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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 1 Extreme Networks Corporate & Financial Overview
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©2026 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 and any subsequent filings that 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, Non - GAAP Operating Income (Loss), 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. We provide Adjusted Results that show the results for FY’24 excluding the Non - GAAP adjustments, the additional provision for E&O inventory and adjustments for the related tax impact. Please refer to our most recent earnings press release, which is posted on the “Investor Relations” section of our website, and to the Appendices to this presentation 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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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 3 Powering Innovation and Progress for More Than 25 Years Founded in 1996 in SILICON VALLEY, CA $ 1.1B+ In Annual Revenue Ecosystem of 11,000 + Channel Partners 2,800+ Employees Customer Satisfaction Score 9. 5 More Than 80 Countries 1,000+ Patents Tens of Thousands of Customers
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 4 Trusted by the World’s Most Demanding Networks L argest S tock E xchange in the World NYSE Manufacturers SKODA, VW, JOHN DEERE, SAMSUNG, LG Airports CHARLES DE GAULLE, BRUSSELS, SHARJAH INTERNATIONAL, PHILADELPHIA Shaping the Skyline DUBAI WORLD TRADE CENTER, BURJ KHALIFA Leading Hospitals NHS, CHARITE, HABIB MEDICAL, ZOL Shipping & Logistics FEDEX Smart Cities BORAS STAD, SWEDEN MILWAUKEE, WI MEMPHIS, TN World - Class Venues CITI FIELD, OLD TRAFFORD, LAMBEAU FIELD, WRIGLEY FIELD, LA COLISEUM, FENWAY PARK, DAYTONA SPEEDWAY, ROIG Energy E.ON
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 5 Winning Upmarket Across Verticals Healthcare Government Education Sports & Venues Manufacturing Transportation Retail
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 6 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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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 7 Financial Success Factors $1.275 - 1.280B Revenue Forecast FY26 Deferred Recurring Revenue $214M Annualized EBITDA $236M 29% YoY Growth in SaaS ARR 24% YoY EPS Growth in 3Q26 36% Recurring Revenue % $630M
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 8 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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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 9 Leading In Enterprise Networking
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 10 Universal Hardware Driving Extreme Innovation in Networking Cloud Networking Secure Connectivity ©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 10 AI - Powered Networking Platform First to offer universal platforms for enterprise - class switching and wireless infrastructure Leading innovator of cloud managed enterprise networking. Acquired Aerohive, the pioneer of cloud networking First to deliver Universal ZTNA Choice, simplicity and flexible deployment options Improved visibility, faster troubleshooting Reduced risk, improved user experience
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 11 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 ©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 11
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 12 An Integrated Portfolio That Drives Value Data Center Branch IoT Campus IoT Extreme Fabric over Wired, Wireless, and SD - WAN Network Automation Extreme Platform ONE for AI - Powered Networking
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 13 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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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 14 “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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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 15 Expanded Wi - Fi Portfolio Shipping Today! 5020 & 4000 Series Leading the charge on Wi - Fi 7 and 6ghz deployments NEW 5022 & 5060 Series High performance high density indoor and outdoor NEW 3020 & 3060 Series Entry level indoor/outdoor and wall plate
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 16 Expanded Wired Portfolio Shipping Now! Coming Soon! Shipping Now! 4000, 5000 & 7000 Series Universal Switches Branch to campus to data center access aggregation and core 5420M Universal 48 port mixed media 7830 Interface Modules 24x100 GbE 8x400 GbE Universal Ruggedized / Industrial Switches for Fabric
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 17 Complex, fragmented licensing Inclusive Subscription Program Makes Extreme Platform ONE Easy to Buy, Renew, and Grow Inventory Networking Analytics Support loT AI ZTNA NAC The standard bill of materials 17 AI, Networking, Fabric, Lifecycle Management and More T echnical / Operating System Support ©2026
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 18 AI Expert Conversational AI Canvas Multimodal AI Agents Autonomous with HITL The Broadest Range of AI Capabilities Conceptual AI Core
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 19 What Are Customers Saying?
