#1• DigitalOcean Earnings Presentation Q3 2023#2→ Safe Harbor This presentation contains forward-looking statements that involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "estimate," "believe," "predict," "potential" or "continue" or the negative terms or other similar expressions intended to identify statements about the future. These statements speak only as of the date of this presentation and involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. We cannot assure you that the forward-looking statements in this presentation will prove to be accurate. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. You should, however, review the factors and risks and other information we describe in the reports we file from time to time with the SEC. This presentation includes statistical and other industry and market data that we obtained from industry publications and research, surveys and studies conducted by third parties as well as our own estimates of potential market opportunities. All of the market data used involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such data, industry publications and third-party research, surveys and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. Our estimates of the potential market opportunities for our product candidates include several key assumptions based on our industry knowledge, industry publications, third-party research and other surveys, which may be based on a small sample size and may fail to accurately reflect market opportunities. While we believe that our internal assumptions are reasonable, no independent source has verified such assumptions. In addition to U.S. GAAP financials, this presentation includes certain non-GAAP financial measures. These non-GAAP measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. The non-GAAP financial measures used by DigitalOcean Holdings, Inc. may differ from the non-GAAP financial measures used by other companies. A reconciliation of these measures to the most directly comparable U.S. GAAP measure is included in our filings with the SEC. digitalocean.com#3→ Our Mission DigitalOcean simplifies cloud computing so builders can spend more time creating software that changes the world. digitalocean.com#4ņ Key Performance Indicators Strong Revenue Growth Scaling ARR Adjusted EBITDA Margin ARPU¹ Non GAAP Net Income Per Diluted Share Adjusted Free Cash Flow Margin 1 See slide 11 for our definition of ARPU. Q3'22 $152.1M $640.6M 40% $86.54 $0.36 16% Q3'23 $177.1M $713.3M 43% $92.06 $0.44 32% Y-O-Y Growth +16% +11% +300 bps +6% +22% +1,600 bps digitalocean.com 4#5Large and Rapidly Growing Market Opportunity Individuals and Companies with <500 Employees laaS $98Bn $36Bn $62Bn 2023 PaaS 26% CAGR Source: IDC: Worldwide Software and Public Cloud Services Spending Guide (Jan. 2023) $195Bn $78Bn $116Bn 2026 5#6ņ $ ? 8 What is the Problem DigitalOcean Solves for SMBs? Complex systems: Enterprise-focused vendors have complicated implementation processes which limit onboarding for startups and SMBs. Onerous pricing: Existing providers have intricate and unpredictable pricing models that lack transparency. Lack of support: Traditional public cloud vendors target large enterprise customers and smaller buyers often do not get the necessary level of support they require. Uncurated set of offerings: Hyperscalers have built their platforms to serve global enterprises with large dev teams. Ancillary products and services create challenges. digitalocean.com 6#7DigitalOcean's Offerings are Highly Differentiated Simplicity Infrastructure and Platform Technologies that can be spun up quickly, intuitively, and independently Support Live, personal support to all customers regardless of their spend or scale Community Free knowledge base with tens of thousands of pieces of content, including Q&A and tutorials to help developers and entrepreneurs Open Enabling faster, lower cost innovation without locking users into a proprietary stack 7#8DigitalOcean Offers a Cloud Platform Purpose Built for Developers and SMBs VPS Hosting 2012-2015 Droplets: Simple and scalable virtual machines Cloud Infrastructure 2015-2018 Key components underpinning cloud such as Volumes, Load Balancers, Spaces, and Firewalls Developer & SMB Cloud 2018-2023+ Essential elements to help developers and growing SMBs scale such as Managed Kubernetes, Managed Databases, Marketplace, App Platform, Functions, Managed Hosting and AI/ML 8#9Global Infrastructure Supports Customers