconciliation: Net cash provided by operating activities $44,692 $55,589 $30,146 $76,955 $31,681 $76,769 Capital expenditures (863) (1,848) (262) (783) (1,879) (3,187) Free cash flow (Non-GAAP) $43,829 $53,741 $29,884 $76,172 $29,802 $73,582 Non-GAAP gross margin reconciliation: GAAP gross margin 82.3% 81.6% 81.5% 82.6% 82.0% 80.1% Cost of revenues related to noncash stock-based compensation 0.7% 0.6% 0.5% 0.5% 0.4% 0.4% Non-GAAP gross margin 83.0% 82.2% 82.0% 83.1% 82.4% 80.5% All non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of non-GAAP measures to their most directly comparable GAAP financial measures, to the extent available. There is no direct GAAP comparative to ARR and NRR. Please refer to key definitions on slide 31. GAAP to Non-GAAP Reconciliations (unaudited, $ in thousands) 33
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Thank You © Commvault 2025