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 20 ©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 20 ©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 20 ©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 20 Slash Network Incidents Reduced support tickets by 80% across 20+ medical offices. Extreme Reliability
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 21 ©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 21 ©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 21 ©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 21 Segmentation Simplified Sped up configuration time for creating new secure network segments from days to hours. Extreme Simplification
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 22 ©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 22 ©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 22 ©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 22 Reduce Change Cycles Cut time spent on upgrades and network changes by 80%. Extreme Agility
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 23 ©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 23 ©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 23 ©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 23 Scaling Events with Precision Supports 500+ events with up to 3,300 isolated network segments for up to 6,000 exhibitors and 180,000 guests at one time. Extreme Automation
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 24 ©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 24 ©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 24 ©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 24 Extreme Scale Implemented the world's largest cloud - managed network at 10,000+ APs , upgraded to Extreme to improve in - store experience. Enhances Shopping Experiences
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 25 Strategic Opportunities
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 26 Extreme Is Well - Positioned in Cloud - Managed Campus Networking $0 B $2 B $4 B 2025 2026 2027 2028 2029 2030 Cloud - Managed Campus Networking Subscription TAM Source: 650 Group, Unified Access Q4 2025 reports Market share based on 12 months period Jan 1, 2025 - Dec 31 , 2025 CAGR is CY25 - CY30 Top 3 Cloud - Managed Services Vendor 10% Cloud - Managed Services Share 2X Market SaaS ARR Growth
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 27 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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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 28 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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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 29 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 continuum meet the customers needs • Commercial Solutions adaptable for customer requirements • Winning large Cisco Accounts
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 30 $167 $174 $181 $184 $208 $216 $227 $236 29% 23% 14% 13% 24% 24% 25% 29% $120 $140 $160 $180 $200 $220 $240 $260 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 SaaS ARR 1 SaaS ARR (IN $M EXCEPT PERCENTAGES) YoY Growth 1 S ee Appendices for definitions of metrics & KPIs.
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 31 $101 $103 $103 $101 $109 $111 $115 $114 39% 38% 37% 35% 36% 36% 36% 36% 25% 35% 45% 55% 65% 75% $90 $95 $100 $105 $110 $115 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Recurring Revenue 1 Recurring Revenue as % of Total Revenue Recurring Revenue (IN $M EXCEPT PERCENTAGES) 1 S ee Appendices for definitions of metrics & KPIs.
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 32 $557 $562 $575 $578 $606 $618 $628 $630 48% 50% 50% 49% 51% 53% 53% 54% 40% 45% 50% 55% 60% 65% 70% $400 $450 $500 $550 $600 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Deferred Recurring Revenue 1 Deferred Recurring Revenue SaaS Deferred Revenue % Deferred Recurring Revenue (IN $M EXCEPT PERCENTAGES) 2 1 S ee Appendices for definitions of metrics & KPIs.
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 33 3Q26 Financial Results
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 34 3Q26 Results Summary Profitability and Cash Generation Bookings and Revenue Trends Cloud SaaS Subscriptions and Recurring Revenue • Double - digit Bookings Growth Globally • Total Revenue Growth of 11% YoY • Recurring Revenue 2 of $114M up 13% YoY • SaaS ARR 2 of $236M, Up 29% YoY • Extreme Platform ONE Bookings Ahead of Expectations • Continued Double - Digit Growth in Subscription Bookings YoY • Non - GAAP EPS 1 growth of 24% YoY • Adjusted EBITDA 1 of $53M • Repurchased $50M worth of shares through an Accelerated Share Repurchase (ASR) • Net Cash 2 of $11M 1 See Appendices for GAAP to Non - GAAP reconciliation. 2 S ee Appendices for definitions of metrics & KPIs.
