Slides
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July 31, 2026 Earnings Presentation Q2 2026
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Forward-looking Statements and Non-GAAP Measures • These slides may contain forward-looking statements. These statements relate to future events or to future financial performance and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “will,” or “continue” or the negative of these terms or other comparable terminology. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control and that could materially affect actual results, levels of activity, performance, or achievements. • Other factors that could materially affect actual results, levels of activity, performance or achievements can be found in Protolabs’ SEC filings, including its most recent Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q. If any of these risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary significantly from what we projected. Any forward-looking statement you see or hear during this presentation reflects our current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to our operations, results of operations, growth strategy, and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise, except as required by law. • Non-GAAP Financial Measures: Protolabs management believes that presenting certain non- GAAP financial measures provides meaningful information to investors in understanding operating results and may enhance investors' ability to analyze financial and business trends. Non-GAAP measures are not a substitute for GAAP measures and should be considered together with the GAAP financial measures. As calculated, our non-GAAP measures may not be comparable to other similarly titled measures of other companies. In addition, Protolabs management believes that these non- GAAP financial measures provide additional information for investors to compare period to period by excluding items that could have a disproportionately negative or positive impact on results in any particular period. GAAP to non-GAAP reconciliations are included in this presentation. 2
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Q2 2026 Financial Highlights • $149 million revenue Up 10% YoY1 Revenue per customer contact up 17% YoY • 47% non-GAAP gross margin* Up 200 bps YoY • 17% adjusted EBITDA margin* Up 220 bps YoY • $0.60 non-GAAP EPS* Up 45% YoY 3 1 YoY change in constant currencies. Non-GAAP measure. See appendix for reconciliation. * Non-GAAP measure. See appendix for reconciliation.
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Drones Wherever innovation is happening, Protolabs is there. Medical Devices Renewable Energy Satellite Communication Data Centers RobotsAero, Space & Rockets 4
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Elevate Customer Experience Accelerate Innovation Expand Production Drive Operational Efficiency 5
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TIME’s ‘America’s Best Companies of 2026’ 6
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Q2 2026 Financial Overview 7
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$0.41 $0.60 Q2 2025 Q2 2026 $135.1 $149.3 Q2 2025 Q2 2026 • Revenue of $149.3 million, up 10.2%1 YoY • Growth primarily driven by larger orders from strategic customers, strength in key growth industries (incl. A&D), and market dynamics that have driven increases in price • Revenue per customer contact up 17% Revenue ($M) Non-GAAP EPS* • Non-GAAP EPS of $0.60, up $0.19 YoY • YoY increase driven by higher volume, Factory and Network gross margin improvement, and leverage on SG&A expenses 10.2%1 45.3% Financial Summary | Q2 2026 8 *Non-GAAP measure. See appendix for reconciliation.1 YoY change in constant currencies. Non- GAAP measure. See appendix for reconciliation.
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9 Revenue by Service | Q2 2026 YoY $4.3 $4.5 Q2 2025 Q2 2026 $21.2 $20.7 Q2 2025 Q2 2026 $47.4 $53.6 Q2 2025 Q2 2026 $61.9 $70.4 Q2 2025 Q2 2026 Injection Molding - Revenue ($M) CNC Machining - Revenue ($M) Sheet Metal - Revenue ($M) 3D Printing - Revenue ($M) 13%* 13%* 4%*(3)%* *YoY change in constant currencies. Non- GAAP measure. See appendix for reconciliation.
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Financial Results | Q2 2026 10 Q2 2026 Q1 2026 QoQ Change Q2 2025 YoY Change Revenue $149.3 $139.3 7.2% $135.1 10.6% Non-GAAP Gross Margin* 46.8% 46.2% 60 bps 44.8% 200 bps Non-GAAP Operating Margin* 12.0% 11.0% 100 bps 8.6% 340 bps Non-GAAP Earnings Per Share* $0.60 $0.54 11.8% $0.41 45.3% *Non-GAAP measure. See appendix for reconciliation.
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Cash Flow and Balance Sheet | Q2 2026 11 $M Q2 2026 Q1 2026 Q2 2025 Operating Cash Flow $15.4 $17.5 $10.6 Capital Expenditures $6.2 $3.5 $1.5 Share Repurchases $5.0 $0.0 $3.1 Cash and Investments* $162.9 $158.0 $123.2 Debt* $0 $0 $0 *Balance sheet items as of the end of the period.
