Slides
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October 29, 2026 Earnings Presentation Q3 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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Q3 2026 Financial Highlights • $154 million revenue Up 14% YoY1 Revenue per customer contact up 17% YoY • 45% non-GAAP gross margin* • 17% adjusted EBITDA margin* Up 140 bps YoY • $0.63 non-GAAP EPS* Up 33% 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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Continued Investment in Capabilities ProDesk Expansion • 3D printing heat treatments • FDM printing capabilities • Additional CNC machining surface finishes Protolabs Network • Order, communication, and quality improvements • AI development to identify discrepancies sooner, further automate customer experience Organizational Efficiency • Amazon Quick implementation • Forward-Deployed AI Engineer roles identify high-impact use cases, design AI-enabled workflows 6
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7 Recognition and Partnership America’s Most Innovative Businesses 2027 Business Insider and Plant-A Insights screened 4,000+ US public companies and named the 500 most innovative (including Protolabs). Ranked on: • Impact of patents and technological innovations • Reputation among peers for fostering innovation • R&D investment vs. peer industry firms Protolabs Supports MIT Industrial Performance Center Research Fellows to Accelerate U.S. Medical and Aerospace Manufacturing Innovation August 13, 2026 “ We feel that there is significant momentum to transform American manufacturing through innovation and entrepreneurship. Ben Armstrong, Executive Director, MIT Industrial Performance Center ”
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Q3 2026 Financial Overview 8
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$0.47 $0.63 Q3 2025 Q3 2026 $135.4 $154.3 Q3 2025 Q3 2026 • Revenue of $154.3 million, up 14.2%1 YoY • Double-digit growth driven by revenue from strategic customers and strength in key growth industries • Revenue per customer contact up 17% Revenue ($M) Non-GAAP EPS* • Non-GAAP EPS of $0.63, up 33.4% YoY • YoY increase driven by higher volume, mix shift, and leverage on SG&A expenses 14.2%1 33.4% Financial Summary | Q3 2026 9 *Non-GAAP measure. See appendix for reconciliation.1 YoY change in constant currencies. Non- GAAP measure. See appendix for reconciliation.
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10 Revenue by Product Line | Q3 2026 YoY $4.3 $4.1 Q3 2025 Q3 2026 $20.1 $22.4 Q3 2025 Q3 2026 $47.8 $53.7 Q3 2025 Q3 2026 $63.0 $73.4 Q3 2025 Q3 2026 Injection Molding - Revenue ($M) CNC Machining - Revenue ($M) Sheet Metal - Revenue ($M) 3D Printing - Revenue ($M) 13%* 17%* (5)%*12%* *YoY change in constant currencies. Non- GAAP measure. See appendix for reconciliation.
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Financial Results | Q3 2026 11 Q3 2026 Q2 2026 QoQ Change Q3 2025 YoY Change Revenue $154.3 $149.3 3.3% $135.4 14.0% Non-GAAP Gross Margin* 44.5% 46.8% (230) bps 45.9% (140) bps Non-GAAP Operating Margin* 11.9% 12.0% (10) bps 10.0% 190 bps Non-GAAP Earnings Per Share* $0.63 $0.60 4.2% $0.47 33.4% *Non-GAAP measure. See appendix for reconciliation.
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Cash Flow and Balance Sheet | Q3 2026 12 $M Q3 2026 Q2 2026 Q3 2025 Operating Cash Flow $22.8 $15.4 $29.1 Capital Expenditures $5.8 $6.2 $4.1 Share Repurchases $5.0 $5.0 $12.8 Cash and Investments* $175.0 $162.9 $138.4 Debt* $0 $0 $0 *Balance sheet items as of the end of the period.
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Financial Outlook FY 2026 & Q4 2026 13
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Financial Outlook 14 Q4 2026 Revenue Revenue $143M - $151M Q4 2026 Outlook Commentary Q4 2026 Non-GAAP EPS* Non-GAAP EPS* $0.46 - $0.54 • Expect foreign currency to have a negligible impact on Q4 2026 revenue • Expect Q4 2026 Non-GAAP effective tax rate* between 19% and 21% • Expect Q4 2026 diluted shares outstanding of approximately 24 million FY 2026 anticipated revenue growth: 10% - 11% *Non-GAAP measure. See appendix for reconciliation.