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 35 3Q26 Highlights $ 53M Adjusted EBITDA 1 70 Total Managed Service Providers 15.2% Non - GAAP Operating Margin 1 % $0.26 Non - GAAP EPS 1 44 $1M+ Customers 62.3% Non - GAAP Gross Margin 1 % Non - GAAP Gross Profit 1 $197M $236M SaaS ARR 2 36% Recurring Revenue 2 (% of Total Revenue) Total Revenue $317M 29% SaaS ARR 2 (Growth YoY) 16.9% Adjusted EBITDA Margin 1 1 See Appendices for GAAP to Non - GAAP reconciliation. 2 S ee Appendices for definitions of metrics & KPIs.
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 36 Financial Highlights GAAP Non - GAAP 1 3Q25 2Q26 3Q26 3Q25 2Q26 3Q26 Product Revenue $178.1 $197.8 $199.4 $178.1 $197.8 $199.4 Subscription & Support Revenue $106.4 $120.2 $117.5 $106.4 $120.2 $117.5 Total Revenue $284.5 $318.0 $316.9 $284.5 $318.0 $316.9 Total GM % 61.7% 61.4% 61.7% 62.3% 62.0% 62.3% Operating Income $10.4 $13.0 $17.3 $40.0 $47.7 $48.0 Operating Margin % 3.6% 4.1% 5.5% 14.1% 15.0% 15.2% Net Income $3.5 $7.9 $10.6 $28.0 $34.7 $34.8 EPS $0.03 $0.06 $0.08 $0.21 $0.26 $0.26 1 See Appendices for GAAP to Non - GAAP reconciliation. (IN $M EXCEPT PERCENTAGES AND EPS)
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 37 60% 60% 62% 63% 63% 63% 62% 63% 40% 40% 38% 37% 37% 37% 38% 37% $257 $269 $279 $285 $307 $310 $318 $317 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Total Revenue Product Revenue Subscription & Support Revenue Quarterly Revenue Results (IN $M EXCEPT PERCENTAGES) 1 1 S ee Appendices for definitions of metrics & KPIs.
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 38 $163 $171 $177 $177 $191 $190 $197 $197 63.5% 63.7% 63.4% 62.3% 62.3% 61.3% 62.0% 62.3% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% - $50 $100 $150 $200 $250 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Gross Profit - Adjusted Results 1 Product Gross Profit Subscription & Support Gross Profit Total GM % - Adjusted $115 $170 $175 $175 $189 $188 $195 $196 44.7% 63.0% 62.7% 61.7% 61.6% 60.6% 61.4% 61.7% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% - $50 $100 $150 $200 $250 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Gross Profit - GAAP Product Gross Profit Subscription & Support Gross Profit Total GM % - GAAP Quarterly Gross Profit and Margin (IN $M EXCEPT PERCENTAGES) 1 Adjusted Results exclude the Non - GAAP adjustments and the additional provision for E&O inventory. Adjustments were made in 4Q24 . All other quarters are reported on a Non - GAAP basis. See Appendices for GAAP to Adjusted Results reconciliation.
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 39 $128 $138 $136 $137 $144 $149 $149 $149 13.5% 12.4% 14.7% 14.1% 15.2% 13.3% 15.0% 15.2% (12.0%) (2.0%) 8.0% 18.0% 28.0% 38.0% - $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Operating Expenses - Adjusted Results 1 R&D S&M G&A Operating Margin % $164 $174 $162 $165 $191 $177 $182 $178 (19.1%) (1.8%) 4.5% 3.6% (0.4%) 3.6% 4.1% 5.5% (40.0%) (30.0%) (20.0%) (10.0%) 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% - $50 $100 $150 $200 $250 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Operating Expenses - GAAP R&D S&M G&A Other Operating Margin % Quarterly Operating Expense and Margin (IN $M EXCEPT PERCENTAGES) 1 Adjusted Results exclude the Non - GAAP adjustments and the additional provision for E&O inventory. Adjustments were made in 4Q24 . All other quarters are reported on a Non - GAAP basis. See Appendices for GAAP to Adjusted Results reconciliation.
