#1Investor Presentation Q4 2021 HubSpot#2Important Information This presentation includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding management's expectations for future financial and operational performance and operating expenditures, expected growth, and business outlook, including our long-term financial framework; our focus on profitable growth; cash flow and margin improvement expectations; our product plans, strategies, and trends; our ability to expand our total addressable market; our position to execute on our growth strategy and related growth drivers; our opportunities in international markets; and our ability to expand our leadership position and market opportunity for our CRM platform. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, our history of losses, our ability to retain existing customers and add new customers, the continued growth of the market for an inbound platform; our ability to differentiate our platform from competing products and technologies; our ability to manage our growth effectively to maintain our high level of service; our ability to maintain and expand relationships with our solutions partners; our ability to successfully recruit and retain highly-qualified personnel; the price volatility of our common stock; impact of COVID-19 on our business, the broader economy, and our ability to forecast our future financial performance as a result of COVID-19; and other risks set forth under the caption "Risk Factors" in our Quarterly Report on Form 10-Q filed on November 3, 2021 and our other SEC filings. We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise. 2#3HubSpot Overview We provide a CRM platform with award-winning software, services, and support to transform the way organizations attract, engage, and delight customers. ~135,000 Total Customers 120+ 13 Countries Office Locations Worldwide 3#4HubSpot Snapshot . CRM platform for SMEs • Large and growing TAM opportunity • Delivering durable growth at scale • Balancing fast growth with profitability • Recurring SaaS revenue model • Strong underlying unit economics . Extensive App & Solutions Partner ecosystem 4#5HubSpot's Journey#6HubSpot's mission is to help millions of organizations grow better. a#7What does it mean to grow better? Where others annoy, you attract. Where others harass, you help. Where others ignore, you enable. Where others may sacrifice the customer experience to grow, you find ways to grow better. 7#8Customers Accelerate Growth But many companies view them as an afterthought. Marketing Sales Customers 8#9We've transformed our business around a new model of growth Strangers Attract Promoters Delight Growth Engage Customers The Flywheel Prospects 9#10Each time we reduce friction for our customers, we fuel our own flywheel. And we're working to enable millions of organizations to do the same. 10#11To do so, we evolved from an app to a platform... C Marketing 32B eCommerc Operations Sales ၁ Marketing CRM Service Solution Partners CMS Developers App Partners ...because the customer experience should be seamless. 11#12Employee Size We dramatically expanded our offering, and in turn, our TAM, through product development 2000 HubSpot at IPO MARKETING HubSpot today MARKETING SALES SERVICE CMS OPERATIONS 2000 200 20 2 200 20 2 because every company should be able to grow better, and no company should have to outgrow it. 12#13Our Product Pricing Marketing Hub Sales Hub Service CMS Operations Hub Hub Hub Enterprise $3,200 + $1,200 + $1,200 + $1,200 $2,000 Professional $890 + $500 + $400 + $400 $800 Starter $50 + $50 + $50 + $25 $50 Free Tools ( CRM Suite: Get access to every Starter, Professional, or Enterprise product, bundled together at a discounted rate. Note: All prices are monthly subscription prices. "+" indicates additional cost for Contacts for Marketing Hub customers and additional cost for Users for Sales and Service Hub customers. 