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1 February 19, 2026 Nimrod Ben-Natan, President & CEO Walter Jankovic, CFO EARNINGS CONFERENCE CALL FOURTH QUARTER 2025 1
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2 FORWARD-LOOKING STATEMENTS During the course of this presentation, we will focus only on continued operations unless otherwise stated. Our Video business is now classified as discontinued operations. We will provide projections and other forward -looking statements regarding future events or the future financial performance of Harmonic, including expectations concerning our business and business growth for 2026, our stock repurchase program, and our Q1 and full year 2026 guidance. Such statements are only current expectations and actual events or results may differ materially. We refer you to Harmonic’s filings with the SEC, particularly our most recent Reports on Form 10-K, Form 10-Q and Form 8-K. These documents identify important risk factors that could cause actual results to differ materially from our projections or other forward -looking statements. We will also present financial metrics determined on a “non -GAAP” basis. These items, together with the corresponding GAAP numbers and a reconciliation to GAAP , are contained in this presentation and the related earnings press release on our website at www.harmonicinc.com.
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3 3 AT-A-GLANCE – CONTINUING OPERATIONS Revolutionizing Broadband Networks BROADBAND Pure-Play Innovator FY 2025 REVENUE $361M MARKET CAPITALIZATION 1 $1.2B SILICON VALLEY Headquarters MARKET-LEADING CUSTOMERS Worldwide CLOUD NATIVE INNOVATION LEADER 1 Market Capitalization as of February 17 , 2026
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4 4 Q4 HIGHLIGHTS BROADBAND • $347M in bookings (3.5 book-to-bill) • Record backlog and deferred revenue, with current portion increasing 110% over prior year • 9% sequential revenue growth, above high end of guidance Financial • Fiber deployments with iZZi, Tier-1 LATAM • Strong overall Fiber growth in Q4 and FY25 • Growing footprint of wins across both T elco and Cable • 33% Y oY Rest-of-World revenue growth representing 41% of total revenue Customer Technology • Unified D4.0 Nodes shipments ramping in Q1’26 • Successful completion of D4.0 field trial with Vodafone Germany • Expanding Fiber portfolio with new Combo pluggable OLT • Introduced new subscriber experience detection, mitigating support calls before they happen
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5 5 DELIGHT OUR CUSTOMERS Better Networks. Happier Customers. Loyal Subscribers. Investing in network reliability doesn’t just lower costs, it drives subscriber loyalty. NETWORK INVESTMENT The foundation for reliability, efficiency and growth SUBSCRIBER IMPACT Improved uptime drives higher satisfaction and lower churn HARMONIC NPS NPS of 82 reflects our deep commitment to customer success
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6 6 WHY WE WIN SPEED & EXECUTION TECHNOLOGY LEADERSHIP Helping operators scale bandwidth faster, at lower cost, with higher subscriber satisfactionIMPROVING CUSTOMERS’ NETWORK RELIABILITY SOLUTIONS DRIVING LOWER COSTS
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7 Long-term investment cycle in both Cable/DOCSIS and FTTH/PON networks BROADBAND MARKET OPPORTUNITY Cable SAM(1) Harmonic market share Q4’24 to Q3’25: • Virtual CMTS 98% • RPDs 71% • Remote OLTs 34% R $1.2B $0.9B $0.6B $0.3B $0B Fiber SAM(2) Harmonic market share limited but growing as a new entrant R $3B $2.5B $1.5B $0.8B $0B SAM excludes the AI Operations & Tools market that we are also targeting Telco OLTs Rem ote OLTs Virtual CMTS/CCAP + Rem ote MACPHY Devices (RMDs) + Remote PHY Devices (RPDs) Source: Dell’Oro Group, January 2026 (1) Cable SAM excludes CCAP/CMTS market which is the prior generation technology that Harmonic does not participate in (2) Fiber SAM includes all tiers of customers and excludes customer premises equipment (CPE) and China market which H armonic does not participate in
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8 8 LONG-TERM STRATEGY KEY STRATEGIC INITIATIVES Expand Market Leadership • Increase market leading position in DOCSIS with cOS, Nodes, and recurring services • Leverage our innovation and speed to the FTTH market Increase Customer Diversification • Continue growing Rest -of-World at 30%+ per year • Expand customer base in the FTTH market with both MSOs and Telcos Drive Software and Cloud Differentiation • Enhance software differentiation for cOS which today represents >95% market share • Expand value-added software solutions to drive recurring revenue growth Maintain Operational Discipline • Simplify cost structure as pure -play Broadband business • Generate significant operating leverage as we grow
