Slides
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1111 Stan Kovler SVP, Finance and Corporate Development Investor Day Welcome to
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 2 Forward - Looking Statements This presentation contains forward - looking statements including statements regarding our business outlook; future operating and financial metrics and results; market conditions and global demand; customer adoption of our technologies, products and solutions; our product roadmap and innovation priorities; our go - to - market execution; and our ability to compete effectively and capitalize on industry dynamics and competitive developments in the enterprise networking market. You should not place undue reliance on forward - looking statements, which are based on current beliefs, assumptions and expectations, and speak only as of the date of this presentation. These forward - looking statements involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by these statements. For a detailed description of these risks and uncertainties, please refer to our most recent Annual Report on Form 10 - K for the fiscal year ended June 30, 2025, our most recent Quarterly Report on Form 10 - Q for the fiscal quarter ended September 30, 2025, and any subsequent filings which are or will be on file with the Securities and Exchange Commission. Except as required by law, we undertake no obligation to update these statements after the date of this presentation. Disclaimer Non - GAAP Financial Measures This presentation includes certain financial measures that are not presented in accordance with generally accepted accounting principles in the United States (“GAAP”), such as, among other things, Non - GAAP Gross Profit, Non - GAAP EPS, Free Cash Flow, Non - GAAP Gross Margin, Non - GAAP Operating Margin, Net Cash (Debt), Non - GAAP Operating Income (Loss), EBITDA, Non - GAAP Net Income (Loss), Non - GAAP Operating Expense, Gross Debt, and Adjusted EBITDA. Extreme Networks, Inc. (the “Company”) believes these Non - GAAP measures provide both management and investors with additional insight into its current operations, the trends affecting the Company, the Company's marketplace performance, and the Company’s ability to generate cash from operations. Accordingly, management uses these Non - GAAP measures along with comparable GAAP information when evaluating the Company’s historical performance and future business activities. However, Non - GAAP financial measures have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. The Company’s Non - GAAP measures may be different than those used by other companies and should be considered in conjunction with, and not as a substitute for, the Company’s financial information presented in accordance with GAAP. Please refer to our most recent earnings press release dated October 29, 2025, which is posted on the “Investor Relations” section of our website for the required reconciliation to the most comparable GAAP financial measures. Reconciliations for prior quarters are available in the earnings press releases for such previous quarters, also available on the “Investor Relations” section of our website.
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3333 Innovation, Execution, Impact Ed Meyercord President And CEO
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 4 Innovation, Execution, Impact Ed Meyercord President and CEO Barco Partner Interview CEO to CEO Discussion Barco CEO, An Steegen (Moderated By Ed Meyercord) Built For What’s Next Nabil Bukhari CTO And President of AI Platforms Q&A Ed Meyercord / Nabil Bukhari / Anisha Vaswani Lunch & Demos Driving Productivity At Extreme Anisha Vaswani Chief Information and Customer Officer Stevens Institute Customer Interview CIO to CIO Marketing As A Growth Engine Monica Kumar Chief Marketing Officer GTM Trends And Strategy Norman Rice Chief Commercial Officer Growth Outlook Kevin Rhodes Chief Financial Officer Q&A All Executives Run of Show
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 5 Extreme is Set up for Success Quality of Execution: Taking Share Technology Differentiation and Innovation Winning Upmarket Strengthening Industry Fundamentals Favorable Competitive Landscape Attractive Financial Outlook
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 6 Strengthening Industry Fundamentals Source:: Dell’Oro Group WLAN Five Year Forecast Report, July 2025 Growth Across All GE0s/Verticals Leader in AI - Powered Networking Network Refresh Cycle 100% 50% 0% Wi - Fi 7 Wi - Fi 6 Wi - Fi 5 W2 Wi - Fi 6E WLAN Technology Adoption Year of New Technology Introduction Share of Indoor AP Shipments (%)
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 7 Outpacing the Market 650 Group 3 rd Largest Cloud Networking Player Extreme Networks is a Leader in the IDC MarketScape : Worldwide Enterprise Wireless LAN 2025 Vendor Assessment Double Digit Revenue Growth
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 8 Winning Upmarket Across Verticals Healthcare Government Education Sports & Venues Manufacturing Transportation Retail
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 9 Customer prospect What took Cisco 6 hours… Took Extreme 6 minutes
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 10 10 10 Extreme Fabric: When Milliseconds Matter Milliseconds matter, every delay can cost millions. Fabric makes every second count.
