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© 2025 SPS Commerce INVESTOR DAY September 23, 2025
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© 2025 SPS Commerce© 2025 SPS Commerce Agenda Today’s Agenda Growth Strategy | Chad Collins, CEO Product Strategy | Mike Svatek, CPO Financial Review | Kim Nelson, CFO Go-to-Market Strategy | Chad Collins, CEO Break Moderated Customer Panel Q&A Network Strategy | Jamie Thingelstad, CTO 2
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© 2025 SPS Commerce This presentation contains forward-looking statements, including information about management's view of SPS Commerce's future expectations, plans and prospects, including our views regarding future execution within our business, the opportunity we see in the retail supply chain world, our positioning for the future, our future performance, and any statements about customers, products, offerings or the global economy and our business prospects, all of which fall within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors which may cause the results of SPS Commerce to be materially different than those expressed or implied in such statements. Certain of these risk factors and others are included in documents SPS Commerce files with the Securities and Exchange Commission, including but not limited to, SPS Commerce's Annual Report on Form 10-K for the year ended December 31, 2024, as well as subsequent reports filed with the Securities and Exchange Commission. Other unknown or unpredictable factors also could have material adverse effects on SPS Commerce's future results. The forward-looking statements and market analysis included in this presentation are made only as of the date hereof. SPS Commerce cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, SPS Commerce expressly disclaims any intent or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. This presentation contains references to historical “Adjusted EBITDA” and “Adjusted EBITDA Margin” which are, in each case, not presented in accordance with generally accepted accounting principles (“GAAP”). Reconciliations to the corresponding GAAP measure is provided in Appendix A of this presentation. The Company does not present a reconciliation of the forward-looking non-GAAP financial measures, including Adjusted EBITDA and Adjusted EBITDA Margin, to the most directly comparable GAAP financial measures because it is impractical to forecast certain items without unreasonable efforts due to the uncertainty and inherent difficulty of predicting, within a reasonable range, the occurrence and financial impact of and the periods in which such items may be recognized. Forward-Looking Statements and Non-GAAP Financial Measures 3
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© 2025 SPS Commerce Growth Strategy Chad Collins Chief Executive Officer 4
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© 2025 SPS Commerce What we do As the world’s retail network, SPS Commerce connects businesses across global retail supply chains, empowering them with the expertise, guidance, and technology to work better together. A brief overview of SPS Commerce growth strategy 5
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© 2025 SPS Commerce What we do As the world’s retail network, SPS Commerce connects businesses across global retail supply chains, empowering them with the expertise, guidance, and technology to work better together. Who we serve Retailers Sell goods through brick-and- mortar, e-commerce, etc. Suppliers Manufacture goods for sale through the retail channel. 3PLs Move goods between retailers, suppliers, and to end consumers. A brief overview of SPS Commerce growth strategy 6
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© 2025 SPS Commerce What we do As the world’s retail network, SPS Commerce connects businesses across global retail supply chains, empowering them with the expertise, guidance, and technology to work better together. Who we serve Retailers Sell goods through brick-and- mortar, e-commerce, etc. Suppliers Manufacture goods for sale through the retail channel. 3PLs Move goods between retailers, suppliers, and to end consumers. Customer benefits Improved speed to market Sales and margin growth Reduction in operating costs A brief overview of SPS Commerce growth strategy 7
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© 2025 SPS Commerce To power the connect ions that move the world of commerce forward. Our Purpose: growth strategy 8
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© 2025 SPS Commerce growth strategy RELATIONSHIP MANAGEMENT PERFORMANCE MANAGEMENT FULFILLMENT ASSORTMENT ANALYTICS REVENUE RECOVERY Our global network is the foundation and the force -multiplier behind this purpose. Protocol-Agnostic AI-Enabled Scalable Secure 9
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© 2025 SPS Commerce 10 growth strategy We’re chosen for Expertise Processes Platform + +
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© 2025 SPS Commerce 11 … and increasingly, the value of our data. Expertise Processes Platform + + Data and Network + growth strategy