in 190 Countries 15 Data Centers Across 9 Regions San Francisco North America 37% of revenue 000 . Toronto New York Europe 29% of revenue London ROW 10% of revenue Customers in 190 Countries Amsterdam ● Frankfurt Bangalore Notes: % based on Q3'23 revenue. Singapore 200 Asia 24% of revenue Sydney 9#10ņ 154K Customers Paying More Than $50 per Month Builders and Scalers (K) Revenue Contribution from Builders And Scalers 95 Q3'21 99 Q3'21 Q4'21 103 Q4'21 Q1'22 105 Q1'22 Q2'22 142 Q2'22 Q3'22 144 82% 83% 84% 84% 85% 86% 86% Q3'22 Q4'22 147 Q4'22 +9% Q1'23 Q1'23 150 Q2'23 86% Q2'23 154 Q3'23 86% Q3'23 digitalocean.com 10#11ņ Customer Concentration, Revenue Contribution and Growth Sep 2023 100% 75% 50% 25% 0% 16K 633K 138K 479K Customers Testers Learners Builders $59M $32M $19M $7M Monthly Revenue Scalers $1M (figures as of Sep-23) Total¹ Scalers Builders Learners Customer Growth² % y-o-y 2% 13% 8% 0% ARPU³ $92 $1,979 $136 $15 ARR Growth4 % 11% 13% 9% 4% Customer Growth2,5 q-o-q 16,785 458 3,669 12,658 Customer Growth²% q-o-q 3% 3% 3% 3% 1. Scalers spend more than $500 per month, Builders spend between $50 and $500 per month, Learners spend less than $50 per month and have been customers for at least 3 months. Testers spend less than $50 per month and have been customers for less than 3 months and contribute revenue of approximately $1M per month. 2. 633K total customers excludes testers on an aggregate basis. 3. ARPU excludes testers' revenue and tester customer count from the calculation. 4. ARR growth is calculated by monthly revenue of September 2023 over the same period in September 2022. 5. Quarter over quarter customer growth includes net graduation less customer churn. digitalocean.com 11#12• DigitalOcean " Financials#13ņ Balanced Profile of Growth and Profitability $1,000 $750 $500 $250 $0 35% $429 FY'21 Revenue (M) Revenue 34% $576 FY'22 20% $690 FY'23E YOY Revenue Growth $400 $300 $200 $100 $0 Adjusted EBITDA (M) 32% $137 FY¹21 Adjusted EBITDA 35% $199 FY'22 Notes: 2023E based on the midpoint of financial outlook as of November 2, 2023 38.5% $266 FY'23E Adjusted EBITDA Margin digitalocean.com 13#14ņ Return on Invested Capital Drivers $200 $150 $100 $50 $0 Adjusted Free Cash Flow (M) 6% $25 FY'21 Adj. Free Cash Flow 13% $78 FY'¹22 21.5% $148 FY'23E Adj. Free Cash Flow Margin 125 115 105 95 85 75 Diluted Weighted Average Shares Outstanding 118M FY'21 118M FY'22 Notes: 2023E based on the midpoint of financial outlook as of November 2, 2023 102.5M FY'23E digitalocean.com 14#15ņ Healthy Customer Economics 120% 110% 100% 90% Net Dollar Retention Rate 116% Q3'21 118% Q3'22 96% Q3'23 $100.00 $90.00 $80.00 $70.00 $60.00 $50.00 $67.65 Q3'21 ARPU $86.54 Q3'22 $92.06 Q3'23 digitalocean.com 15#16? Financial Outlook Metric Revenue Adjusted EBITDA Margin Non-GAAP Diluted Net Income Per Share Adjusted Free Cash Flow Margin Fully Diluted Weighted Average Shares Outstanding Q4 2023 Targeting $178M 36-37% $0.36-$0.37 ΝΑ 100-101M FY 2023 (as of 2/16) $700-$720M 38-39% $1.65-$1.69 21-22% 114-116M FY 2023 (as of 5/9) $700-$720M 38-39% $1.70-$1.73 21-22% 103-105M FY 2023 (as of 8/11) $680-$685M 38-39% $1.40-$1.44 21-22% 105-107M FY 2023 (as of 11/2) Targeting $690M 38-39% $1.52-$1.54 21-22% 102-103M digitalocean.com 16#17→ Appendix digitalocean.com#18→ Financial Highlights and KPIs Revenue (M) Revenue Growth ARR (M) ARR Increase (M) Adj. EBITDA (M)¹ Net Dollar Retention Rate (NDR) Average Revenue Per Customer (ARPU)² Builders and Scalers (Customers that spend more than $50 per month) Builders and Scalers % of total company revenue Q3'21 $111.4 37% $455 $28 $36.6 116% 94.6k Q4'21 83% $119.7 37% $490 $35 $37.8 $67.65 $72.01 116% 99.4k 84% Q1'22 Q2'22 $127.3 $133.9 36% $524 $544 $34 117% $37.2 $45.5 29% 84% $20 $76.45 $79.74 Capex as % of Revenue 24% 27% (1) Includes the impact of the adoption of ASC 842 for all periods within fiscal year 2022. (2) Restated to conform to our current definition of ARPU, which excludes testers. 