13#14Began as an App All of that is just the beginning... Became a Suite Becoming a Platform C Marketing Sales C Marketing Service CMS Operations BeCommerc Operations Sales Marketing CRM Service Solution Partners CMS Developers App Partners We're focused on helping companies grow better in ever expanding ways. 14#15The HubSpot Journey Marketing Hub Launch 375 275 CRM Launch 175 Performable Hubspot founded Acquisition - $50M Sales Hub Launch " $100M Service Hub Launch $500M $250M Operations Hub Launch CMS Hub Launch 100K - customers PieSync Acquisition $1B ARR " B '06 '11 '12 13 '14 '15 '16 '17 '18 '19 120 *Originally launched and branded as "Sidekick" '21 122 Revenue 15#16HubSpot Grow Better#17Financial Review Q4 2021#18$375 $250 Revenue growth is strong $125 41% CAGR $0 Q3'14* Q4'21 Revenue ($m) 18 *IPO CAGR: compound annual growth rate#19$m $180 $120 $60 CLE $0 Q3'14* Large international growth opportunity International Revenue *IPO CAGR: compound annual growth rate Increasing % of Revenue 57% CAGR Q3 2014* 22% Q4'21 Q4 2021 46% 19#2070% -32% Q3'14* Strong Unit Economics Delivering Sustainable Profitability Gross Margin (Non-GAAP) Operating Margin (Non-GAAP) All percentages for historical periods are non-GAAP and exclude expenses associated with stock based compensation, amortization of acquired intangible assets and acquisition related expenses. Please refer to the end of this presentation for a reconciliation of GAAP to non-GAAP figures. *IPO 81% 10.3% Q4'21 20#21$200 $100 $0 Generating Positive Free Cash Flow ($100) Q3'14* Trailing Twelve Months Free Cash Flow ($m) All amounts are non-GAAP. Free cash flow is defined as cash and cash equivalents provided by (used in) operating activities less purchases of property and equipment and capitalization of software development costs. Please refer to the end of this presentation for a reconciliation of GAAP to non-GAAP figures. *IPO Q4'21 21#22Financial framework focused on profitable growth High Growth Growth Moderate Growth Revenue Growth >30% ≈30% <30% Operating Margin %* 1% - 2% increase per year 2% -3% increase per year Operating Cash Flow Revenue Growth 3% -4% increase per year *Theoretical operating margin % is non-GAAP and excludes expenses associated with stock based compensation, amortization of acquired intangible assets and acquisition related expenses. 22#23Long Term Financial Target 2016 2017 2018 2019 2020 2021 Long Term Target Gross Margin 78% 81% 82% 82% 82% 81% 81% - 83% R&D 14% 15% 18% 18% 19% 18% 18% - 20% % of revenue S&M 55% 52% 46% 45% 45% 45% 30%-35% % of revenue G&A 14% 12% 11% 11% 10% 9% 8% -9% % of revenue Operating Margin -4% 2% 6% 8% 8% 9% 20%-25% Note: These estimates reflect our current operating plan as of 2/10/2022 and are subject to change as future events and opportunities arise. All percentages are non-GAAP and exclude expenses associated with stock based compensation, amortization of acquired intangible assets and acquisition related expenses. Please refer to the end of this presentation for a reconciliation of GAAP to non-GAAP figures. 23#24Appendix HubSpot#25GAAP to Non-GAAP Reconciliation 2018 2019 2020 2021 $'000s % of Revenues $'000s % of Revenues $'000s % of Revenues $ '000s % of Revenues Cost of Revenue Subscription Stock-based compensation Amortization of acquired intangibles Gain on termination of operating leases 69,718 1496 98,510 15% (1,476) 0% (3,127) 0% 130,685 (4,408) 15% 0% 211,132 (6,297) (1,394) 0% (3,201) 09 (2,340) 096 0% Loss on disposal of fixed assets 0% 09 Non-GAAP subscription 66,848 13% 92,182 14% 123,937 14% Professional services and other 30,639 6% 31,448 5% 36,274 Stock-based compensation (2,924) -196 (2,829) 096 (2,536) Gain on termination of operating leases 096 0% Loss on disposal of fixed assets 096 0% Non-GAAP professional services and other 27,715 596 28,619 4% 33,738 苦苦苦瓷 姿诺诺咨姿 09 (937) 395 (600) 203,693 16% 47,725 (3,092) 275 (415) 44.908 虽苦苦苦咨酱 姿咨咨咨杰 Gross Margin Gross margin 412,623 80% 544,902 81% Stock-based compensation 4,400 196 5,956 196 716,067 6,944 8196 1,041,801 80% 196 Amortization of acquired intangible assets 1,394 096 3,201 09 2,340 0% 9,389 662 196 096 Gain on termination of operating leases 096 0% 09 Loss on disposal of fixed assets 0% 096 0% 418,417 82% 554,059 82% 725,351 82% 1,051,852 81% Non-GAAP gross margin Operating Expenses Research and development 117,603 239 158,237 23% 205,589 239 Stock-based compensation (23,328) -5% (33,748) -5% (39,366) -4% Acquisition related expenses (2,696) -1% (357) 09 (1,287) 0% Gain on termination of