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© Commvault 2026 Commvault Fiscal Q2’27 Earnings Presentation O C T O B E R 2 0 2 6
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© Commvault 2026 Forward-Looking Statements GAAP to Non-GAAP Presentation This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding future events or the expected financial performance of our company, including statements about our outlook for future periods and related guidance. In some cases, forward-looking statements may be identified by words such as “expect,” “anticipate,” “believe,” “estimate,” “intend,” “may,” “could,” “should,” “plan,” “project,” “guidance,” “outlook,” and similar expressions. 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. 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. 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. 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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© Commvault 2026 Investment Highlights (Unaudited, as of Q2’27) L A R G E & G R O W I N G M A R K E T O P P O R T U N I T Y $24B TAM(1) +12% Projected CAGR G R O W T H A N D P R O F I T A B I L I T Y A T S C A L E 20% / 21.9% Subscription ARR growth and Non- GAAP EBIT margin S U B S C R I P T I O N C U S T O M E R B A S E 15K+ Subscription Customers A L E A D E R I N P R O D U C T I N N O V A T I O N 1,600+ Lifetime patents; Market leader by Gartner and Forrester(2) E N T E R P R I S E P L A T F O R M Cyber resiliency across On-Prem, Cloud and hybrid environments (1) TAM across Data Security, Cloud Security & Core Data Protection (2) Per the “2026 Gartner Magic Quadrant for Backup and Data Protection Platforms” and “2024 Forrester Wave for Data Resilience Solutions” 3
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© Commvault 2026 Q2 FY’27 Key Financial Highlights (Unaudited, $ in millions) SUBSCRIPTION ARR $1,104m +20% YoY SaaS ARR $454m +35% YoY SUBSCRIPTION REVENUE $269m +21% YoY Non -GAAP EBIT (1) $68m 21.9% Margin FREE CASH FLOW (1) $71m (1) See appendix for reconciliation of Non-GAAP metrics to the most directly comparable GAAP measure. 4
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© Commvault 2026 resilient. Commvault helps some of the world's largest companies stay resilient, stay ready and recover at scale. 5
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© Commvault 2026 T H E C H A L L E N G E Resilience has always been a critical job. Data volume growing, distributed everywhere • 17.1 PB/sec — Data created per second by 2029, up 2.5x from 2025¹ • Data center storage to grow from 10.1 ZB (zettabytes) in 2023 to 21.0 ZB in 2027: an 18.5% CAGR² Identities are exploding • Machine, human, agentic • Workforce, customers, partners Compliance challenges expanding • Recovery must be proven for MAS, DORA, APRA, NCS2 AI unlocks innovation, unprecedented risk3 • 48% cite AI-automated attack chains as today’s greatest ransomware threat • <25% recover within 24 hours and suffer significant disruption or data loss. (1) Worldwide IDC Global DataSphere Forecast, 2025–2029, published May 2025 (2) IDC Storage Capacity Forecast models (3) According to the 2025 State of Ransomware Survey from CrowdStrike 6
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© Commvault 2026 O U R A D V A N T A G E The Commvault Platform makes you ready. Scale We aim to protect data and identities across clouds apps and AI stacks. • Enterprise-scale recovery • Data at petabyte levels Simplicity We help customers unify data security, identity and recovery under a single pane of glass. • One system to manage • Simplicity, not complexity Speed We work to deliver the cleanest, fastest, most complete recovery. • From hours to minutes… • … with clean data 7
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© Commvault 2026 CYBER RESILIENCE IDENTITY RESILIENCE AI - E N A B L E D N E X T- G E N A R C H I T E C T U R E AI DATA CLOUD-NATIVE WORKLOADS SAAS APPS DEVOPS DIRECTORY SERVICES C L O U D W O R K L O A D S DATA CENTERS EDGE LOCATIONS ON - P R E M D O C K I N G U N I F I E D D A T A P R O T E C T I O N F O R E N T E R P R I S E D A T A S O U R C E S 8