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 11 11 11 Extreme: King of Complex Wireless Deployments AI powered by Wi - Fi means faster lines, never missing an inning.
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 12 12 12 The world's largest cloud - managed network , upgraded to Extreme to improve in - store operations and experience. Building Smart Stores with Cloud Choice
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 13 Extreme Platform ONE : First to Market Our Size is an Advantage Platformatization as a Strategy Agentic Architecture
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141414 Competitive Tailwinds Roadmap uncertainty/portfolio integration Channel confusion and anxiety Talent Refresh opportunity Extreme Networks is getting more at bats… “ “
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 15 Future Growth 20% EPS Growth $650M ARR 2029 Revenue FY26 Q1 $310 M 6 in a row 15% YoY Growth Drivers Extreme Platform ONE Winning upmarket 10% + Revenue growth 24% ARR Growth Commercial Models Attractive Financial Outlook
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16161616 Dr. An Steegen CEO Barco
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 17
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HES International The Netherlands
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 20
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 21
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22222222 What’s Next Built for Nabil Bukhari President, AI Platforms and EVP, Chief Technology Officer
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 23 Winning Upmarket with our Technology Portfolio
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 24 Winning Upstream: What Larger Customers Are Looking For ENTERPRISE WI - FI BRANCH DATA CENTER HIGH CONCENTRATION FABRIC SECURITY CLOUD COMMERCIAL MODELS HIGH DISTRIBUTION HYPER SEGMENTATION PUBLIC & PRIVATE TRADITIONAL CONSUMPTION ON - PREM UNIVERSAL ZTNA BREADTH OF PORTFOLIO TECHNOLOGY DIFFERENTIATION SPEED OF INNOVATION
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 25 DATA CENTER CAMPUS BRANCH STEALTH CORE • Enterprise wide reach – Data centers, campus and branch • 90% less operational complexity • 10K+ deployments across all GEOs and all verticals Extreme Fabric – The Only Fabric Built for Enterprises
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 26 “The King of Complex Wi - Fi” 5G-LTE and Wi-Fi Carrier Offload Broadest WiFi6E & WiFi7 portfolio: Entry, Mid - Tier, Premium Tier, indoor to outdoor AI - Powered Optimization and Troubleshooting Architecture Agnostic 100+ Venues across the world
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 27 Leader Is Cloud Networking October 2025 3.3 Million Devices connected • Cloud Continuum Public, Private and On Premises • Secure by Design ISO 27001, 27017, 27701 certified , SOC 2 & GDPR compliant, CCPA/CPRA compliant • Sovereign Cloud Solution same cloud application in a fully air - gapped, on - premises environment
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 28 Platformization
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 29 End - to - end control through one platform Zero - friction Expansion across adjacent applications Compounding value: every new module makes the whole system smarter Elimination of vendor sprawl and integration risk Shared telemetry + shared AI = exponential intelligence Platformization : The Value to the Customer
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 30 Stronger recurring revenue base and higher ARR Scalable innovation through shared data and a unified AI engine Improved customer lifetime value through platform stickiness Gross margin expansion through software mix shift Larger share of wallet through a unified commercial motion Platformization : The Value to the Company ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 30
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 31 They demand a single, end - to - end data architecture across all products They require multi - year, full - stack execution AI quality depends on scale, time, and cross - domain context The first - mover advantage compounds and is very hard to dislodge Organizational integration is a moat most vendors cannot build Why Are Platforms So Difficult To Build?
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 32 Strong Early Adoption Clear Behavioral Shift Early, Measurable AI - Driven Productivity Gains Extreme Platform ONE: The First 90 Days
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 33 Building an AI Moat
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 34 Building an AI Moat Build AI for Unit Economics Create Engineering Capacity Through AI AI + Platform = Advantage AI Moat Pillar #1: Complete, Unified data Across the Entire Portfolio AI Moat Pillar #2: Proprietary technology on top of generally available models Clean Data is Not Optional for Enterprise AI Move First, Move Fast
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35353535 Driving Productivity Anisha Vaswani Chief Information and Customer Officer
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 36 How We’re Leveraging AI at Extreme AI Native Products AI in Business Engineering Productivity Employee Productivity
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 37 Optimizing For Scale We’ve been on a 2+ year journey to modernize our applications tech stack Streamlined Application Footprint Built for Scale To Support Growing SaaS Business Boost Employee Productivity
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 38 Productivity and AI Success Factors Tech Support 20% faster issue resolution through AI based knowledge Shorten Time to RFP Responses Configure Price Quote Discount guidance and price optimization Renewals Retention optimization IT Services Management Resolved 10% of service tickets with AI Professional Services Deployment 25% productivity improvement Sales & Partner AI Assistant
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 39 Customer One Goal Deliver better products to our customers, with features that hit the mark and with the quality they expect Feature validation in a real - world environment Early bug detection and remediation Deeper customer empathy and understanding Customer ONE: Extreme IT is always the first customer to use our own products, and this allows for a rapid feedback loop to our engineering and product organization.