operating leases 096 096 0% 301,970 (61,614) (1,152) 1,346 239 Loss on disposal of fixed assets 0% 0% 0% Non-GAAP research and development 91,579 18% 124,132 18% 164,936 19% (2,036) 238,514 18% Sales and marketing 267,444 529 340,685 50% 452,081 51% 649,681 Stock-based compensation (31,099) -69 (36,599) -5% (50,552) -6% (67,413) Amortization of acquired intangible assets 0% 0% (79) 0% (389) Acquisition related expenses 096 0% 0% (367) Gain on termination of operating leases 096 096 1,839 Loss on disposal of fixed assets Non-GAAP sales and marketing 096 0% (2,781) 236,345 46% 304,086 45% 401,450 45% 580,570 45% General and administrative 75,834 15% 92,971 14% 109,225 12% 144,949 11% Stock-based compensation (17,434) -39 (21,451) -3% (24,626) -3% (28,345) Acquisition related expenses 0% (552) 0% (545) 0% (568) Gain on termination of operating leases 09 09 0% Loss on disposal of fixed assets 096 096 0% Non-GAAP general and administrative 58,400 11% 70,968 11% 84,054 10% 421 (636) 115,821 ***** -5% 0% 0% 096 50% -5% -296 996 Loss from Operations Loss from operations (48,258) -9% (46,991) -79 (50,828) -696 (54,799) -496 Stock-based compensation 76,261 15% 97,754 14% Amortization of acquired intangible assets 1,394 0% 3,201 0% 121,488 2,419 1496 Acquisition related expenses 2,696 1% 909 0% 1,832 Gain on termination of operating leases 09 09 Loss on disposal of fixed assets 096 0% Non-GAAP loss from operations 32,093 696 54,873 896 74,911 88888 0% 166,761 1,326 13% 0% 096 2,087 0% 096 (4,276) 0% ४ 096 6,468 096 25 896 117,567 99#26GAAP to Non-GAAP Reconciliation Three Months Ended December 31, 2016 Three Months Ended March 31, 2017 Three Months Ended June 30, 2017 Three Months Ended September 30, 2017 Three Months Ended December 31, 2017 Three Months Ended March 31, 2018 Three Months Ended June 30,2018 $ '000s % of Revenues % of % of $ '000s Revenues $ '000s Revenues $ '000s % of Revenues $ '000s % of Revenues $ '000s % of Revenues $ '000s % of Revenues Gross Margin Gross margin 59,557 78% 65,180 79% 70,502 79% 78,716 81% 85,485 80% Stock-based compensation 551 1% 564 1% 844 1% 754 1% 823 1% 92,179 967 80% 1% Amortization of acquired intangible assets 13 0% 9 0% 0% 38 0% 50 0% 50 0% Acquisition related expenses 0% 0% 0% 0% 0% 0% Non-GAAP gross margin 60,121 79% 65,753 80% 71,346 80% 79,508 81% 86,358 81% 93,196 81% Loss from Operations Loss from operations (13,820) -18% (8,000) -10% (10,577) -12% (12,126) -12% (9,433) -9% (11,324) -10% (14,052) Stock-based compensation. 9,274 12% 9,303 11% 13,006 15% 12,110 12% 12,898 12% 16,046 14% Amortization of acquired intangible assets 20 0% 16 0% 0% 38 0% 50 0% 50 0% Acquisition related expenses 0% Non-GAAP loss from operations (4.526) -6% 1,319 0% 2% 0% 439 0% 827 1% 802 1% ཊྛིབྷཱམ ཊྛ། –– དྡྷིཊྛཱཝ 80% 1% 0% 0% 81% -11% 16% 0% 1% 2,429 3% 461 0% 4,342 4% 5,574 5% 5% Three Months Ended September 30,2018 $ '000s % of Revenues $ '000s Three Months Ended December 31, 2018 % of Revenues Three Months Ended March 31, 2019 % of $'000s Revenues $ '000s Three Months Ended June 30, 2019 % of Revenue Three Months Ended September 30, 2019 $ '000s % of Revenues $ '000s Three Months Ended December 31, 2019 % of Revenues Three Months Ended March 31, 2020 $ '000s % of Revenues Gross Margin Gross margin 106,061 Stock-based compensation 1,194 80% 1% 116,658 1,076 81% 122,220 81% 132,113 81% 140,358 81% 150,211 81% 160,683 81% 1% 1,633 1% 1,488 1% 1,468 1% 1,367 1% 1,505 1% Amortization of acquired intangible assets 494 0% 800 1% 800 1% 800 0% 762 0% 839 0% 880 0% Acquisition related expenses 0% 0% 0% 0% 0% 0% 0% Non-GAAP gross margin 107,749 82% 118,534 82% 124,653 82% 134,401 82% 142,588 82% 152,417 82% 163,068 82% Loss from Operations Loss from operations (15,050) -11% (7,832) -5% (9,036) -6% (15,725) -10% (14,072) -8% (8,158) -4% (14,102) -7% Stock-based compensation 19,612 15% 20,927 15% 21,205 14% 28,663 18% 23,791 14% 24,095 13% 27,463 14% Amortization of acquired intangible assets 494 0% 800 1% 800 1% 800 0% 762 0% 839 0% 900 0% Acquisition related expenses 802 1% 289 0% 32 0% 32 0% 30 0% 814 0% 333 0% Non-GAAP loss from operations 5,858 4% 14,184 10% 13,001 9% 13,770 8% 10,511 6% 17,590 9% 14,594 7% 26#27Gross Margin Gross margin GAAP to Non-GAAP