#1Braze 2022 Investor Day braze October 13, 2022#22 Agenda 1:30 - 1:32 1:32 - 1:40 1:40 - 2:00 2:00 - 2:20 2:20 - 2:35 2:35 - 3:15 Opening Remarks and Safe Harbor Christopher Ferris | Head of Investor Relations Start Anywhere, Go Everywhere Bill Magnuson | Cofounder & CEO Product Presentation Jon Hyman | Cofounder & CTO Kevin Wang | SVP, Product Customer Conversation Myles Kleeger | President & CCO Jimmy Dinh | Managing Director, CIBC Capital Markets Finance Presentation Isabelle Winkles | CFO Executive Q&A Session | Moderator: Christopher Ferris Bill Magnuson Isabelle Winkles Myles Kleeger Jon Hyman Kevin Wang braze#3Forward Looking Statements and Disclaimer Forward-Looking Statements This presentation contains, and statements made during this presentation contain, "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding Braze's business and financial outlook, long-term financial targets, the anticipated performance and benefits of Braze's products and Braze's market opportunity and the competitive landscape. Words such as "anticipate," "believe," "could," "estimate," "expect," "goal," "hope," "intend," "may," might," "potential," "predict," "project," "shall," "should," "target," "will" and variations of these terms and similar expressions are intended to identify these forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based on Braze's current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties, assumptions and changes in circumstances that may cause Braze's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, risks and uncertainties related to: (1) unstable market and economic conditions may have serious adverse consequences on Braze's business, financial condition and share price; (2) Braze's recent rapid revenue growth may not be indicative of its future revenue growth; (3) Braze's history of operating losses; (4) Braze's limited operating history at its current scale; (5) Braze's ability to successfully manage its growth; (6) the accuracy of estimates of market opportunity and forecasts of market growth and the impact that global macroeconomic uncertainty, including from the ongoing COVID-19 pandemic and ongoing conflict between Russia and Ukraine, and general market, political, economic and business conditions could have on Braze's or its customers' businesses, financial condition and results of operations; (7) Braze's ability and the ability of its platform to adapt and respond to changing customer or consumer needs, requirements or preferences; (8) Braze's ability to attract new customers and renew existing customers; (9) the competitive markets in which Braze participates and the intense competition that it faces; (10) Braze's ability to adapt and respond effectively to rapidly changing technology, evolving cybersecurity and data privacy risks, evolving industry standards or changing regulations; and (11) Braze's reliance on third-party providers of cloud-based infrastructure. Further information on potential factors that could affect Braze's business and financial results, outlook and long-term targets is included in Braze's Quarterly Report on Form 10-Q for the fiscal quarter and six-months ended July 31, 2022, filed with the SEC on September 13, 2022. The forward-looking statements included in this presentation represent Braze's views only as of the date of this presentation and Braze assumes no obligation, and does not intend to update these forward-looking statements, except as required by law. Use of Non-GAAP Financial Measures This presentation contains the following non-GAAP financial measures: non-GAAP gross profit and margin, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP operating loss and margin, non-GAAP net loss and non-GAAP net loss per share, basic and diluted. Braze defines non-GAAP gross profit and margin, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP operating loss and margin and non-GAAP net loss as the respective GAAP balances, adjusted for stock-based compensation expense, employer taxes related to stock-based compensation and charitable contribution expense. Prior to the first quarter of the fiscal year ended January 31, 2023, Braze did not adjust non-GAAP gross profit and margin, non-GAAP sales and marketing expense, non-GAAP research and development expense, non-GAAP general and administrative expense, non-GAAP operating loss and margin or non-GAAP net loss for employer taxes related to stock-based compensation or charitable contribution expense, because these amounts were immaterial in prior periods. Investors are encouraged to review the reconciliation of these historical non-GAAP financial measures to their most directly comparable GAAP financial measures. Braze uses this non-GAAP financial information internally in analyzing its financial results and believes that this non-GAAP financial information, when taken collectively with GAAP financial measures, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with generally accepted accounting principles in the Unite States (GAAP), and may be different from similarly-titled non-GAAP measures used by other companies. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses that are required by GAAP to be recorded in Braze's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by Braze's management about which expenses are excluded or included in determining these non-GAAP financial measures. A reconciliation is provided at the end of this presentation for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Braze encourages investors to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures and not to rely on any single financial measure to evaluate Braze's business. Customer Metrics and Market Data Unless otherwise noted, information in this presentation concerning Braze's industry, including industry statistics and forecasts, competitive position and the markets in which Braze operates is based on information from independent industry and research organizations, other third-party sources and management estimates. Management estimates are derived from publicly available information released by independent industry analysts and other third party sources, as well as data from Braze's internal research, and are based on assumptions made by Braze upon reviewing such data, and Braze's experience in, and knowledge of, such industry and markets, which it believes to be reasonable. Projections, forecasts, assumptions and estimates of the future performance of the industry in which Braze operates and Braze's future performance are necessarily subject to uncertainty and risk due to a variety of factors. Braze has not independently verified the accuracy or completeness of the information provided by independent industry and research organizations, other third parties or other publicly available information. Accordingly, Braze makes no representations as to the accuracy or completeness of that information nor does Braze undertake to update such information after the date of this presentation. Trademarks All third-party trademarks, including names, logos and brands, referenced by Braze in this presentation are property of their respective owners. All references to third-party trademarks are for identification purposes only. Such use should not be construed as an endorsement of the products or services of us. 3 braze#4Start Anywhere, Go Everywhere Bill Magnuson CEO and Cofounder braze#55 Product Overview Jon Hyman CTO and Cofounder Kevin Wang SVP, Product braze#66 GRUBHUB hims Plenty of Fish Quizlet PLUTO 'omio Delivery Hero 1,599 Customers in over 60 countries¹ 1. As of July 31, 2022. 2. In the fiscal year ended January 31, 2022. The. Guardian sweetgreen Skyscanner yelp HBO Canva BRAD'S DEALS SOUNDCLOUD crypto.com zynga ●Grover MERCARI headspace GOAT theSkimm 4.1B+ Monthly Active Users¹ VSCO chime overstock™ Disney Stride Lime Blue Apron EQUINOX gofundme PUREGYM Prezi Dave.com 9T+ Data points processed² venmo BURGER KING USP Rakuten Viber intuit. DRAFT KINGS trainline Pomelo. Rappi -1.5T Messages Sent² braze#77 Braze continues to drive product innovation, building our competitive moat 100+ New Features and Improvements in the last 12 months CANVAS FLOW EMAIL LINK ALIASING & ENGAGEMENT DASH MESSAGE ARCHIVING SIMPLE SURVEY IN-APP MESSAGES CANVAS AUDIENCE, ACTION, AND EXPERIMENT PATHS CUSTOMIZED REPORTING MMS & MMS CONTACT CARDS PREDICTIVE SUITE NEW CDP INTEGRATIONS SHOPIFY INTEGRATION AUDIENCE SYNC TO FACEBOOK AUDIENCE SYNC TO GOOGLE braze#88 Rich Data Intelligent Optimization Robust Channels braze#99 Rich Data Braze is designed to be the most powerful and flexible data model for modern Customer Engagement braze#1010 New Programmatic API Catalog + Filtered Sets ... P DATA braze Braze Demol eCommerce App Overview Email Performance SMS Performance NEW Report Builder Global Control Engagement Reports Revenue Custom Events Catalogs NEW ENGAGEMENT Segments Campaigns Canvas Predictions Global