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40404040 Michael Parente CIO & Vice President for Information Technology
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41414141 Driving Growth at Scale Monica Kumar Executive Vice President and Chief Marketing Officer
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 42 Success = 10% Strategy 90% Execution Ingredients for Success: • Market Momentu m • Technology L eadership • Customer and Partner Outcomes • Quality of Execution at Scale
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 43 Extreme Is Well - Positioned in Cloud - Managed Campus Networking $0 B $2 B $4 B 2024 2025 2026 2027 2028 2029 Cloud - Managed Campus Networking Subscription TAM Source: 650 Group, Unified Access Q1/Q2 2025 reports Market share based on 12 months period July 1, 2024 - June 30, 2025 CAGR is CY24 - CY29 Top 3 Cloud - Managed Services Vendor 10% Cloud - Managed Services Share 2X Market SaaS ARR Growth
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 44 The Next Opportunity: AI Networking for Campus 72% AI Networking for Campus Market CAGR Source: 650 Group AI Networking (Campus) Q1/Q2 2025 reports & Unified Access Q1 2025 report; CAGR is CY24 - CY29 2024 2025 2026 2027 2028 2029 Campus Networking TAM (Wired & Wireless) AI Non-AI $29B $37B
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 45 Key Findings: 2025 State of AI for Networking Survey of 200 IT Leaders 2025 State of Networking: Changing Market Dynamics • Agentic AI is moving from theory to practice • AI is transforming the networking workforce • Platformization is accelerating 74% have deployed agentic AI 58% of leaders predict greater emphasis on AI/ML expertise 94% prefer AI natively built into networking platforms Source: Online survey commissioned by Extreme Networks, October 2025
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 46 Ruthless Prioritization to Drive Growth and Scale Perception Extreme Brand Platform Adoption of Extreme Platform ONE Pipeline Funnel Creation & Conversion People Arm Sellers and Partners to Win More ©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 46
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 47 47 47 Delivering on Our Brand Promise Extreme Simplicity Extreme Reliability Extreme Value
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 48 Market Reception Is Strong and Growing November 2024 – November 2025 2400 articles Industry Analyst Firms That Have Covered Extreme
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 49 Extreme Networks Is A Leader in the IDC MarketScape : Worldwide Enterprise Wireless LAN 2025 Vendor Assessment “ Extreme Networks’ AI - powered network automation , flexible deployment options through its Universal Hardware, and expertise in high - density environments, helped position the company in the Leaders Category of the 2025 IDC MarketScape .” Brandon Butler, Senior Research Manager, Network Infrastructure Group, IDC D ar et a e Worl i e ter rise Wireless N Source: IDC, 2025
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 50 THINK GLOBAL 19 PODs globally focused on sales, marketing and channel development PIPELINE AND BOOKINGS FOCUS Goaled on funnel development, conversions and bookings acceleration ACT LOCAL Tailored vertical and GTM approach to drive results in local markets Building a Scalable Funnel Engine with PODs MARKETING CHANNEL SALES A Strategic Initiative To Align Sales, Channel And Marketing To Drive Funnel
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 51 Prescriptive Win Recipes: Fully Integrated Sales Plays Extreme Platform ONE Play Competitive Plays Cross - Sell/Upsell Plays Define Use Cases, Validated Solutions Segments, Targets, Persona Align Launches, Campaigns & Activities Messaging & Content Trials, Guided Tours, Demos & Offers Sales and Partner Enablement & Training Execution & Rollout Measurement, Analysis & Action
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 52 High Impact Programs to Enable POD Execution Big Deal ($1M+) Progression Programs ROI and TCO Calculators Business Value Product Tours and Trials Technical Value FIRST EVER Extreme AI Summit Growing 20% YoY 50+ cities globally Piloted in AMER, now expanding to EMEA CXO Program
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 53 Strong brands build more than awareness — they build resilience. Our marketing investment today is creating the demand, loyalty, and leadership that define tomorrow’s growth. “ “
