Coveo Solutions, Inc. · TSX:CVO
Coveo Solutions — Q2 FY2027 Earnings Presentation
52 slides from Coveo Solutions's earnings presentation, October 2026
Slide 1: coveo.ai
Slide 2: Investor Presentation
Ar €3 coveo.ai Investor Presentation
Slide 3: Disclaimer
Disclaimer This presentation (“Presentation”) is qualified in its entirety by reference to, and must be read in conjunction with, the information contained in our Annual Information Form dated May 27, 2026 (the “AIF”), as well as in our unaudited condensed interim consolidated financial statements f
Slide 4: Company Overview
Madey ; KO coveo.al Company Overview
Slide 5: Coveo empowers enterprises to compete in the Experience AI era
Manufacturing Distribution Coveo empowers enterprises to compete in the Experience AI era Coveo organizes enterprise information into trusted intelligence, and intent into outcomes Brands and Retail ~725 +15 years of employees (1) AI innovation (1) ▪ One single platform, 5 regions Technology ~40% in
Slide 6: Coveo empowers enterprises to compete in the Experience AI era
Coveo empowers Discover Find and compare Consumers, enterprises to compete Workers, Persons Increase Sales Business buyers in the Experience AI era Solve Buy Choose the right product Reach the right next action Increase Better Conversion Unifies enterprise content knowledge, catalog, Self-service be
Slide 7: Strategic initiatives to drive strength in bookings and revenue growth
Focusing on high-value use cases / verticals Such as B2B Commerce in Manufacturing and Distribution Strategic Core ICP: Large enterprises with vast data and complex operations initiatives to Strategic Accounts Larger deals where Coveo is a key strategic partner drive strength Four consecutive quarte
Slide 8: Coveo's first US$10M+ ARR customer validates our strategy and value
(1) (2) Coveo’s first US$10M+ ARR customer validates our strategy and value Expanding 7 and 8-figure subscriptions show that customers increasingly view Coveo as foundational to their long-term AI strategies, rather than as a point solution, and our ability to build larger, longer and more strategic
Slide 9: Coveo AI-Relevance Platform
Coveo AI-Relevance Platform 9
Slide 10: Search is evolving
fO® j wy COVEO.al Search Is evolving
Slide 11: Search is evolving from relevant and personalized results
Search is evolving … from relevant and personalized results
Slide 12: Search is evolving to conversational guidance and product carousel
Search is evolving… to conversational Guidance 12 and product carrousel
Slide 13: Search is evolving to conversational
Search is evolving …13 to conversational
Slide 14: Search is evolving to conversational
Search is evolving …14 to conversational
Slide 15: Search is evolving to conversational
Search is evolving …15 to conversational
Slide 16: Building accuracy & trust is critical
McKinsey Global Survey on the state of AI March 2026 Building accuracy & trust is critical LLM hallucination is still a hard-to-resolve issue LLM must be grounded in trusted content with explainability Content cannot be part of agentic workflows unless it can be fully trusted 16
Slide 17: Coveo AI-Relevance Platform
Coveo AI-Relevance Platform Applications and headless Personal Assistants and Agentic AI Platforms Coveo managed Coveo native integrations in apps & headless support Ground your own agentic platform on your enterprise data Fully managed agentic apps Commerce OpenAI Anthropic Google Salesforce SAP Am
Slide 18: Product Innovation
fO® j wy COVEO.al Product Innovation
Slide 19: Conversational Product Discovery
Conversational Product Discovery Search on Products, Technical information turned into guidance 19
Slide 20: Suggested next steps
Suggested next steps 20 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 21: Comparing products
Comparing products 21 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 22: Comparing products