102.5k 105.4K 20% 112% 85% 24% Q3'22 Q4'22 $152.1 $163.0 37% $641 $97 $61.5 118% 36% 86% $659 22% $18 112% Q1'23 $165.1 86% 30% 18% $669 $10 Q2'23 Q3'23 $54.7 $55.7 $72.2 $169.8 $177.1 $86.54 $87.52 $88.35 $90.84 27% 142.1K 144.2k 146.5k 150.1k 86% $682 15% $12 107% 104% 86% 15% 16% $713 $32 $75.8 96% $92.06 154.3k 86% 12% digitalocean.com 18#19ņ Adjusted EBITDA and Adjusted EBITDA Margin (In thousands) GAAP Net income (loss) attributable to common stockholders Adjustments: Depreciation and amortization Stock-based compensation(¹) Interest expense Acquisition related compensation Acquisition and integration related costs Income tax expense Loss on extinguishment of debt Restructuring and other charges Restructuring related charges (2) Impairment of long-lived assets Other income, net (³) Adjusted EBITDA As a percentage of revenue: Net income (loss) margin Adjusted EBITDA margin $ $ Three Months Ended September 30, 2023 19,175 $ 30,554 28,731 2,333 7,995 2,366 17,939 (441) (29,484) 587 (3,979) 75,776 11 % 43% $ 2022 7,903 25,626 23,594 2,127 2,361 2,700 442 Nine Months Ended September 30, 5% 40% 2023 3,470 87,085 92,754 6,634 22,576 5,113 9,774 20,862 (26,757) 24 1,140 (18,967) 61,503 $ 203,684 $ (3,274) $ 1% 40 % 2022 (17,424) 73,900 77,758 6,281 2,361 2,868 2,611 407 1,615 (6,206) 144,171 (4)% 35 % (1) For the three and nine months ended September 30, 2023, non-GAAP stock-based compensation excludes the $31.3 million reversal related to the forfeited MRSU award as it is presented in Restructuring related charges. (2) Primarily consists of salary continuation charges, executive reorganization charges including CEO search firm fees and other legal and professional service costs, and the $31.3 million reversal of stock-based compensation related to the forfeited MRSU award. (3) Other income, net primarily consists of interest and accretion income from our marketable securities. digitalocean.com 19#20ņ Non-GAAP Net Income (In thousands, except per share amounts) GAAP Net income (loss) attributable to common stockholders Stock-based compensation (¹) Acquisition related compensation Amortization of acquired intangible assets Acquisition and integration related costs Loss on extinguishment of debt Impairment of long-lived assets Restructuring and other charges Restructuring related charges(²) Non-GAAP income tax adjustment (3) Non-GAAP Net income $ Three Months Ended September 30, 2023 19,175 $ 28,731 7,995 5,651 2,366 587 (441) (29,484) 9,011 43,591 $ 2022 7,903 $ 23,594 2,361 1,661 2,700 24 710 38,953 $ Nine Months Ended September 30, 2023 3,470 $ 92,754 22,576 13,231 5,113 - 1,140 20,862 (26,757) (14,393) 117,996 $ 2022 (17,424) 77,758 2,361 2,687 2,868 407 1,615 992 71,264 (1) For the three and nine months ended September 30, 2023, non-GAAP stock-based compensation excludes the $31.3 million. reversal related to the forfeited MRSU award as it is presented in Restructuring related charges. (2) Primarily consists of salary continuation charges, executive reorganization charges including CEO search firm fees and other legal and professional service costs, and the $31.3 million reversal of stock-based compensation related to the forfeited MRSU award. (3) Previously, we calculated the income tax effects of non-GAAP adjustments based on the applicable statutory tax rate for the relevant jurisdiction, except for those items which were non-taxable or subject to valuation allowances for which the tax expense (benefit) was calculated at 0%. Prior to fiscal year 2023, U.S. income tax effects of non-GAAP adjustments were subject to a valuation allowance and, therefore, were taxed at 0%. Beginning January 1, 2023, the Company projects to be a U.S. taxpayer and will use a long term fixed forecasted rate of 17% on non-GAAP pre-tax income for 2023. digitalocean.com 20#21ņ Non-GAAP Diluted Net Income per Share (In thousands, except per share amounts) GAAP Net income (loss) per share attributable to common stockholders, diluted $ Stock-based compensation(¹) Acquisition related compensation Amortization of acquired intangible assets Acquisition and integration related costs Impairment of long-lived assets Restructuring and other charges Restructuring related charges(2) Non-cash charges related to convertible notes (4) Non-GAAP income tax adjustment (3) Non-GAAP Net income per share, diluted GAAP weighted-average shares used to compute net income (loss) per share, diluted Weighted-average dilutive effect of potentially dilutive securities (5) Non-GAAP weighted-average shares used to compute net income per share, diluted $ Three Months Ended September 30, 2022 2023 0.20 S 0.27 0.07 0.05 0.02 (0.28) 0.02 0.09 0.44 $ 102,674 102,674 0.08 $ 0.21 0.02 0.01 0.02 0.01 0.01 0.36 $ 104,931 8,403 113,334 Nine Months Ended September 30, 2022 2023 0.04 $ 0.87 0.21 0.12 0.05 0.01 0.20 (0.25) 0.04 (0.13) 1.16 S 97,747 8,403 106,150 (0.17) 0.69 0.02 0.02 0.04 0.01 0.04 0.01 0.66 102,134 12,375 114,509 (1) For the three and nine months ended September 30, 2023, non-GAAP