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Financial Outlook FY 2026 & Q3 2026 12
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Financial Outlook 13 Q3 2026 Revenue Revenue $145M - $153M Q3 2026 Outlook Commentary Q3 2026 Non-GAAP EPS* Non-GAAP EPS* $0.56 - $0.64 • Expect foreign currency to have an approximately $0.4M unfavorable impact on Q3 2026 revenue • Expect Q3 2026 Non-GAAP effective tax rate* between 23% and 24% • Expect Q3 2026 diluted shares outstanding of approximately 24 million FY 2026 anticipated revenue growth: 8% - 10% *Non-GAAP measure. See appendix for reconciliation.
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Thank you 14
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Appendix 15
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Q2 2026 Detailed Financial Information 16
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17 YoY GAAP to Non-GAAP P&L | Q2 2026 $ in thousands Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 GAAP Adjustments Non-GAAP* GAAP Adjustments Non-GAAP* Revenue $ 149,341 — $ 149,341 $ 135,063 — $ 135,063 Cost of revenue 79,999 (549) 79,450 75,289 (767) 74,522 Gross profit $ 69,342 $ 549 $ 69,891 $ 59,774 $ 767 $ 60,541 Marketing and sales 25,682 (819) 24,863 24,731 (808) 23,923 Research and development 10,791 (641) 10,150 11,173 (735) 10,438 General and administrative 19,650 (2,657) 16,993 18,752 (4,238) 14,514 Restructuring and transformation costs 924 (924) — — — — Costs related to exit/disposal activities 937 (937) — 149 (149) — Total operating expenses 57,984 (5,978) 52,006 54,805 (5,930) 48,875 Income from operations $ 11,358 $ 6,527 $ 17,885 $ 4,969 $ 6,697 $ 11,666 Adjusted EBITDA N/A N/A $ 25,119 N/A N/A $ 19,692 % of Revenue Gross Margin 46.4% 46.8% 44.3% 44.8% Marketing and sales 17.2% 16.6% 18.3% 17.7% Research and development 7.2% 6.8% 8.3% 7.7% General and administrative 13.2% 11.4% 13.9% 10.7% Restructuring and transformation costs 0.6% — % — % — % Costs related to exit/disposal activities 0.6% — % 0.1% — % Total operating expenses 38.8% 34.8% 40.6% 36.2% Income from operations 7.6% 12.0% 3.7% 8.6% Adjusted EBITDA N/A 16.8% N/A 14.6% *Non-GAAP measures. See appendix for reconciliation.
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18 QoQ GAAP to Non-GAAP P&L | Q2 2026 $ in thousands Three Months Ended June 30, 2026 Three Months Ended March 31, 2026 GAAP Adjustments Non-GAAP* GAAP Adjustments Non-GAAP* Revenue $ 149,341 — $ 149,341 $ 139,336 — $ 139,336 Cost of revenue 79,999 (549) 79,450 75,744 (736) 75,008 Gross profit $ 69,342 $ 549 $ 69,891 $ 63,592 $ 736 $ 64,328 Marketing and sales 25,682 (819) 24,863 24,780 (705) 24,075 Research and development 10,791 (641) 10,150 10,540 (428) 10,112 General and administrative 19,650 (2,657) 16,993 17,012 (2,263) 14,749 Restructuring and transformation costs 924 (924) — 1,421 (1,421) — Costs related to exit/disposal activities 937 (937) — — — — Total operating expenses 57,984 (5,978) 52,006 53,753 (4,817) 48,936 Income from operations $ 11,358 $ 6,527 $ 17,885 $ 9,839 $ 5,553 $ 15,392 Adjusted EBITDA N/A N/A $ 25,119 N/A N/A $ 22,777 % of Revenue Gross Margin 46.4% 46.8% 45.6% 46.2% Marketing and sales 17.2% 16.6% 17.8% 17.3% Research and development 7.2% 6.8% 7.6% 7.3% General and administrative 13.2% 11.4% 12.2% 10.6% Restructuring and transformation costs 0.6% — % 1.0% — % Costs related to exit/disposal activities 0.6% — % — % — % Total operating expenses 38.8% 34.8% 38.6% 35.1% Income from operations 7.6% 12.0% 7.1% 11.0% Adjusted EBITDA N/A 16.8% N/A 16.3% *Non-GAAP measures. See appendix for reconciliation.
