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Grid Dynamics / Investor Deck Q4 & FY 2025Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc. www.griddynamics.com Enterprise AI, realized. Investor Presentation Nasdaq: GDYN | Q2 2026
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Grid Dynamics / Investor Deck Q2 2026Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc.2 Disclaimer Forward-looking statements This communication contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, 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, the quotations of management, the section titled “Financial Outlook,” and statements concerning Grid Dynamics’s expectations with respect to future performance, particularly in light of the macroeconomic and geopolitical environment, including the Russian invasion of Ukraine. 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, or in general as a result of artificial intelligence (“AI”) or other technologies, 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 and the conflict with Iran, 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, including those relating to AI, may have a material adverse effect on Grid Dynamics’ business, financial condition and results of operations; (ix) issues relating to the use of AI technologies may result in reputational harm 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, (xiv) risks related to the new and rapidly challenging AI business and (xv) 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.
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Grid Dynamics / Investor Deck Q2 2026Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc.3 NASDAQ GDYN Public since 2020 20Yrs Founded 2006 ~19 Countries Global presence ~4,800 Employees We pair classic platform engineering — cloud, data, and applications with AI put into production. Headquartered in San Ramon, California. Serving the Fortune 1000. The engineering company that turns frontier technology into operating reality. Grid Dynamics is a public, global technology services company — a digital engineering firm that large enterprises hire to design, build, and run the software, data, and AI systems they depend on.
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Grid Dynamics / Investor Deck Q2 2026Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc. Who we are Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc.
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Grid Dynamics / Investor Deck Q2 2026Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc.5 I N C E P T I O N T R A C T I O N G R O W T H ≈20 ppl ~4,800 ppl 2006 Founded in Silicon Valley Built distributed-computing systems for enterprise clients. 2010s Expanded into cloud and data Broadened from core platforms into cloud, data, search, and digital experiences. 2020 Public company Listed on Nasdaq as GDYN. 2020–2026 Added capabilities and reach Seven acquisitions strengthened engineering depth and global delivery. Today Global engineering scale About 4,800 people across ~19 countries. Two decades of growth: from distributed computing to enterprise AI.
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Grid Dynamics / Investor Deck Q2 2026Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc. 6 London San Francisco Bay Area (HQ) Portland Guadalajara Kingston Zug Chicago Dallas Atlanta New York Tampa Seattle Pittsburgh` Mexico USA Portugal UK Spain Switzerland Netherlands Serbia Romania Poland Turkey Moldova Ukraine India Jamaica Armenia Buenos Aires Argentina Amsterdam Lisbon Madrid Gdansk Warsaw KrakowWroclaw Lviv Kyiv Chisinau BucharestBelgrade Istanbul Yerevan Israel Tel Aviv ChennaiBengaluru Hyderabad Boston MunichGermany Field locations Headquarters Engineering centers Engineering centers across 19 countries, on four continents Grid Dynamics / Investor Deck Q2 2026Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc.
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Grid Dynamics / Investor Deck Q2 2026Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc.7 Retail & Commerce Digital storefronts, search, and supply chains at scale. Technology, Media & Telecom Data platforms and AI for the largest technology operators. Finance Payments, risk, and data platforms built for resilience, regulation, and scale. CPG & Manufacturing Procurement, supply-chain, and production intelligence. Healthcare & Pharma Data and AI for regulated life sciences and care. Multi-year relationships with many of the world's leading enterprises. M A R K E T E X E M P L A R Global payments network. AI customer intelligence solution +10% revenue after one quarter in production We build for the Fortune 1000.
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Grid Dynamics / Investor Deck Q2 2026Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc.8 One accountable team carries the work from problem to production to measured result. As AI does more of the building, our edge is judgment — deciding what to change, and proving it runs correctly in production. We hold ourselves to the same AI-first transformation we bring to clients. 1 Business problem Define what must change. 2 Production system Engineer it into operations, AI-native. 3 Measured value Measure it in the client's economics. → → We compete in consulting. We're built as an engineering company. Shipping software is the milestone. Realizing business value is the job.
