Navan : Investor Briefing - Navigate 2026

Published: 2026-05-13 15:38:07 ET NAVN

Published on 05/13/2026 at 03:38 pm EDT

May 13

Investor

Briefing

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Welcome & Safe Harbor Ryan Burkart

Agenda & Presenters

Orchestrating the Future of Global Travel Ariel Cohen

GTM Momentum Michael Sindicich

Durable Growth & Efficiency Aurélien Nolf

Executive Q&A Leadership Team

Safe Harbor / Forward-Looking Statements

This presentation contains "forward-looking statementsˮ within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the size of Navanʼs market opportunity, market trends, and the companyʼs business strategy and plans. In some cases, you can identify forward-looking statements by terms such as "anticipate,ˮ "believe,ˮ "estimate,ˮ "expect,ˮ "intend,ˮ "may,ˮ "plan,ˮ "project,ˮ "will,ˮ or similar expressions. Such statements are subject to risks, uncertainties and other factors that may cause actual results to be materai lly different from any future results expressed or implied by the forward-looking statements. These include, but are not limited to: Navanʼs limited operating history; the growth rate of the markets in which Navan, Inc. ("Navan," or ht e "Company") competes; Navanʼs ability to effectively manage and sustain its growth; Navanʼs ability to compete with existing competitors and new market entrants; Navanʼs ability to attract new and retain existing customers, or to renew and expand its relationships with current customers; adverse changes in relationships with third parties on which Navan depends; Navanʼs ability to utilize AI successfully in its current and future products; disruptions orother business interruptions that affect the availability of Navanʼs platform, including cybersecurity incidents; and general global market, political, economic, and business conditions, including those related to global macroeconomic conditions, actual or perceived instability in the banking sector, supply chain disruptions, a potential recession, inflation, interest rate volatility, and geopolitical uncertainty, including ongoing conflicts around the world. Additional irsks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated

by the forward-looking statements contained herein are included in the "Risk Factorsˮ and "Managementʼs Discussion and Analysis of Financial Condition and Results of Operationsˮ sections of Navanʼs Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on April 2, 2026 as they may be updated by Navanʼs subsequent filings wiht the SEC. Except as required by law, Navan undertakes no obligation, and does not intend, to update these forward-looking statements.

This presentation includes certain financial measures not presented in accordance with U.S. generally accepted accounting prni ciples ("GAAPˮ), including non-GAAP gross profit, non-GAAP gross margin, and non-GAAP R&D expense as a percentage of revenue. The non-GAAP measures included in this presentation have certain limitations and should not be construed as alternatives to financial measures determined in accordance with GAAP. The non-GAAP measures as defined by Navan may not be comparable to similar non-GAAP measures presented by other companies. Please refer to the Appendix at the end of this presentation for more information, including reconciliations of non-GAAP financial measures for historical periods and footnotes to certain graphics used in this presentation.

This presentation also contains estimates and other statistical data made by independent parties and by Navan relating to market size and growth and other data about Navan's industry and estimated total addressable market. This data involves a number of assumptions and limitations and is based in part on statistical data provided by a third party as part of a study commissioned by Navan and in part on Navanʼs internal data, and investors are cautioned not to give undue weight to such estimates. In addition, projections, assumptions, and estimates of Navanʼs future performance and ht e future performance of the markets in which Navan operates are necessarily subject to a high degree of uncertainty and risk.

Unless otherwise noted, any reference in this presentation to a year refers to Navan's fiscal year, which represents the yearended January 31. Navan and Navan's logo are trademarks of Navan, Inc. All third-party trademarks, including names, logos, and brands, referenced by Navan in this presentation are property of their respective owners, are for identification purposes only and shall be considered nominative fair use under trademark law.

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Orchestrating the Future of Global Travel

CEO & Co-Founder

Welcome to

Navan's Flagship Customer Event

Navigate

Perspectives Predictions Innovations

FY'26 Average

96%

FY'26 Average

NPS¹

| 5 1 Full company average for Q1 -Q4 FY2026.