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9 9 “THE NEW HARMONIC” – POST SALE OF VIDEO Pure-Play Broadband Innovator • Providing market leading DOCSIS and Fiber -to-the-Home (FTTH) solutions • Transition to focus exclusively on the faster growing Broadband business Stronger Capital Allocation • Divestiture will provide substantial cash infusion to accelerate Broadband growth • Targeted investment priorities to diversify the business Simplified Business Model • Systems, processes and people to support one business • Improved long term operating margin Positioned for Accelerated Growth • Realize untapped opportunities in both DOCSIS and FTTH through organic and inorganic investments • Capitalize on leading market share position and Broadband industry’s rapid growth trajectory
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10 Walter Jankovic, CFO FOURTH QUARTER 2025 FINANCIAL RESULTS AND OUTLOOK
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11 Q4 2025 INCOME STATEMENT HIGHLIGHTS* * Non-GAAP. Components may not sum to total due to rounding ** Pre-Video disposition *** Includes approximately $3.0 million of stranded costs associated with the Video divestiture for Q4 2025 Financial Metric (in millions except shares and EPS) Q4 Guidance T otal Company ** Q4 Actual Results T otal Company** Q4 Actual Results*** Continuing Operations Net Revenue ($M) $133 - $147 $157.3 $98.2 Gross Margin (%) 54.5% - 56.0% 55.6% 47.2% Operating expense ($M) $62 - $63 $65.9 $36.8 Adjusted EBITDA ($M) $13 - $22 $23.8 $12.1 Shares 113.1 113.0 113.0 EPS $0.06 - $0.12 $0.14 $0.06
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12 FY 2025 INCOME STATEMENT HIGHLIGHTS* * Non-GAAP. Components may not sum to total due to rounding ** Includes tariff impact of $2.3 million in Continuing Operations *** Includes approximately $9.0 million of stranded costs associated with the Video divestiture for FY 2025 Financial Metric (in millions except shares and EPS) FY 25 Actual Results T otal Company FY 25 Actual Results*** Continuing Operations Net Revenue $570.8 $360.5 Gross Margin (%)** 55.8% 48.7% Operating expense $245.6 $137.0 Adjusted EBITDA $83.8 $47.3 Shares*** 114.2 114.2 EPS $0.47 $0.23
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13 Q4 2025 BALANCE SHEET & CASH FLOW HIGHLIGHTS * Financial Metric ($ Millions) Q4 2025 Q3 2025 Q4 2024 Cash $124.1 $127.4 $101.5 Cash Provided by Operations** $12.3 23.8 48.5 Free Cash Flow** $9.6 $21.0 $46.2 Accounts Receivable $85.9 $61.3 $143.7 DSO 79 61 76 Inventory $47.8 $48.8 $43.1 Inventory Days 83 91 48 Backlog and Deferred Revenue $573.8 $338.0 $332.3 * Non-GAAP continuing operations ** Cash flows from Continuing and Discontinued Operations
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14 CAPITAL ALLOCATION PRIORITIES • ROW growth investments to diversify the business • Additional service offerings • $101M stock purchases to date including $13.3M during Q4 2025 and $21.8M subsequent to Q4 2025 • Expect strong free cash flow over next 3 years • Utilize Video sale proceeds to drive Broadband growth and diversification Strong Liquidity Position with $124M in Cash and $82M in Undrawn Credit Facility Organic Growth $200M Stock Repurchase Authorization Inorganic Expansion Opportunities
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15 STRANDED COSTS * Non-GAAP ** Inclusive of approximately $3 million in public company costs • Stranded costs are shared corporate and infrastructure expenses previously allocated across Broadband and Video that now reside in Continuing Operations. Approximately 30% of these stranded costs are temporary in nature and are expected to be removed one -year post Video sale closing. Stranded Costs* FY 2026 Information T echnology ~$2M Facilities ~$3M Corporate Functions** ~$5M Total ~$10M
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16 Q1 and FY 2026 FINANCIAL GUIDANCE* CONTINUING OPERATIONS - BROADBAND Financial Metric Q1 2026 FY 2026 Net Revenue ($M) $100 - $105 $440 - $480 Gross Margin (%)** 54.0% - 55.0% 51.0% - 53.0% Operating Profit ($M)*** $18 - $20 $74 - $99 T ax Rate 24.5% 24.5% Shares**** 111.4 111.7 EPS $0.11 - $0.12 $0.46 - $0.63 * Non-GAAP ** Includes estimated tariff impacts of approximately $1 million and $4 million for Q1 and FY 2026, respectively *** Includes estimated stranded costs of $2 million and $10 million associated with the Video divestiture for Q1 2026 and FY 2026, respectively **** Diluted shares assumes stock price at $10.07 (Q4 2025 average price) FY 2026 EPS Bridge • Video now classified to discontinued operations, which in 2025 contributed $0.24 EPS • Continuing operations includes $10 million of stranded costs in FY26 ($0.07 EPS impact)