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Grid Dynamics / Investor Deck Q2 2026Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc.9 Grid Dynamics Technology Frontier 2006 Founded around distributed computing 2011-15 Cloud platforms, Data and Search solutions evolve across waves 2018 Deep learning – based visual search in production CODIFIED PRACTICE Books documenting & codifying engineering practice 2024 Enterprise agentic AI 2025 Physical AI Distributed Computing Distributed architecture & open source Cloud & Big Data Cloud, data engineering, search & ML Deep Learning Neural networks & computer vision Enterprise AI Industrialized AI platforms & scale Generative → Agentic LLMs, agent systems & cognitive apps Physical AI Perception, simulation & cognitive robotics Each wave became a cycle: build, learn, document, reuse. What worked became the foundation for the next frontier. We didn't pivot to AI. AI caught up to us. Build Learn Document Reuse→ → ↻ Next frontier→ 2006–2010 2011–2015 2025–now2016–2019 2020–2023 2024
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Grid Dynamics / Investor Deck Q2 2026Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc.10 The problems clients hire us to solve. E M E R G I N G Physical AI Robotics with policy control, computer vision for quality and logistics, and digital twins that simulate operations before committing resources. A growing practice with active engagements in manufacturing and industrial settings. All built on classic engineering — cloud, data, and platform work carried into production. E S T A B L I S H E D P A T T E R N S Smarter customer experiences — search and product discovery that understands intent, AI shopping assistants, and personalization across channels. AI-ready data & engineering platforms — securely connecting AI to a company's own data; platforms where AI agents work together; the monitoring and governance to run AI reliably in production. Employee & back-office automation — document-heavy process automation, AI assistants over corporate knowledge, and automated reconciliation and exception handling.
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Grid Dynamics / Investor Deck Q2 2026Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc.11 G R O W T H +4.38% revenue per visitor in the first month following production deployment. Fortune 100 foodservice distributor AI semantic search S A V I N G S $18.4M savings identified during one quarter of production use. Global food-and-beverage leader AI procurement intelligence P R O D U C T I V I T Y 2w → 2h quality-engineering cycles and deployments from 2 days to 6 minutes across 40+ applications. Fortune 500 wealth manager Enterprise AI automation * Client production outcomes, measured in the client's own economics. In production. In the client's economics.
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Grid Dynamics / Investor Deck Q2 2026Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc.12 Each successful mandate created the conditions for the next—expanding the work from foundational systems to production AI and physical operations. 2017–2020 Real-time data foundation Production ML and AI platform Governed AI AI-enabled physical operations Trust compounds across technology cycles One long-standing relationship with a global technology leader: 2017–2026 The mandate expanded as the systems became more central to how the business operates. 2020–2024 2025–20262024–2025
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Grid Dynamics / Investor Deck Q2 2026Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc.13 A leading global technology company A vendor-consolidation exercise concluded with Grid Dynamics chosen — now among the company's largest relationships. A second global bank A vendor-consolidation event is a named driver of the account's continued growth. A major U.S. bank Cut its preferred-supplier list from roughly 50 vendors to about 15. Grid Dynamics was retained. Procurement consolidation is harder to fake than tenure, so when the pool of vendors shrinks, being kept is evidence trust compounds, rather than just persists. When clients cut vendor lists, we're the one they keep.
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Grid Dynamics / Investor Deck Q2 2026Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc.14 Engineering knowledge, encoded into reusable platforms Every engagement can leave behind knowledge that improves the next one, and our proprietary GAIN platforms and underlying technologies are how that learning compounds. Rosetta is published as an open MCP server on GitHub, PyPI, and Docker Hub (Apache-2.0). XTDB, Grid Dynamics' bitemporal database, stewarded via the JUXT acquisition, is MPL-2.0 licensed open source with 56 public releases (v2.1.0, Dec 2025). Governs and evaluates AI behavior in production. Validates the build against intent before it ships. Intent/spec-driven legacy modernization. AI SRE AI-assisted reliability engineering for production systems. Reusable asset Adoption Measured leverage Commercial leverage→ → →
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Grid Dynamics / Investor Deck Q2 2026Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc.15 A proven path from first engagement to enterprise-wide partner 1 Discover Fuel client transformation through discovery workshops and prototyping. → 2 Innovate Leverage technical expertise & accelerators to deliver higher quality products with reduced time-to-market. 3 Transform Guide clients to create a product culture & engrain agile methods into processes & organizations. 4 Scale & expand Success of complex engagements builds trust & enables scope expansion within existing and to additional business units. → → Successful projects with high-quality deliverables & measurable outcomes chart the path for renewals. Growth is earned predominantly inside mature relationships, supplemented by emerging accounts and new-logo wins.