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© 2025 SPS Commerce© 2025 SPS Commerce growth strategy We lead and support trading partners through the ever-evolving retail ecosystem. Digitization & e-commerce Omnichannel fulfillment Pandemic acceleration 12
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© 2025 SPS Commerce Industry Dynamics and Pace of Change in Retail growth strategy Retail digitization and cloud-based EDI migrations Store-as-node and omnichannel fulfillment Normalization of investment and global trade uncertainty Dynamics behind the next phase of revenue growth of at least high single digits (without acquisitions): Pandemic “pull-in” effect Lower net customer adds in 2024 Current macro uncertainty 2010 - 2016 2017 - 2019 2020 - 2022 2023 – 2024 0 200 400 600 800 1000 1200 1400 1600 1800 2000 0 1,000 2,000 3,000 4,000 5,000 6,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 ARPU Change Customer Adds Customer Adds ARPU Change Pandemic acceleration and pull-ahead effect 13 Customer CAGR 12% 7% 11% 4% ARPU CAGR 14% 6% 6% 13%
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© 2025 SPS Commerce Industry Dynamics and Pace of Change in Retail growth strategy Retail digitization and cloud-based EDI migrations Store-as-node and omnichannel fulfillment Normalization of investment and global trade uncertainty Long-term growth opportunity: Customer CAGR 12% 7% 11% 4% ARPU CAGR 14% 6% 6% 13% 2010 - 2016 2017 - 2019 2020 - 2022 2023 – 2024 0 200 400 600 800 1000 1200 1400 1600 1800 2000 0 1,000 2,000 3,000 4,000 5,000 6,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 ARPU Change Customer Adds Customer Adds ARPU Change Pandemic acceleration and pull-ahead effect New retail dynamics Large TAM Growing supply chain complexities require better collaboration and automation 14
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© 2025 SPS Commerce growth strategy Rapid brand emergence Lower barriers to entry and speed to market for new brands. Marketplace expansion The rise in “marketplace” adoption and drop-ship fulfillment. Diversification of supply bases due to global trade dynamics. Supplier rebalancing These retail industry dynamics create opportunity for SPS. SPS is built for a rapidly-changing environment that requires collaboration between retailers, suppliers, and third-party logistics companies (3PLs) to make, sell, and move goods in new ways. 15
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© 2025 SPS Commerce U.S. TAM $ 6.5B Global TAM $ 11.1B Source: TAM Analysis and Market Penetration Study leveraging US Census NAICS Codes across Retail (42 Wholesalers), Distribution (42 W holesalers), CPG/Finished Goods (31-33 Manufacturing), Retailers/Stores acting as suppliers (44-45 Retail Trade) as of February 2025. Our opportunity: a grow ing global market growth strategy 16
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© 2025 SPS Commerce Our opportunity: a grow ing global market Global TAM $ 11.1B *Source: TAM Analysis and Market Penetration Study leveraging US Census NAICS Codes across Retail (42 Wholesalers), Distribution (42 Wholesalers), CPG/Finished Goods (31-33 Manufacturing), Retailers/Stores acting as suppliers (44- 45 Retail Trade) as of February 2025. **We calculate the annualized average recurring revenues per recurring revenue customer, which we also refer to as ARPU, by div iding the annualized recurring revenues for the period by the average of the beginning and ending number of recurring revenue customers for the period. Recurring Revenue Customers Q2 2025 Opportunity* 54,500 275,000 Average Recurring Revenue/ Customer** $13,200 $40,500 growth strategy 17
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© 2025 SPS Commerce Land Customers We have multiple inherent growth levers. Expand Customers Upsell Opportunities Cross-Sell Products Expanding with Customers growth strategy Retail Programs Channel Partners Global Expansion 18
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© 2025 SPS Commerce Dan Juckniess Chief Revenue Officer Jamie Thingelstad Chief Technology Officer Maria Pergolino Chief Marketing Officer A proven team to lead SPS in our next chapter of growth: growth strategy Chad Collins Chief Executive Officer Mike Svatek Chief Product Officer Kim Nelson Chief Financial Officer Erica Koenig Chief Human Resources Officer 19
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© 2025 SPS Commerce 20 growth strategy Our network leads the way. The SPS network is signal-rich, creating a growth engine that reveals the next incremental dollar. Sales-Led Growth Product-Led Growth Network-Led Growth
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© 2025 SPS Commerce Key T akeaways 01 02 03 04 The SPS network is the foundation of our growth and a competitive differentiator. Growth Strategy Retailer programs are an efficient and differentiated way to increase suppliers in the network. Customers choose SPS for our expertise, proven processes, technology, and increasingly, our data. We are well-positioned to capitalize on an ever-evolving retail ecosystem and a growing global market. 21
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© 2025 SPS Commerce Product Strategy Mike Svatek Chief Product Officer 22
