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The Autonomous B2C CRM Powering more valuable customer experiences August 5 , 2026 Q2 2026 Investor Presentation klaviyo The Autonomous B2C CRM
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22026 © Klaviyo This presentation includes certain “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Other than statements of historical facts, all statements contained in this presentation and accompanying oral commentary, including, but not limited to, statements about Klaviyo’s outlook for the third quarter and the full fiscal year ending December 31, 2026, and Klaviyo’s expectations regarding possible or assumed business strategies, potential growth and innovation opportunities, new products, potential market opportunities, use of artificial intelligence and machine learning, and other similar matters, are forward-looking statements. Words such as “aim, ” “anticipate, ” “believe, ” “contemplate, ” “continue, ” “could, ” “estimate, ” “expect, ” “future, ” “going to, ” “guidance, ” “intend, ” “keep, ” “may, ” “opportunity, ” “outlook, ” “plan, ” “potential, ” “predict, ” “project, ” “shall, ” “should, ” “strategy, ” “target, ” “will, ” “would, ” or words of similar meaning or similar references to future periods may identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements reflect management’s beliefs, expectations and assumptions about future events as of the date hereof, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. These risks include, among others, the following: our ability to achieve future growth and sustain our growth rate; our ability to successfully execute our business and growth strategy, such as the success of our investment in our key growth initiatives and our ability to recognize effective areas for growth; our ability to successfully integrate with third-party platforms; our relationships with third parties, such as our marketing agency and technology partners; unfavorable conditions in our industry; our ability to attract new customers, including mid-market and enterprise customers, retain revenue from existing customers and increase sales from both new and existing customers; our ability to leverage artificial intelligence and machine learning in our products; our ability to sustain strong international growth; the success of our marketing and sales strategies; costs and expenses associated with being a public company; the impact of macroeconomic factors, including tariffs; as well as other risks and uncertainties set forth under the caption “Risk Factors” and elsewhere in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, as filed with the Securities and Exchange Commission (the “SEC”), and the other filings and reports we make with the SEC from time to time, which may be obtained on our Investor Relations website at https:/ /investors.klaviyo.com and on the SEC website at www.sec.gov. Moreover , we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor(s) may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. In light of the risks, uncertainties, assumptions, and other factors, the future events and trends discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Therefore, you should not rely on any of the forward-looking statements. Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. Other than as required by law, we undertake no obligation to update any written or oral forward-looking statements contained in this presentation or made in connection therewith to in the event of new information, future developments or otherwise. This presentation contains statistical data, estimates and forecasts that are based on independent industry publications or other publicly available information. We have not independently verified the accuracy or completeness of the information contained in these industry publications and other publicly available information, and usage of the information does not mean or imply that we have adopted the information as our own or independently verified its accuracy. Accordingly, we make no representations as to the accuracy or completeness of the information nor do we undertake to update the information after the date of this presentation. All third-party brand names and logos appearing in this presentation are trademarks or registered trademarks of their respective holders. Any such appearance does not necessarily imply any affiliation with us or our endorsement of the third-party. Numbers in this presentation are rounded for presentation purposes. Some of the numbers in this presentation may not tie due to rounding. Forward-Looking Statements and Disclaimer