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 40 $0.19 $0.17 $0.21 $0.21 $0.25 $0.22 $0.26 $0.26 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 EPS - Adjusted Results 1 $(0.42) $(0.08) $0.06 $0.03 $(0.06) $0.04 $0.06 $0.08 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 EPS - GAAP Quarterly EPS 1 Adjusted Results exclude the Non - GAAP adjustments and the additional provision for E&O inventory. Adjustments were made in 4Q24 . All other quarters are reported on a Non - GAAP basis. See Appendices for GAAP to Adjusted Results reconciliation.
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 41 APAC EMEA AMERICAS 3Q26 Revenue By Geography (IN $M EXCEPT PERCENTAGES) $139M 44% of Revenue $153M $25M 48% of Revenue 8% of Revenue Note: t he total of revenues in each geography may not equal total revenue due to rounding.
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 42 Financial Highlights – Balance Sheet (IN $M) Balance Sheet Highlights 3Q25 2Q26 3Q26 Cash and Cash Equivalents $185.5 $219.8 $210.1 Accounts Receivable $99.5 $152.4 $162.7 Inventories $115.7 $83.6 $76.6 Accounts Payable $47.1 $64.8 $81.2 Gross Debt 1 $182.5 $172.5 $198.8 Net Cash 1 $3.0 $47.3 $11.3 2 1 S ee Appendices for definitions of metrics & KPIs. 2 Uses of cash include $50M Accelerated Share Repurchase.
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 43 Free Cash Flow 1 3Q25 2Q26 3Q26 Operating Cash Flow $30.0 $50.1 $14.2 PP&E Capital Expenditures (5.8) (7.1) (6.4) Free Cash Flow $24.2 $43.0 $7.8 Share Repurchases $13.0 $0.0 $50.0 $11 $12 $16 $24 $75 ($21) $43 $8 ($100) ($50) - $50 $100 $150 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Free Cash Flow Free Cash Flow (IN $M) 1 S ee Appendices for definitions of metrics & KPIs.
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 44 Growth Outlook
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 45 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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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 46 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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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 47 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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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 48 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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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 49 $412M $650M+ FY25A FY26E FY27E FY28E FY29E Subscription Revenue to Exceed 80% of Recurring Revenue By FY29 Subscription Support
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 50 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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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 51 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 * 1 S ee Appendices for definitions of metrics & KPIs. FCF Margin = Free Cash Flow / Revenue
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 52 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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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 53 4Q26 and FY26 Financial Guidance
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 54 4Q26 Guidance (IN $M EXCEPT PERCENTAGES AND EPS) GAAP 4Q26 Non - GAAP 1 4Q26 Revenue ($M) $330 - $335 $330 - $335 Gross Margin % 61.2% - 61.6% 61.8% - 62.2% Operating Margin % 6.1% - 7.1% 15.2% - 16.1% EPS $0.12 - $0.15 $0.28 - $0.30 1 See Appendices for GAAP to Non - GAAP reconciliation .
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 55 FY26 Guidance (IN $M EXCEPT PERCENTAGES AND EPS) GAAP FY26 Non - GAAP 1 FY26 Revenue ($M) $1,275 - $1,280 $1,275 - $1,280 Gross Margin % 61.2% - 61.3% 61.8% - 61.9% Operating Margin % 4.8% - 5.1% 14.7% - 14.9% EPS $0.30 - $0.33 $1.02 - $1.04 1 See Appendices for GAAP to Non - GAAP reconciliation .