stock-based compensation excludes the $31.3 million reversal related to the forfeited MRSU award as it is presented in Restructuring related charges. (2) Primarily consists of salary continuation charges, executive reorganization charges including CEO search firm fees and other legal and professional service costs, and the $31.3 million reversal of stock-based compensation related to the forfeited MRSU award. (3) Previously, we calculated the income tax effects of non-GAAP adjustments based on the applicable statutory tax rate for the relevant jurisdiction, except for those items which were non-taxable or subject to valuation allowances for which the tax expense (benefit) was calculated at 0%. Prior to fiscal year 2023, U.S. income tax effects of non-GAAP adjustments were subject to a valuation allowance and, therefore, were taxed at 0%. Beginning January 1, 2023, the Company projects to be a U.S. taxpayer and will use a long term fixed forecasted rate of 17% on non-GAAP pre-tax income for 2023. (4) Consists of non-cash interest expense for amortization of deferred financing fees related to the Convertible Notes. (5) Consists of the potentially dilutive effects of our stock options, RSUS, PRSUS, and Convertible Notes. In periods with a GAAP net loss position, these are excluded from GAAP weighted-average shares. digitalocean.com 21#22ņ Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin (In thousands) GAAP Net cash provided by operating activities $ Adjustments: Capital expenditures - property and equipment Capital expenditures - internal-use software development Purchase of intangible assets Restructuring and other charges Acquisition related compensation Restructuring related charges(¹) Acquisition and integration related costs Adjusted free cash flow As a percentage of revenue: GAAP Net cash provided by operating activities Adjusted free cash flow margin $ Three Months Ended September 30, 2023 54,050 $ (20,229) (1,180) 848 16,851 1,231 4,506 56,077 31 % 32% $ 2022 55,845 (30,989) (2,263) $ 1,021 23,614 $ 37 % 16 % Nine Months Ended September 30, 2023 154,426 $ (67,077) (4,075) 16,774 16,851 3,958 6,067 126,924 $ 30 % 25 % 2022 132,318 (79,679) (6,593) (4,915) 1,332 42,463 32% 10% 1) Primarily consists of salary continuation charges and executive reorganization charges, including CEO search firm fees and other legal and professional service costs. digitalocean.com 22#23ņ Non-GAAP Operating Expenses GAAP cost of revenue Amortization of acquired intangible assets Stock-based compensation Acquisition and integration related costs Impairment of long-lived assets Non-GAAP cost of revenue GAAP research and development Amortization of acquired intangible assets Stock-based compensation Impairment of long-lived assets Acquisition related compensation Acquisition and integration related costs Restructuring related charges Non-GAAP research and development GAAP sales and marketing Amortization of acquired intangible assets Stock-based compensation Acquisition and integration related costs Restructuring related charges Non-GAAP sales and marketing $ S S $ $ $ Three Months Ended September 30, 2023 70,329 $ (3,129) (499) (15) (587) 66,099 $ 32,627 $ (9,502) (250) (412) (315) 22,148 $ 19,015 $ (2,522) (4,701) (100) (11) 11,681 $ 2022 56,730 $ (625) (492) 55,613 $ 30,243 $ (275) (8,236) (24) 21,708 $ 19,097 $ (1,162) (3,356) 14,579 $ Nine Months Ended September 30, 2023 209,562 $ (6,804) (1,351) (15) (1,129) 200,263 $ 109,468 $ (275) (35,280) (11) (750) (571) (2,704) 69,877 $ 53,346 $ (6,152) (11,759) (100) (381) 34,954 $ 2022 151,746 (701) (1,404) 149,641 104,440 (825) (28,617) (144) 74,854 56,360 (1,273) (10,553) 44,534 digitalocean.com 23#24ņ Non-GAAP Operating Expenses (cont.) GAAP general and administrative Amortization of acquired intangible assets Stock-based compensation Impairment of long-lived assets Acquisition related compensation Acquisition and integration related costs Restructuring related charges Non-GAAP general and administrative GAAP restructuring and other charges Stock-based compensation Restructuring and other charges Non-GAAP restructuring and other charges $ $ $ Three Months Ended September 30, 2023 20,064 $ (14,029) (7,746) (1,839) 29,810 26,260 $ (441) $ 441 $ 2022 38,847 $ 401 (11,510) 1 (2,701) (1,779) 23,259 $ $ $ Nine Months Ended September 30, 2023 117,861 $ (44,362) (21,827) (4,427) 29,841 77,086 $ 20,862 $ (20,862) $ 2022 115,109 112 (37,184) (1,471) (2,361) (2,868) 71,337 digitalocean.com 24