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1 November 2, 2026 EARNINGS CONFERENCE CALL Nimrod Ben-Natan, President & CEO Walter Jankovic, CFO THIRD QUARTER 2026
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2 2 AT-A-GLANCE Revolutionizing Broadband Networks BROADBAND Pure-Play Innovator REVENUE FY 2026E $550M 53% YoY at Mid-Point of Guidance MARKET CAPITALIZATION 1 $1.1B SILICON VALLEY Headquarters MARKET-LEADING CUSTOMERS Worldwide CLOUD NATIVE INNOVATION LEADER 1 Market Capitalization as of October 30 , 2026
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3 FORWARD-LOOKING STATEMENTS During the course of this presentation, we will focus only on continued operations unless otherwise stated. Our Video business is now classified as discontinued operations. We will provide projections and other forward- looking statements regarding future events or the future financial performance of Harmonic, including expectations concerning our business and business growth for 2026, our stock repurchase program, and our Q4 and full year 2026 guidance. Such statements are only current expectations and actual events or results may differ materially. We refer you to Harmonic’s filings with the SEC, particularly our most recent Reports on Form 10-K, Form 10-Q and Form 8-K. These documents identify important risk factors that could cause actual results to differ materially from our projections or other forward-looking statements. We will also present financial metrics determined on a “non-GAAP” basis. These items, together with the corresponding GAAP numbers and a reconciliation to GAAP, are contained in this presentation and the related earnings press release on our website at www.harmonicinc.com.
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4 Q3 2026 OVERVIEW • Strong financial performance and business momentum – Revenue $148.8 million, 64% YoY growth – Operating profit $33.0 million, 227% YoY growth – Raising full-year guidance again • Customer diversification progress – Rest-of-Market (ROM) revenues at a record 46% of total revenue, 101% YoY growth – Nine new wins across DOCSIS and fiber, including Liberty Latin America, TDC in Denmark and a Tier 1 in Belgium – ROM bookings >60% of total company bookings • Strategic highlights – Launched SensAI after extended trials and strong customer validation; customers signing up – Acquired a vendor-agnostic fiber management and provisioning platform, rebranded as cOS Loop – Launched Recon with Comcast, extending our intelligence portfolio to fiber reliability; strong cable and telco interest
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5 DOCSIS Access spend: vCMTS & RPDs R-OLT Fiber in cable PON Beyond FTTH Data Center & Enterprise CONNECTIVITY Expanding opportunity Telco FTTH Telco FTTH OLT SensAI Intelligence software INTELLIGENCE New growth market Edge AI Compute Leveraging the installed footprint EDGE AI New growth market FUTURE PLATFORM EVOLUTION Dell’OroGroup forecasts and third-party market research; Harmonic analysis. Edge AI Computenot yet sized. Connectivity marketstotal ~$5.4B. Total Addressable Market – 2030 $6.4B – $7.4B++ • Continued high share in vCMTS and DOCSIS • Pearl-1XL and Oyster+ ramping • Differentiated 50G progressing toward 2027 introduction; expanding fiber into telco • cOS Loop adds end-to-end, multi-vendor fiber management • Strong validation; new wins and migration of existing cloud customers already begun • Validated by top customers; in development with key customers and partners One cOS platform, expanding missions as networks evolve
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6 6 THIRD QUARTER 2026 FINANCIAL RESULTS AND OUTLOOK Walter Jankovic, CFO
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7 Q3 2026 INCOME STATEMENT HIGHLIGHTS* * Non-GAAP continuing operations. Components may not sum to total due to rounding. ** Includes stranded costs of $2.3 million (Q3 2026 guidance), $1.5 million (Q3 2026 actual results), and $2.2 million (Q3 2025 actual results). Financial Metric (in millions except shares and EPS) Q3 2026 Guidance** Q3 2026 Actual Results** Q3 2025 Actual Results ** Q3 2026 Y/Y Change Net Revenue ($M) $125 - $135 $148.8 $90.5 64.5% Gross Margin (%) 51% - 52% 52.1% 46.9% 520 bps Operating expense ($M) $41 - $42 $44.5 $32.4 37.7% Operating Profit ($M) $23 - $28 $33.0 $10.1 $22.9 Shares 110.4 110.3 113.3 (2.7%) EPS $0.15 - $0.19 $0.23 $0.07 $0.16
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8 Q3 2026 BALANCE SHEET & CASH FLOW HIGHLIGHTS* * Non-GAAP Continuing operations ** In Q3 we reduced the borrowing on the revolving credit facility *** Cash flows from Continuing and Discontinued Operations Financial Metric ($ Millions) Q3 2026 Q2 2026 Q3 2025 Cash $142.8 $231.9 $127.4 Available Revolving Credit Facility ** $160.0 $85 $82 Total Available Liquidity $302.8 $316.9 $209.4 Free Cash Flow*** $(5.1) $(7.0) $21.0 Accounts Receivable $117.1 $89.9 $61.3 DSO 71 61 61 Inventory $94.8 $66.5 $48.8 Inventory Days 120 95 91 Backlog and Deferred Revenue $534.0 $587.6 $338.0