Message Settings Templates & Media Locations USERS User Search The most flexible CEP for data activation Overview USERS 38,301 80.01% MAU DISPLAY DATA FOR: Sep 7, 2022 - Oct 6, 2022 24.00% MONTHLY ACTIVE USERS (ON OCT 6, 2022) 32.9K-16%- STICKINESS Ⓒ (AVERAGE) 15.93%-5.2%- View Statistics For Usage Analytics Sessions DETAILED STATISTICS FOR: 8,000 480K LIFETIME SESSIONS All Apps 82,302,462 DAILY ACTIVE USERS (AVERAGE) 5,183-7%- Resources DAILY SESSIONS (AVERAGE) 164.5K-14.7% Get Help v SESSIONS 400 English NEW USERS (TOTAL) 7,08114%- Jason Perocho SHOW BREAKDOWN ALL SHOW BREAKDOWN DAILY SESSIONS PER MAU (AVERAGE) 5.05-12.2% - SHOW BREAKDOWN = Introducing Braze Data 3 Activate Any Data Deliver Performance at Scale PUnify Customer Engagement braze#1111 Seamlessly Connect to the Modern Marketing Stack Data Warehouse Personalization INK Analytics A CEP Co Ad Networks G CDP ş braze#12Cloud Data Ingestion Decreases Time to Value Cloud Data Ingestion 12 Data Warehouse NAME Sophia Schwartz Braze Last Purchase Date Preferences A l_purchase 10/13/22 Sophia Schwartz New York, NY [email protected] Clothing @sophiesworld +1 (206) 555 1283 shirt_size pant_size fit footware A shoe_size shirt_size medium Medium Small Regular 8.5 s 10/13/22 pant_size small fit regular Currents shoe_size 8.5 braze#1313 Cloud Data Ingestion Connects to the Most Popular Data Warehouses EARLY ACCESS snowflake COMING SOON amazon REDSHIFT Google Big Query braze#1414 Intelligent Optimization Braze makes its easier to create intelligent customer engagement campaigns at scale braze#1515 braze STAGING lasidas Be Swifty Droldboy & Stopwatch Devices & Carriers Report Builder Global Control Expressive Power Engagement Reports Revenue Custom Events Catalogs NEW ENGAGEMENT Segments Campaigns Calendar Canvas Predictions Global Message Settings Templates & Media Locations User Search User Import Subaption Groups INTEGRATIONS Technology Partners Currants Data Feeds Promotion Codes SETTINGS Manage Settings Developer Console The next generation journey orchestration tool for modern Customer Engagement Canvas Create Re-engage Journey Cane Create Re-engage Journey X Re-engage Journey No description Add Team Tags 0 Changes Since Last Viewed Components Select components to build your userjoumay Basic Components Message Delay Flow Controls A Decision Sp 4 Audience Path +Action Path Experiment Paths Audience Updates User Update < Facebook Audience A Google Audience T&Tok Audience Clean Up Canvas Detailed View A Edit Send Settings No Imitations on the rate at which uses will receive messages Frequency Capping Rules OFF Quiet Houns Disabled Maximum Duration 0:0 seconds. You're using the new Canvas editor, Canvas Flow Go back to the original Canvas editor Entry Rules Schedule October 4, 2022 at 12:00am PDT Audience "Active Users [No filters applied, all users in Swifty Droidboy, & Stepwatch] AND na additional filters AND is not in Qlobal Control Group Exit Criteria No exit criteria selected. Controls Users are not eligible to re-enter this Canvas. + Add Variant 100% Variant 1 O Edit Conversion Events Made Purchase within 7 days of longest caress variation dussion (Any product Save As Draft Jojo Ziel! Launch Canvas Edit Introducing Canvas Flow с Move Faster Increase Personalization Optimize Performance braze#1616 P DATA Braze Demo eCommerceApp Overview Email Performance. SMS Performance NEW Report Builder Global Control Engagement Reports Revenue Custom Events Catalogs NEW ENGAGEMENT Segments Campaigns Calendar Canvas Predictions Global Message Settings Templates & Media Locations USERS User Search Campaigns Save 'Promo Push A/B Test X < Reachable Users ✓ Exact Statistics Calculated Personalized Variant A/B Testing Choose what proportions of users will receive each of your variants and the optional Control Group, and if you want to send the Winning Variant. Control Group Ⓒ Optimization Options Global Control Group 50 % A With Image No Optimization Perform a standard A/B test with no optimization. Distribute Variants Evenly Compose Winning Variant Run an initial test with a percentage of the target segment. After the test, send everyone else the best performing variant. Schedule 3 Target ✓ Assign 50 5 Review Intelligent Selection % Users in your Global Control Group are NOT eligible to receive this campaian. If you'd like users from the Global Control Group to be iOS Push B Without Image New Recommended Personalized Variant Run an initial test with a percentage