Comparing products 22 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 23: Complex query generates complex answer
Complex query generates complex answer 23 Copyright © Coveo Solutions Inc. All rights reserved. Proprietary and CONFIDENTIAL 2026
Slide 24: Merchandising Agent
Merchandising Agent 70% ~50% +20% Management of campaigns, rules … used Rate of suggestions Merch changes 24 in natural language multiple times applied through Agent
Slide 25: Acquisition of Anglera
Acquisition of Anglera Better product data. Smarter discovery. 25
Slide 26: The Product Data Problem
The Product Data Problem For retailers, distributors, and manufacturers, product data is critical to helping customers find the right products. This is true for both traditional search and AI assistants. Incomplete Incorrect Inconsistent Missing attributes that matter for Wrong taxonomy, mismatched
Slide 27: The Product Data Problem: Anglera enriches catalogs
The Product Data problem Anglera addresses this challenge by using AI to enrich existing catalogs at enterprise scale, extracting information from unstructured product content. Raw retailer feed (before) Enriched product record (after) Title: Bosch 500 DW Title: Bosch 500 Series 24" Built-In Dishwas
Slide 28: Forward Deployed Engineers
Forward Deployed Engineers Engagements with positive impact on Customer Expansion, Retention and Product Roadmap POSITIVE IMPACT ON SELECT CUSTOMERS: Consulting turned Solution An innovative Customer engagement a customer Architecture PoC resulted in strengthened advocacy relationship into a Advisor
Slide 29: Customer Success
fO® j wy COVEO.al Customer Success
Slide 30: High-impact, AI-Powered use cases
High-impact, AI-Powered use cases (1) Use case Description Value delivered Coveo enables faster, more intuitive B2B buying through AI-Search, recommendations, and Generative AI guidance. 28% AI B2B Commerce This improves product findability, self-service adoption, Increase in revenue tied to onsite
Slide 31: With Coveo, SAP reported avoiding 1.6 Million support cases
With Coveo, SAP reported avoiding 1.6 Million support cases October 5, 2025 | Link 31 Refer to footnote on page 17, which is reproduced in its entirety in this slide by reference.
Slide 32: ADI Transforms B2B search with AI
ADI Transforms B2B search with AI Watching the relevancy of search results improve day by day, week by week has proved Coveo’s say-do ratio. The AI works, it learns, and it improves.” Stu Tisdale Sr. VP and Chief Experience Officer +28% +16% 91% Increase in revenue Increase in Reduction in null tied
Slide 33: Nespresso perks up conversions with AI Search
Nespresso perks up conversions with AI Search Partnering with Coveo to improve our search experience has been a game changer. It’s helped us remove friction, surface relevant content, and deliver a more intuitive, personalized journey online.” YC Eu Head of eBusiness, Nespresso Oceania 182% 30% 10%
Slide 34: Generative AI question answering delivers self-service success
Generative AI question answering delivers self-service success What sets Coveo apart is the relevancy, accuracy, and transparency of every answer” Laurel Poertner Sr. Director, Digital Services +11% $150k 63% Improvement in self- Saved in first 30 days Uplift in knowledge service success with with g
Slide 35: Partners extend our growth opportunity
Partners extend our growth opportunity System integrators and technology partners are bringing Coveo into larger transformations, recognizing the importance of the Experience AI opportunity 35
Slide 36: Financial Highlights
fO® j wy COVEO.al Financial Highlights
Slide 37: Our Business Model
Our Subscription-based revenue Contractually committed volumes for the entire term of the contract Business Strong unit economics 80%+ Product Gross Margin + healthy CAC-to-LTV Model Multi-year agreements Predominantly 3+ year contracts with upfront annual billing Enterprise customers +US$220k avera
Slide 38: Executing a balanced growth strategy