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Thank you 15
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Appendix 16
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Q3 2026 Detailed Financial Information 17
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18 YoY GAAP to Non-GAAP P&L | Q3 2026 $ in thousands Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 GAAP Adjustments Non-GAAP* GAAP Adjustments Non-GAAP* Revenue $ 154,318 — $ 154,318 $ 135,366 — $ 135,366 Cost of revenue 85,655 (85) 85,570 74,073 (781) 73,292 Gross profit $ 68,663 $ 85 $ 68,748 $ 61,293 $ 781 $ 62,074 Marketing and sales 24,528 (798) 23,730 24,574 (837) 23,737 Research and development 11,019 (629) 10,390 10,705 (764) 9,941 General and administrative 18,241 (2,032) 16,209 17,163 (2,244) 14,919 Restructuring and transformation costs 434 (434) — — — — Costs related to exit and disposal activities — — — 41 (41) — Total operating expenses 54,222 (3,893) 50,329 52,483 (3,886) 48,597 Income from operations $ 14,441 $ 3,978 $ 18,419 $ 8,810 $ 4,667 $ 13,477 Adjusted EBITDA N/A N/A $ 26,165 N/A N/A $ 21,129 % of Revenue Gross Margin 44.5% 44.5% 45.3% 45.9% Marketing and sales 15.9% 15.4% 18.2% 17.5% Research and development 7.1% 6.7% 7.9% 7.3% General and administrative 11.8% 10.5% 12.7% 11.0% Restructuring and transformation costs 0.3% — % — % — % Costs related to exit and disposal activities — % — % 0.0% — % Total operating expenses 35.1% 32.6% 38.8% 35.9% Income from operations 9.4% 11.9% 6.5% 10.0% Adjusted EBITDA N/A 17.0% N/A 15.6% *Non-GAAP measures. See appendix for reconciliation.
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19 QoQ GAAP to Non-GAAP P&L | Q3 2026 $ in thousands Three Months Ended September 30, 2026 Three Months Ended June 30, 2026 GAAP Adjustments Non-GAAP* GAAP Adjustments Non-GAAP* Revenue $ 154,318 — $ 154,318 $ 149,341 — $ 149,341 Cost of revenue 85,655 (85) 85,570 79,999 (549) 79,450 Gross profit $ 68,663 $ 85 $ 68,748 $ 69,342 $ 549 $ 69,891 Marketing and sales 24,528 (798) 23,730 25,682 (819) 24,863 Research and development 11,019 (629) 10,390 10,791 (641) 10,150 General and administrative 18,241 (2,032) 16,209 19,650 (2,657) 16,993 Restructuring and transformation costs 434 (434) — 924 (924) — Costs related to exit and disposal activities — — — 937 (937) — Total operating expenses 54,222 (3,893) 50,329 57,984 (5,978) 52,006 Income from operations $ 14,441 $ 3,978 $ 18,419 $ 11,358 $ 6,527 $ 17,885 Adjusted EBITDA N/A N/A $ 26,165 N/A N/A $ 25,119 % of Revenue Gross Margin 44.5% 44.5% 46.4% 46.8% Marketing and sales 15.9% 15.4% 17.2% 16.6% Research and development 7.1% 6.7% 7.2% 6.8% General and administrative 11.8% 10.5% 13.2% 11.4% Restructuring and transformation costs 0.3% — % 0.6% — % Costs related to exit and disposal activities — % — % 0.6% — % Total operating expenses 35.1% 32.6% 38.8% 34.8% Income from operations 9.4% 11.9% 7.6% 12.0% Adjusted EBITDA N/A 17.0% N/A 16.8% *Non-GAAP measures. See appendix for reconciliation.
