#1Investor Presentation November 2022 SEMRUSH#2Safe harbor This presentation may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 relating to our business, operations, and financial conditions, including but not limited to current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, our future addressable market, our product development plans, and other future conditions. Words such as, but not limited to, "look forward to," "believe," "expect," "anticipate," "estimate," "intend," "plan," "would," "should" and "could," and similar expressions or words, identify forward-looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. 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. Although we believe the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. 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, the risks set forth under Item 1A. Risk Factors in our Quarterly report on Form 10-Q filed on November 14, 2022 and our other SEC filings. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. Certain information contained in this presentation relates to or is based on studies, publications, surveys and other data obtained from third-party sources and the Company's own internal estimates and research. While the Company believes these third-party sources to be reliable as of the date of this presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, all of the market data included in this presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while we believe our own internal research is reliable, such research has not been verified by any independent source. This presentation includes non-GAAP financial measures which have certain limitations and should not be considered in isolation, or as alternatives to or substitutes for, financial measures determined in accordance with generally accepted accounting principles in the United States ("GAAP"). The non-GAAP measures as defined by us may not be comparable to similar non-GAAP measures presented by other companies. Our presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by these or other unusual or non-recurring items. See the "GAAP to Non-GAAP Reconciliation" slide for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures. This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the TM, SMO or Ⓡ symbols, but we assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. 2#3Semrush in numbers 156 Countries Served 1100+ Employees, Offices in over 9 Countries and no longer operate in Russia 94k+ Paying Customers Unless otherwise indicated, all statistics are as of September 30, 2022 * CAGR December 31, 2016 December 31, 2021 *** ** We define ARR as of a given date as the monthly recurring revenue that we expect to contractually receive from all paid subscription agreements that are actively generating revenue as of that date multiplied by 12. Full-year 2021 Favorable CAC 48%+ Revenue CAGR* 81% Gross Margin (3Q22) 122% Net Revenue Retention Rate $267m+ ARR** 10.6% FCF Margin** ***#4With information overload it is increasingly hard for businesses to reach customers online#5Average consumer already spends 6.5 hours a day online and is overwhelmed with information status update new video new post +400m +4m blog posts created Facebook status updates Day at a glance +721k +50bn Facebook and Google Search ads hours of video uploaded to Youtube +6bn Google searches Information barrier gets bigger every day 20 Businesses are struggling to break through information noise and be visible online LO 5#6Market opportunity* Total Global Businesses X Online Penetration X Avg. Revenue per Customer Current Global Opportunity $16bn -$170mln Enterprise Future Global opportunity $20bn+ *We estimate our global opportunity based on the number of small and medium sized companies (those with less than 500 employees) and large companies (those with 500 or more employees) in the U.S per the U.S. Census Bureau. As of December 31, 2021, approximately 95% of our customers are in the small and medium sized category and had an ARR per paying customer of $2,500, while our large enterprise customers had an ARR per paying customer of $4,500. We believe the opportunity internationally is at least as large as in the U.S. We assume 50% online penetration in the small company segment (those with less than 20 employees) and 100% penetration in the medium sized (those with between 20 and 499 employees) and large company segments. 