of the target segment. After the test, send each user the variant they're most likely to engage with. 5,099 OFF Save as Draft → Show Additional Statistics Launch Campaign braze#1717 P DATA Braze Demo eCommerceApp Overview Email Performance SMS Performance NEW Report Builder Global Control Engagement Reports. Revenue Custom Events Catalogs NEW ENGAGEMENT Segments Campaigns Calendar Canvas Predictions Global Message Settings Templates & Media Locations. USERS User Search Campaigns Save 'New Campaign' X Al Copywriting Assistant Preview DEVICE TYPE Phone Take 20% off with promo code JEANIUS Your message... Shop Everything 1 Compose 2 Schedule Shop Jeans 3 Target Compose LANGUAGE HEADER 4 Assign IMAGE Include Image O Pick a Badge Upload Your Own Image BODY ✔ Style NEW! Take 20% off with promo code JEANIUS ➡ Settings FakeBrandz_PantsLaby..... BUTTON 1 TEXT Ⓡ Shop Everything 5 Review Test Image specs and templates for modals Need help creating awesome copy? Check out your Al powered copywriting assistant. Add Languages BUTTON 2 TEXT Ⓒ Shop Jeans > 0 + 2 + X + Save as Draft Launch Campaign braze#1818 DATA Braze Demo OnDemandApp Overview Email Performance. SMS Performance NEW Report Builder Global Control Engagement Reports Revenue Custom Events Catalogs NEW ENGAGEMENT Segments Campaigns Calendar Canvas Predictions Global Message Settings Templates & Media Locations USERS User Search Predictions < Back Predictive Suite Updates Prediction Details for >30 Days Does Not Book a Class' X Basics Churn Definition 2 Churn Definition A user is considered churned if in do not 30 Select an event 3 Prediction Audience days they: O Update Schedule 5 Build Prediction Forward > Save as Draft braze#1919 < Re-Engage Journey Version history Select a view-only version to see your settings and analytics Oct 4, 2022-Present Active Created by Steven Camina o Oct 3, 2022 - Oct 4, 2022 Created by Jojo Zieff • Oct 3, 2022 - Oct 3, 2022 Created by Jojo Zieff Re-Engage Journey No description Add Team Tags 0 Changes Since Last Viewed & Detailed View A Canvas Versioning Maximum Duration 0:0 seconds This Canvas is view-only Send Settings . No limitations on the rate at which users will receive messages. Frequency Capping Rules OFF • Quiet Hours: Disabled Entry Rules Schedule October 5, 2022 at 12:00am PDT Audience "Active Users" [No filters applied, all users in Swifty, Droidboy, & Stopwatch] AND Last made purchase after 2020-10-04 AND is not in Global Control Group Exit Criteria No exit criteria selected. Controls Users are not eligible to re-enter this Canvas. 100% Variant 1 Hình 1 Baland Step ACTIVE Conversion Events Made Purchase within 7 days of longest canvas variation duration (Any product) 1 High Likeliho... 2 Medium 3 Low Likelihood 4 Everyone Else Imelihood Collapse View Analytics > braze#2020 Canvas Flow Demo braze#2121 STAGING (be68774e) b braze DATA What's New Braze Swifty, Droidboy, & Stopwatch Overview Email Performance SMS Performance NEW Devices & Carriers Report Builder Global Control Expressive Power Engagement Reports Revenue Custom Events Catalogs NEW ENGAGEMENT Segments Campaigns Canvas Predictions Global Message Settings Templates & Media Locations USERS User Search User Import Subscription Groups INTEGRATIONS Technology Partners Currents Data Feeds BETA Promotion Codes Canvas i Thank you for trying the new Canvas Digest experience! Return to Classic. Canvas Status Active Status: Active x 16 Results Name Re-Engage Journey Re-Engage Journey WR Canvas Re-entry Test (Mai) Tags All Tags [ZENDESK] Message received from Zendesk/Canvas Details Endpoint Shopkick SMS Subscription - Test - Marketing - NEW SEND NoGlobalControl Shopkick SMS Subscription - Test - Marketing NoGlobalControl re-eligibluty check Canvas Flow Re-Enable Push Test josh_re-entry test V [Jhonalyn] Pomelo_Timezone_adjust re-eligibility period canvas abort re-eligibility test re-entry test Re-eligibility Test for Multiple Purchase =F Choose a Canvas experience NEW Canvas Flow Canvas Flow is the newest Canvas experience, designed to empower your editing. Moving forward, new Canvas features will be added to Canvas Flow only. Learn more about Canvas experiences Å Å Active Active Active Active Active Active Active Active Active Active Canvas The original Canvas editor allows you to create simple, yet powerful user journeys with classic components such as Full Steps. Active 4 1 0 8 94 2 15 0 4 6 Cancel Continue X Last Edited By Jojo Zieff Jojo Zieff Mai Tran