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© 2025 SPS Commerce Our Product Strategy To build depth and breadth in solutions that enable trading partners to collaborate better—along the entire value chain. product strategy 23
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© 2025 SPS Commerce This is why collaboration matters. RETAILER SUPPLIER Receive Load Tenders Plan, Assign & Dispatch Pick Up & Status Updates Deliver Shipment Invoice & Collect Payment Onboard New Customers 3PL CARRIER 3PL WAREHOUSE Onboard New Customers 3PL CARRIER 3PL CARRIER 3PL CARRIER Receive Orders Pick & Pack Invoicing Manage Excess InventoryMonitor & Replenish 3PL Receive Orders Invoicing / E-Invoicing Ship Products Demand Planning & Forecasting Product Design & Development Procurement & Production Hold for Distro End of Season Reflections Monitor & Replenish Assortment Planning Enterprise & Category Strategy Inbound Receive & Store Outbound Shipment Product Set End of Season Reflections Merchandise Planning Monitor & Replenish Updates to Plan & Forecast Disruption Management RECALIBRATE & REPEAT Business Review & Strategies Line Reviews Marketing & Promo Planning Logistics Coordination Goods Received Performance Check-Ins Markdowns & Clearance Plans Demand Planning & Forecasting product strategy 24
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© 2025 SPS Commerce 25 RECALIBRATE & REPEAT Business Review & Strategies Line Reviews Receive Load Tenders Plan, Assign & Dispatch Pick Up & Status Updates Deliver Shipment Invoice & Collect Payment Onboard New Customers 3PL CARRIER 3PL WAREHOUSE Onboard New Customers RETAILER SUPPLIER Marketing & Promo Planning Logistics Coordination Goods Received Performance Check-Ins Markdowns & Clearance Plans 3PL CARRIER 3PL CARRIER 3PL CARRIER Receive Orders Pick & Pack Invoicing Manage Excess InventoryMonitor & Replenish Assortment Planning 3LP Receive Orders Invoicing / E-Invoicing Ship Products Demand Planning & Forecasting Product Design & Development Procurement & Production Hold for Distro End of Season Reflections Monitor & Replenish Enterprise & Category Strategy Inbound Receive & Store Outbound Shipment Product Set End of Season Reflections Merchandise Planning Monitor & Replenish Demand Planning & Forecasting Updates to Plan & Forecast Disruption Management product strategy We enable collaboration and automation where trading partners’ business processes connect.
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© 2025 SPS Commerce RECALIBRATE & REPEAT Business Review & Strategies Line Reviews Receive Load Tenders Plan, Assign & Dispatch Pick Up & Status Updates Deliver Shipment Invoice & Collect Payment Onboard New Customers 3PL CARRIER 3PL WAREHOUSE Onboard New Customers RETAILER SUPPLIER Marketing & Promo Planning Logistics Coordination Goods Received Performance Check-Ins Markdowns & Clearance Plans 3PL CARRIER 3PL CARRIER 3PL CARRIER Receive Orders Pick & Pack Invoicing Manage Excess InventoryMonitor & Replenish Assortment Planning 3LP Receive Orders Invoicing / E-Invoicing Ship Products Demand Planning & Forecasting Product Design & Development Procurement & Production Hold for Distro End of Season Reflections Monitor & Replenish Enterprise & Category Strategy Inbound Receive & Store Outbound Shipment Product Set End of Season Reflections Merchandise Planning Monitor & Replenish Demand Planning & Forecasting Updates to Plan & Forecast Disruption Management Receive Orders Receive Orders Demand Planning & Forecasting Enterprise & Category Strategy Merchandise Planning product strategy Receive Load Tenders Plan, Assign & Dispatch Invoicing Invoicing / E-Invoicing Inbound Receive & Store Outbound Shipment End of Season Reflections Our Impact in Key Areas 26
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© 2025 SPS Commerce 27 RECALIBRATE & REPEAT Business Review & Strategies Line Reviews Receive Load Tenders Plan, Assign & Dispatch Pick Up & Status Updates Deliver Shipment Invoice & Collect Payment Onboard New Customers 3PL CARRIER 3PL WAREHOUSE Onboard New Customers RETAILER SUPPLIER Marketing & Promo Planning Logistics Coordination Goods Received Performance Check-Ins Markdowns & Clearance Plans 3PL CARRIER 3PL CARRIER 3PL CARRIER Receive Orders Pick & Pack Invoicing Manage Excess InventoryMonitor & Replenish Assortment Planning 3PL Receive Orders Invoicing / E-Invoicing Ship Products Demand Planning & Forecasting Product Design & Development Procurement & Production Hold for Distro End of Season Reflections Monitor & Replenish Enterprise & Category Strategy Inbound Receive & Store Outbound Shipment Product Set End of Season Reflections Merchandise Planning Monitor & Replenish Demand Planning & Forecasting Updates to Plan & Forecast Disruption Management product strategy Feature sets and capabilities aligned to our core competencies and emerging customer needs. Build Best-in-class, complementary to our core competencies, and grounded in well-established customer needs. Buy Adjacent to our offerings and connected to customer needs. Partner And as retail dynamics continue to change, there are opportunities to expand our impact along the value chain.
