PowerPoint Presentation

Descartes – Uniting

Business in Commerce

S e p t e m b e r 2 0 2 5

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Safe Harbor Statement

Certain statements to be made today and in this presentation, and that may be made in response to questions, constitute forward-looking information for the purposes of applicable securities laws (“forward-looking statements”), including, but not limited to: statements using the words “believe,” “plan,” “expect,” “anticipate,” “intend,” “continue,” “may,” “will,” “should” or the negative of such terms and similar expressions; or statements in relation to the following topics: our assessment of the potential impact of geopolitical events, such as the ongoing conflict between Russia and Ukraine (the “Russia-Ukraine Conflict”), and between Israel and Hamas (the “Israel-Hamas Conflict”), or other potentially catastrophic events, on our business, results of operations and financial condition; addressing economic uncertainty; investment in areas of our business with high strategic value and growth potential; our future operating performance; software-as-a-service business model; strategy, market opportunity and vision; our position and opportunity to lead our industry with our business model; solution functionality and benefits derived therefrom; network penetration; ability to complete acquisitions and contribution of completed acquisitions to our operations; anticipated churn in revenues; competition; and forecasted environmental benefits of our products and solutions.

The material assumptions made in making these forward-looking statements include, but are not limited to, the following: global shipment volumes continuing to increase at levels consistent with those experienced historically; the Russia-Ukraine Conflict, and the Israel-Hamas Conflict not having a material impact on shipment volumes or on the demand for the products and services of Descartes by its customers and the ability of those customers to continue to pay for those products and services; the potential impact of tariffs, sanctions and other actions by individual countries on global trade and our business; countries continuing to implement and enforce existing and additional customs and security regulations relating to the provision of electronic information for imports and exports; countries continuing to implement and enforce existing and additional trade restrictions and sanctioned party lists with respect to doing business with certain countries, organizations, entities and individuals; our continued operation of a secure and reliable business network; the stability of general economic and market conditions, currency exchange rates, and interest rates; equity and debt markets continuing to provide us with access to capital; our continued ability to identify and source attractive and executable business combination opportunities; our ability to develop solutions that keep pace with the continuing changes in technology, and our continued compliance with third party intellectual property rights. While management believes these assumptions to be reasonable under the circumstances, they may prove to be inaccurate. In addition, the forecasted environmental benefits of our products and services are based on projections, reductions and savings derived from various third-party modeling tools identified on our website at www.descartes.com and which rely on various assumptions in their calculations.

These forward-looking statements are also subject to risks, uncertainties and assumptions that may cause future results to differ materially from those expected. Factors that may cause such differences include, but are not limited to: our ability to identify and successfully integrate acquired businesses; disruptions in the movement of freight and a decline in shipment volumes including as a result of the impact of current and future trade barriers, including tariffs, further protectionist measures and reactive countermeasures; the impact of network failures, information security breaches or other cyber-security threats, disruptions in the movement of freight and a decline in shipment volumes including as a result of contagious illness outbreaks; a deterioration of general economic conditions or instability in the financial markets accompanied by a decrease in spending by our customers; departures of key customers; the ability to attract and retain key personnel and transition when key personnel depart; variances in our revenues from quarter to quarter; fluctuations in international currency exchange rates; exposure to greater than anticipated tax liabilities; changes in electronic customs filing regulations and other factors discussed under the headings “Risk Factors” or “Certain Factors That May Affect Future Results” in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other applicable securities regulatory authorities across Canada which are available under our profile on SEDAR+ at www.sedarplus.com and on EDGAR at www.sec.gov, including the documents incorporated by reference into such documents. If any of such risks actually occur, they could, among other consequences, materially adversely affect our business, financial condition or results of operations.

We provide forward-looking statements solely for the purpose of providing information about management's current expectations and plans relating to the future. You are cautioned that such information may not be appropriate for other purposes. Except as required by law, we do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions, assumptions or circumstances on which any such statement is based.