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Grid Dynamics / Investor Deck Q2 2026Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc.16 Partnerships extend our reach; direct origination is maturing Partner-originated demand Google Cloud's Global Partner for generative AI solutions. Expanded Microsoft partnership to include OpenAI + GitHub. Accelerators on Azure OpenAI, Google, and AWS Bedrock. Client advocacy & referral Multi-year account expansion and referrals from satisfied clients remain a core source of new engagements. Direct market creation A maturing outbound and proactive-pipeline motion supplements partner- and referral-led growth. Q 2 2 0 2 6 19.1%/ $20.3M Partner-influenced revenue
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Grid Dynamics / Investor Deck Q2 2026Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc. Financial results Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc.
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Grid Dynamics / Investor Deck Q2 2026Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc. Grid Dynamics has become increasingly diversified *H&P - Healthcare and Pharma 18 30% 33% 7% 21% 3% 6%Q2 2022 RetailTMT Finance CPG H&P* Other 31% 34% 9% 14% 5% 7%Q2 2023 28% 32% 15% 12% 4% 9%Q2 2024 32% 27% 23% 11% 1% 6%Q2 2026 25% 29% 25% 11% 2% 8%Q2 2025
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Grid Dynamics / Investor Deck Q2 2026Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc. Q2 2026 key financial metrics GAAP Q2 2026 Non-GAAP Q2 2026 Revenues $108.2M $108.2M Q/Q change 3.9% 3.9% YoY change 7.0% 7.0% Gross profit $39.6M $40.0M Gross margin 36.6% 36.9% Net income $2.9M $9.0M % of revenue 2.6% 8.3% EPS $0.03 $0.11 Diluted share count 83.0M 83.0M Non-GAAP EBITDA n/a $14.7M % of revenue 13.6% Q2 2026 financial highlights $108.2M Total revenues were $108.2M, an increase of 3.9% and 7.0% sequentially and on a year-over-year basis, respectively. $39.6M GAAP gross profit was $39.6M or 36.6% of revenues, compared to GAAP gross profit of $36.2M or 34.8% of revenues in the Q1 2026 and to GAAP gross profit of $34.5M or 34.1% of revenues in the Q2 2025. $40.0M Non-GAAP gross profit was $40.0M or 36.9% of revenues, compared to Non-GAAP gross profit of $36.7M or 35.3% of revenues in the Q1 2026 and to Non-GAAP gross profit of $35.1M or 34.7% of revenues in Q2 2025. $14.7M Non-GAAP EBITDA was $14.7M, compared to Non-GAAP EBITDA of $12.5M in the Q1 2025 and Non-GAAP EBITDA of $12.7M in the Q2 of 2025. 19
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Grid Dynamics / Investor Deck Q2 2026Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc. Q2 2026 revenues Q2 Non-GAAP gross profit Non-GAAP gross profit margin Retail Finance Other CPG 31.8% 26.5% 22.9% 10.9% 1.9% 6.0% Healthcare & Pharma TMT 20 Accelerating business momentum in Q2 ($ in millions, % of revenues) $34.4 $28.7 $24.7 $11.8 $2.1 $6.5 Q2 2024 $83.0 Q2 revenues $29.1Q2 2022 Q2 2024 Q2 2023 $30.1 Q2 2024 36.2% $108.2Q2 2026 $77.3Q2 2022 Q2 2025 $101.1 Q2 2023 $77.3 $40.0Q2 2026 $28.8 Q2 2025 $35.1 36.9%Q2 2026 37.7%Q2 2022 Q2 2025 34.7% Q2 2023 37.3%
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Grid Dynamics / Investor Deck Q2 2026Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc. 12.6% 14.1% Non-GAAP EBITDA 21 Q2 key metrics ($ in millions, % margin) $12.7 $11.7 10.6% 10.2% 11.1% Non-GAAP net income $8.2 $8.5 $8.6 Q2 2024 Q2 2025 Q2 2022 Q2 2023 Q2 2024 A. 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). B. 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 $2.3 million and $0.6 million for the three months ended June 30, 2023 and 2022, respectively. [A] [B] 17.2%$13.3Q2 2022 13.6%$14.7Q2 2026 15.5%$12.0Q2 2023 8.3%$9.0Q2 2026 8.2%$8.3Q2 2025
