#1HubSpot Investor Presentation Q1 2022#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, risks associated with our history of losses; our ability to retain existing customers and add new customers; the continued growth of the market for a CRM 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; the impact of geopolitical conflicts, inflation, macroeconomic instability, and the COVID-19 pandemic on our business, the broader economy, our workforce and operations, and our ability to forecast our future financial performance; and other risks set forth under the caption "Risk Factors" in our 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. HubSpot#3HubSpot Overview We provide a CRM platform with award-winning software, services, and support to transform the way organizations attract, engage, and delight customers. ~143,000 Total Customers 120+ Countries 13 Office Locations Worldwide HubSpot#4● 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 HubSpot Snapshot ● HubSpot#5HubSpot's Journey HubSpot#6HubSpot's mission is to help millions of organizations grow better. HubSpot#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. HubSpot#8Customers Accelerate Growth But many companies view them as an afterthought. Marketing Sales Customers HubSpot#9We've transformed our business around a new model of growth Promoters Delight Strangers Attract Growth Customers The Flywheel Engage Prospects HubSpot#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. HubSpot#11To do so, we evolved from an app to a platform... с Marketing Solution Partners 32B eCommerc Marketing Operations Sales CRM CMS Service Developers App Partners ...because the customer experience should be seamless. HubSpot#12We dramatically expanded our offering, and in turn, our TAM, through product development Employee Size HubSpot at IPO 2000 200 20 2 MARKETING 2000 200 20 2 MARKETING SALES HubSpot today SERVICE CMS OPERATIONS because every company should be able to grow better, and no company should have to outgrow it. HubSpot#13Our Product Pricing Sales Hub Enterprise Professional Starter Marketing Hub $3,200 + $890 + $50 + $1,200 + $500 + $50 + Service Hub $1,200 + $500 + $50+ Free Tools CMS Hub $1,200 $400 $25 Operations Hub $2,000 $800 $50 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. HubSpot#14All of that is just the beginning... Began as an App Became a Suite C Marketing C Marketing Service Operations Sales CMS Solution Partners Becoming a Platform 32B eCommer Marketing Operations Sales CRM CMS Service Developers App Partners We're focused on helping companies grow better in ever expanding ways. HubSpot#15The HubSpot Journey C Marketing Hub Launch - Hubspot founded M " '06 Performable Acquisition B = '11 $50M *Originally launched and branded as "Sidekick" '12 '13 CRM Launch Sales Hub* Launch $100M '14 '15 $250M '16 Service Hub Launch ■ ■ '17 $500M '18 PieSync Acquisition '19 ■ ■ . CMS Hub Launch I I I ■ I ■ I ■ H I ■ ¹20 Operations Hub Launch 100K - customers $1B ARR ¹21 Revenue Payments Launch ■ ¹22 HubSpot#16HubSpot#17Financial Review Q1 2022 HubSpot#18$400 $0 200.0 *IPO; CAGR: compound annual growth rate Revenue growth is strong Q3'14* 41% CAGR Revenue ($m) P P P P P P P P Q1'22 HubSpot#19Large international growth opportunity $m $180 $120 $60 $0 Q3'14* International Revenue *IPO; CAGR: compound annual growth rate 56% CAGR Q1'22 Increasing % of Revenue Q3 2014* 22% Q1 2022 46% HubSpot#20Strong Unit Economics Delivering Sustainable Profitability 70% -32% Q3'14* Gross Margin (Non-GAAP) Operating Margin (Non-GAAP) *IPO; 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. 