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© 2025 SPS Commerce Let’s talk about the network. product strategy 28
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© 2025 SPS Commerce 29 Our solutions are integrated into customers’ essential business processes and systems. Data-Powered Real-time, visible data across the network create “signals” for customer needs and inflection points. System-Integrated Built on decades of retail expertise and best practices that improve supply chain collaboration. Expert-Led The network powers our products and solutions. product strategy
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© 2025 SPS Commerce product strategy We reimagined our retail go-to-market in 2025. Our Customers Suppliers 3PLs Retailers 30
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© 2025 SPS Commerce product strategy We reimagined our retail go-to-market in 2025. + New capability Acquired May 2024 Our Customers Suppliers 3PLs Retailers 31
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© 2025 SPS Commerce product strategy We reimagined our retail go-to-market in 2025. + New capability Acquired May 2024 + Stronger solutions PERFORMANCE MANAGEMENT RELATIONSHIP MANAGEMENT (Community) Our Customers Suppliers 3PLs Retailers 32
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© 2025 SPS Commerce RELATIONSHIP MANAGEMENT PERFORMANCE MANAGEMENT product strategy Retailers increase profitability by: Right items, right place, right price Right margin Right inventory position 33
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© 2025 SPS Commerce Supply Chain Health Assessment Relationship Management Performance Management How it Works Value Retailer Solutions Evaluate and benchmark current supply chain health, develop a plan for improvement. Engaging and educating trading partners on expectations–and ensuring ongoing compliance. Monitors and measures performance against expectations to identify, measure, and resolve supply chain issues. Aligns internal teams and reduces paralysis. Strengthens supplier community with clear standards and communication. Address issues before they disrupt operations– and drive faster, more consistent execution. + product strategy (Community) Supply Chain Performance Suite 34
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© 2025 SPS Commerce Just getting started Retailers that want to establish foundational supply chain processes and capabilities. product strategy Supply Chain Performance Suite is designed to give retailers a clear path regardless of where they are today. 1 2 3 Growing and scaling Retailers that want to expand existing relationship management capabilities and increase adoption. Fine-tuning Retailers that want to focus on advanced performance monitoring. 35
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© 2025 SPS Commerce RELATIONSHIP MANAGEMENT PERFORMANCE MANAGEMENT product strategy FULFILLMENT ASSORTMENT REVENUE RECOVERYANALYTICS Suppliers and 3PLs grow by streamlining and scaling their operations with many retail trading partners. 36
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© 2025 SPS Commerce Revenue Recovery Order Reconciliation Deductions, Chargebacks, Remittance Fulfillment Order Data Purchase Orders, Shipping Notices, Invoices Supply chain visibility. Assortment Accurate item setup and speed-to-market. Item Data SKUs, Images, MSRP, Colors, Country of Origin Analytics How it Works Value Inventory health and demand forecasting intelligence. + + Sell-Through Data Sales, Returns, Prices, Promotions + Supplier & 3PL Solutions Dollars and margin recovery, performance improvement. product strategy 37
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© 2025 SPS Commerce RELATIONSHIP MANAGEMENT PERFORMANCE MANAGEMENT FULFILLMENT ASSORTMENT ANALYTICS REVENUE RECOVERY product strategy Product Strategy • Collaboration • Network • Expertise 38
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© 2025 SPS Commerce product strategy With SPS, supply chains don’t just work–they work like they should. 39
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© 2025 SPS Commerce Key T akeaways 01 02 03 SPS Commerce helps trading partners collaborate better along the entire value chain. Product Strategy The SPS network powers our products and solutions. Our reimagined GTM strategy capitalizes on changing retail dynamics. 40
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© 2025 SPS Commerce Chad Collins Chief Executive Officer Go-to-Market Strategy 41
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© 2025 SPS Commerce We have a proven and differentiated lead-generation engine. go-to-market strategy 42
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© 2025 SPS Commerce 1H2025 SPS Competition No Change 70%2% 28% go-to-market strategy Our win rates are consistently high. Win Rates 43
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© 2025 SPS Commerce We have multiple inherent growth levers. go-to-market strategy Land Customers Expand Customers Upsell Opportunities Cross-Sell Products Expanding with CustomersRetail Programs Channel Partners Global Expansion 44
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© 2025 SPS Commerce Core T enets & Best Practices go-to-market strategy Land Customers Retail Programs Channel Partners Global Expansion A relationship management deployment is: 1 Enabling critical data exchanges that power business processes … 2 … by facilitating commitment and adoption among new and existing suppliers … 3 … so they can monitor and measure performance, driving accountability and collective improvement. Defined Business Value Solid Executive Alignment Quality Supplier Information Merchandising Sponsorship Program Collaboration 45
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© 2025 SPS Commerce go-to-market strategy Relationship management programs are an embedded source of lead generation. Retail Programs Channel Partners Global Expansion Land Customers 46
