Braze IPO Presentation Deck

Long-Term Target Model Non-GAAP Measures Gross Margin S&M expense as % of revenue R&D expense as % of revenue G&A expense as % of revenue Operating Margin FY '20 63% 53% 17% 15% (22)% FY 21 64% 45% 18% 17% (16)% H1 FY 22 67% 46% 19% 15% (13)% Long-Term Target 65-70% 23-25% 13-15% 8-10% -20% Note: Fiscal year ends January 31. See Glossary page for GAAP to Non GAAP reconciliations and other key definitions The long-term targets presented on this slide are not projections or estimates of future financial results. Our ability to achieve these long-term targets is subject to various risks and uncertainties. There are important factors that could cause our future results to differ materially from those suggested by these long-term targets, including, but not limited to, the risks and uncertainties described under the heading "Risk Factors in the prospectus for the offering to which this presentation relates. There can be no assurance that we will achieve the long-term targets presented on this slide in a timely manner or at all. Please see the disclaimer side for additional information regarding forward-looking statements

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