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© Commvault 2026 Large & Growing Total Addressable Market Cloud Security Data Security Core Data Protection 2025 $24B Cloud Security Data Security Core Data Protection 2029 $38B 12%+ CAGR Source: Commvault estimates 9
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© Commvault 2026 Land and Expand Motion Supported by Partner Ecosystem Efficient Go-to Market Motion Supported by Extensive Partner Ecosystem Land Expand Renew Expansion & Renewal Drivers More Workloads Protected Increased Cyber Resilience Coverage More Data Across Existing Workloads Cloud Alliance GSI MSP Technology VAR 10
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© Commvault 2026 Q2’27 KPIs and Additional Detail 11
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© Commvault 2026 Q2’27 KPIs Subscription ARR Subscription Revenue Free Cash Flow Non-GAAP EBIT Margin 12
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© Commvault 2026 Subscription ARR Includes Term-Based Licenses, associated Support and SaaS & Consumption Offerings (Unaudited, Non-GAAP, $ in millions, as Reported)(1) We Believe Subscription ARR Is the Best Measure of Our Growth $1,104 Q2'27 +20% YoY $867 $918 $966 $1,015 $1,054 $1,104 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 (1) Refer to the “Key Definitions” slide in the appendix for the definition of certain key Non-GAAP terms. 13
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© Commvault 2026 SaaS ARR Included in Subscription ARR (Unaudited, Non-GAAP, $ in millions, as Reported)(1) High-growth SaaS Business Drives Subscription ARR Growth $454 Q2'27 +35% YoY $307 $336 $364 $400 $424 $454 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 (1) Refer to the “Key Definitions” slide in the appendix for the definition of certain key Non-GAAP terms. 14
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© Commvault 2026 Subscription Revenue Includes Term-Based Licenses and associated Support & SaaS Revenue (Unaudited, $ in millions) Healthy Growth from Our Subscription Revenue Base $269 Q2'27 $229 $222 $257 $262 $267 $269 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 15 +21% YoY
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© Commvault 2026 Non-GAAP EBIT and Margin % (Unaudited, Non-GAAP, $ in millions)(1)(2) Expense Discipline Drives Healthy Non-GAAP EBIT Margin $68 Q2'27 Non-GAAP EBIT 22% Q2'27 Non-GAAP EBIT Margin — Non-GAAP EBIT Margin % 21% 19% 20% 21% 23% 22% ■ Non-GAAP EBIT $ $58 $51 $61 $66 $71 $68 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 (1) Refer to the “Key Definitions” slide in the appendix for the definition of certain key Non-GAAP terms. (2) Refer to the “GAAP To Non-GAAP Reconciliations” slide for a reconciliation of Non-GAAP measures to the most comparable GAAP measure. 16
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© Commvault 2026 Free Cash Flow and Share Repurchases (Unaudited, Non-GAAP, $ in millions)(1)(2) Healthy Free Cash Flow and Disciplined Capital Allocation Philosophy YTD FREE CASH FLOW $103 $122 1H'26 1H'27 YTD SHARE REPURCHASES $146 $119 1H'26 1H'27 (1) Refer to the “Key Definitions” slide in the appendix for the definition of certain key Non-GAAP terms. (2) Refer to the “GAAP To Non-GAAP Reconciliations” slide for a reconciliation of Non-GAAP measures to the most comparable GAAP measure. 17
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© Commvault 2026 Subscription Net Dollar Retention Rate (NRR) Trailing 4Q Average (Unaudited)(1) Consistent Trends in Customer Expansion 113% Q2'27 114% 114% 114% 114% 114% 113% Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 (1) Refer to the “Key Definitions” slide in the appendix for the definition of certain key Non-GAAP terms. 18