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© 2025 SPS Commerce Retail Programs Channel Partners new Retailer added go-to-market strategy Global Expansion Relationship management programs are an embedded source of lead generation. Land Customers 47
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© 2025 SPS Commerce These programs generate new leads and new revenue in an ongoing capacity. Williams Sonoma (and its portfolio brands) have enlisted SPS Commerce for 5+ change events. go-to-market strategy Fulfillment Models Data Exchange Family of Brands New VendorsInternational Expansion 48
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© 2025 SPS Commerce Retail Programs Channel Partners Our robust partner community is a consistent source of new customer adds. go-to-market strategy Global Expansion Systems SIs/VARS Land Customers 49
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© 2025 SPS Commerce go-to-market strategy We’re recreating the proven North American GTM playbook We already have a strong foothold in Europe across customer types and industries Retail Programs Channel Partners Global Expansion Global Footprint Land Customers 50
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© 2025 SPS Commerce Land Customers Retail Programs Channel Partners go-to-market strategy Expand Customers Upsell Opportunities Cross-Sell Products Expanding with Customers Global Expansion We have multiple inherent growth levers. 51
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© 2025 SPS Commerce go-to-market strategy Expand Customers Expanding with Customers Cross-Sell Products Upsell Opportunities Examples: Partner Expansion Examples: Document Volume Expansion A retailer adds a new requirement (e.g., purchase order acknowledgement or advance ship notice). A product sells more units more quickly than anticipated, and order volume grows. A supplier expands their business into new retailers. A supplier chooses to work with a 3PL partner. A supplier chooses to work with a marketplace. Adding trading partners increases the volume of documents exchanged. 52 Common customer expansion inflection points:
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© 2025 SPS Commerce Network -led growth gives us visibility into opportunities we introduce to customers. go-to-market strategy New trading partners Additional features Increased document volume Cross-Sell Products Upsell Opportunities Expand Customers Expanding with Customers 53
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© 2025 SPS Commerce Example: Fulfillment customers whose retail trading partners share sell-through data with the network should be using Analytics. go-to-market strategy The network also reveals unrealized connection points that we can facilitate to grow ARPU. Cross-Sell Products Upsell Opportunities Example: Fulfillment customers whose order volume with Walmart increases may be a candidate for Revenue Recovery. Expand Customers Expanding with Customers 54
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© 2025 SPS Commerce go-to-market strategy March 2023 Expanding with Customers August 2025 Upsell Opportunities + Analytics + Revenue Recovery Audien Hearing 70x Account Growth Expanding with Customers Cross-Sell Products August 2023 1 Product 1 Trading Partner August 2024 3 Products 9 Trading Partners 2 1 3 1 1 new Retailer new Retailers new 3PL new Retailers new 3PL 55
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© 2025 SPS Commerce Land Customers Expand Customers Upsell Opportunities Cross-Sell Products Expanding with CustomersRetail Programs Channel Partners go-to-market strategy Global Expansion We have multiple inherent growth levers. 56
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© 2025 SPS Commerce Key T akeaways 01 02 03 Unique, proven, and optimized GTM strategy. Go-to-Market Strategy Multiple, inherent growth levers to land and expand. Network–led growth drives upsell and cross-sell opportunities. 57
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© 2025 SPS Commerce Customer Panel 58
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© 2025 SPS Commerce Network Strategy Jamie Thingelstad Chief Technology Officer 59
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© 2025 SPS Commerce 25 years of network growth 2025202020152010 network strategy 60
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© 2025 SPS Commerce 2025202020152010 network strategy 25 years of network growth 61
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© 2025 SPS Commerce 2025202020152010 network strategy 25 years of network growth 62
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© 2025 SPS Commerce SPS Network By the numbers network strategy 300,000+ trading relationships* $650B+ transaction value** 33M+ product SKUs* 780M+ documents* *TTM calculation ** Calculated on an annualized basis 63
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© 2025 SPS Commerce 64 Our network is supported by agentic AI workflows that use proprietary data to add value to our customers—and back into the SPS business. Protocol-Agnostic Our network supports a variety of protocols and standards across data exchange and data types (e.g., EDI, API, JSON, CSV, etc.). AI-Enabled Optimized for performance, security, and compliance with global reach and scale. Scalable and Secure Global Network Features network strategy
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© 2025 SPS Commerce 65 Powered by industry -leading performance and reliability network strategy Trust Status trust.spscommerce.com status.spscommerce.com status.spscommerce.com Performance