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Investment Highlights

World’s Largest Multi-Modal and Neutral Logistics Network
Cloud-Based Software Applications and Data Content
Automating and Optimizing the Increasingly Complex Logistics Market
Strong Market Position with Significant Competitive Barriers
Industry-Leading Solutions Help Customers Reduce Environmental Footprint
Disciplined M&A Strategy

Highly-Experienced Management Team

Proven Record of Financial Success

Descartes at a Glance

▪ Leader in providing SaaS solutions for logistics- intensive businesses

▪ Proven ‘Total Growth’ model supported by disciplined acquisition strategy

• High-recurring revenue profile

▪ Delivering profitable growth and free cash flow generation

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26,000 +
Customers
Worldwide
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24 billion +
Transactions
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Processed / Year
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⁽¹⁾See Reconciliation of Non-GAAP Financial Measures on slides 21 and 22 for our approach to reconciliation of adjusted EBITDA.[![Image22]

G L O B A L L O G I S T I C S N E T W O R K

C A R R I E R S

Ocean
Retailers Manufacturers Service

Air
Ground

Regulators
Rail

G O V E R N M E N T S

Associations
S H I P P E R S

GISTICS
LO

Retailers

I N T E R M E D I A R I E S

Forwarders
& 3PLs

S O L U T I O N S

Routing, Mobile
& Telematics

Transportation
Management

Ecommerce, Shipping
& Fulfillment

Broker & Forwarder
Enterprise Systems

B2B MESSAGING & CONNECTIVITY
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Industry-Leading Customers

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A I R

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AIR NEW ZEALAND

O C E A N

T R U C K

XPOLogistics

I N T E R M E D I A R I E S

R E TA I L E R S

D I S T R I B U TO R S

Customer Case Studies

Leverages Descartes’ Advanced Home
Delivery solution for:

▪ Real-time delivery appointment
scheduling

▪ Route optimization and execution

▪ Mobile resource management
solutions

Leverages many Descartes solutions
across multiple DHL operating groups:

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▪ Logistics and supply chain
management

Descartes’ solutions help Delta Airlines
meet a growing number of logistic
challenges across the globe:

▪ Numerous country-specific customs
and security filings

▪ Operate air messaging network for
Delta and its logistics partners

Why We Win

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Pure play logistics technology provider with compelling combination of
network, applications and data content

Market Drivers and Opportunities

C l o u d E n a b l e s
A u t o m a t i o n

G l o b a l Tr a d e
C o m p l e x i t y

Global Logistics Network offers operational excellence, increased digitization of freight and higher precision through
cloud integration and automation

e C o m m e r c e a n d
L o g i s t i c s

Heightened regulatory compliance requirements and shifting global trade patterns create favorable tailwinds

Descartes solutions help retailers and logistics service providers respond to the threat of Amazon, Google, eBay with
real-time delivery route optimization and execution solutions

R e a l - t i m e
V i s i b i l i t y

Real-time tracking and optimization made possible by ubiquitous mobile networks, internet-of-things and cloudscale computing

F r a g m e n t e d
I n d u s t r y

C o n t e n t a n d D a t a

Customs Info, MK Data, Datamyne and Visual Compliance acquisitions illustrative of the opportunity to leverage
logistics and trade data content on the Global Logistics Network

Logistics and supply chain software markets remain highly fragmented, presenting a large consolidation opportunity

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M&A is a Core Competency for Descartes

Descartes’ acquisition strategy is a key enabler of its ‘Total Growth’ model

▪ Has completed 34
acquisitions since 2016
for a total consideration
of ~US $1.4 billion

▪ Disciplined approach
that is focused on
complementary
technologies, industry
consolidation and close
adjacencies across
logistics

sourcing, acquiring and
integrating high quality

Recent Acquisition Success

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Acquired 3G (March 2025) for ~$113mm

▪ 3G is a leading provider of transportation
management solutions

▪ 3G’s transportation management solutions
combine modern cloud architecture, an
expansive carrier network, and planningdriven automation to help customers improve
costs, customer satisfaction, and efficiency.

▪ Solution footprint for freight in North America
is highly complementary, bringing strong
domestic transportation management
functionality for truckload, less-than-truckload
(LTL), and parcel modes.