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 56 Note: The totals for some periods may not foot due to rounding. Please see press release for full reconciliation. APPENDICES GAAP to Non - GAAP Reconciliations and Operating Metrics
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 57 Supplemental Information: GAAP to Adjusted Results (IN $M EXCEPT PERCENTAGES AND EPS) We recorded an additional provision for excess and obsolete (“E&O”) inventory and loss on our supplier commitments of $64.5 m ill ion during fiscal 2024. The quarterly split was as follows: 1Q24: $10.5m, 3Q24: $7.5m, and 4Q24: $46.5m. The additional provision was taken for certain of the Company’s older products which are scheduled t o g o end of sale during fiscal year 2025 and for which the excess of such inventories is beyond the demand forecast. To provide more clarity on the impact of this provision, we provide the following tha t shows the results excluding the Non - GAAP adjustments, the additional provision for E&O inventory, and adjustments for the related tax impact. 1Q24 2Q24 3Q24 4Q24 FY24 GAAP Non - GAAP 1 E&O Adj Adjusted GAAP Non - GAAP 1 E&O Adj Adjusted GAAP Non - GAAP 1 E&O Adj Adjusted GAAP Non - GAAP 1 E&O Adj Adjusted GAAP Non - GAAP 1 E&O Adj Adjusted Product Revenue $253.5 $253.5 - $253.5 $186.6 $186.6 - $186.6 $106.4 $106.4 - $106.4 $152.8 $152.8 - $152.8 $699.3 $699.3 - $699.3 Subscription & Support Revenue $99.6 $99.6 - $99.6 $109.8 $109.8 - $109.8 $104.6 $104.6 - $104.6 $103.9 $103.9 - $103.9 $417.9 $417.9 - $417.9 Total Revenue $353.1 $353.1 - $353.1 $296.4 $296.4 - $296.4 $211.0 $211.0 - $211.0 $256.7 $256.7 - $256.7 $1,117.2 $1,117.2 - $1,117.2 Total GM% 60.3% 61.1% 3.0% 64.1% 61.9% 62.5% - 62.5% 56.8% 57.6% 3.6% 61.2% 44.7% 45.4% 18.1% 63.5% 56.5% 57.2% 5.8% 63.0% Operating Income (Loss) $35.9 $62.5 $10.5 $73.0 $10.3 $43.9 - $43.9 ($62.5) ($25.7) $7.5 ($18.2) ($48.9) ($11.8) $46.5 $34.7 ($65.2) $68.9 $64.5 $133.4 Operating Margin % 10.2% 17.7% 3.0% 20.7% 3.5% 14.8% - 14.8% (29.6%) (12.2%) 3.6% (8.6%) (19.1%) (4.6%) 18.1% 13.5% (5.8%) 6.2% 5.8% 11.9% EBITDA $43.1 $67.8 $10.5 $78.3 $15.6 $48.2 - $48.2 ($56.6) ($20.9) $7.5 ($13.4) ($37.8) ($7.7) $46.5 $38.8 ($35.6) $87.3 $64.5 $151.8 Net Income (Loss) $28.7 $46.5 $8.2 $54.7 $4.0 $31.5 - $31.5 ($64.4) ($24.8) $6.6 ($18.2) ($54.2) ($9.9) $34.6 $24.7 ($86.0) $43.4 $49.3 $92.7 EPS $0.21 $0.35 $0.06 $0.41 $0.03 $0.24 - $0.24 ($0.50) ($0.19) $0.05 ($0.14) ($0.42) ($0.08) $0.27 $0.19 ($0.66) $0.33 $0.37 $0.70 1 Refer to the GAAP to Non - GAAP reconciliations to financial results presentation for the respective period which can be found on the “Investor Relations” section of our website.
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 58 $116 $171 $177 $177 $191 $190 $197 $197 45.4% 63.7% 63.4% 62.3% 62.3% 61.3% 62.0% 62.3% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% - $50 $100 $150 $200 $250 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Gross Profit - Non - GAAP 1 Product Gross Profit Subscription & Support Gross Profit Total GM % - Non-GAAP Non - GAAP Quarterly Results of Operations (IN $M EXCEPT PERCENTAGES) 1 See slides 61 - 66 for GAAP to Non - GAAP reconciliation.
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 59 $128 $138 $136 $137 $144 $149 $149 $149 (4.6%) 12.4% 14.7% 14.1% 15.2% 13.3% 15.0% 15.2% (15.0%) (5.0%) 5.0% 15.0% 25.0% 35.0% - $20 $40 $60 $80 $100 $120 $140 $160 $180 $200 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Operating Expenses - Non - GAAP 1 R&D S&M G&A Operating Margin % Non - GAAP Quarterly Results of Operations (IN $M EXCEPT PERCENTAGES) 1 See slides 61 - 66 for GAAP to Non - GAAP reconciliation.