82% 8.8% Q1'22 HubSpot#21$210 $105 $0 ($105) Generating Positive Free Cash Flow Q3'14* Trailing Twelve Months Free Cash Flow ($m) *IPO; 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. Q1'22 HubSpot#22Financial framework focused on profitable growth Revenue Growth Operating Margin %* Operating Cash Flow High Growth >30% 1% -2% increase per year Growth ≈30% 2% -3% 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. Revenue Growth Moderate Growth <30% 3% -4% increase per year HubSpot#23Gross Margin R&D % of revenue S&M % of revenue G&A % of revenue Operating Margin Long Term Financial Target 2016 2017 2018 2019 2020 2021 Q1'22 78% 14% 55% 14% -4% 81% 15% 52% 12% 2% 82% 18% 46% 11% 6% 82% 18% 45% 11% 8% 82% 19% 45% 10% 8% 81% 18% 45% 9% 9% *Note: These estimates reflect our current operating plan as of 5/5/2022 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. 82% 19% 46% 9% 9% Long Term Target 81% - 83% 18% - 20% 30% -35% 8% -9% 20% - 25% HubSpot#24Appendix HubSpot#25GAAP to Non-GAAP Reconciliation Cost of Revenue Subscription Stock-based compensation Amortization of acquired intangibles Gain on termination of operating leases Loss on disposal of fixed assets Non-GAAP subscription Professional services and other Stock-based compensation Gain on termination of operating leases Loss on disposal of fixed assets Non-GAAP professional services and other Gross Margin Gross margin Stock-based compensation Amortization of acquired intangible assets Gain on termination of operating leases Loss on disposal of fixed assets Non-GAAP gross margin Operating Expenses Research and development Stock-based compensation Acquisition related expenses Gain on termination of operating leases Loss on disposal of fixed assets Non-GAAP research and development Sales and marketing Stock-based compensation Amortization of acquired intangible assets Acquisition related expenses Gain on termination of operating leases Loss on disposal of fixed assets Non-GAAP sales and sales and marketing General and administrative Stock-based compensation Acquisition related expenses Gain on termination of operating leases Loss on disposal of fixed assets Non-GAAP general and administrative Loss from Operations Loss from operations Stock-based compensation Amortization of acquired intangible assets Acquisition related expenses Gain on termination of operating leases Loss on disposal of fixed assets Non-GAAP loss from operations $'000s 2019 98,510 (3,127) (3,201) 92,182 31,448 (2,829) 28,619 544,902 5,956 3,201 554,059 158,237 (33,748) (357) 124,132 340,685 (36,599) ***1 304,086 92,971 (21,451) (552) 70,968 (46,991) 97,754 3,201 909 54,873 % of Revenues 15% 0% 0% 0% 096 14% 5% 096 0% 0% 4% 81% 196 0% 0% 0% 82% 23% -5% 096 096 0% 18% 50% -5% 096 0% 45% 14% -3% 0% 0% 0% 11% -7% 14% 096 0% 0% 0% 8% $'000s 2020 130,685 (4,408) (2,340) 123,937 36,274 (2,536) 33,738 716,067 6,944 2,340 725,351 205,589 (39,366) (1,287) 164,936 452,081 (50,552) (79) 401,450 109,225 (24,626) (545) 84,054 (50,828) 121,488 2,419 1,832 74,911 % of Revenues 15% 096 0% 0% 096 14% 4% 0% 0% 0% 4% 81% 1% 0% 09 096 82% 23% -4% 096 0% 0% 19% 51% -6% 0% 0% 096 0% 45% 12% -3% 0% 0% 096 10% -6% 1496 0% 0% 0% 0% 8% $'000s 2021 211,132 (6,297) (937) 395 (600) 203,693 47,725 (3,092) 275 (415) 44,908 1,041,801 9,389 662 1,051,852 301,970 (61,614) (1,152) 1,346 (2,036) 238,514 649,681 (67,413) (389) (367) 1,839 (2,781) 580,570 144,949 (28,345) (568) 421 (636) 115,821 (54,799) 166,761 1,326 2,087 (4,276) 6,468 117,567 % of Revenues 16% 096 096 0% 0% 16% 4% 0% 0% 096 39 80% 196 096 0% 096 81% *48884 $48888* *888* -496 13% 096 0% 