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Acquired Sellercloud (October 2024) for
~$110mm + up to ~$20mm earn-out

▪ Sellercloud is a leading provider of
omnichannel ecommerce solutions

▪ Sellercloud’s Inventory Management Solutions
and Order Management Solutions (IMS/OMS)
help customers synchronize, plan and manage
inventory levels across multiple sales channels

▪ Combined with Descartes’ existing ecommerce
shipping, fulfilment and warehouse
management solutions, presents truly
differentiated offering to manage the full
lifecycle of domestic and cross-border
ecommerce shipments

Acquired OCR (March 2024) for ~$83mm

▪ OCR is a leading provider of global trade
compliance solutions and content, with strong
domain expertise in export compliance and
controlled commodities

▪ Global EASE, OCR’s core platform, is used by
blue-chip, multinational organizations around
the world to stay current in a rapidly changing
regulatory environment

▪ Presents an opportunity to bring new
functionality and enhanced content to
Descartes customers and partners around the
world

Industry-Leading Solutions Help Customers Reduce Environmental Footprint

Descartes’ Annual Environmental Impact – We Helped our Customers Save

Infographic Calculations Were Made Using The Paper Calculator From Environmental Paper Network, The Vehicle Co2 Emissions Calculator From Commercial Fleet, Fuel Economy Data From The U.S. Department Of Energy, And Idling Emissions Data From Dieselnet And Frost & Sullivan. SEE FULL DISCLAIMER @ Environmental Impact | Descartes

Financial Overview

Financial Highlights

Strong and consistent revenue growth

Highly-recurring subscription and transaction-based revenue model

High-quality and diverse revenue profile

Continued margin expansion through cost control and operating efficiency

Robust cash generation and high conversion rates

Proven acquisition integration success and synergy achievement

Strong and Consistent Growth

Revenue Cash Flow from Operations

$651 $573

$486 $219 $208 $192

$163 $180 $63 $35

FY23 FY24 FY25 Q2-25 Q2-26

(1) Adjusted EBITDA and Adjusted EBITDA as a % of Net Income and Net Income as a % of Revenues

(1)

Revenues

$160 $143 100% $285 $300 100% $140 90% $247 $116 80% 90% $120 $102 $250 $215 70% 80% $100 60% $200 70% $80 50% $150 60% $60 40% $80 $35 21% $38 21% 30% $100 $71 $40 21% 20% 22% 44% 50% 43% 44% 43% 45% 20% $50 40% $20 10% $-0% $-30% FY23 FY24 FY25 Q2-25 Q2-26 FY23 FY24 FY25 Q2-25 Q2-26 Adj. EBITDA Adj. EBITDA Margin % Net Income Net Income Margin %

(1) See Reconciliation of Non-GAAP Financial Measures on slides 21 and 22 for a reconciliation of adjusted EBITDA and adjusted EBITDA as a percentage of revenues to net income.

Efficient and Disciplined Operating Model

Sales and Marketing

12% 12% 11% 11% 11%

FY23 FY24 FY25 Q1-26 Q2-26

Capital Structure – July 31, 2025

• Common shares
• 85.8 million – Basic (current)
• 87.6 million – Fully diluted (current) • Mixed-Shelf filed in July 2024 (no limit – currently unused)
• Expiring August 2026
• Cash and cash equivalents
• $US 240.6 million
• Acquisition line of credit
• $US 350.0 million with the potential to upsize to $US 500.0 million
• Undrawn as of July 31, 2025, expires December 2027

Baseline Calibration

▪ Baseline revenues = visible, contracted and
recurring revenues at the beginning of each
quarter¹. Baseline revenues is not a revenues
projection as it excludes sales concluded in the
period

▪ Baseline Adjusted EBITDA² = Baseline revenue less
operating expenses (excluding investment
income, interest expense, income tax expense,
depreciation, amortization, stock-based
compensation, restructuring expenses,
acquisition related expenses, and contingent
consideration incurred due to better-thanexpected performance from acquisitions)

[2] See Reconciliation of Non-GAAP Financial Measures on slides 21 and 22 for our
approach to reconciliation of adjusted EBITDA.