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54545454 GTM Trends And Strategy Norman Rice Executive Vice President and Chief Commercial Officer
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 55 55 55 CCO – Building Scale & Delivering Results
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 56 Winning Upmarket: Building Infrastructure for Scale PODs by Region Big Deals Process Targeting Larger Partners Strengthened sales methodology Partner Programs and financial models to attract larger reach partners Improved alignment between go to market teams
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 57 Flexible Commercial Models High Upfront Cost Low Upfront Cost High Customer Ownership Low Customer Ownership MSP Hybrid Pure OPEX [ ENaaS ] Traditional CAPEX Private Subscription Offer ▪ CAPEX weighted / lower ARR ▪ Customer self - managed ▪ Customer owns HW/SW title ▪ Traditional VAR sourced ▪ OPEX weighted / high ARR ▪ Customer self - managed ▪ Customer owns HW/SW title ▪ Strategic VAR Sourced ▪ CAPEX weighted / enables MRR ▪ Partner Managed (MSP) ▪ Partners owns SW title / Cust HW ▪ MSP VAR sourced ▪ OPEX weighted / enables MRR ▪ Partner Managed (MSP) ▪ AGP owns HW/SW title ▪ Strategic MSP VAR sourced
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 58 Taking Advantage of Competitors Partner Disruption Distributors Resellers Alliances Managed Service Providers
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 59 Go - To - Market Success Factors 168 >$1M Customers in FY25 Bookings from >$1M New Logos 59% Customers are buying “Full ta solutio s” 90 % Bookings from Partners elli g “Full ta ” olutio s 2x MSP Bookings Up YoY 14 % Of New Subscription Bookings from New Commercial Models >20 %
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 60 Winning Up Market - Deal Size of New Logos is Growing >$1M Bookings Deals as % of New Logo Deal Value 0% 10% 20% 30% 40% 50% 60% 70% FY20 FY21 FY22 FY23 FY24 FY25 $1M-$3M Deals >$3M Deals
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 61 Winning Upmarket In Enterprise
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 62 Differentiated Technologies and Alternative Business Model - OPEX Power of innovation. Subsecond convergence with Fabric. Continuous opportunity.
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 63 Differentiated Technology and Global Scale to Support Long - time customer. Supporting and Expanding Global – Las Vegas, Boston, Macau and UAE
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 64 Winning Up Market in Regulated Industries
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 65 Market Opportunity in Regulated Industries Public Sector & Highly Regulated Industries • Japanese Government – Campus Fabric and Sovereign Cloud • Europe – standard in governments including NATO countries • Americas – building on public sector success to expand in strategic accounts Certified Campus Fabric Product Portfolio Sovereign Cloud opportunity and regulated industries • Customers require private cloud and AI with certified solutions • Extreme's sovereign cloud and cloud continuim meet the customers needs • Commerial Solutions adaptable for customer requirements • Winning large Cisco Accounts
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 66 Differentiated Technology – Sovereign Cloud Solutions for Campus Fabric, Private Cloud and SD - WAN 1) Etymology of expansion in Japan 1) ta ar ize a ross the e tire fe eral gov’t rogram a it’s just begi i g 2) $50M+ opportunity for projects in Japan 3) Japan likes our technical architecture Standardized technology across the Japanese Federal Government >$20m booked / $50M+ opportunity
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 67 Differentiated Technology – Standardizing on Campus Fabric, Extreme WiFi and Platform One Over 25% of the NHS Trusts in the UK are powered by Extreme's Enterprise Fabric
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68686868 Growth Outlook Kevin Rhodes Executive Vice President and Chief Financial Officer
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 69 Financial Success Factors $1.247 - 1.264B Revenue Forecast FY26 Deferred Recurring Revenue $180M Annualized EBITDA $216M 24% YoY Growth in SaaS ARR 29% YoY EPS Growth in 1Q26 36% Recurring Revenue % $618M
