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NASDAQ: GDYN © 2024 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / Q4 and Full Year 2024 Grid Dynamics Culture Grid Dynamics Investor presentation Nasdaq: GDYN | Q2 2025
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Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / investor presentation Q2 2025 Disclaimer Forward-looking statements This communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are not historical facts, and involve risks and uncertainties that could cause actual results of Grid Dynamics to differ materially from those expected and projected. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes,” “estimates,” “anticipates,” “expects,” “intends,” “plans,” “may,” “will,” “potential,” “projects,” “predicts,” “continue,” or “should,” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include, without limitation, statements concerning Grid Dynamic’s expectations with respect to future performance, particularly in light of the macroeconomic environment and the Russian invasion of Ukraine, as well as its GigaCube strategy. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside Grid Dynamics’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (i) Grid Dynamics operates in a rapidly evolving industry, which makes it difficult to evaluate future prospects and may increase the risk that it will not continue to be successful; (ii) Grid Dynamics may be unable to effectively manage its growth or achieve anticipated growth, particularly as it expands into new geographies, which could place significant strain on Grid Dynamics’ management personnel, systems and resources; (iii) Grid Dynamics’ revenues are highly dependent on a limited number of clients and industries, and any decrease in demand for outsourced services in these industries may reduce Grid Dynamics’ revenues and adversely affect Grid Dynamics’ business, financial condition and results of operations; (iv) macroeconomic conditions, inflationary pressures, the risk of recession, the impact of tariffs and other factors impacting world trade, and the geopolitical climate, including the Russian invasion of Ukraine, have and may continue to materially adversely affect our stock price, business operations, overall financial performance and growth prospects; (v) Grid Dynamics’ revenues are highly dependent on clients primarily located in the United States, and any economic downturn in the United States or in other parts of the world, including Europe or disruptions in the credit markets may have a material adverse effect on Grid Dynamics’ business, financial condition and results of operations; (vi) Grid Dynamics faces intense and increasing competition; (vii) Grid Dynamics’ failure to successfully attract, hire, develop, motivate and retain highly skilled personnel could materially adversely affect Grid Dynamics’ business, financial condition and results of operations; (viii) failure to adapt to rapidly changing technologies, methodologies and evolving industry standards may have a material adverse effect on Grid Dynamics’ business, financial condition and results of operations; (ix) issues relating to the use of artificial intelligence technologies may result in reputational ham or liability, (x) security breaches and other incidents could expose us to liability and cause our business and reputation to suffer; (xi) failure to successfully deliver contracted services or causing disruptions to clients’ businesses may have a material adverse effect on Grid Dynamics’ reputation, business, financial condition and results of operations; (xii) risks and costs related to acquiring and integrating other companies; (xiii) risks relating to the global regulatory environment as well as legal proceedings and other claims, and (xiv) other risks and uncertainties indicated in Grid Dynamics filings with the SEC. Grid Dynamics cautions that the foregoing list of factors is not exclusive. Grid Dynamics cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Grid Dynamics does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Use of projections This presentation contains projections for Grid Dynamics, including with respect to its revenue. Grid Dynamics’ auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation, and accordingly, have not expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this presentation. These projections are for illustrative purposes only and should not be relied upon as necessarily indicative of future results. In this presentation, certain of the above-mentioned projection information has been repeated for purposes of providing