Needham & CO. Growth Conference Philippe Morin, CEO January 13, 2021

1. NEEDHAM & CO.
GROWTH CONFERENCE
Philippe Morin, CEO
January 13, 2021

2. 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
Q1 2021 and Q4 2020 news releases on EXFO’s website.
All amounts in millions of US dollars, except otherwise noted.
© EXFO Inc. All rights reserved.2021 2

3. © EXFO Inc. All rights reserved.2021 3
The test,
monitoring
& analytics
experts.
No.1in optical test
equipment market
Top 5in communications
monitoring market
1,900employees in
25+ countries

4. © EXFO Inc. All rights reserved.2021 4
FY 2020 results1
$264.9M
Bookings dropped
11.1% YoY
1 Financial results in FY 2020 negatively impacted by coronavirus pandemic.
2 Adjusted EBITDA is a non-IFRS measure and represents net loss before interest and other expenses, income taxes, depreciation
and amortization, stock-based compensation costs, restructuring charges and foreign exchange loss.
$9.5M
IFRS net loss
$265.6M
Revenue decreased
7.4% YoY
$18.2M
Adjusted EBITDA2

5. © 2021 EXFO Inc. All rights reserved. 5
Delayed customer spending on large
projects in favor of maintenance work
Reduced EXFO’s ability to ship
products and close deals
Approximately 85% of EXFO’s staff in
teleworking mode
Employee and customer safety remains top priority
Coronavirus
impact
1
2
3

6. © EXFO Inc. All rights reserved.2021 6
Revenue
$71.5M
Bookings
$69.0M
IFRS
net earnings
$3.6M
Adjusted
EBITDA*
$9.9M
Adjusted EBITDA margin* of 13.9%
Q1 2021 results
*Adjusted EBITDA is a non-IFRS measure and represents net earnings before interest and other income, income taxes,
depreciation and amortization, stock-based compensation costs, restructuring charges and foreign exchange loss.

7. Realigned
investments
5GFiber CloudFTTx, 5G infrastructure
and data center
connectivity
Commercial rollouts
of 5G standalone
networks in 2021
Cloud-native
architectures essential for
enabling 5G networks
© 2021 EXFO Inc. All rights reserved. 7
Lowered spending in less core areas for $5M in annual savings
Transformative initiatives

8. Test and
measurement
Built-in intelligence,
automation and
ease-of-use across
optical, transport and
copper test portfolio.
© 1 EXFO Inc. All rights reserved.202 8

9. © 2021 EXFO Inc. All rights reserved. 9
Expands footprint in 400G/800G test market
- Technology leader offering ultra-high-speed test
instruments for high-growth MDR market
- Sampling oscilloscopes, bit-error rate testers
(BERTs) and other critical test solutions
- Builds on EXFO’s lab test offering for optical
component and network equipment vendors
- Increases T&M addressable market to $1.1B
InOpticals
acquisition
(recently closed)

10. SA, systems
and services
Offering end-to-end
network performance,
service reliability and
subscriber insights for
physical and virtualized
networks.
© EXFO Inc. All rights reserved.2021 10

11. © 2021 EXFO Inc. All rights reserved. 11
The communication industry’s first AI-
driven approach to service assurance
for dynamic, 5G networks and services
Adaptive service assurance

12. © 2019 EXFO Inc. 20190453
Why NOVA A/SA?
Advanced QoE
for OTT apps
Dynamic
topology
modeling
Customer-centric
analytics
Real-time
customer impact
detection
Virtualized active
and passive
assurance
Multi-layer,
cross-domain
visibility
12
MOST COMPREHENSIVE UNIQUE UNIQUE
UNIQUEUNIQUEUNIQUE

13. 13© 2021 EXFO Inc. All rights reserved.
Nova Fiber solution – multi-million-dollar contract over 5 years
• Openreach committed to building out its digital infrastructure to 4.5M premises
by March 2021
• Targeting 20M homes passed by fiber by mid-late 2020s
• EXFO’s remote monitoring solution will provide customer QoE across entire
fiber infrastructure
• Ensures first-time-right installations, reduces turn-up failures and limits truck
rolls

14. © EXFO Inc. All rights reserved.2021 14
EXFO’s playground
1 Based on EXFO’s estimates.
2 Reported bookings for FY 2020.
3 Excludes losses on FX contracts.
4 Impacted by coronavirus pandemic.
Market1
$3.1B
Bookings2
$265M
T&M SASS
Market size $1.1B $2.0B
Market growth 1-3% 13-15%
Growth drivers
FTTx, 100/400G,
small cells
5G, NFV/SDN,
IoT
EXFO bookings—
2020
$197.1M3 $68.8M3
EXFO bookings
growth—2020
-6.1%4 -22.2%4
Key competitors Anritsu, Viavi Netscout, Viavi

15. © 2021 EXFO Inc. All rights reserved. 15
Disruptive innovation
No. 1 cause of network failures:
Contaminated connectors
- Vastly improves multi-fiber connector
testing in data centers and telecom
networks
Major source of customer churn:
OTT video streaming issues
- Automatically detects and diagnoses
root cause of video streaming problems
(freezing, buffering, lagging)
Nova Active OTT
Video Monitoring
FIP-500 Fiber
Inspection Scope

16. Key differentiators
Real-time monitoring with
“little data” focus (SASS)
– Eschewing big data swamps in
favor of highly specific data and
prioritized insights to reveal
outages/service degradations
– Helps CSPs improve quality of
experience and reduce churn
Thirty-five years of
telecom expertise
– Secret sauce that separates
EXFO from competitors in
developing market-driven
solutions and services
– Raises EXFO to role of trusted
advisor (from mere supplier)
© 2021 EXFO Inc. All rights reserved. 16
Built-in intelligence and
automation (T&M)
– Allows CSPs to standardize
test routines across workforce
and contractors, getting the
installation right the first time
– Big savings on testing time and
money for CSPs
years

17. 2
Disruptive innovation
History of launching
disruptive solutions
(FIP-500, Nova Active OTT
video monitoring solution,
Nova SensAI) that provide a
first-mover advantage
3
Solid financial position
Low net debt combined
with revolving credit
facilities of $61.4M
(as of Nov. 30, 2020)
4
Seasoned
management team
Experienced executives
Deep telecom knowledge
Focus on profitable growth
1
Well positioned
for growth drivers
Fiber buildouts
5G deployments
Cloud-native architectures
© EXFO Inc. All rights reserved.2021 17
Why invest?
$

18. Q&A
© EXFO Inc. All rights reserved.2021 18