096 0% 996 Three Months Ended March 31, 2022 $'000s 59,384 (1,823) (321) 57,240 13,552 (835) 12,717 322,663 2,658 321 325,642 92,736 (16,986) 75,750 197,134 (16,869) (89) 180,176 43,947 (9,191) 34,756 (11,154) 45,704 410 34,960 % of Revenues 15% 096 0% 0% 0% 14% 3% 096 096 0% 3% 82% 19 096 0% 096 82% * *888* 8*888** ****** -3% 12% 096 0% 0% 096 9% HubSpot#26GAAP to Non-GAAP Reconciliation Three Months Ended December 31, 2016 % of Revenues Three Months Ended September 30, 2017 % of $'000s Revenues Gross Margin Gross margin Stock-based compensation Amortization of acquired intangible assets Acquisition related expenses Non-GAAP gross margin Loss from Operations Loss from operations Stock-based compensation Amortization of acquired intangible assets Acquisition related expenses Non-GAAP loss from operations Gross Margin Gross margin Stock-based compensation Amortization of acquired intangible assets Acquisition related expenses Non-GAAP gross margin Loss from Operations Loss from operations Stock-based compensation Amortization of acquired intangible assets Acquisition related expenses Non-GAAP loss from operations $'000s 59,557 551 13 60,121 (13,820) 9,274 20 (4,526) $ '000s Three Months Ended September 30,2018 % of Revenues 106,061 1,194 494 107,749 78% 1% 0% 0% 79% (15,050) 19,612 494 802 5,858 -18% 12% 0% 0% -6% 80% 1% 0% 0% 82% -11% 15% 0% 1% 4% Three Months Ended March 31, 2017 % of Revenues $ '000s 65,180 564 9 65,753 (8,000) 9,303 16 1,319 $ '000s Three Months Ended December 31, 2018 % of Revenues 116,658 1,076 800 118,534 (7,832) 20,92 79% 1% 0% 0% 80% 800 289 14,184 81% 1% 1% 0% 82% Three Months Ended June 30, 2017 % of Revenues -10% (10,577) 11% 13,006 0% 0% 2% -5% 15% 1% 0% 10% $ '000s 70,502 844 71,346 2,429 Three Months Ended March 31, 2019 % of $'000s Revenues 122,220 1,633 800 124,653 (9,036) 21,205 800 32 13,001 81% 1% 1% 0% 82% -6% 14% 1% 0% 9% 79% 1% 0% 0% 80% -12% 15% 0% 0% 3% 78,716 754 38 79,508 (12,126) 12,110 38 439 461 $'000s Three Months Ended June 30, 2019 % of Revenue 132,113 1,488 800 134,401 81% 1% 0% 0% 82% (15,725) -10% 28,663 18% 0% 0% 8% 800 32 13,770 81% 1% 0% 0% 81% -12% 12% 0% 0% 0% Three Months Ended December 31, 2017 % of Revenues $'000s $'000s 85,485 823 50 86,358 (9,433) 12,898 50 827 4,342 Three Months Ended September 30, 2019 % of Revenues 140,358 1,468 762 142,588 (14,072) 23,791 762 30 10,511 81% 1% 0% 0% 82% -8% 14% 0% 0% 6% Three Months Ended March 31, 2018 % of $'000s Revenues 80% 1% 0% 0% 81% 93,196 92,179 967 50 -9% (11,324) 12% 16,046 0% 50 802 1% 4% 5,574 Three Months Ended December 31, 2019 % of Revenues $'000s 150,211 1,367 839 152,417 (8,158) 24,095 839 814 17,590 -10% 14% 0% 1% 5% 81% 1% 0% 0% 82% 80% 1% 0% 0% 81% -4% 13% 0% 0% 9% Three Months Ended June 30,2018 % of $ '000s Revenues 97,725 1,163 50 98,938 (14,052) 19,675 50 802 6,475 $'000s 160,683 1,505 880 Three Months Ended March 31, 2020 163,068 80% 1% 0% 0% 81% (14,102) 27,463 900 333 14,594 -11% 16% 0% 1% 5% % of Revenues 81% 1% 0% 0% 82% -7% 14% 0% 0% 7% HubSpot#27GAAP to Non-GAAP Gross Margin Gross margin 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 Non-GAAP Reconciliation Loss from operations Stock-based compensation Amortization of acquired intangible assets Acquisition related expenses Gain on termination of operating leases Loss on disposal of fixed assets Non-GAAP loss from operations Gross Margin Gross margin 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 Loss from operations Stock-based compensation Amortization of acquired intangible assets Acquisition related expenses Gain on termination of operating leases Loss on