Reconciliation Stock-based compensation Amortization of acquired intangible assets Gain on termination of operating leases Loss on disposal of fixed assets Non-GAAP gross margin Loss from Operations Three Months Ended June 30, 2020 Three Months Ended September 30, 2020 Three Months Ended December 31, 2020 Three Months Ended March 31, 2021 Three Months Ended June 30, 2021 Three Months Ended September 30, 2021 Three Months Ended December 31, 2021 $ '000s % of Revenues $ '000s % of Revenues $ '000s % of Revenues $ '000s % of Revenues $ '000s % of Revenues $ '000s % of Revenues $ '000s % of Revenues 164,831 81% 185,782 81% 204,771 81% 226,631 81% 247,911 80% 269,589 1,703 1% 1,792 1% 1,945 1% 2,007 1% 2,408 1% 2,408 79% 1% 297,670 81% 2,563 1% 879 0% 442 0% 139 0% 239 0% 236 0% 234 0% 228 0% 0% 0% 0% - 0% 0% (670) 0% - 0% 0% 0% 0% 0% 0% 1,015 0% 0% 167,413 82% 188,016 82% 206,855 82% 228,877 81% 250,555 81% 272,576 80% 300,461 81% Loss from operations Stock-based compensation (13,625) 31,374 Amortization of acquired intangible assets 899 Acquisition related expenses 518 Gain on termination of operating leases Loss on disposal of fixed assets Non-GAAP loss from operations 19,166 ****** (15,461) -7% (7,641) -3% (15,032) -5% (16,602) -5% (14,927) -4% (8,237) -2% 31,186 14% 31,466 12% 32,423 12% 43,433 14% 44,987 13% 45,914 12% 462 0% 159 0% 345 0% 337 0% 326 0% 318 0% 340 0% 640 0% 1,195 0% 372 0% 350 0% 170 0% 0% 0% 0% 0% (4,276) -1% 0% 0% 0% 0% 0% 6,468 2% 0% 16,527 7% 24,624 10% 18,931 7% 27,540 9% 32.928 10% 38,165 10% 27#28GAAP to Non-GAAP Reconciliation GAAP net cash and cash equivalents provided by (used in) operating activities Purchases of property & equipment Capitalization of software development costs Repayment of 2022 Convertible Notes attributable to the debt discount Free cash flow Trailing Twelve Months Ended December 31, 2016 $ '000s Trailing Twelve Months Ended Trailing Twelve Months Ended March 31, 2017 June 30, 2017 $ '000s $ '000s $ '000s Trailing Twelve Months Ended September 30, 2017 Trailing Twelve Months Ended December 31, 2017 $ '000s Trailing Twelve Months Ended March 31, 2018 19,366 (15,789) (5,749) 35,279 (14,983) (5,925) 35,364 37,893 (15,592) (17,528) (6,577) (6,882) (2,172) 14,371 13,195 13,483 $ '000s 49,614 57,244 (20,276) (7,071) (20,680) (8,077) 22,267 28,487 Trailing Twelve Months Ended June 30,2018 $'000s 62,018 (20,514) (9,537) 31,967 Trailing Twelve Months Ended Trailing Twelve Months Ended Trailing Twelve Months Ended Trailing Twelve Months Ended December 31, 2018 March 31, 2019 June 30, 2019 Trailing Twelve Months Ended September 30, 2019 Trailing Twelve Months Ended December 31, 2019 Trailing Twelve Months Ended March 31, 2020 $ '000s $ '000s $ '000s $ '000s $'000s $ '000s 65,734 84,851 95,845 96,041 (21,875) (22,305) (20,331) (23,051) 104,193 (26,814) 118,972 (40,372) 104,267 (47,249) (10,491) (11,168) (11,373) (10,690) (11,581) (13,474) (15,422) 33,368 51,378 64,141 62,300 65,798 65,126 41,596 GAAP net cash and cash equivalents provided by (used in) operating activities Purchases of property & equipment Capitalization of software development costs Repayment of 2022 Convertible Notes attributable to the debt discount Free cash flow September 30,2018 $ '000s GAAP net cash and cash equivalents provided by (used in) operating activities Purchases of property & equipment Capitalization of software development costs Repayment of 2022 Convertible Notes attributable to the debt discount Free cash flow Trailing Twelve Months Ended Trailing Twelve Months Ended March 31, 2020 $ '000s June 30, 2020 $'000s Trailing Twelve Months Ended September 30, 2020 Trailing Twelve Months Ended Trailing Twelve Months Ended Trailing Twelve Months Ended December 31, 2020 March 31, 2021 Juune 30, 2021 Trailing Twelve Months Ended September 30, 2021 Trailing Twelve Months Ended December 31, 2021 $ '000s $ '000s $'000s $ '000s $ '000s $ '000s 104,267 56,880 75,878 88,913 128,602 200,483 204,469 238,728 (47,249) (48,257) (46,972) (37,318) (30,143) (28,123) (26,920) (28,726) (15,422) (18,309) (19,979) (21,599) (24,171) (27,857) (31,593) (33,139) 48,675 48,675 49,048 58,853 13,401 24,830 26,428 41,596 38,989 57,602 79,044 133,141 157,904 170,786 203,291 ४ 28