comparisons with historical data. The assumptions and estimates underlying the projected information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projected information. Accordingly, there can be no assurance that the projected results will be indicative of the future performance of Grid Dynamics or that actual results will not differ materially from those presented in the projected information. Industry and market data This presentation includes market data and other statistical information for sources believed by Grid Dynamics to be reliable, including independent industry publications and other published independent sources. Some data are also based on the good faith estimates of Grid Dynamics, which are derived from their review of internal sources as well as the independent sources described above. Although Grid Dynamics believe these sources are reliable, they have not independently verified the information and cannot guarantee its accuracy and completeness. Non-GAAP financial measures In this presentation, Grid Dynamics supplements results reported in accordance with the United States generally accepted accounting principles, referred to as GAAP, with non-GAAP financial measures, including non-GAAP EBITDA, non-GAAP net income, non-GAAP gross profit, and non-GAAP earnings per share. Management believes these measures help illustrate underlying trends in Grid Dynamics’ business and uses the measures to establish budgets and operational goals, communicate internally and externally, for managing its business and evaluating its performance, including in comparison to prior periods. Non-GAAP EBITDA is defined as earnings before interest, taxes, depreciation and amortization, and excludes transaction and transformation-related expenses, stock-based compensation expenses, retention bonuses, restructuring charges, and geographic reorganization expenses. Non-GAAP EBITDA is not a measure of financial performance under GAAP and should not be considered as an alternative to, or more meaningful than, income from operations as a measure of operating performance or to cash flows from operating, investing or financing activities or as a measure of liquidity. Reconciliations of the differences between the non-GAAP measures to the comparable GAAP financial measures are included in this presentation. Grid Dynamics anticipates that it will continue to report certain non-GAAP financial measures in its financial results, including non-GAAP results that exclude stock-based compensation expense, acquisition-related charges, impairment of long-lived assets, amortization of certain intangible assets, retention bonuses, restructuring charges, geographic reorganization expenses, items related to one-time charges and benefits, gains and losses related to foreign exchange, fair value adjustments, other miscellaneous expenses, and the tax impact of any such pre-tax adjustments. Because these non- GAAP financial measures are not calculated in accordance with GAAP, these measures are not comparable to GAAP and may not be comparable to similarly described non-GAAP measures reported by other companies within Grid Dynamics’ industry. Consequently, Grid Dynamics’ non-GAAP financial measures should not be evaluated in isolation or supplant comparable GAAP measures, but should be considered together with the information in Grid Dynamics’ consolidated financial statements, which are prepared in accordance with GAAP. 2
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Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / investor presentation Q2 2025 London San Francisco Bay Area (HQ) Portland Guadalajara Kingston Zug Chicago Field locations Headquarters Engineering centers Dallas Atlanta New York Tampa Seattle Pittsburgh` Mexico USA Portugal UK Spain Switzerland Netherlands Serbia Romania Poland Turkey Moldova Ukraine Azerbaijan India Jamaica Armenia Buenos Aires Argentina Amsterdam Lisbon Madrid Gdansk Warsaw KrakowWroclaw Lviv Kyiv Chisinau BucharestBelgrade Istanbul Baku Yerevan Israel Headcount distribution Global delivery: follow-the-sun 3 Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / investor presentation Q2 2025 Tel Aviv Europe, 65% Rest of world, 18% Americas, 17% ChennaiBengaluru Hyderabad 5,000 engineers and business specialists 19 countries
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Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / investor presentation Q2 2025 Who we are Grid Dynamics is a leading provider of technology consulting, platform & product engineering, AI, and digital engagement services for Fortune 1000 corporations undergoing digital transformation.