Andrew Tsai Andrew Tsai Andrew Tsai Amer Fahmy Ashley Wilkinson Joshua Li Jhonalyn Parchaso Kevin Cheung Nicole Codd. Caitlin Quan Resources Get Help English a re-en Last Edited 1 hour ago 3 days ago Aug 19 Aug 18 Aug 8 Aug 8 Jul 21 Nov 16, 2021 Nov 15, 2021 Jul 18, 2021 Mar 1, 2021 Feb 25, 2021 Nov 17, 2020 Jojo Zieff Create Canvas X I ⠀ I I ⠀ I I i i I 1 I braze#2222 Robust Channels Braze helps customers reach consumers wherever they are braze#2323 braze Steppington Production App & Stopwatch DATA Overview Devices & Carriers Report Builder Global Control Engagement Reports Revenue Custom Events ENGAGEMENT Segments Campaigns Canvas Predictions Global Message Seetings News Feed Templates & MEdia Locations USERS User Search User Import Subscription Groups > Campaigns Campaigns Save 'New Campaign' x Preview 1 Compose Daily progress check-in Did you work out today? Yes 2 Schedule 3 Target No 4 Assign Compose Language English Header Daily progress check-in Footer Yes Body Did you work out today? Buttons 5 Reviev Test Resources ✓ No Get Help English v 9:00 + Braze User v +Steppington → Daily progress check-in Did you work out today? Yes No 0 09:00 Introducing WhatsApp + Braze Unparalleled Reach Deeper Relationships Optimize Performance braze#2424 1:40 Repeat Purchase Calorie Rocket ✔ 0 Sandwich Emperor SANDWICHES / DELI Lunch time Want your usual order from Sandwich Emperor? + Order online Call restaurant We got your order we'll let you know when it is on the way. 1:00 1:06 Joe picked up your order from Sandwich Emperor. Est. delivery at 1:45pm. 1:29 all O Ongoing Engagement 9:02 4-Steppington ✔ Daily progress check-in Did you work out today? + Yes No 9:00 Steppington Daily progress check-in Did you work out today? That's 3 days in a row, Rachel. You're on track to hit your weekly goal! 9:01 C 9:00 O Upsell Recommendations 2:44 UponVoyage ✔ Your flight from JFK - MLE is confirmed for 12/23/22. Finish booking your trip. 10:28 Find a hotel Flight info UponVoyage Your flight from JFK - MLE is confirmed for 12/23/22. Finish booking your trip. Find a hotel Browse highly rated 4 and 5 star hotels in the Maldives. Browse hotels UponVoyage Concierge all? 10:29 10:29 ✔ braze#2525 Feature Flags Target in-product customer experiences with greater precision and personalization. Braze Feature Flags make it easy to release, test, and manage new features with confidence and control. DATA Overview Devices & Carriers Engagement Reports Revenue Custom Events ENGAGEMENT Segments Campaigns Canvas News Feed Templates & Media Locations Feature Flags USERS Feedback User Search User Import Subscription Group INTEGRATIONS 3rd Party Integrations Currents Promotion Codes APP SETTINGS Manage App Group Developer Console Create a Feature Flag Details Name Description e.g. text that describes your feature Properties Property Type Select an option Add another variable Targeting Target Users by Segment Additional Filters + Add Segment 0% Off Add Filter Rollout Traffic Select a group Select a filter Property Key 100% Everyone ID 0 Input Value Default Value 27/300 character braze#2626 9:41 ◄|-| Discover TRENDING NOW OUTDOOR RUNNING Marathon Training i Yoga ill? New! ¹|-|· Feature Flag Yoga Class Module Target Users by Segment Coordinate Feature Rollouts in Braze Rollout Traffic 0% Off Add Segment Yoga Lovers 100% Everyone braze#2727 0 1 Uses Feature Feature Survey Share your feedback. 1 Beta Test Feature Flag Email Announcement New Feature Alert Uses Feature 0 1 week IE Off ✓ Immediately 2 Everyone Else g New Fea... 2 Early Access 9:41 Hi There! 598 Kingston Ave. Overall, how satisfied are you with the new feature? Select one. Very Satisfied Satisfied Neutral Unsatisfied Very Unsatisfied Submit p AR PAS Orchestrate Feature Flags in Canvas Flow braze#2828 Start Anywhere, Go Everywhere Rich Data Intelligent Optimization Robust Channels braze#2929 Customer Conversation Myles Kleeger President and CCO Jimmy Dinh Executive Director, Alternative Solutions Group Markets, CIBC Capital Markets braze#3030 Financial Review Isabelle Winkles CFO braze#3131 $ Growth Track Record Agenda Customer Cohort Expansion H Drivers of Operating Leverage braze#3232 $144 FY'21 Q2 Track Record of Impressive Growth Quarterly Revenue Run Rate¹ FY'21 Q3 55% CAGR FY'21 Q4 1. Represents quarterly GAAP revenue multiplied by 4 2. See Appendix for definitions FY'22 Q1 FY¹22 Q2 FY¹22 Q3 FY'22 Q4 FY'23 Q1 $344 FY'23 Q2 All periods represent quarters ended for fiscal year January 31. 