When it rains, Navan shines

Winter Storms Fern and Hernando

82%

Spike in chat

volume²

30k+

Chats²

55%

resolved without human

intervention²

80%+

Ava CSAT1 During

Winter Storms

AI & human intelligence together deliver a

superior service experience

| 6 ¹ Ava CSAT during challenging Winter Storm Fern and Hernando environments when CSAT is impacted by exogenous factors.

² Spike in chat volume, total chats, and resolution rate measured during Winter Storms Fern 1/ 23/2 6-1/2 7/26 and Hernando 2/22 /26-2/24/26.

Navan's Mission

Make travel easy for every traveler by being the best travel agency on the planet

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Delivering on our Mission

96%

CSAT2

$185B

Estimated TAM3

>12M

Trips⁴

Large Scale (all figures FY'26)

High Customer Satisfaction

Huge Market

>12,500

Customers1

NPS2

$9.1B

GBV⁴

38% YoY Growth

$702M

Revenue⁴

31% YoY Growth

| 8 1 Active customer defined as customer with 6 or more transactions on our platform during the 12-month period preceding the measurement date and that has generated any form of usage-based revenue from a user's booking on our platform during th is period. 2Full company average for Q1 -Q4 FY2026. 3 Figure is Navan 's estimate for FY20 25, based on data provided by Euromonitor Internation al Limited in the Global Business Travel Ind ustry Asses sment Re port, June 2 025, commissioned by us, and internally calculated metrics. ⁴ Revenue, GBV, and trip count for fiscal ye ar e nded January 31, 2026. See Form 10-K filed with the SEC on April 2, 2026 .

A Win-Win-Win Solution

Suppliers

Customers

~15% Median Travel

Savings1

Increased user adoption

Real-time visibility into spend

Better ability to forecast & control costs

Unified platform experience

Users

Delightful, Time Saving

Experience

Highly personalized

Centralized platform for user needs

Differentiated support experience

Streamlined T&E

Access to High-Value Customer Base

Flexible retailing and brand control

Accelerated innovation through collaborative distribution

More Users

More Suppliers

Better AI Models

More Adoption

Higher User Satisfaction

| 9 1 As compared to budgeted travel spend.

Applications Layer

Ava, Navan Classic, Navan Edge, Navan Expense

Agents to All

TravelClaw, Headless TMC

Navan's

Infrastructure

Orchestration Layer: Navan Cognition

Orchestrating Navan's AI Agents and Human Agents to Make Travel Easy

Navan Agents

Products and Services as Collaborative, Knowledge Agents

Proprietary Navan Models

Developed Internally and Trained on Proprietary Navan Data

Nearly 30% of the LLM calls from our support agent (Ava) are to our trained models

Infrastructure & Connectivity

| 10

Travel Infrastructure

Layers

Commercial Agreements, Connectivity, Licenses, Regulatory Approvals, Global Footprint

660 Airlines, GDSs, 2m+ Lodging Properties, Rail, Cars

Fintech Infrastructure

Connectivity, Financing Banks, Credit Cards

AI Accelerating Our Leadership

Product Accelerating

Sales

More Effective Support

Delivering New

Products, Faster

AIAs sist an t | B e ta

Hi there,

Ready to f ind your nex t fli ght? S hare a few detai ls about your plans.

Askme anything

F in ish S FO to NY C se ar ch Wind o w se at fro m S FO to FR A Wind o w se at fro m S FO to FR A

Orchestration between human and AI agents

Accelerating Revenue

Growth

50%+¹ New Signed GBV

Growth in Q4 FY'26 YoY

Expanding

Profitability

1,100 basis points margin

expansion in Q4 FY'262

New Revenue

Streams

Navan Edge, TravelClaw,

Headless TMC

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1Yoy growth in new signed GBV for Q4 FY2026 compared to Q4 FY2025 2Non-GAAP Operating Margin Q4 FY2026 compared to Q4 FY2025.

Navan's Long Term Vision

Everywhere, everything, globally.

If you want to be there, we will be there for you.