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Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / investor presentation Q2 2025 We are a leading provider of technology consulting, product and platform engineering, AI, and advanced analytics for global enterprises undergoing digital transformation. Who we are | Grid Dynamics at a glance 5 CA, USA Market leading expertise Global scale HEADQUARTER SAN RAMON + Proprietary accelerators (e.g., microservices platform, analytical data platform, AI use cases) AI CLOUD DATA ANALYTICS USER EXPERIENCE 194 CUSTOMERS Leading Fortune 1,000 clients +26.6% Skilled technical talent 5,013 Employees in Q2 2025 YoY growth* Q3 2025 REVENUE EXPECTATIONS $103.0M to $105.0M Q2 2025 REVENUE $101.1M Q2 2025 GAAP/non-GAAP EPS $0.06/$0.10 Partnership Strategic M&A September 2024 October 2024 December 2022 April 2023 December 2020May 2021 * Compared to 3,961 employees in Q2 2024
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Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / investor presentation Q2 2025 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 20 50 2023 200 400 800600 1.1K 1.4K 1.5K 3.5K 4K IPO Nasdaq: GDYN Acquisitions of 2024 Company history 6 Grid Dynamics was founded in 2006 in the Bay Area to enable cloud computing for enterprises ⋅ Established in 2006 with the reputation of solving clients’ toughest algorithmic challenges utilizing distributed computing and fast data. ⋅ Refine and expand its service portfolio with help from Silicon Valley technology leaders. ⋅ Opened its first offices in Central and Eastern Europe. Grid Dynamics’ growth was fueled by enterprises, as commerce shifted online/mobile ⋅ Enabling consumer shifts to online/mobile spending accelerated Grid Dynamics’ traction with enterprises. ⋅ Grid Dynamics became widely known for its expertise in emerging cloud technology, big, and fast data. ⋅ Grid Dynamics was selected as digital partner of choice for top U.S. retailers. Traction Grid Dynamics is well-positioned for strong multi-year growth in digital transformation ⋅ Grid Dynamics Nasdaq public listing March 2020. ⋅ Broader traction across multiple industries, becoming a trusted tier-1 supplier. ⋅ Presence in 19 countries and industry-leading per capita revenues. ⋅ Expansions fueled by acquisitions of Netherlands- based Daxx in 2020, UK-based Tacit Knowledge in 2021, Austin-based Mutual Mobile in 2022, India- based NextSphere in 2023, UK-based JUXT and Argentina-based Mobile Computing in 2024. GrowthInception 2025 5.0K
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Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / investor presentation Q2 2025 Investment highlights 7 Strong financial profile with a platform built for sustained growth Large and fast-growing digital transformation market Global delivery capabilities with focus on Europe, India, and the Americas Impressive blue-chip client base with high client retention 1 Deep technology expertise with 8 years of AI experience High-performance, co-innovation culture that values predictability, transparency and collaboration 2 3 4 5 6
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Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / investor presentation Q2 20258 Our unique DNA elevates Grid Dynamics as a strategic partner at global enterprises across industry verticals Always ahead of the technology curve Our DNA is centered around technology and innovation Distributed computing & open source 2005 2010 2015 2020 Technology waves (adoption by enterprises) Grid Dynamics offerings Cloud, DevOps, big data Microservices, mobile, blockchain Data science & ML AI Open source, scalability & distributed computing Cloud migration, CICD, big & fast data Microservices, API-first, cloud, headless, mobile-first Machine learning, data/ML platforms AI TODAY 2025 Agentic AI Agentic AI
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Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / investor presentation Q2 2025 Digital innovation partner for Fortune 1000 and many more... .TMT. 9 .CPG & Manufacturing . .Finance. .Healthcare & Pharma . Retail.
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Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / investor presentation Q2 2025 Recognition by market research companies and alliances Notable provider Modern Application Development Services 2024 Strong performer Modern Application Development Services 2022 “ Landscape report AI Service Providers 2025, 2024, 2022 Best Retail Project 2025, 2024 Best Overall Change Project 2024 Most Innovative Project 2024 Everest’s Group, Inaugural Google Cloud Services Specialist 2024 Best Retail Project 2025 Modern Application Development Services 2022 Leading AI Service Providers 2025, 2024, 2022 Notable provider | Modern Application Development Services 2024 ““ 10