796 FY'21 Q2 FY'21 Q3 Customer Growth² FY'21 Q4 42% CAGR FY¹22 Q1 FY¹22 Q2 FY'22 Q3 FY¹22 Q4 FY'23 Q1 1,599 FY¹23 Q2 braze#3333 FY'17 1. See Appendix for definitions 2. For the trailing 12 months ended July 31, 2022. FY'18 Proven Ability to Land and Expand 130% Q2 FY'23 Dollar- Based NRR¹ among Customers with $500K+ ARR² FY'19 126% Q2 FY'23 Dollar- Based NRR¹ among All Customers² FY'20 FY¹21 FY'22 Expansion of cohort ARR¹ since initial year FY'21 FY'20 1.7x 1.2x FY'19 1.7x FY'18 FY'17 2.6x 3.6x braze#3434 Non-GAAP Measures Gross Margin S&M expense as % of revenue R&D expense as % of revenue G&A expense as % of revenue Operating Margin Long Term Financial Targets FY'20 63.3% 52.9% 17.3% 15.0% (21.9%) FY'21 64.1% 45.1% 18.1% 17.4% (16.4%) 1. Reflects our long-term targets, which are not projections or estimates of future financial results. Our ability to achieve these long-term targets is subject to various risks and uncertainties. There are important factors that could cause our future results to differ materially from those suggested by these long-term targets, including, but not limited to, the risks an uncertainties described under the heading "Risk Factors in our Quarterly Report on Form 10-Q for the period ended July 31, 2022 and filed with the SEC on September 13, 2022. There can be no assurance that we will achieve the long-term targets presented on this slide in a timely manner or at all. Please see Slide 3 for additional information regarding forward-looking statements. FY'22 67.9% 46.6% 18.2% 16.2% (13.0%) H1 FY'23 68.6% 51.7% 19.3% 19.3% (21.7%) Long-Term Target¹ Note: Braze operates on a January 31 fiscal year end See Appendix for GAAP to non-GAAP Reconciliations and other key definitions 67-72% 23 - 25% 13 - 15 % 8 - 10 % ~20% CONFIDENTIAL braze#3535 Improving Gross Margins while Reinvesting in the Platform Non-GAAP Measures Gross Margin S&M expense as % of revenue R&D expense as % of revenue G&A expense as % of revenue Operating Margin H1 FY'23 68.6% 51.7% 19.3% 19.3% (21.7%) 1. Reflects our long-term targets, which are not projections or estimates of future financial results. Our ability to achieve these long-term targets is subject to various risks and uncertainties. There are important factors that could cause our future results to differ materially from those suggested by these long-term targets, including, but not limited to, the risks an uncertainties described under the heading "Risk Factors in our Quarterly Report on Form 10-Q for the period ended July 31, 2022 and filed with the SEC on September 13, 2022. There can be no assurance that we will achieve the long-term targets presented on this slide in a timely manner or at all. Please see Slide 3 for additional information regarding forward-looking statements. Long-Term Target¹ 67 - 72 % ~20% ● GM Levers Economies of scale in technology infrastructure . Cost-optimized location strategy . • Optimizing post-sales and support functions with Sl and Agency partners . Continue to invest in the platform to sustain and expand our competitive moat Note: Braze operates on a January 31 fiscal year end See Appendix for GAAP to non-GAAP Reconciliations and other key definitions braze#3636 Efficiencies in GTM Motion to Drive S&M Leverage Non-GAAP Measures Gross Margin S&M expense as % of revenue R&D expense as % of revenue G&A expense as % of revenue Operating Margin H1 FY'23 68.6% 51.7% 19.3% 19.3% (21.7%) 1. Reflects our long-term targets, which are not projections or estimates of future financial results. Our ability to achieve these long-term targets is subject to various risks and uncertainties. There are important factors that could cause our future results to differ materially from those suggested by these long-term targets, including, but not limited to, the risks an uncertainties described under the heading "Risk Factors in our Quarterly Report on Form 10-Q for the period ended July 31, 2022 and filed with the SEC on September 13, 2022. There can be no assurance that we will achieve the long-term targets presented on this slide in a timely manner or at all. Please see Slide 3 for additional information regarding forward-looking statements. Long-Term Target¹ 23 - 25% ~20% S&M Levers • Improved sales productivity . Efficiencies in our go-to- market motion, including: Growing GSI relationships Expanding reseller and co-seller programs Emerging OEM relationships Product led growth • Cost optimized locations Note: Braze