[1] For a detailed description of baseline calibration, please see Management’s
Discussion & Analysis (MD&A) dated September 3, 2025. Baseline calibration is
typically calculated on the first day of the quarter unless adjusted to reflect the
impact of any acquisitions completed after the first day of the quarter, but before
the date of our corresponding MD&A in which that baseline calibration is disclosed.
Baseline calibration is considered a supplementary financial measure used by
management as it does not have a directly comparable financial measure disclosed
in our financial statements.

Investment Highlights

World’s Largest Multi-Modal and Neutral Logistics Network
Cloud-Based Software Applications and Data Content
Automating and Optimizing the Increasingly Complex Logistics Market
Strong Market Position with Significant Competitive Barriers
Industry-Leading Solutions Help Customers Reduce Environmental Footprint
Disciplined M&A Strategy

Highly-Experienced Management Team

Proven Record of Financial Success

Reconciliation of Non-GAAP Financial Measures - Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues – Q2-26

We prepare and release quarterly unaudited and annual audited financial statements prepared in accordance with GAAP. We also disclose and discuss certain non-GAAP financial information, used to evaluate our performance, in this and other earnings releases and investor conference calls as a complement to results provided in accordance with GAAP. We believe that current shareholders and potential investors in our company use non-GAAP financial measures, such as Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues, in making investment decisions about our company and measuring our operational results.

The term “Adjusted EBITDA” refers to a financial measure that we define as earnings before certain charges that management considers to be non-operating expenses and which consist of interest, taxes, depreciation, amortization, stock-based compensation (for which we include related fees and taxes) and other charges (for which we include restructuring charges, acquisition-related expenses, and contingent consideration incurred due to better-than-expected performance from acquisitions). Adjusted EBITDA as a percentage of revenues divides Adjusted EBITDA for a period by the revenues for the corresponding period and expresses the quotient as a percentage.

Management considers these non-operating expenses to be outside the scope of Descartes’ ongoing operations and the related expenses are not used by management to measure operations. Accordingly, these expenses are excluded from Adjusted EBITDA, which we reference to both measure our operations and as a basis of comparison of our operations from period-to-period. Management believes that investors and financial analysts measure our business on the same basis, and we are providing the Adjusted EBITDA financial metric to assist in this evaluation and to provide a higher level of transparency into how we measure our own business. However, Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues are non-GAAP financial measures and may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues should not be construed as a substitute for net income determined in accordance with GAAP or other non-GAAP measures that may be used by other companies, such as EBITDA. The use of Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues does have limitations. In particular, we have completed eight acquisitions since the beginning of fiscal 2025 and may complete additional acquisitions in the future that will result in acquisition-related expenses and restructuring charges. As these acquisition-related expenses and restructuring charges may continue as we pursue our consolidation strategy, some investors may consider these charges and expenses as a recurring part of operations rather than expenses that are not part of operations.

The table below reconciles Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income reported in our unaudited Consolidated Statements of Operations for Q2FY26, Q1FY26, Q4FY25, Q3FY25, and Q2FY25 which we believe is the most directly comparable GAAP measure.

For more information on the reconciliation of Non-GAAP financial measures in the current period, please refer to our press release dated September 3, 2025: https://www.descartes.com/who-we-are/newsevents/financial-news. For more information on the reconciliation of Non-GAAP financial measures for previous periods please refer to: https://www.descartes.com/who-we-are/investor-relations/financialinformation

Reconciliation of Non-GAAP Financial Measures - Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues – FY25

The table below reconciles Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income reported in our audited Consolidated Statements of Operations for FY25 and FY24, which we believe is the most directly comparable GAAP measure.

For more information on the reconciliation of Non-GAAP financial measures for FY25, please refer to our press release dated March 5, 2025: https://www.descartes.com/who-we-are/news-events/financialnews. For more information on the reconciliation of Non-GAAP financial measures for previous periods please refer to: https://www.descartes.com/who-we-are/investor-relations/financial-information