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GAAP to Non-GAAP Reconciliations 19
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GAAP to Non-GAAP Reconciliation | Revenue by Region 20 Proto Labs, Inc. Comparison of GAAP to Non-GAAP Revenue Growth by Region (In thousands) (Unaudited) Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 % Change2 % Change Organic3 GAAP Foreign Currency1 Non-GAAP GAAP Revenues United States $ 122,759 $ — $ 122,759 $ 110,712 10.9% 10.9% Europe 26,582 (447) 26,135 24,351 9.2 7.3 Total revenue $ 149,341 $ (447) $ 148,894 $ 135,063 10.6% 10.2% Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 % Change2 % Change Organic3 GAAP Foreign Currency1 Non-GAAP GAAP Revenues United States $ 234,886 $ — $ 234,886 $ 210,979 11.3% 11.3% Europe 53,791 (2,604) 51,187 50,289 7.0 1.8 Total revenue $ 288,677 $ (2,604) $ 286,073 $ 261,268 10.5% 9.5% 1 Revenue for the three and six months ended June 30, 2026 has been recalculated using 2025 foreign currency exchange rates in effect during comparable periods to provide information useful in evaluating the underlying business trends excluding the impact of changes in foreign currency exchange rates. 2 This column presents the percentage change from GAAP revenue for the three and six months ended June 30, 2025 to GAAP revenue for the three and six months ended June 30, 2026. 3 This column presents the percentage change from GAAP revenue for the three and six months ended June 30, 2025 to non-GAAP revenue for the three and six months ended June 30, 2026 (as recalculated using the foreign currency exchange rates in effect during the three and six months ended June 30, 2025) in order to provide a constant-currency comparison.
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GAAP to Non-GAAP Reconciliation | Revenue by Product Line 21 Proto Labs, Inc. Comparison of GAAP to Non-GAAP Revenue Growth by Product Line (In thousands) (Unaudited) Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 % Change2 % Change Organic3 GAAP Foreign Currency1 Non-GAAP GAAP Revenues Injection Molding $ 53,625 $ (89) $ 53,536 $ 47,415 13.1% 12.9% CNC Machining 70,360 (318) 70,042 61,945 13.6 13.1 3D Printing 20,667 (30) 20,637 21,215 (2.6) (2.7) Sheet Metal 4,462 (8) 4,454 4,303 3.7 3.5 Other Revenue 227 (2) 225 185 22.7 21.6 Total revenue $ 149,341 $ (447) $ 148,894 $ 135,063 10.6% 10.2% Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 % Change2 % Change Organic3 GAAP Foreign Currency1 Non-GAAP GAAP Revenues Injection Molding $ 104,693 $ (720) $ 103,973 $ 96,138 8.9% 8.1% CNC Machining 133,605 (1,432) 132,173 114,788 16.4 15.1 3D Printing 41,132 (398) 40,734 41,409 (0.7) (1.6) Sheet Metal 8,813 (50) 8,763 8,514 3.5 2.9 Other Revenue 434 (4) 430 419 3.6 2.6 Total revenue $ 288,677 $ (2,604) $ 286,073 $ 261,268 10.5% 9.5% 1 Revenue for the three and six months ended June 30, 2026 has been recalculated using 2025 foreign currency exchange rates in effect during comparable periods to provide information useful in evaluating the underlying business trends excluding the impact of changes in foreign currency exchange rates. 2 This column presents the percentage change from GAAP revenue for the three and six months ended June 30, 2025 to GAAP revenue for the three and six months ended June 30, 2026. 3 This column presents the percentage change from GAAP revenue for the three and six months ended June 30, 2025 to non-GAAP revenue for the three and six months ended June 30, 2026 (as recalculated using the foreign currency exchange rates in effect during the three and six months ended June 30, 2025) in order to provide a constant-currency comparison.
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GAAP to Non-GAAP Reconciliation | Gross Margin 22 Proto Labs, Inc. Reconciliation of GAAP to Non-GAAP Gross Margin (In thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue $ 149,341 $ 135,063 $ 288,677 $ 261,268 Gross profit 69,342 59,774 132,934 115,472 GAAP gross margin 46.4% 44.3% 46.0% 44.2% Add back: Stock-based compensation expense 534 424 928 884 Amortization expense 342 343 684 685 Trade refunds and charges, net (327) — (327) — Total adjustments 549 767 1,285 1,569 Non-GAAP gross profit $ 69,891 $ 60,541 $ 134,219 $ 117,041 Non-GAAP gross margin 46.8% 44.8% 46.5% 44.8%