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 60 $(0.08) $0.17 $0.21 $0.21 $0.25 $0.22 $0.26 $0.26 $(0.30) $(0.20) $(0.10) $- $0.10 $0.20 $0.30 $0.40 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 EPS - Non - GAAP 1 Non - GAAP Quarterly Results of Operations 1 See slides 61 - 66 for GAAP to Non - GAAP reconciliation.
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 61 GAAP to Non - GAAP Reconciliations – Gross Margin (IN $M EXCEPT PERCENTAGES) 3Q25 2Q26 3Q26 Product Revenue $178.1 $197.8 $199.4 Subscription & Support Revenue 106.4 120.2 117.5 Total Revenue - GAAP $284.5 $318.0 $316.9 Gross Margin - GAAP 175.4 195.1 195.5 Gross Margin % - GAAP 61.7% 61.4% 61.7% Amortization of Intangibles, Product 0.6 0.3 0.4 Share - Based Compensation, Product 0.7 0.8 0.8 Share - Based Compensation, Subscription & Support 0.7 0.8 0.7 Gross Margin - Non - GAAP $177.4 $197.0 $197.4 Gross Margin % - Non - GAAP 62.3% 62.0% 62.3%
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 62 (IN $M EXCEPT PERCENTAGES) 3Q25 2Q26 3Q26 Operating Income - GAAP $10.4 $13.0 $17.3 Operating Margin - GAAP 3.6% 4.1% 5.5% Amortization of Intangibles 1.1 0.7 0.7 Share - Based Compensation, Total 20.4 22.9 21.8 Restructuring and Related Charges (Benefit) (0.5) 0.2 - System Transition Costs 7.5 6.5 7.6 Litigation Costs 1.1 0.8 0.4 Other Non - recurring Costs - 3.6 0.2 Operating Income - Non - GAAP $40.0 $47.7 $48.0 Operating Margin - Non - GAAP 14.1% 15.0% 15.2% GAAP to Non - GAAP Reconciliations – Operating Income
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 63 3Q25 2Q26 3Q26 Net Income – GAAP $3.5 $7.9 $10.6 Amortization of Intangibles 1.1 0.7 0.7 Share - Based Compensation, Total 20.4 22.9 21.8 Restructuring and Related Charges (Benefit) (0.5) 0.2 - System Transition Costs 7.5 6.5 7.6 Litigation Costs 1.1 0.8 0.4 Other Non - recurring Costs - 3.6 0.2 Tax Effect of non - GAAP Adjustments (5.1) (7.9) (6.5) Net Non - GAAP Adjustments 24.5 26.8 24.2 Net Income - Non - GAAP $28.0 $34.7 $34.8 EPS - GAAP - Diluted $0.03 $0.06 $0.08 EPS - Non - GAAP - Diluted $0.21 $0.26 $0.26 GAAP and Non - GAAP Shares Used in EPS Calculation - Diluted 134.6 135.2 133.6 GAAP to Non - GAAP Reconciliations – Net Income (IN $M EXCEPT EPS)
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 64 3Q25 2Q26 3Q26 Net Income - GAAP $3.5 $7.9 $10.6 Depreciation 3.5 4.0 3.8 Amortization 1.1 1.8 2.6 Share - Based Compensation 20.4 22.9 21.8 Restructuring and Related Charges (Benefit) (0.5) 0.2 - System Transition Costs 7.5 6.5 7.6 Litigation Costs 1.1 0.8 0.4 Other Non - recurring Costs - 3.6 0.2 Interest Income (1.0) (1.1) (1.0) Interest Expense 3.8 3.3 3.2 Provision for Income Taxes 3.7 2.5 4.2 Total Adjustments to GAAP Net Income 39.6 44.5 42.8 Adjusted EBITDA $43.1 $52.4 $53.4 Adjusted EBITDA Reconciliation (IN $M)
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 65 GAAP to Non - GAAP Reconciliations – 4Q26 Guidance Gross Margin Rate Operating Margin Rate Earnings per Share GAAP 61.2% - 61.6% 6.1% - 7.1% $0.12 - $0.15 Estimated Adjustments for: Share - Based Compensation 0.5% 7.0% - 7.1% 0.18 Amortization of Product Intangibles 0.1% 0.1% 0.00 Amortization of Non - product Intangibles – 0.1% 0.00 Litigation Charges – 0.9% 0.02 System Transition Costs – 0.9% 0.02 Non - GAAP Tax Adjustment – – (0.07) - (0.06) Non - GAAP 61.8% - 62.2% 15.2% - 16.1% $0.28 - $0.30