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© 2025 SPS Commerce Powering the connections that move the world of commerce forward. 300,000+ trading relationships* $650B+ transaction value** 33M+ product SKUs* 780M+ documents* connection point 1 security certificate network strategy SPS Network *TTM calculation ** Calculated on an annualized basis 66
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© 2025 SPS Commerce 67 network strategy Our network gives us: Faster time-to-value for customers Data as a differentiator Unique network-led growth motion © 2025 SPS Commerce
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© 2025 SPS Commerce network strategy Our network gives us: Faster time-to-value for customers Data as a differentiator Unique network-led growth motion 68© 2025 SPS Commerce
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© 2025 SPS Commerce network strategy Submit a purchase order acknowledgement within 24 hours of receiving an order. Ship with UPS to leverage preferred pricing and use this account number. It’s challenging for retailers to communicate their rules of engagement. Make sure all details are included in the advance ship notice (ASN) before receipt. 69
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© 2025 SPS Commerce 70 network strategy Submit a purchase order acknowledgement within 24 hours of receiving our order. We have preferred pricing with UPS, ship with them and use this billing code. Retailers are notoriously bad at communicating their rules of engagement. They have some documentation, but they rarely publish complete expectations (or keep them up to date). Retailer Rulebooks Vendor Guides &
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© 2025 SPS Commerce network strategy Network data gives us visibility into what Retailers actually do – not just what they say they do. 71
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© 2025 SPS Commerce network strategy Trading partners that use SPS are uniquely equipped to get and stay on the same page. 72
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© 2025 SPS Commerce network strategy AI-driven Use Cases + + + The network provides unmatched value in the data that powers AI use cases. 73
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© 2025 SPS Commerce network strategy Our network gives us: Faster time-to-value for customers Data as a differentiator Unique network-led growth motion 74© 2025 SPS Commerce
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© 2025 SPS Commerce To support new customers, we've made it faster and easier to connect to the network. network strategy 75
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© 2025 SPS Commerce Streamlined customer onboarding We pre-built trading partner connections using network data and intelligence, reducing onboarding and setup time from weeks to days. network strategy TRANSACTION TRACKER No Relationship Found. Sender Company UID: 123456 TPID: 1234. One of the profiles (usually vendors) must have a capability of same doctype and Partner ID (as above) associated with that profile FIFROMSERVICE - NO RELATIONSHIP FOUND Diagnose error TEST ORDER GENERATOR TESTING FAILED Diagnose error ERROR: Field Invoice/VendorNumber is missing. ERROR: PurchaseOrderNumber:PEN007992-110 Missing element: expect AcknowledgementDate before ending InvoiceHeader in line 12,column 19 ORDER SHIPMENT INVOICE Specification Agent AI AGENT Testing Agent AI AGENT Builder Copilot AI AGENT Support Agent AI AGENT MCP A2A A2A A2A MCP MCP 76
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© 2025 SPS Commerce network strategy Our network gives us: Faster time-to-value for customers Data as a differentiator Unique network-led growth motion 77© 2025 SPS Commerce
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© 2025 SPS Commerce network strategy Network data agents support upsell and cross- sell motions. 78
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© 2025 SPS Commerce network strategy Network Data Agents Making the world's retail network more accessible by building a conversational layer with agentic interfaces. Transactions MCP Server Order Exchange MCP Server Sales Activity MCP Server Items MCP Server Network Expert AI AGENT Network Agent AI AGENT MCP MCP MCP MCP A2A data lake How can I ship to Target? Target can receive products via fulfillment following models: • Directly to Warehouse (DC) • Direct to Store (DSD) • Drop Shipping (D2G & D2C) SPS Commerce supports all these models when connecting to Target. What type is this order? This order #0234-9864928-3868 is a Drop Shipping (D2C) type. What should I do with this order? Given that it’s a Drop Shipping order, Target requires fast turnaround (24 -48 hours). You received this order 13 hours ago and it is recommended to proceed with Shipment phase of it immediately and later send Invoice. Am I going to run low in inventory by fulfilling this order? No, fulfilling this order will not impact your ability to fulfill order from other partners. Your common fulfilling rate is 2,543 items each month, and current inventory is 7,433 items in all locations which is typical for this period. Network Agent MCP Customer 79
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© 2025 SPS Commerce© 2025 SPS Commerce Data as a differentiator network strategy The network powers internal AI use cases that improve operational efficiency. 80
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© 2025 SPS Commerce Agentic software development, delivery, and product operations • Faster onboarding • Customer configuration and setup • Support agents that work across the portfolio Use network data to personalize, recommend, and identify opportunities for outreach AI Impact Product Delivery Sales & Marketing Customer Success network strategy 81
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© 2025 SPS Commerce Customer Success Lead Generator Supplier Assistant SPS Agent Tools Adapters Assistant Retailer Rulebook Company Search … Transactions Vector Search File Assistant CRM Conversation Data … Network Expert AI Agent Identity Service API Reporting Service API Data lake … CRM API Agents SPS Agent Platform Spotlight I received order 6411418001 from Retailer at 2:00 today. What are my immediate next steps? network strategy 82