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32026 © Klaviyo In addition to financial measures prepared in accordance with generally accepted accounting principles in the United States (GAAP), this presentation and accompanying oral commentary contain non-GAAP financial measures, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating expenses, non-GAAP operating margin, free cash flow, and free cash flow margin. The non-GAAP financial information is presented for supplemental informational purposes only and is not intended to be considered in isolation or as a substitute for , or superior to, financial information prepared and presented in accordance with GAAP . Please see the Appendix for reconciliations of these non-GAAP financial measures to their nearest GAAP equivalents. Our non-GAAP gross profit, non-GAAP operating income, and non-GAAP operating expenses exclude certain significant expenses and income that are required by GAAP to be recorded in our consolidated financial statements. These may include, among others, (i) material amortization of prepaid marketing expenses, (ii) stock-based compensation and related employer payroll taxes, and (iii) significant, one-time restructuring expenses. Our non-GAAP gross margin is calculated as non-GAAP gross profit divided by total revenue. Our non-GAAP operating margin is calculated as non-GAAP operating income divided by total revenue. Free cash flow is defined as cash and cash equivalents provided by or used in operating activities less purchases of property and equipment, capitalization of software development costs, and purchase of other non-current assets. Free cash flow margin is a non-GAAP financial measure that is calculated as free cash flow divided by total revenue. Stock-based compensation expense includes the net effects of capitalization and amortization of stock-based compensation expense related to capitalized software. Stock-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of the compensation provided to our employees. Because of varying available valuation methodologies, subjective assumptions, and the variety of equity instruments that can impact a company’s non-cash expenses, we believe that providing non-GAAP financial measures that exclude stock-based compensation expense allows for meaningful comparisons between our operating results from period to period. When evaluating the performance of its business and making operating plans, Klaviyo does not consider these items (for example, when considering the impact of equity award grants, the company places a greater emphasis on the amount of overall stockholder dilution than the accounting charges associated with such grants). The amount of employer payroll tax-related items on employee stock transactions is dependent on restricted stock unit settlements, option exercises, related stock price, and other factors that are beyond Klaviyo’s control and that do not correlate to the operation of the business. The expense related to amortization of prepaid marketing expense of warrants issued to Shopify is dependent upon estimates and assumptions; therefore, Klaviyo believes non-GAAP measures that adjust for the amortization of prepaid marketing expense provide investors a consistent basis for comparison across accounting periods. Klaviyo believes that the economic impact of the partnership is best measured in the form of stockholder dilution and as such we have provided a reconciliation that shows the full dilutive impact of all outstanding equity instruments. Overall, Klaviyo believes it is useful to exclude these expenses in order to better understand the long-term performance of its core business and to facilitate comparison of its results period-over-period and to those of peer companies. All of these non-GAAP financial measures are important tools for financial and operational decision-making and for evaluating Klaviyo’s own operating results over different periods of time. We believe that all these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects and allow for greater transparency with respect to decision making by our management, who use these measures as important tools for financial and operational decision-making and for evaluating Klaviyo’s own operating results over different periods of time. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures versus their nearest GAAP equivalents. Other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Further , stock-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense in Klaviyo’s business and an important part of the compensation provided to attract and retain its employees to create long-term incentive alignment with stockholders. Statement Regarding Use of Non-GAAP Financial Measures
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42026 © Klaviyo The autonomous B2C CRM powering the next era of customer experiences Investment thesis A large and expanding market opportunity, with upside ahead A durable and efficient business model, usage-based pricing scales as customers grow and derive more value from Klaviyo; strong revenue per FTE The AI era concentrates value in our platform, infrastructure that provides the context and purpose-built agents that execute outcomes Multiple growth engines compounding at once, enterprise, international, multi-product and agents A differentiated data platform, strengthened with every interaction Strong cash generation, disciplined capital allocation - balancing growth strategy with shareholder value
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52026 © Klaviyo By the numbers Customers across 100+ countries Annualized Revenue Run Rate 26% Y o Y growth ~$1.5B 205k+ of US ecommerce sales attributed to Klaviyo during Black Friday Cyber Monday 20251 Klaviyo Attributed Value (KA V) since 2021 $300B >5% Consumer profiles 9B+ Average daily events processed 4.2B+ 1 BFCM defined as five days from Thanksgiving to Cyber Monday. Based on Klaviyo’s U.S. KA V over the five-day BFCM period ($2.3B) divided by U.S. online sales estimate of $44.2B. Note: All figures as of June 30, 2026, unless otherwise noted. See Appendix for definition of Klaviyo Attributed Value and Customers.
