Klaviyo IPO Presentation Deck

GAAP to Non-GAAP reconciliation (cont'd) Non-GAAP Gross Profit (in thousands) Gross Profit on GAAP Basis Add: Amortization of Prepaid Marketing Expense Add: Stock-Based Compensation Expense ¹,2 Add: Restructuring 3 Non-GAAP Gross Profit Revenue Gross Margin Non-GAAP Gross Margin Q1'21 $42,226 $48,839 500 $42,726 $58,271 72.5% Q2'21 73.3% 29 Q3'21 72.9% 73.0% $55,290 $59,589 120 $66,949 $75,876 Q4'21 72.9% 73.0% 311 $89,544 66.5% Q1'22 $48,868 $55,410 $59,900 $72,232 $78,118 $86,574 66.9% $72,179 $78,091 53 Q2'22 72.7% 27 72.7% Q3'22 $99,322 $109,023 $119,168 71.6% 71.7% $86,549 $107,904 25 72.6% 72.6% ¹ Represents non-cash share-based awards granted. Stock-based compensation expense of $1.5 million for the quarter ending December 31, 2022 related to the cancellation of an executive's unvested RSUS outstanding for which the service-based vesting condition was satisfied but the liquidity-based vesting condition was not, which was paid in cash, and thus is excluded from the table above. This is included within general and administrative expense. Q4'22 2 Represents non-cash share-based awards granted. Stock-based compensation expense of $16.7 million related to repurchasing and retiring our common stock was paid in cash, thus excluded from the table above. 3 Represents restructuring costs incurred in connection with a reduction in the Company's workforce announced in March 2023. During the period ended March 31, 2023, stock-based compensation expense of approximately $0.5 million related to the reduction in workforce is excluded from restructuring expense and included in stock-based compensation from the table above. 24 Q1'23 74.3% 74.3% $119,514 $127,110 26 1,156 $145,235 $156,088 $107,928 $120,696 $127,127 76.6% 77.3% 2023 Ⓒ Klaviyo Q2'23 17 Confidential $164,586 77.2% 77.2% 55

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