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© 2025 SPS Commerce Key T akeaways 01 02 03 SPS’s network is protocol-agnostic, AI-enabled, scalable, and secure. Network Strategy Proprietary data along with retailer information and expertise is critical. Multiple internal AI use-cases to drive operational efficiencies and customer value. 83
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© 2025 SPS Commerce Financial Review Kim Nelson Chief Financial Officer 84
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© 2025 SPS Commerce© 2025 SPS Commerce financial review Key Messages Strong foundation for durable growth Multiple growth drivers to capitalize on large TAM Conviction in sustainable and profitable growth 85
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© 2025 SPS Commerce * 2025 estimate based on midpoint of company guidance provided on July 30, 2025. financial review 2017–2025* CAGR Revenue: 17% Adj. EBITDA: 27% 0% 5% 10% 15% 20% 25% 30% 35% $- $40 $80 $120 $160 $200 $240 $280 2017 2018 2019 2020 2021 2022 2023 2024 2025* 0% 5% 10% 15% 20% 25% $- $100 $200 $300 $400 $500 $600 $700 $800 2017 2018 2019 2020 2021 2022 2023 2024 2025* Track Record of Consistent Execution and Profitable Growth Revenue Growth % Revenue ($M) Adj. EBITDA ($M) Adj. EBITDA Margin 86
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© 2025 SPS Commerce 0% 5% 10% 15% 20% 25% 30% 35% $- $40 $80 $120 $160 $200 $240 $280 2017 2018 2019 2020 2021 2022 2023 2024 2025* 0% 5% 10% 15% 20% 25% $- $100 $200 $300 $400 $500 $600 $700 $800 2017 2018 2019 2020 2021 2022 2023 2024 2025* * 2025 estimate based on midpoint of company guidance provided on July 30, 2025. ...and annual adj. EBITDA dollar growth of 15-25% annually Adj. EBITDA Margin Revenue ($M) Adj. EBITDA ($M) financial review ...and annual adj. EBITDA dollar growth of ~20% Track Record of Consistent Execution and Profitable Growth Introduced beyond 2021 expectations for annual revenue growth of ≥15% (including acquisitions) Revenue Growth % Balanced growth framework including annual revenue growth target of ≥10% 87
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© 2025 SPS Commerce Strong Foundation of Durable Growth financial review $- $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 2017 2018 2019 2020 2021 2022 2023 2024 1H25 Customer Count ARPU Customers ARPU 88
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© 2025 SPS Commerce Strong Foundation of Durable Growth financial review 89 $- $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1H25 Customers ARPU 200 700 1200 1700 2200 2700 2017 2018 2019 2020 2021 2022 2023 2024 1H2025 2025* Sequential Adds Excluding M&A 1,300 Pandemic*Pre-pandemic* Post-pandemic* 2,100 1,000 *3-yr average for each period; assuming 2H25 adds same as 1H25
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© 2025 SPS Commerce© 2025 SPS Commerce financial review Strong foundation for durable growth Multiple growth drivers to capitalize on large TAM Conviction in sustainable and profitable growth 90
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© 2025 SPS Commerce Multiple Growth Drivers to Capitalize on Large TAM *Source: TAM Analysis and Market Penetration Study leveraging US Census NAICS Codes across Retail (42 Wholesalers), Distribution (42 Wholesalers), CPG/Finished Goods (31-33 Manufacturing), Retailers/Stores acting as suppliers (44- 45 Retail Trade) as of February 2025. **We calculate the annualized average recurring revenues per recurring revenue customer, which we also refer to as ARPU, by div iding the annualized recurring revenues for the period by the average of the beginning and ending number of recurring revenue customers for the period. Recurring Revenue Customers Q2 2025 Opportunity* 54,500 275,000 Average Recurring Revenue/ Customer** $13,200 $40,500 U.S. TAM $ 6.5B Global TAM $ 11.1B financial review 91
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© 2025 SPS Commerce Deeper Look: U.S. Customer Groups Description Opportunity Recurring Revenue Customers Opportunity Average Recurring Revenue /Customer Small Small-scale businesses operating with a small number of Retailers and have on average fewer transactions Annual Revenue: $0-$50M Typically <100 FTEs Midsize Suppliers with broader customer reach and trading at larger scale than small businesses Annual Revenue: $50M-$300M Typically 100-499 FTEs Large Suppliers selling multiple product lines, to many Retailers, across multiple verticals Annual Revenue: $300M+ Typically 500+ FTEs Medium Large 127,500 12,800 6,300 $ 32,500 $94,000 $ 184,500 *Source: TAM Analysis and Market Penetration Study leveraging US Census NAICS Codes across Retail (42 Wholesalers), Distribution (42 W holesalers), CPG/Finished Goods (31-33 Manufacturing), Retailers/Stores acting as suppliers (44 -45 Retail Trade) as of February 20 25. financial review 92
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© 2025 SPS Commerce U.S. Customer Count and ARPU Opportunity by Customer Size financial review Customers Revenue 87% 9% 4% Small Medium Large 64% 18% 18% Small Medium Large *Source: TAM Analysis and Market Penetration Study leveraging US Census NAICS Codes across Retail (42 Wholesalers), Distribution (42 W holesalers), CPG/Finished Goods (31-33 Manufacturing), Retailers/Stores acting as suppliers (44 -45 Retail Trade) as of February 20 25. 93