disposal of fixed assets Non-GAAP loss from operations Three Months Ended June 30, 2020 $ '000s 164,831 1,703 879 167,413 (13,625) 31,374 899 518 19,166 Three Months Ended March 31, 2022 $ '000s 322,663 2,658 321 325,642 (11,154) 45,704 410 % of Revenues 34,960 81% 1% 0% 0% 0% 82% -7% 15% 0% 0% 0% 0% 9% % of Revenues 82% 1% 0% 0% 0% 82% -3% 12% 0% 0% 0% 0% 9% Three Months Ended September 30, 2020 % of Revenues $'000s 185,782 1,792 442 188,016 (15,461) 31,186 462 340 - 16,527 81% 1% 0% 0% 0% 82% -7% 14% 0% 0% 0% 0% 7% Three Months Ended December 31, 2020 % of Revenues $ '000s 204,771 1,945 139 - 206,855 (7,641) 31,466 159 640 24,624 81% 1% 0% 0% 0% 82% -3% 12% 0% 0% 0% 0% 10% Three Months Ended March 31, 2021 % of Revenues $ '000s 226,631 2,007 239 228,877 (15,032) 32,423 345 1,195 18,931 81% 1% 0% 0% 0% 81% -5% 12% 0% 0% 0% 0% 7% Three Months Ended June 30, 2021 % of Revenues $ '000s 247,911 2,408 236 250,555 (16,602) 43,433 337 372 27,540 80% 1% 0% 0% 0% 81% -5% 14% 0% 0% 0% 0% 9% Three Months Ended September 30, 2021 % of $'000s Revenues 269,589 2,408 234 (670) 1,015 272,576 (14,927) 44,987 326 350 (4,276) 6,468 32,928 79% 1% 0% 0% 0% 80% -4% 13% 0% 0% -1% 2% 10% Three Months Ended December 31, 2021 % of Revenues $ '000s 297,670 2,563 228 300,461 (8,237) 45,914 318 170 38,165 81% 1% 0% 0% 0% 81% -2% 12% 0% 0% 0% 0% 10% HubSpot#28GAAP to Non-GAAP Reconciliation Trailing Twelve Months Ended Trailing Twelve Months Ended June 30, 2017 December 31, 2016 $'000s $ '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 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 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 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 19,366 (15,789) (5,749) Trailing Twelve Months Ended March 31, 2020 $'000s Trailing Twelve Months Ended September 30,2018 $'000s 104,267 (47,249) (15,422) (2,172) 41,596 65,734 (21,875) (10,491) Trailing Twelve Months Ended March 31, 2022 $ '000s 33,368 258,254 (29,805) (35,520) 16,623 209,552 Trailing Twelve Months Ended March 31, 2017 $'000s Trailing Twelve Months Ended June 30, 2020 $ '000s 35,279 (14,983) (5,925) Trailing Twelve Months Ended December 31, 2018 $'000s 56,880 (48,257) (18,309) 48,675 38,989 14,371 84,851 (22,305) (11,168) 51,378 Trailing Twelve Months Ended September 30, 2020 $ '000s 35,364 (15,592) (6,577) Trailing Twelve Months Ended March 31, 2019 $'000s 75,878 (46,972) (19,979) 48,675 57,602 13,195 95,845 (20,331) (11,373) 64,141 Trailing Twelve Months Ended September 30, 2017 $ '000s Trailing Twelve Months Ended December 31, 2020 $'000s 37,893 (17,528) (6,882) Trailing Twelve Months Ended June 30, 2019 $ '000s 88,913 (37,318) (21,599) 49,048 79,044 13,483 96,041 (23,051) (10,690) 62,300 Trailing Twelve Months Ended December 31, 2017 $ '000s Trailing Twelve Months Ended March 31, 2021 $'000s 49,614 (20,276) (7,071) Trailing Twelve Months Ended September 30, 2019 $ '000s 128,602 (30,143) (24,171) 58,853 133,141 22,267 104,193 (26,814) (11,581) 65,798 Trailing Twelve Months Ended March 31, 2018 $ '000s Trailing Twelve Months Ended Juune 30, 2021 $ '000s 57,244 (20,680) (8,077) Trailing Twelve Months Ended December 31, 2019 $ '000s 200,483 (28,123) (27,857) 13,401 157,904 28,487 118,972 (40,372) (13,474) 65,126 Trailing Twelve Months Ended June 30,2018 $ '000s Trailing Twelve Months Ended September 30, 2021 $ '000s 62,018 (20,514) (9,537) Trailing Twelve Months Ended March 31, 2020 $ '000s 204,469 (26,920) (31,593) 24,830 170,786 31,967 104,267 (47,249) (15,422) 41.596 Trailing Twelve Months Ended December 31, 2021 $'000s 238,728 (28,726) (33,139) 26,428 203,291 HubSpot