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9 FINANCIAL FLEXIBILITY TO FUND OUR PRIORITIES Fund growth in existing / new markets • Return capital • Assess inorganic options to accelerate strategy $303M in Liquidity Cash $143M + Undrawn Credit Facility $160M Strong Free Cash Flow Expected to continue over next three years C AP ITA L A L LOC AT ION PR IOR ITIE S: ORGANIC GROWTH First Priority for Growth 1 R&D in Fiber including 50G and Intelligence Platform Working capital to fund the growth ramp Investments to address new markets RETURN OF CAPITAL $142M of $200M Utilized under Current Share Repurchase Program 2 Funded by current cash and free cash flow expected over next few years Floor: offset equity compensation dilution Above floor based on organic and inorganic options STRATEGIC M&A3 Options that can accelerate our growth strategy to diversify the business and scale the intelligence platform Hold cash for financial flexibility to assess options
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10 Q4 and FY 2026 FINANCIAL GUIDANCE* * Non-GAAP Continuing operations ** Includes estimated stranded costs of $1.5 million and $7.6 million associated with the Video divestiture for Q4 2026 and FY 2026, respectively. *** Diluted shares assumes stock price at $11.98 (Q3 2026 average price) Financial Metric Q4 2026 FY 2026 Net Revenue ($M) $141 - $151 $545 - $555 Gross Margin (%) 51.0% - 52.0% 52.1% - 52.4% Operating Profit ($M)** $28 - $34 $118 - $124 Tax Rate 23.0% 23.0% Shares*** 109.2 110.2 EPS $0.19 - $0.23 $0.80 - $0.84 Raising full year 2026 guidance at the mid- point: • Revenue up 6.8% • EPS up 15.5%
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11 11 MARKET LEADER POSITIONED FOR GROWTH Technology Leadership Positions Expanding Long-term TAM Strong Operating Model Proven Execution 1 2 3 4 Long-Term Growth Catalysts Raising FY 2026 Revenue and EPS Guidance Robust Rest-of-Market Growth from Customer Diversification Strategy to Significantly Expand TAM • Connectivity • Intelligence • Edge AI Key Takeaways
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12 12 WRAP-UP & Q&A
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13 USE OF NON-GAAP FINANCIAL MEASURES In establishing operating budgets, managing its business performance, and setting internal measurement targets, the Company excludes a number of items required by GAAP. Management believes that these accounting charges and credits, most of which are non-cash or non-recurring in nature, are not useful in managing its operations and business. Historically, the Company has also publicly presented these supplemental non -GAAP measures in order to assist the investment community to see the Company “through the eyes of management,” and thereby enhance understanding of its operating performance. The non-GAAP measures presented here are gross profit, operating expenses, income (loss) from operations, non-operating expense, net, net income (loss) and net income (loss) per diluted share. The presentation of non -GAAP information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP, and is not necessarily comparable to non -GAAP results published by other companies. A reconciliation of the historical and forward-looking non-GAAP financial measures discussed in this presentation to the most directly comparable historical and forward-looking GAAP financial measures is included with the financial information contained in this presentation. The non - GAAP adjustments described below have historically been excluded from our GAAP financial measures. These adjustments are restructuring and related charges, stock -based compensation expense, lease-related asset impairment and other charges, non-recurring advisory fees, adjustments that normalize the tax rate and depreciation.
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14 Q3 2026 GAAP TO NON-GAAP RECONCILIATIONS CONTINUING OPERATIONS (UNAUDITED, IN THOUSANDS, EXCEPT EPS AND PERCENTAGES)
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15 Q2 2026 GAAP TO NON-GAAP RECONCILIATIONS CONTINUING OPERATIONS (UNAUDITED, IN THOUSANDS, EXCEPT EPS AND PERCENTAGES)
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16 Q3 2025 GAAP TO NON-GAAP RECONCILIATIONS CONTINUING OPERATIONS (UNAUDITED, IN THOUSANDS, EXCEPT EPS AND PERCENTAGES)
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17 Q4 2026 GUIDANCE GAAP TO NON-GAAP RECONCILIATIONS (UNAUDITED, IN MILLIONS, EXCEPT EPS AND PERCENTAGES)
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18 FY 2026 GUIDANCE GAAP TO NON-GAAP RECONCILIATIONS (UNAUDITED, IN MILLIONS, EXCEPT EPS AND PERCENTAGES)
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19 THANK YOU.