EXFO : Investor Presentation Spring 2021

INVESTOR PRESENTATION

Spring 2021

Forward- looking statements

Certain statements in this presentation, or given in response to your questions, may constitute forward-looking statements within the meaning of the Securities Act of 1934. The Private Securities Litigation Reform Act of 1995 provides "safe-harbors" for such forward-looking statements and we intend that any forward-looking statements made today be subject to the safe harbors.

We caution you that any forward-looking statements are just predictions. They are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those projected in forward-looking statements and we invite you to review the company's most recent filings with the Securities and Exchange Commission or Canadian securities commissions for a discussion of the factors at risk. These forward-looking statements speak only as of the date of this presentation and, unless required by law or applicable regulations, we will not be reviewing or updating the material that is contained herein.

For a reconciliation of adjusted EBITDA to IFRS net earnings (loss), refer to the Q2 2021 news release on EXFO's website.

All amounts in millions of US dollars, except otherwise noted.

© 2021 EXFO Inc. All rights reserved. 2

The test,

monitoring	No.1	Top 5	1,900
& analytics	in optical test	in communications	employees in
	equipment market	monitoring market	25+ countries
experts.

© 2021 EXFO Inc. All rights reserved. 3

H1 2021 results

$140.8M	$148.4M	$1.1M	$13.4M
Revenue increased	Bookings improved	IFRS net earnings	Adjusted EBITDA1
9.2% YoY	3.9% YoY

1Adjusted EBITDA is a non-IFRS measure and represents net earnings before interest and other expenses, income taxes, depreciation and amortization, stock-based compensation costs, and foreign exchange loss.

© 2021 EXFO Inc. All rights reserved. 4

Revenue

$69.3M

+25.2% YoY

Q2 2021 results

Bookings	IFRS	Adjusted
	net loss	EBITDA*
$79.3M	$2.4M	$3.4M

Book-to-bill ratio of 1.15

*Adjusted EBITDA is a non-IFRS measure and represents net loss before interest and other income, income taxes, depreciation and amortization, stock-based compensation costs and foreign exchange loss.

© 2021 EXFO Inc. All rights reserved. 5