GTM

Momentum

President

Our End-to-End Platform

Attacking a

Opportunity

Massive Market

$185B

Estimated Total Revenue Opportunity across travel, bleisure, payments and expense

Figure is Navan 's estimate for FY2025, bas ed on data provided by Euromonitor Internation al Limited in the Global Busin ess Tra vel Ind ustry Asses sment Re port, June 2025, commissioned by us, and internally calculated metrics.

Attacking the Managed and Unmanaged Opportunities

Company Type

GTM Channel

GTM Channel Description

Managed Business

Travel1

$30B

35% of Busine ss Travel

Manage men t Revenu e Opportunity

Enterprise

Mid Market

SLG

Account Executives generate new customer acquisition

Customer success teams increase platform engagement

SLG

(Sales-Led - Growth)

Enterprise

with Low Adoption

SLG

(Sales-Led - Growth)

Unmanaged

Business Travel1

$56B

65% of Business Travel

Management Revenue

Opportunity

Mid Market DIY

SMB

PLG

(Product-Led - Growth)

PLG

Marketing initiatives drive promotions and paid social campaigns

Low-touch sales rep engagement

1 Figures are Navan's es timates for FY2025, based on data provid ed by Euromonitor International Limited in the Global Busines s Travel Ind ustry Assessme nt Report, June 202 5, commissioned by us, and internally calculate d me trics.

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Global Sales Organization

London

Berlin

Boston

Paris

San Francisco

New York City

Austin

Team composition (% total GTM HC1)

Sales (51%)

SDR

Solutions Architect

Partnerships

Operations (12%)

Compensation

Business Partners

Deal Desk

Analytics & Systems

Supplier Strategy

Marketing (9%)

Field

Demand

PMM

Brand

Account Management (28%)

Customer Success

Solutions consultants

Future: keep expanding in new GEOs

PLG: Performance ads all around the world w/out sales

1 As of January 31, 2026.

SLG: Disciplined, Repeatable Process that Scales

(2-9 month Sales Cycle)

Marketing engagement: Brand & digital, Field events, Product Marketing Material, Partner engagement

1. Research

(Targeting)

First DM

Gate

Champion

Identification

(Disco + Demo)

NBM Gate

3. Scope

(Workshops)

GnG

Gate

Signed

First Discovery Meeting New Business Meeting Go/No-Go Meeting

(2 months implementation, 5-6 months to Fully Ramped)

Ramping

Fully Ramped

Signed

4. Launching

Upselling Commences: Payments, Expense, Meeting & Events, VIP

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PLG: Same Discipline, Faster Results

Paid Social, SEO/GEO, Viral Adoption (1-6 weeks)

Smart Targeting / Lead Gen

Smart Lead Enrichment

Signup / Company Creation

AI / Personalized Onboarding

Activation

Paid Search, Social, and SEO/GEO drive wide-funnel demand

AI-driven qualification & account intent profiling

Zero-friction entry & automated entity verification

Contextual software-led guide for admins onboarding to Navan

PLG customer activated

Expense, Card, Managed VIP (+2-8 weeks)

Activation

Ramping

Fully Ramping

Identify Graduation Potential

Graduation

Establishing baseline usage and user habits

Expansion to cross-functional teams & depts

Peak engagement reached within self-serve tier

High travel spend & seat velocity triggers

Handover to MM/ENT for strategic growth & upsells

| 18

Capturing a Rising Share of Up-Market Opportunity

| 19

RFP Volume Growth Inflecting, up 200%+, Q4 FY'26¹

*based on Navan RFP tool data

1 Monthly RFP volume grew 200 %+ from Q4 FY' 25 to Q4 FY'26.

Tailwinds:

IPO and brand impact

Our Approach is Working

Broad and Diverse Customer Base Spans Industries and Geos

38% of Revenue from International Customers¹

No Single Platform Customer Contributing More than 2% of Revenue²

Note:

All metrics are for FY'26.

| 20

1 International customers define d as customers he adquarte re d outside the United State s. Percentage rep resents share of total FY2026 reven ue 2 Based on FY2026 platform revenue .

Disclaimer

Navan Inc. published this content on May 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 13, 2026 at 19:37 UTC.