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© 2025 SPS Commerce Growth Across All Customer Sizes financial review Customers 2000 7000 12000 17000 22000 27000 32000 2019 2024 +40% $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 2019 2024 +87% Small Small 1000 1500 2000 2500 3000 2019 2024 +26% $1,500 $11,500 $21,500 $31,500 $41,500 2019 2024 +85% Medium Medium 1000 1100 1200 1300 1400 2019 2024 $1,500 $11,500 $21,500 $31,500 $41,500 2019 2024 +167% +9% Large Large 10000 15000 20000 25000 30000 35000 2019 2024 +37% $3,000 $5,000 $7,000 $9,000 $11,000 $13,000 2019 2024 +90% Total Total ARPU 94
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© 2025 SPS Commerce 2018 2019 2020 2021 2022 2023 2024 2024 2023 2022 2021 2020 2019 2018 Proven Ability to Land and Expand 2-3x revenue expansion across cohorts since initial year financial review 95
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© 2025 SPS Commerce© 2025 SPS Commerce financial review Conviction in sustainable and profitable growth Multiple growth drivers to capitalize on large TAM Strong foundation for durable growth 96
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© 2025 SPS Commerce ≥ High Single-Digit Revenue Growth Acquisitions Customer Adds ARPU growth Portfolio Expansion Geographic Expansion Market Consolidation Mid-to-High Single-Digit GrowthLow Single-Digit Growth Relationship Management Channel Sales Geographic Expansion Upsell Cross-Sell Customer Size Key Metrics Drive Durable Revenue Growth Beyond 2025 + & ++ 97 financial review
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© 2025 SPS Commerce 16% 29% 2017 2024 LTM On Track to Achieve Long-Term Adjusted EBITDA Margin of ≥35% Sales & Marketing efficiencies drove historical margin expansion Future expansion through Gross Margin and operating efficiencies financial review ≥35% 98
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© 2025 SPS Commerce Profitable Revenue Growth and Strong Operating Leverage 99 Mid-Term Model Commentary Revenue Growth > High Single Digits (excluding future acquisitions) • Low single-digit growth in net new customer adds • Mid-to-high single-digit growth in ARPU Gross Margin 70-75% • Inherent operational leverage from multi-year investments in customer experience • AI efficiencies Research & Development 9-12% • Fund innovation and roadmap for the best customer experience Sales & Marketing 18-22% • Invest in Sales & Marketing in line with revenue growth opportunity General & Administrative 10-15% • Scale, leverage, and increased productivity through AI Adjusted EBITDA Margin 35+% • 200bps in annual margin expansion financial review
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© 2025 SPS Commerce Capital Allocation 100 Capital Return ~50% of free cash flow in share repurchases 2024 : 1H2025* Buy Best-in-class, complementary to our core competencies, and well- established customer needs Build Feature sets and capabilities aligned to core competencies and emerging customer needs Portfolio Expansion Geographic Expansion Market Consolidation financial review Share Repurchases Disciplined M&A Organic growth investment *Free cash flow is net cash provided by operating activities less purchases of property and equipment.
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© 2025 SPS Commerce Key T akeaways 01 02 03 Strong foundation for durable growth. Financial Review 101 Multiple growth drivers to capitalize on large TAM. Conviction in sustainable and profitable growth.
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© 2025 SPS Commerce Appendix 102
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© 2025 SPS Commerce Appendix A 103 Reconciliation of Non-GAAP Financial Measures • Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures of financial performance. We believe that these non-GAAP financial measures provide useful information to our management, board of directors, and investors regarding certain financial and business trends relating to our financial condition and results of operations. • Our management uses these non-GAAP financial measures to compare our performance to that of prior periods for trend analyses and planning purposes. Adjusted EBITDA is also used for purposes of determining executive and senior management incentive compensation. We believe these non-GAAP financial measures are useful to an investor as they are widely used in evaluating operating performance. Adjusted EBITDA and Adjusted EBITDA Margin are used to measure operating performance without regard to items such as depreciation and amortization, which can vary depending upon accounting methods and the book value of assets, and to present a meaningful measure of corporate performance exclusive of capital structure and the method by which assets were acquired. • These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. These non-GAAP financial measures exclude significant expenses and income that are required by GAAP to be recorded in our consolidated financial statements and are subject to inherent limitat ions. See corresponding filings with the SEC (Form 10-K or Form 10-Q) for further detail on other adjustments included in non-GAAP financial measures. • Adjusted EBITDA consists of net income adjusted for income tax expense, depreciation and amortization expense, stock-based compensation expense, realized gain or loss from investments held and foreign currency impact on cash and investments, investment income, and other adjustments as necessary for a fair presentation. Net income is the comparable GAAP measure of financial performance. • Adjusted EBITDA Margin consists of Adjusted EBITDA divided by revenue. Margin, the comparable GAAP measure of financial performance, consists of net income divided by revenue. • The following tables provide a reconciliation of net income to Adjusted EBITDA and the calculation of Adjusted EBITDA Margin: The year ending December 31, 2017 was adjusted for ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) and Other Assets and Deferred Costs – Contracts with Customers (Subtopic 340-40), adopted on January 1, 2018 and retrospectively applied for the year ended December 31, 2017.