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 66 GAAP to Non - GAAP Reconciliations – FY26 Guidance Gross Margin Rate Operating Margin Rate Earnings per Share GAAP 61.2% - 61.3% 4.8% - 5.1% $0.30 - $0.33 Estimated Adjustments for: Share - Based Compensation 0.5% 7.1% - 7.2% 0.67 Amortization of Product Intangibles 0.1% 0.1% 0.01 Amortization of Non - product Intangibles — 0.1% 0.01 Other Non - recurring Costs — 0.3% 0.03 Litigation Charges – 0.5% 0.05 System Transition Costs – 1.7% 0.16 Non - GAAP Tax Adjustment – – (0.22) - (0.21) Non - GAAP 61.8% - 61.9% 14.7% - 14.9% $1.02 - $1.04
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©2026 EXTREME NETWORKS, INC. ALL RIGHTS RESERVED. 67 Definitions SaaS ARR (SaaS Annual Recurring Revenue) Represents the annualized value of our subscription offerings and the renewable, term - based license portion of software license arrangements. SaaS ARR excludes perpetual licenses, upfront license fees, variable or non - recurring revenue, professional services revenue, support revenue from maintenan ce contracts, and other non - subscription revenue. SaaS ARR reflects the annual recurring revenue associated with Extreme Platform ONE (which includes embedded support), Extrem eCl oud IQ, and other subscription revenue, based on the annualized value of quarterly subscription revenue and the trailing twelve months of term - based license revenue. Ma nagement uses SaaS ARR to evaluate the scale and trajectory of the Company’s subscription - based offerings and progress against customer adoption initiatives. We believe this metric is useful to investors for the same reasons, as it provides insight into our ability to acquire new customers and to maintain and expand our existing customer re lat ionships. SaaS ARR is an operating metric and should be considered independently of revenue or deferred revenue determined in accordance with U.S. GAAP. SaaS ARR does not hav e a standardized meaning and therefore may not be comparable to similarly titled measures presented by other companies. SaaS ARR is not intended to be a replacement fo r, or a forecast of, revenue. Recurring Revenue The sum of all Subscription and Support revenue, less Professional Services revenue, that is recognized over multiple periods , q uarters or years, rather than a single point in time. Deferred Recurring Revenue The ending quarterly balance of advance payments received for Recurring Revenue that are to be delivered or performed in the fut ure. SaaS Deferred Revenue The ending quarterly balance of advance payments received for SaaS goods or services that are to be delivered or performed in th e future. Gross Debt Long - term and current portion of long - term debt as shown on the balance sheet plus unamortized debt issuance costs, if any. Net Cash Cash and Cash Equivalents minus Gross Debt. Free Cash Flow A measure of operating performance representing GAAP net cash provided by operating activities, less capital expenditures for pu rchases of property, equipment and capitalized software development costs. Extreme considers free cash flow to be useful information for management and investors regarding th e amount of cash generated by the business after the purchases of property, equipment and capitalized software development costs, which can then be used to, among other th ings, invest in Extreme’s business, make strategic acquisitions, and strengthen the balance sheet. This metric does not represent the total increase or decrease in th e C ompany's cash balance for the period. Subscription and Support Revenue Includes Subscription, Support and Professional Services revenue.