HubSpot, Inc.

Filing receipts

“Research and Development Three Months Ended March 31, (dollars in thousands) 2026 2025 $ Change % Change Research and development $ 234,193 $ 220,100 $ 14,093 6 % Percentage of total revenue 27 % 31 % The increase in research and development expense for the three months ended March 31, 2026 compared to the same period in 2025 was primarily due to the following: Change Three Months (in thousands) Software and services $ 6,153 Employee-related costs 5,892 Allocated overhead expenses 1,150 Professional fees 898 $ 14,093 Software and services expense increased due to an increase in use of AI tools.”

“Other expense, net Three Months Ended March 31, (dollars in thousands) 2026 2025 $ Change % Change Other expense, net $ (1,288 ) $ (2,309 ) $ 1,021 (44 )% Percentage of total revenue * * * not meaningful The change in other income (expense) during the three months ended March 31, 2026 is primarily due to the following: Change Three Months (in thousands) Impairment of strategic investments $ 687 Gain on strategic investments 632 Foreign currency gains and losses (298 ) $ 1,021 The decrease in the impairment of strategic investments is due to an impairment of $1.6 million in the first quarter of 2025 compared to $0.9 million in the same period in 2026.”

“Interest expense Three Months Ended March 31, (dollars in thousands) 2026 2025 $ Change % Change Interest expense $ (245 ) $ (644 ) $ 399 62 % Percentage of total revenue * * * not meaningful Interest expense decreased primarily due to conversions of our 2025 Notes in the first quarter of 2025.”