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17 HISTORICAL RESULTS* CONTINUING OPERATIONS - BROADBAND Financial Metric FY 2023 FY 2024 FY 2025 FY 2026 Guidance Net Revenue ($M) $388.5 $488.2 $360.5 $440 - $480 Gross Margin (%)** 46.1% 49.3% 48.7% 51.0% - 53.0% Operating Expense $132.5 $132.9 $137.0 $150 - $155 Operating Profit ($M)*** $46.6 $107.7 $38.7 $74 - $99 Shares 117.4 117.5 114.2 111.7 EPS $0.31 0.71 0.23 $0.46 - $0.63 Backlog and deferred revenue $458.2 $332.3 $573.8 n/a * Non-GAAP ** Includes tariff costs of $2.3 million in FY 2025 and estimated tariff impacts of approximately $4 million for FY 2026 *** Includes Stranded costs of approximately $17 million, $10 million, and $9 million for FY 2023, FY 2024 and FY 2025, respectively. We estimate approximately $10 million of stranded costs in FY 2026
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18 18 Strong Finish to 2025 with Record Backlog CONCLUSION MARKET LEADER POSITIONED FOR GROWTH 2026 revenue growth expected to be between 22% and 33% Expanding customer base and strong ROW growth KEY LONG-TERM CATALYSTS • Technology leadership positions • Long term TAM growth • Strong operating model • Proven execution
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19 19 WRAP-UP & Q&A
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20 USE OF NON-GAAP FINANCIAL MEASURES In establishing operating budgets, managing its business performance, and setting internal measurement targets, the Company excludes a number of items required by GAAP . Management believes that these accounting charges and credits, most of which are non-cash or non-recurring in nature, are not useful in managing its operations and business. Historically, the Company has also publicly presented these supplemental non-GAAP measures in order to assist the investment community to see the Company “through the eyes of management,” and thereby enhance understanding of its operating performance. The non-GAAP measures presented here are gross profit, operating expenses, income (loss) from operations, non-operating expense, net, Adjusted EBITDA, net income (loss) and net income (loss) per diluted share. The presentation of non-GAAP information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP , and is not necessarily comparable to non-GAAP results published by other companies. A reconciliation of the historical and forward-looking non-GAAP financial measures discussed in this presentation to the most directly comparable historical and forward-looking GAAP financial measures is included with the financial information contained in this presentation. The non-GAAP adjustments described below have historically been excluded from our GAAP financial measures. These adjustments are restructuring and related charges, stock-based compensation expense, lease-related asset impairment and other charges, non-cash interest expenses on convertible notes, non-recurring advisory fees, adjustments that normalize the tax rate and depreciation.
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21 Q4 2025 GAAP TO NON-GAAP RECONCILIATIONS CONTINUING OPERATIONS (UNAUDITED, IN THOUSANDS, EXCEPT EPS AND PERCENTAGES)
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22 Q4 2025 GAAP TO NON-GAAP RECONCILIATIONS TOTAL COMPANY (UNAUDITED, IN THOUSANDS, EXCEPT EPS AND PERCENTAGES)
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23 Q4 AND FY 2025 ADJ. EBITDA RECONCILIATIONS CONTINUING OPERATIONS (UNAUDITED, IN THOUSANDS)
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24 Q4 AND FY 2025 ADJ. EBITDA RECONCILIATIONS TOTAL COMPANY (UNAUDITED, IN THOUSANDS)
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25 FY 2025 GAAP TO NON-GAAP RECONCILIATIONS CONTINUING OPERATIONS (UNAUDITED, IN THOUSANDS, EXCEPT EPS AND PERCENTAGES)
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26 FY 2025 GAAP TO NON-GAAP RECONCILIATIONS TOTAL COMPANY (UNAUDITED, IN THOUSANDS, EXCEPT EPS AND PERCENTAGES)
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27 FY 2024 GAAP TO NON-GAAP RECONCILIATIONS CONTINUING OPERATIONS (UNAUDITED, IN THOUSANDS, EXCEPT EPS AND PERCENTAGES)
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28 FY 2023 GAAP TO NON-GAAP RECONCILIATIONS CONTINUING OPERATIONS (UNAUDITED, IN THOUSANDS, EXCEPT EPS AND PERCENTAGES)
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29 Q1 2026 GUIDANCE GAAP TO NON-GAAP RECONCILIATIONS (UNAUDITED, IN MILLIONS, EXCEPT EPS AND PERCENTAGES)
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30 FY 2026 GUIDANCE GAAP TO NON-GAAP RECONCILIATIONS (UNAUDITED, IN MILLIONS, EXCEPT EPS AND PERCENTAGES)
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31 31 THANK YOU.