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 70 Total Gross Margin Mitigation Actions In Place, Including Pricing To Drive Margin Recovery 1Q26 GM% 2Q26 GM% Guidance 4Q26 GM% (F) 62.0% 62.3% 61.4% 63.3% 61.3% Expecting High end of Range
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 71 Flexible Commercial Models To Meet Customer Needs Multiple Commercial Offers to Meet Customer Needs Focused on ARR Growth Managed Service Provider (MSP) 61 MSP Partners with Bookings Up 2x YoY For outsourced IT, with consumption billing Extreme Subscription Private Offer (ESPO) Unique Industry Offering for HW/SW Targeted at our Largest Customers Enterprise Network as a Service (ENaaS) Introduced HW/SW as a Service with Minimum Commit and Monthly Billing Enterprise Agreement (EA) Portfolio - Wide Purchasing Program for Hardware and Subscription
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 72 FY25A FY26E FY27E FY28E FY29E Double Digit Revenue CAGR Share Gains and Subscription Revenue Support Double Digit Revenue Growth Revenue Growth Targets Product 7 - 9% Subscription and Support 12 - 14% Overall 10%+
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 73 Financial Impact of Platformization Subscription & Support Separate 65 - 70% Subscription Attach Rate 90 - 95% Subscription Renewal Rate 70 - 75% Support Renewal Rate Extreme Platform ONE 95%+ Platform Attach Rate + 10 - 15% ACV Uplift 95%+ Renewal Rate 65 - 70% Support Attach Rate Subscription + Support Combined
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 74 Subscription ARR Growth Driven By Extreme Platform ONE Target of $650M By FY29 Extreme Platform ONE $208M $650M+ FY25A FY26E FY27E FY28E FY29E ExtremeCloud IQ
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 75 $412M $650M+ FY25A FY26E FY27E FY28E FY29E Subscription and Support Revenue to Exceed 80% of Recurring Revenue By FY29 Subscription Support
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 76 36% 36% 37% 39% 41% FY25A FY26E FY27E FY28E FY29E Recurring Revenue as % of Total Revenue Recurring revenue expands from 36% of total revenue in FY25 to 41% in FY29 Recurring Revenue to Continue to Rise
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 77 Generating Strong Free Cash Flow and EBITDA 0% 5% 10% 15% 20% 25% FY25A FY26E FY27E FY28E FY29E Free Cash Flow FCF Margin 0% 5% 10% 15% 20% 25% FY25A FY26E FY27E FY28E FY29E Non GAAP EBITDA EBITDA % Margin Free Cash Flow = Extreme uses the non-GAAP free cash flow metric as a measure of operating performance. Free cash flow represents GAAP net cash provided by operating activities, less purchases of property, plant and equipment. *FY26 excludes 1 time litigation settlement. FCF Margin = Free Cash Flow / Revenue *
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 78 Strong Outlook For Operating Leverage P&L LINE COMMENTARY LONG - TERM TARGET Gross Margin • Supply chain cost improvements • Mix shift to higher margin subscription business 64 – 66 % Research and Development • R&D investments in new AI - related products and solutions 15 – 17 % Sales and Marketing • Expanding GTM and new commercial models with increased productivity across teams 21 – 23 % General and Administrative • Continue to drive efficiencies by optimizing for scale 4 – 5 % NON - GAAP OPERATING MARGIN - > 22 – 24 %
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 79 FY26 Guidance (In $M’s Except EPS) GAAP FY26 Non - GAAP 1 FY26 Revenue ($M) $1,247 – $1,264 $1,247 – $1,264 Gross Margin % 61.3% - 61.7% 61.9% - 62.3% Operating Margin % 4.3% - 4.6% 14.6% - 14.8% EPS $0.28 - $0.32 $0.99 - $1.02 1 See slide 8 2 for GAAP to Non - GAAP reconciliation.
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 81 Appendix
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©2025 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 82 GAAP to Non - GAAP Reconciliation – FY26 Guidance Gross Margin Rate Operating Margin Rate Earnings per Share GAAP 61.3% - 61.7% 4.3% - 4.6% $0.28 - $0.32 Estimated Adjustments for: Share - Based Compensation 0.5% 7.2% - 7.3% 0.68 Amortization of Product Intangibles 0.1% 0.1% 0.01 Amortization of Non - product Intangibles — 0.1% 0.01 Amortization of cloud computing implementation costs — 0.5% 0.04 Restructuring and related charges — 0.1% 0.01 Litigation Charges – 0.7% 0.06 System Transition Costs – 1.5% 0.14 Non - GAAP Tax Adjustment – – (0.24) – (0.25) Non - GAAP 1 61.9% - 62.3% 14.6% - 14.8% $0.99 – $1.02 1 The total of percentage rate changes may not equal the total change in all cases due to rounding.