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62026 © Klaviyo Q2 WINS AND EXPANSIONS “I have used Klaviyo for years in different businesses and am excited to finally be bringing it into the larger WMG marketing stack. Klaviyos tools are second to none and will be integral to the supercharged e-commerce business we are building. ” Justin Collier , President of Ecommerce and Merchandise MARQUEE ACCOUNTS
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72026 © Klaviyo Marketing Service Purpose-Built Agents Intelligence Data Platform Klaviyo is the autonomous B2C CRM Infrastructure that powers execution The agents that execute outcomes
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82026 © Klaviyo Actionable infrastructure that powers more valuable customer experiences
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92026 © Klaviyo Autonomous experiences, powered by intelligent agents and infrastructure ● Pre-built domain & industry skills ● Real-time decisioning ● Skills platform & library ● Reinforcement learning loops Purpose-built agents ● Flexible data platform ● Profile-level intelligence ● Deliverability and compliance ● Closed loop performance Infrastructure
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102026 © Klaviyo Create Discover Composer Campaign Creation Composer Our back-of-house agent that runs alongside a marketing team. 102026 © Klaviyo Campaign Insights Flows Creation Flows Insights Segmentation Insights Segments Creation Performance Insights Forms Creation
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2026 © Klaviyo 11 Our front-of-house agent that represents a brand to consumers 24/7 . Customer Agent Built for B2C, out of the box Pre-built skills for core B2C retail and e-commerce use cases so you see autonomous resolutions on day one. Unified customer profile across marketing and service The same profile that powers segmentation and campaigns powers service decisions in real time. Connected to your channels and systems Configure once and deliver consistent, on-brand experiences across email, text, chat, and more. Full control and governance CX teams can configure, test, and control behavior from Klaviyo—not a black-box agent you can’t tune.
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122026 © Klaviyo One customer , connected across channels Mobile App Loyalty engine Website Onsite personalizationEmail Revenue driver T ext Conversion accelerator WhatsApp Conversational commerce Social Acquisition extension
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132026 © Klaviyo Multi-product platform Growth across multiple vectors ● Add more customers & land larger deals ● Increase customer usage ● Cross-sell across B2C CRM suite International growth ● Leverage existing investments to accelerate key market growth ● Penetrate new markets with targeted investments Mid-market and enterprise momentum ● Drive further success with larger customers ● Win as the autonomous CRM for the enterprise Win with AI as the
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142026 © Klaviyo Source: Management estimates based on industry analyst reports. Apps 0% 20% 40% 60% 80% Platform expansion is extending our market opportunity $68B $160B Marketing Automation B2C CRM Autonomous CRM +Multi-product and logo penetration +International growth +Enterprise wins ~1% penetrated
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152026 © Klaviyo Confidential Composer “We send a ton of emails and SMS to a huge range of customers, so keeping every flow and segment optimized and personal is a lot to manage. Doing regular audits manually just isn't scalable. Composer is going to help us stay on top of everything with a level of consistency we couldn't realistically achieve on our own. ” Daniela Guzman, CRM manager 15
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162026 © Klaviyo Confidential growth in brand ambassador program in <4 years, to 130,000 user-generated social posts tagging the brand in past year 5x 4.8K + MANAGE COLLABORATIONS AT SCALE BROAD BRAND REACH K:Social “Klaviyo is a really interesting brain that connects to Shopify, Instagram, TikT ok, and more. That creates a network effect and allows us to tell a much more reliable, relatable story across channels. No one besides Klaviyo is doing that well. ” Alex Babich, Founder and managing director 16
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Financials
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182026 © Klaviyo Q2 2026 Results Highlights1 Strong growth and profitability Operating at scale $371M Quarterly Revenue Mid-market momentum 36% Y ear-over-year growth in Customers > $50K ARR2 Strong revenue growth 26% Y o Y Growth Rate Solid NRR 109% Dollar-Based Net Revenue Retention Rate2,3 Strong profitability 14% Non-GAAP Operating Margin4 Consistent cash generation 17% TTM FCF Margin3,4 1 All figures are for the quarter ended June 30, 2026 unless otherwise noted. 2See Appendix for definitions of Dollar-Based Net Revenue Retention Rate and Customers Generating Over $50,000 of ARR. 3 For trailing twelve months (TTM) ended June 30, 2026. 4 See Appendix for non-GAAP reconciliation.