6#7Empowering Online Visibility Management Online Visibility across key channels Marketing funnel Source: G2.com SEO | Digital Advertising SEMRUSH Digital PR | Awareness Interaction Engagement Conversion Loyalty Content Marketing Feedback | SEM SMM Online Visibility Management Web Analytics Digital Experience CRM Google Analytics Surveys ON24 Adobe Analytics Optimizely SurveyMonkey sprinklr Hubspot salesforce Email Marketing and Social Media Management Hubspot sproutsocial Qualtrics. CoreXM™ 7#8Customers of all sizes and from all verticals Headcount 50-500 500-1K 1K-5K 5K+ Retail lyst boohoo The Real Real ebay Consumer internet Arkadium Quora Finance smartasset™ BREX Agencies BNP PARIBAS acronym Software dentsu AEGIS network ◆pendo Other VAYNERMEDIA mailchimp Skyscanner TransferWise iProspect HubSpot Time Inc. f Disney salesforce Seeking Alpha α The Washington Post 8#9Meet our team SEMRUSH OLEG SHCHEGOLEV Co-founder and CEO Experienced serial entrepreneur 14 years EVGENY FETISOV CFO Former CFO at Luxoft (NYSE: LXFT) and Moscow Exchange (MOEX: RM) 3 years DEL HUMENIK Chief Revenue Officer Former CRO at Dex Media Inc. and SVP of Sales at Paychex (NASDAQ: PAYX) 5 years EUGENE LEVIN President Experienced entrepreneur and investor. Former partner at Target Global 7 years ANDREW WARDEN Chief Marketing Officer Former CMO at United Lex and SoftServe Senior Manager, Enterprise Apps, Worldwide Service Sales at Cisco (NASDAQ: CSCO) Started in 2021 DAVID MASON General Counsel and Secretary Former general counsel at EverQoute (NASDAQ: EVER) and Kayak Started in 2022 OSEMRUSH TATIANA STARIKOVA Chief HR Officer Global HR Director at RealWeb and AdHands 5 years VITALII OBISHCHENKO COO Experienced entrepreneur and developer 12 years#10Our solution 10#11Businesses need a holistic online strategy More Traffic Less Paid Advertisement Shorter-Term Social Media & PR Relative Time to Yield Traffic Content & SEO Longer-Term 11#12Unique combination of data assets Website Structure Online Reviews Crawl Data Panel Data S Search Index *As of September 30, 2021 User Behavior Online Visibility Profile Keywords Website Index Social Media Metrics Big data facts and stats* Total profiles 200 million domains Monitored in 146 countries Anonymized Panel Data Over an average of 1 billion events per week Keyword Data 20 billion keywords Display ads data 310 million Google Display Network banner advertisements Web Index 33 trillion backlinks 17 billion URLs crawled per day 12#13Semrush leadership in multiple martech categories SEO Content Analytics Local SEO Local Listing Management Competitive Intelligence Marketing Analytics Social Media Management Market Intelligence Content Analytics Media & Influencer Targeting Sales Enablement klue Leader Leader Leader Hootsuite™ Leader HubSpot Leader Leader conductor Leader Leader Leader Ye XT Leader Leader Similareb Leader Leader Leader ahrefs Leader Leader Leader Leader Birdeye Sourced from G2.com on March 31,2022. Ranks for Media & Influencer Targeting are for Prowly, and Sales Enablement is for Kompyte, both are fully owned subsidiary of Semrush Inc. Leader Leader CISION Leader SEMRUSH Leader Leader Leader Leader Leader Leader Leader Leader Leader Leader New 13#14How our platform is differentiated * SUPERIOR DATA Significant breadth and depth of data from different sources allows us to build strong online visibility profiles of businesses of all sizes around the globe EASE OF USE By providing all tools in one interface we reduce time customers spend on switching. Our data for different channels is presented in the same format and can be easily analyzed O BETTER INSIGHTS By leveraging data from multiple sources, we build unique insights that point solutions