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GAAP to Non-GAAP Reconciliation | Operating Margin 23 Proto Labs, Inc. Reconciliation of GAAP to Non-GAAP Operating Margin (In thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue $ 149,341 $ 135,063 $ 288,677 $ 261,268 Income from operations 11,358 4,969 21,197 9,500 GAAP operating margin 7.6% 3.7% 7.3% 3.6% Add back: Stock-based compensation expense 4,088 4,259 7,307 8,251 Amortization expense 905 927 1,818 1,835 Trade refunds and charges, net (327) — (327) — Restructuring and transformation costs 924 — 2,345 — Costs related to exit and disposal activities 937 149 937 110 CEO transition costs — 1,362 — 1,362 Total adjustments 6,527 6,697 12,080 11,558 Non-GAAP income from operations $ 17,885 $ 11,666 $ 33,277 $ 21,058 Non-GAAP operating margin 12.0% 8.6% 11.5% 8.1%
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GAAP to Non-GAAP Reconciliation | EBITDA 24 Proto Labs, Inc. Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA (In thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue $ 149,341 $ 135,063 $ 288,677 $ 261,268 GAAP net income 9,152 4,427 17,263 8,026 GAAP net income margin 6.1% 3.3% 6.0% 3.1% Add back: Amortization expense $ 905 $ 927 $ 1,818 $ 1,835 Depreciation expense 7,183 7,643 14,343 15,429 Interest income, net (1,331) (1,143) (2,584) (2,251) Provision for income taxes 3,451 2,247 6,657 4,633 EBITDA 19,360 14,101 37,497 27,672 EBITDA Margin 13.0% 10.4% 13.0% 10.6% Add back: Stock-based compensation expense 4,088 4,259 7,307 8,251 Unrealized loss (gain) on foreign currency 137 (179) 137 (314) Trade refunds and charges, net (327) — (327) — Restructuring and transformation costs 924 — 2,345 — Costs related to exit and disposal activities 937 149 937 110 CEO transition costs — 1,362 — 1,362 Total adjustments 5,759 5,591 10,399 9,409 Adjusted EBITDA $ 25,119 $ 19,692 $ 47,896 $ 37,081 Adjusted EBITDA Margin 16.8% 14.6% 16.6% 14.2%
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GAAP to Non-GAAP Reconciliation | EPS 25 Proto Labs, Inc. Reconciliation of GAAP to Non-GAAP Net Income and Non-GAAP Net Income per Share (In thousands, except share and per share amounts) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Cost of revenue $ 549 $ 767 $ 1,285 $ 1,569 Marketing and sales 819 808 1,524 1,586 Research and development 641 735 1,069 1,360 General and administrative 2,657 4,238 4,920 6,933 Restructuring and transformation costs 924 — 2,345 — Costs related to exit and disposal activities 937 149 937 110 Total operating expenses 5,978 5,930 10,795 9,989 Other income, net 137 (179) 137 (314) Total adjustments $ 6,664 $ 6,518 $ 12,217 $ 11,244 2 For the three and six months ended June 30, 2026 and 2025, income tax effects were calculated using the effective tax rate for the relevant jurisdictions. The Company's non-GAAP tax rates differ from its GAAP tax rates due primarily to the mix of activity incurred in domestic and foreign tax jurisdictions and removing effective tax rate benefits from stock- based compensation activity in the respective period. Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Non-GAAP net income, adjusted for stock-based compensation expense, amortization expense, unrealized loss (gain) on foreign currency, trade refunds and charges, net, restructuring and transformation costs, costs related to exit and disposal activities and CEO transition costs GAAP net income $ 9,152 $ 4,427 $ 17,263 $ 8,026 Add back: Stock-based compensation expense 4,088 4,259 7,307 8,251 Amortization expense 905 927 1,818 1,835 Unrealized loss (gain) on foreign currency 137 (179) 137 (314) Trade refunds and charges, net (327) — (327) — Restructuring and transformation costs 924 — 2,345 — Costs related to exit and disposal activities 937 149 937 110 CEO transition costs — 1,362 — 1,362 Total adjustments 1 6,664 6,518 12,217 11,244 Income tax benefits on adjustments 2 (1,111) (958) (1,697) (1,200) Non-GAAP net income $ 14,705 $ 9,987 $ 27,783 $ 18,070 Non-GAAP net income per share: Basic $ 0.61 $ 0.42 $ 1.16 $ 0.75 Diluted $ 0.60 $ 0.41 $ 1.14 $ 0.74 Shares used to compute non-GAAP net income per share: Basic 23,969,254 23,900,390 23,902,802 24,018,119 Diluted 24,415,788 24,101,592 24,358,568 24,291,246 1 Stock-based compensation expense, amortization expense, unrealized loss (gain) on foreign currency, trade refunds and charges, net, restructuring and transformation costs, costs related to exit and disposal activities and CEO transition costs were included in the following GAAP consolidated statement of operations categories:
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GAAP to Non-GAAP Reconciliation | Q3 2026 Outlook 26 Proto Labs, Inc. Reconciliation of GAAP to Non-GAAP Guidance (Unaudited) Q3 2026 Outlook Low High GAAP diluted net income per share $ 0.34 $ 0.42 Add back: Stock-based compensation expense 0.19 0.19 Amortization expense 0.03 0.03 Total adjustments 0.22 0.22 Non-GAAP diluted net income per share $ 0.56 $ 0.64