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© Commvault 2026 Subscription Customers(1) Customers Are Embracing Our Commvault Cloud Platform 15,750 Q2'27 12,900 13,400 14,100 14,700 15,200 15,750 Q1'26 Q2'26 Q3'26 Q4'26 Q1'27 Q2'27 (1) 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”). 19 +17% YoY
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© Commvault 2026 Q2 FY’27 Financial Summary (Unaudited, $ in millions, as Reported)(1)(2) Q2’27 GUIDANCE Q2’27 ACTUAL YoY CHANGE Subscription ARR n/a $1,104 +20% Subscription Revenue $264 - $268 (+20% YoY at midpoint) $269 +21% Non-GAAP EBIT Margin ~20% 21.9% +330 bps Free Cash Flow (FCF) n/a $71 (4%) Share Repurchases n/a $109 n/a SUPPLEMENT AL DISCLOSURE Total Revenues ~$310 (+10% YoY) $312 +13% Diluted Shares Outstanding 42 million 42 million (7%) (1) Refer to the “Key Definitions” slide in the appendix for the definition of certain key Non-GAAP terms (2) Refer to the “GAAP To Non-GAAP Reconciliations” slide for a reconciliation of Non-GAAP measures to the most comparable GAAP measure. 20
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© Commvault 2026 FY’27 KPIs & Guidance 21
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© Commvault 2026 FY’27 KPI Reporting Schedule(1)(2) FY’27 KPIs QUARTERLY ANNUAL Subscription ARR Free Cash Flow Subscription Revenue Non-GAAP EBIT Margin SUPPLEMENTAL GUIDANCE QUARTERLY ANNUAL Total Revenues Diluted Shares Outstanding (1) Refer to the “Key Definitions” slide in the appendix for the definition of certain key Non-GAAP terms (2) Refer to the “GAAP To Non-GAAP Reconciliations” slide for a reconciliation of Non-GAAP measures to the most comparable GAAP measure. 22
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© Commvault 2026 Q3 and FY’27 Guidance (Unaudited, $ in millions, as Reported)(1)(2) Q3’27 GUIDANCE FY’27 GUIDANCE (as of October 28, 2026) FY’27 GUIDANCE (as of July 28, 2026) Subscription ARR $1,205 - $1,215 (+19.2% YoY at midpoint) $1,200 - $1,210 (+18.5% YoY at midpoint) Subscription Revenue $293 - $297 (+15% YoY at midpoint) $1,127 - $ 1,133 (+16% YoY at midpoint) $1,119 - $ 1,129 (+16% YoY at midpoint) Non-GAAP EBIT Margin 20.5% – 21.0% 21.0% - 21.5% ~21% Free Cash Flow (FCF) $255 - $265 $250 - $260 Share Repurchases ~60% of FCF ~60% of FCF SUPPLEMENT AL DISCLOSURE Total Revenues ~$339 (+8% YoY) $1,300 - $1,310 (+10% YoY at midpoint) $1,300 - $1,310 (+10% YoY at midpoint) Diluted Shares Outstanding 42 million 42 million 42 million (1) Refer to the “Key Definitions” slide in the appendix for the definition of certain key Non-GAAP terms (2) Refer to the “GAAP To Non-GAAP Reconciliations” slide for a reconciliation of Non-GAAP measures to the most comparable GAAP measure. 23
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© Commvault 2026 FY’27 Subscription ARR Guidance (Unaudited, Non-GAAP, $ in millions, FY'27 midpoint)(1) SUPPLEMENTAL RECONCILIATION $1,205 ($3) +$8 $1,210 FY'27 Prior Guidance Currency Headwinds as of Sept. 30, 2026 Organic Increase FY'27 Revised Guidance (1) Refer to the “Key Definitions” slide in the appendix for the definition of certain key Non-GAAP terms. 24
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© Commvault 2026 Appendix 25
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© Commvault 2026 Key Definitions I TEM DEFINITION Subscription ARR Subscription ARR represents the annualized value of all active contracts as of the end of a reporting period attributable to term-based licenses, maintenance and support services associated with term license arrangements, enterprise support, SaaS subscriptions, and consumption-based arrangements, calculated by dividing the total active contract value by the number of days in the contract term and multiplying the result by 365. For consumption-based arrangements on a pay as you go model without a fixed commitment, the applicable ARR is calculated by annualizing the revenue contractually expected to be