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Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / investor presentation Q2 2025 18 years thousands of of distributed collaboration culture digital transformation projects End-to-end capabilities to drive digital transformations at scale Experience Engineering Web Mobile AR/VR Data Science and AI Search Personalization Supply Chain Platform Engineering Data Engineering Big Data Streaming MLOps Cloud and DevOps CICD AIOps SRE QE IoT Microservices MACH Supply Chain Microservices Platform Analytics Platform Retail Search Composable Commerce Churn Analytics Price Optimization Visual Quality Control ML Platform Engineering capabilities Accelerators Inventory Allocation Optimization 11
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Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / investor presentation Q2 2025 Our core expertise and key practice areas 12 No data, no scalable infra - no Enterprise AI / GenAI GenAI Cloud Advanced expertise in building modern cloud platforms Data Extensive hands-on experience in building data platforms Analytics Domain specific workflows across GigaCube Industries User Experience UX design in the era of human-machine interactions Artificial Intelligence (AI) Reinforcement Learning Deep Learning (Neural networks) ML (Statistical modeling) SearchOptimization Enterprise AI
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Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / investor presentation Q2 2025 Enterprise AI in Grid Dynamics 8 years in delivering AI solutions for world-leading enterprises Introduction to Algorithmic Marketing AI for Marketing OPS (2017) The Theory and Practice of Enterprise AI (2022) ・ https://www.enterprise-ai-book.com/ ・ https://www.amazon.com/dp/B0C54H6C3R Recent enterprise AI insights: Agentic AI now builds autonomously. Is your SDLC ready to adapt? 4 advanced techniques to make your data AI-ready Accelerating regulatory remediation with agentic AI and bitemporal data ・ GitHub repo ・ 40+ models ・ 900+ stars on GitHub TensorHouse An open-sourced collection of reference ML and optimization models for enterprise operations E-book (2025) 13 Agentic AI: The next evolution in enterprise automation (2025) Agentic AI commerce is here. (2025)
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Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / investor presentation Q2 2025 Our enterprise AI experiences spans across industry verticals Proven successful implementations across core industries and practice areas - some featured engagements Offer Targeting Platform Complaint Prevention Churn Prevention Promotion Optimization Price & Promo Optimization Inventory OptimizationPrice Engine In-store Replenishment Fuel Distribution Control Next Best Action Offer Targeting Product Recommendations Recommendation, LTV Models UI Personalization Inventory Management Manufacturing Risk Modeling Visual Product Search Semantic Vector Search Semantic Search & Merchandising Fashion AI: Recommendations & Visual Attribution Fraud detection IT Anomaly Detection Fraud Detection Visual Quality Control Quality Control Anomaly Detection Tire Type Recognition TMT Ad Fraud Protection Customer Intelligence Pricing and Supply Chain Product DiscoveryIoT Risk Management Retail 14 Fraud Detection CPG & Manufacturing Finance TMT Healthcare & Pharma Other
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Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / investor presentation Q2 2025 Semantic Search Consumer tailored search by context / meaning powered by AI. Showed 20% conversion boost in Fortune 500 retailers. Recommendations Tailored product recommendations based on consumer clickstream, product descriptions and visuals. Microservices Platform Integrated microservices platform with continuous integration and delivery tooling. Visual Search Ability to search products by images or find similar products on website by comparing images. Test Automation Kit Test suite for common retail functions, designed to run continuously in staging and production environments. Analytics Platform Integrated, cloud-native analytics platform that supports end-to-end data lifecycle. AI/ML A set of AI/ML use cases including anomaly detection, price and promotion optimization, consumer intelligence, etc. Data Quality Increase trust in data with pre-defined business rules, comparison to systems of records, and anomaly detection. Grid Dynamics’ proprietary accelerators enhance the quality and speed of delivery 15