Executing a 200.0 In million of U.S. dollars SaaS Subscription Revenue Coveo core Platform (1) Cash flows from operating activities 120% balanced (2) 110% SaaS Subscription Revenue as a % of Total revenue (Coveo core Platform) (1) $157.0 150.0 $139.8 100% $109.1 $121.3 growth 100.0 $72.4 89% $91.4 9
Slide 39: Q2 FY'27 at a glance
Q2 FY’27 at a glance (2) (2) US $39.1M 12% 105% Q2 FY’27 SaaS Q2 FY’27 SaaS Net Expansion Rate(1) Subscription Revenue(1) Subscription Revenue(1) Growth (Coveo Core Platform) (Coveo Core Platform) as of Sept. 30, 2026 US $2.0M US $8.1M 82% Q2 FY’27 Adjusted EBITDA(3) Q2 FY’27 Cash Flow used to Q2 FY
Slide 40: Revenue Growth
Revenue Growth Q2 Q2 F YTD YTD USD millions YoY YoY FY’27 Y’26 FY’27 FY’26 SaaS Subscription $39.1 $35.9 9% $76.5 $70.1 9% Revenue(1) Coveo core Platform(2) $39.1 $35.0 12% $76.5 $68.1 12% Qubit Platform(3) - $0.9 (100%) - $2.0 (100%) Professional Services $1.3 $1.4 (10%) $2.5 $2.8 (13%) Revenue Tot
Slide 41: Gross Profit Measures
Gross Profit Measures Q2 Q2 YTD YTD % FY’27 FY’26 FY’27 FY’26 Gross Margin 80% 79% 79% 78% Adjusted Gross Margin(1) 80% 80% 80% 79% Product Gross Margin 82% 82% 81% 81% Adjusted Product Gross Margin(1) 82% 83% 82% 82% (1) Adjusted Gross Margin and Adjusted Product Gross Margin are non-IFRS financial
Slide 42: Profitability Measures
Profitability Measures Q2 Q2 YTD YTD USD millions FY’27 FY’26 FY’27 FY’26 Net loss ($3.1) ($4.4) ($9.0) $(19.4) Adjusted EBITDA(1) $2.0 $0.6 $2.1 ($1.4) Cash Flow from Operating Activities ($14.9) ($10.8) ($5.7) ($3.7) (1) Adjusted EBITDA is a non-IFRS measure. Please refer to the "Non-IFRS Measures
Slide 43: Q3 FY'27 and Full Year Guidance
Q3 FY’27 and Full Year Guidance USD millions Q3 FY’27 Full Year FY’27 SaaS Subscription Revenue(1) $39.7 – $40.2 $156.0 – $158.0 Updated Total Revenue $40.6 – $41.1 $160.0 – $162.0 Updated Adjusted EBITDA(2) $1.0 – $2.0 $2.0 - $7.0 Maintained The company expects to deliver operating cash flows of mo
Slide 44: Appendix
fO® j wy COVEO.al Appendix
Slide 45: Consolidated Statements of Loss
Consolidated Statements of Loss (in thousands of US dollars, except share and per share data) 45
Slide 46: Consolidated Statements of Loss
Consolidated Statements of Loss (in thousands of US dollars) 46
Slide 47: Reconciliation of Net Loss to Adjusted EBITDA
Reconciliation of Net Loss to Adjusted EBITDA (in thousands of US dollars) Adjusted EBITDA is defined as net income or net loss, excluding interest, taxes, depreciation of property and equipment and right-of-use-assets, amortization and impairment of intangible assets (or EBITDA), adjusted for stock
Slide 48: Reconciliation of Adjusted Gross Profit Measures and Adjusted Gross Margin Measures
Reconciliation of Adjusted Gross Profit Measures and Adjusted Gross Margin Measures (in thousands of US dollars) “Adjusted Gross Profit”, “Adjusted Product Gross Profit”, and “Adjusted Professional Services Gross Profit” are respectively defined as gross profit, product gross profit, and professiona
Slide 49: Reconciliation of Adjusted Operating Expense Measures
Reconciliation of Adjusted Operating Expense Measures and Adjusted Operating Expense (%) Measures (in thousands of US dollars) “Adjusted Sales and Marketing Expenses”, “Adjusted Research and Product Development Expenses”, and “Adjusted General and Administrative Expenses” are respectively defined as
Slide 50: Consolidated Statements of Financial Position
Consolidated Statements of Financial Position (in thousands of US dollars) 50
Slide 51: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (in thousands of US dollars, unaudited) 51
Slide 52: Definition of Key Performance Indicators
Definition of Key Performance Indicators “SaaS Subscription Revenue” means Coveo’s SaaS subscription revenue, as presented in its financial statements in accordance with IFRS. “Current SaaS Subscription Remaining Performance Obligations” is a forward-looking indicator of anticipated future revenue u