received in a given month based on actual monthly usage from a prior month. ARR should be viewed independently of GAAP revenue, deferred revenue and unbilled revenue and is not intended 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 results, 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 ARR. SaaS ARR SaaS ARR includes only the cloud-hosted portion of Subscription ARR and is calculated using the same methodology. Non-GAAP EBIT Income from operations adjusted to exclude noncash stock-based compensation expense and additional Federal Insurance Contribution Act (FICA) and related payroll tax expense incurred by Commvault related to stock-based compensation. This also excludesrestructuring costs, noncash amortization of intangible assets, business combination costs, the change in the estimated fair value of contingent consideration, adjustments from the sale and leaseback of headquarters, non-recurring strategic pricing initiative costs and other non-recurring charges. Non-GAAP Free Cash Flow Free cash flow is derived from net cash provided by operations less purchases of property and equipment. Subscription Net Dollar Retention Rate (NRR) Subscription NRR includes all contracts attributable to term-based licenses, maintenance and support services associated with term license arrangements, enterprise support, SaaS subscriptions, and consumption-based arrangements. Subscription NRR is calculated as the percentage of subscription ARR retained from existing customers at the start of an annual period after accounting for expansion revenue, churn, and downgrades, measured on an annualized basis using the trailing four quarter average. Acquired subscription ARR is excluded until the acquisition is fully integrated, which we generally expect to occur twelve months from the close date. There is no direct GAAP comparative to NRR. 26
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© Commvault 2026 Constant Currency Subscription ARR ($ in millions, Reflects Fx rates as of March 31, 2026) Q1’27 Q2’27 Constant Currency Subscription ARR Term-based Software ARR $631 $652 SaaS ARR 425 455 Constant Currency Subscription ARR $1,056 $1,107 Constant Currency Subscription Net New ARR Term-based Software ARR $16 $21 SaaS ARR 25 30 Constant Currency Subscription Net New ARR $41 $51 For information regarding fiscal year 2026 Subscription ARR on a constant currency basis, refer to our Fiscal Fourth Quarter Earnings Press Release dated April 28, 2026. 27
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© Commvault 2026 GAAP to Non-GAAP Reconciliations (Unaudited, $ in thousands)(1) Q1’26 Q2’26 Q3’26 Q4’26 Q1’27 Q2'27 Non-GAAP financial measures and reconciliation: GAAP income from operations $25,091 $12,491 $19,770 $16,638 $25,719 $30,377 Noncash stock-based compensation 30,105 31,813 27,721 29,247 34,725 35,680 FICA and payroll tax expense related to stock-based compensation 1,799 838 812 691 877 712 Restructuring 237 1,429 11,885 18,603 2,396 324 Amortization of intangible assets 1,071 1,140 1,255 1,256 1,256 1,255 Business combination costs - 1,890 12 - - - Change in contingent consideration (545) - - - - - Adjustment on headquarters sale and leaseback 495 - - - - - Non-recurring strategic pricing initiative costs - - - - 6,500 - Other non-recurring charges - 1,805 - - - - Non-GAAP income from operations $58,253 $51,406 $61,455 $66,435 $71,473 $68,348 Non-GAAP free cash flow reconciliation: GAAP net cash provided by operating activities $31,681 $76,769 $4,045 $132,185 $51,670 $74,798 Purchase of property and equipment (1,879) (3,187) (2,119) (344) (569) (3,932) Free cash flow (Non-GAAP) $29,802 $73,582 $1,926 $131,841 $51,101 $70,866 (1) 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 Subscription ARR, SaaS ARR, and Subscription NRR. Please refer to the “Key Definitions” slide for the definition of certain key Non-GAAP terms. 28
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© Commvault 2026 Thank You