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Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / investor presentation Q2 2025 Proven land and expand strategy that enables our clients’ digital journeys Iterate Client digital journey Successful projects with high quality deliverables & measurable outcomes chart the path for renewals InnovateScale & expand Discover Fuel client transformation path through discovery workshops and prototyping Transform Leverage technical expertise & accelerators to deliver higher quality products with reduced time to market Success of complex engagements builds trust & enables scope expansion within existing and to additional business units Guide clients to create a product culture & engrain agile methods into processes & organizations Artificial Intelligence Data Science Customer Experience Application Modernization Typical entry points: 16
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Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / investor presentation Q2 2025 Platform built for sustained growth Revenue growth attributable to mature Grid Dynamics clients (relationship length >2 years) Revenue growth attributable to emerging Grid Dynamics clients (relationship length 1-2 years) Revenue growth attributable to new logos (relationship length <1 year) Proven framework for organic growth… 85% 10% 5% …bolstered by actionable M&A pipeline Thoughtful barbell approach to acquisitions Highly fragmented market provides a steady volume of high-quality targets at highly accretive valuations Globally distributed delivery model provides expertise necessary to successfully execute transformational acquisitions at the right time Organic growth Inorganic growth 85–10–5 approach to revenue growth Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. All Rights Reserved.17
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Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / investor presentation Q2 2025 Google’s Global Partner for implementing innovative generative AI solutions Expanded our partnership with Microsoft to include Open AI + Github Building accelerators on Azure Open AI, Google Bard and AWS’ Bedrock Outcomes Accelerated pipeline creation & deal closure Industry penetration Larger deals Partner influenced revenues increased from less than 1% to 18% over past 3 years Number of partners increased from 4 to over a dozen in the past 3 years Partnership is a force multiplier to scale our business 18
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Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / investor presentation Q2 2025 GigaCube – our strategic initiative to reach $1B in annual revenue 19 Geo scalability • Global footprint expansion • Talent acquisition framework Innovation • Investing in our engineering DNA • Create an inspiring engineering culture Industry expansion • Diversification and growth across new industry verticals • Strategic M&A
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Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / investor presentation Q2 202520 Spotlight on 2024 acquisitions Delivers complex end-to- end solutions, specializing in mission- critical platforms and products for leading banks and financial institutions, based in London, UK. Expanded portfolio of enterprise clients Expanded portfolio of enterprise clients, strengthening Grid Dynamics’ position as a leader in complex data solutions. Enhanced go-to-market offering Enhanced go-to-market offering in financial services by integrating expertise in full life cycle development and operation of mission-critical information systems. Banking and financial services industries capabilities Accelerated growth in the banking and financial services industries, particularly in Europe, through the acquisition of JUXT. SEPTEMBER 2024 A leader in digital transformation, offering a comprehensive suite of solutions for manufacturing, CPG, and financial services, based in Buenos Aires, Argentina. OCTOBER 2024 Boosted digital co-creation Strengthening of Grid Dynamics' digital services and UI/UX co-creation capabilities. Industry expertise expansion Expansion of expertise in manufacturing, consumer packaged goods (CPG), and financial services. Empowering Americas delivery Enhanced delivery capabilities across the Americas, improving client support.
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Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / investor presentation Q2 2025 Financial overview
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Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / investor presentation Q2 2025 2020 2021 2022 2023 2024 Grid Dynamics has become increasingly diversified 22 TMT 32% TMT 27% TMT 32% TMT 32% TMT 41% Retail 30% Retail 29% Retail 32% Retail 33% Retail 33% Finance 12% Finance 8% Finance 7% Finance 9% Finance 17% CPG 13% CPG 21% CPG 20% CPG 14% CPG 12% Other 4% Other 9% Other 7% Other 8% Other 8% H&P 1% H&P 4% H&P 3% *H&P - Healthcare and Pharma H&P 2%