operates on a January 31 fiscal year end See Appendix for GAAP to non-GAAP Reconciliations and other key definitions • Automation . Efficiencies in our sales and customer success headcount braze#37Realizing R&D Efficiencies as We Scale Non-GAAP Measures Gross Margin S&M expense as % of revenue R&D expense as % of revenue G&A expense as % of revenue Operating Margin H1 FY'23 68.6% 51.7% 19.3% 19.3% (21.7%) 37 1. Reflects our long-term targets, which are not projections or estimates of future financial results. Our ability to achieve these long-term targets is subject to various risks and uncertainties. There are important factors that could cause our future results to differ materially from those suggested by these long-term targets, including, but not limited to, the risks an uncertainties described under the heading "Risk Factors in our Quarterly Report on Form 10-Q for the period ended July 31, 2022 and filed with the SEC on September 13, 2022. There can be no assurance that we will achieve the long-term targets presented on this slide in a timely manner or at all. Please see Slide 3 for additional information regarding forward-looking statements. Long-Term Target¹ 13 - 15 % ~20% R&D Levers Efficiencies in our engineering infrastructure and headcount as we scale . Continue sustaining investments in product innovation to fuel growth Note: Braze operates on a January 31 fiscal year end See Appendix for GAAP to non-GAAP Reconciliations and other key definitions braze#3838 Non-GAAP Measures Gross Margin G&A Expense to Improve as We Scale S&M expense as % of revenue R&D expense as % of revenue G&A expense as % of revenue Operating Margin H1 FY'23 68.6% 51.7% 19.3% 19.3% (21.7%) 1. Reflects our long-term targets, which are not projections or estimates of future financial results. Our ability to achieve these long-term targets is subject to various risks and uncertainties. There are important factors that could cause our future results to differ materially from those suggested by these long-term targets, including, but not limited to, the risks an uncertainties described under the heading "Risk Factors in our Quarterly Report on Form 10-Q for the period ended July 31, 2022 and filed with the SEC on September 13, 2022. There can be no assurance that we will achieve the long-term targets presented on this slide in a timely manner or at all. Please see Slide 3 for additional information regarding forward-looking statements. Long-Term Target¹ 8 - 10% ~20% G&A Levers Cost optimized location spend Leveraging process and workflow automation Scaling of public company expenses Note: Braze operates on a January 31 fiscal year end See Appendix for GAAP to non-GAAP Reconciliations and other key definitions braze#3939 Start Anywhere, Go Everywhere Expanding our competitive moat with new product innovations Strong track record of growth at scale Proven Land and Expand Model Impressive, achievable long-term margin targets Key Takeaways Note: Braze operates on January 31 fiscal year end. All Braze financial metrics as of or for the period ended July 31, 2022 1. Customers with $500K+ ARR Meeting customers where they are on their digital customer engagement journey Canvas Flow, Next Gen Data Ingestion, Customer-center channel expansions 58% Y/Y Revenue Growth, 1H FY'23, Customer Growth +43% Y/Y, Q2 FY'23 126% Dollar-Based NRR, 130% Large Customer¹ Dollar-Based NRR -20% Long-term Op Inc margins,² driven by GM and Opex Efficiencies 2. Reflects our long-term targets, which are not projections or estimates of future financial results. Our ability to achieve these long-term targets is subject to various risks and uncertainties. There are important factors that could cause our future results to differ materially from those suggested by these long-term targets, including, but not limited to, the risks an uncertainties described under the heading "Risk Factors" in our Quarterly Report on Form 10-Q for the period ended July 31, 2022 and filed with the SEC on September 13, 2022. There can be no assurance that we will achieve the long-term targets presented on this slide in a timely manner or at all. Please see Slide 3 for additional information regarding forward-looking statements. See Appendix for GAAP to non-GAAP Reconciliations and other key definitions braze#4040 Bill Magnuson CEO and Cofounder Isabelle Winkles CFO Q & A Session Myles Kleeger President and CCO Jon Hyman CTO and Cofounder Kevin Wang SVP, Product braze#4141 