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Grid Dynamics / Investor Deck Q2 2026Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc. 20 # customers > $1M revenues 22 Q2 2026 key metrics Q2 2026 Q2 2025 Q2 2024 Q2 2023 Q2 2022 21 15 15 Customer concentration 40%16%44% 43%19%38% 43%18%39% 43%19%38% Top 5 Top 10 Rest 13 38%18%44%Q2 2026 Q2 2025 Q2 2024 Q2 2023 Q2 2022
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Grid Dynamics / Investor Deck Q2 2026Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc.23 Leadership Vasily Sizov Chief Revenue Officer Head of Americas. Built several of the company's largest enterprise accounts from zero; Americas P&L. Yury Gryzlov Chief Operating Officer Head of Europe. Leads global operations — from budgeting and legal to hiring across 19 countries. Anil Doradla Chief Financial Officer Former CFO of Airgain (NASDAQ: AIRG); previously equity research at William Blair. Leonard Livschitz Chief Executive Officer CEO since 2014, board member since 2006; 30+ years in high tech across Ford, HP, and Philips. Eugene Steinberg Chief Technology Officer Founding engineer; two decades in AI, search, and large-scale distributed systems. Rajeev Sharma Managing Partner, APAC Three decades across engineering and IT services leadership — Ness, Polaris; MIT Sloan. Rahul Bindlish SVP, Partnerships & Marketing 30+ years in IT services; leads hyperscaler and technology partnerships. Igor Yagovoy VP of Engineering, Americas Since 2010, drives engineering growth, nurtures tech talent, built global QE, and scales major enterprise accounts.
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Grid Dynamics / Investor Deck Q2 2026Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc. Enterprise AI, realized. Investor Relations Grid Dynamics Holdings, Inc. 6101 Bollinger Canyon Road, STE 465 San Ramon, CA +1 650-523-5000 info@griddynamics.com www.griddynamics.com NASDAQ: GDYN
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Grid Dynamics / Investor Deck Q4 & FY 2025Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc. Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc. Appendix Historical trend data — YoY
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Grid Dynamics / Investor Deck Q2 2026Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc.26 Grid Dynamics has become increasingly diversified *H&P - Healthcare and Pharma 28% 26% 25% 11% 7%2025 Retail TMT Finance CPG H&P* Other 32% 27% 17% 12% 9%2024 33% 32% 9% 14% 4% 8%2023 32% 29% 8% 21% 9%2021 32% 32% 7% 20% 7%2022 2% 3% 3% 1%
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Grid Dynamics / Investor Deck Q2 2026Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc.27 Annual key metrics (historical) ($ in millions) 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, and $0.1 million for the years ended December 31, 2023, 2022, and 2021 respectively. 2021 2022 2023 2024 2025 $211.3 $310.5 $312.9 $350.6 $411.8 2021 2022 2023 2024 2025 $39.1 $58.2 $44.2 $52.5 $53.8 2021 2022 2023 2024 2025 $24.2 $38.2 $31.7 $37.2 $35.1 Non-GAAP EBITDA(1) Non-GAAP net income(2)Revenues 89.9% 47.0% 0.8% 12.0% 17.5% 18.5% 18.7% 14.1% 15.0% 13.1% 11.4% 12.3% 10.1% 10.6% 8.5% % margin % margin YoY growth
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Grid Dynamics / Investor Deck Q2 2026Nasdaq: GDYN © 2026 Grid Dynamics Holdings, Inc.28 2021 2022 2023 2024 2025 34 48 48 50 53 2021 2022 2023 2024 2025 Customers concentration#Customers > $1M revenues Annual key metrics (historical) ($ in millions) Rest Top 10 Top 5 43.9% 16.5% 39.6% 43.5% 16.2% 40.3% 37.0% 19.1% 43.9% 38.1% 17.6% 44.3% 38.1% 19.6% 42.3%