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Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / investor presentation Q2 2025 • Total revenues were $101.1M, an increase of 0.7% and 21.7% sequentially and on a year-over-year basis, respectively. • GAAP gross profit was $34.5M or 34.1% of revenues, compared to GAAP gross profit of $37.0M or 36.8% of revenues in the first quarter of 2025 and to GAAP gross profit of $29.6M or 35.6% of revenues in the second quarter of 2024. • Non-GAAP gross profit was $35.1M or 34.7% of revenues, compared to Non-GAAP gross profit of $37.6M or 37.4% of revenues in first quarter of 2025 and to Non-GAAP gross profit of $30.1M or 36.2% of revenues in the second quarter of 2024. • Non-GAAP EBITDA was $12.7M, compared to Non-GAAP EBITDA of $14.6M in the first quarter of 2025 and Non-GAAP EBITDA of $11.7M in the second quarter of 2024. GAAP Q2 2025 Non-GAAP Q2 2025 Revenues $101.1M $101.1M Q/Q change 0.7% 0.7% YoY change 21.7% 21.7% Gross profit $34.5M $35.1M Gross margin 34.1% 34.7% Net income $5.3M $8.3M % of revenue 5.2% 8.2% EPS $0.06 $0.10 Diluted share count 86.4M 86.4M Non-GAAP EBITDA n/a $12.7M % of revenue 12.6% Q2 2025 key financial metrics Q2 2025 financial highlights 23
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Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / investor presentation Q2 2025 Accelerating business momentum in Q2 2025 Q2 2025 revenue Q2 revenue ($ in millions)($ in millions) (% of revenue) Q2 Non-GAAP gross profit Non-GAAP gross profit margin (%) Retail Finance Other CPG TMT $29.6 $25.4 $25.2 $10.6 $2.5 $7.8 29.2% 25.1% 24.9% 10.5% 2.5% 7.8% 24 ($ in millions) Healthcare & Pharma $47.7 $77.3 $77.3 $83.0 $101.1 Q2 2021 Q2 2022 Q2 2023Q2 2024 Q2 2025 $19.9 $29.1 $28.8 $30.1 $35.1 Q2 2021 Q2 2022 Q2 2023 Q2 2024 Q2 2025 41.8% 37.7% 37.3% 36.2% 34.7% Q2 2021 Q2 2022 Q2 2023 Q2 2024 Q2 2025
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Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / investor presentation Q2 2025 Annual key metrics (historical) ($ in millions) YoY growth (6%) % margin % margin 90% 1. Non-GAAP EBITDA: net income/(loss) before interest income/expense, provision for income taxes and depreciation and amortization, and further adjusted for the impact of stock-based compensation expense, transaction-related costs (which include, when applicable, professional fees, retention bonuses, and consulting, legal and advisory costs related to Grid Dynamics’ merger and acquisition and capital-raising activities), impairment of long-lived assets, restructuring costs, one-time charges, and non-operating income/(expenses), net (which includes mainly foreign currency transaction gains and losses, fair value adjustments, and other miscellaneous expenses). 2. Non-GAAP net income: net income/(loss) adjusted for the impact of stock-based compensation expense, transaction-related costs (which include, when applicable, professional fees, retention bonuses, and consulting, legal and advisory costs related to Grid Dynamics’ merger and acquisition and capital-raising activities), impairment of long-lived assets, restructuring costs, one-time charges, and non-operating income/(expenses), net (which includes mainly foreign currency transaction gains and losses, fair value adjustments, and other miscellaneous expenses), and the tax impacts of these adjustments. During the year ended December 31, 2024, the Company started to include interest income/(expenses), net in its calculation of non-GAAP net income. As a result, the Company has adjusted previously reported Other (income)/expense, net adjustment to include interest income, net of $9.3 million, $2.1 million, $0.1 million and $0.1 million for the years ended December 31, 2023, 2022, 2021 and 2020 respectively. 47% 25 1% 6% 11% 12% 10%11% 14%19%19% Revenues $111 $211 $310 $313 $351 2020 2021 2022 2023 202412% Non-GAAP EBITDA ¹ $13 $39 $58 $44 $52 2020 2021 2022 2023 2024 15% Non-GAAP net income ² $7 $24 $38 $32 $37 2020 2021 2022 2023 2024 11%
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Nasdaq: GDYN © 2025 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / investor presentation Q2 2025 Annual key metrics (historical) ($ in millions) 26 #Clients > $1M revenue 17 34 48 48 50 2020 2021 2022 2023 2024 Customer concentration 56% 44% 44% 37% 38% 22% 16% 16% 19% 18% 22% 40% 40% 44% 44% Rest Top 10 Top 5 2020 2021 2022 2023 2024
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NASDAQ: GDYN © 2024 Grid Dynamics Holdings, Inc. All rights reserved. Grid Dynamics / Q4 and Full Year 2024 trusted engineering partner for digital transformation Thank you! Grid Dynamics Holdings, Inc. 5000 Executive Parkway, Suite 520 / San Ramon, CA +1 650-523-5000 info@griddynamics.com www.griddynamics.com