Thank You braze#4242 Appendix braze#4343 Reconciliation of GAAP to Non-GAAP Gross Margin DOLLARS IN THOUSANDS Gross Profit Plus: Stock-based compensation expense Employer taxes related to stock compensation Non-GAAP Gross Profit GAAP Gross Margin Non-GAAP Gross Margin Fiscal Year Ended January 31, 2020 $60,678 276 $60,954 63.0% 63.3% 2021 $95,680 650 $96,330 63.7% 64.1% 2022 $159,524 2,185 $161,709 67.0% 67.9% Six Months Ended July 31, 2022 $110,368 1,831 40 $112,239 67.5% 68.6% braze#4444 Reconciliation of GAAP to Non-GAAP Operating Expenses DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS GAAP sales and marketing expense Less: Stock-based compensation expense Employer taxes related to stock-based compensation expense Non-GAAP sales and marketing expense GAAP research and development expense Less: Stock-based compensation expense Employer taxes related to stock-based compensation expense Non-GAAP research and development expense GAAP general and administrative expense Less: Stock-based compensation expense Employer taxes related to stock-based compensation expense Charitable contribution expense Non-GAAP general and administrative expense Fiscal Year Ended January 31, 2020 2021 $57,348 6,365 $50,983 $20,339 3,705 $16,634 $16,524 2,062 $14,462 $70,661 2,892 $67,769 $29,212 2,102 $27,110 $27,959 1,896 $26,063 2022 $127,137 16,281 $110,856 $59,034 15,613 $43,421 $51,564 13,101 $38,463 Six Months Ended July 31, 2022 $96,051 11,106 387 $84,558 $44,956 13,094 251 $31,611 $44,117 8,053 229 4,260 $31,575 braze#4545 Reconciliation GAAP to Non-GAAP Operating Loss DOLLARS IN THOUSANDS Loss from operations Plus: Stock-based compensation expense Employer taxes related to stock-based compensation expense Charitable contribution expense Non-GAAP loss from operations GAAP Operating Margin Non-GAAP Operating Margin 2020 ($33,533) 12,408 ($21,125) (34.8%) (21.9%) Fiscal Year Ended January 31, 2021 ($32,152) 7,540 ($24,612) (21.4%) (16.4%) 2022 ($78,211) 47,180 ($31,031) (32.9%) (13.0%) Six Months Ended July 31, 2022 ($74,756) 34,084 907 4,260 ($35,505) (45.7%) (21.7%) braze#4646 Operating Metrics - Definitions Number of Customers: We define a customer as the separate and distinct, ultimate parent-level entity that has an active subscription with us to use our products. A single organization could have multiple distinct contracting divisions or subsidiaries, all of which together would be considered a single customer. Dollar-based Net Retention Rate: We calculate our dollar-based net retention rate as of a period end by starting with the ARR from a cohort of customers as of 12 months prior to such period-end (the Prior Period ARR). We then calculate the ARR from the same cohort of customers as of the end of the current period (the Current Period ARR). Current Period ARR includes any expansion and is net of contraction or attrition over the last 12 months, but excludes ARR from new customers in the current period. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the point-in-time dollar-based net retention rate. We then calculate the weighted average point-in-time dollar-based net retention rates as of the last day of each month in the current trailing 12-month period to arrive at the dollar-based net retention rate. Annual Recurring Revenue (ARR): We define ARR as the annualized value of customer subscription contracts, including certain premium professional services that are subject to contractual subscription terms, as of the measurement date, assuming any contract that expires during the next 12 months is renewed on its existing terms (including contracts for which we are negotiating a renewal). Our calculation of ARR is not adjusted for the impact of any known or projected future events (such as customer cancellations, expansion or contraction of existing customers relationships or price increases or decreases) that may cause any such contract not to be renewed on its existing terms. Remaining Performance Obligations: The transaction price allocated to remaining performance obligations represents amounts under non- cancelable contracts expected to be recognized as revenue in future periods, and may be influenced by several factors, including seasonality, the timing of renewals, the timing of service delivery and contract terms. Unbilled portions of the remaining performance obligation are subject to future economic risks including bankruptcies, regulatory changes and other market factors. braze#47braze