can't find. en $ EFFICIENCY Comparable capabilities via point solutions on average cost meaningfully more POWERFUL INTEGRATIONS We provide complete workflow through our integrations with industry standard applications such as Trello, Gmail, Google Docs, Wordpress, GA, GSC as well as Social Networks and Reporting Tools Q TEAM COLLABORATION By combining products for PPC, SMM, Content Marketing and SEO in one platform we connect teams, eliminate silos, improve communications and increase their productivity 14#15Financial overview ARR $267M+ FY2021 Gross Margin 78% ** FY2021 Revenue Growth Rate 51% revenue Guidance as of November 14, 2022 FY2021 FCF Margin* 10.6% Dollar-Based Net Revenue Retention Rate 122% FY2022 Revenue Growth Rate** Note: Figures as of September 30, 2022 unless otherwise noted Free cash flow: net cash provided by operating activities less purchases of property and equipment and capitalized software development costs, FCF margin: Free cash flow divided by +34-35% We calculate our dollar-based net revenue retention rate as of the end of a period by using (a) the revenue from our customers during the twelve-month period ending one year prior to such period as the denominator and (b) the revenue from those same customers during the twelve months ending as of the end of such period as the numerator. This calculation excludes revenue from new customers and any non-recurring revenue 15#16Highly attractive cohort analysis Subscription Revenue (USD mln) 200 180 160 140 120 100 80 60 40 20 0 2014 Dollar-Based Net Revenue Retention Rate* 122% * As of September 30, 2022 Annual Subscription Revenue by Cohort 2015 2016 New Registered Customers Pre 2017 2017 2018 2017 2018 2019 2019 12020 2021 2020 2021 16#17Historical financials snapshot (1/2) Revenue (USD mln) Revenue Growth (%) * Guidance as of November 14, 2022 FY18 63.5 62.8% FY19 92.1 45.0% FY20 124.9 35.6% FY21 188.0 50.6% FY22E* 252.8-253.3* 34-35% 17#18Historical financials snapshot (2/2) Gross margin (Margin %, USD mln) Operating income (Margin %, USD mln) FCF* (Margin %, USD mln) FY17 73.8% 28.4 (8.8%) (3.4) 3.6% 1.4 FY18 72.2% 45.8 (10.4%) (6.6) (4.1%) (2.6) FY19 75.5% 69.6 (8.9%) (8.2) 0.8% 0.7 FY20 76.0% 94.9 (4.9%) (6.1) 2.0% 2.5 * Free cash flow: net cash provided by operating activities less purchases of property and equipment and capitalized software development costs, FCF margin: Free cash flow divided by revenue FY21 77.7% 146.1 (1.3%) (2.5) 10.6% 20.0 YTD 22 80.2% 148.9 (11.3%) (21) (2.9%) (5.3) 18#19Geographic revenue breakdown 2021* 44% Rest of the world *Does not add to 100% due to rounding 45% United States 10% United Kingdom 19#20Target Model - GAAP and Non-GAAP Gross Margin Operating Expenses: Sales & Marketing Research & Development General & Administrative Operating Income Non-GAAP Net Income 2019 76% 45% 15% 24% (9%) (8%) 2020 76% 44% 14% 23% (5%) (4%) 2021 78% 43% 13% 23% (1%) (0%) Target Model 80% 35% 15% 10% 20% >20% Note: All metrics are calculated as a percentage of revenue. Non-GAAP net Income excludes stock-based compensation expense. 20#21Key business highlights 1 Empowering Online Visibility Management Helping Businesses Manage Online Visibility Across Key Channels 2 Proprietary Tech and Data That Cover Key Aspects of Online Visibility With Deep Third-Party Integrations 3 Large And Diverse Customer Base With Highly- Efficient Go-to- Market Approach 4 Rapid Growth at Scale With Robust Margins at Scale and Highly Attractive Customer Cohorts 5 Large Market Opportunity With Proven Ability to Expand TAM Over Time Via New Products 21#22Thank you SEMRUSH#23GAAP to Non-GAAP Reconciliation (USD million) GAAP net cash and cash equivalents provided by operating activities Purchases of property & equipment and capitalization of software development costs Free cash flow GAAP net income Stock-based compensation expense Non-GAAP net income FY 17 2.6 (1.4) 1.2 FY 18 (1.9) (1.1) (3.0) FY 19 1.9 (1.2) 0.7 (8.2) .5 (7.7) FY 20 5.9 (3.4) 2.5 (6.1) 1.0 (5.1) FY 21 23.8 (3.8) 20.0 (3.3) 2.7 (0.5) YTD 22 (0.0) (5.3) (5.3) (20.0) 5.1 (14.9) 23