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192026 © Klaviyo Revenue growth on broad-based strength $293 FY25 Q2 FY25 Q3 $350 $358 FY25 Q4 FY26 Q1 $371 FY26 Q2 32% 32% 30% 28% 26% $311 TTM Revenue ($ in millions) $810 $1,078 TTM FY24 Q2 TTM FY25 Q2 $1,390 TTM FY26 Q2 38% 33% 29%Y o Y Growth Quarterly Revenue ($ in millions) Y o Y Growth
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202026 © Klaviyo Strong customer growth, with upmarket momentum T otal Customers1 176,000+ FY25 Q2 205,000+ FY26 Q2 +16% Customers Generating >$50K ARR1 3,291 FY25 Q2 4,477 FY26 Q2 +36% Note: All figures are as of June 30, 2026 or 2025, as noted. 1 See Appendix for definitions of Customers and Customers Generating Over $50,000 of ARR.
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212026 © Klaviyo International is a large and growing opportunity 1 As of June 30, 2026. 37%35% 63%65% Geographic Revenue Mix EMEA + APAC FY25 Q2 FY26 Q2 Americas Global footprint 100+ Countries generating revenue1 International growth outpacing Americas 35% Ex-Americas Revenue Growth Rate Y o Y1
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222026 © Klaviyo Delivering leverage while investing for growth 19% G&A: Leverage from scale and headcount discipline R&D: Continuing to invest in new product innovation and enterprise readiness S&M: Leverage reflective of operational efficiencies and headcount discipline See Appendix for Non-GAAP reconciliation. Percentages rounded for presentation purposes. Non-GAAP Operating Expenses (% of Revenue) 62% FY25 Q2 11% 18% 33% 60% FY26 Q2 10% 30%
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232026 © Klaviyo Strong operating income at scale Non-GAAP Operating Income ($ in millions) $41 FY25 Q2 $51 FY26 Q2 Non-GAAP Operating Margin 14% 14% See Appendix for Non-GAAP reconciliation.
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242026 © Klaviyo Compounding free cash flow generation T railing Twelve Month Free Cash Flow ($ in millions) $155 $167 FY25 Q2 FY25 Q3 $200 $212 FY25 Q4 FY26 Q1 $236 FY26 Q2 14% 15% 16% 16% 17%TTM Free Cash Flow Margin See Appendix for Non-GAAP reconciliation.
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252026 © Klaviyo See Appendix for Non-GAAP reconciliation. Percentages rounded for presentation purposes. Guidance ($ in millions) Q3 FY26 FY26 Revenue $377 - $381 $1,526 - $1,534 Y o Y Growth 21.5% - 22.5% ~24% Non-GAAP Operating Income $40 - $43 $212 - $218 Non-GAAP Operating Margin 10.5% - 11% ~14%
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Appendix
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272026 © Klaviyo Summary Non-GAAP P&L (Quarterly) ($ in millions) FY25 Q2 FY25 Q3 FY25 Q4 FY26 Q1 FY26 Q2 Revenue $293. 1 $310.9 $350.2 $358.0 $370.6 Cost of Revenue $69.0 $73.8 $95.3 $86.9 $98.7 Gross Profit $224. 1 $237 . 1 $254.9 $271. 1 $271.9 Gross margin % 76.4% 76.3% 72.8% 75.7% 73.4% Selling and marketing $98.2 $99.5 $105. 1 $109.7 $111.8 Research and development $52.7 $56.7 $58.3 $62.3 $71.5 General and administrative $32.3 $35.9 $40.6 $40.5 $37 .7 T otal operating expenses $183.2 $192. 1 $204.0 $212.6 $220.9 Operating expenses % 62.5% 61.8% 58.2% 59.4% 59.6% Operating income $40.9 $45.0 $51.0 $58.6 $50.9 Operating margin % 14.0% 14.5% 14.6% 16.4% 13.7% Free cash flow $59.3 $47 . 1 $87 .4 $18.6 $82.9 FCF margin % 20.2% 15. 1% 25.0% 5.2% 22.4% See remainder of Appendix for Non-GAAP reconciliation.