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GAAP to Non-GAAP Reconciliations 20
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GAAP to Non-GAAP Reconciliation | Revenue by Region 21 Proto Labs, Inc. Comparison of GAAP to Non-GAAP Revenue Growth by Region (In thousands) (Unaudited) Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 % Change2 % Change Organic3 GAAP Foreign Currency1 Non-GAAP GAAP Revenues United States $ 125,412 $ — $ 125,412 $ 109,361 14.7% 14.7% Europe 28,906 267 29,173 26,005 11.2 12.2 Total revenue $ 154,318 $ 267 $ 154,585 $ 135,366 14.0% 14.2% Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025 % Change2 % Change Organic3 GAAP Foreign Currency1 Non-GAAP GAAP Revenues United States $ 360,298 $ — $ 360,298 $ 320,340 12.5% 12.5% Europe 82,697 (2,337) 80,360 76,294 8.4 5.3 Total revenue $ 442,995 $ (2,337) $ 440,658 $ 396,634 11.7% 11.1% 1 Revenue for the three and nine months ended September 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 nine months ended September 30, 2025 to GAAP revenue for the three and nine months ended September 30, 2026. 3 This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2025 to non-GAAP revenue for the three and nine months ended September 30, 2026 (as recalculated using the foreign currency exchange rates in effect during the three and nine months ended September 30, 2025) in order to provide a constant-currency comparison.
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GAAP to Non-GAAP Reconciliation | Revenue by Product Line 22 Proto Labs, Inc. Comparison of GAAP to Non-GAAP Revenue Growth by Product Line (In thousands) (Unaudited) Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 % Change2 % Change Organic3 GAAP Foreign Currency1 Non-GAAP GAAP Revenues Injection Molding $ 53,730 $ 46 $ 53,776 $ 47,770 12.5% 12.6% CNC Machining 73,359 184 73,543 63,043 16.4 16.7 3D Printing 22,364 29 22,393 20,082 11.4 11.5 Sheet Metal 4,063 2 4,065 4,262 (4.7) (4.6) Other Revenue 802 6 808 209 283.7 286.6 Total revenue $ 154,318 $ 267 $ 154,585 $ 135,366 14.0% 14.2% Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025 % Change2 % Change Organic3 GAAP Foreign Currency1 Non-GAAP GAAP Revenues Injection Molding $ 158,423 $ (674) $ 157,749 $ 143,908 10.1% 9.6% CNC Machining 206,964 (1,248) 205,716 177,831 16.4 15.7 3D Printing 63,496 (369) 63,127 61,491 3.3 2.7 Sheet Metal 12,876 (48) 12,828 12,776 0.8 0.4 Other Revenue 1,236 2 1,238 628 96.8 97.1 Total revenue $ 442,995 $ (2,337) $ 440,658 $ 396,634 11.7% 11.1% 1 Revenue for the three and nine months ended September 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 nine months ended September 30, 2025 to GAAP revenue for the three and nine months ended September 30, 2026. 3 This column presents the percentage change from GAAP revenue for the three and nine months ended September 30, 2025 to non-GAAP revenue for the three and nine months ended September 30, 2026 (as recalculated using the foreign currency exchange rates in effect during the three and nine months ended September 30, 2025) in order to provide a constant-currency comparison.