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282026 © Klaviyo GAAP to Non-GAAP reconciliation of Operating Income
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292026 © Klaviyo GAAP to Non-GAAP reconciliation of Gross Profit
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302026 © Klaviyo GAAP to Non-GAAP reconciliation of Operating Expenses
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312026 © Klaviyo Reconciliation of Operating Cash Flow to Free Cash Flow
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322026 © Klaviyo Select defined terms Customers: We define a customer as a distinct paid subscription to our platform. A single organization could have multiple discrete contracting divisions or subsidiaries or brands each with paid subscriptions to our platform, which would, in general, constitute multiple distinct customers. In some cases at the customer’s request, we allow subscriptions under the same parent organization to be consolidated into a single paid subscription in which case such consolidated paid subscriptions would constitute a single customer . We measure our total number of customers as a point-in-time calculation measured as of the end of a particular period. Customers do not include persons or entities that use our platform on a free trial basis. Customers Generating Over $50,000 of ARR: We calculate our number of customers generating over $50,000 of ARR (as defined below) as those customers that have an average ARR of greater than $50,000 over the prior twelve months (or the entire duration of the customer’s paying relationship, if it is less than twelve months) as of the date of determination. We believe the number of customers generating over $50,000 of ARR is a key performance metric to help investors and others understand and evaluate our results of operations in the same manner as our management team, as it is an indicator of our ability to grow the number of customers that are exceeding this ARR threshold, both from our existing customers expanding their usage of our platform and from our sales to larger customers. We believe this is an important indicator of our ability to continue to successfully move up-market. Dollar-Based Net Revenue Retention Rate: We calculate our Dollar-Based Net Revenue Retention Rate (“NRR”) by first identifying the cohort of customers as of twelve months prior to the date of determination. We then calculate the Annualized Recurring Revenue (“ ARR”) from this customer cohort as of twelve months prior to the date of determination (the “Prior Period ARR”) and the ARR from this customer cohort as of the date of determination (the “Current Period ARR”). ARR, for any date of determination, is the annualized value of existing paid subscriptions, which we calculate by taking the amount of revenue that we expect to receive in the next monthly period for our existing paid subscriptions, assuming no changes to such subscriptions in the next month, as of that date of determination, and multiplying that amount by twelve. Current Period ARR includes any expansion, price increases, and customer subscriptions that are deactivated and subsequently reactivated during the applicable twelve-month period and reflects contraction or attrition over the last twelve months from this customer cohort, but excludes any ARR from new customers in the current period. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the point-in-time NRR. We then calculate the weighted average point-in-time NRR as of the last day of each month in the current trailing twelve-month period to arrive at the NRR, with the weightings determined by the total ARR at the end of each period. We believe NRR is a key performance metric to help investors and others understand and evaluate our results of operations in the same manner as our management team, as it represents the expansion in usage of our platform by our existing customers, which is an important measure of the health of our business and future growth prospects. Klaviyo Attributed Value: We define Klaviyo Attributed Value (“KA V”) as the amount of revenue our customers generated through orders placed by consumers within a specified period of time after a message is sent using our platform, which in the case of email is five days from when the message is sent, and in the case of text messages and WhatsApp messages is twenty-four hours from when the message is sent. For email, the message also needs to be opened or clicked in order for the transaction to fall within our definition. KA V excludes orders placed with customers that do not opt-in to sharing data on placed orders, orders for which we cannot determine the currency or value, or unusual orders that appear to us to be anomalies. Since our definition of a customer does not include persons or entities that use our platform on a free trial basis, any revenue generated through orders placed with these persons or entities is also excluded from our definition of KA V . We do not net chargebacks or sales refunds from our calculation of KA V . If a customer leaves Klaviyo, we stop counting that customer’s KA V after their last contracted month. We believe KA V serves as a measure of the return-on-investment that we help generate for our customers and illustrates the value our platform can drive to our customers, which we believe enhances our ability to maintain existing customers and attract new customers. We use KA V as an internal estimate to track the value we drive to customers through our platform. KA V is an operational measure, does not represent revenue earned by us, and does not directly correlate to our pricing, revenue, or results of operations. Further , KA V is not a forecast of future revenue and investors should not place undue reliance on KA V as an indicator of our future or expected results.