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GAAP to Non-GAAP Reconciliation | Gross Margin 23 Proto Labs, Inc. Reconciliation of GAAP to Non-GAAP Gross Margin (In thousands) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenue $ 154,318 $ 135,366 $ 442,995 $ 396,634 Gross profit 68,663 61,293 201,597 176,765 GAAP gross margin 44.5% 45.3% 45.5% 44.6% Add back: Stock-based compensation expense 451 439 1,379 1,323 Amortization expense 343 342 1,027 1,027 Trade refunds and charges, net (709) — (1,036) — Total adjustments 85 781 1,370 2,350 Non-GAAP gross profit $ 68,748 $ 62,074 $ 202,967 $ 179,115 Non-GAAP gross margin 44.5% 45.9% 45.8% 45.2%
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GAAP to Non-GAAP Reconciliation | Operating Margin 24 Proto Labs, Inc. Reconciliation of GAAP to Non-GAAP Operating Margin (In thousands) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenue $ 154,318 $ 135,366 $ 442,995 $ 396,634 Income from operations 14,441 8,810 35,638 18,310 GAAP operating margin 9.4% 6.5% 8.0% 4.6% Add back: Stock-based compensation expense 3,351 3,677 10,658 11,928 Amortization expense 902 935 2,720 2,770 Trade refunds and charges, net (709) — (1,036) — Restructuring and transformation costs 434 — 2,779 — Costs related to exit and disposal activities — 41 937 151 CEO transition costs — 14 — 1,376 Total adjustments 3,978 4,667 16,058 16,225 Non-GAAP income from operations $ 18,419 $ 13,477 $ 51,696 $ 34,535 Non-GAAP operating margin 11.9% 10.0% 11.7% 8.7%
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GAAP to Non-GAAP Reconciliation | EBITDA 25 Proto Labs, Inc. Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA (In thousands) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenue $ 154,318 $ 135,366 $ 442,995 $ 396,634 GAAP net income 11,762 7,216 29,025 15,242 GAAP net income margin 7.6% 5.3% 6.6% 3.8% Add back: Amortization expense $ 902 $ 935 $ 2,720 $ 2,770 Depreciation expense 7,206 7,494 21,549 22,923 Interest income, net (1,355) (1,281) (3,939) (3,532) Provision for income taxes 4,445 3,035 11,102 7,668 EBITDA 22,960 17,399 60,457 45,071 EBITDA margin 14.9% 12.9% 13.6% 11.4% Add back: Stock-based compensation expense 3,351 3,677 10,658 11,928 Unrealized loss (gain) on foreign currency 129 (2) 266 (316) Trade refunds and charges, net (709) — (1,036) — Restructuring and transformation costs 434 — 2,779 — Costs related to exit and disposal activities — 41 937 151 CEO transition costs — 14 — 1,376 Total adjustments 3,205 3,730 13,604 13,139 Adjusted EBITDA $ 26,165 $ 21,129 $ 74,061 $ 58,210 Adjusted EBITDA margin 17.0% 15.6% 16.7% 14.7%
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GAAP to Non-GAAP Reconciliation | EPS 26 Three Months Ended September 30, Nine Months Ended September 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 $ 11,762 $ 7,216 $ 29,025 $ 15,242 Add back: Stock-based compensation expense 3,351 3,677 10,658 11,928 Amortization expense 902 935 2,720 2,770 Unrealized loss (gain) on foreign currency 129 (2) 266 (316) Trade refunds and charges, net (709) — (1,036) — Restructuring and transformation costs 434 — 2,779 — Costs related to exit and disposal activities — 41 937 151 CEO transition costs — 14 — 1,376 Total adjustments 1 4,107 4,665 16,324 15,909 Income tax benefits on adjustments 2 (531) (500) (2,228) (1,700) Non-GAAP net income $ 15,338 $ 11,381 $ 43,121 $ 29,451 Non-GAAP net income per share: Basic $ 0.64 $ 0.48 $ 1.80 $ 1.23 Diluted $ 0.63 $ 0.47 $ 1.77 $ 1.21 Shares used to compute non-GAAP net income per share: Basic 24,024,031 23,889,157 23,943,656 23,974,054 Diluted 24,438,800 24,191,039 24,398,409 24,249,669 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: 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 September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Cost of revenue $ 85 $ 781 $ 1,370 $ 2,350 Marketing and sales 798 837 2,322 2,423 Research and development 629 764 1,698 2,124 General and administrative 2,032 2,244 6,952 9,177 Restructuring and transformation costs 434 — 2,779 — Costs related to exit and disposal activities — 41 937 151 Total operating expenses 3,893 3,886 14,688 13,875 Other income, net 129 (2) 266 (316) Total adjustments $ 4,107 $ 4,665 $ 16,324 $ 15,909 2 For the three and nine months ended September 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.
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GAAP to Non-GAAP Reconciliation | Q4 2026 Outlook 27 Proto Labs, Inc. Reconciliation of GAAP to Non-GAAP Guidance (Unaudited) Q4 2026 Outlook Low High GAAP diluted net income per share $ 0.28 $ 0.36 Add back: Stock-based compensation expense 0.15 0.15 Amortization expense 0.03 0.03 Total adjustments 0.18 0.18 Non-GAAP diluted net income per share $ 0.46 $ 0.54